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Friday 26 July 2013

UK Financial News on 2013-07-26

Strauss-Kahn to face pimping trial
Former IMF chief Dominique Strauss-Kahn is to face trial on pimping charges, French prosecutors say......

Welby 'embarrassed' by Wonga link
The Archbishop of Canterbury tells the BBC he is "embarrassed" and "irritated" that the Church of England invested indirectly in online lender Wonga......

New Bank of England deputy governor
The Bank of England announces that Sir Jon Cunliffe has been appointed its deputy governor with responsibility for financial stability, starting on 1 November 2013......

Equitable savers 'risk losing out'
An MP report says 200,000 pension savers who lost money in the Equitable Life scandal may miss out again on claiming the compensation due to them......

SAC Capital enters not guilty plea
Steve Cohen's hedge fund SAC Capital Advisers enters not guilty plea in a New York court denying insider trading charges......

Samsung 'most profitable phone firm'
Samsung has become the most profitable mobile phone company in the world, overtaking Apple, says a report by Strategy Analytics......

London house prices still surging
House prices in London are continuing to outstrip those in other parts of the country, according to the latest Land Registry figures......

'Poor' profits at Anglo American
Anglo American's new chief executive, Mark Cutifani, says the firm's first-half profits are "unacceptably poor"......

Iran write-off hits Renault profits
French carmaker Renault reports a huge fall in profits for the first half of 2013 after writing off the entire value of its business in Iran......

Vivendi in $8.2bn Activision sale
Vivendi sells control of US games firm Activision Blizzard, the company behind Call of Duty, Guitar Hero and World of Warcraft......

Halliburton guilty over Gulf records
US company Halliburton agrees to plead guilty to destroying evidence relating to the oil spill in the Gulf Of Mexico in 2010......

BSkyB profits rise on new services
Annual profits at BSkyB rise, with the satellite broadcaster saying that new services are "resonating strongly" with its customers......

Whitehall seeks to drive out jargon
There will be less "collaboration", fewer "pledges" and no talk of "transformation" as Whitehall tries to change the way it communicates......

Ford's Transit van factory closes
Workers at the Ford Transit factory in Southampton finish their final shifts as it prepares to close, ending 100 years of Ford production in the UK......

London Market Report
The FTSE 100 falls, but shares in publishing group Pearson jump 9% after its latest results......

Firms 'have duty' to hire locals
A Conservative minister says firms have a "duty" to try to recruit locally before employing people from abroad......

IMF sees US economy improving slowly
The US economy is improving slowly, the IMF says, but still faces "powerful headwinds"......

Japan sees consumer prices rise
Japanese consumer prices rise for the first time in more than a year in June, a sign that policies aimed at ending deflation could be yielding results......

UK 'on the mend' after 0.6% growth
The UK economy is "on the mend but there is still a long way to go," says the chancellor, after figures show it grew by 0.6% in the three months to June......

Public says 9bn Olympics worth it
More than two-thirds of the UK public believe the 8.77bn cost of the London 2012 Olympics was worth the money, according to a BBC survey......

Half a million sign up to BT Sport
BT signs up more than 500,000 subscribers to its TV sports channels ahead of the new football season, but admits most are existing customers......

VIDEO: Business 'has duty to hire local'
Businesses have a "social duty" to hire local people before recruiting from abroad, according to Conservative Business and Education Minister Matthew Hancock......

VIDEO: Ford ends UK vehicle production
More than a century of vehicle production in the UK ends for Ford when its Transit van factory in Southampton closes its doors on Friday......

AUDIO: Church 'allowed to invest in payday loans'
Jonathan Bartley, founder and co-director of Ekklesia, a Christian think tank based in London, explained that the Church of England is permitted by it's policies to "invest in payday loans providing it it not more than 25% of their business"......

VIDEO: Scooters battling for sales
Sales of Vespa scooters have been falling steadily, but owners Piaggio are keen to create a premium market for new scooters by boosting their image price......

AUDIO: 'Companies should employ locally first'
Skills minister Matthew Hancock says he is pushing for UK companies to hire British people, rather than immigrants......

VIDEO: Equitable Life scheme criticism
A report by MPs says 200,000 pension savers who lost money in the Equitable Life scandal may miss out on compensation because of a lack of publicity......

VIDEO: How the Gulf got a taste for Vimto
A Saudia Arabia factory churns out more than 20 million bottles of Vimto every year destined for the Gulf which has the biggest market for Vimto drink outside the UK......

VIDEO: Olivia Munn on financial reporting
Actor Olivia Munn on how playing financial news reporter, Sloan Sabbith, on the award winning TV programme "The Newsroom" takes double the usual study......

Vimto hits purple patch in the Gulf
Desert juice: How the Gulf got a taste for Vimto.....

Can investments ever be ethical?
Can your investments ever be truly ethical?.....

When is the perfect time to buy?
The companies helping you determine when to buy online.....

Do we still need the telephone?
Do we still need the telephone?.....

Living standards - going down and, er, up
Robinson: How they're both going up and down.....

The view from the shop floor
What's going on in the key sectors of the economy?.....

Keeping innovation glowing
As companies grow sparks for innovation often fade.....

Cambodia economy defies global trend
Cambodia economy defies global trend but challenges remain.....

Summer of the mega flop
July 26 - Hollywood is delivering mega-budget flops this summer- and may need to be rethinking its box office strategy Bobbi Rebell reports......

U.S. Week Ahead: GDP, Jobs and D-Day for Dell
July 26 - Economists expecting meager growth when second quarter GDP is released, but factory jobs are improving. Michael Dell tries one more time to convince shareholders to approve his buyout plan......

MuniLand: Other distressed cities watching Detroit very closely
July 26 - Fitch Ratings' Managing Director of Local Government Securities, Jessalynn Moro says bankruptcy court ruling on Detroit's GO bonds and pension liabilities could affect ratings in Michigan and beyond......

Techquity: Almost time for Amazon to show us the money
Breakingviews Columnist Rob Cyran gives his take on Amazon's results, Samsung vs. Apple and more......

Trading at Noon: Game over: Vivendi sells Activision stake
July 26 - Vivendi agrees to sell the majority of its stake in Activision Blizzard for $8.2B. Starbucks profit up on U.S. sales of "Refresher" energy drinks and Frappuccino iced beverages......

Star power is overrated - Hollywood.com's Dergarabedian
July 26 - Movie studios should go after great scripts, keep costs down, heavily market their movies, and re-consider summer release dates, says Paul Dergarabedian, president of Hollywood.com Box Office......

Activision buys out Vivendi
July 26 - Activision gains independence by buying out Vivendi's stake with a group of investors for $8.2 bln. Fred Katayama reports......

Vivendi sells bulk of Activision stake
July 26 - French conglomerate Vivendi is selling most of its stake in Activision Blizzard Inc, best known for its video games - Call of Duty and World of Warcraft. Vivendi says it sees its future in content being centred on its music and pay TV busin.....

Anglo American's new boss gets tough
July 26 - New boss of Anglo American, Mark Cutifani has promised to cut spending and halve the number of pipeline projects after the mining giant reported a 15 percent fall in underlying operating profits for the first half of the year. Hayley Platt .....

Europe Week Ahead: Central bank clues and Super Tuesday
July 26 - Pressure grows for Draghi to convince markets that just because the Fed is on the move, doesn't mean the ECB is too. While a bonanza of European earnings brings Super Tuesday......

U.S. Morning Call: Starbucks, Sharpie's & Samsung
July 26 - On today's Morning Call we bring you results from Starbucks, Newell Rubbermaid and Samsung......

Wealth Strategies: Managed futures could hedge volatility
July 26 - CTRL:ALT:INVEST Salient Partners' Lee Partridge says managed futures, which seek low correlation to stock and bond markets, are shifting out of long equity positions and interest-rate sensitive bonds.....

Eco-friendly super car with a need for speed
July 26 - With a top speed of 420 km/h (260 mph), the Agera-S super car is one of the fastest cars ever built. Using ultra-lightweight materials and the latest aerodynamic techniques, its designers have managed to create a machine built for both spee.....

Nokia, Ericsson, Saab Has Nordic big business lost its mojo?
July 26 - With many big names struggling or defunct, Scandinavian big business has lost some of its lustre in recent years. But might some old names be poised to bounce back, and are there overlooked sectors?.....

Breakingviews: Vivendi gets shot of Activision
July 26 - Vivendi is to sell most of its stake in the video games provider for $8.2bln, but its shareholders wont get the premium for ceding control says Breakingviews......

Asia Week Ahead: China slowdown will stick to the script
Confirmation of China's slowdown and new challenges for Japan's re-elected leadership - Wayne Arnold talks us through the tell-tale data out next week from the world's number two and three economies......

Reuters Today: European stocks running out of earnings gas
July 26 - European stocks are struggling to keep the rally going, and even the strong earnings coming through seem unable to prevent a looming correction, says Manoj Ladwa at TJ Markets. So how low can they go?.....

AIA booms in China, sees GDP growing 7-8% over next 5 years
July 26 - Fears of a worsening China slowdown are misplaced, according to Mark Tucker, CEO of the world's #4 insurer. Here are his reasons for maintaining a rosy outlook for growth on the mainland......

Samsung's China magic upstages Apple
Tim Cook may be scratching his head over slumping China sales, but smartphone competitor Samsung is raking in the cash. Here's how the South Korean tech giant is doing it......

London's 2012 Olympic Games legacy
July 26 - A year on from the London Olympics, not everyones convinced the event was as beneficial to the UK economy as the government claims. Nonetheless, Britain is creatively recycling many elements of the Games, and breathing new life into everyth.....

SAC Capital charged with fraud
July 25 - SAC Capital is charged with criminal fraud, which could bring the $15 billion hedge fund star to the brink of extinction and further tarnish its famed founder, investor Steve Cohen. Conway G. Gittens reports......

Amazon warns, Starbucks sales perk up
July 25 - Amazon reports loss, warns; Starbucks profits up; stocks edge higher after mixed day, SAC Capital faces insider trading charges. Bobbi Rebell reports......

U.S. Day Ahead: SAC Under Fire; Amazon retreats
July 25 - A look at top stories in the U.S. for the day ahead including a pre-trial hearing for SAC after a criminal indictment and reaction to Amazon's earnings miss......

Techquity: Facebook jumps but can it pass IPO price?
July 25 - Facebook surges but still trades below its $38 offer price. A look at how analysts see the stock. Plus, new features from LinkedIn......

Breakingviews: The real hay in M&A
July 26 - Richard Beales and Antony Currie explain how Lazard's earnings highlight how rivals may be taking more of the limelight despite doing less of the work......

Profile: Sir Jon Cunliffe
A short profile of Sir Jon Cunliffe, the incoming deputy governor of the Bank of England.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2f352bd5/sc/30/mf.gif' border='0'/><div class='mf-viral'><table.....

Mark Price is right man for John Lewis
Mark Price was doubtless opening one of his 19.99 bottles of Waitrose Champagne last night.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2f352bd6/sc/2/mf.gif' border='0'/><div class='mf-viral'><tabl.....

SAC Capital pleads not guilty to insider-trading charges
SAC Capital Advisors, the hedge fund run by billionaire Steven Cohen, has pleaded not guilty to charges of insider-trading.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2f346c83/sc/30/mf.gif' border='0'/><.....

Rolls hit by broker sell advice
The air-craft engine-maker slumped in the wake of a Deutsche Bank downgrade.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2f33c459/sc/2/mf.gif' border='0'/><div class='mf-viral'><table border='0'>.....

UK high street giants sue Visa over rip-off card fees
Sir Philip Green's Arcadia empire, Asda and other big name high street chains are suing Visa to recoup a decade's worth of excess debit and credit card processing fees.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/56830.....

China is not due a 'hard landing'
The week before last, China reported that its second quarter GDP slowed to 7.5pc, following on from 7.7pc growth rate reported in Q1.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2f3382f6/sc/2/mf.gif' border='0.....

Business news and markets: as it happened, July 26, 2013
After a strong start the FTSE 100 has fallen back below 6,600 and is currently trading slighly lower than yesterday's close at 6,578, setting it up for its first weekly fall in more than a month.<img width='1' height='1' src='http://telegraph.feed.....

Questor : no such thing as an ethical investment
After the Church of England received criticism for investing in Wonga.com, Garry White insists everyone's ethics are different.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2f33b882/sc/25/mf.gif' border='0'/>.....

Tchenguiz brothers win key victory in 300m legal fight
The Tchenguiz brothers look to have secured a key victory in their battle to win 300m in damages from the Serious Fraud Office after a judge ruled they should be given documents which they say led to their arrest.<img width='1' height='1' src='htt.....

Business news and markets: live
After a strong start the FTSE 100 has fallen back below 6,600 and is currently trading slighly lower than yesterday's close at 6,578, setting it up for its first weekly fall in more than a month.<img width='1' height='1' src='http://telegraph.feed.....

Samsung invests in smartphone component development despite slowing sales
South Korean technology giant Samsung is to invest $1bn (650m) in developing new products it hopes will compensate for stalling smartphone growth.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2f327395/sc/15/mf......

Sir Jon Cunliffe to join Bank of England as deputy governor
Sir Jon Cunliffe is to join the Bank of England as deputy director for financial stability.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2f346c84/sc/30/mf.gif' border='0'/><div class='mf-viral'><tab.....

Sir Jon Cunliffe to join Bank of Engalnd as deputy governor
Sir Jon Cunliffe is to join the Bank of England as deputy director for financial stability.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2f329709/sc/24/mf.gif' border='0'/><div class='mf-viral'><tab.....

Activision Blizzard to buy out Vivendi for 5.3bn
Activision Blizzard, the video games publisher responsible for Call of Duty and World of Warcraft, has announced a deal to buy back most of its shares from French media giant Vivendi.<img width='1' height='1' src='http://telegraph.feedsportal.com/.....

Morrisons buys banana ripening factory
WM Morrison has purchased a banana ripening base in Lincolnshire, which it says will enable it to engineer sweeter and longer-lasting fruit.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2f32668b/sc/5/mf.gif' bo.....

Savers, not just borrowers, need government aid
Comment: Isn't it time the Treasury offered just the smallest degree of taxpayer help to those who have carefully saved their money?<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2f326d53/sc/25/mf.gif' border='0.....

Chinese police allege Glaxo sales reps trained to offer sexual bribes
Chinese police release new details of GSK's alleged crimes in China, claiming sales representatives were given "clear directives" to offer bribes to doctors and were trained to cater "to their pleasures."<img width='1' height='1' src='http://teleg.....

Waitrose chief awarded with role as deputy chairman of John Lewis
Waitrose chief Mark Price has been given the additional role as deputy chairman of the John Lewis Partnership, sparking speculation of the long-time succession plans at the increasingly dominant high street chain.<img width='1' height='1' src='htt.....

Waitrose chief Mark Price named deputy chairman of John Lewis
Waitrose chief Mark Price has been given the additional role as deputy chairman of the John Lewis Partnership, sparking speculation of the long-time succession plans at the increasingly dominant high street chain.<img width='1' height='1' src='htt.....

Samsung dominates Apple in Chinese smartphone market
As Samsung reveals a record quarterly profit, the gulf between the South Korean electronics giant and rivals Apple appears to be widening in China.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2f307689/sc/21/mf.....

Archbishop of Canterbury Justin Welby promises investigation into Wonga investment
The Archbishop of Canterbury Justin Welby promises the church will conduct a review in to the Church of England's processes after learning they indirectly invested in online lender Wonga<img width='1' height='1' src='http://telegraph.feedsportal.c.....

Archbishop of Canterbury Just Welby promises investigation into Wonga investment
The Archbishop of Canterbury Justin Welby promises the church will conduct a review in to the Church of England's processes after learning they indirectly invested in online lender Wonga<img width='1' height='1' src='http://telegraph.feedsportal.c.....

Pearson hangs 'for sale' sign on Mergermarket as restructuring costs bite
Pearson, the publisher of The Financial Times, has put its business information unit Mergermarket up for sale as restructuring costs hit its profits.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2f2f765d/sc/2/m.....

History hints at euro survival - so time to buy?
Determination to make the currency work means investors should see the next crisis as a buying opportunity.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2f30768a/sc/22/mf.gif' border='0'/><div class='mf-v.....

ITV buys Hot Fuzz producer Big Talk
ITV expands with purchase of Big Talk, the production company behind Hot Fuzz and Shaun of the Dead.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2f2f5fa2/sc/28/mf.gif' border='0'/><div class='mf-viral'&g.....