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Saturday 27 July 2013

UK Financial News on 2013-07-27

'Record fall' in car insurance costs
The cost of UK car insurance has come down at a record rate since last July, a study says, but premiums remain far higher than in 2007......

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......

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......

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......

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......

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......

VIDEO: Mind games and insurance claims
A study by market survey company Consumer Intelligence has found that if insurance companies simply redesigned claim forms, they could dramatically cut fraud......

VIDEO: The high cost of homes in Mumbai
Real estate prices in Mumbai have remained high despite the economic slowdown, preventing many first-time buyers from getting on the property ladder......

VIDEO: Fraud clampdown cuts insurance costs
Graham Trudgill from the British Insurance Brokers' Association said a reported drop in car insurance costs was thanks, in part, to clampdowns on fraud and restrictions on claims management companies......

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: Rural India's job creation challenge
Growth in India has fallen to its lowest level in a decade as the country's economic slowdown continues......

VIDEO: Vespa looks to halt sales decline
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......

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......

Insurance fraud tops 1bn a year
How insurance fraud has topped 1bn a year.....

France's knicker industry in a twist
An industry in a twist and losing jobs.....

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

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

US stocks snap 4-week win streak
July 26 - The Dow bounced back from a 150 point deficit to close higher. Expedia nose-dived 27 percent on a weak profit report. Fred Katayama reports......

FACTBOX: Eight 2Q earnings eye-openers
July 26 - Earnings releases from companies such as Apple, Amazon and Ford pointed out crucial trends and disappointing patterns. Heres a breakdown of them......

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.....

Osborne on EDF nuclear charm offensive
The Chancellor George Osborne has personally written to the board of French energy giant EDF to express his commitment to the UK's nuclear programme.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2f3d8edc/sc/7/m.....

RBS insider McEwan leads race for top job
Ross McEwan, the Royal Bank of Scotland's retail banking head, is in pole position to be named as chief executive of the state-backed bank.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2f3d8edd/sc/25/mf.gif' bo.....

Eighteen GSK China staff held as whistleblower allegations emerge
GlaxoSmithKline, the British drugs company that is the subject of a major criminal investigation in China, faced similar allegations from an internal whistleblower as early as January, The Sunday Telegraph can reveal.<img width='1' height='1' src=.....

TV giants prepare for record-breaking Champions League rights battle
Britain's TV giants are preparing to battle it out for rights to broadcast live Champions League football, in an auction that is expected to break records because of the new sporting rivalry between BT and BSkyB.<img width='1' height='1' src='http.....

'We are a powerful force for good in the financial world': Wonga CEO
Wonga boss Errol Damelin speaks out in defence of payday lenders, and on his "meeting of minds" with Archbishop of Canterbuy Justin Welby.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2f3d8ee0/sc/25/mf.gif' bor.....

CVC trims borrowing costs for 1.6bn Formula 1 loan
Private equity firm CVC has refinanced a $2.5bn (1.6bn) loan with the Royal Bank of Scotland and Goldman Sachs to reduce the borrowing costs of Formula 1, the motorsport series which it controls.<img width='1' height='1' src='http://telegraph.feed.....

Foxtons' ex-owners earn 32m
The previous owners of Foxtons, the London estate agency chain, booked a 32m dividend ahead of an expected 600m-plus stock market listing in the autumn.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2f3d8c3c/sc/.....

Diageo's Menezes has spirit for a fight
Ahead of Diageo's results, Nathalie Thomas examines how the drinks giant must evolve to expand .<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2f3d8c3b/sc/2/mf.gif' border='0'/><div class='mf-viral'><.....

Deloitte in danger of fine over alleged MG Rover failings
Deloitte faces an unlimited fine if an industry tribunal this week finds the accountancy firm did not properly manage conflicts related to the 2005 collapse of MG Rover.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/5683.....

It's time to leave the EU, says top fund manager
Leading City fund manager Helena Morrissey has called for the UK to leave the European Union, calling the single market a "flawed model of the past".<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2f3d8c3e/sc/25/.....

Google kill Hibu? We work very closely with them
The chairman of once-mighty Yellow Pages publisher Hibu discusses his plan to rescue the directories group - and wipe out its investors.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2f3d8c3f/sc/4/mf.gif' border.....

Centrica set to raise gas prices as costs escalate
British Gas will fuel fears over rising energy bills this week as it reports that soaring costs of government schemes and network upgrades have largely wiped out extra profits from the freezing winter.<img width='1' height='1' src='http://telegrap.....

Will Hester's successor in RBS top job be an insider?
The state-funded bank's new chief will be fighting on five fronts.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2f3d8c40/sc/25/mf.gif' border='0'/><div class='mf-viral'><table border='0'><tr&g.....

Mo Farah calls on Barclays to maintain Somali 'lifeline'
Olympic gold medallist urges bank to delay plans to close accounts to certain money transfer firms.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2f3d8c42/sc/25/mf.gif' border='0'/><div class='mf-viral'>.....

Rainmaker: Aviva to plot new course
New Aviva chief executive Mark Wilson is ready to set out a new vision after a tumultuous year for the insurer.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2f3d8c43/sc/2/mf.gif' border='0'/><div class='m.....

Aviva in talks with Jardine to expand in Asia
Aviva is in negotiations to broker a deal with a division of Asia-focused conglomerate Jardine Matheson, which will lead to a fresh assault on Indonesia and other fast-growing Asian economies.<img width='1' height='1' src='http://telegraph.feedspo.....

Sky's 'triple play' threatens rivals
Record annual profits and a 1bn cash flow leave BSkyB's CEO Jeremy Darroch in a strong position. He tells Christopher Williams why he is still growth obsessed .<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2f3d.....

Airports Commission member faces calls for resignation
A key member of the Airports Commission, which is investigating where to build new runways in Britain, is facing calls for his resignation amid concerns over a conflict of interest.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/.....

Peer-to-peer lender's bank talks spark controversy
Talks of a tie-up between Santander and Funding Circle, a leading peer-to-peer lending platform, have spooked some of the online company's small investors. But might a deal suggest the fledgling industry is growing up?<img width='1' height='1' src.....

Enough is enough - let's leave the EU
I have been hesitating about commenting on Britain's membership of the European Union because it is one of those issues that easily becomes highly politicised and confrontational in an old-fashioned, adversarial way.<img width='1' height='1' src='.....

SEC launches new war on Wall Street
Regulator's pursuit of hedge fund manager Steve Cohen shows it has adopted a tougher stance.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2f3d37a2/sc/2/mf.gif' border='0'/><div class='mf-viral'><tab.....

Quietly, a British growth story is taking off - ITV
If judgment about the success of a business was measured in decibels, then BT would be as far ahead of the field as Usain Bolt was on Friday night at the Olympic Stadium.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568.....

Questor share tip: Rolls-Royce a buy as it boosts margins and eyes innovation
Innovation is going to be one of the most significant drivers of sales at Rolls-Royce as jet fuel costs increase, regulations about noise at airports get tightened and aircraft makers build ever larger models. Buy.<img width='1' height='1' src='ht.....

This is the most feeble recovery in our history
What are we to make of these latest figures on British national income?<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2f3d37a5/sc/7/mf.gif' border='0'/><div class='mf-viral'><table border='0'><.....

Nanny doesn't always know best when it comes to Aim
In eight days' time, the Government will reverse one of its more pointless nanny-knows-best interventions by allowing investors to hold shares listed on the Alternative Investment Market (Aim) in an Isa.<img width='1' height='1' src='http://telegr.....