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Wednesday 31 July 2013

UK Financial News on 2013-07-31

British Gas plans free power offer
British Gas says it is planning to offer free electricity on Saturdays to some of its customers to encourage more power use at weekends......

US economic growth beats forecasts
The US economy grew at an annualised pace of 1.7% in the second quarter of the year, more than expected, official figures show......

US central bank predicts more growth
The Federal Reserve maintains its bond-buying programme and predicts a pick-up in growth in the US economy......

Facebook shares pass float level
Facebook's share price rises above its $38 flotation level for the first time since the shares began trading last year, before falling back......

EADS to change its name to Airbus
EADS, the parent company of Airbus, says it is to rename itself after its commercial plane-making subsidiary......

Fined card insurer secures jobs
A credit card insurer, fined a record 10.5m for mis-selling insurance, is handed a 36m lifeline securing 725 UK jobs......

Tesco wins in 'chicken korma' war
Tesco wins a battle with arch-rival Sainsbury's, over the validity of its "Price Promise" campaign, after a ruling from the Advertising Standards Authority......

Taylor Wimpey in record home orders
Orders for housebuilder Taylor Wimpey homes reach record levels supported by the government's Help to Buy scheme......

Council parking income 'set to rise'
Ministers say a projected 30m rise in councils' parking income this year shows that charges need to be "reined in"......

IMF says Greece must deliver reforms
The IMF says Greece must deliver long-promised reforms and promote growth, but says the nation is on course to exit recession......

Insurers 'encourage fraud' say MPs
A group of MPs is accusing the motor insurance industry of encouraging fraud and exaggeration in accident claims......

New Siemens boss 'to return order'
The new boss of the German engineering firm Siemens says his priority is to stabilise the company after its former chief executive was dumped this week......

Samsung denies phone test trick
Samsung issues a strong denial that it designed the chip in some versions of its Galaxy S4 handset to produce misleading graphics benchmark scores......

UK completes 4G airwave clearance
Engineers complete the UK's 4G airwave clearance, but many networks have yet to announce a date to launch their high-speed mobile services......

Nintendo's Wii U sales disappoint
Sales of the latest Nintendo games console, the Wii U, slowed in the three months to June, but the weaker yen helped the firm back to profit......

Peugeot says Europe sales to fall 5%
Peugeot-Citroen makes progress with its European restructuring as it predicts further falls in demand on the continent......

Eurozone unemployment in slight fall
The number of people unemployed in the eurozone fell for the first time in more than two years in June, but the jobless rate stayed at a record 12.1%......

Bank of England aided Nazi gold sale
The Bank of England helped in the sale of gold stolen by Nazis after the 1939 invasion of Czechoslovakia, new documents show,.....

Rihanna wins Topshop court case
Pop star Rihanna wins a legal battle with clothing retailer Topshop over a T-shirt bearing her image......

Thousands in 50s 'fear losing homes'
Nearly a quarter of people in their early 50s polled by Age UK are worried that they will be forced to leave their homes......

'Crackdown' plan for nuisance calls
A range of measures to stop unwanted marketing phone calls and texts is being planned, says Culture Secretary Maria Miller......

Japan reports weak economic data
Japan posts weaker-than-expected economic data, underlining the challenges the government faces as it tries to revive the country's economy......

Sreesanth charged in fixing scandal
Indian fast bowler S Sreesanth is charged with 38 others in a spot-fixing scandal that has rocked the Indian Premier League......

Dunfermline set for fan ownership
Fans' group Pars United will take over Dunfermline as creditors vote in favour of accepting a company voluntary arrangement......

Tax charge for Bayern Munich chief
German prosecutors charge the president of European champions Bayern Munich, Uli Hoeness, with tax evasion after a lengthy inquiry......

VIDEO: 'How I became a millionaire at 22'
Jamal Edwards is publishing his first book at the age of 22 having already started his own broadcasting company estimated to be worth 8 million......

VIDEO: Wii U 'flogging a dead horse'
Sales of Nintendo's latest games console, the Wii U, slowed in the three months to June. Gaming expert Keza Macdonald said the next six months would be crucial for Nintendo......

VIDEO: Rihanna claims Topshop victory
Pop star Rihanna wins a legal battle with clothing retailer Topshop over a T-shirt bearing her image......

AUDIO: 'Why I lied about whiplash twice'
A man from Doncaster admits on BBC Radio 5 live to lying about having whiplash in order to claim insurance money......

VIDEO: 'I'm pleased with the numbers'
The world's biggest distiller of Scotch whisky, Diageo, has reported an 8% rise in annual profits driven partly by US spirits sales. New Chief Executive Ivan Menezes said he was excited about emerging markets......

VIDEO: Cheaper food after cartel demise?
Farmers around the world could soon benefit from lower fertilizer prices following the break-up of one of the largest cartels selling the key ingredient potash......

AUDIO: Today business round-up
Business news with Today business presenter Simon Jack.....

AUDIO: 'Centrica can't subsidise bills'
Energy expert Cornelia Meyer discusses British Gas owner Centrica's reported rise in half-year profits.....

Coloured gemstones outshine diamonds
Why coloured gemstones are outshining diamonds.....

Aberdeen's role in North Sea oil
How Aberdeen has turned North Sea oil into global knowledge.....

How the US economy is being recalculated
How the US economy is being recalculated for the 21st Century.....

VIDEO: Google Chromecast takes on TV
Google's latest attempt to put internet content on our TVs.....

The decline of privacy in open-plan offices
The offices where you can never have a private conversation.....

The quiet death of the alcopop
Whatever happened to the alcopops of the mid-1990s?.....

U.S. Day Ahead: LinkedIn's Facebook strategy
July 31 - LinkedIn reports earnings and we'll find out how the plan to keep members staying longer on the site. Plus Activision details its strategy as a newly independent company......

Techquity: Facebook's bumpy ride, dude got a Dell problem
July 31 - Facebook gets back to IPO price and looks similar to another networking stock. Plus, Michael Dell's bid for Dell faces more hurdles......

Daily Digit: 72% choose thin over $
July 31 - A new survey found that 72% of Americans would rather keep their current debt than gain 25 pounds. Bobbi Rebell reports......

Peugeot scores as cutbacks kick in
July 31 - PSA Peugeot Citroen raises its 2013 cash goal, saying spending cuts and an alliance with General Motors has already begun to pay off. But as Hayley Patt reports some are saying the strategy has come too late......

Trading at Noon: Facebook gets its IPO mojo back
July 31 - For the first time since Facebook's IPO the stock has surged past its $38 debut price. Bill Ackman targets his biggest fish yet: $2.2 billion for Air Products......

Facebook no longer just a fad-CNET Editor
July 31 - We talk to Dan Ackerman, Senior Editor at CNET, about the strategies used by Facebook to climb back to its $38 IPO price. Bobbi Rebell reports......

NBCUniversal lifts Comcast's profit
July 31 - Hits like "Fast and Furious 6" and "The Voice" boosted Comcast's profit to $1.7 billion. And the cable company pulled in more broadband subscribers. Fred Katayama reports......

Breakingviews: Facebook tops IPO price
July 31 - Reynolds Holding talks with Breakingviews columnists about the companys shares finally rising above $38 and how breakthroughs in mobile advertising made that possible......

Kaeser is new king of Siemens
July 31 - German engineering conglomerate Siemens dumped its Chief Executive Peter Loescher and appointed Finance Chief Joe Kaeser to the top job, in one of Germany's most dramatic boardroom battles in years. Joanna Partridge looks at the challenges .....

EADS changes name to Airbus
July 31 - Europe's EADS confirms plans to reorganize in three divisions and change its name to Airbus, adopting the look and feel of its arch-rival Boeing in a bid to become more competitive. Joel Flynn looks at the reasons behind the change and whet.....

Wealth Strategies: Janet Yellen should be next Fed chief
July 31 - Eaton Vance's Kathleen Gaffney says the latest reading on GDP isn't enough for the Fed to ramp up talk about ending stimulus and thinks Janet Yellen is the best choice to head the central bank......

Europe Day Ahead: ECB, BoE words to speak louder than actions
July 31 - After the Fed, its the ECB and Bank of England in the spotlight, with the focus on what the banks say about future policy direction. Meanwhile ArcelorMittal looks set for another big profit tumble......

U.S. Morning Call: Facebook cents away from $38 IPO price
July 31 - Facebook's stock is just pennies shy of its $38 debut price for the first time since its rocky initial public offering more than a year ago......

Market Pulse: European investors still "bank-shy"
July 31 - BNP Paribas the latest European bank to report in the current mega-earnings week. Investors like what they see, but are still extremely cautious on the sector. And Siemens says Auf Wiedersehen Pete......

China corporate sleuths go from hunter to hunted?
July 31 - Multinationals in China often rely on corporate investigators to uncover fraud or assess possible partners. Poseidon Group CEO Velisarios Kattoulas explains why the sector faces increasing scrutiny......

Breakingviews: Santander, BBVA should cut dividends
July 31 - It might sound counter intuitive to some, but now is the time for Spain's Santander and BBVA to cut dividends, says Breakingviews. And BNP Paribas' push into Germany could be challenging......

Macau casino mogul David Chow rolls the dice again
July 31 - Macau Legend Development CEO David Chow explains why he's staking the firm's IPO proceeds on a remake of his failed theme park that will include a casino resort and dinosaur museum......

Fakes stalk China's booming baby formula industry
July 31 - Hundreds of supposedly imported infant formula brands have sprung up in China, confusing parents and capitalizing on safety fears. But the near $25-billion business may be poised for a shakeup......

Reuters Today: EADS...Just Call Me Airbus
July 31 - A look at key European earnings results from EADS, Peugeot, VW, BNP Paribas and Diageo......

Cost cutting, cautious lending pays off for BNP Paribas: COO
about the outlook for the rest of the year......

Daily Digit: French bank eyes Germany
July 31 - French bank BNP Paribas unveils a plan to boost its presence Germany after fresh cost cuts failed to offset sliding quarterly earnings in markets like Italy. As Joel Flynn reports the bank's COO says new markets are key......

Consumers not ready for 3D printing wave
July 30 - 3D printer sales continue to rise but experts say 3D printers haven't yet earned a spot in our living rooms. Havovi Cooper reports......

Stocks mixed ahead of Fed statement
July 30 - Summary of business headlines: Stocks close mostly higher ahead of FOMC statement; Pfizer beats forecasts; Major shakeup in Potash business weighs on key players; Home prices up. Bobbi Rebell reports......

U.S. Day Ahead: Facebook closes in on $38 IPO price
July 30 - Facebook closes in on its $38 IPO price. The government releases weak Q2 economic growth and the Fed talks tapering.. or not......

Techquity: Apple critic still a fan, Twitter IPO sign
July 30 - An Apple critic says he still likes the stock while Twitter posts a job opening that could aid its move toward an IPO......

Globalisation has a darker side - and it's a challenge to us all
When things go wrong, nation states and their taxpayers will have to pick up the pieces, argues Iain Martin<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2f66d307/sc/25/mf.gif' border='0'/><div class='mf-v.....

Business news and markets: as it happened - Wednesday, July 31
Eurozone unemployment rate holds steady at 12.1pc in June from a month earlier after May's data was revised down, while the number of unemployed people in the 17 nations has fallen.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/.....

Blame Centrica's price rises on the Government
Criticism from some who appear to object to British Gas making a return on investment.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2f66d304/sc/25/mf.gif' border='0'/><div class='mf-viral'><table bo.....

Never mind the Czech gold the Nazis stole...
The Bank for International Settlements actually financed Hitler's war machine, says Adam Lebor<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2f66d0f3/sc/25/mf.gif' border='0'/><div class='mf-viral'><.....

Business news and markets: live
Eurozone unemployment rate holds steady at 12.1pc in June from a month earlier after May's data was revised down, while the number of unemployed people in the 17 nations has fallen.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/.....

How the Fed's view of the US economy has changed
The Federal Reserve has kept interest rates and QE on hold but warned on inflation. Here is how the Fed has changed its views since its last decision.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2f662eb3/sc/25.....

Federal Reserve to stick with QE until economy strengthens
The US Federal Reserve has deferred the threat of tapering, saying it will keep its $85bn-a-month bond buying programme in place until America's "modest" economic recovery appears stronger.<img width='1' height='1' src='http://telegraph.feedsporta.....

Commodity supercycle in rude health despite shale
The Oil Drum is closing down after eight years, eclipsed by shale and fracking in the US.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2f662a01/sc/2/mf.gif' border='0'/><div class='mf-viral'><table .....

Federal Reserve holds rates and QE: the full text
The Federal Reserve has kept interest rates and QE on hold but warned on inflation. Here is the full text from the US central bank.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2f656d26/sc/25/mf.gif' border='0'.....

Conviviality leaps on Aim debut
Investors toasted a strong performance from the Bargain Booze owner.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2f656d27/sc/2/mf.gif' border='0'/><div class='mf-viral'><table border='0'><tr&.....

Diageo's new boss sets out vision for drinks giant
New Diageo chief executive Ivan Menezes might have been expected to bring some big ideas to the table when he took over from Paul Walsh at the helm of the world's biggest drinks company one month ago.<img width='1' height='1' src='http://telegraph.....

How Facebook emerged from its own dotcom crash
Facebook has been forced to eat a lot of humble pie over the last year.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2f654f9b/sc/21/mf.gif' border='0'/><div class='mf-viral'><table border='0'><.....

Lord Sugar wins 1m loan repayment in theatre's victory over Aviva
Lord Sugar is to receive full repayment of a 1m interest-free loan he made to the Hackney Empire after the theatre triumphed in a long-running legal battle with the insurance giant Aviva.<img width='1' height='1' src='http://telegraph.feedsportal......

Air France to cut 2,500 jobs
Air France has confirmed its intention to cut around 2,500 jobs in 2014 as part of a wide-ranging restructuring drive that has already seen thousands take voluntary redundancy.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726.....

EADS changes name to Airbus in shake-up
EADS is to take the name of its flagship Airbus brand and merge its defence units into a single division in the latest signal it has moved on from last year's abortive BAE merger.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32.....

City investors to list 1.5bn vehicle to buy RBS unit
A group of the City's best known investors are to float a 1.5bn vehicle to buy the RBS's 316 "Rainbow" branches before they have found out if they have won an auction for them.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726.....

Invensys agrees 3.4bn takeover deal by Schneider Electric
British engineer Invensys has agreed a 3.4bn takeover by Schneider Electric, as the French power equipment maker aims to compete with Siemens and Mitsubishi.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2f60571.....

Was Montagu Norman a Nazi sympathiser?
New documents from Bank of England shed light on Britain's first modern central banker.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2f64a3d3/sc/25/mf.gif' border='0'/><div class='mf-viral'><table b.....

National Farmers' Union backs Sainsbury's in Tesco price-matching row
The National Farmers' Union has backed Sainsbury's in its row with supermarket rival Tesco over its Price Promise promotion.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2f64a3d4/sc/7/mf.gif' border='0'/><.....

CPP saved by banks a year after being fined for mis-selling
A company that mis-sold mobile phone and credit card insurance to thousands of customers has been handed a 36m lifeline by its banks, saving more than 700 jobs in the UK.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568.....

Facebook finally beats IPO price in boost for Mark Zuckerberg
Facebook shares back above $38, buoyed by signs the social network has cracked mobile advertising.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2f638635/sc/21/mf.gif' border='0'/><div class='mf-viral'>.....

Facebook finally beats IPO price in boost for Mark Zuckerberg
Facebook shares back above $38, buoyed by signs the social network has cracked mobile advertising.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2f638636/sc/21/mf.gif' border='0'/><div class='mf-viral'>.....

Facebook finally beats IPO price in boost for Zuckerberg
Facebook shares have finally broken through the price at which the company floated, buoyed by signs the social network has cracked mobile advertising.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2f637ea7/sc/15.....

US recovery accelerates as economy grows by 1.7pc in second quarter
America's economic recovery accelerated in the second quarter, as an increase in spending by businesses helped fuel economic growth to the equivalent of 1.7pc a year.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/.....

The US economy in five graphs
Data show that the US economy grew by 1.7pc in the second quarter. Here are five charts that illustrate the health of the US economy.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2f63679d/sc/25/mf.gif' border='.....