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Thursday 1 August 2013

UK Financial News on 2013-08-01

'No rush' to sell Lloyds shares
Deputy Prime Minister Nick Clegg has said the government will not be rushed into selling off its stake in Lloyds Banking Group......

Trader liable in $1bn Goldman fraud
A New York jury finds former Goldman Sachs trader Fabrice Tourre liable for fraud in a complex mortgage deal that cost investors $1bn......

Bank of England holds rates at 0.5%
The Bank of England's Monetary Policy Committee (MPC) has left interest rates at 0.5%......

Wall Street Market Report
US stock markets hit fresh record highs amid positive economic data and supportive action from central banks......

BT launches sports TV channels
Telecoms giant BT launches its UK sports channels in a challenge to the two-decades long sports-TV dominance of Sky......

New 'always listening' Google phone
Motorola, owned by Google, has unveiled a new smartphone that is "always listening" for user commands......

Exxon profits at lowest since 2010
US oil giant Exxon Mobil reports its lowest quarterly profit in more than three years, as net income fell by 57% on the year before......

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......

Strike ballot plan for postal staff
Postal workers could vote on whether to strike over the government's plans to privatise Royal Mail, the Communication Workers Union announces......

Living room TV 'making a comeback'
The growth of mobile devices has meant families are now more likely to watch television together, a new report from regulator Ofcom says......

Sky makes Microsoft rename Skydrive
The Skydrive cloud storage service is to be rebranded after Microsoft drops plans to appeal a ruling that it infringed BSkyB's trademark......

Royal Dutch Shell profits slip lower
Royal Dutch Shell sees its second-quarter earnings fall to $4.6bn, compared with $5.7bn in the same period a year ago......

O2 reveals 4G network launch date
O2 announces that its 4G mobile data network will launch on 29 August, but will initially cover fewer areas than EE and for a higher minimum cost......

Sony earnings boosted by weak yen
Japanese electronics giant Sony reports a jump in profits for the April-to-June quarter, boosted by a weak yen and surge in smartphone sales......

The Sun website begins charging
People who want to read The Sun newspaper online now have to pay to do so, after it introduces a paywall......

Move to extend fuel discount scheme
A fuel discount that applies to the Scottish islands and the Isles of Scilly could be extended to remote and rural parts of the UK mainland......

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......

Carers 'owed thousands by council'
A review of foster carer and special guardian payments in England is urged after it emerges more than 300 Merseyside carers were underpaid for years......

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......

China manufacturing sees mixed data
China's manufacturing sector sees mixed fortunes in July, underlining concerns of a slowdown in its economy......

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......

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......

Hearts full debt details revealed
Hearts' unsecured creditors are likely to receive nothing in the event of an exit from administration via a CVA......

VIDEO: Replica pitch in TV sport studio
The UK's newest sport channel BT Sport goes on air with big name presenters and customised studios which even include a space for a kick about......

AUDIO: O2's 4G 'won't work on iPhone 5'
The chief executive of O2 Ronan Dunne explains the advantages of the 4G network......

VIDEO: Sun website goes behind paywall
People now have to pay to read The Sun newspaper online. Media expert Steve Hewlett says the paywall could work owing to its distinctive non-news content......

VIDEO: Parking costs 'make huge profits'
Parking charges and fines generated some 565m for councils in England in the year up to April 2012, the RAC Foundation has said......

VIDEO: Why Chinese flock to a Brighton chippy
The seafood restaurant in Brighton, England, which has suddenly attracted a steady stream of pilgrims from China......

VIDEO: Will we ever love electric cars?
A BBC investigation has found that more than a hundred councils have spent seven million pounds installing charging points for electric cars in the past three years, but many of them are not being used on a regular basis......

VIDEO: Will gadgets boost Sony earnings?
Sony has launched a new version of its gaming console, and offered up new smartphone models. Will these gadgets help boost profits?.....

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......

Rio de Janeiro's hostels boom
Cheap hostels take on Rio's top hotels ahead of 2014 World Cup.....

China's corruption drive
China's drive to end corruption takes effect.....

Alba ambitions show Latin confusion
The trade alliance not to be confused with the actress.....

A very big dig
Where does London's Crossrail feature in biggest tunnels ever?.....

Russia brings in anti-net piracy law
Russia's new net piracy law sparks controversy.....

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.....

Car sales stop short of estimates in July
Aug. 1 - GM,Ford and Chrysler reported sales that were below forecasts in July-hurt by low inventories of some popular cars.Truck sales remained strong. Havovi Cooper reports......

U.S. Day Ahead: Robust jobs report will "take us higher"
Aug 1 - The economy is expected to create 184,000 new jobs in July but that may not be enough to bring down the unemployment rate. Another D-day for Michael Dell and Viacom is betting on Brad Pitt......

Techquity: Sign of another Apple product, more mobile gains
August 1 - Apple reportedly updating one of its iPads. Plus, mobile gains for Yelp and Trulia......

Daily Digit: 5:09 digital device time
August 1 - The average time spent on digital devices is 5 hours and nine minutes- more than the 4 hours and 31 minutes spent watching television daily, according to eMarketer. Bobbi Rebell reports......

Breakingviews: Exxon's buyback flub
Aug 1 - Antony Currie and Christopher Swann explain why the oil giant's lackluster second-quarter showing and cash pile aren't the only reasons why it should reconsider its share repurchase policy......

Trading at Noon: Triple digit dow, Yelp's mobile pay-off
Aug 1 - Stocks rise sharply on manufacturing data while Michael Dell finally gets some good news and Yelp's mobile strategy pays off......

Fed chair showdown: Yellen or Summers?
Rob Cox and Agnes T. Crane of Breakingviews compare the track records of Janet Yellen and Larry Summers and discuss who is better suited to replace Ben Bernanke as chairman of the Federal Reserve......

P&G's sales tide turns
August 1 - P&G's second quarter sales improved under returning CEO A.G. Lafley who is making his second attempt to turn around the company. Fred Katayama reports......

ECB committed to low rates
Aug. 1 - The European Central Bank keeps interest rates at a record low, despite signs of a tentative recovery in the euro zone. Kirsty Basset reports......

Draghi rules out early rate rise
Aug.1 - The European Central Bank leaves its main interest rate unchanged at a record low of 0.50 percent as one Frankfurt trader says the decision came as no surprise, predicting a rate cut for autumn. (ROUGH CUT - no reporter narration).....

Spain's corruption pain
August 1 - Spanish Prime Minister Mariano Rajoy concedes that mistakes were made in handling a corruption scandal in his party as he testifies about his own involvement in parliament, but as protesters accuse the country's politicians of being thieve.....

Europe Day Ahead: UK firing on all cylinders?
Aug. 1 - Construction PMI data may show the UK firing on all cylinders ahead of U.S. nonfarm payroll numbers. Meanwhile Lufthansa earnings may stall and RBS could know its next boss......

Lloyds ready for government sale
August 1 - Lloyds has accelerated its turnaround campaign and flagged a revival of payouts to shareholders, paving the way for the government to soon start selling its stake in Britain's largest retail bank. As Sonia Legg reports, its results contras.....

Daily Digit: Oil thefts hurt Shell
it was still committed to Africa. Hayley Platt reports......

U.S. Morning Call: Profit & a deadline for Time Warner Cable
Aug 1 - Time Warner Cable profits top estimates ahead of it's Friday deadline to work out an agreement over retransmission fees with CBS......

Market Pulse: Low BoE rates for longer? Yes. More QE? No
Aug. 1 - The BoE keeps rates and QE on hold, but new governor Mark Carney has a dilemma: what does the steady string of improving data do to his "forward guidance"? And will the Bank provide more stimulus?.....

Wealth Strategies: Easy money's been made in high yield
Aug 1 - LPL Financial's Anthony Valeri say the bond markets have priced in expectations for the end of quantitative easing, and that the overly-punished mortgage and muni markets hold the best opportunity.....

Sex, scandal and sleaze: Berlusconis rise and fall?
Aug. 1 - The law may have finally caught up with Silvio Berlusconi. We look back at a career dogged by allegations of sex, scandal and sleaze......

Best bargain in 40 years? European stocks
Aug. 1 - Valuations show that it's a good time to buy European stocks. Here's where you should look......

Witness: Truth, fiction meet head on in the Hermit Kingdom
Aug. 1 - North Korea pulled out all the stops for lavish celebrations marking 60 years since the end of the Korean War. But behind all the pomp and ceremony, how do ordinary people view Pyongyang's enemies?.....

Breakingviews: Lloyds v Barclays - race for investor demand
Aug. 1 - A Lloyds share sale looking doable following H1 results. The snag? Barclays' $9 bln rights issue could suck up investor demand......

Sony's string of flops boosts Third Point's case for revamp
Aug. 1 - Has Sony CEO Kazuo Hirai done enough to resuscitate the company? Two big-budget film duds this summer are giving activist investor Daniel Loeb's push for a movie-unit spin off renewed momentum......

Shell CEO on Q2 earnings and outlook
Aug. 1 - Shells CEO Peter Voser discusses the companys second-quarter earnings and outlook.....

Reuters Today: Time for UK to sell Lloyds?
Aug. 1 - UK banking group Lloyds is back in profit and considering restarting its dividend. So is it time for the government to sell its stake?.....

Dreamworks Animation's dreamy quarter
July 31 - Summary of business headlines: Dreamworks profit surges on "Croods" success; S&P 500 best month since January; Fed stays on hold; Soros takes stake in Herbalife; Facebook hits IPO price. Bobbi Rebell reports......

Fabrice Tourre found liable for defrauding investors
Fabrice Tourre, the former Goldman Sachs banker, has been found liable for defrauding investors in a massive mortgage securities fraud case.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2f72cbbd/sc/25/mf.gif' b.....

Lloyds: the ball is in the Government's court now
The present opportunity for the Government to sell its shares in Lloyds should not be wasted.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2f71f007/sc/25/mf.gif' border='0'/><div class='mf-viral'><t.....

Top Fed economist slams 'incoherent' ECB
The US Federal Reserve has launched a blistering attack on the European Central Bank, calling for quantitative easing across the board to lift the eurozone fully out of its slump.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32.....

Markets boosted by economy hopes
Stock markets surged to fresh highs amid growing investor optimism about the prospects for the global economy.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2f71f87e/sc/2/mf.gif' border='0'/><div class='mf.....

Enterprise boosted by 'rehabilitation' hopes
Shares in the pub group surged ahead of next week's trading update.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2f71f883/sc/2/mf.gif' border='0'/><div class='mf-viral'><table border='0'><tr&g.....

Tesco-Sainsbury's row draws battle lines for entire retail sector
Tesco and Sainsbury's squabble as often as Itchy and Scratchy in The Simpsons, but their latest row over Tesco's price-matching campaign is far from a comedy sideshow.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300.....

Aggreko defiant as shares fall 7.7pc on emerging market growth worries
Temporary power provider Aggreko insisted its growth prospects were not "broken" after a slowdown in emerging markets saw its shares drop 7.7pc.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2f710709/sc/2/mf.gif.....

Portmeirion profits hit by EU anti-dumping levies
Portmeirion, the British ceramics maker, has blamed "wrong-headed" EU anti-dumping levies for a 38pc fall in first-half profits.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2f710f31/sc/2/mf.gif' border='0'/>.....

Britain's chief rat-catcher quits as Rentokil boss
Britain's top rat-catcher, Alan Brown, has quit as chief executive of Rentokil Initial after a five-year turnaround of the pest control-to-washrooms group failed to deliver a lucrative bonus.<img width='1' height='1' src='http://telegraph.feedspor.....

S&P hits high as global markets surge on strong economic data
US stocks climbed on Thursday, with the S&P 500 topping the 1,700 level for the first time, after economic data pointed to a modestly improving economy and the Federal Reserve kept its loose money policy in place.<img width='1' height='1' src=.....

Business news and markets: as it happened - August 1, 2013
The S&P 500 has hit an all-time high in Thursday's trading, surpassing 1,700 for the first time, as markets surge after strong corporate results and economic data.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300.....

Business news and markets: live
The S&P 500 has hit an all-time high in Thursday's trading, surpassing 1,700 for the first time, as markets surge after strong corporate results and economic data.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300.....

Britain overtakes Germany to become Ferrari's biggest market in Europe
Ferrari sold 6pc more cars in Britain in the first half of 2013 than last year, overtaking Germany.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2f7003f6/sc/2/mf.gif' border='0'/><div class='mf-viral'>.....

Expert view: Prime London property keeps charging ahead
Prime London property is up 50pc since the credit crunch. It can double again by 2020, says Naomi Heaton of London Central Portfolio.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2f700142/sc/25/mf.gif' border='.....

Vodafone increases call charges
Millions of Vodafone pay-as-you-go customers will see the cost of their calls rise from today as the company switches from charging per second to charging per minute.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/.....

Mergers off as BAE profits fall
BAE Systems ruled out any need for further merger attempts after a "challenging" first-half that saw profits fall 8pc to 529m pre-tax on lower-than-expected sales.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2.....

Smith & Nephew hits on growth outside Europe
British joint replacement maker Smith & Nephew has reported "stand-out" growth in emerging markets, helping offset sluggish trade closer to home.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2f6f0276/sc/2/m.....

Tyrrells sold to Investcorp for 100m
Tyrrells, the premium snacks and crisps business, has been sold to private equity investor Investcorp for a price of 100m, it can be revealed.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2f6e0ca6/sc/25/mf.gif'.....

Scottish wind farms handed 1.3m annual discount while southern power plants to pay more
Scottish wind farms developers will have their costs cut by 1.3m a year under an overhaul of network charging that will see power plants in the south pay more.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2f6e0.....

New peer Dame Lucy Neville-Rolfe: 'I can be an example to other women'
Business leader Dame Lucy Neville-Rolfe, a former Tesco executive, has said her peerage will give her a "great opportunity" to be an example to other women, amid growing calls for David Cameron to tackle the lack of female politicians.<img width='.....

BT bid to force Sky Sports wholesale deal rejected
BT will not be able to show the Sky Sports channels on its new television service, after Ofcom rejected its attempt to force a wholesale deal before the start of the Premier League season.<img width='1' height='1' src='http://telegraph.feedsportal.....

BT loses battle over Sky Sports wholesale deal
BT will not be able to show the Sky Sports channels on its new television service after Ofcom ruling.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2f6e0caa/sc/46/mf.gif' border='0'/><div class='mf-viral'&.....

AstraZeneca boss 'confident' of China controls
The boss of British pharmaceuticals giant AstraZeneca said the drug maker "double and triple checked" its compliance systems in the wake of bribery allegations directed at rival GlaxoSmithKline.<img width='1' height='1' src='http://telegraph.feeds.....

Sir Anthony Bamford and Dame Lucy Neville-Rolfe lead list of new business peers
A clutch of high profile business leaders have been named life peers by the main political parties.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2f6cfc30/sc/7/mf.gif' border='0'/><div class='mf-viral'>.....

Tesco closes in on HMV as top high street DVD retailer
Tesco is close to leapfrogging HMV as Britain's biggest bricks and mortar DVD seller, as sales of physical discs rise despite growing internet downloads.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2f6cfc31/sc.....