Search This Blog

Saturday 3 August 2013

UK Financial News on 2013-08-03

Royal Mail boss returns house cash
Royal Mail chief executive Moya Greene received pay and benefits worth 1.47m last year, but she is repaying 120,000 paid towards buying a house......

No bonus for new RBS boss until 2015
Royal Bank of Scotland's new chief executive, Ross McEwan, will take no bonus for his work in the role this year or in 2014......

Financial struggles 'have worsened'
More than half of UK adults are struggling to keep up with bills and debt repayments, a major survey of people's finances suggests......

Big markdown in Boston Globe sale
The Boston Globe newspaper is being sold to the owner of the Boston Red Sox for less than a 10th of what the New York Times paid for it in 1993......

Apple faces e-book clamp down
US regulators have called for Apple to be forced to cancel certain e-book contracts with major publishers......

US employment up by 162,000 in July
The US economy added 162,000 new jobs in July, according to the US Labor Department, with the unemployment rate dropping to 7.4%......

Dell shares jump 5.5% on new offer
Dell's shares rise 5.5% as its board accepts a new buyout deal from founder Michael Dell which adds a one-off payment to last week's $13.75 a share offer......

Weight Watchers shares fall 19%
Shares in the weight-loss giant Weight Watchers drop by 19% as it warns it is losing customers to free apps......

House prices 'rise 3.9% in a year'
UK house prices recorded their biggest annual increase for nearly three years in July - up 3.9%, the Nationwide building society says......

UK construction 'at three-year high'
The UK construction industry reaches its highest level of activity since June 2010 after a rise in house building, a closely-watched survey indicates......

Wall Street Market Report
US stocks and the dollar drop after the latest US jobs figures fall short of expectations......

Insolvency levels 'continue to fall'
The number of people declared insolvent in England and Wales fell by 6.1% in the second quarter of the year compared with the same period a year ago......

Oil drilling starts after protests
Energy company Cuadrilla begins drilling for oil after being held up by protesters at a site in West Sussex......

Toyota raises annual profit forecast
Toyota raises its forecast for annual profit as a weak yen and a recovery in sales in the US continue to boost its growth......

IAG sees recovery signs at Iberia
International Airlines Group says its restructuring efforts at Iberia are "making good progress" as losses narrow at the Spanish carrier......

London Market Report
The FTSE 100 falls, with William Hill the biggest faller in the index after the bookmaker's latest results......

Rail engineering workers' jobs axed
About 150 skilled jobs in Milton Keynes and Glasgow are axed at rail engineering firm Railcare......

India eases retail investment rules
India eases key rules on foreign direct investment in multi-brand retail in an attempt to attract investment from foreign firms and boost growth......

Coventry City docked 10 points
Coventry City are deducted 10 points by the Football League with part of the club on the brink of liquidation......

VIDEO: New Zealand in dairy product recall
New Zealand's main dairy exporter, Fonterra, has found a strain of bacteria causing botulism in some of its products, including infant formula and sports drinks......

VIDEO: Row over new Israeli ports plan
The Israeli government has unveiled plans for new privately-run ports to compete with the country's two main state-owned facilities. The authorities say they would increase competition and efficiency - but workers have gone on strike over fears for t.....

AUDIO: Walsh: 'Very pleased' with profits
International Airlines Group (IAG) has reported a return to profit in the second quarter of the year, helped by signs of a turnaround at its Spanish carrier Iberia......

VIDEO: Meet the ghost-estate homeowners
Many people are paying mortgages on homes they will never see finished......

VIDEO: The trend for buying homes off-plan
The trend of buying a home off-plan, which became popular at the height of the last property boom. appears to be increasing as the economy improves......

VIDEO: Filipino winner of Apprentice Asia
Filipino Jonathan Allen Yabut has won the first series of The Apprentice Asia, the reality show featuring Malaysian businessman Tony Fernandes. Rico Hizon spoke to him about his hopes for the future......

VIDEO: What next for RBS and new boss?
Royal Bank of Scotland has announced pre-tax profits of 1.4bn in the first half of the year. James Bevan from CCLA Investment Management said RBS seemed to have turned a corner and he expected it to focus on retail banking in the future......

VIDEO: Questions over Fabulous Fab fraud
There are questions about why a relatively junior trader - Fabrice 'Fabulous Fab' Tourre - is one of the few found liable of fraud over the subprime mortgages crisis......

The risks of buying a home off-plan
What are the pitfalls of buying homes 'off-plan'?.....

Stay fit to avoid boss burnout
Thinking like Muhammad Ali can save bosses from burnout.....

Clooney crushes Loeb in latest diatribe
Aug. 2 - Actor George Clooney gave his two cents on Dan Loeb's involvement with Sony in an interview with Deadline Hollywood. Havovi Cooper reports......

Flip flop stocks land at new records
Aug. 2 - Summary of business headlines: U.S. hiring slows; Stocks comeback to close higher; Dell gets closer to a deal; Viacom profits jump; Weight Watchers stock sinks. Bobbi Rebell reports......

U.S. Week Ahead: Tesla and Kors fly high; Fed jobs reaction
Aug 2- Two Wall Street darlings, Tesla and Michael Kors, report earnings next week with high expectations from analysts. Disney was hit by ESPN ratings and Fed policymakers react to a weak jobs report......

MuniLand: Puerto Rico returns to market amid huge outflows
Aug 2 - Puerto Rico is turning to investors for the first time in more than year next week, but a shaky U.S. municipal bond market plagued by months of outflows could prove a tough customer for the island......

Job search: dissecting the data
Aug 2 - Friday's jobs report was weak on the surface, but a mix of information in the report left many scratching their heads to make sense of the data. Havovi Cooper reports......

Techquity: Winning streak continues for internet stocks
Aug 2 - LinkedIn is the latest social networking-related company to report strong results. Plus, the latest in the Dell saga......

Daily Digit:$24.8 bln Dell deal
Aug. 2 - The group led by Michael Dell has reached a $24.8 billion deal that dramatically increases the chances of their Dell buyout deal passing. Bobbi Rebell reports......

Amazon deal lifts Viacom's profit
Aug. 2 - Rising ratings at Nickelodeon and streaming deal with Amazon boost Viacom's earnings. And the media giant is doubling its share buyback. Fred Katayama reports......

Breakingviews: Dell's fearful compromise
Aug. 2 - Antony Currie and Breakingviews columnists explain how the prospect of a financial hit all round if the buyout failed brought the board and bidders back to the table......

Trading at Noon: Dell gotta deal, dude!
Aug 2 - Founder Michael Dell and Dell's special board committee have reached a new deal that dramatically increases the chance for a $24.8 billion buyout. Dell vote has been rescheduled to September 12......

Lufthansa Q2 profits fall; IAG improves
August 2 - Lufthansa's second quarter revenue is hit as the German flag-carrier suffers from growing staff costs and weak demand in Europe, but the airline - like its Spanish rival Iberia, is going through a revamp that should see it emerge stronger......

Mugabe claims victory ahead of Zimbabwe election results
August 2 - Zimbabwe subdued after Mugabe claims victory, the opposition calls it a "farce" and election observers say it was free and fair. Lily Grimes reports......

Spain's jobless rate falls; challenges remain
August 2 - The number of people without a job in Spain has fallen for the fifth straight month, boosted by a strong tourist season. But as Hayley Platt reports, an unemployment rate of 26 per cent means life is still tough for those seeking work......

Wealth Strategies: Slow growth good for stocks-Nuveen's Doll
Aug 2 - Despite employment growth that came in below expectations for July, Nuveen's Bob Doll and Victory Capital's Erick Maronak say markets can continue to rally......

Markets shrug off Berlusconi sentence
August 2 - As Italians absorb news of former Italian Prime Minister Silvio Berlusconi's jail sentence, markets appear unfazed despite the fact the ruling coalition could now be thrown into further crisis. Kirsty Basset reports......

Europe Week Ahead: Data dilemma for BoE; HSBC sets bank pace
Aug. 2 - Better-than-expected data pose conundrum for the Bank of England, Italy hopes its data get less bad, and HSBC may outpace StanChart on earnings......

NEWSMAKER: It's getting hard to meet Bullard's GDP forecasts
Aug. 2 - James Bullard, president of the St. Louis Federal Reserve, says lower growth in the first half of the year will make it difficult for the U.S. economy to grow at his forecast of 2.6% this year......

Daily Digit: RBS announces new boss
Aug 2 - Ross McEwan is set to take over as CEO of RBS in October, replacing Stephen Hester, who was ousted in June. As Hayley Platt reports, the announcement comes as the bank announces a pretax profit of 1.4 billion pounds, compared to a 1.7 billion.....

U.S. Morning Call:Dell committee, buyout group close to deal
Aug 2 - The strength of the U.S. jobs report will steer the Fed's direction on whether to maintain or taper its bond buying program in the coming months......

Market Pulse: UK is on the up ... so sell sterling Citi
Aug. 2 - Another day, another batch of strong UK economic data. So why sell sterling? Citi's Valentin Marinov explains. Plus gold on the slide again, but European banks are on their best run in over 4 years......

Wealth Strategies: Rising rates could boost small business
Aug 2 - PayNet president Bill Phelan says small business productivity increases as interest rates rise and feels the eventual end to the Fed's bond buying will be a benefit to mom & pops......

Breakingviews: RBS should ape HSBC, not Lloyds
Breakingviews.....

In the face of a bubble, Shanghai scales new heights
Aug. 2 - Shanghai Tower, China's new tallest skyscraper, will soon be topped off, and despite fears of overcapacity in the commercial property market its president says the timing couldn't be better......

Toyota: A short stint in pole position?
Aug. 2 - Toyota has innovated its way back to the top of the class, with bold designs and a weak yen boosting profit. But its export-dependence and weakness in Southeast Asia could see it quickly dethroned......

Economy 2013: No diversion despite profit dive-Lufthansa CFO
Aug. 2 - Lufthansa shares dive after a Q2 earnings miss. But CFO Simone Menne tells us why the company will still hit its 2013 targets......

Hedge funds threaten Co-op Bank rescue
Hedge funds are threatening to undermine the Co-operative Group's last-ditch plan to rescue its stricken banking arm after amassing major positions in 300m of the lender's bonds.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/327.....

Insurers will soon be funding UK infrastructure, says Legal & General chief Nigel Wilson
Asset-rich companies such as Legal & General can help rebuild Britain's crumbling road and rail network, says the insurer's chief executive.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2f85afcf/sc/25/mf.gi.....

Investors warn new RBS chief executive over break-up battle
The new chief executive of the Royal Bank of Scotland, Ross McEwan, was facing his first challenge this weekend after leading shareholders in the bank signalled they would not support breaking it up even if the Treasury insisted on going ahead.<im.....

Legal & General in 15bn infrastructure pledge for UK but HS2 will miss out
One of Britain's biggest insurers, Legal & General, has signalled a 12bn boost to Britain's economy by declaring that it wants to increase its investment in the nation's infrastructure from 3bn to 15bn over the next 10 years.<img width='1' hei.....

Ladbrokes profit fears as group trails rivals
Embattled bookmaker Ladbrokes risks taking another hit in the markets this week amid fears of a second profits warning and a 31pc collapse in half-year profits.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2f85.....

Wellcome Trust still backing Wonga
The Wellcome Trust retains an investment in Wonga despite its announcing that it had sold its direct shareholding.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2f85a947/sc/25/mf.gif' border='0'/><div clas.....

Mark Carney set for interest rate promise to lift economy
The Bank of England is expected to raise its growth forecasts and lower its inflation outlook this week as the Governor unveils a radical new commitment to low rates in what is likely to be a further boost for the recovery.<img width='1' height='1.....

US banks leave Britain's lenders behind
Sitting over dinner with a non-executive director of an American investment bank a few weeks ago, I asked him what his view was of the treatment of Britain's global banks by the regulators and the Government.<img width='1' height='1' src='http://t.....

Co-operative food brand gets an overhaul
The Co-operative Group is overhauling its own-brand food range as part of a drive to put its misfiring retail business back on track.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2f85a94a/sc/21/mf.gif' border='.....

WPP chief looks to exploit advertising rivals' merger
Sir Martin Sorrell is more used to making the news rather than reacting to it. But it was in reaction mode that he found himself last weekend when he learnt that Omnicom and Publicis were to merge.<img width='1' height='1' src='http://telegraph.fe.....

ITV comeback is worthy of its own drama
Broadcaster's CEO Adam Crozier reveals that he is looking for opportunities to increase the global production business.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2f85a94c/sc/25/mf.gif' border='0'/><div.....

New RBS chief Ross McEwan must keep Osborne happy
The new chief executive of RBS may have a bank to fix, but he has only one customer to satisfy - the Chancellor.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2f85a94d/sc/25/mf.gif' border='0'/><div class=.....

Ross McEwan's lack of banking experience could pose a risk
New Zealander Ross McEwan is according to former colleagues a sports fanatic and avid supporter of his native All Blacks rugby team.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2f85ab6d/sc/25/mf.gif' border='0.....

Mark Carney to unveil 'pre-commitment' on interest rates
The new Governor will give his first economic forecast this week. We consider his options.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2f85a94f/sc/25/mf.gif' border='0'/><div class='mf-viral'><tabl.....

Ross McEwan's lack of banking experience could be a risk
New Zealander Ross McEwan is according to former colleagues a sports fanatic and avid supporter of his native All Blacks rugby team.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2f85a94e/sc/25/mf.gif' border='0.....

Peer-to-peer lender Funding Circle defends Santander tie-up
Funding Circle, the online "peer-to-peer" SME lender, has defended controversial talks with Santander which could see the bank passing on "leads" on small businesses seeking loans to the alternative finance platform.<img width='1' height='1' src='.....

Horrockses in high street revival
The women's fashion label Horrockses, famous for its 1950s-style dresses, will attempt a high street revival to capitalise on the vogue for vintage styles popularised by the TV drama Mad Men.<img width='1' height='1' src='http://telegraph.feedspor.....

HSBC in line for $2bn profit rise as strategy pays off
HSBC is expected to report a $2bn (1.3bn) increase in profits on Monday for the first six months of the year as Britain's largest lender's efficiency drive bears fruit.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/56830.....

Apple wins reprieve from Obama administration over US iPhone and iPad ban
Apple will be allowed to continue selling older iPhone and iPad models in America after the US government intervened to overturn an import ban won by rival Samsung.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/.....

Berkeley upbeat on Zambia
Berkeley Mineral Resources, which extracts metals from mine waste, is expected on Monday to disclose that lead and zinc production in Zambia will begin later this year and that its resources in the country could be larger than previously estimated.&l.....

Goldman Sachs predicts FTSE 100 will top 7,500
London's FTSE 100 could break-through its previous record to reach 7,500 in 12 months' time, according to analysis by Goldman Sachs.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2f85ba2d/sc/2/mf.gif' border='0'.....

Goldman predicts FTSE 100 will top 7,500
London's FTSE 100 could break-through its previous record to reach 7,500 in 12 months' time, according to analysis by Goldman Sachs.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2f852b2b/sc/2/mf.gif' border='0'.....

We must build a workforce fit for the digital age
At long last the economic tide is turning. Businesses are ever more upbeat, and the latest GDP figures show, for the first time since 2011, two consecutive quarters of economic growth.<img width='1' height='1' src='http://telegraph.feedsportal.com.....

Miramax and Weinstein Co in tie-up talks
Bob and Harvey Weinstein could be reunited with the business they set-up more than 30 years ago.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2f851c78/sc/30/mf.gif' border='0'/><div class='mf-viral'>&l.....

Challenge of turning off America's 'loose money' tap
Just at the point when the Bank of England is thinking about introducing so-called "forward guidance" - in effect, a promise to keep the monetary taps open until there is a measurable and sustainable improvement in economic growth - the US Federal Re.....