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Wednesday 7 August 2013

UK Financial News on 2013-08-07

Rates linked to jobless target
Bank of England governor Mark Carney tells the BBC that new guidance on future interest rates is about creating 'clarity' about monetary policy......

Barclays urged to save remittances
Campaigners pressing Barclays to keep cash transfer businesses to poorer countries present a petition signed by 25,500, including Mo Farah, to the government......

'Quick house sale' firms face action
Three "quick sale" companies that promise to sell properties for struggling homeowners are to be formally investigated by a regulator......

Lone Ranger to cost Disney millions
Walt Disney warns its Lone Ranger summer film will lose between $160m-$190m as heavy spending on promotion fails to bring returns......

Jaguar demand fails to lift Tata
Indian car maker Tata Motors, owner of Jaguar-Land Rover, reported a 23% drop in profits, attributed mostly to weak demand at home......

Vodafone announces 4G launch in UK
Vodafone has revealed that its 4G service will roll out in London on 29 August, with prices starting at 26 per month......

LG puts buttons on back of phone
LG places all its buttons on the rear of its latest flagship handset, claiming this "shifts the paradigm" of smartphone design......

Film and TV lift Time Warner profits
Time Warner sees its second-quarter profit jump by 87%, helped by a strong performance at its film and TV arms......

China fines infant formula companies
China levies a record fine of 670m yuan ($109m; 71m) on six producers of infant formula for price-fixing, state media say......

Obama targets twin mortgage giants
US President Barack Obama urges a revamp of the housing market that would "wind down" government-owned mortgage giants Fannie Mae and Freddie Mac......

London Market Report
The pound rises but the FTSE 100 falls after the Bank of England sets out its new forward guidance strategy......

US government sues Bank of America
The US government filed two separate lawsuits against Bank of America relating to fraud on $850m (553m) of mortgage-backed securities......

India names new central bank chief
India has picked a former International Monetary Fund chief economist as the head of its central bank, as it struggles to revive its slowing economy......

G4S abandons tagging contract bid
G4S pulls out of bidding for new contracts for tagging criminals in England and Wales following claims it had been overcharging for the service......

Manufacturing sector surges in June
UK industrial production jumps in June led by a strong rise in manufacturing output - the latest sign of an improvement in the UK economy......

Amazon's Bezos buys Washington Post
The Washington Post says Amazon chief executive Jeff Bezos has agreed to purchase the company's flagship newspaper for $250m (163m)......

July heatwave boosts retail sales
Retail sales enjoyed their fastest July growth in seven years - at 2.2% - thanks to the month's heatwave, the British Retail Consortium says......

UK house prices 'rising steadily'
House prices are continuing to rise steadily, the Halifax says, with values growing at their highest annual rate for nearly three years......

Riot claims 'not yet finalised'
Insurance companies have dealt with 2,500 claims as a result of the riots in England two years ago - but some compensation cases are yet to be completed......

US trade gap smallest since 2009
The US trade deficit fell by 22.4% to $34.2bn (22.3bn) in June, the smallest gap since October 2009......

Australia cuts rates to record low
Australia's central bank cuts its benchmark interest rate to a new record low, in an attempt to spur a fresh wave of economic growth......

McColl will not increase Ibrox stake
Jim McColl says he will not invest further in Rangers after he is invited to do so to have any say in the running of the club......

VIDEO: Will 'forward guidance' help me?
The new governor of the Bank of England, Mark Carney, is unveiling a new strategy of "forward guidance". The BBC asks how it might affect people with mortgages......

VIDEO: What is 'forward guidance'?
The Bank of England's new governor has signalled that record low interest rates could stay for years to come......

AUDIO: Mo backs bank transfer campaign
Campaigners pressing Barclays to keep open cash transfer businesses to poorer countries have presented a petition to Downing Street signed by 25,500 people, including Olympic gold winner Mo Farah. The BBC hears from one Somali family which relies on .....

VIDEO: Quick sale 'plays on vulnerability'
As the Office of Fair Trading investigates three "quick sale" companies, the BBC hears from a woman who says one firm tried to knock 40% off the price it had offered for her flat......

AUDIO: Are payday lenders really that bad?
A survey suggests that about half the borrowers taking out payday loans have a positive experience and almost a third would take out another......

AUDIO: 'Need to work quickly' on airport plans
Views on airport expansion submitted to the government-appointed Airports Commission have been wide ranging and interesting, the panel's chairman Sir Howard Davies has said......

VIDEO: Randgold 'in reasonable shape'
Randgold has reported a 62% drop in profits for the second quarter to $54.1 million. Its chief executive told the BBC the firm could cope with the reduced price of gold and was "in reasonable shape"......

AUDIO: Today programme business round-up
Business news with Simon Jack including reports......

How the Bank's policy affects you
How the Bank's new policy on interest rates affects you.....

Jobless growth in the Philippines
Philippines boom doesnt provide cheer for all.....

Did Carney guide Canada to growth?
Did Mark Carney guide Canada to growth?.....

Forging back to growth
The man who rebuilt his business and feels like a lottery winner.....

The battle between old and new media
What does the sale of the Post mean for newspapers?.....

Cambodia's garment industry at crossroads
Cambodia's garment factory workers demand higher wages.....

U.S. Day Ahead: Priceline winning online booking war
Aug 7 - The travel website has beat earnings estimates in each of the past 4 quarters and is expected to continue the trend for Q1. Lionsgate and AMC also come out with earnings......

NEWSMAKER: Not my job to worry about broad muni market - Orr
Aug 7 - Detroit emergency manager Kevyn Orr says his first order of business is to revive the economy in Detroit, and isn't concerned with implications of its bankruptcy on the broad municipal bond market......

Programmatic buying will drive advertising-Forrester's Nail
Aug 07- Forrester Research analyst Jim Nail says technology driven advertising will dominate in the future, and consumers won't mind at all. Bobbi Rebell reports......

Techquity: AOL back to the future; Facebook gets a boost
Aug 7 - AOL said it would buy Adap.tv, an electronic trading platform that helps companies advertise on video websites, for $405 million in its biggest acquisition under CEO Tim Armstrong......

"The Wall Street-ization of the ad biz"- Ad Age's Learmonth
Aug 7 - Ad Age Deputy Editor Michael Learmonth explains why programmatic advertising is disrupting the traditional advertising model- and why its inevitable it will succeed. Bobbi Rebell reports......

Daily Digit: "Game of Thrones" reigns with 14.2 mln viewers
Aug. 7 - "Game of Thrones" reigns near top of HBO universe with 14.2 million average viewers in Season 3, helping parent Time Warner beat sales and earnings forecasts. Conway G. Gittens reports......

Maasai lease ancestral land to elephants
August 7 - Maasai communities in Kenya's Amboseli region have joined the fight to save endangered elephants by leasing their ancestral lands to conservationists. The agreement is designed to protect migratory routes used by the the elephants for thou.....

So will China's milk powder fines hurt?
Aug 7 - China has fined six companies including Mead Johnson Nutrition Co, Danone and New Zealand dairy giant Fonterra a total of $110 million after an investigation into price fixing by foreign baby formula makers. Edward Baran reports......

Trading at Noon: AOL expands its video realm
Aug 7 - AOL to buy Adap.tv, a video ad exchange, for $405 million in the biggest acquisition under CEO Tim Armstrong.....

Breakingviews: The dangerous edge
Aug 7-Hedge fund manager Steven Cohen and baseball star Alex Rodriguez face sanctions for alleged use of an illegal edge. Rob Cox and Breakingviews editors discuss what the two cases have in common......

Flights to resume after blaze engulfs Kenya airport
Aug 7 - Kenya says it will restart domestic and international cargo flights at Nairobi's international airport after its arrivals building was devastated by fire. Katharine Jackson reports......

Wal-Mart weighs bid for HK retailer
. Fred Katayama reports......

Carney's trump card pegs rates to jobs
Aug 7 - The UK's central bank has broken with tradition saying it planned to keep interest rates at a record low until unemployment falls to 7 percent or below, which it views as unlikely for another three years. Joanne Nicholson reports.....

Daily Digit: Spot gold price fall hurts
August 7 - Spot gold prices have deliced 25% this year hitting AngloGold Ashanti, the world's third-largest bullion producer, and Randgold. As Hayley Platt reports some smaller mining companies are being pushed to the brink of closure......

Europe Day Ahead: Fashion, footwear, food & finance
Aug. 7 - Five things you need to know about Thursday including results from Adidas, Prada, Nestle and Commerzbank......

U.S. Morning Call: Falcone's Harbinger sues Dish's Ergen
Aug 7 - Phil Falcone's hedge fund sued satellite TV mogul Charlie Ergen and his Dish Network for $4 billion over an alleged loan-trading scheme at LightSquared......

"Yes Week-End" - France's work-life war
Aug. 7 - The battle over Sunday trading in Paris is part of a growing fight in France between the champions of deregulation and those defending the 35-hour working week......

Market Pulse: Carney guidance - more holes than Swiss cheese
FX analyst Neal Kimberley......

Market Pulse: Carney guidance has more holes than Swiss cheese
FX analyst Neal Kimberley......

Austerity feeds food fraud and fakes
August 7 - Six months after Europe was rocked by the horsemeat scandal, food industry experts say food fraud is a bigger problem than many consumers recognise. Pan-European police force Europol says counterfeiting is on the increase, helped by the ec.....

Breakingviews: Golds September warning
Breakingviews......

FACTBOX: Asia's casino ambitions
Aug. 7 - As Asia's casino operators gear up to report earnings, we break down some of the numbers on the plans, successes and failures of the region's burgeoning gaming industry......

Randgold CEO is a big fan of joint ventures
Aug. 7 - Randgold CEO Mark Bristow talks to us about taking a Q2 profit hit and how he's keen to do more joint ventures......

Reuters Today: Peering into Carneys crystal ball
Aug. 7 - New Bank of England governor Mark Carney faces a big test as markets wait for his first stab at forward guidance. Plus a big miss for ING and legal headaches for Goldman and JPMorgan......

Standard Chartered in Korea 'for good' despite earnings hit
why a $1 billion writedown isnt enough to dim South Koreas appeal, and how the bank is weathering other bumps in emerging Asia......

Groupon announces $300m share buyback
Groupon has announced a $300m share buyback and appointed interim chief executive Eric Lefkofsky to lead on a permanent basis.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2faf468d/sc/21/mf.gif' border='0'/>.....

Mark Carney's gear change is a bold move with real risks
Carney's new system is designed to offer more certainty around monetary policy. But will it?<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2faf2291/sc/2/mf.gif' border='0'/><div class='mf-viral'><tab.....

Canada train crash: rail company files for bankruptcy
Montreal, Maine & Atlantic lost much of its freight business following derailment that killed 47 people.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2faf3dbb/sc/2/mf.gif' border='0'/><div class='mf-v.....

Mark Carney has made a start, but the big battles are still to come
There is a limit to what the Bank can achieve - and Britain's fundamental problems still remain, says Jeremy Warner<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2faf36b2/sc/25/mf.gif' border='0'/><div cla.....

Former United Utilities chief Philip Green to front RBS branch bid
The former chief executive of United Utilities, Philip Green, will front a bid backed by the Church of England to buy 315 branches from Royal Bank of Scotland.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2fae3.....

Towards a radical new theory of Anglo-American slavery, and vindication of free markets
New evidence coming to light in the National Archives and the Bodleian Library may soon change our entire view of the British slave trade, and the roots of institutional plantation slavery in the Americas.<img width='1' height='1' src='http://tele.....

Savers clobbered as Bank of England makes radical rates pledge
New Bank of England Governor accused of ignoring savers after signalling interest rates will remain at rock bottom.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2fae30e9/sc/24/mf.gif' border='0'/><div cla.....

Quintain gets permission for Olympic developments
Quintain has secured permission to build thousands of flats and a shopping mall in the area around London's O2 Arena and close to the site of last year's Olympic Games.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/56830.....

Old Mutual profits rise 14pc to 801m
Old Mutual reported a double-digit rise in pre-tax profit for the first six months of the year to 801m, driven by a strong performance from its asset management business.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568.....

Nokia 'could cut 8,500 jobs'
Nokia is said to be considering shedding a further 8,500 jobs from Nokia Siemens Networks, the telecoms equipment business it has just assumed full control over.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2fa.....

Lancashire taps investors for deal
The insurer raised money for an acquisition that sparked some analyst unease.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2fae2b6e/sc/2/mf.gif' border='0'/><div class='mf-viral'><table border='0'&g.....

Airport submissions stray into flights of fancy
A "drive-through airport", a Severn Estuary hub and a four-runway extravaganza are some of the more extreme ideas.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2fad912b/sc/40/mf.gif' border='0'/><div clas.....

Sir Howard Davies promises airports shortlist in December
Sir Howard Davies, the man in charge of deciding how London's airports can expand in future, has promised to whittle down the options to just a "handful" by December.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/.....

Mark Carney's quiet revolution to drive the recovery
At first glance, the Bank of England's pledge to keep interest rates on hold until unemployment drops to 7pc looked like a revolution on Threadneedle Street. Nothing quite like it had ever been tried in Britain before. On top of which, it was the bra.....

China fines infant formula companies for price fixing
Chinese authorities have fined six companies a total of $110m (71m) for price-fixing and anti-competitive practices.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2fad89e9/sc/30/mf.gif' border='0'/><div cl.....

All young jobhunters should see themselves as a brand
Ten years ago LinkedIn was launched with the slogan "relationships matter" and we set ourselves a mission to connect the world's professionals to make them more productive and successful.<img width='1' height='1' src='http://telegraph.feedsportal......

Mark Carney inflation report: as it happened
Mark Carney has committed the Bank of England to its record low interest of 0.5pc for as long as unemployment remains above 7pc.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2fa6f874/sc/2/mf.gif' border='0'/>.....

Ciudad Real's 1bn abandoned airport: in pictures
Ten million passengers a year were expected to pass through its 28,000 sq ft terminal. But It opened during one of the worst recessions ever seen, with Spain particularly hard-hit.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/3.....

Spain's 1bn white elephant airport could be yours for just 100m
Official bankruptcy report said "no thought was given to the investment needed to make the airport function".<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2fac8907/sc/11/mf.gif' border='0'/><div class='mf.....

Chancellor George Osborne welcomes introduction of 'forward guidance'
Chancellor George Osborne welcomes the introduction of forward guidance by the Bank of England, saying it will "help support [Britain's] economic recovery".<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2facb8f4.....

US ATM giant Cardtronics buys 7,100 British cash machines
More than 7,000 British cash machines have been sold to US ATM giant Cardtronics in a deal worth 107.5m.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2fad3f17/sc/2/mf.gif' border='0'/><div class='mf-viral.....

US ATM giant Payzone buys 7,100 British cash machines
More than 7,000 British cash machines have been sold to US ATM giant Cardtronics in a deal worth 107.5m.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2facb228/sc/2/mf.gif' border='0'/><div class='mf-viral.....

What Blue Peter can teach companies about making their staff smile
At a time when staff turnover has never been higher, the feel-good factor of fundraising can actually help with retention, says Josephine Fairley, who drafted in her team to put on a mass cream tea in her back garden yesterday.<img width='1' heigh.....

Christian Candy to create one of biggest family basements in London
A Georgian property owned by property developer Christian Candy is set to have one of the biggest family basements in London - which will include a bowling alley, swimming pool and private spa.<img width='1' height='1' src='http://telegraph.feedsp.....

JLR targets 100,000 car sales in China this year
Jaguar Land Rover has announced "ambitious" plans to sell 100,000 cars in China this year after it reported a strong rise in profits, but it was not enough to halt a worse-than-expected decline for parent firm Tata.<img width='1' height='1' src='h.....