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Thursday 8 August 2013

UK Financial News on 2013-08-08

SFO loses BAE investigation papers
The Serious Fraud Office (SFO) says it has lost thousands of documents relating to a 2006 investigation into BAE Systems......

Carney: New plan should boost growth
Bank of England governor Mark Carney tells the BBC that giving guidance on future interest rates should boost economic growth......

Advertisers quit bully row website
Several large companies say they are to stop advertising on website ask.fm after the death of a 14-year-old who was bullied online......

Pope Francis tightens bank controls
The Pope steps up the fight against corruption at the Vatican by strengthening supervision of financial transactions at its internal bank......

Buy-to-let lending 'tops 5bn'
Buy-to-let lending in the UK has hit its highest level for nearly five years, lenders say, reaching 5.1bn in the second quarter of the year......

Broadband switching 'to be easier'
A new bank-style switching service that should make it easier for some people to change phone and broadband providers is to be introduced in the UK......

Still no internet in 17% of UK homes
Almost a fifth of UK homes are still not online, new figures show, but mobile browsing continues to grow quickly......

China trade data beats expectations
Chinese exports and imports rose more than expected in July, a sharp recovery from the previous month......

Workers sticking with new pensions
Fewer than one in 10 workers have opted out of being automatically signed up to saving for a pension, government figures show......

Nestle battles weak European demand
Food giant Nestle - owners of Nescafe and Perrier - says sales and profits are being held back by weak demand in Europe......

UK home repossessions fall, says CML
The number of homes repossessed from struggling owners in the UK fell in the second quarter of the year, lenders say......

Greek jobless rate at record high
The unemployment rate in Greece rose to another record high in May, hitting 27.6%, according to the country's statistics body......

Gaming machine slump hits Ladbrokes
Ladbrokes reports a sharp fall in half-year profits, hit by a slowdown in gaming machine revenues, and says the recent heatwave has also hit trading......

Rio halts aluminium business sale
Rio Tinto says it is not possible to sell its aluminium business in the current market as it reports an 18% fall in profits......

Mothers express discrimination fears
More than a quarter of UK mothers feel they have been discriminated against at work after returning from maternity leave, a survey suggests......

London Market Report
The FTSE 100 rises, with Aviva shares up more than 6% after the insurer reports an increase in profits......

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......

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......

Hearts fans' group lead bidder race
Fans' group the Foundation of Hearts are front runners to be named preferred bidder for the administration-hit club......

Barry Town league battle in court
A football club argues at High Court that it is entitled to play in the Welsh league despite being withdrawn in May......

VIDEO: Can this store turn Tesco around?
The big out-of-town hypermarket was, until recently, the place were shoppers would go to buy everything under one roof......

VIDEO: Co-op to stop selling Nuts magazine
The Co-operative supermarket has confirmed it will no longer sell men's magazine Nuts from early September......

VIDEO: Dreamliner fly-past for Rolls-Royce
British Airways organises a Dreamliner fly-past for the 11,000 staff at Derby's Rolls-Royce site......

VIDEO: 'I was sacked for being pregnant'
More than a quarter of mothers in the UK feel discriminated against at work, a survey suggests. One woman tells the BBC her story - and the CBI reacts to the study......

VIDEO: Npower boss: We need to raise game
NPower's boss has announced a reduction in the number of tariffs available and defended the energy company's profits as being "not very much".....

AUDIO: 'You're turning away free money'
The former head of the Pensions Advisory Service warns young people that opting out of pensions is "turning away free money.".....

AUDIO: Financial institutions 'have to change culture'
The Bank of England governor Mark Carney tells the BBC he wants to see a 'change of culture' in British financial institutions, so they become focussed on 'the real economy'......

AUDIO: Australian wine 'getting cheaper'
Wine critic Jeremy Oliver explains why the slowing of China's economy could result in cheaper wine......

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

Zimbabwe faces 'huge' economic challenges
Zimbabwe's economy faces challenging future.....

The family firm selling via Facebook
The family firm at the forefront of selling via the social media giant.....

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

Will Nairobi fire hit Kenya's economy?
Will airport fire damage Kenya's key tourism and flower sectors?.....

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

U.S. Day Ahead: Apple, Samsung patent war continues
Aug 8 - Apple and Samsung are battling each other in courtrooms around the world over patents. Friday, the U.S. Federal Court will hear Apple's plea in the long-running patent case......

Daily Digit: Tesla's Musk $622 mln pay day
Aug 8 - Tesla CEO Elon Musk is $622 million wealthier thanks to his stake in the electric car maker one-day after quarterly results topped expectations. Conway G. Gittens reports......

Techquity: Upside for Microsoft, says analyst; Groupon zooms
Aug 8 - Microsoft gets an upgrade while Groupon jumps on positive results......

Daily Digit: Tesla's Musk $13 bln pay day
Aug 8 - Tesla CEO Elon Musk is $13 billion wealthier thanks to his stake in the electric car maker one-day after quarterly results topped expectations. Conway G. Gittens reports......

Washington Post more than a trophy for Bezos
Opinion Editor Jim Ledbetter about Jim Bezos surprising purchase of the Washington Post and what it means for the media industry......

Trading at Noon: Groupon & Tesla up, up and away
Aug 8 - Shares of Groupon and Tesla are soaring on positive results with a number of brokerages raise their price targets on the stock......

Breakingviews: A Musky scent of Jobs
The Tesla boss is evoking Apple founder Steve Jobs with his great products and knack for beating earnings estimates, but Elon Musk gets more credit, say Breakingviews editors......

U.S. helps speed Porsche sales
Aug. 8 - Porsche announces sales figures up 17 per cent on first half of last year, with the Cayenne the companys most successful model and America its largest single market. So why is the German sports-car maker booming when some other European car .....

Water birds reveal new direction for aircraft landing research
Aug. 8 - Water birds appear to prefer landing along the north-south axis, according to a study by Czech scientists. The researchers say their findings could help improve landing navigation systems for aircraft and prevent accidents when planes land c.....

Turnaround signs at T-Mobile
Aug. 8 - T-Mobile's hip CEO reversed four years of subscriber losses, gaining more customers than any other carrier last quarter. Fred Katayama reports......

Europe Day Ahead: Russian rates & China trades
Aug. 8 - Fridays top 5 stories: Russias rates, fresh Chinese data, earnings season roundup, the Ashes, and the biotech craze thats crossing the Atlantic......

Greek unemployment scales new highs
Aug. 8 - Unemployment in Greece reaches a new high, as the country's Prime Minister Antonis Samaras prepares to meet with Barack Obama in Washington. Kirsty Basset reports......

Market Pulse: Bet on luxury, short materials in Europe
Aug. 8 - Luxury stocks like LVMH and Richemont will do well, industrials and materials to suffer, says Patrick Armstrong, managing partner at Armstrong Investment Managers......

Market Pulse: European earnings round-up
Aug. 8 - As the European earnings season draws to a close, we discuss the key equity trends that have emerged......

Can China push Bo out of the picture?
Aug. 8 - China's Communist Party propaganda machine is at it again, scrubbing out awkward bits of history and fallen leaders. Its latest target: disgraced former party chief Bo Xilai, soon to go on trial......

Mobius looks to frontier markets for bargains
Aug. 8 - Templeton Emerging Markets Group executive chairman Mark Mobius says funds are set to pour back into markets like China and Thailand to take advantage of attractive prices......

Breakingviews: Nestle -- too broad to manage?
Breakingviews EMEA Editor Chris Hughes asks if Nestle's diverse portfolio has become too broad to manage?.....

Audits conducted on Fonterra plants
Aug. 8 - New Zealand authorities are conducting audits of the Fonterra dairy plant that produced contaminated products and prompted a recall. Julie Noce reports......

Reuters Today: China hopes, Rio mopes
Aug. 8 - A jump in Chinese exports lifts global growth hopes. But it's too late to help Rio Tinto earnings, which take a hit on weaker commodity prices......

Breakingviews: Banks need to revamp emerging market strategy
Aug. 8 - Breakingviews' Peter Thal Larsen says global banks with a strong presence across many emerging markets, not just the fastest-growing, are set to reap the most gains......

Daily Digit: Nestle fails to tempt
Aug. 8 - The world's biggest food group has missed half year forecasts and trimmed its 2013 target after cutting prices in Europe to lure recession-hit shoppers. As Hayley Platt reports their fortunes contrasted with rival Danone......

U.S. Morning Call: T-Mobile reports big customer growth
Aug 8 - T-Mobile recorded total customer net additions of 1.1 million in the second quarter, the largest customer growth its seen in four years......

Henkel CEO: Middle East is top EM challenge
Aug. 8 - Out of all the emerging markets, the region Henkel is most concerned about in the short and medium term is the Middle East, says CEO Kasper Rorsted......

Changing the channel on TV ads
Aug. 7 - Consumers are moving to mobile- and as advertising follows, its causing a major disruption in the advertising business. Bobbi Rebell reports......

Tesla sales rev past forecast; stocks fall
Aug. 7 - Summary: Tesla beat sales forecast, turns surprise profit; Groupon revenues better; S&P 500 suffers first 3-day slide since June; Time Warner lifted by "Man of Steel"; AOL jumps into web video ad market. Conway G. Gittens reports......

I want to see a woman Bank governor, says Mark Carney
The Bank of England has a "striking" lack of top female economists and needs to promote more women to its top ranks, its new governor has admitted.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2fbab0cb/sc/25/mf.....

Yet another farce at the SFO
Serious Fraud Office lost 32,000 document pages and 81 audio tapes on BAE Systems inquiry.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2fbac318/sc/24/mf.gif' border='0'/><br clear='all'/><div class.....

Greece becoming new Kosovo as youth jobless hits 65pc
Greek youth unemployment has soared to a record 64.9pc as the country's downward spiral continues almost unchecked.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2fba0401/sc/30/mf.gif' border='0'/><br clea.....

Chariot jumps on Mauritania deal
The oil and gas explorer agreed a farm-out with Cairn Energy.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2fb99935/sc/37/mf.gif' border='0'/><br clear='all'/><div class='mf-viral'><table bord.....

Standard Life profits rise 6pc to 304m
Standard Life reported pre-tax profit of more than 300m for the first half as the financial group saw earnings from its investment arm jump nearly 40pc.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2fb99937/sc/.....

The rise, fall and rise of star fund managers
A strong set of results this week from Britain's largest investment firms show they are still important.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2fb99939/sc/2/mf.gif' border='0'/><br clear='all'/>.....

Cobham warns of 10-year downturn in US defence market as it revises outlook
Defence supplier Cobham reined back its guidance for 2014 as it unveiled a 3pc fall in underlying half-year profits and warned that its key US market could be at the start of a 10-year downturn.<img width='1' height='1' src='http://telegraph.feeds.....

William Hill swoops on Australian online bookie
William Hill, Britain's biggest bookmaker, is expected to announce on Friday a A$30m (17.6m) deal to buy Australian online betting business Tomwaterhouse.com.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2fb999.....

Fighting talk from Ladbrokes boss despite profit slump
Ladbrokes' chief executive, Richard Glynn, says the bookmaker will become an "ugly competitor" when its new digital business is up and running early next year.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2fb99.....

Tesco brand likely to disappear in China after merger deal
The Tesco brand could disappear in China with supermarket group close to agreeing a merger of its operations in the country with the biggest Chinese retailer.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2fb91a.....

Food giant Nestl sees slowing sales growth
Nestl, the world's biggest food group, saw net profits rise by 3.7pc to 5.1bn Swiss francs (3.57bn) in the first half but saw sales growth slow as European shoppers tightened their purse strings.<img width='1' height='1' src='http://telegraph.feed.....

Tesco unveils supermarket of the future
The chief executive of Tesco, Philip Clarke, says the retailer has "broken the mould" with is new hypermarket.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2fb91352/sc/24/mf.gif' border='0'/><br clear='al.....

Business news and markets: as it happened, August 8, 2013
Greek Prime Minister Antonis Samaras meets President Barack Obama in Washington as unemployment reaches a new high in the struggling eurozone country.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2fb85d7a/sc/25.....

Local councils could lose hundreds of millions of pounds by converting shops to homes
Local councils risk losing out on hundreds of millions of pounds of funding if the Government presses ahead with proposals to allow high street shops to be converted into housing.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32.....

Warning to ENRC minority shareholders over takeover offer
ENRC'S directors gave their tacit backing to a takeover offer they believe "materially undervalues" the troubled miner, warning minority investors who hold out could be left with shares for which there is no market.<img width='1' height='1' src='h.....

Man who created own credit card sues bank for not sticking to terms
Bank apparently failed to read 42-year-old's amendments, signed the contract and sent him a credit card.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2fb7e771/sc/25/mf.gif' border='0'/><br clear='all'/>.....

Business news and markets: live
Greek Prime Minister Antonis Samaras meets President Barack Obama in Washington as unemployment reaches a new high in the struggling eurozone country.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2fb342a2/sc/2/.....

Time Warner-CBS stand-off highlights the lack of competition in US
Negotiation is always a war of brinkmanship, but usually somebody blinks and steps back from the edge before they actually go over.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2fb7e358/sc/5/mf.gif' border='0'/.....

SFO admits data loss blunder linked to BAE Systems case
The Serious Fraud Office has been dealt a fresh blow after admitting it lost 32,000 pages of documents related to its now closed investigation in BAE Systems' 43bn al-Yamamah arms deal.<img width='1' height='1' src='http://telegraph.feedsportal.co.....

If you want to get things done, meet at 10.38am
Mid-morning office meetings are the most productive, while nearly half of workers question the value of working lunches, according to a recent survey.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2fb73450/sc/22.....

438 fuel poverty gap for customers
People struggling with energy costs face a gap of 438 between their bills and what they can afford to pay - an increase of almost 200 on a decade ago.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2fb7d5fa/sc/4/.....

Lobster prices fall as warmer oceans cause supply glut
Lobster prices plummeted last year amid a glut of supply that many have attributed to global warming.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2fb7d600/sc/2/mf.gif' border='0'/><br clear='all'/><.....

Workers accept being pushed into pensions
Rules forcing companies to enrol staff into pensions automatically, which reduce take home wages, have been met with little resistance, figures show.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2fb72cb3/sc/7/m.....

South Korea looks to plastic surgery for new taxes
South Korea's booming plastic surgery industry has been targeted by the government as a source of tax revenue to keep abreast with the country's ballooning social welfare bill.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726.....

FSCS hires Sherlock Holmes for 3m awareness campaign
The Financial Services Compensation Scheme, ultimately funded by savers, has hired Benedict Cumberbatch to feature in a 3m awareness campaign.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2fb73457/sc/7/mf.gif' .....