Search This Blog

Wednesday 14 August 2013

UK Financial News on 2013-08-14

UK unemployment falls back slightly
UK unemployment falls by 4,000 in the three months to June to 2.51 million, according to the Office for National Statistics (ONS)......

Eurozone comes out of recession
The eurozone has emerged from recession after 18 months of economic contraction, figures indicate......

Cisco announces 4,000 job cuts
Network equipment giant Cisco announces plans to lay off 4,000 workers, despite reporting stronger than expected earnings......

Legal & General in home renting move
Insurer Legal & General aims to become a major landlord in the UK's housing market, in an effort to redress what it calls "intergenerational injustice"......

'London whale' traders charged in US
Authorities in the US have charged two JP Morgan Chase traders with fraud in connection to the $6.2bn "London whale" trading losses in 2012......

Bank rate team back forward guidance
Bank of England rate-setters voted 8-1 for the new forward guidance policy, but differed on the inflation "knockout", latest minutes show......

EU 'plans single telecoms regulator'
The European Commission is thought to be considering a plan for a single telecoms regulator to cover all 28 member states......

Steinway agrees $512m private sale
Steinway Musical Instruments, the US company famous for its grand pianos, agrees a buyout deal with hedge fund firm Paulson & Co......

Radio Times casualty of piracy fight
The Radio Times is among hundreds of websites which have been partially blocked as a result of a piracy battle being fought by the Premier League......

RWE to close or idle power plants
German power giant RWE, which owns Npower, is mothballing or closing some gas and coal-fired power stations because of an increase in renewable energy......

Illegitimate YouTube adverts exposed
A security firm reveals how a US company used plug-ins to add unauthorised adverts to YouTube's site when visited by affected computers......

Icahn invests in 'undervalued' Apple
Billionaire investor Carl Icahn says he has built up a "large" stake in Apple, adding that the company is "extremely undervalued"......

BP sues US over ban on new contracts
UK oil giant BP is suing the US government for blocking the company from new federal contracts......

London Market Report
London's FTSE 100 edged higher late on Wednesday morning, but three ex-dividend stocks were in the top five fallers......

Fonterra head of milk products quits
Fonterra says the head of its New Zealand milk products, Gary Romano, has resigned with immediate effect......

Chad suspends China state oil firm
Chad's oil minister tells the BBC he has suspended all operations of China's CNPC state-run oil firm for causing environmental damage......

Cathay Pacific swings back to profit
Hong Kong-based airline Cathay Pacific swings back to profit in the first half of the year, helped by a drop in its fuel bill and cost-cutting measures......

Red Bull ends dispute with brewery
Energy drink producer Red Bull ends its dispute with the Norwich micro-brewery which has a similar name......

Council cleaners get 'living wage'
Low-paid cleaners and office workers at a Kent council are to have their pay raised to the "living wage" of 7.45 an hour after a campaign by their union......

House price inflation rises further
The rate of house price inflation in the UK is continuing to rise, according to official statistics......

Rail fares 'to increase by 4.1%'
Commuters in England face an average 4.1% rise in the cost of regulated rail fares, including season tickets, as inflation figures are announced......

UK inflation rate falls to 2.8%
The rate of consumer price index inflation fell to 2.8% in July, down from 2.9% in June, official figures show......

Weak rupee fuels Indian inflation
India's inflation rate rises by more-than-expected in July as a weaker currency brought higher import costs......

Indonesia arrests oil regulator
Indonesian authorities name the head of the country's oil and gas regulator, SKKMigas, as a suspect in a bribery case......

Eurozone factory output up in June
Factories in the eurozone saw output rise in June, reinforcing hopes the bloc could have exited recession in the second quarter......

Concern over World Cup venue delays
Brazilian Sports Minister Aldo Rebelo says the pace of construction must be accelerated if stadiums are to be ready on schedule for the 2014 World Cup......

Green 'untenable' at Ibrox, say fans
Rangers supporters groups say Charles Green cannot remain as a club consultant after recent comments and events......

Seven charged with match-fixing by ICC
Seven people are charged with match-fixing by the ICC and another two are charged for not reporting corruption in the game......

VIDEO: UK unemployment falls by 4,000
Unemployment in the UK has fallen by 4,000 in the three months to June, leaving 2.51 million out of work, according to the Office for National Statistics......

VIDEO: Downturn: Irish holiday at home
Irish companies have been concentrating on exports abroad during the economic downturn - but some have seen the benefit of people holidaying at home instead of taking more expensive foreign trips......

VIDEO: Eurozone emerges from recession
The eurozone has emerged from recession after a record 18 months of contraction......

VIDEO: Don't be 'job snobs', say recruiters
Some young people are harming their chances of future work by being "job snobs", recruitment specialists say......

VIDEO: Making money from unexploded bombs
The Vietnamese farmer who has spent more than 20 years digging out unexploded bombs for money......

VIDEO: 'I've seen increase in spending'
UK unemployment has fallen slightly - but it has not affected all areas equally. Chris Buckler meets a shop-owner in Strabane in Northern Ireland, whose store is bucking the trend during the downturn......

VIDEO: Young jobless deny being 'job snobs'
Unemployed people say taking any job would be a "waste of talent", despite recruitment advice to be less fussy......

AUDIO: Today programme business round-up
The Today programme's business news with Andy Verity including reports of that latest inflation figures......

French football sees red over Monaco tax breaks
French football clubs see red over Monaco's tax breaks.....

Confidence in short supply at French flea market
Confidence is in short supply at world famous flea market.....

Housing market winners and losers
Who gains and who loses from rising house prices.....

Is the Hyperloop just a pipe dream?
Will Elon Musk's Hyperloop ever get off the ground?.....

Could these five projects improve life in the UK?
Would these schemes improve life around the UK?.....

Techquity: Apple's latest TV-related buy, Facebook's pitch
Aug 14 - Apple reportedly makes a purchase as billionaires purchase it. Plus, Facebook tries to sell itself to Madison Avenue......

Human cells power mouse heart
Aug. 14 - For the first time, researchers have used human stem cells to power a mouse heart. Scientists from the University of Pittsburgh School of Medicine stripped the mouse heart of its own cells and replaced them with stem cells derived human ski.....

UPS cargo jet crash kills 2
Aug 14 - Both the pilot and co-pilot were killed when a UPS cargo jet crashed and exploded in Alabama. Bobbi Rebell reports......

Trading at Noon: Apple ready to cross $500 - again
Aug 14 - With activist investor Carl Icahn's big bet and revived investor demand, Apple is closing in on the $500 threshold once again......

Breakingviews: Old dog, new tricks for Apple
Aug. 14 - Jeffrey Goldfarb talks to Rob Cyran about the $20 billion Apple tweet from 77-year-old billionaire investor Carl Icahn......

Daily Digit: $6 billion Macy's sales
Aug. 14 - Macy's second quarter sales of $6 billion were a drop of almost one percent- missing the mark with investors. Bobbi Rebell reports......

Apple might not do what Icahn wants
Aug. 14 - Investor Carl Icahn wants Apple to do a bigger buyback, but analysts say that's not likely despite its huge cash pile. Fred Katayama reports......

Russian wine aims to sparkle in Europe
Aug.14 - A Russian winery attempts to produce high-quality sparkling wine, but experts say Russian bubbly has a long way to go before it will reach the level of French champagne. Ciara Sutton reports......

Number two in Spain's PP testifies in corruption case
14.Aug - The Secretary General of Spain's ruling People's Party testifies as a witness in an investigation into an alleged corruption scandal in which party leaders are accused of receiving illegal payments from a slush fund run by former treasurer L.....

Europe Day Ahead: The UK's summer shopping spree
Aug. 14 - Four things you need to know about Thursday including what to expect from UK retail sales, H&M and Asda......

Reaping reward from Africa's booming funeral business
Helen Nyambura-Mwaura......

Breakingviews: BoE's Carney obstructed on monetary policy
Aug. 14 - The Bank of England governor was forced into a number of caveats to his policy of long-term low interest rates by a divided monetary policy committee, says Breakingviews Edward Hadas......

Reuters Today: Don't be fooled by Euro zone GDP headlines
Aug. 14 - Better than expected data from Germany and France doesn't disguise the fact that much of the euro zone remains mired in crisis......

Euro zone emerges from recession
Aug.14 - Strong growth in Germany and France has helped the euro zone emerge from a record 18 months of recession to date in the second quarter, confirming expectations a fragile recovery was under way. Ciara Sutton reports......

U.S. Morning Call: Icahn says Apple can shine at $700/share
Aug 14 - Activist investor Carl Icahn believes Apple stock could be worth $700 a share if Tim Cook pushes for a larger stock buyback......

Icahn's next big target: Apple
Aug 13 - Billionaire investor Carl Icahn, known for his aggressive shareholder activism, took to Twitter to reveal a big stake in Apple and was not shy about his idea on creating shareholder value. Conway G. Gittens reports......

AMR, U.S. Airways deal grounded by D.O.J.
Aug. 13 - The Dept. of Justice is suing to block the $11b merger between AMR and US Airways-saying it would hurt consumers. Bobbi Rebell reports......

U.S. Day Ahead: Icahn into Apple, wants bigger buyback
Aug 13 - Activist investor Carl Icahn now owns a big piece of the Apple and said he had a "nice conversation" with CEO Tim Cook about a larger stock buyback......

The hyper activity of Elon Musk
Aug 13 - Unveiling the Hyperloop, buying a solar marketing company, keeping up Tesla electric car production, signing up SpaceX customers, all in a few days work for billionaire Elon Musk. Conway G. Gittens reports......

Settlement unlikely in AMR/US Airways suit-antitrust lawyer
August 13 - Antitrust lawyer Bruce Schneider says the allegations in the lawsuit regarding pricing make a settlement highly unlikely. Bobbi Rebell reports......

New software brings figments of the imagination to life
Aug. 14 - A tech start-up in Chile has developed software that harnesses brain activity to generate and print 3D models. The company is demonstrating the technology in schools with the hopes of showing children that the power of imagination has no li.....

Techquity: Facebook increases activity, Larry vs. Larry
Aug 13 - Facebook does deals to help users conduct more business on site. Plus, Oracle's Larry Ellison takes on Google's Larry Page and Apple......

Trading at Noon: AMR-US Airways not cleared for takeoff
Aug 13 - The U.S. Justice Department sued to block the merger of AMR Corp and US Airways, a deal that would create the world's largest airline......

Replacement buying driving retail sales- Ken Goldstein
Aug 13 - Conference Board economist Ken Goldstein says after paying off debt, consumers can finally put into play long delayed replacement purchasing- and the economy will continue to improve. Bobbi Rebell reports......

Breakingviews: Ackman's stalling steamroller
Aug. 13 - Antony Currie and Breakingviews columnists discuss whether the activist investor's resignation from J.C. Penney's board is symptomatic of trying to overhaul too many targets......

Have the austerians won the day, or will the pragmatists prevail?
Economics pretends to be evidence-based, but it's really about warring sects, says Jeremy Warner<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2ff584f2/sc/38/mf.gif' border='0'/><br clear='all'/><div.....

Mark Carney may have to relaunch QE to keep down interest rates
The Bank of England is expected to take further action to ensure interest rates remain low after last week's pledge failed to sway the market.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2ff584f3/sc/25/mf.gif'.....

An overhaul of business rates is vital to save Britain's high streets
If the Government is serious about supporting the high street then it has to reform business rates.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2ff529d5/sc/25/mf.gif' border='0'/><br clear='all'/><.....

Google: email users should not expect privacy
Internet giant says people who send emails should not "be surprised" if messages are intercepted.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2ff529d6/sc/21/mf.gif' border='0'/><br clear='all'/><di.....

Spanish youth look abroad for jobs
In Spain the news that Europe's longest-ever recession had come to an end was met with some scepticism by the man on the street.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2ff47c0a/sc/2/mf.gif' border='0'/>.....

Portugal emerges from recession grappling with political uncertainty
Portugal has emerged from two and a half years of deep recession, according to initial data released on Wednesday but with political uncertainty and the promise of more austerity ahead, the nation isn't out of the woods yet.<img width='1' height='.....

Bank warned that Help to Buy may be stoking housing bubble
The Bank of England has been warned that the Government's subsidised mortgage scheme has already started to drive up house prices due to a shortage of properties for sale.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/56.....

Mark Carney ties interest rates to the UK's 'known unknown'
One of the toughest conundrums in economics is Britain's "productivity puzzle". Why do companies need more staff today to produce the same amount as they did yesterday?<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/56830.....

Countrywide falls on stake sale
The estate agent lost ground on news of a hefty share sale.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2ff476f5/sc/22/mf.gif' border='0'/><br clear='all'/><div class='mf-viral'><table border.....

British Retail Consortium abandons call for business rates freeze
The British Retail Consortium has called for the annual increase in business rates to be capped at 2pc as high streets across the UK struggle under the weight of extra tax payments.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/.....

French dip into savings to prop up consumption
Sitting in his regal presidential retreat overlooking Versailles Palace today, Franois Hollande must be smiling broadly at France's surprisingly good growth figures. But he may not have the last laugh.<img width='1' height='1' src='http://telegrap.....

Fitch warns against RBS break up
The cost of splitting Royal Bank of Scotland into a "good bank" and a "bad bank" would outweigh the benefits, according to Fitch Ratings.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2ff46da3/sc/25/mf.gif' bord.....

Smartphones outsell basic mobiles for the first time
Gartner says that in the second quarter 225m smartphones were sold, compared with 210m basic handsets.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2ff476f8/sc/5/mf.gif' border='0'/><br clear='all'/>&l.....

Smartphone outsell basic mobiles for the first time
Smartphone have outsold basic mobile phones on a global basis for the first time, according to industry analysts.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2ff46da4/sc/15/mf.gif' border='0'/><br clear=.....

Four more payday lenders quit the market
Another four payday lenders have left the market amid a crackdown on the industry that is forcing firms to prove their practices are up to scratch.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2ff4154c/sc/25/mf.....

Germany's low unemployment rate hides real hardship
The health of the German economy may improve Angela Merkel's chances of winning next month's elections, but on the streets of Berlin there was scepticism about whether the increased growth would bring widespread prosperity.<img width='1' height='1.....

Novartis dragged into China bribery scandal
Swiss drug maker Novartis has become the third Western pharmaceuticals company to be accused of bribery in China, after a newspaper published allegations against the firm.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/56.....

Business news and markets: as it happened - August 15, 2013
The eurozone has emerged from its longest recession on record after the economy grew more than expected in the second quarter.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2ff3c5e2/sc/2/mf.gif' border='0'/>&.....

The best cash incentives offered by banks
Banks use cash incentives to lure in potential customers. Here are some of the best.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2ff34e0c/sc/25/mf.gif' border='0'/><br clear='all'/><div class='mf-v.....

Business news and markets: live
The eurozone has emerged from its longest recession on record after the economy grew more than expected in the second quarter.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2fed8754/sc/30/mf.gif' border='0'/>.....

Rothermere takes full control of Daily Mail group
Jonathan Harmsworth, Viscount Rothermere, has made an offer to take full control of the voting rights in DMGT, the publisher of The Daily Mail.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2ff34e0f/sc/2/mf.gif'.....

Solar power to trump shale, helped by US military
US marines go to war in Afghanistan with solar cells embedded in their rucksacks, efficient enough to recharge lithium-ion batteries for radios and greatly lighten loads.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568.....

Mortgage rates could rise as market defies Mark Carney
The Bank indicated rates would remain low until 2016 but markets are pricing in an earlier increase.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2ff3bb64/sc/2/mf.gif' border='0'/><br clear='all'/><.....

Mervyn King given 26,000-worth of parties and presents on leaving Bank of England
The Bank of England spent more than 26,000 on presents and leaving parties for former governor Mervyn King, it has been disclosed.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2ff4154d/sc/25/mf.gif' border='0'/.....

Mervyn King given 23,000-worth of parties and presents on leaving Bank of England
The Bank of England spent more than 23,000 on presents and leaving parties for former governor Sir Mervyn King, it has been disclosed.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2ff345b8/sc/25/mf.gif' border=.....