Search This Blog

Saturday 17 August 2013

UK Financial News on 2013-08-17

Youth jobs schemes 'not working'
Youth unemployment schemes run by the UK government are not helping people find work, the group representing English local councils says......

Mortgages at 'most affordable level'
Mortgages are at their most affordable for 14 years after lenders slashed their rates, a report by the Halifax finds......

Anonymous 350m fund stuck in limbo
An anonymous donation to the country made 85 years ago and now worth 350m is stuck in legal limbo because of a stipulation made by the donor......

Households cut energy use by 25%
Households in England and Wales have cut their energy use by a quarter over the last six years, according to the Office for National Statistics......

Travel firms cancel Egypt holidays
Travel firms TUI and Thomas Cook cancel holidays booked by German customers in Egypt until mid-September as the violence in the country escalates......

Post Office strike over bank holiday
Post Office workers will stage a 48-hour strike over the August bank holiday weekend in an escalating row over pay and jobs......

RBS branches bidder to list on AIM
One of the bidders for more than 300 branches put up for sale by Royal Bank of Scotland will list on the stock market next week, the BBC learns......

Spain's richest woman dies at 69
Spain's richest woman Rosalia Mera, who co-founded Zara's parent company Inditex, dies at the age of 69......

Bank account switch date announced
The UK's 46 million current account holders will be able to switch banks in seven days from next month......

Energy firm SSE ends cold calling
Energy supplier SSE says it has ended the practice of making unsolicited telephone calls to potential customers......

Conrad Black fined and banned by US
Former media baron Conrad Black is fined $4.1m (2.6m) and barred from becoming the director of a US company in a deal with regulators......

US new home construction rises
The rate of new US home-building rises in July, spurred on by a rise in the construction of new apartments......

Lonmin sorry for South Africa deaths
The company which owns South Africa's Marikana mine, where 34 striking workers were shot dead by police, apologises for the first time......

Fracking firm scaling back operation
Energy firm Cuadrilla says it is scaling back work at an exploration site in West Sussex on police advice, as campaigners plan a protest camp......

Rupee hits record low against dollar
The Indian rupee has hit a record low against the dollar despite efforts to by the nation's central bank to support the currency......

VIDEO: 'We don't want anyone to get hurt'
Energy firm Cuadrilla has said it is scaling back work at an exploration site in West Sussex on police advice. Chief executive Francis Egan says, "We don't want anyone to get hurt" but denies setting a bad precedent......

AUDIO: Would you shop online via Facebook?
Facebook is piloting a web payment scheme that lets users make purchases using their log-in. But will it realistically rival PayPal?.....

AUDIO: 'We're looking for lane hoggers'
New powers for the police to issue fixed penalty fines for careless or inconsiderate driving come into effect on Friday. The BBC's Sarah Julian joins PC Barry Jackson from Derbyshire police's traffic division on patrol......

VIDEO: 'This is a good result for Maersk'
Shares in Maersk Group rose by nearly 7% after it reported a big rise in profits at its container shipping unit. Richard Meade of shipping industry journal Lloyds List says the positive results are "surprising"......

VIDEO: Youth jobs schemes 'not working'
Youth unemployment schemes run by the UK government are not helping people find work, the group representing English local councils says......

AUDIO: Fracking protesters 'load of nutters'
The energy firm Cuadrilla is scaling back its work at an exploration site in West Sussex on police advice but protesters said they will not be happy until the firm has gone......

VIDEO: Inside a South African gold mine
A year on from South Africa's deadly Marikana mine dispute, Mark Lowen was given rare access into a gold mine to see what conditions are like and to follow the mining process......

AUDIO: Today programme business round-up
The Today programme's business news with Dominic Laurie looking at fracking as energy company Cuadrilla scales back its exploratory oil drilling at Balcombe in West Sussex......

Why NHS patients pay for GP letters
Why NHS patients pay for GP letters.....

Bulls stay on vacation
Aug. 16 - Summary: Dow has worst week of the year as retail worries grow; Housing starts slower than anticipated; Legal setback for Icahn; J.C. Penney, Ackman set get-out terms; Pandora sings after upgrade. Conway G. Gittens reports......

U.S. Week Ahead: To retail or RetailMeNot
correspondent Phil Wahba talks about who could be the winners and losers in the sector......

Rates grate on housing
Aug. 16 - Housing starts rose, but disappointed, as higher rates impact builders even as more buyers move to cash. Bobbi Rebell reports......

MuniLand: Muni misconceptions trigger big outflows -Kotok
Aug 16 - Cumberland Advisors' David Kotok explains that much of the summer volatility in the muni market is the product of a few misconceptions among retail investors......

Techquity: YouTube fight, Pandora rocks say analysts
Aug 16 - Google and Microsoft battle over YouTube app while Pandora gets positive comments from brokerages......

Sony's breakthrough streaming deal
Aug. 16 - Sony has reportedly reached an agreement to stream Viacom's programs over the Internet in the first major deal of its kind, putting the media and entertainment conglomerate in the lead of Internet pay TV. Fred Katayama reports......

Data spying bins raise privacy fears
The City of London has banned high-tech recycling bins from collecting phone data from passers-by. The CEO of Renew, the start-up who owns the bins, says their technology trial has been misunderstood. But as firms increasingly look to monetise data c.....

Trading at Noon: Tight-fisted consumer weakens retail sector
Aug 16 - Consumers are spending less and more selectively, causing some retailers to see softer revenues and earnings......

Foreign companies suspend Egypt operations
Aug. 16 - Several foreign multinationals have suspended their operations in Egypt after more than 600 people were killed in a deadly crackdown on protesters. Andrew Potter reports......

Credit for builders is an issue for housing- IHS's Newport
Aug 16 - Builders are having a tougher time getting loans, and that could be a bigger issue than rising rates for the housing recovery, says IHS Global Insight economist Patrick Newport. Bobbi Rebell reports.....

Ryanair fires senior pilot in safety dispute
Aug.16 - Ryanair has fired one if its senior pilots for questioning the airline's safety culture in a television interview. The dispute has seen shares fall 7 per cent. Kirsty Basset reports......

Europe Week Ahead: 5 things to know about next week
Aug. 16 - A look at five key events for markets next week including Egypt, company results from Carlsberg and Heineken, and key euro zone PMI data......

U.S. Morning Call: Sony Leads the Pack with Web TV
Aug 16 - Sony is out in front with a preliminary deal with Viacom to carry some of the media giant's more popular channels like Nickelodeon and MTV......

Market Pulse: Taper tantrums boost dollar
Aug. 16 - The dollar rises against a basket of currencies, drawing support from a rise in U.S.Treasury yields......

Broke team borrows soccer's famous names
Aug. 16 - A soccer team in England has taken a highly unusual step to get sponsorship and stay in business, renaming its players after some of the sport's most famous figures. Andrew Potter reports......

Breakingviews: Can't Ryanair play nice?
Aug. 16 - The airline has a good record, but the safety debate has sparked another bout of toxic labour relations, says Breakingviews. And an M&A upset for Liberty Global that doesn't make sense......

Reuters on the Road: Skinny Tan Quenches Dragons Fire
Aug. 16 - Fresh from a successful appearance on the BBCDragons Den, Skinny Tan founders Kate Cotton and Louise Ferguson tell us why their beauty product had the Dragons falling over themselves to invest......

World At Risk: Germany votes, Merkel wins - but with whom?
Aug. 16 - Merkel is set to win September's election, though she will need a coalition partner. But little will change in policy towards Europe, says Alastair Newton, Senior Political Analyst at Nomura......

The New Japan Inc.: A computer geek made good
Aug. 16 - In the first of a new series on entrepreneurship in Japan, we meet an acclaimed venture capitalist, self-confessed computer geek and adviser who says the country faces a historic opportunity......

Reuters Today: Taper tantrum does not equal market rout
Aug. 16 - U.S. stocks suffer their biggest sell-off since June on fears over Fed stimulus withdrawal, but don't expect a wholesale sell-off, says IG analyst Chris Beauchamp. Plus, Egypt facing March of anger......

Asia Week Ahead: Japan's tricky trade data
Asia Economics and Markets Editor Wayne Arnold......

Is the Euro Zone out of the woods?
Aug. 16 - After a week of promising data, are the euro zone's troubles over? Despite the glimmer of hope, analysts fear a weak and uneven recovery, as Ciara Sutton reports......

War Office up for sale as part of cost-cutting drive
The former War Office building where ministers and military leaders steered the country through two world wars is to be sold off as part of government cost-cutting, in a move that is likely to bring in more than 100m for the public purse.<img widt.....

Red tape drive hit by policy failures
Whitehall is blighting the Government's pledge to reduce the regulatory burden on businesses, a red tape watchdog has warned.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/30133cab/sc/7/mf.gif' border='0'/>&l.....

Lloyds to sell insurer at cut-price
Lloyds Banking Group is set to sell its German insurance business for less than half the 1bn it was worth two years ago as it continues to scale back its international operations.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32.....

Rural fashion house Joules' profit leaps by 1m
Joules, the rural-inspired fashion retailer, has seen profits rise almost 50pc in the past year as consumers flock to buy a part of its heritage look.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/30133cae/sc/25.....

Rural fashion house Joules' profit leaps by 1m
Joules, the rural-inspired fashion retailer, has seen profits rise almost 50pc in the past year as consumers flock to buy a part of its heritage look.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/3012c35b/sc/25.....

Ticket blitz on delivery drivers 'to hit high street'
High street retailers face a hit to business after hauliers warned that deliveries are under threat because of a surge in the number of parking tickets awarded to van drivers.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/.....

Noisy protest drowns out the truth about fracking
Until this year, few outside the energy industry had ever heard of Francis Egan. And for good reason. Egan had spent the previous three decades in a successful but relatively low-profile career in and around the oil and extraction industry.<img wi.....

Lloyd's of London to open second Chinese office in Beijing
Lloyd's of London is to push further into China, doubling its presence in the country as part of its plans to take advantage of continued economic growth in the Far East.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568.....

Sunday Interview: Lloyd's of London boss Richard Ward
Outgoing chief executive Richard Ward has been a guardian of the insurance market's traditions, but he has also set out a vision for its future, writes James Quinn.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/.....

Airport commission member has 'conflict of interest', say protesters
A row over Sir Howard Davies's airports commission is threatening to spill over into the courts, as a campaign group prepares to start legal action tomorrow against the Government.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/3.....

Blackstone in talks with Goldman over pensions business
Private equity giant Blackstone is in discussions with Goldman Sachs to buy a stake in Rothesay Life, the bank's UK pensions insurance business, which has been valued at between 750m and 950m.<img width='1' height='1' src='http://telegraph.feedspo.....

Mulberry managers bag shares worth 2m
The luxury handbag maker Mulberry has awarded its senior management team almost 2m in shares as part of a long-term incentive scheme created following the slump in the company's share price.<img width='1' height='1' src='http://telegraph.feedsport.....

Glencore Xstrata to take hit on falling prices
Glencore Xstrata, the FTSE 100 resources giant, is expected to this week write off up to $7bn (4.5bn) from the value of assets acquired through commodity trader Glencore's effective takeover of miner Xstrata.<img width='1' height='1' src='http://t.....

Tesco-backed coffee chain finds every little helps
Sales at Harris + Hoole have been boosted by a tie-up with Tesco, though it is still allowed to keep some independence, reports Graham Ruddick.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/3012b40d/sc/7/mf.gif'.....

What would Henry Ford do? He'd back the 'UK survivors'
"The automobile is a fad, Mr Ford. The horse is here to stay." That's what a banker said to Henry Ford when he requested a loan to manufacture the first Model T.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/301.....

Peter Hambro deals with gold losing its shine
Peter Hambro, one of the leading figures in Britain's gold mining sector, has criticised hedge funds for distorting the market for gold and warned that there is potential for "disaster" in the industry.<img width='1' height='1' src='http://telegra.....

Shunned by UK banks, Grono Lawns founder Lionel Gilmartin went to China for a loan
Banks rejected Grono Lawns' first funding requests but now they have been proved wrong, writes Andrew Cave .<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/3012b412/sc/25/mf.gif' border='0'/><br clear='all'.....

A bright digital future awaits media pioneers
I think it's fair to say that this has not been a slow news summer. Certainly, the pace does not seem to have abated much, as it has done in prior years. Maybe this is as good an indicator as any that the economy may finally be in recovery mode.<i.....

Why I fear for Carney's forward guidance plan
How should we judge Mark Carney's long-awaited forward guidance? Do the Bank of England's recent pronouncements on the future path of interest rates amount to authoritative foresight or meaningless waffle?<img width='1' height='1' src='http://tele.....

Hambro toughs it out in gold gloom
The boss of precious metals giant Petropavlovsk, says hedging against inflation has reduced risk amid price turmoil, writes Andrew Cave .<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/3011647d/sc/25/mf.gif' bord.....

Potash: growth market in a changing economy
In the first of a four-part series Emma Rowley reports that investors are betting big on fertiliser.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/301162b4/sc/2/mf.gif' border='0'/><br clear='all'/><.....

Will those friends be there for you in business, too?
Marks and Spencer did it. So did Hewlett and Packard, and Proctor and Gamble. But it is rarely that simple.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/30114083/sc/26/mf.gif' border='0'/><br clear='all'/.....

Disney's fairydust continues to work magic at the box office
Katherine Rushton visits the media giant that constantly reanimates itself to survive .<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/3010b3b5/sc/38/mf.gif' border='0'/><br clear='all'/><div class='m.....

Bequest to nation worth 350 million lies untouched
An anonymous bequest intended to help Britain's finances has lain untouched since 1928 and is now worth some 350 million.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/300f1587/sc/7/mf.gif' border='0'/><br.....

Expert view: five reasons to back investment trusts
Financial adviser Jeremy Le Sueur explains why he thinks investment trusts offer a great way to build your portfolio.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/300f09bd/sc/21/mf.gif' border='0'/><br cl.....