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Thursday 22 August 2013

UK Financial News on 2013-08-22

Banks face 1.3bn compensation bill
Seven million people could receive compensation from banks and card issuers totalling up to 1.3bn after being mis-sold insurance by CPP Group......

Eurozone growth 'hits 26-month high'
Eurozone business activity grew at its fastest pace for 26 months in August, according to a closely-watched Markit PMI survey......

John Lewis staff get 40m pay top-up
Department store group John Lewis is to spend 40m compensating staff who were inadvertently underpaid for working Sundays and Bank Holidays......

Nasdaq exchange resumes trading
Trading resumes on the Nasdaq stock exchange in the US, after a three-hour suspension caused by a "technical issue"......

Planned homes 'remaining unbuilt'
Almost 400,000 homes in England have been given planning permission but have yet to be built, research for local councils suggests......

Protesters remain at oil drill site
Up to 120 anti-fracking protesters are still camping by the roadside near a test oil drilling site in West Sussex, police say......

Abercrombie and Fitch sales fall 10%
US teen clothing retailer Abercrombie and Fitch says its sales fell 10% in the second quarter of 2012, sending its share price tumbling......

US manufacturing growth picks up
Activity in the US manufacturing sector grew at its fastest pace for five months in August, an industry survey says......

Tata re-positions 'cheap' Nano car
Tata's Nano, promoted as the "world's cheapest car", gets a makeover after buyers shunned the low budget image......

RTL profits leap despite ad falls
X Factor parent company RTL reports a jump in profits, though tricky conditions in core markets dent advertising revenues......

Asia emerging markets hit by Fed
Shares and currencies in emerging Asian economies are hit by fears that the US may scale back its bond buying programme......

China manufacturing in sharp rebound
China's manufacturing activity rebounds in August, according to a preliminary survey by HSBC, easing fears of a slowdown in its economy......

HP warns revenue growth 'unlikely'
Meg Whitman, the chief executive of Hewlett-Packard, warns the firm is "unlikely" to see revenue growth next year......

Council bailiff use 'excessive'
Local councils have called in bailiffs an "excessive" 1.8m times in the last year to collect debts on their behalf, the Money Advice Trust says......

Argentina airport evicts LAN carrier
Latin America's biggest airline says its Argentine subsidiary has been evicted from its hangar in Buenos Aires' main domestic airport......

Briton arrested in China probe
A British risk consultant, Peter Humphrey, is formally arrested by Chinese authorities during an ongoing probe into pharmaceutical firms......

Millions 'worse off' on new pension
Millions of people currently entitled to the state second pension will be worse off as a result of the government's pension changes, the TUC has claimed......

Manufacturers 'see strong rebound'
Manufacturers in the UK are enjoying the strongest rebound in two years, according to a survey by the CBI, with momentum expected to continue......

Fears over oil and gas production
The sharp decline in production of oil and gas from under British waters is "worrying" industry leaders......

Government in surprise July deficit
The public sector recorded a small but unexpected deficit of 62m in July, a month in which tax payments usually push the public purse into surplus......

Brazil appeals against hotel prices
Brazil's tourism board asks football governing body Fifa and hotel operators to try to bring down "stratospheric" hotel prices during the World Cup......

Stadium named after E-cigarette
Merthyr Town Football Club is to rename its ground the Cigg-e Stadium after its sponsor, an electronic cigarette firm......

AUDIO: Unrest could set oil prices soaring
PRA chairman Brian Madderson explains why Middle Eastern unrest could inflate petrol prices by up to 5p a litre......

AUDIO: 'I paid CCP 30 a month for years'
5 live's Chris Warburton speaks with a woman who says CPP fraud cover cost her 30 a month for eight years......

VIDEO: Banks face 1.3bn compensation bill
Seven million people could be in line for hundreds of pounds in compensation after being mis-sold CPP credit card and identity theft protection......

VIDEO: How to make money from e-books
With many more authors appealing direct to the public by releasing their novels themselves over the internet, are any of them able to make money?.....

VIDEO: Hewlett-Packard reports revenue drop
Personal computer maker Hewlett-Packard reports an 8% decline in revenue for the quarter ending 31 July, from a year ago......

AUDIO: 'Greece should invest in shipping'
5 live Business reporter Dominic Laurie hears how investment in the Greek shipping industry could improve its economy......

VIDEO: Councils' bailiff use 'excessive'
Local councils used bailiffs to collect an "excessive" 1.8m of debts in the past year, according to the Money Advice Trust......

VIDEO: Uncertainty over US bank's plans
The US Federal Reserve has suggested that its financial support for the American economy could be eased, possibly as early as next month......

E-book revolution: Breaking through in the digital age
How to make money by publishing your own e-books.....

Do sporty women make better entrepreneurs?
Do sporty women make better entrepreneurs?.....

Tunisia tourism industry looks to rebuild
Tunisia looks to rebuild tourism industry.....

Gamestop stock has more upside -Piper Jaffray's Olson
Aug 22 - Piper Jaffray's Michael Olson says there is still room to go for shares of Gamestop, even as the stock soars on its raised guidance. Bobbi Rebell reports......

Breakingviews: Not what the doctor's ordering
Aug. 22 - Antony Currie and Robert Cyran explain how investors are allowing a good market for biotech IPOs to tempt them into buying companies with little track record and no treatments in the market......

Penney looks to quiet drama with "poison pill"
Aug. 22 - J.C. Penney tries to avoid a potential hostile takeover with a one-year plan preventing any single investor from owning more than a 10 percent stake. Conway G. Gittens reports......

LAN Airlines evicted from Argentine hangar
August 22 - LATAM Airlines Group says it is considering legal action after Argentine authorities ordered the carrier to vacate its hangar at Buenos Aires main domestic airport. Joanna Partridge reports......

Europe fears Fed tapering
August 22 - As speculation grows over the timing of the U.S. Federal Reserve winding back its stimulus programme, Europe worries about the potential impact on the region's fragile recovery. Joanne Nicholson reports......

Bath-time goes interactive in Japan
Aug. 22 - "Surfing the web" has taken on new meaning at a university in Tokyo where scientists have turned bath-water into a touch screen. Bathers can add new depth to their cleansing experience by manipulating the water to browse a website, watch a .....

Sports Spread: Clash of the Newbies
Aug. 22 - The new bosses at Chelsea and Man Utd square up for their first clash, plus a look ahead to the Belgian Grand Prix......

Heir to casino king sees Macau as more than Asia's Vegas
Aug. 22 - Pansy Ho, daughter of casino magnate Stanley Ho and partner in MGM's Macau venture, sees the territory blossoming into a full-scale leisure destination as the competition mounts across Asia......

Reuters Breakingviews: How to stop banks treating customers like meat
Aug. 22 - Dodgy mortgage insurance, dangerous interest rate swaps and now a 1.3 billion hit for helping to sell needless credit card protection. UK banks need genuine reform, argues Breakingviews......

Signs of life in China's factories- but for how long?
A leading indicator shows a fresh spike in manufacturing activity, but with debt pressures lingering and the country on a slower growth track, economists remain cautious on China's outlook......

Breakingviews: Asia needs to check in to hot-money rehab
Aug. 22 - Asian policymakers need to wean themselves off hot-money flows and look to boost their trade surpluses - but some will be more successful than others, says Breakingviews Andy Mukherjee......

Reuters Today:'Septaper' still in play but how will it look?
Aug. 22 - The Fed minutes point to some form of September taper, but what exactly? The August jobs report in a few weeks may well tell us. And allegations of a deadly chemical attack in Syria outrage the world......

Reuters Today:'Septaper' still in play but how will it look?
Aug. 22 - The Fed minutes point to some form of September taper, but what exactly? The August jobs report in a few weeks may well tell us. And allegations of a deadly chemical attack in Syria outrage the world......

Germany leads the way with PMI growth
August 22 - One month out from the German election and some good news for Germany's economy. The latest manufacturing and services survey shows a surge in activity - with Europe's largest economy expanding at its fastest pace since January, lifting E.....

Dow hits longest losing streak in a year
Aug. 21 - Summary: Wall Street rally fails as Fed minutes provide little clue on future bond purchases; Target returns focus on sluggish consumer; Revenues slide at Hewlett-Packard, management reshuffled. Conway G. Gittens reports......

Patience is key for Fed watchers
Aug. 21 - The minutes of the Fed's July meeting did little to pin down an exact start to the Fed's expected pullback of bond buying- with some members urging patience. Bobbi Rebell reports......

Fed continuing to manage expectations- UBS' Kevin Cummins
Aug 21- UBS' Kevin Cummins says the Fed's consensus remains that the economy will improve in the second half of the year- and they will soon dial back on economic stimulus. Bobbi Rebell reports......

Target is latest to warn of cautious consumer
Aug 21 -Target has joined a growing list of retailers seeing signs of trouble ahead as consumers hold back on spending. Bobbi Rebell reports......

Daily Digit: $1 billion NFL toss up
Stealing NFL Sunday, currently costing DirecTV $1 billion annually, would be a score for Google after reportedly holding talks with the NFL. Conway G. Gittens reports......

Tesla hails top safety rating for Model S
Aug. 21 - Electric car company Tesla says its Model S sedan has won a five-star safety rating in every category tested by safety regulators, a distinction awarded to just one percent of all vehicles tested in the United States. Ben Gruber reports......

ECB in Athens as third-bail out debate heats up
Aug.21 - European Central bank executive Joerg Asmussen says there are no plans to boost Greece's bailout program before a spring review next year, a day after Germany's finance minister said a third aid programme would be needed to keep Athens afloa.....

Breakingviews: Big Blues got the blues
Aug 21 - Rob Cox and Robert Cyran analyze problem signs with IBMs results and discuss the usually conservative companys accounting practices......

Sharing boom challenges business
Aug.21 - The internet is enabling a shift in consumer habits through the rise of the sharing economy and the websites that host renting out your spare room or lending a power drill to complete strangers are giving big companies a run for their money......

Target is latest to warn of cautious consumer
Aug. 21 - Target has joined a growing list of retailers seeing signs of trouble ahead as consumers hold back on spending. Bobbi Rebell reports......

Europe Day Ahead: One of our central bankers is missing
Aug. 21 - Central bankers head to Jackson Hole, but with Fed chairman Ben Bernanke not attending is it still the place to be? Meanwhile, Europe growth hopes mount and Mubaraks release could roil Egypt again......

Emerging market rout threatens wider global economy
The $9 trillion accumulation of foreign bonds by the emerging world risks going into reverse as one country after another is forced to liquidate holdings to shore up its currency.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32.....

Despite this CPP debacle, banks have learnt from their mistakes
In all areas where wrongdoing was found, banks have improved their operations or ceased them<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/30476426/sc/25/mf.gif' border='0'/><br clear='all'/><div cla.....

The financial crisis that refuses to go away
Emerging markets have the jitters, and it's hard to see a happy outcome, says Jeremy Warner<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/30475d34/sc/7/mf.gif' border='0'/><br clear='all'/><div class.....

Kevin Spacey urges TV bosses to embrace Netflix and YouTube
American actor calls on TV industry to take more risks and have patience with shows that are not instant hits.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/30475d39/sc/28/mf.gif' border='0'/><br clear='al.....

Microsoft faces US scrutiny over bribery allegations
Scrutiny from SEC over allegations Microsoft executives paid bribes to win business around the world.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/30475d3b/sc/21/mf.gif' border='0'/><br clear='all'/>&l.....

CPP: Entrepreneur's card dream crumbles
It was in 1980, after a spell in the merchant navy and a stab at trading cocoa futures, that Hamish Ogston decided to spend 1,000 setting up a small firm called Card Protection Ltd.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/.....

Rich hedge fund manager pays 800,000 'wealth tax' on basement extension
A millionaire hedge fund manager is being charged more than 800,000 by council planners to get permission for a palatial basement extension underneath his home.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/3046.....

Seven million due compensation as banks landed with 1.3bn compensation bill for mis-sold credit card insurance
More than 7m people are in line to share a 1.3bn compensation pot after Britain's biggest banks agreed to foot the bill for years of mis-selling credit card insurance cover.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/.....

Swap your gold shares for coins, ETF firm offers
For the first time private investors can convert the value of their gold ETF shares into real gold coins.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/30469386/sc/2/mf.gif' border='0'/><br clear='all'/>.....

How to swap your gold ETF shares for coins
For the first time private investors can convert the value of their gold ETF shares into real gold coins.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/30468d30/sc/2/mf.gif' border='0'/><br clear='all'/>.....

John Lewis pays out 40m to staff over holiday pay error
The John Lewis Partnership is to pay out 40m to 69,000 workers after discovering an error in how it calculates pay to staff who work Sundays and bank holidays.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/3043a.....

Apple and Facebook shares frozen as Nasdaq halted all trading
US stock exchanges halted all trading in companies listed on the Nasdaq on Thursday after a technical issue stopped it from quoting share prices accurately.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/304844cc.....

Apple and Facebook shares frozen as Nasdaq halts all trading
US stock exchanges halted all trading in companies listed on the Nasdaq on Thursday after a technical issue stopped it from quoting share prices accurately.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/30475d42.....

Apple and Facebook shares frozen as Nasdaq halts trading
US stock exchanges abruptly halted all trading in companies listed on the Nasdaq stock exchange on Thursday, after a technical issue stopped it from quoting their share prices accurately.<img width='1' height='1' src='http://telegraph.feedsportal......

Miner Kazakhmys writes another 500m off ENRC stake
Kazakhmys, the Kazakh-focused miner, swung into the red for the first six months of the year as it wrote another $823m (528m) off the value of its 26pc stake in rival group ENRC.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/327.....

Sportech bets on further US expansion
Sportech, the gaming company behind the Football Pools, is in advanced talks with several software providers ahead of an expected expansion into online casino games in the US.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/.....

Jack Daniel's plans largest expansion in its history as demand for whiskey soars
The $100m investment comes after sales of the iconic whiskey have soared in the past decade.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/3046813e/sc/24/mf.gif' border='0'/><br clear='all'/><div cla.....

Shareholder anger as RSM Tenon sold in pre-pack
RSM Tenon, the accountant drowning under 80.4m debts, has been swallowed by rival Baker Tilly via a pre-pack administration that has left its infuriated shareholders with nothing.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32.....

German data buoys eurozone as France falters
Strong German data cemented the country's status as the eurozone's powerhouse on Thursday, while France faltered, leaving a "big question mark" over the country's ability to return to sustained growth.<img width='1' height='1' src='http://telegrap.....

The wristband that records everything you hear
Product can hone in on conversations so you can capture "all the quotable moments in life".<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/3045c988/sc/4/mf.gif' border='0'/><br clear='all'/><div class.....

Business news and markets: as it happened, August 22, 2013
US markets have opened higher after worse than expected domestic manufacturing figures eased fears of a hefty cut to stimulus measures.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/3045c98a/sc/2/mf.gif' border=.....

Superdry stores to open in Turkey
The Superdry clothing brand is set for another stage of international expansion after signing up a franchise partner to open in Turkey.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/3045c325/sc/30/mf.gif' border.....

Does an apostrophe really matter in business?
The Apprentice finalist Luisa Zissman horrified her Twitter followers today by revealing she wouldn't use an apostrophe in the name of her new business: Bakers Toolkit. Does she risk alienating her potential customers or has the self-styled 'boardroo.....

European businesses forget that the United States is not united at all
New York is not really in America. It is actually somewhere mid-Atlantic, slightly closer to Europe than to the country whose star-spangled flag is hung above the doorways of its soaring steel high-rises.<img width='1' height='1' src='http://teleg.....

Business news and markets: live
US markets have opened higher after worse than expected domestic manufacturing figures eased fears of a hefty cut to stimulus measures.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/303fc0cf/sc/24/mf.gif' border.....