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Friday 23 August 2013

UK Financial News on 2013-08-23

Microsoft chief Ballmer to retire
Shares in Microsoft jump 9% after the software giant announces that chief executive Steve Ballmer will retire within the next 12 months......

Lagarde cautious over stimulus exit
The head of the International Monetary Fund warned central banks not to end their stimulus measures too soon......

Furniture stores 'used fake prices'
Six High Street furniture and carpet retailers are being accused of misleading their customers with fake prices......

UK GDP growth revised up to 0.7%
Economic growth in the UK during the second quarter of the year is revised up to 0.7% by the Office for National Statistics......

City intern death prompts review
Bank of America Merrill Lynch launches a review of working conditions for junior staff after the death of an intern employed at its London investment bank......

Cable drops 'superfast' patent plans
The government drops plans for a "superfast" service which would provide patents in 90 days, after a lukewarm response to its consultation......

Nasdaq boss blames halt on outsiders
Nasdaq boss Robert Greifeld alludes to other market participants "not acting in a proper way" in explaining Thursday's three-hour halt in trading......

Ebay users hit by site problems
Ebay users are reporting issues using the auction website following routine maintenance......

Fonterra halts Sri Lanka operations
New Zealand dairy giant Fonterra temporarily stops its operations in Sri Lanka following allegations its products are contaminated......

Darling warns of HS2 'nightmare'
Former Chancellor Alistair Darling has warned of a potential "nightmare" on England's existing railways if the multibillion-pound HS2 line is built......

Minimum wage underpayers to be named
Employers who fail to pay the national minimum wage will be named and shamed under plans announced by the government.......

Brazil unveils $60bn currency move
Brazil's central bank commits $60bn to prop up the currency, as the real nears a five-year low against the US dollar......

Business plan call on 2014 Games
Commonwealth Games organisers are asked to produce plans for the city's business involvement with "real urgency"......

Seaside towns fund to be extended
The government is announcing that a fund aimed at boosting the UK's deprived seaside towns will be extended for a year......

German budget surplus increases
Germany's budget surplus rises to 0.6% of gross domestic product in the first half of the year, boosted by higher tax income......

London Market Report
The FTSE rises, with shares given a lift by the upwardly revised GDP figures......

Price of farmland trebles since 2004
The price of farmland across the UK has more than trebled in less than a decade, according to new figures......

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......

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......

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

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......

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......

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......

VIDEO: Hugh's review: Global and UK growth
Hugh Pym discusses the latest global growth developments with Danielle Haralambous of the consultancy 4Cast and Andrew Goldberg of JP Morgan Asset Management......

VIDEO: E-book extras spell change for books
With the rapid increase in self-published books around the world, major publishing houses are having to find new ways to maintain their market share......

VIDEO: UK growth revised up to 0.7%
Economic growth in the UK during the second quarter of the year is revised up to 0.7% by the Office for National Statistics......

VIDEO: Kevin Spacey backs TV 'bingeing'
Audiences are demanding "complex, smart stories" as they become accustomed to "bingeing" on box sets, Kevin Spacey has told TV executives in Edinburgh......

VIDEO: Furniture stores 'used fake prices'
Six high street furniture and carpet retailers are being investigated for misleading their customers with artificially discounted prices......

VIDEO: What direction will Microsoft go in?
Microsoft announces that their chief executive Steve Ballmer will retire within the next 12 months, once it has found a successor......

AUDIO: Zissman: 'I've ditched the apostrophe'
Star of the BBC's The Apprentice, Luisa Zissman, has defended her decision to ditch the apostrophe from the name of her new baking accessories business......

AUDIO: Jamal Edwards: Money hasn't changed me
The creator of SBTV speaks to the Today programme about the huge success of his YouTube channel......

Steve Ballmer: Microsoft's Mr Monkey Boy
Steve Ballmer's time at Microsoft will be fondly remembered, but not always for the right reasons.....

How to be clear in your will
How to stop the Queen inheriting your money.....

Can smartphones clean your house?
Could your smartphone tidy up your house?.....

Rising onion prices sting India
Why the humble onion has India in tears.....

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.....

We are seeing the impact of higher rates-Trulia's Jed Kolko
Aug 23- The weaker-than-expected new home sales data - which show contracts signed for new homes- fully reflect what has happened with rising mortgage rates says Trulia's Jed Kolko. Bobbi Rebell reports......

Microsoft shares head up as Ballmer heads out
Aug 23 - Microsoft CEO Steve Ballmer's announcement that he will retire within the next year did something for the stock not often seen - a pop. Conway G. Gittens reports......

Breakingviews: Microsofts future
Aug. 23 - Richard Beales and Robert Cyran discuss why CEO Steve Ballmers announcement he will retire sometime in the next year had investors cheering......

Bank intern death raises questions about work culture
Aug 23 - There are calls for city firms to take more responsibility for interns who push themselves to the limit to secure jobs at the world's top banks, after a German student who'd been an intern at Bank of America died earlier this week. Ciara Sut.....

German and UK economies grow by 0.7%
Aug 23 - Germany and Britain see their economies expand by 0.7% in the second quarter, fuelling "a wave of improving optimism" about a euro area recovery. Kirsty Basset reports......

More trouble for dairy exporter Fonterra
Aug 23 - The world's biggest dairy exporter Fonterra has suspended its operations in Sri Lanka, after hundreds protested and accused the company of continuing to sell products, despite a court ban. The New Zealand company is being urged to rebuild co.....

Market Pulse:Gold bull market play shaky - $1,200 coming
Aug. 23 - Whisper it, but gold is not far from official bull market territory. Could a key technical breakthrough this week seal the deal? Not so fast, says Natixis - $1,200 or even lower beckons......

Stuck in a lift with Draghi What would you do?
Aug. 23 - The doors open, Mario walks in. Its just the two of you. We asked our guests how theyd react......

Surfs up! CAML CEO sees junior resource M&A wave coming
Aug. 23 - Central Asia Metals CEO Nick Clarke says takeover action is on the horizon for the junior resource sector because they are finding it hard to raise funds......

Surfs up! CAML CEO sees junior mining M&A wave coming
Aug. 23 - Central Asia Metals CEO Nick Clarke says takeover action is on the horizon for the junior resource sector because they are finding it hard to raise funds......

Breakingviews: Blackstone's shrewd trade
Aug. 23 - Back in 2009 a wobbly British Land sold Blackstone half of the Broadgate estate. Now the bet could pay off following reports that CIC may pay 1.7 bln for the stake, says Breakingviews......

Bo trial tests China's openness
correspondent John Ruwitch......

Asia Week Ahead: Friends with battleships
' Wayne Arnold explains how the talks may heighten tensions with China......

Reuters Today: Exports - who needs 'em? Not Germany
Aug. 23 - Germany is a global export powerhouse but data today show growth is being driven by domestic demand. Another embarrassment for Nasdaq, and a depressing milestone for Syria - 1 million child refugees......

Japan Inc to Abe: Forget sales tax, we want firing power
In an exclusive survey, Japanese corporates predict pain ahead if a sales tax hike is approved. Instead they want Prime Minister Shinzo Abe to make it easier for them to hire and fire employees......

Sudan workers race for gold
Aug 23 - More than a quarter of a million Sudanese are trying to make their fortune from the country's gold resources despite the dangers, and before the big mining firms move in. Joanne Nicholson reports......

Nasdaq recovers after 3-hour trading glitch
Aug. 22 - The Nasdaq reopened after a three-hour trading shutdown placed another black eye on the securities industry. Stocks rallied when full trading resumed. Conway G. Gittens reports......

GameStop next play pays off
Aug. 22 - Before the Sony PlayStation 4 and Microsoft xBox One gaming consoles are even out, an anticipated surge in sales tied to their release is lifting GameStop forecasts and stock price. Bobbi Rebell reports......

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......

IMF chief Christine Lagarde warns of QE tapering risks
IMF chief Christine Lagarde has said that central bank stimulus is still needed for the global economy, and warned of unknown risks as it is scaled back.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/3052ec20/sc.....

Stamp duty is unjust, and a brake on growth
Telegraph View: It is astonishing that a Conservative-led Government has allowed the situation to continue<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/3052e3c8/sc/7/mf.gif' border='0'/><br clear='all'/&g.....

The economy is picking up and it looks like a stable recovery
The revised estimate of second-quarter growth was terrible news for doom-mongers.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/3052555c/sc/2/mf.gif' border='0'/><br clear='all'/><div class='mf-viral.....

Crossrail chief: 'UK at the top of its game in delivering these major works.'
Nathalie Thomas goes under ground at Canary Wharf in London to see how Crossrail, the biggest infrastructure project in Europe, is progressing.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/30521b62/sc/21/mf.gif.....

Clean Air Power scores with Abramovich stake
The Aim-listed company surged on news of Abramovich investment.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/30521b64/sc/2/mf.gif' border='0'/><br clear='all'/><div class='mf-viral'><table bor.....

At least another month needed before judging forward guidance
It is little more than two weeks since Mark Carney, the new Governor of the Bank of England, revealed his new policy of so-called "forward guidance" and outlined the economic conditions which could result in the Bank tightening monetary policy.<im.....

Homeowners rush to lock in cheap mortgages
Remortgage lending increased to 4.2bn - the best July since 2008<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/30512dab/sc/22/mf.gif' border='0'/><br clear='all'/><div class='mf-viral'><table b.....

Retail chiefs blast OFT over carpet and furniture price-fixing probe
The Office of Fair Trading was accused of breaching its own rules by furious retail chiefs as its handling of a price-fixing investigation into carpet and furniture stores prompted a fierce backlash.<img width='1' height='1' src='http://telegraph......

Business news and markets: as it happened, August 23, 2013
The Dutch finance minister is pressing ahead with listing nationalised lender ABN Amro, despite the stock being worth half as much as the government poured into it back in 2008.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/3272.....

IMF admits it misjudged impact of austerity on Greece
The International Monetary Fund has admitted that it underestimated the impact of austerity on Greece, as it blamed a lack of government action on reforms and the impact of social unrest for the dire state of the economy.<img width='1' height='1' .....

Steve Ballmer retires as Microsoft CEO: statement
Microsoft on Friday said chief executive Steve Ballmer will retire as chief executive within 12 months. Here is the statement in full:<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/3050fa13/sc/21/mf.gif' border=.....

Business news and markets: live
The Dutch finance minister is pressing ahead with listing nationalised lender ABN Amro, despite the stock being worth half as much as the government poured into it back in 2008.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/3272.....

Italian factory owner moves company to Poland while staff are on holiday
Fabrizio Pedroni divides Italy as he claims he was being strangled by high salaries, low productivity and crippling taxes.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/3050f702/sc/25/mf.gif' border='0'/><.....

Get 3pc on five-year savings bond
Money MOT: Shawbrook Bank has introduced a new market leading five-year fixed rate bond at 3pc.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/3052dec8/sc/25/mf.gif' border='0'/><br clear='all'/><div .....

Shawbrook offers best five-year savings bond
Money MOT: Shawbrook Bank has introduced a new market leading five-year fixed rate bond at 3pc.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/305228dc/sc/25/mf.gif' border='0'/><br clear='all'/><div .....

Shawbrook beats Tesco in five-year fixed savings battle
Money MOT: Shawbrook bank has introduced a new market leading five-year fixed rate bond at 3pc, undercutting Tesco's 2.95pc which was launched only yesterday.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/3050f7.....

Younger borrowers 'stoking the next credit crunch'
Overall lending is down, but younger homebuyers are rapidly amassing debt.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/304fde90/sc/36/mf.gif' border='0'/><br clear='all'/><div class='mf-viral'>&.....

Companies House evacuated after shell is found
Companies House in Cardiff was evacuated on Friday after an suspected unexploded shell was found in the car park.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/304fd212/sc/8/mf.gif' border='0'/><br clear='.....

Growth upgrade points to 'sustainable' recovery
Economists have hailed the first signs of a "sustainable" recovery after growth in the three months to June was upgraded on the back of improving exports and business investment.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/327.....

No more fireworks as Iain Ferguson takes wheel at Stobart
The chief executive of Stobart promised there would be "no more fireworks on the board" after the trucking and airport group named former Tate & Lyle boss Iain Ferguson as its new chairman.<img width='1' height='1' src='http://telegraph.feedsp.....

Co-op finally sets out online stall
The Coop has announced plans to trial an online shop despite fears that it will erode the grocer's bricks-and mortar market share.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/304dbce8/sc/15/mf.gif' border='0'/.....

German economy grows at strongest pace in a year
Stronger domestic demand drove the strongest German quarterly expansion in more than a year in the second quarter, fuelling optimism Europe's largest economy will outperform in 2013 and support the nascent eurozone recovery.<img width='1' height='.....

Wolfgang Schaeuble: third Greek package will be 'much smaller'
Wolfgang Schaeuble has repeated his warning that Greece will need a third bail-out, but said that any fresh rescue would not involve a second debt writedown that could "destabilise" the whole of the eurozone.<img width='1' height='1' src='http://t.....

Mortgage approvals up 30pc as housing market revives
The number of mortgages approved by banks is running at a third higher than a year ago.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/304d3130/sc/2/mf.gif' border='0'/><br clear='all'/><div class='mf.....

Boost for George Osborne as economic growth revised upwards
Hopes of a sustained economic recovery boosted after figures show the economy grew by more than initially thought between April and June.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/304db47b/sc/2/mf.gif' borde.....