Search This Blog

Saturday 24 August 2013

UK Financial News on 2013-08-24

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......

Cash fears 'mean women save less'
Financial pressure on women means they are saving less of their incomes than men for the first time in two years, research suggests......

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......

HS2 chief insists Labour backs plans
The boss of the HS2 rail project says she believes Labour still strongly supports the scheme despite some senior party figures raising concerns......

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......

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......

VIDEO: Post office workers start strike
Staff at the country's 372 Crown post offices are due to begin a further two days of strikes over the bank holiday......

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: Should Israel's Haredi Jews enlist?
The Israeli government is stepping up efforts to get more Haredi Jews into work. Jonathan Frewin reports......

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: Ballmer to retire from Microsoft
Microsoft chief executive Steve Ballmer is to retire from the technology giant within the next 12 months......

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: 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......

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 pick the best student account
How to choose a student bank account.....

Wall St. stands despite housing's fall
Aug. 23 - Summary of business headlines: Stocks rally even as home sales pressured by rising interest rates; Ballmer exit plan sparks Microsoft rally; Facebook sets post-IPO closing high. Conway G. Gittens reports......

Higher rates start to hit home
Aug. 23 - New home sales dropped more than 13 percent in July, a sharp contrast to the recent strength seen in existing home sales, raising new questions about the real world impact of rising rates. Bobbi Rebell reports......

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......

Summer sun triggers boom in 'Happy Campers'
The summer sun and straightened economic climate have triggered a resurgence in the number of families packing up the car - and heading to a British campsite.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/305a08.....

Carney set to bolster forward guidance drive
Mark Carney is expected next week to try to force markets into line with the Bank of England's guidance that interest rates will be on hold for three more years.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/305.....

It doesn't matter if you have 10 pension pots if the default scheme is good, says Scottish Widows chief Toby Strauss
Toby Strauss, the chief of insurer Scottish Widows, tells James Quinn we will all have to change our perceptions of retirement - and of pensions - as the UK population ages .<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f.....

Centrica could return more cash to shareholders
Centrica is considering returning more cash to investors after this year's 500m share buyback.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/305a25d7/sc/25/mf.gif' border='0'/><br clear='all'/><div c.....

Dwell customers face uphill battle to recoup 5m following collapse
Dwell's customers are battling to recoup 5m after the upmarket furniture retailer collapsed in June with a string of unfulfilled orders.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/305a25e1/sc/25/mf.gif' borde.....

Ashcourt named as RSM Tenon suitor
Ashcourt Rowan, the Aim-listed wealth management group, has emerged as a potential suitor for the asset management businesses of beleaguered accountancy group RSM Tenon.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/5683.....

Modern setting as the Scottish Widow returns
After a four-year absence from the UK's television screens, one of the most recognised characters in advertising is due to return next year.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/305a25ec/sc/38/mf.gif' b.....

Wigley and Leighton invest in clothing venture
Two young millionaires are teaming up with a group of City veterans to invest in a fashion manufacturer supplying some of Britain's best-known retailers.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/305a25ed/sc.....

G4S set to address debt pile
The new chief executive of under-fire security group G4S will this week set out how he plans to cut the company's 1.8bn debts, rebuild margins and restore tattered relations with the Government.<img width='1' height='1' src='http://telegraph.feeds.....

Sports Direct heads for FTSE 100
Sports Direct, the retailer founded by Newcastle United owner Mike Ashley, is on course for promotion to the FTSE 100 for the first time next month.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/305a25f0/sc/5/mf.....

Lloyd's in sanctions inquiry
Lloyd's of London has launched a probe into potential breaches of international sanctions.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/305a25ef/sc/25/mf.gif' border='0'/><br clear='all'/><div class.....

Growth fund backs gym expansion
A fund backed by all five major high street banks has invested in a low-cost gym chain which has a tie-up with supermarket chain Tesco.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/305a25f1/sc/25/mf.gif' border.....

Handelsbanken is championing an old way of doing new UK business
Svenska Handelsbanken is not just a bank. To its admirers it is an entirely different way of doing business.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/305a25f2/sc/4/mf.gif' border='0'/><br clear='all'/.....

Handelsbanken - a true challenger to the big five
As RBS and Lloyds struggle to sell branches, the Swedish lender may be able to create the competition they can't .<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/305a25f3/sc/25/mf.gif' border='0'/><br clear.....

Tobacco giants fear 'sleepwalking' into tougher curbs on cigarettes
Tobacco companies face a major threat from legislation that will be put to the vote in Europe next month to ban the sale of cigarettes in smaller packs, as well as flavoured varieties such as menthol.<img width='1' height='1' src='http://telegraph.....

Is Europe still in crisis?
"Eurogeddon" was the buzzword on everyone's lips in 2011. But is a euro recovery real or imagined?<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/305a2358/sc/2/mf.gif' border='0'/><br clear='all'/><di.....

Reform is still needed in recovering eurozone
Financial calm. Economic recovery. No dramatic European Central Bank interventions. No EU crisis summits.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/305a2357/sc/25/mf.gif' border='0'/><br clear='all'/&g.....

Hotels group agrees 30m refinancing
Orient-Express Hotels, the luxury hospitality and rail group, has agreed a 30m (26m) refinancing of two of its best-known European properties, including Raymond Blanc's Le Manoir aux Quat'Saisons in Oxfordshire.<img width='1' height='1' src='http:.....

Bond Street aims to keep ahead of its international rivals
Bond Street will undergo its first overhaul in 30 years to keep the area ahead of global shopping rivals<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/305a2359/sc/2/mf.gif' border='0'/><br clear='all'/>.....

Bumi drops move to appoint ex-BP man
Bumi, the scandal-hit coal miner looking to sever ties with Indonesia's Bakrie family, has dropped its attempt to lure former BP executive John Manzoni as its new chairman<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/56.....

Your career is not predestined by degree choice
Soon after applying to study philosophy at university, I read a newspaper article ranking employment prospects for graduates according to degree subject.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/3058ac32/sc.....

The financial services world has changed - and not for the better
The Financial Services Authority's Retail Distribution Review (RDR) came in at the beginning of this year. It has changed the world of many practitioners in financial services - and will continue to do so. A simple analogy may help to explain why.<.....

Why RBS must set Williams & Glyn's free
Last week saw the listing of a small quoted company with big ambitions.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/3057e092/sc/13/mf.gif' border='0'/><br clear='all'/><div class='mf-viral'><.....

Greece may need 10bn, German official says
A third international bailout of Greece could amount to about 10bn, according to Germany's Guenther Oettinger, a top European Union official<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/3057e096/sc/25/mf.gif' b.....

Red tape drive leaves creditors with a raw deal
Being an administrator when creditors' backs are turned can be a lucrative business.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/3057de87/sc/19/mf.gif' border='0'/><br clear='all'/><div class='mf-v.....