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Tuesday 27 August 2013

UK Financial News on 2013-08-27

Businesses 'not convinced' by HS2
A leading business lobby group calls on the government to abandon its controversial high-speed rail link, calling the project a "grand folly"......

Ex-JP Morgan trader held in Spain
Ex-JPMorgan employee Javier Martin-Artajo is arrested by Spanish police in connection with the so-called London Whale trading scandal......

Oil prices rise amid Syria concerns
Oil prices rise to a six-month high and stock markets fall amid growing expectations of a military strike against Syria......

Wal-Mart offers same-sex health plan
Wal-Mart, the largest private sector employer in the US, offers health insurance to the same-sex partners of its staff......

Government pay-setting is 'broken'
Moya Greene, the chief executive of Royal Mail, says the system of setting the pay for the heads of government-backed companies is "hopelessly broken"......

US house prices continue to rise
Growth in US house prices remained strong in June, according to a closely watched survey, rising 12.1% compared with a year earlier......

German sale secures Railcare jobs
More than 200 jobs are secured by the sale of rail maintenance firm Railcare to a German company, administrators announce......

Keypads 'cause mobile banking risks'
Fraud and mistakes on fiddly keypads could create problems for people who use banking services on their mobile phones, a regulator says......

London Market Report
Worries over the possibility of military action by the US against Syria hits UK shares......

'Tip-off' fear over inspections plan
Fraudsters could be "tipped off" about inspections by trading standards officers if planned new rules come into force, a lobby group says......

US to reach debt ceiling in October
The US government will reach its debt limit by mid-October unless Congress acts quickly, Treasury Secretary Jack Lew warns......

Foxtons to float on stock market
London estate agent Foxtons announces plans to list itself on the London Stock Exchange, raising 55m in a share sale......

JP Morgan faces $50m Blavatnik bill
JP Morgan is ordered to pay Russian billionaire Leonard Blavatnik $50m in damages over losses he suffered during the US subprime crisis......

Service sector activity 'picks up'
Business activity and confidence in the UK service sector grows strongly, but some companies still face a profits squeeze, a CBI survey finds......

Billabong cuts brand value to zero
The struggling Australian surfing brand Billabong wipes out the value of its brand as it reports much worse than expected results......

India eyes $28bn infrastructure lift
The Indian government approves infrastructure projects worth 1.83tn rupees ($28.4bn; 17.7bn) to revive the economy and boost the falling rupee......

300 new jobs at phone call centres
Up to 200 jobs are being created by mobile phone company EE at its call centre in south Wales with another 100 in the north east of England......

Burnley is 'most enterprising area'
Burnley is named as the most enterprising area of the UK by the government for its "pioneering" culture and economic prospects......

Trump pillories NY school lawsuit
US property tycoon Donald Trump hits back at claims in a lawsuit filed by New York state that he misled students who enrolled at his investment school......

Estate agency insolvencies 'up 57%'
The number of estate agents in the UK entering insolvency jumped 57% in the last year, a new report indicates......

Greece 'may renegotiate bailout'
Greece may seek ease its debt burden by renegotiating repayment of its bailout loans, the Greek finance minister tells a German newspaper......

Black lodges match-betting defence
Rangers midfielder Ian Black lodges his defence against match-betting allegations, with a hearing set for next month......

VIDEO: Selling coffee back to Colombia
Starbucks Chief Executive Howard Schultz unveils plans to open the chain's first cafe in Colombia after decades of exporting the country's beans......

AUDIO: BSA boss on older workforce
The Department for Work and Pensions says the number of people aged between 50 and 64 in employment in the UK has increased by nearly two-million over the past 15 years. BSA Managing Director Steve Brittan says manufacturing companies have had to emp.....

VIDEO: 'Moved and shocked' - Oil boss on crash
Experts are using specialist sonar equipment to locate a key piece of evidence in the investigation into the Super Puma crash off Shetland, which killed four people......

AUDIO: 'Online gambling cost me my family'
Former gambling addict Justyn Larcombe describes how his habit cost him his wife and family, job, house and life savings......

VIDEO: Millennials and the 'sharing economy'
A new generation of cash-strapped 'millennials' have very different expectations about jobs, credit and money. As Michelle Fleury reports, they are using the internet for a new 'sharing economy'......

AUDIO: Germans are not feeling represented
Ahead of the German elections, Steve Evans reports on the new political party which wants to return to the deutschmark......

VIDEO: How does Egypt crisis affect Gaza?
Yolande Knell reports on the impact the turmoil in Egypt has been having in the Gaza Strip......

VIDEO: Are Thailand's tablet plans paying off?
Thailand is implementing an ambitious scheme to provide school children with tablet computers. But is this investment in the next generation paying off......

The low cost tech that's saving babies
The low cost tech that's saving babies.....

Will we ever want to have sex with robots?
Will we ever want to have sex with robots?.....

How to beat car price depreciation
How to guard against price depreciation on your next motor.....

China a charm for Tiffany
Aug. 27 - Tiffany's growing business in China is helping to offset weakness in the U.S. where consumers are holding back on buying the jeweler's lower-priced products. Bobbi Rebell reports......

Tiffany shares a little rich right now-Morningstar's Swinand
August 27 - Morningstar's Paul Swinand says Tiffany's ability to raise prices and strength in China are good signs for the luxury jewelry maker- but explains why he has a hold on the stock. Bobbi Rebell reports......

Home prices rise but at slower pace
Aug. 27 - A new survey shows home price gains slowed in June and one of the survey's co-founders says the housing market has gotten very speculative. Hoda Emam reports......

Breakingviews: Ackman's airplay
Aug. 27 - Richard Beales and Breakingviews columnists discuss why Bill Ackman's bet on Air Products may be more successful than the hedge fund manager's efforts at J.C. Penney and other retailers......

Breakingviews: Slim's KPN support looks cheap
Aug. 27 - The Mexican tycoon has backed KPN's disposal of E-Plus to Telefonica Deutschland but this in turn makes his offer look miserly, says Breakingviews' Robert Cole......

Third time unlucky for India's finance minister
Harvard-educated P Chidambaram is struggling to reverse Indias economic slide. But in a volatile political environment, can policymakers really ride to the rescue? Tara Joseph reports......

China's netizens cry foul after online personality detained
Aug. 27 - A Chinese-American investor and commentator has been detained in Beijing. Police accuse him of soliciting prostitutes, but netizens are worried a wider crackdown on social media is imminent......

Time to stop shorting Peugeot - CEO
Aug. 27 - Peugeot stock is soaring as recovery hopes prompt hedge funds to cover their short positions on the stock. We ask Peugeot CEO Maxime Picat whether there are solid fundamentals behind the rebound......

Reuters Today: Top Stories and Analysis
Aug. 27 - Global markets are getting the jitters, and it could get worse, after the U.S. suggests it'll take action against Syria because of its chemical weapons attack......

Peugeot looking to new model to drive growth
Aug.27 - Recovery hopes have Peugeot stocks soaring, but is the rally is sustainable and when we can see meaningful growth return to Europe's auto market? Ciara Sutton reports......

Ackman dumping Penney; Syria dents stocks
Aug. 27 - Summary: Activist investor Bill Ackman is preparing to dump his 38 million shares of J.C. Penney; Worries about Syria erase U.S. stock market gains; Signs of slower economy make cause for slower Fed. Conway G. Gittens reports......

BATS Direct Edge deal knocks Nasdaq
Aug. 26 - A merger between BATS Global Markets and Direct Edge will unseat the Nasdaq as Americas second largest stock exchange operator by volume. Bobbi Rebell reports......

BATS/Direct Edge deal a good first step- Columbia's Charles Jones
August 26 - Columbia Business School's Charles Jones says the deal between BATS Global Markets and Direct Edge is only a first step in what needs to be done to improve the trading business. Bobbi Rebell reports......

Breakingviews: How do you say bailout in Portuguese?
Aug. 26 - Rob Cox and Christopher Swann discuss how Brazils $60 bln currency-intervention looks designed to paper over corporate and policy blunders......

Amgen scoops up Onyx for $10.4 bln
Aug. 26 - Amgen looks to plug holes in its drug pipeline with finally reaching a deal to acquire Onyx Pharmaceuticals for $10.4 billion. Conway G. Gittens reports......

Thirsty in Japan? Try an ice-cream (or tomato) beer
Aug. 26 - Facing tough demographics at home, Japan's biggest brewers are revamping their lineups to capture the younger set, and that means everything from slushie-topped drafts to caffeine-infused lagers......

Apple should learn to let go: Wozniak
Aug. 26 - New designs for Apple in China might sound 'treasonous' to some, says company co-founder Steve Wozniak, but may be necessary for the firm to compete in the world's number one smartphone market......

Angela Merkel: Greece should never have been allowed in the euro
Angela Merkel has said Greece should never have been allowed into the euro and put the blame on former chancellor Gerhard Schroeder.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/3077e9a4/sc/34/mf.gif' border='0.....

Banking commission set on a collision course with the Treasury
Andrew Tyrie warns "formal accounting conventions" should not impede a review into RBS split.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/30774a87/sc/25/mf.gif' border='0'/><br clear='all'/><div cl.....

G4S to appoint Himanshu Raja as new finance chief
G4S is set to appoint a new finance chief in an effort to arrest rising debts and falling profit margins.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/3077536c/sc/2/mf.gif' border='0'/><br clear='all'/>.....

G4S appoints Himanshu Raja as new finance chief
G4S has appointed a new finance chief in an effort to arrest rising debts and falling profit margins.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/30774a88/sc/2/mf.gif' border='0'/><br clear='all'/><.....

Markets fall on Syria fears
Stock markets around the world tumbled as investors took fright at the looming threat of Western military action in Syria, as well as political and economic developments in Italy and the United States.<img width='1' height='1' src='http://telegrap.....

Gold miners shine in falling market
Gold miners were in demand as the safe-haven precious metal climbed.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/3077420c/sc/2/mf.gif' border='0'/><br clear='all'/><div class='mf-viral'><tabl.....

Bunzl on track for record year of buying firms
Bunzl held out the prospect of its biggest year for acquisitions in a decade as it unveiled another two deals alongside a 9pc rise in first-half profits to 129m pre-tax.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/5683.....

Manchester United app designer deals blow to former Leeds Utd boss Chris Akers
Concha, the Aim-listed investment company being built by former Leeds Utd boss Chris Akers, has suffered a blow after alleged foul-play at an App-designer to Manchester Utd and other big sports clients.<img width='1' height='1' src='http://telegra.....

Private healthcare providers under the microscope
Britain's luxury hospitals are braced for an industry shake-up on the eve of the Competition Commission's report into healthcare monopolies.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/307660a0/sc/39/mf.gif' b.....

Private healthcare providers under the microscope
<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/30765b9c/sc/1/mf.gif' border='0'/><br clear='all'/><div class='mf-viral'><table border='0'><tr><td valign='middle'><a href="http.....

Banking Commission will stay 'vigilant', says Andrew Tyrie
The Government is to face increased scrutiny of its banking industry reforms - including the possible split of Royal Bank of Scotland - from members of the body appointed to recommend industry changes.<img width='1' height='1' src='http://telegrap.....

Asda picks VCCP to replace Saatchi & Saatchi
Supermarket retailer Asda has awarded its estimated 100m advertising contract to agency VCCP after dropping Saatchi & Saatchi.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/30765ba6/sc/26/mf.gif' border='0'/.....

Estate agency Foxtons plans to float: from bust to boom?
Upmarket estate agent has announced its intention to float and raise 55m from the sale of shares.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/30765bb9/sc/2/mf.gif' border='0'/><br clear='all'/><div.....

Don't write off mining companies, says Antofagasta CEO Diego Hernandez
Investors should not write off the whole mining sector, said the head of copper giant Antofagasta, even as he unveiled a fall in profits on the back of the downturn in commodity prices.<img width='1' height='1' src='http://telegraph.feedsportal.co.....

Mounting Middle East tensions fuel FTSE 100 retreat
Financials and miners dragged Britain's FTSE 100 lower on Tuesday as tensions in Syria and prospects of stimulus withdrawal by the US Federal Reserve crimped risk appetite.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/5.....

Business news and markets: as it happened - August 27, 2013
Brent crude has risen to a five month high and markets are subdued after a suspected chemical weapons attack in Syria raised the prospect of more military action in the Middle East.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/.....

Top French court overrules government ban on Mercedes sales
Government banned sales of top-end Mercedes on grounds they posed a threat to the environment.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/3075640a/sc/24/mf.gif' border='0'/><br clear='all'/><div c.....

The Bank of England will lose control of inflation and 1980s mass unemployment will return
Since Bank of England governor Mark Carney issued his "forward guidance", bond markets have reacted by bringing forward the date at which they implicitly expect interest rates to rise. Bank officials appear mystified by this reaction. But that just i.....

Portugal's recovery isn't really a recovery at all
Fears recent GDP data were an anomaly and country will sink back into recession by the end of year.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/30756414/sc/22/mf.gif' border='0'/><br clear='all'/><.....

Lloyds-owned LDC to invest 'millions' in management buyout of Silverstone
Lloyds-owned LDC in advanced talks over spending "millions" on backing a management buyout of Silverstone.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/3075721b/sc/30/mf.gif' border='0'/><br clear='all'/&.....

Business news and markets: live
Brent crude has risen to a five month high and markets are subdued after a suspected chemical weapons attack in Syria raised the prospect of more military action in the Middle East.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/.....

How JoJo Maman Bebe founder Laura Tenison shunned university to start a business
Laura Tenison's upbringing was "pretty sexist", she jokes, with her mother teaching her only the girlie jobs of sewing and cooking. She is now arguably one of Britain's most successful entrepreneurs. Emma Sinclair asks her how she did it.<img widt.....

'Sell in May' costs investors 50,000 in a decade
Analysis suggests the adage "sell in May ... don't come back 'til St Leger Day" has hurt investors over the past 10 years.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/30748bb4/sc/22/mf.gif' border='0'/><.....

Ex-JPMorgan manager Javier Martin-Artajo held in Spain over 'London Whale' charges
Javier Martin-Artajo, the former JPMorgan manager charged by US prosecutors with attempting to conceal losses and falsify records relating to the "London Whale" scandal, was arrested in Madrid on Tuesday morning.<img width='1' height='1' src='http.....

Bill Ackman sells JC Penney stake for $504m
Bill Ackman, the activist hedge fund manager and the biggest shareholder in retailer JC Penney, has sold his entire stake after his campaign to overhaul the retailer failed.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/.....