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Wednesday 28 August 2013

UK Financial News on 2013-08-28

Carney: Recovery measured, not rapid
A "renewed recovery is taking hold" in the UK economy, but its pace will be "more measured than rapid", says Bank of England governor Mark Carney......

Private patients 'paying too much'
Most patients in UK private hospitals are paying more than they should for treatment because of a lack of local competition, an inquiry has found......

Merrill Lynch settles US race suit
Brokerage giant Merrill Lynch agrees to pay $160m (103.1m) to settle a race discrimination lawsuit with more than 1,200 employees, say lawyers......

BP loses second bid to halt payments
BP loses a second attempt to suspend compensation payments over the 2010 Deepwater Horizon oil rig disaster in the Gulf of Mexico......

Workless households at record low
The proportion of UK households where no adult aged 16 to 64 is in work is at its lowest since comparable records began in 1996, official figures show......

New scam pushes up card fraud losses
Online and phone scams rose by 36m in the last financial year, driven in part by a new variation of card fraud, figures show......

Three Remploy factories to close
Three remaining Remploy factories in England and Wales are to close putting a total of 196 workers at threat of redundancy......

Jamie Oliver: Migrants are tougher
TV chef and restaurant owner Jamie Oliver says young British people are "wet behind the ears" and European immigrants are "tougher" workers......

Ryanair told to cut Aer Lingus stake
Ryanair is told to cut its stake in rival Irish carrier Aer Lingus by the UK Competition Commission......

Crabbie's backs 1m Grand National
Ginger-beer maker Crabbie's is named as new sponsor of the Grand National, which will be run for a 1m purse for the first time in 2014......

New York Times website 'hacked'
The New York Times website goes out of service for the second time in a month after what the company describes as a "malicious external attack"......

G4S unveils plan to issue new shares
Global security group G4S announces plans to issue new shares and sell off some divisions as it struggles to cut debt and overcome a series of setbacks......

Indian rupee falls to fresh low
India's rupee sinks by nearly 4% to a new low against the US dollar amid growing concerns about the health of the country's economy......

No botulism found in Fonterra probe
New Zealand says that Fonterra products at the centre of a global contamination scare did not contain bacteria that can cause botulism, as Fonterra operations resume in Sri Lanka......

China probes PetroChina executives
Chinese authorities are investigating three senior executives of state-owned energy firm PetroChina over "severe breaches of discipline"......

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......

Colombia farm strike deal offered
The Colombian government offers concessions to small-scale farmers on strike for more than a week, including better prices for their products......

Turning the tables on cold callers
A Leeds man is turning cold calls into profit by making marketing companies use his premium-rate line......

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......

'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......

Markets volatile on Syria concerns
The possibility of military action against Syria keeps the price of oil high and sends European stocks lower, while US share markets open flat......

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......

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......

Fenerbahce fail in Europe ban appeal
Turkish side Fenerbahce fail in an appeal against their ban from Europe following involvement in domestic match-fixing......

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......

VIDEO: Shopping around for pensions
BBC Breakfast's Dominic Hughes explains how pension annuities can vary by as much as 40% on retirement......

VIDEO: Factory site's 1bn town centre opens
The first phase of a 1bn project to redevelop Longbridge's MG Rover factory site is unveiled in Birmingham......

VIDEO: Faroe Islands in EU fishing row
EU trade sanctions on the Faroese fishing fleets provoke anger on the islands......

VIDEO: New scam losing Britons millions
One in four of us are at risk of a new type of phone scam that involves the victim being duped into transferring money into an account accessible to a fraudster......

VIDEO: South Africa's strike 'dilemma'
South African motor industry workers have failed to reach a deal with their bosses at Toyota, Ford and BMW. The BBC's Lerato Mbele says the workers face inflation but "the economy is not growing"......

VIDEO: New app to share food leftovers
A new app is aiming to help you make better use of the world's resources by letting you pass on your restaurant "doggy bag" - or uneaten food......

VIDEO: 'Sigh of relief for NZ government'
New Zealand has said that Fonterra products at the centre of a global contamination scare did not contain botulism-causing bacteria......

VIDEO: Ex-JP Morgan trader arrested in Spain
Former JP Morgan employee Javier Martin-Artajo has been released after an arrest by Spanish police in connection with the "London Whale" trading scandal at the bank......

How big data is changing the world
What happens when the world is plugged into the network.....

Lessons from online learning
Does the growth of online courses threaten the future of colleges?.....

Selling Serbia to foreign investors
Belgrade bids for more foreign investment.....

VIDEO: Pay as you live
How to live your life without lengthy contracts.....

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

Markets on Syria watch
Aug. 28 - Escalating tensions in Syria have investors on edge -watching carefully- and adjusting their strategies. Bobbi Rebell reports......

Syria could be catalyst to take markets lower-Uri Landesman
Aug. 28 - Bearish hedge fund manager Uri Landesman, President of Platinum Partners, is cutting his risk exposure, and increasing his short positions. Bobbi Rebell reports......

Breakingviews: Fracking foreign policy
Aug. 28 - Rob Cox and Christopher Swann discuss how hydraulic fracturing in America may alter the countrys approach to the Middle East......

Legal claims to JPMorgan cash pile up
Aug. 28 -U.S. regulators are lining up in a pursuit to get their hands on JPMorgan Chase's money through fees and settlements ranging from $80 million to $6 billion, according to latest media stories. Conway G. Gittens reports......

Fonterra botulism scare was false alarm
Aug. 28 - Dairy giant Fonterra's products, which were at the centre of a global food contamination scare earlier this month, did not contain a bacteria that could cause botulism and posed no food safety threat, said New Zealand officials. Fonterra's .....

European stocks sliding over Syria concerns
Aug. 28 - European stocks fell for the third straight session on Wednesday, as the prospect of an imminent military strike against Syria fuelled profit-taking on the 8% rally which has been seen since June. Ivor Bennett reports.....

Breakingviews: G4S cash call shows need for speed
Aug. 28 - UK security contractor G4S is placing around 350 mln of new shares to swerve a credit downgrade. A smart and speedy move, says Breakingviews......

Japan's tough talk on Fukushima just a power-play
' Jon Gordon reports......

Reuters Today: Look for oil to reach $125
Aug. 28 - An allied attack on Syria is likely to push oil prices sharply higher, says IDEAglobal MD Mike Gallagher, because retaliation to disrupt supplies is likely......

Prepare for market panic: Jim Rogers
Aug. 28 - Potential conflict in Syria and the scaling back of Fed stimulus point to a full-scale market "mess," says investor Jim Rogers, with the countries running trade deficits likely to be hardest hit......

UK orders Ryanair to cut Aer Lingus stake
Aug.28 - Britain's competition watchdog has ordered budget carrier Ryanair to cut its stake in smaller Irish rival Aer Lingus from 30% to 5%, saying the current arrangement could reduce competition. Ryanair is appealing the decision, but as Ciara Sut.....

Syria, debt fight worries slam Wall St.
Aug. 27 - Stocks tumble, gold and oil prices rise as worries mount of a possible strike against Syria and renewed arguing in Washington over debts. Conway G. Gittens reports......

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......

Hungarian train shines light on self-contained solar power
Aug. 28 - A nature reserve in central Hungary has become a testing ground for self-contained, solar-powered train travel. Engineers say the narrow gauge train is the first of its kind, and could become a template for larger train transport systems. M.....

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......

Spain's Olympic bid still on track despite economic hurdles
Aug 27 - Organisers behind Madrid's bid to host the 2020 Olympics are confident it will benefit the economy despite new data showing last year's recession was deeper than previously stated. Ivor Bennett 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......

Western property buyers look to Asia
Aug. 27 - We've heard a lot of stories about wealthy property investors putting vast sums of money into expensive London property, but how keen are Western buyers to look put their money into Asia? Michael Millar reports......

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......

Mark Carney may have to prescribe the medicine for housing bubble
Mark Carney would be a brave governor to take away the punch bowl just as the party gets started.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/3083908b/sc/2/mf.gif' border='0'/><br clear='all'/><div.....

Nothing is given away at the Mark Carney show
"SOME are going to go up and others are going to go down."<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/30839092/sc/38/mf.gif' border='0'/><br clear='all'/><div class='mf-viral'><table border=.....

G4S rebuilds balance sheet as it aims to put past blunders behind it
Security group G4S raised 348m via a share placing and warned of looming job cuts as its new chief executive sought to draw a line under its accident-prone past.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/308.....

New boss aims to take G4S out of the firing line
Recently, the security company has rarely been seen in public without the tag "accident-prone".<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/3082ec4f/sc/2/mf.gif' border='0'/><br clear='all'/><div c.....

Emerging market rout is too big for the Fed to ignore
The US Federal Reserve has told Asia, Latin America, Africa and Eastern Europe to drop dead.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/3082ec6e/sc/2/mf.gif' border='0'/><br clear='all'/><div clas.....

Home buyers in London need 64,000 deposit
First-time buyers in London are being forced to put down record deposits due to rising house prices, data show.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/3082ec75/sc/2/mf.gif' border='0'/><br clear='al.....

Number of workers in retail increasing at fastest pace since 2002
Employment in the retail industry is growing at the fastest pace in 11 years after the heatwave boosted Britain's high streets.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/3082e838/sc/2/mf.gif' border='0'/>.....

Tesco suffers setback as August sales fall in the UK
Tesco, Britain's biggest retailer, has suffered a setback in the battle to get its domestic business back on track after sales lagged behind its rivals in August.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/30.....

Growth fund backs Arran toiletries firm
A Scottish luxury toiletries firm which narrowly avoided collapse in 2009 has secured a 2.8m investment from a fund backed by all of the major high street banks.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/308.....

France facing worst grape harvest in 40 years
One of its poorest wine grape harvests in four decades due to cold and rainy spring and hailstorms.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/3082718c/sc/26/mf.gif' border='0'/><br clear='all'/><.....

Is the price too high to keep Greece in the euro?
Greece is now in a far stronger position going into yet more bail-out discussions.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/30826e9b/sc/2/mf.gif' border='0'/><br clear='all'/><div class='mf-vira.....

Serco staff investigated by police over prison van 'fraud'
Police have been called in to investigate alleged fraud by staff of a private company which holds a 285 million pound contract to operate prison vans.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/30826ea5/sc/2/.....

Oil companies boosted by surging crude
The ongoing Syria crisis continued to push Brent crude higher on Wednesday.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/30826eb1/sc/2/mf.gif' border='0'/><br clear='all'/><div class='mf-viral'>&.....

Indian rupee plunges most in almost 20 years to record low
The Indian rupee fell to record lows against the dollar and pound on Wednesday, suffering its biggest one-day loss in nearly two decades.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/3082695c/sc/2/mf.gif' borde.....

Sketch: Mark Carney, pop picker
Michael Deacon watches Mark Carney give a speech on growth, interest rates - and his love of 19-year-old pop singer Jake Bugg.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/30826634/sc/2/mf.gif' border='0'/>&.....

888 boss plans further online poker expansion in US
The boss of 888 Holdings is eyeing further expansion into the US as he prepares for a return to America's online poker market after seven years.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/30826635/sc/25/mf.gi.....

Mark Carney delivers first speech : as it happened - August 28, 2013
Mark Carney uses his first speech as governor to convince sceptics of his pledge to keep interest rates at a record low for the next three years.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/3081afd1/sc/2/mf.gi.....

Mark Carney delivers first speech : live
Mark Carney uses his first speech as governor to convince sceptics of his pledge to keep interest rates at a record low for the next three years.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/30802153/sc/2/mf.gi.....

'Pennies and cheques will be gone in 10 years'
Damning survey adds weight to banks' drive to phase out older forms of payment in favour of fingerprint and eye scanning.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/3081325f/sc/8/mf.gif' border='0'/><br.....

Nationwide offers to buy out 'Pibs' holders
Investors can sell 'Pib' shares back to the building society, although some will take a 'haircut' of almost 10pc.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/30813261/sc/22/mf.gif' border='0'/><br clear=.....

Jammie Dodger maker Burton's up for sale
Burton's Biscuit Company, the maker of Jammie Dodgers, Wagon Wheels, and Maryland chocolate chip cookies, is officially up for sale with a price tag of around 350m.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/.....

Mark Carney's tries again to convince on forward guidance: reaction
Mark Carney has used his first speech to reiterate his plegde to keep interest rates low for the next three years. Here analysts give their reaction.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/30813264/sc/2/m.....

Mark Carney pledges to keep rates low in his first speech: reaction
Mark Carney has used his first speech to reiterate his plegde to keep interest rates low for the next three years. Here analysts give their reaction.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/3080e3dd/sc/2/m.....

Bank of England Governor's first speech: Mark Carney reassures that interest rates will stay low
Bank of England governor Mark Carney addresses business leaders at the University of Nottingham in his first public UK speech as he attempts to shore up his flagship "forward guidance" policy.<img width='1' height='1' src='http://telegraph.feedspo.....

Bank of England Governor Mark Carney reassures that interest rates will stay low in first speech
Bank of England governor Mark Carney addresses business leaders at the University of Nottingham in his first public UK speech as he attempts to shore up his flagship "forward guidance" policy.<img width='1' height='1' src='http://telegraph.feedspo.....