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Thursday 29 August 2013

UK Financial News on 2013-08-29

Co-op Group reports big banking loss
The Co-operative Group reports heavy losses as a result of a huge write-down of assets at its troubled banking arm......

HSBC ups business banking charges
HSBC is to increase its charges for 700,000 small business customers from Sunday, with many losing their free banking service......

US economic growth revised to 2.5%
The US economy grew at an annualised pace of 2.5% in the second quarter of the year, the Commerce Department said in revised figures......

Nasdaq admits part-blame for glitch
The company behind the Nasdaq admits partial responsibility for a three-hour trading glitch on the tech stock exchange last week......

Motor trade claims DVLA 'shambles'
The Driver and Vehicle Licensing Agency is described as a "shambles" in its handling of car registrations......

Vodafone confirms Verizon talks
Vodafone confirms it is in talks with US company Verizon Communications over the sale of its 45% stake in joint venture Verizon Wireless......

Ethiopian Airlines backs Dreamliner
Ethiopian Airlines. which saw one of its Boeing 787 Dreamliners catch fire last month, expresses confidence in the aircraft......

Amazon to alter pricing strategy
Online retailer Amazon is to alter its pricing policy for third-party traders amid investigations in the UK and Germany......

NFL in '$765m concussion settlement'
The National Football League and former players who say it hid the dangers of concussion reach a $765m (490m) settlement, a judge says......

Firefighters vote for pension strike
Members of the Fire Brigades Union vote in favour of industrial action, in a row over plans to raise the age at which they get their full pension......

Zurich boss quits over 'suicide'
Zurich Insurance's chairman Josef Ackermann resigns, three days after the apparent suicide of its chief financial officer Pierre Wauthier......

Google exec poached by Chinese rival
A top Google executive leaves for Chinese firm Xiaomi, as co-founder Sergey Brin confirms he is "living apart" from his wife......

US fast-food workers on strike
Fast-food workers in dozens of US cities are on strike, union leaders say, in what could be one of the industry's biggest walkouts......

Serco shares fall as probe looms
Shares in outsourcing giant Serco fall sharply as the company faces a possible block on bidding for new government contracts......

Mortgage lending competition rises
Competition between providers in the mortgage market is growing as activity in the housing sector picks up, a lenders' group has said......

German unemployment edges higher
The German jobless total rose slightly in August on the previous month, partly for seasonal reasons......

Vodafone and O2 launch 4G networks
Mobile networks Vodafone and O2 join EE as the UK's 4G providers, with a limited roll-out across three cities......

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 higher-rate line......

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......

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......

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......

Brazil raises interest rate to 9%
Brazil raises its benchmark interest rate to 9% from 8.5% in a further attempt to rein in inflation......

India to sell dollars to oil firms
India's central bank says it will sell US dollars to three state-run oil firms, in its latest attempt to stem the decline in the Indian rupee......

Belarus-Russia trade row escalates
A Belarus-Russia row over control of potash exports escalates, with Minsk threatening to prosecute a billionaire Russian businessman......

Rams slammed over e-cigarette deal
Derby County should not have signed a sponsorship deal with an electronic cigarette company, a health professional says......

Tunisian trio in match-fixing ban
The Tunisian FA suspends players Marouane Troudi and Mahmoud Dridi and official Amir Jaziri while it investigates match-fixing......

Brazilian states hit by power cut
A fire in north-eastern Brazil causes a power cut that leaves nine states in the dark, including four that will host the 2014 World Cup......

VIDEO: Making the case for 4G
The boss of mobile operator O2 Ronan Dunne makes the case for his company's 4G rollout......

VIDEO: The fastest food shop in the west?
A Silicon Valley start-up is using smartphones and personal shoppers to create a new wave of online grocers, promising to deliver your weekly shop within the hour......

VIDEO: Co-Op boss: There is no Plan B
The Co-operative Group has reported heavy losses as a result of a huge write-down of assets at its troubled banking arm. Co-Op boss Euan Sutherland explains the "sensible and prudent" rescue plan but says "there is no Plan B"......

AUDIO: Making money from cold callers
A man targeted by marketing companies is making money from cold calls with his own premium-rate phone number......

VIDEO: Gran can boost pension with childcare
Grandparents who look after their grandchildren even just once a week may find it is enough to boost their state pension. Paul Lewis from Radio 4's Moneybox explains other relatives can benefit too - but there are three main conditions......

VIDEO: Syria conflict pushes up crude price
The growing possibility of military action by the US and its allies against the Assad regime, is continuing to push up crude prices......

VIDEO: US fast-food workers want strike
Workers want at least $15 dollars an hour in pay and the right to start a union.....

AUDIO: 'Good riddance to bad pubs'
Dawn Hopkins, landlady of two pubs in Norwich, and Fiona Stapley, co-editor of the Good Pub Guide, discuss how the role of pubs is changing in the UK......

The US professionals quitting the rat race to become farmers
US professionals swap the rat race for farming.....

Brazil's universities take affirmative action
Racial quotas in Brazil bring hope - and controversy.....

Skype and the video chat revolution
How Skype and other chat apps changed lives.....

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

Fruit fly brain map a boon to neuroscience
Aug. 29 - Scientists at the Howard Hughes Medical Institute in Virginia have successfully mapped the circuitry in a small region of a fruit fly brain. The researchers, who work at HMMI's Janelia Farms Research Campus, say it is a small but important .....

Swiss engineers bring acoustic solution to noise pollution
Aug. 29 - Swiss-based acoustic engineers are developing a sound tracking system they say will help regulators control traffic flow and reduce road noise. The World Health Organization says road noise is a major contributor to poor health in Europe bu.....

Breakingviews: Minimum wage woes
Aug. 29 - With fast-food workers set to strike, a new study shows how welfare usually pays more than low-wage jobs. Jeffrey Goldfarb and Richard Beales discuss the conundrum for policymakers......

JPMorgan may settle "Whale" probe for $600 million
Aug 29 - JPMorgan Chase & Co is in talks with a group of regulators to settle investigations into last year's "London Whale" trading scandal, which cost the bank more than $6 billion. Kirsty Basset reports......

ROUGH CUT: UK PM Cameron debates Syria in parliament
Aug. 29 - British Prime Minister David Cameron and opposition leader Ed Miliband debate military intervention in Syria......

Vodafone confirms sale talks with Verizon
Aug 29 - UK telecom giant Vodafone confirms talks have begun with US company Verizon Communications over the sale of its 45 percent share in their joint venture Verizon Wireless, in a deal that could be worth $130 billion. Ivor Bennett reports......

North Korea Defectors: pop acts, rebel artists, & TV Hosts
Pictures show many of them have made new lives, from TV hosts to artists and activists......

Sports Spread: Misers vs big spenders
Aug. 29 - Penny-pinching Arsenal take on big-spending Spurs in the weeks big game from the Premier League, plus a look at the front runners in the U.S. Open......

Hong Kong, Singapore slug it out in the Ivy Leagues
Aug. 29 - Many Asian students dream of attending a top U.S. college -- and now they have that option closer to home, as the region's rival financial hubs compete to lure top-tier foreign schools......

Breakingviews: Vodafone needs good Verizon deal
Aug. 29 - Vodafone confirms talks with Verizon - a $130 bln deal could be just days away. The UK telco boss must now secure a good deal, says Breakingviews' Chris Hughes......

Breakingviews: China's consumers won't ride to the rescue
Aug. 29 - Consumption is slowing in China and some big brands are reporting falling sales, pointing to slow progress in the effort to rebalance the economy away from exports, says Breakingviews' John Foley......

Reuters Today: Top Stories and Analysis
Aug. 29 - A look at the early action in the European markets and the day's hot stocks, as well as a final wrap-up of Asia trading......

Google a friendlier frenemy now - WPP CEO
Aug. 29 - WPPs CEO Martin Sorrell explains why their slightly uneasy relationship with Google has blossomed into a more symbiotic one in the last few years......

Argentina energy plan sparks clashes
Aug. 29 - Protest over a possible deal between Argentine energy firm YPF and Chevron turns violent. Paul Chapman reports......

LOreal glows brighter than Revlon and Estee Lauder-StarMine
Aug. 29 - Improving earnings quality, share performance and its analyst revisions model score show L'Oreal will outdo its rivals Revlon and Estee Lau.....

Stocks lifted by oil, but unease remains
Aug. 28 - Summary: Wall Street regains lost ground as Syria related concerns boost energy shares; Planned home buys fall for second month; Nintendo plays tough on pricing in bid to revive sales. Conway G. Gittens reports......

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......

Economic benefits of Britain's baby boom
Aug. 28 - Britain's experiencing a baby boom, with the highest birth rate in 40 years. While that will put pressure on some services in the short-term, researchers say babies could bring economic benefits. Joanna Partridge looks into how a higher fer.....

Carney says BoE stimulus still an option
Aug. 28 - In his first public speech as Governor of the Bank of England, Mark Carney said more money may be pumped into Britain's economy if the markets threaten recovery. Rough Cut (no reporter narration).....

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......

Aer Lingus held merger talks prior to Ryanair bid
Aer Lingus held merger talks with another airline before Ryanair launched a takeover bid for Ireland's national carrier last summer, it can be revealed.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/309097a5/sc/.....

Mark Carney has style in the bag
Governor's holdall was a freebie from an IMF and World Bank meeting.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/30902360/sc/30/mf.gif' border='0'/><br clear='all'/><div class='mf-viral'><tab.....

Nasdaq blames massive trading halt on software bug
The Nasdaq's massive trading halt last week was due to a software bug and other internal technology issues triggered by problems at NYSE Euronext's Arca exchange that led a key backup system to fail, the exchange operator has said.<img width='1' h.....

Never mind values, the Co-op Bank needs to concentrate on survival
Management has unenviable job of trying to prove the bank has a viable future.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/30902384/sc/25/mf.gif' border='0'/><br clear='all'/><div class='mf-viral'&.....

Immigration surge driven by eurozone crisis
UK has seen massive surge in immigrants fleeing economic collapse in countries such as Spain and Italy, official figures disclose.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/30902385/sc/2/mf.gif' border='0'/&.....

Loss-making Bumi to become Asia Resource Minerals
Bumi is planning to change its name to Asia Resource Minerals and return about $400m (258m) to shareholders once it pulls off a protracted $501m split from Indonesia's Bakrie family.<img width='1' height='1' src='http://telegraph.feedsportal.com/c.....

Does the high street really need saving?
Mary Portas and Bill Grimsey come from opposite ends of the retail world. One is the star of TV show Mary Queen of Shops, the other used to run DIY chain Wickes.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/308.....

Singapore has lessons for its former master
The ex-colony is dealing with its growing pains in a way we can only dream of, says Jeremy Warner<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/308ffb9f/sc/40/mf.gif' border='0'/><br clear='all'/><di.....

Worldwide loss of oil supply heightens Syria attack risk
Global shortfall in oil hits 4m b/d, leaving the world extremely vulnerable to a supply crunch.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/308ffba7/sc/2/mf.gif' border='0'/><br clear='all'/><div c.....

Co-op Bank raises questions about mutual's future
With a 709m loss, crisis-hit mutual's first-half results make dire reading.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/308f8747/sc/25/mf.gif' border='0'/><br clear='all'/><div class='mf-viral'>.....

Vodafone nears $130bn sale of Verizon stake
Shares jump 8pc to 11-year highs after Vodafone announces it is in talks over sale of its US interests.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/308f8748/sc/2/mf.gif' border='0'/><br clear='all'/>&.....

Ireland: the poster child of recovery but not of austerity
The problems were caused by a debt crisis - and Ireland still has staggering levels of debt.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/308ee5ab/sc/30/mf.gif' border='0'/><br clear='all'/><div cla.....

Zurich chairman Josef Ackermann quits over suicide claims
The chairman of Zurich Insurance Group has abruptly quit with the sensational admission that he may be implicated in Monday's apparent suicide of its chief financial officer.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f.....

Strategists warn of further turbulence
Bank of America Merrill Lynch asked whether a crash was on the horizon.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/308f4a99/sc/25/mf.gif' border='0'/><br clear='all'/><div class='mf-viral'><.....

Business news and markets: as it happened - August 29, 2013
Dollar jumps on news US economy grew much more than previously thought in second quarter.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/308d5f9d/sc/2/mf.gif' border='0'/><br clear='all'/><div class='.....

More than 450m wiped off value of Serco after alleged fraud in its prison contracts
More than 450m has been wiped off the value of Serco as the security company tried to reassure investors it will "put right" any alleged fraud in its prison contracts.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300.....

UK gas imports hit record high of 1 trillion cubic feet in first six months of 2013
Britain's gas imports hit 1 trillion cubic feet in the first half of this year - the highest level on record - as North Sea production dwindled and cold weather boosted demand.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726.....

Business news and markets: live
Dollar jumps on news US economy grew much more than previously thought in second quarter.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/308817f7/sc/2/mf.gif' border='0'/><br clear='all'/><div class='.....

Artificial intelligence 'will take the place of humans within five years'
Salespeople, call centre staff and customer service personnel could all be replaced by computers within the next few years, claims one technology entrepreneur.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/308d4.....

UK small businesses optimistic on growth
More than half of Britain's small companies are expecting to grow in 2014, a new survey has found.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/308d45b7/sc/2/mf.gif' border='0'/><br clear='all'/><di.....

Co-op bondholders demand more information as bank posts 700m loss
The bank's management branded "disgraceful" for leaving bondholders in the dark.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/308eb383/sc/25/mf.gif' border='0'/><br clear='all'/><div class='mf-viral.....

Co-op: 'No new nasty surprises' for bondholders
Pensioners and other holders of Co-op bonds will not suffer further losses from the bank's restructuring programme despite its announcement of huge losses today, experts say.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f.....

Hays posts first UK profit in five years
Hays, one of Britain's biggest recruiter, returned to profit in the UK and Ireland for the first time in five years, in a sign that confidence may be returning to the jobs market.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32.....

Hays returns to profit in UK for first time in five years
Hays, one of Britain's biggest recruiter, returned to profit in the UK and Ireland for the first time in five years, in a sign that confidence may be returning to the jobs market.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32.....

Rise in US growth rate fans expectations of end to QE
The US economy is growing much faster than thought, official figures showed, as the rate was revised up from 1.7pc to 2.5pc for the second quarter of this year.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/308b.....