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Dalian Wanda Group to buy UK yacht maker and hotel property

Wed, 19 Jun 2013 17:45:23 -0400

LONDON - China's largest premier commercial property and entertainment conglomerate, Dalian Wanda Group Wednesday entered into 320million pounds definite acquisition deal with leading British yacht company, Sunseeker International Ltd, under which Wanda will acquire a majority shareholding of 91.81% in pre-eminent luxury motor yacht manufacturer. Under the agreement, the remaining 8.19% stake ...

Price-cutting hits profits at HM

Wed, 19 Jun 2013 21:12:47 -0400

A chilly spring across Europe saw clothes left on the racks, forcing the Swedish fashion giant, which has more than 2,900 stores in 49 countries, to cut prices to lure shoppers. That, plus the impact of currency movements, saw post-tax profit fall 11 per cent to Skr4.7m (470,000) in the second quarter. But H&M said June was going well - sales are up 14 per cent so far, partly thanks to more ...

Mixed bag of results for JD Sports

Wed, 19 Jun 2013 21:12:47 -0400

While sales of trainers and tracksuits at JD Sports are sprinting along, the group's camping and other clothing stores have not quite broken out into a jog so far this ...

United Airlines 787 in latest setback

Wed, 19 Jun 2013 21:12:46 -0400

A month after Boeing's 787 Dreamliner returned to the skies after a four-month grounding, a United Airlines 787 flight from Denver to Tokyo has been diverted to Seattle due to an oil-filter ...

Sainsburys boosts clothing sales through Tu brand

Wed, 19 Jun 2013 21:12:45 -0400

Sainsbury's has seen a 15 per cent rise in the number of customers buying clothing, as its fashion sales head towards the 700m barrier. The UK's third-biggest supermarket chain said 7.5 million shoppers had bought at least one fashion item in the past 12 months, 1 million more than a year ...

Sean Combs gears up to launch his music television channel for young millennials

Wed, 19 Jun 2013 21:12:44 -0400

The rap music impresario Sean Combs has gone on a charm offensive to woo the world's biggest advertisers as he gears up for the launch of his new television channel, called Revolt TV, aimed at what he calls "millennials" - people in their teens and early twenties who were born just before the new ...

MS recruits two directors after Neville Richardsons departure

Wed, 19 Jun 2013 21:12:44 -0400

The company said Dame Denise Holt, a former British ambassador to Spain, and the former Deloitte partner Peter Shawyer would be joining as non-executive directors. It follows the resignation of Mr Richardson on Tuesday. He had been under political pressure to quit since the discovery of a 1.5bn black hole in the Co-op's finances. Earlier this week, Brooks Newmark, a member of the Treasury ...

US jobless to fall but Fed wary of putting brakes on stimulus

Wed, 19 Jun 2013 21:12:43 -0400

The US Federal Reserve's bond buying programme could begin to slow down this year and come to an end around the middle of next year, the country's top central banker, Ben Bernanke, said ...

Hong Kong firm buys into London site

Wed, 19 Jun 2013 21:12:43 -0400

A historic Hong Kong hotel business is poised to make its first move into London after agreeing to spend 132.5m on a half-share of a new site near Hyde Park ...

Japanese exports rise to US and China as the currency tumbles

Wed, 19 Jun 2013 21:12:42 -0400

Japanese Prime Minister Shinzo Abe's "shock and awe" tactics to revive the world's third biggest economy paid off in May with the biggest rise in exports since ...

Record fine for rogue property trader

Wed, 19 Jun 2013 21:12:42 -0400

A financial salesman who arranged sale and rent-back deals and lied about property values has been fined nearly 1m by the Financial Conduct Authority for misleading customers. It is the largest ever fine for a sole ...

Swiss bill to counter tax charges fails

Wed, 19 Jun 2013 21:12:41 -0400

The Swiss lower house of parliament has dealt a final death blow to a draft law aimed at protecting the country's banks from criminal charges in the United States for helping wealthy Americans to evade ...

Tell Sid Public will be offered shares in Lloyds Bank

Wed, 19 Jun 2013 21:09:23 -0400

The prospect of an eventual "tell Sid"-style sale of shares in Lloyds Bank was raised by George Osborne as he claimed Britain's economy had emerged from "intensive ...

James Moore Bts Ian Livingston times exit well while the going is good

Wed, 19 Jun 2013 20:07:16 -0400

Will we be able to count BT's Ian Livingston alongside, say, Tesco's ex boss Sir Terry Leahy or Dame Marjorie Scardino, latterly of Pearson, both masters of this most delicate of arts? Maybe not. Mr Livingston appears to be leaving BT in a decent shape as he prepares to don ermine, the pay-off for his forthcoming role as David Cameron's trade minister, which comes with lots of ...

James Moore Only way forward is to pay the whistle-blowers

Wed, 19 Jun 2013 20:07:16 -0400

The history of whistle-blowing in this country suggests that it is they who will find themselves being brought to book rather than those responsible for the bad practice they seek to expose. In taking action whistle-blowers put at risk not just their career progression but their very careers, and perhaps worse, given the backlash that will almost certainly emanate from those exposed. The safer ...

James Moore Women can succeed on trading floors – but toxic culture has to change too

Wed, 19 Jun 2013 20:07:15 -0400

Outlook Could an infusion of women on to trading floors be the catalyst to reform the toxic culture that led to the Libor interest rate scandal, not to mention a string of others down the years? It's one of the more intriguing suggestions made by the Parliamentary Commission on Banking Standards, which wants banks to publish figures and fix any imbalance that is ...

Hamish McRae Right for the job in 1992 and 2003 – but maybe the wrong man in 2008

Wed, 19 Jun 2013 20:07:14 -0400

One of the country's most respected financial journalists and commentators Hamish McRae is an associate editor of The Independent. He was named Business and Finance Journalist of the Year 2006 at the British Press ...

Analysis Sprint should raise Clearwire bid to avoid Dish tension

Wed, 19 Jun 2013 20:01:00 -0400

NEW YORK (Reuters) - Sprint Nextel Corp should consider raising its offer price for Clearwire Corp or risk being saddled with a contentious relationship with Dish Network Corp, controlled by feisty billionaire Charlie ...

New bookkeeping rule to prise open insurers black box accounts

Wed, 19 Jun 2013 19:20:56 -0400

By Huw JonesLONDON (Reuters) - An international bookkeeping regime being unveiled on Thursday will iron out national variants in insurers' "black box" balance sheets although the transition will take several years and the United States will keep its own, very different rules.The International Accounting Standards Board's (IASB) third try at a new rule will be unchanged from ...

Parma director Cassano signing would be a gift to the city

Wed, 19 Jun 2013 18:46:41 -0400

Parma's directors remain confident in their pursuit of Antonio Cassano and have labelled his signing as a "gift" for the city. Cassano, currently under contract at Inter, played 36 games last season having moved from neighbours Milan in a deal that saw Giampaolo Pazzini move the other way. However, his goal return was not as high as Inter would have liked, only managing eight in ...

GLOBAL MARKETS-Asian stocks brace for fall China data eyed

Wed, 19 Jun 2013 18:41:13 -0400

Wed Jun 19, 2013 6:41pm EDT * Nikkei futures, Australian stock futures down after Wall St fall * Bernanke confirms market fears of a stimulus withdrawal this year * Dollar higher as U.S. Treasury yields jump By Ian Chua SYDNEY, June 20 (Reuters) - Asian stock markets were braced for a fall on Thursday in line with Wall Street after the U.S. central bank confirmed that it would begin to withdraw ...

EU strikes deal on long-term budget but approval in doubt

Wed, 19 Jun 2013 17:54:03 -0400

BRUSSELS (Reuters) - Negotiators reached a provisional deal on Wednesday to finalise the European Union's 960 billion euro (824 billion pounds) long-term budget, but ratification of the deal was immediately thrown into doubt by a leading socialist lawmaker in the talks. The deal between representatives of EU member states and the European Parliament on a seven-year spending package needs ...

GLOBAL MARKETS-Stocks bond prices drop as Fed points to reduced bond buying

Wed, 19 Jun 2013 17:16:10 -0400

Wed Jun 19, 2013 5:16pm EDT * Bernanke suggests timetable for reduced bond purchases * U.S. stocks fall more than 1 percent * Treasury bond prices drop, 10-yr yield at 15-month high By Leah Schnurr NEW YORK, June 19 (Reuters) - Stocks tumbled and benchmark Treasury bond yields rose to levels not seen since March 2012 on Wednesday after Ben Bernanke laid out a blueprint for the wind-down of the ...

Bank of Englands King makes last call for more stimulus bank reform

Wed, 19 Jun 2013 17:06:22 -0400

Reuters © Governor of the Bank of England Mervyn King speaks to employees during the opening of the Prudential Regulation Authority, in central London April 2, 2013. REUTERS/Lefteris ...

Britain to start sale of Lloyds soon review RBS split

Wed, 19 Jun 2013 17:06:15 -0400

By Matt Scuffham and David MillikenLONDON (Reuters) - Britain is ready to start selling its shares in Lloyds Banking Group and will examine whether to break up Royal Bank of Scotland, Chancellor George Osborne said, admitting the re-privatisation of RBS remains a long way off.The government is keen to show Britain's part-nationalised banks are recovering from the 2008 financial crisis and a ...

Exclusive - Forest mulls bid for Irish drugmaker Elan sources

Wed, 19 Jun 2013 17:06:06 -0400

, the specialty drugmaker that counts investor Carl Icahn as a major shareholder, is among a handful of companies interested in bidding for Irish drugmaker Elan Corp ...

The Hotel Astoria wears its history on its sleeve as part of an impressive architectural ensemble in the very heart of the city.

Wed, 19 Jun 2013 16:30:15 -0400

The iconic Hotel Astoria lived up to its lavish reputation by celebrating its centennial on Tuesday with a grand party of nearly 500 guests, hosted by Sir Rocco Forte, co-owner, chairman and managing director of The Rocco Forte ...

Margate residents appeal against giant new Tesco

Wed, 19 Jun 2013 15:47:49 -0400

Angry residents of Margate have appealed to the High Court against the Government's decision to build a giant Tesco store on the ...

How Americans’ Return To The City Could Change Our Politics

Wed, 19 Jun 2013 15:40:56 -0400

(Credit: Flickr user Aimee Wenske) The demographic story of the last century was the rise of the suburbs. But are we finally moving into an era where the rise of the suburbs will stop and perhaps even reverse itself, leading to the city reasserting itself as America’s most important political unit? Between 1940 and 1950 the suburban share of the population increased from 15 percent to 23 ...

New banker bonus boom Payouts leapt 64 to new record when Osborne cut top-rate tax to 45p in April

Wed, 19 Jun 2013 15:38:19 -0400

Bankers' bonuses leapt to record levels in April as the Government's cut in the top rate of income tax came into effect, new figures revealed ...

RCS Mediagroup accepts offer from PRS for magazines

Wed, 19 Jun 2013 15:32:13 -0400

MILAN (Reuters) - Italian publisher RCS Mediagroup (RCSM.MI) said on Wednesday it accepted an offer from PRS Srl to buy 14 magazines it had put up for sale as part of a restructuring plan. It did not disclose the price. The publisher, which owns ...

Fed keeps buying bonds but sees economic risks easing

Wed, 19 Jun 2013 15:32:11 -0400

By Alister Bull and Pedro da Costa WASHINGTON (Reuters) - The Federal Reserve on Wednesday said risks to the outlook for the U.S. economy and job market had eased since last fall, but it said it would keep buying $85 billion (54.6 billion pounds) ...

BT chief Ian Livingston quits to join Government as trade minister

Wed, 19 Jun 2013 14:30:39 -0400

BT vs Sky: Ofcom launches investigation into BSkyB's alleged refusal to share Sky Sports channels on 'fair terms' with ...

Ireland to put off sale of Aer Lingus stake - minister

Wed, 19 Jun 2013 14:24:28 -0400

DUBLIN (Reuters) - Ireland's government does not think the time is right for it to sell its 25 percent stake in Aer Lingus (AERL.I), the minister in charge of the country's privatisation plan said on Wednesday. Dublin said it would consider the ...

Britain to pay more for power than Germany for a decade - Credit Suisse

Wed, 19 Jun 2013 13:42:17 -0400

Reuters © Power lines are reflected in a mirror at the Rio Tinto power station in Lynemouth, northern England July 2, 2009. REUTERS/Nigel ...

IMF praises Spain Ireland reforms but warns of risks

Wed, 19 Jun 2013 13:42:14 -0400

By Julien Toyer and Sam CageMADRID/DUBLIN (Reuters) - Spain and Ireland have made strong progress in fixing their economies but recovery will hinge on their capacity to clean up ailing lenders, create jobs and maintain investor confidence, the IMF said on Wednesday.Both countries were forced to seek international financial support after a decade-long boom fuelled by cheap credit ended abruptly in ...

French probe targets EDF contract with former executive

Wed, 19 Jun 2013 13:42:08 -0400

Reuters © People walk past the logo of French state-owned utility EDF during the company's 2012 annual result presentation in Paris February 14, 2013. REUTERS/Philippe ...

RBS Lloyds Barclays account for most of UK capital gap - FT

Wed, 19 Jun 2013 13:42:06 -0400

LONDON (Reuters) - Britain's financial regulator will on Thursday say capital holes at Royal Bank of Scotland, Lloyds Banking Group and Barclays account for more than 90 percent of a 25 billion-pound ($39 billion) shortfall, the Financial Times said.The shortfall was based on estimates at the end of 2012, and the Bank of England said in March about half the total amount it identified was ...

Renault promises savings on new car architecture

Wed, 19 Jun 2013 13:42:03 -0400

has pledged to slash the cost of developing future models by 30-40 percent as it rolls out a new generation of vehicle architectures with alliance partner ...

Euro zone wrangling may cost Greece 2 billion euros in 2013 - sources

Wed, 19 Jun 2013 13:41:58 -0400

Reuters © A protester wearing a Greek flag stands outside Greek state television ERT headquarters in Athens June 13, 2013. REUTERS/John ...

Bankers could face jail after report urges the Government to introduce new criminal offence for reckless management

Wed, 19 Jun 2013 13:22:46 -0400

Britain's banking bosses should face jail if their decisions force fresh bailouts, the Parliamentary Commission on Banking Standards says ...

Switzerland buries U.S. tax law banks seen at risk

Wed, 19 Jun 2013 13:16:21 -0400

By Ruben Sprich BERNE (Reuters) - Swiss lawmakers dealt a death blow on Wednesday to a draft law which aimed to protect the country's banks from criminal charges in the United States for helping wealthy Americans evade tax. The Swiss government ...

Cisco to invest in Israeli venture capital funds

Wed, 19 Jun 2013 13:16:20 -0400

JERUSALEM (Reuters) - Cisco Systems (CSCO.O) will invest $15 million (9 million pounds) in Israeli venture capital funds as part of a broader plan to expand its operations in Israel and outside the United States, the company said on Wednesday. ...

News Corp spinoffs start preliminary trading

Wed, 19 Jun 2013 13:15:52 -0400

(Reuters) - News Corp's publishing and entertainment arms began trading separately on a preliminary basis on Wednesday, one of the last steps before Rupert Murdoch's company officially splits in two on June ...

FTSE ends lower before Fed decision

Wed, 19 Jun 2013 13:12:23 -0400

A woman walks past the London Stock Exchange in central London on March 7, 2013. London equities ended lower on Wednesday, with traders on tenterhooks before the outcome of the US Federal Reserve's latest monetary policy gathering, analysts ...

Britains FTSE slips as BoE highlights QE conundrum

Wed, 19 Jun 2013 13:03:43 -0400

* FTSE closes down 0.4 pct at 6,348.82* Bernanke news conference due at 1800 GMT* BT slides as CEO steps down* Vodafone drops on talk it may bid $10 bln for Kabel* BAE Systems boosted by EADs tie-up chatterBy David BrettLONDON, June 19 (Reuters) - UK equities closed ...

RLPC-Springer secures aggressive terms on buyout deal

Wed, 19 Jun 2013 12:47:55 -0400

By Claire Ruckin LONDON, June 19 | Wed Jun 19, 2013 12:47pm EDT LONDON, June 19 (Reuters) - The multi billion euro financing backing BC Partners' acquisition of German publisher Springer Science+Business Media has secured aggressive terms from banks battling to keep leveraged loan business in Europe, bankers said on Wednesday. Springer's financing of around 2.5 billion euros ...

EU entry to help Croatia public finances but growth seen weak - Reuters Poll

Wed, 19 Jun 2013 12:06:53 -0400

By Igor Ilic ZAGREB (Reuters) - Croatia will struggle to get its finances in order after it joins the European Union on July 1 but its entry will reduce the risk that the government will have to seek IMF aid, a Reuters poll shows. Most of the 11 local analysts surveyed this week also think Croatia won't be ready to adopt the euro - which it is obliged to do eventually - for at least six ...

Petrobras Sinopec in talks to build $20 billion refinery

Wed, 19 Jun 2013 12:03:30 -0400

SAO PAULO (Reuters) - Petrleo Brasileiro SA, Brazil's state-run oil company, and China Petroleum and Chemical Corp are in talks to build a $20 billion (12 billion pounds), 300,000-barrels-a-day refinery in the South American country, according to ...

Commerzbank to cut around 5200 jobs

Wed, 19 Jun 2013 12:03:29 -0400

FRANKFURT (Reuters) - Germany's second-largest lender Commerzbank (CBKG.DE) said on Wednesday it will cut 5,200 jobs, about 12 percent of its 45,000 full-time staff, adding to job-shedding by banks across Europe. Banks including Lloyds ...

Swiss parliament rejects U.S. tax deal

Wed, 19 Jun 2013 12:02:48 -0400

At the Reuters Tech Summit, Trulia chief executive Pete Flint says private equity investors are starting to pull back from buying U.S. real estate, while overseas buyers are coming on strong once ...

Ireland on track for bailout exit says IMF

Wed, 19 Jun 2013 11:18:39 -0400

Reuters © International Monetary Fund (IMF) Managing Director Christine Lagarde talks to Ireland's Finance Minister Michael Noonan (R) during an euro zone finance ministers meeting at the European Union Council in Brussels February 11, 2013. REUTERS/Francois ...

EU regulators raid cargo train transport companies

Wed, 19 Jun 2013 11:18:32 -0400

BRUSSELS (Reuters) - European Union regulators have raided cargo train transport services companies in several EU countries on suspicion that the firms may have fixed prices and divided up markets amongst themselves in breach of antitrust rules.The European Commission said the raids occurred on Tuesday. It did not identify the companies nor the countries but said the alleged activity took place ...

FRC bans internal external auditor links

Wed, 19 Jun 2013 11:18:29 -0400

By Huw JonesLONDON (Reuters) - A British watchdog has banned accountants from asking customers' internal auditors directly for help in checking the books in a bid to bolster their independence.The Financial Reporting Council, which polices accountants and auditors, said on Wednesday the ban creates a clearer division of responsibility between internal and external audit.Internal auditors are ...

CBI chief John Cridland says careers advice in schools leaves too few youngsters equipped for work

Wed, 19 Jun 2013 10:58:44 -0400

Careers advice in schools is on "life support" with too few youngsters equipped to cope with the world of work, the head of Britain's employers warned ...

SP says Czech rating unaffected by government collapse

Wed, 19 Jun 2013 10:52:58 -0400

PRAGUE (Reuters) - The Czech government's resignation this week will have no immediate impact on the central European country's credit ratings, Standard & Poor's agency said on Wednesday. "The complexion of a new government is not, in itself, ...

Analysis Half-way to lost decade Europes growth task as tough as ever

Wed, 19 Jun 2013 10:52:10 -0400

LONDON (Reuters) - Half-way towards a lost decade for Europe's economy, pessimism persists about the political will to halt a worrying slide in the region's potential ...

Britain says reckless bankers could face jail

Wed, 19 Jun 2013 10:52:10 -0400

LONDON (Reuters) - Bankers who are reckless with customers' or taxpayers' money could face criminal charges and have bonuses and pensions clawed back, according to proposals backed by Britain's prime minister on ...

Assad forces build up for Aleppo offensive

Wed, 19 Jun 2013 10:39:56 -0400

Forces loyal to Syria's embattled President Bashar Assad are reported to be tightening a cordon around the northern city of Aleppo, once the country's commercial heart, in a major offensive against rebels who hold 60 percent of the ...

Europe faces uphill battle over youth unemployment

Wed, 19 Jun 2013 10:08:03 -0400

By Anders MelinBRUSSELS (Reuters) - European Union leaders will hold a summit later this month to tackle the growing scourge of youth unemployment. But there's a problem: the 6 billion euros they want to use to get to grips with the issue aren't yet available.Leaders agreed in February that they would set aside the money from the EU's next long-term budget, which runs from ...

German bank association backs European deposit scheme

Wed, 19 Jun 2013 10:07:58 -0400

Reuters © Juergen Fitschen, Co-CEO of Deutsche Bank AG speaks during an extraordinary shareholders meeting in Frankfurt April 11, 2013. REUTERS/Ralph ...

Number of female executives at FTSE 100 companies is falling despite efforts to boost women in industry

Wed, 19 Jun 2013 09:58:24 -0400

The numbers of female executives in business and industry are falling despite efforts to boost the representation of women in senior positions in large companies, ministers were warned ...

News Corp wobbles on stock market debut

Wed, 19 Jun 2013 09:48:14 -0400

News Corp, the spun-off publishing arm of Rupert Murdoch's media empire, got off to a shaky start today on its stock market debut as the shares fell 3 per cent in ...

QE hopes raised for Carney despite final defeat for Sir Mervyn

Wed, 19 Jun 2013 09:48:13 -0400

Outgoing Bank of England Governor Sir Mervyn King tasted defeat in his last bid to spur on the UK economy but successor Mark Carney may yet win support for a return to the printing presses, it emerged ...

City welcomes bank reforms but warns of resistance

Wed, 19 Jun 2013 09:48:13 -0400

Radical proposals from the Parliamentary Commission on Banking Standards could see bankers jailed for misconduct and bonuses delayed for up to 10 years alongside a host of other measures. Chancellor George Osborne was today expected to signal the first steps in selling off Lloyds Banking Group and Royal Bank of Scotland in his Mansion House speech. "These changes include both the velvet ...

Hermes to sue LVMH over equity swaps to build stake

Wed, 19 Jun 2013 09:42:33 -0400

PARIS (Reuters) - Hermes (HRMS.PA) on Wednesday has launched a fresh round of legal proceedings against arch-rival LVMH (LVMH.PA) to obtain the cancellation of equity swaps LVMH used to stealthily amass its stake in the French luxury goods maker. ...

EADS says window closed for new BAE merger attempt

Wed, 19 Jun 2013 09:41:53 -0400

At the Reuters Tech Summit, Trulia chief executive Pete Flint says private equity investors are starting to pull back from buying U.S. real estate, while overseas buyers are coming on strong once ...

Orders top $100 billion as Ryanair gives Boeing a boost

Wed, 19 Jun 2013 09:37:58 -0400

1 of 6. President and CEO of Boeing Commercial Airplanes Ray Conner (R) and Ryanair Chief Executive Michael O'Leary share a light hearted moment as they pose during a signing ceremony at the 50th Paris Air Show, at the Le Bourget airport near Paris, June 19, ...

SGAM sells London business

Wed, 19 Jun 2013 09:28:50 -0400

Societe Generale Asset Management (SGAM) has sold its London subsidiary (SGAM UK) to GLG Partners, Inc. SGAM UK currently manages $8.2bn worth of assets, equating to around 2.5 per cent of overall assets managed by SGAM. The transaction will see SGAM UK shares sold to GLG, and is expected to be finalised in the first half of 2009, subject to regulatory approval. GLG intends to ...

Borsa Italiana and London Stock Exchange leader in Europe for ETF trades

Wed, 19 Jun 2013 09:28:22 -0400

Aggregated figures show that July 2008 set a record in trading of Exchange Traded Funds (ETFs) on Borsa Italiana and London Stock Exchange markets, with 140,452 trades amounting to a highest ever total of €8.8bn (£7.0bn). The average daily value traded was €383.2 million, an increase of 141 per cent year on year, and the total amount traded was an increase of 152 per cent. ...

World Bank watching U.S. Fed ready to respond

Wed, 19 Jun 2013 08:58:19 -0400

Reuters © World Bank President Jim Yong Kim speaks at a Thomson Reuters Newsmaker event, at Canary Wharf in east London June 19, 2013. REUTERS/Stefan ...

Slovenian growth outlook darkens ahead of privatisation vote

Wed, 19 Jun 2013 08:58:14 -0400

By Marja NovakLJUBLJANA (Reuters) - Slovenia's economy could keep shrinking next year, a central bank official said on Wednesday, making it harder for the country to avoid becoming the next euro zone member to succumb to a bailout.The government is banking on a return to growth in 2014 to ease pressure on an economy teetering under the weight of billions of euros of bad loans in ...

BT vs Sky Ofcom launches investigation into BSkyBs alleged refusal to share Sky Sports channels with rival

Wed, 19 Jun 2013 08:37:54 -0400

The battle for armchair sports fans escalated today after regulator Ofcom launched an investigation into BSkyB's alleged refusal to share its Sky Sports channels with BT on "fair ...

EU fines Lundbeck and others 146 million euros for blocking rival drugs

Wed, 19 Jun 2013 08:35:43 -0400

news ) , a total of 146 million euros (124 million pounds) for blocking the supply of a cheaper anti-depressant to the market, the first EU sanction against such deals. The punishments follow a 2009 report by the European Commission on the pharmaceutical sector, which said "pay-for-delay" agreements between companies lead to consumers paying as much as 20 percent more for their ...

Imagination Technologies profit dips on licensing slowdown

Wed, 19 Jun 2013 07:52:02 -0400

, reported lower full-year profits as licensing slows.The British company, which licenses its designs to chipmakers and receives a royalty on every unit shipped, has lost business it had expected from customers such as Texas ...

German banks signal support for euro deposit guarantee scheme

Wed, 19 Jun 2013 07:51:58 -0400

FRANKFURT (Reuters) - German banking association BDB signalled it may drop its opposition to a pan-European deposit guarantee scheme, a radical step under which German lenders would absorb some of the losses of failed banks in other European states.Until now, Germany's banks have been opposed to any plans for funding bank rescues from outside of Europe's largest economy, slowing ...

EU politicians to try again to rescue carbon market

Wed, 19 Jun 2013 07:30:15 -0400

By Barbara Lewis BRUSSELS (Reuters) - European Union politicians are likely to back a plan to support prices on the EU carbon market on Wednesday, in a step towards resolving debate over whether to prop up the world's largest emissions scheme. Even if the vote, expected after 3 p.m. (1300 GMT), is positive, the proposal to temporarily remove some of a glut of allowances from the EU ...

UPDATE 1-Bank of England still divided flags market impact of Fed uncertainty

Wed, 19 Jun 2013 07:28:59 -0400

Wed Jun 19, 2013 7:28am EDT * BoE's King outvoted again at final MPC meeting * MPC vote 6-3 to keep QE total at 375 bln stg * Policymakers note market reaction to Fed uncertainty By Olesya Dmitracova and David Milliken LONDON, June 19 (Reuters) - Bank of England policymakers acknowledged earlier this month that further market volatility could be on the way because of uncertainty about the ...

Ryanair finalises $15.6 billion order for Boeing 737-800s

Wed, 19 Jun 2013 07:26:48 -0400

By Alwyn Scott PARIS (Reuters) - The head of low-cost carrier Ryanair (RYA.I) said on Wednesday that the airline could order 200 or more Boeing (BA.N) 737 MAX aircraft by the end of the year, though the timing was not certain. Michael O'Leary said ...

FCA fines property agent record one million pounds

Wed, 19 Jun 2013 07:26:47 -0400

LONDON (Reuters) - The Financial Conduct Authority (FCA) has fined a property agent nearly a million pounds for defrauding vulnerable people, the largest-ever fine for a sole trader in the consumer sector. The FCA also banned Gurpreet Singh ...

Vodafone set to trump Liberty with $10 billion cash bid for Kabel sources

Wed, 19 Jun 2013 07:26:08 -0400

The logo of Germany's biggest cable operator, Kabel Deutschland, is pictured above a monitor wall at the Kabel Deutschland playout center in Frankfurt February 25, ...

Britains FTSE down in choppy trade ahead of Fed

Wed, 19 Jun 2013 07:23:54 -0400

Wed Jun 19, 2013 7:23am EDT * FTSE 100 down 4.28 points at 6,396.96 * Defensive stocks in favour * Volatility near 6 month highs ahead of Fed * Aggreko falls as UBS cuts after update By David Brett LONDON, June 19 (Reuters) - Britain's top shares edged lower by midday on Wednesday and investors were reluctant to make bets before U.S. Federal Reserve Chairman Ben Bernanke provides clarity on ...

CFM confirms AirAsia order to power A320s

Wed, 19 Jun 2013 06:45:45 -0400

A320 aircraft.The deal is worth $8.6 billion (5.5 billion pounds) based on list prices and including a 20-year pay-by-the-hour service agreement, CFM said at the Paris Airshow on Wednesday. The news confirmed an earlier report by Reuters.CFM is a joint venture of General ...

Ofcom to probe BSkyB over sports channel supply

Wed, 19 Jun 2013 06:45:29 -0400

LONDON (Reuters) - Ofcom said on Wednesday that it would launch an investigation into satellite TV firm BSkyB over the wholesale supply of its sports channels after a complaint by Sky's increasingly bitter rival BT.Ofcom said the probe would centre on BT's claims that the terms on which Sky offered its sports channels, Sky Sports 1 and Sky Sports 2, to BT's YouView platform ...

Bank of England chief out-voted in swan song meeting

Wed, 19 Jun 2013 06:45:23 -0400

LONDON (AFP) - Bank of England governor Mervyn King called for more easy-money stimulus at his final meeting in June, but was out-voted by fellow policymakers for the fifth month in a row, minutes showed on Wednesday.The details were published shortly before the US Federal Reserve central bank announces its latest position on easy-money stimulus.Former Canadian central bank chief Mark Carney will ...

Libor case SFO charges ex-UBS trader Tom Hayes

Wed, 19 Jun 2013 06:27:15 -0400

A former UBS trader was today charged with offences of conspiracy to defraud in connection with the investigation by the Serious Fraud Office into the manipulation of the Libor interbank lending ...

Kuroda to ride out market storm without more stimulus

Wed, 19 Jun 2013 06:21:47 -0400

By Leika Kihara TOKYO (Reuters) - Bank of Japan Governor Haruhiko Kuroda has no intention of blinking first in the face off with Japan's markets even as central bank officials grow increasingly worried about price volatility. Instead, he wants ...

Airbus wins A350 order from Air France-KLM

Wed, 19 Jun 2013 06:21:13 -0400

Air France-KLM has been at loggerheads with suppliers over issues mainly including maintenance of the plane's Rolls-Royce engines ever since the deal was first mooted in 2011. Air France and Rolls had clashed over conflicting ideas for engine supply ...

London Markets Oil firms banks bruise FTSE 100

Wed, 19 Jun 2013 06:18:49 -0400

LONDON (MarketWatch) -- Banks dropped in London on Wednesday after a commission called for sanctions for bad bankers, while oil firms on the decline put further pressure on the U.K. ...

German cartel court takes on Porsche lawsuit source

Wed, 19 Jun 2013 05:40:46 -0400

Reuters © A logo is seen on a Porsche 911 Carrera 4S displayed ahead of the annual news conference at the Porsche headquarters in Stuttgart March 15, 2013. REUTERS/Lisi ...

Bank of England ranks cyber attacks above Eurozone crisis as biggest threat

Wed, 19 Jun 2013 05:22:18 -0400

Cyber attacks have risen to the top of the list of threats for UK banks according to Bank of England's director of financial stability, Andrew Haldane, but understanding and management of the risk is still at an "early stage". Speaking at a Treasury select committee last week, Haldane said that during recent meetings with the five top banks in the UK, four of the banks had claimed ...

BoE split 6-3 against more QE at Kings final meeting

Wed, 19 Jun 2013 05:15:52 -0400

LONDON (Reuters) - The Bank of England remained divided 6-3 against more asset purchases in June and watched with caution market reaction to signs the U.S. Federal Reserve might reduce stimulus. With the economy tentatively on the mend, ...

American Airlines US Airways seek EU approval for merger

Wed, 19 Jun 2013 05:15:51 -0400

BRUSSELS (Reuters) - US Airways Group (LCC.N) and American Airlines (AAMRQ.PK) are seeking EU antitrust approval for their planned $11 billion merger, which would create the world's largest carrier. The proposed tie-up, the fourth in the U.S. ...

FTSE retreats Fed in focus

Wed, 19 Jun 2013 05:15:51 -0400

By Tricia Wright LONDON (Reuters) - The FTSE 100 fell on Wednesday with traders saying investors were shifting positions ahead of the conclusion of a U.S. Federal Reserve meeting which could give hints about the longevity of its ...

New CEO begins Alcatel make-over

Wed, 19 Jun 2013 05:15:50 -0400

The plan unveiled on Wednesday by Michel Combes, the company's new chief executive, will also include more than a billion euros of unspecified asset sales and 2 billion euros in debt re-financing by 2015, followed by a further 2 billion in debt reduction that could include issuing new ...

Slovenias recession may last through 2014 central bank official

Wed, 19 Jun 2013 05:15:50 -0400

By Marja Novak LJUBLJANA (Reuters) - Slovenia's economy may contract in 2014 as well as 2013, a central bank official said on Wednesday, signalling the country's recession could last a year longer than the government expects. "Next year we can ...

New Eurofighter chief aims to make jet cheaper

Wed, 19 Jun 2013 05:15:09 -0400

At the Reuters Tech Summit, Trulia chief executive Pete Flint says private equity investors are starting to pull back from buying U.S. real estate, while overseas buyers are coming on strong once ...

Britains FTSE creeps higher Fed in focus

Wed, 19 Jun 2013 05:02:56 -0400

* FTSE 100 down 0.6 percent before Fed statement* Ex-divs knock 1.8 points off the indexBy Tricia WrightLONDON, June 19 (Reuters) - Britain's top shares fell ...

AIRSHOW-Boeing says 737 MAX to enter service in Q3 2017

Wed, 19 Jun 2013 04:21:54 -0400

PARIS, June 19 | Wed Jun 19, 2013 4:21am EDT PARIS, June 19 (Reuters) - Boeing's upgraded and re-engined version of its 737 aircraft will come into service in the third quarter of 2017, around six months earlier than scheduled, a company executive said at the Paris Airshow. This helps the 737 MAX close the gap with its main rival - the upgraded Airbus 320neo due to enter service in ...

Excitement as CSeries regional jet gets ready for take-off

Wed, 19 Jun 2013 04:18:05 -0400

Canada in the last week of June, six months later than first announced. CS300, the larger CSeries model of more than 130 seats, is starting to be worked on ...

Japanese business to announce Northern Ireland jobs boost

Wed, 19 Jun 2013 04:18:04 -0400

Japanese Prime Minister Shinzo Abe makes a speech during his visit to Titanic Belfast with First Minister Peter Robinson and deputy First Minister Martin McGuinness. Photo by Kelvin Boyes/Press Eye/PA ...

Revision of Cypriot bailout terms not likely euro zone officials

Wed, 19 Jun 2013 04:11:07 -0400

BRUSSELS (Reuters) - The euro zone does not intend to change the terms of Cyprus's bailout as requested by Cypriot President Nicos Anastasiades in a letter sent to euro zone leaders and its lenders, three senior euro zone officials said on ...

AIRSHOW-UPDATE 1-Leasing firm CIT orders 30 Boeing 737 MAX planes

Wed, 19 Jun 2013 03:57:16 -0400

Wed Jun 19, 2013 3:57am EDT * CIT orders worth $3 billion at list prices * Order comprises 10 new planes, 20 conversions * CIT 'seriously looking' at 787-10 - CIT's Knittel * CIT now has total order book of 164 aircraft PARIS, June 19 (Reuters) - Boeing has won an order for 30 of its 737 MAX 8 aircraft worth $3 billion at list prices from leasing firm CIT Group, the two companies said ...

BC Partners buys Springer Science for 3.3 billion euros

Wed, 19 Jun 2013 03:12:49 -0400

FRANKFURT, June 19 | Wed Jun 19, 2013 3:12am EDT FRANKFURT, June 19 (Reuters) - Private equity firm BC Partners agreed to buy German publisher Springer Science+Business Media for about 3.3 billion euros ($4.4 billion), Springer Science owner EQT said on Wednesday. The closing of the transaction is expected in August, EQT said. Springer Science is owned by Swedish private equity firm EQT ...

Housebuilder Berkeleys profit rises 26 percent

Wed, 19 Jun 2013 03:07:04 -0400

LONDON (Reuters) - British housebuilder Berkeley Group Holdings (BKGH.L) posted a 26 percent rise in full year pretax profit and said its 10-year plan to return 1.7 billion pounds to shareholders was on track. The London-focused developer ...

Darty year profit slumps

Wed, 19 Jun 2013 03:07:02 -0400

LONDON (Reuters) - Darty (DRTY.L), Europe's No. 3 electrical goods retailer, posted an expected slump in year profit, hit by weak economies in the euro zone and a structural shift to online sales. The firm, which trails Metro's (MEOG.DE) ...

Minutes from the June Bank of England meeting

Wed, 19 Jun 2013 03:03:57 -0400

FOMC meeting: In addition to the normal statement, the Fed will publish FOMC members' projections for growth and the Fed funds rate, followed by a press conference with Chairman Ben Bernanke. He is likely to once again stress that QE tapering is not a tightening of monetary policy but rather a reduction in monetary easing and that QE tapering will not imply that the Fed has moved the timing ...

Japans exports pick up pace give economy momentum in rough markets

Wed, 19 Jun 2013 02:28:16 -0400

By Kaori Kaneko and Stanley WhiteTOKYO (Reuters) - Japan's exports rose in May at the fastest annual rate in more than two years with the help of a weak yen and a moderate pick-up in global demand, boding well for the government's efforts to steer the economy through market turbulence.The faster-than-expected rise is welcome news for Prime Minister Shinzo Abe after recent a sell-off in ...

GLOBAL MARKETS-Asian markets tense before Fed Nikkei outperforms

Wed, 19 Jun 2013 02:16:39 -0400

Wed Jun 19, 2013 2:16am EDT * Asian stocks softer as Fed outcome awaited * Markets hope for clarity on any pullback in Fed stimulus * Nikkei outperforms as softer yen boosts exporters * Major currencies, commodities mostly steady By Ian Chua SYDNEY, June 19 (Reuters) - Japanese stocks rose on Wednesday, thanks to a positive lead from Wall Street and a softer yen, outperforming the rest of Asia ...

Pay cuts damage the civil service

Wed, 19 Jun 2013 01:05:58 -0400

Pay cuts to mandarins may have deterred people with business experience joining Whitehall and could result in an exodus of senior talent from the public sector, a report by a spending watchdog has warned. The National Audit Office found there was a 17.4% real terms reduction in the base salary for senior civil servants since ...

Cold spell warms Costas coffers

Wed, 19 Jun 2013 01:05:58 -0400

Britain 's colder-than-normal spring. Costa's like-for-like revenues rose 8% in the 13 weeks to May 30 as more customers lingered in its shops due to frozen temperatures outside. However there was no such boost for Whitbread's restaurant ...

Drugs research boost to Britain

Wed, 19 Jun 2013 01:05:57 -0400

Britain discovering the next generation of medicines. The group revealed yesterday it will build a 330m research and development site on Cambridge Biomedical Campus by 2016, employing about 2,000 ...

easyJet deal for 135 new planes

Wed, 19 Jun 2013 01:05:56 -0400

Microsoft has revealed that its new XBox One games console will carry an "expensive" price tag of over £400 when it is launched in ...

Housing Executive repair firm goes bust

Wed, 19 Jun 2013 01:05:56 -0400

Belfast , after they were told on Monday that all 150 of their jobs had been lost.A spokeswoman for administrators Cavanagh Kelly said: "Tightening margins in MDC's activities have resulted in increased financial pressures that have proven unsustainable."The Portadown-based firm carried out response maintenance work for the NIHE in Craigavon, Lisburn, south Belfast and Shankill.An ...

The heir to Nicks throne

Wed, 19 Jun 2013 01:05:55 -0400

Nick Price , owner and chef at Nick's Warehouse in the Cathedral Quarter, last week confirmed he was selling up to Willie Jack, the owner of nearby pub the Duke of York. The building will be converted into a live music venue.Food critic John McKenna - co-author of John and Sally McKennas' Guides - praised Mr Price."His contribution to eating is unmatched... Frankly, he deserves a ...

Media hacks piggyback on event in fine surroundings

Wed, 19 Jun 2013 01:05:55 -0400

The presence of police on each and every bridge on the way down to a G8 media soiree kept my speed down and proved, in a very minor way, why just being there and being visible is a good deterrent, at least to late-running Percy Pig-fuelled journalists if not G8 protesters.At the do itself, held in the beautiful surroundings of Castle Coole, it was a treat to see the great and good ...

Commission suggests splitting RBS as part of bank reforms

Wed, 19 Jun 2013 01:05:54 -0400

Royal Bank of Scotland into a "good" bank and a "bad" bank must be looked at immediately as part of an urgent rethink of Government plans for privatisation, according to a Parliamentary ...

Expansions on the menu for McKenna

Wed, 19 Jun 2013 01:05:53 -0400

Belfast , including one in the Cathedral Quarter close to Nick's Warehouse, which will close next month.Even the Titanic Quarter is under his radar - though he admitted that might not happen for "another five years".Mr McKenna (right), who is in business with his wife Joanne, opened fine dining spot James Street South on the street of the same name in 2003.That was followed by the ...

WRAPUP 1-Fed seen keeping options open on pace of bond buying

Wed, 19 Jun 2013 00:59:57 -0400

Wed Jun 19, 2013 12:59am EDT * No change expected in Fed's bond purchase pace * Fed's inflation language to face scrutiny * Bernanke to stress difference between tapering, tightening By Alister Bull WASHINGTON, June 19 (Reuters) - Federal Reserve policymakers will likely announce on Wednesday that they will keep buying bonds at a monthly pace of $85 billion, while keeping their options ...

Asia business sentiment rises in second quarter global growth risk still dominates

Tue, 18 Jun 2013 23:51:19 -0400

SEOUL (Reuters) - Asia's top companies have become more optimistic about their business outlook with the retail and shipping industries rebounding sharply in the second quarter of 2013, the latest Thomson Reuters/INSEAD Asia Business Sentiment Survey ...

Kodak prepares $406 million offering as it eyes bankruptcy exit

Tue, 18 Jun 2013 22:08:17 -0400

on Tuesday said it will seek court approval for a $406 million (259.7 million pounds) rights offering that could give creditors a big equity stake in the company after it emerges from Chapter 11 bankruptcy protection.Kodak said creditors agreed to backstop an offering that would let the Rochester, New York-based company issue 34 million common shares at $11.94 each, equal to about 85 percent of ...

GLOBAL MARKETS-Nikkei rallies others subdued as Fed looms

Tue, 18 Jun 2013 21:02:15 -0400

Tue Jun 18, 2013 9:02pm EDT * All eyes on Fed Chairman Ben Bernanke after FOMC meeting * Markets hoping for clarity on any pullback in Fed stimulus * Nikkei higher; Asian stocks and major currencies mark time By Ian Chua SYDNEY, June 19 (Reuters) - Japanese stocks started trade on Wednesday with a spring in their step thanks to a positive lead from Wall Street and a softer yen, but the rest of ...

If Osborne was thinking at all he clearly would break up RBS

Tue, 18 Jun 2013 20:42:22 -0400

There was a heroic effort by RBS and the Treasury on Wednesday night to impress upon us that Mr Hester had not been fired by the board (acting under the orders of ...

Bosses of collapsed banks should be sent to jail George Osborne told

Tue, 18 Jun 2013 20:42:13 -0400

Britain's banking bosses should face jail if their decisions force fresh bailouts, the Parliamentary Commission on Banking Standards says ...

Stocks post solid gains Tuesday

Tue, 18 Jun 2013 20:23:16 -0400

U.S. markets churned higher Tuesday after the Commerce Department said price inflation remained muted in May. The report by itself had negligible effect. But every report of late has been held up to the light to see how it might affect the U.S. Federal Reserve's monetary policy announcement expected Wednesday. Low inflation means the economy is not overheating. In turn, some investors have ...

British banking needs radical overhaul study

Tue, 18 Jun 2013 19:55:13 -0400

LONDON (AFP) - Britain needs a "radical" overhaul of its scandal-hit banks, with reckless bankers facing jail and bonuses deferred for up to ten years, a government commission set up after the Libor scandal proposed in a final report on Wednesday.The Parliamentary Commission on Banking Standards, which is mostly composed of lawmakers, concluded that senior bankers must be made ...

Call for overhaul of drug industry business model

Tue, 18 Jun 2013 19:55:12 -0400

By Ben HirschlerLONDON (Reuters) - Pharmaceutical companies need to boost the benefits of drug research by working with regulators and healthcare providers to overhaul the way medicines are approved and paid for, a think-tank backed by investors says.After years of disappointing research and development (R&D) productivity, a new report backed by leading institutional investors sees ...

Vodafone raises Kabel Deutschland offer after rival bid - report

Tue, 18 Jun 2013 19:55:10 -0400

made a rival bid, Bloomberg reported on Tuesday, citing people familiar with the bid.Bloomberg reported that Vodafone told Kabel Deutschland this week that it would be willing to pay 85 euros a share compared with its initial offer of 80 euros to 82 euros for the German company.Vodafone is said to be studying Kabel Duetschland's books before making an official offer, Bloomberg said.Liberty ...

UPDATE 1-Dish abandons Sprint bid for now to focus on Clearwire

Tue, 18 Jun 2013 19:48:49 -0400

Tue Jun 18, 2013 7:48pm EDT NEW YORK, June 18 (Reuters) - Dish Network Corp said it would not make a new offer to buy No. 3 U.S. wireless provider Sprint Nextel in time for a Tuesday deadline and will instead focus on its tender offer for Clearwire Corp . The decision may be good news for Japan's SoftBank Corp , which is also trying to buy Sprint. Satellite TV provider Dish said in a ...

Shell uses sabotage claims to avoid blame for Nigeria oil spills

Tue, 18 Jun 2013 19:45:45 -0400

Shell's persistent claims that theft and sabotage are responsible for almost all the oil spills at its operation in Nigeria could have been exaggerated, an international watchdog has ...

Lord Bilimoria The world loves British goods. Its time to put some fizz in our exports

Tue, 18 Jun 2013 19:45:44 -0400

Going back to my childhood in India, the mark of "Made in Great Britain" as a guarantee of quality resonates strongly, and as a nation the UK is still capable of producing world-class products to export - such as Jaguar and Land Rover cars, sought after across the world, from the USA to China and India. Without taking away from London's status as the international finance capital, ...

We were not leaned on over branch sale says Lloyds

Tue, 18 Jun 2013 19:45:41 -0400

The bosses of Lloyds Banking Group have denied that they were told by politicians to favour the sale of more than 600 branches to the Co-op over rival ...

US pullout is drag on Chemring

Tue, 18 Jun 2013 19:36:50 -0400

Chemring, the maker of systems that help the army detect and safely blow up roadside bombs, has slipped into the red as the US withdraws from ...

Costa sets up a flying start at Whitbread

Tue, 18 Jun 2013 19:36:50 -0400

Whitbread has got off to a "flying start" in the new financial year, according to the chief executive of Britain's biggest hotel and restaurant group, Andy ...

Hedge fund big-hitter Loeb ups Sony stake as he targets entertainment arm spin-off

Tue, 18 Jun 2013 19:36:49 -0400

The head of the $13bn (8bn) hedge fund Third Point believes Sony should spin off its entertainment unit, which includes one of Hollywood's leading studios. In a letter to its chief executive Kazuo Hirai ahead of its annual meeting tomorrow, Third Point said: "Sony appears to be regaining its competitive edge. Given our large stake, we reiterate our offer to serve on Sony's board ...

Crest looks to build on success – and avoid bubble

Tue, 18 Jun 2013 19:36:48 -0400

Crest Nicholson has played down fears of a new boom in property prices in its maiden results since a triumphant return to public markets in ...

EasyJets Sir Stelios angry over fleet upgrade

Tue, 18 Jun 2013 19:36:48 -0400

EasyJet has finally sealed a deal to buy 135 jets worth about $13bn (8bn) from Airbus, sparking a fresh battle with its founder and biggest shareholder, Sir Stelios ...

Ruined crops trigger near 20 per cent price leap

Tue, 18 Jun 2013 19:36:47 -0400

Britain's coldest spring for more than 50 years has sent the cost of home-grown crops surging to their highest level since August 2008, figures showed ...

Crackdown on political meddling in City watchdogs

Tue, 18 Jun 2013 19:36:45 -0400

The commission's call follows fears that ministers have in the past pushed regulators to go easy on the City, particularly when the Financial Services Authority used to boast of its "light touch" regulation in the years leading up to the financial crisis. The plan envisages that Mark Carney, the incoming governor, would report to the Treasury Select Committee. That breaks new ...

Aspen to acquire Glaxo thrombosis drugs

Tue, 18 Jun 2013 19:36:45 -0400

GlaxoSmithKline has received a bid approach for its thrombosis drug brands Arixtra and Fraxiparine, which last year bought in sales of more than ...

Boost from Americas to spark Aggreko

Tue, 18 Jun 2013 19:36:44 -0400

Aggreko, the FTSE 100 generators giant, yesterday said that strength in the Americas would see revenues grow 5 per cent during the first half of the year, but trading profit for the six months will still be in line with last year's ...

Bid war looms over Germanys Kabel

Tue, 18 Jun 2013 19:36:44 -0400

Shares in the German telecoms company Kabel Deutschland jumped nearly 4 per cent yesterday on the prospect of a EUR7.5bn (6.4bn) bidding war after US giant Liberty Global entered the fray against ...

UK defies European car sales downturn

Tue, 18 Jun 2013 19:36:43 -0400

Sales were down 5.9 per cent against a year earlier across the European Union, falling to just 1.04 million, the ACEA car makers' association said. This was the worst May since 1993, when sales dropped below 1 million. The downturn punished all major markets as the eurozone wallows in a sixth straight quarter of recession and record unemployment. Sales plummeted 9.9 per cent in Germany and ...

Bank set to miss inflation target just as Mark Carney becomes governor post

Tue, 18 Jun 2013 19:36:43 -0400

Mark Carney, the incoming Governor of the Bank of England, could be forced to write to the Chancellor to explain away high inflation within days of starting his new job after a jump in the cost of living last ...

New York regulators fine Deloitte $10m over StanChart

Tue, 18 Jun 2013 19:36:42 -0400

Nikhil Kumar is The Independent's New York correspondent. He was formerly assistant editor on the foreign desk and has also done a variety of jobs on the city desk, where he wrote about markets, commodities and other business and economics ...

James Moore Reckless bosses must face the consequences

Tue, 18 Jun 2013 19:36:42 -0400

It is for the courts now to decide whether Mr Hayes is guilty or not, and I don't seek to make any comment on that. But there is a point to be made here. The CBI says those who involve themselves in fraudulent behaviour in the UK already face tough sanctions and enforcing those should be the focus of the authorities as opposed to the creation of new offences. The problem is, as the ...

James Moore Why George Osborne must beware of the banking backlash

Tue, 18 Jun 2013 19:36:41 -0400

Outlook The blue touch paper has been lit and it might pay for George Osborne to consider a flak jacket when he delivers his Mansion House ...

UKs Osborne to unveil future of state-controlled banks

Tue, 18 Jun 2013 19:30:03 -0400

Britain's Chancellor of the Exchequer George Osborne speaks at the Confederation of British Industry (CBI) annual dinner in London May 15, ...

Hewlett-Packard moves printer PC executive Bradley into new job

Tue, 18 Jun 2013 18:51:48 -0400

on Tuesday named Todd Bradley, the head of its largest unit, printing and personal computers, to take on the new job of improving the company's China business and extending distribution partner relationships around the world.Bradley, who was among the people considered for the chief executive post after the ouster of Mark Hurd in 2010, will also work with CEO Meg Whitman to identify ...

3i confirms departures of UK Nordic private equity heads

Tue, 18 Jun 2013 18:27:33 -0400

(Reuters) - British buyout firm 3i Group Plc (III.L), which is carrying out a major restructuring, confirmed on Tuesday that the head of its UK private equity operation has left and that his counterpart in the Nordic region plans to leave soon. ...

Alcatel-Lucent revamp aims to cut 1 billion euros in costs - report

Tue, 18 Jun 2013 18:27:33 -0400

PARIS (Reuters) - Telecommunications gear maker Alcatel-Lucent aims to cut a billion euros in costs and focus on the IP router business and mobile broadband as part of a strategic revamp to be unveiled by its new chief executive on Wednesday, ...

Icahn seeks Dell share buyback buys South-eastern stock

Tue, 18 Jun 2013 18:27:32 -0400

(Reuters) - Billionaire investor Carl Icahn promised Dell Inc shareholders that the company would buy back up to $16 billion (10.2 billion pounds) of stock if they join his campaign to stop the computer maker from going private. Time is running ...

Deloitte to pay NY $10 million for misconduct over Standard Chartered

Tue, 18 Jun 2013 17:47:18 -0400

Reuters © The logo of Standard Chartered is seen at its new Singapore office tower at the Marina Bay Financial Centre, January 24, 2011. REUTERS/Kevin ...

Thirteen arrested in Italian plant-smuggling operation

Tue, 18 Jun 2013 17:10:02 -0400

Thirteen people have been arrested in northern Italy after they tried to smuggle thousands of protected and hallucinogenic plants, police said Tuesday. The suspects face charges including drug smuggling, the Italian news agency ANSA reported. Forest guards seized 1,700 protected cactus plants and 600 peyote plants in the arrest, investigators said. Peyote is known to induce hallucinations. ...

Exclusive - Facebook reaches one million active advertisers

Tue, 18 Jun 2013 16:41:08 -0400

Reuters © A smartphone user shows the Facebook application on his phone in the central Bosnian town of Zenica, in this photo illustration, May 2, 2013. REUTERS/Dado ...

Troika team pauses Greek inspection talks to finish end-June

Tue, 18 Jun 2013 16:41:05 -0400

Reuters © Greece's Finance Minister Yannis Stournaras (C) speaks to the media as he leaves the Prime Minister's office in Athens June 17, 2013. REUTERS/Yorgos ...

Huawei might consider buying Nokia -report

Tue, 18 Jun 2013 16:16:12 -0400

NEW YORK (Reuters) - Chinese network equipment and cellphone maker Huawei Technologies Co. would consider buying Finland's Nokia to help it expand its smartphone business, according to a story on the Financial Times website. The story quoted the ...

AIRSHOW-EasyJet plane order rekindles Airbus-Boeing subsidy row

Tue, 18 Jun 2013 15:29:54 -0400

PARIS, June 18 | Tue Jun 18, 2013 3:29pm EDT PARIS, June 18 (Reuters) - An order for more than 100 Airbus passenger jets by UK low-cost carrier easyJet has re-ignited a long-running trade spat between the European planemaker and U.S. rival Boeing. EasyJet announced the $10 billion order for 100 A320neo medium-haul jets, together with 35 current-generation A320 aircraft worth $3 billion ...

Bank of England appoints woman as first chief operating officer

Tue, 18 Jun 2013 15:24:14 -0400

Bank of England governor, has appointed Charlotte Hogg, a senior executive at Santander and the scion of one of Britain's most blue-blooded political dynasties, to become the Bank's first chief operating officer.Hogg, who heads Santander's high street operations, will start at the Bank on 1 July - the day that Carney takes over from Sir Mervyn King. The 41-year-old will head all ...