Financial News from Reuters - UK Focus

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  • British finance minister George Osborne plans to launch a 650 million pound raid on the BBC to help cover the country's benefits bill, forcing the corporation to meet the cost of free television licences for the over-75s, the Sunday Times said. It quoted senior government sources as saying a deal is close that will force …

  • Jenson Button joked he would like to see reverse starting grids introduced into Formula One with immediate effect but the McLaren driver had little to smile about otherwise at the British Grand Prix on Saturday. Qualifying 18th, with Spanish team mate and double world champion Fernando Alonso 17th, the Briton was quicker …

  • Dozens of migrants trying to stow away on vehicles crossing the Channel by tunnel between France and England broke through perimeter fences at Calais overnight, temporarily halting traffic, a Eurotunnel (Paris: FR0010533075 - news) spokesman said on Saturday. The disruption was the latest in a series of incidents involving …

  • New Credit Suisse AG Chief Executive Tidjane Thiam has told a Swiss newspaper he wants quick action to implement results of strategic review he is conducting at the Swiss bank. "Our investors have grown impatient given the pace at which we have moved. "Switzerland will still be the core of Credit Suisse (NYSE: CS - news) …

  • Prime Minister David Cameron outlined plans on Saturday to accelerate house-building over the next five years and raise the inheritance tax threshold on family homes to the psychologically important one million pound mark. Cameron and finance minister George Osborne were writing in the Times newspaper ahead of next Wednesday's …

  • Formula One world champion Lewis Hamilton found the speed he wanted and wrapped up British Grand Prix practice with the fastest lap in another Mercedes one-two at the top of the timesheets on Saturday. ...

  • Iran's oil minister Bijan Zanganeh will soon present a long-awaited template for new international oil contracts to the government, as foreign companies watch for a nuclear deal that could allow them into a major untapped market. Iran is in the final stages of negotiations with world powers on its disputed nuclear programme. …

  • Newly appointed Credit Suisse AG (NYSE: CS - news) Chief Executive Tidjane Thiam, in an interview with the Financial Times, promised a "ruthlessly selective" review of the Swiss bank's businesses, amid expectations that the incoming CEO would cut staff by about 15 percent from its investment banking arm. Thiam's reputation …

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  • UK private-sector growth falls to six-month low in June - CBI Reuters - UK Focus - Sat, Jul 4, 2015 00:01 BST

    Growth in Britain's private sector eased to its lowest level since the end of last year during the three months to June, although optimism among companies surged, according to the Confederation of British Industry. While manufacturing growth ticked up, the pace of expansion in services companies comprising the bulk of …

  • MEDIA-Vladimir Antonov said to have left UK after extradition ruling -FT Reuters - UK Focus - Fri, Jul 3, 2015 22:15 BST

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  • After Tunisia attack, sun-seekers switch to Spain, Bulgaria and Greece Reuters - UK Focus - Fri, Jul 3, 2015 17:55 BST

    Fearing for their safety in Tunisia after a gunman killed dozens of tourists, sun-seeking Europeans are switching to destinations such as Spain, Bulgaria or even Greece for holidays this year. Tunisia's tourism industry had been recovering after the Arab Spring unrest, and had become a popular lower-cost beach holiday …

  • Greek crisis hitting outlook for IPOs - Euronext Paris chief Reuters - UK Focus - Fri, Jul 3, 2015 17:53 BST

    Aix-en-Provence, France, July 3 (Reuters) - Greece's debt crisis risks is clouding the outlook for stock market listings after a flurry of flotations in the first half of the year, the head of Paris' stock market Anthony Attia said in an interview on Friday. "In terms of IPOs, we had a very good first half, but we are …

  • EU mergers and takeovers (July 3) Reuters - UK Focus - Fri, Jul 3, 2015 17:43 BST

    The following are mergers under review by the European Commission and a brief guide to the EU merger process: APPROVALS AND WITHDRAWALS -- Japan's Mitsui & Co and Holding Gonvarri, which is part of the ...

  • Greek worries drag euro zone shares to worst weekly fall this year Reuters - UK Focus - Fri, Jul 3, 2015 17:37 BST

    A top euro zone share index ended Friday with its worst weekly fall this year, as the market was hit by uncertainty over Greece's referendum on its bailout terms, which could determine whether it stays ...

  • Arctic Monkeys, Duran Duran honoured at Silver Clef Awards Reuters - UK Focus - Fri, Jul 3, 2015 17:23 BST

    From heavy metal rockers Iron Maiden to classical singers Il Divo, musicians of all kind were honoured at the O2 Silver Clef Awards on Friday, gathering for the annual luncheon that raises money for a ...

  • UK's Centrica extends North Morecambe gas field outage Reuters - UK Focus - Fri, Jul 3, 2015 17:20 BST

    Britain's Centrica on Friday extended the duration of an unplanned outage at its North Morecambe gas field, with output now due to resume at 0500 GMT on July 4, it said in an updated market message. Previously ...

  • Britain's FTSE marks biggest weekly drop in a month Reuters - UK Focus - Fri, Jul 3, 2015 17:04 BST

    Britain's blue-chip share index marked its biggest weekly drop in a month on Friday, with miners slipping on a slowdown in China and banks falling after Brazil said it was investigating some global lenders' ...

  • Sterling dips, seen at risk from Greek referendum Reuters - UK Focus - Fri, Jul 3, 2015 17:00 BST

    Retail trading platform FXPro's head of market analysis, Angus Campbell, said sterling would be among the currencies under pressure on Monday if Greece votes 'No' on Sunday. "The looming referendum just puts a dampener on absolutely everything because I don't think people really want to make any significant decisions ahead …

  • UK to curb protection for savers, blames EU rules Reuters - UK Focus - Fri, Jul 3, 2015 16:40 BST

    British savers will have less of their money protected if a bank fails next year, the government said on Friday, blaming European Union rules which one senior lawmaker called "absurd". Relations between Britain and the EU are already tense. Prime Minister David Cameron, who is trying to reshape relations with the 27-member …

  • Restored Word War Two Spitfire to be auctioned for charity Reuters - UK Focus - Fri, Jul 3, 2015 16:34 BST

    A restored World War Two Spitfire which was shot down over northern France in 1940 is expected to raise about $3 million for charity when it goes up for auction in London next week. The wreckage of the Vickers Supermarine Spitfire Mk.1A was recovered in 1980 from a beach at Calais, northern France. It is being sold by …

  • Greek chaos brings valuations headache for fund firms Reuters - UK Focus - Fri, Jul 3, 2015 16:30 BST

    The closure of the Athens Stock Exchange since Monday has made it impossible for managers to ascertain exactly how far the value of shares in bluechip Greek companies such as Alpha Bank and Hellenic Telecommunications might have fallen since the country fell deeper into crisis. Only a handful of fund firms still hold large …

  • BG, BP win Indonesia's Tangguh LNG sale tender for 3 cargoes-sources Reuters - UK Focus - Fri, Jul 3, 2015 15:45 BST

    Indonesia's Tangguh liquefied natural gas export plant has sold a total of three cargoes to BG Group and BP, for July/August loading, trade sources said on Friday.

  • Barclays eyes narrow new UK bank as rivals take different path Reuters - UK Focus - Fri, Jul 3, 2015 15:44 BST

    Barclays (LSE: BARC.L - news) is planning to set up a smaller separate UK bank than rivals as British lenders finalise how to restructure to meet new rules designed to give greater protection to savers and taxpayers. Britain's big lenders must set up so-called 'ring-fenced banks' by 2019. The new businesses must include …

  • MELBOURNE/TOKYO, July 3 (Reuters) - Supply of high quality copper concentrate shrank more than expected in the first half of this year due to output delays in top miner Chile, squeezing the pipeline for metal producers and likely supporting prices later in 2015, traders said. Production from two of four mines in Chile …

  • The euro zone Euro STOXX 50 index was on track for its worst week since December. "Our clients are certainly not panicking, but they're generally holding back from taking up new positions," added Rupert Baker, equity sales executive at Mirabaud Securities.

  • FOREX-Soft U.S. jobs data pin down dollar, euro hostage to Greek vote Reuters - UK Focus - Fri, Jul 3, 2015 15:14 BST

    Caution reigned, with investors trimming positions in riskier assets and currencies before the Greek vote on Sunday on an international bailout deal that could determine whether the country stays in the euro zone. The dollar index was down 0.1 percent at 96.001, retreating from a four-week high of 96.422 hit earlier in …

  • Tennis-Wimbledon still abuzz over dread-locked Brown Reuters - UK Focus - Fri, Jul 3, 2015 14:50 BST

    Dread-locked German Dustin Brown was nowhere to be seen at Wimbledon on Friday, at least into the early afternoon, but his shock upset of Rafa Nadal the night before remained the talk of the tournament. Brown's Twitter (Xetra: A1W6XZ - news) account, @DreddyTennis, was alive with congratulatory messages, some in German, …

  • Metals investors look for miners to cut supplies to lift prices Reuters - UK Focus - Fri, Jul 3, 2015 14:33 BST

    Investors in industrial metals will keep a close watch on miners' results in coming weeks for possible announcements of production cutbacks that could bolster weak prices. "What will be very important over the next few weeks is whether we start to see some supply responses emerging during the corporate results period," …

  • UPDATE 1-Japan Q3 aluminium premiums mostly set at 6-year low -sources Reuters - UK Focus - Fri, Jul 3, 2015 14:07 BST

    Japan's aluminium premiums for July-September shipments were mostly set at a six-year low of $100 as swelling Chinese exports piled more pressure on an already swamped market, five sources directly involved in the talks said. The nearly $300 quarterly drop in premiums, the sharpest such decline ever, is in line with a …

  • Scientists convinced European heat waves boosted by climate change Reuters - UK Focus - Fri, Jul 3, 2015 13:56 BST

    As Germany and Spain sweated and London sweltered through its hottest July day on record this week, scientists said it is "virtually certain" that climate change is increasing the likelihood of such heat waves in Europe. In real-time data analysis released on Friday, a team of international climate scientists from universities, …

  • TUI sells stake in Greek hotel chain Grecotel Reuters - UK Focus - Fri, Jul 3, 2015 13:41 BST

    Tour operator TUI Group has sold its 50 percent stake in Greek hotel chain Grecotel to its partner, saying on Friday the move was part of a strategy to focus more on its own brand. TUI said its withdrawal, ...

  • Apax poised for 450 mln euro Dutch online retail deal -newspaper Reuters - UK Focus - Fri, Jul 3, 2015 13:32 BST

    British private equity firm Apax is close to a 450 million euro deal to buy RFS Holland Holding, a major operator of online retailers in the Netherlands, Dutch newspaper Financieele Dagblad reported on ...

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