News round up: Lloyds Banking Group plc, Barclays plc, Royal Bank of Scotland Group plc, Apple Inc, House sales and Bank of England.

Broker Liberum Capital has initiated coverage of a number of UK banks, and points out that the likes of Lloyds Banking Group plc (LON:LLOY), Barclays plc (LON:BARC) and Royal Bank of Scotland Group plc (LON:RBS) are currently "un-investable" due to the instability in the Eurozone.

These banks’ exposures to the struggling PIIGS nations are beyond their entire market caps, Liberum warns according to City A.M.

Liberum Capital has started covering Lloyds with a speculative "buy" rating and a target price of 29p. HSBC Holdings plc and Standard Chartered are the top bank picks as with their current prices they offer good value due to their limited exposure to Europe.

Apple

Apple has stepped up the cold war against Google by removing the internet company’s maps from its phones and computers while striking a deal to integrate Facebook’s network into its devices more closely. Tim Cook, Apple’s chief executive, unveiled a slimmed-down range of Mac computers aimed at stealing a larger slice of the personal computer market.

Apple also revealed software upgrades that will ensure that the iPhone and iPad are closely integrated with Facebook, as the two Silicon Valley companies signalled the beginnings of a loose alliance against Google, The Times says.

House sales

House sales have plunged by almost 40% since the peak of the housing market as the lack of available mortgage finance prevents potential buyers from stepping on to the property ladder. In its latest health check of the housing market, the Royal Institution of Chartered Surveyors said that in May the average number of completed sales per surveyor was 15.6.

This represents a significant drop from May 2007’s figure of 25.4, The institution said that with transactions down and affordable mortgage finance harder to come by, homes were taking much longer to sell. In the three months to May, surveyors sold 23.1% of the homes on their books, a huge fall from the same period in 2007, when they disposed of 40.9%, The Times reports.

Bank of England

Bank of England policy maker Adam Posen has urged the UK central bank to buy assets other than Government bonds. Mr Posen, who will step down from his role in August, added that he was "too optimistic" when he abandoned a push for more stimulus in April.

"Further asset purchases by central banks can improve the economic situation we are now in," Mr Posen said in a speech in London. He also said it is "time for the major central banks, including the Bank of England, to engage in purchases of assets other than government bonds," The Telegraph says.