|Apple Inc snubs Google Inc by dropping the YouTube app from iOS 6|
|Tuesday, 07 August 2012 08:30|
News round up: Apple, Google, Facebook Inc, PPI mis-selling, European banks, China, Falkland Islands.
Companies advertising on Facebook will be forced to vet comments posted by members of the public, following a landmark ruling by an advertising watchdog in Australia. The Advertising Standards Board ruled that posts on Smirnoff’s Facebook page are effectively advertising, regardless of whether they were made by the company or a member of the public, and should therefore comply with advertising laws.
Refunds of mis-sold payment protection insurance (PPI) are doing more to boost Britain’s stuttering economy than government initiatives to stimulate growth, official and bank data show. The UK’s five biggest banks have set aside almost 9bn pounds to cover claims for selling their customers loan insurance that was either not needed or could not be used, in one of the most costly consumer scandals on record. About 4.8bn pounds had already been paid out by the end of May – effectively acting as "helicopter money" dropped into the hands of those people who may be among the most likely to spend it, The Financial Times reports.
Some of the UK’s biggest listed companies are pulling money out of European banks and drawing up contingency plans for the break-up of the euro, amid growing fears over the future of the single currency. British Airways, pharmaceuticals giants AstraZeneca and GlaxoSmithKline, as well as Royal Dutch Shell, are among those making emergency preparations as the Eurozone debt crisis escalates.
It was supposed to be the marketeer’s dream, a land of a billion consumers with rising spending power, a penchant for exotic Western products and little-developed local competition. But a quarter of a century after they entered the country, Procter & Gamble, Unilever and the other leading consumer goods groups appear to be failing in China as people shun their brands for locally made products. The top 50 multinationals had only 17% of the €110bn (£87bn) market at the end of 2010, compared with about a third of the market in Brazil, Russia and India, according to a report by the OC&C management consultancy.
Argentina has set itself on another collision course with Britain by planning to use seized energy company YPF to search for oil around the Falkland Islands, according to reports. State-controlled YPF, formerly owned by Spain's Repsol, is teaming up with Venezuelan oil giant PDVSA to explore the area. "We discussed the need for oil and gas exploration in the territory and offshore areas, adjacent to the Falklands, but we have to analyze the costs and time," PDVSA president Rafael Ramirez Carreno told Argentine newspaper Pagina12.
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