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Monday 3 September 2012

UK Financial News on 2012-09-03

Bankers balk at ECB bond buying
Draghi's plan for central bank interventions could make Spain and Italy vulnerable to market shifts.....

EU considers European Jobs Act to boost capital access
The European Securities and Markets Authority is expected to publish a 'high-level strategic paper' this week as part of efforts to boost capital access for smaller companies.....

State Street fights London asset management exodus
Nine senior executives have parted company with State Street Global Advisors' London-based asset management business.....

US and European exchanges hit by August fall in trading volumes
Trading across all asset classes plunged last month and equity trading in the US dropped to eight-year lows.....

Beijing props up Bank of China in Switzerland
The Bank of China's European arm has chalked up a writedown of more than £30m from its foray into the Swiss private banking market.....

New trading platform to use social networking
A group of private investors has unveiled a new trading platform that will use social-networking techniques to help sellside firms trade large blocks of shares.....

UN misses target as equities disappoint
The United Nations Joint Staff Pension Fund has taken steps to further diversify its investments and increase its emerging market allocations.....

Spencers City Index pushes into Israel
City Index, the retail brokerage group controlled by Icap boss Michael Spencer, will this week launch an Israeli subsidiary.....

UK manufacturing orders pick up
The downturn in UK manufacturing unexpectedly eased last month as domestic orders boosted output, a survey indicates......

West Coast Main Line deal on hold
The government confirms the deal to hand the West Coast Main Line rail franchise to First Group is on hold following a legal challenge by current operator Virgin......

Andalusia urges Spain state help
Spain's Andalusia becomes the latest region to request a financial lifeline from the central government......

Fyffes warns of fruit price rise
Tropical fruit supplier Fyffes warns of higher banana and pineapple prices due to rising fuel costs and adverse exchange rates......

Eurozone manufacturing down again
Manufacturing output across the 17-country eurozone shrank again in August, according to a widely-watched survey......

China manufacturing dips further
China's manufacturing activity falls to a nine-month low in August, adding to fears that its economy is slowing faster than estimated......

Direct Line nears RBS separation
Insurance firm Direct Line announces that its separation from parent group RBS is "substantially complete"......

Historic tax return warnings sent
Thousands of taxpayers will receive letters this week urging them to deal with any historic tax returns they have failed to submit......

Apple in new Samsung patent case
Apple has filed a new list of Samsung devices it claims infringe its patents in an ongoing dispute over copyright.....

New BBA chief aims to build trust
The new chief executive of the British Bankers' Association, Anthony Browne, pledges to restore trust in banking after the sector hit a "low place"......

Remploy staff in five-day strike
Disabled workers at Remploy sites in Glasgow and Chesterfield in Derbyshire launch a five-day strike, following closures......

Travel firm to hire 75 new staff
A Glasgow-based travel firm is to take on 75 new staff as it expands its operations in Scotland and the north of England......

Etihad ups Virgin Australia stake
Abu Dhabi's Etihad Airways doubles its stake in Virgin Australia amid a push to increase its global presence......

Sharp shares fall on Hon Hai note
Shares of Japan's Sharp dip after a report that it has offered to lower the price of its stake sale to Taiwan's Hon Hai Precision Industry......

Uncertainty over marina future
Uncertainty surrounds the future of a planned 19m marina in Swansea after the development stalled......

Pirate Bay founder Warg arrested
Gottfrid Svartholm Warg, one of the founders of the popular file-sharing website Pirate Bay, is arrested in Cambodia, police say......

Overseas sales boost dating firm
Edinburgh online dating firm Cupid more than doubles sales in new overseas markets, helping it to a 51% rise in profits......

ECB urged to take eurozone action
The head of the Organisation for Economic Co-operation and Development calls on the European Central Bank to take "credible" action on the eurozone crisis......

Osborne vows infrastructure boost
Chancellor George Osborne unveils plans to back up to 50bn in private sector building projects - but Labour says he has "no new ideas"......

Liverpool issue spending warning
Liverpool's main owner John Henry writes an open letter to fans saying the owners will not damage the club's future with "risky spending"......

Bulls await Super League decision
Bradford Bulls honorary chairman Gerry Sutcliffe says the club are unsure if they will be allowed to continue in Super League......

Llanelli AFC settles tax debts
A bid to wind up Llanelli football club is dismissed at London's High Court after officials are told it paid off its tax debts ahead of the hearing......

VIDEO: Mobile phone firms launch devices
The world's big mobile phone companies have begun an unprecedented series of product launches......

AUDIO: What challenges lie ahead for HMV?
Retail analyst John Stevenson on the main challenges for the new chief executive of music chain HMV.....

AUDIO: Will the government's growth plan work?
Parliament reconvenes this week amidst much talk as to how the Coalition can kick-start the moribund economy and launch policies which promote growth. Conservative MP Mark Pritchard, and Liberal Democrat MP Tim Farron, debate the government's growth .....

AUDIO: Goldsmith: 'Osborne wrong on Heathrow plan'
Conservative MP Zac Goldsmith has repeated his threat not stand in the next election unless he is assured that the government will not consider building a third runway at Heathrow......

AUDIO: Maps 'are now used to sell stuff'
A new book out this week called A History of the World in Twelve Maps concludes the age of the paper map is over and online mapping is the future. The author of the book, Jerry Brotton, explains why he has come to that conclusion......

AUDIO: 'Desperate need' to restore trust in banks
Anthony Browne officially takes over as the new CEO of the BBA. He speaks to Simon Jack on restoring trust in banks......

AUDIO: Accumulation of protectionism 'worrying'
The World Trade Organisation's director general Pascal Lamy explains the problem of protectionism in certain countries around the world......

AUDIO: Does growth plan 'massage figures'?
The National Federation of Builders has questioned if the construction growth plan was a way to massage statistics......

The power exercised by philanthropists
The philanthropic power of the rich.....

House fire couple's insurance hell
Devastated couple who thought they were insured.....

Has Israeli firm cracked electric car angst?
Does Israeli invention spell end to electric car angst?.....

Euro zone enters crunch month
Sep.03 - The euro zone manufacturing sector contracted faster than previously thought last month. Attention now turns to the ECB's key meeting on Thursday for a way out of the debt crisis. Ciara Sutton reports......

Europe Day Ahead: EU leaders step up shuttle diplomacy
Sept. 3 - As the summer lull fades and the focus turns to the ECB's crucial policy meeting on Thursday, the German Chancellor Angela Merkel is spearheading the drive for a breakthrough in the debt crisis......

Bankia to receive emergency funds: source
Sep 3 - Nationalised Spanish lender Bankia will receive up to 5 billion euros in emergency funds by the middle of September, according to a source with knowledge of the matter. Joanna Partridge reports.....

September: Crash or cure?
Sept. 3 - As evidence of a global slowdown increases we ask three financial industry experts how they see this month playing out and the key elements of risk......

Market Pulse: Investors load up gold, platinum. Too loaded?
Sept. 3 - Strikes, supply and stimulus all combine to push precious metals prices higher, especially gold. But investors are holding onto large long positions - record levels in ETFs - which could cap gains......

Breakingviews: Bankias fishy DIY recap
Breakingviews......

Bonjour Asia! Club Med chases the new jet set
Sept. 3 - Club Med is aiming to capture the China market as tourism booms in the world's number two economy. CEO and Chairman Henri Giscard d'Estaing talks about its expansion plans on the mainland......

Viagra seen as boost for the jet-set
Researchers in Argentina say Viagra and other erectile dysfunction drugs could be used to help travellers overcome the effects of jet lag. The scientists found that mice given small doses of Viagra were able to readjust their internal clocks after ex.....

Good News: McArthur Glen in European push
"Joey" Kaempfer, the US businessman who brought designer outlet shopping villages to Britain, is moving deeper into Europe.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2308a1ed/mf.gif' border='0'/><br/&g.....

For how much longer can we keep kicking the can down this road?
David Davis was at his most lucid today in arguing the case for a smaller state and a much bolder deregulatory agenda, though he was strangely silent on reform of the planning system, a real blind spot for many on the Tory right.<img width='1' hei.....

Global crisis moves East as China suffers rapid downturn
China's industrial output is contracting at the fastest pace since the depths of the global financial crisis, with knock-on effects spreading across the Far East.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23.....

Leni Gas & Oil threatens to sue over Mediterranean Oil & Gas deal
Leni Gas & Oil is threatening court action against Mediterranean Oil & Gas (MOG), raising questions over whether it may have been misled before selling its interests in Malta at a low price.<img width='1' height='1' src='http://telegraph.f.....

Government hits back over West Coast rail fiasco
Transport minister Theresa Villiers defended the Government's decision to hand the West Coast rail franchise to FirstGroup, arguing that the 10bn bid will deliver "good return".<img width='1' height='1' src='http://telegraph.feedsportal.com/c/3272.....

Nuts and bolts - but not the type George Osborne wants
The Chancellor's promised "march of the makers" is yet to arrive - even if the latest manufacturing figures aren't as bad as feared.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2307f0ba/mf.gif' border='0'/>.....

Nuts and bolts - but not the type George Osborne wants
The Chancellor's promised "march of the makers" is yet to arrive - even if the latest manufacturing figures aren't as bad as feared.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23077109/mf.gif' border='0'/>.....

Blue-chip index lifted by buoyant mining stocks
Mining stocks dominated the FTSE-100 leader board yesterday - helping London's leading share index end its four-day losing streak.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23075fe3/mf.gif' border='0'/>&l.....

Phoenix shares slump on news of 14m blackhole
Shares in Phoenix IT Group plunged by more than a third today after the company warned that accounting irregularities would put a 14m hole in its balance sheet.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2307.....

Debt crisis: as it happened - September 03, 2012
Andalusia, the most populated of Spain's regions, became the latest to seek a state bailout as it buckles under heavy debts and struggles with an unemployment rate of 34pc.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/5.....

Debt crisis: live
Andalusia, the most populated of Spain's regions, became the latest to seek a state bailout as it buckles under heavy debts and struggles with an unemployment rate of 34pc.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/5.....

One Hyde Park flat on market for 65m
A flat at One Hyde Park, the UK's most expensive residential development, is on the market for 65m.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23065cc1/mf.gif' border='0'/>.....

Debt crisis: Germany readies markets for ECB disappointment
German finance minister Wolfgang Schaeuble indicates that investors could be left disappointed as they this week look for the European Central Bank to take action to tackle the eurozone debt crisis.<img width='1' height='1' src='http://telegraph.f.....

Paralympics highlight 'Best of British' medical technology
British expertise in ground-breaking medical technology was in the spotlight on Monday at a business summit marking the London Paralympics.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2305cf8a/mf.gif' border='.....

Andalusia becomes fourth Spanish region to ask for bailout
Spain's indebted Andalusia region is to seek central government aid with a 1bn (791m) "advance" to provide liquidity.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2305cf8d/mf.gif' border='0'/><br/><.....

Federal Reserve has already started QE3, says investor Jim Rogers
Veteran US investor Jim Rogers believes the US Fed has already launched a third round of quantitative easing, despite chairman Ben Bernanke failing to mention stimulus measures in Jackson Hole last week.<img width='1' height='1' src='http://telegr.....

Pair set up P-Lux to sell pro-EU clothing
Two friends start a fashion venture to promote benefits of the EU.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2305754f/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/1392.....

Sirius's UK potash mine plan that will create 1,000 jobs blasted by environmental campaigners
A UK mining company that hopes to create more than 1,000 jobs with plans to build of one of the world's largest potash mines has come under fire from environmental campaigners who fear a national park will be ruined.<img width='1' height='1' src='.....

Environmental campaigners to 'fight like mad' to protect national park from Sirius potash mine
Environmental campaigners have said they will "fight like mad" to protect a British national park after a mining company filed plans to build one of the world's largest potash mines in the North East.<img width='1' height='1' src='http://telegraph.....

Taxpayers offered chance to avoid fines over late returns
Taxpayers who have failed to file tax returns have just a few weeks to avoid large fines, HM Revenue & Customs has warned.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23040fe5/mf.gif' border='0'/>.....

Factories boost recovery hopes
Britain's manufacturers have started to show signs of life again after a dismal three month run with better-than-expected figures for August that revitalised waning hopes for the recovery.<img width='1' height='1' src='http://telegraph.feedsportal.....

UK manufacturing woes ease as eurozone factories suffer
Britain's manufacturing downturn eased significantly in August, raising the chances that the country is moving out of recession despite a faster-than-expected contraction in output at eurozone factories.<img width='1' height='1' src='http://telegr.....

UK manufacturing slump eases: analyst reaction
The downturn in Britain's manufacturing sector slowed sharply in August as domestic clients increased orders. Here is what the analysts said of the figures.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2303200f.....

Graduates to drive return of first-time buyers
The first-time buyer share of the housing market could increase over the next year, driven by a wave of university graduates trying to get on the property ladder with their parents' help, a study has suggested.<img width='1' height='1' src='http:/.....

Fyffes warns of higher banana prices despite rise in profits
Fyffes, the world's oldest fruit brand, reported a jump in profits but warned it may have to raise the cost of its bananas and pineapples due to higher costs.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2302b1.....