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Tuesday 4 September 2012

UK Financial News on 2012-09-04

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 review 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.....

Service sector growth 'speeds up'
Activity in the UK service sector picked up in August with the Olympics, a closely-watched survey suggests......

Gazprom faces EU anti-trust probe
The European Commission says it will investigate Russian energy giant Gazprom for possible anti-competitive practices in central and eastern Europe......

US manufacturing sees weak growth
US manufacturing growth remains sluggish in August amid weak exports and employment, according to two closely-watched surveys......

Youth unemployment 'set to rise'
The effects of the euro crisis mean global youth unemployment is set to rise between now and 2017, the International Labour Organization warns......

Lufthansa crew in second walk-out
Lufthansa cancels at least 300 flights as cabin staff staged another industrial action at German's three busiest airports......

Reshuffle sparks Heathrow fears
London Mayor Boris Johnson attacks David Cameron's decision to move Justine Greening from transport - pledging to fight a third runway at Heathrow......

Hermes in complaint against LVMH
Luxury retailer Hermes files a legal complaint over the way rival LVMH bought a stake in it two years ago......

Vauxhall to shut plants for week
Vauxhall is to stop production for one week at its Ellesmere Port and Luton plants because of falling car sales across Europe......

Empty shop rate up across Britain
The proportion of shops lying empty increased in every region in Britain bar London between January and June, according to figures compiled by the Local Data Company (LDC)......

May publishes police pension plan
A switch to a career average pension scheme and higher contribution payments are among a raft of changes to police pensions, confirmed by the government on Tuesday......

UK construction sector contracts
Contraction of the UK construction sector was sharper than expected last month as new orders slumped at the fastest rate since the height of the 2008 financial crisis......

Olympics 'hurt UK retail sales'
Retail sales in the UK were lower in August as the popularity of the Olympics hit traffic at stores, the British Retail Consortium says......

Greene King and Spirit sales rise
Pub chains Greene King and Spirit boost sales over the summer despite the wet weather and disruption caused by the Olympics......

Bosses defend energy competition
Major company bosses have said during a grilling from MPs that the UK energy market is competitive and works well for consumers......

Moody's lowers EU rating outlook
Moody's lowers its outlook for the European Union's AAA credit rating to "negative" and warns that the bloc's rating could be downgraded......

Germany's Merck cuts 10% of staff
German drugs and chemicals maker Merck KGaA plans to cut one in 10 jobs at its domestic sites by 2015 as part of a restructuring programme......

Monitise manages to narrow losses
Mobile payments firm Monitise has narrowed its losses for the year to 16.9m and doubled its revenue to 36.1m.....

McDonald's opens vegetarian venue
The standard-bearer of the hamburger, McDonald's, is appealing to local taste and opening a meat-free outlet in India......

Autumn album pile-up 'a problem'
Music retailers urge record labels to spread the release of their big albums equally across the year, instead of scheduling them in the run-up to Christmas......

RBS failure 'needs clear redress'
Customers affected by the computer failure at RBS in June must be given "clear and straightforward" information on compensation, an MP says......

Tax return warnings dispatched
Thousands of taxpayers will receive letters this week urging them to deal with any historical tax returns they have failed to submit......

Liberia forests handed to loggers
More than 60% of Liberia's rainforest has been granted to logging companies in recent years, a report says......

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

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

India police raid coal companies
Police in India carry out raids across 10 cities as part of an investigation into alleged corruption in the allocation of coalfields......

Hyundai union backs new wage deal
Members of Hyundai Motor's labour union vote in favour of a new wage deal, ending the costliest labour dispute in the firm's history......

Fortescue cuts spending and jobs
Fortescue Metals Group puts its expansion plans on hold amid slowing demand and falling iron ore prices......

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: Olympics fail to deliver retail gold
The London 2012 Olympic Games have failed to deliver an economic boost to UK retailers......

AUDIO: The battle for smartphone patents
In light of the battle for intellectual property between Apple and Samsung, the BBC's Rory Cellan-Jones has been talking to two British design entrepreneurs who take very different views on patents......

AUDIO: One in seven UK shops 'vacant'
A report from Local Data Company also shows nearly one in seven British shops remained vacant at the end of June as retailers struggled in a double-dip recession......

VIDEO: Students take class in budgeting
Financial education is not on the National Curriculum, but now over half of secondary schools are teaching money management......

VIDEO: India police raid coal companies
Police in India have carried out raids across 10 cities as part of an investigation into alleged corruption in the allocation of coalfields......

AUDIO: CVA is 'powerful weapon' for landlords
Travelodge, which is nearly a billion pounds in debt, will meet with landlords and creditors today to ask them to agree to a company voluntary arrangement (CVA), which allows a firm to shrug off some of its debts to keep trading......

VIDEO: Australia worries about growth
Australia's central bank meets on Tuesday to discuss interest rates and the effect of the strong dollar,.....

VIDEO: Road to recovery after Thai floods
Thailand was hit by devastating flooding last year since then the government has launched a series of flood-prevention initiatives......

Recruitment robots need impressing
The machines deciding if you get hired or not.....

Bangladesh pins hope on Chittagong port
Can Chittagong port keep pace with Bangladesh's growing trade?.....

U.S. Day Ahead: Nokia's new Lumia needs MSFT's 'Halo' effect
Sep 4 - As Nokia and Microsoft launch the first shot in the war for control of the mobile market with its new Lumia, one analyst says it needs exclusive content to effectively compete against the iPhone......

Europe's delicate balance
Spanish and Italian bond yields fell sharply on Tuesday after European Central Bank President Mario Draghi was quoted on Monday as saying ECB purchases of sovereign bonds with maturity of up to three years would not breach European Union rules. Matt .....

America asks top economists for answers at Jackson Hole
took some of Americas biggest concerns about the recovery to top economists meeting in Jackson Hole, Wyoming. Find out how they answered......

Million dollar electric super-car revs up for London debut
Having unveiled his superfast electric car in Frankfurt last year, a Croatian designer will be trying to find buyers at the prestigious Salon Prive motor show this week in London. Jim Drury reports......

Trading at Noon: Auto sales zoom ahead; Netflix sidelined
Sep 4 - U.S. automakers report strong sales for August and Netflix stock drops as Amazon steals the spotlight, beefing up its movie collection......

Researchers one step closer to unravelling Alzheimer's
Sep.4 - Researchers at the University of Queensland and Harvard University have discovered a link between Alzheimer's disease and the length of the mitochondria inside brain cells. The discovery is the latest in a years-long study aimed at finding tr.....

Europe Day Ahead: EU leaders step up shuttle diplomacy
Sept. 4 - 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......

Strike forces Lufthansa to cancel flights
Sep.04 - Lufthansa, Germany's biggest airline, cancelled hundreds of flights during the second walkout by cabin crew over pay and conditions, which analysts predict could cost the airline between 5 and 10 million euros a day. Joanna Partridge reports.....

Stormy September awaits euro zone
Sep.04 - The euro zone is entering one of the most nail-biting months since the debt crisis began, with several key dates which could determine the bloc's future. Julian Satterthwaite reports......

Wealth Strategies: Weak September may mean buying opportunities
Sept. 4 - Jeff Hirsch of the Stock Trader's Almanac says markets are due for a pullback this month, but points out that will create opportunities at the end of the month, in most sectors other than energy......

3XSQ: Chrysler sales rev up in August
Sep 4 - Chrysler reports its 29th consecutive month of year-on-year sales gains with a 14 percent rise in August as automakers release their sales figures......

U.S. Morning Call: Super Mario to the rescue with bond plan
Sep 4 - ECB President Mario Draghi will present the details of a new bond-buying plan this week that is transfixing markets hopeful it can ease the euro zone crisis......

Market Pulse: How high can ECB "hopium" lift euro?
Sept. 4 - The euro still enjoying the boost from ECB bond-buying hopes. But closer to $1.30 than $1.20, how much higher can it go? Plus, the market falls out of love with the Aussie......

Breakingviews - Wanted: steel nerves!
Breakingviews......

Cameras: the next Apple vs. Android battleground?
Sept. 4 - Apple may be racking up the courtroom victories. But Samsung, Nikon and others are pushing the competing Android operating system into unclaimed territory -- smarter-than-ever digital cameras......

Reuters Today: Moody's piles pressure on ECB's Draghi
As attention centres on Thursday's crucial ECB policy meeting, ratings agency Moody's ratchets up the temperature, changing its outlook on the European Union's Aaa rating to negative......

Witness: Where North Korea meets the outside world
Sept. 4 - The biggest tourist draw in Dandong, China? Neighboring North Korea. In marketplaces or on speedboats, the city is one of the few places offering glimpses into the everyday lives of North Koreans......

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......

US accuses BP of 'plainly misleading representations'
BP's hopes of a settlement with the US government over the Gulf of Mexico disaster have been dealt a blow after the administration accused it of making "plainly misleading representations".<img width='1' height='1' src='http://telegraph.feedsporta.....

EC launches antitrust inquiry into Gazprom
An antitrust investigation into Gazprom has been launched by the European Commission over concerns that the Russian state-controlled energy giant may be "abusing its dominant position" in supplying gas to Europe.<img width='1' height='1' src='http.....

Leni Gas & Oil plans to sue rival over Malta
Leni Gas & Oil will go ahead with legal action against Mediterranean Oil & Gas (MOG) over a deal to explore off Malta, after MOG refused to answer its demands for information on Monday.<img width='1' height='1' src='http://telegraph.feedsp.....

Airbus predicts orders for 28,000 new aircraft
Surging demand from emerging markets will see orders for 28,000 new aircraft over the next 20 years, Airbus predicted today.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2312c4b3/mf.gif' border='0'/><br/&.....

Cameron's musical chairs won't do anything to mend the economy
Westminster may have been talking of little else but David Cameron's first ministerial reshuffle has been met with widespread indifference in the City, and for good reason.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/5.....

Airlines hope new Transport Minister will clear way for Heathrow expansion
Airline bosses have welcomed the arrival of Patrick McLoughlin as Transport Secretary as a signal that plans for Heathrow expansion could finally be cleared for take-off.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568.....

Brinkmanship as Spain warns over bail-out terms
Spain issues a veiled warning that it will not accept a full bail-out from Europe if the terms are too harsh, a move that would paralyse the ECB and call the euro's survival into question.<img width='1' height='1' src='http://telegraph.feedsportal.....

The threat of $600bn of fiscal tightening may decide the US election
It's the question preoccupying the early presidential exchanges. Are Americans better off than four years ago?<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2312283b/mf.gif' border='0'/><br/><br/>.....

Genus can help beat global food shortages
Genus has been a breeding ground for investment success over the past five years, generating returns from pigs that produce fatty pork for the Chinese, lean pork for the French and cows for the Americans that yield up to 12,000 litres of milk a year .....

Twitter warned on danger of chasing money
One of Twitter's former board members has cautioned the social network not to be "short-sighted" about chasing money at the expense of users.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23122843/mf.gif' border.....

UK is 'clawing its way out of recession'
Britain has begun to "claw its way out of recession", economists have declared, thanks to gathering momentum in the country's vital services sector.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/231236cb/mf.gif'.....

Services boosts recovery hopes
Britain has begun to "claw its way out of recession", economists have declared, thanks to gathering momentum in the country's vital services sector.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2311bf07/mf.gif'.....

Greene King sales rise as Britons head to pub despite wet summer
Britons have still flocked to the pub for a drink this summer despite the wet weather and uncertain economic outlook, according to one of the country's largest pub operators.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f.....

Greene King sales rise as Britons head to pub despite wet summer
Britons have still flocked to the pub for a drink this summer despite the wet weather and uncertain economic outlook, according to one of the country's largest pub operators.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f.....

Andy McNab set for payday after Tesco buys Mobcast
The SAS soldier turned best-selling author Andy McNab is in line for a 1m payday after Tesco bought Mobcast, the digital book store he co-founded.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2311bf10/mf.gif' b.....

Hermes and LVMH battle reignites
The battle between two of France's leading upmarket retailers has reignited after Hermes filed a legal complaint over LVMH's stake-building in the company.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2311bf11/.....

Beefeater benefits from taste for all things British
Sales of Beefeater gin, the 130-year-old London brand, have reached a record high as events such as the Queen's Diamond Jubilee helped a resurgence of the traditional British spirit.<img width='1' height='1' src='http://telegraph.feedsportal.com/c.....

M&S reshuffles senior team
Marks & Spencer has poached a leading executive from House of Fraser to head up its home and kidswear departments.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2311bf0c/mf.gif' border='0'/>.....

Hello! turns back on celebrities as it attempts to go up-market
For years, the pages of Hello! have been stuffed with television stars and society beauties willing to sell photographs of their weddings or homes to the highest bidder. But all that may be about to change.<img width='1' height='1' src='http://tel.....

Xstrata shares fall ahead of shareholder vote
Xstrata shares tumbled yesterday as investors bet against its merger with commodities trading group Glencore being approved on Friday.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23115a17/mf.gif' border='0'/&g.....

Debt crisis: as it happened - September 4, 2012
Greece will not need more money if it sticks to its bailout plan, the French president said, following a meeting with Mario Monti, as an ECB policymaker said it was unacceptable to doubt the euro's future.<img width='1' height='1' src='http://tele.....

Debt crisis: live
Greece will not need more money if it sticks to its bailout plan, the French president said, following a meeting with Mario Monti, as an ECB policymaker said it was unacceptable to doubt the euro's future.<img width='1' height='1' src='http://tele.....

Services PMI data boosts UK recovery hopes
Confidence in the services sector showed a larger-than-expected jump when survey data was accidentally released ahead of schedule this afternoon, boosting hopes that the UK was on the path to recovery.<img width='1' height='1' src='http://telegrap.....

Services PMI data provides unexpected boost
Services data accidentally released a day early has provided hope that the UK economy could be clawing its way out of double-dip recession.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/231092a6/mf.gif' border='.....

McDonald's launches first vegetarian restaurants to target Indian pilgrims
Fast food chain targets devout diners at Indian pilgrimage sites.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23105389/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/14437.....