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Saturday 8 September 2012

UK Financial News on 2012-09-08

Hu makes pledge on Chinese growth
Chinese President Hu Jintao promises to maintain economic growth to support a global recovery, at the start of the Apec summit in Vladivostok......

US seeks better Russia trade ties
Secretary of State Hillary Clinton says the US administration wants to normalise trade relations with Russia this month, as she attends the Apec summit in Vladivostok......

Lufthansa flights take off again
Lufthansa resumes flights after cabin crew agree to end strike action that stranded thousands of air passengers......

US job growth misses expectations
The US economy created a lower-than-expected 96,000 jobs in August, official figures show, while the jobless rate fell to 8.1%......

Glencore tables fresh Xstrata bid
Mining firm Xstrata receives a fresh takeover proposal from Glencore that contains a compromise to meet the demands of a key investor......

Union members halved since 1980
Trade union membership falls below six million for the first time since the 1940s, which is half the peak level reached in 1980......

ECB bond plan strengthens euro
The euro reaches a two-month high against the US dollar as the European Central Bank's bond-buying plans continue to please the markets......

UK industrial output up strongly
UK industrial output rose at its fastest pace for 25 years in July, figures show, rebounding after June's output was hit by the Jubilee weekend......

Protest at men-only board of ECB
The European Parliament postpones a hearing for a nominee to the European Central Bank's executive board over the lack of women in senior posts......

Intel cuts its sales forecasts
The world's largest maker of computer chips, Intel, warns that lower demand for computers from businesses and individuals will hit its sales......

Peugeot dropped from French index
French carmaker PSA Peugeot Citroen is to be dropped from France's Cac 40 share index, in an embarrassing demotion for the company......

Rule change to aid UK broadband
The UK government announces changes to planning permission rules to help the rollout of faster internet speeds......

Lufthansa flights hit by strike
Lufthansa cancels hundreds of flights as cabin staff begin a 24-hour strike affecting six major German airports......

Osborne gives North Sea tax break
Chancellor George Osborne's tax allowance to support investment in older North Sea fields could attract a further 2bn of investment, it is claimed......

South Africa ends fracking freeze
South Africa lifts a ban on the extraction of shale gas using the controversial fracking technique in the Karoo area known for its natural beauty......

Teachers vote to strike over pay
Teachers in England vote for strikes over what they are calling the "erosion" of their pay and working conditions......

Chelsea signs new Samsung deal
Chelsea Football Club renews its shirt sponsorship tie-up with Samsung, in a deal reportedly worth about 18m a season......

Dyson sees turnover pass 1bn
Dyson, the UK maker of vacuum cleaners, fans and hand dryers, reports record annual turnover of over 1bn, led by US and Japanese sales......

VIDEO: How to get a 'price difference' refund
Paul Lewis of BBC Radio 4's Money Box explains what action is available to shoppers if they are promised a price match on a service or product......

VIDEO: Your Money: Allocated plane seats
In this week's Your Money, Declan Curry takes a look at plans by Easyjet to give passengers an individual seat number on their boarding passes from November......

VIDEO: Glencore tables fresh Xstrata bid
Mining firm Xstrata has received a fresh takeover proposal from Glencore that contains a compromise to meet the demands of a key investor......

VIDEO: Spain 'can repay debt' without ECB
The Spanish economy is "self-sufficient" enough to be able to repay its debt without assistance from the ECB, the country's deputy minister for trade has said......

VIDEO: Osborne offers North Sea oil tax break
Tax breaks for oil companies working on older North Sea oil and gas fields should create new jobs, the chancellor has said......

VIDEO: Should Sunday trading be extended?
During the Olympic period large stores in England and Wales have been able to open for an extra two hours on a Sunday - meaning shops can stay open for 8 hours in total rather than the usual 6......

VIDEO: The question mark over capitalism
Xavier Rolet, chief executive of the London Stock Exchange discusses whether capitalism is the best system for growth and wealth distribution and whether there is a crisis of confidence in the system......

AUDIO: Dyson: We desperately need more engineers
Dyson has just reported record annual profits of 306m with turnover topping 1bn for the first time......

Profile: Frances O'Grady
Meet the TUC's first female general secretary.....

Russia sounds economy alarm
Sept. 8 - Russia sounds the alarm over the global economy and urges fellow Pacific rim countries to protect themselves through regional trade ties. Sunita Rappai reports......

Members arrive for start of APEC summit
Sept. 8 - Member countries gather for start of APEC summit in Russia. Julie Noce reports......

Disappointing jobs fuel Fed hopes
Sept 7 - Summary of business headlines: Stocks creep higher as weak jobs number boosts hopes of Fed intervention; Pandora shares tumble on possible Apple threat; Intel cuts forecast, drops outlook. Conway G. Gittens reports......

Jobs cool Obama bounce, heat up Fed
Sept 7 - The glum August jobs report splashes cold water on President Obama's post-convention bounce and pours on the heat for the Federal Reserve to take action next week. Carmen Roberts reports......

U.S. Week Ahead: Don't bet on support from "Super Ben"
Sep 7 - One economist tells Insider the recovery is not that shaky for Ben Bernanke and the Fed to pull the trigger on more stimulus. He holds a key news conference on Thursday......

European markets lifted
The European Central Bank's bond-buying plan and expectations of more monetary stimulus measures boosted the region's equity markets, but renowned New York University economics professor Nouriel Roubini says the ECB's plan is "not a game changer"......

The Exchange: Democrats sound off
At the DNC in Charlotte, delegates defend the middle class, criticize Congress, and argue for a second term......

August jobs report won't sway party-faithful in elections
Sep 7 - The U.S. economy added fewer jobs than expected in August, so what parts of the employment report will candidates latch onto as we head into the Presidential election?.....

Job growth underwhelms; Fed in play
Sept. 7 - U.S. employers added fewer than expected jobs in August and the unemployment rate ticked down to 8.1 percent, as disgruntled Americans stopped looking for work, possibly pushing the Federal Reserve closer to announcing new stimulus. Conway .....

Bumpy ride for European flag carriers
Sept. 7 - With European airlines facing high fuel costs, multi-million dollar losses and strike action, analysts say further consolidation of the sector is highly likely. Edward Baran reports......

Trading at Noon: Weak jobs report may spur Fed action
Sep 7 - Nonfarm payrolls increased only 96,000 last month, which might be all the Fed needs to launch another round of quantitative easing......

Glencore raises Xstrata offer
Sept. 7 - Commodities trader Glencore has raised its offer for miner Xstrata in a dramatic 11th-hour effort to rescue one of the sector's largest ever deals from collapse after opposition from rival shareholder Qatar. Hayley Platt reports......

Europe Week Ahead: Pivotal EZ crisis court ruling
Sept. 7 - Germany's Constitutional Court rules on whether the euro zone's rescue fund, the ESM, is legal or not. Most observers expect a positive verdict - but one with conditions attached......

Wealth Strategies: Apple's push into music could hit Pandora
Sep 7 - StockTwit's Phil Pearlman says rumors Apple will get into the online music business will be a hit to Pandora, but points out product launches from Amazon may stop momentum of the tech giant......

Goldman's Sutherland on the future of investment banking
about the future of investment banking at the Ambrosetti Forum in Cernobbio, Italy......

Reuters Asks: Marks out of 10 for Draghi?
asks financial professionals at the Ambrosetti Forum in Cernobbio how they rate ECB President Draghi's attempts to resolve the euro zone debt crisis......

3XSQ: August jobs growth disappoints; unemployment falls
Sep 7 - Jobs growth slowed sharply in August, setting the stage for the Fed to take action next week and dealing a blow to President Obama as he seeks reelection in November......

U.S. Morning Call: Jobs growth likely slowed in August
Sep 7 - The labor market likely took a step back in August, an outcome that could potentially compel the Federal Reserve to pump additional money into the sluggish economy......

How Italy's banks are coping with the crisis - Unicredit CEO
Sept. 7 - Pressure on Italy's banks is intensifying. Federico Ghizzoni, CEO of the country's biggest lender Unicredit, tells us how they are coping with capital flight, recession and euro break-up fears......

ECB bond plan not game changer but buys time - Roubini
Sept. 7 - Renowned NYU economics professor, Nouriel Roubini, says the ECB's plan to buy government bonds will help the euro zone, but will not solve all its problems......

Could German vote undo Draghi effect?
Sept. 7 - What happens if the German Constitutional Court votes "nein" to Germany's participation in the esm rescue fund?.....

Breakingviews: M&A for grown-ups?
Breakingviews. Halting a shareholder vote after markets opened makes Glencores boss look more trader than statesman CEO......

China brings fashion fusion to London
Sept. 9 - Chinese retail giant Bosideng opens its first flagship shop outside of mainland China inside a converted London pub. Hayley Platt reports......

Obama accepts party's nomination
Sept. 7 - Delegates, supporters rally around their candidate at the DNC. Julie Noce reports......

Reuters Today: ECB euro plan will force Spanish loan - HSBC
Sept. 7 - Spain's 10-year borrowing costs fall below 6% after the ECB announces a new bond buying programme, but HSBC's Daragh Maher says Madrid will have to ask for more help if it is to keep yields down......

Branson in attack on rail bid 'chaos'
Britain's rail industry is to give the Government a stark warning on the future vulnerability of the UK's train services as four new bidding wars for rail lines are launched and Virgin Rail attacks the basis of the franchising system.<img width='1.....

Cable's Industrial Strategy will mean 'picking the UK's winners'
The Government will pledge millions of pounds of support for key industries this week in an attempt to answer demands for a clear growth strategy.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2337bd49/mf.gif' b.....

Xstrata CEO in line for 38m Glencore payout
Mick Davis, Xstrata chief executive, is likely to receive a payoff of at least 8m and could cash in company shares worth up to 30m if Glencore's bid for the miner succeeds.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/5.....

Business Secretary Vince Cable is praying for growth
Amid growing fears over its lack of a long-term vision, the Government will set out its industrial strategy this week. Will it be enough for Britain's most successful businesses to prosper?<img width='1' height='1' src='http://telegraph.feedsporta.....

Retailers cool on Sunday trading hour changes
Retailers have cooled on the idea of extending Sunday trading hours after a relaxation of the rules during the Olympics produced mixed results.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2337bc06/mf.gif' bord.....

Rainmaker: Qatari myths swirl in the Glencore-Xstrata sandstorm
The Glencore-Xstrata merger may have descended for many into an opaque sandstorm, but one thing is clear: the Qataris have landed.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2337bc07/mf.gif' border='0'/>&l.....

New channels show BBC the way on programmes
Satellite and digital broadcasters used to be the "second-class citizens" of the UK television programme industry, but the balance of power is starting to shift in their favour, according to new research.<img width='1' height='1' src='http://teleg.....

Treasury leads inquiry into invoice 'abuses'
The Government is investigating "abuses" of the administration process by invoice finance providers, following an investigation by The Telegraph.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2337bc09/mf.gif' bo.....

The Glencore-Xstrata war has turned friends into foes
Two tribes have gone to war as the proposed merger of commodities giant Glencore and miner Xstrata is thrown into jeopardy by Ivan Glasenberg.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2337b878/mf.gif' borde.....

George Soros: Germany should back growth or leave euro
Germany should leave the euro zone if it is not prepared to take a more decisive lead in helping the euro zone's weaker nations escape a spiral of increasing indebtedness and economic decline, financier George Soros said.<img width='1' height='1' .....

Glimmer of hope over this Heathrow shambles
Yet another review and yet another new minister - but at least we are now travelling in the right direction .<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2337b5cf/mf.gif' border='0'/><br/><br/>&.....

Regulators must shine a light on 'shadow banking'
In 2008, the developed world's banking system suffered a huge crisis and only bank bail-outs prevented financial meltdown. Despite these rescues, a "Great Recession" has followed.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32.....

Equitable Life chief Chris Wiscarson calls for MOTs for CEOs
As corporate questions go, "Did anyone learn anything from the Equitable Life?" is right up there with, "What on earth happened at The Royal Bank of Scotland?".<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2337.....

Long-term care: does the NHS owe you 80,000?
This reader got her father's fees paid, on the basis that he was ill as well as old. But anyone with a similar case must act by September 30.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2337b5d2/mf.gif' border.....

Think Tank: Bring the benefits of self-employment into the office
"The wrong kind of jobs" is the latest refrain from those whose premonition of soaring unemployment failed to materialise and are now looking for a fresh line in gloom.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/56830.....

It's the US economy, stupid - but not in the way you think
The US Presidential election is only weeks away but even the razzmatazz of the recent party conventions has been overshadowed by events in Europe.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23372ed6/mf.gif' b.....

Best-selling London 2012 Olympic merchandise
Olympic stamps, coins and Team GB kit were amongst the best-selling merchandise at the London 2012 games, as organisers said they were set to raise almost 100m from merchandise sales.<img width='1' height='1' src='http://telegraph.feedsportal.com/.....

Olympic success triggers merchandise sales of 100m
The organisers of London 2012 are set to raise almost 100m from merchandise sales as the success of Team GB Olympians, such as Jessica Ennis and Paralympians such as Ellie Simmonds, encourages consumers to buy merchandise.<img width='1' height='1'.....

What if Spain refuses to play Mario Draghi's game?
So "Super Mario" did it. The European Central Bank president on Thursday announced "unlimited bond buying" to tame profligate eurozone members' borrowing costs.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2337.....

Festival of Business: Companies hungry for success abroad
The Telegraph 1,000 group of growing mid-sized companies is prospering abroad.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23372edc/mf.gif' border='0'/><br/><br/><a href="http://da.feedsporta.....

France's richest man applies to be Belgian
Bernard Arnault, France's richest man and chief executive of luxury group LVMH, said he had applied for Belgian nationality, denying the decision was a tax move.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/233.....

Michel Barnier: European banking union is "necessary and possible"
Michel Barnier, the European Union financial services commissioner, says new banking supervision powers for the EU are "necessary and possible".<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2336f115/mf.gif' bor.....

China, Russia sound alarm on world economy
China and Russia sounded the alarm about the state of the global economy at a summit on Saturday and urged Asian-Pacific countries to protect themselves by forging deeper regional economic ties.<img width='1' height='1' src='http://telegraph.feeds.....

We must back our prosperous free markets
For decades, political classes in the West have bought into the myth that the only way to achieve a fair and humane society is through a welfare state based on larger and larger government.<img width='1' height='1' src='http://telegraph.feedsporta.....

Greece prime minister says country must stay in euro to be "modern and credible"
Antonis Samaras, the prime minister of Greece, says the European Central Bank's decision to start buying eurozone bonds has proved the beleaguered country must stay in the euro.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/3272.....