Search This Blog

Monday 10 September 2012

UK Financial News on 2012-09-10

AHL struggles to regain momentum after hiring spree
AHL is struggling to regain momentum and find the right structure for the large number of hires it made.....

Romney dwarfs Obama in private equity fundraising stakes
Mitt Romney, the US Republican Party's presidential candidate, has received disproportionately large campaign donations from the buyout industry.....

Goldman Sachs overhauls junior staff structure
Goldman Sachs has launched a sweeping reorganisation of its analysts and associates in Europe, doing away with country-based and sector-based teams.....

Grbel re-emerges as potential debt adviser
Oswald Grübel, the former UBS chief executive, is standing by to advise Jack DiMaio's financial boutique Mead Park Management.....

Santander consolidates legacy defined pension schemes
Santander UK has consolidated seven legacy pension funds into a single master scheme ahead of IPO.....

Schroders admits defeat as property fund struggles
UK asset manager Schroders has told investors in one of its European property funds that it is unlikely to achieve the return it promised.....

Buyout firms face another bleak winter
European buyouts, already suffering a record period of decline, are expected to suffer for a further three months.....

Euro corporate bond issuance at record high
Last week was the busiest on record for issuance of euro-denominated corporate debt, according to HSBC.....

Safety inspections set to be cut
Plans to exempt thousands of businesses from health and safety inspections anger trade unions......

Glencore confirms new Xstrata bid
Commodities giant Glencore officially confirms the terms of its improved merger offer to mining group Xstrata......

GoDaddy sites suffer disruption
Thousands of websites hosted by one of the world's biggest internet domain registrars and web hosts, GoDaddy, are downed......

China data raises growth concerns
China's exports grow less-than-forecast and imports fall in August, adding to fears about a sharp slowdown in its economy......

Rail move 'bad for UK' - Branson
Virgin boss Sir Richard Branson tells MPs it will be "bad for the UK" if the West Coast mainline rail franchise is awarded to rival First Group......

BP sells Gulf of Mexico assets
BP is to sell a number of assets in the US Gulf of Mexico for $5.6bn (3.5bn) to US company Plains Exploration and Production......

Primark sees sales rise strongly
Annual sales rise at clothing chain Primark, helped by "particularly strong" UK trading over the summer, and a "buoyant" performance in Europe......

Italy economy contracts further
The Italian economy shrank by 0.8% between April and June, slightly more than previously estimated, official figures show......

TUC backs co-ordinated strikes
The TUC votes to back co-ordinated strikes over the public sector pay freeze - but Downing Street says industrial action will change nothing......

Air Nigeria makes final flights
Air Nigeria will make its last international flights on Monday after announcing the suspension of all services and laying off 800 staff last week......

US to sell $18bn of AIG shares
The US government says it will sell a substantial portion of its remaining stake in AIG, making it a minority shareholder in the insurer......

Mitchells & Butlers gets new boss
Pub and restaurant group Mitchells & Butlers appoints Alistair Darby, the director of a rival company, as its new chief executive......

UK homes failed by heating system
A heating system installed in government low-cost housing has been costing some households four times more than expected, the BBC has learned......

Construction firm builds profits
Edinburgh housebuilder Cala increases profits from 2m to 11.4m - the highest since the group was taken private in a buyout in 1999......

Warnings over benefits overhaul
Seventy organisations involved in the benefits system raise concerns about a new Universal Credit - including whether a government IT system will be ready on time......

S Korea in $5.2bn stimulus boost
South Korea unveiled a fresh stimulus package, in a bid to boost domestic demand as a slowdown in exports continues to hurt its economy......

Japan revises down growth numbers
Japan revises down its growth numbers for the second quarter, raising concerns about a slowdown in the world's third-largest economy......

Growth 'well below' UK average
Growth in Scotland's private sector fell "well below" the UK average last month, according to a new report......

Hollande vows economic recovery
President Francois Hollande vows to get France's economy back in shape in two years with a series of measures, in a televised interview......

'Run UK like Olympics', says TUC
TUC leader Brendan Barber urges the government to "learn from the Olympics" in creating policies to boost the economy, in his final address before retiring......

Google Maps readies for battle
Google Maps' boss reveals the tech behind the platform ahead of Apple's move to drop the search giant's technology......

Wembley in talks over name deal
Wembley Stadium is in advance talks with up to five companies over a possible naming rights deal......

VIDEO: Branson: Rail move 'bad for UK'
Virgin boss Sir Richard Branson has told MPs it will be "bad for the UK" if the West Coast mainline rail franchise is awarded to rival First Group......

VIDEO: Olympic stars race for sponsorship deals
Team GB's Olympics success means the London 2012 Games are proving to be the most lucrative yet when it comes to advertising and sponsorship deals for the UK's athletes......

VIDEO: TUC backs co-ordinated strikes
The TUC has voted at its annual Congress to support co-ordinated strike action over a public sector pay freeze......

VIDEO: Who controls food, fuel and rail costs?
Food, fuel and rail fares squeeze many household budgets, and many governments claim they do all they can to keep costs down, but the public rarely believe this or give them any credit......

VIDEO: 'Pathetic weak regulation' on payday loans
Martin Lewis claimed there was "pathetic weak regulation" for payday loan firms, while the public was also being spammed by firms looking to pick up money from PPI appeals......

VIDEO: Hollande could drop 75% tax rate
President Francois Hollande vows to get France's economy back in shape in two years but could drop a planned 75% tax rate......

AUDIO: 'No disruption' over West Coast rail row
Sim Harris, the managing editor of Rail News, says passengers will not be affected by the fight between Virgin and FirstGroup over who gets to run the West Coast Mainline......

AUDIO: 'One plan' needed for Olympic legacy
Alexandra Jones, chief executive at Centre for Cities, says that London needs "one clear plan and vision" for the next 25 years......

Rio up and running for 2016 Paralympic Games
Rio de Janeiro has been handed the Paralympics Games baton by London.....

Glencore and Xstrata: How much power would they have?
Two of the world's biggest commodity producers cosy up.....

Indian philanthropy's changing face
The culture of philanthropic giving in India is changing.....

Madagascar's chocolate thieves
Cocoa thieves strike fear into Madagascar farmers.....

"Economy 2012: Pernod Ricard toasts the U.S. recovery
Sep 10 - The U.S. is still a premium market for alcohol sales according to the head of Pernod Ricard Pierre Pringuet......

French wine growers get help from above
Sept.10 - Wine growers in the south of France are using satellite technology to observe their vines as they ripen, leading to targeted harvesting and a higher quality product.Tara Cleary has more......

Breakingviews: Toasting AIG
Sept 10 - Jeffrey Goldfarb talks to Breakingviews columnists about the financial, symbolic and political ramifications of Uncle Sam ceding control of insurance giant AIG in an $18 bln stock sale......

Trading at Noon: Soros harsh with Germany, not Greece
Sep 10 - Billionaire investor George Soros shares his views on the EU crisis. Intel and Titan Machinery among today's stocks to watch......

Will Glencore's new offer be enough?
Sept. 10 - Commodities trader Glencore has laid out its raised $36 billion all-share bid for Xstrata, warning it will not improve the terms again after making concessions to recalcitrant shareholders. But is it enough? Edward Baran reports......

Spain super-casino is no safe bet
Sept. 10 - Madrid has been chosen for plans by U.S firm, Las Vegas Sands, to build a casino complex that would bring 200,000 jobs, but while chairman, Sheldon Adelson says he'll only invest up to 35%, Spaniards are left wondering where the rest wil c.....

Europe Day Ahead: Calm before the storm
Sept. 10 - Tuesday could be the last quiet day of the week as investors brace for a storm of euro zone event risk starting Wednesday......

France's richest man in tax row
Sept. 10 - LVMH boss, Bernard Arnault, was advised to 'get lost, rich idiot' in a newspaper headline as a controversy about his quest for Belgian nationality fuelled the debate about President Hollande's emergency tax on the rich. Sonia Legg reports......

3XSQ
Sep 10 - Daily morning update on markets, people in the news, world events and your daily digit......

Euro Crisis Watch: Grexit imminent, but contagion manageable
Sept. 10 - A key week for investors in the euro zone. Daiwa's Chris Scicluna says despite all the positive intentions it won't be enough to prevent an orderly Greek exit......

U.S. Morning Call: AIG creeps away from Uncle Sam
Sep 10 - U.S. Treasury launches $18 billion AIG stock offering, and Chinese trade data points to global slowdown......

Market Pulse: Spanish bond rally could push yield down to 5%
Sept. 10 - There's deep unease in Spain at the possibility Madrid may seek internationall aid. But with the ECB ready to buy bonds, markets are on a high, and Spain's bond yields could soon be at 5%......

Spain and Italy mustn't blow ECB plan - Breakingviews
Breakingviews editor Hugo Dixon says the ECB's bond-buying scheme buys Spain and Italy time to stabilise finances. But if they drag their heels, the market will sniff them out......

Party over for China's export miracle
Sept. 10 - Whats happened to Chinas booming export market? Shrinking demand from the European Union and the U.S. are digging into one of Chinas biggest money makers......

Breakingviews: Accept Glencore's offer!
Breakingviews......

Reuters on the Road: Monthly inflation essential
Sept. 10 - Ian Lilley, founder of Pit Stop Tyre Check, discusses the economic and environmental benefits of tyre health......

Romney has 'likeability issue' says John McCain
Sept. 10 - Voters in the U.S. election are not convinced they will be better off in four years if they elect Republican candidate Mitt Romney. And that's coming from Republican Senator John McCain......

Reuters Today: Euro goes into danger week buoyed by ECB
Sept. 10 - The optimism which followed the ECB's announcement of a new bond buying plan is tinged with caution over a court ruling due in Germany and an election in Holland......

Italy doesn't need aid, economy is resilient Intesa CEO
Sept. 10 - There's no need for Italy to seek financial aid, and the economy is stronger than most give it credit for. So says Enrico Cucchiani, the boss of Italy's second largest bank Intesa Sanpaolo......

Italian GDP could shrink by 2-2.4% this year - finmin Grilli
......

EU's Rehn: ECB step a "major service" to stabilize markets
Sept. 10 - Olli Rehn, the EU's top economic official, welcomed the ECB's pledge to buy government bonds if asked to. He also praised Greece for sticking to its tough budgetary reform programme......

Monti would stay on as PM if in Italy's interest - Prodi
Sept. 10 - Italian prime minister Mario Monti would extend his premiership past next spring's election if asked, reckons former PM Romano Prodi. And the euro will survive, because it is in Germany's interest......

ECB banking supervision should begin Jan 2013 - EU's Barnier
Sept. 10 - The ECB's supervision of all euro zone banks should be phased in starting January 2013. So says EU commissioner Michel Barnier, who also expects Germany will come on board with his proposals......

Wealth Strategies: If sitting President runs, markets cheer
Sep 10 - Jeff Hirsch of the Stock Trader's Almanac says markets tend to rally when a sitting President runs for re-election and points out that a Democratic President and Republican Congress has been the best combination.....

Egypt's Prime Minister sees growth on the horizon
Sept. 9 - Egypt's new Prime Minister Hisham Kandil says he will put economic focus on growth and cutting the national deficit. Deborah Lutterbeck reports......

Spanish PM Mariano Rajoy refuses to accept bailout that dictates cuts
Spain's Prime Minister Mariano Rajoy has said he would not accept an economic rescue that dictates spending cuts or touches old-age pensions.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2347103b/mf.gif' border.....

It has been a long slog but Xstrata should recommend Glencore's offer
Glencore's pursuit of Xstrata has been long, arduous and complicated.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2347538e/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/1.....

BP sells Gulf of Mexico oilfields to Plain for $5.6bn
BP has offered some cheer to investors after sealing a multi-billion pound deal to sell Gulf of Mexico oil fields for more than analysts had expected.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23446758/mf.gi.....

Apple's iPhone 5 'could add 0.5pc to US GDP'
JPMorgan analyst expects Apple to sell 8m units before 2013.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2346aefc/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/1445426864.....

Is time is running out for the 'lucky country'?
Is time running out for the "lucky country"? I've long been quite sceptical of the plaudits routinely heaped on Australia - and, for some of the same reasons, Sweden - for superior economic performance.<img width='1' height='1' src='http://telegra.....

FirstGroup: Richard Branson's claims don't 'square with the facts'
FirstGroup has moved to quash Sir Richard Branson's efforts to cast himself as the defender of Britain's railways, warning the entrepreneur's image as the "voice of sobriety" doesn't "square with the facts".<img width='1' height='1' src='http://te.....

Chariot and FOGL fall but miners boosted by QE talk
Market report: Aim-listed explorers Chariot Oil and Falkland Oil and Gas Limited both fell but miners did well on hopes the Fed would announce quantitative easing.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2.....

Barclays must take 'difficult decisions', says new chief executive Antony Jenkins
Antony Jenkins, the new chief executive of Barclays, has ruled out a break-up of the scandal-hit lender, but said some businesses will "shrink".<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23465e20/mf.gif' bor.....

Betfair to challenge Cyprus ban
Online bookie Betfair Group is to challenge a ruling by the Cypriot government that could effectively ban the company from operating in the country depriving it of 4pc of its revenue.<img width='1' height='1' src='http://telegraph.feedsportal.com/.....

Williams Grand Prix profits rise on Formula One deal
Formula One team Williams Grand Prix Holdings has reported a sharp rise in profits as it benefits from a new commercial agreement in the sport, and deals to use its technology outside of motor racing.<img width='1' height='1' src='http://telegraph.....

David Cameron to meet supermarket chief executives in bid to tackle youth unemployment
The Prime Minister David Cameron is to meet the leaders of the UK largest supermarkets to discuss ways the industry can help tackle youth unemployment.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23465e21/mf.g.....

Top grocers to meet Cameron over jobs boost
The Prime Minister David Cameron is to meet the leaders of the UK largest supermarkets to discuss ways the industry can help tackle youth unemployment.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/234613ca/mf.g.....

Kodak cuts a further 1,000 jobs
The creators of the digital camera, Eastman Kodak, have announced plans to cut a further 1,000 jobs by the end of the year.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2345ddcb/mf.gif' border='0'/><br/&g.....

Facebook's Dustin Moskovitz sells shares as Mark Zuckerberg prepares to hold first interview since IPO
News comes as Zuckerberg to give first public interview since IPO.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23460856/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/1445.....

Debt crisis: ECB's Draghi Plan doused by rebellions in Germany and Greece
A delay to the highly anticipated German court decision on bail-out funding and a rebellion in the Greek government over austerity doused hopes that the European Central Bank will be able to stem the crisis after all.<img width='1' height='1' src=.....

Eastern Europe must curb 'shadow economy' to weather eurozone crisis, says World Bank
World Bank says too many workers 'doing business in untaxed markets'.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/234569d6/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/1.....

HSBC sells Pakistan arm
Banking giant HSBC has agreed to sell its operations in Pakistan comprising 10 branches to the Asian country's JS Bank for an undisclosed sum.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23452786/mf.gif' borde.....

Double blow for Australia's mining industry as 900 jobs are cut
Miners Xstrata and BHP Billiton announce 900 jobs are going at their Australian coal operations, after its resources minister declared the mining boom over.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23452788.....

Germany's Constitutional Court could delay ruling on eurozone rescue fund
Germany's Constitutional Court has said it will examine whether to postpone its long-awaited verdict on the eurozone's permanent rescue fund and the EU fiscal pact after a new legal challenge by a leading eurosceptic politician.<img width='1' heig.....

Debt crisis: as it happened - September 10, 2012
Germany's Constitutional Court said it will examine whether to postpone its long-awaited verdict on the eurozone's permanent rescue fund and the EU fiscal pact after a new legal challenge by a leading eurosceptic politician.<img width='1' height='.....

Debt crisis: German court may delay euro ruling - live
Germany's Constitutional Court said it will examine whether to postpone its long-awaited verdict on the eurozone's permanent rescue fund and the EU fiscal pact after a new legal challenge by a leading eurosceptic politician.<img width='1' height='.....

Workers borrow more than 300 a month
The amount employees are borrowing to get through the month had risen sharply from 127 to 327 pounds since March.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2344e759/mf.gif' border='0'/><br/><br/&.....

Strike at gold mine as South African unrest spreads
Labour unrest has spread to two more South African mines as the industrial action that left 44 dead at Lonmin's Marikana operation sweeps from the platinum to the gold belt.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/.....

Mitchells & Butlers ends 18 month CEO search
The pubs group behind All Bar One and O'Neill's has raided the ranks of its rival Marston's for its new chief executive.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2344675f/mf.gif' border='0'/><br/>&.....

'Insurers are discriminating against adoptive parents - and the FSA doesn't care'
Telegraph consumer champion Jessica Gorst-Williams tackles insurers over discrimination against adoptive parents.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23432162/mf.gif' border='0'/><br/><br/&.....