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Tuesday 11 September 2012

UK Financial News on 2012-09-11

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.....

Facebook boss laments stock drop
The boss of Facebook speaks for the first time of the drop in the social network's market value, calling the halving of its share price "disappointing"......

Bank head job to be advertised
The job of the next governor of the Bank of England will be advertised for the first time later this week, Chancellor George Osborne says......

Huawei investing 1.3bn in the UK
Chinese telecoms and computer network giant Huawei Technologies is to invest 1.3bn in expanding its UK operations......

US nets $15bn profit on AIG sales
The US government says it has made a profit of $15.1bn (9.4bn) so far on its bailout of insurer AIG, after selling stock in the firm this week......

Cable confirms business bank plan
Vince Cable confirms that the government is moving ahead with plans for a government-backed "business bank" to boost lending to UK firms......

Portugal given time on deficit
Portugal is given one more year to reduce its deficit below a key target, after the latest review by international lenders overseeing its bailout......

GoDaddy down time 'not an attack'
A fault that caused thousands of websites to go offline on Monday was not due to an external attack, hosting company GoDaddy says......

House price changes 'are masked'
A broadly flat trend in house prices in the UK masks significant regional variations, according to surveyors......

Tax fraud banker gets $104m award
The US Internal Revenue Service awards $104m (65m) to a convicted former banker who informed US tax authorities about overseas tax cheats......

New Barclays boss pledges reforms
The new boss of Barclays, Antony Jenkins, vows to be quick and bold with reforms, but says he will not break up the bank......

UK cities set to get 4G this year
The UK's first fourth generation mobile service - known as 4G - will launch in 16 cities this year, operator Everything Everywhere announces......

Banks accused over Italian deals
Several UK-based investment banks have been accused of mis-selling financial products worth 35bn euros (28bn) to Italian cities and regions......

Wen: 'Chinese economy on track'
China's Premier, Wen Jiabao, tells the World Economic Forum in Tianjin that his country is on track to hit growth targets for this year......

Extra 500m squeezed from rich
An extra 500m pounds has been squeezed out of the UK's 5,000 wealthiest taxpayers, according to HM Revenue & Customs......

Putin looks 'to protect' Gazprom
Russian President Vladimir Putin signs a decree forbidding state-owned firms from giving information to foreign authorities, just days after the EU said it would investigate Gazprom......

UK trade deficit narrows in July
The UK's trade deficit narrowed in July, led by an increase in oil exports to the European Union, official figure show......

PPI complaints deluge hits banks
Fresh complaints about the mis-selling of payment protection insurance continue to flood into the Financial Ombudsman Service......

Children 'worried about money'
Almost half of young people in a survey are worried about money, with 96% wanting finance lessons to be taught in school......

Pensions deficits drop slightly
The collective deficit of the UK's private sector, final-salary, pension schemes improves slightly in August......

US trade deficit widens in July
US trade deficit widens slightly in July as exports fall at a faster pace than imports, but the gap was lower than analysts forecast......

Spain opposes bailout conditions
Spain's Prime Minister Mariano Rajoy says his government will not accept conditions from outside over a possible bailout......

German euro ruling to go ahead
A petition by a leading German conservative MP fails to delay a ruling by the country's top court on the EU's 500bn-euro bailout fund......

Burberry issues profit warning
Shares in fashion house Burberry slump 19% after the company issues a surprise profit warning following weak sales......

Regulator fines Blackrock 9.5m
The Financial Services Authority (FSA) fines Blackrock Investment Management (BIM) 9.5m for failing to protect client money adequately......

Philips cuts another 2,200 jobs
Philips Electronics says it will cut another 2,200 jobs as it looks to cut another 300m euros of costs from the business......

Betfair revenues increase by 13%
The Euro 2012 football championships help Betfair post a jump in sales, with the number of people using mobile phones to place bets soaring......

Uefa imposes financial penalties
Uefa imposes its first financial fair play sanctions by withholding prize money from 23 clubs for failing to comply with the rules......

Rangers boycott SPL commission
Rangers boycott an SPL probe into their alleged use of dual contracts, saying the league has no power over the club......

AUDIO: No 'laissez-faire' on industrial policy
Business Secretary Vince Cable, who is setting out his plans to shape the UK's industrial landscape in a speech later today, said the government believes in "getting behind our success stories"......

VIDEO: 'No buffering': 4G launches
Everything Everywhere boss Olaf Swantee announces his firm's rollout of the UK's first fourth generation (4G) mobile service at a press event in London......

VIDEO: Huawei to invest 1.3bn in UK
Chinese telecoms and computer network giant Huawei Technologies is to invest 1.3bn over the next five years, which could lead to the creation of 700 jobs......

VIDEO: G4S expects Olympic payment in full
Nick Buckles has told the Home Affairs Committee that G4S expects to be paid the full 235m contract for the Olympics......

VIDEO: AA: Petrol price damaging the economy
The cost of petrol is damaging the general economy, according to the motoring organisation the AA......

VIDEO: 'Bogus jobs unfair to taxpayers'
Labour is promising to tackle the problem of "bogus self-employment" in the building industry......

AUDIO: Merkel 'trying to do right thing' on Euro
Has Angela Merkel undergone a conversion, from the scourge to the saviour of southern Europe?.....

VIDEO: Spanish PM against bailout conditions
Spain's Prime Minister Mariano Rajoy has said he will not accept outside conditions over a possible bailout......

Murray's earnings set to soar
Andy Murray could triple earnings after US Open win.....

Asia economies seek food security
Are small farmers the key to feeding the world?.....

The tech getting disabled people into work
Technology that can help the disabled into the workplace.....

Interpol clamps down on illegal logging
Interpol's tougher stance against illegal logging.....

Scotland's salmon farm dilemma
Scotland's struggle to meet world demand for salmon.....

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

Indie musicians test waters in Indonesia
Bands seeking fame go indie in Indonesia.....

IRS whistleblower gets record cash
Sept. 11 - The U.S. Internal Revenue Service agreed to pay out a record $104 million to a whistleblower who revealed UBS was helping wealthy Americans hide money in Swiss accounts. Sasha Salama reports......

U.S. Day Ahead: Siri what will the new iPhone be a success?
Sep 11 - CEO Tim Cook will have to impress investors and customers when Apple comes out with its latest iPhone. The tech titan gets about half of its revenue from the device......

Shimi the rockin' robot boogies to your beat
Sept. 11 - If you're looking for a musical soul mate who understands your unique taste in tunes and rocks to your rhythms, you might soon be in luck. Scientists at Georgia Tech are about to commercialize Shimi, their dancing robot, an android designe.....

South Africa's mining crisis spreads
Sept. 11 - New strikes are hitting South Africa's mining Industry. Gold Fields - the world's fourth largest gold miner - is the latest victim and there's still no sign of an end to the crisis at Lonmin's Marikana mine. Hayley Platt reports......

Deutsche Bank to cut bonuses
Sept. 11 - In a plan to make 3 billion euros of savings by early next year, Deutsche Bank is reducing bankers' bonuses and cutting jobs. Joanne Nicholson reports.....

Workers strike as Peugeot's troubles mount
Sept. 11- Workers at Peugeot plant at Aulnay-sous-Bois in France, which is due to close in 2014, go on strike. The walkout comes as a French government-commissioned report into the car maker's financial situation has been published and criticised PSA.....

Breakingviews: Goldman whacks
Sept 11 - Jeffrey Goldfarb and Reynolds Holding discuss the message sent to Wall Street by Goldman Sachs forfeiting $20 mln of fees over conflicts of interest in a $21 bln Kinder Morgan deal......

Trading at Noon: Smith Barney saga ends
Sep 11 - Morgan Stanley agrees to buy Smith Barney for $13.5 billion, far lower than the $22 billion that Citigroup had originally sought......

Europe Day Ahead: German court key to future of euro
Sept. 11 - Eight red-robed German judges hold the key to the future of the single currency as they rule on Wednesday on the legality of the EU's bailout mechanism and budget rules......

Marines take "Big Dog" for walkies in the woods
Sept. 11 - U.S. robotics company Boston Dynamics has been giving its latest mechanical pack mule a run around Fort Myer in Virginia, where Marine Corps commanders are assessing its viability as a 21st Century support robot. Rob Muir reports......

Europe braces for bailout fund ruling
Sept. 11 -Europe is gearing up for a ruling in a German court that will decide the future of the bloc's bailout fund - many think it will go ahead but a referendum could be on the cards. Joanne Nicholson reports.....

LIGHTNING ROUND: QE an "addiction" that will go bad
Sep 11 - Cumberland Advisors' David Kotok says investors have priced in expectations for more Fed easing, but points out the markets' reliance on the central bank's support makes his a "scary time"......

U.S. Morning Call: Reclusive CEOs Dimon, Zuckerberg to speak
Sep 11 - JPMorgan CEO Dimon is set to speak at a conference in New York this afternoon, his first public address in almost two months, while Zuckerberg prepares for a conference in San Francisco......

Market Pulse: Deutsche beats peers on crash diet plan
Sept. 11 - Deutsche Bank defies a down day for peers after unveiling a crash diet aimed at cutting costs and boosting capital......

The anatomy of the Apple rumour mill
Sept. 11 - Prior to the launch of Apple's highly anticipated iPhone 5, we look at how rumors about the iconic product have proliferated on the Web......

Breakingviews: Italy's crisis freedom in reach
Sept. 11 - The promise of ECB bond-buying has stabilised markets and brought yields down. But Italy needs to keep up with reforms say Breakingviews as political chaos could drag it back into bailout territory......

Where is Xi?
Sept. 11 - China's vice-president and leader-in-waiting has, over the past week, disappeared from the public stage, leaving a question mark over the state of his health......

Witness: The islands whipping up a diplomatic storm
video journalist Chris Meyers travels to the islands claimed by both China and Japan in the East China Sea......

Chile's FinMin: Surprised by economy's resilience
Sept. 11 - Chile's Finance Minister Felipe Larrain says the expected abrupt deceleration didn't transpire, and is confident of five percent GDP growth this year......

Reuters Today: Euro zone counts down to big Wednesday
Sept. 11 - With 24 hours to go euro zone investors play it safe as the German court ruling on the region's bailout fund looms......

Nigeria's Dangote wants to take on the world
Sept. 11 - Africa's richest man, Aliko Dangote, wants to take his cement business global, though critics doubt he can export his business model......

Google: the new color at Fashion Week
Sept 10 - Google's video-recording Glass make their runway debut in colors to match models showing off the latest collection of Diane von Furstenberg at New York Fashion Week. Conway G. Gittens reports......

Germany should back growth or leave euro -- Soros
Digital Editor Chrystia Freeland about Germany's new role in Europe, how to fix the current crisis, and why this matters to the world......

Apple fretters lead to Nasdaq jitters
Sept 10 - Summary of business headlines: Apple backs-off high as investors await iPhone 5 launch; Wall Street dips ahead of Fed meeting, global jitters; Treasury to sell $18 billion of AIG stake; Hewlett-Packard ups job cuts. Conway G. Gittens report.....

Hollywood's nightmare weekend
Sept 10 - Horror movies like "The Possession" were toxic to the box office- making for the worst weekend since the the aftermath of September 11th 2001, so what's wrong with Tinseltown? Bobbi Rebell reports......

UK banks could be shut down or forced into bail-outs by Brussels
Banks in London could be shut down or forced into taxpayer-funded bail-outs against the wishes of the British authorities under controversial "banking union" proposals from Brussels, it can be disclosed.<img width='1' height='1' src='http://telegr.....

Special tax unit takes extra 500m from UK's richest people
HMRC unit was set up in 2009 to target "high net worth" individuals.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2350f721/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/14.....

Statist solutions will only hamper growth
Telegraph View: Luckily, Mr Cable's proposals for a state lending bank look little more than a footling irrelevance<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2350f722/mf.gif' border='0'/><br/><br.....

Chemring slips as Carlyle bid deadline approaches
The private equity group has until Friday to make a firm offer or walk away.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23509ebc/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal......

After this Burberry shocker, even Daniella Westbrook won't be able to help
Where is Daniella Westbrook when you need her? The soap star was so fond of Burberry she dressed herself from head to toe in its delightful check. Not only her, either. She found matching outfits for her daughter - and the nipper's pushchair.<img .....

SuperGroup shares surge as sales rise
SuperGroup has started to make up ground with disillusioned investors after the fashion retailer reported a resilient growth in sales over the summer.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23508b07/mf.gi.....

Burberry has 1bn wiped from value after profits warning
Almost 1.3bn was wiped off the value of Burberry after the luxury goods retailer, famous for its distinctive check pattern, shocked the stock market by warning its sales growth has ground to a halt.<img width='1' height='1' src='http://telegraph.f.....

Wanted: candidate for Britain's most important unelected post
Days ahead of the publication of a job advert for the most important unelected position in Britain, the controversy over the appointment of the next Governor of the Bank of England is already raging.<img width='1' height='1' src='http://telegraph......

Sea ice halts Shell oil drilling in Alaskan Arctic
Royal Dutch Shell has halted drilling in Arctic waters off Alaska just one day into the controversial project, after a giant block of sea ice was blown towards its drilling ship.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/327.....

Deutsche Bank set to make 4.5bn cost cuts
Deutsche Bank has announced cost cuts totalling 4.5bn (3.6bn) as the German lender's new management team look to improve returns.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23509349/mf.gif' border='0'/><.....

Insurers face 'fallout' from banking scandals, says Lloyd's of London chief Richard Ward
Insurance companies risk being caught up in the regulatory crackdown caused by the rash of recent banking scandals, according to Richard Ward, chief executive of Lloyd's of London.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/3.....

Insurers face 'fallout' from banking scandals, says Lloyd's of London chief
Lloyd's of London chief executive, Richard Ward, has complained that insurance companies are being caught by the "fallout" from recent banking scandals.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23508fe9/mf......

Debt crisis: German court clears way for pivotal decision on bazooka
The German constitutional court dismissed an eleventh hour demand for delay clearing the way for its pivotal ruling on bail-out funding expected on Wednesday.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23507b.....

Tupac Shakur hologram creator Digital Domain Media files for bankruptcy
Digital Domain Media Group also won Oscar for visual effects in Titanic.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23502727/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/.....

Patrick McKillen ordered to pay costs over hotel dispute
Irish property developer Patrick McKillen has been ordered to pay costs after losing a High Court battle with Sir David and Sir Frederick Barclay over the ownership of three of London's most famous hotels.<img width='1' height='1' src='http://tele.....

Locog stops G4S payments over Olympics security fiasco
Organisers of London 2012 suspend payments to G4S over security fiasco which has already cost company 50m.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23502729/mf.gif' border='0'/><br/><br/><.....

Ridgeway checks into new career
Farewell Steve Ridgeway. The man who has piloted Virgin Atlantic for over 10 years is heading for the emergency exit.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2350272a/mf.gif' border='0'/><br/><.....

Eurozone faces latest test as Dutch go to the polls
The eurozone faces a major political test on Wednesday as the Netherlands votes in elections expected to weaken Angela Merkel's grip on Europe.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/234fe9d3/mf.gif' bord.....

Lonmin warns miners of jobs threat as strike continues
Lonmin has warned striking South African miners that their action posed "a real and significant threat" to their jobs after only 3pc of staff turned up at work at the plant where 44 people were killed in unrest last month.<img width='1' height='1'.....

Good News Britain: UK needs to build on rise in exports to get back to growth
It is encouraging to see that the UK's total trade deficit narrowed in July, coupled with the important fact that the deficit has improved on a longer-term three-month basis.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f.....

Good News Britain: UK trade deficit narrows in July
Britain's trade gap with the rest of the world narrowed more than expected in July, driven by record exports outside the EU.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/234fc7da/mf.gif' border='0'/><br/&.....

Bank of England's Ian McCafferty is 'no lobbyist for business'
The Bank of England's newest rate-setter told MPs he will not be lobbying for the private sector in his new role, despite his background at Britain's leading business pressure group, the CBI.<img width='1' height='1' src='http://telegraph.feedspor.....

Betfair finance chief Stephen Morana to leave company
Betfair's chief financial officer, Stephen Morana, who stepped up to interim chief executive for almost a year, is leaving the gambling group as soon as a replacement can be found.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/3.....

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/234fc7e1/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/1445427584.....

Debt crisis: as it happened - September 11, 2012
America's hold on a AAA rating will collapse next year unless Washington takes measures to rein in the government's debt, Moody's has warned.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/234faf71/mf.gif' border.....