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Thursday 13 September 2012

UK Financial News on 2012-09-13

Fed acts to bolster US economy
The US central bank announces it will resume its policy of pumping more money into the economy, with new debt purchases of $40bn (25bn) a month......

BAE shares slide on EADS talks
Shares in UK defence contractor BAE Systems and European aerospace firm EADS both fall a day after they revealed they had entered merger talks......

BT to increase prices in January
Telecoms giant BT will raise some phone and broadband prices by up to 5.9% next year, following price increases by rivals......

Brazil cuts growth forecast to 2%
Brazil cuts its growth forecast for this year as the global downturn hits exports and rising local debt levels weigh on consumption......

General strike call in S Africa
A leader of South Africa's striking platinum miners has called for a general strike starting Sunday to "bring mining companies to their knees"......

Private home sales 'to be easier'
Websites will be given more of a free hand to matchmake private buyers and sellers of homes under government plans......

Next cautious of weaker trading
Retailer Next cautions that its sales in August and early September have been "disappointing", sending its shares down 7%......

G20 economic growth slows in 2012
The G20 group of leading world economies reports slowing growth in the three months ending in June, according to official data......

Ferrari sales and profits surge
Italian supercar and racing firm Ferrari reports record sales and profits for the first six months of 2012......

Banker fined over HBOS collapse
A former HBOS executive is fined 500,000 by the UK financial regulator over his role in the bank's collapse......

John Lewis reports profit rise
John Lewis reports a big rise in half-year profits after strong sales growth at both its department stores and the Waitrose supermarket chain......

Argos sees return to sales growth
Argos returns to sales growth, led by the popularity of tablet computers and e-book readers, says owner Home Retail Group......

The cost of dying 'falls by 1.9%'
The cost of dying has fallen in the last year but the basic price of a funeral rose for the ninth consecutive year, research suggests......

760 jobs to be lost at FG Wilson
Seven hundred and sixty people are to lose their jobs at engineering firm FG Wilson in Northern Ireland......

Fresh stimulus for South Korea
South Korea unveils a fresh stimulus plan, its second in four days, in a bid to revive growth in its economy......

UK unemployment falls by 7,000
The number of people out of work fell by 7,000 to 2.59 million in the three months to July, according to the Office for National Statistics......

London's most expensive house yet?
A huge mansion in central London - 2-8A Rutland Gate - is reportedly for sale for the record sum of 300m......

TUC Barber's 100,000 pay-off
The outgoing head of the union organisation, the TUC, is to get a year's salary, in addition to his pension, when he steps down later this year......

Photo tricks among fraud cases
Insurance fraud cases rose in 2011, an industry body says, with cases including downloaded photos used to make a gym injury appear more serious......

First-time buyer deposits drop
Mortgage deposit levels for first-time buyers have fallen below 20% for the first time in more than three years, the industry body says......

EU's Barroso seeks 'federation'
The EU must move towards a "federation of nation-states", European Commission chief Jose Manuel Barroso says in his annual EU Parliament speech......

German court backs bailout fund
Germany's top court rejects calls to block the permanent eurozone rescue fund, but imposes limits on Germany's contribution......

India factory output flat in July
India's industrial output was flat in July, adding to fears the country's economic growth spurt is over......

Tiger bid may stop Heineken plan
ThaiBev and its partner TCC Assets make a takeover bid for Fraser & Neave, the parent of Tiger Beer maker, Asia Pacific Breweries......

Platinum firm shuts S Africa mine
UK-listed miner Anglo American suspends operations at a platinum mine in South Africa to "protect the safety of its employees"......

Summer rainfall 'hit B&Q profits'
B&Q's owner Kingfisher says the summer's heavy rainfall cut its profits in the UK and northern Europe by 30m......

Goals wins appeal over tax ruling
Five-a-side football firm Goals Soccer Centres is set for a financial windfall after winning an appeal against a tax ruling......

Row brews over European TV deal
The body that organises the Heineken Cup questions the validity of BT Vision's new television rights deal with England's top clubs......

Celtic trust scheme lawful - SPL
The SPL investigates Celtic's use of an employee benefit trust and is satisfied no rules were breached......

VIDEO: Nintendo Wii U launch announced
Nintendo has revealed it will launch two versions of its Wii U console in Japan on 8 December......

VIDEO: 'Age of the train' remembered
Thirty years ago the new 125 high-speed train helped revive the railways together with an advertising campaign fronted by Sir Jimmy Savile......

VIDEO: Ferrari show on streets of Rome
Rome has hosted an exhibition of Ferraris aimed at highlighting some of Italy's style and flair......

VIDEO: 'Local character' key to brewery growth
The Campaign for Real Ale says there are now 1,000 breweries in the UK - the highest figure for 70 years......

VIDEO: Shopping for Mr Right in Paris
Shoppers hitting the streets of Paris could now be going home with a man in their shopping baskets......

VIDEO: BAE and EADS a 'fantastic combination'
A potential merger between UK defence contractor BAE systems and European aerospace firm EADS is an attractive combination according to the industry body for Aerospace, Defence and Security and Space......

AUDIO: Big Society Capital outlines first investments
Big Society Capital announces first investment commitments of 37m to 12 organisations out of 130 which applied......

VIDEO: Making Filipino food mainstream
A new generation of chefs is trying to promote food from the Philippines to the world......

Making Philippine food more mainstream
Young Philippine chefs look to take national cuisine mainstream.....

Northern Rock 'lessons to learn'
The "lessons to learn" five years after run on Northern Rock.....

Africa: Feeding the rising urban population
Feeding Africa's growing urban population.....

Slower growth a catalyst for change?
Some want to push China into more economic reforms.....

Dutch vent frustrations at euro
Dutch vent frustrations at single currency.....

U.S. Day Ahead: Consumers set to show signs of life
Sep 13 - Retail numbers out in the morning could show that shoppers are still spending despite the sour job market......

Bernanke explains open ended stimulus
Sept. 13 - At a press conference with reporters, Fed Chairman Ben Bernanke says the Fed is taking action, but it cannot be the only solution to the ailing economy......

Saft Says: QE redistributes wealth upwards
Columnist James Saft says the latest announcement by the Federal Reserve to stimulate the U.S. economy by buying mortgage securities will result in more wealth in the wrong places......

Newly discovered rice gene a boon for global food supply
Sept. 13 - Scientists in the Philippines say their recent discovery of a gene that boosts phosphorous levels in rice could have a profound impact on developing nations affected by climate change and poor soil. The gene was found in an Indian rice var.....

Wealth Strategies: QE may be distorting markets
Sep 13 - Jim Bianco and Wells Fargo's Brian Jacobsen say that if the Fed's bond buying only serves to keep interest rates low without stimulating employment, they might be creating a valuation problem......

Topshop friends Facebook for fashion first
The British high street retailer Topshop has partnered with the world's number one social network Facebook to create a new "shoot the show" tool allowing fans of its brand to instantly share images from a livestream of its Spring Summer 2013 London F.....

Breakingviews: iPhonezzz?
Sept 13 - Jeffrey Goldfarb and Breakingviews columnists explain why even though the new iPhone 5 may be a yawn for the technorati, it wont be for consumers and Apple investors......

Trading at Noon: Fed expected to announce QE3
poll shows economists raised their bets of a third round of Fed bond buying to 65 percent from 60 percent in August......

South Africa mining crisis escalates
Sept. 13 - Anglo American Platinum, the world's biggest platinum producer closes four of its mines in Rustenburg over staff safety fears. Hayley Platt reports.....

Euro zone steers debt crisis obstacles
Sept. 13 - The Dutch election ended favourably for the euro zone chiefs who needed to keep their pro-Europe allies but the Greek austerity plan is yet to be approved. Joanne Nicholson reports.....

Europe Day Ahead: Cyprus meet no holiday for finmins
Sept. 13 - Euro zone finance ministers gather for an "informal" summit - ECB bond buying and conditions for aid the top agenda items, while a Spanish bailout request remains a possibility......

EADS-BAE merger faces obstacles
Sept. 13 - Britain's defence company BAE Systems and Airbus-owner EADS are in advanced merger talks, but some analysts believe the deal will face many regulatory obstacles......

EADS, BAE merger doubts
Sept. 13 - Britain's defence company BAE Systems and Airbus-owner EADS have said they are in advanced talks to create an industry giant that would overtake rival Boeing in sales and contend with defence cutbacks in Europe and the United States. But s.....

3XSQ: Apple, Federal Reserve vie for attention
Sep 13 - Analysts raising their price targets on Apple after it releases the iPhone 5 while the Fed to announce another round of stimulus today......

Sports Spread: Back to the Premiership
Sept. 13 - International football is over for a month so the Premiership dominates this weekend's sport. Plus we'll preview Real Madrid against Manchester City in the Champions League......

U.S. Morning Call: Stock futures quiet ahead of Fed decision
Sep 13 - U.S. stock futures are pointing to a slightly lower open as investors wait to see whether the U.S. Federal Reserve will announce a new round of stimulus......

Market Pulse: Respect the rally, just don't love it
Sept. 13 - Today's debt sales from Italy and Ireland show the Draghi effect and risk rally remain strong. But if something looks too good to be true, it probaby is......

Credit crunch lessons not learned -- MIT's Ross
Sept. 13 - Four years into the credit crisis we still have no mechanisms in place to prevent a repeat, but there are measures that could be taken, says Onassis Prize winner and MIT Professor Stephen Ross......

China-U.S. rivalry heads to the final frontier
Sept. 13 - China may lag the U.S. when it comes to space technology, but Beijing's spending billions of dollars to close the gap, with possibly profound consequences for the balance of power in Asia......

China says Japan tension could hurt trade
Sept. 13 - China says escalating tensions over disputed islands could affect trade between Japan and China, as dozens protest outside the Japanese embassy in Beijing. Sarah Sheffer reports......

Pro-euro Dutch "forced marriage" coalition govt can work
Sept. 13 - The Dutch electorate has spoken, and has voted for more Europe, not less. The euro-sceptics have been silenced, and a centrist coalition will be formed, says Andre Krouwel, Professor at VU University......

Breakingviews: Sweating B-EADS
Sept. 13 - The much-doubted bankers' patter of being 'in the relationship' business finally looks like it will have its day with the proposed BAE-EADS tie-up, says Breakingviews......

Reuters Breakingviews: Asian beer battle continues
Breakingviews Asia Editor Peter Thal Larsen......

Reuters Today: Fed QE3 expected, but what and how much?
say there's a 65 percent chance of the U.S. Federal Reserve announcing more stimulus measures. Markets are waiting for the details and the Fed's updated economic guidance......

Taller, slimmer, faster iPhone 5 launched
Sept 12 - As Apple unveils its newest smartphone amid fierce competition from Samsung and Google's Android operating system, UK technology journalists discuss whether the iPhone 5 does enough to retain that special glow......

Don't mention green shoots, but the economy shows signs of life
Ever since Norman Lamont's famous "green shoots" of recovery speech, politicians have been understandably wary of prematurely calling the turn in the economy.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23668c.....

Era of 'jobs-targeting' begins as Fed launches QE3
Quantitative Easing has become banal, a fine-tuning tool like any other. It is by now drained of all drama. Even the Federal Reserve's hawks have lost the will to resist. Five of the six critics acquiesced.<img width='1' height='1' src='http://tel.....

The moment power shifted to the markets
After the ERM crisis, banks ceded control to the forces of global trade, says Martin Vander Weyer<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23660dc8/mf.gif' border='0'/><br/><br/><a href="h.....

Looking the American giants in the eye
A merger between BAE and its European rival EADS could create a defence superpower, says Michael Clarke<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23660dcc/mf.gif' border='0'/><br/><br/><a h.....

India 'will become world's biggest economy in less than 40 years'
CEBR chief believes India will overtake China in less than 40 years.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23660dcd/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/14.....

BAE's relationship with EADS has always been more war than peace
"A world-class international aerospace, defence and security group", as the takeover of BAE Systems by EADS hopes to achieve, sounds like a good idea.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23660dce/mf.gi.....

John Lewis and Waitrose profits rise 60pc
John Lewis and Waitrose have confirmed their position as two of the biggest winners on the high street amid Britain's economic downturn with a 60pc rise in profits.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/.....

Next shares tumble on 'disappointing' August sales
Fashion retailer Next has warned that sales in August and early September have been "disappointing", sending shares in the company tumbling.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/235ff40c/mf.gif' border=.....

Sage edges higher despite takeover doubts
The group has been dogged recently by bid speculation.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23660dcf/mf.gif' border='0'/>.....

Minefields await for EADS-BAE deal
No 30bn merger is simple. But rarely has a planned corporate tie-up faced as many potential minefields as the one being hammered out by EADS and BAE Systems.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23663ce.....

Debt crisis: as it happened - September 13, 2012
Federal Reserve chairman Ben Bernanke has announced a third round of quantitative easing in a bid to help America's weakening economy, as the IMF warns that Greece will need a third bail-out.<img width='1' height='1' src='http://telegraph.feedspor.....

Imagination Technologies shares fall despite Apple iPhone 5 lift
The British company that designs graphics chips for Apple saw its shares slump despite expectations that the newly launched iPhone 5 will boost its revenues.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2366116.....

Imagination Technologies shares fall despite iPhone 5 lift
The British company which designs graphics chips for Apple saw its shares slump despite expectations that the newly launched iPhone 5 will boost its revenues.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2365c0.....

Barclays boss Antony Jenkins tells staff to think about customers' feelings
Jenkins wants 'emotional connection' with those who use the bank.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2365c06c/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/14454.....

Facebook launches real-time bidding for advertisers
Facebook has stepped up its assault on the advertising market by taking on Google with so-called "real-time bidding" for advertising space on its website.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2365c06d/m.....

Russia's deputy PM Arkady Dvorkovich casts doubt on Rosneft-BP deal
BP's hopes of exiting troubled Russian joint venture dealt a blow as Russia's deputy prime minister says he would oppose Rosneft buying its stake in TNK-BP.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2366116a.....

Russia's deputy PM casts doubt on Rosneft-BP deal
BP's hopes of exiting troubled Russian joint venture dealt a blow as Russia's deputy prime minister says he would oppose Rosneft buying its stake in TNK-BP.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2365c06f.....

Chaos-struck West Coast rail franchise faces strike threat
The chaos engulfing the prestigious West Coast rail franchise has deepened after unions threatened strike action amid uncertainty over jobs and working conditions.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2.....

Debt crisis: Fed chairman Ben Bernanke announces QE3 - live
Federal Reserve chairman Ben Bernanke has announced a third round of quantitative easing in a bid to help America's weakening economy, as the IMF warns that Greece will need a third bail-out.<img width='1' height='1' src='http://telegraph.feedspor.....

Darty boss Thierry Falque-Pierrotin quits before shareholder revolt over pay
The boss of troubled electricals retailer Darty fell on his sword hours before the group suffered a damaging shareholder revolt over pay.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23660dd0/mf.gif' border='0'.....

Darty boss quits before shareholder revolt over pay
The boss of troubled electricals retailer Darty fell on his sword hours before the group suffered a damaging shareholder revolt over pay.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23653608/mf.gif' border='0'.....

Federal Reserve announces QE3 to aid US recovery
The Federal Reserve has embarked on what could prove its biggest round of quantitative easing so far in a bid to strengthen the US recovery.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2365360b/mf.gif' border=.....

Fed launches QE3: what the analysts say
The Federal Reserve has stepped in with a fresh multi-billion dollar round of stimulus in a bid to strengthen the recovery of the world's largest economy. Here is what some top analysts said of the move.<img width='1' height='1' src='http://telegr.....

Fed launches QE3: the full statement
Federal Reserve chairman Ben Bernanke has announced a third round of quantitative easing in a bid to help America's weakening economy. Here is the Fed's statement in full.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/56.....

FSA is harming UK housing market, says Redrow chairman Steve Morgan
The too-heavy regulatory burden on banks is stifling the housing market, according to Steve Morgan, the founder and chairman of housebuilder Redrow.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/236495ab/mf.gif'.....