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Friday 14 September 2012

UK Financial News on 2012-09-14

Stock markets rise on US stimulus
Stock markets rise after the US Federal Reserve decides to pump more money into the economy, but fears over the eurozone resurface as reports of Spanish bailout talks are denied......

UK construction down 10% on year
Activity in the UK construction sector was down 10.1% in the year to July, according to official figures......

RBS confirms Direct Line sale
RBS has announced it will sell its Direct Line insurance business and turn it into a separate public-listed company......

India opens up to foreign retail
India's government once again clears a controversial plan to open up its vast retail market to global supermarket chains......

City trader 'gambled away' 1.4bn
A trader at a City of London bank "gambled away" 1.4bn of his firm's money and caused "chaos and disaster", a jury hears......

Google faces German mobile ban
Motorola may have to recall mobile devices in Germany after losing a lawsuit against Apple, while Samsung suffers a setback in its patent battle with Apple......

Tribunal payouts to be limited
Business Secretary Vince Cable has proposed a cut in how much workers can claim for unfair dismissal at employment tribunals......

US factory output falls sharply
Industrial output fell 1.2% last month, its fastest rate for three years but retail sales rise for the second month in a row......

Google 'blocks' Alibaba handset
Google is accused of preventing Acer from launching a handset in China powered by Alibaba's rival Aliyun operating system......

Call to freeze fishing in Europe
A think tank makes a controversial case for freezing fishing in Europe, saying most fish stocks would return to sustainable levels within five years......

Euro inflation rises in August
Prices rose faster in August across the 27 nations of the European Union (EU) compared with July, according to official figures......

Wetherspoon pubs see sales rise
Pubs chain JD Wetherspoon said this summer's Queen's Diamond Jubilee and the Euro 2012 football championships had boosted its annual profits......

Papers 'facing terminal decline'
Journalist and broadcaster Andrew Neil warns that some of Scotland's leading newspapers are in terminal decline......

India inflation rate rises again
India's inflation rises more than expected to 7.55% in August, driven by higher prices of food and manufactured items......

S Africa miners reject pay offer
Miners at South Africa's Marikana mine reject a pay offer from the management, dashing hopes for an end to their weeks-long strike......

Huawei and ZTE deny US charges
Chinese telecom firms Huawei and ZTE deny US charges that some of their equipment has been installed with codes to help spying......

New York ban on supersize sodas
New York City passes the first US ban on large-size sodas and other sugary drinks being sold in restaurants and other eateries......

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......

Bank job pay package 'undecided'
The Bank of England begins advertising the job of its next governor, but is still "undecided" on what pay and pension package it will offer......

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......

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......

Japan in nuclear phase-out plan
The Japanese government unveils a plan to phase out nuclear power by 2030, in a major policy shift after last year's Fukushima disaster......

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......

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......

Cupid buys uniform dating site
Edinburgh-based online dating firm Cupid buys niche site Uniform Dating for up to 7m as it continues a rapid expansion drive......

Lease back plan for factory fails
The owners of Halls of Broxburn turn down an offer from the Scottish government to buy and lease back the threatened food factory......

FG Wilson move 'not surprising'
The chief executive of Invest NI has said he is disappointed but not surprised at the job losses at FG Wilson and if he had been in charge of the company he would have made the same decision......

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......

VIDEO: Iceland's economy sparks into life
Just four year's after Iceland's major banks collapsed and the currency plunged in value, the nation is now being praised by the IMF......

VIDEO: Debt and the City: London financial tour
The current financial malaise is but the latest in the colourful history of the City of London, and can now be explored in a guided tour......

VIDEO: City trader 'gambled away' 1.4bn
A former City trader accused of the largest banking fraud in British history "gambled away" 1.4bn ($2.3bn) of his firm's money, a jury has heard......

VIDEO: How popular is UK-made fashion?
As London Fashion Week gets under way, the BBC's Tim Muffatt looks at how much of clothing bought in this country is made in the UK......

VIDEO: British banks under EU control?
The European Commission unveiled its blueprint for a European banking union involving the central regulation of 6,000 banks in the eurozone, including powers to close them down......

AUDIO: BAE merger a 'geo-strategic' case
Lord Reid, former defence secretary, said that the government needs to make a "huge call" over the potential merger of defence contractor BAE systems and aerospace firm EADS, as it is not just a commerical case but also a "geo-strategic case"......

VIDEO: Federal Reserve to buy more debt
The US central bank has announced it will resume its policy of pumping more money into the economy via so-called quantitative easing......

VIDEO: Tribunal payout cut to be announced
The maximum compensation workers can win for unfair dismissal will be cut, in proposals announced by the government today......

Russia offers sporting gold for UK firms
UK firms offer Olympic expertise for Russian games.....

Dame Stephanie Shirley: Judge me by my failures
The boss who says success depends on failures.....

Speeding up work for people with disabilities
Tech gets people with disabilities back in work.....

Room with a view: Instant hotels
Container camping enjoys mobile success.....

3D printers make puppets smile
3D printers create the cast of stop-motion film ParaNorman.....

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

U.S. Week Ahead: Fed-fueled stocks could see sell off
Sep 14 - The S&P 500 is testing all-time highs, but dollar funds point to traders reallocating cash back into battered bonds. Also Fed speakers could offer more clues about the size of QE3......

Burberry's flagship store mirrors online world
Technology Correspondent Matt Cowan speaks to the brand's Creative Director Christopher Bailey about the vision for the store, which blends cutting edge technology with tradional craftmanship. Matt Cowan reports.....

UK royals sue over topless Kate photos
Sept. 14 - The Duke and Duchess of Cambridge have launched legal proceedings against the publisher of French magazine Closer for breach of privacy, after it printed a series of photos of the Duchess, Kate Middleton, sunbathing topless. Joanna Partrid.....

Euro zone focus on Spain
Sept. 14 - Europe's finance ministers and officials met for talks in Cyprus, with Spain's borrowing costs and Greece topping the agenda. Joanne Nicholson reports.....

Well-known short seller looking to go beyond China
Sep 14 - Muddy Waters founder, Carson Block, is looking at potential shorts in the U.S., Japan and India. The man who helped bring down Sino-Forest says one sector he's focusing on is tech......

Trading at Noon: UnitedHealth pushes out Kraft
Sep 14 - UnitedHealth Group gets a spot on the Dow Jones Industrial Average as Kraft exits......

Breakingviews: Bank breakups Spanish-style
Sept 14 - Breakingviews editors explain what Citigroup boss Vikram Pandit could learn from Santanders Emilio Botin when it comes to the industrys existential conundrum......

Environmentalists in sync with Airbus on formation flying
Sept. 14 - Environmental groups say they are encouraged by ambitious plans recently announced by Airbus to fly aircraft in flock formation by the middle of this century. The company's Smarter Skies concepts also include steeper take-offs to reduce jo.....

Europe Week Ahead: Beware euro reality check
Sept. 14 - Major bond auctions, a slew of euro zone data and key talks on Spain's regional debt will test the region's mounting optimism next week......

3XSQ: United Healthcare in, Kraft out
Sep 14 - UnitedHealth Group stock getting a boost on the announcement that it will join the Dow Jones Industrial Average as Kraft exits.....

Extending international, online reach: M&S
Sept. 14 - Marks & Spencer CEO Marc Bolland says the current environment is tough and the outlook equally so. Growth will come through extending the company's international reach and improving the online offer......

South African miners reject Lonmin pay offer
Sept. 14 - In a strike that's divided union members, South African platinum miners say they won't accept Lonmin's pay increase, and say the National Union of Miners is not demanding enough. Joanne Nicholson reports.....

U.S. Morning Call: Stocks soar on Fed's plan; dollar sinks
Sep 14 - U.S. stock index futures are pointing to a higher open this morning and is set to extend gains after the Federal Reserve's launch of QE3......

Market Pulse: Ben's helicopter to lift gold to $2,000/oz
Sept. 14 - Gold is headed for $2,000/oz, maybe before the end of the year, says BofA Merrill Lynch's Michael Widmer. And a record high in euro terms is imminent too......

Luxury stocks still a buy, but pick carefully - CCLA
Sept. 14 - Forget the big tumbles for Burberry and Prada - there is still plenty of upside for luxury stocks if you choose well, says James Bevan of CCLA Investment Management......

Breakingviews: Fed honeymoon may be brief
Sept. 14 - The flood of cheap dollars from the Fed will lift all boats for a while. But QE is sure to trouble non-U.S. central bankers say Breakingviews......

Israel weighs risks of home growth versus global gloom
Sept. 14 - As domestic growth shows signs of beating forecasts but the global economic outlook grows ever grimmer, we ask Israeli deputy central bank governor Karnit Flug how she weighs up the balance of risks......

Chinese shoppers leave patriotism at home - for now
Sept. 14 - Despite rising tensions between China and Japan over a disputed set of islands, Chinese shoppers continue to buy Japanese goods - but for how long?.....

Reuters Today: Pressure on Spain to stop stalling
Sept. 14 - European finance ministers meet in Cyprus to discuss whether Spain should ask for a bailout, as Fed Chairman Ben Bernanke makes a big bet to boost the U.S. economy......

Asia Week Ahead: China slowdown in focus
Sept. 14 - Fresh commodities trade and foreign investment data will shed more light on the health of the world's second-largest economy, while tensions flare between China and Japan over disputed islands......

Wealth Strategies: 300 ETFs are at risk for closure- analyst
Sep 14 - IndexUniverse's Paul Baiocchi says ETFs that try to undercut competition solely on expenses may have lower liquidity and weaker tracking metrics, and says some 300 funds are at risk of shutting down......

Bernanke digs deep but skeptics remain
Sept. 13 - Federal Reserve Chairman Ben Bernanke takes an aggressive stance against a slow-moving economy, pledging to purchase $40 billion a month in mortgage-related securities for as long as it takes to get the jobs market back on its feet. Conway.....

Stocks near 5-yr high on Fed stimulus
Sept. 13 - Summary of business headlines: Stocks jump on Fed stimulus plan; jobless claims up more than expected; Wholesale inflation rises in August; Nintendo Wii U to launch November 18. Bobbi Rebell reports......

(Business) haters gonna hate but who gets hurt?
columnists and business gurus Jack and Suzy Welch......

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......

EADS merger is 'last chance saloon' for BAE Systems
The former chief executive of BAE Systems has said the British defence company's proposed merger with EADS is its "last chance saloon" and shareholders have "no alternative" but to back the deal.<img width='1' height='1' src='http://telegraph.feed.....

UBS trader a 'gamble away from destroying the bank'
An "out-of-control" rogue trader accused of Britain's biggest banking fraud "was a gamble or two away from destroying Switzerland's largest bank", a court heard yesterday.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/56.....

Striking South African miners reject Lonmin pay offer
Striking South African miners have rejected a pay rise of R900 (67.40) increase that would give new-entry workers a basic monthly salary of R5,500.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/236bd7ee/mf.gif' .....

Mike Ashley's Sports Direct close to deal to buy JJB
Mike Ashley's Sports Direct is close to striking an eleventh hour deal to buy troubled retailer JJB.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23704eab/mf.gif' border='0'/><br/><br/><a href.....

Plan to save 1,700 jobs at Hall's factory is rejected
A rescue plan for the makers of Hall's sausages, designed to safeguard more than 1,700 jobs, has been rejected by the company's Dutch owners.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23704eac/mf.gif' border.....

Major Tom is on an aerospace oddity but risks crashing to earth in America
"This is ground control to Major Tom, you've really made the grade. And the papers want to know whose shirts you wear. Now it's time to leave the capsule if you dare."<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300.....

Greece needs more time to hit austerity targets, says IMF
Greece is likely to be granted more time - but not more money - to meet the austerity measures set by its 130bn (105bn) bail-out package, leaders have signalled.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/236.....

Major Tom is looking for grounded control
When Tom Enders took over from Louis Gallois as chief executive of EADS in June, his predecessor praised his "charisma".<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23702ff2/mf.gif' border='0'/><br/>&.....

Britain should seize this chance to strike a new deal with Europe
The euro crisis is an opportunity to change the relationship for good, argues John Major<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23702ff4/mf.gif' border='0'/><br/><br/><a href="http://da......

Bank of England to auction 50 note for 400
Central bank to sell off notes that appear to be completely normal.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23702ff7/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/144.....

Bulgaria wants to block UK minimum alcohol pricing
Move comes amid claims minimum pricing breaches free trade laws.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/236feee9/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/144543.....

Good News Britain: We're putting the 'pub' in 'public'
Why are we doing well? I call it the 1,000 components of a BMW. We always try and upgrade every element of the business.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/236fbfb6/mf.gif' border='0'/><br/>&.....

JD Wetherspoon enjoys Jubilee and Olympic boost
Pubs group JD Wetherspoon has reported record annual sales despite the consumer squeeze.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/236fbfb7/mf.gif' border='0'/><br/><br/><a href="http://da......

Mitt Romney: People earning $250,000 are 'middle income'
Mitt Romney has said a salary of $250,000 is "middle income", six times higher than reality.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/236ef899/mf.gif' border='0'/><br/><br/><a href="http:/.....

Buoyant FTSE 100 climbs on stimulus
London's benchmark index surged higher following developments in the US.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/236f997a/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/.....

Debt crisis: as it happened - September 14, 2012
Greece's international lenders will consider giving the country more time to implement austerity measures agreed under its multi-billion euro bail-out, according to IMF managing director Christine Lagarde.<img width='1' height='1' src='http://tele.....

Tesco and Walmart get green light to move into India
International supermarket chains such as Tesco and Walmart are to be allowed to set up shop in India as the government bids to revolutionise the country's ailing agricultural sector.<img width='1' height='1' src='http://telegraph.feedsportal.com/c.....

Debt crisis: Greece could get more time for austerity - live
Greece's international lenders will consider giving the country more time to implement austerity measures agreed under its multi-billion euro bail-out, according to IMF managing director Christine Lagarde.<img width='1' height='1' src='http://tele.....

Financial Policy Committee won't stop banks taking risks, says Paul Fisher
The Financial Policy Committee, the body with oversight of the UK financial system, will not prevent banks from taking risks, according to member Paul Fisher.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/236fb1.....

Financial regulator will help growth while controlling risk
The Financial Policy Committee, the body with oversight of the UK financial system, will not prevent banks from taking risks, according to one of its members Paul Fisher.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568.....

Questor: are Facebook's shares better value than Apple's?
Garry White says Facebook's stock is still too high, despite recent falls.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/236e84bc/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.co.....

iPhone 5 will boost US economy more than QE3, says former Fed Governor Kevin Warsh
Apple's iPhone 5 will do more for the American economy than Ben Bernanke's latest aggressive stimulus plan, former Federal Reserve governor Kevin Warsh told CNBC.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23.....

Increase in US retail sales fails to reassure
An increase in US retail sales last month failed to offer much assurance on the outlook for the world's largest economy as much of it was driven by petrol prices.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23.....

Gordon Brown: ECB bond buying plan doesn't go far enough
Europe is in danger of becoming trapped in an economic "quagmire" that sees it stuck in stagnation for years to come, former prime minister Gordon Brown has warned.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/.....

UBS trader Kweku Adoboli 'gambled 1.4bn to feed ego'
UBS trader Kweku Adoboli fraudulently gambled away 1.4bn as he sought to feed his ego, status and bonus, a court heard.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/236b7b51/mf.gif' border='0'/><br/>&l.....