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Monday 17 September 2012

UK Financial News on 2012-09-17

Buyout firms plan debt-funded dividend drive
Investors balk at return of controversial practice of recapitalising through the issue of high-yield bonds.....

Deutsche Bank takes knife to corporate finance
German bank cuts several high-profile bankers with managing directors said to be bearing the main brunt.....

Where are Lehmans European bankers four years on?
New research shows less than half of the US firm's London bankers are no longer FSA-registered four years after its collapse.....

Buyside laments over-the-counter liquidity drought
Liquidity in the OTC markets reported to be in a 'dire' state as dealers steadily reduce their marketmaking activity.....

Pressure grows to scrap Scargill pension ruling
Towers Watson calls for judicial review of 1984 court decision that has influenced trustees' investment strategies for a generation.....

Bradley departs JP Morgan amid fears of Christmas bloodbath
Managing director is among a string of senior bankers with private equity-related positions to have left so far this year.....

Dark pool chiefs exit Icap
Departures come after the interdealer-broker closed its pan-European multilateral trading facility BlockCross.....

Former Nomura traders reunite at hedge funds
LindenGrove Capital and Occitan Capital Partners build investment teams with former senior colleagues from bank.....

EU Council proposes trading tape tender
Move marks latest effort to end five-year spat over how trading data is reported and aggregated.....

ETFs to resume sky-high trajectory
BlackRock chairman Larry Fink expects assets in the sector to nearly double to beyond $3 trillion in 2015.....

Bankrupts face account shut-out
People recovering from bankruptcy will no longer have a choice over where they can access a bank account, as Co-op withdraws from the market......

iPhone orders boost Apple shares
Apple shares have closed at a record high of almost $700 as the firm receives two million pre-orders for its newly unveiled iPhone 5......

Treasury 'slow' on Northern Rock
The Treasury's most senior civil servant has told MPs the government should have been quicker to nationalise Northern Rock following its collapse......

Hamleys sold to French toy group
The 250-year old toy chain Hamleys has been taken over by a French toy retailer for a reported 60m......

Delay fears on EADS and BAE deal
France's finance minister says the planned merger of BAE and EADS needs close scrutiny raising fears of delays through political wrangling......

China protests hit Japanese firms
Some of Japan's biggest firms - Panasonic, Canon and Honda - suspend operations at some factories in China amid violent anti-Japan protests......

HSBC to allow Post Office access
HSBC becomes one of the last major banks to allow customers to use the Post Office counter network for basic transactions following government criticism......

France and UK 'close' on banks
France says it is in agreement with the UK on the EU plan to centralise supervision of eurozone banks......

Wonga profits from loan demand
Money lender Wonga announces a sharp jump in profits thanks to strong demand from cash-strapped households during the downturn......

Obama and Romney duel over China
Barack Obama and Mitt Romney spar over Chinese trade relations, as the White House accuses Beijing of illegally subsidising car exports......

India party ministers may quit
A key political ally is to consider whether to withdraw from the Indian government over a decision to open up the retail sector to global supermarkets......

Oil price nears four-month high
Oil prices rise for the eighth session in a row, with Brent crude near a four-month high, boosted by the Fed's move last week to stimulate the US economy......

India makes move to boost lending
India's central bank lowers the amount of money that banks need to keep in reserve, in a bid to boost lending and spur domestic demand......

Income levels 'to rise next year'
UK households will see a rise in real income levels next year for the first time since the onset of the financial crisis, a study suggests......

Small firms in 'finance struggle'
Small firms are struggling to raise the money they need to expand, according to a survey by the Federation of Small Businesses......

Boots agrees deal with China firm
Alliance Boots, one of Europe's biggest pharmacy chains, agrees a deal to buy a stake in a Chinese pharmaceutical wholesaler......

Road charge for foreign lorries
Foreign lorries will be charged up to 1,000 a year to use British roads in a bid to benefit domestic hauliers, the government confirms......

Universal credit plans 'on track'
The government dismisses calls to delay the introduction of the universal credit benefit system, amid concerns over payments and IT systems......

Greece euro exit 'catastrophic'
Greek Prime Minister Antonis Samaras reiterates his belief that exiting the euro would be a "catastrophe" for his country, and calls for more time to make cuts......

VIDEO: What did Occupy movement achieve?
A year has passed since a series of anti-capitalist protests began in New York and spread around the world......

AUDIO: LinkedIn reaches 10 millionth UK user
The professional networking site LinkedIn has announced it now has 10 million members in the UK......

AUDIO: 'Good time' to invest in businesses
The chief executive of the Business Growth Fund, Stephen Welton, says now is a good time for banks to invest in small companies......

AUDIO: Coalition spending plans need 'urgency'
John Cridland, the Director General of the Confederation of British Industry, says the government needs to adopt a "sense of urgency" with regard to infrastructure plans......

VIDEO: Warning over SA mine strikes
A union affiliated with South Africa's ruling ANC has called for striking miners to return to work......

VIDEO: UK's 'piracy city' is Manchester
Manchester has been named the piracy capital of the UK, according to a new study seen exclusively by the BBC......

AUDIO: Universal credit will 'simplify' welfare
Paul Johnson, the director of the Institute for Fiscal Studies, says the government's proposed welfare reforms will make the benefits system "simplified and integrated"......

VIDEO: 'Lending key to small business growth'
Small firms are struggling to raise the money they need to expand, according to a survey by business leaders......

Do low rates help boost growth?
Is it safe to cut interest rates to bolster growth?.....

Young Asian's making their mark on Australia
How Australia's Asians are subtly changing the country.....

Past philanthropists: How giving has evolved
How philanthropy has evolved since Carnegie's day.....

Who is the most pirated artist near you?
Find out who is the most pirated artist near you.....

Stock markets giving mixed messages
Market euphoria is at odds with the stagnant global economy.....

U.S. Day Ahead: FedEx results to confirm recovery woes
Sep 17 - Analysts will want to know where FedEx is hurting when it releases its latest results. The company has already cut its outlook citing economic weakness globally......

3XSQ: Investors have a case of iPhone 5 fever
Sep 17 - Apple shares hit another record as iPhone 5 preorders topped 2 million in 24 hours, more than double the amount of the iPhone 4S preorders.....

Trading at Noon: Apple nears $700 after 2mln iPhone 5 sales
Sep 17 - Apple says iPhone 5 preorders topped 2 million in 24 hours, saying it would deliver most preordered phones as planned by Friday, but many would not be available until October......

Russia's $5bln bank stake sale
Sep 17 - The Russian government says it will sell up to $5 billion of its stake in Sberbank, the third largest bank in Europe, though investors will have to move quickly if they want in. Joel Flynn reports......

Spanish decision needed on Spanish bailout: French Finance Minister
Sept. 17 - France's Finance Minister, Pierre Moscovici, says Spain needs to decide if it needs a bailout. He adds that France is not in favour of a 'Grexit'......

Economy 2012: Tumi CEO says luxury still has growth potential in Asia
Sep 17 - Boss of high-end bag-maker Tumi, Jerome Griffith, says he's opening more stores in the Asia-Pacific region than in the U.S. and Europe combined......

Italy also publishes topless Kate photos
Sep 17 -Britain's Prince William and his wife Kate Middleton are to make a criminal complaint against the photographer who took topless pictures of the duchess, as Italian gossip magazine Chi published a special edition including the photos. Joanna P.....

Breakingviews: The other Motorola
Sept 17 - Richard Beales and Robert Cyran discuss how shareholders have done even better than expected from Googles purchase of Motorolas handset business after the company split in two last year......

Europe Day Ahead: Lingering Spanish doubts halt rally
Sept. 17 - Spain faces its first test this week, with a 4.5 billion T-bill auction, the first since the ECB's bond buying plan. But the question remains whether Madrid will seek a bailout......

Merkel calls for closer coordination
Sep 17 - German Chancellor Merkel says the euro zone crisis "must be solved largely politically," and calls for closer coordination. Rough Cut (no reporter narration)......

Robot researchers learn lessons of lizard locomotion
Sept. 17 - Scientists at Georgia Tech University in Atlanta, are studying lizard locomotion as part of a research project to build robots for use in the desert. The ultimate goal is to replicate the reptiles' ability to move swiftly over - and throug.....

Euro crisis watch: Is the pain over?
Sept. 17 - As stocks take a breather after recent gains and bond markets remain stable we ask Phil Tyson at ICAP if last week's actions by Central Banks was enough to solve the crisis......

Concrete future for world's richest African
Sept.17 - Aliko Dangote's entrepreneurial skills have helped make him Africa's richest person, with cement plants opened or under construction across Africa - now he dreams of owning the largest cement firm on the planet. Sonia Legg reports.....

Market Pulse: Buy Spanish debt when yields near 7%
Sept. 17 - Spanish bonds are a better bet than core debt, but investors should wait for yields to approach 7 percent again before stepping in says Armstrong Investments managing partner Patrick Armstrong......

Breakingviews: High cost of anti-Japan protest
Sept. 17 - Although there are similarities between the current protests in China against Japan and those of 2005, the economic and political stakes are much higher this time, say Breakingviews......

Witness: Weekend of rage in China
video journalist Max Duncan reports from Japan's besieged embassy in Beijing......

Top tests for China's new leaders
Veteran China watchers give us their takes on the biggest challenges facing Chinas new leadership and their views might surprise you......

Reuters Today: Will the party roll on for equities?
Sept. 17 - Central banks' stoke stock markets' feel-good-factor, but a slew of data this week could offer a sobering reality check......

U.S. Morning Call: Investors come down after Fed euphoria
Sep 17 - U.S. stock futures are set to open lower after closing last week at nearly 5 year highs after the Fed announced QE3......

Wealth Strategies: Size matters, Megacaps deliver returns
Sep. 17 - T. Rowe Price's Larry Puglia says megacap stocks deliver returns to investors while guarding against uncertainty in the economy and likes tech names like Apple, Google, & Amazon......

Malaria cure is in sight, say researchers
Sept. 16 - Researchers at the University of Cape Town say they may be close to finding a cure for malaria following their discovery of a compound that disrupts the malaria parasite's lifecycle in animal models, effectively destroying it. The research.....

Shell's $4.5bn Alaskan adventure is a comedy caper
Six years in the making, the oil giant's farcical Alaskan exploration is not what you'd expect from a FTSE-100 company.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2385ed13/mf.gif' border='0'/><br/>&l.....

Where charity begins
Telegraph View: As Britain's foreign aid budget soars, we are entitled to know precisely where our money is going<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23860fed/mf.gif' border='0'/><br/><br/&.....

French finance minister fires warning shot on BAE-EADS merger
The French finance minister has warned there are "a lot of questions" which need to be resolved on the proposed 30bn merger between BAE and EADS.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23857a94/mf.gif' bo.....

Shell halts Arctic drilling until 2013 after safety failure
Royal Dutch Shell has been forced to delay drilling for oil in the Arctic for another year, after the failure of a key piece of safety equipment that would be used to tackle spills.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/.....

Tanzania flexes muscles over gas reserves
Tanzania's government to review contracts for oil and gas companies in the country under review, spooking investors in Ophir Energy.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23857a96/mf.gif' border='0'/>.....

Debt crisis: politicians drive bank union but markets focus on Spain
Spanish borrowing costs rose above 6pc again as a continued stand-off between Madrid and Brussels fuelled fears that the European Central Bank's bond buying programme pledge is not enough to stabilise the eurozone.<img width='1' height='1' src='ht.....

Gaming groups in demand as investors take punts
Ladbrokes, bwin.party and William Hill all rose during trading today.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23858673/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/1.....

Vodafone to put 1.35bn aside for Indian tax bill
Vodafone has rattled investors by admitting that it is likely to put $2.2bn (1.35bn) aside to pay its Indian tax bill.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23858674/mf.gif' border='0'/><br/><.....

CWC opens talks to sell islands arm to Bahrain
Cable & Wireless Communications has accelerated plans to slim down and focus on key businesses by opening talks over the 600m sale of a major division.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/238582db/.....

Jeff Kelly leaves BT Global Services after 'transforming' the business
The man credited with restoring BT's troubled Global Services division back to health has packed his bags to return to his native US.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/238582e1/mf.gif' border='0'/>.....

Obama complaint against China raises threat of trade war
President Barack Obama has accused China of illegally subsidising its car industry, raising the spectre of a trade war as the battle for The White House enters the final straight.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32.....

Northern Rock should have been nationalised 'quicker'
Sir Nicholas Macpherson, the head of the Treasury, has admitted the taxpayer's loss on Northern Rock would probably have been lower if the lender had been nationalised earlier.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726.....

Debt crisis: as it happened, September 17, 2012
Spanish borrowing costs climb back above 6pc on worries it could be a "spanner in the works" for the ECB's latest attempt to stabilise the crisis, as German Chancellor Angela Merkel says her "heart bleeds" for Greeks facing hardship in the eurozone.&.....

Hamleys sold to French retailer Groupe Ludendo
Britain's oldest and most famous toy shop is to fall into French ownership after Groupe Ludendo paid around 60m to buy Hamleys.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2384f730/mf.gif' border='0'/><b.....

Strike-hit Lonmin cancels contract for 1,200 jobs at mine
Lonmin announced its first job losses linked to the strikes in South Africa, as it shut down a mine shaft and cancelled a contract for 1,200 workers.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23839d9e/mf.gif.....

UBS trader Kweku Adoboli lost thousands on spread bets prior to arrest
Kweku Adoboli was overdrawn and relying on pay-day loan companies.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2384ecf2/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/1445.....

Hammerson steps up Croydon battle with Westfield
Property developer Hammerson has strengthed its position in a battle with Westfield for dominance of a retail scheme in south London.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2384fc7c/mf.gif' border='0'/>.....

Debt crisis: Angela Merkel quizzed on euro crisis - live
Spanish borrowing costs climb back above 6pc on worries it could be a "spanner in the works" for the ECB's latest attempt to stabilise the crisis, as German Chancellor Angela Merkel says her "heart bleeds" for Greeks facing hardship in the eurozone.&.....

Occupy Wall Street protesters hold rally in New York to mark anniversary
Occupy Wall Street protesters hold rally in New York to mark anniversary.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23848cbd/mf.gif' border='0'/>.....

Treasury Committee calls for evidence on who QE hits the hardest
MPs are to investigate the Bank of England's claim that its money-printing operations have benefited pensioners, as the Treasury Committee launches a call for evidence.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/56830.....

Pay cuts and job worries in austerity Britain
Several aspects of job quality have deteriorated since before the recession, with workers enduring pay cuts and falling job security, according to the latest British Social Attitudes report.<img width='1' height='1' src='http://telegraph.feedsport.....

Protestors march on Wall St to mark one-year anniversary of Occupy Movement
Wall Street saw its first major protest in a year on Monday as hundreds marched on Manhattan's financial district to mark the first anniversary of the Occupy Wall Street movement.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32.....

iPhone 5: orders top 2 million in 24 hours
Apple took more than two million orders for the iPhone 5 in 24 hours, "shattering" the record held by the previous model, the iPhone 4S, the firm has said.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2384fc7d/.....

Buy again St Leger Day? It didn't work this year
We investigate the wisdom of one of the oldest investment adages.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2383bcdc/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/14454.....

Fears for inflation as oil price jumps 30pc in four months
Brent crude prices have risen 30pc in four months, raising fears that an expected fall inflation will not last.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2383bce1/mf.gif' border='0'/><br/><br/>.....