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Wednesday 19 September 2012

UK Financial News on 2012-09-19

FSA 'concerns' about Bob Diamond
The Financial Services Authority warned Barclays bank in 2010 that its Libor investigation could leave Bob Diamond "unsuitable" to run the bank, letters disclose......

BoE minutes hint at further QE
Some Bank of England policymakers think extra stimulus through more quantitative easing may be needed despite the inflation outlook worsening, minutes show......

Bill Gates tops Forbes rich list
Bill Gates is the wealthiest American for a 19th year, while the wealth of the top 400 grew faster than the economy, Forbes magazine says......

EADS boss warning over BAE deal
The boss of EADS says its proposed tie-up with BAE is a "perfect fit" but there is "serious work" ahead to convince investors of its value......

Lufthansa in new low cost move
Lufthansa says it will merge many of its European and domestic routes under a new-low cost brand as it seeks to boost profits......

Heineken ends Tiger beer dispute
Dutch brewer Heineken ends the stand-off over control of the maker of Tiger beer, by garnering the support of a Thai billionaire......

William Hill in Sportingbet talks
UK bookmaker William Hill has confirmed it is in talks over a possible joint offer for gambling firm Sportingbet......

HTC unveils Windows Phone mobiles
HTC unveils the 8X and 8S, two Windows Phone handsets, which it hopes will turn around its falling sales figures......

Amount paid in bonuses hits 37bn
The amount paid in bonuses to UK workers rises to 37bn, but financial employees see a fall, the Office for National Statistics says......

US home sales at two-year high
Sales of previously owned US homes reached their highest level for more than two years in August, figures show......

Business bank will 'need 40bn'
The government-backed "business bank" planned by Vince Cable will need 40bn to effectively boost lending to UK firms, says the think tank IPPR......

Facebook trials mobile ad system
Facebook places adverts on third-party apps and mobile websites in the US as part of a test of a way to boost earnings......

BoJ extends asset purchase scheme
The Bank of Japan extends its asset purchasing programme, following similar moves by the Federal Reserve and the European Central Bank......

Sudan opens first gold refinery
Sudan's President Omar al-Bashir opens the country's first gold refinery, which officials say is one of Africa's largest plants......

Lonmin shares rise after pay deal
Shares in Lonmin jump 9% at the start of trading in London, after the firm signs a pay deal with striking miners in South Africa......

Asos enjoys sales boost from US
Online fashion retailer Asos says a big increase in demand from US customers helped sales grow 31% in the three months to the end of August......

Zara owner Inditex profits up 32%
Zara owner Inditex reports a 32% jump in first-half net profit after opening new stores and gaining new customers......

Workers turn away from pensions
The number of people actively paying into a workplace pension scheme dropped for a third consecutive year in 2011, official figures show......

Newbury Racecourse in land sale
The owners of Newbury Racecourse have sold part of the land to property developers with plans for 1,500 homes......

Rachel Lomax 'no' for Bank chief
The former deputy governor of the Bank of England Rachel Lomax says she will not be applying to be the bank's next governor......

Trump 'advert complaints' upheld
Complaints about newspaper adverts commissioned by the Trump Organisation showing broken and rusting wind turbines are upheld......

Bankers 'among the least trusted'
Mis-selling scandals and the financial crisis means bankers are now trusted less than estate agents, according to consumer group Which?......

Lawyers face tax dodging scrutiny
Tax inspectors are to target the legal profession among others during their latest trawl for suspected tax dodging......

Inflation rate falls back to 2.5%
The annual rate of inflation in the UK, as measured by the Consumer Prices Index, falls to 2.5% in August......

Bank account exclusion 'rethink'
Banks must "look again" at financial inclusion after new bankrupts saw the end to a choice of bank accounts, consumer minister Jo Swinson says......

Spanish bank bad debts at record
Some 9.9% of loans by Spain's banks are now in arrears, according to central bank figures, the highest bad loan ratio since records began......

South Africa miners in pay deal
Striking miners at a Lonmin-owned platinum mine in South Africa agree to return to work on Thursday after signing a deal accepting a pay rise of up to 22%......

French Connection reports loss
Fashion chain French Connection reports a half-year loss as sales fall during a "very difficult" six months......

DHL workers to take strike action
Workers at Cumbernauld-based DHL Supply Chain are to take strike action in a dispute over pay and the future of the site......

JAL returns to the stock market
Japan Airlines shares rise modestly on its re-listing on the Tokyo Stock Exchange, more than two years after it filed for bankruptcy in one of Japan's biggest corporate failures......

Talks to continue over TV dispute
European Rugby Cup says a meeting with the RFU and Premier Rugby over the future of European rugby was "productive"......

Celtic reveal a 7m annual loss
Celtic announce losses of 7m for the year up to the end of June 2012 but are optimistic about the future......

Manchester United's revenue falls
Manchester United's annual revenue falls after last season's early elimination from the Champions League, but net profits rise thanks to a tax credit......

VIDEO: Can Bristol Pound boost local trade?
Residents in Bristol now have the option of swapping their traditional banknotes for the Bristol Pound, as part of a new scheme to try and boost the local economy......

VIDEO: Zara owner Inditex profits rise 32%
Zara owner Inditex reports a 32% jump in first-half net profit after opening new stores and gaining new customers......

VIDEO: Heading for a 2012 General Strike?
The TUC voted to explore the staging of a General Strike - similar to the 1926 action - but some Conservatives think laws are needed to make it harder for unions to call members out......

AUDIO: How is Asos growing overseas?
5 live asked the chief executive of retailer Asos how it was managing to grow overseas in the middle of the crisis......

VIDEO: 'Germany should not lead' in Europe
The German economist Hans Werner Sinn tells HARDtalk that because of Germany's history it is 'not the country that can have a leading role in Europe.'.....

VIDEO: Switching on a 1bn power station
A ceremony has been held to mark the completion of a 1bn gas-fired power station in Pembrokeshire......

AUDIO: Call for end to national public sector pay deals
Twenty-five economists have called for an end to national pay bargaining in the public sector......

VIDEO: Man Utd revenue falls to 320m
Manchester United has reported a 3.3% fall in revenue to 320.3m ($520m) for the year to 30 June, after its early elimination from the Champions League last season......

Is Taiwanese democracy changing Chinese students?
Is Taiwan experience changing Chinese students?.....

Political risk returns to the markets
Civil unrest and war fears threaten investments.....

HTC smartphone inspired by a shoe
How a Nike trainer inspired the look of HTC's latest handsets.....

Bristol launches its own currency
Can the Bristol pound reflate trade in the city?.....

What are zero hours contracts?
Controversy over new working contracts explained.....

Economy 2012: AGCO CEO says the U.S. needs better leadership
Sep 19 -The head of farm equipment maker AGCO, Martin Richenhagen, says The U.S. needs a President with more business savvy who can tackle the upcoming fiscal cliff......

Lonmin mine deal sparks more unrest
Sept. 19 - South African police fired tear gas and rubber bullets to disperse protesters near a mine run by the world's biggest platinum producer Anglo American Platinum, as unrest spread after strikers at rival Lonmin won big pay rises. Andrew Potte.....

Trading at Noon: Groupon gets its groove back
Sep 19 - Groupon is making a move to mobile payments with the launch of "Groupon Payments," allowing customers to pay using their mobile phones......

Breakingviews: Boeing on BAE-EADS radar
Sept 19 - Jeffrey Goldfarb and Breakingviews columnists discuss the different ways Boeing could disrupt the $45 bln BAE-EADS deal politically and maybe even financially......

Europe Day Ahead: Bond sales, data deluge to test euro mood
Sept. 19 - The tentative optimism in the euro zone will be tested tomorrow by a slew of data and benchmark bond sales in France and Spain......

Engineers see inflight relief with climate control seats
German scientists have unveiled a prototype 'climate control' airplane seat designed to make air travel more comfortable. They say the seat - on display at the recent Berlin Air Show - could be a boon for air travellers, particularly those on long-di.....

Inditex stitches together soaring profits
Sept. 19 - First half results for Spanish retailer Inditex see profits jump by a third, thanks to growth in emerging markets, online and in fast fashion, say analysts. Joel Flynn reports......

French weekly publishes Mohammad cartoons
Sept. 19 - French satirical weekly Charlie Hebdo has published cartoons of the Prophet Mohammad, a decision criticised by the French authorities which sent riot police to protect the magazine's offices. Andrew Potter reports.....

Wealth Strategies: Returns for European stocks outweigh risk
Sep 19 - USAA's Wasif Latif says European companies that operate on a global scale are immune to the country-specific problems of the region and likes staples like Heineken and Nestle......

3XSQ: Now 3M concerned about economy
Sep. 19 - First FedEx, then GM and now 3M is the latest U.S. firm to express concern about the economy......

Spain's rating unlikely to be cut to junk soon says S&P
Sept. 19 - Standard & Poor's EMEA Ratings Chief, Moritz Kraemer, says Spain's credit rating is unlikely to be cut to non-investment grade in the near future despite big challenges ahead......

Market Pulse: Fed "big bazooka" to keep dollar down - BNP
Sept. 19 - Policy easing from the Bank of Japan has brought down the yen - but the effect is likely to be short-lived as the U.S. Federal Reserve has much more firepower, says Steven Saywell of BNP Paribas.....

Reuters on the Road: Crowdfunding fills cash void
Sept. 19 - BankToTheFuture.com founder, Simon Dixon, tells Insider how his business offers hope to cash-strapped SMEs deserted by the banks.....

Breakingviews: Big shoes to fill at Goldman
Sept. 19 - Outgoing CFO David Viniar was a steady hand and steered the company through tough times, his retirement in Jan 2013 means successor David Schwartz has some big shoes to fill say Breakingviews......

Southeast Asia emerging as money magnet
Sept. 19 - As Western economies struggle, Southeast Asia is shaping up as the place where fortunes are made - and stored, with Singapore tipped to overtake Switzerland as the world's wealth management capital......

Asian business sentiment: down but not out
/INSEAD Asia Business Sentiment Survey shows global uncertainties have Asia's companies worried, but there's still no shortage of optimism in the region......

Reuters Today: Japan battles slowdown with surprise easing
Sept. 19 - The Bank of Japan doubles its usual purchases of government bonds in an attempt to weaken the yen and kickstart growth......

South Africa's Lonmin miners return to work
Sept. 19 - Striking miners at Lonmin's Marikana mine accept a pay deal, but the country is still counting the cost and the outlook for the industry in South Africa remains fragile......

U.S. Morning Call: AA gives layoff notices, flight cuts
Sep 19 - American Airlines says it has notified more than 11,000 workers they could lose their jobs as part of its bankruptcy reorganization.....

Wall Street stuck in tug-of-war
Sept. 18 - Summary of business headlines: Wall Street searches for direction, FedEx lowers 2013 view in latest clue global economy is sinking, Ford's Alan Mulally sees Europe remaining below par, U.S. homebuilder sentiment hits six-year high; Apple t.....

Q3 earnings: look out below!
Sept. 18 - FedEx cuts its fiscal-year forecast and Wall Street slices its expectations for the third-quarter reporting season, but QE3 and other central bank actions may provide an upside surprise. Carmen Roberts reports......

U.S. Day Ahead: Investors to get housing recovery evidence
Sep 18 - IFR says we should see existing home sales rise to 4.55 million units as the property market slowly gets back on its feet......

Ford CEO: European car production won't hit previous highs
European car production will rebound but will not hit previous highs......

Lonmin strikers accept pay offer
Sep 18 - Striking miners at Lonmin's Marikana mine in South Africa accept a pay offer to end a six week-long violent strike, though some say it may not have come soon enough to prevent long-term damage to the industry. Joel Flynn reports......

Court bans topless Kate pictures
Sep 18 - A French court has banned a gossip magazine from further publishing topless photographs of the wife of Britain's Prince William, the former Kate Middleton. Andrew Potter reports......

Compass pays $18m to settle US school meals row
Compass Group's reputation has been dealt a blow in its biggest market, after the UK catering company agreed to pay $18m (11m) to US authorities for allegedly overcharging New York schools for meals.<img width='1' height='1' src='http://telegraph......

Asia-Pacific now has more millionaires than US
More millionaires now live in the Asia-Pacific region than in the US.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/239aa194/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/1.....

Money printing has only allowed governments to duck their problems
Forget QE3 in the US, or whatever round of quantitative easing we are now up to here in the UK; in Japan they are about to embark on QE7, or is that QE8 - it's hard to keep up.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726.....

As fast as the Bank is printing money, it's disappearing down a pension black hole
It is time that rules governing pension liabilities were put on a sane basis, rather than the insane calculations employers are currently forced to observe.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/239a951d.....

Hope for BP in Russia as Bob Dudley meets Vladimir Putin
BP's hopes of exiting its troublesome Russian joint venture and securing a new role in the country have been bolstered by a meeting between its chief executive Bob Dudley and President Vladimir Putin.<img width='1' height='1' src='http://telegraph.....

JJB Sports sale hit by HMRC tax investigation
The sale of beleagured retailer JJB Sports has been dealt a blow after details of a multi-million pound tax investigation by HM Revenue & Customs emerged.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/239a9b.....

JJB sale hit by HMRC investigation
The sale of beleagured retailer JJB Sports has been dealt a blow after details of a multi-million pound tax investigation by HM Revenue & Customs emerged.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/239a95.....

Ten richest people in America: in pictures
Forbes magazine has revealed its latest list of the richest people in the US, with the average net worth rising to $4.2bn from $3.8bn last year. Here are the top 10.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s.....

FTSE 100 makes gains on Japan stimulus boost
The blue-chips finished in positive territory for the first time since Friday.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/239a9521/mf.gif' border='0'/><br/><br/><a href="http://da.feedsporta.....

Faceboook uses data to sell adverts on other websites
Facebook is courting controversy by using the wealth of information it holds about its users to help companies target online advertisements, even when they do not appear on the social network.<img width='1' height='1' src='http://telegraph.feedspo.....

Japan launches QE8 as 20-year slump drags on
Bank of Japan acts to weaken yen and cushion return to recession.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2399fe6d/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/14454.....

Good News Britain: The internet has allowed ASOS, and the UK, to export our talents
ASOS has and continues to be a significant beneficiary of the structural shift to the internet, the global opportunity that the internet enables and the world-beating pedigree of the UK's fast fashion high street.<img width='1' height='1' src='htt.....

Good News Britain: The internet has allowed Asos, and the UK, to export our talents
Asos has and continues to be a significant beneficiary of the structural shift to the internet, the global opportunity that the internet enables and the world-beating pedigree of the UK's fast fashion high street.<img width='1' height='1' src='htt.....

Asos growth accelerates in the UK
The online fashion retailer Asos has accelerated its growth in the UK despite pressure on the high street from the recession.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2399d2ad/mf.gif' border='0'/><br/.....

The National Business Awards and the 2012 ICAEW Sustainability Award
The National Business Awards explores sustainability and the bottom line with the 2012 ICAEW Sustainability Award.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2399d2b2/mf.gif' border='0'/><br/><br/.....

Greece sells off London consulate and royal cemetery
Greece intends to sell high-end properties in London, Belgrade and Cyprus, including a palace with royal graveyard, as part of a privatisation programme designed to free up cash and appease its bail-out rescuers.<img width='1' height='1' src='http.....

Race for the Governor: The outsiders with a chance to replace Mervyn King
In the last part in our series on the race to be the next Governor of the Bank of England, we look at the outside shots for one of the biggest jobs in finance.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2399c.....

Debt crisis: Greece sells London property to raise funds
Greece is thought to be selling its London consulate in Holland Park as part of a wider sell-off of its diplomatic properties designed to raise funds to secure its next bail-out tranche.<img width='1' height='1' src='http://telegraph.feedsportal.c.....

Goldman Sachs chief Lloyd Blankfein attacks austerity for 'killing' US economy
The chief executive of Goldman Sachs has said he is against austerity measures in the short term as the US fiscal cliff looms.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2399cecf/mf.gif' border='0'/><br.....

Smiths Group warns Bank of England's money printing is hindering investment
Smiths Group, the FTSE 100 engineering and technology company, has warned the Bank of England's quantitative easing programme is forcing it to pump money into its pension pot that could otherwise be spent on investment and shareholder dividends.<i.....

More QE coming, Bank of England minutes suggest
More money printing is likely within months despite signs that inflation is proving stickier than expected, economists said.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23997beb/mf.gif' border='0'/><br/&.....

Oil prices slump further on Saudi Arabian supply rumours
Oil prices slumped by more than three dollars on Wednesday on talk of increased Saudi Arabian supplies to help cool the market.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23997bee/mf.gif' border='0'/><b.....

Debt crisis: as it happened, September 19, 2012
France seeks to calm concerns of a rift with Germany over plans for a eurozone banking union, though prime minister Jean-Marc Ayrault continues to insist that ECB bank supervision should cover all lenders.<img width='1' height='1' src='http://tele.....

Debt crisis: France denies German bank union rift - live
France seeks to calm concerns of a rift with Germany over plans for a eurozone banking union, though prime minister Jean-Marc Ayrault continues to insist that ECB bank supervision should cover all lenders.<img width='1' height='1' src='http://tele.....

Savers face further cut in interest rates
A leading economist has predicted a further cut in interest rates next month.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/239881b8/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.....