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Friday 21 September 2012

UK Financial News on 2012-09-21

EMI-Universal deal gets approval
EU and US regulators approve Universal Music's takeover of EMI, but some of the merged firm's most valuable labels must be sold off......

Public sector borrowing hits high
UK public sector net borrowing was 14.4bn in August, official figures show, the biggest deficit on record for this month since records began......

Spain prepares for bank bailout
Spain is expected to need up to 60bn euros (48bn; $78bn) to recapitalise its banks, but it is not clear when Madrid will ask for it......

James Murdoch tipped for new job
James Murdoch may get an expanded role at media empire News Corp, just a day after he was criticised strongly by the UK media regulator......

Banks propose industry reforms
British banks put forward proposals to reform the sector after a summer of scandal further battered the industry's reputation......

Ferries cancelled over strikes
Crossings with Brittany Ferries are "cancelled until further notice" following two days of wildcat strikes......

Fears for tenants as rents rise
A charity calls for more security for tenants, as a survey suggests that the cost of renting reached a record high in August......

Adidas cuts Reebok sales target
Adidas slashes its sales target for the struggling Reebok sportswear brand, but the rest of the group continues to grow......

Belize wins 60-day debt reprieve
Debt-burdened Caribbean country Belize wins a 60-day reprieve from bondholders after paying a portion of its overdue $23m debt interest......

Nigeria halts currency reforms
Nigeria's president orders the central bank to suspend plans to introduce a new series of coins and a high-denomination note, following a public outcry......

HMV sees sales continue to slide
Troubled music, films and games retailer HMV reports a further sharp drop in sales, but says new releases ahead of Christmas should boost trade......

Madoff schemes 'lure investors'
Investors are still putting money into schemes similar to the one Bernard Madoff touted, says a lawyer responsible for recouping the victims' losses......

Walmart India shop 'in two years'
US retail giant Walmart hopes to open its first stores in India within two years, the company's president tells the Wall Street Journal......

Charities 'rely on the over 60s'
Charities are increasingly relying on the older generation for donations as young people's generosity wanes, a report suggests......

G4S 'should forgo Olympics fee'
G4S should forgo its 57m management fee after failing to supply the required number of Olympics security staff, a committee of MPs says......

South Africa gold strike spreads
Workers at a South African gold mine owned by AngloGold Ashanti begin a wildcat strike - the latest labour unrest in the country's vital mining industry......

Free bus passes 'benefit health'
Older people in England with a free bus pass are more likely to be physically active - whether they are wealthy or poor, UK researchers claim......

Pensions system roll-out revealed
Some 600,000 people are set to be enrolled into a workplace pension by the end of the year under a system that automatically diverts funds from their wages......

Swinney unveils 'stimulus' budget
Scottish Finance Secretary John Swinney announces his spending plans aimed at stimulating Scotland's economy......

IMF cuts S Korea growth forecast
The International Monetary Fund cuts its growth forecast for South Korea, citing risks from further intensification of the eurozone crisis......

Bank boss says economy recovering
The Bank of England governor, Sir Mervyn King, says economic growth is on its way and the next three months should show a pick up in activity......

Spanish premier rebuffs Catalonia
The Spanish prime minister rejects a call from Catalonia's leader for fiscal independence, days after a big pro-autonomy rally in Barcelona......

Microsoft rapped over tax havens
The US Senate criticises Microsoft and Hewlett-Packard for their use of tax avoidance schemes, which it says is rampant in the tech sector......

Taiwan firm gets $500m fine in US
AU Optronics, one of Taiwan's biggest firms, is fined $500m (300m) by a US court for fixing prices of liquid crystal display panels......

Nexen shareholders back CNOOC bid
Shareholders of Canada's Nexen approve the takeover bid by China's state oil firm CNOOC to acquire the firm in a $15.1bn (9.3bn) deal......

Fifa probes 'facing resistance'
The chairman of Fifa's Independent Governance Committee says he is facing some resistance over corruption investigations......

Newry City wound up in High Court
Cash-strapped Irish League Football club Newry City FC is wound up at a High Court hearing in Belfast......

VIDEO: Brazil turns back on black economy
In an attempt to raise tax revenues, the Brazilian government has decided it needs to encourage illegal businesses to seek official trading licenses......

VIDEO: Public sector borrowing hits record high
UK public sector net borrowing was 14.4bn in August, the Office for National Statistics has said, the biggest deficit for the month since records began......

VIDEO: Borrowing numbers 'not too bad'
Government borrowing last month was the highest for any August on record. James Knightley from ING Financial Markets told BBC News that given the given the backdrop of a contracting economy, the figures weren't too bad......

VIDEO: China-Japan dispute 'threatens economy'
The international economic organisation, the OECD, has warned that the dispute between China and Japan could harm global economic recovery......

VIDEO: AA: Diesel prices 'unfairly high'
The AA has criticised the cost of diesel at the pumps saying it is 'unfairly high', but analysts say it costs more to refine than petrol......

VIDEO: A look at Apple's new map app
Rory Cellan-Jones compares Apple's new map software with Google Maps, using two iPads......

VIDEO: HTC 'super confident' of new phones
HTC's chief executive Peter Chou says he is "super confident" of the firm's new phones that run on Microsoft's Windows Phone operating system......

VIDEO: Electric vehicles: '100 miles for 1'
Motoring journalist Quentin Willson said the image of electric cars as "slow and boring" was wrong and claimed they could run for 100 miles on 1......

Is it really your bank calling?
How to tell if an automated call is really from your bank.....

Do petrol vouchers save us money?
Do supermarket petrol vouchers really save drivers money?.....

Fertility trade: Eggs, sperm and rented wombs
Eggs, sperm and rented wombs.....

SodaStream targets new generation
SodaStream returns to get 'busy with the fizzy'.....

Looking to the workplace of 2025
How your next office could be completely virtual.....

India invites more foreign investment
Protests fail to slow efforts to open up.....

U.S. Week Ahead: China fears haunt corporate America
Sep 21 - Pay attention to Caterpillar's outlook and Nike results for clues about how much the Chinese economic slowdown might costs U.S. companies......

Trading at Noon: How to play Apple after it hits a new high
Sep 21 - Apple shares are at a record high after the iPhone 5 launch. But if you are worried about splurging on the $700 stock, you could instead invest in the companies that make the gadget's components......

Breakingviews: Fed smashes more taboos
Sept 21 - Jeffrey Goldfarb and Breakingviews columnists discuss how recent comments by regional Federal Reserve presidents Kocherlakota and Rosengren could undermine the US central banks credibility......

Die-hard fans get iPhone 5
Sept. 21 - Apple proves it is still top of the smartphone market in the U.S. as thousands of New Yorkers line up to be some of the first to get their hands on the iPhone 5. Rough cut. No reporter narration......

Autonomous road trains herald era of driverless cars
Sept. 21 - A new era of autonomous driving may be drawing nearer following successful trials of the Safe Road Trains for the Environment (SARTRE) project, sponsored by the European Union. Participating companies have just completed a demonstration dr.....

Europe Week Ahead: Austerity budgets stoke protests
Sept. 21 - France and Spain unveil key budgets, more protests are planned against austerity and we get the Ifo Survey from Germany. We also have interviews with car company CEOs at the Paris Motor Show......

Wealth Strategies: How to invest in a startup
Sep. 21 - Marty Zwilling of Startup Professionals says investors interested in funding startups should stay in businesses they are familiar with, diversify their portfolios, and keep a long-term horizon......

LIGHTNING ROUND: Apple most likely to raise dividend in 2012
Sep. 21 - BlackRock's David Cassese says investors should look for companies growing dividends, rather than just those that pay high yields and thinks Apple is the most likely to raise its payout this year......

King explains failure to conquer debt.
The Bank of England governor Mervyn King says it would be acceptable for the UK to miss its debt reduction targets if the economy continues to grow slowly. Joel Flynn reports......

3XSQ: Winner and Losers as iPhone 5 debuts
Sep 21 - Apples new phone goes on sale today worrying suppliers and competitors.....

U.S. Morning Call: Line up! iPhone 5 hits stores worldwide
Sep 21 - Apples new smartphone goes on sale with mobile carriers already reporting record demand most likely to stretch Apple's supply capacity......

Market Pulse: No Spanish bailout until October - ICAP
Sept. 21 - Spain is considering freezing pensions and speeding up a rise in the retirement age, according to sources. ICAP's Don Smith says don't expect an aid package until the end of October......

Five reasons to buy the iPhone 5
Sept. 21 - Stay calm, people. Tech elitists may be unhappy with the specs of the newest Apple handset, but you won't be. Click to find out why......

Breakingviews: King's naughty gift on deficit targets
Breakingviews' Chris Hughes discusses......

Reuters Today: Spanish aid reports boost euro
Sept. 21 - Spain's budget deficit hits four percent at the end of June, while the FT reports that EU authorities are helping Madrid to craft an economic reform programme that will be unveiled next week......

Breakingviews: Economy remains China's top worry
Sept. 21 - Despite territorial disputes with Japan and Southeast Asian nations flaring up, China's top priority is the economy, says breakingviews Asia Editor Peter Thal Larsen......

Asia Week Ahead: Diplomacy takes centre stage
Sept. 21 - Chinas leader-in-waiting Xi Jinping attends a meeting with Southeast Asian nations, while Prada results could show the gloss is coming off the luxury market......

Reuters Asks: Will the risk rally continue until year end?
Sept. 21 - We ask financial market professionals if a market rally that has seen global equities rise 14% since June 30th can continue......

Pay to play on Facebook
Sept 20 - Facebook will start to charging businesses to run promotional offers- generating cash to please investors and analysts looking for new revenue sources. Bobbi Rebell reports......

FACTBOX: Impact of QE3 one week later...
Sep 20 -What has the effect been of the Fed's latest round of stimulus on the markets? Well there are some surprises......

Stocks mixed; Volcker takes on QE3
Sept. 20 - Summary of business headlines: Former Federal Reserve Chairman Paul Volcker questions impact of Fed's bond buying program; Stocks end narrowly mixed on tepid economic data; Wal-Mart blows out flame on Kindle; Facebook Offers a hint at new .....

U.S. Day Ahead: iPhone 5 could be an extra $9 bln for Apple
Breakingviews says Apple could sell 15 mln iPhones in the first month which means an extra $9 bln dollars on Apple's balance sheet from one device alone......

LIGHTNING ROUND: Crude will header lower again - trader
Sep 20 - NYMEX trader Alan Harry says crude oil should test the $90 level and move higher, but if it falls below his target, prices could go as low as $85-$86 a barrel......

Saft Says: Expect QE3 to disappoint this time around
Columnist James Saft says expect Fed's third round of quantitative easing to disappoint, just like the second one did the last time around......

Trading at Noon: Wal-Mart stops selling Amazon Kindles
Sep 20 - Wal-Mart stores will no longer sell Amazon's Kindle products, making the world's largest retailer the second major chain to stop selling Amazon's devices......

Questor share tips: invest in food-related shares
Garry White looks at firms to profit from the need for greater food supplies.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23afda7d/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.....

Gold hits 2012 high on Spanish bailout fears
Stimulus programmes also continue to boost gold prices, says broker.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23afb4ce/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/14.....

BAE merger would be 'grand theft aero' for EADS, say analysts
BAE Systems' proposed merger with EADS has been branded "grand theft aero" by analysts who argue a deal would be "a steal" for the Franco-German owner of Airbus.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23a.....

Honda plans to double car sales in boost for UK plant
Honda has disclosed plans to double sales in the next five years, signalling a boost for British car making.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23af2845/mf.gif' border='0'/><br/><br/>&l.....

Why don't women bank on getting to the top?
It's a mystery why so few run Britain's vast organisations - but there is a solution, says Vicki Woods<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23af21fc/mf.gif' border='0'/><br/><br/><a hr.....

Diageo closes in on Vijay Mallya's United Spirits
Diageo is closing in on a deal to take a significant stake in United Spirits, the Indian drinks giant controlled by Vijay Mallya, the tycoon behind Formula One's Force India team.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32.....

Greek troika report delayed by US elections
A decision on granting Greece the next round of its bail-out will be delayed until after the US election to avoid the risk of an economic earthquake jeopardising President Barack Obama's chances of being returned to the White House, European official.....

Bondholders clear George Osborne to miss debt target
Several major holders of UK government debt have given George Osborne the green light to relax his austerity plans in order to boost growth, saying that they would still buy gilts.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/3.....

Greek bail-out verdict 'postponed for Barack Obama'
A decision on granting Greece the next round of its bail-out will be delayed until after the US election to avoid the risk of an economic earthquake jeopardising President Barack Obama's chances of being returned to the White House, European official.....

Anglo American shares slip as unrest continues
Shares in South African mining groups have fallen as violent unrest continues.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23af17f4/mf.gif' border='0'/><br/><br/><a href="http://da.feedsporta.....

It's no mystery why shoppers choose Primark's flagship store over M&S
I went mystery shopping on Friday, so started at Marks & Spencer, which has some of the most mysterious shopping around.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23af17f7/mf.gif' border='0'/><br/&.....

QE3 will not fix America's problems, warns Paul Volcker
Paul Volcker, the former Federal Reserve chairman credited with taming the inflationary threat of the 1970s, has warned that further quantitative easing will fail to repair economies in Europe and the US.<img width='1' height='1' src='http://teleg.....

Businesses could leave UK after banking scandals, warns HSBC
HSBC has warned that Britain risks seeing businesses leave the country unless the authorities deal with the reputational damage done to the country by recent banking scandals.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/.....

Xstrata-Glencore decision delayed for a week
The Xstrata-Glencore deal deadline has been extended amid discussions on the replacement of Mick Davis, who would head up the group for the first six months.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23ae848.....

Kweku Adoboli's manager 'told not to stifle traders'
The manager of the UBS banker accused of gambling away billions of dollars was told "not to stifle" the trading desk months before the losses were uncovered, a court has heard.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726.....

Debt crisis: as it happened - September 21, 2012
Italy and Greece's prime minister meet in Rome as the Greek premier struggles to secure an agreement from his coalition on a 11.5bn package of budget cuts.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23ae1cde/.....

Debt crisis: live
Italy and Greece's prime minister meet in Rome as the Greek premier struggles to secure an agreement from his coalition on a 11.5bn package of budget cuts.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23a8dfa8/.....

Shell sues Greenpeace to curb Arctic protests
Lawsuit seeks to ban environmental protests near Shell property.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23ad44d3/mf.gif' border='0'/>.....

Hope for first-time buyers as NewBuy scheme nears 1,500 sales
NewBuy, a scheme to give home buyers with smaller deposits a helping hand to buy a newbuild property is set to hit a milestone of 1,500 reservations this weekend, six months after its launch.<img width='1' height='1' src='http://telegraph.feedspor.....

IMF chief Christine Lagarde says US needs to rein in its banks
IMF managing director Christine Lagarde has said that Europe can only solve its debt crisis if countries such as the US bring their banks under control.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23add7a1/mf......

IMF chief Christine Lagarde tells US to control its banks
IMF managing director Christine Lagarde has said that Europe can only solve its debt crisis if countries such as the US bring their banks under control.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23ac8f9e/mf......

Ryanair could sell Aer Lingus stake if bid is blocked
Michael O'Leary, the chief executive of Ryanair, said the low-cost airline could sell its stake in Aer Lingus if the European Commission blocked its bid for the smaller rival.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/.....

Lloyds anti-fraud boss who stole 2.4m told police she deserved cash for long hours
Former head of online security at Lloyds Banking Group jailed for five years after defrauding the company of almost 2.5 million.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23ad44dc/mf.gif' border='0'/>.....

UK borrowing running more that 25pc over target
Government borrowing for the first five months of the financial year is running at more than 25pc above target, official figures showed as the deficit in August hit a record high, casting further doubt over the Chancellor's debt reduction goals.<i.....

EU clears Universal takeover of EMI with conditions
European regulators have cleared Universal's controversial $1.9bn (1.2bn) takeover of EMI on condition it sell off some of the British company's most prestigious record labels.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726.....