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Saturday 22 September 2012

UK Financial News on 2012-09-22

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......

High Streets 'must be web hubs'
Town centres will need to become hubs for picking up products ordered online while at the same time catering for an ageing population, a report says......

Portugal backs down on tax rise
The centre-right government in Portugal agrees to look for alternatives to a social security tax rise a week after huge street protests......

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......

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......

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......

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......

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......

VIDEO: Your Money: Cohabiting v marrying
In this week's Your Money, Susannah Streeter looks at the financial rights of cohabiting couples, finding the best deal when filling the tank and getting the most out of your smartphone deal......

VIDEO: Germany's biofuel crop concerns
As food prices around the world continue to rise, German farmers are voicing increasing concern over the economic impact of growing crops for biofuel......

VIDEO: Economic fall-out from film protests
The violence in response to the US-made anti-Islam film in the Middle East could not have come at a worse time for countries in the region trying to move on after revolution......

VIDEO: Some rural areas like 'fuel deserts'
Filling a vehicle at the petrol pump can be an expensive business, so it will be a surprise to many that a price war is going on......

VIDEO: Looking for Egypt's entrepreneurs
As long as instability continues and economic growth remains sluggish, creating jobs will remain one of the biggest challenges for Egypt......

VIDEO: Russian billionaire's basketball team
Mikhail Prokhorov isn't your typical Russian billionaire, he owns an American basketball team and part of a billion dollar arena that opened this Friday in Brooklyn. Prokhorov once challenged Vladimir Putin for the Russian presidency......

VIDEO: My Bottom Line: Moray MacLennan
Chief executive of advertising agency M&C Saatchi Worldwide Moray MacLennan explains why advertising is a stressful business......

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......

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?.....

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

Port project back on track
Sept. 22 - Massive development plans resume for a port in Myanmar. Julie Noce reports......

FACTBOX: A look inside Apple's iPhone 5
Sep 21 - Find out which chip companies investors bought and sold after the latest iPhone was dissected and analyzed by experts......

iPhone 5 saves the day for Nasdaq
Sept 21 - Summary of business headlines: Apple shares give the Nasdaq a slight bump as global consumers line-up for the iPhone 5, but the rest of Wall Street ends down; KB Home posts surprise quarterly results; Darden beats forecasts; Spain moves clo.....

Carriers vie for iPhone 5 business
Sept 21 - The iPhone 5 ramps up the rivalry among the big U.S. mobile phone carriers, even as they take a hit to the bottom line in a bid to sign on iPhone customers. Jill Bennett reports......

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......

Booths looking to expand
The upmarket grocery chain Booths is considering expanding outside its heartland of North West England after fighting off Britain's economic downturn.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23b59f36/mf.gi.....

ENRC shelves plan to split operations
ENRC has shelved plans to split the company in two as a result of market conditions and lower production volumes.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23b59f37/mf.gif' border='0'/><br/><br/&.....

Jack Dorsey's smart move taps into new mobile market
Silicon Valley is populated by young entrepreneurs who have made a success, and in many cases a fortune, out of a single big idea. But few of them have done it twice.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/.....

Five-year marriage between AA and Saga is now heading for divorce
Of all the mega-deals that completed in 2007, the 6.15bn marriage of AA and Saga was perhaps the one that most typified the height of the leveraged buy-out boom.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23b.....

Liam Fox: global interests point to a BAE and EADS merger
British defence giant needs to diversify and expand. In the absence of a deal with an American company, a tie-up with EADS makes sense.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23b5af0d/mf.gif' border='0'/&.....

Xstrata's Sir John Bond pressed to quit
Sir John Bond has indicated that he will not stand in the way of Glencore's $80bn (49bn) merger with Xstrata amid calls for his departure from some shareholders.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23b.....

Soho House eyes neighbour Kettner's
It dates back to the age of Queen Victoria, with a past-patrons list including Oscar Wilde, Lillie Langtry and Bing Crosby.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23b5af0f/mf.gif' border='0'/><br/&g.....

Liam Fox gives his backing to BAE-EADS merger
BAE has received a fresh boost to its plans to merge with EADS, after the former defence secretary, Dr Liam Fox, said he backed the 30bn deal as long as important hurdles could be overcome.<img width='1' height='1' src='http://telegraph.feedsporta.....

AA 'to be sold off' in 5bn deal
The owners of the AA are exploring a sale of the 107-year-old motoring organisation as part of a 9bn break-up strategy.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23b5af11/mf.gif' border='0'/><br/>&l.....

Alessandro Benetton: Provocation alone is not acceptable anymore
After launching the latest advertising campaign, Alessandro Benetton tells the Sunday Telegraph how he is restructuring his family's 623m fashion group.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23b5af12/mf......

Mental health-care group Cambian plots 500m hospitals exit
The UK's largest mental health-care provider is set to be put up for sale after its owner appointed investment bank Rothschild to explore a 500m deal.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23b5af13/mf.gi.....

FSA demands new legal powers after Libor manipulation scandal
The Financial Services Authority is proposing tough new powers to tackle banking malpractice in the wake of the Libor-rigging scandal.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23b5af14/mf.gif' border='0'/&g.....

Rival group enters battle for Stansted airport
A consortium led by an Australasian investment manager has emerged as an early rival to Manchester Airports Group in the 1bn battle for Stansted airport.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23b5af16/mf.....

Lonmin faces bank loan penalty
Embattled platinum miner Lonmin is poised to pay a penalty for breaching its banking covenants but is resisting pressure for an immediate rights issue to raise around $700m (430m).<img width='1' height='1' src='http://telegraph.feedsportal.com/c/3.....

Bank bashers - it's time to put away those mallets
He didn't quite say it, of course, but Bob Diamond's oft reported claim in January 2011 that the time for remorse was over caused a wince of pain in even the most ardent financial services fan.<img width='1' height='1' src='http://telegraph.feedsp.....

Should the Bank of England remain independent?
In 1999 a House of Lords Select Committee under Professor Lord Maurice Peston produced an excellent report on the Bank of England.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23b52f80/mf.gif' border='0'/>&l.....

Britain's exports are alive and kicking - it's up to the Government to keep it that way
With a eurozone crisis still battering the Continent, the prevailing view of foreign markets is that they are a gloomy influence on the British economy.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23b52f81/mf......

Debt crisis: Spain 'will need extra bail-out'
Spanish banks may need a cash injection of more than 100bn, an official stress test is expected to show.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23b53a0e/mf.gif' border='0'/><br/><br/><a .....

George Soros buys 4.5pc stake in car dealer Lookers
The billionaire investor, George Soros, has bought 4.54pc of car dealer Lookers after shares suffered their biggest two-day drop for almost a year when the company's second-biggest shareholder sold his stake.<img width='1' height='1' src='http://t.....

ECB in 'panic', say former chief economist Juergen Stark
The European Central Bank is in "panic" over the eurozone crisis and acting outside its mandate with its new bond-buying plans, the bank's former chief economist said in comments published Saturday.<img width='1' height='1' src='http://telegraph.f.....

Investors don't want the US to fall off the fiscal cliff
In the run-up to the US presidential election, investor attention is set to shift.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23b4a9c2/mf.gif' border='0'/><br/><br/><a href="http://da.feedsp.....

Inside Crossrail's 14.8bn rail project: in pictures
Britons will receive a rare glimpse of Europe's biggest infrastructure project this weekend as Crossrail opens its doors to the public for a one-off viewing. Here's a glimpse of what members of the public can look forward to.<img width='1' height=.....

Crossrail opens doors for rare one-off viewing
Britons will receive a rare glimpse of Europe's biggest infrastructure project this weekend as Crossrail opens its doors to the public for a one-off viewing.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23b439a.....

Germany and France have 'responsibility' to fix Europe, leaders warn
Angela Merkel, the German Chancellor, has said that Germany and France have a "special responsibility" to repair Europe.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23b34caa/mf.gif' border='0'/><br/>&.....

Auto-enrolment: join a pension and get a big tax bill
High earners who have amassed large pension pots could face huge tax bills if they fail to opt out of the new national pension scheme.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23b18659/mf.gif' border='0'/&g.....