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Monday 24 September 2012

UK Financial News on 2012-09-24

Market taps corporate cash for collateral
European market infrastructure providers are eyeing corporate balance sheets as the industry-wide 'scramble' to secure liquid financing intensifies......

Buyout firms circle Robeco
Private equity firms are battling to buy asset manager Robeco from parent Rabobank, which put it up for sale in May.....

Gleacher Shacklock revenues rise for third straight year
The results can be seen as evidence of the relative resilience of independent advisory firms in a challenging market.....

Private equity firms rush in to raise fresh capital
PAI Partners and CVC Capital Partners are among almost 80 firms set to start raising new funds in the next three months.....

Bankers warn of clashes with ECB over role as super-regulator
One debt capital markets banker specialising in providing advice to bank treasury departments on capital issuance said the effects could be felt most keenly in the area of capital ratios.....

Financial sponsors MD exits Credit Suisse
Paul Kelly is the latest in a series of bankers leaving private equity-related positions on financial sponsors desks in Europe as the number of deals shrink.....

Fuhr remains magnet for ex-BlackRock colleagues
The former head of products at BlackRock's ETF business iShares, has joined Deborah Fuhr's research boutique ETFGI.....

Warsaw exchange strengthens surveillance
The largest securities market in eastern Europe is overhauling its trading surveillance and monitoring tools ahead of rules that will clamp down on market abuse.....

LSE spies opportunity in race to provide Peruvian upgrade
The LSE's MillenniumIT unit is among a handful of vendors in talks with the Peruvian exchange, which plans to install a new trading platform early next year.....

Ernst & Young chases infrastructure business
Financial services firm has hired two industry heavyweights to run the new 30-strong division.....

JJB prepares for administration
Trading of shares in JJB Sports is suspended as the struggling retailer prepares to call in the administrators......

'Business bank' to boost lending
The government is to put 1bn into a bank designed to increase lending to businesses, Vince Cable tells the Lib Dem conference.....

Leaders discuss BAE-EADS merger
Defence ministers from the UK, Germany, and France are likely to discuss the planned merger of BAE Systems and EADS this week......

IMF in new global growth warning
The International Monetary Fund looks likely to cut its forecast for global growth next month when it updates its projections for the world economy, the organisation's head says......

Facebook message rumour 'false'
Facebook is forced to deny a rumour that users' private messages have been made public, while its shares fall after a financial journal says the stock is overvalued......

US card issuer to refund $200m
America's sixth-largest credit card issuer will pay $200m (123m) in refunds to settle accusations it misled customers into add-on services......

Brawl halts Foxconn production
Taiwan-based Foxconn Technology, a major supplier to Apple, stops production at a plant in China after a brawl involving 2,000 workers......

Indonesia coal miner shares dive
Shares in the London-listed Indonesian coal miner Bumi fall 25% following its disclosure of accounting irregularities......

CBI pushes government outsourcing
The government could save 22.6bn by outsourcing more public sector services to private sector firms, the CBI says......

Airport investment fears raised
An MP claims a lack of investment in Prestwick Airport by its owner Infratil is jeopardising its future......

German business climate declines
Germany's business climate deteriorated for the fifth consecutive month in September, according to the influential Ifo Institute......

Insurers urge flood preparations
Insurers are urging homeowners to be well prepared by keeping key documents safe as strong winds and rain lash parts of the UK......

Vauxhall closes plants for week
The production of cars is suspended for a week at Vauxhall's plants in Ellesmere Port and Luton......

EU struggles to agree on budget
Senior EU officials are warning that it is proving harder than ever to reach an agreement on the European Union's next multi-annual budget......

Sales up but profit down for Barr
Irn Bru maker AG Barr reports a profits fall despite strong sales growth in the six months to the end of July......

German Catholics face tax threat
Germany's Roman Catholics are to be denied the right to Holy Communion or religious burial if they stop paying a church tax, under a new decree......

Schools fall for leasing rip-off
A High Street bank agrees to write off millions of pounds in debts owed by 27 schools that fell victim to a large-scale equipment leasing rip-off......

Apple voted 'coolest brand' in UK
The technology company Apple is voted the "coolest brand" in the UK, beating Aston Martin in the annual CoolBrands survey......

Lennon's dream island for sale
An Irish island once owned by the former Beatle, John Lennon, is up for sale......

Pensions 'could back mortgages'
Lib Dem leader Nick Clegg says parents should be able to use their pension schemes to help their children buy a first home......

Energy customers get switch right
Households with pre-payment meters who owe up to 500 to their energy supplier will be able to switch to cheaper deals with another firm under a move by regulator Ofgem......

Clegg 'to push on for wealth tax'
Nick Clegg insists the coalition will not make further spending cuts without the Tories agreeing to a wealth tax......

Scottish economy 'still sluggish'
Business confidence in Scotland is on the slide, and expectations are much weaker than earlier this year, according to a new report......

Apple loses German patent case
A German court has dismissed Apple's claim that Motorola and Samsung infringed some of its multi-touch patents......

Toyota resumes China operations
Toyota Motor resumes all operations in China, after protests over a territorial dispute caused disruptions for Japanese businesses in the country......

Volvo boss on leave after stroke
The president and chief executive of the Chinese owned carmaker Volvo, Stefan Jacoby, is standing down for a month to recuperate from a stroke......

VIDEO: Rural broadband internet warning
Economic development in rural areas is being put at risk because of failures to provide adequate access to the internet, a business group warns......

VIDEO: McLaren technology used beyond F1
The Singapore Formula 1 Grand Prix gave McLaren an ideal opportunity to showcase its technology, proving its uses beyond racing......

VIDEO: Cable to announce 'business bank'
The Business Secretary Vince Cable is expected to announce that 1bn will be invested in a new business bank to kick start lending to small and medium sized companies......

VIDEO: Italy told to stick to economic reforms
Italy has been told it must stick to its plans to reform the economy. The think-tank for wealthy nations, the OECD, says if it does so, it could help boost gross domestic product by 4% in the next decade......

VIDEO: JJB to call in administrators
Trading of shares in JJB Sports has been suspended as the struggling sports clothes and equipment retailer prepares to call in the administrators......

VIDEO: Fears for Spanish wine amid heat
After one of the hottest and driest summers on record, vintners who make high-end wines in the Spain's Vinos de Madrid region are worried their grape harvest will be unusable......

VIDEO: Asian market boosts Prada profit
Italian fashion house Prada enjoyed higher profits thanks to Asian consumers who have helped the company beat the global economic downturn. It is Asia's new rich keeping the sector afloat as Western consumers tighten their belts......

VIDEO: Ferrari hails emissions goal success
Italian supercar maker Ferrari expects to have achieved a 30% reduction in average carbon emissions, meeting a target it set in 2007......

India's women bikers: Trailblazers in more ways than one
The trailblazers challenging a few stereotypes.....

Changing attitudes transform Ferrari
Italian carmaker finds greener power gives soaring sales.....

Foxconn: 'Hidden dragon' out in the open
How the "hidden dragon" found itself exposed.....

Social entrepreneurship takes off in China
Social entrepreneurs tackle China's problems.....

Bridge to better growth for Bangladesh
Bangladesh seeks support for its largest infrastructure project.....

U.S. Day Ahead: Who's got Mail? Yahoo employees evidently...
Sep 24 - Yahoo's new CEO Marissa Mayer due to meet with employees tomorrow to share her plans for the future, and President Obama gears up to address the UN General Assembly......

Trading at Noon: iPhone 5 sells out; concerns over supply
Sep 24 - iPhone 5 sales were solid over the weekend but analysts are concerned that Apple is unable to produce the new smartphone fast enough to meet demand......

Peugeot reverses out of French index
Sept.24 - Ailing automotive group PSA, maker of Peugeot and Citroen cars, has dropped out of the French CAC 40 index raising new concerns about the company's future. Sonia Legg reports.....

Wealth Strategies: Markets betting worst is over in Europe
Sep 24 - In a first look at fund performance for Q3, Lipper's Tom Roseen finds precious metals and European funds were among the top performers last quarter......

Breakingviews: Apples mixed weekend
Sept 24 - Rob Cox and Breakingviews columnists discuss the 5 million-plus sales of the iPhone 5 and the brawl that closed a suppliers factory in China......

Foxconn plant closed in China after workers brawl
Sept. 24 - A Foxconn factory in China, which assembles iPhones, has shut down for an indeterminate period after about 2,000 workers are involved in a brawl. Deborah Lutterbeck reports......

Germany's gloom hurts Spain
Sep.24 - German business sentiment drops for a fifth successive month to its lowest level since early 2010, applying fresh pressure on Spain to submit to a rescue programme. Ciara Sutton reports......

Euro Crisis Watch: Spain to seek bailout-lite, says HSBC
Sept. 24 - Spain will likely ask for aid sooner rather than later but it will be a lite version says HSBC's Global Chief of Fixed Income Research Steven Major......

3XSQ: iPhone 5 sales fall short of expectations; shares sink
Sep 24 - Apple sold just over 5 million new iPhones over the weekend while Taiwan's Foxconn, which assembles Apple's iPhones, shut down a plant in China after a clash of 2,000 workers erupted at a company dormitory......

U.S. Morning Call: Germany woes send EU shares, U.S. futures down
Sep 24 - German business sentiment dropped for a fifth straight month in September to its lowest level since early 2010, raising fears of recession......

Market Pulse: Ifo, German ESM view tests "teflon" euro
Sept. 24 - A look at how the euro starts the last week of Q3 - Germany's Ifo, Berlin's latest on the ESM, market positioning, corporate hedging and technicals......

Breakingviews: Banks should learn to say 'Just Go'
Breakingviews Editor Hugo Dixon......

Hope for cooler heads in China-Japan dispute
Sept. 24 - Tensions between China and Japan are rising over a group of disputed islands, but Linda Jakobson of the Lowy Institute thinks rationality will prevail......

Breakingviews: Quality not quantity for Cable's business bank
Breakingviews......

China's bamboo ceiling
Sept. 24 - Many women have been successful at the top of China's business ladder, but they are largely absent when it comes to politics - and an upcoming leadership transition looks unlikely to change that......

Reuters Today: Euro zone's 2 trillion lifeline
Sept. 24 - Germany confirms talks are under way to beef up the euro zone's 500 bln permanent rescue fund lending capacity to 2 trillion. Plus, BAE/EADS, China-Japan tensions, the Emmy's, and John Terry......

Hi-tech blanket to keep patients well covered
Sept. 23 - A blanket made of conductive fabrics and featuring more than 100 sensors linked to a computer could offer a more comfortable hospital experience for future patients, according to its Toronto-based creators. Ben Gruber reports......

Apple's iPhone 5 sets sales record
Apple has set a new sales record with its iPhone 5 but its triumph was overshadowed by analyst disappointment and riots at a Chinese factory that makes the device.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2.....

Big four audit firms 'do not collude over market share'
The UK competition watchdog has found no evidence of collusion over market share among the country's big four audit firms.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23c5354f/mf.gif' border='0'/><br/>.....

Bundesbank castigates IMF for saving Europe
Germany's central bank has launched a blistering attack on the International Monetary Fund, accusing officials of spraying around money like confetti and overstepping their legal mandate.<img width='1' height='1' src='http://telegraph.feedsportal......

Bumi takes a thrashing as Indonesian miner probed
A one-quarter plunge in the shares raises fresh questions over Nat Rothschild's due diligence into Bumi Resources and Indonesia's Bakrie family.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23c4d115/mf.gif' bor.....

Hillary Clinton: make the rich pay more tax
Many rich people 'do not contribute to the growth of their own countries'.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23c52af2/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.co.....

Cairn Energy to offload half of remaining India business
Cairn Energy is understood to be selling almost half of its remaining stake in Cairn India for as much as $940m (580m).<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23c4c1ca/mf.gif' border='0'/><br/>&l.....

Petra Diamonds glitters on rough day for miners
The diamond miner was the best-performing mid-cap stock.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23c4c1cb/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/144543649668/u.....

Former stockbroker Nicholas Levene faces jail over 32 million fraud
Nicholas Levene, the former financier nicknamed "Beano", is facing jail after he pleaded guilty to a 32m fraud.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23c4c1cd/mf.gif' border='0'/><br/><br/>.....

Smash and grab raid on middle class wealth is a recipe for disaster
As has long been apparent, forming a coalition government with the Tories has had a strongly disorientating effect on the Liberal Democrats, plunging them into a deep and ongoing identity crisis which threatens to destroy their party.<img width='1.....

JJB Sports administration: 4,000 jobs at risk
More than 4,000 British jobs have been put at risk after sports retailer JJB Sports warned it is to call in administrators, and trading in its shares was suspended.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/.....

Tesco puts food at centre of UK fightback
The chief executive of Tesco has pledged to put food at the centre of the supermarket group's fightback in the UK and claimed his 1bn programme to turn around the company is "on track".<img width='1' height='1' src='http://telegraph.feedsportal.co.....

Tesco analysis: Is Philip Clarke's 1bn turnaround plan working?
The challenges facing Philip Clarke, the chief executive of Tesco, are not dissimilar to those of the manager of his beloved Liverpool football team, Brendan Rodgers.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/.....

Good News Britain: UK's investment climate is key to our success
Developing global-leading technology and exporting that to the world is critical to the success of the UK economy and here at QinetiQ we are doing just that.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23c4863.....

Dairy Crest warns of half-year profits fall on milk woes
Dairy Crest has warned its half-year profits will be down on last year following "unprecedented" conditions in the milk market, which has been hit by supermarket price wars and blockades by farmers.<img width='1' height='1' src='http://telegraph.f.....

Business Bank will be fast-tracked, says Lib Dem's Danny Alexander
Britain's Business Bank will be "fast-tracked" into existence as an "emergency" Government measure, Danny Alexander has promised.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23c3f424/mf.gif' border='0'/><.....

Recovery will be 'painful', IMF's Christine Lagarde warns
Heavily indebted countries like the UK face years more "painful" austerity to get their economies back on an even keel, IMF's Christine Lagarde has warned.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23c3f42b/.....

Virgin Trains set for Christmas windfall despite West Coast Mainline row
Virgin Trains heads for yuletide windfall despite expecting to lose West Coast Main Line franchise.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23c3f42e/mf.gif' border='0'/><br/><br/><a href=.....

Rio Tinto announces job cuts in Australia
Global miner Rio Tinto has announced job cuts at its Australian Coal & Allied Industries unit in an attempt to reduce costs.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23c398f3/mf.gif' border='0'/><.....

Debt crisis: as it happened - September 24, 2012
EU competition commissioner says continued uncertainty over whether or not Spain intends to seek a bail-out is "highly risky", as Portugal performs a U-turn on social security tax hike.<img width='1' height='1' src='http://telegraph.feedsportal.co.....

US plan to sell 'chateau' wine in EU angers France
The US has angered vineyard owners across France with a plan to sell some of its wines in the European Union with a "chateau" or "clos" label.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23c37ffe/mf.gif' borde.....

Firms 'would hire 0.5m' if they could borrow
One in three small businesses would hire new staff if they could obtain growth finance, a study has found, as the Government announced plans for a business bank.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23c.....

Beano, the stockbroker who hobnobbed with the famous, admits 32m ponzi fraud
Nicholas Levene, the flamboyant former City stockbroker, is facing a lengthy jail sentence after admitting to fraud.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23c31bd7/mf.gif' border='0'/><br/><b.....

Debt crisis: Uncertainty over Spain 'highly risky' - live
EU competition commissioner says continued uncertainty over whether or not Spain intends to seek a bail-out is "highly risky", as Portugal performs a U-turn on social security tax hike.<img width='1' height='1' src='http://telegraph.feedsportal.co.....

Debt crisis: EC President warns more must be done - live
EC President Herman Van Rompuy warns that Europe is "losing the sense of urgency" over reform and more must be done to stabilise the euro, as markets slide on poor German confidence data.<img width='1' height='1' src='http://telegraph.feedsportal......

Tupac Shakur hologram creator sold for $30m
The bankrupt digital production company founded by director James Cameron will be sold to a joint venture formed between a Chinese media company and an Indian counterpart for $30.2m.<img width='1' height='1' src='http://telegraph.feedsportal.com/c.....