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Tuesday 25 September 2012

UK Financial News on 2012-09-25

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.....

Ford to axe 'hundreds' of jobs
US car giant Ford says it will cut several hundred jobs in Europe because of declining demand, including in the UK and Germany......

Libor body prepared to lose role
The organisation that sets the Libor inter-bank rate says it could give up that responsibility, in the wake of a scandal over rate-rigging by Barclays......

1.4bn trader had earlier warning
A London city trader with Swiss bank UBS who lost 1.4bn had been "told off" a year earlier for exceeding trading limits, a court has heard......

Banks sign up to lending scheme
Most of the UK's major banks sign up to the new Funding for Lending scheme, which aims to stimulate the economy by making cheaper loans available......

Tax dodge crackdown 'on track'
The government is "on track" to raise 4bn this year via schemes to crack down on tax dodgers, Chief Secretary to the Treasury Danny Alexander says......

Toymaker Hornby in profit alert
Model maker Hornby says it will not make a profit this year, due to disappointing sales of London 2012 merchandise and supply problems......

Pawn firm hit as gold loses shine
Pawnbroker Albemarle and Bond says it will open fewer new stores this year due to worsening market conditions, including lower profits on second-hand gold......

Greece seeks bailout extension
Greece says it would need as much as 15bn euros (12bn; $19bn) if it were given a two-year extension to its bailout......

Hughes attacks 'racist' bankers
Deputy Lib Dem leader Simon Hughes says he has "seen and heard" banks making racist decisions on lending to businesses......

Olympus chairman pleads guilty
The former chairman of Olympus, Tsuyoshi Kikukawa, pleads guilty to charges of covering up losses of $1.7bn, in the opening session of his trial......

Toys R Us sued over tablet launch
Toys R Us is sued by one if its former partners which claims that the chain copied its tablet design and business plan......

Carnival profits beat forecasts
Cruise ship operator Carnival reports better-than-expected quarterly profits, as the cruise industry continues to recover......

Scots firms win windfarm contract
Two Scottish firms secure contracts to build weather stations to collect data ahead of the construction of a major windfarm......

Water complaints 'drop by 12%'
Complaints from customers to water companies in England and Wales fell by 12% last year, the fourth annual drop in a row......

Consumers 'circumspect on loans'
Consumers continue to be reluctant to take on more loans and are searching for better interest rates for savings, latest figures show......

Rubber bullets at Madrid rally
Spanish police ringing parliament in Madrid fire rubber bullets at protesters taking part in a mass rally against austerity......

Whisky 'leftovers' to fuel cars
In what is said to be a world first, the by-products from whisky making at a Scots distillery could be turned into fuel for cars......

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......

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......

China's super-rich feel slowdown
Nearly half of China's 1,000 richest people saw their wealth fall last year, according to the Hurun Rich List, as their bank accounts reflected the effects of economic slowdown......

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

IMF: Argentina facing 'red card'
The International Monetary Fund warns Argentina it could face sanctions if it fails to produce reliable inflation and growth data by 17 December......

Work resumes at Foxconn factory
Foxconn resumes production at its Taiyuan plant in Northern China, which was halted on Monday following a riot involving 2,000 workers......

Diageo seeks United Spirits stake
The world's biggest spirits group, Diageo, says it is in talks to buy a stake in Indian firm United Spirits......

Cairn in 560m India share sale
Oil explorer Cairn Energy announces it is selling nearly half of its remaining stake in a former Indian subsidiary......

Chainrai derides fans' Pompey bid
BBC Sport's Matt Slater speaks to former Portsmouth owner Balram Chainrai, who criticises a fans' bid for the League One club.....

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

Gers punishment 'must fit crime'
Former chairman Alastair Johnston says Rangers are being vilified for what he calls a "breach of procedure" over player payments......

VIDEO: Tax dodgers 'will pay fair share'
The government is "on track" to raise 4bn this year via schemes to crack down on tax dodgers, Chief Secretary to the Treasury Danny Alexander has said......

AUDIO: Time Out to become free magazine
The launch director of the newly free Time out magazine told 5 live about the decision to stop charging people for it......

AUDIO: End of the road for electric cars?
A sustainable energy fellow has told 5 live Up All Night that Toyota's decision did not foretell the end of electric cars......

VIDEO: 'Awful year' for English apple crop
The unusually wet weather has produced a poor apple crop, with the harvest massively reduced.....

AUDIO: PPF sets protection levy at 630m
5 live Wake Up To Money asked the director of Financial Risk at the PPF why it was limiting the levy for 2013-14......

VIDEO: Ex-Olympus chairman pleads guilty
Former Olympus chairman Tsuyoshi Kikukawa has pleaded guilty to charges of falsifying accounts, covering up losses of $1.7bn (1.1bn), at the opening of his trial......

VIDEO: Europe to unveil economic reforms
It is a big week for the eurozone with major economic reforms due to be announced in a number of European countries......

VIDEO: Can ECB calm German euro doubts?
The President of the European Central Bank Mario Draghi is attempting to allay the fears of German industrial leaders about the cost of action to stabilise the euro......

The workplaces that build Africa's future
The workplaces nurturing Africa's start-up seedlings.....

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

Slum tourism: Patronising or social enlightenment?
Is the trend patronising or socially enlightening?.....

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

Home stocks on shaky foundation
Home building stocks have been building momentum but there is now concern they are overvalued, and poised for a pullback, even as home prices and home sales head higher......

Trading at Noon: Google soars to new all-time high
Sep 25 - Google jumps to $764/share as sales of its new Nexus tablet begin in Japan, and Yahoo looks ahead with Mayer's plan......

Russian media magnate's jail fears
Sept.24 - Russian banker and media magnate, the Evening Standard owner Alexander Lebedev says he faces pressure from the authorities and may be jailed in Russia for seven years......

Draghi says it's up to governments
Sep.25 - German Chancellor Angela Merkel holds private talks with ECB chief Mario Draghi as speculation swirls and pressure mounts over the next steps for addressing the euro zone's sovereign debt crisis. Ciara Sutton reports......

Breakingviews: HP divides the smart money
Sept 25 - Rob Cox and Robert Cyran discuss the two differing philosophies of Ralph Whitworth and Jim Chanos on the tech giants future......

Europe Day Ahead: Greek unions set to strike
Sept. 25 - A look at Wednesday's key events including French consumer confidence and a general strike in Greece......

Bioplastic - the plastic wrap that's good enough to eat
Sept. 25 - Argentine researchers have developed an edible, biodegradable alternative to conventional plastic for use in bags and as food wrappings. Called bio-plastic, the material is made of plant-based starches which the scientists say, pose no dan.....

Soldier body harness a low tech solution for high risk removal
Sept. 25 - Being on constant alert, the Israeli Defense Force is one of the best equipped militaries in the world. Now, many of its soldiers carry a new hands-free harness developed by Israeli-US based company Agilite, which offers greater flexibilit.....

Wealth Strategies: Housing market back on the rebound! - S&P
Sep 25 - S&P's David Blitzer says the latest reading of home prices shows housing has turned around and will soon become a big, positive contributor to U.S. GDP growth......

Ex-Olympus execs plead guilty in fraud trial
Sept. 25 - Former executives of Olympus Corp plead guilty to charges related to a 1.7 billion yen accounting cover-up in one of Japan's biggest corporate scandals. Sonia Legg reports.....

Timeout magazine goes free
Sept.25 - Popular entertainment magazine Timeout is now being given away for nothing in London, one of a growing number of publications to decide that marketing their titles for free makes more economic sense. Andrew Potter reports.....

3XSQ: CAT calls economic recovery sluggish, growth "anemic"
Sep 25 - Caterpillar cut its longer range profit forecast, warning of a bigger-than-expected fall-off in demand for its products over the next few years......

In the Boardroom: Pay advisers - a necessary evil?
Sept. 25 - Compensation packages provoke negative reactions when they seem out of line with results and the general mood. Lucy Marcus invites a pay adviser and career coach to debate the contentious issue......

U.S. Morning Call: Caterpillar inches along in weak economy
Sept 25 - Caterpillar has cut its 2015 earnings forecast, becoming the latest company to sound alarms on the sluggish global economic recovery......

Market Pulse: RBS in the dock again over Libor
Sept. 25 - Reports suggest that senior managers at the UK state-owned bank condoned manipulation of the Libor rate as early as 2007......

S&P keeping a wary eye on euro zone core
Sept. 25 - Standard & Poor's EMEA Head of Sovereign Ratings, Moritz Kraemer, shares his view on risks to the sovereign ratings of Germany, France, UK, Spain and Greece......

Foxconn plant reopens after riot
Sept. 25 - Workers say violent security guards and pressure lead to a brawl that forced a Foxconn plant in northern China to shut temporarily. Sarah Charlton reports......

Breakingviews: Franco-German politics of BAE/EADS
Sept. 25 - EADS and BAE cant merge unless Paris and Berlin settle their differences. The tension is typical of EADS complex history say Breakingviews. The BAE deal offers a golden opportunity to clear the air......

China school looks to rekindle revolutionary spirit
Sept. 25 - As China's Communist Party loses followers, a school deep in the mountains uses tales and props from the revolutionary past to push its cadres to serve the people again......

Billionaire Wilbur Ross worried about China-Japan row
Sept. 25 - The standoff between China and Japan over a set of disputed islands and food price inflation are among the top concerns of billionaire investor Wilbur Ross......

Foxconn riot exposes dark side of tech glitter
Sept. 25 - An electronics factory in China run by a major Apple supplier reopens after being rocked by riots, a reminder of the human cost behind glossy technology gadgets......

Reuters Today: IMF fires a warning shot at policymakers
Sept. 25 - IMF chief Christine Lagarde says policymakers must deliver on their promises, or risk the global economic recovery......

Stocks dip as CAT scratches estimate
Sept 24 - Summary of business headlines: Caterpillar slashes long-term earnings forecast, Wall Street falls; IMF to downgrade global economic target again; iPhone 5 smashes record, but not good enough for Wall Street; TiVo scores, Lennar beats. Conwa.....

3 things keeping economists up at night
Sept. 24 - What's keeping U.S. economists up at night? A semi-annual survey from the National Association of Business Economics says bond buying, debt building, and budget busting. Bobbi Rebell reports......

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......

BBA agrees to be stripped of role in setting Libor
Britain's banking lobby has said it will support any plans to strip it of responsibility for Libor following revelations that the world's key borrowing rate could have been manipulated by major lenders.<img width='1' height='1' src='http://telegra.....

Diageo's Indian spirits deal starts to ferment
Quite a bit of the local grog made by India's United Spirits would make the average Brit splutter and wheeze.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23d0504e/mf.gif' border='0'/>.....

Recipe starts to brew for Diageo's risky spirits adventure in India
Quite a bit of the local grog made by India's United Spirits would make the average Brit splutter and wheeze.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23d0495b/mf.gif' border='0'/><br/><br/>&.....

RBS close to full recovery, says chief Stephen Hester
Stephen Hester, chief executive of Royal Bank of Scotland, said he expects the turnaround of the state-backed lender to be largely completed by the end of next year, paving the way for it to resume paying a dividend.<img width='1' height='1' src='.....

Spanish austerity protest turns violent: in pictures
Spanish riot police have beaten protesters with batons and hauled some into vans as thousands rallied near parliament in Madrid to decry biting austerity cuts.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23cfe.....

Kweku Adoboli's colleagues 'knew of his illicit trades'
Colleagues of the alleged rogue trader Kweku Adoboli knew about his fake trades four months before he was arrested, a court heard.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23cfd69b/mf.gif' border='0'/>&l.....

Weir climbs on takeover chatter
Shares in the FTSE 100 group climbed 4pc on the speculation.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23cfd69c/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/1445436794.....

Diageo returns to talks over stake in Indian drinks giant
Diageo is back in talks to buy a stake of as much as 25pc in United Spirits, the Indian drinks giant controlled by billionaire Vijay Mallya.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23cfd69e/mf.gif' border=.....

King of the Good Times wants to raise a glass to propping up his ailing airline
Billionaire Vijay Mallya is back in talks with Diageo about selling part of his stake in United Spirits, the Indian drinks giant, but the deal is unlikely to come cheap.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/5683.....

Hornby derailed by London 2012 Olympic Games
The Olympics has derailed model-train maker Hornby after disappointing sales of products made especially for London 2012 sparked a major profits warning and knocked a third off the company's market value.<img width='1' height='1' src='http://teleg.....

Hornby derailed by London 2012
The Olympics has derailed model-train maker Hornby after disappointing sales of products made specially for London 2012 sparked a major profits warning and knocked a third off the company's market value.<img width='1' height='1' src='http://telegr.....

EADS chief Tom Enders to appear before German parliament
The chief executive of EADS, Tom Enders, will appear before the German parliament on Wednesday in a crucial attempt to win support for his company's proposed merger with BAE Systems.<img width='1' height='1' src='http://telegraph.feedsportal.com/c.....

EADS chief Tom Enders to appear before German parliament
The chief executive of EADS, Tom Enders, will appear before the German parliament on Wednesday in a crucial attempt to win support for his company's proposed merger with BAE Systems.<img width='1' height='1' src='http://telegraph.feedsportal.com/c.....

Google's Eric Schmidt says Apple's iPhone 5 should have kept its maps
Google chairman Eric Schmidt says the search engine's maps service should have been kept in the iPhone 5, as Apple faces a barrage of criticism over the rival app it introduced.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/3272.....

S&P warns of new eurozone recession
The eurozone economy will not grow for two years, according to a gloomy assessment of the outlook for the single currency bloc from Standard & Poor's.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23cf6b09/m.....

BSkyB directors to step down in board shake-up
BSkyB is to replace two of its directors in a continuing shake-up of its board as the group insisted that email hacking at the company was in the public interest.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23.....

Swiss central bank fuels Europe's North-South debt crisis
Switzerland's central bank has become a conduit for vast flows of capital into German Bunds and other safe-haven bonds, exacerbating the eurozone's North-South divide.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300.....

Debt crisis: as it happened, September 25, 2012
The eurozone will not start to grow until at least 2014, according to forecasts by Standard & Poor's, as the rating agency said it now expected Spain's economy to contract by 1.4pc next year.<img width='1' height='1' src='http://telegraph.feed.....

If you want the rich to pay more tax, let them grow even richer
One of the most pernicious myths in the current political debate is that the rich don't pay much tax.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23cf6b0b/mf.gif' border='0'/>.....

If you want the rich to pay more tax, let them grow even richer
One of the most pernicious myths in the current political debate is that the rich don't pay much tax.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23ced83e/mf.gif' border='0'/><br/><br/><a hre.....

Debt crisis: S&P slashes eurozone growth forecasts - live
The eurozone will not start to grow until at least 2014, according to forecasts by Standard & Poor's, as the rating agency said it now expected Spain's economy to contract by 1.4pc next year.<img width='1' height='1' src='http://telegraph.feed.....

US housing market emerging from slump
America's housing market showed fresh signs of emerging from the slump that helped trigger the country's worst recession since the 1930s, according to a new report.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/.....

Bank reform has stalled, warns IMF
Financial regulators need to consider breaking up big banks to make the global economy safer, the International Monetary Fund has said.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23ce1eb6/mf.gif' border='0'/&.....

Silvio Berlusconi: Mario Monti too 'servile' to Germany
Italy's ex-premier and possible future candidate Silvio Berlusconi criticised his successor Mario Monti for raising taxes in an interview out on Tuesday, accusing him of being "conditioned" by the left.<img width='1' height='1' src='http://telegra.....

500 jobs in balance as Maltby Colliery risks closure
Hargreaves Services, the owner of Yorkshire's Maltby Colliery, said it is considering closing the coal mine after suffering geological problems at its new coal face.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s.....