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Wednesday 26 September 2012

UK Financial News on 2012-09-26

Markets slide amid Spain warning
European stock markets fall amid concerns about Spain's economy and as trade unions hold a general strike in Greece to protest against spending cuts......

Clashes erupt at Greece protest
Greek police fire tear gas to disperse anarchists throwing petrol bombs near Athens' parliament during a day-long strike against austerity measures......

France's jobless tops 3 million
French unemployment has topped 3 million for first time since June 1999, as the economy continues to struggle......

Doubts over lending plan outlook
Lenders have cast doubt on whether a new scheme will increase lending to small businesses, according to a survey, although mortgage applicants may see greater choice......

EADS warns against state action
EADS boss Tom Enders urges politicians not to interfere in his company's proposed $45bn (28bn) merger with BAE Systems......

Homeserve sees complaints fall
Homeserve, the firm that sells emergency home repair services and which is under investigation by the FSA, says complaints have fallen......

AngloGold Ashanti strike spreads
A strike at one South African mine owned by gold producer AngloGold Ashanti spreads throughout its operations in the country......

Japan carmakers cut China output
Japanese carmakers, including Nissan and Toyota, are cutting their output in China, the world's biggest car market......

Lloyd's of London back in profit
Insurance market Lloyd's of London returns to half-year profitability after there were no major natural disasters in the first six months of 2012......

Domino's Pizza sees sales rise
Domino's Pizza's sales continue to rise in the UK despite what it calls a "challenging economic climate", but fall in Ireland......

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......

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......

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......

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......

Brazil Google boss arrest ordered
A judge orders the arrest of Google's president in Brazil after the company failed to remove "slanderous" videos about an electoral candidate......

TalkTalk 'tops complaints list'
TalkTalk remains the most complained about broadband and landline provider, according to new data from Ofcom......

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......

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......

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

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......

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......

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

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......

Ryder Cup 'may swing 100m boost'
Scotland could generate five-times the 20m it is paying to host golf's showpiece Ryder Cup in 2014, it is claimed......

GP of America's future in doubt
The future of the American Grand Prix remains in doubt with the World Motor Sport Council meeting on Friday to finalise races for 2013......

Aberdeen confirm stadium interest
Aberdeen have confirmed they have had several expressions of interest in providing a site for a new stadium......

VIDEO: Lloyd's profits from 'quiet year'
Lloyd's of London has returned to half-year profitability after there were no major natural disasters in the first six months of 2012......

AUDIO: Home equity: better than pensions?
5 live asked the National Association of Pension Funds if there was anything wrong with people relying on their house equity.....

AUDIO: Does anyone leave work on time?
5 live Wake Up To Money asked think tank the Work Foundation how much companies rely on people doing overtime......

VIDEO: Russia seeks more trade in Asia
Russia believes encouraging more trade with companies in Asia will help to diversify its economy away from dependence on the oil and gas industry......

VIDEO: Clashes at Athens austerity protests
Tens of thousands of people have gathered outside Greece's parliament as part of a day-long general strike to protest against new austerity measures......

VIDEO: Malaysia's new village economy
A charity project that builds villages in Malaysia, to help poor people sustain themselves, is proving so successful that the government wants to extend the project to other parts of the country......

AUDIO: Wealthy pensioner benefits cut 'wouldn't help deficit'
Paul Johnson, the Director of the Institute for Fiscal Studies, says cutting wealthy pensioners' benefits would not significantly help with the deficit......

VIDEO: Rubber bullets used in Madrid demos
Police in Madrid have used rubber bullets and batons to force back thousands of demonstrators trying to break down a cordon around the Spanish parliament building......

Who will help Greece now?
Who will help plug Greece's finances now?.....

Gloomy carmakers gather in Paris
European motor industry in crisis mode.....

Faldo drives on in business world
Ryder Cup legend Nick Faldo tees up business careers.....

Will new unfair dismissal plans work?
Will it become easier to sack workers?.....

Malaysia's environmentally sustainable 'smart villages'
How Malaysia creates its 'smart village' farms.....

Cashing in on the death of others
Are the traders in life insurance policies behaving like vultures?.....

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

U.S. Day Ahead: Get ready for more European turmoil
Sep 26 - Welcome back to fear and loathing in Europe! Expect more signs of discord in the street and markets as governments try to tackle the debt crisis. Plus will RIM's ray of light survive its results?.....

Rioters hurl fuel bombs at Greek police
Sept. 26 - Greek police clashed with hooded rioters hurling petrol bombs as tens of thousands took to the streets of Athens in Greece's biggest anti-austerity protest in more than a year. Rough Cut (no reporter narration)......

Trading at Noon: Stocks down, RIM up.. can that be right?
Sept 26 - Global stocks edging lower today as chaos spreads across the euro zone, and Blackberry maker RIM advances on subscriber growth......

Russian billionaire claims arrest political
Sept. 26 - Billionaire Kremlin critic Alexander Lebedev has been charged with "hooliganism" over a televised punch-up and faces up to five years in jail in a case which he says is a vendetta by Russian President Vladimir Putin. Andrew Potter reports......

Breakingviews: Santanders $4 billion Mexico moment
Sept 26 - Antony Currie and Raul Gallegos discuss whether competition and rising loan losses will dent the solid market debut of the Spanish firms Mexican bank......

Fuel bomb battle hits Athens protest
Sept. 26 - Hooded youth clash with police, throwing fuel bombs and setting a tent on fire in a main square of Athens during a Greek workers protest. Sarah Sheffer reports......

Euro zone unrest deepens Spain's plight
Sept. 26 - Violent protests in Greece and Spain and snap elections in one Spanish region increase the pressure on Spain to ask for a bailout. Ciara Sutton reports......

Bad Piggies look to build on Angry Birds
Sept. 26 - Angry Birds-maker Rovio Entertainment will be hoping to prove it's no one-hit wonder when it launches Bad Piggies, just as players seem to be tiring of the game they've been addicted to for the past three years. Matt Cowan reports......

Europe Day Ahead: More painful reforms in Spain
Sept. 26 - A look at Thursday's key events including a tough new budget from Spain and the start of the Paris Motor Show......

French unemployment hits 3 million
Sept. 26 - Three million people are now unemployed in France, the highest level since 1999. The news will come as a blow to President Francois Hollande, in the week where he is due to commit to the sharpest cut in France's public deficit in 30 years .....

More pain for Spain
The Spanish government is about to inflict further financial pain on the country by announcing a new budget but how will it find billions of euros of savings at a time of economic crisis? Jamie McGeever reports......

3XSQ: European riots back to haunt U.S. investors
Sep 26 - Markets are still selling of on more scenes of violence in Madrid and strikes in Athens. Also Yahoo's reboot is a big yawn for investors......

Spain's 2013 budget a lose-lose act for Rajoy
Sept. 26 - Spanish prime minister Mariano Rajoy's 2013 budget aims to save billions without the austerity biting the recession-ravaged country too much. A near-impossible task......

Wealth Strategies: Don't expect a lot out of bank earnings
Sep 26 - FBR's Paul Miller says banks will continue cutting costs, but earnings growth won't be huge in the coming quarters. He likes companies like Wells Fargo and PNC which are tied to mortgages......

U.S. Morning Call: Euro zone worries spark share selloff
Sept 26 - Shares are falling around the world today and the euro hit a two-week low as popular opposition to austerity in the euro zone unnerved investors already worried about a weak global growth outlook......

Market Pulse: Spanish bonds bleed, yield back above 6%
Sept. 26 - A sea of red for Spanish markets, as the recession deepens and prime minister Rajoy resists asking for what most observers say is inevitable - a bailout......

Hopefuls interview for Foxconn jobs
Sept. 26 - Young people line up by the hundreds for a chance to make iPhones at an Apple plant in northern China. Julie Noce reports......

Breakingviews: Iberian protests threaten austerity
Breakingviews......

Ferrari crashes highlight danger of Asia luxury backlash
Sept. 26 - Fatal accidents involving Asia's Ferrari-driving elite have sparked public outcry and served as a reminder that even the most glamorous brands have to tread carefully. Lisa Yuriko Thomas reports......

Lloyd's of London Chairman bearish on euro project
Sept. 26 - As Lloyd's of London swings back into profit, chairman John Nelson shares his thoughts on the likelihood of a eurozone break-up and his frustration with delays in Solvency II......

Reuters Today: Catalan separatism piles pressure on Spain
Sept. 26 - Demand for Catalan separatism to put more pressure on Spanish government says Daiwa's European Economist Tobias Blattner......

Cyborg cockroach wired for search and rescue
Sept. 26 - Researchers at North Carolina State University are turning cockroaches into joystick-controlled cyborgs for use in search and rescue operations. With a wireless interface and tiny electrodes, the scientists say they are attempting to capit.....

Protesters, police clash in Madrid
Sept. 25 - Police and demonstrators clash as thousands march towards the Spanish parliament calling for an end to austerity measures. Rough Cut (no reporter narration)......

Spanish tango sparks late sell-off
Sept. 25 - Summary of business headlines: Wall Street falls as Spanish protesters clash with police, overlooking U.S. housing, consumer data; Google touches lifetime high; Barnes and Noble turns to video; Amazon and Nasdaq team-up in the cloud. Conwa.....

Home stocks on shaky foundation
Sept 25 - 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. Bobbi Rebell reports......

Islam film row: cyber group 'attacks US banking giants'
Wells Fargo's website is experiencing problems, after a threat against US banking firms from a group pledging retaliation for an online video that has sparked unrest in the Muslim world.<img width='1' height='1' src='http://telegraph.feedsportal.c.....

Tom Enders fails to ease Bundestag fears over BAE-EADS merger
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.....

Spain is turning into the new Greece, and Mariano Rajoy has himself to blame
Spain has taken another confident stride to becoming the next Greece, a status long predicted for the country in some quarters.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23da9dc8/mf.gif' border='0'/>.....

Summer trading weak at LSE and ICAP
Weak trading volumes hit revenues at the London Stock Exchange and ICAP over the summer as Europe's debt crisis continued to weigh on sentiment.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23d5faae/mf.gif' bor.....

Spain's crisis flares again as AAA club scuppers bank rescue deal
Spain's debt crisis has returned with a vengeance after Germany, Holland and Finland reneged on a crucial summit deal and scuppered hopes of direct eurozone help for Spanish banks.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/3.....

RBS traders boasted of Libor 'cartel'
Royal Bank of Scotland traders boasted about manipulating Libor weeks before the lender was forced to seek a taxpayer bail-out.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23d758b8/mf.gif' border='0'/><b.....

Good News Britain: Food must have a story behind it, says Riverford chief Guy Watson
We have always stuck to our guns, running an ethical business that looks after its suppliers and delivers organic produce fresh to our customers.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23da6b70/mf.gif' bo.....

Greek general strike and debt crisis - as it happened, September 26, 2012
European markets slump as protesters take to the streets of Greece in a general strike and Spanish yields hit 6pc over austerity protests.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23d9dfec/mf.gif' border='0.....

Imagination Technologies tumbles as customer exits smartphones
Shares fall after Texas Instruments pulls out of the smartphone market.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23d9dfed/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r.....

Vitol faces questions on trade with Iran
Vitol, the oil trader whose chief executive is a Tory donor, bought Iranian oil products, undermining Western efforts to stem Iran's trade through sanctions.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23da309.....

Riverford enjoys organic growth despite downturn
Riverford, the home delivery company, has defied the organic food market's decline to more than double its profits.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23da309b/mf.gif' border='0'/><br/><br.....

Greek general strike and debt crisis - live
European markets slump as protesters take to the streets of Greece in a general strike and Spanish yields hit 6pc over austerity protests.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23d5faab/mf.gif' border='0.....

Bank lobby peddles damaging myths, BoE member claims
Regulatory reform of the banks has been held back by damaging "myths" peddled by industry lobby groups, a member of the Bank of England's Financial Policy Committee has claimed.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/3272.....

Bank reform held back by lobby group 'myths', BoE member Robert Jenkins claims
Regulatory reform of the banks has been held back by damaging "myths" peddled by industry lobby groups, a member of the Bank of England's Financial Policy Committee has claimed.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/3272.....

Replace debt target, IFS tells George Osborne
The Chancellor should rip up his fiscal rulebook and replace his "problematic" debt reduction target, the country's leading public finance think-tank has said.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23d96.....

George Osborne should change debt target, says IFS
The Chancellor should rip up his fiscal rulebook and replace his "problematic" debt reduction target, the country's leading public finance think-tank has said.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23d95.....

Imagination Technologies shares fall as Texas Instruments abandons smartphones
Shares in Imagination Technologies fell by as much as 11pc on Wednesday after a customer of the British chip designer said it was abandoning smartphones.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23d95a48/mf.....

Vijay Mallya in talks with foreign airlines over Kingfisher stake
Vijay Mallya, India's answer to Sir Richard Branson, has sought to dampen speculation that he is desperate for cash to prop up his ailing Kingfisher Airlines, claiming he is in discussion with several foreign carriers over a potential stake sale.<.....

Lloyd's of London profit soars during 'benign' period
Lloyd's of London has posted its strongest six-month results in five years after a "benign" period of natural disasters followed one of the most expensive periods in insurance history.<img width='1' height='1' src='http://telegraph.feedsportal.com.....

FTSE 100 loses 23.3bn as Spain fears rock European markets
The FTSE 100 lost 23.2bn on Wednesday as mounting concerns over Spain and fresh strike action in Greece sent European investors heading for the exit.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23d90cdf/mf.gif.....

FTSE 100 loses 23.2bn as Spain fears rock European markets
The FTSE 100 lost 23.2bn on Wednesday as mounting concerns over Spain and fresh strike action in Greece sent European investors heading for the exit.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23d8c754/mf.gif.....

Police and protesters hurling petrol bombs clash in Athens as strike turns violent
Police and protesters hurling petrol bombs clash as strike turns violent.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23d7c29e/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com.....

ECB will not fill Greek budget gaps, says Bundesbank president
The European Central Bank will not fill potential financing gaps in Greece's budget, Governing Council member Jens Weidmann said on Wednesday.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23d877b3/mf.gif' borde.....

Savers 'could lose money in fixed-rate bonds'
Taking out fixed-rate bonds could end up losing you cash because of confusing variations over what happens when the deals end, savers have been warned.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23d877bc/mf.g.....

Mortgage availability shows 'significant' improvement, says Bank of England
Banks and building societies ramped up mortgage lending over the summer in a sign that efforts to boost the flow of credit are having an impact.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23d877c8/mf.gif' bor.....