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Friday 28 September 2012

UK Financial News on 2012-09-28

Libor riggers 'should face court'
A report into the Libor rate-rigging scandal says the system is broken and recommends a complete overhaul, including criminal prosecutions for those manipulating the rate......

Spain's banks 'need 59.3bn euros'
Spain's banks need an injection of 59.3bn euros ($76.3bn; 47.3bn) to survive a serious downturn, an independent audit calculates......

France to raise taxes on wealthy
France unveils its budget for 2013, avoiding large austerity spending cuts in favour of higher taxes on the wealthy and big businesses......

Olympic security firm bosses quit
Two directors of G4S resign over the firm's failure to fulfil its Olympics security contract, but chief executive Nick Buckles keeps his job. augment.....

Car insurance to be investigated
The market for car insurance is referred to the Competition Commission for investigation on the basis that it is not working well for motorists......

UK service sector in bounceback
Official data shows the UK service sector bounced back in July, raising hopes of an economic recovery in the third quarter of the year......

Direct Line float price unveiled
Direct Line will be valued at between 2.4bn and 2.9bn when it is floated on the London Stock Exchange, says parent group RBS......

US bank settles Merrill lawsuit
Bank of America pays $2.43bn (1.5bn) to settle a lawsuit over its acquisition of Merrill Lynch......

PayPal hit by 'technical issues'
Payments business PayPal has been hit by "technical issues" that have led to a string of transactions being sent for security checks......

Sony and Olympus form alliance
Sony will invest 50bn yen ($640m; 397m) in camera firm Olympus and the two will form a joint company which will focus on medical equipment......

Apple apologises for Maps anger
Apple's chief executive acknowledges users are "frustrated" by its new maps and suggests they use rival technologies......

Heineken wins Tiger beer approval
Shareholders in Singapore-based conglomerate Fraser and Neave vote to sell its beer business to Heineken......

Blackberry maker posts $235m loss
Research In Motion shares rise in after-hours trading as the maker of the Blackberry posts a smaller-than-expected quarterly loss......

Japan's industrial output slides
Japan's industrial output fell more than expected in August, as cars and electronics suffer from weak global demand, figures show......

Lucky money goes under the hammer
Cash made money for charity as interest from banknote collectors in East Asia helped push up the bidding at a Bank of England auction......

Runaway London house prices stall
The pace of house price rises in London stalled in August, although property values in the capital have still risen by 5% over the year......

Old tricks cause card fraud rise
Debit and credit card fraud has increased as con-artists turn to unsophisticated snatching and Pin theft, an industry body says......

Go-ahead for next-door post plan
A scheme to deliver post to a neighbour if no-one is at home is given the green light by the regulator Ofcom following a trial......

Complaints about banks 'up 59%'
Complaints about payment protection insurance drove up gripes about banks in the first half of the year, the UK financial regulator says......

Economy shrank less than thought
The UK economy contracted by less than thought in the second quarter, shrinking by 0.4%, the Office for National Statistics says......

US economy weaker than thought
The worst drought for 50 years is partly blamed for the downward revision to US economic growth between April and June......

Spain imposes further austerity
Spain sets out new spending cuts, but protection for pensions, in its 2013 budget amid a shrinking economy and 25% unemployment......

Sahara refund 'in three months'
India's Sahara business group, which was ordered by the Supreme Court to refund $3bn to its investors, says it will do so within three months......

China's Baoshan halts steel plant
Baoshan Iron and Steel, the fourth biggest steel producer in the world, suspends production at a plant in China as demand slows......

Greece to sell gaming firm stake
Greece launches the sale of almost all of its 34% stake in the gaming monopoly Opap as part of the conditions of its bailout......

Games venue named Emirates Arena
Global airline Emirates strikes a 5m 10-year deal for the naming rights to Glasgow's main Commonwealth Games venue......

Arsenal buoyed by profit increase
Chief executive Ivan Gazidis says Arsenal "will forge their own path to success" after they post an improved pre-tax profit......

NFL referees reach pay agreement
The National Football League makes a tentative deal with referees over a pay and pensions dispute that has overshadowed the new season......

AUDIO: Rate-fixing could become criminal offence
Robert Peston discusses the report which will be released today into Libor rate-fixing by banks......

VIDEO: 'Curry Colleges' fail to recruit
The Government's so-called 'Curry Colleges' are failing to attract recruits......

VIDEO: France unveils 2013 budget
French Prime Minister Jean-Marc Ayrault has said that nine out of 10 citizens will not see their income taxes rise in the new budget......

VIDEO: Thousands register for Olympic auction
Team GB kit is being auctioned with some of the proceeds being used to offset Olympic costs......

VIDEO: G4S resignations: What went wrong?
Two G4S directors have resigned after the company announced the findings of a review into its Olympic Games contract......

VIDEO: Hodge: 'Still a cloud' over A4e
There is "still a cloud" hanging over the firm A4e that helps people into work, said the chair of the Commons Public Accounts Committee......

VIDEO: Insurance referral 'good for consumers'
The market for car insurance has been referred to the Competition Commission for investigation on the basis that it is not working well for motorists......

VIDEO: Report says Libor system 'broken'
A report into the Libor rate-rigging scandal says the system is broken and suggests its complete overhaul, including criminal prosecutions for those who try to manipulate it......

Jay-Z brings Nets basketball to Brooklyn
Concerts by rapper Jay-Z bring NBA basketball to Brooklyn.....

McLaren unveils P1 supercar
The new McLaren, yours for just 800,000.....

Six burning questions for Spain
Six tough questions for Spain's economy.....

On track to growth or in denial?
France gambles on growth while steel mills cool.....

A note from your future office
What will office life be like 20 years from now?.....

Why male Japanese wage-earners have only 'pocket money'
Why Japan's salaryman is a supplicant at home.....

Jaguar's F-type launches victory debate
British carmaker Jaguar unveils its most important car for 50 years.....

FACTBOX: Tech surges in Q3, Google beats Apple
The big winners and losers in U.S. equities for the third quarter......

U.S. Week Ahead: Get ready for Obama vs. Romney, more Fed and the jobs report
Sept 28 - On Wednesday, President Barack Obama and Mitt Romney will outline their plans for the economy. It could be the defining moment of the 2012 election......

Reuters Asks: Will Sept mark the euro crisis turning point?
Sept. 28 - Will hindsight show that the ECB's bond-buying plan announced in early September marked the beginning of the end of the euro zone crisis?.....

Spain's banks may need 59.3 bln euros
An independent audit of Spain's 14 main banks showed they would need 59.3 billion euros in extra capital to ride out a serious economic downturn. Joanna Partridge reports.....

Trading at Noon: Tech Tally: RIM, Apple, Cisco & Facebook
Sept 28 - RIM rises on results, Apple 's Cook writes a letter, Cisco gets thumbs up from Goldman & Facebook unwraps a gift......

Breakingviews: iSorry
Sept 28 - Rob Cox and Breakingviews columnists discuss Tim Cooks apology following the Google Maps misstep on the iPhone 5......

Resident Evil's shocking game launch
Sep 28 - Videogame maker Capcom mocks up a gory meat counter at London's Smithfield market in a macabre stunt to promote its latest release, Resident Evil 6. Andrew Potter reports......

German manufacturers shelter from economic storm
Sep 28 - As German leader Angela Merkel warns the country's economy is not immune from Europe's economic turbulence, some manufacturers are proving resilient. David Sincock reports......

Europe Week Ahead
Sept. 28 - A look to the close of the European markets and a look ahead to the next days trading, as well as what to expect from the Asian markets next week.....

Electric dreams in the slow lane
Sep.28 - Major automakers have spent billions on developing electric cars but as sales disappoint, concerns grow. Julian Satterthwaite reports from the Paris Motor Show......

Heineken finally swallows Tiger Beer
Sep.28 - Heineken ends a two-month struggle to acquire full control of Tiger Beer producer Asia Pacific Breweries. Joel Flynn reports......

3XSQ: Apple's Cook says sorry for Maps mess
Sep 28 - Apple CEO Tim Cook apologized to the consumer giant's customers who were frustrated with glaring errors in its new Maps service, and directed them to rival services instead, such as Google Maps......

France's budget squeezes rich
Sep.28 - France unveils sharp tax hikes on businesses and the rich in a 2013 budget aimed at showing it has the fiscal rigour to remain at the core of the euro zone. Ciara Sutton reports......

UK financial watchdog: Libor can be fixed
Sept. 28 - Britain's top financial watchdog, the Financial Services Authority has delivered a 10-point plan to fix Libor, the benchmark interbank lending rate, after multiple banks were accused of trying to manipulate it. Joanna Partridge reports.....

Zetsche eyes Mercedes turnaround
Sept. 28 - Daimler is being outpaced by rivals Audi and BMW. We ask chairman Dieter Zetsche how he plans to fight back......

Academic hails Wheatley's Libor plan
Sept. 28 - Martin Wheatley's 10-point plan to fix Libor will restore credibility, according to Cass Business School, but it might take longer to restore confidence in the financial sector......

French budget bashes business and whacks wealthy
Sept. 28 - France taxes the rich and business to slash its deficit but cutting so aggressively will hurt growth says AG2R La Mondiale chief economist Philippe Brossard......

Market Pulse: Europe's Q3 rally to fade, stay defensive Q4
Sept. 28 - The Q3 European equity rally will fade in Q4, especially in the periphery. Stick with core markets and defensive sectors, says IG......

McLaren hypercar no vanity project
Sept. 28 - McLarens new P1 hypercar is no vanity project and will make money, says McLaren Automotive MD Antony Sheriff. As for a McLaren SUV? Maybe one day.....

Breakingviews: Legal Libor profit
Sept. 28 - A tender will go out for a new organisation to regulate Libor, but it is not clear how the new scheme will be funded, there could be some money to be made for the new regulator say Breakingviews......

China facing skilled labor drought
Sept. 28 - While many Western countries grapple with high levels of unemployment, companies in China are struggling to fill white-collar positions, despite the country's massive population......

Reuters Today: Spain budget relief, up next France
Sept. 28 - Spain set to reveal the size of the hole in its banking system today, after its 2013 budget helped to soothe markets. France's Hollande to unveil his 2013 budget later today.....

Asia Week Ahead: China leadership, Indonesia data in focus
Sept. 28 - A possible announcement on the 18th Party Congress in China and Indonesian economic data are on the mind of Breakingviews Asia Editor Peter Thal Larsen as he discusses the week ahead in Asia......

Wealth Strategies: Uptick in home sales a catalyst for GDP
Sep 28 - Joe Rodriguez, who manages the Invesco Global Real Estate Income Fund, says the recovery in residential housing will benefit the commercial real estate market even if overall growth is still slow......

U.S. Morning Call: 'Budgets' in the air & RIM resurrected
Sep 28 - Spain and France announce 2013 budgets and RIM rises from the ashes with narrower quarterly loss......

Landlords warn retailers over administrations
Landlords have fired a shot across the bows of Sports Direct and JJB Sports by calling on the Government to change insolvency laws so it is easier to retrieve unpaid rents from companies in administration.<img width='1' height='1' src='http://tele.....

French budget and Spanish bank stress tests: live
Spain has revealed that it needs almost 60bn to shore up its battered banking sector, as France's 2013 budget shows that a new 75pc tax rate will raise just 200m in extra revenue next year.<img width='1' height='1' src='http://telegraph.feedsporta.....

UK government to appoint Morgan Stanley to lead 3bn Urenco sale
The Government's bid to capitalise on the value of nuclear company Urenco will step up a gear today as it appoints banking advisers to lead a 3bn sale.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23eefec8/mf.g.....

UK could lose prized AAA debt rating, Fitch warns
Britain is edging closer to losing its gold-plated sovereign credit rating due weak growth and ballooning government borrowing, ratings agency Fitch has warned.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23ee.....

G4S boss Nick Buckles is in the last chance saloon
Given the scale of the failure of his company, on the biggest and highest profile sporting event ever hosted in Britain, Nick Buckles might well accept that he has been lucky to survive with his job.<img width='1' height='1' src='http://telegraph......

BAE and EADS reject higher French and German stakes in merged company
BAE Systems and EADS will not tolerate attempts by France and Germany to increase their stakes in a merger of the two companies, sources close to the companies have disclosed.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/.....

Nick Buckles survives G4S Olympic fiasco review as two directors go
G4S chief executive Nick Buckles has held on to his job after being saved by shareholders but the company conceded life would be tougher after the failure on its Olympics contract.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/3.....

The women who should be on the Bank of England's list to be the next Governor
Who the next Governor of the Bank of England should be is a favourite topic of any boardroom discussion these days.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23ee91e2/mf.gif' border='0'/><br/><br.....

UK at risk of downgrade, Fitch warns
Britain is edging closer to losing its gold-plated sovereign credit rating due weak growth and ballooning government borrowing, ratings agency Fitch has warned.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23ee.....

Spanish banks need 60bn, independent auditors say
Spanish banks need a combined capital injection of almost 60bn, according to a report that Madrid claimed showed the nation's finances were more sound that the market fears.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/.....

Debt crisis: Spanish banks need 60bn according to stress test
Spanish banks need a combined capital injection of almost 60bn, according to a report which Madrid claimed showed the nation's finances were more sound that the market fears.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f.....

Thomas Cook faces 'turnaround task' after drop in summer bookings
New Thomas Cook boss Harriet Green has a "very difficult" turnaround job on her hands, analysts have warned, after the tour operator unveiled a drop in summer holiday bookings.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726.....

Thomas Cook chief faces 'turnaround task' after summer slump
New Thomas Cook boss Harriet Green has a "very difficult" turnaround job on her hands, analysts have warned, after the tour operator unveiled a drop in summer holiday bookings.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726.....

William Hill creeps higher amid talk of consolidation
The group could snap up other gaming companies, according to broker Peel Hunt.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23ee26be/mf.gif' border='0'/><br/><br/><a href="http://da.feedsporta.....

Fitch warns it could cut UK's credit rating: the full text
Ratings agency Fitch has warned that the liklihood of downgrading the UK has increased due to weaker than expected growth. Here is the statement in full.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23ee26c5/mf.....

Fitch warns of UK rating downgrade: the full text
Ratings agency Fitch has warned that the liklihood of downgrading the UK has increased due to weaker than expected growth. Here is the statement in full.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23edcb89/mf.....

Fifty Shades of Grey blamed for falling sales of car books
Haynes says retailers are only interested in stocking racy novel<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23edcb8a/mf.gif' border='0'/>.....

Spanish banks need 60bn: European reaction
An independent audit on Spanish banks, which along with an austerity budget appears to prepare the way for a government bailout, has shown that troubled lenders need 60bn (48bn) to return to health. Here is the reaction from key European organisation.....

The Spanish banks and how much they need
Spain has revealed that it needs almost 60bn to shore up its battered banking sector. Here is a list of all the Spanish banks tested and how much they need.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23edc3d4.....

Libor reform is 'first step' to City overhaul
Reforming Libor is only the beginning of a series of changes needed to overhaul the banking system, according to industry observers.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23ed9a95/mf.gif' border='0'/>.....

Spanish banks need 60bn: the full report
An independent audit on Spanish banks, which along with an austerity budget appears to prepare the way for a government bailout, has shown that troubled lenders need 60bn (48bn) to return to health. Here is the report in full.<img width='1' height.....

German bishops stop weddings and funerals unless religious taxes are paid
The road to heaven is paved with more than good intentions for Germany's 24m Catholics. If they don't pay their religious taxes, they will be denied sacraments, including weddings, baptisms and funerals.<img width='1' height='1' src='http://telegr.....

Good News Britain: Food and drink companies are hunting further afield for growth
Food and drink is the UK's largest manufacturing sector with an annual turnover of more than 76bn and employing more than 400,000 people. Until recently, it has also been arguably one of our best kept secrets.<img width='1' height='1' src='http://.....

European pension funds among victors as Bank of America reaches $2.4bn settlement over Merrill Lynch
European pension funds are among those who will share $2.4bn (1.4bn pounds) after Bank of America agreed to settle allegations it misled shareholders over its controversial acquisition of Merrill Lynch.<img width='1' height='1' src='http://telegra.....

Bank of America reaches $2.4bn settlement over Merrill Lynch takeover
Bank of America will pay $2.4bn to a group of shareholders who allege the bank misled them over its controversial purchase of Merrill Lynch at the height of the financial crisis.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/327.....