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Saturday 29 September 2012

UK Financial News on 2012-09-29

Concerns over new holiday rights
Some travel agents will not be ready for a new scheme that clarifies holidaymakers' rights if a tour operator collapses, organisers say......

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......

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......

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......

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......

VIDEO: Your Money: Insurance company payouts
In this week's Your Money, Declan Curry gives some tips on how to make sure your insurance company pays up, travel company warnings and how to protect yourself from credit card fraud......

VIDEO: Apple apologises for Maps error
The chief executive of Apple has apologised for mistakes in its maps, which are available on the iPhone and the iPad......

VIDEO: Concerns over new holiday rights
Some travel agents will not be ready for a new scheme that clarifies holidaymakers' rights if a tour operator collapses, organisers say......

AUDIO: 'Ridiculous' that UK will not sign fishing treaty
A treaty aiming to save lives in the fishing industry, supported by countries including Syria, hasn't been signed by Britain......

AUDIO: Private money 'essential' for infrastructure plans
Where should the government be investing whilst interest rates are low?.....

VIDEO: Plans to improve Gulf water technology
The entire Gulf region is reliant on desalination technology to get most of its water but it's an energy inefficient process......

VIDEO: Can tourism help boost eurozone?
Tourists are to be encouraged to take holidays at non-peak times in a bid to help developing struggling eurozone economies, under a new European Commission plan......

AUDIO: Should MPs be allowed to job share?
A fresh debate began this week into whether MPs could work on a job share basis......

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

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

Spain sees 2012 deficit target jump if bank aid included
Sept. 29 - Spain will meet its 2012 public deficit target as dictated by European guidelines, provided bank aid is not included. Deborah Lutterbeck reports......

Best post-recession salaries
Sept. 28 - Personal income rose in August but was eroded by inflation - as the realities of job hunters securing pre-recession salaries look grim. Salary.com runs through the best and worst post-recession jobs in 2012. Jill Bennett reports......

Wall Street: strong quarter, weak day
Sept. 28 - Summary of business headlines: Wall Street slips as Midwest factory data adds to economic jitters; Consumer income, spending, sentiment higher; Apple apologizes for Maps; Bank of America; Spanish banks need $76 billion cushion. Conway G. G.....

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.....

Xstrata to support Glencore's $80bn merger offer
The board of Xstrata is to recommend Glencore's revised $80bn (49bn) merger offer in a move which will create a global commodities and mining powerhouse.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23f5aca4/mf.....

RBS chief is right: bank reform will take a generation
When Stephen Hester stands up before students and staff of the London School of Economics on Monday night, he will do so in a perhaps sombre mood.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23f5aca6/mf.gif' b.....

Japan Tobacco to demand OFT refund
Cigarettes giant Japan Tobacco International is to pursue the Office of Fair Trading for a 50m refund relating to allegations that it was involved in a price-fixing cartel.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/5.....

Discount retailer B&M in line for sale
Britain's fastest growing retailer - B&M - has been put up for sale for 850m in a move that could catapult the three brothers behind the company to become one of the richest families in the UK.<img width='1' height='1' src='http://telegraph.fe.....

Stephen Hester: Banking culture change 'will take a generation'
Stephen Hester, chief executive of Royal Bank of Scotland, has admitted it will take a generation to change the culture in the banking industry.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23f5acab/mf.gif' bor.....

Tech minnows can pull us out of the economic quagmire
The week before last, London Stock Exchange joined David Willetts as he announced a Government proposal to launch a new route to market for Britain's most innovative, high-growth, mid-sized companies.<img width='1' height='1' src='http://telegraph.....

Easy on the stimulus, green shoots are emerging
A decline in gross domestic product (GDP) of 0.4pc would not normally be treated as a sign of improving economic conditions. But that was exactly the reaction to the latest figures for economic growth released on Thursday.<img width='1' height='1'.....

Michael Fallon: Brussels must cut red tape
Michael Fallon, Britain's new business minister, is to demand that Brussels' adopts the Government's new "one-in, one-out" policy in an attempt to cut European red tape.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/5683.....

'Feeder nation' risk for Ireland
Ireland is destined to become a "feeder nation" that is reliant on money being sent home from workers abroad, a leading hedge fund has warned.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23f52f32/mf.gif' borde.....

BP risks showdown with oligarchs over TNK dividend
BP and oligarch partners AAR are set for a boardroom showdown over TNK-BP's dividends - shining a spotlight on the dire relations that could derail the British company's plans for exiting the joint venture.<img width='1' height='1' src='http://tel.....

FSA lifts estimate of mis-sold swaps
More than 40,000 interest rate swaps could have been mis-sold to small businesses by their lenders, according to a revised estimate of the potential scale of the scandal by the FSA.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/.....

JLR chief: Car industry 'most complex on earth'
Dr Ralf Speth, the chief executive of Jaguar Land Rover, explains how JLR is flourishing in a difficult global environment .<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23f52d73/mf.gif' border='0'/><br/&.....

Tesco: can the empire strike back?
Rattled Tesco investors will hear this week if chief executive Philip Clarke's 1bn turnaround plan is working.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23f524ff/mf.gif' border='0'/><br/><br/>.....

Thousands of Portuguese protest against cuts
Thousands of Portuguese protested on Saturday against austerity, stepping up their opposition to the country's 78bn bailout ahead of new spending cuts and tax hikes to be announced in the government's 2013 draft budget.<img width='1' height='1' sr.....

Barack Obama fails to win bankers' votes
With the US election weeks away, President Barack Obama is less favoured in Wall Street.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23f52296/mf.gif' border='0'/><br/><br/><a href="http://da......

Spain debt rises on aid to banks and regions
Spain's debt level and borrowing needs are set to rise next year, piling pressure on the government to apply for international aid, as it pours funds in to cash-strapped regions and an ailing banking system, its budget showed on Saturday.<img widt.....

People must save more - the UK economy depends on it
For the UK to return to sustainable growth, we need a renewed focus on the long term.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23f3b107/mf.gif' border='0'/><br/><br/><a href="http://da.fee.....

Bumi shares freefall in mining disaster
Bumi's crisis throws spotlight on FTSE listing criteria.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23f3b109/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/144543926230/u.....

You can't afford not to invest in China, despite the country's problems
Were it not for rubber bullets on the streets of Madrid and a US presidential election campaign building a head of steam, China would surely be getting more attention than it has.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32.....

Direct Line float price '600m too low'
The challenge facing Royal Bank of Scotland to get best value from Direct Line has been underlined as it emerged the insurer's true value could be up to 600m higher than its flotation price.<img width='1' height='1' src='http://telegraph.feedsport.....

Valencia: the ghost city that's become a symbol of Spain's spending woes
Valencia's extravagant spending epitomises Spain's problems, says Fiona Govan<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23f18e2f/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.....

Should investors take the super-cautious route?
Investors are clamouring for low-risk funds. But the strategy could backfire.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23f0d834/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.....

Don't lose money if you lose your smartphone
Are you tempted to splash out on a clever new mobile such as Apple's iPhone 5?<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/23f0d835/mf.gif' border='0'/><br/><br/><a href="http://da.feedsporta.....

UK government appoints 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/23ef8707/mf.g.....

French budget and Spanish bank stress tests: as it happened, September 28, 2012
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.....