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Tuesday 2 October 2012

UK Financial News on 2012-10-02

Ministers call Brussels to heel on regulation
Six member states of the EU, including Germany and the UK, have openly criticised the European Commission for ignoring advice on a new regulation.....

Former Chi-X Europe chief creates new start-up
Alasdair Haynes has founded a new trading venue that will compete head-on with the platform he used to run.....

Private equity titans consider IPO market return
Bankers say buyout trio lining up IPOs of European assets over next six months.....

German private equity prepares for hit from AIFMD
Germany's private equity market could be sharply curtailed by proposed rules that observers fear will set a dangerous precedent across Europe.....

Syntegra eyes steep valuation for Moleskine
Moleskine is best known for its notebooks that were popular with the 'lost generation' of Parisian-based writers and artists such as Ernest Hemingway.....

Benchmark maths generates endless rise in high pay
New research suggests remuneration committees' reliance on peer group benchmarking will lead to ever higher pay.....

Companies tap the private bond market
Unusually positive sentiment has put 2012 on track to be a boom year.....

Shadow banking label could deter financing
Allianz Global Investors chief warns asset managers could decide against offering much-needed financing to avoid shadow banking rules.....

Sunrise scores further hires from rivals
The London broker's ranks of approved persons have grown 7% in three months.....

Shoppers flock to sold JJB stores
Sports Direct opens the 20 JJB Sports shops it has bought from administrators to sell JJB stock that it also bought as part of the process......

Split banking activities, says EU
An EU-sponsored report says Europe's banks should be split into separate legal entities to safeguard everyday banking from risky trading......

'Enemies caused Iran rial's fall'
President Ahmadinejad blames Iran's "enemies" for the sharp falls in its currency, the rial, which has hit fresh record lows against the US dollar......

Latin America economies 'to slow'
Latin America will grow at a slower pace than last year, primarily due to weaker growth in Argentina and Brazil, a United Nations report predicts......

T-Mobile talks over MetroPCS deal
Deutsche Telekom says it is in talks to buy MetroPCS and merge the US mobile carrier with its T-Mobile USA unit......

JP Morgan faces $20bn fraud suit
The New York Attorney General sues JPMorgan Chase for allegedly defrauding investors who lost more than $20bn (12bn) on mortgage-backed securities......

UK networks in crunch 4G meeting
UK mobile operators are to take part in crunch talks over the roll-out of 4G in the country in an attempt to avoid further delays......

S Africa mine firms rap strikers
Two big mining firms harden their stance on strikers in South Africa, where illegal stoppages have spread across the country......

UK tax return deadline warning
Taxpayers who have missed tax returns from years past must admit to their absence on Tuesday or face larger fines, the UK tax authority warns......

Credit card debt landscape alters
The number of borrowers seeking help from a charity over credit card debts has fallen, but problems are starting earlier......

'Flat year' for UK house prices
House prices will stay flat or drop slightly over the next year despite a gradual recovery in the UK economy, the Nationwide predicts......

UK economy 'grew in last quarter'
The UK economy grew between July and September according to the British Chambers of Commerce, which says official figures have been too gloomy......

FirstGroup confident on franchise
FirstGroup says it is preparing to take over the West Coast Main Line on 9 December, despite a legal challenge from Virgin Rail......

Australia cuts key rate to 3.25%
Australia's central bank unexpectedly cut its official interest rate as global growth weighs on the country's economic outlook......

Samsung sues Apple over iPhone 5
Samsung sues Apple over eight patents which it says are being infringed by the US company's latest handset, the iPhone 5......

Boeing wins $6bn Brazilian order
Boeing secures its largest order from a South American airline, in a deal with Brazil's Gol worth up to $6bn......

JJB collapse sees 2,200 jobs shed
About 2,200 staff at JJB Sports are to be made redundant after the sports clothes and equipment retailer goes into administration......

Cautious welcome for pension move
New rules which will automatically enrol millions of low and middle earners into a workplace pension are given a cautious welcome by trade unions and employers......

Personal borrowing still stagnant
The value of loans to individuals fell in August by 400m, Bank of England figures show, the third largest monthly drop on record......

Doorstep lender tactic questioned
A BBC investigation finds a prominent doorstep lender extending credit to vulnerable clients, including a woman with mental health problems......

Eurozone jobless at fresh high
Unemployment in the eurozone has hit a fresh high of 18.2 million in August, the EU statistics agency says......

Euro manufacturing slump 'eases'
The downturn in the manufacturing sector in the eurozone eased slightly in September, according to a closely-watched survey......

US court lifts Samsung tablet ban
A temporary sales ban on Samsung's Galaxy Tab 10.1 in the US is lifted by a US court, as the Korean firm includes Apple's new iPhone 5 in its legal action......

Kingfisher to pay salaries 'soon'
India's Kingfisher Airlines tells the aviation regulator that it will pay staff salaries, held up for the last six months, in the next few days......

EADS boss vows swift BAE decision
The chief executive of EADS calls a proposed $45bn (28bn) merger with the UK's BAE Systems a "great opportunity" and vows a swift decision on the merger......

Newcastle United ends Virgin deal
Newcastle United ends its multimillion-pound sponsorship deal with Virgin Money a year early......

French handball players arrested
Double Olympic gold medal winner Nikola Karabatic is one of 12 French handball players arrested for match-fixing......

Rangers' final tax bill tops 94m
The old Rangers Football Club owed more than 94m in unpaid tax and penalties, according to its administrators......

AUDIO: Blackberry handset looked 'tired'
Richard Jeffrey, Chief Investment Officer at Cazenove Capital Management, says the "Blackberry product was beginning to look quite tired"......

AUDIO: 3,500 people lose JJB Sports jobs
KPMG confirmed to 5 live that JJB Sports will have lost 3,500 people since July as the firm has gone into administration.....

VIDEO: EU says banks should separate trading
A European Union advisory group says that Europe's banks should be split into separate legal entities, in order to protect ordinary retail banking from risky trading......

AUDIO: Predistribution 'creating fairer society'
The man who came up with the idea of "predistribution" warns of the threat of a "runaway financial sytem".....

VIDEO: EADS and BAE 'a wonderful opportunity'
The chief executive of EADS has called a proposed $45bn (28bn) merger with the UK's BAE Systems a "wonderful opportunity" and vowed a swift decision on the merger......

VIDEO: 'Significant regional variations'
House prices will stay flat or drop slightly over the next year despite a gradual recovery in the UK economy, the Nationwide has predicted......

AUDIO: 4G auction process to 'speed up'
The BBC's technology correspondent, Rory Cellan-Jones, has seen a letter indicating that Ofcom intend to speed up the 4G auction process......

VIDEO: Exports drive 'UK economy into growth'
The UK economy returned to growth in the third quarter, according to the British Chambers of Commerce......

BAE Systems-EADS: The rationale
Why plans to create a defence giant are in trouble.....

Sanctions detonate Iran currency
Iran's currency in freefall as sanctions bite.....

Clock ticks on Spain bailout
The clock is ticking on a Spanish bailout, Gavin Hewitt says.....

TV finds salvation in the zombie apocalypse
Are tablets the magic bullet for TV's own zombie apocalypse?.....

Tanzania's invisible web revolution
But will Tanzanian villagers notice fibre-optic revolution?.....

Disney: Guarding the legacy in the digital age
How to keep the legacy alive in the digital age.....

U.S. Day Ahead: It's debate time and Romney has to perform!
Oct 2 - The 90 minute showdown between Obama and Romney takes place Wednesday at 9:00 PM in Denver, Colorado - one of the eight battle ground states. Romney has a key opportunity to make up for last month's gaffes......

FACTBOX: U.S. car sales beat forecasts, Toyota on top
Oct 2 - Chrysler sees its best September sales performance in five years; beating GM and Ford. The number one spot though is held by Toyota......

CFTC's Gensler mulls next step for position limits
Oct. 2 - CFTC Chairman Gary Gensler is considering whether or not to appeal against a court ruling that threw out the agency's position limits rule......

Trading at Noon: Einhorn moves stocks from GM to Chipotle
Oct 2 - Einhorn makes a case for carmaker GM, thinks Chipotle is an attractive short.....

Zuckerberg: more Russians like Facebook
Oct. 2 - Facebook CEO Mark Zuckerberg told university students in Moscow they shouldn't start a company to have fun, but they should do so if they believe in something and want to see it exist, as he spoke to them during his first visit to Russia. Ro.....

Greek anger over budget and troika
Oct. 2 - With the focus firmly on Spain, Greece has almost become a side show in recent weeks, but as another harsh budget is outlined by Athens, how important is a solution for Greece to the wider euro zone debt crisis? Sonia Legg reports......

Breakingviews: Who is best suited to fix Americas finances?
Oct 2 - Jeffrey Goldfarb talks with Rob Cox and Dan Indiviglio about the Economic Dream Team Machine, a new game that allows you to assemble the best economic teams for an Obama or Romney White House......

EU advisors seek bank reforms
Oct. 2 - An EU advisory group led by Bank of Finland Governor Erkki Liikanen recommends to split banks' retail business from their investment operations. Sonia Legg reports......

Spain plays bailout waiting game
Oct.02 - Spanish Prime Minister Mariano Rajoy has told regional leaders of his party he won't ask for a bailout this weekend, according to news agency Europa Press. As unemployment in the country continues to rise, uncertainty over the bailout reques.....

Europe Day Ahead: Service sector shrinkage
Oct. 2 - A look ahead at Wednesday's key financial events including services PMI data, Tesco trading update and the first presidential debate......

The Exchange: A Second Look at Obama's New Deal
Rob Cox talks to Michael Grunwald, author of the book "The New, New Deal," about President Obama's stimulus bill and whether it has paved the way to a second term......

3XSQ: Google more valuable than Microsoft
Oct 2 - Tech titan Google has become the third-most valuable public company, surpassing Microsoft as Bing struggles to compete in the search engine arena......

Researchers bring light touch to 3D construction
Oct. 2 - Engineers in North Carolina have developed a new technique to transform two dimensional patterns into three dimensional objects with the power of light. The research could one day lead to space-saving innovations such as medical implants tha.....

Wealth Strategies: M&A analyst sees arbitrage opportunities
Oct 2 - Tullett Prebon's Sachin Shah says premiums in recent M&A deals like EADS' bid for BAE Systems will invite competing bids and create arbitrage opportunities for investors......

U.S. Morning Call: Spain ready for bailout, Germany's not
Exclusive: Spain is ready to request a euro zone bailout for its public finances as soon as next weekend, but Germany has signaled that it should hold off......

Market Pulse: Sell Italy, buy Spain - ICAP
Oct. 2 - Germany still stands in the way of a Spanish bailout, but any move by Madrid to request aid will make Spanish bonds a buy relative to Italy, says ICAP economist Don Smith......

Breakingviews: Goodwill written down in cold climate
Oct. 2 - The evaporating value of goodwill could make corporate boards think harder about sanctioning future takeover deals.....

$36 bln Mondelz launches after split from Kraft
Oct. 2 - Tuesday October 2nd marks the launch of a $36 bln start up. After splitting off its North American grocery business Mondelz International has $13 bln in revenues......

Reuters Today: Bernanke defends QE3 as non-inflation boost
Oct. 2 - The U.S. Federal Reserve Chairman Ben Bernanke says the stimulus programme will not debase the dollar. Standard Chartered's Thomas Costerg backs that stance......

Wealth Strategies: Stocks to "Re-Rally" in Q4
Oct 2 - Raymond James' Jeff Saut says U.S. equities may see a small correction after the rally they've had, but there is still upside to stocks for the balance of the year. He likes the energy & tech sectors......

Blue chips get a head start
Oct 1 - Summary of business headlines: The Dow rallies on data showing uptick in U.S. manufacturing activity, Value investor Whitney Tilson not seeing much value at current prices; 3M, Honeywell go deal hunting. Conway G. Gittens reports......

U.S. factories grow despite partners
Oct 1 - U.S. manufacturing expands in September as Europe and China shrink, but can the U.S. keep growing without its troubled trade partners? Carmen Roberts reports......

U.S. Day Ahead: Get ready for Einhorn's next big short!
It's all about the next big short when hedge fund superstar and Greenlight Capital founder David Einhorn speaks at the Value Investing Congress in New York Tuesday morning......

Splunk to go kerplunk; Investor Buckley makes case for short
Oct 1 - Hedge fund manager Zack Buckley made the case for shorting data analytics company Splunk and believes the tech sector is overvalued in general......

Boutique brands attract China's fashion buyers
Oct.02 - Chinese buyers and commentators are flocking to Paris Fashion Week in ever-increasing numbers but the big brands are no longer a billionaire's bet in Beijing. Ivor Bennett reports.....

Drinks supplier WaverleyTBS calls in administrators
The jobs market was rocked further on Tuesday as one of the country's biggest drinks suppliers collapsed into administration after failing to cope with the economic slowdown and tighter credit conditions.<img width='1' height='1' src='http://teleg.....

Punishing banks is now doing more harm than good
Banks have done plenty of things wrong and played a central role in creating the financial crisis.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/240ddee8/mf.gif' border='0'/><br/><br/><a href=".....

Babcock in investors' sights following confident update
Shares in the defence group were among the biggest risers today.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/240ddef1/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/144544.....

Troubled Bumi arm 'under attack', says director
Bumi's Indonesian subsidiary claimed to be under a "motivated attack" after its troubled parent company ordered an investigation into its finances.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/240ddef2/mf.gif' .....

FirstGroup prepares for 'smooth' takeover of West Coast Main Line
Transport giant FirstGroup remains bullish that it will take over the running of the West Coast Main Line on December 9, despite an impending judicial review of the franchise award.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/.....

Thomas Cook hands top executives 8m shares
Thomas Cook has handed its new chief executive and finance director more than 8m shares in a bid to improve performance at the 171-year-old tour operator.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/240db526/m.....

Banker weeps at UBS rogue trader trial
A former UBS trader wept in court as he gave evidence at the trial of alleged "rogue trader" Kweku Adoboli.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/240db52a/mf.gif' border='0'/><br/><br/><.....

US recovery helps Wolseley to return 350m to shareholders
Wolseley is to hand a 350m special dividend to shareholders as steady markets in America help the building services giant counter the impact of "deteriorating demand" in Europe.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/3272.....

Barclays hands promotions to retail bankers
Retail bankers will get a bigger say in the running of Barclays with the promotion of two managers from the lender's retail arm to its executive committee.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/240d5cc5/.....

15,000 queue for 150 Madrid factory jobs
More than 15,000 people looking for work queued to apply for just 150 vacancies at the factory of agricultural machinery company John Deere on the outskirts of Madrid.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300.....

There's plenty that Labour could do, given some fresh thinking
For a party that sees itself as the next government in waiting, Labour is depressingly short of original solutions.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/240d5cc7/mf.gif' border='0'/><br/><br.....

Landlords furious over JJB Sports and Optical Express administrations
Landlords have warned they will reconsider whether to back insolvency proceedings that allow retailers to shed loss-making stores after JJB Sports and Optical Express called in administrators.<img width='1' height='1' src='http://telegraph.feedspo.....

Tesco and Sainsbury's to highlight tough UK economy
The size of the challenge facing the British economy will be laid bare on Wednesday when Tesco and J Sainsbury report on trading conditions.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/240d3496/mf.gif' border=.....

Cambridge 'a safer investment than Government'
Cambridge University is a safer haven for investors than the British Government, according to ratings agency Moody's.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/240d349a/mf.gif' border='0'/><br/><.....

UK hooked on debt, PIMCO boss warns
Britain is part of a debtor nation "ring of fire" where bondholders are at risk of being "burned to a crisp", the head of the world's biggest bond house has warned.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/.....

Debt crisis: troika demand even tougher austerity on stricken Greece
Greece's international creditors are demanding the imposition of even tougher austerity measures despite the delivery this week of Antonio Samara's hard-won 13.5bn package of cuts.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/3.....

Debt crisis: as it happened, October 2, 2012
The number of unemployed Spaniards rose to 4.7 million last month, as prime minister Mariano Rajoy denies that the country will ask for a bail-out in the coming days.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/.....

4G will be widespread in Britain by next summer
Britain to get widespread access to 4G mobile phone services by the summer of next year, six months earlier than hoped.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/240d2cb8/mf.gif' border='0'/><br/>&l.....

France and Germany clash over BAE-EADS headquarters
France and Germany have clashed over the location of the new headquarters of BAE-EADS should a planned merger to go ahead.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/240ceb15/mf.gif' border='0'/><br/>.....

Debt crisis: live
The number of unemployed Spaniards rose to 4.7 million last month, as prime minister Mariano Rajoy reportedly attempts to close ranks ahead of a meeting of regional presidents by insisting that he will not ask for a bail-out in the coming days.<im.....

Fund managers dump bullion for gold shares
Professional investors who want exposure to gold are starting to put their money in shares rather than the metal itself.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/240c944b/mf.gif' border='0'/><br/>&.....

Record summer rainfall sinks William Sinclair profits
Peat and horticultural product supplier William Sinclair saw its shares sink 7.7pc after the company blamed the dismal summer weather for a third profits warning - and announced the resignation of its chief executive.<img width='1' height='1' src=.....

Record summer rainfall sinks William Sinclair profts
Peat and horticultural product supplier William Sinclair saw its shares sink 7.7pc after the company blamed the dismal summer weather for a third profits warning - and announced the resignation of its chief executive.<img width='1' height='1' src=.....

Santander mortgage borrowers face higher repayments
Mortgage costs for thousands of borrowers will jump from tomorrow when one of the country's biggest lenders raises its standard variable rate (SVR).<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/240bae25/mf.gif'.....

PIMCO: America could 'resemble Greece' before 2020
America could begin to resemble Greece before the turn of the decade if it does not cut spending and raise taxes to tackle its debt, according to Bill Gross, the head of the world's largest bond fund.<img width='1' height='1' src='http://telegraph.....