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Thursday 4 October 2012

UK Financial News on 2012-10-04

UK 'needs socially useful banks'
Barclays chief executive Antony Jenkins says that banks must become "socially useful" if they are to rebuild trust......

Minister 'not aware' of rail flaw
The former transport secretary did not know about the problem which led to the collapse of the West Coast Main Line franchise, the Department for Transport says......

Spain 'does not need a bailout'
Spain's economy minister Luis de Guindos insists that his country does not need a bailout "at all"......

Bank opts for no fresh stimulus
The Bank of England keeps interest rates unchanged at 0.5% and decides not to increase quantitative easing from 375bn......

Drivers 'should learn for a year'
People should spend at least a year learning to drive, say insurers who are calling for an overhaul of the system......

Airlines to pay for strike delays
Air passengers delayed by more than a day after a strike must be compensated by their airlines, says the European Court of Justice......

House prices 'fell in September'
House prices fell for the third month in a row in September according to the Halifax, one of the UK's biggest mortgage lenders......

Eurozone interest rates unchanged
The European Central Bank (ECB) maintains its benchmark interest rate at the record low of 0.75%......

Nationwide ends interest-only
The Nationwide building society will stop offering interest-only mortgages to new borrowers from 11 October......

Strong cycling sales for Halfords
Halfords says its sales of bicycles and accessories were boosted by British successes in the Tour de France and Olympic cycling......

Food prices up 1.4% in September
World food prices rose 1.4% in September, pushed up by higher meat, dairy and cereals prices, the UN Food and Agricultural Organization says......

Facebook passes one billion users
Social networking site Facebook now has over one billion users logging on every month, founder Mark Zuckerberg has announced......

Argentine ship is seized in Ghana
An Argentine naval ship is seized in Ghana at the request of investors who lost out when Argentina defaulted on its loans in 2001......

New car sales beat expectations
The new 62 number plate cars sold unexpectedly well last month, the Society of Motor Manufacturers and Traders says......

India cabinet clears new reforms
India's government approves 49% foreign direct investment in insurance companies and opens the pension sector to foreign investors, but the reforms will face a tough fight from the MPs......

Arms firms 'poor on corruption'
Defence firms are not providing enough public evidence about how they fight corruption, pressure group Transparency International says......

Mortgage bill rises for thousands
Thousands of Santander mortgage customers will see their monthly bill rise, as figures show activity in the housing market remains subdued......

Petrol sales suffer 'huge drop'
Sales of petrol and diesel on UK forecourts fell significantly in the spring despite cheaper prices at the pumps......

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

Call to boost civil servant pay
Whitehall must pay more to attract the best civil servants, a former civil service head has said, following flaws in the West Coast rail franchise process......

Iran clashes over currency crisis
Riot police in Iran break up protests in the capital, after sharp falls in its currency, the rial, which has plummeted against the US dollar......

UK economy in deep crisis - Cable
The UK economy is "in a very deep crisis" and predicting when it will recover is "very difficult", Business Secretary Vince Cable tells the BBC......

Rail bidding a 'fiasco' - Branson
Sir Richard Branson says the bidding for the West Coast Main Line franchise had been a "fiasco" but welcomes the decision to restart the process......

T-Mobile USA to merge with rival
Deutsche Telekom confirms it is to merge its T-Mobile USA unit with US mobile carrier MetroPCS, creating a firm with more than 40 million subscribers......

Court delays rare earth verdict
A Malaysian court delays a decision in an ongoing battle over an Australian rare earth plant opposed by environmental groups......

Uefa 'must enforce money rules'
Clubs who exploit "back-door funding" should be expelled from European competition, says Borussia Dortmund's chief executive......

Football club chairman hit by ban
High-profile football club chairman Peter Ridsdale has been disqualified from acting as a company director for seven and a half years......

Footballers charged over betting
Three footballers are among nine people charged over an investigation into "suspicious betting activity" in horse racing......

VIDEO: Facebook registers billionth user
Mark Zuckerberg has said Facebook users numbering over one billion is "incredible"......

AUDIO: Can business language be poetic?
BBC Radio 5 live Wake Up To Money asked a legal secretary if there were any poetic expressions in business language......

AUDIO: Can you predict a revolution?
We are eight years away from revolution, according to Professor Peter Turchin's science of cliodynamics......

VIDEO: Charities close due to work scheme
A BBC investigation has discovered that several charities involved in the government's flagship welfare to work programme have been forced to close......

VIDEO: Draghi: OMTs have alleviated tension
European Central Bank president Mario Draghi said the announcement of a bond-buying plan aimed at easing the eurozone's debt crisis had helped ease tensions on the financial markets......

VIDEO: New driver reforms 'would lower premiums'
People should spend at least a year learning to drive, say insurers who are calling for an overhaul of the system......

AUDIO: Oxfam warning on 'land grabs'
Oxfam is calling for urgent action to stop international investment firms turning people in poor countries off their land......

AUDIO: UK universities 'should share research with SMEs'
Professor Andy Hopper explains his idea that any research at British universities funded by the taxpayer should be freely available to small and medium sized UK businesses so they can develop it for commercial purposes......

Class of 2012: In debt and worried
US students face worst debt and job prospects ever.....

What can Africa teach the eurozone?
What can Africa teach the eurozone about currency unions?.....

Inside Tesco's new-look store
What's new at Tesco's redesigned stores?.....

Economic battle lines in US election race
Deficit issue looms large in US election race.....

U.S. Day Ahead: Expect another tepid jobs report
Oct 4 - IFR says we could see 130,000 jobs created in September - not enough to stop the unemployment rate from rising. Expect President Obama and Gov. Mitt Romney to make some political hay from the stats......

Wealth Strategies: Value investor likes Brookfield best
Oct 4 - Marcato Capital Management's Mick McGuire says Brookfield Residential Properties' vast land ownership and much lower multiple than its peers makes it the best value play in the homebuilders sector......

James Bond's license to sell
looks at the brands which have benefited from one of the world's most successful and longest-running film franchises. Ivor Bennett reports.....

Toyota strike complicates South Africa's crisis
Oct.04 - Toyota says an illegal three-day strike at its South African manufacturing plant in Durban is over but with an ongong mining crisis the country's image as an investment oppotunity is taking a battering. Sonia Legg report.....

Trading at Noon: HP, Informatica, PCS-stocks on the move
Oct 4 - Analysts slash price targets on HP, Informatica warns of weak Q3 results & Ross Stores raises Q3 EPS guidance.....

ECB holds rates, waits for Spain aid request
Oct.04 - As widely expected, the European Central Bank kept interest rates on hold and ECB President Mario Draghi said they were primed to buy troubled euro zone bonds when conditions were right. Spain also 4 billion euros of bonds, as investors wait.....

Breakingviews: Owning the FT? Priceless
Oct 4 - The Financial Times may be dispensable for Pearson now that the company is changing CEOs. Breakingviews editors discuss how to put a price on the trophy pink newspaper......

Europe Day Ahead: Rajoy, Monti, Hollande meet Friday
Oct. 4 - The leaders of Spain, France and Italy will meet on the sidelines of a summit in Malta to discuss ways to help Spain, says Italian prime minister Mario Monti's office......

Catwalk queens feel the squeeze
Oct.04 - The fashion world of the nineties was all about excess, but in today's tough economic climate the models are expected to work harder for less money. Hayley Platt reports.....

Draghi pushes back chance of ECB rate cut to March: Investec
Oct. 4 - Stubborn inflation means a rate cut is off the cards until March, says Investec chief economist Philip Shaw after an ECB news conference that saw Mario Draghi play his cards close to his chest......

3XSQ: Mitt hits Obama hard in debate; Facebook serves 1 bln
Oct 4 - Republican Mitt Romney found his footing in a strong debate performance against Democratic President Barack Obama; Facebook reaches one billion monthly active users......

Sports Spread: El Clasico - Real Madrid v Barcelona
Oct. 4 - Money-making tips on the weekend footballing action including Barcelona v Real Madrid, Newcastle v Man Utd and West Ham v Arsenal......

U.S. Morning Call: Draghi hoping to re-reassure markets
Oct 4 - The ECB is expected to keep interest rates steady to allow time for new details on the euro zone's economic health and for Spain to ask for aid......

Market Pulse: Falling yields a trap for Spain - Schroders
Oct. 4 - Falling yields are bad news for Spain if they lull the government into thinking it can delay a bailout request, says Schroders economist Azad Zangana......

Biggest threat to Spain rating is deeper recession - Fitch
Oct. 4 - The likelihood of Spain being downgraded to junk status will increase if the recession deepens, says Fitch global head of ratings David Riley......

Breakingviews: Risk of bank 'de-regionalisation'
breakingviews.....

Will Sony be the next Japanese electronics dynasty to fade?
Oct. 4 - With Sharp and Olympus both humbled, could struggling Sony be next in line? CEO Kazuo Hirai says no, but he's burning through cash on M&A deals just as the group's profits slump......

Breakingviews: Bumi drama no reason to bail on Indonesia
breakingviews......

Reuters Today: Spanish yields set to fall, heat still on
Oct. 4 - Spain should have no trouble selling 4 bln in bonds, but Madrid remains under pressure to seek a bailout from its EU partners......

Obama and Romney battle over economy at debate
Oct. 3 - U.S. President Barack Obama and Republican challenger Mitt Romney spar over economic issues in debate that could be pivotal in election. Deborah Lutterbeck reports......

Branson stays on track after UK vote
Oct 3 - Virgin Group Founder Richard Branson says his company may bid once more to run the U.K.'s most lucrative railroad asset as he does more than just set the news agenda as guest global editor at Metro. Conway G. Gittens reports......

Oil tumbles on recession fears
Oct 3 - Summary of business headlines: Crude oil slides on global recession fears; Hewlett-Packard shares slip on earnings warning; Best Buy rallies on word of possible $11 billion buyout; Stocks creep higher. Sasha Salama reports......

U.S. Day Ahead: Oracle CEO Ellison bets on the cloud
Oct 3 - Oracle boss Larry Ellison will try to sell the company's latest line of cloud computing products when he appears at a key investor day in San Francisco......

ECONOMY 2012: U.S. manufacturing not dead, CEO adding jobs
Oct 3 - Sappi Fine Paper CEO Mark Gardner says, despite the slow economic recovery, he is adding jobs to his company's payroll and expects growth in manufacturing businesses to pick up over the next 12 months.....

CFTC's Gensler eyes money market funds reform
Oct. 3 - CFTC Chairman Gary Gensler says a reform of money market funds is needed and will be looked at in the next few months to prevent systemic risk within financial markets......

Australian pension fund calls for Rupert Murdoch to quit as chairman of News Corp
Rupert Murdoch is facing calls from Australian pension funds to step down as chairman of News Corp, as a shareholder revolt spreads to the media magnate's native country.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568.....

Questor share tip: ousted Halfords chief was on to something
Rather like the rest of the UK, Halfords was a depressing place until the Olympics came along.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/24225fba/mf.gif' border='0'/><br/><br/><a href="http.....

It's time to show small businesses more than rhetoric
If small business owners got a penny each time a politician said they would help, they could all retire very rich. In Britain and America, small businesses are guaranteed top billing in stump speeches.<img width='1' height='1' src='http://telegrap.....

It's time to show small businesses more than rhetoric
If small business owners got a penny each time a politician said they would help, they could all retire very rich. In Britain and America, small businesses are guaranteed top billing in stump speeches.<img width='1' height='1' src='http://telegrap.....

Stock market debutantes can learn a lot from Promethean's hard lesson
It is apt that a company involved in education should teach investors one of the more valuable lessons in stockmarket investing in recent years.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2421e703/mf.gif' bor.....

Debt fears as buy-out firms opt for refinancing
Private equity firms are set to take billions of pounds out of UK companies in a refinancing glut that has raised fears of a new credit bubble.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2421e705/mf.gif' bord.....

Toyota closes its South Africa works over unrest
Car giant Toyota said it has been forced to shut its factory in South Africa for four days due to an illegal pay strike, as the turmoil in the country's mining sector spreads to other parts of its economy.<img width='1' height='1' src='http://tele.....

QE3 could lead to excessive risk taking, Fed minutes show
America could become addicted to loose monetary policy, with an extended period of QE3 leading to excessive risk-taking by some investors, policymakers at the Federal Reserve have warned.<img width='1' height='1' src='http://telegraph.feedsportal......

United Carpets tries to cut rent bill with pre-pack administration
United Carpets, one of the largest carpet retailers in Britain, has undergone a controversial pre-pack administration in an attempt to cut its rent bill.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/24218fd7/mf.....

Europa report alerted Government to West Coast flaws
The Department for Transport was handed an independent report highlighting the flaws in the West Coast rail franchise bid process five days before it awarded the contract to FirstGroup.<img width='1' height='1' src='http://telegraph.feedsportal.co.....

Halfords back on track after Olympics
The success of British cyclists at the London Olympics and Tour de France has dragged Halfords back on track after the car and bicycle retailer was thrown into turmoil by a string of profits warnings.<img width='1' height='1' src='http://telegraph.....

Ceres Power shares drop on uncertain future
The company warned investors it could be wound down.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/24218801/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/144544335724/u/3/f.....

Top execs quit in Barclays reshuffle
Barclays has announced a reshuffle of the senior executives in charge of its investment banking arm.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2420e41e/mf.gif' border='0'/><br/><br/><a href.....

Debt crisis: Spain's forecasts are 'optimistic', says Governor of the Bank of Spain
The Governor of the Bank of Spain warned that Madrid's financial forecasts are "optimistic" adding to the mounting pressure on Mariano Rajoy from European Central Bank and the International Monetary Fund.<img width='1' height='1' src='http://teleg.....

Car industry boosts economy in September with jump in registrations
Britain's car industry provided a welcome boost to the economy as vehicle registrations rose more than expected last month in a sign that consumer confidence is slowly improving.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/327.....

Top regulator warns banks must act in 'public interest'
Bank bosses will in future have to put profit growth to one side and make sure they are operating in "the public interest", the country's top financial regulator has warned.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/.....

Ryanair offers concessions in attempt to snare Aer Lingus
Ryanair has held out fresh concessions to win approval to take over Aer Lingus, offering to move some of its rival's planes to continental Europe to operate non-Irish routes and allay concerns about a near monopoly in the domestic market.<img widt.....

Mario Draghi: ECB bond-buying bazooka 'ready'
The European Central Bank stands ready to launch its bond buying "bazooka" to help ease borrowing costs in crisis-hit countries, president Mario Draghi said on Thursday.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/5683.....

Debt crisis: as it happened, October 4 2012
Mario Draghi, European Central Bank president, has said the bank is ready to start buying government bonds as soon as necessary conditions are fulfilled by countries needing help.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32.....

Debt crisis: live
Mario Draghi, European Central Bank president, has said the bank is ready to start buying government bonds as soon as necessary conditions are fulfilled by countries needing help.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32.....

UN warns on food security as prices hit six-month high
Food prices around the world jumped by 1.4pc in September to a six-month high, the United Nations said, as the severe US drought cut grain harvests.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/241fae3d/mf.gif'.....

QE3 could push gold up to $2,400/oz
Quantitative easing could cause a rally in the gold price, with the precious metal hitting $2,400/oz by next summer.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/241f9fc3/mf.gif' border='0'/>.....

Good News Britain: 'Just think, the next Halfords bike customer could be a future Wiggo or Victoria Pendleton'
Halfords chairman is excited by the success of Britain's cyclists.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/241f9fc4/mf.gif' border='0'/>.....

Pearson's Dame Marjorie Scardino raised the bar for ambitious women
Dame Marjorie Scardino, outgoing boss of FTSE 100 firm Pearson, is one of few people to have shown that women can be hugely successful at that level, and thoroughly womanly with it.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/.....

Pensioners turn their back on income drawdown
The popularity of income drawdown plans has fallen by 40pc after a large cut in the maximum income.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/241f7ae7/mf.gif' border='0'/>.....