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Friday 5 October 2012

UK Financial News on 2012-10-05

Power shortage 'risks' by 2015
Britain risks running out of energy generating capacity in the winter of 2015-16, leading to higher prices, energy regulator Ofgem warns......

US jobless rate in surprise fall
The US unemployment rate fell last month, figures from the Department of Labor show, surprising analysts who had been expecting a small rise......

Two banks hit by 'system errors'
Lloyds Banking Group and Co-op say systems are back to normal after technical issues caused problems for customers......

West Coast bid mistakes emerge
The BBC learns more details of mistakes made by the Department for Transport that led to the collapse of First Group's bid for the West Coast mainline......

Amplats fires 12,000 SA miners
The world's biggest platinum producer, Anglo American Platinum, fires 12,000 striking South African miners after a protracted strike over wages......

UK consumer spending 'picks up'
Shoppers stocking up on winter clothing helped consumer spending to rise at its fastest rate for more than three years last month, a survey says......

Electric cars 'pose green threat'
Electric cars might pollute much more than petrol or diesel powered cars, according to a report......

BBC asked to review tax systems
The Chief Secretary to the Treasury writes to the new BBC director general over the tax arrangements of thousands of members of staff at the corporation......

Tension in Athens over pay row
Protesters appear in court in the Greek capital Athens a day after a rally by unpaid shipyard workers descended into violence......

Trump in fresh wind farm attack
Donald Trump launches another attack on plans for a wind farm off the coast of his Aberdeenshire golf course......

William Grant sees sales top 1bn
Spirits firm William Grant & Sons has recorded annual sales of more than 1bn for the first time......

US court to rule on MP3 resales
EMI goes to court to prevent a US online service buying and reselling digital music tracks - in a case which may set a legal precedent......

Meat plant could shut in February
The owners of the troubled Hall's of Broxburn meat processing plant outline a timetable for its closure......

Samsung set for record profits
Samsung Electronics estimates it will make record profits in the three months to September, led by sales of its Galaxy smartphones......

California battle over GM labels
Voters in California are to decide on a controversial proposal that would require the labelling of most foods made with GM ingredients......

Book firm blames Assange for loss
Canongate Books reports a loss in 2011 which it attributes to Julian Assange's failure to deliver a promised book......

Off payroll taxation 'shocks' MPs
The tax arrangements of some public sector workers - including thousands at the BBC - have been criticised by a committee of MPs......

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

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......

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

Low US rates 'to stay until 2015'
The Federal Reserve is likely to keep US interest rates at the current near-zero rate until 2015, minutes from its latest rate-setting meeting show......

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......

Indian airline extends shutdown
India's cash-strapped Kingfisher airline grounds its fleet for a further week as talks with workers protesting against months of unpaid wages fail......

Faulty seats ground US flights
American Airlines cancels 94 flights as it works to fix passenger seats that could come loose during flight......

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

NHL cancels beginning of season
The National Hockey League cancels the first two weeks of its regular season because of a labour dispute over pay percentages with its player's union......

Commonwealth Games complex opens
One of the main venues for the 2014 Commonwealth Games in Glasgow opens its doors to the public......

VIDEO: Japan tech firms unveil new wares
Super-high definition televisions are among the new gadgets on show at Japan's technology exhibition Ceatec.....

VIDEO: BBC asked to review tax systems
The Chief Secretary to the Treasury has written to the new BBC Director-General over the tax arrangements of thousands of members of staff at the corporation......

VIDEO: US jobless rate in surprise fall
The US unemployment rate fell last month to its lowest rate since January 2009, figures from the Department of Labor have shown......

VIDEO: UK faces power shortages 'risk'
Britain risks running out of electricity generating capacity in the winter of 2015-16, according to the energy regulator Ofgem......

VIDEO: Samsung predicts record profits
Samsung Electronics has estimated record profits in the three months to September, led by strong sales of its Galaxy smartphones......

VIDEO: MEP: EU 'lacks cash' and needs 10bn euros
The French MEP who chairs the European Parliament's Budget Committee said the EU "lacked cash" and needs an extra 10bn euros to finance its projects up to the end of the year......

AUDIO: Boom in high-cost property sales
According to a report out today from property consultants Knight Frank, last year was a record one for sales of homes worth 10m or more......

VIDEO: Barclays bank 'must rebuild trust'
Antony Jenkins, Barclays new boss says the bank must rebuild trust and provide socially useful service to customers.....

Viewpoint: Steve Jobs's legacy
One year after his death, Apple's co-founder is missed in Silicon Valley.....

Afghan carpet alarm as sales fall
Afghanistan's world-famous carpet industry in decline.....

Viewpoint: Can personal service companies save you tax?
Can personal service companies save you tax?.....

US jobseekers work for nothing
New Hampshire fights long-term unemployment.....

From Fab Four to fabulously rich
From Fab Four to fabulously wealthy.....

Fuel theft disputes rock Mexico
Blame game starts as fuel theft disputes rock Mexico.....

Viewpoint: English is dead, long live 'glocalisation'
Brands online have for too long been lazy with language.....

Trust the jobs data - experts
Oct 5 - September's unemployment rate plunges to 7.8 percent. Despite glaring contradictions between data from households and employers, experts explain why you can trust the numbers. Conway G. Gittens reports......

U.S. Week Ahead: Get ready for ugly third-quarter earnings
Oct 5 - This week eight S&P 500 companies report results. Highlights include JPMorgan, Wells Fargo, Yum Brands and Alcoa. So far pessimism is high. Guidance going into the quarter is the worst in 11 years......

Made In London dolls show 3D potential
Oct. 5 - London's MakieLab toy company allows customers to turn digital designs into real-life 'action dolls' through 3D printing. Wired editor Chris Anderson says the increasing accessibility of fabrication tools will inspire a new digital revolutio.....

Unemployment drops to four-year low
Oct. 5 - The U.S. jobless rate tumbles to 7.8% giving support to Wall Street and President Obama's re-election bid. Carmen Roberts reports......

Wealth Strategies: Positive jobs report not enough for Fed
Oct 5 - LPL Financial's Anthony Valeri says that, though the September jobs report show improvement in the employment picture, it's not enough for the Federal reserve to end its bond-buying program......

FACTBOX: What was behind the big drop in unemployment?
Oct 5 - The unemployment rate unexpectedly dropped to 7.8 percent in September, reaching its lowest level since President Barack Obama took office......

Hungary bans slot machines
Oct. 5 - Hungary's gambling industry is furious at a new law banning slot machines in pubs and cafes with almost immediate effect. Ivor Bennett reports......

Breakingviews: Slashing banker pay
Oct 5 - Breakingviews columnists discuss Morgan Stanley boss James Gormans comment about compensation being way too high and how much it would have to come down to boost returns for shareholders......

Young grads' cheeky sales pitch
Oct. 5 - Two Cambridge graduates have successfully paid off their university debt by renting their faces for advertising messages and a new advertising campaign by Benetton called "Unemployee of the Year" is seeking to highlight the plight of young p.....

Trading at Noon: Stocks up on jobs data; Zynga tanks
Oct 5 - The Dow hit its highest levels in almost 5 years after a surprise drop in the unemployment rate & Zynga falls after lowering its outlook......

Europe Week Ahead: Spain bailout eyed
Oct. 5 - Investors continue to wait on news of a Spanish bailout as the IMF-World Bank, ECOFIN and Eurogroup meetings get underway......

Sept. jobs report gets an A for Washington, a C for Wall St.
Oct. 5 - Bond investor Jim Bianco says, while the drop in the unemployment rate will be a positive for the administration, Wall Street will be looking at the growth in payrolls, which is less impressive......

Reuters Asks: The biggest risk to the world economy in Q4?
Oct. 5 - Is it the euro zone crisis? The U.S. fiscal cliff? A hard landing in China? Economists and market professionals seem pretty united on this one........

3XSQ: Unemployment rate tumbles near 4-year low
Oct 5 - The U.S. unemployment rate dropped to a near four-year low of 7.8 percent, with employers adding 114,000 jobs in September......

JOBS HANGOUT: U.S. unemployment rate drops to 7.8 pct
' Andrew Sullivan and Economic Policy Institute's Josh Bivens to discuss......

Market Pulse: Sell Spain while Rajoy stalls - Rabobank
reports ECB bond-buying will be on a large scale when it comes. Meanwhile, sell Spanish bonds while Madrid stalls on a bailout, says Rabobank's Richard McGuire......

Breakingviews: Don't bounce "BEADS"
Breakingviews.....

Japan Inc delivers next-gen TVs, with next-gen price tag
Oct. 5 - The TV industry in Japan is pushing ahead with brilliant new 4K displays. But to win the next round of the TV sales wars, itll take more than being first to market......

Reuters Today: U.S. jobs report looms over White House race
Oct. 5 - The U.S. unemployment rate is forecast to edge ahead to 8.2 percent in September, with the weak labour market certain to dog Barack Obama in the run-up to the November 6 presidential election......

Asia Week Ahead: China trade data, Geithner in Asia
Oct. 5 - China's latest trade and HSBC services PMI are likely to reflect a continued gloomy outlook for the economy, while U.S. Treasury Secretary Timothy Geithner visits India and Japan......

Cracks appear in Chinas art market
Oct. 5 - China's art market is booming, but payment defaults, fakes and inflated prices are proving a headache for collectors and auction houses......

U.S. Morning Call: Global shares up on hopes of U.S. jobs
survey of economists......

Stocks rally; Zynga warns
Oct 4 - Summary of business headlines: Dow posts strongest point gain in a month; Zygna warns, Facebook hits 1 billion users; Google shares set record high. Conway G. Gittens reports......

Risks could roil holiday shopping
Oct 4 - Chain store sales rose in September but many risks could roil this holiday shopping season including continued high unemployment, a "fiscal cliff" and an event, perhaps in Europe, that shakes up the stock market. Sasha Salama reports......

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......

Kingfisher may shut as planes remain grounded
India's Kingfisher Airlines faces a possible shutdown after it extended the grounding of its planes for another week as employees protested against seven months of unpaid wages.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/3272.....

Solvency II delays 'are a major worry'
Delays to the introduction of controversial new capital rules for Europe's insurers have left regulators with "major worries", a leading industry figure has warned.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/.....

Greek crisis is 'like the Weimar Republic'
Greece is plunging into a crisis as desperate as Germany under the Weimar Republic, Greek PM warns in appeal for leniency.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/242c39f1/mf.gif' border='0'/><br/>.....

Good News Britain: Let's toast Scotch Whisky's export success
Scotch Whisky is an iconic product, recognised across the world. Its success underpins the UK's ambition of a sustainable, export-led recovery from recession. And Scotch Whisky is proving it is more than capable of delivering in this area. The indust.....

William Grant and Sons achieve record 1bn turnover
Glenfiddich distillers William Grant & Sons has recorded annual sales of more than 1bn for the first time, further proof of the industry's growing popularity in overseas markets.<img width='1' height='1' src='http://telegraph.feedsportal.com/c.....

Civil servant: I wasn't to blame over West Coast bid
One of the civil servants suspended in the wake of the collapse of the West Coast rail bid has lashed out at the Department of Transport following suggestions she was to blame for the fiasco.<img width='1' height='1' src='http://telegraph.feedspor.....

Energy crisis is going to be expensive... and paid for by householders
When Ed Miliband published Labour's energy white paper in July 2009 he made it clear to Cabinet colleagues, and anyone else who was listening, that the priority was transforming Britain into a low carbon nation.<img width='1' height='1' src='http:.....

BAE merger descending into political acrimony
Whatever the commercial benefits of BAE's proposed merger with EADS (which I concede are more than I first thought) the politics of the situation always risked derailing the deal before shareholders got a proper chance to consider the detail.<img .....

Ofgem's blackout warning raises fears for industry
Britain faces increasing risk of power blackouts and higher bills in next four years, power regulator warns in report.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/242ba34c/mf.gif' border='0'/><br/><.....

Lehman's European and US arms reach landmark deal
Lehman Brothers' former customers are in line for a payday worth billions of pounds after administrators of the defunct firm's European and US divisions reached a landmark settlement.<img width='1' height='1' src='http://telegraph.feedsportal.com/.....

IMF to cut growth forecast for UK in gloomy global outlook
The International Monetary Fund is expected to cut its growth forecast for the UK next week, when it downgrades the outlook for the global economy.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/242c15d8/mf.gif' .....

IMF to cut growth forecast for UK in gloomy global outlook
The International Monetary Fund is expected to cut its growth forecast for the UK next week, when it downgrades the outlook for the global economy.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/242b98ee/mf.gif' .....

Tesco limps into the weekend as shares edge lower
The FTSE 100 company fell on a buoyant day for the blue-chip index.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/242b338e/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/144.....

Last ABN Amro manager quits RBS
Ron Teerlink, head of Royal Bank of Scotland's business services division, has announced he will leave the lender next year, marking the exit of the last former senior ABN Amro manager.<img width='1' height='1' src='http://telegraph.feedsportal.co.....

Banks could have to raise 22bn warn analysts
US investment bank Morgan Stanley has warned that British lenders could have to raise as much as 22bn to cover increased capital charges against their mortgage books.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/.....

Amplats fires 12,000 South African miners as man dies in violence
Platinum giant Amplats fired 12,000 workers just hours after the violence afflicting South Africa's mining industry claimed another life.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/242b18f0/mf.gif' border='0'.....

Debt crisis: as it happened - October 5, 2012
Greek premier, Antonis Samaras, has warned that his country could not manage beyond November without the next tranche of international aid and cautioned of the consequences of unemployment for democracy in Greece.<img width='1' height='1' src='htt.....

Debt crisis: live
Greek premier, Antonis Samaras, has warned that his country could not manage beyond November without the next tranche of international aid and cautioned of the consequences of unemployment for democracy in Greece.<img width='1' height='1' src='htt.....

Millions of British households face blackout, warns Ofgem
Millions of households are at risk of power black-outs within three years because coal stations are being replaced with wind farms, the energy watchdog has said.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/242.....

Gold outperforms London mansions - Knight Frank
Eurozone rich should have opted for gold rather than London homes.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2429d93c/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/1445.....

Students and riot police clash during anti-austerity protests in cities across Italy
Students and riot police clash during anti-austerity protests in Italian cities.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/242932f8/mf.gif' border='0'/><br/><br/><a href="http://da.feedspor.....

Boost for Obama as US jobless rate falls to four-year low
The US unemployment rate has dropped to its lowest level in almost four years, giving President Barack Obama a boost as the presidential race enters its final month.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s.....

US jobless rate falls to four-year low
The US unemployment rate has dropped to its lowest level in almost four years, giving President Barack Obama a boost as the presidential race enters its final month.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s.....

Festival of Business: The line-up
The full order of events for the Telegraph Festival of Business in Manchester on October 19.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/24277049/mf.gif' border='0'/><br/><br/><a href="http:/.....

Graphic: How Apple has performed in the year since Steve Jobs' death
Apple's performance in the year since his death proved detractors wrong.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2427704c/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/.....