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Saturday 6 October 2012

UK Financial News on 2012-10-06

Tories voice defence merger fears
Dozens of Conservative MPs have written to the PM with concerns about a planned merger between defence firm BAE Systems and EADS......

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......

NatWest suspends Get Cash app
NatWest has temporarily suspended a mobile phone application which allows customers to withdraw cash from cash machines without their cards......

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......

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......

Fuel price woes hit California
A sharp rise in fuel prices in the US state of California forces some petrol stations to shut down their pumps, amid ongoing problems with supplies......

Civil servant defends rail role
One of the civil servants suspended over flaws in the competition for the West Coast Main Line franchise criticises the Department for Transport......

S Africa mine owner sacks workers
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......

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......

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......

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......

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......

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......

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......

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......

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......

Tenants' rights when renting a home
What a 92-year-old's story tells us about tenants' rights.....

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.....

12,000 fired following strike
Oct. 6 - Anglo American Platinum in South Africa fired 12,000 workers for taking part in an unauthorized strike. Julie Noce reports......

Jobs feel-good rally sputters
Oct 5 - Summary of business headlines: Investors cheer the surprise drop in U.S. jobless rate, but look ahead to start of earnings season; Remembering Steve Jobs. Carmen Roberts reports......

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......

Daniel Moyland flies to defence of 'Boris Island' airport
You can't knock Daniel Moylan's can-do optimism. The man freshly appointed by the Mayor of London to make the case for a new hub airport east of London is warming to the task. But almost every remark begs a fresh question.<img width='1' height='1'.....

Heathrow could shrink to one runway to fund new hub airport
Heathrow could be shrunk to a one-runway airport, with the proceeds from redeveloping the site used to partly fund a new 50bn hub to the east of London, according to the London Mayor's aviation adviser.<img width='1' height='1' src='http://telegra.....

Mr Cameron, this is no way to treat business
As anyone who has worked in the public sector (and I have) will know, total and utter Horlicks come as no great surprise.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2431f28b/mf.gif' border='0'/><br/>.....

Investors rebel over BAE-EADS deal
BAE Systems is facing a growing investor revolt over its plans to merge with European rival EADS, just four days before it has to agree the deal, abandon it or apply for more time from the Takeover Panel.<img width='1' height='1' src='http://teleg.....

Wonga poised for Newcastle sponsorship deal
Wonga, the payday lender, is in detailed talks to become the new sponsor of the Premier League football club, Newcastle United.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2431f28d/mf.gif' border='0'/><b.....

1m buys foreign investors right to live in Britain
Foreign millionaires are flocking to use a little-known immigration scheme that allows wealthy individuals to jump to the top of the queue for permanent residency.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2.....

Bankers need some help to restore trust
Sir George Mathewson. Sir Peter Middleton. Stephen, now Lord, Green. Marcus Agius. What do these four men have in common?<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2431f28f/mf.gif' border='0'/><br/>.....

Kwik Fit makes tracks for Russia
Kwik Fit, the tyres and exhausts firm famed for the slogan "You Can't Get Better Than a Kwik Fit Fitter", is planning to use its brand to launch in the Russian market.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300.....

David Cameron drawn into West Coast Main Line row
David Cameron personally intervened in the bidding process for the West Coast Main Line and asked the Cabinet Secretary, Sir Jeremy Heywood, to investigate the matter after a private appeal from Sir Richard Branson.<img width='1' height='1' src='h.....

Pure Gym in 37m expansion push
Pure Gym, the low-cost fitness chain backed by New Look founder, Sir Tom Singh, is on track to more than double in size by the end of next year as it benefits from struggling retailers, such as JJB Sports.<img width='1' height='1' src='http://tele.....

Byron hamburger chain for sale
Gondola Holdings, the company behind Pizza Express and Zizzi, is putting its Byron hamburger chain up for sale for a price north of 100m after ruling out a sale of the entire group.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/.....

Government mulls underwriting risk of new nuclear plants
The Government is considering ways of underwriting risk in the construction of new UK nuclear plants, the energy minister John Hayes has said.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2431ee08/mf.gif' borde.....

Russian Oligarch to bid for KP Snacks
A Russian-British private equity firm backed by Mikhail Fridman has become one of the favourites to win the 450m auction for KP Snacks.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2431ee09/mf.gif' border='0'/&.....

West Coast Main Line: scrapped bid reveals chaos at the heart of government
Scrapping the bid for the West Coast mainline has revealed chaos at the heart of government.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2431ee0a/mf.gif' border='0'/><br/><br/><a href="http:/.....

Marjorie Scardino: the softly-spoken American who rose to the top of Pearson
After 16 years at the helm of Pearson, Dame Marjorie Scardino explains why it is time to move on.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2431ee0b/mf.gif' border='0'/><br/><br/><a href="h.....

Tesco cuts store openings of US division Fresh & Easy
Philip Clarke has told Tesco investors that the supermarket group's beleaguered US division, Fresh & Easy, will not make a profit in its current form after dramatically halting investment in new shops.<img width='1' height='1' src='http://tele.....

Replicating the success of the Olympics must be the goal
Politicians of all parties and at all times in history have often struggled to fully understand business.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/243123a6/mf.gif' border='0'/><br/><br/><a.....

Brace yourselves for another round of money printing
In late 2009, the UK crawled out of recession - defined as at least two successive quarters in which the economy is contracting.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/24312da4/mf.gif' border='0'/><.....

Africa, the final frontier, but the challenges are daunting
A colleague gave me an insight into the global village that investors inhabit these days.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2430a9da/mf.gif' border='0'/><br/><br/><a href="http://da.....

Subtle shift signals 'profound change' in bank regulation
In the last 10 days, a series of major policy proposals from Britain's banking regulators have slipped quietly below the radar.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2430a5f7/mf.gif' border='0'/><b.....

Greek deadlock continues as Christine Lagarde describes talks as 'productive'
Greece will not reach a deal with the troika on fresh austerity measures before a vital meeting on Monday, officals said, even as IMF managing director Christine Lagarde described talks as "very productive".<img width='1' height='1' src='http://te.....

I'm 'too busy to die' says Ikea founder Ingvar Kamprad
Ingvar Kamprad, the 86-year-old founder of Swedish furniture giant Ikea, has revealed he has no plans to retire and rejected any idea of the company going public in an interview published in Switzerland.<img width='1' height='1' src='http://telegr.....

The Government clobbers savers - again
The Government scheme to promote lending has hit interest rates on savings.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/242e2149/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.c.....

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/.....