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Monday 8 October 2012

UK Financial News on 2012-10-08

Banks caught in accounting limbo
Delayed new standards for valuing assets are stopping lenders shrinking their balance sheets.....

Nomuras fixed-income sales star in talks over future
Ex-Goldman banker who gained notoriety after a US Senate committee report on the financial crisis is in talks over his future with the Japanese bank, Financial News can reveal.....

Management fees bounty boosts buyout executive pay
Moves by some of Europe's biggest private equity firms are likely to ignite fresh concerns over fees.....

New tower looms large in Europe as HFT firm triples revenues
Profits more than doubled last year at secretive trading firm Spire Europe.....

Tax haven conundrum stalls venture capital rules
Proposed regulation governing Europe's venture capital community has hit a delay over a debate about tax havens.....

Towers wins 100m hedge fund mandate
Consultancy's latest mandate comes from the £1.5bn Willis Pension Scheme.....

M&A activity to decline further
Just one in four companies expects to pursue an acquisition over the next 12 months, according to the bi-annual Ernst & Young Capital Confidence Barometer.....

Project Chardonnay leaves acidic taste for Plus shareholders
The company's new board is probing 'significant' payments made to advisers and staff related to the sale of part of its business to Icap.....

Transatlantic gap opens up in equities trading pay
Sales and trading bonuses have fallen up to 30% in a year, but the pain has been far greater in Europe than the US.....

USS ends Capitals 14-year contract
The £34bn pension fund has dropped its largest external manager.....

Global recovery 'getting weaker'
The global economic recovery is weakening, says the International Monetary Fund, which downgrades sharply its UK growth forecast......

Shareholder worries over BAE deal
Invesco, the largest shareholder in BAE Systems, warns that it has "significant reservations" over the proposed merger with EADS......

BP agrees Texas City assets sale
BP agrees a deal to sell a number of US assets, including its Texas City refinery, to Marathon Petroleum for $2.5bn (1.6bn)......

'Rights for shares' plan unveiled
Employees will be able to forfeit some employment rights in exchange for a stake in the firm they work for, Chancellor George Osborne announces......

RPI changes 'may hit pensioners'
Private sector pensioners, and some savers, could be hit by changes to the way retail prices index (RPI) inflation is calculated, experts say......

New eurozone rescue fund launched
The eurozone's new permanent fund to bail out struggling economies and banks is formally launched at a meeting of finance ministers......

Osborne in 10bn benefit cut vow
The chancellor says he wants to find extra benefit cuts - and unveils a plan for employees to give up workplace rights in exchange for shares - in his Tory conference speech......

Lower price stamps offer outlined
Leaflets outlining who is eligible for cut-price stamps this winter are being sent out to UK households......

US issues Huawei and ZTE warning
Chinese telecom firms Huawei and ZTE pose a security threat to the US, a congressional panel warns after an investigation......

Energy firm in Middle East drive
Energy consultancy Xodus Group is launching a Middle East operation in Dubai as part of a global expansion strategy......

Michael Page issues profits alert
Recruitment firm Michael Page International says full-year profits are set to miss expectations because of "challenging" conditions......

Hundreds of miners may lose jobs
Hundreds of miners working at a deep coal pit in South Yorkshire are given a 90-day notice of redundancy......

450 jobs threat at pizza company
About 450 jobs are at risk - 312 in north Wales and 138 in Salford - as one of the UK's biggest pizzas manufacturers goes into administration......

Gold mine results 'encouraging'
Scotgold Resources says it expects to start extracting gold from its Cononish mine near Tyndrum in early 2014......

Cookson warns of weaker trading
Shares in Cookson fall 14% after the engineering company issues a profits warning because of a downturn in trading at one of its key divisions......

Honda recalls cars due to fault
Japanese car manufacturer Honda recalls a third of CR-V model cars made at its Swindon plant because of a potentially dangerous fault......

Drivers face surprise motorway fees
Hannah Barnes reports on the mysterious motorway bills which some drivers are getting after an accident on the motorway.....

World Bank lowers China forecast
The World Bank lowers its growth forecast for China citing weak demand for its exports and lower investment growth......

Private sector output 'contracts'
Output in Scotland's private sector has contracted for the first time in 20 months, a new report shows......

Cameron 'would veto' EU budget
Prime Minister David Cameron says he would use Britain's veto to block a new European Union budget "if necessary"......

United Health eyes Brazil's Amil
United Health Group agrees a deal to take control of Brazilian health insurer and care provider Amil Participacoes for $4.9bn......

Olympic Stadium on 2015 shortlist
The Olympic Stadium is named on the venue shortlist for the 2015 Rugby World Cup in England......

Davies backs Cuddy WRU cash call
Former Wales star Jonathan Davies echoes ex-Osprey chief Mike Cuddy's call for the WRU to give Wales' regions more cash......

AUDIO: Should more roads have tolls?
The Confederation of British Industry and the Institute of Advanced Motorists told 5 live how to deal with clogged roads.....

VIDEO: Trump on wealth, wind farms and hairstyles
US tycoon Donald Trump talks to BBC Breakfast business reporter Stephanie McGovern about his life and talks about the US election, how he relaxes and his hair......

VIDEO: Eurozone rescue fund introduced
The eurozone's new rescue fund to bail out struggling economies and banks has been formally launched at a meeting of finance ministers in Luxembourg......

AUDIO: How should the RPI be calculated?
BBC Radio 5 live found out that if the RPI measurement was changed, pensions could fall short of expectations......

AUDIO: Osborne: 'New taxes on rich'
Talking to the Today programme's James Naughtie, George Osborne said the rich need to contribute more, but government spending must also be scrutinised......

VIDEO: China firms pose spy threat, says US
Chinese telecom firms Huawei and ZTE pose a security threat to the US, a congressional panel has warned after an investigation into the two companies......

VIDEO: Charities evolving corporate ethos
Charities are having to run themselves almost as commercial businesses in order to ensure long-term success......

VIDEO: Rise in complaints against landlords
The Association of Residential Lettings Agents (Arla) says that the number of complaints against landlords and lettings agents has been rising during the recession......

The corporate ethos driving charities
Charities are adopting a corporate ethos to ensure success.....

Has the UK squandered North Sea riches?
Has the UK squandered its North Sea riches?.....

Lessons learned: Japan's recovery in the spotlight
Japan shares lessons from triple disasters.....

Bank of England Governor: What does the job involve?
What will the new Bank of England governor have to do?.....

What now for Venezuela's economy?
What can he do to revive Venezuela's economy?.....

The Beatles: All you need is luck
The Beatles were in the right place at the right time.....

Bangalore's goal as aerospace hub
Can Bangalore become the home of India's aerospace industry?.....

FACTBOX: Huawei, ZTE, and one damning report
Oct 8 - A U.S. congressional report recommends U.S. telecoms operators should not do business with China's Huawei and ZTE because potential Chinese state influence on the companies poses a security threat......

Anger over Merkel's first crisis Greek trip
Oct.08 - German Chancellor Angela Merkel will tell Greeks she wants to keep their country in the euro when she visits Athens, but she faces a hostile reception from a people worn down by years of austerity and recession. Sonia Legg reports.....

Euro zone bailout fund takes flight
Oct.08 - The 500 billion euro fund was inaugurated at the start of a two-day eurogroup meeting, with Spain and Greece topping the agenda. Joanne Nicholson reports.....

Race to save EADS-BAE merger
Oct.08 - A stand-off between European governments over state shareholdings threatens to scupper the deal between the UK arms firm and Airbus parent as plans are made to give both sides extra time. Ivor Bennett reports......

Trading at Noon: Apple drops on Foxconn supply concerns
Oct 8 - Foxconn denies rumors of a strike at a plant manufacturing the latest iPhone5, sending shares of Apple down 2 pct......

Crisis-hit Italians cut down on coffee
Oct.08 - Drinking coffee is an intrinsic part of Italian life. But the euro zone crisis has seen Italy and Spain reduce their coffee imports, according to the International Coffee Organisation. Could recession and austerity see Italians learn to cont.....

Breakingviews: Brentibor
Oct 8 - Richard Beales and Christopher Swann discuss why oil pricing benchmarks like Brent could be at risk of a Libor-like scandal if changes arent made......

Europe Day Ahead: Merkel braves Athens visit
Oct. 8 - Angela Merkel heads to Athens for her first visit since the debt crisis erupted, but warm words may be all on offer. Finmins wrap up Brussels talks and the BAE-EADS deal goes down to the wire......

Robotic bear the star attraction at Singapore nursing home
Researchers in Singapore have developed an empathetic, robotic polar bear to serve as a companion for the elderly. The robot can read and respond to human emotions and has become a welcome guest at one Singapore elderly care facility. Rob Muir report.....

The men who would be king
The deadline has now passed for applications for the post of Governor of the Bank of England. We assess those who want to succeeed Mervyn King......

Euro Zone Debt Crisis: Verhofstadt seeks federal Europe
Oct. 8 - Former Belgian prime minister Guy Verhofstadt calls for a united and federal Europe as euro zone ministers launch a 500 bln permanent bailout fund to stave off the debt crisis facing the bloc......

3XSQ: U.S. Congress says no way to Huawei, ZTE
Oct 8 - China's top telecoms gear makers should be shut out of the U.S. market, says the U.S. House of Representatives' Intelligence Committee......

Female crash test dummy takes wheel for women's whiplash
Oct. 8 - Swedish researchers have produced a crash test dummy to represent the average female, in a bid to reduce the numbers of women receiving whiplash injuries in road accidents. According to a recent Swedish study, women are twice as likely as me.....

ECONOMY 2012: China trade war creates "rare" opportunity
Oct. 8 - Quest Rare Minerals CEO Peter Cashin says China's ban on exporting rare earth minerals creates an opportunity for his company, which specializes in heavy rare earths used across multiple industries......

U.S. Morning Call: Cisco snuffs China-Exclusive
Oct 8 - Cisco Systems ended a longstanding sales partnership with ZTE Corporation after an internal investigation into allegations that the Chinese telecom sold Cisco networking gear to Iran......

Market Pulse: No downturn for gold
Oct. 8 - A two-day dip in gold prices is unlikely to last as long as markets can be confident of central bank support for liquidity, says Commerzbank's head of commodity research, Eugen Weinberg......

Breakingviews: crisis, what crisis?
Oct. 8 - Crises will always be a feature of life, but the best way to evolve is to be honest about what has gone wrong in a system.....

More trouble on iPhone 5 factory floor?
Oct. 8 - Jane Lee reports from a factory in central China run by Apple supplier Foxconn, where conflicting accounts of a reported strike over the weekend have raised the spectre of further unrest......

Breakingviews: BEADS standoff shows French ignorance
Breakingviews......

"Magic" carpet, a hi-tech safety net for elderly care
Oct. 8 - Scientists at the University of Manchester have developed a prototype carpet containing plastic optical fibres which can detect the pressure exerted by someone when they fall or change their gait while walking. The carpet is connected to a c.....

China's luxury boom runs out of steam
Oct. 8 - After half a decade of breakneck growth, Chinese consumers have become more cautious and selective before shelling out cash for expensive items. Tara Joseph reports......

Reuters Today: Can they fix the world economy?
Oct. 8 - As G7 leaders gather for high-level meetings in Tokyo this week, investors know better than to expect any quick fixes on the euro crisis, the U.S. fiscal cliff or stimulus pledges from China......

Wealth Strategies: Rebound a bit weak, but risk here to stay
Oct. 8 - Bond investor Jim Bianco says, despite still-sluggish economic growth in the U.S., the risk-on trade will continue, driving stocks higher this year and benefiting corporate bonds......

Europe and Britain sinking under weight of welfare costs
It's not just that much welfare spending has become bloated, unfair and sometimes outright corrupt, it is also that it is no longer economically affordable.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/24420041.....

IMF sees 'alarmingly high' risk of fresh global slump
The International Monetary Fund slashed its growth forecast for large parts of the world economy and warned of a global slump if policymakers in Europe or the US mishandle threats.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/3.....

IMF cuts growth forecast for UK in "gloomier" global outlook
The International Monetary Fund cut its growth forecast for the UK as it downgraded its view of the global economy.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2442004a/mf.gif' border='0'/><br/><br.....

Osborne plan for tax-free shares faces Brussels fight
George Osborne unveiled a plan for an employee-owners scheme that was welcomed with open arms by business leaders despite concerns it could meet opposition from Brussels.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568.....

Extending Virgin's contract is the only way out of this West Coast train wreck
Having presided over a train wreck, the least Transport Secretary Patrick McLoughlin can do is make an efficient job of picking up the pieces. So, why he is listening to the civil servants and lawyers that got him into this mess is anyone's guess.<.....

Financial regulation new frontline for growth
With debt restricting the Government's scope for stimulus, questions are being raised over whether more radical solutions should be considered.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/24415644/mf.gif' bord.....

Virgin warns of fresh chaos if Government-backed operator runs West Coast line
Virgin Rail has told the Department for Transport that transferring the West Coast train franchise to a state-owned operator threatens further chaos as it would involve re-writing 150 contracts.<img width='1' height='1' src='http://telegraph.feeds.....

BAE and EADS seek more time for merger talks
BAE Systems and EADS want more time to complete merger negotiations and overcome political hurdles as they struggle to persuade investors to back the 28bn deal.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2441.....

Imperial Tobacco falls as bid speculation fades
The group was downgraded by Nomura, which saw a bid as likely, but not imminent.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/24414919/mf.gif' border='0'/><br/><br/><a href="http://da.feedspor.....

Reckitt comes clean over millions of pounds of directors' share deals
The chief executive of Reckitt Benckiser pledged millions of pounds of shares in the company to secure a personal loan more than two years ago without investors being told, it has emerged.<img width='1' height='1' src='http://telegraph.feedsportal.....

Aquarius chief becomes latest platinum boss to step down
London-listed Aquarius becomes the latest platinum miner to lose its chief executive, Stuart Murray, as the industry's problems are compounded by the troubles in South Africa's mines.<img width='1' height='1' src='http://telegraph.feedsportal.com/.....

South Africa violence echoes nation's anger
Eight weeks since the Marikana massacre, South Africa has yet to find an answer to problems spreading from its mines.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/244145bc/mf.gif' border='0'/><br/><.....

Debt crisis: as it happened - October 8, 2012
Greece is to put 7,000 police on patrol and ban protests in parts of Athens to minimise the hostile reception for Angela Merkel, the German Chancellor, when she makes her first visit to the city tomorrow.<img width='1' height='1' src='http://teleg.....

Debt crisis: Greece prepares for Merkel visit - live
Greece is to put 7,000 police on patrol and ban protests in parts of Athens to minimise the hostile reception for Angela Merkel, the German Chancellor, when she makes her first visit to the city tomorrow.<img width='1' height='1' src='http://teleg.....

Hundreds of jobs lost at Waverley
Administrators for drinks supply company WaverleyTBS have made several hundred staff redundant after failing to find a buyer for the company.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2440a8a9/mf.gif' border.....

BP sells Texas City refinery to Marathon for $1.8bn
BP has agreed to sell the Texas City refinery to Marathon Petroleum Corp for $1.8bn (1.12bn) and up to a further $700m over six years, conditional on its profitability.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/56830.....

BP to sell Texas refinery to Marathon for $1.8bn
BP has agreed to sell the Texas City refinery to Marathon Petroleum Corp for $1.8bn (1.12bn) and up to a further $700m over six years, conditional on its profitability.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/56830.....

Waitrose boss says stop sniping at business - and he's right
Mark Price, managing director of Waitrose, told the Conservative Party conference that attacks on business had to stop to loud applause.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/243fa23f/mf.gif' border='0'/.....

7,000 police to protect Angela Merkel during Athens visit
Greek police are preparing a huge security operation involving 7,000 officers, water cannon and a helicopter to protect German chancellor Angela Merkel during her visit to Athens tomorrow.<img width='1' height='1' src='http://telegraph.feedsportal.....

YouTube takes aim at broadcasters with 60 new channels
YouTube is taking aim at traditional broadcasters with the launch of 60 new channels featuring programmes made by some of the UK's most respected production companies.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300.....

Youtube takes aim at broadcasters with 60 new channels
Youtube is taking aim at traditional broadcasters with the launch of 60 new channels featuring programmes made by some of the UK's most respected production companies.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300.....

We're coming to get you, taxman warns dodgers
The authorities are out to catch 'affluent' offenders and have 100 new investigators on the case. What can you do if you end up in HMRC's sights?<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/243e521d/mf.gif' bo.....

Debt crisis: Official launch of ESM bail-out fund - live
Today the board of the European Stability Mechanism will meet for the first time, marking the official launch of the 500bn bail-out fund.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/243afe22/mf.gif' border='0'.....

OECD indicators suggest UK growth as eurozone slows
The OECD's latest index of leading indicators suggests Britain's economy is picking up while the eurozone's is slowing further while Britain's economy is picking up.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s.....

Developer plans rival to Disneyland Paris in Kent
London Resort Company Holdings is looking to build a 2bn Hollywood entertainment resort to rival Disneyland Paris in Kent.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/243d5e39/mf.gif' border='0'/><br/>.....