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Tuesday 9 October 2012

UK Financial News on 2012-10-09

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.....

Financial risks 'have increased'
Risks to global financial stability have increased in the past six months despite efforts by policymakers to make the financial system safer, says the International Monetary Fund......

Barclays to acquire ING Direct UK
Barclays Bank agrees to buy ING Direct UK, taking on its 10.9bn deposits and 5.6bn mortgage book......

BAE and EADS merger in balance
The UK, French and German governments are holding talks that will decide whether the merger between defence companies BAE and EADS goes ahead......

Wet weather to hit UK food prices
Food prices look set to rise after poor harvests for British farmers following record-breaking wet weather over the summer......

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

UK trade deficit widens sharply
The UK's trade deficit more than doubled in August, according to the Office for National Statistics......

PM: UK economy 'slowly healing'
The prime minister says the UK is going through a "slow and difficult healing process" rebalancing its economy, as the IMF downgrades growth forecast......

Maersk ceases Iranian operations
Maersk Line, the world's biggest shipping company, stops calling at Iranian ports as a result of sanctions against the country......

St James' Park gets its name back
Newcastle's stadium name will revert to St James' Park after the club agree a sponsorship deal with loan firm Wonga......

Melrose merger clears last hurdle
Shareholders in Edinburgh oil firm Melrose Resources back a proposed merger with Dublin-based Petroceltic International......

Taxpayers 'at risk' in rail bid
All bidders for the West Coast rail franchise were offering too little protection for taxpayers against potential losses, the BBC learns......

Merkel pledges support for Greece
German Chancellor Angela Merkel - on a visit to Athens - praises Greece for progress towards ending its financial crisis, as protesters and police clash in the city......

UK house sales predicted to rise
Surveyors expect sales of homes in the UK to pick up in the next three months owing to support for mortgage lending......

Rural broadband gets green light
Rural broadband projects could get under way by the end of the year as the EU approves the state-aided project......

UK's growth outlook 'still weak'
The UK economy's outlook remains "weak", despite experiencing a growth spurt in September due, says a respected think tank......

Former whisky boss in bottle sale
A former chairman of Macallan is putting his private collection of single malt whisky up for sale at auction in Glasgow......

Pensions deficit cut in September
The collective deficit of the UK's private sector, final-salary, pension schemes improved during September, the Pension Protection Fund says......

'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......

Digital ad spending 'up in 2012'
Spending on digital advertising in the UK soared this year despite the recession, fuelled by smartphone sales, a survey suggests......

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......

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

HTC reports 79% drop in profits
Taiwanese smartphone maker HTC reports a 79% drop in profit as it continues to lose ground to rivals Samsung and Apple......

Drinks wholesaler cuts 685 jobs
A drinks wholesale firm with offices in Tyneside, Hertfordshire and Derbyshire makes 685 staff redundant after administrators failed to find a buyer......

Food firm creating up to 900 jobs
Irish company Kerry Group is to create 900 jobs in Ireland with the establishment of a food technology centre in Naas, County Kildare......

ICC probes new match-fixing claim
The International Cricket Council has launched an "urgent investigation" into match-fixing claims made by an Indian broadcaster......

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

VIDEO: Optimism for UK house sales
UK house sales are apparently set to rise, according to a survey by the Royal Institution of Chartered Surveyors......

VIDEO: Merkel Athens arrival 'symbolic'
German Chancellor Angela Merkel has arrived amid heavy security for her first Greek visit since the eurozone crisis erupted nearly three years ago......

VIDEO: IMF: Uncertainty about the future
The global economic recovery is weakening as government policies have failed to restore confidence, the International Monetary Fund says......

VIDEO: Cameron: No need for economic Plan B
David Cameron has said there is no need for a plan B regarding the economy, which the IMF now expects to shrink by 0.4% this year......

VIDEO: Growth in small UK shops slowing
Small independent shops make up more than half of the businesses found on the British high street, but the rate at which they are opening appears to be slowing down......

VIDEO: Wonga dilemma for Newcastle Utd
Reaction to payday loans firm Wonga's shirt sponsorship deal with Newcastle United......

VIDEO: Protests greet Merkel in Athens
Thousands of people are protesting in central Athens at a visit by German Chancellor Angela Merkel, her first since the eurozone crisis began......

VIDEO: Watch out the Beadles are about
A look at the Beadles, the smallest private police force in existence, which protect the Burlington Arcade in London......

London 2012: Olympic sponsors count benefits
Olympic backers count London 2012 benefits.....

Calling time on drinks duty fraud
Alcohol smuggling costs UK more than 1bn, says File on 4 report.....

Hi-tech toilets could mean big business
High tech toilets could save lives and billions of dollars.....

Lynas learns fate for Malaysia rare earth refinery
Will a controversial rare earth refinery in Malaysia go ahead?.....

Keeping the free market faith?
Should the government stop regulating the economy?.....

Las Vegas: Can Sin City regain its mojo?
Can Sin City ever regain its mojo?.....

Is the Asian growth story faltering?
Is the Asian growth story faltering?.....

U.S. Day Ahead: FDX and WMT updates might spook investors
Oct 9 - Two key barometers of the economy give updates to investors and analysts- FedEx and Wal-Mart. Expect the earnings cold front to hang around longer......

Trading at Noon: Netflix, Apple, Intel lead stocks down
Oct 09 - The Nasdaq down over a percent in noon trading, pressured by declines in Netflix, Intel & Apple......

Fears over IMF growth warning
Oct. 09 - IMF warns US and European policymakers the slump will get worse if problems aren't fixed, as UK refuses to soften stance on austerity. Ivor Bennett reports......

Spain stays firm on bailout question
Oct. 09 - Despite another of Spain's regions asking for financial help, a budget focussed on further cuts, and a bleak outlook from the IMF, it maintains it won't be asking for financial aid. Joanne Nicholson reports.....

Greeks reject Merkel's support
Oct.09 - German Chancellor Angela Merkel travelled to Greece for the first time since the euro zone crisis broke out to show her support for their austerity measures. Her visit was accompanied by angry protests. After five years of recession, many Gr.....

Breakingviews: Markets boo Chavez
Oct 9 - Jeffrey Goldfarb and Raul Gallegos discuss why the Venezuelan presidents re-election is no cause for celebration among buyers of the countrys debt......

Outrage in Athens over Merkel visit
Oct.09 - Greek protesters try to tear down barricades outside parliament as German Chancellor Angela Merkel meets political leaders. Rough Cut (no reporter narration)......

Draghi: tough times ahead for euro zone
Oct.09 - European Central Bank President Mario Draghi tells members of European Parliament that the Euro zone still faces tough times ahead. Rough Cut (no reporter narration).....

Europe Day Ahead: Merkel supports Greece but no new money
Oct. 9 - On her first visit to Athens since the debt crisis erupted, the German Chancellor Angela Merkel insists there can be no deviation from the path of reform......

Trichet Exclusive: "Spain is not Greece"
Oct. 9 - Spain must follow Greece and implement tough reforms. But that's where comparisons between the two end. And ECB bond buying is no substitute for govt policy, says ex-ECB chief Jean-Claude Trichet......

EZ politicians must stop playing blame game: Campbell
Oct. 9 - Euro zone politicians need to face up to the bloc's crisis and fix it says Alastair Campbell, communications director to former UK prime minister Tony Blair......

Iraq's oil output to double this decade - IEA
Oct. 9 - Iraq's oil production is on course to more than double by 2020 says the International Energy Agency's Executive Director Maria van der Hoeven.....

3XSQ: Goldman employees turn on Obama-WSJ
Oct 9 - Executives at Goldman Sachs have halted donations to President Obama, prompted by what they call regulatory and personal attacks......

Wealth Strategies: Gap, Boeing could beat Q3 estimates
analyst Sri Raman says strong sales at Gap and increased orders of Boeing's Dreamliner will help those companies' Q3 earnings while JetBlue and NYSE could miss estimates......

U.S. Morning Call: IMF reiterates global growth concerns
Oct 9 - The IMF cut its growth forecasts for the second time since April and said Spain and Greece will miss deficit targets......

Market Pulse: Sterling sags after IMF warning
FX analyst Neal Kimberley says sterling watchers are all looking to the downside for now......

Breakingviews: IMF rate clouds
global commentary unit Breakingviews......

Futuristic gizmos show Japan hasn't lost its tech edge
' Jon Gordon gets hands-on with the most intriguing of the bunch......

Reforms in the spotlight on Geithner's India visit
Oct. 9 - U.S. Treasury Secretary Timothy Geithner heads to India, the latest sign of the emerging market's growing importance to the United States as both countries seek to balance China's growing clout......

Reuters Today: Merkel braves Athens protests
Oct. 9 - The IMF cuts growth forecasts again, while German Chancellor Angela Merkel flies into the heart of Europe's debt crisis......

Wal-Mart and Amex bank on Bluebird
Oct 8 - Checking account fees are on the rise, and the world's biggest retailer, Wal-Mart sees opportunity by teaming up with American Express to offer Bluebird, a low-cost banking alternative for consumers. Bobbi Rebell reports......

Lawmakers: Hang up on Chinese telecom
Oct 8 - Congress says U.S. telecommunications operators should not do business with China's top telecom gear makers, citing security concerns. Conway G. Gittens reports......

Stocks take pre-earnings breather
Oct 8 - Summary of business headlines: Wall Street ends lower; U.S. lawmakers says China's Huawei, ZTE pose telecom security risk; Eurozone finance ministers inaugurate permanent bailout fund. Conway G. Gittens reports......

Daily digit: $5.89
October 08 - $5.89 is the record price for a gallon of gasoline some California drivers were forced to pay over the weekend. Conway Gittens reports......

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......

BAE: Should we have a national sovereign defence business or not?
Whatever happens next to BAE Systems, we can no longer ignore the pressing role that Parliament must play in this saga.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/244bf14a/mf.gif' border='0'/><br/>&l.....

Angela Merkel recoils from Greek showdown on Spain contagion fears
Angela Merkel, the German chancellor, has stamped her seal of approval on Greece's austerity plan and vowed to stand by the country as "partner and friend", signalling almost certain approval for the next tranche of EU-IMF Troika aid.<img width='1.....

All Saints, Iceland's Vikings and Kevin Stanford's fight to get his retail empire back
Ferraris, fashion and fire trucks were Kevin Stanford's playthings.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/244b5291/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/144.....

Iraq 'will be world's second largest oil producer'
Iraq will overtake Russia 'by the 2030s', IEA predicts.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/244b5292/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/144544575149/u/.....

Insulation scheme delays 'threaten thousands of jobs'
Delays to the Government's flagship energy efficiency schemes will put 16,000 people out of work over the next year, insulation industry groups have warned.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/244b5294.....

DfT appoints headhunters to search for West Coast managers
The Department for Transport has asked headhunters to search for senior managers who could run the West Coast rail franchise on behalf of the state-backed Directly Operated Railways from December 9.<img width='1' height='1' src='http://telegraph.f.....

Good News Britain: Investing in apprentices will get Britain out of recession
What this country badly needs is investment in new, skilled jobs.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/244b4e01/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/14454.....

Ryanair withdraws from Stansted auction
Ryanair has pulled out of the 1bn battle to buy Stansted amid accusations it has been excluded from the sale process by the airport's owners.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/244b4e02/mf.gif' border.....

How can the scandal-hit City restore its reputation?
After a string of scandals, London needs to keep its nose clean to stay in front of rivals such as Hong Kong, Singapore and Dubai vying for a bigger slice of the global finance pie.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/.....

The Ritz boosted by rich Chinese tourists
An influx of wealthy tourists from China helped the Ritz hotel hit record revenues last year.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/244b4e05/mf.gif' border='0'/><br/><br/><a href="http:.....

UK economy is out of double-dip recession, says NIESR
The UK has pulled out of its double-dip recession at a rapid growth rate of 0.8pc, says respected forecaster NIESR, but it warns that progress will be slower without one-off boosts.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/.....

ING exit deals blow to Government competition plans
The Government's plan to increase competition in the banking sector has been dealt a blow after ING said it would exit the British market.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/244b9451/mf.gif' border='0.....

Thomas Cook to shed 430 jobs as it shrinks UK airline
Thomas Cook is axing 430 jobs at its UK airline as new boss Harriet Green seeks to slash further costs from the holiday group's struggling operations in this country.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/.....

Investors flock for Direct Line shares
Thousands of small investors have ignored analysts' warnings about the flotation of Direct Line to place orders for shares in the insurer's stock market debut later this week.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/.....

BAE Systems and EADS deal is '50/50' as deadline approaches
The 30bn mega-merger between BAE Systems and EADS is on a knife-edge as the aerospace and defence companies mull whether to scrap the deal.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/244b9455/mf.gif' border='.....

Russian mobile firm Megafon set for $16bn London float
One of Russia's richest men has confirmed plans to float the country's second-largest mobile telephone company on the London market in a deal that could raise as much as $2bn (1.2bn).<img width='1' height='1' src='http://telegraph.feedsportal.com/.....

Bank of England's Mervyn King defends low interest rates pre-crisis
Bank of England Governor Sir Mervyn King has mounted a trenchant defence against critics who say it failed to pop the UK's pre-crisis asset bubble.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/244b1641/mf.gif' .....

Merkel tells irate Greeks reforms will pay off
Tens of thousands of angry Greek protesters filled the streets of Athens on Tuesday to greet German Chancellor Angela Merkel, who offered sympathy but no promise of further aid.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/3272.....

Debt crisis: as it happened - October 9, 2012
German Chancellor Angela Merkel says the tough path taken by Greece will pay off and talks of closer ties between the two countries as police fire tear gas at protesters in Athens who try to reach her.<img width='1' height='1' src='http://telegrap.....

Market report: Capita disappoints after investor day
Capita was the biggest faller on the blue-chip index yesterday after analysts gave the company's investor day a resounding thumbs down.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/244b164d/mf.gif' border='0'/&.....

Draft EU proposals on closer integration: in full
Europe needs "openness and transparency" and "fair treatment and representation of both euro and non-euro area Member States" as the eurozone moves towards closer integration, draft EU summit documents obtained by the Telegraph show. Here is its 13-p.....

Debt crisis: Greek protests as Angela Merkel visits Athens - live
German Chancellor Angela Merkel says the tough path taken by Greece will pay off and talks of closer ties between the two countries as police fire tear gas at protesters in Athens who try to reach her.<img width='1' height='1' src='http://telegrap.....

MEP Sharon Bowles: I should be the first female Governor of the Bank of England
MEP says as 'woman and outsider' she's a strong candidate.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/244ae316/mf.gif' border='0'/>.....

Bill Gates rules out return to Microsoft
Microsoft founder Bill Gates has paid tribute to Apple's late co-founder Steve Jobs for "righting" the business but ruled out making a similar return to his own technology empire.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32.....

Sainsbury's chief executive Justin King criticises shares-for-rights proposal
The chief executive of J Sainsbury, one of the biggest employers in the UK, has denounced George Osborne's proposals to offer company shares to workers in exchange for surrendering their employment rights.<img width='1' height='1' src='http://tele.....