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Wednesday 10 October 2012

UK Financial News on 2012-10-10

BAE and EADS cancel merger plans
Aerospace and defence firms BAE Systems and EADS cancel their planned merger, after talks are thwarted by political deadlock......

Toyota to recall 7.4 million cars
Toyota is recalling more than seven million vehicles worldwide, including some Yaris, Corolla and Camry models, over faulty window switches......

S&P cuts Spain's credit rating
Ratings agency Standard & Poor's downgrades Spain's credit rating, highlighting a deepening recession and mounting pressure on Madrid's finances......

Housing market 'lifts US economy'
The US economy has expanded "modestly" in the past six weeks thanks to a stronger housing market, a survey by the US Federal Reserve suggests......

Nyetimber abandons grape harvest
Award-winning English winemaker Nyetimber decides against harvesting this year's grapes because of the year's poor weather......

NatWest admits app fraud problem
NatWest bank has admitted that fraud is behind its decision to suspend a mobile phone application which lets customers withdraw cash without a debit card......

Regulators demand patent clarity
US and European trade officials say tech companies must clarify the patent license rules involving critical technologies......

Asos confirms Bostock appointment
Online fashion retailer Asos confirms it has hired Kate Bostock, the recently departed head of general merchandise at Marks and Spencer......

Barclays changes branch bonuses
Barclays bank is changing the way it awards bonuses to 18,000 staff in High Street branches and call centres......

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

Ireland 'close to oil billions'
Ireland is on the verge of securing revenue from oil that could run into billions of pounds, Providence says of its site off the Cork coast......

EU plans to boost manufacturing
The European Commission outlines plans to reindustrialise Europe so that 20% of its economy will come from industry by 2020......

Racing car maker ceases trading
Racing car maker Lola Cars International, which went into administration in May, ceases trading with the loss of 18 jobs......

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......

OnLive was sold for less than $5m
It emerges that OnLive's cloud gaming assets were sold for less than $5m, months after the firm had been valued as being worth nearly $2bn......

Canada move stokes Huawei concern
Canada invokes a "national security exception" for hiring firms to build a secure network, allowing it to block those seen as a security risk......

China in Japan IMF meeting snub
China's central bank governor is missing the IMF and World Bank meetings in Japan, as a territorial row between the two nations rumbles on......

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......

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......

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......

Global recovery 'getting weaker'
The global economic recovery is weakening as government policies have failed to restore confidence, the International Monetary Fund says......

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

China boosts Yum Brands profits
Yum Brands, which runs the KFC, Pizza Hut and Taco Bell restaurant chains, sees its profits boosted by strong growth in China......

Ryanair dismisses Stansted bid
Ryanair says it will not form part of any consortium to buy Stansted after saying the airport's owner BAA had excluded the budget airline from the sale process......

Meat factory decision extended
The owners of the Hall's of Broxburn meat plant in West Lothian say they will make a final decision on the future of the facility early next week......

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 a loan company......

Rangers defend financial regime
Chairman Malcolm Murray dismisses suggestions by a former bidder that Rangers could return to administration......

VIDEO: BAE and EADS cancel merger plans
Aerospace and defence firms BAE Systems and EADS have decided to cancel their planned merger, after talks were thwarted by political deadlock......

VIDEO: Toyota recalls 7.4 million cars
Toyota is recalling more than seven million vehicles worldwide, including some Yaris, Corolla and Camry models, over faulty window switches......

AUDIO: UK faces energy 'challenge'
A report out earlier this month from the energy regulator Ofgem warned that as early as winter 2015, the UK Britain could be unable to keep up with the country's demand......

AUDIO: Tourism piggybacks on London 2012
The chairman of VisitBritain told 5 live that he hoped millions more people would visit the UK as a result of London 2012......

AUDIO: How will we pay in the future?
The Payment Council told BBC Radio 5 live people would like to be able to pay with their thumbprints in the future......

VIDEO: Shirt deal concerns Muslim Council
Newcastle United's shirt sponsorship deal with payday loans company Wonga has been criticised by the Muslim Council of Britain......

VIDEO: Inside Isle of Man's 15m mansion
An Isle of Man home valued at 15m could become the most expensive to sell on the island, according to the director of a local estate agents......

Fifa aims to tackle match-fixing
How Fifa aims to tackle match-fixing.....

Tax return deadline approaches
Make sure your paper return is in on time.....

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

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

U.S. Day Ahead: Pressure on Biden to come out swinging
Oct 10 - Vice President Biden will have to put in a stellar performance in his debate against Rep. Paul Ryan if President Obama hopes to turn the tide against his rival Gov. Romney......

Daily Digit: FedExs $1.7 bln plan
Oct 10 - FedEx plans to boost profits by $1.7 billion a year by the end of its 2016 fiscal year through cost cuts as it faces a tough global economy. Conway G. Gittens reports......

FACTBOX: Wal-Mart stock at record high on Christmas ka-ching
Oct 10 - Wal-Mart shares hit an all-time high, as the world's largest retailer said it's seeing growth in large and small U.S. stores and has had a strong start to layaway sales ahead of the holiday season......

U2 producer creates new iPad 'Scape'
Oct. 10 - Celebrated music producer Brian Eno explains why his newest release 'Scape', which comes in the form of an iPad app, will change the way people make and listen to music. Matt Cowan reports......

Climate scientists urge protection of coastal ecosystems
Oct. 10 - Climate scientists in the United States are calling for greater protection of coastal ecosystems following a study that shows them to be major absorbers of CO2. They say the destruction of systems like mangrove swamps, may release more than.....

Trading at Noon: Wal-Mart stock up on pre-holiday cheer
Oct 10 - Wal-Mart executives talk about the chain's preparations to entice shoppers before the start of the holiday season......

Breakingviews: Cooking the books?
Oct 10 - Rob Cox and Breakingviews columnists discuss the blowback over former GE boss Jack Welchs jobs report suspicions......

EADS merger collapses - what now for BAE?
Oct.10 - After $45 billion merger talks between Airbus' parent company EADS and British defence firm BAE Systems broke down, where now for BAE? Joanna Partridge reports......

Europe Day Ahead: German think tanks to cut growth outlook
Oct. 10 - Germany's leading economic institutes are to halve to 1% their forecasts for growth in Europe's biggest economy in 2013......

Securities industry still in transition: DiNapoli
Oct 10 - New York State Comptroller Thomas P. DiNapoli says the New York City financial securities industry will see higher profits this year, but employment and bonuses will decline......

South Africa strikes hit rand
Oct.10 - After two weeks of labour unrest in the transport sector and ongoing mining strikes, manufacturing in South Africa is now starting to feel the pain. Joanne Nicholson reports.....

3XSQ: Alcoa warns; Yum profits; Fedex cuts
Oct 10 - Earnings season started with a warning from Alcoa, a profit turned for Yum! Brands, and plans to slash costs at Federal Express......

U.S. Morning Call: Yummy Yum!; Microsoft mimicking Mac
Oct 10 - China found Yum! Brands yummy, driving up earnings, while Microsoft's CEO Steve Ballmer says the software giant should emulate Apple, and shift into hardware and online services......

Market Pulse: Turkish lira shell-shocked
Oct. 10 - The Turkish lira is taking the brunt of investor concern over the country's escalating clashes with Syria. RBS FX strategist Roderick Ngotho says it's safe to bet on further weakness for the currency......

Double Trouble for Toyota.
Oct.10 - A major recall of vehicles around the globe on malfunctioning window switches could further depress declining sales the company faces in China. Tara Joseph reports.....

Trichet Exclusive: "Trichet Letters" and Ireland's bailout
Oct. 10 - Ex-ECB chief Jean-Claude Trichet plays down his correspondence he with the Dublin - the so-called "Trichet Letters" - in the run-up to Ireland asking for a bailout in late 2010......

Double Trouble for Toyota
Oct. 10 - A major recall of Toyota vehicles around the globe, due to a faulty window switch, could further depress declining sales the company faces in China......

Breakingviews: EADS/BAE to come good
global commentary unit Breakingviews......

New leadership unlikely to breathe life into China markets
Oct. 10 - The last time China had a party congress, stocks were on a tear - but things are different now, and the upcoming leadership transition is unlikely to create market cheer. Tara Joseph reports......

Reuters Today: Deadline day for EADS/BAE
Oct. 10 - EADS and BAE Systems make one last effort to breathe life into their troubled merger. Plus the IMF says global confidence is "very fragile"......

Telecom tiff a wake-up call for China-U.S. relations
Oct. 10 - A nascent Chinese investment boom and even American jobs are at stake if Sino-U.S. ties worsen further, following a damning congressional report on China's top telecom equipment makers......

EADS-BAE deal talks collapse
Oct. 10 - EADS and BAE Systems will not extend their tie-up talks, shelving the world's biggest arms merger, for now. Though other potential partners could be waiting in the wings, says IHS Jane's David Reeths......

Curved glass link to fast beer drinking
Oct. 10 - Drinking beer from a flute-shaped glass might rapidly increase your speed of drinking, making you become drunk quicker, according to research by British psychologists. Jim Drury has the story......

Daily digit: $15 billion for Wall St
Oct 9 - New York State's financial watchdog says New York based Wall Street firms are set to earn $15 billion this year, which is double 2011 figures......

Stocks fall before earnings beat
Oct 9 - Summary of business headlines: Alcoa, Yum Brands set positive tone for earnings season; New York securities industry still recovering from crisis -State Comptroller; Oil prices rally, but stocks fall; Greeks march against Merkel. Conway G. Gi.....

S&P downgrades Spain's credit rating
Rating agency Standard & Poor's has downgraded Spain's credit rating by two notches, warning that the deepening economic recession is limiting the government's options.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/5.....

Why the IMF has got it so hopelessly wrong on the euro crisis
David Cameron and George Osborne are not for turning, but the International Monetary Fund is plainly made of flimsier stuff. The latest flurry of economic analysis from the IMF - to coincide with the annual meeting in Tokyo - has revealed a not so su.....

IMF fears 'credit shock' in Spain if Rajoy blocks rescue
The International Monetary Fund has issued a veiled warning that Spanish bond spreads could surge to a record 7.5pc if premier Mariano Rajoy continues to drag his feet on a bail-out request.<img width='1' height='1' src='http://telegraph.feedsport.....

China must reciprocate our trust in its companies
America's Congressional select committee on intelligence has recommended that two Chinese telecoms companies are banned from government procurement programmes and from buying US companies.<img width='1' height='1' src='http://telegraph.feedsportal.....

BAE faces a long, lonely retreat after gamble it should never have taken
BAE finds itself waking up in no-man's land on Thursday morning. Its chosen route to the future, a 30bn merger with EADS, has been cut off.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2456ee94/mf.gif' border='.....

BAE's future in doubt after Angela Merkel personally blocks deal with EADS
The future of Britain's biggest manufacturer has been thrown into doubt after German Chancellor Angela Merkel personally blocked a proposed 30bn merger between BAE Systems and Franco-German EADS.<img width='1' height='1' src='http://telegraph.feed.....

Executives in the firing line after 'strategic error'
The top duo at BAE Systems face a struggle to rebuild their reputations after putting the company into play via a botched 30bn merger, shareholders, analysts and politicians said today.<img width='1' height='1' src='http://telegraph.feedsportal.co.....

Government 'lost' key calculations on West Coast bid
The Government lost or failed to save key calculations underpinning its decision to award the West Coast rail franchise to FirstGroup, a report commissioned by the DfT shows.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f.....

BAE Systems and EADS: Why the deal collapsed
"If I wasn't a born optimist, I would not have started this project." So declared Tom Enders earlier this week, in a letter to employees marking his 100th day as EADS chief executive.<img width='1' height='1' src='http://telegraph.feedsportal.com/.....

BAE Systems faces uncertain future after collapse of EADS merger talks
The proposed 30bn merger between BAE Systems and EADS may have collapsed but uncertainty still reigns for Britain's defence giant.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/24560fed/mf.gif' border='0'/>&l.....

Imagination Technologies falls on competitor concerns
The FTSE 250 chip designer was the heaviest faller on the mid-cap index.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/24560561/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/.....

Good News Britain: SABMiller eyes further growth in Africa
Mark Bowman, managing director for Africa at SABMiller, explains why the FTSE beer giant is investing in the African drinks market.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/24560566/mf.gif' border='0'/>&.....

Investors must break their 'silence' on reform
Fund managers have been accused of being "silent" and risked being seen as little different from investment bankers, in a warning from a top Bank of England policymaker.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/5683.....

Investors flock to buy Cambridge bond
The University of Cambridge has had to turn away investors desperate to buy its bonds after making its first foray into the capital markets in its 800-year history.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/.....

'Hacking' alleged ahead of Bumi showdown
Indonesian backers behind the FTSE 250's troubled coal group Bumi have stoked tensions prior to Thursday's board meeting by alleging phones and emails have been hacked.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/56830.....

Debt crisis: as it happened - October 10, 2012
Klaus Regling, head of Europe's new bailout fund, says Spain does not look like it's about to seek a rescue package because yields on its sovereign bond are falling, as the IMF called for euro action to avert global catastrophe.<img width='1' heig.....

Debt crisis: Rescue fund chief sees no Spain bailout yet - live
Klaus Regling, head of Europe's new bailout fund, says Spain does not look like it's about to seek a rescue package because yields on its sovereign bond are falling, as the IMF called for euro action to avert global catastrophe.<img width='1' heig.....

Providence raises hopes of Ireland oil bonanza
Oil explorer Providence Resources raised hopes of an oil bonanza for cash-strapped Ireland after it found more "black gold" than expected at a site off the Cork coast.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300.....

Good News Britain: SABMiller invests in Africa's affordable beer market
SABMiller, the beer giant behind Peroni and Grolsch, has stepped up its assault on the lucrative African drinks market by expanding its Chibuku brand which targets drinkers of unregulated home brew.<img width='1' height='1' src='http://telegraph.f.....

Good News Britain: SABMiller invests in Africa's affordable beer market
SABMiller, the beer giant behind Peroni and Grolsch, has stepped up its assault on the lucrative African drinks market by expanding its Chibuku brand which targets drinkers of unregulated home brew.<img width='1' height='1' src='http://telegraph.f.....

BAE and EADS ditch 28bn mega merger
BAE Systems and EADS have terminated merger talks after failing to convince the British, German and French governments of the merits on a deal to create the world's biggest aerospace and defence company.<img width='1' height='1' src='http://telegr.....

Failed merger 'opens Pandora's Box' and puts BAE in play
On Monday night at the Tory party conference, Sir Gerald Howarth, until last month a minister at the MOD, said he feared that the BAE-EADS proposals had "opened a Pandora's Box".<img width='1' height='1' src='http://telegraph.feedsportal.com/c/327.....

BAE and EADS call off 28bn merger: reaction
BAE and EADS have terminated talks over their proposed 30bn merger. Here's how analysts and officials reacted.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/245386cb/mf.gif' border='0'/><br/><br/>.....

BAE-EADS merger: What they wanted to achieve
BAE Systems and EADS regarded a tie-up is sensible move in an increasingly competitive industry. The merger would create the world's biggest aerospace and defence company - bigger than Boeing. Here are some facts and figures:<img width='1' height=.....

BAE and EADS merger collapse: How it all unfolded
The merger talks between BAE Systems and EADS have collapsed amid political divisions and shareholder opposition. Here is a timeline of how it all unfolded.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/245327db.....