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Friday 12 October 2012

UK Financial News on 2012-10-12

RBS bank branch sale collapses
Royal Bank of Scotland's planned sale of 316 branches to Santander collapses, with the Spanish bank saying the deal could not be agreed on time......

Npower adds to energy bill rises
Npower joins rival British Gas in announcing it is increasing gas and electricity prices in the UK from next month......

Taxi maker in recall cash crisis
Manganese Bronze, maker of the London cab, suspends sales of its taxis and recalls 400, warning of "a very detrimental impact" on its cash flows......

Retailers told to change websites
More than a third of the UK's top online retailers could be breaking consumer laws and must be changed, the Office of Fair Trading says......

O2 suffers mobile call problems
Millions of customers on O2's mobile network have reported having trouble making calls......

JP Morgan predicts housing upturn
JP Morgan Chase boss Jamie Dimon cuts the amount set aside to cover mortgage losses and announces a 33% rise in three month profit......

IMF backs more time for Greece
IMF chief Christine Lagarde backs calls for Greece to have more time to meet the targets of its bailout, but Germany's finance minister rebuffs the idea......

UK construction contracts again
Activity in the construction sector contracts 11.6% in August, compared with the same month last year, official figures show......

Lord Turner urges new approach
The head of the Financial Services Authority suggests it may be time for more unconventional policies to revive Britain's stagnant economy......

Travis Perkins reports weak sales
Building supplier Travis Perkins, owner of Wickes, confirms sales fell over the summer due to Olympics and bad weather......

Bumi shares surge on split offer
Shares in the London-listed Indonesian coal miner Bumi rise sharply for a second day after a proposal from Indonesia's powerful Bakrie family to split from the firm......

Mortgage lending jumps in August
Mortgage lending to house buyers jumped from July to August, according to the Council of Mortgage Lenders......

US overturns Samsung phone ban
A US court overturns a ban on sales of the Samsung Galaxy Nexus phone, dealing a blow to Apple in the ongoing battle between the two rivals......

Sprint talks hit Softbank shares
Shares in Japanese mobile phone company Softbank fall 16.9% in Tokyo after confirmation that it is in takeover talks with Sprint Nextel......

Ken Clarke given trade envoy role
Veteran minister Ken Clarke takes on a new role as the UK's roving trade envoy, a month after after losing his role as justice secretary......

Singapore economy contracts 1.5%
Singapore's economy contracts in the July to September period, but narrowly avoids a technical recession......

How much is your train subsidised?
Every time you travelled a mile on a train last year, the government effectively gave the train company an average of seven and a half pence......

Bill waived after 12qn-euro gaffe
A woman in south-west France, who mistakenly received a telephone bill of nearly 12 quadrillion euros, has the real amount she owed waived......

Lenders cut mortgage rates again
A fresh round of cuts in mortgage rates has been announced by ten lenders, which some say is due to the Bank of England's Funding for Lending Scheme......

Pension auto-enrolment warning
The recently launched landmark policy of pension auto-enrolment may be a bad idea for some workers, pensions experts have warned......

Child benefit cut letters 'soon'
Millions of parents will be getting letters from the taxman in the next month setting out details of how their child benefit could be cut......

Germany 'faces risk of recession'
Four German economic think tanks slash forecasts for their country's growth and warn it could slip into recession if the eurozone crisis does not stabilise......

Greece unemployment hits record
Unemployment in Greece hit a record 25% in July, government figures show, with youth unemployment reaching more than 54%......

Burberry confirms weak Asia sales
Burberry confirms sharply slower demand growth in China, although stronger sale results elsewhere lift the fashion house's shares......

WH Smith chief Swann to step down
Shares in WH Smith fall after it announces that its chief executive Kate Swann is to step down after nine years in charge......

BAE warns on US spending outlook
Defence group BAE Systems warns of uncertainties in the US market, a day after ending EADS merger talks......

Rangers to float on AIM market
Rangers football club formally announces that it intends to float its shares on the AIM market in London......

VIDEO: Npower adds to energy bill rises
Npower has joined rival British Gas in announcing it is increasing gas and electricity prices in the UK from next month......

VIDEO: Britain's most remote broadband user?
Rory Cellan-Jones visits the Knoydart Peninsula, one of Britain's most remote locations, to find out how it gets a broadband connection......

VIDEO: RBS-Santander sale collapses
The sale of 318 branches of Royal Bank of Scotland and the business of 1.8 million of its customers to Santander has collapsed......

VIDEO: Which? 'shocked' at price rises
Richard Lloyd of consumer group Which? has criticised the opacity and lack of competition in the energy market following increased gas and electricity prices in the UK......

AUDIO: Friday Boss: Rail franchises 'can be successful'
Rob Brighouse managing director of Chiltern Railways, says long-term rail franchises are important......

VIDEO: Lord Turner questions QE policy
The head of the Financial Services Authority, Lord Turner, has questioned the Bank of England's policy of quantitative easing saying the programme 'alone' may be becoming less effective......

VIDEO: Lagarde: Eurozone needs more clarity
The International Monetary Fund (IMF) head, Christine Lagarde, has said that leaders in the Euro area need to indicate "at which pace they are going to move towards banking and fiscal union"......

VIDEO: JP Morgan predicts housing upturn
JP Morgan Chase boss Jamie Dimon has cut the amount set aside to cover mortgage losses and announced a 33% rise in three month profit......

Should Bank start the helicopter?
Is it time for the Bank of England to do a 'helicopter drop' of money to kick-start recovery?.....

Viewpoint: Tech needs more women
More women in tech need to shatter "pink it, shrink it" culture.....

Viewpoint: Don't stand by, get involved
Making the case for investing in young people.....

Africa gold rush lures children out of school
Children lured from school to work in mines.....

Singapore: Economic slowdown opens foreign labour debate
Weak growth sparks foreign labour debate.....

Daily Digit: 83.1 consumer high
/University of Michigan survey......

The upstart street art of Moniker
Oct. 12 - Organizers of the Moniker Art Fair in East London acknowledge their four-day event is a blatant attempt to capitalize on the much larger Frieze Art Fair in central London, but it's all in the name of giving emerging artists like RemiRough a.....

Trading at Noon: Workday, AMD & Travelzoo moving markets
Oct 12 - Workday soars 72 pct in market debut. AMD & Travelzoo fall on weak Q3 revenue forecasts......

Breakingviews: JPMorgans whale recedes
Oct 12 - Breakingviews columnists discuss why despite the banks noteworthy third-quarter results, its too soon for JPMorgan boss Jamie Dimon to get too confident......

Sake diplomacy at IMF World Bank meeting in Japan
Oct. 12 - Finance officials and Japan's Prime Minister break open sake barrels at a reception ceremony for the IMF World Bank meeting in Japan. Rough Cut (no reporter narration)......

The exodus of Hungarian workers
Oct. 12 - Although Hungary's Prime Minister looks set to make a loan deal with the IMF that could stabilise its economy, hundreds of thousands are leaving to work overseas. Joanne Nicholson reports......

Europe Week Ahead: EU summit countdown stokes tension
Oct. 12 - Market tensions ease as Spain says Europe's bond-buying fund is ready for action, but the countdown to next week's EU summit could see tensions rise again......

Decoder: Nobel Prize - more politics than peace?
Oct. 12 - Eurasia Group analyst Antonio Barroso discusses the thinking behind, and controversy surrounding, the decision to award the Nobel Peace Prize to the European Union.....

Europe celebrates timely distraction amid gloom
Oct. 12 - European leaders, citizens and business analysts react to the European Union winning the Nobel Peace Prize at a time when there's great discord over the bloc's economic future. Ivor Bennett reports.....

3XSQ: Housing market has turned the corner - JPM CEO Dimon
Oct. 12 - JPMorgan Chase posted record quarterly profits on Friday, up 34 percent from a year earlier, as low interest rates and a recovering housing market brought big increases in mortgage lending......

Europe deserves Nobel Peace prize, but 60 years too late
Oct. 12 - The European Union was founded to prevent war in Europe and the EU winning the Nobel peace prize should remind us of this says former special adviser to the Foreign Office on Europe, Adam Fergusson......

Market Pulse: Bet on U.S. banks, techs - Barclays
Oct. 12 - U.S. bank stocks look like a buy as we head into earnings season, with tech stocks also looking cheap, says Barclays' Will Hobbs......

Reuters Asks: Can automakers steer out of crisis in 2013?
Oct. 12 - Will 2013 be any better for the world's automakers? We ask CEOs and analysts at the Paris car show......

Breakingviews: Don't laugh, the EU deserves it
Breakingviews assistant editor Robert Cole......

Asia's fastest millionaire machine? Indonesia
Oct. 12 - Forget China, it's Indonesia that's cranking out millionaires faster than anywhere else in Asia, thanks to a surging economy. Lisa Yuriko Thomas reports......

Reuters Today: Biden comes out swinging at debate
Oct. 12 - U.S. Vice President Joe Biden and rival Republican Paul Ryan battle fiercely in a lively debate. Plus Softbank looks to bid for Sprint......

Reuters Right Now: JP Morgan rocks, Jamie gets a break
Oct. 12 - JPMorgan Chase posted record quarterly profits on Friday, providing relief to a beleagured Jamie Dimon, whose reputation had been dented with the whale trade losses, federal probes, and lawsuits......

Scientists find silk solution to eardrum repair
Oct. 12 - Researchers in Perth, Western Australia say they are excited by research showing the effectiveness of silk in repairing damaged ear drums. Unlike conventional materials, silk can be used as a scaffold to grow cells, repair the damage and al.....

Wealth Strategies: Silver prices driven by QE, Euro buying
Oct. 12 - John Smith, CEO of Silver Standard Resources, says as central governments try to stimulate their economies, they'll devalue their own currencies, making silver a safe haven and providing price support.....

Reuters Right Now: JPMorgan profits rise 34% with mortgage surge
Oct. 12 - JPMorgan Chase's net income came in at a record $5.71 billion, or $1.40 a share, compared with $4.26 billion, or $1.02 a share, a year earlier......

Asia Week Ahead: Brace for weak China GDP data
Breakingviews......

U.S. Morning Call: JPMorgan profits rise on mortgage loans
Oct 12 - JPMorgan Chase & Co reported higher third-quarter profits as the largest U.S. bank made more home mortgage loans......

Trichet Exclusive: "My mind is still in Frankfurt"
Oct. 12 - Jean-Claude Trichet looks back at his 8 years as ECB president. We ask him if he has any regrets, what were his most anxious moments, and if he misses the job......

Apple nibbles on Wall St.
Oct 11 - Summary of business headlines: Apple shares fall after appeals court reverses Apple ruling against Samsung; Sprint confirms in talks with Japan's Softbank, but Softbank may also be eyeing MetroPCS; U.S. jobless claims fall to 4-1/2 year low......

Power Player: SNL's Lorne Michaels
Oct 11 - On the 37th birthday of Saturday Night Live, we feature Lorne Michaels, the show's creator and executive producer. Conway G. Gittens reports......

S&P cuts South Africa's credit rating
South Africa' credit rating cut in the wake of the mining strikes.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/246c215e/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/1445.....

Gas suppliers must be allowed to make a fair profit
British Gas has increased energy prices by an average of 6pc. Is this profiteering or is it justified?<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/246c31f4/mf.gif' border='0'/><br/><br/><a hr.....

Good News Britain: If you have a great business, investors will come to you
How co-founder of cocktail bar chain Be At One snared a multi-million investment.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/246bbb1a/mf.gif' border='0'/><br/><br/><a href="http://da.feedspo.....

Depositor law a 'real danger' to schools and charities
Schools, hospitals and charities could be among the biggest losers in the event of a future bank collapse under changes to the law being proposed by the Coalition.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2.....

"Disappointing" Santander pulled out, says RBS chief
The Royal Bank of Scotland's chief executive Stephen Hester has said it is "disappointing" that Santander decided to pull out of the 1.7bn deal for 316 branches.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/246.....

Chancellor attacks Germany for scuppering BAE and EADS merger
The Chancellor has attacked Germany for scuppering the proposed 30bn merger of defence groups EADS and BAE Systems before there was time to examine the merits of the deal.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/56.....

Rothschild fears Bumi 'divorce' will lead to cheap asset sale
Financier Nat Rothschild fears a 750m "divorce" deal proposed by his partners in FTSE 250 coal group Bumi could offer them a backdoor way to acquire all of the company's assets.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/3272.....

RBS woes deepen after 1.7bn branch sale to Santander collapses
Royal Bank of Scotland's proposed 1.7bn sale of 316 bank branches to Santander fell apart tonight, leaving the state-backed lender with just over a year to sell the high street network.<img width='1' height='1' src='http://telegraph.feedsportal.co.....

Santander pulls out of 1.7bn RBS branch deal
Royal Bank of Scotland's proposed 1.7bn sale of 316 bank branches to Santander fell apart tonight, leaving the state-backed lender with just over a year to sell the high street network.<img width='1' height='1' src='http://telegraph.feedsportal.co.....

RBS branch sale to Santander collapses
Royal Bank of Scotland's proposed 1.7bn sale of 316 bank branches to Santander fell apart tonight, leaving the state-backed lender with just over a year to sell the high street network.<img width='1' height='1' src='http://telegraph.feedsportal.co.....

Travis Perkins sales fall
Travis Perkins, the builders' merchants and owner of the Wickes DIY chain, saw a fall in summer sales as the Olympics and poor weather hit the business.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/246b3ecd/mf......

World economy under "triple threat", says George Osborne
Threats to the global recovery are escalating even if the immediate sense of crisis is abating, George Osborne has warned.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/246b3ecf/mf.gif' border='0'/><br/>.....

Osborne warns economy under "triple threat"
Threats to the global recovery are escalating even if the immediate sense of crisis is abating, George Osborne has warned.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/246b30e1/mf.gif' border='0'/>.....

Oracle's Larry Ellison mulls bid for O2-owner AEG
Larry Ellison, the billionaire founder of software giant Oracle, is understood to be weighing a bid for the company behind London's O2 arena.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/246b3ed4/mf.gif' border.....

Engineers fall on second profit warning
The sector was hit by an update from FTSE 250-listed Morgan Crucible.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/246ac0ce/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/1.....

Top 10 cities for finance
PwC's lastest ranking of leading city for finance has some surprises.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/246ac0cf/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/1.....

Morgan Crucible warns on jobs and profits as China slows
Industrial group Morgan Crucible has warned on jobs and profits after the economic slowdown in China and the eurozone crisis weighed heavily on the business in the third quarter.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/327.....

Manganese Bronze recalls 400 London taxis
Manganese Bronze, the maker of London's black cabs, suspended trading in its shares after it was forced to recall 400 cars after steering box defects were detected.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/.....

Debt crisis: as it happened - October 12, 2012
Herman van Rompuy, president of the European Council, urged the eurozone to consider setting up its own budget in a report on promoting greater fiscal integration in Europe.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/.....

Debt crisis: Eurozone budget urged as path out of crisis - live
Herman van Rompuy, president of the European Council, urged the eurozone to consider setting up its own budget in a report on promoting greater fiscal integration in Europe.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/.....

Europe considers eurozone budget, pooling borrowing
Eurozone countries should consider clubbing together to borrow as well as paying into a central budget that could be used to help struggling countries, according to a report prepared by senior European officials ahead of a meeting of leaders.<img .....

Npower and British Gas price rises fuel fears of 'cold winter' for households
Npower and British Gas fuelled fears of a "cold winter" for more households after they raised gas and electricity prices.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2469e13d/mf.gif' border='0'/>.....

McLaren win Ferrari 'spying' fine tax case
The McLaren Formula One team have successfully argued that a 32m fine they paid after a 2007 Ferrari spying controversy should be tax deductible.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/246965e9/mf.gif' bo.....

Debt crisis: Germany and IMF spar over crisis - live
Germany and the International Monetary Fund clashed over the next steps to tackle the debt crisis, as Christine Lagarde warned that "wartime levels" of debt are the biggest threat to the global economy.<img width='1' height='1' src='http://telegra.....

Kickstarter crowdfunding site opens in UK
Kickstarter, the crowdfunding website that helped the Ostrich power nap pillow and the Zombies, Run! Exercise app get off the ground, is to open its doors in Britain.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/.....