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Monday 15 October 2012

UK Financial News on 2012-10-15

Jenkins criticism spurs buyside to enter bank debate
Leading lights of asset management industry plan creation of formal discussion forum.....

US housing market products forecast to boom
Rental securitisations could be on offer in months as sector shows signs of recovery.....

Mounting venue losses spark fears of fresh consolidation
Alternative trading platforms that came into being thanks to regulation five years ago, could be facing a round of consolidation.....

Nomura restructures investment banking teams
Japanese bank shake-up aims to forge a 'clearing house for cross-border ideas'.....

Companies predict boom year for corporate bonds
Volumes could beat 2009 record, according to Thomson Reuters survey.....

Iosco hunts worlds weakest regulators
Global umbrella body for regulators aims to identify weaknesses in regimes.....

Boutiques trump brokers
Further evidence emerged last week from Companies House filings that boutique advisory firms are managing to weather stormy financial markets better than agency brokers.....

Green continues to generate gold for Blood, Gore and Ferguson
Profits rise at asset manager focused on 'sustainable capitalism'.....

Ex-RBS banker Mazzucchelli joins Harrods
UK bank's former deputy chief of global banking and markets is among three financiers to join the board.....

Tradeweb launches 5,000-stock ETF platform
Move is aimed at boosting liquidity in European marketplace.....

Aon piles on the fiduciary mandates
A surge in US business wins has led to a two-thirds increase in total fiduciary business for consultant Aon Hewitt in the past year.....

Scottish Power to raise prices
Scottish Power becomes the latest energy company to announce a price rise, with gas and electricity bills going up by 7% on 3 December......

Nobel Prize in economics awarded
US academics Alvin Roth and Lloyd Shapley win the 2012 Nobel Prize in economics for work on the best possible way to allocate resources in complex markets such as organ transplants......

Portugal announces tough budget
The Portuguese government reveals details of its draft budget for 2013, one of the harshest in the country's recent history......

Virgin in West Coast route talks
Virgin Trains will be asked to continue to run services on the West Coast Mainline for at least another nine months following the decision to scrap the latest franchise decision......

Spring boost for household income
Average UK household income rose by 69 from April to June when the effects of inflation are stripped out, official statistics show......

Kaupthing collapse inquiry ended
The Serious Fraud Office stops its probe into the collapse of Icelandic bank Kaupthing, finally bringing to an end its investigation into the Tchenguiz brothers......

Sharp increase in US retail sales
US retail sales saw their sharpest rise last month for nearly two years, according to figures from the US Commerce Department......

Whiplash claims 'on the increase'
Whiplash claims have continued to rise despite a drop in the number of injuries from road accidents, a body that represents actuaries says.....

Airport operator BAA drops name
Airport operator BAA says it will change the name under which it operates its UK airports and will use individual airport names......

Writedown hits Citigroup profits
Citigroup's three-month profits plunge to $468m (291m) from $3.8bn a year earlier after it writes down the value of its stake in a brokerage......

China inflation rate dips to 1.9%
China's policymakers are given more room to boost stimulus measures after the country's inflation rate dips in September......

Softbank to buy control of Sprint
Mobile phone company Softbank is to buy 70% of US carrier Sprint Nextel for $20.1bn (12.5bn), the biggest overseas acquisition by a Japanese firm......

Virgin 'interested in RBS deal'
Virgin Money is "very interested" in Royal Bank of Scotland's bank branch sale and there has been "informal" contact, the BBC understands......

Singapore and Germany in tax deal
Singapore and Germany agree to increase the level of information they exchange in a bid to crack down on tax dodgers......

ZTE shares slide on loss forecast
Shares of ZTE, the Chinese telecom equipment maker labelled a threat to the US, fall after it forecasts it will make its first quarterly loss......

Bernanke defends stimulus plans
Federal Reserve chairman Ben Bernanke defends measures to boost the US economy against critics from emerging nations......

UK economy 'to return to growth'
The UK's economy will rebound in the second half of the year, the Ernst and Young Item Club's latest quarterly report says......

Liverpool plan to stay at Anfield
Liverpool want to redevelop their existing stadium at Anfield, rather than building a new stadium at Stanley Park......

VIDEO: Virgin in West Coast route talks
Virgin Trains will be asked to continue to run services on the West Coast Mainline for at least another nine months following the decision to scrap the latest franchise decision......

VIDEO: 'Luxury still desirable in new markets'
The fashion designer Karl Lagerfeld says you have to work extra hard to persuade people to part with their hard-earned cash......

VIDEO: Portugal announces tough budget
The Portuguese government has revealed details of its draft budget for 2013, one of the harshest in the country's recent history......

VIDEO: Government 'Dragons' Den' help for firms
Ministers have announced loans and tax breaks worth billions of pounds to help smaller firms help kick-start the UK economy......

AUDIO: Softbank aspires 'to be global player'
Japanese mobile phone company Softbank is to buy 70% of US carrier Sprint Nextel for $20.1bn (12.5bn)......

VIDEO: Businesses toast 20 years of no EU tarrifs
EU officials have planned a week of celebrations to mark the 20th anniversary of the single market......

VIDEO: Dame Stephanie Shirley: Why I give
Entrepreneur and philanthropist Dame Stephanie Shirley discusses why she has given away most of her 150m fortune......

AUDIO: Roth 'glad' to share Nobel Prize with Shapley
Alvin Roth and Lloyd Shapley have won the 2012 Nobel Prize in economics......

Profile: Lloyd Shapley and Alvin Roth
What links mass weddings and the Nobel prize?.....

What motivates philanthropists?
Why philanthropists choose to donate their money.....

Scottish independence: Braveheart or iPad?
Independence: Braveheart or iPad?.....

Testing the get rich quick seminars
Can you earn 1,000 a week through financial trading?.....

Is this as good as it gets?
Is this as good as it gets for equities?.....

Goal is to transform Portugal's economy, says Sec. of State
Oct 15 - Carlos Moedas, Secretary of State to the Prime Minister of Portugal, says the current goal is to transform Portugal's economy to one centered around tradable goods......

U.S. Day Ahead: Goldman could be a comeback kid
Oct 15 - Analysts are expecting Goldman to report stronger earnings than the previous quarter and last year thanks to better trading profits and buoyant markets......

IGCP's Rato: Invesotrs keen to get back into Portuguese debt
Oct. 15 - The CEO of Portugal debt agency IGCP, says their recent debt swap buys time to develop a strategy to fully re-enter the debt markets and feels investors are keen to get back into Portuguese debt......

Investor Jim Rogers still shorting U.S. Treasuries
Oct 15 - International investor Jim Rogers says he's shorting Treasuries in anticipation of the Fed-fueled bond bubble bursting. He's also thinking about buying the ruble as a way to play the Russian markets.....

Daily Digit: Citi takes $4.7 bln hit
Oct 15 - Citigroup takes a $4.7 billion writedown of its stake in a joint venture it created during the financial crisis, but excluding the charge the global bank posted better-than-expected third-quarter earnings. Conway G. Gittens reports......

Techquity: Apple should shine after iPad mini debut: analyst
Oct 15 - Sterne Agee's Shaw Wu sees Apple moving higher after announcing expected iPad mini version next week. Plus, news on Amazon, Google, Microsoft and more on our daily tech stocks show......

Breakingviews: Sprint winners
Oct 15 - Richard Beales and Robert Cyran discuss why Sprint Nextels shareholders do best out of the U.S. cellphone carriers $20 billion deal with Masayoshi Sons Softbank......

Trading at Noon: U.S. stocks struggle; Amazon, Google down
Oct 15 - Tech stocks are leading the Nasdaq lower with Amazon and Google down over 1 percent today......

How Starbucks avoids UK taxes
' correspondent Tom Bergin.....

Europe Day Ahead: Inflation in focus
Oct. 15 - A look at Tuesday's key events including the latest inflation data, big name U.S. earnings and the 2nd U.S. presidential debate......

Catching quadrocopters bring teamwork to unmanned flight
Quadrocopters that can play catch with each other are providing a glimpse at the future of coordinated, autonomous drone technology. Their creators in Zurich say the copters have potential application in both the military and civilian worlds, with ev.....

Softbank's 'risky' sprint into US markets
Oct.15 - Japanese mobile operator Softbank says it will buy up to 70 percent of Sprint, the third-largest U.S. carrier, for over 20 billion dollars - the largest overseas acquisition by a Japanese firm. Ciara Sutton reports......

Euro crisis watch: Summit countdown
Oct. 15 - As European leaders seek ways to help Greece, and Spain holds out on tapping a bailout, we ask Tom Vosa of NAB what he expects ahead of the summit......

3XSQ: Consumers go on September shopping spree
Oct 15 - U.S. retail sales rose in September as Americans bought more cars and gasoline, pointing to stronger-than-expected economic growth in the third quarter......

3D Antarctic map to chart impact of climate change
Oct. 15 - Climate scientists on a two-month voyage to East Antarctica, have produced the first three dimensional map of sea ice in the region. The researchers, from Australia's Antarctic Division, used a free-swimming submarine to produce the map whi.....

U.S. Morning Call: Citi earnings eyed; Sprint deal official
Oct 15 - Citigroup is expected to take a nearly $5 billion charge against earnings to write-down the value of its stake in a brokerage joint venture with Morgan Stanley......

Market Pulse: Greece & Portugal bonds take a plunge
Oct. 15 - Their descent may not be as fast as Austrian daredevil Felix Baumgartner but Greek & Portuguese bond yields are falling fast......

Breakingviews: Spain's aid dilemma
Oct. 15 - Lack of clarity on the ECB's position and fear that Germany might say 'no' lie behind Spain's reluctance to ask for a bailout, says Breakingviews editor Hugo Dixon......

Breakingviews: RBS needs sympathy
Breakingviews' Robert Cole......

Starbucks vs the little guy: an axe to 'Grind'
Oct. 15 - Caf owner says Starbucks' tax avoidance gives the coffee giant an unfair advantage in the UK, endangering independent operators......

Starbucks brews up big tax breaks
investigates how the coffee giant Starbucks has avoided paying any tax in the UK over the last three years and has made no profit, despite racking up revenues of 1.2 billion......

FACTBOX: ZTE's growth run at an end?
Oct. 15 - The facts and figures behind the recent fall of China's second-largest telecom equipment maker, whose stellar early growth has been overshadowed by concerns over security and its activities in markets like Iran......

INTERVIEW: Mobius on China growth and leadership transition.
Oct. 15 - Emerging markets guru Mark Mobius discusses the upcoming China leadership transition and why he remains confident on the Chinese economy despite its recent slowdown. Lisa Yuriko Thomas reports......

Reuters Today: EU starts summit countdown
Oct. 15 - It's another big week for event risk as Europe counts down to its latest leaders' summit, the earnings season gets into full swing and China publishes a slew of data......

ECONOMY 2012: Industrial uses for silver provide growth
Oct. 15 - John Smith, CEO and President of Silver Standard Resources, says the use of silver in high-tech and high-end medical industries will provide growth for the sector and keep demand up......

French business erupts in fury against "disastrous" Hollande
France is sliding into a grave economic crisis and risks a full-blown "hurricane" as investors flee rocketing tax rates, the country's business federation has warned.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/.....

Japanese billionaire Masayoshi Son makes $20bn bet on US smartphone boom
Japan's second-richest man is making a $20bn (12bn) bet that Americans' love affair with smartphones is just beginning, after his company, Softbank, agreed to buy a majority stake in US mobile phone company Sprint.<img width='1' height='1' src='ht.....

Nat Rothschild resigns from Bumi board over Bakrie plan
Nat Rothschild resigned unexpectedly from the board of troubled coal group Bumi, voicing his "great regret" in bringing its Indonesia backers to London and accusing its chairman of betraying shareholders.<img width='1' height='1' src='http://teleg.....

'Pasty tax could pay for British recovery', says NIESR
Creating a self-sustaining recovery in Britain could cost as little as the revenue that the Government hoped to raise from its controversial pasty tax, according to the director of a respected think tank.<img width='1' height='1' src='http://teleg.....

Paul Krugman attacks 'mad' austerity policies in Britain
The Government's pursuit of austerity is "fundamentally mad" and could cast a shadow over the British economy for up to 15 years, Nobel prize-winning economist Paul Krugman has warned.<img width='1' height='1' src='http://telegraph.feedsportal.com.....

All parts of the dairy industry must pull together more for success
The past few months have not been easy for anyone involved in the dairy industry.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2481894c/mf.gif' border='0'/><br/><br/><a href="http://da.feedspo.....

Two-for-one special on the West Coast threatens more rail chaos
Transport Secretary Patrick McLoughlin's decision could mean three operators for the London-to-Scotland line in as many years.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/248150ff/mf.gif' border='0'/><br.....

BAA rebrands as "Heathrow"
Airports operator BAA has broken with the past and rebranded as "Heathrow" after deciding its name, a vestige of the British Airports Authority, was no longer appropriate for the smaller company.<img width='1' height='1' src='http://telegraph.feed.....

Government 'vulnerable' to legal action as Virgin retains West Coast keys
Department for Transport warned it is vulnerable to legal challenges after confirming it will allow Virgin to continue running the West Coast Main Line until at least September next year.<img width='1' height='1' src='http://telegraph.feedsportal......

Starbucks UK tax bill comes under scrutiny
Starbucks, which has $40bn (24.9bn) market valuation, paid nothing in UK corporation tax last year, despite making sales of 398m.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/24815103/mf.gif' border='0'/><.....

Debt crisis: as it happened - October 15, 2012
Spain will reportedly ask for an EU bail-out next month alongside a revised loan programme for Greece and a Cyprus rescue that will form part of one big package to shore up the eurozone's weaker nations.<img width='1' height='1' src='http://telegr.....

Permira plans to pay itself a 319m dividend after extending the due date of Iglo's 1.7bn of loans
Private equity firm Permira has refinanced Birds Eye Iglo's 1.7bn (1.4bn) of debt - allowing it to pay itself a 319m dividend.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/24815105/mf.gif' border='0'/><br.....

George Soros: Germany must act to solve 'nightmare' euro crisis
There is a real danger that the "nightmare" euro crisis could destroy the European Union and Germany should either step up to fix it or step out of the currency union altogether, fund manager George Soros said on Monday.<img width='1' height='1' s.....

Debt crisis: live
Spain will reportedly ask for an EU bail-out next month alongside a revised loan programme for Greece and a Cyprus rescue that will form part of one big package to shore up the eurozone's weaker nations.<img width='1' height='1' src='http://telegr.....

Fracking to get green light within weeks
The Government is preparing to give the green light for "fracking" - which sees liquids pumped into rocks to force gas out - in the UK to resume within weeks.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/248113.....

Trinity Mirror's Simon Fox merges regional and national newspapers
Trinity Mirror Group's new chief executive, Simon Fox, has made his mark on the beleaguered company by merging its regional and national newspaper businesses.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/248113.....

Hoffman rules out NBNK revival to bid for RBS branches
Gary Hoffman has ruled out any chance of reviving NBNK to bid for the Royal Bank of Scotland branch network saying he is "energised and focused" on becoming chief executive of Hastings Insurance instead.<img width='1' height='1' src='http://telegr.....

Market report: SDL warns of litigation costs
Investors ditched their shares in information technology group SDL yesterday after the company warned it could take a hit of up to $3m (1.9m) because of "ongoing litigation".<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f.....

George Osborne's shares for rights scheme 'helps no one'
Owners of small companies have given a withering response to George Osborne's plan to allow their staff to "trade" employment rights for shares.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2480ccc7/mf.gif' bor.....

Exit sales stall as entrepreneurs play safe
Entrepreneurs are finding it harder to sell their businesses as continued economic uncertainty inhibits investors.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2480ccc9/mf.gif' border='0'/>.....

Red Bull's space jump stunt with Felix Baumgartner 'worth 100m' in ad spend
The energy drink company's risk-taking marketing is paying off as industry insiders suggest its space jump could be worth 100m to the brand.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/24809b35/mf.gif' border=.....

SFO drops multi-million investigation into Robert Tchenguiz
The Serious Fraud Office has dropped its multi-million pound investigation into the entrepreneur Robert Tchenguiz in an ignominious end to its probe into the collapse of Icelandic bank Kaupthing.<img width='1' height='1' src='http://telegraph.feed.....

SFO drops investigation into Robert Tchenguiz
The Serious Fraud Office has dropped its multi-million pound investigation into the entrepreneur Robert Tchenguiz in an ignominious end to its probe into the collapse of Icelandic bank Kaupthing.<img width='1' height='1' src='http://telegraph.feed.....

RBS suspends senior trader in Libor probe
Royal Bank of Scotland has suspended its head of rates trading for Europe and the Asia-Pacific region, as part of the bank's investigation into allegations of Libor manipulation, Bloomberg reports.<img width='1' height='1' src='http://telegraph.fe.....

Former L&G chief Tim Breedon to join Barclays
Tim Breedon, the former Legal & General chief with strong views of excessive executive pay, is to join Barclays as a non-executive director as the bank seeks to rebuild its reputation.<img width='1' height='1' src='http://telegraph.feedsportal.....