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Wednesday 17 October 2012

UK Financial News on 2012-10-17

UK unemployment falls to 2.53m
Unemployment fell by 50,000 to 2.53 million between June and August, official figures show, as the number of people in work hits a record high......

'Worst may be ahead' - Bank chief
The "worst may still be ahead" for the banking system, the Bank of England's deputy governor tells a gathering of leading bankers......

RBS leaves toxic assets scheme
Royal Bank of Scotland moves a step closer to being a private company by withdrawing from a government scheme that insures the bank's riskiest assets......

Profits and sales rise at eBay
Online retailer and auction site eBay reports a rise in quarterly sales and profits, as more people used the site and its payment service PayPal......

Energy firms 'must offer deals'
Gas and electricity suppliers will be legally obliged to offer customers their lowest tariff, Prime Minister David Cameron announces......

Fresh sign of US housing recovery
New homes were started at the fastest rate since July 2008 in September, official figures show, supporting recent suggestions of a recovery......

Nike ends its deal with Armstrong
Lance Armstrong has his contract with sportswear giant Nike terminated and steps down as chairman of his Livestrong charity......

New York bank 'bomb plot' foiled
FBI agents arrest a Bangladeshi man for plotting to detonate what he thought was a massive bomb in front of the Federal Reserve building in New York......

'SA miners should return to work'
South African President Jacob Zuma calls on workers to return to work after a series of strikes and urges bosses to take a year-long pay freeze......

EU acts to counter biofuel harm
The EU changes its policy on biofuels to encourage energy production from waste rather than from food crops......

Bank unanimous on no QE change
The Bank of England's policy-setting committee decided unanimously to keep interest rates and the quantitative easing stimulus programme unchanged, minutes show......

Group to make bid for Stansted
The owner of Manchester Airport will make a bid to buy Stansted Airport, it confirms......

Spanish bond yields turn lower
Investors are asking for a lower return to hold Spanish debt, easing fears that the troubled nation will need an imminent bailout......

Green bank cleared by commission
The Green Investment Bank being set up by the UK government is given the green light by the European Commission......

Legal costs hit Bank of America
Bank of America has reported sharply lower quarterly profits, which have been hit by legal costs linked to its acquisition of Merrill Lynch......

Germany slashes 2013 GDP forecast
The German government slashes its forecast for economic growth in 2013 from 1.6% to 1% but raises its 2012 growth forecast from 0.7% to 0.8%......

Pension funds call for QE relief
Pension funds call for rule changes so they can offset the effects of the Bank of England's policy of quantitative easing......

Charities voice benefits concerns
Up to 500,000 disabled people could lose out under the government's planned Universal Credit, charities say, but David Cameron defends the changes......

UK inflation rate slows to 2.2%
The pace of price rises in the UK slowed to 2.2% in September, the lowest rate for nearly three years, and which will influence how much benefits rise next year......

Thailand surprises with rate cut
In an unexpected move, Thailand's central bank cuts interest rates in a bid to boost domestic demand amid fears of a slowdown in its exports......

Thailand 3G auction raises $1.4bn
Thailand raises 41.6bn baht ($1.4bn; 850m) as it completes the long-awaited auction of its third generation (3G) telecommunications network......

EU car sales 'in year-long drop'
New car sales in the European Union fell for the 12th month in a row in September but the UK was the only major market to grow, carmakers say......

News Corp rejects top jobs split
News Corp's annual meeting rejects separating the roles of chairman and chief executive, but a majority of non-Murdoch family shareholders support it......

Coca-Cola in China growth warning
Coca-Cola, the world's biggest soft-drinks maker, warns that it expects slower growth in China amid a slowdown in the Chinese economy......

Starbucks 'paid just 8.6m tax'
US coffee giant Starbucks reportedly paid just 8.6m in corporation tax in the UK over 14 years and nothing in the last three years......

England stars to help fund fans
England's players are to part-fund a 50,000 money-back scheme for fans affected by Tuesday's postponed qualifier......

Whyte: I found buyer for Rangers
Craig Whyte claims he introduced Charles Green to Duff and Phelps as the administrators searched for a buyer for Rangers......

Sportingbet accepts Hill's terms
Gambling firm Sportingbet agrees the improved terms of a 530m takeover by the UK's biggest bookmaker William Hill......

AUDIO: Is it 'too late' for the High Street?
The Today business presenter Simon Jack met with Bill Grimsey who has written a book about the death of the High Street called Sold Out......

VIDEO: Sheeran: Music college not best
Ed Sheeran says going to college or university to study a music-related course isn't the best way into the industry......

VIDEO: UK unemployment falls to 2.53 million
Unemployment fell by 50,000 to 2.53 million between June and August, official figures show, as the number of people in work hits a record high......

VIDEO: Deadline looms for BP venture
BP's Russian partners have until today to make a bid for BP's share of its troubled Russian joint venture, TNK-BP......

VIDEO: Charities' benefits change warning
Up to half a million disabled people and their families could lose out under the government's proposed Universal Credit, according to a new report led by Baroness Tanni Grey-Thompson......

VIDEO: Cutting your mobile roaming costs
Carmen Roberts look at the best ways to keep mobile roaming costs under control when travelling......

VIDEO: Which? says energy market is broken
Consumer body Which? has said the prime minister should launch an urgent, independent review into the rising cost of household energy bills......

VIDEO: European plan to cap biofuel crops
A cap on the proportion of food crops that can be turned into biofuels is to be announced by the European Commission......

Can Mercedes climb back to the top?
Can Mercedes climb back, past BMW and Audi?.....

Executives feel the heat in challenging times
Are the rewards worth the excessive stress?.....

Junior Isas: Have they been a success?
How successful have they been since their introduction last year?.....

Can the world keep its promises?
Can the world really keep its promises on schools?.....

U.S. Day Ahead: It's all about Google and Microsoft
Oct 17 - Google and Microsoft are set to show two different sides of the tech world when they report after the close. Google is riding high on investor enthusiasm, while Microsoft is being hurt over PC sales......

Reuters Right Now: FBI arrests suspect in NY Fed bomb plot
Oct 17 - The Federal Bureau of Investigation arrested a person suspected of plotting to explode a bomb at the New York Federal Reserve, a source familiar with the situation said......

FACTBOX: Housing market recovery could be the real deal
Oct 17 - Housing starts surged in September at their fastest pace in more than four years, a sign the housing sector's recovery is gaining traction......

Baxter the robot readied for U.S. factory revival
Oct. 17 - The revival of manufacturing in the U.S. has been a hot topic for debate in the run-up to the presidential election, but one company based in Boston believes the answer lies not in factory jobs for humans, but for robots. Rethink Robotics h.....

Daily Digit: One billion smartphones
Strategy Analytics says there's a record of more than one billion smartphones in use worldwide......

Reuters Right Now: CME acquisition provides opportunities
Chicago commodities correspondent......

Trading at Noon: Banks and Tech on the radar
Oct 17 - We look at earnings from Bank of America, Citigroup post-Pandit, and a 'big deal' in the chip space......

Breakingviews: BofA for effort
Oct 17 - Robert Cyran and Agnes T. Crane discuss whether Bank of Americas mediocre results mean CEO Brian Moynihan is at risk of a Citigroup-like leadership shuffle......

DJ Shadow breaks ground with 'Super Deluxe' box set
Oct.17 - The limited edition box set of DJ Shadow's Reconstructed is the most expensive box set released by Island Records and, some say, a signal of how the music business is evolving. Matt Cowan reports......

Foundations laid, building work to continue at EU summit
Oct. 17 - EU leaders meet in Brussels for the 22nd summit in less than 3 years. But unlike most of the others, this one isn't being billed as a "crisis" summit......

Europe Day Ahead: Greece faces second day of strikes
Oct. 17 - Greece's main unions strike for a second day to put pressure on EU leaders ahead of the summit which starts on Thursday......

3XSQ: BofA posts slim profit; Citi ex-CEO exits after clash
Oct 17 - Bank of America eked out a Q3 profit after taking a $1.6 billion litigation charge; Citi CEO Pandit exits abruptly after a board meeting argument......

U.S. Morning Call: BofA posts break-even earnings in Q3
Oct 17 - Bank of America reported a low $340 million third-quarter profit as a legal settlement and other previously disclosed charges dented its bottom line......

Laser speed sensor promises safer air travel
Oct. 17 - Australian engineers, motivated by the 2009 crash of Air France Flight 447, have come up with a laser speed sensor system for aircraft that they say will reduce the possibility of similar disasters. The Air France crash off the coast of Bra.....

Market Pulse: Europe cheers the downgrade that never was
Oct. 17 - Investors breath a sigh of relief as Moody's confounds market speculation and maintains Spain's investment grade status. The euro, stocks and bonds all rise. Plus Dealzone, and a landmark day for RBS......

The great British jobs mystery, according to UK's Hoban
Oct. 17 - UK unemployment again falls faster than expected despite weak growth numbers. We speak to UK Employment Minister Mark Hoban to explain the disconnect......

Breakingviews: RBS tackles toxic hurdle
Oct. 17 - RBS ditches its toxic asset insurance, but this is just one step in the many hurdles the bank faces in order to get out of state ownership say Breakingviews......

Miners to face tougher times: Australia minister
Oct. 17 - Australian Resources and Energy Minister Martin Ferguson talks about the end of the commodity price boom and how the country's miners will have adjust to tougher business conditions......

Apple's China manufacturing model under threat
Oct. 17 - Companies like Foxconn, which assembles most of the world's iPads and iPhones, are struggling to find workers to fill their massive facilities as more young Chinese shun the factory floor......

Reuters Today: Obama fights back, Spain dodges bullet
Oct. 17 - Early polling shows Barack Obama winning the second presidential debate, while Spain dodges a bullet as Moody's decides not to cut its credit rating......

Wealth Strategies: Aflac, Qualcomm could beat the market
Oct. 17 - M&R Capital's Paul DeSisto says Aflac's valuations and Qualcomm's dominance of the high-end smartphone space make them strong candidates to outperform the broader market......

Best Buy to sell own tablet- source
Oct 16 - Summary of business headlines: Best Buy to launch tablet- source; Intel's outlook misses; IBM revenues hurt by strong dollar; Goldman, J&J beat, Coke in line; S&P's best two-day advance in a month; Consumer prices rise on gas surge. Bobbi Re.....

3 questions from exit of Citi's Pandit
Oct. 16 - The surprise departure of Citigroup CEO Vikram Pandit and promotion of Michael Corbat leaves many questions unanswered including was Vikram pushed out, will Corbat break up the bank and will the stock recover? Conway G. Gittens reports......

U.S. Day Ahead: Pressure on BofA's Moynihan to bounce back
Oct 16 - Financial earnings have been completely overshadowed by Vikram Pandit's bombshell departure from Citi but Wednesday it is back to dollar and cents with all eyes on Bank of America......

Techquity: Microsoft's Surface plan, why Intel, IBM may beat
Oct 16 - Microsoft unveils pricing for its new tablet, plus why Intel and IBM could exceed profit forecasts on our new tech stocks show......

Guardian looks to digital future without printed newspapers
The publisher of The Guardian and The Observer is preparing to axe the print editions of the newspapers, despite the hopes of Alan Rusbridger, editor in chief, to keep them running for several years.<img width='1' height='1' src='http://telegraph......

Rothschild's boardroom credentials have been tarnished by Bumi drama
For Nat "King Coal" Rothschild, the crown has slipped of late.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/249736df/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/14454513.....

Email raise questions about crisis-hit Bumi's chairman
The chairman of Bumi, the company brought to London by Nat Rothschild, faces questions over whether he was working on a controversial "divorce" deal with its backers months ago.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/3272.....

Dismal record in UK to blame for tax, says Starbucks
Starbucks' UK chief has defended the company's tax affairs while admitting its performance in Britain had been dismal for over a decade.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/24973380/mf.gif' border='0'/.....

Good News Britain: We can save post offices by giving them new products that customers want
A partnership between the travel business and the UK's sub post office network will benefit everyone, says Minoan Group's chief executive.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/24973381/mf.gif' border='0.....

Minoan signs travel deal with UK post office network
Travel and leisure company Minoan Group has signed a deal to install a network of travel agency kiosks in post offices across the UK.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/24973382/mf.gif' border='0'/>.....

If the euro survives, how will Britain fit into the new federal state?
Recent days have seen the hotting up of the debate over whether the UK should leave the EU, following Michael Gove's comments and Theresa May's proposals to opt out of 130 law and order measures.<img width='1' height='1' src='http://telegraph.feed.....

BP on verge of historic Rosneft deal as Bob Dudley and Igor Sechin meet for London talks
BP is on the verge of an historic deal with Rosneft that would see the Russian state-controlled group take control of TNK-BP and hand BP a major stake in the world's largest listed oil producer.<img width='1' height='1' src='http://telegraph.feeds.....

Even all of Mansa Musa's moolah couldn't bring him happiness
A survey of the richest humans in history shows that generosity is what gets you remembered<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2496ad9f/mf.gif' border='0'/><br/><br/><a href="http://.....

Tesco added to investors' shopping lists on buy-back speculation
The FTSE 100 supermarket group was among the blue-chip risers today.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2496ada1/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/14.....

Ryanair: Italian tax evasion claims "untrue"
Ryanair has vowed to "vigorously" defend itself against allegations that it avoided paying about 12m (9.7m) in Italian social security taxes.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2496a961/mf.gif' border.....

Private sector jobs put record numbers in work
The number of people in work has hit a record high and unemployment has fallen more sharply than expected, delivering the Government respite from critics of weak recovery.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/56.....

Number of smartphones tops one billion
There are now more than 1bn smartphones in use around the world, just five years after Apple ignited the market with the launch of its first iPhone.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/249649a0/mf.gif'.....

Debt crisis: as it happened, October 17, 2012
Germany has slashed its 2013 growth forecast to 1pc, as the country's economy minister warned that the debt crisis meant that Europe's largest economy faced "stormy economic waters".<img width='1' height='1' src='http://telegraph.feedsportal.com/c.....

Paul Volcker: UK bank reforms will be hard to achieve
Paul Volcker, the former chairman of the Federal Reserve, has told British MPs that their plans to force banks to separate retail services from risky investments were a welcome approach but would be hard to achieve.<img width='1' height='1' src='h.....

Angola to pump $5bn of oil money into sovereign wealth fund
Angola, one of the world's poorest countries, is joining the global investment giants of Qatar, Norway and Abu Dhabi by launching a multi-billion dollar sovereign wealth fund.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/.....

Angola to pump $5bn of oil money into sovreign wealth fund
Angola, one of the world's poorest countries, is joining the global investment giants of Qatar, Norway and Abu Dhabi by launching a multi-billion dollar sovereign wealth fund.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/.....

Car makers producing more right-hand drive cars as Europe sales fall
Global car manufacturers are making more right-hand drive vehicles and targeting sales in the UK over Europe because of the sovereign debt crisis that has engulfed the Continent.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/327.....

Debt crisis: live
Germany has slashed its 2013 growth forecast to 1pc, as the country's economy minister warned that the debt crisis meant that Europe's largest economy faced "stormy economic waters".<img width='1' height='1' src='http://telegraph.feedsportal.com/c.....

Booker sponsors Man drop Asian Literary Prize
Day after the Booker awards, Man Group announced it was ending its funding for Asian Literary Prize after six years.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/24956e39/mf.gif' border='0'/><br/><b.....

Taxpayers face Hallowe'en tax horror
Many older taxpayers could face a Hallowe'en tax horror if they fail to file a paper tax return by October 31.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/24956e3b/mf.gif' border='0'/><br/><br/>.....

2,000 borrowers have at least five payday loans
A debt advice charity has seen almost 16,500 people approach it this year with problems linked to payday loan debt - with more than 2,000 of them struggling with five of these loans or more.<img width='1' height='1' src='http://telegraph.feedsport.....

Paul Tucker: 'worst may still be ahead' for UK banks
The "worst may still be ahead" for Britain's banks, according to the Bank of England's deputy governor, as he warned that balance sheets were still not strong enough to withstand the "end-of-the-world risks" that exist.<img width='1' height='1' sr.....

Credit Agricole sells Greek lender Emporiki for 1
Credit Agricole has sold its troubled Greek banking arm Emporiki to rival Alpha Bank for a symbolic 0.81).<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/249406f7/mf.gif' border='0'/><br/><br/><.....

Guardian 'seriously discussing' end to print edition
Publisher of Guardian and Observer newspapers close to axing the print editions of the newspapers.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/24940096/mf.gif' border='0'/><br/><br/><a href=".....