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Thursday 18 October 2012

UK Financial News on 2012-10-18

Error sees Google stock suspended
Trading in Google shares was suspended for over two hours after it released financial results early by mistake, showing a 20% profit fall......

Barclays sets aside more PPI cash
Barclays bank sets aside an extra 700m to cover claims for the mis-selling of payment protection insurance (PPI)......

Merkel's euro agenda riles France
Divisions emerge at an EU summit in Brussels as Germany calls for the EU to have veto powers over member states' budgets......

China's growth rate slows to 7.4%
China's economic growth slows further in the third quarter, but other figures suggest the economy may be stabilising and even bouncing back......

BP expected to get Rosneft offer
BP is expected to receive an offer from Russian oil giant Rosneft worth $28bn (17bn) for its half stake in the TNK-BP joint venture......

UK retail sales rise in September
Spending on winter clothing and school uniforms helped to lift retail sales in September, official figures show......

Morgan Stanley reports $1bn loss
US investment bank Morgan Stanley reports a net loss of $1bn (600m), mostly due to the changing value of its own debt......

Tax powers decision 'now with PM'
A decision on whether to grant Northern Ireland power over corporation tax now rests with David Cameron, and could be made within weeks......

Sun Life fined 600,000 by FSA
Life insurance company Sun Life of Canada is fined 600,000 for poor management of its 1.2bn with-profits investment fund......

'No evidence' of Huawei espionage
A leaked report into the activities of Huawei found no evidence that the firm was in league with the Chinese government......

Mobile contracts face Ofcom study
Mobile phone companies could be banned from putting up their prices for customers mid-contract, after an Ofcom inquiry.....

Newsweek to cease print edition
Newsweek, the 80-year-old US current affairs magazine, is to become an online-only publication, ending its print edition......

Nokia shares rise despite losses
Nokia shares rise in Helsinki despite a big rise in its three-month losses to 969m euros ($1.27bn; 787m) and a 19% fall in net sales......

Apple loses appeal versus Samsung
Apple loses an appeal against an earlier High Court ruling which said that Samsung had not infringed the design of its iPad......

PM stands by 'lowest' tariff vow
David Cameron insists firms will be forced to offer customers the "lowest" gas and electricity prices as he seeks to clear up a row over his energy policy......

UK tax gap has widened to 32bn
The amount of tax that went uncollected grew slightly in a year to 32bn in 2010-11, HM Revenue and Customs says......

Slow September in mortgage market
Little demand for homes and a "languishing" remortgaging market led to subdued housing activity in September, lenders say......

Survey reveals Price of Football
BBC Sport Price of Football survey shows average price of cheapest adult ticket in England's top four divisions rises by 11.7%......

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......

Japan eyes fresh stimulus boost
Japan's Prime Minister Yoshihiko Noda orders his cabinet to draw up fresh stimulus measures in a bid to spur economic growth......

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......

Britvic revenues hurt by recall
Britvic says in a trading statement that a recall of its popular Fruit Shoot children's drink cost it about 2% of annual revenues......

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......

Group discount websites warned
The Advertising Standards Agency says it is worried about a rise in complaints to websites offering group deals......

Sponsors cut ties with Armstrong
Lance Armstrong loses three main sponsors and steps down as chairman of his Livestrong charity......

Old Rangers set for liquidation
The former Rangers Football Club is to be put into liquidation after creditors approved an end to the administration process......

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......

VIDEO: PM to 'ensure lowest energy bills'
David Cameron has clarified his pledge that energy firms will be forced to give all customers the lowest tariff......

VIDEO: Stores shut despite UK sales rise
Retail sales in September grew by 2.9% year on year (excluding fuel), but new research suggests the economic slump in the UK is still taking its toll on some of the high street's big names......

VIDEO: "Review mobile use on planes"
Willie Walsh, the chief executive of International Airlines Group which includes British Airways and Iberia, says he would like to see airlines revisit the issue of allowing passengers to use mobile telephones on planes......

VIDEO: Newsweek to cease print edition
Newsweek, the 80-year-old US current affairs magazine, is to become an online-only publication......

VIDEO: Google shares suspended after error
Trading in Google shares was suspended for two-and-a-half hours after the internet giant released its third-quarter results early by mistake......

VIDEO: My 'nightmare' using deal site
Yanxia Han says she had an "absolute nightmare" when she tried to buy a laptop from an online deal site......

AUDIO: Local shops boosting high street
Rotherham businessman Chris Hamby told BBC Radio 5 live Breakfast about helping to regenerate the high street......

VIDEO: Eurostar boss on Olympics 'slow down'
Passenger numbers on Eurostar stayed flat at 2.6m between July and September, despite London hosting the Olympic Games......

UK productivity puzzle baffles economists
Employment and growth figures baffle economists.....

Q&A: Energy tariff row
Can the government really get us the cheapest deal?.....

Broken banks put eurozone in federal mood
Eurozone aims to tighten up supervision of banks.....

U.S. Day Ahead: GE results could show more upside
Oct 18 - General Electric could be an earnings bright spot when it reports. Get ready to see stronger profits thanks to higher demand for nat gas and oil production equipment.....

Daily Digit: M.S. comp 45% of revs
Oct. 18 - Morgan Stanley is paying a lower percentage of its net revenues in compensation as it trieds to cut back on hefty paychecks. Bobbi Rebell reports......

Complacency concerns at EU summit
Oct.18 - Germany and France clash over greater European Union control of national budgets and moves towards a single banking supervisor before a summit of the bloc's leaders begins. Ciara Sutton reports......

Rosneft closes in on TNK-BP
Oct.18 - State oil company Rosneft tightened its grip on the Russian oil industry on Thursday, lodging a cash and shares bid for British oil company BP's 50 percent stake in the country's third-largest oil producer, TNK-BP. Hayley Platt report.....

Trading at Noon: Looking ahead at Google, Microsoft, AMD
Oct 18 - Google, Microsoft and AMD report results after the bell. We hash out earnings expectations using StarMine estimates......

Shutting shops change UK high streets
Oct.18 - The UK is facing a crisis on the hight street as retail chains closed 20 stores a day on average across town centres in the first half of 2012. The closure rate increased further in July and August, as retailers battle weak consumer confiden.....

Economy 2012: Nestle banks on emerging markets for growth
Oct. 18 - Nestle posted an 11% growth in sales in the first nine months, and CEO Paul Bulcke says he's looking to markets like China for the future growth......

Breakingviews: Morgan Stanley looking up
Oct 18 - Breakingviews columnists explain why Wall Street is smiling about Morgan Stanleys third-quarter results, despite the banks $1 billion loss......

Europe Day Ahead: Pressure on EU leaders at summit
Oct. 18 - If there are no surprises from the EU summit, investor sentiment should take a turn for the positive says Hargreaves Lansdown's Richard Hunter......

Daily Digit: Nokia's Lumia sales fall to 2.9m
Oct. 18 - Sales of the current Nokia range of Lumia smartphones fall to 2.9million from 4 million in the second quarter. Sonia Legg reports.....

3XSQ: Travelers posts record profit; shares at all-time high
Oct 18 - Travelers Cos Inc posted a record quarterly operating profit as prices rose and losses from natural disasters fell sharply, the property insurance company said......

Sports Spread: The Return of AVB
Oct. 18 - A big weekend for Andre Villas-Boas as former employers Chelsea head for White Hart Lane. Plus Sunderland v Newcastle and West Brom v Man City......

U.S. Morning Call: Morgan Stanley beats revenue forecast
Oct 18 - Morgan Stanley posted a third-quarter loss per share of $0.55, but beat revenue estimates with a net $7.6 billion......

Miner PanAust sees firm copper prices in 2013
Oct. 18 - Copper and gold miner PanAust says copper prices will remain stable next year due to tight supply and encouraging signs from the U.S. and China......

Market Pulse: Spanish bond auction buoys Europe
Oct. 18 - How times change. European markets supported by a strong Spanish bond auction. And the Spanish bond rally may have further to go, but not much further. Plus TNK-BP, Nokia and "Depression"......

Breakingviews: Rosneft offer is positive
Oct. 18 - Rosneft's offer for the oligarchs' 50% of TNK-BP and some of BP's 50% could be a good deal for all involved, say Breakingviews......

Breakingviews: China's boom days gone but don't despair
Breakingviews columnist Wei Gu, noting the economy is still growing at an enviable pace......

Reuters Today: China's growth worry, Europe's bank bust-up
Oct. 18 - Chinese growth slows again, but retail sales and industrial output numbers suggest this could be as bad as it gets. Meanwhile, a banking row looks set to dominate Europe's latest summit......

China hoists recovery signals ahead of leadership transition
Oct. 18 - China has reported a seventh consecutive quarter of slowing economic growth, but as the once a decade leadership transition looms, signs of a recovery are starting to emerge. Tara Joseph reports......

FBI snares would-be NY Fed bomber
Oct 17 - Summary of business headlines: FBI arrests man for trying to blow up New York Fed; American Express matches forecast, Bank of America breaks even, Pepsi profits beat, but sales lag expectations; Housing starts hit 4-year high; Stocks creep h.....

Housing market game changer
Oct. 17 - A blowout report on the U.S. housing market is building the case that the economic recovery is on a firm foundation. Bobbi Rebell reports......

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.....

Debt crisis: EU summit - live
Police fire tear gas at Greeks on the sidelines of a protest against austerity held amid a general strike, as EU leaders prepare to gather in Brussels to discuss a banking union and Spanish bail-out.<img width='1' height='1' src='http://telegraph......

Google shares plummet after 'fat-finger' fiasco
Google saw its shares plunge after a "fat finger" computer mistake saw hugely disappointing results for the company released prematurely, wiping more than $22bn off the value of the company in minutes.<img width='1' height='1' src='http://telegrap.....

Goldman Sachs returns fire at former employee
Bank fights back against Greg Smith who criticised the "toxic culture".<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/24a25a96/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r.....

Shell falls as FTSE 100 reaches seven-month high
The oil giant was on the back-foot during trading today.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/24a1ea0e/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/144545217332/u.....

Keeping foreign talent in the US is an issue on which both sides must agree
America's recovery has been one hampered by political strife. It took a stark warning from Federal Reserve chairman Ben Bernanke for a quarrelling Congress to pass a $700bn rescue package in September 2008 even as a presidential election loomed.<i.....

PPI provision to drive Barclays to third quarter loss
Barclays has warned it will make a loss for the third quarter after revealing a shock 700m provision against payment protection insurance compensation claims.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/24a1d1.....

The damage politicians do to business: parts one, two and three
The political omnishambles so beautifully portrayed in The Thick of It came bursting into life yesterday as Westminster once again displayed the damage it is capable of doing.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/.....

Government branded "preposterous" over business rates
Retail and property companies have branded the Government "preposterous" and accused it of damaging beleaguered high streets after it postponed a revaluation of business rates.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726.....

Fund chief attacks private equity for 'undeserved fees'
Private equity tricks investors, charges extortionate fees and delivers woeful performance, according to a scathing attack on the industry by Oxford University's most senior investment officer.<img width='1' height='1' src='http://telegraph.feedsp.....

EU Summit: Angela Merkel moves to block Hollande bank union deadline
Angela Merkel refused to commit to Francois Hollande's deadline for the banking union, frustrating one of the key aims of a summit paralysed by indecision.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/24a15d6c/.....

Google's results miss analyst forecasts: reaction
The internet giant was forced to suspend trading in its shares after it accidentally published its results early, which fell short of expectations. Here experts give their reaction.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/.....

Google shares suspended as premature results stun Wall Street
Google's shares crashed by as much as 11pc on Thursday, after the web search giant published its results prematurely and exposed a 20pc fall in its profits.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/24a1575a.....

Sainsbury's in 'hall of shame' over supplier payments
Sainsbury's is criticised for an "unacceptable" extension of payments<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/24a1575b/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/1.....

HBOS whistleblower becomes small firms lender
Paul Moore, the whistleblower who warned of reckless lending at HBOS, has teamed up with a former Royal Bank of Scotland banker to launch a peer-to-peer lending service for small companies.<img width='1' height='1' src='http://telegraph.feedsporta.....

Guardian mulls capping salaries at 100,000 to save cash
Guardian executives have discussed capping the salaries of staff earning over 100,000 to help shore up the growing hole in its finances.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/24a0ec2e/mf.gif' border='0'/.....

Back to school purchases lift UK retail sales
Spending means the UK economy "almost certainly" returned to growth.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/249d26ea/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/14.....

Fresh strikes hit Lonmin's 'Marikana massacre' mine
Maikana, the mine where deadly clashes sparked the run of strikes which are crippling South Africa's economy, has been hit by fresh action.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/24a05bc7/mf.gif' border='.....

Mothercare recovery "on track" after sales rise
The new chief executive of Mothercare says his plans to turnaround the baby clothing and equipment retailer are "on track" after a recovery in sales in the UK.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/24a04.....

Police clash with protesters hurling petrol bombs in Athens as strike turns violent
Police clash with protesters hurling petrol bombs in Athens as strike turns violent.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/24a00f3f/mf.gif' border='0'/><br/><br/><a href="http://da.feed.....

Savers' sorrow as it no longer pays to lock away your cash
Short term fixed rate products now pay less than you can get on some variable rate accounts.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/24a00f43/mf.gif' border='0'/>.....

Barclays to make third quarter loss after shock 700m PPI provision
Barclays has warned it will make a loss for the third quarter after revealing a shock 700m provision against payment protection insurance compensation claims.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/24a00f.....

World's oldest bank Monte dei Paschi di Siena cut to 'junk' by Moody's
The world's oldest bank has been cut to "junk" by Moody's, as the rating agency warned that there was a "material probability" that the lender may need another cash injection from the Italian government.<img width='1' height='1' src='http://telegr.....

Companies forced to reveal number of women staff
Listed companies will be required to unveil the number of women and men they employ to tackle gender inequality in the workplace, the Department for Business announced on Thursday.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/3.....

McDonald's sues Milan over shopping arcade eviction
Fast food chain McDonald's has sued the city of Milan after it was evicted from a prime spot among luxury retailers Gucci, Prada and Louis Vuitton in the picturesque nineteenth century Galleria Vittorio Emanuele II.<img width='1' height='1' src='h.....

Greek protests and general strike: in pictures
Police fire tear gas at Greeks on the sidelines of a violent protest against austerity held amid a general strike.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/249f018f/mf.gif' border='0'/><br/><br/.....