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Friday 19 October 2012

UK Financial News on 2012-10-19

Ofgem issues energy tariff plan
Energy regulator Ofgem unveils proposals to force suppliers to tell customers about the cheapest gas and electricity tariffs they have on offer......

FSA fines Bank of Scotland 4.2m
Bank of Scotland has been fined 4.2m for failing to keep accurate records of the mortgage payments of 250,000 Halifax customers......

EU bank deal 'boosts integration'
France says a deal to launch a eurozone banking union next year will help speed up integration, but admits that EU nations are moving at different speeds......

UK public sector borrowing falls
UK public sector net borrowing was 12.8bn in September, down from 13.5bn in the same month last year, the Office for National Statistics says......

McDonald's sees profits decline
McDonald's third-quarter profits slip 3% as the fast food chain sees greater competition and suffers from the impact of the strong dollar......

MPs criticise regulator over RBS
MPs criticise the UK financial regulator for its failings over Royal Bank of Scotland's damaging takeover of part of Dutch bank ABN Amro in 2007......

'Dual income' MPs under scrutiny
MPs are claiming rent on taxpayer-funded second homes in London while also letting out other properties in the capital at the same time......

Comet owner 'exploring sale'
Private equity firm OpCapita, which bought electricals retailer Comet less than a year ago, is exploring a number of bids to buy the business......

S Africa gold miners 'end strike'
Nearly all the 15,000 South African gold miners who faced dismissal for going on an illegal strike report for duty, their company says......

Volvo Cars names chief executive
Chinese-owned carmaker Volvo appoints a new chief executive to replace Stefan Jacoby after it became clear he would not return following a stroke......

270 jobs hit with mine shutdown
The owner of a Neath Valley colliery that employs the largest number of miners in Wales is consulting on suspending work, affecting 270 employees......

Major sponsor ends cycling deal
Rabobank is ending its sponsorship of its professional cycling team following the Lance Armstrong doping revelations......

Rents rise 1.1% to a new record
The cost of renting a home in England and Wales rose by 1.1% in September to reach a new record high, a survey suggests......

China loses US steel tariff plea
The World Trade Organisation upholds its decision that China's tariffs on imports of certain US steel products are illegal......

William Hill sees profits grow
UK bookmaker William Hill sees third-quarter operating profit rise by more than a quarter, helped by in-play betting and online revenues......

Carrefour pulls out of Colombia
Shares in Carrefour gain almost 7% after the French retail giant announced the sale of its Colombian business to Chile's Cencosud for 2bn euros......

Apps help save on car insurance
Insurance industry bosses say millions of people could potentially save money by using smartphone apps which monitor driving standards......

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)......

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

Projects share 1bn growth funds
Deputy Prime Minister Nick Clegg says 130 projects in areas of England "that need it most" will share 1bn aimed at boosting economic growth......

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

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......

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......

Windows 8 skews Microsoft results
Microsoft sees profits fall 22%, after deferring some revenue ahead of the upcoming releases of Windows 8 and its latest version of Office......

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......

Ticket price cuts 'unrealistic'
Calls for a reduction in Premier League ticket prices are branded as unrealistic by a football finance expert......

Trust is preferred Pompey bidder
Administrators of Portsmouth name the Pompey Supporters' Trust as their 'preferred bidder' to buy the stricken club......

VIDEO: Petrol 'produced from air and water'
A British firm based on Teesside says it's designed revolutionary new technology that can produce petrol using air and water......

AUDIO: Black Monday: 25 years on
In October 1987, stock markets around the world collapsed. Months and years of share price rises were reversed in just one day of trading......

VIDEO: Ofgem plan for simpler energy tariffs
Energy regulator Ofgem has unveiled proposals to force suppliers to tell customers about the cheapest gas and electricity tariffs they have on offer......

VIDEO: Cameron 'would veto EU budget'
Prime Minister David Cameron has said he would veto the EU's 2014-20 budget if it wasn't a good deal for Britain......

AUDIO: England rents rise to new records
BBC Radio 5 live asked a housing expert why rental prices had increased by 3.2% at a peak time of tenant demand......

AUDIO: MPs criticise FSA over RBS Amro takeover
In a report out this morning from the cross-party Treasury Select Committee, the Financial Services Authority receives sharp criticism for failing to step in to stop the disastrous Royal Bank of Scotland's takeover of Dutch bank ABN Amro in 2007......

VIDEO: Is coffee threatening Indian tea culture?
India is one of the largest tea producers in the world and a huge tea-drinking nation, but is now witnessing an explosion in coffee culture......

AUDIO: Friday Boss: Hossein Yassaie
Hossein Yassaie is chief executive office at Imagination Technologies Group......

Hopeful in Hong Kong
The challenges for students heading East for jobs.....

Eurozone inches towards bank plan
More questions than answers in EU bank plan.....

Euro action gives Spain and Italy breathing space
Spanish and Italian bond yields are down, but for how long?.....

Ascot Racecourse's dash for cash
Ascot Racecourse scouts for lucrative future.....

The stock market crash of 1987
Lessons of the 1987 stock market crash.....

Big data means better business
How big data and big analytics can help companies.....

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

GE and McDonald's miss the mark
Oct. 19 - Dow bellwethers General Electric and McDonald's miss analyst estimates as a weak global economy takes a toll on their bottom lines. Jill Bennett reports......

U.S. Week Ahead: Tablet wars anything but mini
Oct 19 - Get ready for the next salvo in the tablet wars with Apple's anticipated release of the mini iPad on Tuesday. The tech titan along with Facebook and Yahoo also report earnings......

Bono says Arab Spring 'inverted pyramid' in favour of people power
Oct. 19 - Speaking at the Dublin F.ounder's technology conference, U2 singer Bono hailed Egyptian computer engineer and activist Wael Ghonim for his role in igniting the Arab Spring uprising that led to the overthrow of leader Hosni Mubarak. Matt Cow.....

Trading at Noon: From McDonald's to Microsoft-stocks down
Oct 19 - McDonald's, Microsoft & GE weigh on U.S. stocks today. Nasdaq's off over 1 percent......

Breakingviews: Googles early Halloween
Antony Currie and Breakingviews columnists discuss how the companys shocking earnings may be more than just a quick fright......

Daily Digit: Airbus to spend $24 billion in U.S.
Oct. 19 - Airbus predicts it will double the $12 billion is currently spends on US procurement by 2020 as it gears up to build a new U.S. plant. Hayley Platt reports......

Paris supermarket deliveries by barge
Oct. 19 - French supermarket chain Franprix is cutting it's carbon footprint by using the river Seine to deliver goods to some of its Paris based stores. Hayley Platt reports......

Europe moves to ECB bank supervision
Oct. 19 - European Union leaders agreed on Friday that a single supervisor will take responsibility for overseeing euro zone banks from next year, in a step towards banking union. But obstacles remain, and Germany has voiced concerns about using the .....

Europe Week Ahead: Q3 crunch time in U.S. and UK.
Oct. 19 - Europe's plan for a common banking watchdog sends yields on Italian and Spanish bonds lower, but the week ahead will be a testing one with a Fed rates decision and Q3 growth data in the UK and U.S......

Factbox: Rabobank says 'on yer bike' to cycling
Oct. 19 - Dutch lender Rabobank says it will end its sponsorship of professional cycling as the repercussions of the Lance Armstrong doping scandal reverberate around the world......

3XSQ: Global concerns from McDonalds, GE
Oct 19 - McDonald's missed Wall Street's expectations for the second quarter in a row, saying sales have fallen due to the weak economy; General Electric says "the overall environment remains challenging.".....

U.S. Morning Call: GE energized in Q3; profit shoots up 8.3%
Oct 19 - General Electric posts an 8.3 percent rise in quarterly profit, as solid demand in the U.S. and Asia for its electric turbines......

Market Pulse: Devil in the detail for euro zone bank deal
European Banking Correspondent Steve Slater......

Breakingviews: RBS board should fight to keep Hester
Breakingviews......

Macau casinos can bet on labor crunch
Oct. 19 - A specialist school in Macau is churning out dealers for the worlds biggest gambling market - but not fast enough, as a rush of casino mega-projects strains the enclave's tight labor market......

Reuters Today: Fresh hope in Europe, red faces at Google
Oct. 19 - European leaders hammer out a deal on the banking union after late night talks. And Google has some explaining to do after it accidentally releases weak earnings numbers earlier than scheduled......

China braces for miserable earnings season
Oct. 19 - Grim results are expected from a raft of Chinese companies next week, possibly unnerving investors anxious for signs of an upturn in the Chinese economy. Tara Joseph reports......

ECONOMY 2012: U.S. election will have no impact on economy
Oct. 19 - Elizabeth Corley, CEO of Allianz Global Investors, says whether President Obama or Governor Romney win in November will have no overall impact on economic growth in the U.S......

Asia Week Ahead: China earnings, Japan trade data in focus
Breakingviews discusses what's in store for the start of the China earnings season, Japan trade data and results from South Korean tech giant Samsung......

Reuters Right Now: GE profit up, but revenue misses forecasts
Oct 19 - General Electric, the largest U.S. conglomerate, said that foreign exchange negatively impacted revenues by $1.1 billion in the third quarter......

GOOG and MSFT target mobile
Oct. 18 - As Google and Microsoft report disappointing results, the tech giants are looking to make their mark with new products for the mobile arena. Sasha Salama reports......

Street slams Google, Microsoft
Oct. 18 - Summary of business headlines: Microsoft, Google miss; Morgan Stanley beats forecasts; Record profits at Verizon; Jobless claims spike. Bobbi Rebell reports......

FACTBOX: The day that Google would like to forget
Oct 18 - From surprise earnings release to results fiasco - the facts behind how Google messed up and missed on results......

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......

DFS sitting on record profits despite dip in sales
The furniture chain DFS saw sales fall 2.1pc its last financial year, as the retailer battled against weak consumer confidence.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/24ad39d9/mf.gif' border='0'/><b.....

Millions affected after cyber attack on HSBC
HSBC's websites across the world have been hit by one of the largest cyber attacks to strike a bank in an attack that left millions of customers without access to online services.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32.....

Retail giants attack lack of support by ministers
Two of the country's retail giants have criticised the Government for failing to support "wealth creating" British companies and blamed it for helping push trust in the business sector to "an all-time low".<img width='1' height='1' src='http://tel.....

William Hill to buy out Playtech from online business
William Hill has confirmed it wants to call time on its online partnership with software group Playtech after four successful but tumultuous years, which have involved staff walk-outs, former Israeli spies and over-priced fish tanks.<img width='1'.....

Mexican airline waits four years to do business with Heathrow
Heathrow has so little spare capacity to handle extra flights that it took four years for an airline hoping to launch routes to Mexico, one of Britain's key emerging market trading partners, to complete the deal.<img width='1' height='1' src='http.....

McDonald's sales surge in the UK
British families are turning to McDonald's for their evening meals as the recession encourages people to dine out in fast food chains over upmarket restaurants.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/24ac.....

Ofgem's energy overhaul might even produce a more plugged-in PM
Maybe David Cameron had just been up all night, cogitating over whether Number 10 should switch energy supplier.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/24ac1c5d/mf.gif' border='0'/><br/><br/&g.....

Debt crisis: Merkel blocks eurozone support efforts
Angela Merkel reasserted German control over European strategy by insisting that the bail-out machinery would not pay for the past banking debts while also dismissing French plans to spread wealth.<img width='1' height='1' src='http://telegraph.fe.....

Google faces a mobile problem
Away from the "fat finger", Google's results exposed a worrying truth.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/24abad91/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/.....

Festival of Business: as it happened - October 19, 2012
Sir Terry Leahy and Martha Lane Fox shared their business insights.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/24abad92/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/144.....

Investor relief sends Spectris shares higher
The group did not warn on profits, unlike other companies in the sector.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/24abad94/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/.....

Festival of Business: live
Follow all the latest news from the Telegraph's Festival of Business in Manchester, where Sir Terry Leahy and Martha Lane Fox will be sharing their business insights.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/.....

Debt crisis: as it happened - October 19, 2012
EU leaders in Brussels have agreed to have the legal framework for the eurozone banking regulator in place by the end of the year, and it will be implemented through the course of 2013.<img width='1' height='1' src='http://telegraph.feedsportal.co.....

Goldman traders partied with topless models in Las Vegas
Wild parties were all part of the culture, according to former employee<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/24ab2725/mf.gif' border='0'/>.....

Debt crisis: EU summit and banking deal - live
EU leaders in Brussels have agreed to have the legal framework for the eurozone banking regulator in place by the end of the year, and it will be implemented through the course of 2013.<img width='1' height='1' src='http://telegraph.feedsportal.co.....

Tim Davie replaces John Smith as chief executive of BBC Worldwide
John Smith, chief executive of the BBC's commercial arm, BBC Worldwide, has stepped down after eight years, handing the reins to the BBC's head of audio and music, Tim Davie.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f.....

Martha Lane Fox: 'Steal from Google' and put online first to build sustainable recovery
Businesses must put the internet first in all their decisions to ensure their companies have a long-term future, said Martha Lane Fox, founder of lastminute.com and the Government's digital champion.<img width='1' height='1' src='http://telegraph......

Financial adviser jailed for five years for tax fraud
Mohammad Izhar Ul Haq forged a bank guarantee so that a client could claim a VAT repayment from HMRC.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/24aade72/mf.gif' border='0'/>.....

Merkel wins major victory over Hollande
Angela Merkel has won a major victory over Francois Hollande by overturning a European Union decision to use the euro's bailout fund to directly recapitalise struggling eurozone banks for the foreseeable future.<img width='1' height='1' src='http:.....

David Cameron threatens to veto EU budget unless Brussels sacks staff
David Cameron has vowed to get "tough" with Europe, as he threatened to veto the EU budget unless it sacks staff and cuts the pay of 4,000 officials on six-figure salaries.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/5.....

Financial distress in Britain: the best and worst sectors
An increasing divide has emerged between the financial health of companies based in the north and south of Britain, according to the latest Red Flag report by Begbies Traynor. Here are the sectors experiencing the most financial distress, and those t.....

How to avoid high energy bills
There are still steps that people can take to cut their heating bills without going cold this winter.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/24aa4585/mf.gif' border='0'/><br/><br/><a hre.....

Accuracy of UK GDP data 'worse than China', says Jim O'Neill
Britain must abandon its "obsession" with the eurozone crisis to look to the true deciders of its future, said Jim O'Neill, the economist who defined the "BRIC" economies, as he voiced doubts over official UK growth figures.<img width='1' height='.....

TNK-BP official arrested over fraud allegations
TNK-BP's government relations manager has been arrested on fraud charges, in an unwelcome distraction for the venture's shareholders as they prepare to sell it to state-controlled Rosneft.<img width='1' height='1' src='http://telegraph.feedsportal.....

Bank of Scotland fined 4.2m for Halifax mortgage error
Bank of Scotland fined after an FSA investigation into complaints by Halifax mortgage customers found 160,000 homeowners were "incorrectly excluded" from a compensation programme.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32.....