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Saturday 20 October 2012

UK Financial News on 2012-10-20

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......

Guernsey targets 'vulture funds'
Guernsey's government plans to introduce laws that will restrict so called vulture funds access to the island's courts......

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......

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......

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......

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......

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

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......

VIDEO: It's Your Money: Happiness secret
New research has apparently shown that we will be much happier if we save an extra 50 per month......

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......

Secret to happiness is 'saving 50 a month'
Why saving money can bring fulfillment.....

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?.....

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

Daily Digit: 41% beat revenue estimates
Oct 19 - Only 41% S&P companies beat revenue estimates. Jeanne Yurman reports......

Stocks pull back most in four months
Oct. 19 - Summary of business headlines: Honeywell, GE sales fall short of forecasts; McDonald's sees worst sales growth in nine years; Existing home sales fall in September; Jobless rate falls in most states. Jeanne Yurman reports......

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......

Brent Hoberman invests in online language site busuu.com
Brent Hoberman, the co-founder of Lastminute.com, has invested in online language learning specialist busuu.com as part of a 3.5m (2.8m) fund-raising.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/24b2c860/mf.gi.....

Lloyds advising on 1bn business bank
Lloyds Banking Group is working with the Department for Business, Innovation and Skills (BIS) on ways to provide long-term financing for mid-sized companies as part of Vince Cable's proposed business bank.<img width='1' height='1' src='http://tele.....

LVMH to sell fastest-growing fashion brands
The world's largest luxury retailer, LVMH, has hired JP Morgan to sell a string of its fastest-growing fashion brands for about 600m (490m).<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/24b2c86f/mf.gif' border=.....

RBS to overhaul 'poor' IT system
The Royal Bank of Scotland is to spend 80m to upgrade and centralise its mainframe computer systems in the wake of June's system shutdown and after Santander used RBS's poor technology as an excuse to walk away from a deal to buy 316 branches.<img.....

Amazon weighs bid for online fashion retailer Asos
Giant internet retail eyes UK firm as it looks to expand into fashion.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/24b2c876/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/.....

Festival of Business: Mid-sized firms flex their muscles
Haribo chief believes UK can replicate Germany's 'Mittelstand' growth.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/24b2b260/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/.....

Steve Ridgeway: Virgin operates from where consumers want, for now that's Heathrow
Outgoing chief Steve Ridgway on his his frustration over the runway debate.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/24b2b261/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.c.....

Rainmaker: New industry motto - I think therefore I bank
Changing culture across the banking industry could take a generation, but even if it does, it will be worth it if customers feel able to trust banks once more.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/24b2b.....

Fixing our moribund, zombie banks is the key to UK recovery
Forget the absurd "growth versus austerity" debate, the only way to heal the economy is to fix the banks.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/24b2b262/mf.gif' border='0'/><br/><br/><a.....

Vince Cable to curb high-speed 'black box' trading
Vince Cable is to signal a crackdown on electronic high-speed trading in the City in an attempt to reduce extreme volatility in the share price of some of the UK's biggest companies.<img width='1' height='1' src='http://telegraph.feedsportal.com/c.....

West meets East as BP considers future in Russia
BP's agreement with Rosneft could either open up a wealth of natural assets of a host of political problems.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/24b2b267/mf.gif' border='0'/><br/><br/>&l.....

The British companies leading the UK back to growth
Britain's mid-sized businesses, a key driver of growth and jobs, are optimistic about the future and It is time for the Government to nurture them.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/24b2b266/mf.gif' .....

Antony Jenkins: Barclays needs to discover its purpose
New chief makes admission as he outlines plans to overhaul standards.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/24b2b265/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/1.....

Vince Cable needs to ask: what can he do for business?
Hiring costs might outweigh the advantage of Vince's 'bribes'.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/24b2c87f/mf.gif' border='0'/>.....

Vince Cable needs to ask: what can he do for business?
The economy seems to be healing but the Government needs to ask if businesses aren't taking up grants to hire more staff, perhaps hiring costs outweigh even Vince's 'bribes'.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f.....

BP board backs $28bn sale of TNK-BP stake to Rosneft
BP'S board has unanimously agreed to sell the oil giant's 50pc stake in TNK-BP to Rosneft for cash and shares worth as much as $28bn (17.4bn), despite investors' concerns over corporate governance issues.<img width='1' height='1' src='http://teleg.....

Heathrow expansion is only 'affordable' option, says Virgin Atlantic chief
Virgin Atlantic chief executive Steve Ridgway has moved against relocating to a new airport in the Thames Estuary, warning that Heathrow expansion is the only "affordable" option to improve Britain's links to key markets abroad.<img width='1' heig.....

Ed Miliband to demand FSA acts faster on missold swaps
The political pressure on banks to reveal their exposure to swaps mis-selling increased this weekend after the Labour leader, Ed Miliband, revealed he will request a face-to-face meeting with the FSA to discuss the issue.<img width='1' height='1' .....

National Grid investors brace for cut in dividend
Investors in National Grid are bracing themselves for a slowdown in the rate of dividend increase as the result of the company's planned 35bn investment programme.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2.....

Tech City: facts and figures
Tech City is in London and is often nicknamed Silicon Roundabout. Here are some facts about the technology hub many hope will one day rival Silicon Valley.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/24b2aca2/.....

Joanna Shields: The first lady of London's Tech City
Top executive explains why she quit Facebook for a Silicon dream.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/24b2aca3/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/14454.....

On the Surface, Microsoft faces a make-or-break week
Microsoft hopes the launch of its new new Surface RT tablet this week will enable it to break into the a market dominated by Apple's iPad.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/24b1e4a8/mf.gif' border='0.....

Wall Street walks a tightrope as US gets back on track
US shares should continue to outperform next year but the election means there are a few tricky weeks to get through first.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/24b16807/mf.gif' border='0'/><br/&g.....

Rupert Murdoch eyes bid for LA Times
Rupert Murdoch's News Corp could buy the Los Angeles Times, one of largest US newspapers.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/24b0ded2/mf.gif' border='0'/><br/><br/><a href="http://da.....

Tyrie: FSA's failure to stop ABN deal should not rule out Turner
The City regulator's failure to prevent Royal Bank of Scotland's ill-fated takeover of ABN Amro should not prevent its chairman from becoming the next Bank of England Governor, it has been claimed.<img width='1' height='1' src='http://telegraph.fe.....