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Monday 22 October 2012

UK Financial News on 2012-10-22

FN100 Women: On the front line of the regulatory debate
Meet the women working on redefining financial regulation in an attempt to ward off another global market meltdown.....

Investors warm to European equities
Confidence in the region's shares has returned for the first time since the sovereign debt crisis began.....

Bats to target index providers amid benchmark debate
The development would see volumes on alternative trading venues reflected in some of the industry's main benchmarks for the first time.....

Rothschilds glass half empty
One of the grandest figures in the investment trust market has cast doubts over the future of the £95bn industry.....

NYSE Euronext puts UK data centre under review
The stock exchange is reviewing the operation of its two-year-old, multimillion-pound UK data centre, which covers the area of more than six football pitches.....

Mitsubishi seeds first US alternatives fund
Mitsubishi Corporation is set to build its first large alternative investment manager in the US with hundreds of millions of dollars targeting shipping, aircraft, railway equipment leasing and commercial real estate.....

PPFs 25% return puts industry rivals in the shade
The PPF said that investment return was achieved by what it described as a sophisticated liability-hedging strategy.....

Ruffer delivers more of the profits magic
In the year to March 31, profits rose from £77m to £108m, according to accounts filed at Companies House last week.....

London and New York fight to win technology flotations
According to one London-based venture capitalist, at least 20 European tech companies are looking to list in London but regulation is said to be forcing firms across the Atlantic.....

Esma to investigate cross-sector risks
The European Securities and Markets Authority is to begin publishing reports on trends, risks and vulnerabilities in European securities markets.....

Mirror hit by claims over hacking
Four people have issued High Court claims against the owner of the Daily and Sunday Mirror, accusing the newspaper group of phone hacking, their solicitor tells the BBC......

BP sells TNK-BP stake to Rosneft
BP sells its 50% stake in TNK-BP to Russian state-controlled energy giant Rosneft in return for cash and shares......

Yahoo sees modest rise in profits
Yahoo posts a 2% rise in revenues for its first three months under the leadership of chief executive Marissa Mayer......

Administrators in at taxi firm
Manganese Bronze, the maker of London's black cabs, has called in administrators after failing to secure new funding......

Nationwide link to RBS branches
Nationwide could join the UK's most powerful business banks if it successfully bids for hundreds of RBS and NatWest branches......

Germany may see economy shrink
Germany, the main funder of the eurozone's many bailouts, may see its economy shrink by the end of the year as the crisis bites, the central bank warns......

Philips profits more than double
The Dutch lighting and consumer electronics giant Philips says that profits more than doubled after disposing of its loss-making television business......

Warning over workers on benefits
Workers are increasingly depending on benefits to pay their rent, the body which represents English housing associations warns......

Japanese exports to China fall
Japanese exports to China tumbled in September, compared to the previous year, as a territorial dispute between the two countries weighed on the economy......

Facebook exec joins Tech City UK
Facebook's European boss is to leave the social network to lead the UK government's investment group for technology start-ups......

Herald editor-in-chief steps down
The editor-in-chief of The Herald newspaper, Jonathan Russell, is to leave the media group at the end of this month......

Irn-Bru firm sponsors 2014 Games
The firm behind Irn-Bru is named as the latest sponsor of the Glasgow 2014 Commonwealth Games......

Sausage company warns on profits
Sausage skin maker Devro says profits this year will be lower than it originally had expected due to a number of factors......

Brit to end England sponsorship
Brit Insurance will not renew its sponsorship of the England team when its four-year deal ends in early 2014......

Wind farm public inquiry starts
A public inquiry is being held into plans for a 31-turbine wind farm close to the boundary of the Cairngorms National Park......

Workers' maths to be challenged
Employers are being asked to help workers boost their numeracy skills amid fears that poor maths is blighting Britain's economic performance......

Over 1.5m have second addresses
Just over 1.5m people living in England and Wales have a second address in another local authority area, the Census 2011 reveals......

Renewables 'making a difference'
The renewable energy industry claims 15% of Scotland's total carbon emissions have been displaced by wind and hydro projects......

Canada blocks Petronas shale deal
Canada blocks a $5.2bn(3.3bn) takeover bid from Malaysia's Petronas, saying it would not benefit the country......

Millar calls for Rabobank rethink
British rider David Millar is hoping to persuade Rabobank not to abandon its long association with cycling......

SPL warns Hearts over wage delay
Hearts are reprimanded and warned by the Scottish Premier League for the delayed payment of September salaries......

VIDEO: Hot tubs and holidays: How lottery winners spend it
Lottery winners choose to holiday in America, carry out voluntary work and give up work, according to a new report......

VIDEO: Black resists 'smashing in' Paxman
Former media mogul Conrad Black, who was released from prison in Miami after serving just over three years for defrauding investors, has told Newsnight's Jeremy Paxman he was "proud he was able to endure a discussion with him without smashing his fac.....

VIDEO: Can new boss revive Yahoo's fortunes?
When Marissa Mayer was appointed Yahoo's new chief executive three months ago, the company hoped that she would be a catalyst in the quest to revive the firm's fortunes......

VIDEO: Is beer damaging 'brand Bond'?
One would normally expect to find James Bond sipping champagne or vodka martinis, but in his latest adventure 007 is seen drinking beer......

VIDEO: UK visa firm under scrutiny
Inside Out investigates the immigration firm charging hundreds of pounds to organise UK visas which do not always arrive......

AUDIO: Why did Google profits go down?
Technology analyst Chris Green and venture capitalist Paul Kedrosky discuss the news that Google's profits have gone down by 20%......

VIDEO: Affordable homes crisis pressure on benefits
Workers are increasingly depending on benefits to pay their rent, the body which represents English housing associations has warned......

VIDEO: Foreign football fans 'boost economy'
Nearly one million fans came to Britain last year to watch a football match, contributing more than 700m to the British economy......

Singapore seeks answers to rising food prices
Singapore looks for an answer to rising food prices.....

The value of CSR programmes
Does the social and environmental work of firms measure up?.....

Animal behaviour in the boardroom
A zoo sheds light on animal behaviour in the office.....

Mozambique town transformed by coal rush
Huge discovery transforms sleepy Mozambique town.....

Temps hit by 'abusive tax avoidance'
Agency temp workers risk being chased for unpaid tax.....

U.S. Day Ahead: iPad Mini won't mean lower Apple profits
Breakingviews Columnist Rob Cyran says the anticipated smaller version of Apple's successful iPad won't cannibalize sales and lower margins......

The Exchange: Greg Smith on Leaving Goldman Sachs
Greg Smith, author of "Why I Left Goldman Sachs," joins Rob Cox to discuss his contention that the firm's shift away from serving clients inspired his public exit from the investment bank......

Wealth Strategies: Target funds getting more popular
Oct. 22 - BlackRock's Chip Castille says retirement planning has become more difficult with economic, market and political uncertainty, and is seeing almost half of money flows going to target retirement funds......

Breakingviews: Blame Canada
Oct 22 - Antony Currie and Robert Cyran discuss why companies might not want to bother doing deals in Canada......

Trading at Noon: Mayer's big Yahoo moment arrives
Oct 22 - All eyes on Yahoo's new CEO Marissa Mayer as the struggling web company reports results after the bell......

Yahoo CEO Mayer's comeback plan is all about tech not media
, Yahoo boss Marissa Mayer will take the company back to its technology roots and away from media content, when she outlines her future strategy after the company reports......

Rosneft confirms deal with BP
Russian state-oil company announced a $55 billion deal to buy domestic producer TNK-BP and make Britain's BP a one-fifth Rosneft shareholder with two seats on the board. Hayley Platt reports......

Europe Day Ahead: Euro zone takes back seat, for once
Oct. 22 - Euro zone debt worries take a back seat for once as corporate earnings' season gets into full swing. Heineken is the big name to watch out for......

After Spain elections, bailout anticipation
Oct. 22 - Spain's Prime Minister Mariano Rajoy received some backing for his austerity programme as he won an election in his home region of Galicia, although nationalist parties won instead in the Basque Country. The Galicia election was viewed as a.....

Euro Crisis Watch: The calm before the....storm?
Oct. 22 - The EU summit passes off without incident, Spanish and Italian yields remain at multi-month lows, and Greece chalks up another current account surplus. But how long can this tranquility last?.....

3XSQ: Caterpillar foresees even bleaker economic outlook
Oct 22 - Caterpillar cuts its 2012 guidance for the second time and says it's not optimistic about 2013 either......

Vineyard robot will prune like a pro
Oct. 22 - A French engineer is offering wine-growers an efficient way to prune their vines without breaking their back - a robot designed to do it for them. While Wall-Ye (pron: Wall-Yee) the robot is still a work in progress, wine growers who've see.....

Market Pulse: Yen heading for the rocks - analyst
FX analyst Neal Kimberley......

Breakingviews: No need for 'Disziplin' union
Breakingviews.....

Breakingviews: BP-Rosneft deal maintains cashflow
Breakingviews......

Big promises, but little pay, for iPhone assemblers in China
Oct. 22 - The main maker of Apple's iPhones and iPads, Taiwan's Foxconn, insists it pays its workers in China a reasonable wage - but those on the factory floor have a different take......

Philips CEO on triple whammy sales boost
Oct. 22 - Philips CEO Frans van Houten discusses Q3 results boosted by all three units and the company's outlook going forward......

Reuters Today: Blitz of earnings faced with dread
Oct. 22 - The pace of earnings accelerates with a welter of blue-chip companies reporting Q3 this week. So far the news is less than encouraging......

Reuters Right Now: CAT cuts forecast, sees slowing economy
Oct 22 - Caterpillar said the global economy is slowing faster than it had expected and slashed its 2012 forecast for the second time this year......

U.S. Morning Call: Caterpillar Q3 profit jumps 50%
Oct 22 - Caterpillar said its quarterly profit rose nearly 50 percent due in part to higher sales in the United States and price increases, but the tractor maker missed earnings estimates......

Philips revamp pays off
Oct.22 - Philips Electronics beats earnings forecasts for the third consecutive quarter, boosted by cost cuts and higher sales, as overhaul of the company gathers pace. Ciara Sutton reports......

'Made in France' MP Arnaud Montebourg attacks WTO for failing to halt unfair Chinese competition
The French minister behind a media campaign to promote the "Made In France" brand rejected World Trade Organisation concerns over protectionism on Monday and blamed the world body for failing to halt unfair competition from China.<img width='1' he.....

Government to publish details on plea bargains for companies
The Government is to give the green light to the introduction of plea bargains in the prosecution of complex financial crime with an announcement expected as early as Tuesday morning.<img width='1' height='1' src='http://telegraph.feedsportal.com/.....

Shareholders are winners as BP signs landmark $27bn deal with Rosneft
BP shareholders are set for a multi-billion dollar pay-out after the oil giant agreed a $26.8bn sale of its half of Russian joint venture TNK-BP to Kremlin-controlled Rosneft.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/.....

Greg Smith: Goldman Sachs' London office was 'like the Wild West'
A former Goldman Sachs employee, who claims the bank was obsessed with "elephant" trades that made millions, says its London office was like the "Wild West".<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/24c1d83.....

The bank reforms that we need
Since the financial crisis that began in 2007, there has been a tidal wave of reform of banking regulation. And yet there is still a feeling that it isn't enough, or that somehow the true heart of the issue has not been reached.<img width='1' heig.....

City Diary: Goldman Sachs overstates its call on ICAP departure
The vampire squid strikes again. The day ex-staffer Greg Smith's book accusing Goldman traders of calling clients "muppets" was released, the bank's research team let slip its real feelings about ICAP's departing chief operating officer, Mark Price.&.....

BP's Bob Dudley risks an even grizzlier Russian bear hug
Jumping into bed with Vladimir Putin is either a strategic masterstroke or the corporate equivalent of Russian roulette.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/24c1d377/mf.gif' border='0'/><br/>&.....

Apple's share price rises ahead of iPad mini launch
Apple is expected to launch a scaled-down version of its iPad device on Tuesday, as it attempts to fend off rivals and persuade devotees to part with even more of their money.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/.....

Japan to join currency wars as exports slump
Japan is poised to join the world's "currency wars" as it battles a triple crisis of crashing exports, recession and a suffocatingly-strong yen.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/24c167ff/mf.gif' bor.....

Fidessa update highlights market challenges
The FTSE 250 group fell after reporting lower equity volumes.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/24c16807/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/144545507.....

Permira delves into past with $1.6bn Ancestry.com deal
Permira, the UK private equity firm, has made a multi-billion bet that people are growing more interested in their family histories after paying $1.6bn (1bn) for Ancestry.com.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/.....

Black cab maker Manganese Bronze to appoint administrators
Manganese Bronze, the maker of London's iconic black cabs, said it had sought the appointment of administrators after talks to secure funding were unsuccessful.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/24bf.....

Cash-strapped Cyprus plots Russian exit from austerity
It has been three years since I was last in Paphos, a resort on Cyprus's west coast, and at first glance not much has changed.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/24c0f623/mf.gif' border='0'/><br.....

Galicia elections: Spanish government hails 'overwhelming support' for austerity programme
The conservative party of Spanish Prime Minister Mariano Rajoy has hailed the result of electoral victory in the north-western region of Galicia as an endorsement of its national austerity programme.<img width='1' height='1' src='http://telegraph......

Banking will not be 'zero failure' says top regulator
Banks will be allowed to fail in the future despite facing far more intrusive oversight of their businesses, the future head of Britain's new banking regulator has warned.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/56.....

German economy may stagnate as crisis drags on powerhouse
The German economy could grind to a standstill by the end of the year amid the combined impact of the debt crisis and the global slowdown, the Bundesbank has warned.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s.....

Debt crisis: as it happened - October 22, 2012
The eurozone and European Union's debt hit a high in 2011, according to Eurostat, but the deficit has decreased. However 17 members of the EU had public deficits higher than the 3pc permitted by EU law.<img width='1' height='1' src='http://telegra.....

Debt Crisis: Debt crisis: as it happened - October 22, 2012
The eurozone and European Union's debt hit a high in 2011, according to Eurostat, but the deficit has decreased. However 17 members of the EU had public deficits higher than the 3pc permitted by EU law.<img width='1' height='1' src='http://telegra.....

Rolls-Royce lands key US deal for military hovercraft engines
Rolls-Royce has made a breakthrough in an important American military market with a contract to power the US navy's new fleet of hovercraft.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/24c0e7b6/mf.gif' border=.....

Debt Crisis: EU and eurozone's deficit falls but debt rises - live
The eurozone and European Union's debt hit a high in 2011, according to Eurostat, but the deficit has decreased. However 17 members of the EU had public deficits higher than the 3pc permitted by EU law.<img width='1' height='1' src='http://telegra.....

Recovery at risk from zombie businesses
A growing army of "zombie" businesses is "choking" the economic recovery, an insolvency firm has warned.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/24c02eb6/mf.gif' border='0'/><br/><br/><a .....

David Cameron to Angela Merkel: I'll stick to my guns on EU budget
David Cameron has insisted that Britain will "stick to our guns" in a growing row over his promise to freeze the European Union's budget.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/24c02eb7/mf.gif' border='0'.....

Greg Smith: profile
Monday sees the release of Why I Left Goldman Sachs by former bank executive Greg Smith, who famously quit by sending his resignation letter to the New York Times for publication. Here we look at his upbringing and history with the bank.<img width.....

Why I Left Goldman Sachs: the highlights
Today sees the release of Why I Left Goldman Sachs by former bank executive Greg Smith, who famously quit by sending his resignation letter to the New York Times for publication. Here we look at the highlights of his book.<img width='1' height='1'.....

Greg Smith: His very public 'resignation letter'
Greg Smith announced his resignation from Goldman Sachs in the New York Times on March 14. Here is his letter complete with reference to "muppets", "axes", and "hunting elephants".<img width='1' height='1' src='http://telegraph.feedsportal.com/c/3.....