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Tuesday 23 October 2012

UK Financial News on 2012-10-23

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.....

King says banks must raise funds
The UK and other major economies will remain weak until banks have sufficient capital to absorb "likely" future losses from bad loans, Sir Mervyn King warns......

New finance tax for 10 EU states
The European Commission backs plans from 10 countries to launch a financial transactions tax to help raise funds to tackle the debt crisis......

Facebook post $59m quarterly loss
The world's number one online social network site, Facebook, enjoys a 32% jump in third quarter revenues, however the company still posts a loss......

Incomes 'down 13% in four years'
Incomes have suffered much more heavily since the current economic crisis began than in the aftermath of the UK's two previous recessions, figures show......

Shares fall in Europe and the US
Share indexes fall on both sides of the Atlantic after weak results from two large US companies, and more bad news for the Spanish economy......

Apple launches iPad Mini tablet
Apple has launched its widely-anticipated smaller tablet, the iPad Mini, at an event in California......

BAE investors want boss to leave
A group of leading shareholders in BAE Systems call on the chairman and a senior director to resign following the failed plan to merge with EADS......

Flight delays must be compensated
Airlines must pay compensation to passengers who are delayed by three hours or more, the European Court of Justice rules......

EU postpones women quota plans
EU commissioners postpone plans to impose quotas for women on company boards after the proposal ran into legal difficulties......

Car insurance premiums falling
Car insurance premiums fell in the third quarter of the year, according to a regular survey by the AA motoring organisation......

Whitbread helped by Costa growth
Whitbread says it has made a strong start to its financial year thanks to growth of its Costa coffee chain and Premier Inn hotels......

SA striking gold miners sacked
More than 8,000 striking South African gold miners are sacked after ignoring a deadline to return to work, mine owners say......

Instant shutdown for rogue firms
The operations of rogue money lenders, debt collectors and debt advice groups could be suspended immediately from next spring, under planned new rules......

Beer sales fall again across UK
The sale of beer in pubs and supermarkets falls by nearly 6% in the three months to September, says the British Beer & Pub Association......

Firms and households 'shun debt'
Households and businesses have "no appetite" to take on new debts as the UK economic outlook remains uncertain, a banking body says......

Euro MPs defy ministers on budget
The European Parliament rejects the 27 EU governments' position on next year's EU budget, triggering hard bargaining to reach a deal......

EE announces its 4G price plans
EE has shared details of its launch tariffs for its new 4G service, the first to become available in the UK......

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

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......

France urged to tackle bribery
France must do more to tackle the bribery of foreign public officials by French companies, a club of leading industrial countries says......

Computer trading 'beneficial'
Computer-based financial market trading can be beneficial, a government report led by the chief scientific adviser concludes......

'Balkans' gets stolen Nigeria oil
The main buyers of the estimated 180,000 barrels of oil stolen each day in Nigeria are based in the Balkans and Singapore, a local politician says......

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

Virgin Media sees cable use grow
Virgin Media says an advertising campaign featuring Olympic champions helped it boost the number of cable customers over the summer......

Tennent's bolsters cider weakness
The drinks company C&C Group says sales of its Tennent's brand at home and abroad offset a weaker cider market......

Armstrong 'must return Tour cash'
Lance Armstrong should be made to repay his prize money from winning seven Tour de France titles, says the race's director......

Goal-line technology moves closer
Fifa authorises two goal-line technology companies to install their systems in stadiums across the world......

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

VIDEO: 4G service 10-20% more expensive
Mobile operator EE has announced the prices for its 4G service, the first of its kind to be commercially available in the UK......

AUDIO: Why do some people never retire?
Radio 5 live Wake Up To Money asked a pensions expert if it was really just money that was stopping people from retiring.....

AUDIO: Should there be quotas for women on boards?
The European Commissioner for Justice Viviane Reding is proposing a new law in Strasbourg today that would force all major European companies to have at least 40% of their boards made up of women......

AUDIO: The perils of high frequency trading
Today business presenter Simon Jack examined the conclusions of a report by Sir John Beddington, the government's chief scientific adviser, that looked into the benefits and dangers of high speed computerised trading programmes......

VIDEO: Nuclear development 'must be priced fairly'
The chief executive of EDF has said consumers will not have to take the construction risk associated with new nuclear power plants......

VIDEO: Injury insurance money 'will run out'
The method used to calculate insurance pay-outs for life changing accidents could be changed after the financial crisis eroded many people's funds......

VIDEO: Sri Lanka forecasts good growth
Sri Lanka's central bank believes the country's economy will slow but still achieve good growth, despite the fallout of the debt crisis in Europe, a major market for the nation's exports......

VIDEO: Ex-media mogul on life behind bars
Conrad Black, once one of the most powerful men in the media, has been talking to the BBC's Newsnight following his release from a Miami prison in May......

Afghanistan's telecom sector evolves
Afghanistan telecom sector evolves after decades of conflict.....

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

Connecting Mogadishu to the world
How Somalia is rebuilding with the help of internet connectivity.....

Counterfeit clothes raise cash for charity
Counterfeit clothes raise cash for good causes.....

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

U.S. Day Ahead: Brace yourself for more earnings fallout
Oct 23 - Investors could see some more disappointing numbers on Wednesday with almost 10% of the S&P 500 slated to report results......

Power Player: Bernanke leaving?
Oct. 23 - Federal Reserve Chairman Ben Bernanke heads up a two-day policy setting meeting amid a news report he may not be willing to serve a third term. Conway G. Gittens reports......

Japanese scientist gets leg-up on wheelchair mobility
Oct. 23 - Wheelchair users may soon have greater freedom of movement than ever before with the development of a new chair equipped not just with wheels but legs as well. Invented by scientists at Japan's Chiba Institute of Technology, the chair is be.....

Saft Says: Maybe it's not such a small world after all
Columnist James Saft says globalization and harmonized economies may not be as cozy as first believed as recent ructions disrupt trade and money flows......

Daily Digit: DuPont to cut 1,500 jobs
Oct. 23 - DuPont plans to slash its workforce by 1,500 jobs as global demand wanes. Conway G. Gittens reports......

Airbus A350 expansion escalates Boeing war
Oct. 23 - Airbus has opened a $15 billion factory as it looks to expand production of its new A350 airliner which is the next step in its battle with U.S. rival Boeing. Andrew Potter reports......

Trading at Noon: U.S. stocks plunge after weak earnings
Oct 23 - Lacklustre results from a host of global companies including United Tech, DuPont and 3M are leading Wall Street lower today......

Spain expects to meet budget deficit target
Oct. 23 - Spain's Treasury Ministry says it is in line to meet its 2012 budget deficit target of 4.5% of GDP, as the government discussed the 2013 budget in parliament. Madrid sold 3.5 billion euros of debt in a bond auction, as investors await Spain.....

Breakingviews: Parochial international debate
Oct 23 - The final presidential showdown was notable more for sins of omission than commission: Europe, the global financial system, trade and the new Chinese leadership took a backseat to bayonets and the Middle East......

Europe Day Ahead: Even Germans get the blues
Oct. 23 - Even Germany's blue-chip exporters may be starting to feel the effects of a global slowdown, with VW forecast to post its biggest drop in earnings since 2009......

Lithuanian firm takes charge of local electric car market
Oct. 23 - A Lithuanian business is looking to kickstart the country's electric car economy by manufacturing its own modified version of a ten-year-old petrol-fuelled Renault Twingo. In a country where fewer than five percent of car-owners buy their v.....

BBC denies Savile cover up
Oct. 23 - The head of the BBC tells a committee of MPs that allegations of sexual abuse against one of its former stars were a grave matter but denied bosses had tried to cover up one of the biggest crises to hit the publicly-funded broadcaster. Ciar.....

3XSQ: The global slowdown
Oct 23 - U.S. industrials are suffering from reduced demand overseas and a stronger dollar......

Daily Digit: Nokia plans to raise 750m euros
Oct. 23 - Nokia says it will raise 750 million euros by issuing convertible bonds, as the once-dominant mobile phone giant tries to bolster its financial position. Hayley Platt reports......

U.S. Morning Call: Apple set to unwrap mini-iPad
Oct 23 - Apple is expected to make its biggest product move today since debuting the iPad two years ago, launching a smaller, cheaper tablet......

Market Pulse: Time to sell dollar/yen rally?
Oct. 23 - A mixed bad of results sends stocks sliding plus why it might be time to sell the dollar/yen rally......

Wealth Strategies: "Years" before Facebook gets to IPO price
Oct. 23 - Walter Price, manager of the Allianz RCM Technology Fund, says Facebook is improving its mobile business and is a buyer under $25 a share, but feels it will take years to return to the $38 IPO price......

Breakingviews: BBC's curse of success
Breakingviews......

Presidential debate takes on China - and China viewers react
Oct. 23 - China has been the target of tough rhetoric throughout the U.S. presidential debates - and the final exchange was no exception. What do professionals based in China think of the candidates' views?.....

Reuters Today: Polls say Obama, Romney now tied
Oct. 23 - President Obama and Republican challenger Mitt Romney are neck and neck in the race for the White House after the third and final televised debate. And the Bank of Japan may do more than asset buying......

Yahoo! surprise
Oct. 22 - Summary of business headlines: Yahoo beats in new CEO's first earnings report; Texas Instruments dented by weak chip demand; Caterpillar lowers 2012 forecast, again; Ancestry.com finds a new parent; Stocks end two-day slide. Conway G. Gitte.....

Daily Digit: $10.6 bln safety bet
Oct 22 - Investors put $10.6 billion into safe money market funds during the week ended October 17th, according to Lipper. Conway G. Gittens reports......

Three big hurdles facing the iPad Mini
Oct 23 - It may be smaller, but heres why the next version of Apple's iPad might disrupt the market more than you could think......

The ugly underneath the earnings
Oct. 22 - Earnings may look good on the surface- but companies are not bringing in as much money as expected in sales, leading numerous warnings the future. Bobbi Rebell reports......

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......

Facebook mobile gains drive revenue growth
Facebook posted a 32pc jump in third-quarter revenue to $1.26bn (790m), as the company reignited advertising growth with the help of larger-than-expected gains in mobile.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568.....

Debt crisis: Europe ratchets up grip on Madrid
The EU-IMF Troika in charge of Spain's 60bn (48bn) bank rescue is to demand much tougher action by the country's authorities to clean up toxic debts, risking a clash that could deter Madrid from requesting a full sovereign bail-out.<img width='1' .....

Apple fails to impress markets with launch of 'iPad mini'
Apple has unveiled a smaller version of the iPad - called the iPad Mini - as the company tries to blunt the growing efforts of rivals to secure a share of the multi-billion pound tablet market.<img width='1' height='1' src='http://telegraph.feedsp.....

Sir Mervyn King: no recovery until banks recapitalise
The British economy will not recover until the banks own up to their bad debts and are recapitalised again, the Governor of the Bank of England has warned.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/24cbf4b8/.....

Even now, Mulberry looks as over-priced as its tassel bags
There is, of course, nothing more important in life than an Oak Lizard Print & Tiger Haircalf Tassel Bag.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/24cbf0d2/mf.gif' border='0'/><br/><br/>&.....

EDF chief accuses MP of 'jingoism' in row over nuclear subsidies
The chief executive of French giant EDF Energy has accused an MP of "jingoism" for claiming that subsidies for nuclear will see UK consumers pay an annuity to the French state for decades to come.<img width='1' height='1' src='http://telegraph.fee.....

UK falls back in business friendly rankings
George Osborne has suffered a setback in his efforts to establish the UK as the corporate capital of Europe after it dropped a place in the World Bank's business-friendly global rankings.<img width='1' height='1' src='http://telegraph.feedsportal......

ARM defies falling market with strong results
The technology group was one of just two FTSE 100 risers today.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/24cbe978/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/1445455.....

RBS under pressure to offload US business
Royal Bank of Scotland has come under pressure to sell its US business and shrink its investment banking arm by the body charged with managing the taxpayers' 82pc holding in the lender.<img width='1' height='1' src='http://telegraph.feedsportal.co.....

BAE Systems pledges support for under-fire chairman Dick Olver
BAE Systems has pledged to stand by chairman Dick Olver and ignore attempts by its biggest shareholder to oust senior management following the failure of the defence company's merger talks with EADS.<img width='1' height='1' src='http://telegraph......

Roche faces EU fine over drug-saftey reporting
Europe's top drugs agency is investigating the Swiss pharmaceutical group Roche over its alleged failure to report fully thousands of possible cases of adverse drug reactions.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/.....

Premier Foods ditches 75m bread contract and launches Hovis review
Premier Foods has ditched a 75m bread contract with a leading supermarket in a further sign of the tense relationship between retailers and suppliers.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/24cb7cb8/mf.gi.....

Mulberry warns on profits
British handbag maker Mulberry has become the latest company to warn about the health of the luxury goods sector, leading to almost a quarter of its stock market value being wiped out.<img width='1' height='1' src='http://telegraph.feedsportal.com.....

Trinity Mirror shares slump 10pc on hacking claims
Shares in Trinity Mirror Group slumped more than 10pc on Tuesday after the Daily Mirror publisher was dragged into the phone hacking scandal that has already engulfed its rival, News International.<img width='1' height='1' src='http://telegraph.fe.....

O2 chief Ronan Dunne says 'listening to customers' is priority
Mobile phones company wants to tackle youth unemployment in Britain.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/24cb72a1/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/14.....

Microsoft pins hopes of comeback on Windows 8 launch
Back in the 1980s, Redmond, just east of Seattle, was a boom town. Microsoft, the international computer giant which is headquartered in the Washington State town, had made multi-millionaires of hundreds of its staff, on a scale that even Apple, Goog.....

Improvements abound, but the drumbeat of UK gloom remains unmistakable
On the face of it, we ought to be feeling better than we are about the economy. The double-dip recession is set to officially end tomorrow when quarterly growth figures are published.<img width='1' height='1' src='http://telegraph.feedsportal.com/.....

Financial transaction tax will 'raise billions', says EU Commission
The European Commission has backed plans for 10 countries to impose a financial transaction tax (FTT), claiming the controversial levy will "raise billions of euros of much-needed revenue".<img width='1' height='1' src='http://telegraph.feedsporta.....

Gone fishing: rod maker to Prince Charles and Chris Tarrant up for sale
The manufacturer of Prince Charles' fishing rods has been told to hook an international buyer after its family owners decided not to invest in its global expansion.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/.....

Royal fishing rod maker is cast off
The manufacturer of Prince Charles' fishing rods has been told to hook an international buyer after its family owners decided not to invest in its global expansion.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/.....

Ben Bernanke will probably 'not stand for re-election'
Fed chairman reportedly tells friends he will probably not stand for third term.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/24cb2a1c/mf.gif' border='0'/><br/><br/><a href="http://da.feedspor.....

Tesco, GSK and Vodafone lead sign-up for David Cameron's supply chain finance scheme
Some of Britain's biggest companies, including Tesco, BAE Systems, BP and Marks & Spencer, have signed up to the Government's "supply chain finance" scheme designed to help improve the flow of working capital for small firms.<img width='1' hei.....

BAE-EADS merger 'a missed opportunity', says Airbus
A merger between BAE Systems and EADS was the last chance of creating a European aerospace and defence giant, Airbus has claimed.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/24cb2a1f/mf.gif' border='0'/><.....

Debt crisis: as it happened - October 23, 2012
Pressure on Rajoy to seek bail-out after Spain's economy contracts further and Moody's downgrades five regions citing worries over reliance on short-term credit lines to fund day-to-day operations.<img width='1' height='1' src='http://telegraph.fe.....

Debt crisis: Markets slide as corporates report poor results - live
Pressure on Rajoy to seek bail-out after Spain's economy contracts further and Moody's downgrades five regions citing worries over reliance on short-term credit lines to fund day-to-day operations.<img width='1' height='1' src='http://telegraph.fe.....