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Thursday 25 October 2012

UK Financial News on 2012-10-25

UK's return to growth welcomed
News that the UK economy emerged from recession in the three months from July to September, helped by the Olympic Games, gets a cautious welcome......

Apple profits miss expectations
Apple's quarterly profits are lower than analysts' expectations, with iPad sales slowing ahead of the launch of a smaller version......

Amazon reports big quarterly loss
Online retailer Amazon reports a bigger than expected quarterly loss, led by its investment in struggling online deals service LivingSocial......

Ford cutting 1,400 jobs in the UK
Carmaker Ford announces plans to close two UK plants next year, one in Southampton and one in Dagenham, with the loss of 1,400 jobs......

New mortgage rules set for 2014
Tougher rules on UK mortgage lending have been confirmed by the City regulator, but they will come into force later than anticipated......

Credit rating of French banks cut
Three French banks including BNP Paribas are downgraded by credit ratings agency Standard and Poor's......

Pearson in Penguin merger talks
Publisher Pearson says it is holding talks with German media group Bertelsmann about combining their Penguin and Random House businesses......

Elderly face cash access strife
Elderly and disabled people struggle to access cash and resort to sharing their personal banking details, research has claimed......

Santander profits plunge by 90%
Spanish bank Santander says its quarterly profits fell by more than 90% after making provisions for bad property loans......

Euro MPs snub bank in gender row
The European Parliament rejects a nominee to the European Central Bank's executive board because the ECB's top managers are all male......

Oil licensing round 'successful'
The UK government says the North Sea is a "fertile landscape for investors" after granting 167 licences for oil and gas projects......

WPP cuts full-year outlook again
Advertising group WPP lowers its full-year outlook for the second time after not doing as well as expected from major sporting events......

Nigeria's oil losses revealed
A leaked report into Nigeria's oil and gas industry reveals the extent of mismanagement and corruption that is costing billions of dollars each year......

Kingfisher staff call off strike
Workers at India's Kingfisher Airlines agree to call off their strike after the cash-strapped carrier offers to pay three months of salary......

Africa trade rules 'cause hunger'
Africa could feed itself if trade restrictions were reduced and fertile land was put to good use, according to the World Bank......

France Telecom lowers dividend
Shares in France Telecom drop after it slashed its dividend for this year and 2013, as it predicted a 1bn-euro ($1.3bn, 801m) drop in operating cash flow next year......

Shell seal $525m North Sea deal
Oil giant Shell is to buy US firm Hess Corporation's interest in the Beryl area fields of the UK North Sea for $525m (338m)......

UK economy sees return to growth
The UK economy emerged from recession in the three months from July to September, with growth of 1.0%, helped by the Olympic Games......

Heads warned over uniform costs
The Office of Fair Trading warns that UK parents are paying 50m too much for their children's school uniform......

Two child 'benefit cap' examined
Children-related benefits given to families may be capped at two children, Work and Pensions Secretary Iain Duncan Smith says......

Euro business activity dips again
Business activity in the eurozone contracted at its fastest pace in almost three-and-a-half years in October, a survey suggests......

Greece 'to get bailout extension'
Greece's Finance Minister, Yiannis Stournaras, says the country has been given more time to hit bailout targets......

Hong Kong in more currency action
Hong Kong's central bank intervenes in financial markets again, weakening its currency after it jumped in value......

Annual profits rise at Debenhams
Department store chain Debenhams reports 4.2% growth in full year profits despite "challenging trading conditions"......

US trade judge sides with Apple
A US International Trade Commission judge, in a preliminary ruling, says Samsung infringed four of Apple's intellectual property patents......

Bank of America hit by fraud suit
Bank of America is being sued for $1bn for alleged mortgage fraud relating to loans it sold to US mortgage agencies Fannie Mae and Freddie Mac......

Nike agrees Umbro sale for $225m
Sportswear giant Nike agrees a deal to sell UK sports brand Umbro to US clothing company Iconix Brand Group for $225m......

Olympics effect to boost UK GDP
The Olympics are expected to help the economy show growth in the third quarter of the year, suggesting the double-dip recession is over......

Gers deal talks 'were recorded'
BBC Scotland uncovers new evidence showing Rangers administrators Duff and Phelps knew Craig Whyte had sold season tickets to buy the club......

VIDEO: Osborne: 'The economy is healing'
Official figures have suggested the double-dip recession is over, with the UK economy estimated to have grown by a higher than expected 1% in the three months to the end of September......

VIDEO: UK Ford job losses 'a bad blow'
Carmaker Ford has announced plans to close two UK plants with the loss of 1,400 jobs......

VIDEO: WPP cuts full-year outlook again
WPP, the world's largest advertising group, has reduced its full-year outlook for the second time in two months, sending its shares lower......

VIDEO: What impact has the recession had?
The UK is out of recession according to the latest official figures, which show the economy grew 1% between July and September 2012......

VIDEO: Microsoft boss on 'epic' launches
Rory Cellan-Jones talks to Microsoft CEO Steve Ballmer as his company prepares to launch its first tablet, the Surface, and its latest operating system, Windows 8......

VIDEO: Balls: Growth is actually weak
The UK economy's growth is "weak" according to Labour's shadow chancellor......

VIDEO: Santander profits drop by 90%
The eurozone's biggest bank has seen quarterly profits fall by more than 90%......

AUDIO: UK EU budget veto 'extraordinarily difficult'
The President of the EU Council, Herman van Rompuy, is due to hold talks with David Cameron in Downing Street this afternoon, amid disagreements about a proposed increase in the EU's budget......

Laos set to join the world trade club
Laos gets set to join the world trade club.....

China's economic miracle
China's miraculous economic growth.....

Carmakers and workers jostle over European factories
Workers worry as carmakers get serious.....

Strikes keep pounding South Africa
South African economy dented by industrial action.....

Have you been a bank employee?
Tell us how retail financial services has changed over the years.....

Can women save Japan's economy?
Can more women in the workforce boost Japan's economy?.....

Daily Digit: $400 Billion
Oct 25 - Personal interest income plummets by $400 billion since 2008 as the Federal Reserve keeps interest rates near zero. Carmen Roberts reports......

U.S. Day Ahead: GDP, it's bad, but it could get uglier!
Oct 25 - Expect the latest GDP figures to show the economy grew by just under 2% in the third quarter. But now economists are revising down their projections......

Building 'social' businesses in the shadow of Facebook
Technology Correspondent Matt Cowan reports......

Breakingviews: Lazard keeps shareholders on side
Oct 25 - Rob Cox and Antony Currie discuss how the Wall Street firms plans to cut $125 mln of costs will make activists like Nelson Peltz happy......

Trading at Noon: Bringing their A-game: Amazon vs Apple
Oct 25 - A preview of Apple and Amazon earnings and watching P&G and Best Buy today......

Europe Day Ahead: German shoppers hold their nerve
Oct. 25 - Gfk's consumer confidence barometer is expected to remain at 5.9, as German shoppers continue to benefit from low unemployment and higher wage deals......

Accused ex-UBS trader begins defence
Oct. 25 - Former UBS trader Kweku Adoboli arrives at court on Thursday to start his defence against charges of fraud and false accounting. Sarah Sheffer reports......

Nestle: Engagement in a hostile digital world
Oct. 26 - A look inside Nestle Digital Acceleration Team, where social media engagement is used to defend its brand image......

Microsoft CEO: Windows 8 and Surface tablet re-imagine PCs
Oct 25 - Microsoft CEO Steve Ballmer launches Windows 8 and the Surface tablet saying both devices promise to re-imagine the entire PC category, adding the Surface tablet IS a PC......

Ford to close UK van factory
Oct.25 - Ford is to close its Transit van factory in Southampton and a stamping plant in Dagenham, Essex, next year in a move that could lead to the loss of around 2,000 jobs, union officials say. Ciara Sutton reports......

3XSQ: Procter & Gamble crushes profit expectations
Oct 25 - Procter & Gamble's profit excluding items rose more than expected and the company maintained a key forecast for the year, signaling after coming under pressure from activist investor Bill Ackman......

Peugeot workers protest plant closure
Oct. 25 - Peugeot workers demonstrate outside the company's headquarters in Paris against plans to close down a major plant, cutting 8,000 jobs. Simon Hanna reports......

Wealth Strategies: Salesforce, Amazon will fly in the cloud
Oct. 25 - Wells Fargo's Walter Price says the shift toward cloud computing will be a major driver for companies like Salesforce.com and Amazon and feels that Windows 8 will be key for Microsoft's future......

Sports Spread: Slow start a no-no for Man Utd v Chelsea
Oct. 25 - Man Utd will have to shore up their leaky defence if they're to keep Chelsea's rampant attacking talent at bay. Plus a preview of all the other weekend Premier League action......

UK exits recession, but recovery patchy - ONS
Oct. 25 - The strong economic rebound in Q3 was well-balanced, but largely down to one-off factors. So it's too early to say the recovery has real momentum, says ONS Chief Economist Joe Grice......

Daily Digit: Santander profits fall 66%
Oct. 25 - Santander, the euro zone's biggest bank, said its nine-month net profit fell by two thirds, hit by writedowns on bad property investments made during Spain's decade-long housing boom. Hayley Platt reports......

Market Pulse: Olympic cheer, earnings fear
Oct. 25 - The UK roars back to growth, partly thanks to a boost from the Olympics, but a slew of weak earnings across Europe limits any good cheer......

CNOOC results impress, but outlook hinges on dealmaking
Oct. 25 - Investors appear to have taken heart from CNOOC's third-quarter results, but questions still hang over the company's outlook as it faces an uphill battle to secure foreign energy assets......

Breakingviews: Credit Suisses big squeeze
Oct. 25 - Credit Suisses announcement of further cost cutting shows how business conditions have deteriorated, but it is hard to keep cutting costs without cutting revenue say Breakingviews......

BASF battles global slowdown
Oct. 25 - BASF earnings growth is seen at just 2% as a global slowdown saps the world's biggest chemical maker. We talk to CEO Kurt Bock......

Reuters on the Road: Giving Lab Experiments With Fun
Oct. 25 - The Giving Lab founder Dom Vallely takes the taxi challenge to explain his mission to make raising money simple, fun and rewarding......

Reuters Today: Britain probably out of recession
Oct. 25 - Official figures are expected to show the UK economy came out of recession in the third quarter but risks of a relapse remain......

ECONOMY 2012: WPP's Sorrell sees grey swans hit confidence
Oct. 25 - CEO Martin Sorrell sees four grey swans making clients cautious: the Euro Zone, the Middle East, a soft landing in China, and the U.S. fiscal cliff......

The Reuters Guide to What the Heck is Windows 8?
' Jon Gordon breaks down the various guises of the new Windows......

U.S. Morning Call: Microsoft set for Windows 8 launch
Oct 25 - Microsoft is desperate for Windows 8 to grip customers' imaginations, as it looks to regain ground lost to Apple and Google. Procter & Gamble and Aetna both report strong profit......

Apple shares fall as iPad sales disappoint
Apple has missed Wall Street earnings expectations for the second straight quarter, as customers held off on iPad purchases before the release of the iPad Mini.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/24e2.....

OFT rapped over Ryanair fares complaint
Britain's competition watchdog has been heavily criticised by a parliamentary ombudsman for failing to investigate a complaint by Ryanair over "screenscraping" websites that mis-sell its fares.<img width='1' height='1' src='http://telegraph.feedsp.....

Eurozone woes have put the skids on British car making
Britain is officially out of recession but it won't feel like that to the 1,400 Ford employees in Britain who will lose their jobs by the middle of next year.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/24e266.....

It's still a hard toil to the sunlit uplands of recovery
Despite the GDP figures, tough times will be with us for years, says Jeremy Warner<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/24e26631/mf.gif' border='0'/><br/><br/><a href="http://da.feedsp.....

German bank goes after Bernie Ecclestone
Formula One boss, Bernie Ecclestone, has been asked to hand hundreds of millions of pounds in damages to a German bank that claims it was duped over the sale of the motor racing series.<img width='1' height='1' src='http://telegraph.feedsportal.co.....

Eurozone nears Japan-style trap as money and credit contract again
All key measures of the eurozone money supply contracted in September and private credit fell at an accelerating pace, dashing hopes of a quick recovery from recession.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/56830.....

Apple faces pressure over iPhone 5 hopes
Apple will struggle to match Wall Street's estimates for sales of its new iPhone 5, analysts have warned ahead of expected record annual profits.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/24e26634/mf.gif' bo.....

Crispin Odey gambles on Man Group revival
Odey Asset Management lifted its holding in the troubled group.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/24e1ff10/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/1486582.....

The last presidential debate was a reminder the US can't end Europe's woes, but it must sort out its own
Almost 60m Americans sat down on Monday night to watch the presidential debate on foreign policy.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/24e1cf6f/mf.gif' border='0'/><br/><br/><a href="h.....

Yves Mersch rejected for ECB role as MEPs want woman
The European Parliament has blocked the appointment of a new member of the European Central Bank's executive board - apparently because the candidate is not a woman.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s.....

Europe risks Japan-style slump as money shrinks
All key measures of the eurozone money supply contracted in September and private credit fell at an accelerating pace, dashing hopes of a quick recovery from recession.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/56830.....

Hitachi poised to buy Horizon venture to build nuclear reactors in UK
Japan's Hitachi is on the verge of sealing a deal to revive Britain's ailing nuclear ambitions by buying the Horizon venture, which plans to build a series of reactors in the UK.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/327.....

Act on pledge to ease Irish debts, IMF urges EU
Europe must follow through on its pledge to ease Ireland's debt burden through direct recapilisation of its banks, or it risks leaving the country dependent on official financing, the International Monetary Fund said on Thursday.<img width='1' hei.....

Santander makes 'mystery' 232m provision
Mystery surrounds a 232m provision made by Santander UK for unspecified compensation costs the lender may face in future.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/24e154e9/mf.gif' border='0'/><br/>.....

Debt crisis: as it happened - 25 October, 2012
The IMF has urged Europe to follow through on its pledge to ease Ireland's debt burden by directly recapitilising its banks, which could cut the country's debt by up to 15pc.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f.....

OFT intervenes over plum deal
Little Jack Horner only stuck a thumb into his Christmas pudding. But the Office of Fair Trading (OFT) has poked its nose into the merger of Britain's two biggest plum pudding bakers - and has ensured that one will be pulled out.<img width='1' hei.....

Hackett sales rise on back of store openings
Hackett London, the British male clothing brand whose fans include Prince William, has reported a sharp rise in sales despite economic uncertainty, and is preparing to grow into China and India.<img width='1' height='1' src='http://telegraph.feeds.....

GDP rebound reduces prospect of more QE
Britain has bounced back from recession so strongly that there is no need for more money printing, economists said, as business groups called on the Coalition to take action now to secure the recovery.<img width='1' height='1' src='http://telegrap.....

Review: BlackBerry Balance
Will BlackBerry's new operating system end security fears over 'bring your own device'?<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/24e0b54c/mf.gif' border='0'/><br/><br/><a href="http://da.f.....

Penguin and Random House in merger talks
Two of the world's biggest book publishers, Penguin and Random House, could merge into a single powerhouse in a 2.4bn deal.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/24e1cf7a/mf.gif' border='0'/>.....

Pearson confirms Bertelsmann merger talks
Pearson has confirmed that it is in talks with German media giant Bertelsmann to combine their publishing divisions in a move that will create one of the most powerful global brands in the world.<img width='1' height='1' src='http://telegraph.feed.....

IMF urges EU to ease Ireland's debt load - debt crisis live
The IMF has urged Europe to follow through on its pledge to ease Ireland's debt burden by directly recapitilising its banks, which could cut the country's debt by up to 15pc.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f.....

Stobart cuts 1m off value of properties acquired from directors
TRANSPORT group Stobart has been forced to write down the value of a property portfolio it controversially bought from two directors earlier this year by more than 1m.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300.....

Shire chief executive to resign amid falling sales of top drug treatment
Angus Russell, the chief executive of Shire, is to step down at the FTSE 100 pharmaceuticals group, which yesterday reported third-quarter profit that missed analysts' estimates.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/327.....

Energy price rises push consumers to switch
Households are angry about recent price rises and looking into switching energy providers.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/24e070f9/mf.gif' border='0'/><br/><br/><a href="http://d.....