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Friday 26 October 2012

UK Financial News on 2012-10-26

US economic growth up sharply
The US economy grew at a faster-than-expected annualised pace of 2%, official figures show, as the US presidential election approaches......

EDF to raise energy cost by 10.8%
EDF Energy customers will see a 10.8% rise in energy prices from 7 December, the biggest average percentage rise from the major firms so far......

Hacking claims hit Mirror shares
Shares in Trinity Mirror slide 16% amid allegations of phone hacking by the media group's newspapers gather......

Anglo American chief to step down
Cynthia Carroll is to step down as head of mining firm Anglo American after shareholder pressure, leaving two women running FTSE 100 firms......

Facebook claimant in fraud charge
A New York businessman is charged with trying to defraud Facebook by claiming a 50% stake in the multi-billion dollar social media firm......

Galaxy phones lift Samsung profit
Samsung Electronics reports record quarterly profits led by strong sales of its Galaxy range of smartphones, as Apple's profits growth disappoints......

Spain jobless rate hits new high
About a quarter of working-age people in recession-hit Spain - and more than half of young people - are unemployed, new figures show,.....

'Rogue' trader faces new charges
A City trader with Swiss bank UBS accused of a 1.4bn fraud is charged with two further counts as he took the witness stand for the first time......

House prices 'driven by London'
House prices dipped in September in England and Wales compared with the previous month, but rose 1.1% compared with a year earlier, a report has said......

Nintendo Wii U to be sold at loss
Nintendo says its forthcoming Wii U games console will be sold at a loss, reversing its previous strategy......

Union meeting over Ford closure
Union members at Ford's Southampton Transit factory are to stage a mass meeting as they bid to fight its closure......

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......

Gas bill revamp for small firms
More small businesses will receive clearer information that allows them to shop around for energy under plans from the regulator Ofgem......

Pension pots 'could fund housing'
A possible 100,000 to 300,000 homes could be built in the UK every year without using any government money, a study claims......

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......

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

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......

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......

South Korea economic growth slows
South Korea's economy grows at its slowest pace in nearly three years as global slowdown hurts demand for its exports and firms cut their investment......

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......

HTC sees lower sales at year-end
HTC says its sales will be lower than expected as the Taiwanese smartphone maker has been finding it hard to emulate the success of its rivals......

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

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

Leeds takeover deal close - Bates
The proposed takeover of Leeds United is approaching completion, according to current owner and chairman Ken Bates......

Kroenke defends Arsenal ambition
Arsenal majority shareholder Stan Kroenke moves to reassure supporters by stressing that his goal is to win trophies at the club......

VIDEO: A history of energy tariff plans
Mail on Sunday personal finance reporter Richard Dyson looks back at the history of domestic energy tariffs......

VIDEO: UBS 'rogue trader' sheds tears
A trader with Swiss bank UBS accused of a 1.4bn fraud was charged with two further counts as he took the witness stand for the first time......

VIDEO: Animal behaviour in the boardroom
Monkey business might mean mucking around, but some companies are finding inspiration in the chimp world......

VIDEO: Emergency eurozone summit: one year on
Exactly a year ago Europe's leaders came together in Brussels for an emergency summit aimed at solving the Eurozone crisis once and for all......

AUDIO: Viral videos 'are big business'
Millions of people across the globe watch and share funny amateur videos put up on YouTube and now those videos have the potential of generating six figure sums......

VIDEO: Food trucks rev-up fast food
Chefs are taking to the street, using food trucks as way of testing menus and locations before they set up a permanent restaurant......

VIDEO: 'Small businesses struggle with energy'
More small businesses will receive clearer information that allows them to shop around for energy under plans from the regulator......

AUDIO: Housing 'huge opportunity for pension funds
Today the Future Homes Commission, will publish publishes its findings today and will argue that if Local Authority pension funds invested 10bn of their assets (15%) in building new housing, it would end the house crisis and add 3% to GDP......

The US economy debate
The economy debate in the US elections.....

Publishing mergers 'inevitable'
Should Penguin merge with Random House?.....

How Britain's oldest builder survived the recession
How Britain's oldest building firm has survived for 13 generations.....

Extremadura: Spains worst-hit region?
Does Extremadura have Spain's worst hit economy?.....

VIDEO: First look at Blackberry 10 phone
The latest BlackBerry 10 operating system.....

NFL continues its UK export drive
NFL brings American Football back to London.....

Have you been a bank employee?
The BBC is looking for people to share experiences.....

Greece gets investment from Russia with love
Northern Greece draws Russian investors despite crisis.....

U.S. Week Ahead: Jobs, earnings and a hurricane oh my!
Oct 26 - Expect a rocky week for the markets as they face a politically-charged jobs report, the potential for another meltdown in earnings and even a destructive hurricane......

Daily Digit: Defense spending up 13%
Oct. 26 - The U.S. government's 13 percent military shopping spree adds to a spike in quarterly GDP. Conway G. Gittens reports......

Economist: Declining incomes signals Romney presidency
Oct 26 - Economist Douglas Hibbs' "Bread and Peace" economic model, which focuses on Americans' personal incomes, suggests Mitt Romney will win the presidency in a landslide election......

Trading at Noon: Tablet wars begin ahead of the holidays
Oct 26 - Microsoft fights back with Surface release, Apple charging forward with the iPad mini & Samsung sees record smartphone shipments.....

FACTBOX: Ballmer talks, Microsoft's stock balks
Oct 26 - Microsoft CEO Steve Ballmer touted Windows 8 as "the biggest deal for the company in at least 17 years." But Microsoft has had a history of launching less-than-stellar products under Ballmer's tenure......

Breakingviews: Apples mini influence
Oct 26 - Jeffrey Goldfarb and Breakingviews columnists discuss why the new iPad mini might not matter so much for Apple and how the companys value stacks up against Amazons......

Amazon looks to luxury fashion
Amazon, the world's largest internet retailer, has started selling more fashion and clothing, and expressed a desire to attract luxury brands to its site. Analysts say some high-end labels may want to retain control over where their products are sold.....

Europe Week Ahead: Debt, earnings worries pile up
Oct. 26 - Greece is back on centre stage as the troika report on its finances gets nearer, while it may also be another weak of disappointing earnings for Europe......

Spain unemployment hits record high
Spain's jobless rate reached a new record high of 25 percent in the third quarter, with the prospect of further rises as government austerity measures kick in. Ciara Sutton reports......

Reuters Asks CEOs: What's your 10 year tech game changer
asks CEOs what they think the most important technical advance will be over the next ten years......

Wealth Strategies: Emerging market debt & equities shine
Oct. 26 - Elizabeth Corley, CEO of Allianz Global Investors, says she's finding opportunities in emerging market stocks and that the biggest mistake investors are making is keeping too much money in cash......

3XSQ: U.S. GDP expands 2%
Oct 26 - Economic growth picked up in the third quarter as a late burst in consumer spending offset the first cutbacks in investment in more than a year by cautious businesses......

Factbox: Lower growth, wider deficit, no problem?
Oct. 26 - South Africa says growth will be lower and deficits wider than previously thought, but finance minister Pravin Gordhan says spending restraint means there's nothing to worry about......

Market Pulse: After tough week... TGI Friday
Oct. 26 - There's no weekend cheer for investors as soft earnings, growth worries and the looming U.S. fiscal cliff combine to send risk assets lower......

ECONOMY 2012: Ericsson sees more cuts amid global slowdown
Oct. 26 - Ericsson announced more cuts as third-quarter profits fell 42 percent. We speak to the company's chief executive Hans Vestberg to find out how the company is shielding itself from the global slowdown......

Lyon expo shows serious side of video games
Oct. 26 - Exhibitors at the eighth annual Serious Games Expo in France insist that video games don't always involve frittering away hours of your life. They believe their own video game products can be put to serious use by businesses, engineers, and.....

Breakingviews: FTSE100 loses another woman
Oct. 26 - Cynthia Carrolls departure from Anglo American leaves just two female CEOs in the FTSE 100, highlighting the proposition that quotas for female executives are needed say Breakingviews......

Grape picking robot prunes like a pro
Oct. 26 - A French engineer has designed a robot that in the future will be able to prune and pick grapes, saving wine makers time and money. Hayley Platt reports......

Meet Sinopec's M&A man
Oct. 26 - Sinopec chairman Fu Chengyu is one of the higher-profile leaders running China's mammoth state-owned enterprises, and the architect of the Chinese oil giant's overseas acquisition push......

Samsung prints money, but investors skeptical
Oct. 26 - Samsung's record $7.4 billion dollar third-quarter profit failed to impress investors. That's because the firm may have trouble maintaining its stomping pace in the months ahead. Jon Gordon reports......

Reuters Today: Global tech giants add to earnings gloom
Oct. 26 - World stock markets are on the defensive as results from Apple, Samsung and Amazon disappoint investors. Plus, a hedge fund "fight club" and only 2 out of 100 of Britain's top CEOs are now women......

Asia Week Ahead: Run-up to China's leadership transition
Oct. 26 - Political tensions are likely to rise next week with scandals emerging ahead of China's leadership transition. Manufacturing data meanwhile will be watched for further signs of recovery......

Breakingviews: The cost of China's old boys club
Oct. 26 - Amid talk of the substantial wealth connected to the family of Premier Wen Jiabao, Breakingviews' John Foley and Peter Thal Larsen weigh in on China's insider culture......

KKR co-founder sees opportunity in crisis-hit Europe
Oct. 26 - Henry Kravis, co-chairman of private equity fund KKR, discusses his investment strategies for Europe and Southeast Asia at the opening of the firm's Singapore office.Rough cut(No reporter narration).....

Anglo American chief quits DO NOT UPLOAD
Oct. 26 - Anglo American's Chief Executive Cynthia Carroll stepped down on Friday after more than five years in the job, under increased pressure from investors over the miner's lagging share price and continued dependence on troubled South Africa. H.....

Trinity Mirror value falls 29m over hacking claims
Trinity Mirror saw almost 29m wiped off its market value today following news that a High Court judge would be overseeing four hacking claims filed against some of its newspapers.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32.....

Citigroup fined $2m over Facebook IPO breach
Citigroup has been fined $2m (1.2m) by US authorities for failing to supervise a junior analyst who sent confidential information about Facebook's multi-billion flotation to two technology bloggers.<img width='1' height='1' src='http://telegraph.f.....

Lloyds latest UK bank to face Libor-rigging inquiry
Lloyds Banking Group has become the latest British lender to be drawn into the Libor-rigging investigations by state prosecutors in the US.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/24ed9d84/mf.gif' border='.....

Nokia drops out of top five smartphone makers
Nokia has been ousted from the world's top five smartphone makers for the first time, as figures showed the growing strength of China's technology firms.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/24ed9d85/mf.....

Cynthia Carroll ends roller-coaster ride through mining world
Anglo American could be broken up and its platinum business sold to satisfy rebel shareholders who secured the resignation of Cynthia Carroll as chief executive.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/24e.....

Anglo chief's exit could lead to break-up of business
Anglo American could be broken up and its platinum business sold to satisfy rebel shareholders who secured the resignation of Cynthia Carroll as chief executive.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/24e.....

Technology giants mobilise as Christmas war looms
The scene is set for an almighty clash at the top of the technology industry as its three main forces, Apple, Google and Microsoft, ready their smartphones and tablets for the Christmas shopping season.<img width='1' height='1' src='http://telegra.....

Unhappy Anglo needs swift action in wake of Cynthia Carroll's departure
They say always follow the money, and the 4pc rise in the Anglo American share price today reveals satisfaction in the market that Cynthia Carroll's decision to quit as chief executive was the right one.<img width='1' height='1' src='http://telegr.....

Greece faces 30bn bill for two-year delay to meet bail-out targets
Greece is facing the prospect of more austerity to cover the 30bn cost of being given two more years to meet the conditions of its international bail-out.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/24ec13af/m.....

Canadian pension fund invests in MotoGP and Formula One
Canada's biggest pension fund is investing almost 600m in the world's leading motorsport championships.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/24ec07e9/mf.gif' border='0'/><br/><br/><a h.....

Debt crisis: as it happened, October 26, 2012
Ireland must negotiate "new conditions" with its international lenders if it is to use the eurozone's permanent bail-out fund to recapitalise its battered banks, Angela Merkel's spokesman has said.<img width='1' height='1' src='http://telegraph.fe.....

Debt crisis: Spain jobless rate hits record 25pc - live
Ireland must negotiate "new conditions" with its international lenders if it is to use the eurozone's permanent bail-out fund to recapitalise its battered banks, Angela Merkel's spokesman has said.<img width='1' height='1' src='http://telegraph.fe.....

Amazon and Apple rule the roost in publishing
Technology companies are the new publishing power-brokers, so traditional players like Penguin and Random House have to hatch a new plan, says Katherine Rushton<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/24eb.....

US economy grows by 2pc in the third quarter: reaction
US economic growth spiked 2pc in the second quarter thanks to consumer spending. Here's how economists reacted.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/24eabfbf/mf.gif' border='0'/><br/><br/>.....

Taxman jails arms smuggler over China deal
HMRC convicts international arms smuggler jailed for not having a licence as part of tax evasion crackdown.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/24eabfc8/mf.gif' border='0'/><br/><br/><.....

Man convicted over china arms deal
HMRC convicts international arms smuggler jailed for not having a license.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/24ea772b/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.co.....

US growth quickens as fight for the White House enters final stretch
US economic growth accelerated last quarter according to a report that both President Barack Obama and Republican Mitt Romney are likely to use to make their case to American voters.<img width='1' height='1' src='http://telegraph.feedsportal.com/c.....

US growth quickens as fight for the White House enters final stretch
US economic growth accelerated last quarter according to a report that both President Barack Obama and Republican Mitt Romney are likely to use to make their case to American voters.<img width='1' height='1' src='http://telegraph.feedsportal.com/c.....

Virgin Atlantic to join global airline alliance, says Branson
Sir Richard Branson reveals Virgin Atlantic will join a global airline alliances, in a major about-turn for the entrepreneur who has consistently branded such groups anti-competitive.<img width='1' height='1' src='http://telegraph.feedsportal.com/.....

BoE's Andrew Haldane: 'Curb King Kong banks further'
Banks are too big and should be broken up or shrunk to curb the risks that "King Kong" lenders still pose to the economy, a senior Bank of England policymaker said.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/.....

US economy expands by 2pc in third quarter
US economic growth spiked 2pc in the second quarter thanks to consumer spending, but the rate is unlikely to offer little cheer for the White House given it will make little dent in unemployment.<img width='1' height='1' src='http://telegraph.feed.....

UBS 'rogue trader' sobs: 'I only tried my best'
Kweku Adoboli, accused of gambling away 1.5bn, sobbed in court today as he said: "We were kids trying to make it work."<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/24e9a6d8/mf.gif' border='0'/>.....

UBS 'rogue trader' sobs: 'I only tried my best'
A UBS trader accused of gambling away 1.5bn, sobbed in court today as he insisted he only wanted to "my job to the best of my ability".<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/24e95230/mf.gif' border='0'/&.....

The two women left running FTSE 100 companies
After Cynthia Carroll announced she is to step down as chief executive of Anglo American, there are only two women left running FTSE 100 companies. We profile Alison Cooper and Angela Ahrendts.<img width='1' height='1' src='http://telegraph.feedsp.....

Coventry launches new Poppy Bond
Alongside a spate of market-leading savings products, Coventry launches a new Poppy Bond to benefit the Royal British Legion.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/24e95237/mf.gif' border='0'/>.....