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Wednesday 31 October 2012

UK Financial News on 2012-10-31

Heseltine issues growth challenge
Lord Heseltine recommends ending a century of centralisation and moving growth funds nearer to industry in his report into boosting UK growth......

Barclays in new regulatory probes
Barclays says that it is the subject of two new regulatory probes after a series of scandals and announces it made a loss in the third quarter......

Redundancies at London taxi firm
Some 156 staff are to go from London taxi firm Manganese Bronze, just a day after administrators said there was interest from potential investors......

Facebook dips on staff sell-off
Facebook shares fall 3.8% on the day employees became eligible to start selling restricted shares in the social networking giant......

US exchanges open for business
The stock markets in New York reopen after their longest closure since 9/11 due to the superstorm Sandy......

Auditors of Blues' owners resign
The auditors looking into the accounts of Birmingham City FC's parent company resign from the job......

GM plans more cost cuts in Europe
US carmaker General Motors says it plans $500m in cost cuts at its troubled Europe unit as it reveals a bigger-than-expected quarterly profit......

Greece debt problems even worse
Greece forecasts an even deeper recession and bigger debtload in 2013 as eurozone ministers hold inconclusive talks over Greece's latest bailout loan......

Disney buys firm behind Star Wars
Disney buys Lucasfilm, the company behind Star Wars, from George Lucas for $4.05bn (2.5bn) and will release a seventh Star Wars film in 2015......

Living standards 'may stagnate'
Millions of poor and middle-income households could see their living standards no higher in 2020 than in 2000, a group of employers, unions and parents says......

Economy changes shoppers' habits
Falling consumer confidence is causing a change in behaviour, major retailers say, as shoppers worry tough times are set to continue......

Euro unemployment hits new high
Eurozone unemployment jumped to a fresh high of 18.49 million in September, the EU statistics agency says......

Portugal backs tax-rise budget
Portugal's parliament backs a tax-raising budget designed to meet eurozone demands, as hundreds gather in Lisbon to protest......

Barr and Britvic talks 'advanced'
Soft drink firms AG Barr and Britvic are given more time to seal a possible 1.4bn merger as talks make "substantial progress"......

Panasonic forecasts $9.6bn loss
Panasonic projects that it will make a loss in the current financial year due to falling sales and a jump in restructuring expenses......

Clydesdale Bank reports losses
Clydesdale Bank reports a pre-tax loss of 183m for the year to September, with bad debt increasing......

Hi-tech toys tipped for success
Technological advances have again influenced the toy industry's top picks for success this Christmas, according to a new list......

Poor harvest hits wine production
A poor grape harvest in 2012 is predicted to lead to a wine shortage across the world......

Child benefit 'foreign anomaly'
High earners working abroad could hold on to all their child benefit despite having an income of over 50,000 when the January cut comes into force......

Negative equity problem 'easing'
The problem of negative equity has eased in the past year, according to research from the Council of Mortgage Lenders......

'No detail yet' for energy plan
The prime minister announced the "intent, not the detail" of a plan to put energy customers on the cheapest tariff, the energy minister tells MPs......

Sandy damage estimated at $20bn
Businesses on the US East Coast continue to be disrupted by storm Sandy, with total damage estimated at between $10bn and $20bn (6bn-12bn)......

Japan gets $138bn stimulus boost
The Bank of Japan takes further stimulus measures amid concerns that Japan's economic recovery may be running out of steam......

India cuts bank reserve not rates
India's central bank leaves rates unchanged but cuts the amount of money lenders need to keep in reserve in an attempt to boost growth......

Tarmac in talks with French firm
Building supplies firm Tarmac is consulting with employees over how a joint venture with a French company will affect jobs in Wolverhampton......

Standard Life reports sales fall
Pensions, savings and investment firm Standard Life reports a 7% drop in sales on the back of a weaker pensions business......

Can China's internet firms balance nationalism with global dreams?
Nationalistic displays by internet giants Baidu and Tencent could complicate their global expansion plans......

Judge approves Gers liquidation
A judge approves a motion for the former Rangers Football Club to be handed over to liquidators......

Pakistan 'cleared' to tour India
India's home ministry clears the way for Pakistan to play its first cricket series in India - a short limited-overs tour - in five years......

VIDEO: Disney buys makers of Star Wars
Disney is buying Lucasfilm, the makers of Star Wars and says it will make a seventh film in the series. The deal was worth more than $4bn......

VIDEO: Can the living cost gap be fixed?
Newsnight's Allegra Stratton investigates what can be done about wages failing to keep up with the cost of living......

VIDEO: Beekeepers stung by low honey yield
A cold, wet summer has led to a huge drop in the amount of honey produced by UK beehives......

VIDEO: Ryanair 'growing like gangbusters'
Budget airline Ryanair is to expand its operation, creating up to one thousand jobs at airports in Liverpool, Manchester and the East Midlands......

AUDIO: 'I need 10,000 in 25 days'
Crowdfunding, or crowdsourcing, is one of the alternative funding models the government has been promoting for small and medium-sized businesses to try and remove their dependence on bank lending......

AUDIO: PM 'facing rebellion over EU'
David Cameron is facing a potential rebellion in the Commons over his policy towards the European Union budget......

VIDEO: Heseltine issues growth challenge
The former Conservative minister has said funds for businesses should be transferred out of London and into the regions......

VIDEO: Film industry boost to UK economy
Film tax relief brings in at least 12 for every 1 spent on it, according to the British Film Commission, with three new creative tax reliefs planned for 2013......

Will China fall flat on its face?
Will China fall flat on its face just like Japan?.....

China ratings firms challenge US dominance
Chinese ratings firms mount challenge to US dominance.....

Selling Kickstarter to the British
Will Britain get on board with crowdfunding site Kickstarter?.....

Hitachi's nuclear deal still faces hurdles
UK's new reactor plans face big hurdles.....

Viewpoint: The rise of alternative economic cultures
The rise of counter-cultural economics.....

How trustees can help charities
How you can help to run a charity.....

U.S. Day Ahead: Back to the earnings grind after Sandy!
Oct 31 - After Hurricane Sandy delayed several companies from reporting earnings, investors get to sift through results from 8 percent of the S&P 500 with two big potential surprises......

Trading at Noon: GM surprises; Sandy recovery begins
Oct 31 - GM soars on Q3 results, Facebook lock-up over, Wall Street open for business among Sandy recovery.....

Cost of Sandy could rise above $20 billion estimate - EQECAT
Oct. 31 - Hurricane Sandy may have caused damage of over $10-$20 billion and could result in losses of more than $5-$10 billion, according to EQECAT, with 30-40% of those costs coming in New York City......

Grim news for Greek recession
Oct.31 - Greece announces its 2013 budget against a backdrop of protests, predicting a worse-than-expected recession in 2013. Ciara Sutton reports......

IKEA to take Scandinavian style to India
Oct. 31 - Swedish furniture retailer IKEA is currently celebrating 25 years in the UK - where some of its iconic products like the Billy Bookcase now feature in many homes. The firm has 338 stores in 40 countries, but its flatpack furniture may be ap.....

Mickey Mouse and Darth Vader join forces
Oct. 31 - Walt Disney has agreed to buy filmmaker George Lucas's Lucasfilm Ltd and the "Star Wars" franchise for $4.05 billion in cash and stock, a blockbuster deal that adds one of the most beloved franchises in entertainment history to Disney's lin.....

Factbox: Seeking a successor for the toughest job in mining
Oct. 31 - The search is on to find a replacement for outgoing Anglo American CEO Cynthia Caroll. With the firm facing troubles galore, whoever gets the nod will inherit one of the toughest jobs in mining......

New York Stock Exchange reopens after Sandy forces two-day closure
Oct. 31 - Financial markets reopen with New York Mayor Michael Bloomberg ringing the opening bell at the New York Stock Exchange after hurricane-turned-superstorm Sandy forced its closure for two days. Rough Cut (no reporter narration)......

High speed ice skates put spring in inventor's step
Oct. 31 - A Canadian inventor has developed ice skates that will greatly increase the speed of skaters on the rink. With high compression springs inserted between the blade and the sole of the boot, skaters will be able to take advantage of their kin.....

Daily Digit: Barclays shares drop 5% on U.S. probe news
Oct. 31 - Barclays, already rocked by an interest rate rigging scandal, unveiled two new U.S. regulatory investigations into the bank's financial probity on Wednesday and said its profit was hit by charges for mis-selling insurance. Hayley Platt repo.....

3XSQ: Home improvement, insurance stocks set for volatile day
Oct 31 - Stocks in home improvement chains look set to lead the S&P 500 index higher, while insurers and re-insurers are seen taking big losses......

Clues to pain relief found in deadly snake venom
Oct. 31 - French scientists say the venom of the Black Mamba, one of the world's deadliest natural poisons, could hold the secret to new forms of pain relief. Jim Drury reports......

Breakingviews: Be decisive, Barclays!
global commentary unit Breakingviews......

Maersk Drilling CEO sees energy quest moving to deeper seas
Maersk Drilling CEO Claus Hemmingsen explains why the deep-sea drilling business is likely to hold up even in uncertain economic times--so well, in fact, that it may struggle to find skilled workers......

China transition won't usher in reform drive: scholar
Oct. 31 - Harvard University professor Roderick MacFarquhar, one of the West's foremost scholars on modern China, says he sees little reason to expect sweeping changes from China's new generation of leaders......

Reuters Today: Barclays may think twice about retail focus
Oct. 31 - In the wake of UBS' retreat from investment banking, Barclays may re-evaluate its new focus on retail, says Praefinium Partners' Alpesh Patel......

China's young capitalists covet Communist Party membership
Oct. 31 - Maoist ideas may appear outdated in a fast-growing and increasingly prosperous China, but ambitious young people still strive to join the Communist Party to forge vital career connections......

Stability more crucial to China than growth: S&P analyst
Oct. 31 - Kim Eng Tan, S&P's Asia-Pacific senior director of sovereign ratings, discusses prospects for the Chinese economy as the country's leadership transition looms......

Reuters Poll: Global funds buy U.S. equities, euro bonds
asset allocation poll shows funds going for U.S. equities and euro zone bonds. BNP Paribas Asset Management's Joost van Leenders and Investment Quorum's Lee Robertson discuss the findings......

U.S. Morning Call: Traders return to NYSE, Nasdaq
Oct 31 - Traders are expecting a volatile trading session when stock exchanges reopen, as some funds mark their fiscal year-end......

Market Pulse: Scary Halloween earnings, but stocks fly high
Oct. 31 - Earnings scream warning signs for the global economy, but European stocks rise for five months in a row, their best run in six years. Plus: Happy Anniversay Super Mario!.....

Wall Street gets ready for business
Oct 30 - U.S. stock markets are expected to get back on their feet on Wednesday with a reopening of the New York Stock Exchange after the worst storm to hit New York City since 1938 left the major financial district without power and under water. Con.....

Daily Digit: Sandy could cost $20b
Oct 30 - Hurricane Sandy may have caused as much as $20 billion in economic losses, according to disaster modeling company Eqecat. Conway G. Gittens reports......

U.S. Day Ahead: U.S. stock markets expect to reopen
Oct 30 - Major U.S. stock exchanges expect to open on Wednesday after a monster storm shut down their trading for two days......

EE brings 4G to UK
Technology Correspondent Matt Cowan reports......

British banks should have been given bigger bailouts
Antony Jenkins, the new Barclays chief executive, has already started referring to episodes in the bank's recent past as "legacy issues", including the latest revelations of regulatory entanglement in the US.<img width='1' height='1' src='http://t.....

Energy shares in focus as BG tumbles
Tullow Oil was one of the biggest risers on the FTSE 100.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2518bb86/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/148658652475/.....

The euro is heading for a permanent state of depression
If the euro survives in its current form, then Mario Draghi, president of the European Central Bank, will surely have earned his place in the history books as one of the chiefs of its salvation.<img width='1' height='1' src='http://telegraph.feeds.....

Debt crisis: as it happened - 31 October, 2012
Conservative MPs have rebelled against Prime Minister David Cameron and voted to back demands for a reduction in EU spending.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/25188433/mf.gif' border='0'/><br/.....

Debt crisis: EU budget debate - Live
Speaking in the Commons today, the PM reiterated his stance that he will veto any EU budget deal if he is not satisfied with the outcome, which is at best cut, at worst frozen.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726.....

Greek death spiral raises heat for German-bloc creditors
Greece's debt-load is rising much faster than expected as the country spirals into a sixth year of depression, ratcheting up the pressure on Germany and Europe's creditor states to accept debt-forgiveness for the first time.<img width='1' height='.....

Top civil servant at Department for Transport barred from seeing West Coast franchise details
The most senior civil servant at the Department for Transport was kept at "arm's length" from the West Coast franchise competition until just weeks before the contract was controversially awarded to FirstGroup, MPs have heard.<img width='1' height.....

Jobs go at black cab maker Manganese Bronze
Workers at ailing London black cab maker Manganese Bronze were dealt a major blow yesterday as the company's administrators made 156 people redundant with immediate effect.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/5.....

BG Group sees 6bn wiped off its value after production warning
BG Group suffers the biggest one-day share price fall in its history after warning that it would see no growth in oil and gas production next year.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2517f59e/mf.gif' .....

Panasonic restructures as its warns of 6bn loss
Struggling electronics giant Panasonic has warned it is heading for another near 6bn loss in a dramatic reversal of earlier predictions that it would return to profit.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300.....

Antony Jenkins remains tight-lipped on Barclays future
After 62 days in the job, Barclays new chief executive, Antony Jenkins, has presented his first set of results since taking charge of the lender in the wake of the Libor-rigging scandal.<img width='1' height='1' src='http://telegraph.feedsportal.c.....

Jenkins remains tight-lipped on Barclays future
After 62 days in the job, Barclays new chief executive, Antony Jenkins, has presented his first set of results since taking charge of the lender in the wake of the Libor-rigging scandal.<img width='1' height='1' src='http://telegraph.feedsportal.c.....

Next chief executive says consumers are "subdued but not troubled"
The chief executive of Next said British consumers are "subdued but not troubled" by the state of the economy as the fashion retailer reported a recovery in sales in September and October.<img width='1' height='1' src='http://telegraph.feedsportal.....

Lonmin rights issue could be disrupted by short-selling
Lonmin, the platinum miner thrown into crisis by South Africa's strikes, could see its planned $800m (497m) rights issue disrupted by heavy short-selling in its shares, analysts have warned.<img width='1' height='1' src='http://telegraph.feedsport.....

Short interest in Lonmin hangs over rights issue
Lonmin, the platinum miner thrown into crisis by South Africa's strikes, could see its planned $800m (497m) rights issue disrupted by heavy short-selling in its shares, analysts warned.<img width='1' height='1' src='http://telegraph.feedsportal.co.....

GSK to review European operations amid sales fall
Britain's biggest drug maker, GlaxoSmithKline, has announced a review of its European operations as sales fell 8pc in the third quarter, which could lead to significant job cuts.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/327.....

Bank of England's Charlie Bean signals no more QE
The prospect of more money printing has receded after Charlie Bean, the Bank of England's deputy governor, revealed he had doubts about how much growth the policy would deliver.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/3272.....

Bank's Bean signals no more QE
The prospect of more money printing has receded after Charlie Bean, the Bank of England's deputy governor, revealed he had doubts about how much growth the policy would deliver in what could be a key shift at the central bank.<img width='1' height.....

Argentina told to seize up to $19.2bn of assets from Chevron
Ecuador has asked Argentina to seize up to $19.2bn of assets from Chevron in the latest twist in a long-running lawsuit over pollution in the Amazon rainforest.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2517.....

Lakshmi Mittal feels China chill as ArcelorMittal sees loss
Britain's richest man Lakshmi Mittal will miss out on around around $350m (217m) in dividends after his steel giant ArcelorMittal plunged to a loss.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/25175504/mf.gif'.....

Kazakhmys chairman Vladimir Kim has 17pc of company shares backing loans
Kazakhmys chairman Vladimir Kim has 17pc of the copper miner's shares backing personal loans.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/25175507/mf.gif' border='0'/>.....

Kazakhmys chairman uses shares as collateral
Kazakhmys chairman Vladimir Kim has 17pc of the copper miner's shares backing personal loans.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/25171455/mf.gif' border='0'/><br/><br/><a href="http:.....

Facebook shares drop 4pc as employees offload stock
Facebook shares fell as much as 5pc on Thursday, as many staff who have spent months watching the value of their stakes in the business plummet were finally able to cut their losses.<img width='1' height='1' src='http://telegraph.feedsportal.com/c.....

Break up the banks if ring-fence fails, says policy architect and former Barclays chief Martin Taylor
Britain's lenders will have to be broken up if the ring-fence to protect their retail banking operations from "casino" investment banking proves to be "permeable", warned Martin Taylor, one of the policy's architects.<img width='1' height='1' src=.....

Just 14pc of low-paid men have a workplace pension, TUC finds
Low-paid workers are far less likely than those on higher salaries to have a workplace pension, according to a TUC report.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/25166253/mf.gif' border='0'/><br/>.....