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Thursday, 1 November 2012

UK Financial News on 2012-11-01

Comet to go into administration
The Comet retail chain is going into administration after private equity firm OpCapita failed to revive the business......

Lloyds PPI bill up another 1bn
Lloyds Banking Group sets aside a further 1bn to pay for the cost of compensating customers who were mis-sold payment protection insurance......

Barclays faces $470m energy fine
Barclays is threatened with fines of $470m (291m) by US regulators to settle accusations it sought to manipulate the California energy markets from 2006-2008......

Greek shares fall on debt talks
Greek shares fall 5% on concerns talks between Athens and its rescue lenders are not progressing as smoothly as hoped, with banks hit hard......

Manufacturing decline 'continues'
The UK's manufacturing sector shrank in October for the sixth month in a row as new orders fell and costs rose, a survey suggests......

US consumer confidence on the up
US consumer confidence jumps to an almost five-year high, according to a closely-watched survey, largely due to improvements in the US jobs market......

Profits fall at Shell and Exxon
Oil giants Royal Dutch Shell and Exxon Mobil both see quarterly profits fall as the industry battles a "difficult environment"......

Ex-SFO boss payments 'irregular'
Pension and severance payments of 412,000 made to the former chief executive of the Serious Fraud Office were made without proper authorisation, the National Audit Office rules......

RBS cuts back on paper statements
RBS and NatWest current account customers will no longer receive monthly paper bank account statements, unless they opt back into the system......

Apple slammed over Samsung notice
UK judges give Apple 48 hours to re-write a message on its website to make it clearer that Samsung did not infringe its iPad design rights......

BSkyB boosted by customer loyalty
Pay TV group BSkyB says that more customers took on additional services such as broadband and phonelines in the last quarter, boosting its revenue......

Beer tax system 'to be reviewed'
The government says it will keep the controversial beer tax "escalator" under review after a debate in the House of Commons......

China fund buys stake in Heathrow
China Investment Corporation, the country's sovereign wealth fund, buys a 10% stake in the firm that runs London's Heathrow airport......

BT cuts revenue outlook for year
Telecoms giant BT cuts its revenue outlook for the year after European corporate customers slash spending......

Sharp issues warning on survival
Japan's Sharp issues a warning about its future saying that it has found it tough to raise money amid mounting losses......

'No momentum' in housing market
The housing market will take time to gain momentum despite a rise in prices in October compared with the previous month, the Nationwide says......

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 cuts 'cost 50,000'
Some families may lose as much as 50,000 over the next 16 years due to cuts in child benefit, says the accountancy firm PwC......

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......

South Korean exports in rebound
South Korean exports have risen for the first time in four months, raising hope that the economy could be starting to recover......

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......

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......

Vodafone fixed contracts to rise
Phone companies are warned stricter rules could be introduced after Vodafone becomes the latest firm to raise the cost of its fixed contracts......

Nomura gets biggest trading fine
Japan's biggest brokerage, Nomura Holdings, is fined $2.5m (1.5m) for insider trading, the largest penalty handed down by the Tokyo Stock Exchange......

Panasonic shares drop on forecast
Shares of Japan's electronics giant Panasonic fall as investors worry about the firm's long-term future and its ability to turn around its business......

RFU plans 2015 World Cup legacy
The Rugby Football Union promises to invest 26m at grassroots level in the lead-up to the 2015 World Cup......

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

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

AUDIO: Osborne: We want EU budget cut
Chancellor says UK 'will veto any deal that is not good for the British taxpayer......

VIDEO: Surveyors' survey bleak for estate agents
There is a "total lack of trust" in estate agents, according to a survey by the Royal Institution of Chartered Surveyors......

VIDEO: Panasonic and Sharp suffer losses
Japan's electronics giants Sharp and Panasonic have posted increasing losses as Korean and Chinese companies have dominated the market......

VIDEO: Comet 'accident waiting to happen'
Around 6,500 retail jobs are at risk after electrical chain Comet confirmed that it will be put into administration next week......

VIDEO: Lloyds raises PPI bill by 1bn
Lloyds Banking Group has set aside a further 1bn to cover compensation for customers who were mis-sold payment protection insurance......

AUDIO: Should Bank of England write off government debt?
The Bank of England now owns one third of all UK government bonds in existence......

AUDIO: BT boss on balance at "tough time"
Cost cutting has helped BT deliver a 7% rise in pre-tax profits to 608m, which beat analyst expectations......

Youth unemployment: The big question
Should state subsidies be used to help South Africa's young unemployed find work?.....

Can Romney China attack stack up?
Can Mitt Romney's China attack stack up?.....

Tyre labelling 'can save lives'
New tyre labelling could save both money and lives.....

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

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

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

U.S. Day Ahead: Jobs reports set to be weak at best
Nov. 1 - Experts at IFR estimate non-farm payrolls should stay in limbo with a tepid gain of 105,000 in October, despite a better-than-expected reading of private payrolls by ADP......

Trading at Noon: Auto sales, retail sales & Netflix
Nov 1 - We look at retail's winners and losers, October auto sales for Ford, GM, Chrysler, and Icahn moves in on Netflix.....

Brit 'IT' kid revamps app with Hollywood help
Technology Correspondent Matt Cowan reports......

Battle brewing over EU budget
Debate is heating up over the EU budget - Britain's PM has suffered a defeat in parliament over the issue and France and Denmark are threatening to use their veto. Given the tough economic climate in Europe, it may be harder than usual to gather a co.....

Wealth Strategies: Shorts eyeing solar, clean energy stocks
Nov. 1 - SunGard's Tim Smith says both economic and political factors are contributing to an increased short interest in solar companies like First Solar and electric car maker Tesla Motors......

Europe Day Ahead: RBS next in line for Libor fine?
Nov. 1 - RBS is seen on track for a turnaround, but also for a Libor fine. Alcatel Lucent also reports, while Nokia hopes for a boost from releasing its Lumia 920 phone in the U.S......

Daily Digit: Lloyds hit by extra 1bln
Nov.1 - Lloyds Banking Group takes another 1 billion pound ($1.6 billion) hit to compensate UK customers mis-sold loan insurance, taking its charge for the scandal to 5.3 billion pounds and dragging it to a third-quarter loss. Sonia Legg reports......

Factbox: Barclays faces $470 fine from U.S. Regulators
Nov. 1 - U.S. regulators accuse Barclays traders of rigging California energy markets. Barclays denies charges......

Sandy will cause NYC 10-20% permanent damage - Comptroller
Nov. 1 - New York City Comptroller John Liu says Hurricane Sandy will result in permanent economic losses of $100-$200 million a day in New York City......

3XSQ: Drugs and oil profits fall for Pfizer, Exxon Mobil
Nov 1 - Exxon Mobil reported a lower profit, as a 7.5 percent drop in oil and natural gas production and weaker commodity prices took a toll......

Furby revamp makes for an appy Christmas
Nov.1 - Toy companies unveil what they think will top childrens' Christmas lists this year, as old favourites with mobile and tablet apps lead the way. Ciara Sutton reports......

Breakingviews: Go soft on Greece
global commentary unit Breakingviews......

Breakingviews: The danger of China optimism
Breakingviews......

Mixed earnings may herald the end of Southeast Asia rally
Nov. 1 - Singapore's DBS is the latest Southeast Asian firm to impress investors, posting a healthy rise in profit. But a mixed results season and high valuations mean a regional equities rally may not last......

Reuters Today: Sandy clean-up, EU budget wrangle looms
Nov. 1 - Sodden U.S. Northeast begins the big clean-up after Sandy, and UK's Cameron suffers a humiliating defeat over the EU budget, setting the stage for divisive bargaining in Brussels and London......

Daily Digit: China's manufacturers gain fresh momentum
Nov. 1 - A fresh blast of China manufacturing data confirms China's economy is gathering steam, just in time for a key leadership transition meeting next week. Tara Joseph reports......

Wall St. rebounds, but stocks don't
Oct. 31 - Summary of business headlines: Wall Street reopens after Sandy shut down but stocks end mostly lower; Netflix shares surge on Icahn buy; General Motors earnings hit the fast lane. Conway G. Gittens reports......

Wealth Strategies: Small biz see little profit opportunity
Nov. 1 - PayNet President Bill Phelan says the latest steep drop in the Small Business Lending Index indicates these companies are seeing a rise in financial stress and finding fewer opportunities to profit......

Sports Spread: Raining goals forecast at Old Trafford
Nov. 1 - Goals are set to rain down in Salford as Manchester United and Robin van Persie take on Arsenal, while Liverpool face-off with Newcastle and Villa take on Sunderland......

Japanese company brings personal touch to teleconferencing
Teleconferencing has become an integral part of doing business around the world but in Japan, one tech company is making the experience more intimate than ever before. NTT Communication Science Laboratories is bringing body language to long distance .....

Market Pulse: 1bln writedown? No big deal for Lloyds
Nov. 1 - Lloyds shares jump despite news that the bank faces another 1 billion hit for mis-selling loan insurance. Alpari's James Hughes tells us why markets are keen to accentuate the positive......

U.S. Morning Call: Delayed earnings roll in; Netflix soars
Nov 1 - S&P 500 companies are set to report results today after postponing due to Sandy; Netflix shares jumped on Carl Icahn's 10 percent stake......

Daily Digit: Exchanges lost $1 mln a day
Oct 31 - NYSE, Nasdaq, and the CBOE each lost about $1 million in trading revenues a day due to Hurricane Sandy before resuming trade on Wednesday, says Sandler O'Neill. Sasha Salama reports......

Their money, your vote!
Oct. 31 - A record $6 billion has been spent on TV ads in Campaign 2012, according to a new study led by Super PAC cash. Sasha Salama reports......

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......

Consumers have duties, too, so put a time limit on mis-selling claims
Banks have notched up 11bn in compensation earmarked for people mis-sold payment protection insurance.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/25231f46/mf.gif' border='0'/><br/><br/><a hr.....

Five election issues that will shape America's economic future
As residents in New York and New Jersey survey the destruction wrought by Superstorm Sandy, they are wondering how quickly the local economy will rebound and what the lasting impact will be.<img width='1' height='1' src='http://telegraph.feedsport.....

A poor lookout
Telegraph View: The only solution to this pensions crisis is to increase greatly the amounts being saved<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2522ee25/mf.gif' border='0'/><br/><br/><a .....

Bid target Chemring tumbles on profits warning
Chemring, the defence company facing a takeover by Carlyle Group, has warned that full-year profits will be even lower than expected after delays to contracts and technical problems.<img width='1' height='1' src='http://telegraph.feedsportal.com/c.....

Centamin shares lose their shine as trading resumes
Investors were free to trade shares in the FTSE 250 gold miner<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2522ea68/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/14865873.....

Asia's green shoots allay global slump fears
Green shoots are sprouting across much of the Far East as stimulus begins to feed through, greatly reducing the risk of a deep global slump next year.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2522ea6b/mf.gi.....

Britain shouldn't jump the gun on leaving the European Union
Rather than rush for the exit, it would be better to allow the euro crisis to play out, argues Jeremy Warner<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2522ea6c/mf.gif' border='0'/><br/><br/>&l.....

Shell warns on economy as profits fall 15pc
Royal Dutch Shell has warned of widespread evidence of economic weakness, as it reported a 15pc fall in third-quarter net profits, to $6.1bn (3.8bn), dented by lower oil and gas prices and a writedown of US shale gas assets.<img width='1' height='.....

Rosneft quarterly profits more than double to $5.8bn
Russian state-controlled oil producer Rosneft saw net profit more than double to 181bn rubles (3.6bn) in the third quarter, prior to its $55bn (34bn) megadeal to buy TNK-BP.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/.....

Good News Britain: When it comes to dining out, the UK is copying the US
Restaurant Group chief explains how his company is growing sales.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2522dd57/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/14865.....

Good News Britain: Leisure parks lift the Restaurant Group
Andrew Page, chief executive of the Restaurant Group, owner of Chiquito, Garfunkel's and Frankie & Benny's, explains why his company has continued to grow sales this year.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/.....

Banking industry PPI bill tops 11bn
Britain's taxpayer-backed lenders are set to pay out at least 7bn to customers who were mis-sold payment protection insurance - with the total bill for the banking industry topping 11bn.<img width='1' height='1' src='http://telegraph.feedsportal.c.....

Greek cuts to pensions and salaries are unconstitutional, court rules
Cuts in pensions and salaries for state employees that the Greek government has planned to unlock critical bailout funds have been ruled unconstitutional by a court, the semi-official ANA news agency reported.<img width='1' height='1' src='http://.....

Barclays 'strongly disagrees' with energy trading fine
Barclays has hit back at a US regulator's decision to fine it $470m (293m) for allegedly rigging the American electricity market, saying it "strongly disagreed" with the penalty.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/327.....

RBS PPI bill 'to rise by 400m'
RBS will reveal a further 400m hit for mis-sold payment protection insurance on Friday, according to reports, taking the total bill for Britain's big four lenders to more than 10bn.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/.....

Good News Britain: Frankie & Benny's owner bucks consumer downturn
The Restaurant Group, which owns the Chiquito and Frankie & Benny's chains, hopes to double in size to more than 800 outlets as it benefits from a move towards American-style dining habits where families drive to big, out-of-town restaurants.<.....

BT shares jump as cost cutting boosts profits
Shares in BT jumped nearly 7pc on Thursday, as heavy cost cutting helped it to overcome the "triple whammy of recession, regulation and rain" and deliver a bumper half-year profit.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/3.....

BT shares jump as cost cutting boost profits
Shares in BT jumped nearly 7pc on Thursday, as heavy cost cutting helped it to overcome the "triple whammy of recession, regulation and rain" and deliver a bumper half-year profit.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/3.....

Debt crisis: as it happened - November 1, 2012
Angela Merkel and Ireland's Taoiseach Enda Kenny met in Berlin today where Merkel said Ireland was an "excellent example" of reforms and said the country's respective finance ministers were working on specific Irish problems.<img width='1' height=.....

Teenager launches Apple iPhone app after raising $1m from investors
UK schoolboy, 17, created app that summarises news articles.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/25219520/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/1486587264.....

UK manufacturing contracts as export demand fades
Britain's factories contracted for a sixth month running in October on worrying signs of a collapse in export demand from Asia as well as the eurozone.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/252120f1/mf.g.....

Fall in number of bankruptcy expected
Insolvency practitioners warn that household finances are set to come under renewed pressure this winter.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/252120f2/mf.gif' border='0'/><br/><br/><a.....

Debt crisis: Ireland is 'excellent example' of reforms - live
Angela Merkel and Ireland's Taoiseach Enda Kenny met in Berlin today where Merkel said Ireland was an "excellent example" of reforms and said the country's respective finance ministers were working on specific Irish problems.<img width='1' height=.....

New FSA rules to wipe thousands of pounds off people's pensions
Plans to introduce "realistic" growth rates, will show that investors retirement savings are growing at far slower rate.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2520e0d2/mf.gif' border='0'/><br/>&.....

David Cameon 'old boy clique' excludes women, says outgoing Whitehall figure
The Prime Minister has been accused of operating an "Old Etonian clique" that excludes women, according to Dame Helen Ghosh, the former Home Office permanent secretary.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/56830.....