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Monday, 5 November 2012

UK Financial News on 2012-11-05

Regulators cooling over rule changes
The appetite for EU-wide reforms is lessening in the face of their potential economic consequences.....

Haldanes mystery absence from HFT probe
The name of Andrew Haldane, a leading critic of high-frequency trading, has disappeared from a Treasury-sponsored report that gave broad support to HFTs.....

Wells Fargo eyes fund of hedge fund businesses
US bank's investment management arm is in the market for a fund of hedge funds business with assets of up to $12bn.....

Distribution review set to drive wealth M&A
Retail Distribution Review will bring sweeping changes to the industry when it becomes law in two months.....

Hurricane Sandy places green energy investment to the fore
New York Mayor Michael Bloomberg came off the fence last week and backed the election hopes of President Obama, citing his progressive approach to tackling climate change.....

Asia beckons for VTB Capital
Russian state-owned bank is looking to develop its growing network of alliances with investment banks across the globe.....

Cern applies science to pension fund
Managers of the Sfr3.8bn pension scheme for those behind the discovery of the Higgs Boson are searching for the 'holy grail' of a different kind.....

Former Icap equities chief joins Sunrise
London-based Sunrise Brokers continues its aggressive expansion into cash broking and specialist equity research.....

UBS closure may hint at SSA overhaul
Bankers involved in the primary dealership business have long complained that servicing the demands of supras.....

HSBC earmarks more for US fines
HSBC bank puts aside a further $800m to cover potential money laundering fines in the US as it announces a fall in quarterly profits......

UK service sector growth 'slows'
Activity in the UK service sector grew at its slowest pace in almost two years in October, a survey suggests......

France urged to cut labour costs
France's President Francois Hollande is under pressure to reform the economy after both the IMF and a government-commissioned report urged him to cut labour costs......

Barclays 'embracing' ring-fence
Barclays chief executive Antony Jenkins concedes that his bank no longer expects the UK banking ring-fence to hurt lending......

Osborne urges tougher tax laws
Chancellor George Osborne promises to work for tougher laws to stop international companies shifting profit to avoid tax......

Greece presents crucial cuts plan
Greece's government is putting a new austerity package to parliament, amid the threat of bankruptcy if it fails......

Netflix takes Icahn poison pill
DVD rental firm Netflix adopts a "poison pill" share-issuance plan to ward off a hostile takeover by activist investor Carl Icahn......

Financier jailed for huge fraud
A City stockbroker who conned investors out of millions of pounds to fund his extravagant lifestyle is jailed for 13 years......

Fare rises lift Ryanair profits
Ryanair reports a rise in half-year profits thanks to an increase in both passenger numbers and fares......

China hack 'targeted' Coca-Cola
Chinese hackers reportedly infiltrated systems belonging to drinks giant Coca-Cola - but the company chose not to disclose the attack......

China files EU solar complaint
China files a complaint with the World Trade Organization against subsidies provided by some European governments to solar panel makers......

Toyota ups annual profit forecast
Japanese carmaker Toyota raises its annual profit forecast as it continues to recover from the impact of last year's natural disasters......

China service sector strengthens
China's services sector picks up pace in October, the latest in a series of figures indicating that its economic growth may be rebounding......

'Living wage' of 7.45 backed
Ed Miliband unveils plans to deliver a "living wage" of at least 7.45 per hour for millions of people, if Labour wins the next election......

Weir warns on global uncertainty
Engineering firm, Weir Group, reports a drop in third quarter orders but says full year profits will be as expected......

Increased optimism in oil and gas
UK oil and gas companies report increased levels of optimism although they are facing skills shortages and rising costs......

Comet gift vouchers are suspended
The administrators of the electrical retailer Comet have temporarily suspended the use of gift vouchers at the stores, which have been open as usual......

UK teachers paid by offshore firm
A company employing thousands of public sector workers has avoided paying millions of pounds in employer National Insurance contributions......

More Spanish jobless in October
The number of people looking for work in Spain has risen by 2.7% in October, marking the third month in a row that unemployment levels have risen......

Hyundai and Kia dip on fuel error
Hyundai and Kia Motors shares dip as they say they will compensate US consumers after admitting to overstating fuel efficiency of some vehicles......

Apple paid only 2% tax outside US
Apple is the latest multinational to come under scrutiny for the amount of corporation tax it pays, following Starbucks, Facebook and Google......

AUDIO: UK set for 'fastest growth in Europe'
The UK is going to be the fastest growing major economy in Europe in 2013 and 2014, according to a new forecast from the Centre for Economics and Business Research (CEBR)......

VIDEO: How will new China affect you?
With China braced to appoint new leaders for the first time in a decade, the BBC's Katya Adler discusses how it could affect you......

VIDEO: Greece strikes ahead of austerity vote
Greek public transport workers have gone on strike as nationwide general action looms ahead of crucial parliamentary vote......

VIDEO: HSBC raises money laundering provisions
HSBC bank has put aside a further $800m (500m) to cover potential money-laundering fines in the US and has announced a fall in quarterly profits......

VIDEO: Ryanair 'profiting from austerity'
Low-frills airline Ryanair has reported a rise in profits thanks to an increase in both passenger numbers and fares......

VIDEO: Cameron: Human rights on agenda
David Cameron has pledged to raise the issue of human rights as he arrived in the Gulf on a trip to strengthen the UK's defence, security and commercial ties......

VIDEO: Living Wage 'makes economic sense'
London Mayor Boris Johnson has supported a rise in the Living Wage, a campaign which calls for a rate of pay which is higher than the minimum wage......

VIDEO: Branson: India 'tough for airlines'
Virgin Atlantic resumes flights between Mumbai and London but India's airline market is 'tough', says Sir Richard Branson......

Teaching China to speak English
The firm teaching China to speak English.....

Viewpoints: US economic challenges
Economic challenges facing the presidential hopefuls.....

Q&A: The living wage
Why are people talking about the idea of the living wage now?.....

Caterham and Renault join forces
Renault's Alpine teams up with UK sportscar firm.....

The economic challenge in the US
US job creation is still weak, but is Obama to blame?.....

Online secrecy lessons for human rights
Online protest tactics taught for human rights.....

Electric Zoe steals the show
Efficient cars slug it out between Brighton and London.....

Daily Digit: $3.54 gasoline
U.S. retail gasoline prices post their biggest fall in nearly 4 years to an average of $3.54 a gallon, according to the Lundberg Survey. Conway G. Gittens reports......

U.S. Day Ahead: This is it! It's all about Election Day
Nov 5 - With Obama and Romney neck and neck in the polls, investors around the world will be looking for any earlier clues about who will go to the White House......

France likely to reject shock therapy
Nov.05 - Former aerospace boss, Louis Gallois' proposals for the economy, which include raising VAT, and hacking 30 billion off payroll contributions, have been pre-empted by President Hollande. Joanne Nicholson reports.....

Trading at Noon: Netflix on defense; Stifel bids on KBW
Nov 5 - Netflix adopts a poison pill defense against takeovers, Stifel Financial is set to buy KBW, and pharma stocks are on the radar......

Grexit fears return at start of key week
Nov.05 - Greece's government presents a new austerity package to parliament as it faces a week of strikes and protests over proposals which must win approval if the country is to secure more aid and stave off bankruptcy. Joanna Partridge reports.....

Breakingviews: Morgan Stanley shake-up
Nov 5 - Jeffrey Goldfarb and Antony Currie discuss Paul Taubmans departure and the significance of Morgan Stanleys decision to make Colm Kelleher sole head of the investment bank......

Europe Day Ahead: Investors crave U.S. election clarity
Nov. 5 - A look at Tuesday's key events including the U.S. presidential election, results from BMW and M&S plus euro zone service sector data......

Daily Digit: $1.5bln dent to HSBC
Nov.05 - UK based bank, HSBC has set aside an extra $800 million to add to the already earmarked $700 million for fines over anti-money laundering rules. It's one of a string of scandals to hit British banking. Joanne Nicholson reports.....

Euro zone woes help Ryanair's profit soar
Nov.05 - Profits at Europe's biggest budget airline Ryanair jumped 10 percent in the first half of the year and it raises full-year forecast on the back of higher fares, lower fuel costs and a jump in passenger numbes over the summer. Hayley Platt re.....

Wealth Strategies: Markets shifting to GOP-favored sectors
Nov. 5 - LPL Financial's Jeff Kleintop says that, since the first debate, industries that would benefit from Governor Romney's policies have outperformed those favored by a President Obama reelection......

Foreign cash changes London's skyline
Nov. 5 - London's famous skyline is changiong fast thanks to a surge of foreign investments in London's commercial property market. Ivor Bennett reports......

3XSQ: Apple claims 3 million iPads sold, but how many minis?
Nov 5 - Apple said it sold a total of three million iPads in the three days since Friday, when it launched the new iPad mini and iPad 4......

Wealth Strategies: Look for rising dividends in tech, banks
Nov. 5 - Eaton Vance's Judy Saryan says stocks paying and boosting dividends will benefit even after the Bush tax cuts expire and likes companies like Wells Fargo and Apple as potential dividend boosters......

U.S. Morning Call: Markets brace for election, fiscal cliff
Nov 5 - Stock futures pointed slightly higher as European stocks fell ahead of the U.S. presidential election and Congress at a standstill on averting the fiscal cliff......

Breakingviews: Full-service bank myth
Breakingviews editor Hugo Dixon......

Decoder: How China chooses its leaders
Nov. 5 - Tara Joseph breaks down the murky hierarchy through which Chinas leaders are groomed and selected, just days before the countrys once-in-a-decade leadership transition kicks off......

Breakingviews: HSBC's moving targets
Breakingviews......

Daily Digit: 7.4 million, Toyota's (un)lucky number
Nov. 5 - Toyota has seen profits jump and hiked forecasts, after shifting 7.4 million vehicles in the first nine months of the year. But that's also the number of cars it recently had to recall......

Reuters Today: Crunch time in DC, Beijing and Athens
Nov. 5 - A huge week of event risk sees leadership decisions in the U.S. and China, while Greece faces a series of critical votes that could determine whether it stays in the euro zone......

Ryanair profit jumps, raises guidance
Nov. 5 - Ryanair 1H profit rises by 10%, prompting the budget airline to raise its full-year guidance. We speak to CEO Michael O'Leary......

Scientists foresee quantum leap in computing
Nov. 5 - British scientists have created miniscule quantum silicon chips, a development they describe as a major building block in the creation of super powerful quantum computers within a decade. Jim Drury has the story......

Market Pulse: UK PMI nudges QE door back open
Nov. 5 - Britain's dominant service sector grew at the slowest pace in two years in October, potentially prompting the BoE to announce more stimulus. Plus shares in HSBC and Ryanair among the days big movers......

Sewage-tracker gets to the bottom of waste disposal
Nov. 4 - A Polish water company wants local residents to become more environmentally aware by learning about the local sewage network, so it has developed a smart-phone application that shows them the route, time and speed their 'delivery' takes from.....

America's self-aggrandising regulators are biggest risk to HSBC
It's the sort of chutzpah a Mexican drug baron might admire.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/25428ee1/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/1486593097.....

SDL climbs on change at the top
Translation software group on the rise after chief executive steps down.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/25428ee2/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/.....

IMF warns over-taxed France risks slipping behind Italy and Spain
The International Monetary Fund has told France to take urgent measures to head off national economic decline, warning that the country risks being left behind as southern Europe embraces reform.<img width='1' height='1' src='http://telegraph.feed.....

Banks have lost 'right to self-determination', says HSBC chairman Douglas Flint
Banks have lost the right to shape their own future and will have to accept whatever changes are imposed by regulators, according to Douglas Flint, the chairman of HSBC.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/5683.....

Banks have lost 'right to self-determination'
Banks have lost the right to shape their own future and will have to accept whatever changes are imposed by regulators, according to Douglas Flint, the chairman of HSBC.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/5683.....

Marks & Spencer turns to Victoria's Secret to boost sales
Marks & Spencer has turned to Victoria's Secret, the luxury lingerie brand, in an attempt to stop a decline in clothing sales.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/25420e4c/mf.gif' border='0'/>&l.....

UK jobs miracle is based on some unsound foundations
Can Britain's jobs miracle last? One of the most remarkable features of Britain's four-year-old downturn is the continued resilience of the labour market.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/25420685/m.....

People could start hitting tax-avoiding companies with their wallets, HMRC suggests
People may begin to boycott major companies known to avoid tax because the practice is becoming more socially unacceptable, the head of HM Revenue and Customs has suggested.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/.....

Standard & Poor's order to pay millions over AAA ratings
Global credit rating agencies could be hit by a wave of litigation after Standard & Poor's was found liable for "misleading and deceptive" conduct in assigning triple-A ratings to debt-related products.<img width='1' height='1' src='http://tel.....

Standard & Poor's order to pay millions over AAA ratings
GLOBAL credit rating agencies could be hit by a wave of litigation after Standard & Poor's was found liable for "misleading and deceptive" conduct in assigning triple-A ratings to debt-related products in the build up to the financial crisis.<.....

George Osborne threatens big business with global tax crackdown
The Chancellor and his German counterpart have threatened to go to war with big business by calling on the world's leading 20 nations to crack down on habitual tax dodging.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/5.....

UK investors call on Government to use Tanzania aid budget to fight corruption
A group of London's largest institutional shareholders are to call on the UK Government to use its 151m aid budget to Tanzania to tackle growing corruption in the east African state.<img width='1' height='1' src='http://telegraph.feedsportal.com/c.....

Mining investors call on DfID to act over Tanzanian corruption
A group of London's largest institutional shareholders are to call on the UK Government to use its 151m aid budget to Tanzania to tackle growing corruption in the east African state.<img width='1' height='1' src='http://telegraph.feedsportal.com/c.....

Debt crisis: as it happened - November 5, 2012
European markets have fallen ahead of the US presidential election and Greece's make-or-break parliamentary vote, which is needed to allow the country to receive the next tranche of its bailout and avoid defaulting.<img width='1' height='1' src='h.....

Apple trade turns sour for US brokerage
A "rogue trader" in the United States who took an estimated $1bn (626m) gamble on Apple shares that quickly turned sour has left his company fighting for survival.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2.....

Apple sells three million iPads in three days
Apple sold 3m iPads in the first three days after the launch of a new mini version of the tablet computer and the latest model of the full-size device.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2541842c/mf.g.....

Four-in-10 over-55s will work part-time in retirement
One-in-three doesn't plan to give up work when they reach retirement age.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/25418074/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com.....

Debt crisis: Markets fall ahead of Greece budget vote - live
European markets have fallen ahead of the US presidential election and Greece's make-or-break parliamentary vote, which is needed to allow the country to receive the next tranche of its bailout and avoid defaulting.<img width='1' height='1' src='h.....

David Cameron defends arms deals with Gulf states
Selling arms to Saudi Arabia and the United Arab Emirates is "legitimate and right" as autocratic countries have a right to self defence, David Cameron has said.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/254.....

Cameron defends arms deals with Gulf states
Selling arms to Saudi Arabia and the United Arab Emirates is "legitimate and right" as autocratic countries have a right to self defence, David Cameron has said.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/254.....

Prudential buys in Asia, two years after failed AIA takeover bid
Prudential, the UK insurer, has struck its first major acquisition in south-east Asia since the aborted takeover of rival AIA two years ago.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/25418078/mf.gif' border=.....

Pru buys in Asia, two years after failed AIA takeover bid
Prudential, the UK insurer, has struck its first major acquisition in south-east Asia since the aborted takeover of rival AIA two years ago.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/25410b56/mf.gif' border=.....

Nicolas Levene jailed for 13 years for 32m Ponzi fraud
A stockbroker who cheated investors and friends out of tens of millions of pounds jailed for 13 years today.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2540d48e/mf.gif' border='0'/><br/><br/>&l.....

Average line rental cost increases by 24pc in three years
A third of customers say they would not pay for line rental if they didn't need it for broadband, research has found.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2540d48f/mf.gif' border='0'/><br/><.....

Australian court issues landmark judgment against S&P
Australia's Federal court ruled that Standard & Poor's misled investors by giving its highest rating to derivatives that lost almost all their value in the run-up to the 2008 crisis.<img width='1' height='1' src='http://telegraph.feedsportal.c.....