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Thursday, 8 November 2012

UK Financial News on 2012-11-08

Bank refrains from new stimulus
The Bank of England decides not to increase its quantitative easing stimulus programme and keeps interest rates unchanged at 0.5%......

Home repossessions 'fall further'
The number of homes being repossessed has fallen to the lowest level since 2007, mortgage lenders say......

US trade gap at near two-year low
The US trade deficit fell to its lowest level in almost two years in September as exports reached an all-time high, official figures show......

Eurozone interest rates on hold
The European Central Bank holds its main eurozone interest rate at the record low of 0.75%, as widely expected......

China to deepen economic reforms
China's President Hu Jintao says the country will deepen its economic reforms and boost domestic demand to spur a new wave of growth......

Banana war ends after 20 years
A trade dispute between the European Union and 10 Latin American countries is formally ended at the World Trade Organisation......

Disney quarterly profits increase
Entertainment group Walt Disney posts a rise in quarterly profits, boosted by higher revenues at its sports network ESPN and cruise ship operation......

Pension schemes put more in bonds
For the first time in decades, pension schemes have more of their money invested in bonds than in shares......

Viagra maker loses patent ruling
Generic drugs firms may start producing generic versions of Viagra in Canada after court rules Pfizer's patent is invalid......

Ofgem warning on complaints data
The regulator Ofgem warns energy firms not to shield information about complaints from the public, saying it must be easily available on their websites......

BA owner IAG in bid for Vueling
The owner of British Airways and Iberia, IAG, makes an offer to buy Spanish budget airline Vueling......

Pandas power up Activision profit
A panda-based expansion pack helps World of Warcraft to rise back above the 10 million subscription mark, boosting Activision's profits......

Balfour Beatty in profit warning
Balfour Beatty, the construction company specialising in large infrastructure projects, issues a profit warning following a slowdown in rail projects......

Samsung's Galaxy S3 beats iPhone
Samsung Electronics's Galaxy S3 outsells Apple's iPhone 4S for the first time, becoming the world's best-selling smartphone, says research......

Mirror papers seek hacking claims
Trinity Mirror newspapers has demanded alleged phone-hacking victims reveal their case, saying it has received no formal claim from their lawyers......

Sales fall further at Morrisons
Morrisons, the UK's fourth largest supermarket chain, reports another quarterly drop in sales, citing "fragile" consumer confidence......

Airbus owner posts profit fall
Aerospace and defence group EADS posts a small fall in profits following its exposure to struggling US private jet business Hawker Beechcraft......

Credit card has built-in keyboard
A credit card with a built-in LCD screen and keyboard is announced by Mastercard in an effort to simplify secure online banking......

'Ghost village' sold for 250,000
An abandoned village in Argyll and Bute which remained unoccupied for 35 years is sold by administrators......

DIY homes 'should be made easier'
Homeowners should not consider it a "pie in the sky dream" to build their own property, according to the new housing minister......

University social gap 'narrows'
The gap in numbers of people from the richest and poorest sections of society going to university in England has narrowed, a report from a think-tank says......

Pay rises fastest for the wealthy
Pay rates have risen much faster for the wealthy in the past 25 years than for the poorest, official figures show......

EU to probe China solar subsidies
The European Commission opens an investigation into subsidies given to Chinese solar panel makers......

Greece MPs back austerity cuts
Lawmakers in Greece narrowly back a fresh round of austerity measures, despite violent protests across the country......

Focus turns to US budget clash
Global markets fall after Barack Obama's victory, with investor attention now turning to a looming budget clash in Washington......

Dexia gets 5.5bn euro injection
France and Belgium agree to inject a further 5.5bn euros ($7bn; 4.4bn) into struggling bank Dexia, after it reported another large loss......

Rare earths plant gets go ahead
A Malaysian court gives Australian company Lynas authorisation to start production at a controversial rare earths processing plant......

Flybe in half-year profit loss
Devon-based airline Flybe reports a pre-tax loss of 1.3m in the six months up to September......

Fifa backs Brazil 2013 cup venues
Six Brazilian cities are given the green light to host the 2013 Confederations Cup - a big test ahead of the 2014 World Cup......

More football clubs 'in distress'
The finances of Scottish football clubs have worsened in the last six months, according to a survey by Begbies Traynor......

BOA 'ignored a budget warning'
The cash-strapped British Olympic Association defends its spending in light of an expected 2m deficit this year......

VIDEO: How to maximise savings in low rate era
The Bank of England's policy of ultra-low interest rates, has seen savers struggle to achieve a high rate on their cash, but it is possible to maximise returns with a little hard work and by using personal tax allowances......

AUDIO: 'UK could be 63bn better off'
According to a report out this morning, the UK economy could have been 63bn better off if consumers and businesses had better online skills and a bigger digital presence......

VIDEO: Bank refrains from further stimulus
The Bank of England has decided not to extend its quantitative easing (QE) stimulus programme, which has injected 375bn into the UK financial system......

AUDIO: Why are Japanese firms insisting on English?
Rakuten's chief executive and founder Hiroshi Mikkitani outlined why he credits some of his global success to making English the official language of his company......

VIDEO: 'Interest rate helps lower repossessions'
The number of homes being repossessed has fallen to a five-year low, according to mortgage lenders......

VIDEO: Re-thinking China's economic strategy
Chinese President Hu Jintao has opened a Communist Party congress that begins a once-in-a-decade power transfer, and see China reform its economic strategy.....

VIDEO: Euro rates held as 'uncertainty continues'
The European Central Bank (ECB) has held the benchmark eurozone interest rate at the record low of 0.75%, as had been expected......

VIDEO: What is the US fiscal cliff?
The US faces a deadline to agree new legislation that could make or break the global economic recovery......

London 2012 inspires RFU rugby boss
Why rugby union wants to copy London 2012.....

Greece hopes for tourism led recovery
Greece hopes holidaymakers will drive an economic turnaround.....

Greece to stay on life support
Merkel buys time with Greece on drip-feed.....

A typical Chinese self-made billionaire
Wu Changjiang: A typical Chinese self-made billionaire.....

'Legalisation may stop corruption'
Would part-legalisation eradicate bribery?.....

Financial action plan when moving abroad
A financial action plan for expats.....

FACTBOX: Twitters record-breaking night
Nov 8 - As the networks began to call the race in his favor, President Barack Obama took to Twitter to proclaim himself the winner of the 2012 election, the most tweeted about event in U.S. political history......

U.S. Day Ahead: Fri could be rocky, get ready for JCP
Nov 8 - Markets could still stay volatile as investors worry about what will happen to the fiscal cliff. In earnings, investors want to know how J.C. Penney is progressing in re-inventing itself......

Wealth Strategies: Bowles, Yellen could be new econ team
Nov. 8 - Eaton Vance's Eric Stein says Erskine Bowles might replace U.S. Secretary Treasury Tim Geithner and former San Francisco Fed president Janet Yellen may be the new FOMC Chair in the new administration.....

Breakingviews: Valuing M&A lawyers
Nov 8 - Richard Beales and Breakingviews columnists discuss why the market doesnt seem to value M&A lawyers and how their time could be better spent......

No change from ECB or Spain
Nov. 08 - While the ECB said the outlook was bleak for the euro zone, Spain had success with its borrowing costs but is it enough to avert asking for a bailout? Joanne Nicholson reports.....

Jobs gloom follows clashes and cuts
Nov. 08 - As Greece faces a new set of austerity measures its jobless rate has risen to a new record high adding to fears that Greece is on a downward spiral it may not be able to escape. Sonia Legg reports.....

Trading at Noon: Financials stay afloat; Apple drops
Nov 8 - U.S. stocks are down a day after posting their largest drop in months, and Apple shares fall again.....

Daily digit: -1.8 percent
Nov. 08 - McDonald's same-store sales declined 1.8 percent in October - the first monthly sales drop in nine years. Bobbi Rebell reports......

Europe Day Ahead: China, Germany in focus
Nov. 8 - Chinese inflation is expected to remain unchanged while factory output may have gathered steam. Plus German inflation numbers also in focus after trade data disappointed on Thursday......

Banks highlight France's woes
Nov. 08 - Losses at France's second biggest bank came despite a selling off of assets to meet tough new banking regulations, and the outlook for the French economy next year won't help. Joanne Nicholson reports.....

3XSQ: McDonald's sales fall, first time in 9 years
Nov 8 - McDonald's reported a 1.8 percent drop in October sales at established restaurants around the world, its first monthly same-store sales drop since March 2003......

Factbox: OPEC admits shale oil changing supply picture
Nov. 8 - Shale oil may play an increasingly important role in medium, long-term world oil supply says OPEC, as it cuts its forecast for 2016 world oil demand......

SocGen CEO warns of gloomy year ahead
, SocGen Chief Executive Frederic Oudea warned the outlook for 2013 was murky. Rough Cut (no reporter narration)......

Daily Digit: Siemens 6bln cuts
Nov. 8 - German engineering giant Siemens unveils a 6bln euro cost-cutting plan, more than expected, as it fights to stay competitive in a weak global economy. Hayley Platt reports......

ECB leaves rates unchanged, euro weakens
Nov. 8 - We'll gauge the impact on the markets after the ECB left rates unchanged at 0.75% with Tom Vosa, Head of Market Economics at National Australia Bank......

In the Boardroom: Strong brands weather PR disasters
Nov. 8 - How do big brands like Nike and Apple survive PR nightmares? Lucy Marcus talks to Jim Prior of consultancy, The Partners, about how boards can shore-up 'reputational credit' and build brands......

Breakingviews: Third time lucky? Dexia wind-down
Nov. 8 - France and Belgium sink another 5bln into failing bank, Dexia. This could be the last injection needed to wind the stricken lender down, says Breakingviews......

Witness: Covering China's leadership change
senior correspondent John Ruwitch shares his experience of covering the Communist Party congress for the second time in his career......

SocGen CEO sees sluggish economic growth in 2013
Market confidence is back, says Societe Generale chief executive Frederic Oudea, but the task now is to maintain it amid global economic uncertainties......

Reuters Breakingviews: Dollars to find home in Asia
Nov. 8 - However the new Obama administration chooses to tackle the looming fiscal cliff, Asian assets can only stand to benefit, according to Breakingviews strategist Wayne Arnold......

China's Congress: Continuity the watchword
Nov. 8 - Predictability is the name of the game in China's leadership transition, so don't expect any big surprises, says Joseph Cheng of the City University of Hong Kong. Tara Joseph reports......

Siemens CEO: Productivity is key to cost cutting
Siemens CEO Peter Loescher says improving productivity is the key to cost savings in a sluggish global economic environment but admits job cuts will have to be made too......

Reuters Today: Europe dodges yet another Greek banana skin
Nov. 8 - Greece's government narrowly wins a vote on austerity and labour reforms, but with a crunch budget vote to come on Sunday any relief may prove short-lived......

Rough Cuts: Hu Jintao's speech to Communist Party Congress
Nov. 8 - Chinese President Hu Jintao delivers the opening speech at a Communist Party congress that will usher in a once in a decade leadership change. No reporter narration......

U.S. Morning Call: Investors seek bargains after big selloff
Nov 8 - Stock index futures were little changed, indicating investors remained cautious ahead of impending data, and kept their eyes peeled for cheap buys......

HSBC investigation: Drug dealers, gun runners and Britain's biggest bank
HSBC investigation: Britain's biggest bank at centre of major HM Revenue and Customs investigation after it opened offshore accounts in Jersey for serious criminals living in this country.<img width='1' height='1' src='http://telegraph.feedsportal.....

HSBC investigation: the 250,000 account of son who let father be drugs fall guy
When two firemen were killed in an explosion in a fireworks factory in 2006, the tragedy had a series of unexpected consequences.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/25638e16/mf.gif' border='0'/><.....

HSBC investigation: Mexican subsidiary investigated over money laundering claims
HSBC is facing serious accusations of money laundering in America with executives admitting earlier this week that criminal charges may be imminent.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/25638e17/mf.gif'.....

HSBC investigation: Offshore stash of man found with a house full of guns
A Man linked to arms dealing who lives in a small house in Devon is believed to have 85,000 in an HSBC offshore account.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/25638e18/mf.gif' border='0'/><br/>&.....

McDonald's suffers first monthly sales fall since 2003
McDonald's has suffered its first drop in monthly sales in almost a decade, as the world's largest fast-food chain battles a fragile global economy and fierce competition.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/56.....

Shale oil will change global supply, Opec admits
Oil cartel Opec acknowledged the growing importance of unconventional 'shale' oil reserves for the first time - as it cut its oil demand forecasts on fears over eurozone growth.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/3272.....

Pension hole pushes green advisers AEA into pre-pack
Environmental consultancy AEA Technology Group, which was privatised out of the Atomic Energy Authority in 1994, has fallen into administration after failing to find a way to meet its pension liabilities.<img width='1' height='1' src='http://teleg.....

The Greek books are still being cooked
This week saw yet more austerity measures for yet another bail-out that won't be repaid, says Jeremy Warner<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/25638e1d/mf.gif' border='0'/><br/><br/><.....

US politics on international trial as fiscal cliff looms
From a certain angle, the Coalition government in Britain is going to look rather good in the run-up to Christmas. It will not be of much help to David Cameron, though, because the angle is only available in America.<img width='1' height='1' src='.....

Apple's dominance has been shaken to its core
There's been no respite for Apple shares, which continue their alarming decline.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/25636a7c/mf.gif' border='0'/><br/><br/><a href="http://da.feedspor.....

Gulf Keystone climbs on oil discovery
The Aim-listed explorer is a favourite with retail investors.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/25636a7d/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/148659188.....

Dexia rescued for the third time in four years
Struggling lender Dexia has received nearly 15bn in state support in the past four years and has been forced to seek its third bailout since the financial crisis.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/25.....

Government turns prison policy into another type of porridge
Maybe G4S chief executive Nick Buckles could do with a spot of advice from Norman Stanley Fletcher - the jailbird brought to life by Ronnie Barker in the sitcom Porridge.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568.....

G4S pays price for Olympics shambles with loss of prison contract
G4S paid the price for its Olympic staffing fiasco by being stripped of a prison contract and missing out on new bids as the Government signalled a major rethink on private sector involvement in running prisons.<img width='1' height='1' src='http:.....

Aviation chief attacks 'prevarication' over airports policy
The Government's "prevarication" over aviation policy makes the performances in the BBC comedy Yes Minister "look like a class act".<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/25636a82/mf.gif' border='0'/>.....

Tate & Lyle searches for modern-day sugar cube
The British maker of sugar and artificial sweetener, Tate & Lyle, is to launch a dotcom-style venture capital fund to try to discover a new generation of ingredients that could revolutionise food.<img width='1' height='1' src='http://telegraph.....

China's Hu Jintao clings to socialist economy in Mao nostalgia speech
China's Communist Party is to stick "unswervingly" to state control over Asia's largest economy, dashing hopes for deep free-market reform over the next decade.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2563.....

Apple overtaken by Samsung for first time in smartphone market
Apple has been knocked off its throne as producer of the world's best-selling smartphone with Samsung's Galaxy S3 overtaking the iPhone 4S for the first time.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/25636a.....

Morrisons chief executive Dalton Philips calls for improvement
The chief executive of Wm Morrison Supermarkets has accepted that the retailer must improve after a sharp fall in sales.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/25636a8e/mf.gif' border='0'/><br/>&.....

Three investment strategies for the pessimist
Henderson's Tony Lanning list three ways to invest if you are a pessimist.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/25636a8f/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.co.....

Gold for the absolutely cautious investor
Henderson's Tony Lanning defends absolute return funds, which try to return gains in any market condition.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/25636a90/mf.gif' border='0'/><br/><br/><.....

Debt crisis: as it happened, November 8, 2012
Mario Draghi has signalled that the European Central Bank will downgrade its growth forecasts next month, as new data show that one in four Greeks are now out of work, with youth unemployment at 58pc.<img width='1' height='1' src='http://telegraph.....

IAG makes 113m offer for full ownership of Spanish budget airline Vueling
International Airlines Group, owner of British Airways and Iberia, has mounted a 113m (90m) offer to take full control of Spanish low-cost carrier, Vueling, as it looks to restructure its loss-making business in Spain.<img width='1' height='1' src.....

Eurocrats strike over David Cameron's call to cut EU salaries
David Cameron's demand to reduce the size of the EU's budget by cutting six-figure salaries has sparked a strike.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2561b5ec/mf.gif' border='0'/><br/><br/&.....

Debt crisis: live
Mario Draghi has signalled that the European Central Bank will downgrade its growth forecasts next month, as new data show that one in four Greeks are now out of work, with youth unemployment at 58pc.<img width='1' height='1' src='http://telegraph.....