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Friday, 9 November 2012

UK Financial News on 2012-11-09

HSBC to probe 'criminal' accounts
HSBC bank says it is looking into allegations that criminals have used offshore accounts at its Jersey operation for money laundering......

Bank hands QE income to Treasury
The Bank of England is to give the Treasury 35bn cash it has earned in interest on government debt it holds via quantitative easing......

Lockheed boss resigns over affair
US defence company Lockheed Martin says its incoming president and chief executive officer has resigned over a relationship with a subordinate......

Administrator cuts 330 Comet jobs
The joint adminstrators of Comet announce 330 jobs will go at the failed retailer's head office and other support centres......

IAG reveals 4,500 Iberia job cuts
British Airways-owner IAG announces 4,500 job cuts at Iberia as part of a widely anticipated restructuring of the Spanish carrier......

Greece in bid for bridge finance
Greece makes an urgent bid to raise funds from the financial markets in case it does not receive the next tranche of international bailout aid in time......

Chelsea's first Abramovich profit
Champions League holders Chelsea Football Club report a profit of 1.4m for the financial year to July 2012......

Groupon hit as results disappoint
Shares in US online voucher firm Groupon tumble 30% after its third quarter revenues missed analysts' expectations......

Construction output falls further
UK construction activity fell 13.1% in September from a year ago, as the sector's downturn steepened, official figures show......

UK to end financial aid to India
The UK is to cease giving direct financial support to India by 2015 in recognition of its status as a major economic force, focusing instead on technical assistance......

Gazprom pressed to quit Kurdistan
Iraq warns the Russian energy giant Gazprom to give up oil deals in the Kurdistan region or pull out of a contract for the Badra oilfield......

OECD: 'Dramatic shift' in power
The Organisation for Economic Co-operation and Development (OECD) is predicting a "dramatic shift" in the balance of economic power......

Diageo in United Spirits deal
UK drinks giant Diageo is buying a majority stake in India's United Spirits group for 1.28bn ($2.04bn)......

HGV speed limit 'could be raised'
Roads minister unveils plans to increase the speed limit for HGVs to boost business and cut congestion......

More losses at Credit Agricole
Credit Agricole bank reports a big loss after the sale of its Greek operation Emporiki costs it nearly 2bn euros......

Axa call centre jobs 'at risk'
A small number of jobs are put "at risk" at a call centre in Stockton......

Hornby hit by poor Olympic sales
Hornby reports a half-year loss of 0.5m, with the toymaker blaming weak UK and Olympic sales, and disruption at a key Chinese supplier......

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......

Bid to postpone 3p fuel duty rise
Labour is to force a Commons vote on Monday that it hopes will lead to the postponement of a planned 3p per litre rise in fuel duty in January......

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

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......

China data adds to recovery hopes
China reports encouraging economic data, indicating that growth in the world's second-largest economy may be rebounding......

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 Organization......

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......

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......

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......

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......

Ghana seek Man City partnership
Ghana are set for talks with with Manchester City over a deal that will allow them to tap into the club's coaching and marketing expertise......

Hearts share offer is to pay tax
Sergejus Fedotovas admits Hearts' share offer aimed to help pay the tax bill that has resulted in a winding-up order......

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......

VIDEO: 'We can't cut our way to prosperity'
President Barack Obama has used a television address to say the wealthy must pay more tax if the US is to avoid a looming budget crisis......

AUDIO: How new Lord Mayor will help the City
The 685th lord mayor of London takes up his post today and his brief is to promote and support the people and businesses of the City of London......

VIDEO: Latvia pushes to join eurozone
Latvia is pushing ahead with plans to become the 18th member of the eurozone on 1 January 2014 despite scepticism among the population.....

VIDEO: 'Criminal' accounts probed by HSBC
HSBC bank says it is looking into allegations that criminals have used offshore accounts at its Jersey operation for money laundering......

AUDIO: China's slowdown 'just the hors d'oeuvre'
In the last 30 years China has undergone the greatest economic boom in the history of the world but as the country prepares to transfer leadership growth seems to be slowing down......

VIDEO: IAG reveals 4,500 Iberia job cuts
British Airways-owner IAG announces 4,500 job cuts at Iberia as part of a widely anticipated restructuring of the Spanish carrier......

AUDIO: More Scottish clubs 'in financial trouble'
The finances of Scottish football clubs have worsened in the last six months, according to a survey......

AUDIO: Peston: HSBC suffering severe reputational damage
HSBC bank says it is looking into allegations that criminals have used offshore accounts at its Jersey operation for money laundering......

Beating the recruitment machines
How to land a job in the era of the online application.....

Peace finally breaks over bananas
The long-running banana trade war finally ends.....

Friday Boss: Casino architect Paul Steelman
Casino architect says Las Vegas still has what it takes.....

Ferran Adria: From kitchens to computers
El Bulli chef Ferran Adria on his new food technology.....

How did the PPI bill ever get so big?
How did the PPI mis-selling bill get so big?.....

Why China can't be beaten at novelty cuckoo clocks
Why China couldn't be beaten for novelty cuckoo clocks.....

Fine vinegars' battle to win fans
Fine vinegars' battle to win fans.....

U.S. Week Ahead: Three headaches for investors
The world will be watching the tumultuous negotiations between Obama and the GOP over the fiscal cliff, what the Fed's Ben Bernanke has to say about the economy and an EU meeting about Greece's debt......

Reuters Right Now: Investors unconvinced of "fiscal cliff" compromise
White House Correspondent Jeff Mason says the dip in markets immediately following President Obama's first post re-election speech means investors do not see "cliff" compromise any time soon......

Obama calls for balanced approach to avoid "fiscal cliff"
Nov. 9 - U.S. President Barack Obama calls for a balanced approach to avoid the fiscal cliff of automatic tax hikes and spending cuts due take place in January. Deborah Lutterbeck reports......

Daily Digit: $1.8 billion
Nov. 09 - Priceline.com offers to buy Kayak Software for $1.8 billion. Conway G. Gittens reports......

Breakingviews: Why the GOP lost the election
Nov 9 - Edward Hadas and Martin Hutchinson discuss whether U.S. Republicans need to change their stance on immigration to win the White House in 2016......

Trading at Noon: JC Penney pounded; Kayak's wise travels
Nov 9 - JC Penney sales plunge as shoppers spurn its new price strategy, and Kayak sails to Priceline in $1.8 bln deal......

4,500 jobs to be cut at Iberia
Nov. 09 - British Airways owner IAG will axe almost a quarter of Iberia's workforce and cut capacity to save the loss-making Spanish flag carrier and restore group profitability. Joanne Nicholson reports......

Europe Week Ahead: Spain in focus as ECOFIN meets
Nov. 9 - Euro zone finance ministers meet on issues including Spain and potential conditions attached to any bailout......

The fungal threat to Brit businesses
Nov. 9 - Inspectors are desperately trying to find out how a fungus from continental Europe arrived in Britain, where its threatening to wipe out the ash tree along with a number of businesses that rely on it. Hayley Platt reports......

Reuters Asks: Why watch China?
Nov. 9 - Eyes are on China during the leadership's once in a decade transition - but what how will it impact the global economy?.....

3XSQ: Quarterly sales at Penney plummet
Nov 9 - J.C. Penney reported a much worse-than-expected decline in quarterly sales at stores open at least a year, after it got rid of most coupons and sales earlier this year......

Analyst: Munis to weather Sandy cleanup
Nov 9 - As the Northeast grapples with the aftermath of Superstorm Sandy, one bond expert says munis should be stable but that smaller authorities will have a tougher time than their larger counterparts......

Breakingviews: Lonmin spurns Xstrata - for now
Breakingviews......

Allianz CFO speaks to Reuters after Q3 results
Nov. 9 - We quiz Allianz CFO Oliver Baete about the company's third-quarter results.....

British fashion fans keep up with the Kardashians
Nov. 9 - Arcadia owner Philip Green enlists the star power of Kardashian sisters Kim and Kourtney for his Dorothy Perkins fashion chain......

Daily Digit: China's economy perks up
Nov. 9 - Fresh industrial production data among a raft of figures showing China's lukewarm rebound is on track. Tara Joseph reports......

Obama and Xi: Personalities and politics
Nov. 9 - With China and U.S. relations in a crucial phase, how do the leaders of the world's two biggest economies stack up?.....

Reuters Today: Don't bank on China rebound
Nov. 9 - A slew of China data beats expectations, but analysts say the numbers still aren't strong enough to mean a rebound is assured in Q4......

Asia Week Ahead: China to reveal leadership line-up
Breakingviews......

Factbox: Big names best bet for big bucks in art
Nov. 9 - Famous pieces by big names still do well at auction, but the broader market for art shows signs of going soft.....

U.S. Morning Call: Groupon gets a raw deal
Nov 9 - Groupon once again failed to wow Wall Street with its quarterly results. Groupon also confirmed that its European business is still struggling and that it will be slashing 80 jobs mainly in sales.....

2nd chance: Can Obama fix the economy?
Nov. 08 - America is giving President Barack Obama a second chance at fixing the economy and spurring job creation, so what does he have to do his second time around the block? Conway G. Gittens reports......

Market Pulse: Time to go for gold
Nov. 9 - With world shares sliding ahead of the looming U.S. fiscal cliff, if you're not buying dollars, buy gold, says Credit Agricole CIB Senior FX analyst Adam Myers......

Kardashian sisters hope for stellar UK sales
Nov. 08 - U.S. reality TV stars Kim and Kourtney Kardashian have launched their Kardashian Kollection fashion range in Britain, at Dorothy Perkins stores owned by billionaire Philip Green. Retailers are still finding trading tough, and many are banki.....

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......

Lockheed Martin chief designate Christopher Kubasik sacked over 'relationship' with employee
Chris Kubasik had 'close personal relationship' with staff member.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/256e3d9c/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/1486.....

Wall Street delays Basel III in threat to London
Wall Street banks will not meet a January deadline to begin implementing new global capital rules, potentially handing New York an advantage over London as the financial centres vie for dominance.<img width='1' height='1' src='http://telegraph.fee.....

JJB Sports collapsed with debts of 150m
JJB Sports collapsed into administration with debts of around 150m, leaving suppliers, landlords, and utility suppliers heavily out of pocket.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/256e6923/mf.gif' borde.....

Pearson accused of 'ramping' FT cover price
Pearson has been "aggressively" and "unsustainably" ramping up the price of the Financial Times, a City analyst has claimed, arguing that assumptions the company's newspaper division is worth 1bn are misplaced.<img width='1' height='1' src='http:/.....

Trade and construction data boost UK economy hopes
Trade and construction figures have delivered the economy a boost by holding up better than hoped in September, lowering the risk of a downgrade in third-quarter growth.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/5683.....

British Airways owner IAG battles staff over plans to cut 4,500 jobs
A fierce battle has broken out between International Airlines Group and its workers after the owner of British Airways warned it would have to cut at least 4,500 jobs at Iberia.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/3272.....

Hornby scraps dividend after London 2012 Olympic Games crash
Toy and model-maker Hornby has scrapped its dividend after disappointing sales of London 2012 merchandise and a shortage of stock because of problems with its largest Chinese supplier.<img width='1' height='1' src='http://telegraph.feedsportal.com.....

Comet: hundreds of staff made redundant
The administrators to Comet say they are in discussions with potential bidders for "parts of the business," despite cutting 330 jobs.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/256c858a/mf.gif' border='0'/>.....

Margaret Hodge's family company pays just 0.01pc tax on 2.1bn of business generated in the UK
Chairman of the Public Accounts Committee faces embarrassing revelations over tax affairs just days before she leads the grilling of US companies over controversial tax arrangements.<img width='1' height='1' src='http://telegraph.feedsportal.com/c.....

FSA to act over fund managers' conflicts of interest
The Financial Services Authority is considering taking action against fund managers after finding many failed to manage conflicts of interest properly, leaving some clients facing unnecessary costs while others were given preferential treatment.<i.....

US fiscal cliff concerns weigh on blue-chips
The FTSE 100 has ended the week on a negative note.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/256ddd90/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/148659263908/u/3/f/.....

Diageo makes $2bn United Spirits deal
Diageo has announced a deal to take a major holding in Vijay Mallya's United Spirits as it continues to expand into emerging markets.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/25695d84/mf.gif' border='0'/>.....

Wille Walsh has got used to airline industry turbulence
Rahm Emanuel, Mayor of Chicago, famously said: "You never let a serious crisis go to waste." It could be Willie Walsh's motto.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/256db6cc/mf.gif' border='0'/><br.....

Lonmin rejects Xstrata attempt to 'gain control on the cheap'
Lonmin has accused its major shareholder Xstrata of trying to destabilise the group by proposing a reverse takeover and cull of senior management while the struggling miner pursued a $817m rights issue.<img width='1' height='1' src='http://telegra.....

EU budget talks hit impasse
Talks broke down in Brussels after MEPs refused to drop demands for an extra 13.8 billion in European Union spending for this year and 2013.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/256d883f/mf.gif' border=.....

Former Lehman staff to get bonuses in 7bn payout
Four years after they should have been paid, former staff of Lehman Brothers are to finally receive a portion of the bonuses they were owed before the US investment bank collapsed in 2008.<img width='1' height='1' src='http://telegraph.feedsportal.....

UK to stop financial aid to fast-growing India
Britain will stop giving financial aid to India by 2015, the Government has said, marking a shift in ties between the one-time imperial power and its fast-growing former colony.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/3272.....

Debt crisis: as it happened, November 9, 2012
Germany has asked a panel of top economic advisers to examine France's economic problems, amid concerns that weaknesses in Europe's second largest economy could spread to Germany and the rest of the Continent.<img width='1' height='1' src='http://.....

Banana prices set to fall after 20-year tariffs 'war' ends
A 20-year dispute over European Union tariffs on bananas from latin America has been resolved.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/256cccd1/mf.gif' border='0'/><br/><br/><a href="http.....

German risks rift with France over economic healthcheck demands
Germany's finance minister has reportedly asked a panel of top advisers to examine France's economic problems amid concerns that weaknesses could spread to the rest of Europe.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/.....

Debt crisis: live
Germany has asked a panel of top economic advisers to examine France's economic problems, amid concerns that weaknesses in Europe's second largest economy could spread to Germany and the rest of the Continent.<img width='1' height='1' src='http://.....

Comet administrators cut 330 jobs
The administrators to Comet say they are in discussions with potential bidders for "parts of the business," despite cutting 330 jobs.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/256dc03b/mf.gif' border='0'/>.....

Comet collapse boosts John Lewis and Dixons
The demise of Comet has boosted John Lewis by sparking a sharp rise in electrical sales.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/256bf9cd/mf.gif' border='0'/>.....

SFO to make first Libor arrests within month
The Serious Fraud Office and City of London Police are poised to make the first arrests in the Libor investigation within the next four weeks.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/256bf9cf/mf.gif' borde.....

London's most expensive properties - in pictures
With estate agent Savills predicting that property prices in central London could rise 26pc by the end of 2017, we take a peek at some of the capital's priciest pads.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/.....