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Tuesday, 13 November 2012

UK Financial News on 2012-11-13

Companies jostle for position as bond trading goes electronic
Several new projects are in the pipeline and existing players are looking to bulk up through acquisitions.....

BNY Mellon to launch European brokerage business
The move is part of a regulatory change in the industry that will place custodian banks in competition with investment banks.....

ABI wades into the banking debate
The Association of British Insurers and several of its members are looking into a range of factors that influence decisions to invest in banks.....

Pressure mounts to defuse Londons pensions time-bomb
Local-government leaders are due to meet to consider proposals from accountants PwC to tackle the problem......

Questions over schedule as ECB moves to split T2S migration
The project has already been delayed twice due to complexities in the logistics, and some market participants fear a third hold-up.....

Banks accelerate property clean-up
Negotiations by banks became more urgent 18 months ago, ahead of a future tightening of capital requirements.....

Evercore revenues in Europe rise by a third
Boost follows the acquisition of London-based rival Lexicon Partners last year.....

CPPs fee payment fuels power debate
'Huge conflicts' are arising in the industry due to the increasingly close relationships between sponsors and large investors.....

Ex-retail analyst lays plans for fund launch
True Capital Partners joined the limited liability partnership in February, according to filings with Companies House.....

Fund bosses respond to FSA critique
Hendrik du Toit of Investec insists that asset management industry is aligned with the interests of its clients.....

Bank ring-fence 'may raise risk'
The head of RBS, Stephen Hester, warns MPs that the new banking ring-fence may increase the risk that banks must be rescued in future......

UK inflation rate rises to 2.7%
The UK's inflation rate jumped to 2.7% in October, up from 2.2% the month before, as a result of higher tuition fees and food prices......

Greece secures short-term finance
The Greek government raises short-term funds at a treasury bill auction to tide it over until it receives the next tranche of its bailout loans......

Action pledge in gas market probe
Energy Secretary Ed Davey promises tough action if allegations that firms manipulated the wholesale gas market turn out to be true......

Madoff promoter in $210m payout
Ivy Asset Management, part of Bank of New York Mellon, agrees to pay $210m to investors to whom it recommended fraudster Bernie Madoff......

US budget deficit rises sharply
The US government deficit rises 22% in October from a year ago, highlighting the challenge President Obama faces as the fiscal cliff looms......

Google v Microsoft trial begins
Google and Microsoft begin a court battle in the US in a battle over how much should be paid for industry standard patents......

ITV shares rise on trading update
Shares in ITV have soared by 9% after investors welcomed the broadcaster's latest trading statement, which shows a rise in revenues......

Belize seeks McAfee over murder
Belize wants to quiz anti-virus software founder John McAfee over the murder of his neighbour, a crime he says he did not commit......

Vodafone hit by eurozone weakness
Vodafone writes off 5.9bn from the value of its units in Spain and Italy, pushing the firm into a half-year loss......

Profits cheer for whisky producer
The makers of Famous Grouse report a sharp rise in turnover and profits for the first six months of the year......

Parcels boost Royal Mail profits
Royal Mail reports a big rise in half-year operating profits, helped by growth at the company's parcels delivery business......

Windows chief leaves Microsoft
Steven Sinofsky, the head of Microsoft's Windows division, leaves the company with immediate effect......

Variations in UK housing market
Regional differences continue to dominate the UK housing market despite a relatively stable picture overall, two surveys have suggested......

Hearts reject takeover approach
Hearts say they have rejected a "note of interest" in the club from a consortium led by businessman Alex Mackie......

Smart card firm bought by Dutch
East Kilbride smart card technology specialist Ecebs is bought by Dutch firm Bell ID for an undisclosed sum......

Londoners 'face longest commute'
Workers in London face the longest average daily commute in the UK - 75 minutes - a study finds......

Hibernian sack stadium announcer
Hibernian confirm they have sacked their Easter Road stadium announcer "following a breach of conduct"......

Shake-up to shared parental leave
New mothers will be able to return to work two weeks after childbirth and share the rest of their maternity leave with their partner under new plans......

Charity donations 'down a fifth'
Donations to charity have fallen by 20% in real terms in the past year, says a report - with both the numbers of people giving and the amount given declining......

Post Office wins DVLA contract
UK motorists will be able to buy vehicle tax discs at the post office for another seven years after the network won a 450m contract......

Pension fund deficits fall back
The collective deficit of the UK's private sector final-salary pension schemes fell slightly in October......

New fast train arrives in Nairobi
A new commuter train is launched in Kenya's capital, Nairobi - the first of its kind since independence......

EU suspends plane emissions rules
The European Union agrees to suspend changes to rules that require airlines flying to and from airports in the EU to pay for their carbon emissions......

Utility E.On issues profit alert
Shares in E.On fall 9% after Germany's biggest power generator issues a profits warning and reports a quarterly loss......

House market boosts Home Depot
Home Depot says it made a small rise in quarterly profits, thanks to signs of recovery in the US housing market......

Rugby Football Union reports loss
The Rugby Football Union (RFU) reports a loss of 6.3m in the last financial year as a result of fewer games being played at Twickenham......

Wanderers debt rises to 136.5m
Bolton Wanderers record a loss of 22.1m for the 12 months to the end of June, taking their total debt to 136.5m......

HRT could be sold 'within weeks'
HRT's Spanish owners say they are talking to a number of parties interested in the buying the back-of-the-grid F1 team......

SFL to propose three-tier system
The Scottish Football League is to propose an end to the SPL, wth Old Firm colt sides playing in a three-tier system......

VIDEO: Why chip shop owners are raising prices
The sodden conditions also mean farmers are still struggling to get their potato crops out of the ground......

VIDEO: Battle for Bank of England top job
The government has begin the process of appointing a new governor for the Bank of England to replace Sir Mervyn King......

AUDIO: Royal Mail profits surge
Royal Mail is expected to report a surge in half-year profits paving the way for a long-awaited privatisation of the company......

VIDEO: India worries over China deficit
There are worries in India over its trade deficit with China, its biggest trading partner......

VIDEO: Parcels boost Royal Mail profits
Royal Mail has reported a big rise in half-year operating profits, helped by growth at its parcels delivery business as more people shop online......

VIDEO: TalkTalk 'turned a corner'
The Chief Executive of TalkTalk, Dido Harding has told the BBC the company has, "turned a corner.".....

VIDEO: 'Surprise' at rate of inflation
The latest inflation figures show the largest increase in prices in more than a year......

VIDEO: China's Singapore economy lesson
As China's new leaders consider ways of managing the development of the country's economy it is possible they could learn lessons from Singapore......

DIY homes: Your stories
Your stories of trying to build your own home.....

'Zombie' companies eating economic growth
How barely-breathing businesses are hitting economic growth.....

How drones are helping the wine industry
How 'precision viticulture' is changing winemaking.....

Britain toasts Australian wines
Why Australia's wine is no longer 'Chateau Chunder'.....

Why stressed out CEOs are bad for business
Why stressed out CEOs are bad for business.....

Viewpoint: Should executives get 'rewards for failure'?
Should parachutes be golden for failed executives?.....

U.S. Day Ahead: What do these CEOs have in common?
Nov 13 - GE's Jeff Immelt, Wal-Mart's Michael Duke, Xerox's Ursula Burns and Ford's Alan Mulally are a part of a group of bosses meeting President Obama about the fiscal cliff......

Daily Digit: 23% unsure about future
Nov. 13 - A record 23% of U.S. small business owners are uncertain about the business climate, according to a monthly survey conducted by the National Federation of Independent Business. Bobbi Rebell reports......

Wilbur Ross considers asset sales in face of tax hikes
Nov 13 - Billionaire investor Wilbur Ross says a fiscal cliff deal will likely include raising capital gains and dividend taxes. He also believes shale gas would give the U.S. economy a significant boost......

Trading at Noon: Markets rise with Home Depot; MSFT falls
Nov 13 - U.S. stocks are inching up with strong results from Home Depot. Microsoft falls after a key executive exits.....

Breakingviews: The West Street Biennale
Nov 13 - Breakingviews editors anticipate Goldman Sachss announcement of new partners due on Wednesday, and the financial outlook for Wall Streetmiddle class of bankers......

Europe prepares for historic strikes
Nov.13 - Spain and Portugal prepare for their first co-ordinated general strike over austerity measures while sympathy strikes are planned across Europe. Will they increase pressure on governments? Hayley Platt reports......

Europe Day Ahead: Mood darkens in Portugal
Nov. 13 - Portugal braces for protests as austerity deepens, while the Bank of England inflation report will be scanned for clues to QE......

Greek delay revives debt crisis fears
Nov.13 - Greece's international lenders have agreed to give the country another two years to make the cuts demanded of it, but the euro zone and the IMF have clashed over Athens' longer-term targets for shrinking its debt pile. Joanna Partridge repor.....

3XSQ: Home Depot profit beats expectations
Nov 13 - Home Depot reported a higher-than-expected quarterly profit & raised its full-year outlook, benefiting from a housing market uptick......

OPEC's al-Badri says U.S. self-sufficiency is not a worry
Nov. 13 - OPEC Secretary General Abdullah al-Badri says reports the U.S. will become self-sufficient in energy are of no concern as demand will rise significantly elsewhere by 2035......

Russia ready to open international bond market: Dep FinMin
Nov. 13 - Russia's Deputy Finance Minister Alexei Moiseev confirms that the Moscow Exchange will be able to open a fully fledged international bond market in January 2013......

Breakingviews: UK gas scandal is explosive
Breakingviews......

Rubber riches give Malaysia's Karex the condom crown
Nov. 13 - Malaysia's Karex Industries is the world's largest condom maker by volume, and with plans for expansion and an IPO next year, is aiming for an even bigger slice of the market......

Expectations too high at Eurogroup meeting?
......

Reuters Today: IMF, EU spar over how to fix Greece
Nov. 13 - Eurogroup's Juncker and IMF's Lagarde are at odds over how to ease Greece's debt burden, with European leaders now aiming for a meeting on November 20th to strike a deal......

Brompton bike boom fuelled by Asia
Nov.13 - London's fold-up bike company Brompton has had a surge in profits thanks to booming trade in Asia. Ciara Sutton reports.....

U.S. Morning Call: Stock futures lower on "fiscal cliff" fear
Nov 13 - U.S. stock futures pointing to a lower open with the fiscal cliff weighing on markets as lawmakers go back to work in Washington today for a lame duck session......

Daily digit: Vodafone's writedown on Europe
Nov.13 - Vodafone wrote down the value of its business in Spain and Italy by 5.9 billion pounds ($9.4 billion) on Tuesday as recession-hit Europeans cut back on calls. Sonia Legg reports.....

Oil & Money: Qatar's al-Attiyah says shale oil is good news
Nov. 13 - Former Qatar oil minister Abdullah al-Attiyah welcomes shale oil and gas production and says it will provide supply security for another 300 years......

Market Pulse: What's Moving Today and Why
Insider has its finger on the market pulse, analyzing and making sense of the biggest movers of the day......

U.S. will be top energy power- IEA
Nov. 12 - A major power shift will put the U.S. at the top of the energy production pyramid- ahead of Saudi Arabia and Russia, according to the IEA. Bobbi Rebell reports......

Match-making Monday
Nov. 12 - Summary of business headlines: Stocks hold the line in holiday trade; Leucadia buys rest of Jefferies and Precision Castparts goes after Titanium Metals; Microsoft says Surface sales "modest"; Homebuilder sales rise but shares fall. Conway .....

U.S. Day Ahead: Cisco boss looks like he'll stay glum
Nov 12 - Don't expect Cisco CEO John Chambers to change his pessimistic outlook when the tech giant reports earnings after the close......

Household bio-reactors have powerful future
Nov. 12 - Researchers at the Argonne National Laboratory are developing a mobile reactor they say will one day play a crucial role in helping people after natural disasters like Hurricane Sandy. The reactor can convert kitchen and bathroom waste into.....

Daily Digit: Jefferies worth $3.6 bln
Nov. 12 - Investment company Leucadia will buy a remaining stake in Jefferies Group in a deal that values the investment bank at $3.6 billion. Conway G. Gittens reports......

Vodafone needs to get smarter and quicker at innovation to keep growing
Two years into his strategy to build "a more valuable Vodafone" how is Vittorio Colao doing?<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/258c66d7/mf.gif' border='0'/><br/><br/><a href="http:/.....

HMRC faces paying back 5bn to 7bn in tax
British American Tobacco has been fighting lawsuit since 2006.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/258d5fa2/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/14865940.....

Hollywood mogul Peter Chernin buys stake in Base 79
Britain's digital media industry has been handed a major vote of confidence after veteran Hollywood mogul Peter Chernin took a stake in Base 79, a business which runs television-style channels on YouTube.<img width='1' height='1' src='http://teleg.....

US budget deficit jumps to $120bn
The US budget deficit rose 22pc in October from a year ago, to $120bn, as spending outpaced revenues, Treasury Department data released Tuesday showed.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/258cdeaf/mf.g.....

Judge orders Barclays to reveal names of 208 staff linked to Libor probe
Barclays faces having to reveal the names of staff linked to attempts by the bank to manipulate Libor at a London High Court hearing on Tuesday.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/258c7406/mf.gif' bor.....

US Conference Board fears BRICS miracle over as world faces decade-long slump
The catch-up boom in China, India, Brazil is largely over and will be followed by a drastic slowdown over the next decade, according to a grim report by America's top forecasting body.<img width='1' height='1' src='http://telegraph.feedsportal.com.....

Vodafone swings to loss after 6bn write-downs
The mobile giant swings to a 492m first-half loss after slashing the value of its crisis-hit businesses in Spain and Italy by 5.9bn and signalling that contagion from the region is spreading to other territories including Britain.<img width='1' he.....

De La Rue warning sends the shares lower
The banknote printer cautioned the market about order delays.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/258cd62d/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/148659407.....

MEPs try to hold EU hostage over demand for extra 13.8bn in cash
Crisis talks over the European Union budget collapsed in disarray after MEPs refused to turn up to discuss their demand for an extra 13.8 billion in Brussels spending over the next year.<img width='1' height='1' src='http://telegraph.feedsportal.c.....

Finances go loco down in Acapulco
The mayor of Acapulco declares beach resort in 'technical bankruptcy'.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/258c6d2a/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/.....

Bwin.party chief questioned by Belgian police
Concerns over the online gaming industry exploded on Tuesday after bwin.party's co-chief executive was questioned by police in Brussels amid allegations the company is taking business "illegally" from punters in Belgium.<img width='1' height='1' s.....

Debt crisis: Greek debt auction averts imminent default
Greece managed to raise 4bn (3.2bn) of short-term debt that is likely to avert imminent default, but fears over the country's future persisted amid infighting among its creditors.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32.....

Moody's warns on Libor downgrade risk to banks
Litigation costs stemming from the Libor scandal are likely to see banks' credit ratings downgraded, agency Moody's has announced.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/258c66d6/mf.gif' border='0'/>&l.....

Xstrata induces "panic" over Lonmin's $817m rights issue
Platinum miner Lonmin has accused its biggest shareholder, Xstrata, of muddying the waters over its $817m (515m) rescue rights issue by launching an attack on its management.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f.....

BP clears path to Russian Arctic through $325m peace deal with oligarchs
BP has resolved all disputes with its oligarch partners in TNK-BP.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/258bc318/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/1486.....

Banks will always blow themselves up, regulator warns
Policymakers will simply have to learn how to deal with banks that blow themselves up because it may be impossible to stop them, a top regulator has warned.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/258bc319.....

Greece says bail-out will put 'drachmaphobia' to rest
Greece's finance minister has urged EU leaders to vote to give the struggling country its next tranche of aid when they meet next week and remove the fear of an exit from the eurozone.<img width='1' height='1' src='http://telegraph.feedsportal.com.....

Debt crisis: as it happened, November 13, 2012
Greek finance minister Yannis Stournaras says EU leaders must vote to give the struggling country its next tranche of aid when they meet next week and remove the spectre of a Greek euro exit.<img width='1' height='1' src='http://telegraph.feedspor.....

SFO director David Green admits to failings in organisation
The Serious Fraud Office has been suffering from a "failure in quality" and needs to "up its game", according to its new director David Green.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/258bca1b/mf.gif' borde.....

Debt crisis: live
Germany's finance minister risks widening the rift with the IMF over Greece, as he ruled out official sector writedowns and described Greece's 2020 debt sustainability target as "possibly a little too ambitious".<img width='1' height='1' src='http.....

We have a mad and indefensible tax system, which is why we need revolutionary change
Your car doesn't pay road tax, your house does not pay council tax and your television doesn't pay the licence fee. You do. Obvious, right?<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/258bca1e/mf.gif' border='.....

Opel and Peugeot 'halt tie-up talks over finance fears'
General Motors and alliance partner PSA Peugeot Citroen have halted talks on a deeper tie-up amid misgivings about the French carmaker's worsening finances and government-backed bailout, according to reports.<img width='1' height='1' src='http://t.....

Income drawdown: hope of 10pc rise in pensions before new year
Pensioners who use income drawdown to fund retirement have been offered hope of a 10pc rise in their incomes before the end of the year.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/258bc685/mf.gif' border='0'/.....

Inflation's 'nasty surprise' threatens household squeeze
Households are facing a further squeeze on their finances after inflation delivered a "very nasty surprise" last month and rose sharply on the back of spiralling university tuition fees and higher food bills.<img width='1' height='1' src='http://t.....

Pushing banks to lend risks a rise in defaults, warns Cohrs
Pressuring British banks to lend out more money will lead to a rise in defaults while creditworthy firms and households are reluctant to borrow, a Bank of England financial regulator said on Tuesday.<img width='1' height='1' src='http://telegraph......