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Friday, 16 November 2012

UK Financial News on 2012-11-16

MPs raise doubts over bank sales
There is a risk that the 66bn invested in RBS and Lloyds Banking Group by the government may never be recovered, a parliamentary committee warns......

Banks pay $417m to settle charges
JP Morgan and Credit Suisse will together pay US regulators $417m (263m) to settle charges that they misled investors in mortgage-backed securities offerings......

Ikea 'regrets' forced labour use
Ikea says it "deeply regrets" the use of political prisoners as forced labour at the furniture giant's suppliers in communist East Germany......

Optimism in 'fiscal cliff' talks
The US president and Congressional leaders voice their optimism over resolving the so-called fiscal cliff of spending cuts and tax rises......

Firms named over 'nuisance calls'
The Information Commissioner's Office names some of the companies it has contacted following concerns over unsolicited marketing calls......

CBI urges 'industrial Olympics'
The UK needs an "industrial Olympics", the CBI business group says, as it urges the government to commit 1.5bn to measures to encourage growth......

Home rental costs 'still rising'
The cost of renting a home in England and Wales hit another new high in October although the pace of rent rises slowed, a survey suggests......

Maker of Twinkies to close down
The maker of Twinkies, the cream-filled sponge cakes well-loved in the US, says it will close down the company, leading to the loss of 18,500 jobs......

Japan averts its 'fiscal cliff'
Japan's lawmakers pass a crucial bill that will allow the government to pay for a large chunk of its expenses, averting a potential fiscal cliff......

700,000 for DNA sampling project
A Dundee-led project helping scientists make predictions about the structure and function of proteins by sampling genetic data is awarded 700,000......

Qatar backs Xstrata-Glencore deal
The planned merger of commodities trader Glencore and mining group Xstrata moves a step closer after Xstrata's second-largest shareholder said it would back the deal......

Asian tycoons eye Singapore firm
Two of Asia's biggest tycoons go head-to-head to take control of Singaporean conglomerate Fraser & Neave......

BP receives record criminal fine
BP receives the biggest criminal penalty in US history for the 2010 Deepwater Horizon disaster and two workers are indicted on manslaughter charges......

Eurozone slides into recession
The eurozone returns to recession for the first time in three years as the bloc's economy contracts by 0.1% between July and September......

Dell profits slump on weak sales
Computer-maker Dell sees its quarterly profit plunge by 47% after it was hit by falling sales to both consumers and large companies......

Bernanke: Banks hurting housing
Federal Reserve Chairman Ben Bernanke says the overly stringent lending requirements of banks are hurting the US housing recovery......

Farepak auditors face discipline
The auditors of Farepak, the Christmas savings firm, face disciplinary action following an investigation into their conduct by the auditing watchdog......

Regulator targets online shopping
The Office of Fair Trading is seeking information on how firms collect and use online shopping data, and if the area should be investigated......

Card firm fined for pushy sales
Card protection company CPP faces a bill of 33.4m after being censured for mis-selling insurance products using "overly persistent" sales tactics......

UK retail sales fall in October
UK retail sales fall by more than expected in October as shoppers cut back on food and clothing purchases, official data shows......

Markets adjust to anaemic economy
Global stock markets fall again, continuing a four-week-long slide, as investors lower their expectations for the global economic recovery......

Asda criticises fuel duty rise
Asda chief executive Andy Clarke calls for the planned fuel duty rise to be scrapped, as the supermarket group reports a slowdown in sales......

Taxis' steering problem solved
A solution is found to a steering fault that caused the recall of 400 London taxis putting their manufacturer into administration......

Airport limits 'cost UK 14bn'
A lack of capacity at Heathrow is costing the UK economy 14bn a year in lost trade, according to a report commissioned by the airport......

New TV deal on Scottish football
The Scottish Premier League and BBC Alba have announced a new two-year deal to continue coverage of matches on the Gaelic TV channel......

Clubs closer to cost control rules
The Premier League takes a big step towards introducing cost control rules following a meeting in London......

Fans trust set to buy Portsmouth
The Pompey Supporters' Trust hope to take over Portsmouth before Christmas after signing a conditional agreement......

VIDEO: PPI unwanted sales calls and texts
BBC Newsnight reports on the growth in claims management companies and unregulated claims handlers......

VIDEO: Are cookies becoming a monster?
UK regulators have begun seeking information on how firms may be using cookies to target individual online shoppers with higher prices......

AUDIO: Bank bailout 'not an investment'
The Public Accounts Committee, the Commons' spending watchdog, has issued a report stating that the taxpayer could have avoided a 2bn loss on the rescue of Northern Rock if the Treasury had the right "skills and understanding" to deal with the crisis.....

VIDEO: Fuel duty 'damages economy'
Drivers are being short changed at the pumps because of unfair prices set by retailers and "destructive" fuel taxes, according to motoring experts......

VIDEO: Ikea 'regrets' use of forced labour
Ikea says it "deeply regrets" the use of political prisoners as forced labour in communist East Germany by some of its suppliers......

VIDEO: Martin Lewis: 'Heating or eating?'
The government needs to "get a grip" and make power bills "more simple and more transparent" says Martin Lewis......

VIDEO: Fiscal cliff concern for US firms
President Obama is due to discuss the so-called fiscal cliff with Congress on Friday, but the deadlock is taking its toll on businesses......

VIDEO: China's richest man on wealth gap
China's richest man, Zong Qing Hou, who grew up in poverty and now sits on a fortune of up to $20bn, told the BBC's George Alagiah that the gap between rich and poor is something that will have to be tackled by the country's new leader......

Formula 1 returns to United States
Formula 1 returns to the United States.....

Beer with boss helps JAL revival
How beer chats helped revive Japan Airlines.....

US cannabis vote reignites call to legalise drugs
Should US states legailise drugs and tax them?.....

Eurozone: A very overcast outlook
The eurozone is back in recession and the outlook is even worse.....

'How to use customers to get ahead'
Companies can use tech to make the most of loyal customers.....

AUDIO: Friday Boss: I was lucky to survive
The investment boss branded a snake-oil salesman on how he kept his job.....

Empowering Kenya's new generation
Teenage Kenyan defies poverty to open her own salon.....

Premier League in business message
Premier League football boss talks business.....

U.S. Week Ahead: Black Fri, Best Buy and Bernanke, oh my!
Nov 16 - Markets will be focusing on how well retailers will do on Black Friday, whether Best Buy has a credible turnaround and what Fed boss Ben Bernanke has to say about the recovery......

FACTBOX: Twilight of the Twinkie
Nov 16 - The quintessential junk food treat - a cream-filled, 150-calorie sponge cake - faces extinction now that its maker, Hostess Brands, announced plans to liquidate amid a dispute with striking bakers......

Cash-strapped students turn junk into cool jazz
Nov. 16 - A group of financially-challenged Polish students aren't letting their lack of money interfere with their musical ambitions. Instead, they are applying their initiative and making musical instruments out of objects they find in scrap heaps .....

Trading at Noon: Markets rise on 'fiscal cliff' talks
Nov 16 - U.S. stocks are moving up as President Obama met with top lawmakers to reach a deal on the fiscal cliff.....

Breakingviews: Dear Jon
Nov 16 - Richard Beales and Breakingviews columnists discuss criticism of Jon Corzines legacy after the collapse of MF Global and the likelihood that two overlapping U.S. regulators will ever merge......

Anger as UK's Economist calls France threat to euro
Nov. 16 - French officials have rejected a charge by The Economist magazine that France was the "time-bomb at the heart of Europe". But analysts warn the core euro zone member needs to reform. Joanna Partridge reports.....

Gym sector sweats over low-cost competition
Nov. 16 - The rise of gyms offering cheaper rates means more expensive clubs may have to up their game but analysts warn the low-cost clubs need to be canny about their expansion plans. Joanne Nicholson reports.....

Obama says resolving fiscal cliff is urgent business
Nov. 16 - President Barack Obama said he and congressional leaders must work quickly to avert automatic year-end tax hikes and spending cuts as he sat down for talks with lawmakers on Friday. Rough Cut (no reporter narration)......

New Chinese leaders meet with old
Nov. 16 - As the baton is passed from one generation of Chinese leadership to the next, citizens and analysts look to the future. Lily Grimes reports......

Monaco Media Forum: Timeout with Tumblr's Karp
chats with Tumblr founder and CEO David Karp at the Monaco Media Forum, where he tells us what he learnt from Facebook's IPO......

Reuters Asks: London to lose #1 finance hub status. And?
asks how significant this is......

3XSQ: White House in spending cut talks -WSJ
Nov 16 - White House officials are in advanced internal discussions about a plan to replace the sweeping spending cuts set to begin in January......

Daily Digit: Banking jobs lost since last year
survey has revealed that major banks have announced 160,000 job cuts since early last year as the industry restructures and many workers will leave the shrinking sector for good. Hayley Platt reports.....

Factbox: BP, top of the corporate fine record chart
Nov. 16 - A fine of $4.5 bln for BP for the Deepwater Horizon spill is a record. But exactly how does it compare with previous fines?.....

Breakingviews: France - race against time?
Nov. 16 - An Economist special report on France's failings is sparking intense debate. Breakingviews' Pierre Briancon says its findings are no surprise, but Hollande must act quickly to fix the problem......

Reuters on the Road: LoopMe pioneers mobile 'ad inbox'
Nov. 16 - LoopMe CEO Stephen Upstone take the taxi challenge to explain his radical new concept for increasing mobile advertising revenues......

Reuters Today: Investors spooked by event risk triple whammy
Nov. 16 - Investors wary of buying into risk with U.S. budget tussles, Europe in recession and violence in the Middle East......

Asia Week Ahead: Obama's Myanmar visit - photo-op or pivot?
U.S. President Barack Obama becomes the first sitting U.S. president to visit Myanmar, while Japan's central bank meets for its two-day policy review......

Breakingviews: A passing grade for China's new leaders
Nov. 16 - China's new Standing Committee boasts a wealth of experience, says Breakingviews China editor John Foley, but there's still not a woman in sight. Asia Editor Peter Thal Larsen hosts......

Asian Development Bank head sees break in economic clouds
Nov. 16 - China's rebound will boost the entire region in the coming year, while Japan's central bank ought to keep monetary policy accomodative to weaken the yen, says the president of the Asian Development Bank. Tara Joseph reports.....

U.S. Morning Call: FedEx, UPS eyed in illegal drug probe
Nov 16 - The U.S. is targeting FedEx and United Parcel Service as part of an expanding crackdown on illegal sales of prescription painkillers......

Market Pulse: Banks beaten, DAX retreatin'
Nov. 16 - Euro zone financials the biggest loser in equities today, while Germany's DAX slips below 7,000 for the first time in over 2 months. And on this day in history, a Nasdaq meltdown........

Daily Digit: BP pays $4.5 billion
Nov. 15 - BP agreed to pay $4.5 bln to U.S. government, but faces new penalties of billions of dollars more. Conway G. Gittens reports......

Bet on BlackBerry 10: RIM CEO urges shareholders
. Natalie Armstrong reports......

FACTBOX: BP pays record $4.5 bln fine for 2010 spill
Nov 15 - BP pleads guilty to felony misconduct in the Deepwater Horizon disaster, which killed 11 workers and caused the worst U.S. offshore oil spill ever......

Amazon chief Jeff Bezos would 'love to' open physical stores
Jeff Bezos says online retailer would have to make them unique.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/25ab1c46/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/1486599.....

Two missing after fire on Gulf of Mexico oil rig
Coast Guard says 11 people taken to hospitals, nine others evacuated.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/25aacdec/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/1.....

Greece looks past Europe in search for new funds
Greece is turning to the Middle East, Russia and China in a bid to secure funds as its European paymasters continue to squabble about its debt levels.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/25aacded/mf.gi.....

Guy Hands set for 2.5bn Army housing deal
Guy Hands is poised to agree a 2.5bn deal with Japanese bank Nomura to take control of Annington Homes, which manages almost 60,000 Army houses in the UK.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/25ab155f/m.....

BAE Systems begins board overhaul with new senior independent director
BAE Systems has begun the overhaul of its board following the collapse of merger talks with EADS by naming the former finance director of Diageo as its new senior independent director.<img width='1' height='1' src='http://telegraph.feedsportal.com.....

BAE Systems begins board overhaul with new senior independent director
BAE Systems has begun the overhaul of its board following the collapse of merger talks with EADS by naming the former finance director of Diageo as its new senior independent director.<img width='1' height='1' src='http://telegraph.feedsportal.com.....

New EU rules cast doubt over LSE's takeover plans
Xavier Rolet, chief executive of the London Stock Exchange, has cast doubt over the group's future expansion plans.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/25aa9145/mf.gif' border='0'/><br/><br.....

British Gas makes just 92p a week profit per household - why all the anger?
For a big country, at least in terms of our economy and population, we are showing signs of developing big number phobia.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/25aa5436/mf.gif' border='0'/><br/>.....

Ex-HBOS director says experienced bankers might have saved it
HBOS might not have failed had experienced bankers been in charge of the collapsed lender in the two years before the financial crisis, a former top executive has claimed.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/56.....

Blue-chips head south as fears mount
The FTSE 100 finished at its lowest level since July.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/25a9fa54/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/148659940297/u/3/.....

Sportingbet chief in line for controversial pay-off if William Hill takeover succeeds
Andrew McIver could walk away with a pay-off of up to 2.4m if William Hill's proposed 530m takeover is finalised.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/25a9fa55/mf.gif' border='0'/><br/><br/&.....

Debt crisis: as it happened, November 16, 2012
Greece will eventually need another debt writedown, the head of Germany's central bank has said, as IMF managing director Christine Lagarde urged Europe's leaders to forge a deal next week to help the country get "back on its feet".<img width='1' .....

Ofcom sets date for 5G auction to avert 'capacity crunch'
Britain might have lagged behind Europe on rolling out superfast 4G mobile services, but it is set to regain its lead by auctioning the airwaves for even faster 5G services soon after 2018.<img width='1' height='1' src='http://telegraph.feedsporta.....

Debt crisis: Greece will need second debt writedown, says Weidmann
Greece's creditors will eventually have to write down the value of the country's debt for a second time, but only after Athens has done the hard work of getting its budget into shape, according to the head of Germany's central bank.<img width='1' .....

Debt crisis: live
Greece will eventually need another debt writedown, the head of Germany's central bank has said, as IMF managing director Christine Lagarde urged Europe's leaders to forge a deal next week to help the country get "back on its feet".<img width='1' .....

Ikea 'deeply regrets' use of forced labour in Germany
Ikea, the Swedish furniture giant, has expressed regret that it benefited from the use of forced prison labour by some of its suppliers in communist East Germany more than two decades ago.<img width='1' height='1' src='http://telegraph.feedsportal.....

Cheaper loans and mortgages, but savers are still losing out
To help consumers keep abreast of the latest financial deals we take a closer look at some recent product launches.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/25a8c88e/mf.gif' border='0'/><br/><br.....

The US 'fiscal cliff' explained
We look at the fiscal cliff, its origins and possible disastrous effects.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/25a827ca/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com.....

Twinkies maker Hostess blames strikers as it closes down
Hostess Brands, the bankrupt maker of Twinkies, said it had sought court permission to go out of business after failing to get wage and benefit cuts from striking bakery workers.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/327.....

China sovereign wealth fund in euro warning
The chairman of China's $482bn (303bn) sovereign wealth fund has warned that the eurozone's current strategy to tackle the debt crisis is "leading us up a blind alley".<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/56830.....

Torstone Technology
Torstone Technology's Inferno software is a unique back office solution for financial services.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/25a77876/mf.gif' border='0'/><br/><br/><a href="htt.....

Sluggish start for StartUp Loans scheme
Government schemes designed to let young entrepreneurs access loans and give larger companies expert growth advice are failing to live up to the billing they were given by ministers, the shadow business secretary has warned.<img width='1' height='.....

Occupy Wall St protesters wipe $5m off America's debt
A group of campaigners linked to the Occupy Wall Street movement has raised enough cash to write-off $5m in "distressed" student loans and outstanding medical bills.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s.....

Banks are shrinking for good as job cuts near 160,000
Major banks have cut 160,000 jobs since last year and with more lay-offs to come as the industry restructures, many will leave the shrinking sector for good as redundancies outpace new hires by two-to-one.<img width='1' height='1' src='http://tele.....

RBS sends small business bankers back to school
Royal Bank of Scotland attempts to revive "relationship manager driven model" with project to take staff back to basics - and put them to work in customers' companies.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300.....