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Monday, 26 November 2012

UK Financial News on 2012-11-26

Case casts doubt on sovereign bond restructurings
New UK court ruling on ‘exit consents' could further complicate eurozone negotiations.....

London calling as Latin Americas largest bank moves wholesale HQ
Brazil's Itaú Unibanco cites London's strategic and geographic benefits for the decision.....

Deutsche Bank to hire sales traders for office in Birmingham
UK city emerges as unlikely rival to London and German bank looks to add staff outside the capital.....

Banks in eleventh-hour rush to fund buyout deals
The drive to avert risk of banks losing their capital allocation next year is pushing buyout price multiples higher.....

UK could break with Europe and US over banks accounting rules
Commission to weigh a separate regime for banks out of concern about asset valuation.....

HSBC stalks Asian equities
Hires to that business reach 29 for the year as UK bank looks top achieve its top-5 ambition.....

Profits more than double at Ondra
Boutique adviser earns £12m in pre-tax profits in year to March 31.....

Ex-Nomura quants found two trading start-ups
Prop trading team have left Japanese bank to start two high-frequency trading firms.....

Top Credit Suisse banker leaves firm for post at university
Former co-head of global investment banking division has taken on a post at an Italian business school.....

Restructuring specialist opens office in Madrid
The new Spanish office will be Houlihan Lokey's fourth in Europe.....

Surprise choice for Bank governor
Mark Carney, the head of the Canadian central bank, is named as the surprise choice for new governor of the Bank of England by Chancellor George Osborne......

UBS fined 29.7m for Adoboli case
The Financial Services Authority fines UBS 29.7m for failings that led to trader Kweku Adoboli losing 1.4bn......

Flood cover talks 'reach crisis'
Talks about flood insurance are at "crisis point" and could leave 200,000 homes without cover, according to an insurers' body......

Cable to review 'sham' directors
Business Secretary Vince Cable is to review the role of nominee directors following a BBC Panorama investigation into tax evasion that found some were 'sham' directors......

UK 'could face austerity to 2018'
The UK could face an extended squeeze on public spending, an independent think tank warns nine days before the chancellor's Autumn Statement......

Thanksgiving sales 'up sharply'
US shoppers went to town over the Thanksgiving weekend, with retail spending up sharply on last year, a survey suggests......

World Cup infrastructure concerns
Fifa's general secretary is pleased with Brazil's work on 2014 WC stadiums but has concerns about the speed of infrastructure work......

EU meeting on Greece decision
Eurozone finance ministers are meeting in Brussels to discuss the next instalment of bailout money for debt-laden Greece......

BP eyes UK extension to gas route
BP holds talks with the Russian government and stakeholders in the Nordstream pipeline about extending the line to deliver gas to the UK......

Payday lenders' new code in place
A new payday lenders' code of practice designed to give more protection to those in financial difficulty should now be fully in place......

France 'wants Arcelor Mittal out'
Arcelor Mittal is no longer welcome in France, its industry minister says, accusing the steelmaker of "lying" and "disrespecting" the country......

Samsung audit finds China issues
Samsung says an audit of 105 of its suppliers in China has identified "several instances of inadequate practices"......

Transport projects 'in slow lane'
Economic growth is being hampered by too few transport projects going ahead in the UK, a business lobby group says......

Aston Martin firm denies bid talk
The owner of Aston Martin, Kuwait's Investment Dar, denies reports it has received competing bids for a 50% stake in the luxury British car brand......

BAE boss says shipyard may close
A decision on the future of BAE Systems' major shipyards is likely to be made before the end of the year and one site may close, its UK chief executive says......

Renesas up 17% on bailout report
Shares of chipmaker Renesas rise 17% after a report saying that shareholders have accepted a bailout from a government-backed fund......

Egypt crisis prompts shares dive
Shares in Egypt plunge almost 10%, as protests continue against President Mohammed Mursi's decision to grant himself sweeping powers......

European Tour unveils 19m series
The European Tour is introducing a new 19m climax to the 2013 Race to Dubai with a 'Final Series' of four events......

VIDEO: Flood defences: Money well spent?
Flood defences have helped homes affected by flooding in previous years stay high and dry......

VIDEO: EU due to make Greece decision
For the third time in three weeks, international lenders in the EU will meet in Brussels to decide whether to grant Greece 31bn euros ($40bn; 25bn) in bailout loans......

VIDEO: UBS fined 29.7m over Adoboli case
The Financial Services Authority (FSA) has fined UBS 29.7m ($47.6m) for failings that led to trader Kweku Adoboli losing 1.4bn......

VIDEO: UK 'could face austerity until 2018'
The chancellor may have to extend the squeeze on public spending until 2018 if the recent deterioration in growth prospects and tax receipts turns out to be permanent, a think tank has said......

AUDIO: Flood homes 'risk losing insurance'
The ABI's Huw Evans told BBC Radio 5 live Breakfast why thousands of homes at risk of flooding could lose their insurance.....

VIDEO: Firms help tax evasion flourish
A flourishing industry which helps people evade UK tax has been uncovered following an investigation by the BBC's Panorama programme......

Police murders overshadow Brazils World Cup work
Police murders overshadow Brazil's World Cup preparations.....

Death, taxes and the GOP
How 'fiscal cliff' talks may result in a profound change in US politics.....

Meet the 'tutor kings and queens'
They're rich, they're famous... they're teaching maths.....

Mexican start-ups seek social change
The start-up pioneers who want to change Mexico.....

U.S. Day Ahead: 3 reasons why Green Mountain could rise
There are big bets against Green Mountain Coffee by David Einhorn ahead of the company's earnings after the close. Here's why the stock could be set for an upswing......

Daily Digit: $59.1 bln shopping spree
American shoppers spent $59.1 billion during the long Black Friday holiday weekend, buying early and online. Conway G. Gittens reports......

Canada's Mark Carney to head Bank of England
Nov. 26 - Britain has named Canadian central bank chief Mark Carney as the next Bank of England Governor, springing a major surprise by appointing a foreigner to the job. Sonia Legg reports......

Trading at Noon: U.S. stocks fall on Greece, fiscal cliff
Nov 26 - U.S. stocks are down as euro zone finance ministers begin their third attempt at a Greek deal......

Breakingviews: J.R. Ewings legacy
Nov 26 - In the wake of actor Larry Hagman's death, Antony Currie and Christopher Swann draw parallels between the fictional Dallas character he played in the 1980s and today's freewheeling oilmen......

Euro zone, IMF at odds over Greek loans
Nov. 26 - Greece's lenders are meeting in Brussels to discuss how to release the next tranche of aid for the country, but fundamental disagreements on how to right its economy still need to be solved. Joel Flynn reports......

Spain's Catalan election brings relief for Rajoy
Nov. 26 - Separatists in Spain's Catalonia won regional elections on Sunday but failed to get a resounding mandate for a referendum on independence, which had threatened to pile political uncertainty on top of Spain's economic woes. Hayley Platt repo.....

Composting eats away at Indonesias trash problem
Nov. 26 - The Indonesian city of Surabaya has taken composting to new levels in a so far successful effort to reduce its considerable garbage problem. With rubbish piling up all over the city, a composting program was launched more than ten years ago.....

3XSQ: Holiday shoppers take to the net
Nov 26 - Online sales jumped 26 percent on Black Friday to $1.04 billion but ComScore estimates online sales could hit $1.5 billion today which would be a 20 percent jump from the same day last year......

Daily Digit: UBS fine for control failures
Swiss bank UBS is fined 29.7 million by the UK financial services regulator for major control failures that led to a rogue trader losing $2.3 billion. Joel Flynn reports......

Climate talks: little more than hot air?
Despite mounting alarm about climate change, almost 200 nations meeting in Doha are likely to pay little more than lip service to the need to rein in rising greenhouse gas emissions. Rough cut (no reporter narration)......

Breakingviews: Mursi's pharaonic blunder
Breakingviews......

Catalan vote represents willingness to succeed
Residents in Spain's Catalonia vote in favor of independence but fall short on which party will lead the charge. Julie Noce reports......

Catalan vote represents willingness to succeed
Nov. 26 - Residents in Spain's Catalonia vote in favor of independence but fall short on which party will lead the charge. Julie Noce reports......

Reuters Today: Catalan election weakens independence push
Nov. 26 - Separatists in Spain's Catalonia won regional elections on Sunday but failed to get a resounding mandate for a referendum on independence......

Help Wanted: Compliance cops to spring clean banks
Nov. 26 - Suffering under a deluge of strict new regulations and trading scandals, banks are revving up compliance and risk departments, making them a hiring hot spot. Tara Joseph reports......

U.S. Morning Call: Global stocks lower on Greek loans
Nov 26 - Euro zone finance ministers and the International Monetary Fund seek to unfreeze the second bailout package for Greece......

Olympus scandal just tip of iceberg - Woodford
Nov. 26 - Corporate Japan has many more skeletons in its closet, says ousted Olympus chief Michael Woodford as he publishes his account of the companys accounting scandal......

Market Pulse: Greece deal seen likely, markets cautious
Nov. 26 - Greece is expected to get its next aid tranche. Among the biggest stock decliners are European banks - Barclays shares down as Qatar cashes in on warrants......

UK team hopes to clean up with anti-pollution super soap
Nov. 25 - Negotiators at this week's Doha climate change conference who are seeking new ways of fighting air pollution, might want to look at an idea being developed at the University of Sheffield and London College of Fashion. A scientist and fashio.....

Cashing in on Barclays is a good deal for Qataris
Last time Qatar Holdings sold a bunch of Barclays warrants, J Sainsbury shares shot up 5pc on talk the desert raiders were cashing up to buy the supermarket chain.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2.....

New Bank of England Governor Mark Carney 'going where the challenges are greatest'
The first foreigner to be appointed Governor of the Bank of England in its 318-year history said last night that he was "going to where the challenges are greatest".<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s.....

Civil servant Kate Mingay sues Department for Transport
Kate Mingay, one of the three civil servants suspended over the West Coast rail bid fiasco, has filed legal proceedings against the Department for Transport over the way she has been treated.<img width='1' height='1' src='http://telegraph.feedspor.....

Hewlett-Packard accountant 'sold $1.1m of shares before Autonomy problems exposed'
Chief accounting officer sold shares before problems were made public.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/25fc4a76/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/.....

Bank of England commentary: attack is the best form of defence for tough-talking Canadian Mark Carney
Let's face it, we've been here before. Much-loved institution, glory days behind it, shocking defending in a crisis.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/25fc4a78/mf.gif' border='0'/><br/><b.....

Canadian central bank chief Mark Carney named as new Bank of England Governor
The City is braced for more radical attempts to break Britain's growth deadlock after the surprise appointment of Mark Carney, the Canadian central bank chief, as the next Bank of England Governor.<img width='1' height='1' src='http://telegraph.fe.....

Analyst: Mark Carney's appointment as BoE governor a 'huge surprise'
Victoria Clarke, an economist at Investec says the decision to appoint Canadian central bank chief Mark Carney as the next Bank of England Governor, took the financial markets by surprise.<img width='1' height='1' src='http://telegraph.feedsportal.....

Aberdeen: our style is to buy and hold
There's more to be gained from finding companies with solid foundations.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/25fc5984/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/.....

Aberdeen delivers better-than-expected results
Rising stockmarkets helped Aberdeen Asset Management register revenues and profits that beat City expectations.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/25fc5986/mf.gif' border='0'/><br/><br/>.....

New Bank of England Governor Mark Carney's wife: an eco-warrior who says banks are rotten
The British wife of the new Bank of England Governor is a strident environmental activist who urges people to spend less money on possessions, and once declared: "Having more stuff does not make us happy."<img width='1' height='1' src='http://tele.....

Mark Carney: new age is dawning for the Bank as George Osborne bags his man
Something of a coup for Britain's beleaguered coalition Government or more evidence that Goldman Sachs is taking over the world?<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/25fc5988/mf.gif' border='0'/><.....

British plant boosts India-based energy company
Energy company Essar's purchase of a Liverpool oil-processing plant last year helped nearly double half-year revenues, while debt repayments and forex costs dragged the company into the red.<img width='1' height='1' src='http://telegraph.feedsport.....

Mark Carney appointed Bank of England Governor: as it happened - November 26, 2012
Mark Carney, the Governor of the Bank of Canada, has been named the new Governor of the Bank of England.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/25fbafff/mf.gif' border='0'/><br/><br/><a .....

Mark Carney: Canadian everyman takes top job at Bank of England
The Bank of England's incoming Governor Mark Carney marks a break from the norm - even in his hiring.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/25fbadff/mf.gif' border='0'/><br/><br/><a hre.....

Mark Carney: I'm going to where the challenges are greatest
Canadian central bank chief Mark Carney explains his decision to accept the role as the next governor of the Bank of England.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/25fbae00/mf.gif' border='0'/><br/.....

Qatar triggers sale of 740m Barclays stake
Qatar Holding sold the last remaining warrants it acquired during Barclays' emergency capital raising in 2008, triggering the sale of 740m of the bank's shares.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/25fb.....

Centamin falls on working capital concerns
Political developments in Egypt also unnerved investors.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/25fbcdf3/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/151538627254/u.....

ArcelorMittal not welcome in France anymore, says minister
Steel-making giant ArcelorMittal has suffered an extraordinary attack from a French government minister, telling the company it is no longer welcome in his country and accusing it of telling "shameful lies" about plans for one of its plants.<img w.....

Mark Carney's appointment sends message that British banking is changing
The Telegraph's Head of Business, Damian Reece, says Canadian banker Mark Carney's appointment as the next Governor of the Bank of England is a very clear break with the past.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/.....

How new BoE Governor Mark Carney threw Fleet Street off the scent
As the new Governor of the Bank of England, Mark Carney is not short of items on his to-do list. But he might want to include building bridges with a few disgruntled journalists somewhere in the mix.<img width='1' height='1' src='http://telegraph......

Debt crisis: as it happened - November 26, 2012
David Cameron says a deal over the EU budget is still "do-able", as eurozone finance ministers meet in Brussels to discuss Greece's debt problems.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/25faed2e/mf.gif' b.....

Mark Carney appointed Bank of England Governor: live
Mark Carney, the Governor of the Bank of Canada, has been named the new Governor of the Bank of England.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/25fa8bb4/mf.gif' border='0'/><br/><br/><a .....

Betfair retreats from Greece amid regulatory uncertainty
Betfair has decided all bets are off in Greece after the Athens government warned the directors of online gambling companies they could face at least 10 years in prison if they do not apply for controversial new operating permits.<img width='1' he.....

Onion Johnnies return to England as French market dries up
Salesmen's berets and bicycles inspired classic image of Frenchman.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/25faed30/mf.gif' border='0'/>.....

David Cameron still hopeful of EU budget deal
Prime Minister David Cameron tells the House of Commons he was hopeful of a budget deal with EU leaders, but that the deal offered last week "was simply not good enough".<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568.....