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Tuesday 27 November 2012

UK Financial News on 2012-11-27

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 to achieve its top-5 ambition.....

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.....

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.....

China 'not currency manipulator'
The US decides not to declare China as a currency manipulator but says that the yuan remains "significantly undervalued"......

Lynch: HP should back up claims
The former head of Autonomy, the UK group accused of misrepresenting its finances by US computer maker Hewlett-Packard, demands details of the allegations......

King warns euro risk has grown
Departing Bank of England governor Sir Mervyn King warns that his successor Mark Carney faces a weak recovery and continuing risk from the eurozone......

France in nationalisation warning
French President Francois Hollande has met the owner of steel giant Arcelor Mittal amid talk of nationalising one of its plants......

Global recovery 'under threat'
Decisive action is needed to ensure the US fiscal cliff and the eurozone debt crisis do not "plunge the world back into recession", the OECD says......

E.On to pay 1.7m in compensation
Energy company E.On agrees to pay 1.7m in compensation after it overcharged 94,000 customers following price rises......

Economic growth confirmed at 1%
The UK economy grew by 1% between July and September, official figures confirm, with the Olympics boosting growth over the summer......

Financial Times head to step down
Rona Fairhead, the chief executive of the Financial Times Group, is to step down in April, the business newspaper's owner Pearson announces......

Eurozone deal on Greece bailout
Eurozone finance ministers and the IMF reach an agreement on an urgently needed bailout for debt-laden Greece......

Work programme misses job target
The government's flagship welfare-to-work programme has failed to hit its main target of getting people into long-term jobs, official figures show......

Portugal passes austerity budget
Recession-struck Portugal passes a budget promising another year of spending cuts and tax rises, as protesters surround parliament......

Lloyds switching letters sent out
Millions of Lloyds TSB customers will receive letters from Wednesday explaining that their accounts will be moved to a new provider......

US confidence jumps in November
US consumer confidence reached its highest level in four-and-a-half years this month, according to a closely-watched survey......

Muddy Waters releases Olam report
Muddy Waters Research releases a report to back up its earlier claims that agricultural commodities trader Olam International "will collapse"......

Bad loans knock Nationwide profit
Nationwide building society reports a fall in half-year profits, partly due to bad commercial loans and money set aside for PPI compensation......

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......

Bond reverses Pinewood's fortunes
James Bond movie blockbuster Skyfall helps UK film studios Pinewood Shepperton bounce back into profit......

YouView sued over name dispute
The Lord Sugar-backed digital television service YouView has been sued over the use of its name......

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......

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......

New EU bailout fund legal - court
The EU's top court rules that the eurozone's new permanent bailout fund, the European Stability Mechanism (ESM), is in line with EU law......

US 'sees biggest Cyber Monday'
The US is projected to have had its biggest ever online shopping day - with "Cyber Monday" sales up at least 20% on last year, analysts say......

US fiscal cliff focus on taxes
Shadow boxing ramps up between the White House and Republicans on whether to introduce tax rises to avert the upcoming "fiscal cliff"......

Conoco to sell $5bn Kazakh stake
India's biggest oil explorer, Oil and Natural Gas Corporation, says it will buy ConocoPhillips's 8.4% stake in Kazakhstan's Kashagan project......

Fruit Shoot recall hits Britvic
Soft drinks maker Britvic sees full-year profits fall by nearly 20% following the cost of recalling its newly designed Fruit Shoot bottles......

Rongsheng slumps as boss resigns
Shares of shipbuilder China Rongsheng Heavy fall more than 9% after its chairman resigns, the latest in a series of setbacks for the firm......

Millions of Dons' debt converted
Aberdeen chairman Stewart Milne and Aberdeen Asset Management agree to convert almost 6 million of club debt......

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......

VIDEO: E.On compensation 'a good deal'
Energy company E.On has apologised and agreed to pay 1.7m in compensation after it overcharged 94,000 customers following price rises......

VIDEO: Clyde shipyards wait to learn fate
BAE who owns two major shipyards in Govan and Scotstoun in Glasgow says a decision about their future could be just weeks away......

AUDIO: 'Frequency of catastrophes increasing'
Richard Ward, Chief Executive of Lloyd's of London, says "there is significant exposure around the globe to natural catastrophes"......

VIDEO: France threatens to expel Arcelor Mittal
Arcelor Mittal is no longer welcome in France, its minister for industrial recovery, has said, accusing the steelmaker of "lying" and "disrespecting" the country......

VIDEO: First welfare-to-work figures released
The government's flagship welfare-to-work programme has failed to hit its main target, official figures show......

VIDEO: Flood fund 'a viable solution'
The Association of British Insurers has said thousands of people living in flood risk areas may be unable to get insurance next year, because the government has refused to provide funding to make premiums affordable......

VIDEO: Can Arabic literature widen its appeal?
While the Arab world has no shortage of literature, relatively little of it is translated for a wider audience......

VIDEO: Abu Dhabi's artistic ambitions
Abu Dhabi has just hosted its annual art fair - one small part of its strategy to become the Middle East's cultural hub......

Viewpoints: Mark Carney
Expert views on the job facing new Bank governor.....

Fifa and Brazil in harmony over 2014
Fifa and Brazil work in harmony towards 2014 World Cup.....

Foreign carmakers dominate LA show
European and Asian carmakers dominate LA.....

France: Treading troubled waters
Should we be worried about the French economy?.....

Patience needed to profit online in India
Why online businesses must be patient in pursuit of profit.....

CEO Guru: Persistence and determination
Why persistence is a key quality for business leaders.....

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

U.S. Day Ahead: SAC's Steven Cohen goes for damage control
Nov 27 - Wednesday is all about hedge fund superstar Steve Cohen and how he'll reassure the world SAC Capital's $14 billion dollar business is squeaky clean when the firm holds a call with investors......

Shadows hover housing recovery
Nov. 27 - Home prices were up for the eighth straight month, in the latest good news signal from the housing market but some experts warn the backlog of foreclosed homes known as shadow inventory could mean the worst is not yet over. Rhonda Schaffler.....

Trading at Noon: No food fight at ConAgra and Ralcorp
Nov 27 - ConAgra is set to buy Ralcorp for $5 bln to become the No.1 in store-brand foods......

Investment Summit: Fed feeds credit market hangover TCW CIO
Nov 27 - The Fed's latest stimulus plans are creating another bubble in junk bonds and Treasuries, according to Tad Rivelle, Fixed Income Chief Investment Officer at TCW......

Breakingviews: Lehmans millstone
Nov 27 - The rump of Lehman Brothers is finally selling Archstone for around $6.5 bln. Breakingviews editors discuss the complicated history and present of the investment bank's apartment empire......

OECD: euro zone threatens world economy
Nov. 27 - The Organisation for Economic Co-operation and Development has slashed its global growth forecasts, and is warning the euro zone debt crisis is the biggest threat to the world economy. Joanna Partridge reports......

Europe Day Ahead: European data, German bond sale in focus
Nov. 27 - After Greece, the focus turns swiftly to a raft of European data and a German bond auction of five-year bonds on Wednesday......

Reuters Asks: is Greek debt deal enough?
asks: will it be enough?.....

Fiscal cliff could be housing's worst nightmare - Sharga
Nov 27 - Carrington Mortgage Holdings' Rick Sharga says that while the housing market is in the nascent stages of a recovery, if agreement isn't reached on the fiscal cliff, it could go back into recession......

3XSQ: Apple iOS overtakes Android share
Nov 27 - The latest smartphone sales data from Kantar Worldpanel ComTech shows a strong uptake of the iPhone 5 over the past 12 weeks......

Greek debt deal: enough for now
Nov. 27 - Protests on the streets of Athens deride a deal struck by euro zone finance ministers and the IMF to reduce Greek debt by 40 billion euros but financial markets were cheered. Joel Flynn reports......

Investment Summit: Bank on U.S. economy - Hermes
Nov. 27 - Saker Nusseibeh, CEO of Hermes Investment Managers, says the underlying strength of the U.S. economy will be one of the major themes that will drive investment in 2013......

Ocean health the focus of Tasmania marine meeting
Nov. 27 - Marine scientists from around the world have converged on tiny Maria Island, off the coast of Tasmania, Australia, for a workshop to share research on how human activity is affecting marine diversity around the world. Rob Muir reports......

Reuters on the Road: Asset Match P2P plan to plug liquidity
Nov. 27 - Asset Match CEO Iain Baillie takes the taxi challenge to explain how his electronic trading platform hopes to revolutionise trading in private company shares......

Breakingviews: 'Almost good' deal for Greece
Nov. 27 - Greece's lenders have reached a compromise, agreeing to cut Greek debt to 124% of GDP by 2020. But debt buy-back details remain uncertain, says Breakingviews......

OECD slashes global growth forecasts over euro zone risk
The economic organisation warns the debt crisis in the recession-hit euro zone poses the greatest threat to the world economy......

Reuters Today: Finally, a Greek deal but it may not be final
Nov. 27 - Euro zone finance ministers and the IMF agree a 40 bln deal to cut Greece's debt. So, is the crisis over. Hardly........

China Tea Leaf Index: Pollution a positive sign?
Nov. 27 - Beijing pollution levels - just one component of the Tea Leaf Index of alternative China indicators might be hazardous for residents but can be good news for growth, says Breakingviews' John Foley......

Daily Digit: Counting the costs of Bangladesh factory fire
Nov. 27 - Major retailers' supply chains are under scrutiny again as an industrial disaster highlights the poor working conditions in the factories supplying much of the world's clothing. Tessa Dunlop reports......

U.S. Morning Call: Greece gets loans in breakthrough deal
Nov 27 - Market sentiment improved after EU finance ministers and the International Monetary Fund clinched agreement on reducing Greece's debt......

Whistleblower Woodford eyes movie deal
Nov. 27 - Olympus whistleblower, ex-president Michael Woodford, describes the fear and nightmares after blowing the lid on one of Japan's worst corporate scandals, in his new book "Exposure: Inside the Olympus Scandal which hits book stores on Thursd.....

Power Player: Mary Schapiro leaving SEC
Nov. 26 - The head of the U.S. Securities and Exchange Commission, Mary Schapiro, will step down in December after a tumultuous four years. Conway G. Gittens reports......

Tech stocks on Cyber Monday wish list
Nov. 26 - Summary of business headlines: Nasdaq rallies for seventh day helped by Black Friday, Cyber Monday web sales; Retail stocks slump as holiday enthusiasm quickly fades; SEC chairman steps down; Bank of Canada governor gets job as Bank of Engl.....

Market Pulse: Shine fades on EU-IMF Greek debt deal
Not all market participants applaud the deal the euro is off its one month highs and Greek bank stocks are tumbling......

E-tailers and Big-boxes fight online
Nov. 26 - E-tailers are doing what they can to fight back against traditional brick and mortar stores which are stepping up the online competition this holiday season. Sasha Salama reports......

Francois Hollande shows true colours with threat to nationalise ArcelorMittal
Thirty years have passed since French president Franois Mitterrand launched Europe's last great wave of nationalisation, seizing the banks, insurance groups, arms makers and steel industry in the culminating debacle of the Collectivist era.<img wi.....

Mark Carney: it's the Governor of the Bank of England, not the Second Coming
In business the canny thing is to under-promise and over-deliver. Managing expectations is key.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2605e6fa/mf.gif' border='0'/><br/><br/><a href="htt.....

Google UK boss Matt Brittin fights back over tax payments
Google's boss in Britain has defended the technology giant after politicians attacked foreign companies for trying to cheat the system with their tax practices.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2606.....

Google UK boss Matt Brittin blames MPs for company's tax row
Google's boss in Britain has accused politicians of damaging the country after they attacked foreign companies for trying to cheat the system with their tax practices.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300.....

City bankers likely to be paid less than US rivals
London's bankers and traders are likely to get significantly lower bonuses than their New York-based counterparts after investment banks' European earnings fell in 2012.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/5683.....

BAE Systems shares march higher on bid talk
The defence group was the subject of market speculation<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2605dd49/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/151538843151/u/.....

George Osborne's 37bn QE cash grab won't help him, says Mervyn King
Sir Mervyn King, the Bank of England's Governor, told the Chancellor that 37bn cash the Treasury claimed from the QE programme will not help the UK's finances.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2605d.....

Osborne's 37bn QE cash grab won't help him, says Bank Governor
Sir Mervyn King, the Bank of England's Governor, told the Chancellor that 37bn cash the Treasury claimed from the QE programme will not help the UK's finances.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2605c.....

Mervyn King to challenge bank accounting that fails to show true level of risk
The Bank of England is poised to deliver a broadside to British banks over their opaque accounting standards amid claims that they hide risks and the need for more capital.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/5.....

NHS must become 'fastest not slowest' on innovation
Scientists warn Government must drive an overhaul of the NHS.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2605c72b/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/151538681.....

Mark Carney may herald shift in monetary policy at the Bank
Mark Carney is expected to shake up economic thinking at the Bank of England.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2605dd4b/mf.gif' border='0'/>.....

Carney may herald shift in monetary policy at the Bank
Mark Carney is expected to shake up economic thinking at the Bank of England.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2605c72d/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.....

Mark Carney a 'significant positive' for banks, say analysts
Banks should welcome the appointment of Mark Carney as the next Governor of the Bank of England, according to leading industry analysts.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/26079ac8/mf.gif' border='0'/.....

Mark Carney a 'significant postive' for banks, say analysts
Banks should welcome the appointment of Mark Carney as the next Governor of the Bank of England, according to leading industry analysts.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2605c72e/mf.gif' border='0'/.....

RBS branches could 'accelerate' Nationwide SME lending plan
Nationwide is to step up its move into the small business lending market as it attempts to grab market share off high street banks.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2605c376/mf.gif' border='0'/>&.....

Eurozone reaches deal for third Greek bail-out
Eurozone finance ministers finally reached a deal over Greece's debt burden, enabling the release of its latest tranche of rescue funds.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2605c378/mf.gif' border='0'/.....

Rona Fairhead steps down as chief executive of the Financial Times Group
Rona Fairhead, the chief executive of the Financial Times Group, is to step down from the newspaper group after more than a decade at the company.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2605c37a/mf.gif' b.....

Debt deal secures Greece's place in eurozone, says PM Antonis Samaras
Greek Prime Minister Antonis Samaras has said that the debt-laden country had secured its place in the eurozone after a major debt deal with its international creditors.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/5683.....

Autonomy's Mike Lynch demands HP publishes evidence
The founder of Autonomy has called on HP to publish the evidence behind its allegations of "serious accounting improprieties" at the British technology company.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2605.....

Autonomy's Lynch demands HP publishes evidence
The founder of Autonomy has called on HP to publish the evidence behind its allegations of "serious accounting improprieties" at the British technology company and said it is "shocking" that he was not informed of the claims before they were made pub.....

Mike Lynch should be quizzed 'under penalty of perjury'
HP has said it wants Autonomy founder Mike Lynch to answer questions "under penalty of perjury" in the latest stage of a war of wards over allegations of "serious accounting improprieties".<img width='1' height='1' src='http://telegraph.feedsporta.....

High earners to see tax bills fall by 100,000 a year, Ed Miliband says
Miliband: Britain's biggest earners will see tax bills fall by 100,000 a year under Osborne's budget changes.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2605419b/mf.gif' border='0'/><br/><br/>&.....

All Bar One owner hits out at alcohol tax
The chairman of All Bar One owner Mitchells and Butlers struck out at rising alcohol taxes, calling them "punitive" and "ineffective", after reporting sluggish sales throughout October and November.<img width='1' height='1' src='http://telegraph.f.....

Debt crisis: as it happened - November 27, 2012
The eurozone has agreed a deal with the International Monetary Fund to unblock the Greek bailout with a package of measures worth 40bn (32bn) aimed at bringing an immediate 20pc reduction to the country's debt.<img width='1' height='1' src='http:/.....

Video: 2012 Business Bullet, Episode 25: Olympic Legacy
The monthly roundup of London 2012 Olympic legacy news. Find out about all of the latest finance and business news, courtesy of Cisco and The Daily Telegraph.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/260547.....