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Thursday, 29 November 2012

UK Financial News on 2012-11-29

Energy Bill for 'cleaner economy'
Energy minister Ed Davey publishes his much-trailed Energy Bill, setting out the roadmap for the UK's switch to "a low-carbon economy"......

UK banks 'may need more capital'
Major UK banks may need to raise more capital as protection against possible future losses, the Bank of England's Financial Policy Committee has said......

US growth rate revised up to 2.7%
The US economy grew at an annualised 2.7% in the third quarter of the year, revised data shows, up from the 2% estimate released before the election......

Firms bidding for Twinkies brands
One of the best-known US snack food brands may survive as its bankrupt owner reveals it is in talks with 110 potential buyers......

HP accountants sued over Autonomy
Deloitte and KPMG are being sued over their alleged role in Hewlett-Packard's controversial purchase of Autonomy......

Rail official job case adjourned
The most senior of the three officials suspended after the collapse of the West Coast Mainline rail contract fails in her latest legal bid to be allowed back to work......

IMF seeks Greek buyback success
The International Monetary Fund says that Greece must successfully complete a buyback of its own debt to get its next round of bailout cash......

Microsoft prices 'pro' Surface
Microsoft reveals the price of the "pro" version of its Surface tablet will start at $899 (560) following "modest sales" of a less powerful version......

Anglo Irish suing Ernst & Young
Anglo Irish Bank is suing its former auditor Ernst & Young for failing to spot the lender's massive exposure to the Irish property bubble......

Britons held in Spain fraud probe
Ten Britons are among 22 people arrested in Spain during an investigation into an alleged 8m euro (6m) "boiler room fraud"......

BP banned from new US contracts
BP is temporarily banned from new US contracts due to a "lack of business integrity" over the Gulf of Mexico disaster, the US environment agency says......

Dixons to benefit from Comet woes
Dixons, the owner of Currys and PC World, says it will "benefit" from the demise of rival Comet, but reports losses after problems at its Pixmania unit......

House prices 'still edging down'
House prices are still falling slowly, according to the latest figures from the Nationwide building society......

'Weak' UK market hits B&Q sales
B&Q owner Kingfisher blames the UK's "generally weak consumer backdrop" for a fall in sales at the home improvement chain......

Iberia faces pre-Christmas strike
Employees at troubled Spanish airline Iberia, sister company of British Airways, vote to go on strike in the run-up to Christmas......

EU unveils plan for euro's future
The European Commission sets out a timetable for eurozone integration, including plans for a separate eurozone budget and joint issuance of debt......

CBI pushes government for growth
The CBI business group is asking the chancellor to use windfall money to help lift economic growth......

Indian tycoon buys NY Plaza Hotel
Indian billionaire Subrata Roy pays $575m (360m) for a majority stake in the Plaza Hotel in Manhattan, and $220m for a second New York luxury hotel......

Payday loan rates 'to be limited'
The government is to change the law to allow restrictions to be imposed on the interest rates charged for so-called "payday loans"......

One in 10 workers underemployed
One in 10 of all workers in the UK is unable to work as many hours as they want or need to, an official study of underemployment shows......

Rail commuters face 6% fare rise
Some rail commuters in England will face a rise of nearly 6.5% for their season tickets next year......

Philippines reports robust growth
The Philippines economy grows more than forecast in the third quarter, boosted by increased consumer and government spending and a recovery in exports......

Concorde killings verdict quashed
A French court clears US airline Continental of criminal blame for the Concorde crash in 2000, two years after another court ruled it responsible......

Rio Tinto targets $5bn cost cuts
The world's second-biggest mining group, Rio Tinto, announces plans to slash its costs by $5bn (3.2bn) over the next two years......

Comet 'could close within weeks'
Comet is unlikely to be trading beyond Christmas, the head of the company which wants to buy the insolvent electrical chain's website tells the BBC......

ITV wants 'exact' World Cup times
Fifa must ensure that matches in the 2014 World Cup start on time, the head of sport at UK commercial TV broadcaster ITV says......

Champions League could be doubled
Uefa is considering scrapping the Europa League in favour of doubling the number of teams in the Champions League......

AUDIO: What is the UK's answer to Silicon Valley?
Cabinet Office Minister Francis Maude and Universities and Science Minister David Willetts will be in silicon roundabout today to discuss how to grow the sector......

AUDIO: 'Banks have become uninvestable'
The Bank of England's financial policy committee meets today to discuss whether banks have enough of a cushion to survive if some of the money they have lent does not get repaid by struggling homeowners or businesses......

VIDEO: Can the printed newspaper survive?
Falling sales of newspapers and rising sales of tablet computers are seeing readers move from the printed to online news......

VIDEO: Davey: Renewable 'is affordable'
The UK government is considering paying firms for cutting electricity use as part of plans to try to save energy and reduce costs......

VIDEO: Energy Bill for 'cleaner economy'
Energy minister Ed Davey has unveiled the government's much-trailed Energy Bill, setting out the roadmap for the UK's switch to "a low-carbon economy"......

VIDEO: Qantas severs Tourism Australia ties
Australia's national airline is embroiled in a row over how it should be run and there's a possible takeover of the airline in the wings. Duncan Kennedy explains from Sydney......

VIDEO: Interview with 'Father of the iPod'
Tony Fadell, known as the 'Father of the iPod', gives a rare interview to the BBC, discussing his time with Apple, and his latest venture, Nest......

VIDEO: Gulf's fight for fresh fruit and veg
With summer temperatures soaring to more than 50C, food suppliers in the Gulf face a challenge to ensure that perishable fruits and vegetables arrive in an edible state......

Still making money after 50 years
Still making money after 50 years.....

Singapore rap aims to boost birth rate
Singapore struggles to boost its birth rate.....

Brazil looks to score overseas shirt sales boost
Brazil football clubs eye overseas kit sales boost.....

Convertible Beetle back in battle for VW in the US
Volkswagen bets on third generation Beetle to bolster sales.....

Berlin's hi-tech boom in 'Silicon Allee'
Can Berlin overtake London as Europe's hi-tech hub?.....

Fear over Next Media Taiwan sale
Is Taiwan's media freedom under threat?.....

Mode 4: Trade talks reopen migration debate
Potential trade deal reopens migration debate.....

Goal-line technology battle goes to shoot-out
The battle to provide football's goal-line technology.....

A tale of two Russians
Why Russia's new young professionals are looking abroad.....

U.S. Day Ahead: Obama tapping Angry Birds to resolve cliff
Nov 29 - President Obama will press his case of raising taxes on the rich at a factory in PA. The plant makes parts for Angry Bird toys - that could describe the state of negotiations on the Hill......

Automakers looking for gold in "green"
Nov. 29 - Automakers show-off new lines of green cars with an added emphasis on beauty and style at this year's Los Angeles Auto Show. Conway G. Gittens reports......

Sea-based attack drone readied for first carrier trials
Nov. 29 - The US Navy's first sea-based, unmanned attack aircraft is being prepared for its maiden test flight from an aircraft carrier. The Northrop Grumman X-47 B arrived for duty aboard the USS Harry Truman on Monday (November 26) with the Navy ex.....

The Exchange: Business lessons from the Grateful Dead
Rob Cox talks to the New Yorker's Nick Paumgarten about how the rock band's focus on touring, taping and community presaged the post-album era of the music business......

Trading at Noon: Tiffany, RIM & Groupon on the move
Nov 29 - Tiffany shares slide on weakness in Asia, RIM rises on a Goldman Sachs upgrade and Groupon's board decides Mason's future.....

Daily Digit: Invensys shares jump on rail deal
Nov. 29 - Invensys shares jump by 37% in two days after Siemens said it was paying 1.74 bln for its railway signalling company. Joel Flynn reports......

Breakingviews: Argentina's chance for a deal
Nov 29 - Rob Cox and Breakingviews columnists discuss why a court order is the nation's golden opportunity to resolve disputes with holdout creditors and return to global debt markets......

French row over Mittal plant closure
Nov. 29 - The row over steelmaker Mittal's presence in France has intensified, since Industry Minister Arnaud Montebourg said it was no longer welcome in the country, due to years of broken promises. ArcelorMittal has said it will shut down two furna.....

Stocks to see 'respectable' gains in 2013 - Omega's Einhorn
Investment Outlook Summit......

Europe Day Ahead: Germany to greenlight Greek aid
Nov. 29 - A look ahead to Fridays events including a German vote on Greeces bailout, plus inflation and jobless data from the euro zone......

Police smash $30m credit card theft
Nov.29 - International police forces have broken up a Romanian syndicate allegedly behind a 30 million US dollar credit card fraud which officials say is Australia's biggest theft of its kind. Hayley Platt reports......

Euro is "irreversible" currency union: former Irish PM
Nov. 29 - John Bruton, the former prime minister of Ireland, says no one wants to see a break-up of the European Union and thinks Ireland has made good progress getting its fiscal house in order......

3XSQ: U.S. Q3 growth raised to 2.7% on strong inventories
Nov 29 - The U.S. economy grew faster than initially thought in the third quarter, but the momentum is unlikely to be sustained......

Factbox: Fly me to the moon - a revolution in air travel
Nov. 29 - The Sabre engine acts as both a jet and a rocket, and is capable of flying between London and Sydney in less than 4 hours at the edge of space......

U.S. Morning Call: Tiffany's loses luster; Groupon eyes CEO
Nov 29 - Tiffany & Co lowered its fiscal-year sales and profit outlook as it reported lower-than-expected quarterly sales; Groupon CEO Andrew Mason could be on the chopping block at today's board meeting......

Reuters on the Road: Google Campus inspires London startups
Nov. 29 - Head of Campus Eze Vidra takes the taxi challenge to explain how Campus is helping ideas come to life by providing a place people can meet, collaborate and inspire......

Breakingviews: Siemens Invensys secret?
Nov. 29 - Siemens' $2.8 bln buy of Invensys' rail unit has wrongfooted the markets, but could be worth it, argues Breakingviews......

Rough Cuts: Olam CEO says won't tap debt markets for now
after launching a vigorous defence of the firm against short-seller Muddy Waters' attacks on its accounting practices. No reporter narration......

Breakingviews: China's 'broken' stock markets
Breakingviews......

Reuters Today: Christmas truce in U.S. fiscal cliff battle?
Nov. 29 - U.S. President Obama and House leader Boehner are confident a deal can be struck on the fiscal deficit before year-end. A day of reckoning for the UK press and Egypt's Mursi will address the nation......

A hot Hong Kong commodity -- banned books
Nov. 29 - Chinese readers are flocking to Hong Kong for forbidden literary fruit - books on political scandals, high-profile leaders and love affairs - that they cant get on the more censorship-prone mainland......

Home renting: The new American Dream?
Nov. 28 - New sales of single family homes fell only slightly in October, but Americans may quickly be turning more into home renters than home buyers with the shock of the recent housing crisis still fresh in their memories. Rhonda Schaffler reports.....

Sports Spread: Can Chelsea Hammer out a Win at West Ham?
Nov. 29 - New Chelsea boss Rafa Benitez is hoping to banish Chelsea's blues at West Ham. Plus Harry's in the hotseat at QPR and England take on the All Blacks......

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......

Triple-digit Dow gain on cliff hopes
Nov. 28 - Summary of business headlines: Markets rally on fiscal cliff optimism; Costco, Disney to issue special dividend; Multiple bids for Knight Capital- sources; New home sales fall. Bobbi Rebell reports......

Facebook could make own games after Zynga agreement
Agreement also allows Zynga to refuse to display Facebook's ads.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/261c9d7a/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/151538.....

West Coast rail: Kate Mingay accuses Government of making her a 'public sacrifice'
A civil servant suspended over the West Coast rail bid fiasco accused the Government of making her a "public sacrifice" as she failed to persuade the High Court to allow her to return to work immediately.<img width='1' height='1' src='http://teleg.....

Tory party donor David Rowland in talks to take over Independent
Millionaire businessman David Rowland is in the running to take over The Independent and The Independent on Sunday, it has emerged.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/261bebd0/mf.gif' border='0'/>&.....

How academics can help small firms' ideas take flight
As an engineering firm explains how its alliance with a university has led to new contracts , more small businesses are encouraged to consider using so called 'Knowledge Transfer Partnerships'.<img width='1' height='1' src='http://telegraph.feedsp.....

Higher interest rates would help bring normality back to the banks
One of the main risks to medium-term financial stability, according to the Bank of England's Financial Policy Committee, is the search for yield.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/261b5864/mf.gif' bo.....

Bernie Madoff is a reminder that a strong SEC is worth fighting for
The high-profile transfer of Mark Carney from the Bank of Canada to the Bank of England has been the talk of the British and Canadian capitals. Understandably so.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/26.....

The SEC is stronger than ever, but can it stay that way without Mary Schapiro?
The high-profile transfer of Mark Carney from the Bank of Canada to the Bank of England has been the talk of the British and Canadian capitals. Understandably so.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/26.....

Watchdog sinks its teeth into the banks
For months, members of the Financial Policy Committee (FPC) have been barking at the banks about undeclared losses and the need to raise capital. On Thursday, they finally showed they can bite, too.<img width='1' height='1' src='http://telegraph.f.....

UK banks face 60bn black hole
Britain's banks face a financial black hole of up to 60bn from regulatory demands, hidden losses, and potential mis-selling costs that threaten to jeopardise future growth, the Bank of England has warned.<img width='1' height='1' src='http://teleg.....

Oil spills likely in the Arctic, admits Shell executive
'There's no sugar-coating this, I imagine there would be spills.'<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/261aa8ff/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/15153.....

Invensys shares gain on bid chatter
Analysts said the sale of the group's rail division could spur a takeover.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/261aa907/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.co.....

RBS faces Bank of England pressure to look at new asset sales
Royal Bank of Scotland could be forced to explore the sale of businesses considered "core" to its operations after the Bank of England increased the pressure on lenders to raise new capital.<img width='1' height='1' src='http://telegraph.feedsport.....

Greek deal frays as IMF threatens walk-out on debt buy-back impasse
The eurozone's debt relief plan for Greece has hit serious trouble.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/261aa325/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/151.....

Deloitte and KPMG drawn into Autonomy accounting row
Deloitte and KPMG disregarded numerous "red flags" in Autonomy's accounts that led to Hewlett-Packard "grossly" overpaying when it bought the British company, according to a legal claim.<img width='1' height='1' src='http://telegraph.feedsportal.c.....

B&Q owner Kingfisher warns of "opaque" outlook
Kingfisher wary on winter sales as it posts profit uptick in UK.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/261a2025/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/151538.....

Comet failed after 'structurally unsound' OpCapita deal, Dixons boss says
Comet failed because of a "structurally unsound" sale to OpCapita and its long-term failure to invest in online technology, the chief executive of Dixons Retail, Britain's largest electrical retailer, has claimed.<img width='1' height='1' src='htt.....

Aviva cuts 120 jobs in Sheffield
Insurer Aviva is to axe 120 jobs at its property claims management business Asprea, largely based in Sheffield.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/261a2027/mf.gif' border='0'/><br/><br/>.....

Debt crisis: as it happened - November 29, 2012
The big four banks in Britain exposure to the debt of Greece, Ireland, Italy, Spain Portugal is 174bn says Bank of England as OCED warns of long recession in Spain with little hope of a quick recovery.<img width='1' height='1' src='http://telegrap.....

UK banks exposure to PIIGS 174bn - debt crisis live
The big four banks in Britain exposure to the debt of Greece, Ireland, Italy, Spain Portugal is 174bn says Bank of England as OCED warns of long recession in Spain with little hope of a quick recovery.<img width='1' height='1' src='http://telegrap.....

Women to see life insurance premiums rise by 20pc
Women urged to renew policies prior to EU gender neutral legislation.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/261a11ab/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/1.....

Former Anglo Irish Bank sues Ernst & Young
Irish Bank Resolution Corporation, formerly Anglo Irish Bank, has launched legal action against its ex-auditors Ernst & Young, who served the bank in the years running up to a 22.9bn (18.6bn) state bail-out.<img width='1' height='1' src='http:.....

Spain engulfed in long recession - debt crisis live
Spain is engulfed in a long recession with little hope of a quick recovery, a respected international think-tank has said.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2619d0d8/mf.gif' border='0'/><br/>.....

Scottish pension members targeted in phone scam
Members of the Scottish Public Pension Authority received hoax calls asking for bank details.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2619af09/mf.gif' border='0'/><br/><br/><a href="http:.....

Debt crisis: quick Spanish recovery 'remote' says OECD
Spain is engulfed in a long recession with little hope of a quick recovery, a respected international think-tank has said.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/261939e9/mf.gif' border='0'/><br/>.....

BOE says bank may not have enough capital - debt crisis live
British banks may not have enough capital set aside as a defence against future financial market dangers due to their over-optimistic assessment of the risks facing them, the Bank of England said on Thursday.<img width='1' height='1' src='http://t.....