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Monday 3 December 2012

UK Financial News on 2012-12-03

Studies reveal the value of activism
Data suggests that investors who actively engage with the companies they own can outperform more hands-off rivals.....

EU slammed over naive sovereign ratings plans
New rules aim to mitigate the negative impact that a sudden ratings downgrade or warning can have on a government's capacity to raise funds.....

Bats chief calls on EC to take on data pricing
Comments reflect growing frustration over the industry's failure to build a trading tape of stock prices to increase transparency for investors.....

Rowland plans rare Icelandic IPO with MP Bank listing
A listing on the Icelandic stock exchange is slated for 2014, with hopes of raising around £55m.....

Natixis latest to join infrastructure revolution
Natixis becomes the latest household name from the asset management sector to consider such a move.....

Seven managers dominate 112bn third-party pensions market
Defined-contribution pensions are increasingly the norm among the UK's workforce and are set for further growth following government reforms.....

No dreaming among the spires as profits point skyward
The investment manager in charge of Oxford University's £1.5bn endowment has posted its fifth consecutive profitable year.....

Greenhill reveals plans for European expansion
Since 2008 Greenhill has entered Japan, Canada and Australia and opened US regional offices in Chicago, Houston and Los Angeles.....

Starbucks 'planning tax changes'
Starbucks is planning to change the way it operates so that it will end up paying corporation tax in the UK, the BBC has learned......

US charges accountants over China
The US financial regulator charges the Chinese units of five accounting firms, including the "Big Four", over refusing to hand over auditing data......

Banking crisis 'bad as world war'
A top Bank of England official tells the BBC the banking crisis has been as bad for the economy as a world war - and bankers' pay should fall further......

News International chief to leave
News International chief executive Tom Mockridge will leave his role at the end of December, with BSkyB chief operating officer Mike Darcey replacing him......

Lending rises as Bank plan starts
Lending to households and businesses increased slightly in the third quarter of the year as a new scheme got underway......

Greece begins buying back bonds
Greece launches a programme to buy back some of its debt, which is a condition of it receiving the next tranche of its bailout loans......

Dolce and Gabbana in tax trial
Italian fashion designers Domenico Dolce and Stefano Gabbana are on trial in Milan accused of owing millions of euros in unpaid tax......

Singapore Air mulls Virgin sale
Singapore Airlines says it is in talks to sell its 49% stake in Virgin Atlantic, with Delta Airlines reported to be the interested party......

Push for gas-fired power stations
The government will shortly announce both its strategy to keep gas-fired power stations beyond 2030 and its policy on drilling for shale gas in the UK......

C&W Monaco and Islands group sold
Cable and Wireless Communications announces the sale of the majority of its Monaco and Islands division......

China manufacturing in rebound
Manufacturing activity in China continues to rebound in November as two sets of figures show the industry is now expanding......

US budget talks 'in stalemate'
US Treasury Secretary Tim Geithner rules out a budget deal unless Republicans accept a White House plan dismissed by House Speaker John Boehner......

UN net regulation talks kick off
A UN agency, hosting a meeting of 193 government regulators in Dubai, tries to calm fears that they could threaten the freedom of the internet......

Deficit cut 'could take longer'
The chancellor says deficit reduction is taking longer than planned ahead of his Autumn Statement on Wednesday, but insists there is no turning back......

Singapore jails driver for strike
Singapore jails one Chinese bus driver for six weeks and deports 29 others for staging the country's first strike in 26 years......

Starbucks: We must do more on tax
Global coffee chain Starbucks says it is in talks with UK authorities over how much tax it pays......

Millions 'facing money struggle'
Millions of households are struggling to make ends meet, consumer organisation Which? claims......

Global firms' tax pay 'an insult'
Global firms operating in the UK that pay little or no tax are an "insult" to British businesses and HMRC needs to be tougher with them, MPs say......

MoD extends maintenance contracts
Five contracts to maintain naval support ships have been extended by the Ministry of Defence in a move which, it says, will safeguard about 800 jobs......

Hearts settle 450,000 tax bill
Hearts say the 450,000 tax bill due to Her Majesty's Revenue and Customs has been paid in full......

Rangers want unity over change
As the SPL prepares to meet, Rangers chief executive says all clubs should be involved in talks over reconstruction......

VIDEO: Behind-the-scenes: Mega Monday
Customers are expected to go online in huge numbers to buy everything from technology to toys as Mega Monday takes hold......

AUDIO: Financial crisis 'bad as world war'
Andy Haldane, executive director for financial stability at the Bank of England, told the World at One programme about the challenges that the Bank Of England is facing......

VIDEO: Starbucks 'planning tax changes'
Starbucks is planning to change the way it operates so that it will end up paying corporation tax in the UK......

VIDEO: Lending rises as Bank plan starts
Lending to households and businesses increased slightly in the third quarter of the year as a new scheme began......

VIDEO: Hurricane Sandy boosts car sales
In the US, the devastation wrought by Hurricane Sandy has pushed up demand for new cars as those affected head to showrooms to replace their flooded cars......

VIDEO: Cash for scrap metal banned
Cash payments for metal at recycling yards in England and Wales are no longer legal under new laws aimed at reducing cable theft.....

VIDEO: Has car use peaked in Britain?
A report suggests our love affair with the car may have cooled off, but what does this mean for the future of transport in Britain?.....

AUDIO: We need an 'industrial Olympics'
Ahead of the Autumn statement, Hugh Pym reports that business organisations have not been letting up with their demands for the Chancellor to come up with new growth initiatives......

Autumn Statement 2012: What to expect
What can we expect from the chancellor this week?.....

Which way forward for Britain's car and rail travel?
If we're driving less should we spend less on roads?.....

Pensions tax relief: Will it be cut again?
Will higher earners have to pay more tax on retirement savings?.....

Downward mobility haunts US education
US education has lost its Hollywood ending.....

Text chat with the pioneer of SMS
Texting the pioneer of the SMS message - 20 years on.....

U.S. Day Ahead: Obama meets with state leaders on "cliff"
In round #2 of this week's "fiscal cliff" talks, President Obama meets at the White House with a bipartisan group of governors, including Delawares Jack Markell and Wisconsins Scott Walker......

Romania moves to save virgin forests
Dec. 3 - Romania's dwindling virgin forests have been thrown a lifeline with a new law protecting them from logging. The forests are among the oldest ecosystems in Europe, but have been decimated by the cash-strapped country since Communism fell more.....

Trading at Noon: Auto sales get a jump start
Dec 3 - Sandy brings a surge of car sales & we look at trends in dealmaking......

Breakingviews: Fiscal cliff dividends
Jeffrey Goldfarb and Breakingviews columnists discuss how a wave of special dividends being paid out before year's end are indicative of how Corporate America fears higher taxes more than a recession......

Austerity on the homefront in Greece
Dec. 3 - Greek pensioner George Vagelakos, already struggling from austerity, will now see his income shrink even more as of the new year. Deborah Lutterbeck reports......

Europe Day Ahead: Breather for euro zone finmins
Dec. 3 - Euro zone finance ministers gather for another Brussels summit, but a warm reception for Greeces bond buyback plan today means theres a little less tension than expected......

Economy 2013: EADS stake shuffle nothing to fear Bregier
Dec. 3 - Germany is to get a bigger stake in EADS as part of a shareholder reshuffle. We ask Airbus CEO Fabrice Bregier if that means fresh tension between Berlin and Paris over Europes flagship planemaker......

New data shows return to risk by small businesses: PayNet
/PayNet Small Business lending index rose to 107.5 for October. PayNet President William Phelan says small businesses are optimistic and investing more, but all bets are off if a deal isn't reached on the fiscal cliff......

Daily Digit: Greece's bond buyback offer
Dec.03 - Greece announces plans to spend 10 billion euros to buy back bonds through a Dutch auction-style sale as part of efforts to cut its ballooning debt by 20 billion euros. Sonia Legg reports.....

Reuters Today: Upbeat China PMI lifts European investor mood
Dec. 3 - Chinas PMI picked up in November, prompting hopes the Chinese economy is regaining its vigour. Greece unveils details of a crucial bond buyback......

Breakingviews: Capital probe puts heat on RBS
Dec. 3 - The Bank of England questions whether banks are adequately provisioned against future losses. RBS's 66 bln pound commercial property book is one place to start asking questions, says Breakingviews......

Factbox: Macau's lucky streak not letting up
Dec. 3 - New gaming revenue figures from Macau suggest that the party is rolling on in China's only legal gambling den. No reporter narration......

Reuters Asks: Key European political flashpoint of 2013?
Dec. 3 - Senior fund managers tell us what they think will be the key European political flashpoint of 2013.....

Reuters Today: Upbeat China PMI lifts European investor mood
Dec. 3 - Chinas PMI picked up in November, prompting hopes the Chinese economy is regaining its vigour. Greece unveils details of a crucial bond buyback......

Daily Digit: China's uneven revival
Dec. 3 - HSBC's China PMI notched into expansion territory for the first time in 13 months, but manufacturing surveys are also highlighting China's continued over-reliance on state-led investment......

U.S. Morning Call: Stocks at mercy of "fiscal cliff" in December
Dec. 3 - The Dow Jones Industrial Average Index finished November lower for a second consecutive month, as "fiscal cliff" talks dominate December......

Market Pulse: UK manufacturing stabilising, problems remain
Dec. 3 - UK manufacturing contraction eases in November, suggesting the sector is stabilising but the underlying picture for the UK economy remains weak says Rob Dobson, Markit senior economist......

Wooden radio broadcasts sustainable message
Dec. 2 - An Indonesian designer and woodcrafter has transformed a grass-roots craft shop into a model of green, sustainable business practice. Singgih Susilo Kartono is the brains behind a company called Magno which produces stylish hand-made wooden .....

What chance a functioning banking union after Christian Noyer's crass remarks?
Amid mounting evidence of recovery in the global economy, there is regrettably one region of the world which remains firmly engulfed in its own little cloud of misery - Europe.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726.....

The Sky is the limit for Rupert Murdoch's clean-up operation at News Corp
Fox Group is the latest corporate manifestation of Rupert Murdoch's ambitions. I wonder if its corporate logo will feature the eponymous canine?<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/263a8652/mf.gif' bor.....

SEC to take action against 'Big Four' over China audits
The world's "Big Four" audit firms are facing action by the US market regulator for allegedly failing to cooperate with an investigation into accounting fraud by Chinese companies.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/3.....

UBS close to $450m Libor settlement in UK, US - report
UBS is expected to become the second bank to settle claims that its staff were involved in alleged attempts to manipulate Libor and could face fines of more than $450m (280m), it has emerged.<img width='1' height='1' src='http://telegraph.feedspor.....

Airport chiefs clash over third runway for Heathrow
Heathrow and Gatwick airport bosses clashed on Monday over aviation policy and competition as they appeared before MPs.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/263a269e/mf.gif' border='0'/><br/>&l.....

Australian pension fund joins race for Stansted
The Antipodean investor group bidding for Stansted airport has raised its financial firepower by teaming up with a 15bn Australian pension fund.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2639db95/mf.gif' bor.....

Tom Mockridge becomes casualty of Rupert Murdoch's ultimate clean-up
Those lunchtime listeners to last Wednesday's World at One could have had little inkling of what was to happen next.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/263a1f62/mf.gif' border='0'/><br/><b.....

French economy buckles as car sales collapse
Industrial woes deepened last month as car sales crashed 19pc.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2639d2ab/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/15153894.....

Apax and Guardian in talks over Auto Trader deal
Private equity firm Apax is in talks with Guardian Media Group about potentially buying the newspaper group's stake in Trader Media Group, the publisher of Auto Trader, in a deal that could raise up to 600m.<img width='1' height='1' src='http://te.....

Google and Amazon refuse to yield in tax row
Google and Amazon refused to bow to pressure over their UK tax payments on Monday as the Institute of Directors called for politicians to stop "hectoring from Westminster" and instead move to change Britain's laws.<img width='1' height='1' src='ht.....

HBOS collapsed due to 'incompetence', admits former boss Sir James Crosby
HBOS collapsed because of "incompetence" in the bank's corporate lending division, Sir James Crosby, former chief executive, has admitted.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2639cff5/mf.gif' border='0.....

Sir Terry Leahy to become chairman of B&M Bargains
Sir Terry Leahy is to return to the retail industry as chairman of B&M Bargains after the discount chain was bought by private equity firm Clayton Dubilier & Rice.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/56.....

Robert Thomson: profile
Robert Thomson's appointment at the head of Rupert Murdoch's publishing empire marks a new peak in a career that has seen the Australian-born journalist move from The Herald in Melbourne to heading one of the largest newspaper operations in the world.....

Investors switch onto broadcaster ITV
The group is benefiting from rating winners such as 'I'm a Celebrity'.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2639cffa/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/.....

Mike Darcey: profile
Mike Darcey, an Antipodean like so many of his peers among the senior levels of Rupert Murdoch's publishing empire, has long been tipped for promotion to one of the key roles with News Corp.<img width='1' height='1' src='http://telegraph.feedsport.....

Greece offers to buy back 10bn of its debt
Eurozone straggler Greece offered to buy back 10bn of its national debt as part of its latest bail-out deal to get its finances on a stable footing.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/26394b75/mf.gif'.....

Spain requests 39.5bn bank bail-out, but no state rescue
Spain formally requested 39.5bn of European funds to recapitalise its struggling banks, while its prime minister held back from ruling out a bail-out for the state also.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/5683.....

Elisabeth Murdoch reveals family rifts over MacTaggart Lecture
Rupert Murdoch did not speak to his daughter Elisabeth for nine weeks after she made a speech that was widely held to be critical of her brother James and his handling of the phone-hacking scandal at the News of the World.<img width='1' height='1'.....

More FTSE 100 firms sign up to pay suppliers on time
Companies including drinks giant Diageo, fashion house Burberry and mining firm BHP Billiton have signed an agreement to pay their suppliers on time - but the majority of Britain's largest companies still refuse.<img width='1' height='1' src='http.....

Andy Haldane: Our grandchildren will still be paying for banking crisis
The financial crisis has been as economically devastating as a world war and may still be a burden on "our grandchildren", a top Bank of England official has said.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2.....

Loss of income caused by banks as bad as a 'world war', says BoE's Andrew Haldane
The financial crisis has been as economically devastating as a world war and may still be a burden on "our grandchildren", a top Bank of England official has said.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2.....

One in four UK businesses struggling to pay debts
Cash-flow problems that could leave campanies unable to "fund any future recovery" are affecting one in four small businesses.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2638f138/mf.gif' border='0'/><br.....

Bremont's British pilot-style watches take off
Brothers behind Bremont do battle with the giant Swiss companies using traditional designs, 'no diamonds' and little start-up funding.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2638f13a/mf.gif' border='0'/&g.....

Spain requests 39.5bn bank bailout
Spain has formally requested 39.5bn of European funds to recapitalise its struggling banks, according to an Economy Ministry statement.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2638b91a/mf.gif' border='0'/&.....

Debt crisis: as it happened - December 3, 2012
Greek finance ministry announces investors will be invited to take up to a 70pc loss on their bond holdings, as eurozone finance ministers meet to discuss the deal.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/.....