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Tuesday 4 December 2012

UK Financial News on 2012-12-04

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.....

Osborne to announce PFI reforms
The government is expected to change the way it raises money for public projects such as schools and hospitals to ensure a better deal for taxpayers......

EU fails to agree bank supervisor
EU finance ministers fail to reach agreement on setting up a single supervisor for eurozone banks after a meeting in Brussels......

Philip Green 'in Topshop talks'
Retail magnate Sir Philip Green is in talks to sell off part of his Top Shop chain to US investors, sources have said......

UK economy 'not as bad in 2012'
The British Chambers of Commerce increases its forecast for UK growth for 2012 but still expects the economy to shrink......

BA cutting 400 cabin crew jobs
British Airways confirms that it is cutting 400 senior cabin crew positions on both its long and short-haul routes......

Huawei denies US 'threat' claims
Chinese telecoms firm Huawei hits back at report by American politicians which claims it is a security threat......

Spending cuts 'to fund schools'
David Cameron says plans to switch spending from Whitehall departments to projects such as new schools "will make our country work better"......

HBOS bank 'took on too much risk'
The former chairman of HBOS, Lord Stevenson, admits the bank exposed itself to too many risks in the run-up to the financial crisis in 2008......

EDF extends nuclear plants' life
EDF extends the operating life of two of its UK nuclear power stations - Hinkley Point B and Hunterston B - by seven years......

Fine threat for UK supermarkets
Supermarkets who mistreat their suppliers could be fined by a new watchdog, the government announces......

Tui did not pay corporation tax
Tui Travel admits that it did not pay any corporation tax in the year to 30 September, despite reporting a profit of 390m for the 12 months......

Oil firm wins Icelandic licences
Aberdeen oil firm Faroe Petroleum secures provisional exploration licences on the Icelandic Continental Shelf......

Cheese contract boost for dairy
A dairy co-operative in Gwynedd is boosted by a 50m cheese contract......

Ryanair announces new city routes
Ryanair announces eight new flights from Edinburgh and Glasgow Prestwick airports to destinations across Europe......

Privatised hospital boss quits
The chief executive of the firm running Cambridgeshire's Hinchingbrooke Hospital, the first in the NHS managed by a private company, steps down......

Greene King toasts rise in sales
Pubs, restaurants and hotels business Greene King says its focus on offering "value for money" helped it to boost sales and profits......

Disabled passengers sue bus firm
Disabled people in north-east England are being denied access to public transport because of discrimination by a bus company, a court hears......

Final Dandy comic goes on sale
The last-ever printed edition of one of the worlds longest-running comics goes on sale......

Winehouse home sells for 1.98m
Singer Amy Winehouse's home in north London sells at auction for 1.98m......

Government defeated on legal aid
The government has been defeated in the House of Lords over plans to restrict legal aid in welfare cases......

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......

Australia interest rate cut to 3%
Australia's central bank cuts its benchmark interest rate by 25 basis points to 3%, as it looks to counter a slowdown in its mining sector......

Eurogroup's Juncker to step down
The head of the Eurogroup, the Luxembourg Prime Minister Jean-Claude Juncker, is to step down at the end of the year......

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......

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......

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......

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......

HMRC set for Rangers tax appeal
HM Revenue and Customs says it will seek permission to appeal against a tax tribunal ruling in favour of Rangers use of Employee Benefit Trusts......

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......

VIDEO: One in four out of work in Spain
Nearly five million people are now unemployed in Spain, with one person in four out of work......

VIDEO: Jamaican music's Clarks love affair
How did Clarks shoes, best known as the back-to-school staple for the children of Britain, become the must-have brand for Jamaica's reggae and rap stars?.....

AUDIO: Is there 'spare capacity' in the economy?
The Chancellor George Osborne will make his Autumn Statement on Wednesday and Today presenter Evan Davis went in search of spare capacity, and what it means for the UK economy......

AUDIO: UBS man 'not pressed to take risks'
Rogue trader Kweku Adoboli was not put under too much pressure to deliver profits, his former manager at UBS has told the BBC......

AUDIO: PFI: Will taxpayers receive fair share?
The government is to change the way that Private Finance Initiatives (PFI) operate, so that taxpayers share in the profits made by the schemes......

AUDIO: Where are Britain's innovators?
Thomson Reuters' 2012 list of Top 100 Global Innovators was published on Tuesday, and no British companies have made the grade......

VIDEO: Pottery mugs mark Kate's pregnancy
A Stoke-on-Trent pottery firm is quick-off-the-mark, already producing mugs to mark the Duchess of Cambridge's newly announced pregnancy......

VIDEO: Walsh: Sales is no Cinderella profession
The millions of people who spend their lives selling goods and services are part of a forgotten profession, according to the runner-up in BBC1's The Apprentice 2009 series......

A wintry statement of reality
The implications of the Autumn Statement for us all.....

Chanel show celebrates Scottish textiles
Chanel show celebrates Scottish textiles.....

How do companies avoid their tax?
How do companies avoid their tax?.....

Indonesia's Islamic banking boom
Islamic banking takes off in Indonesia.....

Interest-only mortgages 'becoming niche'
Fewer interest-only mortgages make the first rung tougher to find.....

Distribution tech spreads a little Christmas cheer
Santa's helpers turn to technology for toy deliveries.....

Reuters Right Now: Shrinking Miss. River could mean big losses
Correspondent Karl Plume says the rapidly shrinking Mississippi River may result in halted shipment of $7 billion in grain, coal, petroleum, chemicals and other products......

Daily Digit: Banks pocket $37.6 bln
Dec. 4 - The U.S. banking industry posted the highest quarterly earnings since before the financial crisis, according to the industry's regulator. Conway G. Gittens reports......

Breakingviews: Pharma's double whammy
Dec 4 - Antony Currie and Breakingviews columnists discuss how a court decision allowing drugs marketers free rein in pitching their wares will affect U.S. finances......

Trading at Noon: Dividends parade in full swing
Dec 4 - Coach and DSW become the latest in a string of companies moving up their dividends before the end of 2012, as the fiscal cliff looms......

Afghan harnesses wind for landmine detonation
Dec. 4 - Could a ball made of bamboo and biodegradable plastic detonate deadly landmines? Afghan designer Massoud Hassani says his device can do just that, despite the scepticism of some experts. With this week's meeting of signatory countries to the.....

Europe Day Ahead: Osborne faces the music
Dec. 4 - Attention turns to London as finance minister George Osborne gives us his Autumn Statement. Leaks suggest he will press for more austerity even as debt targets look set to be missed......

No Xmas cheer ahead of UK budget statement
Dec. 4 - Retailers are in a "state of nervousness" as new figures suggest shoppers are holding off on Christmas purchases in the hope of bargains in the coming weeks. Hayley Platt reports......

London's mayor calls for EU referendum
Dec. 4 - London Mayor Boris Johnson says the euro has been turned into a "calamitous" project and that the United Kingdom must renegotiate its relationship with the European Union. Rough Cut (no reporter narration)......

3XSQ: "Cliff" talks resume with state chiefs
Dec 4 - President Obama & House Speaker Boehner are meeting with a bipartisan group of governors to find solutions to avert the "fiscal cliff.".....

Daily Digit: 4.9m out of work in Spain
Dec. 4 - New government data shows that 4.9 million people in Spain are out of work - that's a rise in the monthly unemployment rate of 1.5 percent. Sonia Legg reports......

Power Player: Virgin's Richard Branson
Dec. 4 - The UK entrepreneur and Virgin Group boss Richard Branson is today's power player as Singapore Airlines discusses selling its stake in Virgin Atlantic, possibly to Delta Air Lines. Sonia Legg reports......

Breakingviews: Boris Europe (well, a bit)
Dec. 4 - London Mayor Boris Johnson says British people should have a referendum on staying in a European Union pared back to the single market only. Breakingviews Hugo Dixon gives his reaction......

Newsmaker: London Mayor Boris Johnson
Breakingviews......

Touchdown China: NFL looks East
Dec. 4 - The operator of one of America's favorite pastimes, the National Football League, looks to kick start its fortunes in the massive Chinese market. Jane Lanhee Lee reports......

Confident China flexes military muscle
Dec. 4 - On land, in the air, and on the water, China shows off an increasingly professional military as territorial disputes in the South China Sea fester. Tara Joseph reports......

Reuters Today: Europes bold bank reform under threat
Dec. 4 - EU finance ministers meet in Brussels with divisions over a banking overhaul threatening to undermine one of Europe's boldest reforms......

INTERVIEW: Geely's Volvo branding bet yet to pay off
Dec. 4 - Auto consultant Michael Dunne says Volvo's brand has been diluted since it was acquired by China's Geely -- a lesson for other Chinese firms eyeing big overseas names. Jane Lanhee Lee reports......

U.S. Morning Call: Obama, governors weigh budget proposals
Dec 4 - With just a few weeks remaining before the onset of tax hikes and spending cuts, a bipartisan delegation of governors is set to meet with President Obama to go over solutions......

Market Pulse: Dont bank on euro rally - CIBC
Greeces debt buyback plan is lifting the euro, but a U.S. debt deal will see the dollar reassert itself sooner or later says CIBC FX strategist Jeremy Stretch......

Stocks roll back on factory slowdown
Dec. 03 - Summary of business headlines: U.S. manufacturing sector stumbles again, but separate survey shows uptick in small business sentiment; Auto sales leap to multi-year high; Ford tries to take on foreign luxury brands on home turf. Conway G. G.....

Have you driven a Lincoln lately?
Dec. 3 - Ford is re-launching its Lincoln brand, hoping to erase memories of old Town Cars, with new energy-efficient tech-savvy luxury models and a nod to its more prestigious past. Bobbi Rebell reports......

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......

Warren Buffett seeks $1bn damages from Swiss Re
Warren Buffett's Berkshire Hathaway conglomerate is claiming up to $1bn from reinsurer Swiss Re in a dispute over a life insurance deal they agreed to in 2010.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/26443.....

Stop tinkering with austerity, Chancellor
Telegraph View: The Government is continuing to spend way beyond its means. George Osborne must be more honest about the challenge ahead<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/26438f11/mf.gif' border='0'/.....

Britain threatens to veto EU bank supervisor
Britain has threatened to veto the creation of a new eurozone banking supervisor unless the European Union also agrees to protect the City of London from protectionist financial regulation.<img width='1' height='1' src='http://telegraph.feedsporta.....

George Osborne needs to get a grip on tax row
Would it be immoral if a member of Parliament's Public Accounts Committee (PAC) avoided tax?<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2643afcf/mf.gif' border='0'/><br/><br/><a href="http:/.....

Philip Green to sell 25pc stake in Topshop to US buy-out firm
Sir Philip Green is close to selling a 25pc stake in Topshop and Topman to an American private equity firm in a move that will generate a multi-million pound windfall for the retail tycoon.<img width='1' height='1' src='http://telegraph.feedsporta.....

Tullow Oil investors miss out on 'easy win'
The explorer disappointed the market with drilling results.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/264380f9/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/15153899190.....

Politicians 'afraid' of airport expansion, claims Willie Walsh
Willie Walsh, the head of British Airways' parent company, believes there will be no increase in airport capacity in the South East for another 40 years as politicians are "afraid" to make tough decisions.<img width='1' height='1' src='http://tele.....

Amec wins 330m Kuwait refinery contract
Engineering group Amec has won a $528m (330m) contract to manage the construction of a huge new refinery in Kuwait that will be the largest in the Middle East.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/26431.....

Autumn Statement: The Business Jury
Business leaders representing six key sectors share their wish-lists ahead of the Autumn Statement.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/26431933/mf.gif' border='0'/><br/><br/><a href=.....

Good News Britain: Amec eyes further expansion after Kuwait contract win
Refinery contract win is testament to hard work by great people.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2642fc5e/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/151538.....

Former HBOS chairman Lord Stevenson 'thinks about bank failure nearly every day'
Lord Stevenson, the former chairman of HBOS, has apologised for the collapse of the lender in 2008, saying he felt "awful" about its failure.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2642fc63/mf.gif' border.....

Autumn Statement: public-sector workers earning 30,000 face tax on pensions
Public-sector workers earning as little as 30,000 face new tax bills on their pensions if the Chancellor cuts the annual allowance in the Autumn Statement, experts have calculated.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/3.....

Former FSA chief Hector Sants in talks to join Deloitte
Former FSA chief in talks to join accountancy firm Deloitte as a partner less than six months after quitting regulator.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2642fc72/mf.gif' border='0'/><br/>&l.....

Xstrata's finance chief Trevor Reid resigns
Xstrata's 46bn merger with Glencore claimed the scalp of Trevor Reid, Xstrata's veteran chief financial officer, as he resigned from his post after a decade in the role.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/5683.....

Autumn statement: Why George Osborne's Budget won't be a game changer
Sometimes, reality can be so painful, so scary that nobody wants to accept it, with even intelligent, perceptive people preferring to twist the facts to make them conform to a deluded, make-believe world.<img width='1' height='1' src='http://teleg.....

Debt crisis: as it happened December 4, 2012
After four hours of negotiations in Brussels today, EU finance ministers failed to reach an agreement on euro area bank supervision by the European Central Bank. They will reconvene on December 12 to continue talks.<img width='1' height='1' src='h.....

Nobel Foundation turns to hedge funds to restore prize money
When Alfred Nobel bequeathed his fortune to peace prizes in 1895, he restricted investments to "safe securities" - but then, even he hadn't anticipated the latest financial crisis.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/3.....

Supermarkets face fines for unfair practice under new regulator
Supermarkets that deal with suppliers unfairly could be fined by a new industry regulator under new rules to be introduced to by Competition Minister Jo Swinson.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/264.....

Poor spend 1 in every 4 on housing and energy
Almost a quarter of low income families' regular spending was swallowed up by housing-related costs last year, official figures showed today.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2641d83a/mf.gif' border.....

Household spending rises as fuel prices soar
Squeezed families' weekly spending rose to a new high last year, with households shelling out over three times more on petrol-related costs than on fresh fruit and vegetables.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/.....

Autonomy founder Mike Lynch creates website to battle HP claims
Mike Lynch, the British founder of the software firm Autonomy, has intensified his public battle with HP over allegations of accounting improprieties by setting up a website to rebut the claims.<img width='1' height='1' src='http://telegraph.feeds.....

Autonomy founder Mike Lynch creates website to battle HP claims
Mike Lynch, the British founder of the software firm Autonomy, has intensified his public battle with HP over allegations of accounting improprieties by setting up a website to rebut the claims.<img width='1' height='1' src='http://telegraph.feeds.....

Autumn Statement: Checklist
What's in prospect on a difficult day for George Osborne.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/264176bf/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/151539127920/.....

Mortgage fraud set to rise in 2013
New research reveals that 43 out of every 10,000 mortgage applications are expected to be fraudulent next year.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/26411ab7/mf.gif' border='0'/><br/><br/>.....

Former HBOS chairman admits bank was guilty of 'a lot of mistaken lending'
Lord Stevenson, the former chairman of HBOS, has admitted that the bank was guilty of "a lot of mistaken lending" in the run up to its near collapse in 2008.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/26411ab.....