PRESS DIGEST - Financial Times - Nov 6

Mon Nov 5, 2012 10:09pm EST

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Financial Times

Headlines

FISCAL CLIFF LOOMS OVER CAMPAIGN CLIMAX

FEAR HSBC'S PENALTIES COULD TOP $2BN

LEVENE TELLS FT OF SHAME ON EVE OF JAIL

COPYCAT LITIGATION THREAT FOR RATING AGENCIES

APPLE'S SHARE OF TABLET MARKET SLIPS

REBELLION REINS IN DIRECTORS' PAY DEALS

ANGLO IRISH IN MOVE TO CHASE QUINN ASSETS

CITY CELEBRATES SUCCESS OF CADBURY CODE

BOOM IN ONLINE SHOPPING LIFTS DPD

Overview

FISCAL CLIFF LOOMS OVER CAMPAIGN CLIMAX

Some of the largest US asset managers and pension funds issued an urgent warning over America's looming budget crisis, underlining concern in the markets of a damaging political stand-off in the event of a narrow election victory for Barack Obama.

FEAR HSBC'S PENALTIES COULD TOP $2BN

HSBC is bracing for a settlement with US regulators that could top $2 billion, according to analyst estimates, as the UK bank seeks to draw a line under months of uncertainty over the penalties it faces from its involvement in alleged money laundering and other rule breaches.

LEVENE TELLS FT OF SHAME ON EVE OF JAIL

Sitting in a sleepy Hampstead café the evening before he was jailed for 13 years, 48-year-old Nicholas Levene was eager to tell how he went from high-flying City trader to the recently self-confessed fraudster behind a 32 million-pound ($51 million)Ponzi scheme.

COPYCAT LITIGATION THREAT FOR RATING AGENCIES

Monday's Australian court ruling that Standard & Poor's misled 12 local councils by awarding a triple A rating to complex derivatives products that collapsed in value less than two years after they were created is being hailed as a landmark ruling that could lead to copycat litigation brought against rating agencies in Europe and possibly even the US.

APPLE'S SHARE OF TABLET MARKET SLIPS

Apple's share of the global tablet market has fallen from two-thirds to a half in the past six months, market researchers say, raising the stakes for its new iPad mini against a slew of new challengers using Google's Android and Microsoft's Windows software.

REBELLION REINS IN DIRECTORS' PAY DEALS

FTSE 100 directors' median pay rose by 10 per cent last year - more than six times the increase in overall average earnings - despite a sharp slowdown in basic pay and bonuses, a report has found.

ANGLO IRISH IN MOVE TO CHASE QUINN ASSETS

Anglo Irish Bank has formed a partnership with a company owned by three Russian oligarchs to help it recover 500 million euros ($640 million) in assets allegedly been put beyond the reach of the state-owned lender by Sean Quinn, the jailed Irish businessman.

CITY CELEBRATES SUCCESS OF CADBURY CODE

Senior City figures will gather at the London Stock Exchange on Tuesday for a gala event celebrating the anniversary of a report that transformed the UK's corporate governance culture.

BOOM IN ONLINE SHOPPING LIFTS DPD

As many as 1,500 full-time jobs are to be created in the East Midlands by DPD, the parcel delivery group, which has pledged to spend 175 million pounds to expand its UK capacity to cope with growing demand for retail goods ordered online.

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