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Monday, 19 March 2012

UK Financial News on 2012-03-19

HSBC set to launch James Capel-style brokerage
UK bank is to hire significant numbers of bankers in a large-scale push into corporate broking.....

Alarm bells ring over mafia-like market abuse
European exchanges fear regulators cannot spot manipulative trading.....

Ex-RBC traders set to launch anti-HFT venue
A team of former electronic traders plans to launch an alternative venue aimed at reducing the impact of high-frequency trading on large orders.....

Legal & General cracks DC property puzzle
one of the UK's biggest pension-fund managers appears to have cracked the long-standing problem of new-style DC retirement plans not being able to invest in property and other illiquid assets.....

Advance of the dragon
The Chinese have crossed a line: for the first time ever they are making more acquisitions in Europe than Europeans are making in China.....

Corporates tap hybrid bonds as smart cash
Record numbers of corporates are taking advantage of increased investor risk appetite to tap the hybrid capital market.....

Fresh attack on the cosy world of ETFs
The world's leading securities and futures regulator wants to see a clampdown on extensive conflicts of interest in the exchange-traded funds sector.....

Apple reveals plans to spend cash
Apple says it will use its cash to start paying a quarterly dividend of $2.65 per share to investors and to buy back some of its shares......

Poor areas could drive UK growth
Some of the UK's most deprived areas hold the potential for the best economic growth, research for the BBC suggests......

Deutsche to challenge NYSE ruling
Deutsche Boerse is to legally challenge the European Union's decision to block its planned merger with rival NYSE Euronext......

Minimum wage due to rise by 11p
The national minimum wage will rise by 11p to 6.19 an hour in October, but will be frozen for workers aged under 21......

Mets owners settle Madoff lawsuit
The New York Mets' owners agree to pay $162m (102m) to settle a lawsuit which accused them of being "wilfully blind" to Bernard Madoff's Ponzi fraud......

UK most internet-based economy
A study suggests that the internet contributes to 8.3% of UK GDP, a bigger share than for any of the other G20 major economies......

UPS agrees to buy TNT for $6.8bn
Package delivery firm United Parcel Service (UPS) agrees a deal to buy rival TNT in a 5.2bn-euro ($6.8bn; 4.3bn) deal......

Premier pushed into loss by Hovis
Hovis and Mr Kipling owner Premier Foods announces a 259m pre-tax loss for 2011 after writing down the value of its bread division......

New record for cash machine use
The use of cash machines in the UK hit a record level in 2011, with 191bn withdrawn over the year, figures show......

WorldSpreads 'owes clients 13m'
Financial spreadbetting firm WorldSpreads appoints special administrators after finding accounting irregularities and says it owes clients 13m......

Misys agrees to takeover by Vista
Banking software firm Misys says it has agreed to be bought by private equity firm Vista for 1.3bn......

Offer threat over Ticketus deal
One of the bidders Rangers has warned it will not pursue its interest in the club if the Ticketus season ticket deal is in force, a court hears......

Iomart boosted by profits growth
Hosting and cloud computing firm Iomart says it will seek to expand further as it expects a surge in profits for the year......

India court drops Microsoft case
The Delhi High Court dismisses a criminal case against Microsoft India, which was accused of hosting "objectionable" content on its web pages......

Lagarde says China must reform
International Monetary Fund (IMF) head Christine Lagarde says China must stop its economy being too dependent on exports and investment......

Third union rejects Olympic offer
A third transport union rejects the 850 bonus being offered to London Underground staff for working during the Olympics......

Royal Mail pension move imminent
Royal Mail pension fund assets and liabilities are set to be transferred to the government next month, the BBC understands......

Budget targets house tax loophole
Chancellor George Osborne confirms he will target stamp duty avoidance with "aggressive" new measures in this week's Budget......

China home prices continue slide
Property prices in most Chinese cities fall for a fifth consecutive month, as government policies to curb speculation in the market show results......

PM calls for 'urgent' road cash
UK Prime Minister David Cameron says much more private investment is needed in England's road network......

Cash boost for jobless hotspots
The Scottish government announces six priority areas set to share 9m to tackle the challenge of youth unemployment......

Brazil to file charges on Chevron
Brazilian prosecutors say they will bring charges against 17 executives from the US oil firm Chevron and a drilling contractor after a new leak......

Channel 4 secures racing rights
Channel 4 secures a four-year deal to broadcast the Grand National, the Derby and Royal Ascot from 2013......

VIDEO: Windfarms: Grimsby's economic future?
Grimsby is among areas identified as having real potential for business growth in a BBC commissioned survey.....

AUDIO: Osborne's 'Lawsonian moment'?
Political editor Nick Robinson looks ahead to what plans George Osborne has for reforming the tax system and likens them to the era of former chancellor Nigel Lawson in 1988......

VIDEO: Job losses loom at UK banks
Job losses are on the way at Britain's banks even though the big five made combined profits just shy of 20bn last year......

VIDEO: Why is Apple spending its cash now?
The BBC's Rory Cellan-Jones on Apple's decision to pay a quarterly dividend of $2.65 per share from July, and buy back up to $10bn (6.3bn) of its own shares in September......

VIDEO: What will Apple do with spare $97bn?
Electronics giant Apple is due to announce what it intends to do with its fast-growing cash mountain......

AUDIO: 'Get motorists moving'
The AA's president Edmund King and Conservative MP Matthew Hancock debate government plans to allow private companies to take over the running of some major roads and motorways in England......

AUDIO: Royal Mail 'pension albatross had to go'
Richard Hooper, who published a government report on the future of British Postal Services in 2010, reflects on government plans to take responsibility for all of Royal Mail's pensions, removing one of the biggest obstacles to privatisation of the co.....

VIDEO: UK has top internet economy in G20
The UK has the largest internet economy in the G20 group of industrialised nations according to research conducted by the Boston Consulting Group......

James Landale's Budget 2012 guide
A dozen pointers to set the scene for Wednesday's big event.....

Energy giants target Africa's gas
Oil and gas discoveries to spark change.....

'No help' for UK manufacturing
Why a Bristol firm is expanding production in the UK, not China......

Sachs bids to head World Bank
Prof Jeffrey Sachs upsets the World Bank apple cart.....

Giving new shapes to African colours
Turning colourful prints into high-end fashion.....

Feuds threaten Asia's family businesses
Future of Asia's family businesses under threat.....

U.S. Day Ahead: Geithner likely to be clobbered over energy
Correspondent Mark Felsenthal......

Tech cos. should follow Apple and pay dividends: analyst
Mar. 19 - S&P Capital IQ's Scott Kessler says tech companies need to do something with their cash to avoid creating out-sized balance sheets and that the sector could be one of the biggest yielding S&P groups......

Greece's Finance Minister steps down
Mar.19 - Newly elected Socialist party leader Evangelos Venizelos steps down as finance minister to focus on national elections. Sonia Legg reports.....

Mets walk with $162m Madoff pact
Mar 19 - Owners of the New York Mets baseball team agreed to pay $162 million to settle a lawsuit accusing them of knowledge of Bernard Madoff's investment fraud. Conway G. Gittens reports......

Iconic Spanish cafe under threat
Mar.19 - Staff at Spain's historic Cafe Gijon in Madrid face uncertainty as Madrid City Hall has put the establishment's money-making terrace up for bids. Sarah Mills reports.....

3XSQ: Apple's cash payout, Obama's cash haul
Mar. 19 - Apple decides to pay a dividend and initiates a share buyback, and Democrats raise more than $45 million in February for President Obama's re-election campaign......

Wealth Strategies: Day trading ETFs, are you nuts?
Mar. 19 - Day trading ETFs is an "insane investment strategy," according to Vanguard Founder and mutual fund guru John Bogle......

U.S. Morning Call: Apple's cash stash, Starbucks juice
Mar. 19 - Apple hosts a morning call on how to deal with its $98 billion cash hoard, and Starbucks opens its first juice bar......

Trading at Noon: Wall St. flat after Apple starts dividend
Mar. 19 - U.S. stocks were little changed after cash-rich Apple said it will begin paying a dividend and buying back stock......

A slice of Apple
March 19 - Jeffrey Goldfarb and Breakingviews columnists discuss the $45 billion of dividends and buybacks at Apple and whether it really answers the question about the companys enormous cash hoard......

Greek farmers adopt direct sellling
Mar.19 - Thousands of Greek citizens flocked to Athens to buy cheap olive oil, as farmers in the debt stricken country continue to slash prices by selling straight to consumers. Sarah Mills reports.....

Breakingviews: U.S. Treasuries rout could be on the cards
Breakingviews......

Reuters Today: Apple decides on $98 bln cash pile
Mar. 19 - Tech giant Apple today decides what to do with its $98 bln cash pile. Plus, the IMF's latest global economy health check, and a look at how the corporate world and markets are kicking off the week......

Breakingviews: Spain's PM risks stoking cynicism
Mar. 19 - Spanish Prime Minister Rajoy has used the absence of serious opposition to push through reform. But his failure to be frank with the electorate could tie his hands in the future......

TNT accepts sweetened UPS offer
March 19 - United Parcel Service will pay 5.2 billion euros for Dutch peer TNT in a deal that will make the U.S. company the biggest package-shipper in Europe with 45 billion euros in global sales. Ciara Sutton reports......

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......

Courtroom clash over Maybourne Hotel Group
A long-running legal dispute about the ownership of three of London's most famous hotels opened in the High Court today.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1d96a06c/mf.gif' border='0'/><br/>&.....

Budget 2012: Delay tactic 'to cost Treasury billions in tax'
The Chancellor's plans to scrap the 50p tax rate from 2013 could cost the Treasury billions of pounds of revenues as top earners delay income until the rate is reduced, accountants have warned.<img width='1' height='1' src='http://telegraph.feedsp.....

WorldSpread's investors have been on a losing streak for some time
So much for bookies always winning in the end. This time the bookie - spread-betting firm WorldSpreads - has gone spectacularly bust, taking 15,000 clients' funds with it.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/56.....

Russia's Polyus Gold shelves FTSE 100 move
Polyus Gold, Russia's largest miner of the precious metal, has suspended a plan that would have seen the group enter the FTSE 100 later this year.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1d96df74/mf.gif' b.....

This is no way to meet Britain's looming infrastructure challenge
Founded nearly two centuries ago, the Institute of Civil Engineers, just off Westminster Square, is a place steeped in Britain's proud history of infrastructure development.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/.....

Banks to restructure as revenues tumble
Banks will be forced to radically restructure their businesses as they find it harder to make money from their investment banking arms, according to analysts at Barclays Capital.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/327.....

Tesco's Thai fund gets warm welcome
The successful float of Tesco's Thai property fund offered management a fillip as investors' faith in the supermarket's prospects abroad offset its problems at home.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s.....

CDS boost as Greece default leads to $2.5bn pay-out
Investors who bought insurance protection against a Greek default were told they will be paid $2.5bn (1.6bn) in a deal that ends two years of uncertainty over the opaque market.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/3272.....

Budget 2012: Government must be 'innovative' to attract road investment
The Government must find "innovative ways" of getting private sector capital into Britain's roads, or the country's transport network and economic competitiveness will deteriorate, leading business groups have warned.<img width='1' height='1' src=.....

Vatican Bank faces fresh controversy
Thirty years after it was entangled in a scandal involving the mafia, money laundering and the mysterious death of the man nicknamed "God's banker", the Vatican bank faces fresh controversy.<img width='1' height='1' src='http://telegraph.feedsport.....

Debt crisis: as it happened, March 19, 2012
US shares rose, hepled by a dividend announcement from cash-rich technology giant Apple, with the S&P 500 hitting the highest level for almost four years.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1d9698.....

Rising gasoline prices are new threat, Fed official warns
The US economy is not "out of the woods yet" as rising petrol prices threaten to dent Americans' purchasing power, a senior Federal Reserve official has warned.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1d96.....

Apple to pay dividend for first time since 1995
Apple said it plans to pay a dividend for the first time since 1995 as the iPad maker start spending its almost $100bn (63bn) cash pile.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1d9675e3/mf.gif' border='0'/.....

Debt crisis: Live
US shares rose, hepled by a dividend announcement from cash-rich technology giant Apple, with the S&P 500 hitting the highest level for almost four years.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1d9091.....

Premier Foods makes 259.1m loss
Premier Foods has signed a punishing deal with lenders that will force it to hock 330m of assets and hand over any extra income in a "cash sweep" to banks.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1d93457b/.....

Telecom stocks fail to lift uncertain markets
Telecom and technology stocks were in demand yesterday during a mixed day of trading on the blue-chip index.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1d95a451/mf.gif' border='0'/><br/><br/>&l.....

Greek swaps auction sets $2.5bn payout for lenders
An auction to set the payout due to holders of Greek default insurance fixed a fair value price of 21.5 cents (18p) in the euro for Greek bonds, final results showed.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/.....

Misys agrees 1.29bn takeover from Vista Partners
Misys, the banking software group at the centre of a bidding war, has agreed a 1.29bn takeover by Vista Equity Partners following the collapse of its merger talks with Temenos.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726.....

UPS pays 5.2bn for TNT Express
Parcel delivery giant UPS has agreed to buy TNT Express for 5.16bn (4.3bn), marking the first major bet by a US company on Europe since the region's debt crisis intensified last year.<img width='1' height='1' src='http://telegraph.feedsportal.com/.....

Rusal profits plunge amid boardroom battle
The world's biggest aluminium producer, Rusal, said profits plunged last year as the value of a controversial investment fell, underlining the boardroom tensions which triggered the sudden resignation of its chairman.<img width='1' height='1' src=.....

Banks take a nasty bite out of Premier Foods
Tut, tut, tut. Don't the banks realise Mr Kipling's cakes are exceedingly good?<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1d95321a/mf.gif' border='0'/><br/><br/><a href="http://da.feedsport.....

Financial Services Authority calls insurers to heel over pet cover
Pressure is growing on Lloyds Banking Group to offer compensation to the thousands of pet owners who have had their insurance cover abruptly withdrawn.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1d94c040/mf.g.....

Budget 2012: MPs demand Video Games Tax Relief
A cross-party group of MPs has written to George Osborne asking him to introduce tax relief for video games developers.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1d94c041/mf.gif' border='0'/><br/>&l.....

House prices to rise for years, says BoE's David Miles
Britain's growing population will underpin rising house prices for years to come but fewer people will be able to benefit than in the past without more help for first time buyers, warns policymaker David Miles.<img width='1' height='1' src='http:/.....

Karen Millen wants her name back
Designer Karen Millen fights to resume trading under her own name after losing everything in the 2008 Icelandic banking crash.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1d938e88/mf.gif' border='0'/><br.....