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Monday 26 March 2012

UK Financial News on 2012-03-26

Demand for infrastructure takes off
Infrastructure assets are changing hands at a record pace amid investor demand for secure long-term income. In the past eight weeks, fund stakes worth more than £300m have changed hands.....

ETF price war breaks out as Vanguard takes aim
An exchange-traded funds price war is set to break out in Europe as US mutual fund giant Vanguard applies to enter the market and State Street steps up its push.....

Tight bond spreads spark buyside strike
Raft of tightly-priced deals have led investors to shun the corporate debt market.....

Private pensions face more than 30 fee structures
A host of separate types of fees are being levied on UK private pensions, according to new research.....

Buyout firms court controversy over asset transfers
Firms look into using new funds to but companies they already own, raising prospects of conflicts of interest on pricing.....

Barker and Ball breathe new life into JLT
Ex-BNP Paribas and JP Morgan executives eye launch of fiduciary management service.....

Head of equities departs Lombard Odier
Lombard Odier Investment Managers, the asset management arm of the Swiss private bank, has parted company with Aziz Nahas, its chief investment officer for equities.....

Traders launch fresh attack over data fees
Revenues from fees for market data have risen almost a third in the past four years Financial News research reveals.....

Equiduct accuses exchanges of dirty tricks
Platform's chief executive's claims come ahead of European watchdog outcome of review over its operating model.....

Down, down, down
While 2011 was the busiest full-year for M&A for four years with 802 deals recorded, activity slowed as the year progressed.....

UK 'in RBS talks with Abu Dhabi'
The government is in talks to sell up to a third of its stake in Royal Bank of Scotland to Abu Dhabi, the BBC learns......

Game Group enters administration
Video game retailer, Game Group, goes into administration, with the immediate closure of 277 stores in the UK and Ireland......

Drivers vote yes to fuel strike
Fuel tanker drivers have voted overwhelmingly to go on strike in a row over terms and conditions, says the Unite union......

SocGen wins UK newspaper damages
Societe Generale is to receive damages from UK newspaper the Mail on Sunday over an article that falsely alleged the French bank was close to bankruptcy......

Pay-TV hacker breaks silence
A News Corporation company recruited a pay-TV "pirate" to post hacked details of a rival's secret codes online, BBC Panorama finds......

Coutts fined 8.75m by regulator
Coutts bank is fined 8.75m by the Financial Services Authority for failing to take adequate measures to prevent money laundering......

BMW recalls 1.3 million vehicles
German luxury carmaker BMW is recalling more than a million cars worldwide because of potential battery problems that could cause a fire......

'Cheap bills' plan for vulnerable
Energy company EDF will give a refund to vulnerable elderly customers who are not on its cheapest tariff......

Merkel opposes Greece euro exit
German Chancellor Angela Merkel tells the BBC it would be a huge political mistake if debt-stricken Greece was allowed to leave the euro......

US stops tariff cut for Argentina
The US suspends preferential tariffs for Argentina, saying the country has failed to pay penalties it owes US companies......

Pension thresholds are increased
Higher earnings thresholds for automatic enrolment into pension schemes have been confirmed by the government......

Profits up at soft drinks maker
AG Barr, the maker of Irn Bru, reports 16.4% increase in profits and a substantial increase in turnover......

Submarine deal 'saves 2,000 jobs'
A 350m contract to refit and refuel a Royal Navy nuclear missile submarine could safeguard 2,000 jobs, the defence secretary is to announce......

UK agrees South Korean trade deal
A new trade deal agreed between the UK and South Korea could boost the UK economy by 500m a year, Deputy Prime Minister Nick Clegg says......

Oil threat to Russian finances
The credit rating agency Standard and Poor's says that Russia's finances would be severely damaged by a sustained fall in oil prices......

Kenya announces discovery of oil
Oil has been discovered in Kenya after exploratory drilling by Anglo-Irish firm Tullow Oil, President Mwai Kibaki says......

Easyjet predicts smaller losses
Low-cost airline Easyjet says a mild winter means its six-month losses will be lower than it had previously predicted......

Schools face action on local pay
The government could be on a collision course with teachers over plans to introduce local rates of pay......

German business confidence rises
German business confidence rose for a fifth month in a row in March, according to the Munich-based Ifo institute......

Canada and Japan in trade talks
Canada and Japan are to formally begin talks aimed at establishing a free trade agreement between the two countries......

Qantas plans budget carrier in HK
Australia's Qantas Group and China Eastern Airlines agree to launch a new budget airline for the Chinese market......

Spanish low-cost airline launched
Spain's Iberia launches a new entry in Europe's competitive market for low-cost airlines......

Huawei barred in Australia deal
China's biggest telecoms equipment maker, Huawei is barred from a project to create a high-speed broadband network in Australia......

Rugby club gets last tax deadline
Neath RFC is given one final chance to pay its tax debts or face being wound up at London's High Court......

BMW helps fund Greek torch relay
German car maker BMW helps ensure Greece will be able to fulfil its leg of the Olympic torch relay despite the country's financial crisis......

Singapore group in fifth Gers bid
Rangers' administrator receives a fifth bid - from Singapore - for the club and hopes to form a shortlist next week......

VIDEO: 'Grape expectations' at UK vineyard
The BBC's Steph McGovern reports from what will be the UK's largest vineyard in Alfriston, East Sussex, which is currently being planted with thousands of vines......

VIDEO: Merkel: Britain must decide on Europe
The German Chancellor, Angela Merkel, has told the BBC that the British have to decide for themselves to what extent they wish to be part of Europe......

VIDEO: UK in 'RBS sale talks' with Abu Dhabi
The UK government is in talks to sell a significant stake in the Royal Bank of Scotland (RBS) to Abu Dhabi, the BBC has learned......

AUDIO: Strike action will 'sorely test' energy reserves
Brian Madderson, chairman of the RMI Petrol Retailers Association, outlines the problems that would be caused if drivers who supply petrol to UK forecourts went on strike......

VIDEO: Rugby Sevens brings business to HK
The annual Rugby Sevens tournament has helped to fill the tills of bars and restaurants in Hong Kong......

AUDIO: 'Addictive' app nets company 113m
Nikki Moore, founder of girlgeekchic.com, and Neil McFarland, creative director of user interaction design company ustwo, discuss the significance of such a deal in the world of apps......

AUDIO: 'Britain is losing out' on transport links
Tim Yeo, chairman of the Energy and Climate Change Select Committee and Jean Lambert, Green Party MEP for London, debate the pros and cons of a third runway at Heathrow......

VIDEO: RAF Northolt 'expansion' response
There are reports that RAF Northolt could be expanded to take some of the pressure off Heathrow......

Taking charge: Who should small businesses choose to run their IT?
Who should small businesses choose to run their IT?.....

What is money and why do we trust it?
What exactly is money and why do we trust it?.....

Internet privacy: Genuine concerns or paranoia?
Does it matter that you give away information on the internet?.....

Hatching an idea: From a funeral home to egg incubators
From a $10 nest egg to a thriving Kenyan bird farm.....

German stands up for Greek wine
The German who specialises in Greek wine.....

U.S. Day Ahead: Round two on Obamacare
Mar. 26 - The U.S. Supreme Court convenes another day of hearings on the constitutionality of President Obama's healthcare law. Also, economic data will give a sense of consumer attitudes and housing health......

Supreme Court unlikely to delay healthcare ruling
' Joan Biskupic says the Supreme Court will likely rule the sanctions included in President Obama's healthcare law are not a tax and will proceed to hear arguments on the individual mandate......

Lawyer vs. Lawyer - Attorneys face off on Obamacare hearing
Mar. 26 - Constitutional experts Kevin Russell, a partner with Goldstein Russell, and Alan Morrison, professoer of law at George Washington Univetsity, face off on the Supreme Court hearing over Obamacare......

Bernanke still worried about jobs
Mar 26 - Federal Reserve Chairman Ben Bernanke voiced skepticism over the recent drop in the U.S. jobless rate, saying the economy needs to grow faster in order to keep the jobless rate from going back up. Conway G. Gittens reports......

Candidate with best jobs plan will become nominee - FL Gov.
Mar. 26 - Republican Governor of Florida, Rick Scott, says the election year is all about jobs, adding voters will back whoever has the best jobs plan......

Healthcare law will be devastating to jobs, says FL Gov.
Mar. 26 - Republican Governor of Florida, Rick Scott, says the Federal government cant tell people what to buy and adds President Obamas healthcare law will be struck down as unconstitutional......

Justice will prevail in Trayvon Martin case, says FL Gov.
Mar. 26 - Republican Governor of Florida, Rick Scott, says there are not enough facts yet to make a judgment on the Trayvon Martin case but is confident Florida will do what is right......

Game enters administration
Mar.26 - The video games retailer Game has appointed PwC as its administrator, becoming the latest household name to fall by the wayside in a consumer downturn. Matt Cowan reports.....

Trading at Noon: Wall Street gains after Bernanke comments
Mar. 26 - U.S. stocks rallied after Federal Reserve Chairman Ben Bernanke suggested the central bank would continue supportive monetary policies even as the unemployment rate improves......

Need justice but also need facts on Martin case: Florida Gov.
Mar. 26 - Republican Governor of Florida, Rick Scott, says there are not enough facts yet to make a judgment on the Trayvon Martin case. Scott also expresses his opposition to Obama's health care overhaul......

Breakingviews: BATSs IPO Failure
Mar 26 - Antony Currie and Agnes T. Crane discuss the aftereffects of the exchanges botched share offer......

Free rooms for football fans
March 26 - A group of locals in the Ukrainian city of Kharkiv, which is hosting some matches during the Euro 2012 football tournament, are offering foreign fans free accommodation in their homes as many hotel rooms will cost a fortune. Joanna Partrid.....

Easyjet fares well in tough climate
March 26 - UK low cost airline, Easyjet says losses for the first six months will be better than expected, thanks to savvy cost management and a mild winter. Joanne Nicholson reports......

Spain's property crash victims fight back
March 26 - Spanish immigrants are fighting back against a slew of housing foreclosures caused by the collapse of the country's once booming property industry but the future still looks bleak. Joel Flynn reports......

3XSQ: Lions Gate rallies after film opening
Mar. 26 - Lions Gate Entertainment rallied after the strong opening to its film "The Hunger Games," which made $214 million over the weekend......

Yields ease on stronger euro firewall hopes
Mar. 26 - German chancellor Angela Merkel says Berlin is prepared to let the euro zone firewall swell to 700 billion euros......

U.S. Morning Call: Yahoo readies for battle with Loeb
Mar. 26 - Yahoo appointed three new independent directors as it prepares for a proxy fight with activist hedge fund investor Daniel Loeb......

Art to try before you buy
March 26 - Working with artists around the world, online business RiseArt provides access to original art. Through their website, art lovers can buy artwork or rent it for as little as 25 a month. Joanna Partridge reports......

Market Pulse: Euro stumbles as German data boost fizzles
Mar. 26 - Gains for the euro prove short-lived despite a surprisingly strong survey on German business sentiment......

Europe needs market discipline, not bigger firewall
Breakingviews......

HK gets its first low cost airline
Qantas-owned Jetstar and China Eastern Airlines to set up low-cost carrier based in Hong Kong......

Reuters Today: Euro zone back in crisis-fighting mode
Mar. 26 - Euro zone officials look to increase the crisis-fighting firewall to as high as 1 trln. Obama warns Iran and N. Korea on their nuclear ambitions. And a look at U.S.-China Apple smuggling......

Data Freak: "Vampire Squid" or not, shares look golden
Mar. 26 - Goldman Sachs' very public PR problem may be masking what is actually a good entry point into the investment bank's shares......

Nuclear security in the spotlight
Mar 26 - Obama issues a message to Iran and North Korea as world leaders gather in Seoul for a major nuclear security summit. Paul Chapman reports......

Obama warns Pyongyang
Mar 26 -U.S. President Barack Obama delivers a strong message to North Korea over its nuclear programme. Rough cut (no reporter narration)......

Is your local Game store closing?
Administrators at Game Group will close almost half the UK's 609 stores, leaving 2,104 people without jobs, in the biggest collapse since Woolworths in 2008. Here is the list of Game and Gamestation stores that will shut.<img width='1' height='1' .....

Cash for access: business has influence within Government but sadly not enough
Be warned. Business can be very effective at lobbying Government ministers, getting policy written, or re-written, to its advantage and profiting from the results.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1.....

MPs told to check William Hill to find out if euro will collapse
A collapse of the euro would be a "disaster" for the UK, the Office of Budget Responsibility (OBR) told MPs - but for the probability of it actually happening the politicians were better off checking with William Hill.<img width='1' height='1' src.....

Gas continues to leak from Total's North Sea well
Gas continues to leak from a North Sea well owned by French energy company Total, more than a day after it was evacuated.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1dce1ad1/mf.gif' border='0'/><br/>.....

Spanish PM Mariano Rajoy's election defeat fuels bail-out fears
The Spanish ruling party's failure to win control in a key state election is a 'serious setback' that casts doubts over the government's ability to stick to its financial reforms, economists have warned.<img width='1' height='1' src='http://telegr.....

EasyJet to trial allocated seating as losses expected to narrow
EasyJet has announced it will trial allocated seating on certain routes from next month after advising that first-half losses would be 30m to 40m lower than previously forecast.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/3272.....

Shares soar in oil and gas explorers Tullow Oil, Ophir Energy and Bowleven soar on African updates
A trio of oil and gas explorers - Tullow Oil, Ophir Energy and Bowleven - saw their shares soar on Monday after a series of unrelated positive updates about their operations in Africa.<img width='1' height='1' src='http://telegraph.feedsportal.com.....

Petrol prices pump up fears for travel sector
Spurting oil prices have spooked markets of late and City scribes warned that they could take their toll on the travel and leisure industries, prompting them to issue a swathe of downgrades on the sector.<img width='1' height='1' src='http://teleg.....

UK government held talks about RBS stake sale with Abu Dhabi
The Government has discussed selling some of the taxpayer's holding in Royal Bank of Scotland to an Abu Dhabi sovereign wealth fund as the authorities continue to look for ways to cut the state's stake in the lender.<img width='1' height='1' src='.....

Lord Sugar: Moaning firms tend to be 'skint'
The Apprentice star says politicians must stop "whining" about banks not lending money to small companies and that most firms who complain about banks are "skint".<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1.....

Coutts fined 9m for failures in money laundering controls
The Queen's banker, Coutts, has been hit with a record fine for failing to monitor whether money it was handling was the proceeds of crime.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1dcda267/mf.gif' border='.....

Why the economy is starting to look up
Nearly five years into the financial crisis, and with another UK Budget come and gone, it is worth taking stock and asking afresh where we have got to on the road to recovery.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/.....

Entrepreneurs left 'exposed' by lack of savings
Lack of trust in banks leaving entrepreneurs "on the high wire" with no savings safety net, research finds.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1dcd915b/mf.gif' border='0'/><br/><br/><.....

AG Barr plans 20m Milton Keynes facility as profits jump
AG Barr, the soft drinks manufacturer behind Irn-Bru, has unveiled plans for a new 20m facility in Milton Keynes following a 16.4pc jump in annual profits.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1dcd8034/.....

US court dismisses Astra's attempt to protect Seroquel
AstraZeneca's efforts to defend its lucrative Seroquel drug have been set back as a US court dismissed its attempts to delay generic versions of the anti-psychotic medicine.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/.....

Business Clinic: Can I afford to export on a shoestring?
An exporting agent advises an entrepreneur on how to sell overseas on a budget.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1dcd2dfe/mf.gif' border='0'/><br/><br/><a href="http://da.feedsport.....

EasyJet expects narrower first-half loss
EasyJet has advised it is expecting a lower half-year loss despite a 100 million increase in its fuel bill over the last six months.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1dca9cb9/mf.gif' border='0'/>.....

World Bank race: Nigerian finance minister warns emerging economies will "lose interest" if voice not heard
Ngozi Okonjo-Iweala, the Nigerian finance minister who wants to run the World Bank, has warned that emerging economies will lose interest in multi-lateral institutions if they are not given more of a voice at the top of them.<img width='1' height=.....

Ten must-have Isas
Time is running out to make the most of this year's allowance. Emma Wall seeks the advice of some of Britain's leading portfolio managers to help you decide where to put your money<img width='1' height='1' src='http://telegraph.feedsportal.com/c/3.....

Bernanke questions whether drop in unemployment can be sustained without recovery in demand
Fed chairman Ben Bernanke has cast doubt over whether the sharp decline in US unemployment during the past six months can be sustained without a stronger recovery in demand across the wider economy.<img width='1' height='1' src='http://telegraph.f.....

Ben Bernanke questions whether sharp drop in unemployment can be sustained without faster growth
Federal Reserve chairman Ben Bernanke has cast doubt over whether the sharp decline in US unemployment over the last six months can be sustained without faster growth in the wider economy.<img width='1' height='1' src='http://telegraph.feedsportal.....

Paying tax for your nanny: Q&A
Parents who pay for childcare cash-in-hand run the risk of facing punitive tax penalties and possible prosecution as part of HM Revenue & Customs' new crackdown on tax evasion.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/3.....

London taxi maker slumps to 2.6m loss
Manganese Bronze fails to move back into profit in 2011.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1dcaa229/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/129200994249/u.....

Coutts fined 9m for failures in money laundering controls
The "Queen's bankers" Coutts has been fined 8.75m for failing to perform adequate controls on money handled on behalf of high risk customers, including Politically Exposed Persons.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/3.....

North Sea gas leak: sea 'bubbling' under platform
Total has evacuated 238 workers and powered down a platform in the North Sea after vapour clouds formed and gas bubbled on the surface of the water beneath the rig, according to workers on a standby ship.<img width='1' height='1' src='http://teleg.....