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Monday 2 April 2012

UK Financial News on 2012-04-02

Bankers predict more ECB liquidity
As the effects of the recent intervention begin to wear off, sovereign issuers face a funding squeeze.....

Taylor quits RBS to rejoin JP Morgan
Simon Taylor, head of equities sales trading at Royal Bank of Scotland, has left the UK bank to rejoin JP Morgan after four years.....

Credit Suisse shuffles off mortality swaps
Credit Suisse has withdrawn from the longevity swaps market as part of a wider retreat from capital-intensive businesses.....

Keydata scandal drains parish pump
The asset manager that runs funds on behalf of Church of England parishes grew operating profits but growth was wiped out by compensation scheme.....

Banks $2bn tech spending sparks IT hiring spree
Banks are preparing to spend more than $2bn on new technology and top-class IT talent as part of their preparation for a slew of new regulations.....

Lenders get tough in buyout debt talks
Banks are getting much tougher when extending maturities on loans for private equity buyouts.....

No respite as European trades end the first quarter flat
European trading for the first three months of the year looks set to end about 18% down on the same period a year ago.....

Battle for prime broking talent hits RBS and Deutsche Bank
Both have suffered departures as banks restructure their prime brokerage businesses to capitalise on new regulations.....

MEPs take action over insider trading fears
A European Parliamentary committee has responded to industry fears and tabled amendments to proposed new insider trading regulations.....

EU set to apply brakes to high-speed trading
MEP Markus Ferber has sparked an outcry over proposals to impose artificial speed limits through minimum order resting times.....

UK manufacturing growth picks up
The UK's manufacturing sector grew at its fastest pace for 10 months in March, a survey says, boosting hopes of overall growth in the first quarter......

Finance sector continues to grow
The recovery in the UK financial services sector is continuing, a survey suggests, with optimism improving and firms taking on new staff......

Gas leak costs Total $1.5m a day
The North Sea gas leak is costing oil company Total an estimated 940,000 a day in lost production, it is revealed......

Eurozone jobless rate increases
Unemployment in the eurozone edged higher in February to 10.8%, the highest level since the introduction of the euro in 1999......

Backlash over 'girl finder' app
An app that allowed users to find nearby women who had "checked in" on a social network is withdrawn after complaints......

Administration for Ellie Louise
Women's clothing retailer Ellie Louise goes into administration after facing cash flow problems......

Data shows subdued housing market
The continued lack of activity in the housing market is reflected by the latest injection of equity into UK homes......

Customers 'just want a call back'
The majority of people who complain to their energy company are left dissatisfied with how it is handled, the regulator says......

Goals confirms takeover approach
Five-a-side football specialist Goals Soccer Centres says it has received a preliminary takeover approach from the Ontario Teachers' Pension Plan......

Q-Cells will file for bankruptcy
Q-Cells, once the world's biggest maker of solar panels, says it will file for bankruptcy after abandoning attempts to reorganise its debts......

Coty bids $10bn for Avon Products
Coty, the firm behind fragrances for Adidas and Beyonce Knowles, is bidding $10bn (6.2bn) for the cosmetics firm Avon Products......

Co-op Bank to raise mortgage rate
The Co-operative Bank will raise its standard variable mortgage rate by 0.5 percentage points from 1 May, following similar moves by other lenders......

Eurozone contagion 'overstated'
A former senior official at the European Central Bank says the risk of eurozone debt woes spreading has always been overstated......

Burma sets currency exchange rate
In one of the biggest economic reforms in Burma, the central bank sets the reference exchange rate for its currency......

Australia woos skilled US workers
Australia plans to make it easier for US construction workers to move to Australia by changing assessment rules......

Kutcher 'to star in Jobs biopic'
Two and a Half Men star Ashton Kutcher is to play Steve Jobs in a biopic about the late Apple co-founder, according to Variety......

UK air passenger duty rises by 8%
Air passenger duty rises by 8%, as announced by the government in the Autumn Statement last year, but airlines call for the tax to be reviewed......

Japan business morale remains low
Japan's manufacturers continue to remain pessimistic despite recent weakness in the yen, Bank of Japan's Tankan survey shows......

Game Group shops sold to OpCapita
The administrators of Game Group sell 333 of its UK shops that are still open to OpCapita, safeguarding nearly 3,200 jobs......

Airport plans 100m redevelopment
Proposals for a 100m redevelopment of Aberdeen Airport over the next 30 years are unveiled......

Global firms 'may rethink India'
Seven international trade groups, representing some 250,000 firms, say they may reconsider doing business in India over new tax proposals......

King questions Murray duped claim
Rangers director Dave King questions Sir David Murray's suggestion that he was duped by owner Craig Whyte......

VIDEO: Clegg unveils 1bn 'Youth Contract'
Deputy Prime Minister Nick Clegg launches a new 1bn "Youth Contract", promising every young person the opportunity to "earn or learn"......

VIDEO: Will sales of flying car take off?
A Dutch company is launching a vehicle which can be driven on land, or flown in the air......

AUDIO: Petrol stations 'still out of stock'
Brian Madderson, chairman of RMI Petrol, reflects on the consequences of petrol panic buying.....

VIDEO: Apprentice numbers questioned
A BBC investigation has found that Morrisons supermarket employed more than 1 in 10 of all apprentices across England last year......

VIDEO: Investment firm set to save Game
A deal has reportedly been agreed to buy a large part of the troubled High Street chain Game Group out of administration......

VIDEO: UK air passenger duty rises by 8%
Air passenger duty (APD) has risen by 8%, as announced by the government in the Autumn Statement last year......

DeLorean to get electric revival
The DeLorean gets a new life as an electric car.....

China looks to rebalance growth
China tries to engineer a gentle slowdown for its economy.....

U.S. Day Ahead: Gas prices not curbing car sales
Correspondent Deepa Seetharaman......

LIGHTNING ROUND: Nat gas will fall below $2 in April- trader
Apr. 2 - NYMEX trader John Woods says sluggish industrial demand and warm weather will keep prices for natural gas falling and feels the commodity could hit $1.87 before bouncing higher......

The nuts and bolts of a mixed recovery
Apr 02 - Manufacturing activity picked up in March in the U.S., Asia, and in the U.K., but Europe contracted for the eighth consecutive month, according to purchasing managers reports from around the world. Conway G. Gittens reports......

Trading at Noon: U.S. stocks jump; Groupon sells off
Apr. 2 - Groupon unnerved investors today after it cut its previously reported fourth-quarter revenue and increased its net loss, blaming higher-than-anticipated refunds on deals......

Breakingviews: Coty calling Avon
April 2 - Rob Cox and Breakingviews columnists discuss how Avons hapless board paved the way for Cotys offer......

High hopes for Dutch car plane
Apr. 02: A Dutch company has successfully conducted a test flight of a car which doubles as an aircraft and hopes to put the machine into production. Andrew Potter reports......

Wealth Strategies: Don't wait for May to go away- Hirsch
Apr. 2 - April is traditionally a strong month for stocks, but Jeff Hirsch of the Stock Trader's Almanac says a big gain in the Dow Industrials on the first trading day of the month might be a signal to sell......

3XSQ: Offer for Avon Lady, drug deal approved
Apr. 2 - Avon rejects a $10 billion takeover bid from Coty, and the U.S. FTC clears Express Scripts offer to buy rival Medco......

Euro Zone debt crisis update
April 2 - Analysis of the latest weekly figures from the ECB on its program of purchasing government debt. With HSBC's Steven Major......

At least 33 dead in Russia plane crash
At least 33 people are dead after a twin-engine prop plane crashes in Siberia leading to further questions over Russia's air safety. Jessica Gray reports......

Euro zone manufacturing contracts again
April 2 - The euro zone manufacturing sector contracted in March for the eighth month in a row, adding to signs the bloc is in recession, as the downturn has spread to core members France and Germany. Joanna Partridge reports......

Market Pulse: Factory activity slide fuels euro zone gloom
April 2 - A slide in euro zone PMIs fuels fears that core Europe is starting to falter, while analysts express doubts about China's surprisingly robust numbers......

Breakingviews: Euro zone should beware the "F" word
Breakingviews Editor Hugo Dixon......

Breakingviews: No sign of BPs promised strategic changes
Breakingviews......

Myanmar sanctions: Suu Kyi holds the key
April 2 - Developed nations set to review sanctions against Myanmar, democracy leader Aung San Suu Kyi's blessing of elections key to decision. Arnold Gay reports......

Reuters Today: China factory surge may not be all that meets the eye
April 2 - Mixed messages for the global economy as Chinese factory activity jumps, but economists warn it could just be a seasonal bump......

No coup? No comment in China
April 2 - Unfounded Chinese microblog rumours of a coup in Beijing spread around the world last week. Authorities have responded, and now comments on the two top sites have been completely disabled......

PMI data bodes well for China growth
April 2 - Chinas upbeat official PMI for March indicates domestic demand will stay resilient and export orders will pick up in coming months, says Stephen Schwartz, chief Asia economist for BBVA research......

U.S. Morning Call: Riskier funds failing to pay off
Apr. 2 - The New York Times reports that riskier choices for public workers pension funds have failed to pay off......

UK air passengers hit with tax increase
April 2 - Airlines have voiced their criticism at a higher rate of passenger duty airport departure tax has taken effect in the UK. Joel Flynn reports......

Algy Cluff steps down from Cluff Gold
City veteran Algy Cluff is stepping down as executive chairman of Cluff Gold to start a new business.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e08411a/mf.gif' border='0'/><br/><br/><a hre.....

Viewers are waiting for James Murdoch's final act in the BSkyB drama
Luckily, BSkyB doesn't try this with its programming.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e07a9cb/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/130577394440/u/3/.....

Debt crisis: as it happened, April 2, 2012
The S&P 500 climbed to its highest level since May 2008, as manufacturing figures for March show increased activity and factory employment rising to highest since June last year.<img width='1' height='1' src='http://telegraph.feedsportal.com/c.....

Debt crisis: live
The S&P 500 climbed to its highest level since May 2008, as manufacturing figures for March show increased activity and factory employment rising to highest since June last year.<img width='1' height='1' src='http://telegraph.feedsportal.com/c.....

Crumbs of comfort
Telegraph View: It is beginning to look likely that Britain will avoid a slip back into recession.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e07adea/mf.gif' border='0'/>.....

Ambac sues JP Morgan Chase over Bear Stearns mortgage-backed securities
Ambac, one of the world's biggest bond insurers, is suing JP Morgan Chase in an effort to recover money it claims to have lost from insuring mortgage-backed securities sold by Bear Stearns.<img width='1' height='1' src='http://telegraph.feedsporta.....

It has finally dawned on the Murdochs that James' days at BSkyB are numbered
Media giant BSkyB is staging a dignified exit for its chairman.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e0752d8/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/1305773.....

Apple: Topeka Capital Markets analyst predicts Apple will be worth $1,000 a share
Wall Street analyst slaps $1,001 price target on technology giant.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e075d94/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/1309.....

Groupon shares fall 10pc on revised results
Online discount voucher company Groupon saw its shares tumble more than 10pc after it revised down its results for the final quarter of 2011, admitting a "material weakness" in its internal controls over financial reporting.<img width='1' height='.....

Hammerson chosen over Westfield to redevelop Whitgift shopping centre
Plans by Australia's Westfield Group for another giant mall in London faced a setback after rival developer Hammerson was picked to work on a prized shopping centre.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s.....

Avon rejects $10bn bid from Coty
Door-to-door cosmetics seller Avon has rejected a $10bn offer from Coty, a European perfume company that has made fragrances for Madonna, Beyonce and Lady Gaga.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e05.....

ENRC founders set for pay day after shareholders back purchase of Shubarkol Komir coal producer from them
The founders of Eurasian Natural Resources Corporation (ENRC), the FTSE 100 miner, stand to gain significantly after fellow shareholders backed the company's plans to buy the rest of a Kazakh coal producer from them.<img width='1' height='1' src='.....

Figures reveal 'failing' patent system
Falling spending on research and development (R&D) and the "failure" of the patent system has led to a marked decline in patent applications, an innovation body has warned.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726.....

Entrepreneurs' trading confidence edges up
Small businesses are showing a "tentative" return to confidence about their overseas prospects, according to a quarterly trading survey.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e06d934/mf.gif' border='0'/.....

Youth unemployment passes 50pc in Spain and Greece
Youth unemployment now exceeds 50pc in both Spain and Greece as the number of people out of work in the eurozone as a whole hit a 15-year high of 17.2m.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e06d4be/mf......

Goals Soccer Centre scores approach from Canadians
Shares in five-a-side football pitch operator jump almost 14pc after the company said it had a preliminary takeover approach from Canada's Ontario Teachers' Pension Plan.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568.....

Angela Knight to step down as BBA chief
Angela Knight, the public face of the UK's banks during the financial crisis, is to step down as chief executive of the British Bankers' Association (BBA) in the summer.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/5683.....

Greek talks with international-law debt holders hit impasse
Greece is at an impasse with holders of its bonds who were not locked in to the historic 206bn (171bn) debt restructuring, highlighting the country's continued problems in cutting its debt load.<img width='1' height='1' src='http://telegraph.feeds.....

Total's Elgin gas leak costing $2.5m a day
The gas leak from Total's Elgin platform is costing it $2.5m (1.6m) a day in lost income and response costs, the company said.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e06d0cb/mf.gif' border='0'/><br.....

US pension fund Christian Brothers Investment Services petitions to strip Rupert Murdoch of News Corp chair
A powerful American institutional investor has tabled a resolution to strip Rupert Murdoch of his role as chairman of News Corporation, appearing to make him more vulnerable to a shareholder revolt than ever before.<img width='1' height='1' src='h.....

Vista only bidder for Misys after CVC drops out
The bid battle for Misys has ended after private equity firm CVC pulled out of the 1.27bn race to buy the banking software specialist.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e067bd0/mf.gif' border='0'/&g.....

LSE wins control of LCH.Clearnet
The London Stock Exchange takes a step towards diversifying its operations with a majority stake in LCH.Clearnet.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e01b860/mf.gif' border='0'/><br/><br/&.....

US manufacturing raises hopes for first quarter
America's manufacturing industry managed to pick up the pace of its expansion last month, strengthening expectations that the world's largest economy enjoyed a better first quarter than many expected.<img width='1' height='1' src='http://telegraph.....

Total's Elgin gas leak costing $1.5m a day in lost earnings
Plugging a gas leak at Total's Elgin platform off the east coast of Scotland should be a "relatively easy job," the company said, as it calculated the leak had cost it up to $1.5m a day in lost earnings.<img width='1' height='1' src='http://telegr.....

Growth in UK manufacturing eases double-dip fears
Britain's manufacturing sector grew more strongly-than-expected in March, easing fears that the economy slipped back into recession in the first quarter.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e031a60/mf.....