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Tuesday 3 April 2012

UK Financial News on 2012-04-03

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Credit Suisse has withdrawn from the longevity swaps market as part of a wider retreat from capital-intensive businesses.....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

James Murdoch leaves BSkyB job
James Murdoch steps down as chairman of BSkyB to try to distance the broadcaster from the phone-hacking scandal at his father's UK newspapers......

Top banker fined for market abuse
One of the City's top bankers, Ian Hannam from JP Morgan Cazenove, resigns after being fined 450,000 by the FSA for providing inside information......

Dutch boy tries to save the euro
An 11-year-old boy's plan to save the eurozone has been commended in a major competition that has attracted some of the world's top economists......

Facebook counters Yahoo lawsuit
Facebook responds to Yahoo's recent legal action over patents with a lawsuit of its own......

Carling brewer buys Staropramen
The brewer that owns Carling lager agrees to buy Eastern European rival StarBev, which owns Staropramen, for $3.5bn (2.2bn)......

Fed stays concerned over growth
The US central bank is concerned that the gains in employment recently will dissipate if growth does not pick up......

Raleigh bikes in takeover talks
Bike firm Raleigh, which has been making cycles for 125 years, is in takeover talks, it emerges......

Signs of UK economy 'improving'
The UK economy has shown a few signs of improvement in the first three months of 2012 but is still weak, the British Chambers of Commerce says......

Pret a Manger to create 550 jobs
The Pret a Manger sandwich chain is creating 550 jobs in the UK this year as the company continues its rapid expansion......

EU probes Motorola over patents
The European Commission orders two investigations into Motorola Mobility's patent lawsuits after complaints by Apple and Microsoft......

Football clubs 'in poor health'
One in five clubs in the English Football League is in "poor financial health", according to a survey by administrators Begbies Traynor......

Sudden drop in mortgages on offer
The number of mortgage deals on offer has fallen back suddenly, after rising steadily towards the end of last year, according to Moneyfacts......

Spanish jobless level hits record
The number of Spanish people claiming unemployment benefits rises for the eighth month in a row to a record 4.75 million in March......

Groupon worries cause share fall
Voucher company Groupon's shares fall 17% in New York after it reveals accounting errors, including underestimating the cost of refunds......

Roche 'disappointment' at rebuff
Swiss pharmaceuticals giant Roche says it is disappointed as gene sequencing firm Illumina rejects its raised takeover bid......

Unions warn over dismissal change
Increasing the time before workers are protected from unfair dismissal from one year to two years could affect 2.7 million people, union bosses say......

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......

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......

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......

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......

Cairn Energy buys Norwegian rival
Oil explorer Cairn Energy announces it is to buy Norwegian rival Agora Oil and Gas in a $450m cash and share deal......

Samsung in $7bn China plant move
Samsung Electronics, the world's biggest memory chip maker, unveils plans to invest $7bn (4.4bn) to build its first chip factory in China......

CIMB buys RBS' Asia-Pacific units
CIMB says it will acquire most of Royal Bank of Scotland's Asia-Pacific units in a deal worth 431.8m Malaysian ringgit ($141m; 88m)......

Club 9 Sports deny Rangers offer
Club 9 Sports says it will not be bidding for Rangers, but offers are expected from Brian Kennedy and the Blue Knights......

BBC offers Olympics streams on TV
The BBC is to make its 24 live HD streams of the Olympics available to cable and satellite providers......

Italy arrests 'match-fix' player
Italian footballer Andrea Masiello is arrested after reportedly admitting to match-fixing while he played for Bari......

VIDEO: Signs of UK economy 'improving'
The UK economy has shown a few signs of improvement in the first three months of this year, according to the British Chambers of Commerce......

VIDEO: 'Sun's coming out for British business'
The British Chambers of Commerce says the UK has avoided going back into recession......

AUDIO: Pret A Manger to create 550 jobs
Clive Schlee, the chief executive of Pret A Manger, told BBC Radio 5 live who the jobs would be open to......

VIDEO: Robert Zoellick neutral on successor
World Bank president Robert Zoellick is staying neutral on who is likely to succeed him......

AUDIO: How to shortlist top economists
Economists who came up with a contingency plan for the break-up of the eurozone have been nominated for the Wolfson Prize......

AUDIO: BBA boss: I'm a human being
The outgoing chief executive of the British Bankers' Association Angela Knight talks to the Today programme's Simon Jack about her decision to step down......

VIDEO: Latest New York City taxi arrives
New York City's new taxi model has arrived in the city, ahead of its official debut. New features will include charging ports for passengers' electronics, increased leg room, and a large panoramic sunroof......

Wall Street comes to Watton
The small retailer who was sold a derivatives contract.....

The ubiquitous hard drive
How Thai floods affected technology around the world.....

Booming bamboo: The next super-material?
Humble grass used for energy, construction and textiles.....

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

U.S. Day Ahead: ADP could fuel Wall Street optimism
Correspondent Jason Lange......

More bruising for BlackBerry
April 3 - BlackBerry maker Research in Motion is being sued for patent infringement by a Dutch company. Conway G. Gittens reports.....

Trading At Noon: U.S. auto sales up, Apple soars
Apr. 3 - Analysts expect Q1 to be the best first quarter since 2008 in auto sales, with Chrysler leading the race. Also, investors in U.S. stocks are hoping the fed will detail possible quantitative easing measures.....

Breakingviews: Goldmans tin ear
April 3 - Richard Beales and Breakingviews columnists wonder why Goldman Sachs is missing the point on its board governance......

EMEA Day Ahead: Wednesday
April 3 - A look at Wednesday's key news events including the ECB monthly meeting, service sector surveys in the euro zone and Britain, plus bond auctions in Portugal and Spain......

Demand for small businesses loans faltering: PayNets Phelan
Apr . 3 - William Phelan, President of PayNet says demand for small business loans is stumbling, adding this kind of stall isn't good for future GDP growth......

3XSQ: Murdoch mess, Google probe
Apr. 3 - News Corp faces a proxy call to appoint an independent chairman, while James Murdoch is set to step down as chairman of BSkyB. Also, EU regulators are investigating Google's Motorola Mobility......

Britain bouncing back, says business group
April 3 - Britain's economy staged a modest rebound in the first three months of 2012, helped by strong overseas demand, but the country still faces a tough path back to healthy growth, according to the British Chambers of Commerce. Joel Flynn report.....

Market Pulse: Fresh Spanish jitters weigh on sentiment
April 3 - Madrid warns its debt will soar to nearly 80% of GDP this year as unemployment rises for the 8th straight month......

Timeline: The spectacular fall of a Communist princeling
April 3 - The political purge of Chinese princeling Bo Xilai, the former party chief of Chongqing, has cracked open what looked like a solid start to Beijing's leadership change later this year......

Strong winds pound Japan
April 3 - Transporation interrupted by typhoon like winds in Japan. Julie Noce reports......

Breakingviews: Banks must disclose ECB earnings boost
Breakingviews......

Inside the News: Top Stories and Analysis
April 3 - A look at the early action in the European markets and the day's hot stocks, as well as a final wrap-up of Asia trading......

Life after Bo: What's ahead for China's power politics
April 3 - The dramatic reversal of fortunes that saw the once ascendant politician Bo Xilai stripped of power has heightened drama in the nations upcoming leadership changeover......

U.S. Morning Call: Goldman names new independent director
Apr. 3 - Goldman Sachs is choosing Jim Schiro to replace John Bryan as its new independent director, after Bryan retires in May......

Demand for small businesses loans faltering: PayNets Phelan
Apr. 3 - William Phelan, President of PayNet says demand for small business loans is stumbling, adding this kind of stall isn't good for future GDP growth......

LIGHTNING ROUND: U.S. may tap SPR, oil prices still going up
Apr. 3 - NYMEX trader Anthony Grisanti says that, while President Obama will likely tap the Strategic Petroleum Reserve, adding to oil supplies, geopolitical concerns could send prices to $150-$200 a barrel......

Factory data build Wall St. rally
April 2 - Summary of business headlines: Stocks gain as manufacturing data boosts optimism; Historian warns against waiting to "sell in May"; Avon wipes off Coty $10 billion merger offer. Conway G. Gittens reports......

NFL's new lineup at pop-up store
April 2 - The National Football League (NFL) opens its first-ever pop-up store in the heart of New York City, promoting its new marketing partnerships ahead of its April 26th draft to pick new players. Bobbi Rebell reports......

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......

Tesco closes second-hand car website after just a year
Tesco has closed its second-hand car website just a year after it launched, in another blow for the struggling supermarket.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e10fcee/mf.gif' border='0'/><br/&g.....

James Murdoch stepping down doesn't mean clear skies for Sky
It has been one of the most protracted games of "will he, won't he" the City has ever seen, but on Tuesday James Murdoch bowed to shareholder pressure and stepped down as BSkyB's chairman.<img width='1' height='1' src='http://telegraph.feedsportal.....

US Fed indicates smaller chance of more QE
Federal Reserve policymakers appear less keen to launch a fresh round of monetary stimulus as the US economy gradually improves, according to minutes for the central bank's March meeting.<img width='1' height='1' src='http://telegraph.feedsportal......

Debt crisis: as it happend, April 3, 2012
US shares slide after Federal Reserve indicates the chance of another round of quantitative easing is lower now the economy is showing signs of recovery.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e10e286/mf.....

Heritage Oil was one dare too far for former TA captain Ian Hannam
Ian Hannam is no stranger to controversy. The star banker has helped create some of the world's biggest companies - no career for anyone who is risk-averse.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e10549c.....

Debt crisis: Live
US shares slide after Federal Reserve indicates the chance of another round of quantitative easing is lower now the economy is showing signs of recovery.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e0a65e2/mf.....

Wolfson gurus see euro break-up as dangerous but liberating
A disorderly break-up of the euro would set off a cataclysmic chain-reaction and a collapse of Europe's banking system, pushing the world into full-blown depression.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s.....

MF Global lawyers seek $25m insurance money to pay former chief Jon Corzine's defence costs
An MF Global bankruptcy trustee has asked a US court to release $25m (15.6m) in insurance money to help pay defence costs for Jon Corzine - the group's former chief executive - and other directors facing civil lawsuits.<img width='1' height='1' sr.....

James Murdoch quits: Sky board needs bigger shake-up to put the phone hacking scandal behind it
James Murdoch is due some credit in quitting as chairman of British Sky Broadcasting (BSkyB), albeit the decision is long overdue.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e1005c5/mf.gif' border='0'/>&l.....

Top JP Morgan banker Ian Hannam resigns over 450,000 fine for market abuse
Ian Hannam, one of JP Morgan's most senior bankers, resigned abruptly on Tuesday after being fined 450,000 by Britain's financial watchdog for market abuse related to insider information on Heritage Oil.<img width='1' height='1' src='http://telegr.....

Wall Street banks to reshuffle top traders ahead of 'Volcker rule'
Wall Street investment banks are preparing to move some of their top traders into new jobs managing their clients' money as the US gears up for new rules limiting the risk banks can take.<img width='1' height='1' src='http://telegraph.feedsportal......

Market Report: Heritage jumps on new Kurdistan gas find
Oil explorers were in vogue despite weaker market sentiment that saw the blue-chip index fall by 0.6pc.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e1005c7/mf.gif' border='0'/>.....

Debt crisis: 11-year-old Jurre Hermans wins 100 for 'pizza and pancake' Greek euro exit plan
An 11-year-old boy has stolen the limelight from some of Europe's top economists with a eurozone breakup plan involving pizza, pancake and unhappy Greeks.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e0c65e1/m.....

Troika praises Portugal's austerity measures but Spanish fears grow
Portugal has been praised by its international paymasters for its austerity progress but European markets still lurched amid fears over the stability of Spain and Italy.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/5683.....

Molson Coors buys Staropramen brewer StarBev for 2.2bn
US beer giant Molson Coors has swooped in to buy StarBev for 2.65bn (2.21bn) despite rumours Japan's Asahi was close to striking a deal for the Central and Eastern European brewer.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/3.....

JJB shares jump 50pc on talks with 'potential strategic partner'
JJB shares jumped after the struggling retail chain said it was in talks with a "potential strategic partner" to raise financing.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e0f6799/mf.gif' border='0'/><.....

Rocco Forte hotels group fears default amid bank talks over golf resort
Sir Rocco Forte's luxury hotel group has warned that crunch talks with its Italian bank over the financing of its flagship Sicilian golf resort could trigger a group-wide default.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32.....

UK construction sector expands at fastest pace in 21 months
Activity in Britain's construction sector jumped to a near two-year high in March, reinforcing hopes that the economy did not slip back into recession in the first quarter of the year.<img width='1' height='1' src='http://telegraph.feedsportal.com.....

Christine Lagarde's speech: in full
IMF managing director Christine Lagarde has implored the US to help back-stop debt-ridden European countries. Here is her speech in full.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e0f679c/mf.gif' border='0'.....

Sandwich chain Pret A Manger to create 550 jobs
Sandwich chain Pret A Manger is to create 550 jobs in the UK and promises many will go to British school leavers, as it expands its business.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e0b04e7/mf.gif' border.....

Telegraph view: BSkyB breathing 'a sigh of relief' over James Murdoch resignation
BSkyB will be breathing "a sigh of relief" after James Murdoch's decision to step down as chairman, according to Telegraph Media, Telecoms and Technology Editor Katherine Rushton.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32.....

Greek debt crisis hits bribery culture
Debt crisis reduces tradition of paying bribes to win contracts.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e0f4bc1/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/130577.....

IMF chief Christine Lagarde urges US to give more cash to fight European debt crisis
IMF managing director Christine Lagarde has implored the US to help back-stop debt-ridden European countries, wading neck-deep into bubbling US political waters.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e0.....

RBS and Lloyds: Government shouldn't 'play the stock market' with taxpayer stakes
The Government should not try to "play the stock market" and must begin the sale of the state's holding in Royal Bank of Scotland and Lloyds Banking Group as soon as possible, according to the Taxpayers' Alliance.<img width='1' height='1' src='htt.....

James Murdoch quits: BSKyB and News Corp statements
James Murdoch has resigned as chairman of BSkyB, claiming the role had become a "lightening rod" for the phone hacking scandal at News Corp, but will remain on the board as a non-executive director. Here are the BSkyB and News Corp statement:<img .....