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Tuesday 10 April 2012

UK Financial News on 2012-04-10

Banks staff up for arms race over equity derivatives
Low volatility and new regulation have prompted surge in demand and firms are responding with a hiring spree.....

Chinese bidders adopt more cautious approach
A state-directed focus on return on investment and changes at the top of the Communist party in their home country are resulting in Chinese companies becoming more circumspect about investing abroad.....

Principal aims to buy fund of hedge funds manager
US asset manager wants to buy control of a fund of hedge funds firm to diversify its $240bn network.....

Indian exchanges face struggle to survive
A number of Indian exchanges could be forced out of existence after new rules released by the country's financial regulator last week stipulated minimum levels of trading activity.....

Exchanges resist new rules for ETFs
Two of Europe's largest exchanges have opposed a proposal that would require trading platforms to ensure a minimum number of marketmakers for their ETF segments.....

UBS tops and trails efficiency rankings
Wealth managers owned by UBS have appeared at the top and the bottom of rankings measuring the efficiency of the world's biggest private banks.....

Buyout firms defy market malaise
A number of Europe's top buyout firms increased the value of their assets by up to 31% last year.....

ING pioneers Japanese bullet bonds
ING has become the first bank to register a programme of bond issuance under a new system designed to make the domestic yen market accessible to non-Japanese borrowers.....

Reech restructures business under pressure
A UK hedge fund manager regarded as innovative when it launched in 2006 has had to cut half its FSA-registered staff, despite a capital injection.....

Fears as Europe toughens stance on commodities
Commodity traders have raised concerns regarding the latest amendments to new trading rules which could impose stringent limits on positions.....

World stocks slip on growth fears
Stocks fall on fears over the health of the global economy, after last week's weak US jobs data and persistent fears over the eurozone......

Apple's market value hits $600bn
Tech giant Apple surpasses $600bn (379bn) in value for the first time, affirming its position as the most valuable US firm in the world......

Jobs boost from new Nissan model
Nissan's new hatchback is to be produced at its Sunderland plant, the Japanese car manufacturer says, which could create up to 1,100 jobs......

Alcoa's quarterly profits decline
US aluminium giant Alcoa says that its net profits fell from a year ago as the company kicked off US earnings season......

Obama push for 'Buffett rule' tax
President Barack Obama renews his call for Congress to pass the "Buffett rule", a tax on wealthy Americans, as he seeks to define his election platform......

Best Buy chief executive resigns
The chief executive of US electronics retailer Best Buy, Brian Dunn, resigns after the firm's recent poor performance......

Pension deficit 'drops in March'
The collective deficit of the UK's private sector final-salary pension schemes continued to fall during March, new figures show......

Sony doubles annual loss forecast
Sony doubles its forecasted annual loss to $6.4bn due to a tax charge in the US, as the company prepares to unveil a turnaround plan......

'Signs of life' in housing market
Interest in the UK housing market edged higher in March, according to the Royal Institution of Chartered Surveyors......

Bank loan talks lift Thomas Cook
Shares in tour operator Thomas Cook rise 13% after it says it is in "advanced" talks about extending its financing arrangements......

Facebook buys Instagram for $1bn
Facebook agrees to buy the photo sharing network Instagram a week after the service launches on Android......

China reports mixed trade numbers
China's trade data for March unveils a mixed picture of growth in the world's second-largest economy......

German exports rise in February
German exports rise for the second month in a row as firms expand in markets outside the eurozone......

Fuel talks with unions resume
Talks aimed at averting a strike by fuel tanker drivers resume this morning, after a break for Easter......

Osborne 'shock' at rich tax ploys
Chancellor George Osborne says he is "shocked" that some of the UK's wealthiest people organise their tax affairs so they pay very little......

India and Qatar in fuel agreement
India and Qatar sign a pact to increase cooperation in oil and gas exploration amid pressure over its energy ties to Iran......

Government call for new pensions
Pensions Minister, Steve Webb, calls for new pension schemes that will share risk between firms and employees......

Recovery not complete - Bernanke
Ben Bernanke says the US economy is yet to fully recover from impact of the global financial crisis and warns of new risks......

Survey sees private sector growth
Data suggests strong growth in Scotland's private sector in March led to the steepest monthly rise in employment since 2007......

Brazil seeks US help with skills shortage
Securing overseas education and training for Brazilian students is a key focus of President Dilma Rousseff's visit to the US, reports BBC Brasil's Pablo Uchoa......

Microsoft in $1bn AOL patent deal
Microsoft agrees to buy more than 800 of AOL's patents and license others in a move that may aid its legal battles......

AT&T sells Yellow Pages for $1bn
US telecom giant AT&T sells the Yellow Pages to a private equity firm for $950m (600m)......

HTC shares fall as profits tumble
Shares of smartphone maker HTC fall on the Taiwan Stock Exchange after a sharp plunge in its profit for the first quarter......

Clubs urged to pay for policing
Football clubs should pay for the cost of policing a wider area around stadia, the sport's most senior police officer says......

Murray and BBC commit to Queen's
Andy Murray commits to playing at Queen's Club for another five years until 2016, while the BBC extends its deal to cover the event until 2017......

Iran 'blocks 2012 Olympics site'
Iran-based internet users report that they can no longer access the official London 2012 Olympics website, amid suspicions it has been blocked......

VIDEO: PM 'banging drum' for UK business
David Cameron has defended his decision to take British business people, including defence industry bosses, on his tour of South East Asia......

VIDEO: Why we still lose our phone connection
Smartphones may have revolutionised the humble mobile phone but voice quality has barely changed in the last 100 years......

AUDIO: Instagram 'tremendous investment' for Facebook
Patrick Moorhead, analyst at Moor Insights & Strategy, analyses Facebook's acquisition of the photo sharing smartphone app Instagram......

AUDIO: Demand grows in UK property market
The Royal Institute of Chartered Surveyors has reported a rise in new buyer enquiries before the stamp duty deadline......

VIDEO: 'All about commitment and investment'
Nissan's new hatchback is to be produced at its Sunderland plant, the Japanese car giant has announced......

VIDEO: Jobs boost from new Nissan model
As David Cameron arrives in Tokyo to encourage greater British trade in Asia, the car manufacturer Nissan has announced it is to build its new hatchback in Sunderland, creating over 1,000 jobs......

AUDIO: 'Compelling public to insulate won't work'
Nicola Stanbridge speaks to an energy efficient renovation expert in London as the government holds a consultation about whether homeowners should be made to improve energy efficiency in the rest of the house. And Tim Yeo, chairman of the Commons Ene.....

VIDEO: Finding a 'sole mate' in Malaysia
As the Malaysian central bank seeks to boost domestic demand, one shoe shop is getting creative by combing shopping with dating......

Most common tax avoidance schemes
Lifting the lid on how the wealthy avoid paying tax.....

21st Century eureka moment
Could the modern entrepreneur become extinct?.....

Renault-Nissan aims high in Russia
Renault-Nissan aims high in Russia.....

Making drugs into profit in Uganda
Making affordable life-saving drugs into profit in Uganda.....

Profile: Indian businessman Vijay Mallya
India's flamboyant businessman Vijay Mallya.....

U.S. Day Ahead: More calls for QE3 when doves cry
Correspondent Mark Felsenthal says QE3 is still very much on the table......

Best Buy CEO: failure by numbers
April 10 - Best Buy CEO Brian Dunn steps down as head of the company after watching profits, sales, and the stock price languish under his 2-1/2 year tenure. Conway G. Gittens reports......

Breakingviews: Facebooks insta-worry
April 10 - Jeffrey Goldfarb and Breakingviews columnists discuss the red flags for investors from Facebooks $1 bln acquisition of Instagram......

Trading at Noon: The $600 billion dollar Apple
Apple pierced the $600 billion market cap threshold this morning......

Wealth Strategies: Western Digital, consumer companies to beat
Apr. 10 - Sri Raman of StarMine says that industrials and consumer discretionary companies will likely lead the Q1 earnings season and expects the biggest surprises from Western Digital and Monster Beverage.....

Cameron welcomes Nissan UK investment
Apr.10 - Japanese carmaker Nissan announces plans to spend another $200 million at one of it's UK plants as Britain's Prime Minister David Cameron attempts to boost trade links with Asia. Sarah Mills reports.....

EMEA Wednesday: Nervous investors await Italian T-bill sales
April 10 - Italian bill auctions on the slate tomorrow as rising borrowing costs in the euro zone periphery continue to unnerve investors. In world news, South Koreans head to the polls......

Greek ferry strike hits tourism
Apr.10 - Greek ferry workers begin a 48-hour strike leaving travellers stranded during one of the country's most important holidays and ignoring calls from the government not disrupt the key tourism sector. Hayley Platt reports.....

3XSQ: Warren Buffett's legacy, cell phone theft
April 10 - Is Warren Buffett a tax rule or an investor? Plus, mobile phone companies on preventing theft......

Learning German to escape debt crisis
Apr.10 - Germany's cultural institution, the Goethe Institute, saw record numbers of students at its centres around the world in 2011, partly due to the euro zone debt crisis. Joanna Partridge reports.....

Cruise industry's Titanic journey
talks exclusively to the UK CEO of Carnival Corporation, David Dougall about the industry's past, present and future. Hayley Platt reports......

U.S. Morning Call: Sony sees record loss on tax hit
April 10 - Sony flagged a record $6.4 billion annual net loss, inflated by writing off deferred tax credits mainly in the U.S......

Cruise industry's Titanic journey
talks exclusively to the UK CEO of Carnival Cruises, David Dougall about the industry's past, present and future. Hayley Platt reports......

Market Pulse: The pain in Spain deepens, SNB on defensive
April 10 - Spanish bond yields close in on 6% as investors fear Spain is going down the same road as Greece: savage austerity, shrinking economy, rising borrowing costs. In FX, it's a tale of 2 central banks......

Sony to post biggest-ever annual loss
April 10 - Japan's Sony more than doubles net loss guidance to $6.4 billion due to additional tax charges in the U.S. Arnold Gay reports......

Breakingviews: China's "Good News" Hides Economic Pain
Breakingviews......

Reuters Today: Trade data ease global growth jitters
April 10 - Surprisingly robust trade numbers out of Germany and China ease global growth concerns, but the mood remains muted after Friday's weak U.S. jobs data......

Attention expats: U.S. looking harder for taxable assets abroad
April 10 - Its tax filing season in the U.S., and for the millions of Americans living overseas, the added forms and instructions can be a nightmare......

Adding up the price of gas
April 9 - Gas prices are painful, but how they arrived at their current higher levels is a complex mix of ever changing factors. Bobbi Rebell reports......

Facebook finds $1 billion friend
April 9 - Summary of business headlines: Facebook to pay $1 billion for Instagram; AOL sells patents to Microsoft for $1 billion; Wall Street sees biggest drop in a month as March jobs data add to global economic jitters. Conway G. Gittens reports......

Bruises as U.S., Brazil leaders tango
April 9 - Brazilian President Dilma Rousseff complains to U.S. President Barack Obama about U.S. monetary policy during a visit to the White House. Rough Cut (no reporter narration)......

U.S. Day Ahead: Yahoo! to ditch Asian units
Correspondent Nadia Damouni......

Bianco: Higher chance of more Fed stimulus by June
April 9 - The weaker-than-expected Jobs Report for March is boosting odds than the Federal Reserve will pull the trigger on QE3 before the start of summer says Jim Bianco, President of Bianco Research......

Jobs hangover frazzles Wall Street
April 9 - Wall Street trading remained tough mid-session as investors responded for the first time to less-than-stellar jobs figures released when markets were closed on Friday. Conway G. Gittens reports......

Trading at Noon: AOL reaps $1 bln from patent sale
April 9 - AOL said it would sell over 800 of its patents and related applications to Microsoft for slightly over $1 billion in cash......

Best Buy chief Brian Dunn quits amid probe into 'personal conduct'
Brian Dunn, the chief executive of America's biggest electronics retailer Best Buy, has abruptly quit amid a company investigation into his 'personal conduct'.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e440.....

Apple's market value passes $600bn
Apple today became only the second company ever to be valued at $600bn (379bn), although shares in the iPad maker could not in the end defy a broader decline on Wall Street.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/.....

Debt crisis: as it happened, April 10, 2012
Markets slide as worries about the indebted eurozone nations return, with Spain's borrowing costs edging towards 6pc, and concerns in the US that the recovery may not be as solid as it seemed.<img width='1' height='1' src='http://telegraph.feedspo.....

Markets are right to take fright, but that's not the end of the world
Let's not forget where we've come from.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e437193/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/130577818552/u/3/f/568300/c/327.....

Osborne is stuck on a great tax escalator - and it's only going up
With no party prepared to cut state spending radically, families will continue to feel the pain.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e436ceb/mf.gif' border='0'/><br/><br/><a href="ht.....

Rupert Murdoch's Foxtel to take over Austar
Rupert Murdoch is set to tighten his grip on the Australian media after competition authorities cleared Foxtel's $2bn acquisition of rival pay-TV business Austar.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e.....

Spain's 'lose-lose' struggle reignites euro crisis
The eurozone crisis has returned with a vengeance after Spain's mounting woes pushed 10-year bonds yields back to the danger line of 6pc and the Madrid bourse crashed to its lowest level since the 2009.<img width='1' height='1' src='http://telegra.....

Stock and bond markets rocked by fears of Italian and Spanish debt spirals
European stock and bond markets suffered a rout as traders fled the renewed spectre of a eurozone default and fresh evidence of a global recession.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e436599/mf.gif' .....

Debt crisis: live
The FTSE 100 and European stock makets fell sharply as downbeat US jobs data and mixed trade figures from China added to fears for global growth as Prime Minister David Cameron arrived in Japan on a tour to boost trade and investment.<img width='1.....

Sir Martin Sorrell is pretty in pink on Jesse Draper's US chatshow The Valley Show
WPP chief talks about menopause while perched on pink stiletto.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e42f9cd/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/1305778.....

Facebook buys Instagram: is the latest internet bubble about to pop?
$1bn for a firm that makes virtually no money sounds worryingly familiar.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e42f145/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com.....

Coryton refinery bidder plans "very substantial" job cuts
At least one of the bidders for Petroplus's Coryton refinery plans to use the site only as a terminal and storage facility, with the loss of a "very substantial" number of jobs, its administrators, PricewaterhouseCoopers (PwC), has said.<img width.....

Randgold shines after political deal in Mali
Although the FTSE 100 was on less-than-sparkling form, Randgold Resources recovered its lustre as investors expressed their relief that political unrest in Mali could be waning.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/3272.....

UK on brink of lasting recovery, OECD finds
Britain is on the brink of a lasting recovery, according to the Organisation for Economic Co-operation and Development (OECD), as momentum builds in the global economy.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/56830.....

Best Buy chief Brian Dunn quits after first loss in two decades
Brian Dunn, the chief executive of America's biggest electronics retailer Best Buy, has abruptly quit as the company scrambles for a strategy to combat growing competition from Amazon.<img width='1' height='1' src='http://telegraph.feedsportal.com.....

Oligarchs Viktor Vekselberg and Oleg Deripaska set for UK legal battle over Glencore deal
Russian oligarchs clashing over the world's biggest aluminium company confirmed they were entering legal proceedings in the UK over a disputed $47bn (30bn) supply deal with Glencore.<img width='1' height='1' src='http://telegraph.feedsportal.com/c.....

China returns to trade surplus but exports still weak
The International Monetary Fund is expected to lower its forecast for China's long-term trade surplus next week, reflecting weakening exports and strengthening imports.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/56830.....

Graphic: 50 years of the FTSE All-Share index
Annotated graph of the events that have driven the index for five decades.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e42c9e1/mf.gif' border='0'/>.....

Brazil president Dilma Rousseff blasts Western QE as 'monetary tsunami'
Brazil's president Dilma Rousseff has attacked Western governments for creating a "monetary tsunami" as they pursue quantitative easing (QE) policies in an effort to revive their economies.<img width='1' height='1' src='http://telegraph.feedsporta.....

Cove Energy reveals possible Mozambique tax bill
A favourable decision on the tax liabilities Cove Energy would face in Mozambique if it were sold has boosted the company by enabling talks with possible buyers to continue.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/.....

IMF urges authorities to consider debt forgiveness to restore growth
The International Monetary Fund has urged governments to consider "bold" moves such as stepping in to in the mortgage market to reduce household debt levels and stimulate growth.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/327.....

Spanish bond yields rise on concerns of country's finances
Worries about Spain's finances intensified on Tuesday as the country's bond yields on international markets rose despite expectations of a new round of austerity measures.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/56.....

Is mobile the way we'll all be paying?
Alastair Lukies, the chief executive of Monitise, says business must catch up with the cashless customer.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e402e95/mf.gif' border='0'/><br/><br/><a.....

Who's getting rich from Facebook's $1bn Instagram deal?
Mark Zuckerberg first tried to recruit Instagram's founder and chief executive, Kevin Systrom, to Facebook in 2004 when he was still an undergraduate at Stanford University.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/.....

Taxes paid by America's highest earners drop sharply
Taxes for America's highest earners have fallen sharply since 1995, according to a White House report, released ahead of a speech by President Barack Obama on fairness in the tax code that is a key part of his campaign for reelection.<img width='1.....