Search This Blog

Wednesday 11 April 2012

UK Financial News on 2012-04-11

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.....

US sues Apple over e-book prices
Technology giant Apple and major publishers are accused by the US Department of Justice of colluding to increase the price of e-books......

Shock losses warning from Nokia
Nokia shares drop 17% after it unexpectedly issues a statement saying it will make losses in the first and second quarters of 2012......

BA plans to cut jobs at Gatwick
Almost 600 British Airways employees at Gatwick could lose their jobs or be transferred to another company under cost-cutting plans announced by the airline......

US shares up after losing streak
US stocks gained after closing lower for the previous five sessions, helped by strong results from aluminium producer Alcoa......

Pompey report reveals 58m debt
Football club Portsmouth owe 58m in debt, 20m more than when the club came out of administration in October 2010......

US judge fines drugs giant $1.1bn
Drugs giant Johnson & Johnson is ordered by a US judge to pay $1.1bn for downplaying the risks involved in taking its anti-psychotic drug Risperdal......

Consumer protection faces revamp
Plans for Citizens Advice to deal with complaints from consumers frustrated about rogue traders or rip-offs have been confirmed by the government......

Lotus denies administration plans
The sports car maker Lotus moves to quash rumours that its owners are considering putting it in administration......

Clegg in 'energy deal guarantee'
Energy companies will be required to tell customers what their best deal is, in a move which ministers say could save households up to 100 a year......

Real-time tax system is piloted
A pilot project has started that is set to herald a major change in the way tax bills are calculated, HM Revenue and Customs says......

'More jobs' advertised in March
The number of UK job vacancies in March grew at its fastest rate for eight months, led by the IT and computing sector, a report says......

China helps BMW hit record sales
German carmaker BMW reports record sales for the first quarter of 2012, a period in which it sold more cars in China than in the US for the first time......

Ocampo wants World Bank shake up
World Bank presidential candidate Jose Antonio Ocampo calls for a change in culture and more co-operation with other global lenders......

Sunny weather warms retail sales
March's unexpectedly warm weather boosted UK retail sales, the British Retail Consortium says......

Swiss court blocks bank data deal
A Swiss court has blocked the handover of details of a Credit Suisse customer to US authorities......

PM unveils Indonesia Airbus deal
David Cameron announces a 326m deal to sell 11 Airbus A330 aircraft to airline Garuda Indonesia, saying it is "good news" for the UK industry......

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......

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

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......

Asia growth 'fuelling inequality'
Asia's rapid economic growth may hurt stability as the gap between the rich and poor widens, the Asia Development Bank warns......

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......

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

BAA March traffic in Easter boost
The number of passengers travelling through BAA's UK airports in March rose by 4% on the previous year, thanks largely to Easter falling earlier in 2012......

Burma to get new stock exchange
Burma is to get a new stock exchange, after the Tokyo Stock Exchange and Daiwa Securities Group agree a deal to set one up by 2015......

Sands opens new $4bn Macau casino
Sands China, run by tycoon Sheldon Adelson, opens its new $4bn (2.5bn) casino in Macau after a delay of almost one year......

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......

VIDEO: PM announces Airbus deal in Indonesia
The Indonesian airline, Garuda, has signed an order with Airbus, which is worth at least 320m to British firms......

VIDEO: Beating the traffic with an app
An app that helps people beat traffic jams in Singapore illustrates the growing passion in Asia for developing these digital tools.....

AUDIO: Why invest in gold?
Peter Hambro, chairman of the Petropavlovsk gold mining company, explains why the metal will never lose its glister......

VIDEO: Charity opens two 'superstores'
The Sue Ryder charity is setting a new trend in fundraising by opening two retail park "superstores" in Norfolk......

VIDEO: 'Indonesia will be top 10 economy'
David Cameron has announced a 326m deal to sell 11 Airbus A330 aircraft to airline Garuda Indonesia......

VIDEO: Asian Americans become ad targets
Asian Americans are the fastest growing minority group in the US, according to census data, and brands have found a new interest in this valuable consumer group......

VIDEO: Tagging aims to stop lost luggage
Australian airline Qantas is introducing new technology designed to make check-in faster and stop luggage going missing......

VIDEO: Clegg vows 'energy deal guarantee'
Energy companies will be required to let customers know what their best deal is, in a move which ministers say could save households up to 100 a year......

Football looks for Indian toehold
Football looks to topple cricket in India.....

Your credit rating questions answered
An expert answers your questions about credit ratings.....

Can Instagram be worth $1bn?
Can a two-year-old app really be worth $1bn?.....

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

U.S. Day Ahead: Some uncertainty about Google earnings
' StarMine, says that they won't be terribly disappointed either......

Jack & Suzy Welch: Romney vs. Obama and his enemies list
Columnists Jack and Suzy Welch......

Economy 2012: Quidsi Cant hire fast enough
The online retailer hires aggressively as it gears up to launch two new ecommerce sites that go beyond diapers......

Breakingviews: Shopping for Avon
April 11 - Rob Cox and Breakingviews columnists discuss how much Coty will need to up its Avon ante......

Stocks to break losing streak
Apr 11 - Markets take heart in Alcoa's profit surprise, sending stocks higher for the first time in six sessions. Bobbi Rebell reports......

Trading at Noon: DOJ takes on Apple; Google preview
April 11 - The U.S. government accuses Apple of conspiring to fix e-book prices & what to expect from Google ahead of earnings on Thursday......

European Close: Auction to bring Italy under scrutiny
April 11 - As euro zone debt worries mount again, Italy faces a fresh test of investor sentiment with an auction of benchmark bonds......

Wealth Strategies: Google may not beat, but funds are buying
April 11 - StarMine's Sri Raman says that, while Google may report Q1 earnings in line with estimates, it is growing Android market share, and funds will likely increase their stake over the coming quarters......

BMW posts record sales
April 11 - Business is booming for BMW, the car giant has just announced record sales that sees them top of the leader board. Sarah Mills reports......

Software bug for new Nokia phone
April 11 - Struggling mobile phone maker Nokia has sound a software bug in its new flagship Lumia 900 model. Andrew Potter reports......

U.S. Morning Call: Stock futures up; DOJ may sue Apple
April 11 - U.S. stock futures are pointing to a higher open on Wall Street, and the U.S. DOJ could sue Apple, as soon as today, over alleged e-book price-fixing......

World Cup host to spend $125 billion
April 11 - Qatar's set to spend more than $125 billion in the next five years on construction ahead of the country's turn to host the World Cup in 2022. Sarah Mills reports......

Market Pulse: German bond auction fails
April 11 - Berlin sells 3.87 billion in bonds at auction, but the sale is a technical failure. The pressure on Spanish assets remains intense, and attention turns to Italy's bond auction on Thursday......

Major tsunami unlikely: British Geological Survey
April 11 - The 8.7 magnitude earthquake off the coast of Indonesia is unlikely to trigger a major tsunami due to the horizontal rather than vertical shift of ground, according to the British Geological Survey......

2012 World Gold Market Survey: Thomson Reuters GFMS
GFMS publishes its 2012 outlook for world gold prices, demand and supply. Will gold's 12-year bull market continue?.....

Breakingviews: Austerity Madness Threatens EZ Growth
Breakingviews......

Ambition, murder at the heart of Bo Xilai's fate
April 11 - Bo Xilai, the former party chief of Chongqing, has been purged from China's political elite and his wife detained over murder suspicions. China expert Willy Lam says Bo's wife may be convicted......

Reuters Today: Markets set for another tumultuous session
April 11 - The German government is selling up to five billion euros in bonds with yields at record lows......

Restaurant's fresh approach earns 3 stars
April 11 - A restaurant using home-grown vegetables to achieve unique quality and taste wins its third Michelin star. Hayley Platt reports......

Wealth Strategies: Google may not beat, but funds are buying
Apr. 11 - StarMine's Sri Raman says that, while Google may report Q1 earnings in line with estimates, it is growing Android market share, and funds will likely increase their stake over the coming quarters......

Small businesses, big stress
Apr 10 - Small business owners- a key jobs driver- are more pessimistic about the economy, and are planning fewer new hires according to a new survey. Bobbi Rebell reports......

Wall Street cracks ahead of earnings
Apr. 10 - Summary of business headlines: Wall Street experiences its biggest drop of 2012 as investors fret ahead of the start of earnings season; Alcoa swings back to profit after fourth-quarter loss; Best Buy CEO resigns; Apple tops $600 billion ma.....

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......

Nokia shares slump 16pc after cutting profit forecast
Embattled mobile phone manufacturer Nokia saw its shares slump more than 16pc on Wednesday after it warned it will make a loss in the first and second quarters, as it continues to cede ground to rivals.<img width='1' height='1' src='http://telegra.....

Apple accused of conspiring with publishers to fix ebook prices
Technology giant accused of conspiring with five major publishers.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e4d32a2/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/1305.....

ECB may act to bring down Spanish borrowing costs
The European Central Bank may intervene to pull down Madrid's borrowing costs as prime minister Mariano Rajoy warned that debt had created a "vicious circle that strangles Spain".<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32.....

Debt crisis: as it happened, April 11, 2012
Spanish leader Mariano Rajoy insists the nation will not need to go to Brussels with a begging bowl despite accumulating a debt pile that had created a "vicious circle that strangles Spain".<img width='1' height='1' src='http://telegraph.feedsport.....

Mini factory workers risk driving away UK's car-making pedigree
The curse of the British tea break strikes again. Just as BMW announces record sales, its Mini factory in Oxford is threatened by a first strike since 1984 over alleged incursions into workers' break times.<img width='1' height='1' src='http://tel.....

Debt crisis: live
Spanish leader Mariano Rajoy insists the nation will not need to go to Brussels with a begging bowl despite accumulating a debt pile that had created a "vicious circle that strangles Spain".<img width='1' height='1' src='http://telegraph.feedsport.....

Battle for website addresses draws to a close
Battle for world's catchiest website addresses comes to a head.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e4cbbd4/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/1309794.....

Europe's banks beached as ECB stimulus runs dry
The European Central Bank's 1 trillion (824bn) lending spree over the winter has stored up a host of fresh problems, leaving parts of the banking system more vulnerable than before as the short-term "sugar rush" nears exhaustion.<img width='1' hei.....

Former TNK-BP deputy chief Maxim Barsky buys into Matra Petroleum
Maxim Barsky, who quit BP's Russian joint venture TNK-BP last year after not being made chief executive, has launched a comeback by buying into Aim-listed Matra Petroleum.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/56.....

Michael Page shares drop on first-quarter results
Michael Page was the biggest faller in the FTSE 250 after the white-collar recruiter said growth slowed in March and markets continue to be weak amid "ongoing macroeconomic uncertainty".<img width='1' height='1' src='http://telegraph.feedsportal.c.....

Bank of America Merrill Lynch downgrades BSkyB over on-demand threat
BSkyB is facing a fresh setback after Bank of America Merrill Lynch put an "underperform" rating on the pay-TV business and slashed its long-term revenue forecasts by a fifth.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/.....

Thomas Cook shares drop amid credit insurance fears
Insurance giant Euler Hermes sparked a sell-off in Thomas Cook shares after it decided to withdraw crucial protection for some of the holiday operator's suppliers in the UK.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/.....

Johnson & Johnson fined $1.1bn for misleading doctors over anti-psychotic drug Risperdal
Johnson & Johnson has been ordered to pay a $1.1bn (691m) fine by a US court after a jury found the pharmaceutical company misled doctors over the risks associated with a best-selling anti-psychotic medicine.<img width='1' height='1' src='http.....

Argentina 'satisfied' by BP's Falklands rejection letter
Argentina has claimed a bizarre victory in its bid to stop British companies exploring for oil off the Falkland Islands, proclaiming "satisfaction" that BP had written to say it had no plans to enter the region.<img width='1' height='1' src='http:.....

Please, no more help for 'zombie' mortgage holders
According to William Taft, the 27th US President, there is no individual right, other than liberty, more important than property.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e4c5bf9/mf.gif' border='0'/>.....

Savile Row tailor Gieves & Hawkes sold to Hong Kong group Trinity
Gieves & Hawkes has been sold to a company that runs the venerable British tailor's shops in China in a deal that could be worth up to 92.5m.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e4c688c/mf.gif' bo.....

Mini's Oxford plant facing first strike in 30 years over pay
Pay dispute comes as Mini-owner BMW posts record car sales for the first quarter after a sharp rise in sales in China established the Asian economy as the premium car maker's largest market.<img width='1' height='1' src='http://telegraph.feedsport.....

Fall in safe haven assets threatens global financial stability, warns IMF
A shrinking supply of safe assets, such as US treasuries and German bunds, alongside soaring investor demand poses a threat to global financial stability, the International Monetary Fund (IMF) has warned.<img width='1' height='1' src='http://teleg.....

Market Report: Banks help FTSE 100 index rally by 0.7pc
Financial shares were in demand as the blue-chip index rallied 0.7pc.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e4c6503/mf.gif' border='0'/>.....

Casino billionaire Sheldon Adelson plans 'mini Las Vegas' in Spain
Las Vegas glitz could be coming to Spain under plans American casino billionaire Sheldon Adelson has to replicate the Nevada city's famous strip.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e4bf9cd/mf.gif' bo.....

Private equity firm Carlyle eyes $8bn float
Carlyle, one of the world's largest private equity firms, is said to be targeting a valuation of up to $8bn (5bn) in a flotation that will be one of the biggest on Wall Street this year.<img width='1' height='1' src='http://telegraph.feedsportal.c.....

Lionel Messi fans could miss key matches amid Spanish football TV rights row
Broadcasters will not bid for key matches unless prices fall by 50pc.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e4be282/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/1.....

Costa Concordia: Carnival still a 'powerful brand', says vice-chairman Howard Frank
Cruise giant Carnival said bookings in Europe have shown signs of returning to healthier levels in recent weeks as the company looks to recover from January's Costa Concordia disaster.<img width='1' height='1' src='http://telegraph.feedsportal.com.....

New PAYE system promises end to shock tax demands
Taxpayers should face fewer surprise tax demands in future if today's launch of a new PAYE system is successful.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e4ae9fe/mf.gif' border='0'/><br/><br/&g.....

Pension risks threaten UK finances, IMF warns
Britain is at risk of pensions timebomb that could cost the state as much as 750bn, the International Monetary Fund has warned.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e4ae1a4/mf.gif' border='0'/><b.....