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Monday 16 April 2012

UK Financial News on 2012-04-16

Billionaire head of BTG Pactual faces trading investigation
Andr Esteves is under investigation for trading undertaken in his personal account in Europe in 2007.....

Ex-RAB chief comes in from the cold
Charles Kirwan-Taylor has re-emerged at a corporate intelligence firm that has been described as 'a retirement home for ex-MI6 officers'.....

Vega: defender of client assets
Former Tottenham Hotspur, Watford and Switzerland footballer Ramon Vega has set up an asset management firm based in London.....

Pension funds tipped for $3.5trn infrastructure spree
Pension funds worldwide are forecast to plough $3.5 trillion into new infrastructure projects over the next decade.....

Gold bull stops raging
Rising correlation with other risk assets has prompted Schroders, one of the longest-standing gold bulls in the industry, to take profits on gold.....

Credit Suisse moves to up the ante in physical ETF market
Swiss bank switches majority of synthetic funds to physical model in bid to dominate the sector in Europe.....

John Holmes quits as Agency Partners head
City veteran best known for roles at Hoare Govett and Morgan Grenfell quits research boutique.....

More bankers join the buyout debt bonanza
Ex-Citigroup sponsors specialist has co-founded a debt advisory firm.....

Northill Capital takes control of Securis
Investment firm set up by billionaire Bertarelli family and fund manager Jon Little makes first big asset management buy.....

LSE enjoys mini trading revival
UK exchange's share of European equities trading hits near-20-month high in March.....

US choice is new World Bank chief
Jim Yong Kim, a US health expert, is chosen to take over as the new president of the World Bank, after a challenge from Nigeria's finance minister......

UK economy 'to stall until 2013'
The UK may have avoided a double-dip recession, but the economy will stall for the rest of the year, an independent forecasting group says......

Argentina to seize Repsol oil arm
The Argentine government is to expropriate oil company YPF, a subsidiary of Spanish firm Repsol, despite objections from the EU......

Panorama: Glencore mines probe
Glencore, the multi-billion pound commodity giant, stands accused of profiting from child labour in a mine in the Congo, and paying the associates of paramilitary killers in Colombia......

Oracle-Google trial under way
Google and Oracle are told that their sensitive financial information will be revealed as the companies begin legal proceedings on a patent and copyrights dispute......

Senate weighs Obama Buffett Rule
The US Senate debates the Buffett Rule, President Barack Obama's proposal to raise tax rates for top earners to at least 30%......

Egypt sues UK over frozen assets
Egypt strongly criticises the UK for "not helping enough" with the recovery of 85m of Egyptian assets frozen since last year's uprising......

Mortgage lending 'up in February'
UK mortgage lending picked up in February, according to the latest figures from the Council of Mortgage Lenders......

Spain bond yields jump above 6%
The cost of borrowing for Spain jumps above 6% ahead of two key auctions, raising again the prospect of a bailout......

Citigroup quarterly profits fall
US banking giant Citigroup says its quarterly profits have declined amid "uncertainty" over the global economy......

Consultation on charity tax plan
Downing Street says there are "various options on table" to limit the tax relief on charitable donation and ministers want to "get the balance right"......

US retail sales beat expectations
US retail sales grew at a faster-than-expected pace in March, raising hopes that the economy has not slowed as much as feared......

Italy's Swiss gold exports soar
Italian exports of gold ingots to Switzerland have soared in recent months, data shows......

'Dock benefits for truancy' call
Child benefit should be docked if parents fail to pay fines for persistent truancy by their children, a government adviser says......

China loosens currency controls
China loosens its currency controls in a move that may spur gains in the value of the yuan......

Little change in Indian inflation
India's inflation rate was little-changed in March, making a decision on interest rate cuts more complicated for the central bank......

Temasek to buy $2.3bn ICBC shares
Singapore's Temasek Holdings agrees a deal to buy $2.3bn worth of Goldman's shares in Industrial and Commercial Bank of China......

Iron Man 3 gets Chinese partners
The next Iron Man film will be co-produced in China, Disney announces......

Virgin to appeal against BMI sale
Virgin Atlantic is to appeal the European Commission's decision to allow the owner of British Airways to buy the airline BMI......

Protesters target 2012 sponsors
Human rights and environmental pressure groups join forces to campaign against three sponsors of the London Olympics......

PFA chief 'amazed' by video delay
PFA chief executive Gordon Taylor believes Fifa's current refusal to use video technology during games is 'perverse'......

Support for Rovers stadium plan
More than 1,100 letters of support are sent during a consultation over a proposed new stadium for Bristol Rovers Football Club......

VIDEO: Keeping it in the family
There are over three million family-run small businesses in the UK and they contribute to nearly a quarter of the UK's GDP. But what is it like to work with your family?.....

AUDIO: Wealthy 'can opt out of income tax'
Treasury Minister David Gauke explains why the government is in favour of a cap on charity donation tax relief.....

VIDEO: Glencore linked to acid waterfall
Panorama's John Sweeney visited Glencore's copper refinery in the Democratic Republic of Congo. He found acid pouring into a river by the company's Luilu refinery......

AUDIO: Businesses should spend their cash
Professor Spencer from the ITEM club told Radio 5 live that businesses need to invest their cash to restart the economy......

VIDEO: Steelmaking returns to Teesside
Steelmaking returns to Teesside with the relighting of the blast furnace at the former Corus plant in Redcar......

VIDEO: Doctors unite to combat obesity
The sponsorship of the Olympics by fast-food firms "sends the wrong message", say doctors uniting in a single campaign to tackle rising levels of obesity......

VIDEO: Where everyone's tax details are online
A row between London mayoral candidates Boris Johnson and Ken Livingstone raised the issue of leading politicians offering full disclosure on their tax returns......

Store card debtors may be let off
Are the debts on your branded store card unenforceable?.....

The truth about Greek Porsche owners
The truth about the number of Porsches in Greece.....

How has French business fared under Sarkozy?
How have businesses fared in the Sarkozy era?.....

Solar power bears fruit in Chile desert
How the sun waters grapes in the world's driest desert.....

China yuan move hints at reforms
Chinas wider yuan band signals more reforms to come.....

Looks count for Citi
April 16 - Citigroup's first-quarter profits beat Wall Street forecasts as the bank spruces up retail branches in an effort to make a comeback after the financial crisis and multiple government bailouts. Bobbi Rebell reports......

U.S. Day Ahead: Goldman faces results fallout
Breakingsviews Columnist Antony Currie......

StarMine: 'Undervalued' Goldman set for big beat
April 16 - Goldman Sachs could see earnings of $4.00 a share instead of $3.55 when it reports Tuesday morning before the bell, according to exclusive StarMine data......

Fiat's new car is made in Serbia
April 16 - Italy's Fiat unveils its new 1-billion-euro production line in the Serbian industrial town of Kragujevac, where the carmaker's 500L model will be produced for sale by late 2012. Sonia Legg reports......

Americans shopping despite gas spike
April 16 - U.S. retail sales jumped in March after a healthy gain in February as the American consumer kept spending despite higher gasoline costs. Conway G. Gittens reports......

Trading at Noon: Home building slumps, retail sales rise
April 16 - The home builders' housing market index fell, suggesting the housing market is finding a bottom and U.S. retail sales were up in March......

Breakingviews: U.S. bank bonanza
April 16 - Jeffrey Goldfarb and Breakingviews columnists discuss what the first-quarter results from Citigroup, JPMorgan and Wells Fargo mean for shareholders......

Shopping malls may be key to construction comeback, Shiller
In order to kick start building, construction firms need to move away from traditional locations and shift to non-residential projects like converting shopping centers into apartment buildings......

Europe Day Ahead: Spanish jitters hammer euro
April 16 - Spanish bond yields push back above 6% ahead of a treasury bill sale which will test market sentiment towards Madrid as Spain and Italy move back into market sights......

3XSQ: Citi's Pandit: "much macro uncertainty"
April 16 - Citigroup CEO Vikram Pandit says there is still "much macro uncertainty" while March retail sales rise for the third straight month......

Morning Briefing: Exxon, Rosneft to sign deal
April 16 - Exxon and Russia's Rosneft expected to sign deal outside Moscow today......

More gloom for Spain's economy
April 16 - Spain's Economy Minister has admitted the country has probably tipped into its second recession since 2009 as government debt yields climbed back to dangerous levels. Hayley Platt reports......

Euro Crisis Watch: ECB could resume bond buying this week
April 16 - SThe pressure on Spanish bonds could prompt the ECB to revive its bond buying programme as early as this week, and in a big way, says Commerzbank's Christoph Rieger......

Merkel faces politics without Sarkozy
April 16 - The debt crisis brought Angela Merkel and Nicolas Sarkozy into close partnership but the euro zone's two largest economies are experiencing very differing fortunes and the looming French election has rarely been watched so closely in Germa.....

Exclusive new details of Bo Xilai murder scandal
report exclusive details of the alleged murder of Neil Heywood in China, the involvement of prominent leader Bo Xilai's wife, and the money behind it......

Market Pulse: Spanish assets slammed, euro below $1.30
April 16 - The euro sinks to its lowest in two months as nervous investors push Spain's key borrowing costs back above 6%......

Breakingviews: Can the euro omelette be unscrambled?
April 16 - Can the euro omelette be unscrambled without provoking the mother of all financial collapses, asks Breakingviews Editor Hugo Dixon......

Breakingviews: Yuan step shows China reform moving forward
April 16 - The Peoples Bank of Chinas announcement that it will allow a wider trading band for the Chinese Yuan is a small step but in the longer term this is a very significant moment say Breakingviews......

China gives yuan more freedom
April 16 - Beijing doubles the trading band of the yuan to one percent, as it pushes to reform and liberalize its financial system; signals comfort with economy. Arnold Gay reports......

Gap Inc. bets big on e-commerce in China
April 16 - American clothing retailer Gap Inc. plans to triple its China store count and capitalize on the growth of e-commerce by shipping to over 300 cities, says Gap's China president Redmond Yeung......

Undercover in the City: Scientist hunting financial tribes
Insider's Axel Threlfall tracks him down......

Reuters Today: Spain worries undermine risk appetite
A surge in Spain's 10-year bond yields underscores the fragility of the global recovery as IMF/G20 meet in Washington......

U.S. clothing giants strip down at home, head to China
April 16 - As U.S. retailers shutter stores in the U.S., they open them in the East hoping emerging market growth will keep profits lofty. But they'll have to fight to remain popular as Chinese tastes evolve......

Wider yuan band welcomed - but it's not a one-way street
April 16 - China's decision to widen the RMB trading band signals confidence in the economy, with more FX gains to come. But don't kid yourself that the only way is up. Click to find out why......

South Africa's new bunch of winemakers
April 16 - Ntsiki Biyela is one of an emerging group of young black winemakers in the South African wine industry, which for centuries has been dominated by whites because of apartheid's land legacy. Ciara Sutton reports......

Debt crisis: as it happened - April 16, 2012
Jim Yong Kim has been named as the new President of the World Bank, as Spain's borrowing costs soar above 6pc and Germany's fall to a record low.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e719f0a/mf.gif' bo.....

Apple and Google see $53bn wiped off shares in a week
Investors' enthusiasm for the technology giants cools.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e719f0b/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/130578169020/u/3.....

Jim Yong Kim chosen to lead World Bank
Korean-American physician Jim Yong Kim becomes Bank's new chief, in a decision that surprised few.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e708982/mf.gif' border='0'/><br/><br/><a href=".....

World Bank hires Jim Yong Kim as new chief: A 20th century bank facing 21st century problems
New World Bank chief Jim Yong Kim has a big job on his hands changing the institution.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e71492f/mf.gif' border='0'/><br/><br/><a href="http://da.fe.....

IMF still won't admit truth about the euro
It is often said that travel broadens the mind. Not so for finance ministers gathering in Washington DC this week for the spring meeting of the International Monetary Fund and G20. For them, the agenda will seem wearily familiar.<img width='1' hei.....

Gold bars now Italy's fastest growing export
Italy's exports rose last month, but only after they were boosted by a rush of gold ingots being shifted to Switzerland.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e713ebe/mf.gif' border='0'/><br/>&.....

Debt crisis: live
Jim Yong Kim has been named as the new President of the World Bank, as Spain's borrowing costs soar above 6pc and Germany's fall to a record low.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e6b7034/mf.gif' bo.....

Hedge funds sell commodities amid China growth fears
Hedge funds cut exposure to commodities on China growth fears.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e709487/mf.gif' border='0'/>.....

Supermarkets now sell almost half of all petrol sold in UK
Supermarkets have cornered almost half the petrol and diesel fuel market in a shake-up that has led to renewed calls for an Office of Fair Trading inquiry into unfair trading practices.<img width='1' height='1' src='http://telegraph.feedsportal.co.....

Sir Richard Branson has created his own turbulence at Virgin
Emergency landings aside, it's not Gatwick but Heathrow that's giving Sir Richard Branson such a pain in his undercarriage.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e710f89/mf.gif' border='0'/><br/&g.....

Google and Oracle's $1bn court battle over Android set to begin
Oracle and Google to meet in court over Android copyright.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e710725/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/130979750296.....

BTG Pactual chief Andre Esteves fined 350,000 for 'insider dealing'
Andre Esteves, the billionaire chief executive of Brazilian investment bank BTG Pactual, has been fined 350,000 (288,250) by Italian regulators for alleged insider dealing.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/5.....

Dealers acquire taste for Diageo's spirits
Cove Energy gave oil and gas punters something to smile about on an otherwise lacklustre day as the explorer put itself up for sale, prompting speculation as to who could snap up the Aim-listed business.<img width='1' height='1' src='http://telegr.....

Spain plans to strip regions of powers in bid to calm markets
Madrid is plotting to strip Spain's regions of their powers in a radical bid to convince global investors that the nation can control its finances.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e70dafa/mf.gif' .....

Five facts about Jim Yong Kim
Dartmouth College President Jim Yong Kim has been named as the new President of the World Bank.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e708983/mf.gif' border='0'/><br/><br/><a href="htt.....

Citigroup profit beats estimates as expenses drop
Citigroup has emerged as a major beneficiary of the European Central Bank's cheap loan programme as the Wall Street firm unveiled a sharp rise in trading revenues.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1.....

International Power agrees 6.4bn GDF Suez offer
GDF Suez, the French utility, has agreed to pay an improved 6.8bn to take full control of Britain's International Power just 14 months after buying a 70pc stake.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e6.....

Hilton announces 700 new jobs
Hotel chain Hilton has launched a recruitment drive for 700 new jobs, on top of the 1,500 roles it announced last year.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e708bec/mf.gif' border='0'/><br/>&l.....

Harold Tillman: farewell to the Jaeger meister
As Harold Tillman sells a majority stake in Jaeger following a sales slump which saw profits drop two thirds last year, Luke Leitch wonders where it all went wrong.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/.....

Singapore sovereign wealth fund targets UK property
Singapore's sovereign wealth fund is preparing to buy up swathes of distressed properties in the UK with the launch of a 200m fund.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e700397/mf.gif' border='0'/>&.....

Tough trading hits entrepreneurs' retirement plans
Half of the UK's small business owners have changed their retirement or succession plans in response to the downturn, according to research conducted by The Open University.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/.....

Harold Tillman makes 'almost nothing' from Jaeger sale
Harold Tillman, the owner of Jaeger, has walked away with almost no money after selling the fashion business to Jon Moulton, the private equity entrepreneur.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e70093.....

Harry Tillman makes 'almost nothing' from Jaeger sale
Harold Tillman, the owner of Jaeger, has walked away with almost no money after selling the fashion business to Jon Moulton, the private equity entrepreneur.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e6f493.....

World Bank chief not appointed 'on merit', says Nigerian candidate Ngozi Okonjo-Iweala
Ngozi Okonjo-Iweala, the Nigerian candidate to head the World Bank, said on Monday that the appointment was not being decided on merit and that the US nominee would win.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/5683.....

Addison Lee sparks row with TfL after telling drivers to use London bus lanes
Transport for London has warned minicab drivers working for Addison Lee that they could face criminal prosecution if they carry out orders issued by the private hire company to drive in the capital's bus lanes.<img width='1' height='1' src='http:/.....