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Tuesday 24 April 2012

UK Financial News on 2012-04-24

Knight Capital taps Saxo Bank for Europe chief
Chairman of Saxo's London trading arm to take international role at US broker.....

Hedge funds tipped to raid US corporate cash mountain
The money in company coffers has hit a 60-year high, sparking expectations hedge funds will pressure firms to spend it or return it.....

Trade sizes continue to plummet
Average size of blue-chip trades on the LSE falls nearly 20% in nine months in latest sign of effects of highly automated trading.....

Government prepares 100m mezzanine finance for small business
Debt finance tool with equity-like characteristics will form a plank of UK credit-easing scheme.....

Winton thinks big in Hammersmith
UK hedge fund manager on the hunt for 50,000 square foot home.....

Buyout firms lack women execs
Women make up just one in seven of all investment professionals at Europe's 20 leading private equity firms, according to research by Financial News.....

Ex-Chancellor Lawson urges bank break-ups
Lord Lawson warns the ring fencing of retail and investment banking proposed by the Vickers Commission does not go far enough.....

SocGen launches dark pool
French bank is the latest to make move ahead of new trading regulations.....

Top credit duo exit Hermes
John Lupton and Cian O'Carroll have left Hermes, the UK asset manager owned by the BT Pension Scheme.....

Government hits borrowing target
The UK government borrowed more than expected in March, official figures show, but still met its borrowing target for the year......

First charges filed over BP spill
A former BP engineer is accused in the US of obstruction of justice over the 2010 Gulf oil spill - the first criminal charge in connection with the disaster......

Economy on recession knife-edge
Figures out on Wednesday will show whether the UK economy grew in the first three months of the year or has returned to recession......

Apple doubles quarterly profits
Apple reports better-than-expected results, with profits almost doubling in first three months of the year to $11.6bn (7.2bn)......

Lotus may sell to China, says MP
The owners of car maker Lotus, which employs 1,200 staff, is in talks with a Chinese firm about a possible sale, an MP reveals in the House of Commons......

Google offers 16TB cloud storage
Google offers remote storage with 5GB of space for free, or up to 16TB for a charge, challenging Dropbox, Microsoft and others......

European stocks regain composure
European shares recover slightly from Monday's sharp falls as investors shake off rising Spanish bond yields and worsening forecasts of Greek economic contraction......

Ruling halts 100m in tax relief
Tax officials welcome ruling that prevents a group of wealthy investors from claiming more than 100m in tax relief......

More time for India telecoms sale
India's Supreme Court gives the government more time to auction telecoms licences that were cancelled in the country's biggest corruption scandal......

EU warns Argentina over oil move
The European Commission warns Argentina that its nationalisation of the oil firm YPF will have a long-term impact and may put off investors......

Benetton boss hands reins to son
Forty-seven years after founding the Italian fashion house in his own name, Luciano Benetton hands over the reins to his son Alessandro......

Profits rise 3% at Primark owner
Associated British Foods announces a 3% rise in half-year profits thanks to strong performances from retailer Primark and its sugar business......

Thousands to receive fraud alert
More than 76,000 people are to receive alerts from the City watchdog warning them that they were on "fraudsters' phone books"......

'Spring bounce' for house sales
The number of homes sold in the UK rose sharply in March as the typical spring bounce took hold, HM Revenue and Customs (HMRC) says......

PPI claims process to be simpler
Banks agree to make the PPI claims process clearer and simpler so that consumers are less likely to use claims management companies......

Australian inflation keeps easing
Australian inflation slows more quickly than expected, falling to 0.1% in the first quarter, boosting hopes of a rate cut......

Nigeria reveals '$6bn fuel fraud'
Nigeria's parliament discusses a report said to reveal that $6bn (4bn) has been defrauded from the country's fuel subsidy fund in the past two years......

Tourists 'unfazed' by wind farms
New research suggests tourists do not see wind farms as a problem and will not affect their decision to holiday in Scotland......

Shell buys Cove Energy for 1.1bn
Royal Dutch Shell reaches an agreement to buy London-listed Cove Energy for 1.12bn in a bid to tap into East Africa's gas reserves......

Carpetright in new profit warning
Carpetright warns again that its profits will be lower than previously forecast, blaming disappointing bed sales and weak trading in Europe......

Lotus Group not for sale - owners
The owners of Lotus, Malaysia's DRB-Hicom, say they have not decided to sell the Norfolk-based sports car maker......

Wimbledon to increase prize money
Wimbledon chiefs confirm a 10% prize money increase at this year's event, with most directed to lower-ranked players.....

China football chief trial starts
The former head of China's football league goes to trial over corruption charges, the latest in a series of cases to hit the sport, state media report......

Blatter supports Brazil's WC prep
Sepp Blatter says Brazil's preparations to host World Cup 2014 are on course despite not following "exactly what they promised.".....

VIDEO: Murdoch quizzed on PM dinner
Former News International chairman James Murdoch has been giving evidence at the Leveson Inquiry......

VIDEO: In the cockpit of the Dreamliner
The Boeing 787 Dreamliner is on a tour of the UK this week and the BBC's transport correspondent Richard Westcott got a chance to look around it......

VIDEO: Is eurozone headed into new crisis?
Newsnight's Economics editor Paul Mason and presenter Emily Maitlis discuss current threats to the eurozone as voters turn away from austerity......

AUDIO: Are tax havens 'blameless'?
David Cameron said the government is committed to a crackdown on tax avoidance. But where does that leave tax havens like the Cayman Islands? Anthony Travers, and author Nicholas Shaxson discuss off-sure tax evasion......

VIDEO: Inside the minds of internet hoaxers
When pranksters create internet hoaxes for fun and profit, it becomes difficult to trust what we read or see online......

AUDIO: Where does white van man live?
Radio 5 live asked the Ford UK Managing Director about the new model of the transit van and who will buy it......

AUDIO: Darling: Eurozone plan 'will not work'
Former Chancellor Alistair Darling says the time has come to recognise that "the economic policies that the eurozone are perusing will not work"......

AUDIO: Were interest rate swaps mis-sold?
BBC Radio 5 live asked a former interest rate swap salesman at Lloyds and HBOS how the products were supposed to work......

In pictures: Beijing motor show 2012
The car is the star at the Beijing motor show.....

Chinese carmakers eye European markets
How long before Europeans start buying them?.....

Q&A: Austerity measures derailed?
Will Dutch political turmoil stop eurozone belt-tightening?.....

Can social influence sites be trusted?
In search of social media's 'magic middle'.....

In pictures: The Ford Transit
The changing look of the Ford Transit.....

Dutch feel the pinch as economic crisis bites
Dutch feel the pinch in eurozone debt crisis.....

SEC probes U.S. movie studios over China ties
Correspondent Aruna Viswanatha talks about an SEC inquiry of at least 5 movie studios and their dealings with China......

U.S. confirms case of mad cow disease
April 24 - The U.S. Agriculture Department confirms that it found a case of bovine spongiform encephalopathy, or mad cow disease, in a dairy cow in central California. Deborah Lutterbeck reports......

U.S. Day Ahead: Fed optimism won't change Bernanke's mind
Correspondent Pedro da Costa......

Netflix' latest bad review
April 24 - Investors are giving Netflix bad reviews after they warned of slower subscriber growth and reported their first loss in seven years. Bobbi Rebell reports......

Housing recovery a generation away?
April 24 - Yale University Economics Professor Robert Shiller says a total recovery of the housing market may take a generation as new home sales falter and prices barely rise. Conway G. Gittens reports......

Jim Rogers: U.S. to plunge into recession in 2013
The legendary investor says the country's hefty debt load will make the coming recession worse than the 2008 downturn. The Fed is only making the situation worse......

Fed won't add stimulus after Operation Twist ends: Pond
April 24 - Barclay's Michael Pond says the Federal Reserve won't add new stimulus programs or extend Operation Twist and points out the central bank is more focused on wage inflation than on Core CPI......

James Murdoch quizzed in UK inquiry
April 24 - Appearing before a judicial inquiry into press ethics, former News International chairman James Murdoch denies trying to use political influence of newspapers to boost support for New's Corp.'s ill-fated BSkyB bid. Matt Cowan reports......

Opting for the simple life in Portugal
April 24 - As austerity measures hammer job prospects in the city, Portugal's urban dwellers are increasingly considering rural life. Deborah Lutterbeck reports......

Trading at Noon: Apple shares down ahead of earnings
April 24 - Apple stock is down ahead of its earnings report and shares of Netflix are plunging after it projected slower subscriber growth......

Punishing politicians for austerity
The Dutch government has resigned, France's President Nicolas Sarkozy became the only incumbent not to win the first round of the elections, and Greece is preparing to go to the polls. Analysts say Europeans have had enough of austerity and are punis.....

Breakingviews: Facebook on the defensive
April 24 - Antony Currie and Breakingviews editors discuss the warning signals for investors in Facebooks IPO filing......

Europe Day Ahead
April 24 - A look to the close of the European markets and a look ahead to the next day's trading, as well as what to expect from the Asian markets overnight......

Hedge funds gloomier in 2012: Rothstein Kass survey
April 24 - Faced with new regulatory oversight and competition for investment dollars, nearly half the hedge fund managers surveyed by Rothstein Kass are bracing for a tougher 2012, said Co-CEO Howard Altman......

Ford reveals new Transit van
April 24 - They're one of the least glamorous forms of motoring but the 'white van' has been given its first makeover which Ford hopes will help the transit increase its dominance in the lucrative commercial vehicle market. Andrew Potter reports......

Housing may not turnaround in our lifetime: Shiller
April 24 - The S&P/Case-Shiller home price index fell 3.5% in February, a smaller decline than earlier in the year, but still evidence of weakness in the U.S. housing market......

3XSQ: Facebook weakness, Murdoch grilled
April 24 - Facebook shows weakness in what is expected to be its final financial report before going public, and details of James Murdoch's grilling by a high-profile judicial panel......

ExoHand gets to grips with future of automation
April 24 - German engineering firm, Festo, has developed a mechanical exo-skeleton that can be worn like a glove to increase productivity for factory workers or help in the rehabilitation of stroke patients. The company is well known for its innovati.....

Italy's anti-austerity art bonfire
April 24 - A German artist has sacrificed her painting in solidarity with an Italian museum which has begun burning works of art in protest against budget cuts which they say are crippling arts and culture in Italy. Ciara Sutton reports......

Market Pulse: No thunder from Spanish, Dutch auction clouds
April 24 - Stocks regain some ground and bond yields dip after Dutch and Spanish debt auctions pass off smoothly. Nokia at 16-yr low on junk status, technical chart of the day is Aussie/Canada......

Financing Albania's costly castles
April 24 - The Albanian government is preparing to sell 99-year leases for about 40 of its historic castles and ancient monuments to ease the burden of their costly upkeep. Hayley Platt reports......

Exclusive: North Korean nuke test ready "soon"
source with ties to Pyongyang and Beijing......

Breakingviews: Chinese government "overinvestment" myth
April 24 - Claims that Chinese government investment is wasteful and bad for the economy have been around for years, but looking at the past ten years of growth you wouldnt bet against them say Breakingviews......

Political uncertainty weighs on Asian stocks
April 24 - Asian markets down as political uncertainty rises in Europe, but Sydney stocks close higher after tame inflation data boosts prospects for a rate cut. Arnold Gay reports......

Reuters Today: Dutch in spotlight, James Murdoch testifies
April 24 - The euro zone crisis spreads to The Netherlands after the government there collapses. Unprecedented focus on today's Dutch bond sale. Plus Facebook, WalMart, and James Murdoch's testimony......

Apple profits rise 94pc to $11.6bn, smashing expectations
Apple's latest profits have smashed Wall Street's expectations, sending shares in the iPhone soaring in after-hours trading.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1eb40024/mf.gif' border='0'/><br/&.....

Shareholder group plans to oust News Corp chairman Rupert Murdoch
The movement to oust Rupert Murdoch as chairman of News Corporation gathered pace on Tuesday, after a major British shareholder group said it was planning to table a resolution against him.<img width='1' height='1' src='http://telegraph.feedsporta.....

'Fifth Beatle' Sir George Martin believes EMI break-up 'the worst thing music has ever faced'
The break-up of EMI is the "worst thing that music has ever faced", Sir George Martin, the legendary record producer who oversaw the rise of the Beatles, has claimed.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/.....

Debt crisis: as it happened, April 24, 2012
UK growth figures out tomorrow could show a "small negative number", according to a Bank of England policymaker, meaning the country would technically be back in a recession.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f.....

Hector's house was not in order, which is why his legacy is financial fiasco
Maybe it's untrue that Hector Sants was named after a mournful-looking basset hound from a 1970s kids programme.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1eb36b43/mf.gif' border='0'/><br/><br/&g.....

Debt crisis: live
UK growth figures out tomorrow could show a "small negative number", according to a Bank of England policymaker, meaning the country would technically be back in a recession.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f.....

Nightmare week for Angela Merkel as austerity bloc crumbles
Europe's political centre is starting to crumble, replicating the pattern of the early 1930s as the crisis ground into its third year under a similar mix of fiscal and monetary contraction.<img width='1' height='1' src='http://telegraph.feedsporta.....

German Chancellor Angela Merkel defends austerity in face of open rebellion in Europe
Angela Merkel launched a staunch defence of Europe's fiscal pact as politicians from the Netherlands, Spain and Greece scrambled to keep their own austerity measures on track.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/.....

FSA chief Hector Sants blames financial sector for global crisis
In final speech, Hector Sants blasts mismanagement and incompetence.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1eb3060b/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/13.....

Man Group buoyed by takeover talk
Man Group had a spring in its step as analysts suggested the hedge fund manager's lowly share price meant it could attract a suitor.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1eb2c2ac/mf.gif' border='0'/>.....

Wal-Mart facing criminal investigation over Mexico bribery allegations
Wal-Mart is facing a US criminal investigation into allegations of bribery in Mexico, deepening a crisis that has hit the world's largest retailer.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1eb2ba14/mf.gif' .....

ARM shares drop 6pc on electronic sales slowdown
Shares in ARM Holdings have tumbled more than 6pc despite a sharp hike in profits, as the Cambridge-based chip designer admitted that flooding in Thailand and a slowdown in sales of consumer electronics had put the breaks on its royalty income.<im.....

Tesco recovers UK market share
Tesco has recovered some market share in the UK as the supermarket chain steps up promotional activity and an 1bn investment drive.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1eb290a9/mf.gif' border='0'/>&.....

Glencore chairman Simon Murray 'not appointed through independent process', says shareholder group Pirc
Investors in Glencore, the FTSE 100 commodities giant, have been urged to vote against its chairman's re-election amid concerns about the board's independence<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1eb290.....

Strong Primark sales drive AB Foods profit rise
Hard-up shoppers searching for fashion bargains in Primark helped lift half-year profits at the retailer's parent company Associated British Foods.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1eb290ab/mf.gif' .....

Netflix's UK launch blamed for $5m loss
US film streaming giant Netflix lost more than $100m (62m) outside its home territory in the first three months of this year, as it poured money into its launch in Britain.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/5.....

Scotland won't keep UK's AAA rating if it gains independence, says Fitch
Fitch Ratings cites Edinburgh's lack of a repayment track record.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1eb24a61/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/13273.....

Housebuilder Redrow unveils 80m placing and open offer to invest in London homes
Redrow is marshalling 80m to fund its expansion into the capital and beyond.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1eaf1ff1/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal......

Osborne hits 126bn borrowing target despite March rise
The Government met its full-year target of 126bn because of downward revisions to previous months, but the national debt rose above 1 trillion - it is now 66pc of GDP and the highest since records began in 1993.<img width='1' height='1' src='http:.....

FSA sends fraud warning to land investors
The Financial Services Authority has sent out it largest warning yet to people at risk of being approached by fraudsters.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1eb24a63/mf.gif' border='0'/>.....

Shell agrees 1.12bn cash offer for Cove Energy
Royal Dutch Shell has agreed a 1.12bn takeover of Mozambique-focused Cove Energy, with the purchase expanding its business in East Africa.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1eacc355/mf.gif' border='0.....

EasyJet chief Carolyn McCall urges Government to look at second runway at Gatwick or Stansted airports
EasyJet chief Carolyn McCall says move makes 'economic sense'.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1eb1c121/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/13273330.....

Carpetright profit warning on 'disappointing' bed sales
Carpetright has issued its sixth profit warning in under 18 months on the back of disappointing bed sales and poor trading across continental Europe, sending its shares down 26 to 578.5p.<img width='1' height='1' src='http://telegraph.feedsportal......

Emerging markets guru launches Africa fund
Leading emerging markets manager Mark Mobius of Templeton launches specialist fund, but advisers are wary.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1eb1c94d/mf.gif' border='0'/><br/><br/><.....

BSkyB shares fall as James Murdoch addresses Leveson
Shares in BSkyB dropped almost 2pc this afternoon, as James Murdoch gave evidence to the Leveson inquiry into press standards about News Corp's planned takeover of BSkyB.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568.....