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Tuesday 8 May 2012

UK Financial News on 2012-05-08

Pressure rises to ban 100bn pensions trap
Former Pensions Regulator chairman calls for ban on cash incentives for members leaving defined benefit schemes.....

FSA inducements review homes in on options market
The FSA is investigating commission arrangements in the listed-options market and is expected to issue new guidance on the matter this week.....

Fives and Wood Mackenzie for sale
Buyout house Charterhouse Capital Partners is in the process of putting two of its businesses up for sale as it looks to raise a new fund next year.....

HFTs take flight from European exchanges
High-frequency trading firms are reviewing their activities in the region ahead of potentially tougher regulation and a transaction tax.....

LCH takes on CME in swaps clearing battle
Anglo-French clearing house is making an aggressive push to shore up its US market share in buyside swaps clearing.....

Investors lose $5bn to dumb routers
US investors are losing about $5bn a year because equity trades in the US are not always sent to the exchange providing the best price.....

Grosvenor seeds FN Hedge Fund Rising Star
The world's fourth-largest fund-of-hedge-funds manager has made a seed investment in Nightscape Capital, which was set up by FN Rising Star Nick Stukas.....

Sovereign wealth firepower tops $5 trillion
Total assets in sovereign wealth funds exceeded $5 trillion at the end of last month for the first time, fuelled by oil and other commodities.....

Terra Firma sounds out investors for 1bn deal
Buyout firm is taking a first step towards deal-by-deal financing by initiating talks with investors to raise funding specifically to buy residential property company Annington Homes.....

FTSE 100 boss pay 'rises by 11%'
The pay of bosses at the UK's largest publicly listed companies rose 11% this year, research shows, as more shareholders revolt over executive pay......

Shares fall on Greece uncertainty
European and US shares fall on Tuesday as investors worry about Greece's ability to form a new government......

Disney profits up on theme parks
Walt Disney's quarterly profits beat analyst expectations, which offset losses at its film studio due to the epic flop John Carter......

Fuel drivers vote against strike
Re-balloted fuel tanker drivers at one company have voted against strikes but in favour of other forms of industrial action......

Merkel urges French co-operation
German Chancellor Angela Merkel says in a letter to newly elected French President Francois Hollande, that "necessary decisions" must be taken to resolve the debt crisis......

Pound at 1.20 euros for tourists
Leading bureaux de change are selling euros at a rate of 1.20 to the pound for the first time in three and a half years......

Pension deficits balloon again
The collective deficit of the UK's private-sector, final-salary, pension schemes has risen again to 217bn, from just 8bn a year earlier......

House market back in the doldrums
The brief flurry of activity in the property market has come to an end, says the Royal Institution of Chartered Surveyors......

Microsoft to go carbon neutral
The software giant is going carbon neutral from July and will charge an internal carbon fee based on emission levels......

Thomas Cook secures new financing
Thomas Cook announces a refinancing package worth 1.4bn which gives the troubled tour operator a further three years to repay its debts......

HSBC profits fall on debt value
HSBC announces a fall in profits due in large part to revaluing debt on its books......

Slim to invest in Dutch telecom
The world's richest man, Mexican tycoon Carlos Slim, is to buy up to 28% stake in Dutch telecom KPN, his first big foray into Europe......

German industrial output surges
The volume of goods produced by German industrial firms recorded a surprise 2.8% surge in March, official data shows......

Pressure grows on head of Yahoo
A shareholder who revealed inaccurate claims about the Yahoo chief executive's qualifications, demands the search firm hand over information on his recruitment......

UK companies 'remain optimistic'
UK companies remain confident despite the UK economy entering a double-dip recession, according to two new business surveys......

Cash machines set for donations
More than 12,000 cash machines in the UK are set to allow charitable donations from this summer, the government announces......

China buying Iran oil with yuan
China is buying crude oil from Iran paid for with its own currency, the yuan, despite a US-led boycott of Iran over its nuclear programme......

Greek threat to scrap EU bailout
The leader of Greece's left-wing Syriza bloc says he will try to form a coalition based on tearing up the terms of the EU/IMF bailout deal......

Australia aims to balance budget
Australia says it will return to a budget surplus in 2012-13, making it one of the first developed nations to do so since the financial crisis began......

Panic after Malawi devaluation
Shoppers in Malawi scramble to buy basic goods, fearing huge price rises after the new government devalues the currency by 33%......

Tui bullish about summer bookings
Europe's biggest travel group, Tui Travel, is upbeat about the outlook for summer bookings, despite an increase in losses......

Plane makers hit by cancellations
Airlines cancel a total of 32 orders for planes so far this year from the world's two major plane makers, Boeing and Airbus......

GE eyes China market with tie-up
General Electric announces a deal with China's XD Electric to tap into China's fast-growing market for electric transmission and distribution......

Miller withdraws bid for Rangers
Bill Miller abandons his offer to buy Rangers, blaming fan opposition and over-optimistic financial information......

More Olympic tickets to be sold
Some 900,000 tickets for this summer's London Olympics are going back on sale, starting on Friday for people who were unsuccessful in both ballots......

Turkish clubs cleared of fixing
Turkey's Football Federation clears the country's top clubs of match-fixing, though a separate trial of 93 players and officials continues......

VIDEO: 'Islamic Facebook' woos Muslims
Salamworld, a social networking site with Islamic influences, is due to launch in July with the hope of challenging Facebook's supremacy......

AUDIO: ATMs to accept charity donations
Cash machines across the UK are set to offer people the option of making charity donations when they take out money......

VIDEO: FTSE 100 bosses' pay 'rises 11%'
The typical pay of bosses at the majority of the UK's largest publicly listed companies rose 11% last year to 3.65m, according to research done on behalf of the BBC......

VIDEO: HTML5 takes the internet by storm
Ian Hardy finds out why businesses having been rushing to rebuild their websites and web apps using HTML5 - and what else the newest hypertext mark-up language can be used for......

AUDIO: Optimism and exports are up
BBC Radio 5 live asked the chairman of small business banking at RBS how the government will reach its export targets......

VIDEO: HSBC: A smaller, stronger bank?
Banking giant HSBC's global reach helped it avoid the fate of bailed out rivals such as RBS at the height of the global economic crisis......

AUDIO: Hollande's policies 'will not affect growth'
Economics editor Stephanie Flanders and Liberal Democrat MEP Sharon Bowles on the impact of the French and Greek election results on the future of the Eurozone......

VIDEO: Expats turning away from Spanish dream
Spain has long been the destination of choice for Britons who want to make a new life in the sun, but last year emigration rose above immigration for the first time since 1990......

Blockbuster economics: So you want to make a movie?
So you want to film a big budget movie?.....

Q&A: End of austerity?
Is it possible to end austerity in Europe?.....

HTML5 takes the internet by storm
The new internet is interactive and powered by HTML5.....

The UK manufacturer taking on China
UK firm turns its back on 'higher costs and lower productivity'.....

Top rivals of the smartphone war
Meet the top contestants fighting for the iPhone's crown.....

How will austerity-averse Europe affect Asia?
How will anti-austerity Europe affect Asia?.....

U.S. Day Ahead: Cisco to report higher earnings
analyst Jharonne Martis says the company is undervalued. Also, eying reports from Macy's, News Corporation and travel website Priceline.com......

Commodities tumble as Europe rattles
May 08 - Commodity prices are sharply weaker across the board in late Tuesday trading as worries of lower demand caused by slowing economies in the U.S. and across Europe rattled investors. Conway G. Gittens reports......

Disney undervalued by $10 a share: StarMine
Analyst Jharonne Martis says "The Avengers" will lift Disney earnings and stock higher to where it should be trading near $53 per share......

Cisco undervalued by 50 percent: StarMine
analyst Jharonne Martis says Cisco should be growing 8 percent over the next 10 years and trading near $29 a share......

Trading at Noon: U.S. markets selling off on European turmoil
May 8 - All three major stock indexes are down more than 1 percent as edgy investors eye further turmoil in Greece, and France and Germany disagree on remedies for a sovereign debt crisis......

Wealth Strategies: Opportunities exist despite Europe issues
May 8 - OppenheimerFunds' Jerry Webman says there are good companies operating in troubled euro zone nations and says the growing middle classes in emerging markets will benefit firms doing business there......

Commercial farming proves key to survival of endangered Mexican crocodile
May 8 - A commercial crocodile farm in Mexico is striking a balance between business and conservation to help protect the region's endangered Morelet crocodile. The reptile is under threat from habitat loss and poaching but the farm is helping the sp.....

Breakingviews: Writing the book on Facebook
May 8 - Jeffrey Goldfarb and Breakingviews columnists talk about the new Breakingviews ebook: Facebook: A Like Story and why investors shouldnt blindly fall in love with the company......

Europe Day Ahead: Greek turmoil pressures euro, shares
May 8 - European risk assets are likely to remain vulnerable as Greek politicians struggle to put together a new coalition government......

Greek business warns politicians
May.08 - Athens' business community expresses concern after an election that left the country in political limbo, while in France businesses say it's a case of "wait and see" with Hollande. Sonia Legg reports.....

Greek election: New vote inevitable says New Democracy MP
is joined by re-elected New Democracy MP Dionysia Avgerinopoulou. She says a new election is unavoidable but Greece will not leave have to leave the euro......

3XSQ: Convicted former CFO seeks $60 million
May 8 - Former Tyco CFO Mark Swartz says Tyco owes him $60 million in retirement pay and reimbursement for New York state taxes......

Economy 2012: Tupperware CEO banks on emerging-market demand
May 8 - Can manufacturers rely on emerging market demand to make up for rising raw material costs? We ask Tupperware CEO Rick Goings......

European fears hit euro and shares
May 8 - Financial markets reacted cautiously to the weekend election results from France and Greece that threatens to unravel the progress already made in the euro zone. Hayley Platt reports......

Market Pulse: Euro election gloom covers stocks, oil, euro
May 8 - Risk appetite and assets clouded by election uncertainty, but a couple of shafts of light appear......

Breakingviews: Spain finally faces banking mess
Breakingviews......

Reuters Today: Europe fears swing to the left
May 8 - 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......

In China, Toyota crumbling under the competition
May 8 - Toyota isn't moving fast enough to keep up with consumer trends in China, and is unlikely to meet its target of 1.8 million cars sold by 2015, says Marvin Zhu of auto forecaster LMC Automotive......

China's lust for skyscrapers
May 8 - Foreign architects are falling over themselves to design chart-topping skyscrapers and the latest iconic landmarks in a country where the sky is literally the limit......

ECB has room to ease: ex-BoE's Sentance
May 8 - Ex-Bank of England policymaker Andrew Sentance says there's no room for the central bank to ease policy. But the ECB has more flexibility......

Bankia chief quits as Spain readies bailout
May 8 - Rodrigo Rato has stepped down as chairman of ailing Spanish lender Bankia SA, helping to clear the way for a rescue plan that the government hopes will persuade international investors of the country's financial stability. Ciara Sutton report.....

U.S. Morning Call: Facebook roadshow continues
May 8 - Facebook roadshow heads to Boston today without Mark Zuckerberg; Eyeing Yahoo! and Sprint......

Pedal power lights up rural Rwanda
May 8 - Rwandans without access to the country's power grid access a cheap, safe and clean lighting solution that makes use of a pedal-powered generator. Joanne Nicholson reports......

Markets float despite anti-austerity ire
May 7 - Summary of business headlines: Major markets surprisingly shrug off European politics; Facebook CEO gets star treatment outside of roadshow; "The Avengers" flies into history books. Conway G. Gittens reports......

Let the Facebook IPO roadshow begin
May 7 - Facebook, the world's No. 1 social networking company, officially kicked off its campaign to drum up investor interest in what could be the biggest IPO ever for a technology company. Sasha Salama reports......

More than 25bn wiped off UK's biggest companies as Greece and France spook investors
More than 25bn was wiped off the value of Britain's biggest companies on Tuesday as traders dumped risky assets and fled to safety as fears grew that Greece will leave the euro and trigger a fresh crisis.<img width='1' height='1' src='http://teleg.....

Aviva chief Andrew Moss married a day after investors' pay backlash
It should have been one of the happiest days of Andrew Moss's life.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1f242c88/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/133.....

Greece drifts closer to euro exit
A rudderless Greece was drifting closer towards a euro exit on Tuesday night as the man tasked with forming a new government vowed to abandon its austerity promises.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s.....

BSkyB's shares would crash if it lost Premier League football rights, claims former Sun editor Kelvin MacKenzie
BSkyB's dominance of live televised football is so important to the business that its share price would crash if it were to lose the coverage, according to Kelvin MacKenzie, who is launching a rival sports broadcaster.<img width='1' height='1' src.....

Greek threat to the euro scares world's stock markets
Markets take fright after Greece takes another step towards leaving euro by rejecting "barbarous" international bail-out deals<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1f23d156/mf.gif' border='0'/><br.....

Shareholder Spring: waging war on boardroom pay
Is the boardroom bloodshed a sign of reactionary anger, or something deeper, writes Louise Armitstead.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1f23d157/mf.gif' border='0'/><br/><br/><a hr.....

Argentine-Spanish trade row escalates after Telefonica fined
The trade row between Argentina and Spain took another twist on Tuesday after the Spanish telecoms giant Telefonica was ordered to pay $43m (26.6m) for an interruption in mobile phone services lasting just a few hours.<img width='1' height='1' src.....

Vodafone back in India's sights as country vows to press ahead with tax plans
Indian government to press ahead with controversial tax plans.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1f23cdea/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/13351560.....

William Hill risks revolt by dismissing pay protest
Britain's biggest bookmaker has risked further angering shareholders by dismissing their attempt to overturn the chief executive's pay package today as potentially damaging to the business.<img width='1' height='1' src='http://telegraph.feedsporta.....

William Hill chief Ralph Topping narrowly wins pay vote
Vote at William Hill's AGM in Central London came down to a show of hands after 49.9pc of proxy votes lodged prior to the meeting were cast against the contentious remuneration report.<img width='1' height='1' src='http://telegraph.feedsportal.com.....

Crisis escalates as insurrection breaks German control of Europe
The political dam has broken in Europe. German Chancellor Angela Merkel no longer has enough allies in the club of EU prime ministers to impose her hairshirt agenda. Her methodical plans are disintegrating on every front.<img width='1' height='1' .....

Andrew Moss has gone but he won't be the last in Aviva revolt
Disgruntled investors at Aviva may have unseated Andrew Moss as chief executive, but I don't expect he'll be the last head to roll at the insurer.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1f235fc8/mf.gif' b.....

TUI Travel 'on track' as first-half losses widen
TUI Travel chief executive Peter Long has shrugged off pessimism around the double dip recession in the UK, saying many Britons still regard their summer holiday abroad as "sacrosanct".<img width='1' height='1' src='http://telegraph.feedsportal.co.....

The big bucks won't stop here with the departure of Sly Bailey, David Brennan and Andrew Moss
Three chief executives have resigned, but talk of an end to ever-rising fat cat pay is fanciful, says Jeremy Warner.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1f230b7a/mf.gif' border='0'/><br/><b.....

Kenya gain offsets Ghana fall for Tullow
Tullow Oil spurted to the top of the FTSE 100 leaderboard, as investors reacted to Monday's news that the explorer had discovered more oil in Kenya.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1f22f4c1/mf.gif'.....

Yahoo! chief Scott Thompson apologises for CV error
Yahoo! chief executive Scott Thompson says he takes "full responsibility" for sending the company into a fresh crisis after a discrepancy on his CV emerged.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1f21ff70.....

Debt crisis: as it happened - May 8, 2012
Leader of left-wing Syriza party says Greeks voted against the "barbaric bailout" and austerity pledges are "null and void", while British 10-year borrowing costs drop to historic lows.<img width='1' height='1' src='http://telegraph.feedsportal.co.....

Germany 'vulnerable' to southern European crisis
The IMF has warned that Germany remains vulnerable to the problems brewing in southern Europe, even if its domestic economy is solid.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1f227fed/mf.gif' border='0'/>.....

FSA fines Mitsui 3.35m and bans former European chairman Yohichi Kumagai
The City regulator has bared its teeth again, this time fining Japanese insurer Mitsui Sumitomo 3.35m and banning its former European chairman from working in the UK financial services industry.<img width='1' height='1' src='http://telegraph.feeds.....

Bwin.party agrees online poker deal with native American tribe in California
Bwin.party digital entertainment has moved a step closer to the potentially lucrative online gambling market in the US after agreeing a partnership with a native American tribe.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/3272.....

World's richest man Carlos Slim buys third of Holland's biggest phone company Royal KPN
Carlos Slim to buy almost a third of Holland's biggest phone company.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1f227c0a/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/1.....

Debt crisis: live
Leader of left-wing Syriza party says Greeks voted against the "barbaric bailout" and austerity pledges are "null and void", while British 10-year borrowing costs drop to historic lows.<img width='1' height='1' src='http://telegraph.feedsportal.co.....

When shareholders fight back: a timeline
Andrew Moss, the Aviva chief executive who last week faced calls to quit by shareholders angry at the insurer's performance, will be given a 1.5m payout when he leaves at the end of the month. Here, we look at recent shareholder backlashes against pa.....

Japanese earthquake and strong yen cause Toshiba's profits to halve
The 2011 earthquake in Japan, the eurozone debt crisis and the strong yen have cut profits at Toshiba, one of the world's biggest electronics group, by almost half.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/.....

Thomas Cook's 1.4bn refinancing package comes at a 'hefty price'
Troubled tour operator Thomas Cook has been granted a short holiday from its woes, with investors giving the thumbs-up to its 1.4bn refinancing package.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1f2252a2/mf......