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Wednesday 9 May 2012

UK Financial News on 2012-05-09

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.....

Clinton Cards in administration
Troubled retailer Clinton Cards has been placed in administration after earlier asking for trade in its shares to be suspended......

Spain bank is partly nationalised
Troubled Spanish lender Bankia is to be partly nationalised, the central bank confirms......

News Corp reports jump in profit
Rupert Murdoch's News Corporation reports a jump in quarterly profits, boosted by its cable networks and its Hollywood film unit......

Greek bailout payment held back
The eurozone's rescue fund holds back 1bn euros ($1.3bn; 800m) of its latest instalment of its bailout to Greece......

Bankers win unpaid bonus battle
More than 100 ex-employees of Dresdner Kleinwort bank win their fight to claim unpaid bonuses from current owner Commerzbank......

Bill aims to lift economic growth
New measures designed to boost economic growth have been outlined in the Queen's Speech, including cutting regulation on businesses......

Wettest April 'hits retail sales'
UK retail sales were damaged by the wettest April since records began, the British Retail Consortium says......

AOL to pass on patent proceeds
US internet firm AOL announces it intends to hand to shareholders all the proceeds from its sale of 800 patents to Microsoft......

Sainsbury's reports 'good year'
Supermarket group Sainsbury's reports an increase in sales and market share but a small dip in profits in what it describes as a "good year"......

E.On shares down as profits fall
Shares in German energy firm E.On fall 1.4% after it announced a drop in its profits......

German exports rise during March
German exports rose for the third month in a row in March, figures show, as firms expanded in markets outside the eurozone......

Bank problems looming over Spain
The Spanish stock market falls and bond yields rise, as the government looks to protect its banking sector......

Benefits letters to arrive soon
Some people could receive letters explaining a new cap on benefits - even if they are exempt from the changes in April 2013......

Japan to take control of Tepco
The Japanese government is to take a controlling stake in Tokyo Electric Power in return for a 1 trillion yen ($12.5bn; 7.8bn) taxpayer bailout......

Greeks in anti-bailout deal talks
The leader of Greece's radical left Syriza bloc, which rejects the EU/IMF bailout, is to meet the main pro-bailout parties on Wednesday......

Flat-rate state pension prepared
A new flat-rate state pension and a system to automatically raise the pension age have moved a step closer......

Crisis-hit Portugal axes holidays
Portugal adds to its austerity measures with the decision to suspend four of its 14 public holidays for five years......

Cheesy tune wanted as 'anthem'
Songwriters are being invited to create a "national anthem" for the UK's most popular cheese, Cheddar, in a national competition organised by industry bosses......

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......

Burma growth to pick up says IMF
Burma's growth is set to accelerate, driven by commodity exports and increased investment, the International Monetary Fund says......

Asia markets join global sell-off
Asian markets fall, tracking falls in Europe and the US, amid political uncertainty in Greece......

Strong rise in profits at Toyota
Toyota's profits jump five-fold amid a recovery from last year's natural disasters and a pick up in the US car market......

Jockey Club to boost prize money
The Jockey Club, the largest commercial group in British horse racing, is to increase prize money after a rise in turnover and profits in 2011......

Russian sales dip hits Carlsberg
Danish brewer Carlsberg reports a fall in profits for the first quarter of the year after being hit by a weak performance at its Russian business......

Italian clubs face fixing probe
More than 20 Italian football teams and dozens of players are told they are under investigation as part of an inquiry into match-fixing......

Gers takeover 'still on course'
Rangers administrator Duff & Phelps insists new bidders can secure the club's future by the end of this week......

Brazil cuts World Cup red tape
Fifa and the Brazilian government agree changes to cut red tape and make sure venues are ready in time for the 2014 World Cup......

AUDIO: Executive pay is a 'complex problem'
DeAnne Julius of Chatham House gives her view on executive pay......

VIDEO: Non-foods drives Sainsbury's growth
Supermarket group Sainsbury's has reported an increase in sales and market share but a small dip in profits in what it described as a "good year"......

VIDEO: Queen outlines government's plans
The Queen has outlined the government's plans for the economy in her annual speech......

VIDEO: 'We need support from government'
The Queen outlined the government's legislative plans for the economy in her speech on Wednesday. How have businesses reacted to it?.....

VIDEO: Clinton Cards in administration
Troubled retailer Clinton Cards has been placed in adminstration, after its largest supplier took steps to begin the process earlier on Wednesday......

VIDEO: Views on the 'Cambridge phenomenon'
Two technology start-up entrepreneurs and the chief executive of ARM Holdings explain why Cambridge is a good place for a tech company to be based......

AUDIO: How can we get the economy growing?
What can governments truly do to get the economy moving at times like this? Mark Littlewood, director general of the Institute of Economic Affairs, and Iain Mulheirn, director of the Social Market Foundation, debate growth......

VIDEO: Toyota recovering from 2011 woes
Toyota is due to announce its full year results later on Wednesday, with analysts predicting that it is recovering well from its difficulties in 2011......

My Business: Diamond deals in the Congo
Selling diamonds on a street market in the Congo.....

China: The world's cleverest country?
China's 'remarkable' results in international school tests.....

Argentina faces energy dilemmas
Argentina's dilemmas after the YPF nationalisation.....

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

U.S. Day Ahead: Ben why aren't banks lending more?
May 8 - Fed Chair Ben Bernanke may finally shed light on why banks aren't lending more when he speaks at a Chicago Fed conference on the health of financials on Thursday......

FACTBOX: Merrill pays up for top brokers
analysis of Merrill Lynch internal reports shows that the most productive brokers contribute far more to the company's bottom line than some might expect......

Berkshire Hathaway execs see modest growth, cost challenges
May 9 - Three executives from companies that are a part of Berkshire Hathaway CEO Warren Buffetts empire weigh in on growth prospects for this year and the challenges of managing costs in an uncertain economic environment......

Bids fly high at Christie's art auction
May 9 - Sales of paintings like a 1961 Mark Rothko, which went for $87 million helped drive Christie's blockbuster contemporary art sale to the highest ever total for post-war art. Bobbi Rebell reports......

Banksy book sheds light, guards secret
May 9 - A new book by former Sunday Times journalist Will Ellsworth-Jones follows the career of the British street graffiti artist Banksy, but opts not to reveal the identity of the man behind the phenomenon. Matt Cowan reports......

Trading at Noon: Wall St trims losses into EU close
May 9 - U.S. stocks cut losses heading into the close on Wednesday of European markets.....

Breakingviews: Green Mountains roasted directors
May 9 - Rob Cox and Breakingviews columnists discuss the share-sale fiasco brewing at the embattled coffee maker......

Rain hits UK retailers
May 9 - British retail sales posted their biggest fall in more than a year in April. Wet weather was blamed for putting off shoppers, but growth in the number of people placed in permanent jobs also slowed, raising the risk of another quarter of econ.....

Europe Day Ahead: Greek chaos fuels flight to safety
May 9 - German bond yields fall to new record lows as attempts to form a coalition government in Greece look doomed to fail before a deadline on Thursday......

Saft Says: France, Greece vote against reality
columnist James Saft is in London this week and observes that the vote in France and Greece isn't a vote against austerity, it's a vote against reality......

LIGHTNING ROUND: Markets under near-term pressure-Manley
May 9 - Wells Fargo Fund Management's John Manley says U.S. stocks could see a 5-8% correction from current levels, but feels Q2 earnings will be strong enough to support markets after any bump......

3XSQ: BofA holds shareholders meeting
May 9 - BofA CEO Brian Moynihan will be able to say he improved capital levels, but he will also face tough questions about the bank's ability to make money and one day increase dividends......

ECONOMY 2012: Henkel CEO on business outlook
May 9 - Henkel CEO Kasper Rorsted tells Insider how his company is coping with the current economic climate......

Euro on the edge over Greek drama
May 9 - The euro fell close to a recent three-month low in early trade and is set for further falls on worries that Greek political uncertainty and a French leadership change may undermine the euro zone's austerity measures. Ciara Sutton reports......

Market Pulse: What's Moving Today and Why
Insider has its finger on the market pulse, analyzing and making sense of the biggest movers of the day......

Economy 2012: Li & Fung feels pain of Europe slowdown
May 9 - The worlds biggest consumer goods exporter sees a continued steep slowdown in Europe and patchy growth in the U.S., says CEO Bruce Rockowitz......

Breakingviews: what happens if Greece runs out of money?
Breakingviews......

Reuters Today: Greece political gaming batters risk assets again
May 9 - Investors shun risk assets like the the euro and gold, spooked by the seeming inability of Greece's politicians to forge a working coalition government......

Sainsbury CFO John Rogers on latest earnings
May 9 - U.K. supermarket chain J Sainsbury reports preliminary 2011/12 earnings. Finance Director John Rogers joins Insider to discuss the outlook......

Korean urbanites make the move from city to farm
May 09 - South Korea's urbanites move to the country to embrace the simple life. Julie Noce reports......

Toyota sees profits tripling
May 9 - Toyota forecasts a tripling of operating profit to $12.5 billion as the auto sector recovers, sees sales up 18 percent this year. Arnold Gay reports......

U.S. Morning Call: U.S. futures point to lower open
May 9 - U.S. stock index futures were down, signaling weakness in the market......

Wall St. hits two-month low
May 8 - Summary of business headlines: Stocks crumble, but end above worst levels of the day on euro worries. Walt Disney beats quarterly forecasts; McDonald's sales disappoint. Conway G. Gittens reports......

Reviews improve for Disney
May 8 - Walt Disney reported better-than-expected earnings, and analysts say the company is positioned for a promising future now that "The Avengers" has arrived to rescue its movie business. Bobbi Rebell reports......

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......

Spain nationalises Bankia as euro crisis escalates
Lender asks for 4.5bn in loans, with government holding 45pc of the bank.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1f302ce3/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com.....

Clinton Cards goes into administration, 8,000 jobs at risk
Clinton Cards, the country's largest specialist card retailer, has been put into administration by its largest supplier, becoming the latest casualty on the High Street and putting more than 8,000 jobs at risk.<img width='1' height='1' src='http:/.....

Queen's Speech 2012: Coalition sets sights on 'restoring economic stability'
Retail and investment banks will be split, employment tribunals curbed and executive pay tackled by new legislation revealed in a Queen's Speech designed to "restore economic stability".<img width='1' height='1' src='http://telegraph.feedsportal.c.....

William Hill chairman Gareth Davis accuses ISS of 'bizarre' double standards over pay
The chairman of William Hill has accused shareholder body ISS of "bizarre" double standards over the voting advice it is giving to investors in British and US companies.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/5683.....

Germany warns Greece it will halt aid unless it commits to bailout agreements
Germany has threatened to halt vital financial aid to Greece unless a new government commits to the terms of the country's bail-out agreements, as the eurozone announces it will withold 1bn of 5.2bn cash injection due on Thursday.<img width='1' he.....

Debt crisis and Greek coalition talks: as it happened - May 9, 2012
Greece's future in the eurozone is in jeopardy, warns Germany's foreign minister Guido Westerwelle, as the EU and IMF will cut off future bailout payments if it refuses to continue implementing austerity measures.<img width='1' height='1' src='htt.....

City investors hold talks with Business Secretary Vince Cable over curbing executive pay
Fund managers from companies including Aviva and BlackRock have met with the Business Secretary to discuss proposals to curb executive pay.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1f2f437a/mf.gif' border='.....

Pay revolt doesn't survive Atlantic crossing
Imagine this. A company whose chief executive can earn a bonus that's 24 times his annual 620,000 salary. One, too, whose senior non-executive director is an 80 year-old, who's been on the board since 1986. And one where the pay ratchets up however t.....

Rupert Murdoch faces calls for more News Corp share buybacks as profits surge
Rupert Murdoch will face calls from Wall Street to return more of News Corporation's multi-billion-dollar cash pile to shareholders, as his media empire prepares to report a double-digit hike in profits to more than $750m.<img width='1' height='1'.....

Europe's delusional search for growth
More than three years have passed since the Bank of England embarked on the emergency measure of quantitative easing.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1f2f5bf6/mf.gif' border='0'/><br/><.....

Reckitt Benckiser's largest shareholder JAB Holdings to sell 1.3bn stake to fund Avon bid
Reckitt Benckiser's largest shareholder is to sell a near 1.3bn stake in the consumer goods company as it raises funds to bid for US cosmetics group Avon.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1f2f3681/m.....

Fears over fracking shake Weir Group shares
Fears over fracking shook Weir Group on Wednesday, as the equipment and engineering company reported faltering demand for shale gas pumps in North America.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1f2f3682/.....

Scottish beer company BrewDog forces Diageo to apologise over 'dirty tricks' at awards
Small Scottish beer company shames Diageo into apologising.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1f2f2e2a/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/13351577083.....

Queen's Speech shows we have a Coalition of the cautious
A Queen's Speech that seeks to repeal unnecessary legislation and limit state inspection of businesses while introducing laws to create a new "adjudicator" to referee the relationship between supermarkets and their suppliers says it all.<img width.....

Debt crisis and Greek coalition talks: live
Greece's future in the eurozone is in jeopardy, warns Germany's foreign minister Guido Westerwelle, as the EU and IMF will cut off future bailout payments if it refuses to continue implementing austerity measures.<img width='1' height='1' src='htt.....

Clinton Cards in administration: The revenge of the suppliers
When Westfield shopping centre in Shepherds Bush, west London, opened in 2008 it was hailed as Britain's most upmarket retail centre.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1f2ed616/mf.gif' border='0'/>.....

Julian Fellowes' Titanic helps buoy ITV revenues
Global demand for Julian Fellowes' drama Titanic helped ITV to deliver a 13pc boost in revenues to 565m in the first quarter, surpassing analyst expectations.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1f2ed6.....

FTSE 100 slumps to lowest level this year
UK equities slumped to their lowest level this year on Wednesday and faced further losses amid downbeat corporate reports and concerns about the health of the eurozone, Britain's biggest export market.<img width='1' height='1' src='http://telegrap.....

Glaxo makes $2.6bn hostile bid for Human Genome
GlaxoSmithKline has gone hostile with its $2.6bn (1.6bn) offer for US Human Genome Sciences - bypassing management and taking its bid directly to shareholders.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1f299.....

Queen's Speech 2012: Coalition sets sights on 'restoring economic stability'
Retail and investment banks will be split, employment tribunals curbed and executive pay tackled by new legislation revealed in a Queen's Speech designed to "restore economic stability".<img width='1' height='1' src='http://telegraph.feedsportal.c.....

EasyJet unveils lower half year losses despite fuel pressure
Low-cost airline easyJet has narrowed its first-half losses by raising prices for cash-strapped passengers on routes where it faces reduced competition from rivals.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/.....

Prudential could still leave UK, warns Tidjane Thiam
Prudential's chief executive has warned that efforts to soften new capital rules may not be enough to prevent the insurer moving abroad.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1f2ddd78/mf.gif' border='0'/.....

Carphone Warehouse to launch in China as Brits hang up
Carphone Warehouse is to expand its international footprint as it battles against a drop-off in business in Britain and France.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1f2ddd7b/mf.gif' border='0'/>.....

Toyota chief Akio Toyoda cites Charlie Chaplin as profits fall 30pc
Net profits fall 30pc after Japanese earthquake and floods in Thailand.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1f2dd567/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r.....

Eurozone bail-out two years on: how have investors fared?
Two years after the eurozone bail-out fund was agreed, have investors who stayed faithful to Europe made any money?<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1f2d6ad6/mf.gif' border='0'/>.....