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Monday 4 June 2012

UK Financial News on 2012-06-04

Fears grow of ECB balance sheet stress
The firepower of the European Central Bank is being questioned as the eurozone crisis worsens.....

Howard warns politicians as hedge funds feel regulatory heat
Europe's number one hedge fund manager, who rarely makes public speeches, urges policymakers to realise the crucial role his industry has to play in fostering an economic recovery.....

BTG Pactual partners pile on the profits
Fresh from making millions from its IPO, the Brazilian bank's 168 partners are now benefiting from its hedge fund's performance.....

Dealers braced for second tech bubble burst
US tech companies are pulling floats at a rate not seen since the dotcom bubble.....

Banks ready a new wave of redundancies
Four of the world's largest investment banks have either launched or are preparing a new wave of job cuts, according to market sources.....

Balmoral sinking beneath the waves
UK buyout firm founded by former executives of the European private equity arm of Credit Suisse First Boston, becomes the latest to move into run-off.....

CQSs Mandy Mannix resurfaces at F&C
Former global head of sales and marketing at hedge fund manager CQS to join asset manager on July 1.....

Revenues rise at Myners research firm
Independent research provider chaired by former City minister Lord Myners enjoys revenue jump for year ended March 31.....

Traders set for Korean options hit
An option on the index of Korea's top 200 stocks is set to lose its crown as the world's most traded derivative.....

Weeks to save euro, says Soros
Billionaire investor George Soros warns European leaders they have a "three-month window" to save the euro......

Spanish jobless level falls back
The number of people looking for work in Spain fell for the second month in a row in May to 4.71 million......

SocGen rogue trader begins appeal
Former Societe Generale trader Jerome Kerviel begins his appeal against a breach of trust conviction, claiming he was "not responsible" for massive losses at the bank......

Xbox SmartGlass links up tablets
Microsoft announces an upcoming service that will let tablets and smartphones control its video games consoles......

US factory orders decline again
New orders at US factories fall for the second month in a row, adding to evidence that the world's largest economy is weakening......

Protest votes hit Wal-Mart bosses
Wal-Mart announces that there were significant protest votes against its executives at last week's annual shareholders' meeting......

Portugal clears new bailout test
Portugal passes a fourth review of its spending cuts and economic reforms and will receive another 4bn-euro tranche of bailout funds......

Shares drop again on weak US data
Stock markets fall after weaker-than-expected jobs data from the US on Friday triggered concerns about the global economic recovery......

HS2 'dither and delay' criticised
The HS2 rail scheme might not be ready before 2030 because of "dither and delay" by ministers, Labour former Transport Secretary Lord Adonis says......

Clarity urged over green policies
Ministers must send clear signals that they believe in new forms of green technology if they want firms to invest in them, a think tank says......

Facebook 'may allow' under-13s
Facebook may soon allow children younger than 13 years old to access the site under parental supervision, reports say......

Nintendo Wii U has social network
Nintendo reveals plans for the Miiverse on the eve of announcements about the Playstation and Xbox at the E3 games show......

Dounreay tips on Fukushima work
Efforts to clean up a seabed off Scotland's coast could provide Japan with solutions to dealing with Fukushima's aftermath......

China service sector growth slows
China's services sector, which includes construction, sees its growth slow, adding to fears about a slowdown in its economy......

Engineering firms showing growth
Scottish engineering firms are showing "healthy growth" after a "lean" three months at the end of last year......

Cyprus 'may seek bailout funds'
Cyprus edges closer to a bailout, with the central bank governor adding to speculation that the country may need European Union aid......

Revived whisky firm makes profit
A whisky distillery which lay closed and empty for two decades makes its first profit three years after re-opening......

Brazil's biggest landfill closes
Brazil's biggest open-air landfill closes in Rio de Janeiro, a move welcomed by environmentalists but not by those working at the dump......

VIDEO: Can maths help cut the queues?
Have mathematicians worked out a way around queuing?.....

VIDEO: What makes a good service station?
The national tourism board, Visit England, has named the top service stations in the country......

VIDEO: 'I developed camel shampoo'
With her German partners, Birgit Maria Kemphues has helped to develop an organic camel shampoo made from German pine trees......

Elton John's son boosts baby business
Innovative entrepreneurs get celebrity endorsements for their baby products.....

Five ways the eurozone could break up
Could the eurozone be split in two, like separating an egg?.....

Governments should 'put small firms first'
Small businesses should be at the heart of UK economic policy.....

Pakistan: sink or swim?
Pakistan's economy is at a crossroads.....

Investors flee to safe havens
June 4 - Global slowdown fears hit stocks and commodities around the globe as investors run for safe havens. Investment strategists weigh in on how investors should play it. Jill Bennett reports......

U.S. Day Ahead: G7 emergency call; Eyes on Fed
Economics and Markets Editor for the Americas William Schomberg says it is an opportunity for Germany to show some flexibility......

Wealth Strategies: Near-zero bond yields the best you get
Jun. 4- Bond strategist Jim Bianco says, with negative returns in commodities, equities and some govt. debt expected over the next few months, ultra-low yields in U.S. Treasuries may be the safest place to be.....

Trading at Noon: Wall St. treads water after losses
June 4 - Banking stocks head for bear territory as signs of economic weakness are seen around the globe......

3XSQ: Chesapeake shakes up board; markets stabilze
June 4 - Chesapeake Energy agrees to replace four of its current board members with new directors chosen by two of its largest shareholders......

Breakingviews: Activism in the toilet
June 4 - Breakingviews editors discuss how Nomura shareholders will vote on matters of bathroom style, armpit odor and crystal roles thanks to an activist's snarky approach to the banks troubles......

Mogees software makes music magic
June 4 - A contact microphone-based software could enable anybody to become a musician, using inanimate objects around them as instruments. Italian PhD student Bruno Zamborlin and his colleagues have devised what they call Mogees software which allow.....

Reuters Breakingviews
global commentary unit Breakingviews......

Reuters Today: Euro zone fiscal union "game-changer" coming?
June 4 - As turmoil and volatility continue too lash markets, Spain's Mariano Rajoy and Germany's Angela Merkel push for all-out fiscal union. Is this the game-changer we've been waiting for?.....

China's labor goes robotic
Jun. 4 - The next generation of Chinese workers is building machines to do factory work, instead of manning the assembly lines themselves. Jane Lanhee Lee......

U.S. Morning Call: Markets mixed; focus on Merrill Lynch
June 4 - Top executives at Bank of America knew more than they told shareholders about the problems at Merrill Lynch before they acquired it, New York Times reports......

Touch screen mittens get warm reception
June 3 - Touch screen gloves, developed several years ago for tech users in cold climates, have received an upgrade in an unlikely location. Students in tropical Singapore have turned the glove into a more efficient mitten featuring a unique double-l.....

Argentina to 'immediately launch' criminal proceedings against UK oil firms operating off Falklands Islands
The UK Government said it would support the country's oil companies operating around the Falkland Islands after Argentina announced it is taking steps to sue five British firms.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/3272.....

Global slump alert as world money contracts
Growth of the world money supply has dropped to the lowest level since the financial crisis of 2008-2009, heralding a severe economic slowdown later this year unless authorites rapidly take action.<img width='1' height='1' src='http://telegraph.fe.....

One-in-three chance Greece will leave eurozone, warns S&P
There is "at least" a one-in-three chance that Greece will leave the eurozone, credit rating agency Standard and Poor's has warned.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/20029a05/mf.gif' border='0'/>&.....

Eurozone debt crisis could spark bear market in US, Goldman Sachs warns
An escalation of the financial crisis in Spain or elsewhere in the eurozone could fuel a bear market in the US, Goldman Sachs warned.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/20029332/mf.gif' border='0'/>.....

MF Global chief Jon Corzine faces legal action over broker-dealer's collapse
Former MF Global chief executive Jon Corzine and other senior directors could be forced to pay customers millions of dollars under legal actions being pursued by the bankrupt broker-dealer's trustee.<img width='1' height='1' src='http://telegraph......

Court orders $13bn BP lawsuit to be heard again
BP's problems in Russia snowballed on Monday after a Siberian court ordered a new hearing be opened into a $13bn (8.5bn) lawsuit against the oil major.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/20028b02/mf.g.....

India running out of ammunition to fight slowdown
The finance minister said the government would not be able to repeat the huge stimulus programme launched in the wake of the financial crisis because public finances were at breaking point.<img width='1' height='1' src='http://telegraph.feedsporta.....

Portugal props up banks with 6.6bn
Portugal is to inject up to 6.65bn (5.4bn) into three of its biggest banks to meet an EU deadline for higher capital ratios by the end of this month.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1fffc310/mf.gif.....

Francois-Henri Pinault's Puma: a Bolt from the blue
Sportswear giant's chief reflects on working with the world's fastest man.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2002101d/mf.gif' border='0'/>.....

Rogue trader Jerome Kerviel blames SocGen for 4.9bn loss
Jerome Kerviel, the rogue trader who cost Societe Generale 4.9bn (4bn) four years ago, began his appeal on Monday by arguing that he was made a scapegoat by the bank and that it should take responsibility for the loss.<img width='1' height='1' src.....

Surprise fall in US factory orders in April
US factory orders fell unexpectedly in April for a second successive month, reinforcing fears over the health of the world's largest economy.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/20022ca1/mf.gif' border.....

Lloyds faces 'significant' losses on 112m Luminar debts
Lloyds Banking Group and fellow lenders to Luminar, the nightclub operator that collapsed last year, have been warned to expect "significant" losses on 112m of outstanding debts.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/327.....

There is no solution to EMU that does not make matters worse for Germany
Where now for Economic and Monetary Union? Like some Leninist vanguard, the answer from policymakers in the eurozone and their willing dupes posing as serious and intelligent commentators is "forward!"<img width='1' height='1' src='http://telegrap.....

'Zombie' companies holding back UK economy, says Ernst & Young
Britain's recovery is being held back by a wave of "zombie" companies that should be allowed to fail but are instead undermining capitalism, according to Ernst & Young.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/5.....

Debt crisis: as it happened - June 4, 2012
Companies placed fewer orders to US factories for the second straight month and a key measure that tracks business investment plans fell, adding to evidence that the American economy is weakening.<img width='1' height='1' src='http://telegraph.fee.....

Markets fall in Asia and Germany on eurozone crisis and China fears
Stock markets fell in Asia and the US amid investor fears of a sharp slowdown in China, a weakening US economy, and the nightmare prospect of a eurozone breakup.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1ff.....

Debt crisis: Live
Companies placed fewer orders to US factories for the second straight month and a key measure that tracks business investment plans fell, adding to evidence that the American economy is weakening.<img width='1' height='1' src='http://telegraph.fee.....

Facebook is making few friends after Nasdaq listing
When $28bn (18.2bn) vanishes from a company's market value in just over a fortnight, things can quickly turn ugly.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2001a37e/mf.gif' border='0'/>.....

FTSE 350: top ten fallers so far this year
Stock markets have endured testing times over the first five months of this year. Using data compiled by FTSE Group, here are the big losers from the FTSE 350 and why they have faller.<img width='1' height='1' src='http://telegraph.feedsportal.com.....

FTSE 350: top ten risers so far this year
Here are the big winners from the FTSE 350 and why they have risen.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/20014d7f/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/136.....

Walmart: Why hasn't the world's largest retailer cracked online sales?
Walmart has stores all over the world, but has yet to reap digital rewards.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/20015300/mf.gif' border='0'/>.....

Asia's $6.4 trillion in foreign reserves a threat to stability
The relentless build-up of foreign reserves by China and Asia's export Tigers has become a threat to financial stability and risks setting off inflation across the region, the Bank for International Settlements has warned.<img width='1' height='1'.....

The Queen's Diamond Jubilee: the UK jobs market - then and now
Slideshow: how the jobs market has evolved over the Queen's reign.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2000a319/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/1335.....

Nintendo to launch Miiverse for news games console
Japan's Nintendo said it will launch a social and content network dubbed Miiverse for its new Wii U games console, as it plays catch-up with rivals and hopes an online strategy will bolster hardware sales.<img width='1' height='1' src='http://tele.....

French rogue trader Kerviel launches appeal
Jerome Kerviel, the Societe Generale rogue trader who lost the bank 4.9bn (4bn) in 2008, has begun his appeal against his conviction for the trades.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1fffb775/mf.gif'.....