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Tuesday 5 June 2012

UK Financial News on 2012-06-05

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.....

G7 discusses eurozone debt crisis
G7 finance chiefs hold emergency talks as Spain's finance minister says credit markets are "effectively shut" to his country......

Qantas profit to dip by up to 90%
Qantas says it expects its profits to fall by as much as 90% amid growing losses at its international operations and higher fuel costs......

Nintendo trails first Wii U games
Nintendo unveils 23 games under development for its Wii U console, but opts not to reveal a launch date or price......

China bars stock index web search
China blocks access to the term "Shanghai Composite Index" on some of the country's most popular microblogging sites......

BP faces new Russian court action
Attempts by BP to sell its stake in a Russian joint venture, TNK-BP, are complicated by fresh court action in Siberia by minority shareholders......

Italy bank ex-boss to stand trial
The former boss of Unicredit, Italy's largest bank, will go on trial for alleged corporate tax fraud, a Milan judge announces......

Australia lowers key rate to 3.5%
The Reserve Bank of Australia cuts interest rates for the second time in as many months amid concerns of a slowdown in the economy......

MF Global boss 'could be sued'
The former head of bankrupt US broker MF Global, Jon Corzine, could face legal action over the firm's collapse, the liquidating trustee says......

Oracle and HP in court over chip
Oracle violated its contract with Hewlett-Packard over compatibility between its database software and HP servers, HP's lawyer says in court......

PS3 gets augmented reality books
Sony shows off a Harry Potter-based interactive book for its Playstation console as well as new games at the E3 trade show......

Talks fail to avert Metro strike
Talks aimed at averting a strike on the Tyne and Wear Metro over three separate disputes over pay and other issues break down......

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......

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

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......

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......

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

Disney stops some junk food ads
Disney says it has new standards for food adverts on children's outlets which will allow promotion only of foodstuffs that meet national guidelines......

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......

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......

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......

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......

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......

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......

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

Fifa alarm at painkiller 'abuse'
Fifa's chief medical officer says that players in tournaments are putting their long-term health at risk by taking too many painkillers......

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: Russia increases Arctic gas fields
Russia's energy expansion in the Arctic is not welcome news for the world's biggest reindeer herding community, who have lived here for centuries......

Has China run out of steam?
Is the Chinese dragon running out of puff?.....

African viewpoint: Money matters
Is it unpatriotic to talk about a country's devaluing currency?.....

California debt: What options?
Will citizens accept the governor's proposed tax hikes?.....

Do bank holidays cost the economy?
Do bank holidays cost the economy?.....

Indonesian farmers reaping tech rewards
The Indonesian farmers who turned to social networking.....

U.S. Day Ahead: All eyes on Europe, Fed
June 5 - Investors are looking for any hints about Fed policy ahead of Ben Bernanke's testimony on the Hill on Thursday......

Hanging by a Thread: Central Banks Equipped to Act: Zandi
June 5 - Mark Zandi, Chief Economist at Moodys Analytics says global central banks have the tools necessary and need to act to prevent a global economic contagion......

FACTBOX: U.S. banks face weaker EPS growth, more job cuts
Jun. 5 - Wall Street may be bracing for lower earnings growth and more job cuts as a weaker economy takes a toll on dealmaking, capital raising and lending profits......

Supersonic mini-drone aims for jet speed record
June 5 - Researchers at the University of Colorado are building the smallest supersonic jet engine ever made. Weighing just 22 lbs, the tiny jet will drive an unmanned aerial vehicle faster than the speed of sound and could become a template for test.....

Economy 2012: Dealing with low, low interest rates
June 5 - FM Global CEO Shivan Subramaniam on how low interest rates affect his insurance business. Plus, the kinds of people he plans to hire this year......

Trading at Noon: Wall Street focused on Europe
June 5 - U.S. stocks rose after growth in the services sector, but Europe is a concern contributing to a sell-off......

Breakingviews: De-friending Facebook
June 6 - Rob Cox and Breakingviews columnists discuss the impact Facebook's botched IPO is having on its consumer brand and reputation......

Actually, you can have growth and austerity: Latvia PM
June 5 - Austerity and fiscal discipline don't preclude growth, they're a preconditon for it, says Latvian Prime Minister Valdis Dombrovskis......

Lebanese national symbol takes on new role as hi-tech antenna
June 5 - Engineers at the American University of Beirut have high hopes for a compact antenna shaped like a cedar tree -- Lebanon's national symbol -- which they say can be used for wireless and 3G connections and eventually TV transmission. Joel Fly.....

Europe Day Ahead: Draghi stuck between rock and a hard place
June 5 - A day after G7 finance ministers hold emergency talks, pressure for more ECB stimulus is likely to rise if the bank downgrades its economic forecasts. But Draghi may find it hard to act, after placing the onus firmly on euro zone leaders......

3XSQ: Obama campaign tries to wall off Europe
June 5 - Former President Clinton tries to tie Europe woes to Mitt Romney while G7 finance chiefs push for debt solutions for the continent......

Market Pulse: Spain issues distress call; G7 confers
June 5 - G7 finance chiefs will talk by phone today. Spain woes are likely to top the agenda, after the nation said capital markets are effectively closing to it......

Breakingviews: UK monarchy-fest shows sentimental power
June 5 - Britain's Diamond Jubilee celebrations show the extraordinary power of the monarchy to tap the mood of the nation......

Shell CEO sees oil prices bouncing back
June 5 - Recent oil price dips are a short term phenomenon and will have no impact on Royal Dutch Shell's spending plans, especially in promising markets like China, says CEO Peter Voser......

Reuters Today: Another day, another crisis meeting
June 5 - Spain will be the focus when G7 Finance Ministers and central bankers hold emergency euro zone talks later today. AXA Investment Manager's Eric Chaney says Madrid likely needs a bailout......

Top five risks to China's economy
June 5 - The world's second largest economy is running out of steam. Here's a list of factors to watch for signs of trouble......

U.S. Morning Call: G7 emergency call on EU debt woes
June 5 - Finance chiefs from the G7 nations hold a call to discuss the euro zone woes, with focus on Spain's debt problems......

Dow takes hit No. 4
June 4 - New optimism on Europe didn't save the Dow from falling yet again, though other indexes fared slightly better. Bobbi Rebell reports......

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.....

Facebook's post-IPO collapse: in numbers
Shares of Facebook fell to an all-time low of $25.86 on Tuesday, well below the market debut of $38 on May 18. Here's a look at Facebook's post-IPO collapse in numbers.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/56830.....

Barclays entitled to $1.8bn related to Lehman bankruptcy, US judge rules
Barclays is entitled to recover roughly $1.8bn of disputed assets and interest related to Lehman Brothers' bankruptcy, a US federal judge said, reversing a decision by a federal bankruptcy judge.<img width='1' height='1' src='http://telegraph.feed.....

Spain makes plea for EU aid for troubled banks
Spain has admitted for the first time that it can no longer raise money on the global markets or roll over its sovereign bonds, threatening to set off a dangerous escalation of Europe's debt crisis.<img width='1' height='1' src='http://telegraph.f.....

Nasdaq 'to compensate Facebook shareholders over disastrous IPO'
The Nasdaq stock exchange is to take the first steps to compensating shareholders who invested in the disastrous Facebook flotation, according to reports.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/200cf2d4/m.....

Bonus clawbacks should be in all director contracts, says think tank Policy Exchange
Company directors should be forced to repay bonuses if they miss targets as part of a broad overhaul of executive remuneration, according to the think tank Policy Exchange.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/5.....

Pound shop revolution hits the big supermarkets
More than one-in-six products being sold in supermarkets are now priced at exactly 1 or 2, highlighting how the pound shop revolution has started to affect long established rivals.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/3.....

UK banks sitting on 40bn of undeclared losses
Britain's banks are sitting on a 40bn black hole of undeclared losses, which could force RBS back to the taxpayer for another rescue, warns PIRC.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/200c753f/mf.gif' bo.....

Barclays staff and top Italian banker Alessandro Profumo on trial over 'tax fraud
Three Barclays employees and one of Italy's best known bankers, Alessandro Profumo, are to stand trial for alleged corporate tax fraud<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/200be177/mf.gif' border='0'/&g.....

Cancelling London 2012 Olympics would cost $5bn, warns insurer Munich Re
Cancelling the Olympics in the event of a terrorist strike or natural disaster would cost the insurance industry as much as $5bn (3bn), one leading insurer has estimated.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568.....

Shirtmaker Charles Tyrwhitt tries to collar more of the US
Charles Tyrwhitt, the shirtmaker, is stepping up expansion plans across the Atlantic as the company's British heritage wins favour with US consumers.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/200bdda5/mf.gif.....

Plus Markets investors hope to oust chairman and chief executive
Leading investors in troubled stock exchange Plus Markets say they hope to oust the company's chairman and chief executive at a meeting later this month.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/200bdda6/mf.....

UK banks face jump in funding costs as Moody's prepares downgrades
Britain's largest lenders and some of the world's biggest investment banks are facing a major increase in their funding costs as one of the main credit agencies prepares to cut their ratings.<img width='1' height='1' src='http://telegraph.feedspor.....

'Greece is a lightweight country, not a big heavyweight like Germany'
A good sense of history is perhaps the most valuable asset of all when you are the man tasked with selling off Greece's "sacred cows" from the bloated inventory of a bankrupt state treasury.<img width='1' height='1' src='http://telegraph.feedsport.....

Ireland's recovery is still green
Ireland is an austerity poster pin-up but with deep underlying problems.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/200b6b38/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/.....

Portugal's hard work has only just begun
They don't seem to do panic in Portugal. Across much of the rest of southern Europe, savers are withdrawing their money from lenders, shaken by fears of a banking collapse. In Portugal, they're bucking the trend.<img width='1' height='1' src='http.....

The UK car industry had spluttered but is now in pole position
This week will see the three-millionth engine roll off the production line of BMW's facility at Hams Hall in Warwickshire, the company's first ever engine plant outside Germany and Austria.<img width='1' height='1' src='http://telegraph.feedsporta.....

Debt crisis: as it happened - June 5, 2012
Spain admits for first time that it will need outside help to prop up its ailing banks, while G7 finance chiefs agree to work together to deal with the problems in Spain and Greece after an emergency conference call.<img width='1' height='1' src='.....

Debt crisis: Live
Spain admits for first time that it will need outside help to prop up its ailing banks, while G7 finance chiefs agree to work together to deal with the problems in Spain and Greece after an emergency conference call.<img width='1' height='1' src='.....

Iceland has taken its medicine and is off the critical list
It was one of the defining moments of the financial crisis. With Lehman Brothers in bankruptcy court, the global banking system in seizure, and taxpayers across the world riding to the rescue, the British Government took the dramatic step of invoking.....

Italian austerity forces region to sell its rare mouflon sheep
Not even wildlife is safe from the austerity cuts hitting country.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/200aa06d/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/1335.....

Drug makers could leave UK over Government's 'breakthrough' obsession, warns trade body chief Stephen Whitehead
Drug makers could pull out of research in Britain because the Government is too focused on rewarding "breakthrough" medicines, the head of the industry's trade body has claimed.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/3272.....

Fraudsters turn to carbon credits, according to FSA
Carbon credits have emerged as the latest asset class being targeted by fraudsters intent on fleecing vulnerable investors.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/200aa06f/mf.gif' border='0'/><br/&g.....

Will Greece and Spain's youth jobs crisis spread to the UK?
Will Greece and Spain's youth jobs crisis spread to the UK?<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/200aa073/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/13351763810.....

Week ahead in business and economics: June 6 - June 8
Britain's rate setters meet this week on decide on whether to keep rates and QE on hold, while on the corporate front Johnson Matthey and Hornby prepare to unveil there latest results.<img width='1' height='1' src='http://telegraph.feedsportal.com.....

Eurozone crisis widens UK housing divide, CEBR says
The escalation of the eurozone crisis will widen the gap between a stronger British housing market in the south and a weaker market in the north, a think-tank has warned.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568.....