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Wednesday 6 June 2012

UK Financial News on 2012-06-06

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 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.....

Spain rejects bailout speculation
Spain's economy minister rejects claims that the country is about to seek aid for its banking sector, as pressure grows on authorities to act......

ECB: Rising risks to euro economy
European Central Bank president Mario Draghi says risks to the eurozone economy have grown, but says it is up to governments to act, not the ECB......

LinkedIn passwords 'are leaked'
Social networking site LinkedIn is investigating claims that more than six million user passwords have been leaked by hackers......

US economy picking up - survey
The US central bank said its regular Beige Book survey of the economy showed growth increased over the past two months......

Scotch whisky firm to invest 1bn
Drinks giant Diageo is to invest 1bn in Scotch whisky production over the next five years to meet growing global demand......

UK construction sector 'slows'
Growth in the UK construction sector slowed to a three-month low in May, according to a closely-watched survey......

RBS share consolidation begins
Shares in Royal Bank of Scotland begin trading after the Diamond Jubilee weekend at a new level following a share consolidation......

France to lower state pension age
French president Francois Hollande unveils details of a plan to lower the retirement age to 60 for some workers - one of his key election pledges......

Low rates 'help young homeowners'
Low interest rates are easing the debt concerns of young homeowners but there is a danger of complacency, a charity suggests......

Power firm in $250m African deal
A joint venture involving Glasgow firm Aggreko wins a major deal to supply power plant to two Southern African countries......

Australia's growth beats forecast
Australia's economy grew by more than expected in the first quarter of the year, allaying fears of a global slowdown hitting its growth......

Downgrades for six German banks
Ratings agency Moody's cuts the credit ratings of six German banks and three in Austria citing concerns about the eurozone debt crisis......

YPF to invest $7bn a year to 2017
The new head of Argentina's state-controlled energy firm, YPF, says it needs to spend $7bn (4.5bn) a year for the next five years to boost output......

German industry declines in April
Industrial production fell in Germany in April, while official figures confirm zero growth for the eurozone economy......

Etihad in Virgin Australia deal
Abu Dhabi's Etihad Airways buys a 4% stake in Virgin Australia in a bid to expand its global presence and take on Gulf rivals......

Google offers state attack alerts
The search giant has introduced an alert system to warn users it suspects are the target of state-sponsored attacks......

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......

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

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......

Probe urged into Jubilee stewards
Ministers are urged to look into claims that unemployed people hired as unpaid stewards during the Jubilee ended up having to sleep under London Bridge......

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......

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......

Samsung reveals cloud gaming plan
Some TV owners will be able to play games designed for the Playstation 3 and Xbox 360 without having to own a console......

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......

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......

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: Napster creators launch Airtime
The creators of music downloading site Napster have launched a new video chat service called Airtime......

VIDEO: Greek tourism hit by crisis fear
Greek tourism has taken a huge hit as a result of the global economic crisis and the country's political unrest......

VIDEO: Spain rejects bailout speculation
Spain's economy minister has dampened speculation that the country is about to seek a bailout of its bank sector......

VIDEO: Can Britain gain from a costly China?
Rising costs in China mean that an increasing number of businesses are considering moving their production out of the country......

VIDEO: EC to propose new bank bond system
The European Commission is expected to suggest that the damage from a banking collapse is limited to bank bond holders rather than general depositors......

VIDEO: Concerns over children's advertising
A year after an official review into the way advertisers market 'inappropriate' products to children, parents are still concerned by the issue......

VIDEO: Internet to get massive upgrade
The internet has got a massive upgrade in terms of the number of websites that can be online, but analysts warn malware and viruses remain a big threat.....

South America sees new gold rush
South America sees rise in legal and illegal mining.....

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

Ancient Greek solution for debt crisis
How the Ancient Greeks would solve the financial crisis.....

Olympic sponsors eye London 2012 gold
Olympic sponsors chase London 2012 ambitions.....

My Business: Passion for online fashion
Why a comfortable professional took a risk in fashion.....

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

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

U.S. Day Ahead: Markets look to Bernanke
June 6 - Investors await a word from Federal Reserve Chairman Ben Bernanke, who speaks before a congressional committee tomorrow......

Trading at Noon: U.S. stocks surge on Spain rescue option
June 6 - Wall Street gained on news about ECB coming to the rescue of Spanish banks......

Saft Says: If the Fed Acts, Will it Really Matter
columnist James Saft says the bigger question is not whether the Fed will act, but will it really matter to global markets......

Russians cash in on Greek crisis
June 6 - Russian demand for Greek property has soared as property prices plummet and cash-strapped Europeans slow down on purchases amid deepening economic uncertainty. Joel Flynn reports......

Draghi: governments not ECB should fix crisis
June 6 - The European Central Bank put the onus firmly on euro zone governments to solve the bloc's debt crisis, dashing expectations it could take near-term action despite saying the currency area's economy was under increasing threat. Andrew Potter.....

Breakingviews: Wisconsin moves past political farce
June 6 - Antony Currie and Breakingviews columnists discuss the implications of Governor Scott Walkers recall election victory for November's presidential election......

Europe Day Ahead: BoE to resist rate-cut pressure
June 6 - The Bank of England is likely to resist pressure from the IMF, among others, and maintain its policy stance when it meets on Thursday......

Wilbur Ross: Why the U.S. is headed for recession
Job growth is anemic, industrial production is tumbling and consumers are spending more than theyre taking home, all of which adds up to a nation headed for a recession, says the CEO of WL Ross & Co......

3XSQ: Fed could provide more economic stimulus
June 6 - Atlanta Fed President Dennis Lockhart says the Fed may have to take additional action if the U.S. economy falters......

Drachma spells disaster say Greeks
June 6 - A switch from the euro back to the drachma would be a "catastrophe" for just about everyone, says citizens and business owners in Athens. Joel Flynn reports......

Spain asks Europe for help with banks
June 6 - Spain has appealed to its European partners to help revive its debt-laden banks, although EU sources say Madrid has not officially requested assistance and doesn't want political conditions. Joanna Partridge reports.....

Market Pulse: ECB to keep powder dry -- for now
June 6 - Mario Draghi is likely to urge Europe's governments to find their own solution to the region's crisis, rather than offering an immediate policy change......

Lagarde:"Lock EU leaders in room" until they create a plan
June 6 - What would you do if you'd be leader of Europe for a day? Take all euro zone leaders, stick them in a room and hide the key until the come up with a plan, says IMF chief Christine Lagarde......

Asmussen: ECB needs a 10 year plan for Europe
June 6 - ECB board member Joerg Asmussen says that in order to restore market confidence in the euro area the ECB needs to have an answer to where Europe wants to be in 10 years time......

Breakingviews: Europe needs to sort its prorities out
June 6 - Euro pundits and policymakers too often muddle up measures to build a better union with those needed to solve the immediate crisis, says Breakingviews......

No long-term slump at the pump
Oil prices may have tumbled recently but there were few bears stalking the halls of the World Gas Conference 2012 in Kuala Lumpur, with most executives seeing a rebound as inevitable......

Keynes is dead, discipline is king: Latvia central banker
June 6 - You can't buy stimulus with spending and it's time to bury Keynes, says Latvia central bank governor Ilmars Rimsevics......

Reuters Today: Spain's fatal hubris
June 6 - A senior G7 official says sheer pride is preventing Spain from seeking an international bail out. Most economists agree the ECB is unlikely to do much today to help......

U.S. Morning Call: Stock futures soar; Facebook mobile plan
June 6 - U.S. stock futures are pointing to a higher open on Wall Street, and Facebook sharpens mobile advertising......

Cyprus can't rule out bailout under right conditions -FinMin
June 6 - Cyprus is not in talks for an EU bailout but it can't rule it out if it is under the right conditions, says Cypriot Finance Minister Vassos Shiarly......

Could it be "Game Over" for consoles?
June 5 - The annual Electronic Entertainment Expo (E3) is the setting for a high stakes battle for video game console makers as the industry tries to find a game plan to fend off attacks from tablets and smartphones. Bobbi Rebell reports......

Bulls end retreat but doubts linger
June 5 - Summary of business headlines: Blue chips snapped a four-day losing streak in a modest rally as growth in the U.S. services sector offset concerns about a burgeoning European debt crisis. Conway G. Gittens reports......

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......

Nasdaq offers $40m to cover Facebook losses
Facebook investors caught up in the company's chaotic first day of trading will receive a "one time" compensation sum totalling $40m (25.8m), Nasdaq said on Wednesday.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300.....

David Cameron must bolster German ties, but not at the cost of our banks
Mario Draghi and his rate setters (sounds like a Eurovision entry) were right not to adjust their policy stance yesterday, despite the disagreements.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/20166819/mf.gif.....

Diageo's 1bn shot into malt whisky
Diageo is pouring more than 1bn into boosting Scotch whisky production as drinks giants look to take advantage of a "renaissance" in the centuries-old industry.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2016.....

Ladbrokes sacks betting-odds boss following investigation
Ladbrokes has sacked one of its most senior managers, head of liabilities Jon Thompson, on charges of internal misconduct, raising questions in the City over the bookmaker's structure.<img width='1' height='1' src='http://telegraph.feedsportal.com.....

Europe ready to rescue Spain's banks
European leaders are mustering resources to rescue Spanish banks, regardless of Madrid's protestations, amid intensifying pressure from markets and politicians around the world.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/3272.....

TNK-BP shareholder agreement between BP and oligarchs could be published
The confidential shareholder agreement governing the troubled relationship between BP and its oligarch partners in TNK-BP may be made public, Russian authorities said on Wednesday.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/3.....

Debt crisis: as it happened June 6, 2012
Wall Street and European markets rise after ECB leaves rates unchanged at 1pc, extends unlimited short-term cash offering to keep money flowing to banks and Draghi says downside risks far from Lehman turmoil.<img width='1' height='1' src='http://t.....

UK faces Brussels battle over bank reforms
The Government is facing another battle with Brussels after the European Union raised the prospect of cross-border bank bail-outs under wide-ranging reforms to protect taxpayers from a future financial sector collapse.<img width='1' height='1' src.....

Logica suffers after counter-bid scepticism
A long weekend helped to put a spring in the step of London's leading shares, but Logica lost out amid scepticism over whether a counter-offer could emerge for the IT services business.<img width='1' height='1' src='http://telegraph.feedsportal.co.....

British companies stop buying abroad
Acquisitions of foreign companies by UK businesses have fallen to their lowest level in 25 years as corporate Britain takes shelter from the recession and eurozone crisis.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/56.....

Banks hit back at PIRC's 40bn undeclared losses claim
Britain's banks have hit back at research from corporate governance group PIRC that claimed they are sitting on 40bn of undeclared losses.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2015c074/mf.gif' border='0.....

Spain launches investigation into Bankia management
Spanish prosecutors have opened an investigation into Bankia, only weeks after the embattled lender requested 19bn (15.4bn) in state aid to prevent its collapse.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/201.....

Debt crisis: Live
Wall Street and European markets rise after ECB leaves rates unchanged at 1pc, extends unlimited short-term cash offering to keep money flowing to banks and Draghi says downside risks far from Lehman turmoil.<img width='1' height='1' src='http://t.....

British corruption is more common than recognised, report warns
Corruption in Britain is more prevalent than is currently recognised with potentially damaging consequences for the economy, Transparency International warned.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2015a.....

Moody's cuts German bank ratings on fears of "limited" ability to deal with new losses
Germany's major banks have a "limited" capacity to deal with losses resulting from the eurozone financial crisis, according to Moody's, which cut the credit ratings of several of the country's largest lenders.<img width='1' height='1' src='http://.....

French president Francois Hollande cuts retirement age
France's new socialist government cut the country's retirement age in the face of the eurozone's deepening crisis, citing "social justice" to explain a move that goes against austerity efforts across the region.<img width='1' height='1' src='http:.....

Rupert Murdoch's News Corp buys out Disney from Asian TV joint venture
News Corp, Rupert Murdoch's media holding company, has bought out The Walt Disney Company from their joint venture, Asian TV group ESPN Star Sports (ESS).<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2014b960/m.....

Ex-Bernard Madoff worker admits tax charges
A former employee of Ponzi scheme fraudster Bernard Madoff has pleaded guilty to charges that he took part in a scheme to pay fake salaries as part of a tax fraud.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2.....

HMRC warning to London 2012 Olympic torchbearers
Olympic torchbearers may have to pay tax if they decide to sell their keepsakes to the highest bidder, they have been warned by the taxman.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2014571f/mf.gif' border='.....

Warren Buffett: US recession risk 'very low'
The chances of the US slipping back into recession are "very low", billionaire investor Warren Buffett has said, unless the eurozone crisis escalates further.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/201457.....

US recession risk 'very low', Buffett says
The chances of the US slipping back into recession are "very low", billionaire investor Warren Buffett has said, unless the eurozone crisis escalates further.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/20140f.....

Euro break-up: which banknotes could be making a comeback?
Spain has become the latest eurozone nation to say it needs outside assistance.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/20140f1b/mf.gif' border='0'/>.....

British savers get Cyprus protection
The Bank of Cyprus is opening a UK-based subsidiary to ensure savers' deposits are protected by the Financial Services Compensation Scheme.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/20145722/mf.gif' border='.....

A 25,000 investment gain - without risking a penny
The Telegraph is relaunching its hugely popular Fantasy Fund game with 25,000 to be won by the winning investor.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/20140f22/mf.gif' border='0'/>.....

LinkedIn investigates 'theft' of 6.5 million passwords
LinkedIn, the professional networking website, is investigating claims that 6.5 million of its users' passwords have been stolen and published on a Russian computer hacking forum.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32.....