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Monday 11 June 2012

UK Financial News on 2012-06-11

Banks slow out of the blocks in Olympics race
With the 2012 Olympics fast approaching, fears are rapidly growing that the industry is ‘underprepared' for the strain the Games will place on London's infrastructure.....

EU considers imposition of gender quotas
The number of women on the boards of European companies may be increasing, but the pace of change will have to accelerate dramatically if the corporate world is to ward off mandatory quotas being imposed by the European Union.....

Italian banks suffer value squeeze
The combined value of the European country's listed financial firms is barely the same as that of toothpaste maker Colgate Palmolive.....

Leading high-frequency trading firm makes Hong Kong push
Getco has started trading directly on Hong Kong's stock exchange for the first time, just weeks after a rival scaled back its presence in the region.....

Women in Finance: Focus on board diversity is the tip of the iceberg
Progress at the top has not yet filtered down to women on the front line.....

Spanish bailouts raise spectre of moral hazard
If Spain avoids the onerous terms and conditions attached to a government bailout by obtaining direct external funding for its banks, the burden is likely to fall on bond and equity investors, analysts have warned.....

Its good to talk but stay at home
One of America's most influential regulators has had its international hospitality budget cut from $3.55m to $25,000 a year.....

BNP Paribas weighs up asset management business sale
Future of £510bn business under review as French bank mulls capital raising options under tougher regulatory requirements.....

ED&F Man picks over bones of MF Global
Hires of 50 ex-staff from bankrupt former parent will aid push in currency, debt and equities.....

Private equity trade sales hit Euro record
Market volatility and tight debt markets have prompted a surge in private equity firms exiting investments through trade sales.....

Chinese investors ride ETF helter-skelter
Record-breaking $5.3bn Chinese exchange-traded fundraising has faltered by $1.3bn in value since launch last month.....

Fears remain despite Spain deal
Concern remains about eurozone debt, despite the 100bn-euro bailout of Spain's banks, as borrowing costs for Italy and Spain both rise......

Tesco sees quarterly sales fall
Tesco's UK sales fall 1.5% over the past three months, in what the retailer said was "a challenging quarter for the industry as a whole"......

Airbus wing fix could take weeks
Airbus has confirmed its flagship A380 planes could be grounded for up to eight weeks if work to repair cracks in their wings is done in one go......

Shedding bad staff 'to be easier'
Vince Cable announces plans to make it easier for firms to remove under-performing workers in return for a pay-off, proposals welcomed by business but criticised by the unions......

Account application fraud rising
More people appear to be lying abut their finances when trying to open new bank accounts, according to credit checking firm Experian......

Apple ditches Google Maps in iOS6
Apple ditches its use of Google Maps in its latest mobile operating system, instead opting for its own mapping software......

Majestic cuts minimum delivery
Majestic Wine is to halve the minimum number of bottles of wine that customers must order if they wish to have them delivered from 12 to six......

Large bonus for Thames Water boss
Thames Water boss Martin Baggs is awarded a pay package worth almost 900,000 at a time when the company is imposing a hosepipe ban on its 8.8 million customers......

Laura Ashley sees sales rise 5.4%
Laura Ashley is continuing to defy the doom on the High Street, reporting a big rise in sales, led by its revamped website......

Iata: EU airline losses to surge
The International Air Transport Association almost doubles its forecast for losses at European airlines to $1.1bn (706m) for 2012......

UK short-term prospects 'better'
A survey of businesses says short-term business prospects have improved but the eurozone crisis may dent longer-term growth......

KPMG chair heads new market body
A top private sector auditor is being drafted in to head the body which will supervise UK markets from next year......

Flybe hit by 'challenging year'
Flybe reports an annual loss after a "challenging year", saying it was affected by the weak UK economy and record fuel prices......

Huge Nigerian cement plant opens
The biggest cement factory in sub-Saharan Africa is opened in Nigeria by Africa's richest man, Aliko Dangote......

Apprenticeship review is launched
The government has launched a review into the future of apprenticeships in England to ensure they serve the needs of business......

China trade data in surprise rise
China's export growth rise, while inflation slows, in a sign of strength in the world's second biggest economy......

Silicon Valley Bank opens in UK
Silicon Valley Bank, the US hi-tech bank with $20bn in assets, opens its first UK branch offering banking and loan services to the UK tech industry......

People 'taking more food risks'
People are taking more risks with their food as finances become tighter, such as ignoring use-by dates, a Food Standards Agency survey suggests......

Metro Bank to open more branches
Metro Bank, which first opened in London in 2010, plans to expand its business across the South East with another seven branches......

Property market 'still stagnant'
Houses are taking longer to sell because of the stagnation of the property market, surveyors say......

Workers to run SeaFrance ferries
The assets of liquidated ferry firm SeaFrance are awarded to Eurotunnel in a deal that will bring three ships back into service......

Rangers could make early signings
Charles Green confirms Rangers could try to sign players before officially exiting administration......

VIDEO: Markets positive over Spanish bank deal
Markets in Europe and Asia have risen in response to the bailout of Spain's banks that was agreed over the weekend......

VIDEO: Eurozone crisis hits European airlines
Europe's airlines will make a combined loss of $1.1bn (706m) this year warns the International Air Transport Association......

AUDIO: Silicon Valley Bank opens first UK branch
Phil Cox, UK Head of Silicon Valley Bank, speaks to the Today programme's Simon Jack on the opening of their first UK branch......

AUDIO: Cambridge University launches bank
The chief executive of the Cambridge & Counties Bank told Radio 5 live Wake Up To Money why it is being launched......

VIDEO: Heathrow third runway U-turn ahead?
Pressure from both inside and outside government is growing for a rethink on aviation policy which opposes a third runway at London's Heathrow Airport......

VIDEO: Single currency 'ending in disaster'
The single currency is "ending in disaster" says City AM editor Allister Heath who said the planned bailout "probably won't be enough" to save Spain and it may have to come back for more money......

How trouble in the eurozone affects you
How eurozone turmoil affects your finances.....

Go East, young person
How internships in China can help students.....

Give Greece a chance
Small businesses connect to 'sell' the country.....

Economy key in Mexico's election
Why the economy is a key issue for Mexican voters.....

U.S. Day Ahead: Market focus back on Greece
June 11 - European debt woes are set to give investors a sore head Tuesday and the IMF's Lagarde could expand on how Spain's bank bailout will be managed......

Wealth Strategies: U.S. safe despite ongoing euro zone woes
June 11 - Cumberland's David Kotok says that, while the Spanish bank bailout might not be enough to solve Europe's woes, the U.S. economy is insulated thanks to the rebound in energy, housing & manufacturing......

"New world" of cyber threats warning
Global Media and Technology Summit in London, internet security expert Eugene Kaspersky reiterated calls for a global agreement to combat 'cyber weapons'. Matt Cowan reports.....

3D tool offers view of the future for architects and urban planners
Jun 11 - Urban planners and architects will soon be able to take a virtual tour of houses and neighbourhoods to help them make important design and planning decisions. The Fraunhofer Institute for Industrial Engineering in Stuttgart says their 3D Vir.....

HSBC's clean water plan to boost growth
June 11 - A study commissioned by HSBC shows that poor management of water resources could stifle economic growth in some of the world's most rapidly developing economies. Hayley Platt reports.....

Trading at Noon: Wall Street euphoria fades away
June 11 - U.S. stocks turn negative as investors focus on the upcoming Greek elections......

Spain told bank aid will be supervised
June 11 - Financial market optimism over Spain's rescue package for its banks was short-lived, as investors and analysts asked for details about the bailout. EU and German officials say Spain faces supervision by international lenders, as Cyprus the .....

Breakingviews: Top tip on Groupon
June 11 - Richard Beales, Rob Cox and Rob Cyran discuss Groupons strategy to consolidate its online coupon business and why it might one day buy OpenTable......

An avocado a day might keep the doctor away
June 11 - Researchers in Mexico say avocado oil could be used to counteract the effects of diseases such as diabetes and hypertension. Acocado is already well-known for its cholesterol-fighting properties but now, the scientists say it contains antio.....

Europe Day Ahead: Devil in the detail for Spanish bank deal
June 11 - The euro zone needs to spell out the details of its Spanish bank bailout deal to stop a slide in confidence according to analysts......

Euro crisis watch: Spain 0, banks 100 billion
June 11 - Spain's 100 billion bank bailout diverts the public's attention away from the country's opening game in Euro 2012. It seems relief on the field lasts a little longer than the market relief off it......

3XSQ: Nasdaq/Facebook turbulence
June 11 - WSJ reports the Nasdaq CEO was unreachable while on a flight back to NY post Facebook IPO, missing calls from the SEC......

Spanish mixed about bank bailout
Spanish markets see gain after bank bailout announced, but analysts and everyday Spanish still worried about unemployment and austerity. Jessica Gray reports......

France's Hollande set for parliament win
June 11 - President Francois Hollande's party will likely walk away with a majority in parliament after the first round of voting, but some worry voter apathy could affect the final tally. Jessica Gray reports......

Markets, banks bounce on Spain bailout
June 11 - European equities rose on Monday morning, and Asian shares closed up, after the weekend's bailout for Spain's struggling banks prompted investors to buy shares and especially battered financial stocks. Joanna Partridge reports.....

Market Pulse: 100bln doesn't buy you much these days
FX analyst Neal Kimberley......

In the Boardroom: Non-Profit boards need diversity and drive
June 11 - The Dean of St. John the Divine, Rev. Jim Kowalski, talks to Lucy Marcus about why a non-profit board needs diversity and why members need to ask tough questions......

Breakingviews: Greeks caught between rock and hard place
June 11 - Breakingviews editor Hugo Dixon says Greeks must choose between the pain of sticking with the euro and the chaos of bringing back the drachma......

Euro 2012: England face in-form French
June 11 - England face a tough opening tie against a French side unbeaten for 21 games. Plus a look ahead to the second round of group games......

Breakingviews: Euro zone could still clash over Spanish banks
June 11 - Spain prepares to recieve up to 100bln in bailout funds, but strict conditions must be imposed to avoid wasting the money, says Breakingviews......

Decoder - Is China hot or not?
June 11 - Does the recent flurry of China economic data herald the end of the country's galloping growth story?.....

Spain's bank bailout: 100bln unanswered questions
Breakingviews' Peter Thal Larsen give their analysis......

Reuters Today: Spanish bank rescue respite likely to prove short-lived
June 11 - Asian stocks and the euro jump after the Spanish government asks the EU for as much as 100 bln to help its troubled banks - but analysts doubt the gains will last......

U.S. Morning Call: Futures higher after Spain bailout
June 11 - U.S. stock futures are up after euro zone finance ministers agreed Saturday to lend Spain up to 100 billion euros for its ailing banks......

PM Rajoy says his reforms saved Spain from full rescue
June 10 - Spanish Prime Minister Mariano Rajoy welcomes euro zone finance ministers' agreement to lend Spain up to 100 billion euros. Deborah Lutterbeck reports.....

Lord O'Donnell: Treasury in danger of being 'swamped'
The Treasury is in "danger of being swamped by the pressures placed on it" and should consider receiving funding from the financial services industry, the former Cabinet Secretary said last night.<img width='1' height='1' src='http://telegraph.fee.....

Apple WWDC: iOS 6 dumps Google Maps
Apple has signalled its rivalry with Google by creating its own maps application for the iPhone and iPad, dumping Google Maps from the popular iOS mobile operating system.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/56.....

Debt crisis: as it happened, June 11, 2012
Spain faces supervision by international lenders after a 100bn bailout for its banks agreed at the weekend, EU and German officials said, contradicting Prime Minister Mariano Rajoy.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/.....

Defeatist talk at Tesco points to a long, hard turnaround
Philip Clarke has his work cut out to find some sales growth at home and abroad.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/203e51b3/mf.gif' border='0'/><br/><br/><a href="http://da.feedspor.....

Debt crisis: live
Spain faces supervision by international lenders after a 100bn bailout for its banks agreed at the weekend, EU and German officials said, contradicting Prime Minister Mariano Rajoy.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/.....

This latest euro fix will come apart in less than a month
Another day, another sticking plaster solution from beleaguered eurozone policymakers.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/203e51b8/mf.gif' border='0'/>.....

Debt crisis: Greek vote keeps markets guessing
No sooner has one eurozone crisis been apparently dealt with than another rears its head again.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/203e51bc/mf.gif' border='0'/>.....

8bn of investor cash earmarked for UK company rescues
More than 8bn of firepower is waiting to be invested in rescuing bombed-out companies across Europe as fund managers and rich individuals inject cash into the turnaround industry.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32.....

Alex - Monday, June 11
<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/203dce31/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/136712266465/u/3/f/568300/c/32726/s/203dce31/a2.htm"><img src="h.....

RBS ups pension contributions
Royal Bank of Scotland has risked sparking anger amongst employees after increasing contributions for its final salary pension scheme from zero to 5pc of salaries.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2.....

Apax spends $1bn for oil software company Paradigm
London-based buyout group Apax has signed a $1bn (643m) deal to buy Paradigm, a software company specialising in the oil and gas sector.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/203deae0/mf.gif' border='0'/.....

Former Innospec chief executive Paul Jennings pleads guilty to paying bribes
The former chief executive of chemicals group Innospec has pleaded guilty to paying bribes to officials in Iraq and Indonesia.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/203deae1/mf.gif' border='0'/><br.....

Mouchel shareholders to be almost wiped out
Shareholders in crisis-hit support services group Mouchel have been warned they will be left with only "limited value" in their investment if a rescue debt restructuring is secured.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/.....

Debt crisis: S&P warns India facing downgrade
India is on the verge of losing its investment grade credit rating and becoming the first of the high flying Bric countries to suffer a eurozone-style downgrade.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/203.....

Debt crisis: Markets fall back and bond yields rise as Spanish reality sets in
Equities across Europe fell fell back and bond yields rose in the afternoon as doubts began to emerge about the weekend's 100bn Spanish bank bailout.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/203b1a16/mf.gif.....

China to build 70 new airports in three years
China is set to build 70 new airports in three years, the head of the country's civil aviation watchdog said on Monday.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/203d8397/mf.gif' border='0'/><br/>&l.....

The tax advantages of getting married
Tax and pensions are the least romantic reasons for getting married, but tying the knot does bring financial benefits.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/203d113a/mf.gif' border='0'/><br/><.....

Adam Posen's speech: in full
Bank of England policy maker Adam Posen has urged the UK central bank to buy assets other than Government bonds. Here is his speech in full<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/203d113e/mf.gif' border='.....

Workers miss out on 2.5bn in pensions tax relief
Workers are missing out on a total of 2.bn in tax relief because they are not paying into a pension, research suggests.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/203d1142/mf.gif' border='0'/><br/>&l.....

Central banks should buy assets other than government bonds, says Bank of England's Adam Posen
Bank of England policy maker Adam Posen has urged the UK central bank to buy assets other than Government bonds.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/203d1147/mf.gif' border='0'/><br/><br/&g.....

Fitting move for Anthony Sinclair, 007's tailor
Anthony Sinclair, the tailor that dressed James Bond, is being revived by an entrepreneur hoping to capitalise on the 50th anniversary of the film franchise.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/203cb5c.....

Debt crisis: EU contradicts Rajoy and says Spain will be supervised
Spain faces supervision by international lenders after a bailout for its banks agreed at the weekend, EU and German officials said, contradicting Prime Minister Mariano Rajoy who had insisted the cash came without such strings.<img width='1' heigh.....

Silicon Valley Bank opens first UK branch
A US-based bank dedicated to supporting firms in the technology sector has opened its first UK branch.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/203c277e/mf.gif' border='0'/><br/><br/><a hr.....

Cyprus could ask for bailout within days
Eurozone member Cyprus has strongly hinted that it may have to apply for an international bailout before the end of this month, both for its banks and its general coffers.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/56.....

Tesco's retailing rise: in graphs
Tesco has reported its third consecutive fall in quarterly UK trading. Here, we take a closer look at Britain's largest retailer.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/203bbcca/mf.gif' border='0'/><.....