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Tuesday 12 June 2012

UK Financial News on 2012-06-12

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.....

Spain borrowing costs hit record
Spain's borrowing costs hit a euro-era high, while Italy's yields touch levels not seen for months, as optimism over the Spanish bank bailout fades......

WPP faces backlash over pay deal
Advertising group WPP faces a shareholder revolt over its executive pay report, which includes a 6.8m deal for chief Sir Martin Sorrell......

UK reopens data probe into Google
The Information Commissioner's Officer reopens its investigation into how Google's Street View cars captured users' data......

Pensions deficits 'at new high'
The finances of the UK's final-salary pension schemes reached a new high in May, according to the Pension Protection Fund......

Euro woes hit airline's ambitions
The owner of British Airways, International Airlines Group (IAG), says the economic woes in the eurozone have hit its expansion plans......

Birmingham's accounts questioned
The auditors that signed off the latest annual accounts of Birmingham City FC question whether the club gave them all the required details......

Surprise fall in factory output
There was a surprise fall in UK manufacturing output in April, official data shows, raising fresh fears about the wider economy......

UK to make BMW sportscar engine
BMW says it will produce the engine for its i8 petrol-electric supercar at its Hams Hall factory near Birmingham......

Kodak's bankruptcy auction plan
Kodak files a motion with a US bankruptcy court to sell off more than 1,000 patents to save the firm......

Overseas growth boosts Ted Baker
Fashion brand Ted Baker reports a 16% rise in total half-year sales, helped by expansion overseas......

Liechtenstein taxes to yield 3bn
UK tax authorities now expect to raise 3bn from tax dodgers who have hidden their wealth in Liechtenstein......

Rangers to re-form as new company
Rangers will re-form as a new company after a creditors' deal was rejected by Revenue and Customs......

India output weaker than forecast
India's industrial output rose by less than expected in April, figures show, adding to concerns about the health of its economy......

BBA announces new chief executive
The British Bankers' Association announces that Anthony Browne, who currently works for Morgan Stanley, will be its next chief executive......

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

Sainsbury's buys e-book retailer
Sainsbury's enters the digital books marketplace by buying HMV's stake in Anobii, an online retailer of e-books, for just 1......

Tokyo tops expensive cities poll
Tokyo becomes the world's most expensive city for foreign staff to live in, overtaking the Angolan capital Luanda, according to research......

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......

Smart meters 'are privacy risk'
An EU data watchdog warns of the "considerable risks" posed to privacy by new energy smart meters"......

New inflation measure proposed
A new measure of inflation is being proposed by the Office for National Statistics to include the cost of owning a home......

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......

Employers 'cautious' about hiring
UK employers are continuing to hire new staff but are becoming more cautious about doing so, two surveys suggest......

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......

Qantas rises on bid defence move
Qantas shares surge after reports the Australian airline has appointed the Macquarie Group to help defend against any takeover bids......

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......

Fans must back owners says Mackay
Cardiff City fans must trust the club's Malaysian owners after the change of colours from blue to red says Malky Mackay......

Games bonus for Heathrow Express
Staff working on Heathrow Express during the Olympics will receive a bonus of 700, the Rail, Maritime and Transport union says......

AUDIO: Markets 'confused' over Spanish bailout
Julian Chillingworth, chief investment officer at Rathbone Unit Trust, explains why optimism in the markets over a Spanish banking bailout fizzled out.....

AUDIO: How much do chief executives earn?
BBC Radio 5 live took to the streets to find out if people knew how much chief executives earned in 2011......

AUDIO: Fishing: UK 'want to end discards'
EU ministers are meeting to discuss fishing policy, in particular regulations applied to "discard", as nearly one in every 10 fish caught at the moment is thrown back, dead or dying. Fisheries minister Richard Benyon and chef Hugh Fearnley Whittingst.....

VIDEO: Discrimination and equality law changes
The government is set to change some of the legislation covering human rights, equalities and discrimination......

VIDEO: Apple vs Google war heats up
Apple's war with Google heats up as it announces plans to kick Google Maps off its iPhone and replace it with its own mapping application......

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......

Resource depletion: Opportunity or looming catastrophe?
Why global food and energy prices will keep rising.....

Burma starts work on its tattered image
Burma starts work on its tattered image.....

How do mothers cope with the euro crisis?
How do mothers across Europe deal with the financial crisis?.....

Using apps to mend our streets
The apps that help keep roads running smoothly.....

Hedge funds: Do some mislead their investors?
Have they been misleading their investors?.....

Planning Google Search's future
Google finds ways to make search more intelligent.....

How would Greece switch currencies?
How would Greece switch currencies?.....

U.S. Day Ahead: JPM's Dimon should come out swinging
Breakingviews' Rob Cox......

Fitch downgrades Spanish banks
June 12 - Fitch Ratings downgrades 18 Spanish banks less than a week after the agency cut the country's sovereign debt rating. Sonia Legg reports......

Trading at Noon: Apple touts new features, products
June 12 - Wall Street applauds Apple for introducing new services, including a mobile mapping app, which competes with Google......

Breakingviews: Toxic banker bonuses glowing
June 12 - Rob Cox and Jeffrey Goldfarb discuss new wrinkles in Credit Suisses innovative 2009 payout scheme and why JPMorgan should consider something similar for its whale trades......

ECB doesn't expect any country to leave euro -Constancio
June 12 - Downside economic risks could put added pressure on the euro zone's banks. But the ECB doesn't expect any country to leave the euro, says ECB Vice-President Vitor Constancio......

Europe Day Ahead: Italy rejects casting as next euro villain
June 12 - Italy takes centre stage in the debt crisis; Inditex earnings a worry; OPEC price hawks squawk for action......

Wealth Strategies: Hiring to pick up in Q3, Manpower says
Jun. 12 - The latest employment outlook survey from ManpowerGroup finds that U.S. employers are increasing their hiring plans in the third quarter, with companies across all regions expecting to add staff......

LIGHTNING ROUND: More Fed stimulus won't impact growth
Jun. 12 - With interest rates across the board at multi-decade lows, Cumberland Advisors' David Kotok says more Fed bond-buying programs are unlikely to have a big impact on growth......

3XSQ: More trading troubles for Jamie Dimon
June 12 - JPMorgan executives and directors reportedly knew about the bad trades that resulted in a $2 billion loss for the bank, says the WSJ......

U.S. Morning Call: Stock futures up; JPMorgan's bad trades
June 12 - U.S. stock futures are pointing to a higher open on Wall Street, and the WSJ reports JPMorgan directors knew of bad trades that cost the bank at least $2 billion......

Market Pulse: Ignore the bond market at your peril
June 12 - European stocks and the euro eke out gains, but Spanish and Italian yields rise. Which market to believe? No contest - bonds every time, says CMC Market's Brenda Kelly. Plus, a technical look at oil......

Breakingviews: UK banks' euro zone firewall needs boost
Breakingviews......

Taming China's boisterous banks
June 12 - As China undergoes a slowdown, investors and regulators look under the hood of the country's massive, state-dominated banking sector, charged with keeping the world's second-largest economy ticking......

Reuters Today: Euro to rebound to $1.27 as jitters ease
June 12 - Amid the lack of clarity surrounding Spain's 100 bln bank bailout and uncertainty over Greece's election, expect a short period of calm and the euro to recover to $1.27. So says City Index......

Poverty drives child labour in India
June 12 - Millions of children in India continue to be driven into labour by poverty, as the world marks World Day Against Child Labour. Sarah Sheffer reports......

Weapons fair eyes more bang for buck
June 12 - The global arms trade is suffering from the downturn in state spending in the West, according to experts at an international arms fair in Paris. Sonia Legg reports.....

Europe still a pain, despite Spain
June 11 - Summary of business headlines: Wall Streets love affair with a Spanish bank bailout was short lived; Saudis set to call for OPEC boost; Apple expands Siri's voice, but walks on Googles turf. Conway G. Gittens reports......

Banks brace for likely downgrade
June 11 - U.S. banks have prepared for an expected downgrade by Moodys. But the consequences if and when it happens could trickle down far beyond the banks themselves. Bobbi Rebell reports......

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 .....

George Osborne: Greek euro exit may be needed to convince Germany to take action
A Greek exit from the eurozone may be needed in order to persuade Germany to sign up to the measures needed to secure the survival of the single currency, George Osborne said on Tuesday.<img width='1' height='1' src='http://telegraph.feedsportal.c.....

Mario Monti insists Italy 'will not need a bailout'
Italy will not need a bail-out to survive the economic debt crisis, prime minister Mario Monti declared on Tuesday, amid fears Rome may be forced to call for aid.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/20.....

Debt crisis: Bundesbank scuppers all talk of EU banking union
Germany's central bank has shot down EU proposals for a European banking union, warning categorically that eurozone liabilities cannot be shared without a fundamental shift towards fiscal and political union.<img width='1' height='1' src='http://t.....

Italy's debt worries add urgency to Merkel's dream of integration
Mario Monti, the Italian prime minister, is due to meet France's Francois Hollande on Thursday in Rome and protecting Italy from Spanish contagion ought to be high on the agenda.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/327.....

Why Hong Kong is wrong about its LME bid
The fate of the London Metal Exchange is about to be decided and a key board meeting is expected to convene on Wednesday.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/204475c9/mf.gif' border='0'/><br/>.....

Debt crisis: as it happened, June 12, 2012
Spanish 10-year bond yields jump past 6.8pc, a 13-year high, as German Chancellor Angela Merkel warns that any funds for the country will be tied to reforms of its banking sector.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32.....

Al Jazeera threatens BSkyB in football rights battle
Shares in BSkyB edged down today as the auction for Premiership Football rights went into extra time, fuelling expectations that Al Jazeera has made a bid.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/20489ab5/.....

Apple turns its back on Google
On the surface, this year's Apple Worldwide Developers Conference in California marks the launch of major changes to the tech giant's iOS operating system.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/20485199/.....

SSE attacks secrecy of nuclear subsidy talks
Government negotiations with French energy giant EDF over subsidies for new nuclear power are being conducted in "a smoke-filled room", the chief executive of rival company SSE claimed yesterday.<img width='1' height='1' src='http://telegraph.feed.....

Banks must strengthen capital, warns BoE policymaker
Banks must strengthen their capital positions now in order to protect the UK against a potential economic collapse in the future, a leading policy maker has warned.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/.....

Debt crisis: live
Spanish 10-year bond yields jump past 6.8pc, a 13-year high, as German Chancellor Angela Merkel warns that any funds for the country will be tied to reforms of its banking sector.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32.....

Debt crisis: Spanish borrowing costs hit euro-era high
Spain's borrowing costs hit their highest peak since the birth of the euro, as bond markets punished eurozone sovereigns amid continuing concerns over Madrid's bail-out and a Greek exit.<img width='1' height='1' src='http://telegraph.feedsportal.c.....

Debt crisis bail-outs: Who gets what?
Spain's claim that its 100bn (80bn) bail-out was without economic conditions has caused ripples.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/204844f2/mf.gif' border='0'/><br/><br/><a href="ht.....

Analysts bet on Glencore pulling off merger
It is just a month until shareholders vote on the proposed merger of Glencore International and Xstrata, which - if given the green light - could create a mining giant that would be the 10th biggest company in the FTSE 100.<img width='1' height='1.....

Black hole in final salary pensions hits all time high
The black hole in British companies' final salary pension schemes has grown to a record 312 billion.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2048dbf9/mf.gif' border='0'/>.....

Black hole in final salary pensions hits all time high
The black hole in British companies' final salary pension schemes has grown to a record 312 billion as stock market turmoil and the Bank of England's policy of printing money have massively increased pension deficits.<img width='1' height='1' src=.....

Playtech 'clouds the picture' with 6m a year software deal
Fresh questions have been raised over Playtech's corporate governance and disclosure after the gaming software group detailed three related-party deals with its 48pc shareholder, Teddy Sagi.<img width='1' height='1' src='http://telegraph.feedsport.....

London in focus as JP Morgan chief Dimon faces Congress
The London arm of JP Morgan that racked up billions of dollars of trading losses will come under fire in Washington on Wednesday as a powerful Senate committee grills Jamie Dimon, the bank's chairman and chief executive, over the trading loss that st.....

Syriza accuses Germany of 'terrorising' Greek voters
Greece's Leftist Syriza party has accused Germany of "terrorising" Greek voters into supporting pro-bail-out parties in a repeat election being held on Sunday, and claimed that Berlin and Brussels were bluffing in their threats to cut off emergency f.....

EC preparing secret plans for Greek euro exit
Legal advice on capital controls, including limits on withdrawals from Greek bank accounts, and emergency border restrictions, has been provided by the European Commission to eurozone governments drawing up plans for Greece to leave the euro.<img .....

Anthony Bolton loses shareholders 26pc
Bolton's Fidelity China Special Situations share price lost 26.4pc in the year to March 31, 2012.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2046e2eb/mf.gif' border='0'/>.....

Anthony Bolton loses shareholders further 26pc
Bolton's Fidelity China Special Situations share price lost 26.4pc in the year to March 31, 2012.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2046d7d7/mf.gif' border='0'/><br/><br/><a href="h.....

UK government is damaging aviation industry, warns BA boss Willie Walsh
Willie Walsh, the head of International Airlines Group, British Airways' parent company, has accused the Government of doing all it can to damage air travel and warns of missed opportunities.<img width='1' height='1' src='http://telegraph.feedspor.....

3bn due in Liechtenstein tax plan
Up to 3bn is set to be raised by 2016 from British taxpayers with money hidden in Liechtenstein, HMRC said.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/204690ff/mf.gif' border='0'/><br/><br/><.....

Spanish bond yields reach euro-era high
Spanish and Italian bond yields are climbing to dangerous highs as investors remained unconvinced that the 100bn (81bn) bank bailout for Spain will help the country keep control of its finances.<img width='1' height='1' src='http://telegraph.feeds.....