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Monday 18 June 2012

UK Financial News on 2012-06-18

Key debt talks signal shake-up in private equity
‘All-out war' at Blackstone-backed Klöckner as Biffa enters crunch restructuring with creditors.....

European investment banks face 21bn loss from Grexit
Investment banking units across Europe face €21bn in losses if Greece exits the eurozone, according to analysis by Credit Suisse.....

LSE chief warns regulatory agenda killing equity markets
Xavier Rolet has warned in an exclusive interview with Financial News that the global regulatory agenda is 'effectively killing' equity markets.....

Hohn keeps star quality with a dash of prudence
UK hedge fund manager has shown he can generate a double-digit return on the more-constrained fund he runs for the charity he supports.....

Fund manager CEOs fear euro uncertainty
Chief executives of fund management companies are far more pessimistic than last year, according to the annual Financial News CEO Snapshot Survey.....

Bank lobbyists crowd buyside on regulation fight
Bank lobbyists are crowding out asset managers in the debate over regulatory reform, according to Richard Saunders, the chief executive of the IMA.....

US high-frequency trader in talks with Dutch firm
Eladian Partners is considering taking a stake in a Dutch market-making firm as part of its expansion into Europe.....

Moleskine pens a new chapter
The owner of Italian firm Moleskine, the maker of luxury notebooks favoured by Ernest Hemingway and Henri Matisse, has hired Goldman Sachs, UBS and Mediobanca to help it list on the Borsa Italiana in Milan.....

Great promotion theres just one catch
In a challenging period for investment banks, the lustre of being named an MD is beginning to fade.....

Pressure builds for Georges fifth Budget U-turn
Advisers say a flawed attempt by Chancellor George Osborne to clamp down on tax avoidance will force him into a new strategy swerve.....

Wealth managers defy gloom to splash out on headcount
Wealth managers are on a hiring spree as they seek to take advantage of a steady rise in the number of millionaires across the world.....

G20 begins to grapple with crisis
Meetings between world leaders begin ahead of the G20 summit, at the Mexican resort of Los Cabos, against a backdrop of crisis in the eurozone......

SFO drops Tchenguiz fraud probe
The under-fire Serious Fraud Office tells property tycoon Vincent Tchenguiz that he is no longer under investigation and that his bail is cancelled......

Tesco to leave Japanese market
Tesco is to exit Japan in a two-stage process that will first see it sell a half-stake in its Japanese business to the country's Aeon group......

Banking stocks fall on Greek vote
European banking stocks fall sharply despite voters in Greece backing the pro-bailout New Democracy party in Sunday's elections......

Ford workers take strike action
Ford workers begin a 24-hour strike in a dispute over pay and pensions, but the car giant says it is "willing and available" for further talks......

House asking prices 'rise again'
House sellers pushed up asking prices for the third consecutive month as buyers chase relatively few homes on the market, a survey suggests......

More people 'to delay retirement'
Many people in their fifties appear to be planning to work past the age of 65, the current state pension age, research suggests......

Majestic toasts rise in profits
Majestic Wine reports a 14% rise in annual profits as it continues to enjoy increasing sales......

RWE abandons nuclear power plans
German power giant RWE will not build new nuclear stations in the UK and other countries outside its home market......

UK firm mulls $2.3bn Elster bid
UK-based investment group Melrose says it is in talks to acquire German gas, water and electricity meters manufacturer Elster......

Rolls-Royce gets 1bn sub deal
A 1.1bn contract to produce new reactor cores for the next generation of the UK's nuclear-armed submarines has been awarded to Rolls-Royce......

BAE Prestwick wins 15m contract
Two civilian planes are to be re-fitted for use by the Royal Air Force (RAF) in Afghanistan under a 15m contract awarded to BAE Systems in Prestwick......

C&WW investors back Vodafone bid
Vodafone's 1bn takeover bid for Cable and Wireless Worldwide looks set to succeed after C&WW investor Orbis said it would back the deal......

Man Group finance director quits
Kevin Hayes has stepped down as finance director of struggling hedge fund firm Man Group, and will be replaced by head of strategy Jonathan Sorrell......

Australia media group cuts jobs
Australia's Fairfax Media is to shed 1,900 jobs over three years and give two high-profile broadsheets a new "compact" format......

India keeps interest rate on hold
India's central bank, the Reserve Bank of India (RBI), leaves its key interest rate unchanged at 8% in a surprise move......

Shoppers prefer 'bogof' offers
Buy-one-get-one-free, or "bogof", deals are the most popular supermarket promotion among shoppers, a survey claims......

More reform needed, says Spain PM
Spanish Prime Minister Mariano Rajoy says action is needed to make the economy "more flexible and competitive" after the IMF calls for wider reforms......

China property prices dip further
Property prices in China fall further in May indicating that government policies put in place to curb speculation are having the desired effect......

Whisky and oil boost air numbers
A whisky festival, oil industry work and an islands' schools project pushed up numbers using small airports, operator says......

YouTube deletes 'terrorism' posts
Google reveals it deleted about 640 videos that allegedly promoted terrorism after a request from the UK's police......

Rangers have case to answer - SPL
The SPL says Rangers have a "case to answer" over player payments as a date is set for a vote on the club's request to stay in the league......

Ban call over 2012 ticket 'fraud'
Officials found to have sold London 2012 tickets on the black market should be banned from the Olympic movement, an IOC executive board member says......

Man City face Southampton first
Manchester City will begin the defence of their Premier League title against newly promoted Southampton at Etihad Stadium......

VIDEO: Eurozone crisis to dominate G20
World leaders are gathering in Mexico for a G20 summit which is expected to be dominated by concerns about the crisis in the eurozone......

VIDEO: Markets volatile after Greek elections
The BBC's Aaron Heslehurst on market reactions to the Greece election results - and leaders get ready for the G20 summit in Mexico......

VIDEO: Greek result no comfort for markets
The Greek election result has failed to stop concerns over faltering eurozone economies, with more bailouts looming......

VIDEO: Euro crisis to dominate G20
Europe's crisis is far from over and it is set to dominate the G20 summit in Mexico......

VIDEO: Germany targets work email overload
We all love to keep in touch with the latest gadgets but the constant stream of phone calls and emails when you have left the office can make out-of-hours time seem like you are still at work......

VIDEO: Market gains evaporate after Greece poll
The relief rally on world stock markets following news that pro-bailout parties in Greece had secured a narrow victory in this weekend's crucial elections has quickly run out of steam......

G20 summit to focus on eurozone debt crisis
The eurozone debt crisis will dominate the agenda at the G20 summit in Mexico.....

Does anything affect your statutory rights?
Does anything affect your statutory rights?.....

Singapore's 'supertrees' spark green thoughts
Can 'supertrees' get Singaporeans to think green?.....

Africa's middle class: Fact or fiction?
Is there an African middle class for business to profit from?.....

Burma: The next Asian tiger?
Can Burma grasp the opportunities of political reform?.....

Printing money: How to create a currency
IMF expert explains how to create new currencies.....

Stormy seas despite Greek results
June 18 - While the Greek election results have eased some immediate concerns, fears about Spain and Italy persist, is putting attention on the G20 and the Federal Reserve for what, if anything, can be done to help the global economy. Bobbi Rebell re.....

U.S. Day Ahead: Dark clouds still hang over the Fed
Correspondent Mark Felsenthal......

Merkel: Greece must stick to commitments.
June 18 - German Chancellor Angela Merkel says a new Greek government has to meet commitments made to international lenders......

Wealth Strategies: Favor U.S.-centric cos. post Greek vote
Despite the Greek's vote for austerity, problems remain in the euro zone, says Knight Capital's Peter Kenny, and that should favor sectors, like tech and chemicals, with less exposure to Europe......

Breakingviews: Gupta fear factor?
June 18 - Jeffrey Goldfarb and Reynolds Holding discuss whether the guilty verdicts against former McKinsey boss and Goldman director Rajat Gupta will deter other would-be insider traders......

Egan: Greece still headed for slide after key elections
June 18 - Greece is still going to default on its debt despite a pro-bailout party victory in weekend elections, according to Sean Egan, President of ratings agency firm Egan-Jones......

Trading at Noon: U.S. Stocks decline on Greek Elections
June 18 - With one crisis averted, financial markets look to Spain for the next possible sovereign debt crisis.....

Greece buys Europe time but no solution
June 18 - Investors' initial relief about the Greek election result was wiped out by fresh worries about Italy and Spain's debt problems. Analysts say the euro zone has bought itself some time, but the markets want to see a concerted effort to end th.....

Euro problems overshadow Greece
June 18 - As the conservative new Democracy party attempts to form a coalition government in Greece after a second election in as many months, problems in other euro area countries like Spain and Italy aren't getting any better. Joanne Nicholson repo.....

Europe Day Ahead: Greek pro-bailout vote rally short-lived
June 18 - Greek politicians are facing the challenge of forming a new coalition government from parties with very different agendas......

3XSQ: Greeks back the Pro-Bailout Party
June 18 - Greek voters stick with the current course by supporting pro-bailout parties......

Aussie anger over Fairfax media cuts
June 18 - Fairfax Media, publisher of some of Australia's leading newspapers, is to overhaul its top papers and slash almost one-fifth of its staff in a widespread shakeup of the country's media sector. Sonia Legg reports.....

Euro crisis watch: ECB holds fire despite Greek turmoil
June 18 - Mounting tension over Greece isn't enough to spur the ECB into renewed bond buying......

U.S. Morning Call: Greece Backs Bailout, Facebook fallout
June 18 - Greek voters stick with the current course by supporting pro-bailout parties and more Facebook IPO fallout......

Greek election: new government facing "huge" task
June 18 - Greece's former tourism minister says even an incoming majority government would have its work cut out. For the coalition it will be harder still......

Market Pulse: Can Europe please sing from same hymn sheet?
June 18 - The Greek election sparked a relief rally across risk assets, but if you overslept, you probably missed it. So says CMC Market's Michael Hewson, who says European leaders must speak with one voice......

No 'Drachmageddon' but relief rally ends
June 18 - European shares briefly rose to their highest level in a month on Monday after the victory of pro-bailout parties in Greece's election - but the rally was short-lived as investors began to worry again about Spain and Italy's debt problems. .....

Breakingviews: Euro banking union? Don't hold your breath.
Breakingviews editor Hugo Dixon......

Greek Election: Privatisation needs robust government
June 18 - With investors unwilling to commit funds to Greece right now, a robust government will serve privatisation plans well says the head of the Greek privatisation agency Costas Mitropoulos......

Breakingviews: Greek vote buys euro zone a little time.
June 18 - The Greek vote has bought some time, but the euro zone is not out of the woods yet, as the markets have been quick to show its not all about Greece any more say Breakingviews......

Markets face a long, hot summer ahead
June 18 - A sigh of relief for global markets after the Greek vote doesn't mean cooler heads will prevail for long......

Reuters Today: Greek result eases fear of euro break-up
June 18 - An election victory for pro-bailout parties staves off the prospect of Greece leaving the euro and brings relief to global markets......

Greece vote relieves markets
' Axel Threlfall talks about the situation on the ground in Athens......

Samaras win a victory for Europe.
The narrow victory of Antonis Samaras' New Democracy party in Greece's parliamentary elections will bring respite to markets, but the hard work is just beginning. Joel Flynn reports......

Greek Election: How it happened
Axel Threlfall reports from the streets of Athens during the Greek election and finds out how people feel on the morning after the night before......

Greek election, debt crisis and G20 Summit: as it happened, June 17 - 18, 2012
David Cameron outlines five key threats to the global economy, including the "muddle-headed" thinking that over-indebted countries can spend their way out of trouble.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/.....

Greek election, debt crisis and G20 Summit: Live
David Cameron has urged the Greek government to form a government quickly after election bounce in market fades as Spanish debt costs rise back to 7pc 'danger', triggering fresh euro fears<img width='1' height='1' src='http://telegraph.feedsportal.....

Clarks and Ford workers start industrial action
Clarks Shoes, one of Britain's biggest family-owned companies, has been hit by "work-to-rule" industrial action over pay.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/207ac0ec/mf.gif' border='0'/><br/>.....

LSE chief says regulation 'killing the equity markets'
New regulations are "killing" the equity market, according to Xavier Rolet, chief executive of the London Stock Exchange.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/207ac0f2/mf.gif' border='0'/><br/>.....

Reith Lecture: 'We're mortgaging the future of the younger generation'
The older generation is piling up debt at the expense of the younger generation, argues Niall Ferguson.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/207a61a7/mf.gif' border='0'/><br/><br/><a h.....

Spain pleads for ECB rescue as bond markets slam shut
Europe's leaders have vowed to mobilise all possible means to counter the region's escalating crisis after Spain's borrowing costs threatened to spiral out of control.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300.....

EU not at G20 to take lessons on economy, says Jose Manuel Barroso
Europe did not come to the G20 summit to take lessons in "how to handle the economy," the president of the European Commission insisted on Monday, as the Continent's debt crisis dominated a tense first day at the Mexican resort of Los Cabos.<img w.....

Asda looked at 1bn N Brown takeover deal
N Brown Group was a talking point as sources tried to play down speculation that Asda is interested in buying the home retail business for over 1bn.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/207ab53d/mf.gif'.....

There's so much hot air around, no wonder Melrose is bidding
You've got to hand it to Melrose. What better time to bid for a hot-air metering specialist?<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/207a3a45/mf.gif' border='0'/><br/><br/><a href="http:/.....

Debt crisis: Greek government will be forced to seek third bail-out
Greece is expected to ask for a third international bail-out agreement as soon as a government is formed, ramping up the pressure on Germany and Brussels to back the eurozone or break it.<img width='1' height='1' src='http://telegraph.feedsportal......

Chinese banks act to boost lending
China is set to allow its banks to convert loans into securities in an effort to boost lending as its economy begins to slow.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/207a33b2/mf.gif' border='0'/>.....

G20: don't expect any solutions from the international junketing in Mexico
It's Monday, so it must be time for another international summit. Gathered in the Mexican seaside resort of Los Cabos, G20 leaders will already be wondering why they've made the trip.<img width='1' height='1' src='http://telegraph.feedsportal.com/.....

Business Clinic: Do I need a non-exec director?
Expert advice on hiring and keeping a non-executive director to support a small company's growth.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2079c12e/mf.gif' border='0'/>.....

Cable calls for state support to boost new house building
The Government must underwrite the cost of building new social houses to help boost economic growth, Vince Cable has urged.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2079c135/mf.gif' border='0'/>.....

Debt crisis: Greece likely to need third bail-out as soon as new government is formed
GREECE is expected to ask for a third international bail-out agreement as soon as a government is formed, ramping up the pressure on Germany and Brussels to back the eurozone or break it.<img width='1' height='1' src='http://telegraph.feedsportal......

Shareholders approve sale of Plus to ICAP
ICAP has sealed a deal to buy Plus Stock Exchange following an eleventh hour about-turn by Middle Eastern investors.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2079c13b/mf.gif' border='0'/>.....

Opposition politicians urge Osborne to do more to help swap mis-selling victims
George Osborne has come under pressure to offer more help to the victims of the alleged mis-sale of complex interest rate hedging products by Britain's major banks.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/.....

Access Bank boss: Choose your own replacement
Nigerian banker-turned-entrepreneur Aigboje Aig-Imoukhuede on the value of picking your successor early.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2079c13d/mf.gif' border='0'/>.....

Tchenguiz threatens to raise 100m claim against SFO
Vincent Tchenguiz has threatened to raise his potential 100m damages claim against the Serious Fraud Office after it officially dropped a long-running investigation into the property tycoon yesterday.<img width='1' height='1' src='http://telegraph.....

Guardian Media Group sees losses widen on US expansion
Guardian Media Group saw losses widen last year, as the publisher of the Guardian and Observer newspapers counted the cost of its expansion in the US.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2079c140/mf.gi.....

Vincent Tchenguiz prepares to sue SFO for 100m
At least the police were courteous. When they appeared in Vincent Tchenguiz's bedroom at 6am on the morning of March 9 he was given time to shower and dress.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2079b85.....

Debt crisis: Bundesbank warns of uncertain economic outlook for Germany
The Bundesbank said it expects the German economy to pick up in the second half of the year but warned that the advancing debt crisis made the outlook uncertain.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/207.....

Debt crisis: Bundesbank warns of uncertain economic outlook for Germany
THE Bundesbank said it expects the German economy to pick up in the second half of the year but warned that the advancing debt crisis made the outlook uncertain.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/207.....

Annuity rates fall to new record low
Annuity rates - which determine the retirement income of millions of pension savers - have fallen to their lowest ever level.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2078d2ef/mf.gif' border='0'/><br/.....

How investors can thrive as the eurozone burns
Despite the economic turmoil, rushing to sell your investments would be a mistake, professional investors say.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2078b424/mf.gif' border='0'/>.....