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Tuesday 19 June 2012

UK Financial News on 2012-06-19

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.....

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.....

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.....

UK inflation rate falls to 2.8%
The UK inflation rate fell to 2.8% last month owing to a slowdown in fuel and food price rises, figures show......

Fractious G20 seeks crisis unity
World leaders resume talks at the G20 summit in Mexico after a day of tense words over Europe's debt crisis, with a final unity statement expected......

Ryanair tries to buy Aer Lingus
Budget airline Ryanair launches another attempt to buy its biggest Irish rival, Aer Lingus, the day after an investigation was launched into its existing stake......

Walgreen buys 45% stake in Boots
US retailer Walgreen is to pay $6.7bn for a 45% stake in Alliance Boots in a deal that will confirm it as the world's biggest pharmacy......

China's 'Twitter' introduces fees
Sina Weibo, China's biggest Twitter-like microblogging platform, introduces a fee for premium features after posting a financial loss......

Spain's cost of borrowing jumps
Spanish borrowing costs on 12-month and 18-month bonds jump to 5.1% at its first debt auction since securing a 100bn euro bank bailout......

Rally for European stock markets
European stock markets rally on Tuesday afternoon, buoyed by hopes of US central bank stimulus measures, falling UK inflation and positive company results......

Oracle in $10bn share buy-back
Oracle, the US enterprise software giant, allocates an extra $10bn for share buy-backs, as fourth quarter results come in ahead of expectations......

Microsoft unveils Surface tablets
Microsoft has shown off an own-brand family of tablets called Surface which will help it challenge Apple's dominant iPad......

Royal Bank of Scotland sheds jobs
The state-owned Royal Bank of Scotland is to cut 618 jobs in response to new banking rules coming into force at the end of 2012......

Argos parent sees shares surge
Home Retail Group, owner of Argos and Homebase, sees its share price soar despite sales falling at the two retail operations......

Imagination sees profits rise 53%
Imagination Technologies, the British company behind the graphics for the iPad and iPhone, posts a 53% rise in full-year pre-tax profits......

Whitbread helped by Costa growth
Whitbread, the hotels and restaurants group, says it made a strong start to its financial year thanks to growth of its Premier Inn and Costa brands......

Data shows two-speed homes market
Signs of a two-speed UK housing market were revealed in official statistics on property prices which showed London homes rising fastest in value......

Fitch downgrades India's outlook
Ratings agency Fitch cuts its outlook for the Indian economy to 'negative' saying the country's growth faces "heightened risks"......

'Confidence crisis' in pensions
Some people are not saving enough for their retirement owing to a lack of confidence about pension investments, a survey suggests......

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

Number 10 orders childcare review
A review of childcare is launched as an independent review calls for the nursery workforce to be strengthened......

Union to 'smash the pay freeze'
The leader of the biggest public sector union will warn on Tuesday of possible strike action to end the pay freeze......

Post office hazards highlighted
Post Offices need to make it easier for people with sight and hearing loss to access them, Consumer Focus Wales says......

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......

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......

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......

AIJ president arrested for fraud
The president of AIJ Investment Advisors and three others are arrested on fraud charges relating to $1.4bn of missing pension funds......

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......

Australia warns magnate on media
Australian officials express concern that billionaire Gina Rinehart's increased stake in Fairfax media may compromise its independence......

Smith group drop bid for Rangers
The consortium led by former manager Walter Smith withdraws its offer to take over a 'newco' Rangers......

City unveils Youth Olympics bid
Civic and sporting leaders gather in Glasgow to launch the city's bid to host the 2018 Youth Olympics......

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......

AUDIO: Minister: 'More to do' on tax avoidance
Treasury minister David Gauke has said that HMRC are "on the case" of tax avoidance schemes......

AUDIO: Would you try to avoid paying tax?
As ministers promise to crack down on tax evasion, a new scheme helps people to avoid tax legally......

VIDEO: Microsoft joins tablet 'battle'
The BBC's technology correspondent Rory Cellan-Jones talks through the implications for the industry of Microsoft's own-brand family of Surface tablets......

VIDEO: Are Boots and Walgreen a good fit?
US retailer Walgreen is to pay $6.7bn for a 45% stake in Alliance Boots in a deal that will confirm it as the world's biggest pharmacy chain......

AUDIO: Can Spain stay in the euro?
Javier Diaz-Giminez, professor of economics at the I.E.S.E Business School in Madrid, explains the outlook for the Spanish economy......

VIDEO: Eurozone crisis 'alarms' G20 leaders
World leaders meeting at the G20 summit in Mexico have urged Europe to take all necessary measures to overcome the eurozone debt crisis......

AUDIO: Eurozone 'standoff between Franco-German axis'
The FT's Peter Spiegel says there could soon be "a single supervisor for the eurozone"......

VIDEO: Civil servants to work 'more effectively'
Peter Thomas from the Institute for Government said plans to slim the civil service will mean "they have to do things better, they have to do things differently"......

Quest for the online water-cooler moment
How innovation can get employees talking to each other again.....

Greece austerity: How far still to go?
How far has Greece come in its tough reforms?.....

Greek crisis worrying papers
Greek crisis worries the papers.....

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

U.S. Day Ahead: Markets want candy & the Fed is Willy Wonka
U.S. Markets Editor David Gaffen......

Wealth Strategies: Even the uber-wealthy feeling the pain
June 19 - CapGemini & RBC Wealth Management's latest World Wealth Report finds that volatile markets and the euro zone crisis has even put a dent in the wallets of the world's most affluent population......

Instagram looks to the past for the future
June 19 - Instagram CEO Kevin Systrom and celebrity chef Jamie Oliver are among the guests appearing at the LeWeb technology conference in London. Matt Cowan reports......

Trading at Noon: Microsoft takes on Apple's iPad
June 19 - The battle of the tablets heats up as Microsoft unveils its new Surface tablet computer......

Breakingviews: KKRs mega-LBO cure
June 19 - Rob Cox and Breakingviews columnists discuss the $6.7 billion sale of a stake in KKR-backed Alliance Boots and whether the buyer, Walgreen, can expect as good a return......

Spain's debt costs reach alarm levels
Junw 19 - Record borrowing costs for the Spanish government have prompted consternation to quickly return to markets, who seem to largely have forgotten Greece's election. Joel Flynn reports......

Europe Day Ahead: Respite for euro - but not in a good way
June 19 - The battered euro climbing back above $1.26 as investors hope the worsening European debt crisis will prompt central bank action......

German court's ESM ruling
June 19 - Germany's top court agreed that Angela Merkel's government did not adequately consult parliament on the euro zone's permanent bailout scheme the ESM, though the ruling is not expected to delay its ratification by Germany. Hayley Platt repor.....

Demands for Greek bailout revision grow
June 19 - Calls are growing for Greece's bailout conditions to be re-negotiated by the new government as they no longer apply to the economic reality in the country. Sonia Legg reports......

Greeks must give a coalition a chance
June 19 - Greeks have shown they want to remain in the euro zone, now they must give coalition government a fair chance say New Democracy......

Japan pension scandal
June 19 - Police in Japan make arrests over an alleged fraud involving more than 1.3 billion dollars of pension funds. Paul Chapman reports......

Reuters Today: G20 urges bold action from Europe
June 19 - Euro break-up risk recedes after Greece's election but markets remain jittery ahead of a key Spanish bond auction......

Expat pain: More HK bankers out of work
June 19 - One little-known casualty of Europe's debt crisis - senior Hong Kong bankers competing for a shrinking job pie......

U.S. Morning Call: Fed meeting begins, Dimon part II
June 19 - Federal Reserve begins its two-day policy meeting today and Jamie Dimon faces the heat when he appears on the Hill for a second time......

G20 leaders meet in Mexico in shadow of crisis
June 18 - Leaders of the G20 nations arrive for summit against backdrop of raging debt crisis. Rough Cut (no reporter narration)......

Wall St. yawns at Greek vote
June 18 - Summary of business headlines: Techs rally but Wall Street mixed as Europe keeps investors guessing; United Technologies to shop around unit of Pratt & Whitney -sources; Google says government censorship requests on the rise; G20 talks star.....

Obama: Greece election shows "positive prospect" for country's economic future
June 18 - U.S. President Barack Obama said the outcome of Greece's election showed a "positive prospect" for that country's economic future. Rough Cut (no reporter narration)......

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......

Facebook launches Olympics page
June 18 - The International Olympic Committee has worked with the world's largest social network to launch the new Olympics themed page, Explore London 2012, but athletes will not be allowed to share videos recorded inside Olympics stadiums. Matt Cow.....

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.....

Pharmacy2U appoints Andy Hornby as chairman
Andy Hornby, the former chief executive of HBOS, has been appointed chairman of Pharmacy2U marking a return to the healthcare industry just over a year after quitting as boss of Alliance Boots due to stress.<img width='1' height='1' src='http://te.....

Ofcom wants regular reviews of media groups
Media groups should have the extent of their influence assessed once every four or five years to prevent any single organisation from becoming too dominant, Ofcom, the media regulator, has said.<img width='1' height='1' src='http://telegraph.feeds.....

Boots' US deal a vindication of Pessina's grand design
The 2007 buy-out frenzy had many casualties, but the drugs chain is in rude health.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/208453b6/mf.gif' border='0'/><br/><br/><a href="http://da.feeds.....

G20 summit: perils of a half-baked rescue for Spain and Italy
Germany and France are doubling up on a high-risk gamble. The tentative deal at the G20 summit to mobilise the EU's rescue machinery to douse the raging fire in Spain and Italy comes in the nick of time, but is fraught with fresh dangers.<img widt.....

G20 Summit and debt crisis: as it happened June 19, 2012
European leaders are poised to announce a 750 billion deal to bailout beleaguered Spain and Italy by buying the countries' debts.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/208453ba/mf.gif' border='0'/><.....

Debt crisis: Europe forced to fill gap as ECB 'refuses' to buy bonds
Germany and France have been forced to unleash the full powers of the eurozone's bail-out funds because the European Central Bank refused to buy any more Spanish and Italian debt, Brussels sources have claimed.<img width='1' height='1' src='http:/.....

G20 Summit and debt crisis: live
European leaders are poised to announce a 750 billion deal to bailout beleaguered Spain and Italy by buying the countries' debts.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/207d75eb/mf.gif' border='0'/><.....

Ryanair in new bid for Aer Lingus
Ryanair has launched its third bid for rival airline Aer Lingus in six years, despite previous attempts having been blocked on competition grounds.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2083e5e7/mf.gif' .....

Britain's two-speed housing market unfolds
Signs of a two-speed UK property market emerged again on Tuesday after London house prices outpaced the rest of the country, according to official figures.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2083bc13/.....

Debt crisis: EU leaders set to announce 750bn Spain and Italy bailout deal
Move poised to send strong signal to markets that Germany is prepared to back its weaker economic neighbours.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2083bc14/mf.gif' border='0'/>.....

US politicians attack 'London loophole' as JP Morgan boss explains $2bn loss
Jamie Dimon, chief executive of JP Morgan, defended the bank's decision to locate in Britain large parts of the business that made a shock $2bn (1.3bn) as US politicians attacked its exploitation of the "London loophole".<img width='1' height='1' .....

Bankers' pay expectations are 'wildly out of line' - IMA
Bankers' pay expectations remain "wildly out of line" with other sectors, shareholder groups told the Treasury Select Committee.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/20833b66/mf.gif' border='0'/><.....

Debt crisis: Greece in 'final stretch' of forming coalition government
Greece's pro-European parties were in the "final stretch" of forming a coalition on Tuesday night, as EU and IMF officials were poised to visit Athens for talks on resuming payment of the country's bail-out funding.<img width='1' height='1' src='h.....

Chinese companies bid to build new UK nuclear power plants
Two Chinese state companies have backed rival bids to build nuclear power plants in Britain, it has emerged.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/20833b69/mf.gif' border='0'/><br/><br/>&l.....

FTSE 100 surges 1.7pc on stimulus hopes
Takeover tales whipped round the London market as the blue-chip index surged 1.7pc and the FTSE 250 jumped 1.4pc.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/20833b6a/mf.gif' border='0'/><br/><br/&.....

Eurozone countries slowly reaching accord on tackling debt crisis, says George Osborne
Eurozone countries at the G20 summit in Mexico are "inching towards" a wide-ranging scheme to deal with the problems of the single currency, Chancellor George Osborne has said.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726.....

G20 summit: Francois Hollande not amused by David Cameron's tax jibe
France's President Francois Hollande reacted coolly on Tuesday to a cheeky taunt from Britain's Prime Minister David Cameron that his tax policies would drive rich French people to London.<img width='1' height='1' src='http://telegraph.feedsportal.....

Chemring shares sink as profits hit by US defence delays
Chemring shares have sunk after the hi-tech defence equipment maker warned interim profits almost halved.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/20832483/mf.gif' border='0'/>.....

Hammerson sells London offices portfolio for 518m
FTSE 100 property company Hammerson has agreed to sell the majority of its London assets to one of the biggest developers in North America for 518m.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/207e783b/mf.gif'.....

Imagination Technologies hit by fears over reliance on Apple
Demand for Apple's iPhone and iPad helped chip-designer Imagination Technologies deliver a surge in profits last year, but its results were overshadowed by fears the company has become too reliant on the Californian business.<img width='1' height=.....

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......

La Scala opera house stars take 10pc pay cut amid Italian austerity
It may not quite make it The Beggar's Opera, but Italy's famed La Scala is to cut the salaries of its top directors, in line with the rest of the country's straitened economic circumstances.<img width='1' height='1' src='http://telegraph.feedsport.....

Obama's economy
A look at how the US economy has changed since Obama entered office.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2081fe68/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/13.....

FSA chief Hector Sants donates bonus to Kate Middleton's charity
Hector Sants, the chief executive of the Financial Services Authority, has declined his 143,750 bonus, choosing to donate the sum to a charity supported by Kate Middleton.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/56.....

Jimmy Carr tax avoidance scheme investigated by HMRC
Tax avoidance scheme used by comedian to pay as little as one per cent tax investigated by HMRC.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2081c5e7/mf.gif' border='0'/><br/><br/><a href="ht.....