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Monday 25 June 2012

UK Financial News on 2012-06-25

Venture capitalists and hedge funds challenge EU rules
Alternative investment industry unites in last-ditch fight against proposed depositaries regulation.....

Thomson Reuters eyes psychological edge with mind-reading software
Information provider Thomson Reuters has today launched a new psychological analysis trading tool that will help investors and traders understand how the markets feel.....

Investment banks barge into corporate lending
Investment banks are now lending directly to corporate and banking clients as public financing markets become increasingly costly or impossible to access.....

Traders face the brunt of equities staff cuts at banks
Research functions relatively well-shielded as equities knife falls disproportionately at banks.....

BIS: central bankers face damage to reputations
The Bank for International Settlements issues stark warning that central bankers are putting their credibility and independence on the line through lax monetary policy.....

Banks escape the worst of shareholder revolt
Research from Financial News shows voters have given investment banks an easier ride over the recent voting season than they did last year.....

Sub-prime winner braced for depression
One of the few hedge fund managers to anticipate the 2008 financial crisis is predicting a repeat, but much worse.....

Industry backs FSA against cosy claims
The UK's financial watchdog has been accused of being too cosy with those it is tasked with regulating.....

Vensel returns to back new FX service
Jack Vensel, a high-profile trading industry executive and a former head of Citigroup's European electronic franchise, has resurfaced after a five-month hiatus.....

Bloomers Lucida goes up for sale
The pensions insurer is in 'ongoing discussions' with potential partners and its parent, hedge fund Cerberus Capital.....

Webb slams Solvency II after Finlands great escape
A last-minute backlash is developing against solvency constraints the EC wishes to impose on annuity and pension scheme managers.....

Cyprus to ask for bailout help
Cyprus confirms that it will ask eurozone partners for a bailout to try to help shore up its banks, which are heavily exposed to Greece......

RBS boss blames software upgrade
The boss of RBS tells the BBC that a software change was responsible for the widespread computer problems affecting millions of customers' bank accounts......

Labour urges fuel duty rise delay
Labour says it will attempt to force the government to delay the 3p-a-litre rise in fuel duty due to come into effect in August......

Microsoft buys Yammer for $1.2bn
Microsoft has confirmed it has bought the office social network site Yammer which has five million users......

Unite amasses 25m strike fund
The Unite union has amassed a 25m strike fund to support workers involved in future industrial action......

New Greek finance chief resigns
Greece's newly nominated finance minister, Vassilis Rapanos, resigns due to ill health less than a week after being appointed to the post......

Sunderland get Africa sponsorship
English Premier League club Sunderland announce an agreement with not-for-profit group Invest in Africa to become their official shirt sponsor......

Gatwick boosted by passenger rise
Gatwick Airport has cut its pre-tax losses, helped by a rise in passenger numbers and new routes to the Far East including Hong Kong and China.....

India unveils plan to boost rupee
India announces a number of measures to prop up the rupee, which has been falling against the US dollar......

Billabong plunges on rights issue
Shares of Billabong plunge after the firm launches a plan to sell new shares at a heavily discounted price and cuts its earning forecast......

Shire hit as rival drug approved
Shares in pharmaceutical giant Shire fall in early trading after US regulators approve a rival's version of its second-biggest selling drug Adderall XR......

Europe crisis 'cuts aid to poor'
The European debt crisis has led to cuts in government development aid to poor countries, says a new report by the aid watchdog Data......

Sony and Panasonic in TV tie-up
Electronic manufacturing giants Sony and Panasonic agree to join forces to manufacture panels for TVs and big displays......

Greek PM cannot attend EU summit
Greece's new Prime Minister Antonis Samaras will miss this week's EU summit while he recovers from eye surgery......

Qatar seeks $5bn China investment
Qatar says it is applying for a licence under China's Qualified Foreign Institutional Investor programme to invest in its capital market......

PM considers big cuts to benefits
David Cameron suggests people under the age of 25 could lose the right to housing benefit - but a senior Lib Dem warns against a repeat of "1980s mistakes"......

Cameron urges benefits overhaul
Unemployment benefits could be cut for people who fail to get work over long periods of time, under Conservative plans to change the welfare system......

Shares hit by euro summit fear
Spanish and Italian shares fall sharply amid fears that an EU summit this week will again fail to produce a deal to shore up the euro......

Police to probe Rangers takeover
A criminal investigation is to be launched into Craig Whyte's takeover of Rangers Football Club in May last year......

VIDEO: NatWest to extend opening hours
Still battling with computer problems, NatWest and RBS will extend opening hours for the rest of this week......

AUDIO: 'Putting out the fire' of failed firms
The veteran "vulture investor" Wilburn Ross speaks to Simon Jack about his strategy to restructure failed businesses......

VIDEO: What are the ECB and Bank of England?
The banking sector is rarely out of the news, but what do the Bank of England and European Central Bank actually do?.....

VIDEO: Drug shortages hit Greece's sick children
John Humphrys discovers Greek families facing drug shortages for critically sick children and meets the pharmacist who cannot sleep for worry......

AUDIO: 'Extraordinary debacle' at RBS
RBS Group says customer accounts should be "largely back to normal" today after the chaos caused by technical glitches. Robert Peston has more details......

VIDEO: 'We couldn't pay suppliers'
Branches of NatWest, RBS and Ulster Bank are extending opening for a fifth day to help people affected by a computer glitch......

VIDEO: Supreme Court to rule on Obama-care
America's Supreme Court is expected to rule this week over the legality of President Obama's health care law......

The eurozone's reform wishlist
What changes could help keep the eurozone together?.....

Bond bubble: How it hits pension savers
Pension savers and the inflated value of government bonds.....

Are British strawberries under threat?
Are British strawberries under threat?.....

Tepco ex-execs get golden parachute
Golden parachutes spark outrage in Japan.....

U.S. Day Ahead: Time for Zynga to drop its Facebook habit
June 25 - Zynga has to tell investors how it's breaking its reliance on Facebook as a way to distribute its games when it holds its 'Unleashed' event on Tuesday......

Cyprus bids for bailout; Greek minister resigns
June 25 - Cyprus becomes the fifth country to seek financial assistance from the EU as confusion reigns in Greece after the chosen finance minister tells the prime minister he will not take up his post for health reasons. Sonia Legg reports......

Gandhi collection could sell for $1 million
June 25 - Thousands of letters, papers and photos relating to Mahatma Gandhi are expected to fetch more than a million dollars when they go under the hammer at Sotheby's in England next month. Edward Baran reports......

Trading at Noon: Wall St. Plummets; Eyeing Health Stocks
June 25 - U.S. stocks are getting hammered ahead of Thursday's Health care ruling and an EU summit.....

Brit promotes online French chic
June 25 - The French are renowned for their traditional fashion houses and sense of style. Now an Englishwoman is trying to show the benefits of shopping online with her internet retail guide, Nettement Chic, which analysts believe could help boutiqu.....

Breakingviews: Canadas loony house prices
June 25 - Jeffrey Goldfarb and Robert Cyran discuss how Canadas mortgage reforms arent standing up to the power of easy money......

Europe Day Ahead: Investors losing patience with euro zone
June 25 - Another week, another summit. This time investors aren't expecting any new concrete steps to solve the region's crisis. And that's being reflected in the markets......

3XSQ: Chesapeake and rival plotted to suppress land prices
report uncovers that Chesapeake Energy's former CEO led the company to plot with its top competitor, Encana, to suppress land prices......

Euro Crisis Watch: Merkel plays down summit hopes
June 25 - The German Chancellor Angela Merkel is worried that Europe is looking for "easy" solutions to the debt crisis in the run-up to this week's EU leaders' summit in Brussels......

Spain seeks help for banks 'too late'
June 25 - Spain formally requests European aid for its indebted banks, but the lack of details rekindled investor doubts over the financial sector. Ciara Sutton reports......

Greek PM ill, hope of summit action fades
June 25 - Both Greece's new prime minister and finance minister will miss a greatly-anticipated summit of European leaders due to illness, also delaying a visit by Athens' international lenders. The news is a blow for a summit where many hoped the le.....

Market Pulse: Spanish bank aid leaves investors in limbo
June 25 - A sea of red for European stocks and the euro falls, as uncertainty ahead of this week's EU summit builds. The lack of key detail on Spain's bank aid package also fuels the uncertainty......

Breakingviews: How 50bln could save the euro
Breakingviews editor Hugo Dixon......

World at Risk: Syria needs political, not military help
June 25 - The best way to topple the Assad regime is for outside powers to help develop political opposition parties within Syria rather than sending in the troops, says Chris Doyle of thinktank CAABU......

Breakingviews: RBS tech mess entrenches UKs free banking
June 25 - The highly visible computer glitch is a public relations disaster. British banks need depositors to pay more directly for services. That makes sense, but its a tough sell - and it just got tougher......

Incomplete infrastructure chokes India's growth
June 25 - Delayed infrastructure projects stymie India's economic growth. Julie Noce reports......

Reuters Today: Egypt reassures, Europe counts down
June 25 - Egypt's new Islamist president-elect is seeking to reassure the world that he will respect democracy, while Europe is counting down to yet another make-or-break summit......

Samsung says Q2 mobile profit higher than Q1
June 25 - Samsung launches Galaxy SIII in South Korea, dimisses concerns over availability and weak global economy, says 10 million will be sold by July. Arnold Gay reports......

U.S. Morning Call: Stock futures lower, RIM considers split
June 25 - U.S. stock index futures are down ahead of the open, and the UK's Sunday Times says RIM may split its business into two......

RBS computer failure condemns man to spend weekend in the cells
Defendant spent weekend in prison because RBS computer failure prevented his bail money being processed.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/20b474d5/mf.gif' border='0'/><br/><br/><a .....

Royal Bank of Scotland computer glitch Q&A
Q&A - Will savers get compensation due to RBS's computer problems?<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/20b489cd/mf.gif' border='0'/>.....

Guardian Media Group sells off radio unit to Global
Guardian Media Group (GMG) has sold off its radio business to Global Radio for about 70m, in an effort to stem its severe losses.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/20b474d7/mf.gif' border='0'/><.....

BT 'to lose 240m' on Premier League bet
BT Vision will lose 240m on its gamble to buy into Premier League football coverage, analysts have claimed.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/20b474d8/mf.gif' border='0'/><br/><br/><.....

Essar pays price for losing court case
A costly legal battle and foreign exchange losses plunged Essar Energy, the Indian oil and power generation group, into a $1.14bn (740m) pre-tax loss in the 15 months to end March, and sent the shares sliding again.<img width='1' height='1' src='h.....

Church minister Carmel Jones under investigation by FSA over loans
Reverend Carmel Jones, the ordained leader of a financial institution dedicated to supporting members of the Pentecostal church, is under investigation over allegations of issuing fraudulent loans.<img width='1' height='1' src='http://telegraph.fe.....

RIM battles to ward off BlackBerry crumble
BlackBerry was one of the more surprising symbols of the riots that blighted London last summer.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/20b3f5ad/mf.gif' border='0'/><br/><br/><a href="ht.....

S&P warns OBR's UK growth forecasts are too optimistic
Official forecasts for growth in Britain are based on unrealistic expectations that the private sector, consumer demand and foreign trade will drive a recovery, according to leading ratings agency Standard & Poor's.<img width='1' height='1' sr.....

Why can't the Bank of England be honest about use of the printing press?
Members of the Bank of England's Monetary Policy Committee should take heed of the warnings being sounded in the Bank for International Settlements (BIS) latest annual report before launching another bout of quantitative easing, as they are widely ex.....

Debt crisis: as it happened June 25, 2012
Cyprus applies to Europe for a bail-out to protect its financial sector from exposure to Greece, as global markets tumble ahead of this week's EU summit.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/20b3ecaa/mf.....

Debt crisis: Peter Sands documents show warning to David Cameron of euro danger to Britain
David Cameron has been warned by one of the country's leading bankers that the biggest threat to the City is the possibility of Britain leaving the European Union.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2.....

Gatwick is one answer to the noise pollution at Heathrow
While the aviation lobby gets all revved up about Heathrow airport, a second runway at Gatwick has its attractions.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/20b3ecac/mf.gif' border='0'/><br/><br.....

Debt crisis: Spain's formal request for 100bn fails to stem bail-out fears
Spain formally requested financial help from Brussels for its shattered banks on Monday, but the continued lack of detailed rescue plan compounded fears that Madrid will need a full international bail-out before a deal is agreed.<img width='1' hei.....

Debt crisis: Cyprus asks for bail-out
Cyprus became the fourth eurozone country to ask for an international bail-out with the admission it cannot cope with its spiralling national debt without external help.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/5683.....

Microsoft buys social network Yammer for $1.2bn
Microsoft has snapped-up internet start-up Yammer, which enables businesses to create their own private social networks, in a $1.2bn (770m) cash deal.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/20b3ecaf/mf.gi.....

Debt crisis: live
Cyprus applies to Europe for a bail-out to protect its financial sector from exposure to Greece, as global markets tumble ahead of this week's EU summit.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/20ad17bd/mf.....

Government review to call for apprenticeship shake-up
The apprenticeship system is blighted by a host of image, access and quality problems that present a "huge challenge" to encouraging more small companies to take on young trainees, according to the author of a Government review to be published next m.....

Market focuses on threat to Shire
British drug group Shire saw its shares plunge after US authorities gave the green light to a rival version of its treatment for hyperactivity, Adderall XR.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/20b38eab.....

Morrisons finance director to quit, shares fall
Richard Pennycook, the long-standing finance director at Wm Morrison, has surprised the market by announcing his departure, sparking a fall in the supermarket's share price.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/.....

City puts cost of RBS 'glitch' at between 50m and 100m
Analysts estimate RBS is facing a bill of between 50m and 100m as a result of the technical glitch that has hit its computer systems in the last week.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/20b2fa57/mf.gi.....

Nokia hit by Microsoft plans
Shares in troubled mobile phone maker Nokia slumped 7pc on fears that its recovery strategy may be damaged by competition from software partner Microsoft.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/20b312eb/m.....

Nokia hit by Microsoft plans
Shares in troubled mobile phone maker Nokia slumped 7pc on fears that its recovery strategy may be damaged by competition from software partner Microsoft.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/20b2fa58/m.....

Xstrata boss Mick Davis 'could resign in effort to save Glencore tie-up'
Xstrata chief Mick Davis may have to step down in an effort to rescue the miner's deal with commodity giant Glencore in the wake of a furious row over pay, a leading shareholder warned.<img width='1' height='1' src='http://telegraph.feedsportal.co.....

Greek finance minister resigns
Greece's new finance minister, Vassilis Rapanos, resigned on Monday after being ill in hospital for several days.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/20b3047a/mf.gif' border='0'/><br/><br/&.....

Debt crisis: Greek finance minister Vassilis Rapanos resigns after illness
Greece's new finance minister, Vassilis Rapanos, resigned on Monday after being ill in hospital for several days.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/20b2fa5a/mf.gif' border='0'/>.....