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Tuesday 26 June 2012

UK Financial News on 2012-06-26

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.....

News Corp confirms possible split
Rupert Murdoch's News Corporation has confirmed that it is considering splitting itself into two separate companies......

RBS says 99% of accounts updated
RBS Group says nearly all RBS and NatWest accounts have now been updated, after a major computer glitch a week ago disrupted payments......

King 'pessimistic' about economy
Bank of England governor Sir Mervyn King says he is "pessimistic" about the global economy, saying the situation has worsened in the past few weeks......

Qatar wants better Xstrata merger
The planned merger between mining firm Xstrata and commodity trader Glencore could be in doubt as Xstrata's second-largest shareholder said it wants better terms......

Deal agreed for oil refinery sale
Hundreds of job losses are confirmed as the sale of an Essex oil refinery site is agreed......

Zynga bets on Farmville 2 game
Video game developer Zynga unveils a sequel to its most popular and highest earning title......

EU unveils vision for the future
European authorities unveil their vision for the future of the eurozone, including calls for a European treasury to have power over national budgets......

Planned 3p fuel duty rise delayed
The government will delay a 3p-a-litre rise in fuel duty from August until next January, it announces......

US house prices 'rise in April'
US house prices rose in almost all major cities in April, the closely-watched Case Shiller survey indicates......

Ocado shares plunge post results
Online grocer Ocado says the potential impact of the Olympics makes it hard to forecast third quarter sales......

World's oldest bank gets bailout
The world's oldest bank, Italy's Monte dei Paschi di Siena, has received state help to bolster its finances......

Indian finance minister resigns
Pranab Mukherjee resigns as India's finance minister to run for president as the ruling Congress-led alliance candidate......

Greece names new finance minister
The Greek government appoints a new finance minister after its first choice resigned due to ill health less than a week after being appointed......

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

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......

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......

Japan house passes sales tax bill
Japan's lower house backs PM Yoshihiko Noda's controversial plan to double sales tax, but the vote lays bare a deep rift in the ruling party......

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......

S Korea to halt Iran oil imports
South Korea says it will suspend all imports of Iranian oil amid a European Union insurance ban on vessels carrying the product......

Nadir fled UK as a 'broken man'
Polly Peck tycoon Asil Nadir was a "broken man" who had no hope of a fair trial when he left the UK in 1993, he tells the Old Bailey......

Rinehart in Fairfax sale warning
Australian billionaire Gina Rinehart threatens to sell her Fairfax Media stake if she is not offered board seats "without unsuitable conditions"......

Carpetright says market is 'weak'
Having issued a string of profits warnings in the past year, Carpetright releases results and warns of a "weak and volatile" market......

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......

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......

VIDEO: Fuel tax freeze: 'It all helps'
Motorists have welcomed the government's announcement that it will delay a 3p-a-litre rise in fuel duty until January......

VIDEO: How to slash your energy bills
Households are wasting up to 86 a year on electricity bills by leaving gadgets on standby, a survey by the Energy Saving Trust has found......

VIDEO: Unpaid pension after RBS upgrade
RBS says a software upgrade was responsible for the widespread computer problems which are still affecting millions of customers' bank accounts......

VIDEO: RBS glitch affecting businesses
Businesses are still experiencing problems following a software upgrade at RBS which affected millions of bank accounts......

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: How to attract firms to cities
BBC Radio 5 live Wake Up To Money looked into why companies seem less interested in relocating to city centres......

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?.....

Gambling boom a mixed blessing for Macau's youth
Gambling boom a mixed blessing for Macau's youth.....

Brand Becker: Life after tennis for Wimbledon legend
Life after tennis for the Wimbledon legend.....

How elderly care could be crowdworked
The remote controlled robot that could look after you.....

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?.....

U.S. Day Ahead: Durable goods looking less solid
June 26 - American manufacturers could be in for a slowdown and Facebook gets rated by its underwriters......

Trading at Noon: Rupert Murdoch's 'splitting' headache
Editor Peter Lauria discusses the possible move......

Car tech to keep us driving for longer
TV takes a look inside Ford of Europe's Research and Advanced Engineering Centre to see how new technologies will help avoid "global gridlock" and keep elderly motorists driving longer. Joanna Partridge reports......

Breakingviews: Facebooks gender bend
June 26 - Breakingviews columnists discuss the appointment of COO Sheryl Sandberg as Facebooks first female director and what it means for women fighting for greater representation in the boardroom......

Summit scepticism hits Spain, Italy costs
June 26 - As Spain played down hopes of a quick rescue of its banks, its short-term borrowing costs nearly tripled. Scepticism ahead of Thursday's EU Summit is also driving up Italy's borrowing costs. Joanna Partridge reports......

Cyprus rescue may equal half its economy
June 26 - Cyprus, the fifth euro zone country to seek emergency funding from Europe, may need a bailout that is more than half as big as its economy, officials say. Ciara Sutton reports......

Europe Day Ahead: Franco-German meeting ahead of EU summit
June 26 - Angela Merkel and Francois Hollande meet to try to hammer out some compromises on solutions to the euro zone crisis, ahead of a formal summit on Thursday......

Lower interest rates would have limited impact-ECB's Bonnici
......

Still can't say home prices have bottomed: Yale's Shiller
June 26 - Yale's Robert Shiller says, even after the S&P/Case-Shiller Home Price Index posted a monthly gain in April, there's still a chance prices could fall more......

3XSQ: Rupert Murdoch may follow Sumner Redstone's lead: WSJ
June 26 - Murdoch considers splitting News Corp into two companies according to WSJ, something fellow media mogul Sumner Redstone did with Viacom......

Market Pulse: sentiment on knife edge in EU summit countdown
June 26 - Credit Agricole strategist Peter Chatwell says markets will welcome the bailout for Spanish banks provided tough conditions are not attached.....

Euro 2012: semi final picks
June 26 - We find out where the smart money's going ahead of the Euro 2012 semifinals featuring Portugal versus Spain and Italy versus Germany......

Breakingviews: Split is no panacea for News Corp's woes
June 26 - Spinning off the scandal-hit publishing arm could make the movie and broadcasting businesses more profitable, but rehabilitation will be slow with Murdoch at the helm......

Reuters Today: EU summit to beat expectations....for once
June 26 - Hopes for the EU summit are so low, markets can only be pleasantly surprised by what leaders come up with, says RBC Capital Markets Senior European Economist James Ashley......

Angry Birds egg on Chinese copycats
June 26 - Angry Birds creator Rovio is enlisting some unusual allies as it sets out to conquer China -- the pirates counterfeiting the firm's avian superstars......

U.S. Morning Call: News Corp mulls splitting into two: WSJ
June 26 - News Corp may separate its publishing assets from its more lucrative entertainment business, according to the Wall Street Journal......

In the Boardroom with Lucy Marcus: Women Directors, mission accomplished?
June 26 - As Facebook appoints its first female director, Lucy Marcus talks to Lord Davies, author of Women on Boards, about quotas, how the UK and U.S. compare, and why women lag men at self-promotion......

June giveth, June taketh away
June 25 - Summary of business headlines: S&P loses monthly gain as euro doubts rise; Credit Suisse readies job cuts -sources; U.S. new home sales reach two-year high; Microsoft buys Yammer. Conway G. Gittens reports......

Supreme business win on immigration
June 25 - The U.S. Supreme Court came down hard on Arizona's tough immigration law, making it clear the issue is a federal one, and giving businesses a sigh of relief. Bobbi Rebell reports......

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......

Glencore and Xstrata merger close to collapse as Qataris oppose deal
The $65bn (41.6bn) mega-merger between commodities giant Glencore and miner Xstrata was close to collapse last night after Qatar's sovereign wealth fund said it would oppose the deal.<img width='1' height='1' src='http://telegraph.feedsportal.com/.....

David Mellor played "crucial" role in disputed multi-million pound property transaction
Former Tory Minister David Mellor played a "crucial" role in a property deal that is now at the centre of a court battle involving a Russian multi-millionaire and a member of the British aristocracy.<img width='1' height='1' src='http://telegraph......

John Lewis could be coming to a corner shop near you
John Lewis, the department store of choice for millions of middle-class shoppers, is looking to expand into hundreds of small towns through a tie-up with a chain of corner shops, or another partner.<img width='1' height='1' src='http://telegraph.f.....

If News Corp splits, the pressure will increase on its publishing division
If News Corporation pushes ahead with plans to split, it would reveal a company regaining some of its poise.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/20bdc192/mf.gif' border='0'/><br/><br/>&l.....

News Corp split could be part of bigger masterplan
The idea of splitting News Corporation's newspaper interests from its television ones is not a new one, but never has it had so much traction with the boss.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/20bd703b.....

Newscorp: how Rupert Murdoch's empire stacks up
News Corporation, Rupert Murdoch's sprawling media empire, generates $33.4bn (21.4bn) in revenues and $4.9bn in operating profit a year.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/20bd703c/mf.gif' border='0'/.....

BP safety back in spotlight as explosion kills worker in US
BP faces fresh scrutiny over its safety record after an explosion at a gas plant in America killed one worker and injured two more.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/20bd703d/mf.gif' border='0'/>&.....

Italy in 2bn bail out for world's oldest bank
Italy has been forced to bail out the world's oldest bank, Banca Monte dei Paschi di Siena, after it failed to find private investors to plug a 2bn (1.6bn) shortfall.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/.....

Debt crisis: Spain mulls VAT hike in austerity push
Spain is considering plans to raise VAT in a bid to meet tough deficit targets set by Brussels.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/20bdb007/mf.gif' border='0'/><br/><br/><a href="htt.....

Debt crisis: as it happened - June 26, 2012
New proposals for a "banking union" pose a threat to London, proposals prepared for Friday's EU summit show, while Angela Merkel says there won't be shared debt in Europe "as long as I live".<img width='1' height='1' src='http://telegraph.feedspor.....

OECD weighs into US politics by calling for inequality cut
The US should increase taxes on the wealthiest Americans to cut inequality, according to the Organisation for Economic Co-operation and Development.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/20bce60c/mf.gif'.....

Ireland's once richest man Sean Quinn in contempt of court
Businessman Sean Quinn and two relatives could face "punitive" actions a court in Dublin has been told.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/20bd63ac/mf.gif' border='0'/>.....

Ireland's once richest man in contempt of court
Businessman Sean Quinn and two relatives could face "punitive" actions a court in Dublin has been told.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/20bce60f/mf.gif' border='0'/><br/><br/><a h.....

Angela Merkel rules out eurobonds for 'as long as I live'
Angela Merkel has firmly rejected the use of eurobonds ahead of a crucial summit in Brussels this week, ruling out jointly guaranteed eurozone debt for "as long as I live".<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/5.....

RBS directors including Fred Goodwin dismiss 3bn shareholder lawsuit
RBS directors, including former chief executive Fred Goodwin, have said they did nothing wrong in the run up to the lender's collapse.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/20bdb008/mf.gif' border='0'/&g.....

Fred Goodwin: we weren't at fault in RBS failure
RBS directors, including former chief executive Fred Goodwin, have said they did nothing wrong in the run up to the lender's collapse.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/20bd703e/mf.gif' border='0'/&g.....

RBS directors dismiss 3bn shareholder lawsuit
RBS directors, including former chief executive Fred Goodwin, have said they did nothing wrong in the run up to the lender's collapse.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/20bce611/mf.gif' border='0'/&g.....

Bank of England governor says FSA must investigate RBS glitch
Sir Mervyn King has said the Financial Services Authority should launch a "detailed investigation" of the computer problems at Royal Bank of Scotland.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/20bce612/mf.gi.....

Croda rises on talk of 'robust' second quarter
Chemicals company Croda International was in demand as traders remained ambivalent about which direction stockmarkets are heading.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/20bcc1c8/mf.gif' border='0'/>&l.....

Debt crisis: live
New proposals for a "banking union" pose a threat to London, proposals prepared for Friday's EU summit show, while Angela Merkel says there won't be shared debt in Europe "as long as I live".<img width='1' height='1' src='http://telegraph.feedspor.....

UK deficit goal at risk after weak borrowing
George Osborne is facing a "major battle" to meet his deficit reduction targets after government borrowing rocketed above expectations due to the double-dip recession.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300.....

Deficit goal at risk after weak borrowing
George Osborne is facing a "major battle" to meet his deficit reduction targets after government borrowing rocketed above expectations due to the double-dip recession.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300.....

Lords Economic Affairs Committee: as it happened - June 26, 2012
Business leaders from the Institute of Directors and CBI give their views on independence for Scotland at the Lords Economic Affairs Committee.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/20bc80c0/mf.gif' bord.....

Ocado shares fall on Olympic worries
Shares in Ocado, the online grocery business, fell heavily after it admitted that it had lost out during the Jubilee weekend and could be hit by disruption caused by the Olympics.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32.....

Lords Economic Affairs Committee: Live
Business leaders from the Institute of Directors and CBI will give their views on independence for Scotland at the Lords Economic Affairs Committee this afternoon.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2.....