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Monday 2 July 2012

UK Financial News on 2012-07-02

New equities threat as trading slumps
Low volumes and little hope of a revival mean firms are having to rethink their strategies.....

Hedge funds to win depositaries reprieve
The European Commission is set to allow hedge fund managers to avoid the strictest version of a rule on the liability of depositaries, a custody service that managers claim could cost investors $6bn a year.....

Breakfast just got a whole lot more expensive
Corn prices surged 25% last month to $6.35, but Rabobank analyst predicts rise to record $8.....

Political pressure grows for pension shake-ups
A political lobbying campaign is due to start today to create one of the UK's largest pension fund authorities by forging 35 London council pension schemes into one with £25bn under management......

Hacktivists target Russian banks over Sochi Olympics
A Twitter account claiming to be part of the Anonymous hacktivist group has announced plans to attack 10 Russian banks in protest at the 2014 Winter Olympics.....

We regret to inform you that the trainline.com sale has been delayed
Exponent's sale of the £300m UK online ticketing company thetrainline.com has hit delays,.....

Clients took 2bn out of Hermes last year
BT pension scheme-owned asset manager's latest account reveal net withdrawals last year.....

Marex to hire up to 100 in bid for status
Marex Spectron, the London-based futures brokerage backed by former Lehman Brothers executives in 2010, plans to hire up to 100 additional staff over the next year.....

HFT chief confident of reprieve on Mifid rule
Remco Lenterman expects regulatory proposal aimed at reigning in high-frequency traders to be dropped.....

Rate-rigging prompts bank inquiry
Prime Minister David Cameron announces a parliamentary inquiry into banking, as the Serious Fraud Office considers criminal prosecutions over rate-fixing......

GlaxoSmithKline 'guilty of fraud'
Drug giant GlaxoSmithKline will pay $3bn (1.9bn) in the largest healthcare fraud settlement in US history in a case concerning three drugs......

Airbus launches first US factory
European plane manufacturer Airbus has confirmed plans to build a $600m (483m) factory in Alabama, marking its first facility on US soil.....

Dell to buy Quest software firm
Dell will buy the US software firm Quest for $2.4bn (1.53bn) as it expands its software business to offset falling demand for personal computers......

Eurozone unemployment up again
Unemployment in the eurozone hit 11.1% in May while the downturn in its manufacturing sector continued, according to official statistics......

House price changes still diverge
House prices rose slightly in May but the market in England and Wales was still defined by significant regional variations, the Land Registry says......

Apple 'settles China iPad case'
Apple has agreed to pay $60m (38m) to Chinese firm Proview to settle a dispute involving rights to the "iPad" name, a court in China says......

Alliance Trust raises Isa charges
The investment company Alliance Trust is increasing its annual management charge for customers who use it to open a stocks and shares ISA......

UK manufacturing slump continues
The UK manufacturing sector shrinks for a second consecutive month in June as the eurozone debt crisis continues to hit export orders......

Cheaper mobile charges in place
New rules to prevent "bill shock" when using mobile data in Europe and to cut the cost of calls overseas have come into force......

Japan business sentiment improves
Japanese manufacturers are less pessimistic about business conditions, the Bank of Japan's (BOJ) Tankan survey shows......

China manufacturing growth slows
China's manufacturing activity grows at its slowest pace in seven months adding to fears about a slowdown in its economy......

PM 'prepared to consider EU vote'
David Cameron says he is prepared to consider a referendum on the UK's relationship with the EU, but only when the time is right......

Indian gang held over ATM trick
A gang which used a novel trick to make cash machines think no money had been taken is arrested in India......

Window cleaner stuck on the Shard
A window cleaner became stuck on the 72nd floor of the Shard in south London in windy conditions, it is revealed......

NI bank customers 'back of queue'
Shadow NI Secretary Vernon Coaker says he is concerned Northern Ireland Ulster Bank customers have been "put to the back of the queue" by the RBS Group......

RBS sacks traders over Libor fix
The Royal Bank of Scotland has sacked four traders over their alleged involvement in the Libor-fixing scandal, it emerges......

VIDEO: PM announces banking inquiry
David Cameron has announced a parliamentary inquiry into the banking industry.....

VIDEO: Cold callers ignore blocking lists
A BBC Panorama investigation has found that some telemarketing companies are not complying with government rules on cold calling......

AUDIO: UK new building projects slump
BBC Radio 5 live asked why the construction activity fell by 4.9%, its sharpest fall since the first quarter of 2009.....

VIDEO: Who can make Sindy dolls popular again?
The doll that used to be Britain's favourite "girl next door" disappeared from the High Street......

VIDEO: EU stops buying oil from Iran
The European Union stopped buying oil from Iran since 1 July in order to target the country's main source of income......

AUDIO: Libor was City's 'worst kept secret'
Barclays chairman Marcus Agius is to step down as a result of the scandal over the fixing of the Libor inter-bank lending interest rate. Business presenter Simon Jack gives the latest news and Carrick Mollenkamp, a reporter from Reuters who investiga.....

AUDIO: The 'demise' of popular capitalism
After the economic upheaval of recent years, and the accompanying scandals, is it possible to create a better sort of capitalism? In the first of two reports, Anne McElvoy, of The Economist asks whatever happened to the popular capitalism of the 1980.....

VIDEO: 1.2bn lost in rail 'fragmentation'
Labour's shadow transport secretary said rail passengers were being "clobbered with the highest fares in Europe" while the government gave the industry 4bn a year in subsidies......

Gold vs money: Which should we trust?
Would we be better off returning to the gold standard?.....

Cold-callers flout privacy rules
The telemarketing firms flouting privacy rules.....

Private jets reject image of opulence
Private jet sector rejects image of opulence.....

Will California bite the high-speed rail bullet?
Will California's high-speed rail plans be derailed?.....

U.S. Day Ahead: Auto Sales to peak to 5 year high
July 2 - U.S. auto sales are expected to clock in at an annualized rate of 13.9 million for June......

Airbus CEO: U.S. plant will double market share in 5 years
July 2 - Fabrice Bregier, the CEO of Airbus, says the company's announced assembly plant in Mobile, Alabama will create 1,000 new jobs and will help double U.S. market share in the next five years......

Trading at Noon: Merger Monday heats up
Bristol-Myers acquires Amylin Pharma and Dell buys Quest Software......

France faces further financial pain
July 02 - President Hollande needs to find around 40 billion euros to meet European deficit targets for this year and next. Joanne Nicholson reports.....

London businesses fear Olympic queues
July 2 - With the London 2012 Olympic Games just a few weeks away the threat of transport chaos is worrying London businesses. Hayley Platt reports.....

1st look at PayNet's Small Business Lending Index for June
July 2 - Latest news and analysis of the debt and credit market including government debt, corporate debt, derivatives, credit default swaps and structured finance......

New World Bank chief starts first day at work
July 2 - Former Dartmouth President Jim Yong Kim delivers brief remarks as he arrives for his first day on the job as President of the World Bank. Deborah Lutterbeck reports......

Breakingviews: Bristol-Myers bets $5.3 bln on lizard spit
July 2 - Antony Currie and Rob Cyran discuss why the pharmaceuticals companys pricey acquisition of diabetes drug maker Amylin could be a good move......

Europe Day Ahead: Diamond in the rough
July 2 - A look at Tuesday's key events including the on-going saga at Barclays, investor focus on the ECB and the RBA's latest policy decision......

Euro Crisis Watch: The biggest risk to bailouts...Germany?
July 2 - The biggest obstacle to future euro zone sovereign bailouts could be opposition from within creditor countries like Germany, says Commerzbank's Peter Dixon......

3XSQ: Apple settles, so does Icahn
July 2 - Apple shells out $60 mln to settle a legal fight with Proview, and Carl Icahn makes a 22 percent return on his investment in Amylin Pharmaceuticals......

Euro zone manufacturing stuck
July 2 - While figures for exports stay at three year lows, employment figures cause concern as jobs are lost at the fastest rate since 2010. Joanne Nicholson reports......

EU deal doubts hit euro
July 2 - The euro dips as the euphoria over last week's deal to tackle Europe's escalating debt crisis ebbs, and weak economic data fuels concerns over the global growth outlook. Jamie McGeever reports......

U.S. Morning Call: Apple settles iPad lawsuit in China
July 2 - Apple agrees to pay $60 million dollars to Proview Technologies to settle a lawsuit involving naming rights for the iPad......

Market Pulse: Euro the black sheep as PMI clouds darken
July 2 - The optimism from last week's EU summit gets stocks and non-core bonds off to a strong start to Q3...but not the euro. FX traders start to price in an ECB rate cut this week as PMI data disappoints......

Breakingviews: Euro debt monster not dead, just sleeping
Breakingviews editor Hugo Dixon......

Breakingviews: Barclays buck shouldn't stop with Agius
Breakingviews......

Reuters Today: Barclays chairman quits, pressure on Diamond
July 2 - Marcus Agius, the chairman of Barclays, steps down over the Libor interest rate fixing scandal, which looks set to engulf other banks......

Meet Petronas, Malaysia's main cash pipeline
July 2 - Malaysian energy giant Petronas funds about 45 percent of the country's budget -- making it all the more crucial that it tackles concerns about dwindling supplies and government interference. Lisa Yuriko Thomas reports......

Jakarta's luxury car boom
Forget a global downturn - luxury car showrooms in the Indonesian capital say they're on a roll. Masako Iijima reports......

Microsoft to take $6.2 bn writedown for online unit aQuantive
Microsoft is to take a $6.2bn (3.95bn) writedown to reflect the slump in value of its online services division.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/20f09ff3/mf.gif' border='0'/><br/><br/>.....

RBS computer glitch: Ulster Bank customers still hit by crisis
Up to 100,000 customers of Ulster Bank are still unable to access their money, as the IT crisis that crippled the RBS network stretched into its 14th day.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/20f0ac8c/m.....

US fines Glaxo record $3bn for mis-promoting drugs
GlaxoSmithKline paid for American psychiatrists to enjoy luxury weekends in Hawaii as it illegally sought to persuade them to prescribe an anti-depressant drug for children, US authorities alleged, as they handed the UK drugs company fines totalling .....

Dear chairman, here's a 'have to do' list to restore Barclays' standing
What next for Barclays? Marcus Agius resigning was the right thing to do. But more broadly, not a lot has changed.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/20f02701/mf.gif' border='0'/><br/><br/.....

Bob Diamond: 'I'm sorry, I love Barclays'
Bob Diamond, chief executive of Barclays, has told staff that he is "sorry, disappointed and angry" about the Libor rigging scandal and admitted that it "happened on my watch."<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726.....

QE boosts Bank of England deputies' pension pots
Pensioner groups may not like quantitative easing but two would-be pensioners at the Bank of England have not done too badly out of money printing, the institution's annual report shows.<img width='1' height='1' src='http://telegraph.feedsportal.c.....

Vince Cable: 'Investing in banks needs to be boring again'
Shareholders were urged last night by Vince Cable, the Business Secretary, to play a more active role in boardroom pay and corporate governance reforms and look at the merits of appointing worker directors.<img width='1' height='1' src='http://tel.....

Barclays libor scandal: lock 'em up - it's the only way of dealing with abuse like this
Virtually all financial scandals follow the same pattern. First there is the initial exposure of wrong doing, then comes the mitigating claim that it was common practice and everyone was up to it, and finally it emerges that the regulators knew all a.....

Bank regulation must be simple and tough
Telegraph View: we need a forensic approach to the banking scandal<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/20f00d0c/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/1384.....

Libor scandal: bankers face taking oath before inquiry
The government has launched an all-party inquiry into the banking industry amidst the outcry over the rigging of Libor.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/20f02706/mf.gif' border='0'/>.....

Bankers face taking oath before banking inquiry
The government has launched an all-party inquiry into the banking industry amidst the outcry over the rigging of Libor.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/20f00d10/mf.gif' border='0'/><br/>&l.....

Eurozone manufacturing dwindles in June
Eurozone manufacturing activity remained at a three-year low in June, as production and orders in the sector slid.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/20f00d13/mf.gif' border='0'/><br/><br/.....

Britain's AAA rating at risk, M&G warns
Britain may lose its treasured AAA credit rating because the Government is failing to cut spending sufficiently, a senior fund manager has warned.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/20f00d17/mf.gif' b.....

Eurozone joblessness among young rises
More than one in three young Italians are out of work after the youth unemployment rate hit a record 36.2pc in May.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/20f00d1b/mf.gif' border='0'/><br/><br.....

Barclays launches inquiry into Libor rigging
Barclays has said it will pubilsh a report into how staff attempted to manipulate Libor as it attempts to repair its reputation in the wake of last week's revelations.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300.....

Blow to Chancellor's infrastructure plans
George Osborne's plans to finance new infrastructure schemes by getting pension funds to invest in them are unlikely to be realised, the Government's construction adviser has admitted.<img width='1' height='1' src='http://telegraph.feedsportal.com.....

Debt crisis: Finland threat to plans to unleash ESM
Finland, one of the eurozone's few remaining AAA-rated economies, has pledged to block Brussels' celebrated plans to allow its new bail-out fund to buy sovereign bonds in the market.<img width='1' height='1' src='http://telegraph.feedsportal.com/c.....

Debt crisis: as it happened, July 2, 2012
Finland and Holland move to block bond-buying plans, casting the first doubts on last week's summit deal, as figures show a slide in Spain, Greece and Italy's manufacturing activity and a rise in unemployment across the eurozone.<img width='1' hei.....

Markets upbeat on Aviva's fresh start
Could the dark clouds circling Aviva towers about to lift?<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/20ef84c2/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/138442633946.....

Fear of HMRC stalks small businesses
Owners of small businesses live in fear of HM Revenue & Customs throughout the whole of their working life, according to the results of detailed research carried out for the tax authority.<img width='1' height='1' src='http://telegraph.feedspo.....

Bank forecasts futile now all trust has gone, says analyst
Banks have blown so much trust that there is no point crunching the numbers on them, a leading City analyst has declared in the wake of the Barclays Libor scandal.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2.....

Barclays chairman: a high-profile job that can be dangerous
Now Marcus Agius has committed hari kari to save chief executive Bob Diamond, Barclays faces a tough job to find anyone but Sir Michael Rake to become new chairman.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/.....

Pressure to 'name and shame' late payers
The Government is under pressure to honour its pledge to "name and shame" large public-sector contractors who delay paying their small suppliers, after research revealed that outsourcing companies' payment performance has deteriorated.<img width='.....

Apple pays $60m for iPad name in China
Apple pays $60m to settle two-year row with Chinese firm that threatened to block sales of its iPad.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/20ef13cc/mf.gif' border='0'/><br/><br/><a href.....

Debt crisis: Live
Finland and Holland move to block bond-buying plans, casting the first doubts on last week's summit deal, as figures show a slide in Spain, Greece and Italy's manufacturing activity and a rise in unemployment across the eurozone.<img width='1' hei.....