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Tuesday 3 July 2012

UK Financial News on 2012-07-03

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.....

Barclays reveals Bank call memo
Barclays reveals how executives became embroiled in the Libor scandal, after a phone call between Bob Diamond and the Bank of England's deputy governor......

Man Utd seeks $100m US listing
One of the world's biggest football clubs, Manchester United, formally applies to start selling shares on the New York Stock Exchange......

US recovery is tepid, says IMF
The US recovery "remains tepid", the International Monetary Fund says as it cuts its growth forecast for this year and next......

Double payments after IT failure
Some duplicate debits, such as loan payments, were mistakenly taken from bank customers after the failure of the computer system at RBS......

UK construction sector 'weakens'
Activity in the UK's construction sector fell at the fastest pace for two and a half years last month, a closely-watched survey suggests......

HMRC chases more tax defaulters
The tax authorities are chasing people who have failed to submit their self-assessment tax returns for 2009-10 or earlier......

Boeing predicts strong demand
Boeing predicts $4.5tn (2.8tn) of new planes will be bought over the next 20 years, driven by demand in China, India and other emerging markets......

Row threatens EU deal on patents
A new procedural row threatens a long-awaited European patent system that could slash costs for businesses......

CAB: Bank customers need DSD help
Citizen's Advice says Stormont may have to help Ulster Bank customers who are in receipt of benefits if the crisis at the bank continues for much longer......

France to tackle 'crushing debt'
French PM Jean-Marc Ayrault calls on the French people to rally behind efforts to tackle a "crushing" debt crisis in a speech to parliament......

Zimbabwe handover deadline row
Zimbabwe prime minister Morgan Tsvangirai condemns an announcement that foreign-owned banks must relinquish control within a year......

Money Advice Service boss quits
Tony Hobman, the chief executive of the government-backed Money Advice Service, resigns after criticism of his pay package......

Smaller firms need 'bold action'
Smaller firms are still struggling, says a British Chambers of Commerce survey, with the director-general saying that "growth cannot wait"......

EU plan for investor information
New rules to protect private investors may be introduced at the behest of the European Commission......

Consumers 'taking on more debt'
Consumers increased their debts through loans and overdrafts relatively sharply in May, according to figures from the Bank of England......

Spain jobless level falls sharply
The number of people looking for work in Spain fell by almost 100,000 in June, a record for the month, to 4.62 million......

Poundland profits increase by 27%
Budget retailer Poundland posts a 27% increase in annual profits, while turnover rises to 780m......

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......

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

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......

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......

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......

China's service sector speeds up
China's services sector, which includes construction, picks up pace in June, helping allay fears of a sharp slowdown in its economy......

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......

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......

Micron to buy Elpida for $2.5bn
Micron Technologies agrees a deal to buy embattled Japanese chipmaker Elpida in a deal worth 200bn yen ($2.5bn; 1.6bn)......

Microsoft makes $6.2bn writedown
Microsoft writes down the value of online advertising firm Aquantive, which it it bought five years ago, by $6.2bn (4bn)......

Air India pilots 'to end strike'
Hundreds of Air India pilots are set to call off a two-month strike over training and return to work, reports say......

Murray makes apology for Rangers
Chairman Malcolm Murray apologises for Rangers "inflicting distress, disruption and difficulty on the football community"......

VIDEO: Barclays chief Bob Diamond resigns
Barclays chief executive Bob Diamond has resigned after the inter-bank rate-rigging scandal.....

VIDEO: Public reacts to Diamond's resignation
Members of the public give their reaction to Bob Diamond's resignation from Barclays, following the lending-rate scandal......

VIDEO: FSA condemns 'cynical greed'
The FSA's chairman condemns the "cynical greed" of traders who took part in the Libor scandal......

VIDEO: Osborne: Resignation 'right decision'
George Osborne says Bob Diamond's resignation is the right decision for Barclays and the UK economy......

VIDEO: How do we encourage growth?
With the most recent figures showing that the UK that is still in recession, research shows that confidence could help encourage growth......

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......

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

VIDEO: Ulster Bank working on backlog
The chairman of Royal Bank of Scotland, the parent company of Ulster Bank has said the problems at the bank are unlikely to be resolved this week......

In pictures: Sergio Pininfarina
The life and work of car designer Sergio Pininfarina.....

Wimbledon, the cloud and beyond
How cloud computing helps firms during busy periods.....

Distressed shopping centres
Shopping centres need an investment facelift.....

Business at the tip of Africas fingers
Mobile internet removes Africa's barrier to seamless business.....

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

Factories rebuild Wall St. hopes
July 3 - Summary of business headlines: Stocks gain as factory orders move along in May; Auto sales show surprise June acceleration; Oil prices surge on Iran jitters. Conway G. Gittens reports......

Easier money heats up car sales
July 3 - Auto sales rebounded in June after a disappointing May- a bright spot for the economy and an encouraging sign of consumer sentiment. Bobbi Rebell reports......

U.S. Day Ahead: Inside retail earnings
July 3 - Retailers report June same-store sales and may provide updates on their quarterly earnings expectations......

IMF's Lagarde calls on U.S. to keep up efforts to boost growth.
July 3 - IMF chief Christine Lagarde calls on U.S. to keep up efforts to help a modest economic recovery, and warns delays in addressing looming fiscal challenges. Deborah Lutterbeck reports......

Trading at Noon: U.S. auto sales zoom ahead
July 3 - Major automakers showed stronger-than-expected sales gains, as June U.S. auto sales rebounded from a disappointing May......

Breakingviews: $6.2 bln Microsoft blooper has silver lining
July 3 - Antony Currie and Rob Cyran discuss why the embarrassing writedown of ad firm aQuantive may finally teach the software company not to stray from its core business......

Europe Day Ahead: Diamond faces grilling
July 3 - A look ahead to Wednesday's key events including outgoing Barclays CEO Bob Diamond facing a parliamentary inquiry, the BoE begins a two-day meeting and investors brace for services PMI data......

Airbus brings the fight to Boeing
July 3 - Airbus CEO Fabrice Bregier hopes to double U.S. market share for the European planemaker by building a U.S. factory on Boeings home turf, threatening to open up a new chapter in a bitter trans-Atlantic rivalry. Conway G. Gittens reports......

Jumped or pushed? The case of the disappearing Diamond
July 3 - Did he jump or was he pushed? The sudden resignation of Barclays CEO Bob Diamond has analysts asking what prompted the about-turn, and what it means for his testimony to parliament on Wednesday......

3XSQ: Microsoft mistake, Chrysler gains
July 3 - Microsoft writes down an acquisition, and Chrysler reports a 63 percent gain in sales for June......

Who'll replace Bob Diamond?
July 3 - Barclays outgoing chairman Marcus Agius will lead the search for a new CEO but analysts say he faces a tough task finding someone suitable......

Spain jobs rise not enough
July 02 - June's figures showed almost 100,000 were back in work in Spain, but the economy minister says they're not out of the woods yet as employers have taken on more staff for the tourist season. Joanne Nicholson reports.....

U.S. Morning Call: Microsoft computes a $6.2 bln hit
July 3 - Microsoft announces a $6.2 bln charge to write down the value of an online ad agency, aQuantive, which it bought five years ago......

Market Pulse: Barclays shares surge after Diamond quits
July 3 - Barclays shares move higher in the wake of the resignation of CEO Bob Diamond. Richard Hunter of Hargreaves Lansdown says put today's rise into context......

Breakingviews: Barclays board facing a crossroad
July 3 - Barclays board has a crucial decision to make about how to move the bank forward, appointing a retail banker as CEO would show they think there needs to be change say Breakingviews......

Asia's rich look for peace of mind
July 3 - Asia's wealthy are making their fortunes in more inventive ways. But when it comes to investment, they're flocking to old safe-haven standbys like bonds and property......

Reuters Today: Barclays chief Diamond quits on rates scandal
July 3 - Barclays CEO Bob Diamond stands down as the pressure over the Libor rate-fixing scandal proves impossible to resist......

Manufacturing adds to dark clouds
July 2 - Summary of business headlines: Wall Street ends mixed after U.S. manufacturing sector shrinks; Bristol-Myers Squibb shares hit 10-year high after Amylin deal; Airbus brings fight with Boeing to home turf. Conway G. Gittens reports......

Playing the earnings blame game
July 2 - An increasing number of U.S. companies are pointing fingers at Europe, blaming them for earnings that will fall short of expectations. Bobbi Rebell reports......

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......

Virgin Media slams Competition Commission over 'irrational' treatment of BSkyB
Virgin Media has accused the Competition Commission of "irrational" behaviour and after it scrapped plans to curb BSkyB's stranglehold on buying movie rights.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/20fa1a.....

Diamond may face a fight for his 20m final payout
Barclays may try to force Bob Diamond to forfeit up to 20million in pay and bonuses, it has emerged.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/20fa59a2/mf.gif' border='0'/><br/><br/><a href.....

The Bank of England told us to do it, claims Barclays
Deputy Governor of the Bank of England encouraged Barclays to try to lower interest rates after coming under pressure from senior members of the last Labour government, documents disclose.<img width='1' height='1' src='http://telegraph.feedsportal.....

Barclays libor fixing: Bank of England braced for questions over scandal
The Bank of England is facing questions about its role in the Libor-rigging scandal after Barclays released a damning memo that suggested the central bank wanted interbank lending rates reduced artificially.<img width='1' height='1' src='http://te.....

France halves its growth forecast
The French government has halved official growth forecasts for this year as a "crushing" national debt mountain threatens its credit rating.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/20fa59a7/mf.gif' border=.....

The City of London is tearing itself apart and we'll all be the losers
Two tribes have gone to war and a point is all that they will score, to paraphrase Frankie Goes to Hollywood.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/20fa0f90/mf.gif' border='0'/><br/><br/>&.....

Stage set for fireworks after Barclays board meltdown
Bob Diamond's bitter departure from Barclays has left the lender at war with the Bank of England.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/20f9d87c/mf.gif' border='0'/><br/><br/><a href="h.....

Bob Diamond: the key questions
Ahead of Bob Diamond's Treasury Select Committee appearance today, we look at the key questions that still need to be answered.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/20f9d87d/mf.gif' border='0'/><b.....

Questions for Bob Diamond
Ahead of Bob Diamond's TSC appearance today, Philip Aldrick looks at the key questions<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/20f9d214/mf.gif' border='0'/><br/><br/><a href="http://da.fe.....

Barclays to search wide but replace Bob Diamond quickly
Barclays has launched an international search for a replacement for its departed chief executive.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/20f9d215/mf.gif' border='0'/><br/><br/><a href="h.....

Barclays libor fixing scandal: timeline
Seven days is a long time in the world of banking. Here's how the libor fixing scandal unravelled for Barclays.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/20f9d216/mf.gif' border='0'/><br/><br/>.....

Brussels challenges Universal over EMI deal
Universal Music Group's 1.2bn bid for EMI is in doubt after the European Commission raised fears that it could lead to a hike in the price of music downloads.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/20f9d2.....

Barclays scandal: Bob Diamond resigns - as it happened
Barclays publishes "smoking gun" email that reveals conversation between the Deputy Governor of the Bank of England Paul Tucker and Bob Diamond over key bank lending rate.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/56.....

Barclays has 'a long way to go' says Marcus Agius
Barclays chairman Marcus Agius has attempted to defend the bank's handling of the Libor rigging scandal that has engulfed it.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/20f9d219/mf.gif' border='0'/><br/.....

We must inject some capitalism into banks
Banks are one of Britain's great assets but they have lost their way; we must urgently inject some real capitalism back into the City.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/20f9819b/mf.gif' border='0'/&g.....

Barclays scandal: Bob Diamond resigns - live
Barclays publishes "smoking gun" email that reveals conversation between the Deputy Governor of the Bank of England Paul Tucker and Bob Diamond over key bank lending rate.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/56.....

Housebuilder Persimmon sees sales rise as lenders focus on new homes
Persimmon, Britain's biggest housebuilder by value, said its spring selling season beat last year's despite the weak economy.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/20f94ac5/mf.gif' border='0'/><br/.....

Activist investor Knight Vinke opposes Glenstrata deal
The mega-merger of the Glencore and Xstrata has come under even greater pressure with activist investor Knight Vinke throwing its weight behind calls for Glencore to up its offer.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32.....

Aberdeen hit as Credit Suisse sells 7pc stake
Aberdeen Asset Management topped the blue-chip "loserboard" yesterday after Credit Suisse offloaded a 7pc stake in the British fund manager.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/20f92918/mf.gif' border=.....

Boeing says 34,000 new passenger jets needed in next 20 years
The growth of air travel in China and India will lead to the number of passenger jets in use around the world doubling over the next 20 years as 34,000 new aircraft are delivered to airlines.<img width='1' height='1' src='http://telegraph.feedspor.....

Parliamentary inquiry into banking scandal in balance
An inquiry by MPs and peers into the banking scandal is hanging in the balance after the Tory MP chosen to lead it said he would quit without cross-party backing.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/20.....

RBS and NatWest customers double-charged on loan repayments
Another technical hitch at taxpayer-owned RBS has resulted in personal loan repayments being taken twice.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/20f8a639/mf.gif' border='0'/>.....

Barclays' Libor scandal hits Bank of England governor race
The list of potential candidates for the next governor of the Bank of England appeared to shrink as two of the favourites were implicated in the Barclays Libor scandal.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/56830.....

Debt crisis: as it happened: July 3, 2012
France slashed its growth forecasts as the country's new socialist government outlined plans for the next five years, while Spain said it would take additional steps to cut its deficit target and aid teams started trawling through Cyprus' finances.&l.....

Bob Diamond's daughter attacks George Osborne
Bob Diamond's daughter Nellie appears to have responded to her father's resignation with a tweet attacking Chancellor George Osborne and Labour leader Ed Miliband.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2.....