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Monday 23 July 2012

UK Financial News on 2012-07-23

Alternative managers rush to raise debt funds
Shadow banking sector tools up to make the most of refinancing opportunities.....

Esma chief warns against clearing escape route
Super-regulator's chairman says policy makers must not undermine efforts to promote use of central clearing.....

Rothschild posts $1bn in advisory fees
Performance puts the privately-owned independent advisory firm ahead of larger banking rivals in the global advisory stakes.....

Fink blasts BlackRock stock-picking performance
BlackRock chief brands stockpickers' performance unacceptable after 89% drop in equity advisory fees.....

Coller staff land cash bonanza from $5bn fund close
Salaries at the private equity firm rose by £2m last year, while the highest-paid director received a 55% pay rise, latest accounts reveal.....

LSE beefs up compliance with ex-Morgan Stanley hire
Appointment of Peter Mason is latest in raft of regulatory recruits to the UK exchange group.....

Philip Yea winds up second post-3i venture
Ex-private equity chief and fund manager partner have wound up 18-month-old investment company.....

Cedrus plans SRI fund
French investment consultant is to launch one of the first funds of socially responsible investment funds.....

Thomson Reuters and GFI to launch Chinese money broker
Thomson Reuters, GFI, and China's State Development and Investment Corporation Trust join forces to launch voice and electronic brokerage.....

Dodd-Frank two years old and still growing
Two years on from the signing into law of the Dodd-Frank financial reform Bill, there are still more rules still to be finalised than have been completed.....

Creditors to audit Greek progress
IMF and European officials arrive in Greece on Tuesday to assess its progress in reducing its debts and determine whether Greece receives 31.5bn euros of loans......

Spain bans trades as markets fall
Spain bans the short-selling of shares, in which traders bet on prices falling, after markets were hit by new bailout fears......

Favourite turns down Barclays job
Sir Michael Rake, deputy chairman of Barclays, has ruled himself out of the running to become chairman of the under-fire bank......

N Rock sell-off makes extra 538m
The UK will make an additional 538m from the sale of failed lender Northern Rock to Richard Branson's Virgin Money, UK Financial Investments (UKFI) says......

Six convicted of insider dealing
Six people have been convicted of using information from a London printers for insider dealing by a UK crown court.....

Draft deal in milk price dispute
Dairy farmers and the processing firms they supply have agreed on the broad principles of a deal in their dispute over prices, the government says......

Seven banks to review loan sales
Seven more banks have agreed to review the sale of specialist insurance to small businesses to check for mis-selling......

China's CNOOC in $15bn takeover
China's biggest offshore oil producer CNOOC is poised to buy Canada's Nexen for $15.1bn in what would be China's largest foreign takeover deal......

Tax avoiders 'may be disclosed'
The government could force finance companies to hand over the details of wealthy individuals taking advantage of aggressive tax avoidance schemes......

Peugeot in new government talks
PSA Peugeot Citroen's chief executive vows to help laid-off workers find new jobs following a meeting with French Prime Minister Jean-Marc Ayrault......

City 'obsessed with short term'
A government-backed review of the financial industry by Professor John Kay accuses the City of an obsession with short-term profits......

UK's energy policy 'unworkable'
MPs accuse the Treasury of making the government's clean energy revolution unworkable and raise the risk of higher household bills......

Wealthy 'hiding' at least $21tn
A global super-rich elite has at least $21 trillion (13tn) hidden in secret tax havens, according to a major study......

Murdoch quits UK directorships
Rupert Murdoch has resigned from a string of directorships controlling his News Corporation's UK newspapers......

Sunday shop laws halted for Games
Sunday trading laws in England and Wales are suspended until the end of the Olympics and Paralympics......

Chirp app to 'make phones sing'
A new UK-developed app allows users to send files and weblinks to each other's smartphones via "digital birdsong"......

Three strikes 'halved NZ piracy'
Controversial anti-piracy measures have led to a significant dip in illegal downloading, a New Zealand recording industry group says......

Minister defends Green over HSBC
The government says it has "every confidence" in trade minister Lord Green, despite Labour questioning his former role as chairman of HSBC......

Eurotunnel expects Olympic boost
Eurotunnel says it is expecting a jump in passenger numbers from people travelling to London's Olympic Games......

Tiger beer brewer shares jump 17%
Shares of Asia Pacific Breweries rise after Heineken makes a bid to buy the remaining stake in the firm it does not already own......

VIDEO: Draft deal agreed in milk price row
Dairy farmers and the processing firms they supply have agreed on the broad principles of a deal in their dispute over prices, the government says......

VIDEO: Brands compete for Olympic boost
LJ Rich reports on how marketing companies are moving towards social media to advertise during the Olympics for the first time......

AUDIO: Spain bailout 'on the cards'
Regions call for government help to pay wages and cover debts......

AUDIO: Cash card doubles up as ID card
Andrew Chevis told 5 live about the new CitizenCard cash card for 12-year-olds that doubles up as an ID card......

VIDEO: Sunday trading law halted for games
Sunday trading laws in England and Wales have been suspended until the end of the Olympics and Paralympics......

How Spain's regions got into trouble
How Spain's regions got into trouble.....

Q&A: Spilt milk, the row over prices
Why are dairy farmers so angry about milk prices?.....

Do those who retire early live longer?
Do those who retire early live longer?.....

Spain's euro woes: Crisis deepens
Spain trapped in dangerous web of regional debt.....

Greece's Olympic legacy crumbles
Economic hardship hits Greece's Olympic dreams.....

U.S. firms see worst outlook in a decade. Thanks Europe!
analyst Jharonne Martis......

Economy 2012: PWC Chairman says healthcare, tech lead growth
July 23 - Pricewaterhousecoopers U.S. Chairman Robert Moritz says despite the Eurozone debt crisis, healthcare and technology sectors will lead U.S. growth in U.S., though 1.9 percent GDP is unacceptable......

Smart battery brings new energy to home and industry
July 23 - An Israeli company has developed a new energy storage system capable of communicating with other elements of the power grid. The firm, Nation-E says its battery technology stores, manages and distributes energy, potentially cutting consumer.....

Trading at Noon: Spain bailout fears sink markets
July 23 - Stocks slide on concerns about Spain's economic health......

Artificial jellyfish shocked into "life"
July 23 - Researchers at Harvard and Caltech have bio-engineered an artificial jellyfish using silicone and rat heart cells. The scientists hope the research may help produce drugs to combat heart ailments and, one day lead to the creation of biologi.....

Greece back in euro zone spotlight
Jul.23 - A leading German conservative politician has been quoted as saying Greece should start paying half of its pensions and state salaries in drachmas as part of a gradual exit from the euro zone. Ciara Sutton reports......

Breakingviews: CNOOC is older and wiser
July 23 - Jeffrey Goldfarb and Breakingviews columnists discuss how Chinas CNOOC is trying to win over Canadian regulators with its $15.1 bln deal to buy Nexen......

Europe Day Ahead: High noon in Athens as Troika returns
July 23 - A standoff looms as Troika inspectors return to Athens to check whether the country is meeting the terms of its bailout deal......

2012 to be Adidas Olympic swansong: CEO
July 23 - Adidas CEO Herbert Hainer, says his company is 'the Olympic brand', but explains why it will not be sponsoring the 2016 games in Rio de Janeiro......

Spain bailout fears grow
July 23 - Markets fled to safe haven bonds amid concerns Spain would be seeking an international bailout after some of the country's regional authorities asked for central government aid. Joanne Nicholson reports.....

3XSQ: Global slowdown hurts McDonald's
July 23 - McDonald's sales growth weakens in the face of a slowing global economy......

Euro Crisis Watch: Spain fire fighting on many levels
July 23 - As emergency workers tackle wild fires in Spain so investors are fighting fires on the economic front after reports regions need help......

Healthcare sparks profits for Philips
July 23 - Philips Electronics beat forecasts for second-quarter profit, boosted by sales of state-of-the-art hospital equipment and energy-efficient light bulbs, providing more evidence that a drastic overhaul of its business is starting to pay off. .....

U.S. Morning Call: Spanish troubles hurt futures
July 23 - Continued weakness in Spain dragging down U.S. stock index futures ahead of the open......

Market Pulse: Pain in Spain spooks euro buyers
FX Analyst Neal Kimberley......

Launching a new gadget? Cool story bro - but we already knew
July 23 - Months of strategic planning for that new tech release mean nothing to the Internet, which already knows what you're planning - thanks to a constant deluge of rumours and leaks. Jon Gordon reports......

Breakingviews: confidence tricks for the euro zone
July 23 - A quick fix for the confidence crisis is needed; possible options include leveraging the ESM and allowing core countries to subsidise Spain and Italy's interest rates, says Breakingviews.....

Philips is in sustainable recovery mode - CEO van Houten
July 23 - Philips CEO Frans van Houten says he won't rule out further restructuring and sees growth from innovation in Russia, China and the U.S......

Reuters Today: Libor scandal arrests imminent, say sources
July 23 - U.S. prosecutors and European regulators are said to be close to detaining individual traders and charging them with colluding to manipulate global benchmark interest rates......

Wealth Strategies: Monday selloff hasn't burst bubble yet
July 23 - Harvard's Martin Feldstein says that fundamentals still don't justify current market valuations and believes that a U.S. recovery could cause yields to rise and won't necessarily be good for stocks......

Moody's put negative outlook on Germany: the full text
Moody's has put Germany, Luxembourg and the Netherlands on negative watch. Here is its statment in full.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/21a2aa56/mf.gif' border='0'/><br/><br/><a .....

It is 'morally wrong' to pay tradesmen cash in hand, says David Gauke
People who pay cash in hand to tradesmen damage the economy and help tax evaders, forcing others to pay more, Treasury minister David Guake warns.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/21a2aa57/mf.gif' b.....

Rupert Murdoch's News Corp promotes Peter Rice to chairman and chief of Fox Networks Group
Rupert Murdoch's News Corp has promoted Peter Rice to chairman and chief executive of its Fox Networks Group in the first step of an expected executive shake-up ahead of the company's split into two separate entertainment and news companies next year.....

Eurozone danger mounts as Spain spins out of control
Spain is battling to avert a fully-fledged sovereign rescue after borrowing costs spiralled out of control, with dangerous knock-on effects in Italy and Eastern Europe.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/56830.....

Debt crisis: as it happened - July 23, 2012
Stock markets tumbled, Spanish borrowing costs touched new highs and the euro slumped to its lowest level against the yen in almost 12 years on Monday as Spain's debt crisis deepened, raising concerns over the wider eurozone.<img width='1' height=.....

Mario Draghi has just weeks to save the euro, but will Germany let him?
Trotting out a now all-too-familiar line over the weekend, Mario Draghi, president of the European Central Bank, said nobody should underestimate the political will behind saving the euro, or the support the single currency continues to command among.....

FTSE 100 tumbles as Spanish fears unnerve investors
Europe's debt crisis returned with a bang, with London's blue chip index a sea of red as concerns over Spanish borrowing costs unnerved investors.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/21a230e3/mf.gif' b.....

Number of companies at risk of downgrade doubled in first half of 2012
The number of companies, governments and other institutions at risk of a downgrade doubled in the first half of the year, according to the ratings agency Fitch.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/21a1.....

There's a better way to reduce tax avoidance
Telegraph View: Treasury minister David Gauke should ponder why people are so keen on paying the plumber or builder in cash<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/21a1c7b1/mf.gif' border='0'/><br/&g.....

Warren Buffet is all the proof John Kay needs that long-term investing makes sense
The Kay review identifies the problem, but tackling corporate and investor "hyperactivity" needs a cultural revolution.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/21a1c7b3/mf.gif' border='0'/><br/>&l.....

US government attacks Apple's objections to e-books settlement
The US government has blasted Apple's objections to a legal settlement that could reshape electronic book publishing as "self-serving" and against the public interest.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300.....

Debt crisis: live
Stock markets tumbled, Spanish borrowing costs touched new highs and the euro slumped to its lowest level against the yen in almost 12 years on Monday as Spain's debt crisis deepened, raising concerns over the wider eurozone.<img width='1' height=.....

Debt Crisis: Greek bailout cash at risk as Troika targets missed
Germany has warned Greece it will probably not be given further bailout payments as it is missing Troika targets.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/21a1c7b7/mf.gif' border='0'/>.....

Cash-strapped Argentine town holds raffle to see who will be paid
A raffle will determine which civil servants will receive their pay first.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/21a19d8b/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.co.....

Ten Italian cities at risk of bankruptcy, schools may not reopen
Schools may not be able to open in the autumn due to spending cuts.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/21a12ba9/mf.gif' border='0'/>.....

Six guilty in JP Morgan and UBS print room case
Six individuals have been found guilty of insider dealing in the largest and most complex case ever brought by the Financial Services Authority.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/21a14710/mf.gif' bor.....

Co-op put on negative watch by S&P after Lloyds 'Project Verde' deal
The Co-operative Group's credit rating has been put on negative watch following its agreement to buy 632 bank branches from rival Lloyds Banking Group.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/21a14713/mf.g.....

Domino's Pizza gearing up for Olympics boost
Domino's, the pizza delivery chain, said past Olympics have delivered a significant uplift in sales.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/21a14715/mf.gif' border='0'/>.....

FTSE 100 tumbles as euro fears trigger global sell-off
Stocks in London dropped more than 2pc after fears of a bail-out for Spain triggered a global market sell-off.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/21a02f21/mf.gif' border='0'/><br/><br/>.....

DreamWorks buys Casper, Lassie owner Classic Media for $155m
Animation company agrees to buy privately-held Classic Media.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/21a0c92f/mf.gif' border='0'/>.....

Spanish siesta falls victim to Europe's debt crisis
Spain's deepening recession and soaring unemployment have signalled the end of the country's traditional three-hour siesta, as new laws are brought in to try to boost ailing retail sales.<img width='1' height='1' src='http://telegraph.feedsportal......

Mixed views at the ECB as economists and IMF call for action
Pressure has been mounting on the European Central Bank to do more to ease Europe's debt crisis. However, policymakers remain split on the next steps. Here are some ECB members' recent comments.<img width='1' height='1' src='http://telegraph.feeds.....

McDonald's profits fall 4pc as consumers cut back
McDonald's, which has thrived in recent years by emphasizing affordability and rolling out popular new menu items, is starting to show signs of being hit by the volatile global economy.<img width='1' height='1' src='http://telegraph.feedsportal.co.....

China steps up support for seven emerging industries in bid to boost growth
China has stepped up plans to reinvigorate growth by pledging greater support for seven strategic emerging industries.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/219fb9fb/mf.gif' border='0'/><br/><.....

Debt crisis: Spain and Italy ban short-selling
Stock markets tumble and euro slumps to lowest level against yen in almost 12 years as Spain's crisis deepens.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/219fb9fc/mf.gif' border='0'/><br/><br/>.....