Search This Blog

Tuesday 24 July 2012

UK Financial News on 2012-07-24

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.....

UK to release data on recession
Gross domestic product figures released on Tuesday are expected to confirm that the UK economy has contracted for a third quarter in a row as the recession continues......

Spain finances under new pressure
Spain and Germany sought to reassure investors that Spain would not need to seek a full international bailout, after the country's borrowing costs hit a record high......

Apple's $8.8bn profits disappoint
Apple makes a net profit of $8.8bn in the three months ending in June, up 21% from a year earlier but lower than forecasts......

Greek recession 'will be deeper'
Greece will suffer a much deeper recession than thought this year, its prime minister says, as international lenders arrive in Athens to assess its progress......

Ex-HSBC boss regrets bank conduct
The Trade Minister and former HSBC chairman, Lord Green, acknowledges there were "failures" in how the bank handled allegations of money laundering......

Banker to review Barclays' values
Barclays hires an investment banker to lead an independent review of culture, which the scandal-hit bank says "needs to evolve.".....

Payday loans concern for jobless
An increasing number of unemployed people are struggling with payday loans, a charity warns, as a new loan code is prepared......

UPS cuts its 2012 profit outlook
The world's biggest parcel delivery company, UPS, cuts its profit outlook for 2012, blaming worsening global economic conditions......

Ex-Anglo Irish Bank boss in court
The former head of Anglo Irish Bank, Sean FitzPatrick, appears in court in Dublin over alleged financial irregularities at the failed bank......

Rosneft eyes BP's stake in TNK-BP
Russian state oil company Rosneft says it is considering buying BP's stake in TNK-BP and will start talks with the UK oil firm......

Ofcom reveals 4G auction plans
The telecoms regulator, Ofcom, unveils plans for the auction of fourth generation bandwidth for mobile phone services......

Wet weather slows mortgage market
Activity in the UK mortgage market was dampened in June by the spell of bad weather, a banking group has said......

Cash-in-hand pay 'morally wrong'
Treasury minister David Gauke calls it "morally wrong" to offer to pay tradesmen in cash in the hope of avoiding tax......

China manufacturing 'picking up'
China's manufacturing activity slows less quickly in July, than in the previous month, a preliminary survey by HSBC has shows......

Eurozone private sector shrinks
The eurozone's private sector contracted for a sixth straight month in July, a survey indicates, driven by a slump in manufacturing activity......

Baidu profits jump on advertising
Baidu, China's largest internet search engine, reports a 70% jump in profits amid continued growth in advertising revenue......

Cisco Systems to shed 1,300 posts
Cisco Systems is to lay off 1,300 workers as part of its ongoing cost-cutting programme.....

Some Libor fixing 'hard to spot'
Spotting whether Libor was being manipulated by tiny amounts before 2007 would have been "prohibitively expensive", the FSA head 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......

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......

Germany's AAA rating under threat
Germany's economic outlook has worsened due to the increased likelihood Greece will leave the euro and Spain will need more help, a ratings agency says......

TPG makes fresh bid for Billabong
TPG Capital makes a fresh takeover bid for Billabong just months after the Australian surfwear maker rejected its earlier offer......

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......

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......

Champions Day set for cash boost
The purse for British Champions Day, already the richest meeting in the British racing calendar, is set to rise to 4m......

Kennedy re-confirms Rangers bid
Sale Sharks' Brian Kennedy says he has submitted proof of his bid for the new Rangers on a day of claim and counter claim......

VIDEO: Lord Green 'regrets' HSBC scandal
The Trade Minister Lord Green says he shares HSBC's "regret" over the banks role in allegedly laundering money......

AUDIO: 'Crunch-time' for Eurozone
European financial markets had a turbulent day on Monday driven by continuing concerns about Spain's national debt......

VIDEO: Oxfam report rise in donations
Oxfam has reported an increase in the amount of money it has received from fundraising......

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......

AUDIO: ECB 'should intervene in Eurozone'
The European Central Bank should use its mandate on inflation to intervene in the Eurozone, according to Jim O'Neill, chairman of Goldman Sachs asset management......

AUDIO: Crackdown needed on cash payments
Moneybox's Paul Lewis told BBC Radio 5 live's Tony Livesey that paying workers in cash for services was unacceptable......

VIDEO: Markets jumpy over Spain bail out fears
Fears grow that Spain will need a bail out after its borrowing costs reach 7.5%......

AUDIO: Lords call for maths A Level boost
A new report by the Lords Science and Technology Committee suggests the UK must produce more high calibre science graduates to secure economic growth......

What's gone wrong with the banks?
How London's financial centre was toppled.....

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

Can robotics change the future of a nation?
Can robotics change the future of a nation?.....

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?.....

U.S. Day Ahead: Apple misses big time
July 24 - Apple reported earnings and revenues below expectations, sending its stock down in after market trading......

New doubts surface in Europe
July 24 - The euro fell to a more than two-year low against the dollar as weak euro zone data and a dimmer outlook for the region's strongest economies from Moody's further clouded the prospects for the common currency. Matt Cowan reports......

Apple shares undervalued?
July 24 - Apple has become the most valuable company in the world- but its true worth is a matter of debate ahead of the expected release of its next iPhone. Bobbi Rebell reports......

Breakingviews: LegalZooms pricey IPO
July 24 - Antony Currie and Breakingviews columnists discuss why lawsuit risks and low earnings make the online legal sites valuation look ambitious......

Top chefs share secrets of the powerful
July 24 - Elite tastemakers for the world's most powerful leaders are gathering in Paris to discuss the secrets of serving the creme de la creme. Joanne Nicholson reports.....

Trading at Noon: Corporate America weighs on Wall Street
July 24 - Wall Street is flat after misses from UPS, Whirlpool and a warning from Texas Instruments. Meantime investors await Apple's earnings......

Inflatable heat shield survives hypersonic stress test
July 24 - An experimental heat shield developed by NASA has survived a trip through Earth's atmosphere while travelling at hypersonic speeds up to 7,600 mph (12,231 kph). In a test flight, the Inflatable Reentry Vehicle Experiment (IRVE-3) successful.....

Europe Day Ahead: No let-up for Spain, Greece
July 24 - As Spain pays near record yields to sell short-term debt, Greece's prime minister faces crunch talks with European Commission president Jose Manuel Barroso over the country's bailout deal......

A split decision in Apple versus Samsung
July 24 - A German court upholds a ruling in favour of Samsung Electronics, denying a request by Apple Inc. to ban sales of the 10.1-inch Galaxy Tab model in Germany. Ciara Sutton reports......

Euro zone manufacturing nosedives
July 24 - The euro zone's private sector shrinks for a sixth month in July, suggesting a slide back into recession. Ciara Sutton reports......

3XSQ: Weak forecast from UPS
July 24 - UPS is one of several U.S. companies expressing concern about the global outlook......

U.S. Morning Call: Apple, Samsung execs debate patent value
Apple CEO Tim Cook and Samsung executives disagreed about the value of patents during court ordered settlement talks......

Market Pulse: Private sector slump heralds fresh recession
July 24 - Chris Williamson of the data compilers Markit says the latest purchasing managers' surveys point to a 0.6% decline in euro zone GDP.....

Breakingviews: Imagine a normal Barclays
July 24 - Barclays is trading at a substantial discount to other banks, but as it makes changes the share price could normalise offering substantial gain for new investors say Breakingviews......

Reuters Today: Moody's threatens Germany's top rating
July 24 - Ratings agency Moody's puts Germany, the Netherlands and Luxembourg on negative outlook due to a higher chance of Greece leaving the euro expected to set in motion a chain of financial shocks......

SAP's Snabe: Small firms are our weak spot
July 24 - SAP sticks to its full-year targets even as turmoil deepens in Europe, but small and medium sized firms are struggling to finance investment says co-CEO Jim Hagemann Snabe......

Typhoon batters Hong Kong
July 24 - Typhoon Vicente closes schools, businesses and financial markets in Hong Kong. Rough Cut (no reporter narration)......

SAP's Snabe: Small firms the weak spot
July 24 - SAP sticks to its full-year targets, but small and medium sized firms are struggling to finance investment says co-CEO Jim Hagemann Snabe. Julian Satterthwaite reports......

McDonald's braces for slowdown
July 23 - The world's biggest restaurant chain is expected to report a slowdown in July sales growth, reflecting the slowing global economy and stronger U.S. dollar. Sasha Salama reports......

Apple undervalued by $300 a share: StarMine
July 23 - On the eve of Apple's latest earnings, one top StarMine analyst says the tech titan should be trading at $900......

Pain in Spain hits Wall St.
July 23 - Summary of business headlines: Stocks drop of Europe jitters, McDonalds earnings miss; Texas Instruments profits fall; Halliburton and Hasbro results beat forecasts. Bobbi Rebell reports......

U.S. Day Ahead: Apple might miss
July 23 - Apple reports earnings Tuesday and Breakingviews' Rob Cyran says weaker-than-expected iPhone sales might leave Apple's profits below Wall Street expectations......

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

Chirp app makes iPhone 'sing' photos
Jul 24 - A new app created by London-based technology company Animal Systems takes inspiration from birdsong, allowing iPhone users to send pictures through short bursts of sound. Matt Cowan reports......

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......

Apple results miss estimates: what the analysts say
Technology giant Apple reveals revenues and profits slowed in the third-quarter, compared with Q2, as sales of iPhones faltered. Here is what the analysts said.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/21ac.....

Middle class families doing nothing illegal or immoral by paying in cash, minister says
People who pay plumbers and cleaners cash in hand are doing nothing illegal or immoral, a cabinet minister insists, as senior members of the Government are forced to admit engaging in the practice themselves.<img width='1' height='1' src='http://t.....

Apple third-quarter results: live
Technology giant Apple is expected to post its slowest sales and profit growth in more than two years in third-quarter results tonight, as buyers await the release of the new iPhone.<img width='1' height='1' src='http://telegraph.feedsportal.com/c.....

Apple results: live
Technology giant Apple is expected to post its slowest sales and profit growth in more than two years in third-quarter results tonight, as buyers await the release of the new iPhone.<img width='1' height='1' src='http://telegraph.feedsportal.com/c.....

It''s not our job to snitch on plumbers and plasterers
The Government's views on cash-in-hand pay is an attack on the middle classes, says Daniel Hodges<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/21ac11c2/mf.gif' border='0'/><br/><br/><a href="h.....

Europe is sleepwalking towards imminent disaster, warn top economists
The euro has completely broken down as a workable system and faces collapse with "incalculable economic losses and human suffering" unless there is a drastic change of course, according to a group of leading economists.<img width='1' height='1' sr.....

Britain Unleashed: business mustn't apologise for making a profit
Successful private companies, not the state, have enriched people, says Liz Truss<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/21ac0adf/mf.gif' border='0'/><br/><br/><a href="http://da.feedspo.....

Debt crisis: Spanish bailout fears escalate as Catalonia eyes rescue
Catalonia became the latest region of Spain to indicate it may need a state rescue, raising fears that a full-blown sovereign bailout is inevitable.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/21ac0ae3/mf.gif'.....

Russia remains a riddle as BP's auction process looks far from over
Put away the vodka and the shot glasses, there'll be no celebrating just yet. Where Russia is concerned, the normal rules need not apply.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/21ac0ae6/mf.gif' border='0'.....

Ofcom unveils rules for 4G spectrum auction
Complex auction rules will determine the pecking order of Britain's mobile operators for at least a decade<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/21ac0ae7/mf.gif' border='0'/><br/><br/><.....

Google 'agrees EU antitrust settlement'
Google and the European Commission have agreed the outlines of a settlement to end the two-year investigation into the internet giant's dominance of the search market.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300.....

Titan tumbles as trading disappoints investors
The wheels were looking a little bit looser on Titan Europe today after the group, which was bolstered recently by takeover talk, disappointed the market with a downbeat trading update.<img width='1' height='1' src='http://telegraph.feedsportal.co.....

Rosneft to begin talks to buy BP's stake in TNK-BP
Russian state-controlled oil company Rosneft is to begin talks to buy BP's stake in TNK-BP, in a move that confirms the Kremlin's central role in determining the fate of the troubled joint venture.<img width='1' height='1' src='http://telegraph.fe.....

PZ Cussons profits fall due to unrest in Nigeria and Australia troubles
PZ Cussons, the soap and shampoo maker, has seen profits more than halve because of unrest in Nigeria and shrinking sales in Australia.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/21abb95b/mf.gif' border='0'/&.....

Debt crisis: as it happened - July 24, 2012
Jose Manuel Barroso, head of the European Commission, will visit Greece for the first time since the start of the crisis on Thursday as the country's prime minister said the economy could shrink by more than 7pc this year.<img width='1' height='1'.....

Man Group to cut jobs to save another $100m
Man Group is to cut more jobs after the troubled hedge fund manager made a pre-tax loss of $164m (105m) in the first half of the year.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/21abb964/mf.gif' border='0'/&g.....

Debt crisis: live
Jose Manuel Barroso, head of the European Commission, will visit Greece for the first time since the start of the crisis on Thursday as the country's prime minister said the economy could shrink by more than 7pc this year.<img width='1' height='1'.....

Free banking should end, says FSA head Lord Turner
Britain's tradition of free bank accounts for millions of customers looks under threat as Lord Turner, the head of the Financial Services Authority, says the system must change.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/3272.....

Free banking should end, says FSA head Lord Turner
Britain's tradition of free bank accounts for millions of customers looks under threat as Lord Turner, the head of the Financial Services Authority, says the system must change.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/3272.....

Britain Unleashed: interactive
Britain Unleashed: as part of our new series looking at capitalism and free enterprise in Britain, this set of interactive charts examines how various key indicators moved under Britain's last seven prime ministers.<img width='1' height='1' src='h.....

Anthony Bolton: Fidelity China investors will see improvements by end of 2012
Loss-making fund manager Anthony Bolton urges his investors to hold tight at the Fidelity China AGM.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/21aad68d/mf.gif' border='0'/>.....

Former HSBC chairman Lord Green says banking industry 'not corrupt'
The Trade Minister and former HSBC chairman acknowledges "failures" at the bank under his stewardship but denies the industry as a whole is corrupt.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/21aad68e/mf.gif'.....

Anglo American buys stake in Mozambique mining project Revuboe
Global miner Anglo American is paying more than half a billion dollars for a major stake in a Mozambique coal mining project.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/21aaa8fa/mf.gif' border='0'/><br/.....

Number of women on boards rises by a third
The number of women on boards has risen by a third over the past year, following the introduction of voluntary targets, official figures show.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/21aa5567/mf.gif' borde.....

Britain Unleashed: the public sector does not serve a higher moral purpose
As the doctors' strike proved, the public sector is capable of putting its customers last, writes Andrew Haldenby.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/21aa556a/mf.gif' border='0'/><br/><br/.....