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Monday 6 August 2012

UK Financial News on 2012-08-06

Fresh claims in Goldman negligence case
Vervoer alleges GSAM knowingly put it into sub-prime securities while bank prop desk shorted the market.....

Buyout industry blasts new takeover plan
Buyout firms have criticised the latest proposals from the UK Takeover Panel, claiming they could make it even more difficult to make bids for listed companies.....

Fund managers make infrastructure debt push
Firms are targeting $10bn in unlisted infrastructure debt funds this year, more than double what was raised in 2011.....

Zaoui and Zaoui create new firm
Brothers Michael and Yoel Zaoui, two of the most successful investment bankers of the past decade, have founded a new company.....

Industry raises fresh fears over moral hazard of clearing houses
Risk experts have warned that clearing houses must put their own financial resources at risk to prevent moral hazard.....

Redburn results prove resilient as independents have their day
Figures from Europe's largest independent equities broker are in sharp contrast to the equities businesses of the region's largest investment banks.....

Exchange rivals unite to forge single trading tape
Former NYSE and Bats Chi-X Europe executives team up at new consultancy to focus on pan-European transparency issues.....

Refinancing crisis looms over risky buyout assets
The debt of low-rated private equity-backed companies is becoming increasingly difficult to refinance.....

BNP Paribas loses top commodities sales chief
Jose Cogolludo set for Citigroup role after five years with the French bank.....

Ballardie moves to NYSE Euronext to head UK sales
One of the European trading industry's most high-profile female executives joins transatlantic exchange.....

Bank 'in $250bn scheme with Iran'
Standard Chartered illegally "schemed" with Iran for almost a decade to launder as much as $250bn (161bn) in secret transactions, a US regulator says......

Defeat for 'forced labour' claim
A graduate loses her High Court bid to challenge a government back-to-work scheme which she described as forced labour......

Saab owner hits GM with $3bn suit
The owner of Saab sues former partner General Motors for $3bn (1.9bn), accusing it of forcing the Swedish carmaker into bankruptcy......

Best Buy founder in buyout offer
The founder and former chairman of US electronics retailer Best Buy offers to buy the struggling retailer for $8.8bn (5.66bn)......

IT glitch firm agrees rescue deal
Knight Capital, which suffered big losses after an IT glitch last week, has been saved by a $400m (257m) rescue deal with a group of Wall Street firms......

House prices stable says Halifax
The UK housing market is still in the doldrums, with prices falling by 0.6% in July to an average of 161,094, figures from the Halifax show......

HMV finance chief to step down
HMV announces the departure of group finance director David Wolffe, just days after the troubled retailer's chief executive said he would be leaving......

Major chip deal aims to cut costs
Taiwan Semiconductor Manufacturing Company agrees to invest 1.1bn euros in ASML, the world's largest chip equipment maker, in a bid to drive innovation and cut costs......

Monti warns of psychological rift
Italy's Prime Minister Mario Monti warns of a "psychological break-up" of Europe, while talks over Greek reforms make progress......

Indonesia's economy picks up pace
Indonesia's economy grows more than expected in the second quarter as domestic consumption helps offset a decline in demand for exports......

VIDEO: Beating your rivals in chip design
The chief executive of British computer chip designer ARM Holdings, Warren East, has told the BBC's Philip Hampsheir how the company has managed to beat off rival competition......

AUDIO: Why is Tesco offering mortgages?
The chief executive of Britain's biggest retailer Tesco told 5 live why the company is entering the mortgage market......

VIDEO: Price fall takes the shine off gold
The price of gold has fallen by 16% this year, and gold mining companies have been bearing the brunt of the fall......

VIDEO: 'Britain can do things well'
Chancellor George Osborne has said the Olympic Games in London have given a signal to the world that ''Britain can do things well,'' and responds to remarks made about the importance of keeping the UK's credit rating by Chief Secretary to the Treasur.....

Bangladesh's ship breaking industry booms
Bangladesh's ship breaking industry picks up pace again.....

The first man to wear a sanitary towel
The man who tested his sanitary pads on himself.....

Should bankers run banks?
Should banks be run by bankers or outsiders?.....

Markets blow hot and cold over Draghi
Markets blow hot and cold over Draghi.....

U.S. Day Ahead: Disney earnings set to hulk out
August 6 - Shares in the Magic Kingdom are at an all-time high. But we'll see if the company can live up to investor expectations when it reports after the close......

Nissan's rival London cab
Aug.06 - Japanese car-maker, Nissan, has launched a new taxi that promises to be competitive in price and more environmentally friendly than other taxis in the UK capital. Joanne Nicholson reports.....

Knight holders would get this deal or nothing: Stephens COO
Aug 6 - Stephens Inc. COO Curt Bradbury, part of the $400 mln investment in Knight Capital, says that the deal for a majority stake in the company is the best shareholders could have gotten......

Breakingviews: Facebooks knife-like
Aug 6 - Jeffrey Goldfarb and Breakingviews columnists discuss whether, after a nearly 50 pct fall in the share price since its IPO, its time to buy Facebook......

Trading at Noon: Founder Schulze looking for 'best buy'
Aug 6 - Best Buy founder Richard Schulze made an unsolicited offer to take the retailer private, valuing the company at up to $8.84 billion......

Europe Day Ahead: Xstrata results preview
Aug. 6 - A look ahead to Tuesday's key events including results from Xstrata, UK industrial output data, RBA rate decision & Day 11 at the Olympics......

Euro zone crisis wheel pauses on Italy
Aug.06 - Italy is back under the euro zone spotlight after the government calls for a confidence vote to speed up spending cuts. Sonia Legg reports.....

Romania's gold mining dilemma
Aug 6 - The town of Rosia Montana in the Carpathian mountains in Romania is rich with gold. Canada's Gabriel's Resources wants to build Europe's biggest open cast gold mine there, but the plan has split the town. Many hope for jobs and investment, wh.....

Euro Crisis Watch: Spain has time to wait on EU aid
to discuss the latest on the debt crisis......

3XSQ: Best Buy founder offers bid for company
Aug 6 - Best Buy founder and former Chairman Richard Schulze on Monday offered to buy not already owned shares for $24-$26 each......

U.S. Morning Call: Knights in shining armor read to rescue
A consortium of investors, including TD Ameritrade, are set to provide Knight Capital with a $400 mln lifeline, sources say......

Market Pulse: Spanish yield spread at steepest in 20 years
Aug. 6 - The "Draghi effect" continues to be felt, pushing the Spanish 2y-10y yield curve to its steepest in two decades. So the immediate pressure on Spain eases, but September could be crunch time again......

Breakingviews: How to clean the banking cesspit
Breakingviews' Robert Cole......

Indonesia shopping its way to growth
Aug. 6 - In Indonesia, strong domestic demand is keeping the country a bright spot amid a gloomy global economy. But the government needs to keep spending in check, or risk derailing the economy......

Reuters Today: Shaky foundations for euro optimism
Aug. 6 - Investors start the week on a positive note after the U.S. jobs data and on rising hopes for a Spanish bailout, but Berenberg Bank'S Christian Schulz says the euro zone optimism may not last......

Good News Britain: Engineering expertise makes UK an automotive hotspot
Paul Everitt, chief executive of The Society of Motor Manufacturers and Traders, which reported UK car sales rose for a fifth consecutive month in July, comments on the industry's success and what more the Government could do to help manufacturing gr.....

Years of wrongdoing alleged at Standard Chartered
The US has accused Standard Chartered of nearly a decade of criminality.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/221d1324/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/.....

Standard Chartered faces Wall Street exit over Iran claims
Standard Chartered accused of leaving US financial system vulnerable by 'scheming' with Iran to conduct secret transactions worth 160bn.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/221d3002/mf.gif' border='0'/.....

Britain's top credit rating 'not the biggest issue'
Britain's top credit rating is "not the be-all and end-all" at a time of high unemployment and low growth, according to Danny Alexander, Chief Secretary to the Treasury.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/5683.....

Debt crisis: as it happened - August 6, 2012
Ben Bernanke, the chairman of the Federal Reserve, has said that official economic data may mask the "struggle" that many Americans face, as Germany's foreign minister warns politicians "not to talk Europe apart".<img width='1' height='1' src='htt.....

Heritage Oil bolsters plans for Nigeria with $370m cash-call
Heritage Oil launched a $370m (237m) rights issue today to raise finance for its entry into the troubled Nigerian oil industry.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/221cc257/mf.gif' border='0'/><b.....

Germany and Italy near blows over euro
German politicians from across the spectrum have reacted furiously to warnings by Italy's Mario Monti that Bundestag control over EU debt policies threatens to bring about the "disintegration" of the European project.<img width='1' height='1' src=.....

Negative interest rates spell final defeat for beleaguered savers
Market interest rates are once again sending out some very disturbing signals - ones that are suggestive of a very hard landing indeed for the global economy.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/221ca8.....

Iranian terrorism charges put Standard Chartered in the dock
Just when you thought it couldn't get worse for Britain's banks, Standard Chartered trumps HSBC's involvement in money-laundering and Barclays' role in rigging Libor.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/.....

HMV departure not music to investors' ears as shares fall
Exit of second HMV executive within days knocks the music retailer's shares.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/221c4681/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal......

Debt crisis: live
Ben Bernanke, the chairman of the Federal Reserve, has said that official economic data may mask the "struggle" that many Americans face, as Germany's foreign minister warns politicians "not to talk Europe apart".<img width='1' height='1' src='htt.....

We must spend more on Britain's infrastructure to build a better future
The Government needs to invest in badly needed transport links and cut day-to-day bills, believes Tim Laurence<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/221c4ebe/mf.gif' border='0'/>.....

We must spend more on Britain's infrastructure to build a better future
The Government needs to invest in badly needed transport links and cut day-to-day bills, believes Tim Laurence.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/221c4684/mf.gif' border='0'/>.....

Spyker sues GM for $3bn over Saab collapse
Dutch company Spyker alleges that General Motors thwarted its efforts to rescue Swedish carmaker Saab and is seeking $3bn (1.9bn) in compensation.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/221c30a2/mf.gif' b.....

Standard Chartered accused of exposing US to terrorists: key points
Standard Chartered has been assused by US regulators of "scheming" with the Iranian government to conduct secret transactions worth $250bn (160bn). Here are some key extracts from the New York State Department of Financial Services' (NYS) statement.&.....

Facebook advertisers forced to vet user comments
Companies advertising on Facebook will be forced to vet comments posted by members of the public, following a landmark ruling by an advertising watchdog in Australia.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/.....

BCC: businesses more worried about eurozone that spending cuts
British businesses are more worried about the eurozone crisis than Government spending cuts and credit availability, according to the British Chambers of Commerce.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2.....

Standard Chartered 'exposed US to terrorists' with $250bn in Iran transactions
Standard Chartered accused of leaving US financial system vulnerable by 'scheming' with Iran to conduct secret transactions worth 160bn.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/221b7a70/mf.gif' border='0'/.....

Wealthy Brits look to flee abroad to escape high taxes, crime and rain
Crime, high taxes and even the weather are driving a growing number of wealthy Britons to actively consider moving abroad, according to a financial advisory firm.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/22.....

Wall Street bankers face severe pay cuts
Wall Street bankers look set to be hit by severe pay cuts this year as the industry's heavyweights come under pressure to axe costs, recruiters have warned.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/221b03f6.....

Wall Street bankers faces severe pay cuts
Wall Street executives look set to confront severe pay cuts this year as banks come under pressure to axe costs, recruiters have warned.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/221afa6c/mf.gif' border='0'/.....

Poundland 'forced labour' ruling is common sense
The High Court is right to reject claims from an unemployed graduate, Cait Reilly, that making her work for free in Poundland was forced labour, Louisa Peacock argues.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300.....

Knight Capital chief Tom Joyce says $400m rescue 'the best we could have done'
The head of Knight Capital, whose $440m trading loss caused by a software glitch wiped out much of its capital, has said a $400m rescue deal by investors is 'absolutely' the best deal for the firm.<img width='1' height='1' src='http://telegraph.fe.....

Marks & Spencer climbs on bid speculation
Marks & Spencer shares rose in trading today amid speculation the retailer could become a bid target.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2217fa70/mf.gif' border='0'/><br/><br/><a.....

BAE wins $1bn contract to upgrade South Korea's F-16 fighter jets
UK defence group wins contract to upgrade fleet of more than 130 jets.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/221a1ac0/mf.gif' border='0'/>.....