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Monday 20 August 2012

UK Financial News on 2012-08-20

Swedish firm readies record private equity portfolio sale
Insurance group's planned divestment would be one of Europe's biggest.....

Calpers launches IPO governance boycott plan
Largest US pension scheme threatens to shun listings that give minority shareholders voting power.....

Rio gets the Olympics, London gets Ita
Brazilian asset manager gains FSA authorisation.....

Long-term views offer decade of outperformance
Consultant Towers Watson says investors are on course to outperform indices by two percentage points a year after the payment of fees.....

HBOS fund completes 1.5bn manager move
The pension fund has moved the money out of passive equities and bonds, and made new investments with active fund managers.....

UK banks could game BoE lending scheme
Market participants believe the Bank of England's funding-for-lending scheme could benefit banks without increasing lending to the real economy, the purpose for which it was designed......

Credit Suisse beefs up ETF team in bid for expansion
Second largest player in physical exchange-traded funds adds director and vice-president.....

Winters builds team to target real estate debt market
Ex-JP Morgan banker's Renshaw Bay boutique has made several hires.....

Does the era of the 1 trade beckon?
If trade sizes continue to decline at the current rate they would fall beneath the £1 benchmark by 2036, according to analysis of LSE data.....

CME Group plots new European exchange launch
Regulatory application imminent as world's largest bourse by market cap eyes aggressive expansion.....

Nadir guilty of Polly Peck theft
Former tycoon Asil Nadir is found guilty of three counts of stealing millions from his company Polly Peck before fleeing the country two decades ago......

Apple most valuable company ever
Apple becomes the most valuable company of all time, with a market value of $623bn (397bn), surpassing Microsoft's record......

BAA to sell off Stansted Airport
Airports operator BAA decides to sell Stansted Airport, ending its long-running battle against a Competition Commission ruling......

Greece under pressure over cuts
Greece must stick to its bailout conditions, Germany says, at the start of a week in which Greece is expected to ask for more time to make agreed cuts......

Best Buy buyout talks break down
US electronics chain Best Buy appoints a new chief executive as talks with founder Richard Schulze over taking the company private break down......

New rules for charity fundraisers
UK charities face fines of at least 1,000 if their street fundraisers breach new rules designed to protect members of the public......

Mortgage lending rebounds in July
Total mortgage lending rose in July to the highest level so far this year, but the Council of Mortgage Lenders warned that the property market was still flat......

Rank's Gala takeover faces review
The proposed takeover by betting firm Rank Group of Gala Casinos is referred by the Office of Fair Trading to the Competition Commission......

Strike-hit South Africa mine idle
The South African mine where police shot dead 34 striking workers reopens but produces no ore, as owners extend the deadline for strikers to return......

Bovis Homes sees profits double
UK housebuilder Bovis Homes reports a doubling of half-year profits after selling more properties at a higher average price......

Sell best council houses - No 10
Councils should consider selling off their most expensive houses to build more cheap homes, says Downing Street......

Store attacks Sunday trading plan
Sainsbury's chief attacks government plans to extend Sunday trading hours, saying it is no "magic answer" to the UK's current economic problems......

Jobs market is 'losing momentum'
The Scottish jobs market is losing momentum, according to the Bank of Scotland's monthly survey of recruitment specialists......

Rate cuts lift China home prices
Property prices in China rise in July amid cuts in borrowing costs and after some local governments ease restrictions on purchases......

Heineken wins Tiger beer control
Heineken agrees to buy Fraser and Neave's controlling stake in the maker of Tiger beer in a deal worth 5.6bn Singapore dollars (US$4.5bn, 2.8bn)......

Thai economy outpaces forecasts
Thailand's economy grew by more than forecast in the second quarter of the year as robust domestic consumption helped offset a decline in exports......

HMRC wins big tax avoidance cases
HM Revenue and Customs has trumpeted three victories in the courts last month against complex tax avoidance schemes......

Act now, Darling urges Osborne
Chancellor George Osborne must change course on the economy as he has "given up on any plan for growth", Labour predecessor Alistair Darling warns......

Qantas chief Joyce to forgo bonus
Alan Joyce, chief executive of Qantas, says he will forgo his bonus and pay rise after a sharp plunge in the airline's profits......

Sharp profit jump for Bovis Homes
UK housebuilder Bovis Homes has reported a steep jump in profits for 2011 and says the average sales price rose to 180,100......

Premiership trial new video rules
Premiership Rugby will trial greater use of video technology for the new season in games broadcast live on television......

AUDIO: Can luxury goods boost the UK's economy?
The UK is being urged to export itself out of recession and the idea of selling the rest of the world something quintessentially British has been embraced by some luxury brands......

AUDIO: 'Not enough funding for coaches'
5 live Breakfast asked the High Pay Centre's chairman about its research into footballers' and coaches' pay packages......

VIDEO: RIM to unveil new Blackberry
The Canadian company, Research in Motion will unveil a new version of the Blackberry to telecom companies, hoping it will be a winner with their customers, and create enough new sales to revive its fortunes......

VIDEO: Kodak due in bankruptcy court
Kodak, which filed for bankruptcy protection in January, is due in a Manhattan court to provide an update on its progress......

AUDIO: Should young set up own business?
5 live's Stephen Nolan asked young people if the Prince's Trust's Enterprise Programme would help get them into work......

AUDIO: Profits double at Bovis Homes
The chief executive of Bovis Homes told 5 live Breakfast what explained their sales increase and jump in profits......

VIDEO: Mortgage lending a 'see-saw' pattern
Total mortgage lending bounced back in July, according to the Council of Mortgage Lenders (CML)......

VIDEO: Wet weather hits High Street spending
Between May and June the retail footfall was down 2% - with Scotland and London particularly badly hit......

Bangladesh shipbuilders in export push
Bangladesh's growing shipbuilding industry.....

Investors wary after mining deaths
The risks of mining come under the spotlight.....

How Americans view wealth and inequality
How Americans view wealth and inequality.....

U.S. Day Ahead: Patent trial win-win for Apple
Correspondent Poornima Gupta says not even a loss would hurt Apple's stellar share performance......

No end to mine crisis for Lonmin
Aug. 20 - The owner of a South Africa platinum mine where 34 striking miners were shot dead by police remains under pressure despite a third of the mine's workforce returning. Ivor Bennett reports......

Trading at Noon: Apple now most valuable company in history
Aug 20 - Shares of Apple rose to a new record high of $664 per share and hit $622 bln in market cap, making the tech giant the most valuable public company in history......

Breakingviews: Not the same as cash
Aug 20 - Richard Beales and Breakingviews columnists discuss the regulatory changes that the $2.7 trln U.S. money market fund industry is resisting......

Tesco's virtual grocery store
Aug. 20 - Many of us are increasingly shopping online or on our smartphones, but UK consumers wont have ever visited a virtual store. Britain's biggest retailer, Tesco, has just trialled its first virtual shop at Londons Gatwick airport where instead.....

"Kissenger" delivers cyber-smooch for long-distance lovers
Aug. 20 - A robotics researcher in Singapore has developed a machine with synthetic lips that transmits kisses through the internet. Called "Kissenger", the device is designed to connect distant loved ones, with a cyber-smooch. Tara Cleary reports......

Europe Day Ahead: To cap or not to cap?
Aug. 20 - Scant data makes markets focus on policy, though ECB pours cold water on a Spiegel report on bond yield caps. Meanwhile Greek PM Samaras prepares for a series of crunch talks......

Grexit "manageable": ECB policymaker
Aug. 20 - The prospect of a Greek exit from the euro has re-emerged with one ECB policymaker saying it would be "manageable" though he would prefer they stayed in. Joel Flynn reports......

3XSQ: Apple sees record new highs; price targets raised
Aug 20 - Apple Inc. is trading above $654 a share at the open, $6 above its Friday close, on enthusiasm over the company's new products......

Wealth Strategies: Nordstrom, shoe shops win back-to-school
retail analyst Jharonne Martis says that Nordstrom and shoe retailers like Foot Locker & Payless will notch sales wins this back-to-school season, while JC Penney is set to disappoint......

Euro Crisis Watch: ECB spread cap would be "dream come true"
Aug. 20 - The ECB may cap the yield spread of countries that have done their fiscal homework, a "dream come true", says Berenberg Bank's Holger Schmieding. And the cap need not be low, maybe around 500 bps......

U.S. Morning Call: Best Buy to founder: deal's off
Aug 20 - No deal for Best Buy founder Richard Schulze after he rejected the electronics retailer's board's offer to conduct due diligence......

Scorched earth: U.S. drought may cook up global food crisis
Aug. 20 - As prospects for a weak U.S. harvest send corn prices soaring, is the world heading for a repeat of the 2007/8 food crisis? We ask the FAO's director of trade and markets......

Market Pulse: Peripheral yields tumble on ECB hopes
Aug. 20 - A report that the ECB could set an interest rate threshold for purchases of euro zone bonds sends yields on Spanish and Italian debt plummeting......

Gu Kailai handed suspended death sentence
Aug. 20 - The wife of former high-profile politician Bo Xilai is found guilty in a trial that has gripped the nation and cast a spotlight on the struggles behind the country's leadership transition. Rough Cut (no reporter narration)......

Trouble in paradise for Southeast Asia investors?
Aug. 20 - Southeast Asian markets have captivated investors this year, outperforming Western and North Asian markets alike. But the party may be coming to a close, as Jon Gordon explains......

Reuters Breakingviews: CME makes canny Europe push
Aug. 20 - CME's plans for a derivatives exchange in London look well-timed and starting with currencies avoids a head-on tackle with heavyweights Deutsche Boerse and NYSE Euronext, says Breakingviews......

Reuters Today: Greece to meet its paymasters
Aug. 20 - Greek Prime Minister Samaras meets Eurogroup head Jean-Claude Juncker, France's Hollande and Germany's Merkel this week as shuttle diplomacy picks up pace ahead of a crunch September......

Magnet trial an attractive option for kids with sunken chest
Aug 19 - Surgeons at the UCSF Benioff Children's Hospital in San Francisco are using magnets to reshape the breastbones of children who suffer from Sunken Chest Syndrome. The technique is undergoing phase 3 clinical trials, but the doctors hope to pr.....

'Second screen' social media threaten broadcasters' revenue
Nearly half of young people aged 16 to 24 use social networks such as Facebook or mobile phones to send each other messages while they are watching television, fuelling fears that traditional broadcasters could lose their advertising revenues to new .....

Germany backs Draghi bond plan against Bundesbank
Germany's director at the ECB throws his weight behind mass purchases of Spanish and Italian debt to prevent the disintegration of the euro, marking a crucial turning point in the debt crisis.<img width='1' height='1' src='http://telegraph.feedspo.....

Bad policy is to blame for UK's lack of growth
There is plenty of untapped potential in the UK economy; even with an improving labour market, unemployment is still nearly a million higher than official estimates of the "structural" rate.<img width='1' height='1' src='http://telegraph.feedsport.....

Amlin back in the black as catastrophe claims fall
Amlin has returned to profit for the first half of the year after a fall in catastrophe claims and a rise in premiums.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/228f2266/mf.gif' border='0'/><br/><.....

Barclays cut funding over swap mis-selling complaint, claims printer
A Surrey-based printer has accused Barclays of withdrawing funding after it complained the lender had mis-sold it an interest rate swap.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/228f226e/mf.gif' border='0'/.....

Chemring tumbles as investors reconsider takeover enthusiasm
The defence group slipped amid concerns an offer for the company may not appear.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/228f2275/mf.gif' border='0'/><br/><br/><a href="http://da.feedspor.....

BAA admits defeat over Stansted airport
BAA has surrendered to the competition authorities over the sale of Stansted after a three-year legal battle, putting Manchester Airports Group in pole position to snap up the Essex airport.<img width='1' height='1' src='http://telegraph.feedsport.....

BAA finally releases Stansted from holding pattern
If there was a record for the world's longest holding pattern, then Colin Matthews would surely have just broken it.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/228f3229/mf.gif' border='0'/><br/><b.....

Apple: the most valuable company ever
Fuelled by the phenomenal success of the iPad and iPhone, the technology giant has officially become the most valuable company in the world - ever.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/228f322d/mf.gif' .....

Rank's plans to buy Gala Coral referred to Competition Commission
Rank's bid to become Britain's biggest casino operator was dealt a blow after the Office of Fair Trading referred its plans to buy Gala Coral to a competition inquiry.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300.....

Google uses Motorola Mobility patents in new Apple lawsuit
Google has put the patents it acquired as part of its $12.5bn deal for Motorola Mobility to use for the first time, in a fresh lawsuit against rival Apple.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/228f2acf/.....

Lonmin needs to pay up to avoid another Marikana showdown
Banging on about illegal strikes is missing the point - Lonmin won't regain control of its only mining asset until it gives its workers no reason to walk out.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/228f2a.....

Debt crisis: as it happened - August 20, 2012
The euro erased its gains as the European Central Bank dampened talk that it planned to set a cap on the borrowing costs of debt-laden eurozone nations.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/228f2ad4/mf......

Unfairpak looking for more funding
You'd be excused for thinking the Farepak debacle was dead and buried.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/228e800d/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/.....

Apple worth more than any company in history
Apple was worth more this afternoon than any company had ever been, as its share price inflated on rumours of new products and took its total value to a record high.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s.....

Mortgage lending 'still see-sawing'
The mortgage market remained weak in July despite an 8pc increase in lending over the month, according to the Council of Mortgage Lenders.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/228e8b1b/mf.gif' border='0.....

Debt crisis: live
The euro erased its gains as the European Central Bank dampened talk that it planned to set a cap on the borrowing costs of debt-laden eurozone nations.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2289ee90/mf......

Shell and Chevron swap Austalian assets
Royal Dutch Shell has increased its stake in some Australian LNG fields by swapping assets with US oil major Chevron<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/228e5cfe/mf.gif' border='0'/>.....

Debt crisis: Murcia could request 700m from Spanish government
Spain's Murcia region could request up to 700m (550m) from the central government to keep it afloat, amid growing concern over the state of the regions' finances.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/22.....

Lonmin shares fall again as company gives striking workers an extra day to return to work
Lonmin shares fell for a sixth straight day on Monday, as the FTSE 100 miner gave employees at the South African mine where 34 workers were shot dead an extra day to return to work before losing their jobs.<img width='1' height='1' src='http://tel.....

Former Exxon boss to head JP Morgan 'whale' probe
JPMorgan Chase & Co has picked Lee Raymond, ex-chief executive officer of Exxon Mobil, to head an inquiry into losses in a credit derivative portfolio run by its London-based Chief Investment Office.<img width='1' height='1' src='http://telegr.....

Facebook shares fall to less than half IPO price
Facebook shares were worth just half of their $38 (24.21) flotation price on Friday, falling by 50pc in just three months to hit the unwelcome milestone and record low of $19.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/.....

Christian Littlewood and wife Angie ordered to pay 1.5m in insider dealing case
Former Dresdner Kleinwort banker Christian Littlewood and his wife Angie have been handed a record 1.5m confiscation order relating to their insider dealing convictions.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/5683.....

Germany's Bundesbank remains opposed to ECB bond buying
The Bundesbank has showed no signs of lowering its resistance to a European Central Bank plan to buy billions of euros worth of Spanish and Italian government bonds to reduce those countries' crippling borrowing costs.<img width='1' height='1' src.....

Germany's Bundesbank remains opposed to ECB bond purchases
The Bundesbank has showed no signs of lowering its resistance to a European Central Bank plan to buy billions of euros worth of Spanish and Italian government bonds to reduce those countries' crippling borrowing costs.<img width='1' height='1' src.....