Search This Blog

Monday, 19 November 2012

UK Financial News on 2012-11-19

Surge in high-yield demand raises fears of bubble
Weaker covenants and altered investor base could make the corporate bond market less stable.....

London could lose global hub status in five years
Commercial opportunity is the major driver of location decisions but regulation is a key consideration.....

Fan and Rankin reshape Deutsche Banks fixed-income business
New business will comprise global finance and foreign exchange, and rates and credit.....

Names emerge in JP Morgan research hiring spree
US investment bank has hired two heads of sector equity research in recent weeks, adding to the appointment of a new head of food retail research.....

Thomson Reuters offers traders storm defences
New tool can be used to help forecast swings in commodity prices in both the physical and financial markets.....

Deutsche Brse eyes closer Equiduct ties
A fresh wave of consolidation is likely in the coming months as falling trading volumes put pressure on many European equities platform operators.....

Managers smart indices catch on with pension funds
'Smart beta' concept was pioneered in the early 2000s by US-based manager Research Affiliates and ranks company shares by metrics, such as sales and turnover, rather than by market cap.....

Graphite plots co-investment fund
Dual approach allows the UK firm greater flexibility and typically offer investors better terms than a normal fund.....

Doughty slashes real estate fund target
Firm has so far only gathered about €40m in soft commitments to participate in fund.....

Comet to cut hundreds more jobs
The insolvent electrical chain Comet confirms a further 735 redundancies at its head office, central functions and its home delivery network......

Moody's downgrades French rating
The credit ratings agency Moody's downgrades French debt and maintains the negative outlook, meaning its rating could be cut again......

Twinkies firm in last-ditch talks
The maker of Twinkies agrees to go to mediation on Tuesday to avoid liquidating the company as part of a labour dispute......

One in 10 shops empty, says BRC
More than one in 10 UK shops is empty, according to the BRC, the highest since it began collecting data on occupancy levels of High Street premises......

SAS cuts deal to avoid bankruptcy
SAS reaches an agreement with trade unions needed to ensure the troubled Scandinavian airline's survival following all-night talks......

US home sales continue to rise
Sales of previously-owned homes in the US rose by more than expected in October, a report suggests, a sign that confidence is returning to the economy......

Intel chief executive to retire
Chipmaker Intel announces that its chief executive Paul Otellini is going to retire from the company that he joined in 1974......

Business more upbeat, says Cable
The UK economy is showing "reassuring" signs and there is a "more upbeat mood" in the business community, Business Secretary Vince Cable says......

Virgin wins Heathrow routes bid
Virgin Atlantic is offered the rights to operate Heathrow links to Edinburgh and Aberdeen......

Watchdog targets 'shadow banking'
International regulators are pushing for tighter rules on companies that operate like banks, but fall outside current oversight......

Spanish banks' bad debts hit high
Problem loans at Spain's banks hit a new all-time high, as the collapse of the country's property bubble continues to hurt the economy......

Total sells Nigeria oil to China
French oil firm Total says it has sold its 20% stake in a Nigerian offshore oilfield to the Chinese state-owned Sinopec......

Tax powers call 'taken seriously'
The UK government says it will give serious consideration to a report calling for Wales to have its own tax system......

Rag trade under tax microscope
The rag trade and landlords are among the latest targets of a tax crackdown by HM Revenue and Customs (HMRC)......

Schools dubbed 'exam factories'
Business leaders say some UK schools have become "exam factories" and are calling for children to be given a broader education......

PM targets 'time-wasting' appeals
Ministers will crack down on official "time-wasting" caused by the "massive growth industry" of legal challenges to government policy, David Cameron says......

Ocado shares jump on loan deal
Shares in Ocado jump by almost a quarter after the online grocer said it had extended a key loan agreement and seen improved sales......

Warning over independence economy
An independent Scotland would face long-term fiscal challenges, a report by the Institute for Fiscal Studies claims......

China home prices rise in October
Chinese property prices increase in 35 of the country's 70 main cities during October, indicating a small rebound in demand......

Desert solar power plan in doubt
An ambitious plan to provide 15% of Europe's power needs from solar plants in North Africa runs into trouble......

Cisco to buy Meraki for $1.2bn
Cisco, the world's largest maker of networking equipment, agrees to acquire cloud computing company Meraki for $1.2bn (750m)......

Customer numbers up at Majestic
Majestic Wine says customer numbers rose by 11.2% and they were paying more on average than last year helping profits to rise......

Jobs promise in wind energy deal
One of Europe's largest offshore wind energy companies confirms it will locate its UK turbine manufacturing site in Scotland......

VIDEO: Britain 'sleepwalking' into EU exit
Ed Miliband warns against Britain 'sleepwalking' out of the EU, and claims any such move would have a servere affect on the UK's economy......

VIDEO: PM targets 'time-wasting' appeals
David Cameron has promised to crack down on "time-wasting" caused by the "massive growth industry" in legal challenges to government policy......

VIDEO: Thames Estuary airport 'stupid' idea
The chief executive of Ryanair, Michael O'Leary, has described the idea of a hub airport in the Thames Estuary as "stupid" and "hair-brained"......

AUDIO: Private sector 'must invest in infrastructure'
John Cridland, director general of the CBI, has called for "shovel-ready" infrastructure projects to ensure economic growth......

VIDEO: HK's Tsui Wah Cafe plans share sale
The Tsui Wah Cafe group, whose tea shops are a Hong Kong landmark, is determined to forge ahead with a plan to sell shares to fund its expansion in China......

VIDEO: Burma's economic boost from Obama
Barack Obama makes history on Monday as the first US president to visit Burma, a trip that the government hopes will lead to better economic ties......

VIDEO: Afghanistan seeks Indian investors
Afghanistan's president Hamid Karzai is keen to forge closer ties with India to encourage more investment from the country......

VIDEO: Burma 'determined' to attract investors
On eve of the historic visit by US President Barack Obama, Burma is determined to show it is open for business, says an analyst......

Is Ethiopia ready for foreign investment?
Is the country ready for foreign investment?.....

Small firms prove 'easy to hack'
Expert warns small businesses are targets for hackers.....

Equity markets look the best buy
Jamie Robertson's market report: staring over the fiscal cliff.....

U.S. Day Ahead: The fiscal cliff saga - enter Bernanke!
Nov 19 - Markets are focusing on what Fed Chair Ben Bernanke says about the fiscal cliff when he speaks in New York about the recovery and Fed policy......

Daily Digit: "Twilight" rings up $341 mln
Nov. 19 - "The Twilight Saga: Breaking Dawn - Part 2" makes $341 million worldwide in its first weekend. Conway G. Gittens reports......

Trading at Noon: Apple shines and so does Wall Street
Nov 19 - Apple stock rises nearly 5 pct today after a rough run, and U.S. stocks climb above 1 percent on optimism over budget talks......

Breakingviews: Intel's ruffled chips
Nov 19 - Jeffrey Goldfarb talks to Robert Cyran about the challenges faced by whoever replaces Paul Otellini as Intel CEO given the company's struggles in mobile and its vulnerability in servers......

Mind-machine researchers get leg up from cockroach
Nov. 19 - The ability to control machines with the human mind is being put to the test in Santiago, Chile, where researchers are developing technology aimed at transforming the lives of disabled people. The lowly cockroach has been recruited for the .....

British business fears over EU exit
Nov.19 - The President of Britains largest business group, the Confederation of British Industry, has called on the government and businesses to retain their ties to Europe and resist any future move to leave the EU. The CBI annual conference came as.....

SAS secures survival deal
Nov.19 - Scandinavian airline SAS wrapped up a deal with the last of eight unions on a plan to reduce costs, clearing the way to finalise a $515 million dollar rescue deal. Hayley Platt reports......

Europe Day Ahead: Greece quick fix?
Nov. 19 - Greek debt set to be the sticking point when euro zone finance minister's meet. The IMF wants a sustainable solution for Greece while euro zone finance ministers eye a short term fix......

Monaco Media Forum: Weather Co. CEO on storms and devices
TV about the lessons of Superstorm Sandy and how technology is changing the way people get their weather news......

Daily Digit: Glencore deal nears finish line
Nov.19 - Commodities trader Glencore looks set to clinch its $30 billion takeover of Xstrata this week, despite a potential snub for the miner's board if investors scrap a controversial pay plan for its managers. Ciara Sutton reports......

3XSQ: Obama calls on CEOs; News Corp says 'YES'
Nov 19 - President Barack Obama's intensive lobbying to avert big year-end tax hikes and spending cuts resumed over the weekend when he spoke with JPMorgan's Jamie Dimon and legendary investor Warren Buffett......

Greece funding deal likely to be short term - Deutsche Bank
Nov. 19 - Greek funding deal this week will keep it out of trouble but falls short of being a 'real' solution for the country, says Gilles Moec, senior economist at Deutsche Bank......

Breakingviews: HSBC's China Strategy
Breakingviews......

Reuters Today: Gaza death toll mounts as diplomats gather
Nov. 19 - UN Secretary General Ban ki Moon heads to Egypt to try to halt the Israel-Gaza conflict.President Obama becomes the first U.S. President to visit Myanmar......

Factbox: U.S.-Myanmar trade ties
Nov. 19 - As U.S. President Barack Obama makes his historic visit to Myanmar, we look at how the countries' trade relationship is ramping up - from a very low base......

U.S. Morning Call: Cisco to buy start-up Meraki for $1.2bln
Nov 19 - Networking equipment company Cisco Systems said it will buy privately held cloud networking company Meraki for $1.2 billion in cash as part of its cloud and networking strategy......

Market Pulse: What's Moving Today and Why
Insider has its finger on the market pulse, analyzing and making sense of the biggest movers of the day......

Chicago university cooks up green recycling scheme
Nov. 18 - Loyola University in Chicago is taking sustainability to a new level. The school is converting all of the waste cooking oil produced in their cafeteria kitchens to biodiesel that powers their shuttle bus fleet and soap products that keep th.....

Labour MP Margaret Hodge challenged over family firm's tax
Margaret Hodge's position as chairman of the Public Accounts Committee has been called into question following embarrassing revelations over the tax affairs of Stemcor - the 6.3bn-turnover business controlled by her family.<img width='1' height='1.....

Ex-MIT computer scientists eye multi-million dollar windfall as Cisco makes $1.2bn swoop
Three computer scientists who dropped out of university are in line for a multi-million dollar payday after the company they founded was snapped up by Cisco for $1.2bn (754m).<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/.....

UK banks should face threat of being broken up, says FSA
Britain's banks should be forced to fully separate their retail arms from investment banking operations if they try to dodge new rules designed to protect the taxpayer, a top regulator has warned.<img width='1' height='1' src='http://telegraph.fee.....

Ocado: this supermarket on wheels doesn't look much like a cashbox
Click on the Ocado website and up pops the strapline: "Quality groceries that won't cost the earth."<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/25bf2f4b/mf.gif' border='0'/><br/><br/><a href.....

ECI plots sale of ships' map-maker
One of the world's oldest and largest makers of shipping charts could be about to change hands for up to 100m.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/25bf29af/mf.gif' border='0'/><br/><br/>.....

Michael O'Leary calls for three new South East runways
Three new runways should be built at South East airports to create excess capacity, increase competition among airlines and reduce fares, Michael O'Leary, chief executive of Ryanair, has told MPs.<img width='1' height='1' src='http://telegraph.fee.....

Ocado secures 36m 'lifeline' to leave hedge funds sitting on heavy losses
Ocado has secured a "lifeline" through a 36m share placing that leaves some of the world's leading hedge funds sitting on millions of pounds of losses after they bet on the company's demise.<img width='1' height='1' src='http://telegraph.feedsport.....

Debenhams boss to get extra 300,000
The chief executive of Debenhams is to receive a one-off bonus of more than 300,000 because of the "strong business performance" since his appointment.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/25beb5b0/mf.g.....

Majestic Wine benefits from hotels and restaurants
Increasing numbers of restaurants, hotels, and gastro-pubs are turning to Majestic Wine for their alcohol, helping the specialist wine retailer to grow revenues and profits despite Britain's wet summer.<img width='1' height='1' src='http://telegra.....

David Cameron's non policy on Europe is the worst of all worlds
Business lobby groups have been surprisingly quiet in the fast developing debate over Britain's position in Europe - up until Monday that is.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/25beb5c2/mf.gif' border.....

CBI: Business must salvage 'poisoned' reputation
The greed, unfairness and excesses of a "contemptible few" has "poisoned" the reputation of British business in society, Sir Roger Carr has warned.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/25beabc1/mf.gif' .....

Entrepreneurs 'more cautious than general public'
The new generation of small business owners are more likely to be conservative and even more prudent and risk averse than the public they are serving, say psychology researchers.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/327.....

European demand drives Aga sales
AGA'S growing popularity in Europe is keeping business "bubbling away" despite sluggish sales at home and in Ireland, according to chief executive William McGrath.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2.....

Britain is in an economic 'war', says Cameron
Speaking at the CBI Conference David Cameron told business leaders that Britain was in the "economic equivalent of war" and said the government would be quicker because "in this global race you are either quick or you're dead".<img width='1' heigh.....

Debt crisis: CBI Conference as it happened - November 19, 2012
Speaking at the CBI Conference David Cameron said Britain was in the "economic equivalent of war" and pledged that the government would be quicker because "in this global race you are either quick or you're dead". As a result he will cut judicial rev.....

Greek companies face 'annihilation' amid debt crisis
Greece's recession-hit businesses face "annihilation", a leading chamber of commerce has warned, as a fatal combination of falling sales and job cuts meant the country was in its worst economic shape for 14 years.<img width='1' height='1' src='htt.....

Cameron says Britain in economic 'war' - CBI conference: debt crisis live
Speaking at the CBI Conference David Cameron said Britain was in the "economic equivalent of war" and pledged that the government would be quicker because "in this global race you are either quick or you're dead". As a result he will cut judicial rev.....

Thousands of workers face pension cut
Thousands of shop workers could see their pensions cut when they join an automatic enrolment scheme.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/25bdbd37/mf.gif' border='0'/><br/><br/><a href.....

Thousands of shop workers face pension cut
Thousands of shop workers could see their pensions cut when their employers join a national scheme that requires all workers to be enrolled in a pension automatically.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300.....

Workers refuse to save for retirement
More than half of the population is unwilling to contribute more than 5pc of their salary towards their pension.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/25bdb0b2/mf.gif' border='0'/><br/><br/&g.....

RBS Irish unit fined 2m over capital rules
The Irish Central Bank has fined Royal Bank of Scotland's Irish unit 2m (1.6m) for violating liquidity and capital rules, in the latest regulatory blow to the nationalised British bank.<img width='1' height='1' src='http://telegraph.feedsportal.co.....

Surprise rise in US home sales
America's housing market has offered fresh signs it is recovering, after homes sales rose more than expected last month.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/25bdb0b7/mf.gif' border='0'/><br/>&.....

Self-employed do 4.8bn of unpaid work every year
Seven in 10 self-employed skilled tradespeople complete more than five extra unpaid hours each week.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/25bdb0bf/mf.gif' border='0'/>.....

Comet administrators cut another 735 jobs
The administrators to Comet are cutting another 735 jobs and dramatically downsizing its home delivery service as fears mount for the future of the retailer's workforce.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/5683.....

Banks 'surrendered' on PPI, Dunstone claims
Banks have "surrendered" on PPI mis-selling because they are too "unpopular" to fight the 11bn of compensation claims, says Sir Charles Dunstone, the Carphone co-founder and ex HBOS non-executive.<img width='1' height='1' src='http://telegraph.fee.....