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Monday 21 January 2013

UK Financial News on 2013-01-21

Zaoui Capital set to staff up after FSA approval
Advisory firm set up last year by Michael and Yoel Zaoui is on the hunt for junior staff.....

Bankers forecast new wave of LTRO
Participants say the ECB will have no choice but any new facility will have strings attached.....

Active equities sour year for BlackRock
The performance of BlackRock's active equity funds has fallen below their benchmark over one, three and five years, even though the company took steps to bolster its position in the second half of 2012.....

City funds make up almost 40% of Conservative Party donations
The Conservative Party received a total of £11.3m in donations last year with just over £4.3m coming from financial firms, bankers and investment executives.....

Buyout firms get a taste for chocolate
Hotel Chocolat becomes latest high street name in private equity's sights.....

Block trading comes back into vogue
Increase in recent weeks comes amid renewed appetite for equities.....

Hunt starts for infrastructure managers
Pension bodies on lookout for managers with infrastructure expertise for new fund.....

Clients follow Hosking out of Marathon
Investors have pulled £5bn from the fund manager since the summer news of its co-founder's departure.....

Covered bonds start the year with a slump
Volumes are less than half last year's levels as banks fret over balance sheet encumbrance.....

RBC pledges expansion as it climbs league tables
Canadian corporate and investment bank plots further hires to gain market share after cracking top 10.....

Fixnetix turns on the microwave
Super-fast technology provider offers access to microwave line from London to Frankfurt.....

Gift cards to be accepted at HMV
HMV gift vouchers will be accepted in stores from Tuesday, the company's administrators Deloitte say......

Criminal crackdown on tax evasion
More cases of tax evasion will be taken to the criminal courts as the Crown Prosecution Service steps up its crackdown in this area......

Faster Payments System goes slow
Lloyds Banking Group says its Faster Payments System is back to normal after experiencing difficulties during the day......

EU carbon price hits all-time low
The price of carbon under the EU Emissions Trading System hits a record low as Europe's economic weakness contributes to an over-supply of permits......

Dutchman to be new Eurogroup head
The Dutch Finance Minister Jeroen Dijsselbloem is elected the new head of the Eurogroup, replacing the outgoing Jean-Claude Juncker......

Dreamliner battery maker in probe
US and Japanese authorities begin a joint investigation into the Japanese battery maker for Boeing's troubled 787 Dreamliner aircraft......

Sir Stelios in fresh Easyjet row
Easyjet founder Sir Stelios Haji-Ioannou threatens to sell more of his shares in the airline if it places an order for more aeroplanes......

First supermarket ombudsman named
Christine Tacon is named by the government as the first supermarket ombudsman, five years after the post was first suggested......

Mortgage market 'now more robust'
Mortgage lending in the UK in 2012 was little changed on 2011 but ended the year in more "robust" form, a lenders' group says......

Senior executive leaves Barclays
A senior executive at Barclays Wealth has left the firm amid allegations he attempted to suppress an unflattering report into practices at the unit......

Girls 'hit hard by world recession'
A shrinking world economy is painful for many, but girls and women suffer most from the effects of recession......

India raises import tax on gold
India increases import duties on gold from 4% to 6% to try to rein in demand for the precious metal and reduce the country's trade deficit......

Financial firms 'feel optimistic'
Optimism among UK financial firms surged at the end of 2012, even though job losses in the City are expected to continue, a survey suggests......

UK housebuilder plans share float
Housebuilder Crest Nicholson is planning to return to the stock market, five years after it was taken private during the financial crisis......

Atari Inc. files for bankruptcy
Atari's US operations file for Chapter 11 bankruptcy protection with a view to separating from its loss-making French parent company......

Treasury needs more 'innovation'
The UK economy will see "sluggish growth" for two years, unless authorities adopt a more innovative approach to boosting expansion, a study says......

Shopper numbers 'fell last month'
The number of shoppers on UK High Streets fell last month, according to latest footfall figures from the British Retail Consortium......

Moscow Exchange plans share float
Moscow Exchange, Russia's biggest stock market, plans to sell shares in itself on its own exchange, expected to raise over $500m......

HSBC closes some ex-pat accounts
HSBC bank announces a new policy of closing the personal accounts of non-UK and Crown Dependency residents......

Huawei sees 33% jump in profit
Chinese phone equipment maker Huawei forecasts a 33% jump in profit boosted by strong performance in markets such as Europe and Japan......

Glock parts company with Marussia
Timo Glock will not race for Marussia this year after he and the team "agreed to part company with immediate effect"......

VIDEO: Traveller's four-day Heathrow ordeal
Ian Aitchison first spoke to the Today programme on Saturday morning, having spent six hours on a plane that didn't leave, then a night in a nearby hotel. But on Monday morning he still had not taken off......

AUDIO: How will cities thrive in 2013?
Think tank, The Centre for Cities, suggests councils should invest in housing to get the economy moving.....

VIDEO: Lamy: Capitalism has to change
The head of the World Trade Organisation, Pascal Lamy, says he is still worried about the state of the world economy and says globalised capitalism has to change to improve social justice......

VIDEO: Traders enjoy India's Kumbh Mela
India's Kumbh Mela religious festival attracts millions who want to cleanse their sins, but the crowds of pilgrims are also good business for traders......

VIDEO: Jakarta floods prompt huge claims
The insurance industry is expecting many claims for compensation after last week's floods in Jakarta, which prompted Indonesia to declare an emergency......

VIDEO: Japan's Pacific rare earth survey
Japan is ready to survey the ocean floor of the Pacific Ocean to find alternative sources of rare earth metals, to reduce reliance on supplies from China......

VIDEO: Inside the life of Kim Dotcom
The controversial internet tycoon, Kim Dotcom, who is accused of copyright infringement by the United States, has launched a new file sharing service......

Snow piles on trouble for economy
Will the cold weather disruption push the UK back into recession?.....

Davos 2013: 'Dynamic resilience' in a volatile world
'Dynamic resilience' in a volatile world.....

PPI: The unintended consequences of a scandal
Is PPI spam the most annoying thing?.....

New meter tracks Italy's tax cheats
Italy's new way of assessing tax owed by citizens.....

Protecting workers in dangerous places
How do oil and gas firms protect staff in dangerous countries?.....

Snow difficulties and your rights
Your rights if you cannot get into work.....

'Smart' furniture heralds a future with light touch
Jan. 21 - A collaboration between Spanish engineers, cupboard makers, and electronics manufacturers is offering homeowners a future without manual electric switches. Participants in the Wood Touch project have created various items of wooden furnitur.....

Obama urges end to political name-calling as second term starts
Jan. 21 - President Barack Obama urges Americans to reject partisan rancor as he kicks off his second term with a call for national unity. Rough Cut (no reporter narration)......

Vote leaves Merkel down by not out
Jan.21 - Months before she is hoping to get re-elected in the German federal election, Chancellor Angela Merkel's party lost power in an extremely tight state vote. It's the latest in a string of defeats and a personal blow for Merkel. Joanna Partrid.....

Europe Day Ahead: Better data likely - don't bet on recovery
Jan. 21 - A look to the close of the European markets and a look ahead to the next day's trading, as well as what to expect from the Asian markets overnight......

Daily Digit: UK tax avoidance
Jan.21 - The UK tax authority says the amount of tax that big companies may have underpaid by using artificial intercompany transactions to inappropriately reduce taxable profits rose 48 percent last year. Sonia Legg reports......

Shanghai shrouded in smog
Jan. 21 - China's financial hub Shanghai experiences heavy smog a week after the capital Beijing reported the worst air pollution ever measured there. Sarah Sheffer reports......

Breakingviews: Heathrow needs decisive capacity fix
Breakingviews......

FACTBOX: Bank of Japan at a crossroads
As Japans central bank kicks off a crucial two-day policy meeting, heres a rundown of whats expected and what it will mean for the banks independence and Japans sluggish economy......

China earnings season could disappoint
Jan. 21 - A profit warning from top telecoms maker ZTE is a reminder to investors that despite signs of an economic rebound in China, the outlook isn't all rosy for its companies. Tara Joseph reports......

Reuters Today: Germany draws eyes with Merkel election shock
Jan. 21 - Angela Merkel suffers a regional election blow, but this weeks economic data should be more comforting. Plus, a new Eurogroup chairman and the latest grisly toll from the Algerian hostage crisis......

Market Pulse: FTSE on fire despite UKs big freeze
Jan. 21 - UK stocks up to a new four and a half year high, even as much of the country grinds to a costly halt under heavy snow. Plus, a good day for 2 of Europes big airlines, but not so good for Greek banks......

Lower fruit prices possible with new ripening process
Jan. 20 - Scientists in Australia have developed a way to ripen fruit while it is being transported to market. They say the technique could revolutionise the fresh fruit industry and bring down the cost of healthy produce for consumers. Ben Gruber ha.....

Jens Weidmann warns of currency war risk
Loading central banks with more tasks and pressing them to pursue more aggressive monetary policies could risk a round of competitive devaluations, European Central Bank policymaker Jens Weidmann said on Monday, citing pressure on the Bank of Japan.&.....

The Financial Times to axe staff in digital shift
The Financial Times is to axe 35 jobs as part of plans to make "a big cultural shift" from a traditional print news organisation to a digitally focused "networked business".<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/.....

Admiral boosted by Goldman Sachs upgrade
Motor insurer Admiral surged to the top of the leaderboard as the blue-chip index hit a fresh five-year high.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/27c0baad/mf.gif' border='0'/><br/><br/>&.....

Barclays staff linked to Libor-rigging to be named
A group of more than 100 Barclays staff named in documents linked to the Libor-rigging scandal face being publicly identified after a judge rejected their plea for anonymity.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f.....

Britain becomes Germany's biggest trade partner as Berlin-London pact deepens
Britain has overtaken France to become Germany's biggest global trade partner for the first time in the modern era, solidifying the emergence of a "special relationship" between the powers.<img width='1' height='1' src='http://telegraph.feedsporta.....

Lloyds apologises after Faster Payments System problems
Lloyds Banking Group has apologised after thousands of customers were unable to use the Faster Payments system.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/27bff068/mf.gif' border='0'/><br/><br/>.....

Meggitt assists with Boeing Dreamliner safety investigation
British engineering group Meggitt has been dragged into the safety crisis engulfing Boeing's 787 Dreamliner after the focus of the investigation shifted to battery chargers following incidents on planes operated by Japanese airlines.<img width='1'.....

Demand for luxury cars boosts HR Owen
Demand for luxury cars was strong in 2012 despite the continued financial crisis, prompting a better than expected year for the high-end dealership HR Owen.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/27bfa4fb.....

Housebuilder Crest Nicholson unveils float plans
Crest Nicholson, the housebuilder, unveiled a return to profit and plans to re-launch in the stock market, five years after it was taken private as the industry headed into a crash.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/.....

Bank of England report flags improving mortgage market
Mortgage lending in the British economy is improving, according to the Bank of England, as lenders cut rates and make more money available.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/27bfa4ff/mf.gif' border='.....

HMV: 7m of gift vouchers to be accepted after U-turn
Up to 7m worth of gift vouchers will be accepted by HMV from Tuesday after the administrators to the collapsed entertainment retailer performed a U-turn.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/27bfa134/mf.....

Davos 2013: Global economy still at risk of collapse, says Klaus Schwab
The world has not yet escaped the risk of a collapse in the global economy despite some renewed confidence heading into 2013, founder of the World Economic Forum Klaus Schwab said.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/3.....

Bank bonuses 'should be deferred for up to 10 years'
Banks should defer bonus payouts for staff for as long as a decade to improve "prudence" in remuneration, according to a Bank of England executive.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/27bf9829/mf.gif' .....

Canada prints 'wrong' maple leaf on bank notes
Bank of Canada boss Mark Carney under fire after bank bills are printed with a Norwegian maple leaf on.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/27be5b4e/mf.gif' border='0'/><br/><br/><a h.....

Career Coach: How to get a graduate job
Graduates stand a much better chance of getting a job if they have work experience under their belt, says career coach Jeremy I'Anson.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/27beb04b/mf.gif' border='0'/&g.....

Sir Stelios threatens to sell family stake in fresh easyJet row
easyJet founder Sir Stelios Haji-Ioannou has threatened to sell his 37pc family stake in the airline if directors persist with an order for new aircraft, reigniting a row over the company's expansion plans.<img width='1' height='1' src='http://tel.....

Financial education for poorest pupils
A charity is planning to teach financial education to thousands of young people from some of the UK's poorest areas.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/27bd69d2/mf.gif' border='0'/><br/><b.....

Moscow Exchange plans initial public offering
The Moscow Exchange, Russia's main venue for trading in stocks, bonds, foreign exchange and derivatives, is to float on its own exchange.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/27bd69d3/mf.gif' border='0'.....

Beijing mulls powers to close factories over smog
China's capital has tabled rules forcing factory shutdowns during heavy smog.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/27bd69d8/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.....

Beijing mulls powers to shut down factories over smog
China's capital has proposed new rules that would force more factory shutdowns and increase fines for motorists when pollution reaches dangerous levels, in its latest attempt to combat the city's smog problem.<img width='1' height='1' src='http://.....

Mortgage lending to rise 9pc in 2013, says CML
Mortgage lending will rise 9pc in 2013 as lenders face fewer funding pressures due to the government's Funding for Lending Scheme, according to the Council of Mortgage Lenders.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726.....

Mortgage lending to rise 9pc in 2013, says CML
Mortgage lending will rise 9pc in 2013 as lenders face fewer funding pressures due to the government's Funding for Lending Scheme, according to the Council of Mortgage Lenders.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726.....

Aon to defer bonuses for high-paid staff to avoid 50pc tax
Aon, the country's largest insurance broker and shirt sponsor for Manchester United, is to delay the payment of bonuses so 250 high-earning staff will only pay tax at 45pc rather than 50pc.<img width='1' height='1' src='http://telegraph.feedsporta.....

We'll help 60,000 buy their first home, says Lloyds
Lloyds Banking Group has said it will lend 6.5bn to customers looking to buy their first property this year.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/27bca92d/mf.gif' border='0'/><br/><br/>&l.....

Greek eurozone exit still likely despite European leaders resolve, warn economists
Greece is still likely to leave the eurozone, according to leading economists, but it could take several years as the European leaders resolve to save the debt-laden country has been underestimated.<img width='1' height='1' src='http://telegraph.f.....