Search This Blog

Tuesday 22 January 2013

UK Financial News on 2013-01-22

Zaoui Capital set to add staff 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.....

Hilco takes control of HMV chain
Restructuring specialist Hilco takes effective control of music and DVD retailer HMV, after buying the troubled company's debt......

Google sees profits back on track
Google reports a small rise in profits despite a jump in revenues as it ploughed more money into advertising and research and development......

Bank chief calls for further action
Bank of England Governor Sir Mervyn King calls for further action to boost the UK's economy and suggests a review of the Bank's inflation targeting......

Barclays begins job consultation
Barclays sends out letter to staff over potential job cuts at its investment banking operations as part of an overhaul announced in the light of Libor scandal.....

UK borrowing rises in December
The government borrowed slightly more than expected in December, fuelling fears that the UK could lose its coveted AAA credit rating......

Rolls-Royce closes defence site
Rolls-Royce is to close its UK defence operations in Ansty, near Coventry, with the loss of nearly 400 jobs......

Company taxes 'up 19% since 2005'
The UK's largest firms are paying 19% more tax now than in 2005, according to a report, despite corporation tax payments falling by 17%......

Business leaders 'see no growth'
More than half of business leaders predict the global economy will continue on its current path of minimal growth in 2013, according to a survey......

Rose replaces Grade in Ocado role
Online grocer Ocado appoints former Marks and Spencer chairman Sir Stuart Rose to replace Lord Michael Grade as chairman......

European transactions tax agreed
EU finance ministers give the green light for 11 eurozone members, including France and Germany, to prepare a new tax on financial transactions......

Schroders trader among arrests
An employee from fund manager Schroders is arrested along with four other people in connection with a Financial Services Authority insider dealing investigation......

House sales rose by 5% in 2012
House sales in the UK rose by 5% last year to 932,000, the highest annual sales figure since 2007, HM Revenue and Customs says......

Bumi probe unable to back claims
Coal miner Bumi says it is unable to substantiate claims of potential financial and other irregularities at its Indonesian operations......

Japan in 'aggressive' growth move
The Bank of Japan doubles its inflation target to 2% and promises open-ended asset purchases from 2014, meeting key demands of the new government......

Opportunistic fraud 'on the rise'
Personal pressures at work and at home are driving more people to commit fraud, while crime by professional fraudsters is falling, a survey suggests......

German investor confidence surges
Confidence among investors and analysts about the German economy surges to a 32-month high in January, according to a closely watched survey......

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......

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

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

World jobless numbers grow - UN
Global unemployment rose by 4 million in 2012 to 197 million and is expected to grow further in the coming years, the UN labour agency warns......

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......

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......

Ikea closer to stores in India
India's foreign investment agency approves Ikea's entry into the Indian market, bringing the Swedish firm closer to being the first with wholly owned outlets......

Cathay offers early retirement
Hong Kong's Cathay Pacific offers a voluntary early retirement plan to its cabin crew as the airline looks to trim costs......

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......

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: Cameron prepares for Europe speech
On Wednesday the Prime Minister will make his long awaited speech on the UK's relationship with Europe and how it might change......

VIDEO: David Cameron bid to scrap sandwich VAT
David Cameron explained why he had handed in a petition to his namesake in Downing Street to see "fairness on the way VAT is applied to take away food"......

VIDEO: Behind-the-scenes at UK toy fair
Steph McGovern reports from the UK's biggest toy fair in Olympia in London on the nation's favourite toys, past and present......

AUDIO: Crackdown on 'dishonest' tax schemes
The Director of Public Prosecutions for England and Wales, Keir Starmer, says more tax avoidance schemes will be prosecuted......

VIDEO: Gatwick boss wants flights rethink
The Chief Executive of Gatwick Airport is calling for a change in the way flights are scheduled across the main airports in London......

AUDIO: Mayor adviser seeks 'dynamic' London
The Mayor of London, Boris Johnson, has appointed Gerard Lyons, former chief economist at Standard Chartered, as his new economic adviser......

VIDEO: On the railway to the resort of Davos
The BBC's Nik Gowing has been covering the World Economic Forum for over 15 years, and gave this personal insight into his journey to the Swiss resort of Davos......

VIDEO: Google revenues hit by tablets
Google is expected to report record profits for the last three months of the year, but the move away from desktop computers to tablets and smartphones is eating into revenue from sponsored searches......

Italy tackles mafia-owned businesses
Why Italian authorities confiscate companies.....

Should we be recording our phone calls?
Should you be recording your phone calls?.....

Funding for Lending: Is it working yet?
Funding for Lending is helping homeowners not businesses.....

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?.....

GAIM 2013: Japan assets, U.S. equities to outperform-Vasan
Trend Capital's Ashwin Vasan says that, from a macro perspective, Japan is an interesting place to invest, and U.S. equities will outperform other markets after the debt ceiling is raised......

U.S. Day Ahead: Shrinking Apple needs a big surprise
West Coast Bureau Chief Jonathan Weber......

Daily Digit: Home resales down 1%
Jan. 22 - Existing home sales fell 1 percent in December, but the housing recovery is on track, says Coldwell Banker CEO Budge Huskey. Conway G. Gittens reports......

GAIM 2013: Cairn's Jackson sees big gains in European credit
Despite low volatility, Cairn Capital's Andrew Jackson says there are opportunities to make "very real returns" from credit markets in Europe. He also sees no bond bubble in the United States......

GAIM 2013: Stocks the place to be, even if yields rise-Wolff
Jan. 22 - Speaking at the 2013 GAIM Hedge Fund Conference, Grandmaster Capital's Patrick Wolff says interest rates can rise a couple hundred basis points, but stocks are still the more attractive option......

GAIM 2013: Frontier markets cheap, growing fast-Dimitrijevic
Everest Capital's Marko Dimitrijevic says that while emerging and developed markets have recovered since the 2008 recession, frontier markets are still at very low values and are now growing fast......

GAIM 2013: Yen could hit 200 vs. the dollar - Hayman's Bass
Jan. 22 - Hayman Capital's Kyle Bass expects the Japanese yen to weaken significantly against the dollar and says that this is the riskiest time for an investor to be complacent about the markets......

3XSQ: Challenges facing Dow Components
Four members of the Dow Jones Industrial Average report results this morning, each facing its own difficulties......

GAIM 2013: Parker Gbl's CIO "very" worried about bond bubble
Jan. 22 - Speaking at the 2013 GAIM Hedge Fund Conference, Ginny Parker, CIO of Parker Global Strategies, says the effects of the bond bubble could last decades and feels perceived market risk is unusually low......

Techquity: Apple chopped, Google's erratic results
Jan. 22 - Two more analysts cut profit numbers and price targets for Apple ahead of its results. Also, Google reports. The search giant's recent profit results have been all over the map......

ECONOMY 2013: U.S. housing rebounding in shaky economy
Jan. 22 - Stronger home sales, price gains and leaner inventory point to a firm housing recovery in 2013, says Coldwell Banker CEO Budge Huskey, but economy is still on shaky ground and poses the greatest risk......

Trading at Noon: Previewing Google; RIM rises
Jan 22 - Google is set to report Q4 2012 earnings and RIM surges on deal talk......

Breakingviews: Tale of two banks
Jan 22 - Jeffrey Goldfarb and Antony Currie talk about the make-or-break year for Morgan Stanley's James Gorman and how US Bancorp is putting rivals to shame......

Financial trading tax one step closer
Germany, France and nine other euro zone countries have agreed to push on with a financial transactions tax, a measure likely to unsettle banks but which will please voters and raise much-needed revenue. Andrew Potter reports......

Germany, France unite over euro reforms
Jan.22 - The leaders of Germany and France have promised to put forward common proposals to deepen Europe's economic and monetary union by May, as they put on a show of unity on the 50th anniversary of the pact that sealed their post-war reconciliati.....

Europe Day Ahead: Camerons EU vision for UK , WEF kicks off
Jan. 22 - Britains prime minister David Cameron sets out his vision for the country and its place in Europe on Wednesday plus, the World Economic Forum begins in Davos......

U.S. Morning Call: Investors eye debt ceiling extension
Jan 22 - House Republicans aim to pass a nearly four-month extension of the U.S. debt limit......

Delegates debate dynamism at Davos
Jan.22 - Business leaders and heads of state have arrived in the Swiss resort town of Davos for the World Economic Forum. Europe managed to keep the euro zone intact in 2012, and the U.S. narrowly avoided the fiscal cliff, but the delegates attending.....

Euro Group appoints new chief
Jan. 22 - Dutch Finance Minister Jeroen Dijsselbloem has been elected as the new head of the Euro Group replacing Jean-Claude Juncker after 7 years in the job. Hayley Platt reports......

Reuters Asks: Would leaving the EU be good or bad for the UK
Jan. 22 - As the debate hots up surrounding Britains place and direction within Europe, we ask financial experts whether leaving the EU would be good or bad for Britain......

Breakingviews: Bumi probe sends sell signal
Jan. 22 - A muddled report into allegations of corruption at Indonesian company Bumi does little to restore shareholder confidence. Plus Stansted sale just the ticket for London......

Japan's central bank answers growth call to arms
Jan. 22 - Bold action by Japans central bank, under pressure to lift the country out of recession. But will its moves boost the economy in the long-run? Yonggi Kang reports......

Reuters Today: Open-ended QE Japan throws in kitchen sink
Jan. 22 - Japan formally announces open-ended bond buying and a 2% inflation target to revive its economy. Plus Eurogroups new chief isnt unanimously endorsed, and Israel may move even further to the right......

Data model could improve future pandemic response
Jan. 22 - Researchers at the University of Warwick have created a model to predict the impact of future pandemics in real-time as they strike. The model will allow health authorities to make better vaccination preparations and avoid unnecessary blank.....

Market Pulse: German DAX rollercoaster, Spanish bond bonanza
Jan. 22 - A volatile day for German stocks, hit by banking worries then rebounding on a strong ZEW survey. And a bumper day for Spains new 10-year bond. Plus, 50 years of the Elysee Treaty......

Talk Global Infrastructure Partners is poised to bid for United Utilities
United Utilities was back under the spotlight amid speculation a consortium of infrastructure funds led by Global Infrastructure Partners (GIP) is preparing a multi-billion takeover bid for the water group.<img width='1' height='1' src='http://tel.....

Bumi chief's CV causes further row
Bumi chief executive Nick von Schirnding has become embroiled in a row over his qualifications after changing his biography on the coal miner's website.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/27caa786/mf......

Bumi and Nat Rothschild go to war over Macfarlanes report
Fresh hostilities have broken out between Bumi and Nat Rothschild after the coal miner's board blamed the financier for obstructing a law firm's inquiry into at least $1bn (630m) of missing funds.<img width='1' height='1' src='http://telegraph.fee.....

Central bankers should be brought to heel by elected parliaments
Intellectual fashion is changing. Central bankers around the world no longer command the charisma of a high priesthood.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/27caa788/mf.gif' border='0'/><br/>&l.....

Sir Mervyn King says abandoning inflation target would be 'irresponsible'
Abandoning inflation targeting in Britain would be "irresponsible" and risk a return to the high inflation of the 1970s warned Sir Mervyn King, in what appeared to be a veiled criticism of his successor Mark Carney.<img width='1' height='1' src='h.....

Microsoft 'in talks on Dell buyout'
Microsoft is in talks to help finance the buyout of Dell, one of the world's largest PC makers, according to reports.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/27ca488c/mf.gif' border='0'/><br/><.....

Mario Draghi: 'Darkest clouds over eurozone have passed'
The eurozone can begin 2013 with more confidence than last year but it is up to governments to carry the bloc forward with reforms while the ECB delivers stable prices, Mario Draghi said.<img width='1' height='1' src='http://telegraph.feedsportal......

Sir Stuart Rose named as new Ocado chairman
The surprise arrival of Sir Stuart Rose as chairman of Ocado was welcomed by investors as a major vote of confidence in the future of the online grocery retailer, sending its shares up by more than 6pc.<img width='1' height='1' src='http://telegra.....

Takeover Panel appoints Citi dealmaker to top job
A Citigroup dealmaker who advised Kraft Foods on its controversial acquisition of Cadbury is to take the top job at the body that polices takeovers.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/27c96a56/mf.gif'.....

It doesn't look as if Osborne can deliver the necessary cut in public spending
George Osborne's fatal problem is that he is proving unable to deliver any meaningful reduction in the size of the state.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/27c96a58/mf.gif' border='0'/><br/>.....

Ryanair offers to give up 46 Aer Lingus short haul routes
Ryanair has pledged to offload half of Aer lingus's short-haul business to Flybe and British Airways if European competition authorities allow it forge ahead with a takeover offer for the Irish flag carrier, it is understood.<img width='1' height=.....

HMV: Future of retailer in hands of Hilco and suppliers
The future of HMV lies in the hands of its suppliers and Hilco after the restructuring specialist bought the bank debt behind the retailer.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/27c9c158/mf.gif' border='.....

Barclays to cut hundreds of jobs at its investment bank
Staff at Barclays' investment banking division have been put on notice that their jobs are at risk following a review of the lender's operations by new chief executive, Antony Jenkins.<img width='1' height='1' src='http://telegraph.feedsportal.com.....

Rolls-Royce to 'shed 400 jobs'
Aerospace firm Rolls-Royce is to cut almost 400 jobs at its Ansty site near Coventry, in a blow to the local workforce, a union has claimed.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/27c9bf2c/mf.gif' border=.....

Sir Stuart Rose: Ocado's Harry Redknapp
The appointment of Sir Stuart Rose as chairman of Ocado is the equivalent of Harry Redknapp moving from Tottenham Hotspur to Queens Park Rangers, according to Clive Black, analyst at Shore Capital.<img width='1' height='1' src='http://telegraph.fe.....

Davos 2013: British business chiefs plan deal bonanza
British business leaders planning mergers and acquisitions bonanza.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/27c9bd6c/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/155.....

Good News Britain: Food and franchises boost Marston's
Ralph Findlay, the chief executive of Marston's, explains how the pubs group and brewer has bucked the downturn in the industry.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/27c8c3fa/mf.gif' border='0'/><.....

Watch live: World Economic Forum at Davos
Follow live developments as business leaders and politicians gather in Switzerland for the World Economic Forum annual meeting to discuss tough challenges the global economies face.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/.....

WEF and Davos: A brief history
A look back at the origins of the World Economic Forum in Davos.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/27c8c90c/mf.gif' border='0'/>.....

Adam Posen accuses Sir Mervyn King of closing ranks over QE
Sir Mervyn King, the Governor of the Bank of England, and his deputies have been accused of "closing ranks" against external members of its interest rate setting panel on key decisions, including quantitative easing.<img width='1' height='1' src='.....

Anglo American has 'stolen' South Africa's money
A senior member of the African National Congress has accused miner Anglo American of stealing South Africa's money<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/27c88b56/mf.gif' border='0'/><br/><br/.....

Cable: 'Inappropriate' for government to rescue retailers
Business Secretary Vince Cable has argued against staging a bank-style rescue for the retail sector, describing such an intervention as "inappropriate".<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/27c75c5e/mf......

The economy is healing, No 10 insists, as borrowing rises again
David Cameron believes the economy is still "healing" despite new figures showing another rise in public sector borrowing, Downing Street said.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/27c75c5f/mf.gif' bord.....

Germany and France to present joint eurozone reform proposals
Germany and France will put forward joint proposals on strengthening the eurozone by May ahead of a European Union summit, German Chancellor Angela Merkel said.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/27c7.....

Good News Britain: Marston's toasts festive sales rise
Diners treating themselves to a festive meal out helped pubs group and brewer Marston's increase sales over Christmas and the New Year, despite the heavy snowfall hitting trading in recent days.<img width='1' height='1' src='http://telegraph.feeds.....