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Monday 4 February 2013

UK Financial News on 2013-02-04

UK puts pressure on Brussels to open CLO market
City bodies are lobbying against ‘skin in the game' rules that they believe are stifling issuance.....

Ex-JP Morgans Hannam re-emerges with new firm
Banker who stepped down to fight FSA fine is in early stages of launching a new firm.....

Barclays brokers deal with caterer Compass
FTSE 100 company mandate is one of the UK bank's biggest so far.....

Libor tender expected shortly
The process of finding a new administrator for the scandal-hit rate is set to begin.....

Alarm bells ring over fixed-income rules
Afme survey reveals extent of fears over Mifid II as policymakers put finishing touches to rules.....

Star hedge fund manager slams exorbitant fees
AQR Capital Management co-founder slams high fees for pedestrian performance.....

FSA steps up market abuse enforcement
UK regulator is undertaking joint action with 11 other European watchdogs.....

Silver Lake on track to raise $10bn fund
Buyout firm set for one of the biggest fundraisings since the financial crisis.....

Knight Capital gears up for equities push
US broker plots renewed drive in Europe as rivals retrench.....

Fiduciary firms hunt for performance benchmark
Managers aiming to set up a system to help investors see the value they provide.....

Osborne backs bank break-up powers
Banks will be broken up if they do not follow new rules to ring-fence risky investment operations from High Street operations, the chancellor has announced......

Centrica withdraws nuclear plans
Energy company Centrica pulls out of plans to invest in the UK's nuclear re-building programme because of increasing costs and delays......

US 'will sue' Standard & Poor's
Standard & Poor's says it is to be sued by the US government over the credit ratings agency's assessment of mortgage bonds before the financial crisis......

Visa sued by Australia regulator
The Australian Competition and Consumer Commission sues credit card company Visa for alleged misuse of market power......

M&S 'warned over asbestos risk'
Marks & Spencer was warned customers and staff may have been put at risk from asbestos contamination more than 10 years before receiving a 1m fine, a BBC investigation finds......

London Market Report
Sterling recovers on Monday, making up for some of the steep losses that sent it tumbling to a 15-month low against the euro last week......

Commerzbank expects massive loss
Commerzbank, Germany's second biggest lender, says it will post a net loss of 720m euros (621m) for the fourth quarter......

Argentina pegs supermarket prices
The Argentine government has ordered a two-month price freeze on all products in the country's main supermarket chains......

Spain's Rajoy pledges to battle on
Spanish PM Mariano Rajoy fiercely denies corruption allegations as he pledges to battle on against Spain's worst financial crisis in recent years......

SA farm workers get 52% pay rise
South Africa increases the basic daily wage of farm workers by 52% following a violent strike in the wine-producing Western Cape region......

Panasonic shares surge on profit
Panasonic shares surge after the firm swings back into profit and says a weak Japanese currency is helping improve business conditions......

Mortgage choice 'still limited'
Mortgage customers able to offer a deposit of 25% of a home's value have the widest choice of home loans, research suggests......

Amplats reports loss after strikes
Anglo American Platinum, the world's largest producer of the precious metal, suffers big losses following disruption after last year's violent strike action......

Sellafield clean-up costs 67.5bn
The cost of cleaning up the Sellafield nuclear site has reached 67.5bn, with no indication of when the cost will stop rising, according to a report......

Etihad Airways profits triple
Abu Dhabi's Etihad Airways, sponsor of Manchester City Football Club, triples its full-year profits and maintains its order for 41 Dreamliners......

Flight firm moves in to America
Edinburgh travel search firm Skyscanner announces plans to tackle the US market on the back of a surge in sales......

JAL ups full-year profit forecast
Japan Airlines raises its full-year profit forecast despite a decline in earnings for the first three quarters and the grounding of its Dreamliner fleet......

Big 9lb breakfast boosts business
The "Kidz Breakfast", described as being the weight of a small child, remains the talk of a Norfolk seaside town......

Swifter bank switching confirmed
Bank customers will be able to switch their current account provider within seven working days, Chancellor George Osborne confirms......

Wall Street Market Report
Wall Street Market Report.....

Barclays finance chief to step down
The finance director of Barclays, Chris Lucas, and its group general counsel Mark Harding are retiring from the company, it announces......

Iraqi mobile firm raises $1.3bn
The Iraqi mobile phone operator Asiacell raises $1.3bn (828m) on the Iraq stock market, doubling the value of the companies listed there......

Match played in England 'fixed'
A Champions League tie played in England is one of 680 matches investigators believe was fixed by a crime syndicate......

HMRC launches Rangers tax appeal
HM Revenue and Customs lodges an appeal against a tax tribunal ruling in favour of Rangers' use of Employee Benefit Trusts......

VIDEO: Bank break-up powers 'bad economics'
The government's reform proposals have created "massive uncertainty" in the banking sector according to the chief executive of the British Bankers Association......

AUDIO: Letting agency fees 'extortionate'
Letting agencies are being let down by "cowboys who get the bad reputation for the sector", says Ian Potter of the Association of Residential Letting Agencies......

VIDEO: Unemployment in Spain reaches 26%
Unemployment in Spain now stands at a staggering 26% with no signs of falling......

VIDEO: Blair warns of 'huge' EU problem
David Cameron's promise of a referendum on the UK's future membership of the European Union could create problems, Tony Blair has warned......

AUDIO: Learning Mandarin is 'challenging'
Joe Bensley, a teacher in east London, says many head teachers have an idea that Mandarin Chinese is "too challenging" for pupils......

VIDEO: HTC to announce 90% fall in profits
HTC are expected on Monday to announce profits fell 90% in the final months of 2012......

VIDEO: Osborne backs bank break-up powers
The UK's big banks will be broken up if they fail to follow new rules to ring-fence risky investment operations from High Street outlets, Chancellor George Osborne has announced......

Spider venom inspires new farming methods
Spider venom inspires new farming methods.....

Thailand's whiskey tycoon branches out
A portrait of Thailand's booze magnate and his global ambitions.....

Daily Digit: $133K a Super Bowl second
Feb. 04 - Advertisers on average paid $133,000 per second during the Super Bowl to reach an audience that slipped to 108 million viewers in 2013, a cost of 37 cents per viewer. Conway G. Gittens reports......

The U.S. Day Ahead: Bambi, banks & burritos on earnings menu
Feb 4 - A slew of S&P 500 companies report earnings tomorrow, including Walt Disney, UBS and Chipotle. Zynga also reports after the bell......

Techquity: Apple weakness to stop aiding Google says analyst
Feb 4 - Google suffers downgrade. Analyst cites end to gain from Apple weakness as one reason for rating cut......

Chinese New Year blooms at Bloomies
Feb 4 - For the first time, Bloomingdale's is celebrating Chinese New Year in its U.S. stores, in hopes of bringing in a wave of new customers in the Year of the Snake. Kyoko Gasha reports......

Breakingviews: The problem with VC
Feb 4 - Richard Beales and Breakingviews columnists discuss new data showing weak U.S. venture capital performance and why only a few funds do very well......

Trading at Noon: 'Life' slipping out of Herbalife stock
Feb 4 - Herbalife shares sink after the New York Post reported the company is facing an FTC probe......

Poles make their mark in England
Feb. 4 - Businesses run by emigrants from Poland are flourishing in the UK as a result of a massive influx of Poles. England's most commonly spoken non-native language is now Polish with more than half a million people listing it as their main langua.....

3XSQ: Clorox, Gannett clean up on earnings
Feb 4 - Quarterly profit from Clorox and Gannett soundly beat analysts' estimates......

Spain looks to Germany for money and jobs
Feb.4 - Spanish unemployment continues to rise with the more than half of under twenty-fives out of work. We speak to students at a language school in Barcelona, and find out why applications for German courses have soared. Ciara Sutton reports.....

Breakingviews: UK Should Join the Euro
Breakingviews, not quitting the trading bloc altogether......

North Korea: New leader, same old tricks
Korea bureau chief David Chance weighs in on the implications for regional security and South Korea's new leadership......

Reuters Today: UK's Osborne threatens British banks
Feb. 4 - UK Finance Minister George Osborne warns banks who fail to separate fully their day-to-day operations from risky investments theyll face being dismantled......

China Tea Leaf Index: Look to the skies
As Chinese New Year approaches and domestic travel skyrockets, Breakingviews' John Foley explains what the growth in China's air passenger numbers can tell us about the country's economy......

U.S. Morning Call: Japan Airlines wants payback from Boeing
Feb 4 - Boeing will be in the spotlight after Japan Airlines said it will talk to the company about compensation for the grounding of the 787 Dreamliner......

UK to separate rule-breaking banks
Feb. 04 - British banks which fail to safeguard their day-to-day or "retail" banking operations from their risky investment activities will face being separated, said Finance Minister George Osborne......

Market Pulse: Spain yields jump - it's the politics, stupid!
Feb. 4 - Is the 6-month Draghi honeymoon finally over? Spanish and Italian borrowing costs hit their highest this year, as political uncertainty and risk bubbles up. Plus, another day, another dollar/yen high......

Lloyds pledges bonuses will be the 'lowest of any bank'
Lloyds Banking Group is planning an overhaul of the chief executive's bonus scheme that will only see him receive an award once the taxpayer's investment in the bank returns to the black.<img width='1' height='1' src='http://telegraph.feedsportal......

Lloyds bonuses 'will be lowest in the City'
Lloyds Banking Group is planning an overhaul of the chief executive's bonus scheme that will only see him receive an award once the taxpayer's investment in the bank returns to the black.<img width='1' height='1' src='http://telegraph.feedsportal......

Now let's give the bankssome credit
Telegraph View: George Osborne's proposals are probably as kind to the banks as the political climate will permit<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/283aaba1/mf.gif' border='0'/><br/><br/&.....

Sony to stop making MiniDisc players
Invention offered digital music quality and could also record music.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/283a17e7/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/15.....

The key role the Government must play to get UK nuclear to work
The Government's plans for the private sector to build the next generation of UK nuclear power plants are now in tatters.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/283a17e8/mf.gif' border='0'/><br/>.....

Bumi chairman's email exposes conflict of interest, claims Nat Rothschild
Bumi chairman Samin Tan was alleged to have ordered non-executive directors not to ask questions over an overdue $231m (147m) loan as a fresh row broke out at the Indonesian coal miner.<img width='1' height='1' src='http://telegraph.feedsportal.co.....

Investor confidence in UK rail industry 'at all time low'
Investor confidence in the UK rail industry "couldn't get much worse" in the wake of the West Coast rail franchise fiasco, according to the incoming boss of Stagecoach.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/56830.....

Tunisia in 'advanced talks' with IMF over $1.8bn standy loan
Tunisia is nearing agreement with the International Monetary Fund for a $1.78 bn standby loan to protect the economy from external shocks, the IMF said on Monday.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/28.....

US to file charges against S&P
Standard & Poor's has said it will be sued by US authorities over ratings the company gave to derivatives in the run-up to the financial crisis.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/283a12f6/mf.gif'.....

Boeing facing payouts battle over Dreamliner
Boeing is preparing for a compensation battle with airlines over the grounding of its new Dreamliner aircraft .<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/283a10a8/mf.gif' border='0'/><br/><br/>.....

European markets and euro fall amid investor concern over Spain and Italy
Fears of political upheaval in Spain and Italy dramatically doused confidence in stock and bondmarkets bringing 2013's record breaking rally to a sudden halt.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/28385d.....

Meggitt falls as takeover speculation cools
UBS said the engineering group was unlikely to receive a successful bid.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/283a0db5/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/.....

7m windfall for M&C Saatchi bosses
Advertising chief Lord Saatchi and three other directors at the M&C Saatchi agency he co-founded have received more than 7m in shares after the company more than doubled in value.<img width='1' height='1' src='http://telegraph.feedsportal.com/.....

Market rally halted by eurozone fears
Fears of political upheaval in Spain and Italy dramatically doused confidence in stock and bondmarkets bringing 2013's record breaking rally to a sudden halt.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/283a0d.....

Let's get the banks working again - we can worry about reform later
"Any bunch of politicians can bash the banks, chase the headlines, court the populist streak", George Osborne said on Monday in a keynote speech on banking reform. "But what good would that do?" he then asked.<img width='1' height='1' src='http://.....

Oak Furniture Land: From eBay trader to retail mogul
How a disillusioned worker's 10,000 eBay gamble became an 85m turnover retailer.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/28399cb2/mf.gif' border='0'/><br/><br/><a href="http://da.feedspor.....

George Osborne's reforms will devalue British banks, say analysts
The Chancellor was accused of damaging British banks yesterday as analysts warned that his plans to "electrify" the regulatory ring-fence within banks will create uncertainty, pile on the costs of reform and put UK lenders at a disadvantage.<img w.....

Lloyds bosses grilled by banking commission - as it happened
The chief executive and chairman of Lloyds Banking Group, Antonio Horta Osorio and SIr Winfried Bischoff, are facing questions from MPs and Lords on standards in the banking sector.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/.....

Lloyds bosses grilled by banking commission - live
The chief executive and chairman of Lloyds Banking Group, Antonio Horta Osorio and SIr Winfried Bischoff, are facing questions from MPs and Lords on standards in the banking sector.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/.....

Lonrho shares dive on full-year loss warning
Lonrho, the African conglomerate with interests in aviation, hotels and agriculture, saw its share dive 21.73pc after warning it was heading for a full-year loss.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/28.....

Premier Foods chief executive axes chief operating officer on first day
The new chief executive of Premier Foods has axed its chief operating officer just hours after joining the manufacturer of Hovis.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/283933de/mf.gif' border='0'/><.....

Scrapping Air Passenger Duty 'would create 60,000 jobs'
Airlines have told the Chancellor they can help "drag Britain out of recession" if he abolishes Air Passenger Duty (APD) at next month's Budget.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/283933df/mf.gif' bor.....

Go Ape swings for more expansion
Treetop assault course provider Go Ape is set to create 100 new jobs as it opens a new site in southern England.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/28386b8d/mf.gif' border='0'/><br/><br/&g.....

Faster transfers on the way in banking reform plan
Chancellor George Osborne unveils plans to speed up payments by debit cards, credit cards and cheques as part of wider banking reforms.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2838e0f8/mf.gif' border='0'/&.....

Government to reform payments system to speed up banking
Chancellor George Osborne unveils plans to speed up payments by debit cards, credit cards and cheques as part of wider banking reforms.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/283862aa/mf.gif' border='0'/&.....