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Tuesday 26 February 2013

UK Financial News on 2013-02-26

Regulators and issuers gear up for European RMBS register
Interest surges in new data warehouse promising greater collateral transparency.....

Price of Ashmore 2011 equity acquisition halves
Emerging markets manager will pay just half the maximum price of a 2011 acquisition after outflows and performance issues hit the business's value.....

Barclays lodges defence against potential 196m UniCredit suit
British bank makes ‘pre-emptive strike' for UK hearing.....

Jotwani joins ex-Nomura colleagues in new venture
Ex-head of global markets who left after a restructuring last year has teamed up with two former colleagues.....

Tobin tax lawmaker softens stance for some instruments
A key policymaker responsible for the planned European tax on financial transactions will consider pushing for exemptions that would favour pension funds.....

The skys the limit for Vinci
Brazilian asset manager teams up with Paul Tudor Jones' firm to make its first overseas investment.....

GSAM remains confident despite UK revolving door
Head of London-based global portfolio solutions group's departure is the latest personnel change at the fund manager.....

BoE mulls bonus lock-in for bankers
Central bank considers move to lock in awards to banking executives until they leave.....

Getco racks up $25m loss on client business
High-frequency trading firm's client execution arm is yet to turn a profit.....

Investors lower expectations of hedge funds
Proportion of investors expecting returns of between 5% and 10% has risen to nearly two thirds, while double-digit return hopes have plunged.....

Fears grow of post-crisis reform economic impact
Concern is mounting over the economic impact of the post-crisis reform agenda, which threatens to further marginalise Europe's beleaguered small and medium company community.....

Negative rate 'should be considered'
Bank of England deputy governor Paul Tucker says the "extraordinary" move of introducing negative interest rates should be considered......

Markets hurt by Italian deadlock
European markets are trading lower, as the inconclusive election result in Italy leads to fears of renewed uncertainty in the eurozone......

US shows signs of stronger recovery
The US economy registers surprisingly strong consumer confidence and new home sales data, suggesting the recovery is gathering steam......

Housing recovery boosts Home Depot
Home Depot's profits jump by a third as the US home improvements chain benefits from the housing market upturn and repairs after Storm Sandy......

Warning about student 'money mules'
Fraud experts are warning that hundreds of thousands of people are in danger of being duped into laundering money for fraudsters......

Ashley sells Sports Direct stake
Newcastle United owner Mike Ashley sells a 4% chunk of his stake in the retailer he founded, Sports Direct, for 100m......

Pension options to be made clearer
A new code will ensure people approaching retirement have their pension options explained by their insurer, but some say it does not go far enough......

JP Morgan to cut up to 19,000 jobs
US bank JP Morgan Chase increases its planned job cuts to 19,000 by the end of next year in its mortgage and community banking businesses......

Lending schemes 'boosting mortgages'
The UK mortgage market has been boosted by government schemes to help first-time buyers, according to homebuilder Redrow......

Lew approved by Senate committee
Jack Lew is poised to become the next US Treasury Secretary after gaining approval from the Senate's influential finance committee......

More men working beyond pension age
More men than women have been found to be working beyond state pension age in the UK for the first time since comparable records began in 2005, official figures show......

London Market Report
London Market Report.....

Apple offers kid apps fee settlement
Apple is to offer US parents compensation for purchases in app games made by their children without permission......

Rail fiasco 'to cost at least 50m'
A "complete lack of common sense" in the government's handling of the West Coast Main Line rail bids will cost taxpayers at least 50m, MPs say......

HP sells Palm WebOS assets to LG
Electronics giant HP is selling off the code, staff and technology involved in its WebOS software to Korean firm LG......

NY Times brand to go international
The International Herald Tribune is to be renamed the International New York Times, as it adopts its parent newspaper's brand......

SFR problems hit Vivendi profits
Vivendi profits fall as its SFR mobile unit struggles, but it still beats forecasts helped by its Activision Blizzard video games business......

BP 'prioritised profits over safety'
On the first day of a trial in New Orleans to determine who should pay for the 2010 Deepwater Horizon oil spill, BP is accused of having put profits before safety......

Mortgage market 'hit by cold snap'
Poor weather in January curtailed mortgage approvals while borrowers continued to play safe on loans and overdrafts, the major banks say......

Pound steadies after UK AAA cut
The pound steadies in Monday trading in the wake of Moody's decision on Friday to deprive the UK of its top-notch AAA credit rating......

Obama urges budget cuts 'compromise'
President Barack Obama urges US governors to lobby their congressional delegation to pass legislation averting deep budget cuts set to hit on Friday......

Japan markets get central bank boost
Japanese shares rise and the yen weakens on reports that Haruhiko Kuroda is likely to be nominated as the next Bank of Japan governor......

Barnes & Noble founder moots buy-out
Leonard Riggio, founder of the Barnes & Noble bookstore chain, offers to buy back its retail operations, but not the Nook e-reader......

Tesco transfers 2,000 depot jobs
Supermarket Tesco announces it is to close four distribution depots and will transfer 2,000 jobs to two new centres......

Maradona appeals for tax 'justice'
Argentine ex-football star Diego Maradona appeals to Italian authorities for "justice" after returning to the country to dispute a demand for unpaid taxes......

BT agrees to buy ESPN channels
BT agrees to buy ESPN's UK and Ireland TV channels and its live rights to show FA Cup, Scottish Premier League and Uefa Europa League matches......

Arsenal profit slips to 17.8m
Premier League football club Arsenal saw profits fall sharply to 17.8m despite selling Robin van Persie for 24m......

AUDIO: Football TV rights 'drive customer base'
Professor Chris Brady, dean of the of BPP Business School, explains the allure of television rights for football......

VIDEO: 'Digital is saving, not killing music'
Edgar Berger, President & CEO, International, Sony Music Entertainment, says contrary to predictions, the digital revolution has saved, not killed off, music......

VIDEO: Homebuilders see profits rise
Homebuilders in the UK have reported strong profits, suggesting the housing market is starting to recover......

AUDIO: Liverpool to showcase UK's 'best business'
Business leaders are launching a so called "international festival of business for Liverpool" in 2014, a government backed showcase for the UK, which is intended to attract inward investors......

VIDEO: Entrepreneurs on a trip around the world
A group of entrepreneurs have taken to the seas to scale their businesses and raise financing from investors around the world......

VIDEO: Petrol price rises hit rural drivers
Rising petrol prices are hitting rural drivers, with fuel costing up to 2p a litre more in the countryside than in towns and cities......

VIDEO: Warning over 'money mule' scams
Hundreds of thousands of people are in danger of being duped into laundering money for fraudsters, according to fraud experts......

VIDEO: CCTV trial keeps an eye on fishermen
Spy-in-the-wheelhouse CCTV cameras trialled in the UK are said to have cut cod discards from 38% to just 0.2%......

Making OATs (Old Age Technologies)
The Old Age Technologies to help us work longer.....

How currency movements affect you?
Credit ratings, the pound, currency movements and you.....

Energy revolution promises to transform East Africa
The energy revolution transforming a continent.....

Brazilian family firms reveal tips for success
Brazilian family firms explain what you need to be successful.....

U.S. Day Ahead: Apple should focus on emerging markets
Feb 26 - As Apple get's ready to face disappointed investors at its shareholder meeting, one analyst says talk of preferred stocks is a sideshow and that the tech giant should focus on emerging markets......

Techquity: Microsoft's browser split, Apple's settlement
Feb. 26 - Microsoft tries to hold desktop browser lead while its mobile browser barely registers, plus Apple settles iTunes lawsuit......

Euro Zone Summit: Almunia denies pressuring banks
Feb. 26 - EU Competition Commissioner Joaquin Almunia says hes pushing for a quick resolution to the rate-rigging investigation, but is not putting pressure on the banks to settle......

Italy election wake-up call for euro zone
Feb.26 - Italy's stunned political parties are looking for a way forward after an election gave none of them a parliamentary majority and raised the prospect of prolonged instability and European financial crisis. Ciara Sutton reports.....

Daily Digit: $20 billion bonus pool
Feb. 26 - Wall Street bonus pool expected to total $20 billion, says New York state's Comptroller Thomas DiNapoli. Bobbi Rebell reports......

Breakingviews: Tax-break titans
Feb 26 - Antony Currie and Breakingviews columnists discuss how MLPs are starting to rival private equity barons at dodging paying their fair share to Uncle Sam......

Trading at Noon: Wall St. bonuses to rise in 2013
Feb 26 - Cash bonuses paid to Wall St. employees are forecast to rise by 8 pct in 2013......

Europe Day Ahead: Ungovernable Italy
Feb. 26 - Italys political gridlock stays centre stage and analysts say dont bet on any quick deal, but a raft of euro zone data may offer grounds for hope......

ECONOMY: U.S. housing looks shaky in the long run - Shiller
Feb. 25 - Expect home prices to grow by up to 5% in 2013, but long term gains could fade thanks to U.S. and European fiscal concerns, according to S&P/Case Shiller Index's Robert Shiller......

Euro Zone Summit: Italy raises growth issues - Moscovici
Feb. 26 - The Italian election result shows it is time for more than just austerity, says French finance minister Pierre Moscovici. Its now time to strengthen growth in Europe......

Daily Digit: BASF earnings miss forecast
Feb. 26 - BASF, the world's largest chemicals company by sales, misses analyst expectations for its quarterly profit due to lower chemicals margins. Ciara Sutton reports......

Italy throws markets into disarray
Feb. 26 - Italy's inconclusive election result sparked a sell-off on world equity markets and sent safe-haven German bonds sharply lower as investors feared a resurgence of the euro debt crisis. Sonia Legg reports......

Danish device kills air pollution at its source
Feb. 26. - Scientists in Denmark have built a device designed to clean polluted air by accelerating natural atmospheric processes, helping to get rid of chemicals and smells. Jim Drury reports......

Euro Zone Summit: Mistake to think crisis over - Verhofstadt
Feb. 26 - Its an enormous mistake to think the euro zone crisis is over and no more reforms are needed but perhaps the Italian election will be a wakeup call says former Belgian Prime Minister Guy Verhofstadt.....

Reuters Breakingviews: Italy needs reform, not meddling
Breakingviews, but it would do better without crude meddling from its euro zone partners and the ECB......

Witness: The growing pains reshaping Singapore
' Asia TV editor Julian Rake shows us the changing face of Singapore, where plans to boost the foreign population have sparked unease and challenged the city-state's ultra-stable image......

The brilliant phone idea Samsung & Apple didn't dream up
The smartphone market may be massive, but most handsets basically look identical. That's because the big boys are scared of taking risks, says the man behind Russia's innovative YotaPhone......

ECONOMY 2013: Dont bet on China pickup BASF CEO
after the company posted an 18 percent jump in profits......

Reuters Today: King of Comedy: Grillo Stuns Italy
Feb. 26 - Italy faces political deadlock after a stunning election sees comic Beppe Grillo's party become the strongest in the country......

Italian parliament elections in stalemate
Feb. 26 - Results from Italian parliamentary elections result in gridlock sending shivers through the Asian financial markets. Julie Noce reports......

U.S. Morning Call: Fed's Bernanke to set tone in testimony
Feb 26 - Markets and investors will take their cues from U.S. Federal Reserve Chairman Ben Bernanke when he testifies before the Senate Banking Committee on QE, the economy, and sequestration.....

Market Pulse: Calma! Its not the end of the world ..... yet
Feb. 26 - Heavy correction, or resumption of the crisis? Italys political paralysis rocks markets, with yields and spreads soaring. And a clear message from the worlds core bond markets on growth v inflation......

Most wanted on the massive budget cut list
Feb. 25 - Sequestration is just days away and the list of who gets hit earlier and hardest may be surprising. Hoda Emam reports......

S&P worst day since November
Feb. 25 - Summary of business headlines: U.S. stocks turn lower on Italy election fears; Goldman job cuts- sources; Barnes and Noble chairman wants his stores back; Lowe's stock falls on margin concerns. Bobbi Rebell reports......

U.S. Day Ahead: Ben Bernanke, Martha Stewart on the menu
Feb. 25 - Federal Reserve Chairman Ben Bernanke prepares for a 2-day testimony and Martha Stewart makes an appearance in court to defend her company against a lawsuit from Macy's......

Anheuser-Busch accused of watering down Budweiser
Beer lovers across the US have filed $5m class-action lawsuits.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/28fda0a0/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/1589196.....

Debt crisis: Italian election impasse reignites euro fears - as it happened
Europeans shares fall ease as Wall Street opens higher but fears remain that political uncertainty in Italy will reignite the eurozone's debt crisis.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/28fd9a1d/mf.gif.....

Victoria Oil & Gas faces challenge from octogenarian oil tycoon Jack Grynberg
Aim listed explorer Victoria Oil & Gas (VOG) is embroiled in a dispute with a litigious octogenarian US oil tycoon, it emerged on Tuesday.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/28fd93f3/mf.gif' borde.....

Prepare for a new ride on eurozone's rollercoaster as Italy tires of austerity
The Italian election has produced a predictably shambolic outcome, threatening a decisive new phase in the eurozone debt crisis.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/28fcf464/mf.gif' border='0'/><.....

Debt crisis: Italian election impasse reignites euro fears - live
Europeans shares fall ease as Wall Street opens higher but fears remain that political uncertainty in Italy will reignite the eurozone's debt crisis.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/28f5bd13/mf.gif.....

My 10-point plan to reboot Britain
This is George Osborne's last opportunity. Unless he takes drastic action at next month's Budget, with shock and awe policies to jolt the private sector back into action, he stands no chance of rebooting Britain's crippled, downgraded economy.<img.....

Shell buys Repsol LNG assets in 4.4bn deal
Royal Dutch Shell has bought a portfolio of liquefied natural gas (LNG) assets from Spanish energy giant Repsol in a $6.7bn (4.4bn) deal.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/28fceff1/mf.gif' border='0'.....

Gulf of Mexico disaster caused by 'classic failure' of leadership at BP
America's worst offshore oil spill was caused by a "classic failure" of leadership at BP, a court has been told, as prosecutors turned their fire on the UK company's board.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/5.....

ECB bond plan in jeopardy as Italy's voters reject conditions
Italy's electoral earthquake is "a catastrophe for the euro and the European Union", according to Luxembourg's foreign minister, Jean Asselborn.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/28fcee39/mf.gif' bor.....

St Modwen falls on Covent Garden placing
The property developer raised about 49m from the market.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/28fc89b1/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/158919508577/u.....

US unemployment merits third round of money printing, says Ben Bernanke
The US needs more quantitative easing, despite the improving economic outlook, because unemployment remains too high, America's central bank boss said.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/28fce980/mf.g.....

US unemployment merits third round of money printing, says Bernanke
The US needs more quantitative easing, despite the improving economic outlook, because unemployment remains too high, America's central bank boss said, as he warned that looming budget cuts could derail the recovery.<img width='1' height='1' src='.....

Markets lurch amid deadlock in Italian elections
Global markets lurched as the Italian election deadlock threw Rome into chaos and presented the most serious challenge yet to Brussels' drive for austerity.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/28fc1c65.....

Imperial Tobacco to cut 300m costs a year
Imperial Tobacco, owner of the Davidoff and Gauloises Blondes brands, has set out plans to grow dividends by at least 10pc a year for the "medium term".<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/28fc1c77/mf......

GKN upbeat as civil aerospace and foreign markets drive growth
GKN, the car and aircraft parts maker, is expecting a strong 2013 driven by civil aerospace and international growth markets.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/28fc1c80/mf.gif' border='0'/><br/.....

Fresh blow for Boeing as All Nippon Airways cancels more Dreamliner flights
Boeing's bid to bring to an end the problems plaguing its 787 Dreamliner aircraft received a fresh setback after Japan's All Nippon Airways said it was grounding its fleet until at least the end of May.<img width='1' height='1' src='http://telegra.....

Top 40 hedge fund managers earn $16.7bn
THEY are just 40 financiers but if they founded a nation with their 2012 pay packets, it would have an economy roughly three times the size of Monaco's.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/28fc1a8d/mf......

Apple in $100m bill after children spend too much on apps
Apple is facing a $100m bill to compensate millions of parents whose offspring inadvertently used iPhones and iPads to rack up large bills of their own.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/28fc1a8e/mf......

Retail sales growth slows in February, CBI says
British retail sales grew at the slowest pace since September in February, underlining the pressures still facing retailers and consumers.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/28fc1a8f/mf.gif' border='0.....

Top 40 hedge fund managers earn total of $16.7bn
The top 40 hedge fund managers in the world personally earned a total of $16.7bn (11bn) last year, according to a Forbes list that underscores the extraordinary power of the industry.<img width='1' height='1' src='http://telegraph.feedsportal.com/.....

Tesco to pay 6.5m fine in dairy price fixing settlement
Tesco is to pay a 6.5m fine for its part in a dairy price fixing scandal, after losing a decade-long court battle.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/28fc0e2a/mf.gif' border='0'/><br/><br/.....

Mining tycoon unveils plan to build Titanic 2 - with extra lifeboats
'No mingling' between classes on Clive Palmer's replica ship.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/28fb6e0d/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/158919665.....

1.4m complain to Lloyds about PPI in one year
PPI complaints have surged across the industry and some analysts predict the eventual total compensation bill could reach 25 billion.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/28fb6e14/mf.gif' border='0'/>.....

Bernanke defends ramped-up QE at Fed
The chairman of the Federal Reserve strongly defended the US central bank's bond-buying stimulus, contending its benefits clearly exceed possible costs.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/28fb0d65/mf......

Pru cuts endowment maturity values
Prudential has announced healthy returns for its with-profits funds - but maturing endowment policies will still pay less than last year.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/28fb03c9/mf.gif' border='0'.....