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Wednesday 6 March 2013

UK Financial News on 2013-03-06

Marshall Wace and GaveKal go their separate ways
Hedge fund manager and Asian finance group dissolve joint venture.....

Bank governor suggests splitting RBS
Bank of England governor Sir Mervyn King says there is a case for splitting up state-owned Royal Bank of Scotland......

Cable queries borrowing restraint
The government may need to borrow more to fund capital spending if the UK's economy is to recover, Business Secretary Vince Cable suggests......

Fresh problems for NatWest customers
NatWest appears to be having problems with its computer systems, less than a year after millions of customers were left unable to move money for days......

Easyjet and LSE promoted to FTSE 100
No-frills airline Easyjet and the London Stock Exchange are promoted to the FTSE 100 index as part of the latest quarterly review......

EU fines Microsoft over web browser
The EU's competition regulator fines Microsoft 561 million euros ($731m; 484m) after it failed to keep a promise that it would promote a choice of rival web browsers......

Thomas Cook to cut 2,500 jobs in UK
Travel group Thomas Cook announces it will cut 2,500 jobs in the UK and close some stores as it attempts to revive its profitability......

Budget Day strike for civil servants
The UK's largest civil service union, the PCS, has picked Budget Day - 20 March - to start its industrial action over pay and pensions......

Economic muddle of Chavez legacy
Venezuela's President Hugo Chavez bequeaths a nation beset by crumbling infrastructure, unsustainable public spending and underperforming industry......

Payday lenders told to improve
The UK's top payday loan companies are given 12 weeks to change their behaviour after a study finds evidence of "widespread irresponsible lending"......

Stores and jobs saved at Dreams
The majority of Dreams beds stores have been bought by Sun European Partners, saving 1,600 jobs a day after the company went into administration......

UK car sales rise again in February
New UK car sales rise for the 12th consecutive month in February, boosted by manufacturers' deals, the Society of Motor Manufacturers and Traders says......

RAC warns on transport poverty
The poorest 10% of car-owning households in the UK are spending more than a quarter of their disposable income on buying and running a vehicle, research suggests......

Housing market 'still improving'
UK house prices rose by 0.5% in February, the Halifax says, as the market continued to improve......

Asian markets track Dow record high
Asian stocks continue a global rally after New York's main Dow Jones share index hits a record high......

'Growth slows' in emerging markets
Emerging markets grew at a slower pace in February than the month before, according to HSBC's monthly purchasing managers' index......

London Market Report
Vodafone shares jump 6.7% after a report said the firm had been in talks with US telecoms group Verizon......

Childcare costs 'rise by 5 a week'
Average childcare costs across England, Scotland and Wales rose by 5 a week (or 6%) per child last year, according to the Daycare Trust's annual survey......

PPI complaints rise 'unprecedented'
The financial ombudsman service is taking on 2,000 new cases a day following PPI complaints, with numbers rising at "unprecedented" rates......

Young drivers 'could save 370'
Young drivers could save up to 370 a year on their car insurance if the government introduced new safety standards, the Association of British Insurers says......

UK isolated as EU backs bonus cap
Chancellor George Osborne stands isolated after European Union finance ministers vow to press on with proposals to curb bankers' bonuses......

UK retail sales show faster growth
UK retail sales grew at their fastest rate in more than three years in February, as the drier weather coaxed shoppers back out onto the High Street......

Samsung to acquire 3% stake in Sharp
Samsung Electronics agrees a deal to buy a 3% stake in struggling Japanese electronics maker Sharp for 10.4bn yen ($110m; 75m)......

Insurer L&G reports record sales
Insurer Legal & General says it has shrugged off the tough economic times to report record sales and increase its dividend by 20%......

First outsider for Toyota board
Toyota has appointed its first board director from outside the company in a bid to manage regional markets more effectively......

Paddy Power reports 'strong year'
Bookmaker Paddy Power reports a rise in 2012 profits and revenues, but warns that a strong euro could reduce operating profits this year by 10%......

VIDEO: Lord Sugar meets apprentice in court
Lord Sugar has been giving evidence to an employment tribunal today over the way he treated the winner of his show, The Apprentice......

VIDEO: Cameron brands Miliband 'casino croupier'
Ed Miliband raised the plight of a banker called "John", who was said to be worried his bonus would be capped at 2m, as he claimed only David Cameron and George Osborne were the only people to fight for bankers' bonuses......

AUDIO: 1 house sale a hit in Liverpool
Anne O'Byrne, Cabinet Member for Housing at Liverpool City Council, told 5 live about the plan to sell homes for 1.....

VIDEO: Thomas Cook to cut 2,500 jobs in UK
The world's oldest travel firm Thomas Cook has announced plans to cut around 2,500 jobs in the UK and close nearly 200 high street travel agencies.....

VIDEO: 'The vicious circle of payday loans'
Taking out payday loans can lead to a vicious circle of debt, a former user of the financing service has said......

AUDIO: Infrastructure spending 'has changed'
The CEO of construction company Costain, Andrew Wyllie, says the major customers are "continuing to spend billions of pounds, but what is different is the way in which they're spending that money"......

VIDEO: EU fines Microsoft over browser
Joaquin Almunia, vice-president of the European Commission and the commissioner responsible for competition, announces Microsoft's ant-trust fine at an EU press conference......

VIDEO: EU backs bonus cap proposals
Chancellor George Osborne stood isolated after European Union finance ministers vowed to press on with proposals to curb bankers' bonuses......

How the Dow Jones surged back
How the main US stock index surged to new heights.....

Van man gets letter from Mervyn King
The man who complained to the Bank of England about his loan.....

New car marque unveiled
The new carmaker that likes to portray itself as being European.....

Holidays, health cards, insurance and you
Holidays, health cards, travel insurance and you.....

Geneva car show: Luxury and crisis
Supercars for the super rich, despite the hard times.....

Why tiny cameras are big business
The rise of small high-definition cameras.....

IHS CERAWeek: Keystone Pipeline will happen - Enbridge CEO
Mar. 6 - The Keystone Pipeline project is inevitable given the size of Canadas vast oil reserves, according to Al Monaco the CEO of Edenbridge......

Economic boost of energy independence
March 6 - The U.S. economy is starting to see the benefits of higher domestic energy production, and companies are starting to shift their strategies to take advantage of the trend. Bobbi Rebell reports......

U.S. Day Ahead: Can Facebook "feed" stock gain?
Mar 6 - Facebook expected to unveil new look for its newsfeed. The announcement of the announcement helped stem a stock slide......

IHS CERAWeek: New Venezuelan leader may not stop decline
Mar. 6 - With an oil industry long in decline, Venezuela's new leader will need to invest in the sector or allow foreign companies into the country, says API chief economist John Felmy......

Blood test device developed for early cancer detection
March 6 - Swiss-based scientists are developing a device that will find chemical markers for cancer in a drop of blood. The team from EPFL in Lausanne says the hand-held device will enable doctors to make diagnoses very early in the disease process, .....

Techquity: Microsoft faces music, Apple's streaming talk
Mar 6 - EU fines Microsoft while Apple discusses streaming music service......

Trading at Noon: Turf wars in tech stocks
March 06 - Apple eyes the music streaming business, Google moving into Amazon's marketplace and News Corp to launch a classroom tablet......

Shell's pipeline closure threat after oil thefts
March 5 - Royal Dutch Shell says it has done everything it can to stop thieves siphoning oil from its Nembe Creek pipeline, which produces 150,000 barrels per day, but may be forced to close it, as the military and others blame the oil giant for not .....

Daily Digit: 198,000 jobs in Feb
March 6 - U.S. private employers added 198,000 jobs in February, according to a survey by payroll company ADP, bolstering hopes that hiring across the economy is improving. Conway G. Gittens reports......

Breakingviews: Guns and money
March 6 - A record backlog of orders for Smith & Wesson following the Newtown school shooting leads to a discussion among Breakingviews columnists about the panic buying of guns and the bubble in the market......

IHS CERAWeek: BNSF nat gas upgrade faces two major hurdles - CEO
Mar. 6 - Nat gas may be cheaper than diesel, but converting BNSF's locomotives to run on it could cost up to $7 billion and still needs approval from regulators, says CEO Matthew Rose at IHS CERAWeek......

Would you buy a Chinese car?
Mar. 6 - Chinese carmakers are expanding into European markets, with Qoros among those leading the charge. Julian Satterthwaite asks Qoros VP Volker Steinwascher how he plans to convince sceptical consumers......

Wealth Strategies:Difficult to find value in stocks--T. Rowe
T. Rowe Price's David Giroux says while stocks still have room to grow, there's less value seen in equities. Giroux sees growth in Autozone and Danaher and believes bonds are substantially overvalued......

Daily Digit: Microsoft's new EU fine
Mar. 6 - The European Union has fined Microsoft Corp 561 million euros for failing to offer consumers a choice of web browser. Ciara Sutton reports.....

Lamborghini makes it more expensive
asks CEO Stephan Winkelmann if conspicuous consumption will ever go out of fashion. (ROUGH CUT- NO REPORTER NARRATION).....

Europe Day Ahead
Mar. 6 - 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......

Kia: The joke's on rivals
Mar. 6 - Kia has gone from joke to rising star, but with sales growth forecast to hit a 10-year low is the shine starting to come off? Julian Satterthwaite talks to Kia president and designer Peter Schreyer.....

Kia's concept car to challenge rivals
talks to Kia president and designer Peter Schreyer. (ROUGH CUT - NO REPORTER NARRATION).....

ROUGH CUT: Venezuela mourns Hugo Chavez
Mar. 6 - Venezuela mourns its charismatic and contentious late President, Hugo Chavez.....

Ikea's "bacteria" cakes confiscated
March 6 - Another food scare hits Swedish furniture chain IKEA as bathches of its almond cakes are reportedly confiscated by Chinese authorities in Shanghai. Ciara Sutton reports......

Europe's stocks highest since 2008 crash
March 6 - European stock markets rIse to their highest since the 2008 financial crisis, helped by signs the U.S. economy is improving and expectations of more pledges of support for growth from major central banks. Hayley Platt reports......

Dow at record above 14,000 ... heading for 5,000
Mar. 6 - The Dow Jones this week hit its highest level ever, soaring above 14,000. But not everyone is on board. Charles Nenner says the Dow will be at 5,000 in 4 years......

If in doubt, go upmarket: Lamborghini
March 6 - A $3 million hypercar is Lamborghinis response to a troubled car market. Julian Satterthwaite asks company CEO Stephan Winkelmann why going upmarket is always the answer......

Breakingviews: Global finance shrinking, not dead
Mar. 6 - The global financial system isn't dead. But it might be shrinking. The reality is that a diminution of the financial sector was overdue, says Breakingviews......

Witness: In China's neglected villages, longing for change
Max Duncan they need more than just a social call......

Economy is turning the corner, says Cameron
David Cameron warns Government will not change strategy in forthcoming budget, claiming 'we can turn our economy round'.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/29484d25/mf.gif' border='0'/><br/>&.....

This World: America's Poor Kids, BBC Two, review
Emma Gosnell reviews America's Poor Kids, a This World documentary for BBC Two, which gives a child's-eye view of poverty in America.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2948466a/mf.gif' border='0'/>.....

Hitachi warns over EDF nuclear talks
Britain's hopes of a new generation of nuclear power plants face fresh doubts after Hitachi suggested its 20bn reactor investment plans could be affected if knife-edge negotiations over a rival project collapse.<img width='1' height='1' src='http:.....

Activist US hedge fund halves National Express stake
Elliott Advisors, the activist American hedge fund that had a strategic bust-up with National Express in 2011, last night sold half its near-20pc stake in the transport group for around 110m.<img width='1' height='1' src='http://telegraph.feedspor.....

Deutsche Bank 'overcharged investors by millions of dollars in British stamp duty'
Investors were overcharged millions of dollars in British taxes by Deutsche Bank, according to an alleged whistleblower, who claims he was fired after alerting his bosses to a series of bad practices.<img width='1' height='1' src='http://telegraph.....

Deutsche Bank 'overcharged British investors by millions of dollars in stamp duty'
British investors were overcharged millions of dollars in taxes by Deutsche Bank, according to an alleged whistleblower, who claims he was fired after alerting his bosses to a series of bad practices.<img width='1' height='1' src='http://telegraph.....

Boris Johnson attacks EU bonus cap
Plans drawn up by Brussels to cap bankers' bonuses are a "vengeful" attack on London, Boris Johnson said as he called on the Chancellor to step up his fight against the rules.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/.....

Italy's Bersani on collision course with Germany and ECB over austerity
Italy's Pier Luigi Bersani vowed to break free of the country's austerity regime as he laid out plans for a centre-Left government, risking a serious clash with Germany and the European Central Bank.<img width='1' height='1' src='http://telegraph......

UK estate agent Countrywide gears up for a IPO worth up to 750m
Countrywide, Britain's largest estate agent, has met with a series of fund managers ahead of an IPO expected to be valued at betweem 600m and 750m.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2946fe18/mf.gif' .....

Sir Andrew Witty's pay halves to 3.9m amid weak European performance
Sir Andrew Witty, the boss of Britain's biggest drugmaker, saw his total remuneration drop by almost half last year, as declining company sales in Europe affected his performance-based pay.<img width='1' height='1' src='http://telegraph.feedsporta.....

Vodafone shares jump on deal talk
The mobile telecoms giant topped the FTSE 100 today.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2946fe1a/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/158919716956/u/3/f.....

Sales of new cars rise as UK consumers take up good deals
Britain's car industry enjoyed another strong month in February with sales of new cars growing for a twelfth month by 7.9pc as buyers took advantage of good offers.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/.....

Dell says it is seeking rival bids as shareholder unrest over $24bn offer grows
The board of troubled PC maker Dell is "actively soliciting" rival bids for the company, as shareholder anger grows over founder Michael Dell's $24bn (16bn pounds) offer.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568.....

IAG boss Walsh offered major share bonus for successful turnaround
Willie Walsh, the boss of British Airways' parent International Airlines Group, could potentially receive a bonus worth double his basic salary if he succeeds in turning the loss-making company around by 2016.<img width='1' height='1' src='http://.....

The Government must hold its nerve on bank stakes
Fit for sale" by the end of 2014. That was the timetable for the rehabilitation of RBS given by chief executive, Stephen Hester, shortly before Wednesday's dramatic intervention by Sir Mervyn King.<img width='1' height='1' src='http://telegraph.fe.....

Office of Fair Trading gives payday lenders 12 weeks to change practices
Clive Maxwell, CEO of the Office of Fair Trading, says the top 50 payday lenders have 12 weeks to change their business practices or risk losing their licences.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2946.....

French and Italian debt chiefs warn on EU Tobin Tax
Officials in charge of managing French and Italian public debt have warned that Europe's 'Tobin Tax' on financial trades risks damaging the sovereign bond market and may prove self-defeating.<img width='1' height='1' src='http://telegraph.feedspor.....

Microsoft to pay 485m EU fine over botched web browser choice
Microsoft has been hit with a 485m European Commission fine after a botched update to the Windows operating system meant it broke a legally-binding commitment to offer consumers a choice of web browser.<img width='1' height='1' src='http://telegra.....

Sir Mervyn King: there is a case for breaking up RBS
The Bank of England Governor, Sir Mervyn King, has said there is a case for breaking up RBS into a "good and bad bank".<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/29457499/mf.gif' border='0'/><br/>&l.....

Top ten cities beloved by the super-rich
Knight Frank's latest Wealth Report charts the cities that matter most to the world's wealthiest, based on indicators such as economic activity and poltical power. New York tops the league table, closely followed by London and Paris.<img width='1'.....

US job figures for February beat forecasts
Companies added more workers than projected in February, indicating the US job market will keep expanding this year, according to a private report based on payrolls.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s.....

US job figures beat forecasts
Companies added more workers than projected in February, indicating the US job market will keep expanding this year, according to a private report based on payrolls.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s.....

Top 10 best selling cars in February
New car sales rose 8pc in the month. Here are the UK best-sellers.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/29445242/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/1589.....

Dreams rescue deal struck by Sun Capital Partners
Private equity group Sun European Partners has struck a deal to buy 171 of Dreams' 266 outlets in a controversial takeover.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2946fe1b/mf.gif' border='0'/>.....

Sun European saves 1,675 jobs at Dreams, 350 still at risk
Private equity group Sun European Partners has struck a deal to buy 171 of Dreams' 266 outlets in a controversial takeover.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/294383b6/mf.gif' border='0'/><br/&g.....