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Monday 11 March 2013

UK Financial News on 2013-03-11

Decline in debt issuance threatens FICC
Fixed-income warning lights start flashing as fear raised that revenues will be below expectations.....

LGV Capital told to start shutting up shop
Insurance giant Legal & General has put its 26-year-old private equity arm into run-off.....

Pension funds stage fightback over transaction tax
Pension funds and investor advocacy groups are mobilising to fight the proposed European tax on financial transactions.....

Serious Fraud Office prosecutions plod on
The growing length of time taken by the Serious Fraud Office to complete a prosecution has come under scrutiny.....

Pension chiefs warn ring-fencing will hit bank schemes
Pensions chiefs have warned that bank schemes face significant upheaval as a result of government proposals to ring-fence retail banking.....

Apax fundraising goes for extra time
Apax has received consent to waive its fundraising deadline and is now expected to close by September.....

Edoma founding partner returns to the market
One of Edoma's four founding partners is understood to have joined alternatives manager Horizon Asset in London.....

FN 40 under 40: The rising stars of legal services
Welcome to our first list of Rising Stars in the European legal profession, which comprises Financial News' editorial pick of the brightest up-and-coming lawyers aged under 40......

Shake-up in the pensions sector sparks moves at the top
Three household names at corporate pension schemes are expected to jump ship to new employers.....

US investors set to swoop on Europe
American investors, who have seen significant gains on their US structured credit investments, are setting up shop in Europe.....

UK 'should spend more on building'
Boosting homebuilding and infrastructure spending should be the main goal of next week's Budget, according to business lobby groups......

Intrade shuts amid investigation
Online trading platform Intrade ceases all trading activity pending an investigation that may include "financial irregularities"......

Student loan rise restricted to 1%
Student loans and maintenance grants in England will rise by 1% in 2014-15, the government has announced......

London Market Report
The pound fell to its lowest level against the dollar for 32 months, as markets continued to react to Friday's strong US jobs data......

New York City large-soda ban blocked
A court blocks an "arbitrary and capricious" ban on the sale of large sugary drinks in New York City, a day before the law was to take effect......

Dell buyout plan gets Icahn scrutiny
Computer maker Dell opens up its books to the scrutiny of activist investor Carl Icahn, who opposes plans by founder Michael Dell to buy out the firm......

'More to be done' on banking reform
The government's proposed reforms of the banking sector still do not go far enough, according to a banking commission set up in the wake of the Libor scandal......

PM in 'new norm' apprentice pledge
The prime minister pledges to make apprenticeships the "new norm" for school leavers who decide not to go to university......

Concerns raised over cash machines
A lack of free cash machines means some people on low incomes or living in rural areas are unable to access the money they need, a report suggests......

Forensics firm to cut 170 jobs
A forensics firm is axing up to 170 jobs after "unprecedented change" in the market......

China inflation hits 10-month high
China's inflation rate hits a 10-month high in February, as Lunar New Year festivities drive up food prices......

German imports signal growth rebound
German imports rebound strongly in January, suggesting that economic growth in the country may be set to recover after an autumn downturn......

Alibaba appoints new chief executive
China's e-commerce giant, Alibaba Group, names Jonathan Lu Zhaoxi as its new chief executive......

Dragons' Den announces newest member
Cloud computing pioneer Piers Linney is announced as the latest member of the Dragons' Den, replacing Theo Paphitis on the BBC Two business show......

Football finances concern for clubs
A BBC survey for Late Kick Off shows clubs are worried about the financial health of the Football League......

Kent village paying for French calls
Residents and visitors to a Kent village are racking up extra charges when their mobile phones connect to French networks......

Hackers target Australian bank
The Reserve Bank of Australia confirms a press report that it has been targeted by hackers, but says no data has been lost......

Sony's Sir Howard Stringer to retire
The chairman of Sony, Sir Howard Stringer, is to retire from the Japanese technology giant in June after 15 years at the company......

More than 500 bankers paid 1m-plus
A total of 428 employees at Barclays and 93 at RBS earn more than 1m last year, the banks disclose......

VIDEO: Apprenticeships 'back aspirations'
School leavers who decide against going to university should go on to an apprenticeship, David Cameron has said......

VIDEO: Fuel and labour costs boost for US
In the US, the Dow Jones industrial average will open at a record high on Monday, following a month when almost a quarter of a million jobs were added to the economy......

VIDEO: The chancellor's rebalancing act
The experience of an Essex company highlights some of the issues that have been getting in the way of the chancellor's focus on rebalancing the economy......

VIDEO: Japan tsunami rebuild has been slow
Two years after a tsunami hit the coast of Japan, the reconstruction of the devastated areas has been extremely slow......

VIDEO: Boost for UK biotech industry
Funding from the UK government which matches private investment in biotech firms has boosted the sector, according to companies in the industry......

VIDEO: Coalition 'more ambitious than Thatcher'
The government has been spending more on capital projects, said Conservative minister David Willetts, who said it "must stick to the economic policy and programme we have laid out"......

VIDEO: CBI: Housing can boost economy in months
An increase in homebuilding would give an almost immediate boost to the economy, the director general of the CBI has said......

VIDEO: Iran and Pakistan inaugurate pipeline
President Asif Ali Zardari of Pakistan and Iran's Mahmoud Ahmadinejad have inaugurated a controversial gas pipeline linking the two neighbours......

Chancellor's rebalancing act
How crucial plans to boost export growth have stalled.....

Can Asian economies fuel Asia's growth?
Can Asia fuel its own growth?.....

The start-up that was too successful
The clothing firm that found it was too popular.....

Evernote's pursuit of eternal youth
Evernote's quest to stay nimble and help your memories cheat death.....

U.S. Day Ahead: Pentagon updates on $46B cuts
Mar 11 - Investors want more clues about which programs could be slashed when Pentagon officials speak at a defense industry conference......

Daily Digit: "Oz" makes $150.2 mln
Mar 11 - Walt Disney's big-budget 3D movie "Oz the Great and Powerful" opens with $150.2 million around the world. Conway G. Gittens reports......

UK MPs seek electric ring fence for banks
March 11 - More pressure will be placed on Britain's banking industry and the UK's Finance Minister as a parliamentary commission calls for even tougher laws on banking standards. How damaging will the report be to Europe's financial capital? Joel Fl.....

Techquity: More concerns about Apple, more praise for Google
Mar 11 - Analysts cut their price targets on Apple while raising them on Google......

URS CEO planning for slowdown but optimistic for solution
Mar 11 - Martin Koffel, CEO of URS - a federal contractor - says despite not seeing the same growth as in past years, he is still optimistic about a political solution in spending cuts......

Europe Day Ahead: Cars, Creation & Cardinals
Mar. 11 - A look at Tuesdays key events including results from Audi, more gloom expected from UK industry and a cardinal conclave at the Vatican......

Trading at Noon: McGraw Hill surges on Gov't S&P case doubts
analysis the government may have a hard time prosecuting its S&P unit based on emails alone......

Breakingviews: Brazillionaires
March 11 - Eike Batista turned to BTG Pactual's Andre Esteves for help last week. Beaten-down investors in Batista's companies liked the idea. Richard Beales and Breakingviews columnists wonder why......

Rinspeed MicroMAX offers flash-mob commuting future
March 11 - With their new MicroMAX vehicle, Swiss motor manufacturer Rinspeed envisages a fleet of cloud-connected cars that can be communally shared. The company believes the box-shaped vehicle could revolutionise commuter transportation and they've.....

U.S. Morning Call: Macro news slows U.S. stock momentum
Mar 11 - Stock futures point to a lower open with the S&P 500, Dow Jones and Nasdaq all down after hitting near five-year highs last week......

In the Boardroom: BBC learning from Savile
Mar. 11 - The Jimmy Savile scandal has been described as one of the worst management crises in the BBCs history. Lucy Marcus talks to Diane Coyle, Vice Chair of the BBC Trust about what needs to change......

When pigs die: China livestock wipe-out riles public
Mar. 11 - A grisly find of over 2,000 dead pigs in one of Shanghai's main water sources has sparked another outcry over pollution in China, just as the country's leaders convene. Jane Lanhee Lee reports......

Reuters Breakingviews: UK should accept own advice on bank reform
Breakingviews. The suggested reforms should be implemented robustly......

Homemade Raspberry Pi
March 11 - As labour and transport costs increase, companies around the world are moving manufacturing away from China and back to their home markets. Element 14, one of the suppliers of the credit card-sized computer, the Raspberry Pi, have moved th.....

Chinas new policymakers may find hands tied
Mar. 11 - Fresh economic data from China is sending conflicting messages to the countrys new leadership, meaning markets cant expect bold policy moves to take cues from anytime soon. Jon Gordon reports......

Reuters Today: Never mind Italy, Germanys the worry IG
Mar. 11 - As Italian politicians gear up for another week of talks on political gridlock, IG Analyst Brenda Kelly says a mounting challenge to German Chancellor Angela Merkel is the bigger worry for markets......

North Korea: Hazard or hyperbole?
Korea Bureau Chief David Chance evaluates the chances of the talk translating into real action......

Daily Digit: Italy's economic limbo
March 11 - Italy's economy contracted by 0.9 percent in the fourth quarter of last year, in line with a preliminary estimate, and gross domestic product was down a revised 2.8 percent year-on-year, data showed on Monday. Ciara Sutton reports.....

Not Made in China
Mar. 11 - Many companies are moving manufacturing back home from China. Element 14, one of the suppliers of the credit-card sized computer Raspberry Pi, have done so as Joanna Partridge reports......

Market Pulse: Italys fragile calm
Mar. 11 - A new election would shatter market calm over Italy, says Mizuho International chief European economist Riccardo Barbieri......

GPS brings new clarity to city driving
March 10 - Spanish researchers are developing a low cost Global Positioning System (GPS), designed to overcome the so-called "canyon effect" of inner-city driving. Tall buildings often render a GPS useless in the city, but the researchers say their s.....

John Lewis 'abusing' supply chain with rebate demand
The department store chain John Lewis - praised by the Government as a model British business - has been accused of "abusing" its supply chain by demanding a rebate from suppliers enjoying an increase in sales.<img width='1' height='1' src='http:/.....

Blackstone looks at 500m tilt for McCarthy & Stone
Blackstone, the US private equity firm, is running the slide rule over a potential 500m bid for McCarthy & Stone, the UK's largest retirement homes builder.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2973.....

Bidders circle 1bn bid for Lucozade and Ribena
A 1bn bidding war for Lucozade and Ribena is bubbling up with a raft of private equity firms from Blackstone to Permira considering potential offers for the brands.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/.....

Sputtering global economy belies stockmarket boom
Asia's economic recovery is losing momentum and Europe's slump is proving deeper than expected, raising concerns that soaring stock markets globally have jumped ahead of economic reality.<img width='1' height='1' src='http://telegraph.feedsportal......

Like the IMF, it's time we showed more realism about debt reduction
Is the International Monetary Fund going soft on fiscal austerity, along with seemingly everyone else?<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/29733dc1/mf.gif' border='0'/><br/><br/><a hr.....

Financier jailed for insider trading
A former financier has been jailed after making almost 600,000 from insider trading.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/297211bc/mf.gif' border='0'/><br/><br/><a href="http://da.feed.....

Bahamas Petroleum leaps on referendum move
The FTSE 100 closed above 6,500 for the first time since December 2007.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/297211c4/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r.....

John Paulson eyes tax move to Puerto Rico, report says
John Paulson, the Wall Street hedge fund manager who shot to fame betting on the collapse of the US housing market, is reported to be considering a move to a Caribbean island to lower his tax bill.<img width='1' height='1' src='http://telegraph.fe.....

Perseverance pays off for Martin Miller's Gin
How times of austerity have turned David Bromige's labour-of-love project for a new premium gin into a thriving brand.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/29720afe/mf.gif' border='0'/><br/><.....

Brussels: Business groups can step into contract disputes
New European legislation designed to tackle a culture of late payment could allow business groups to "step in" to challenge "grossly unfair" contract terms imposed by giant firms on suppliers.<img width='1' height='1' src='http://telegraph.feedspo.....

FTSE 100 climbs above 6,500
London's blue-chip shares climbed above the 6,500 mark for the first time since December 2007 on Monday.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/297196f7/mf.gif' border='0'/><br/><br/><a .....

Lloyds Banking Group to sell 20pc stake in St James's Place
Lloyds Banking Group is set to sell a 20pc stake in wealth manager St James's Place in a deal that could raise as much as 400m for the taxpayer-backed lender.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/29720f.....

JCB wins contract to supply 1,000 diggers in Brazil
Digger manufacturer JCB has won a huge order from the Brazilian government for 1,000 of its vehicles to improve the country's rural road network.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/29719429/mf.gif' bo.....

UK supply chains need overhaul to avoid new horse meat scandal, survey warns
The regulation of supply chains in Britain needs to improve and many chief executives remain disengaged from their suppliers despite the horse meat crisis, according to a critical new survey.<img width='1' height='1' src='http://telegraph.feedspor.....

UK growth muted as outlook for OECD improves
The UK's recovery is losing pace, according to the Organisation for Economic Co-operation and Development (OECD), underlining the pressure on the Chancellor ahead of next week's Budget.<img width='1' height='1' src='http://telegraph.feedsportal.co.....

Norwegian oil fund dumps UK gilts
The Norwegian oil fund, one of the world's biggest investors, dumped almost half of its holdings in UK gilts last year amid concerns about mounting Government debt levels and money printing.<img width='1' height='1' src='http://telegraph.feedsport.....

City in fresh bid to become Sharia finance hub
UK to go head-to-head with world's leading Islamic finance centres.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2970aa82/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/158.....

'West Brom Building Society invested my money without my permission'
Telegraph consumer champion Jessica Gorst-Williams helps one reader retrieve their cash from a mutual.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2970aa83/mf.gif' border='0'/><br/><br/><a hr.....

US billionaire Carl Icahn says Dell will allow him to review its books
Dell will let Carl Icahn review its books as the billionaire investor tries to scupper the struggling PC maker's $24bn plan to sell itself to founder Michael Dell.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2.....

In defence of Sheryl Sandberg
Sheryl Sandberg is using her power to shake up the world of business and professional women's mindsets with a new book, Lean In: Women, Work and the Will to Lead. For this she should not be vilified, but applauded, writes Emma Barnett.<img width='.....

Hornby begins search for new chief executive
Hornby, the toy and model maker, has begun the search for a successor for veteran chief executive Frank Martin after a difficult 2012.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/296f98b0/mf.gif' border='0'/&g.....

Liam Fox: scrap tax on savings accounts
The former defence secretary has suggested scrapping the tax to "directly benefit pensioners" - but making the winter fuel allowance means tested.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/296f4fb3/mf.gif' b.....

Pound drops to new two-and-a-half year low
Sterling fell below $1.49 on Monday morning, as a strong dollar and fears over easing continue to hammer the British currency.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/296f4419/mf.gif' border='0'/><br.....

Italy's economy shrinks as EU leader warns of lost generation
Italy slid deeper into recession during the fourth quarter of last year, official figures showed on Monday, as the European Parliament's president warned that Europe risks losing an entire generation.<img width='1' height='1' src='http://telegraph.....

One in four Germans 'would back anti-euro party'
One in four Germans would be ready to vote in September's federal election for a party that wants to quit the euro, according to an opinion poll published on Monday that highlights German unease over the costs of the eurozone crisis.<img width='1'.....