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Tuesday 12 March 2013

UK Financial News on 2013-03-12

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.....

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.....

Dreamliner plane fixes approved
The US airline regulator approves a set of fixes to the battery of the Boeing 787 Dreamliner, clearing the way for the aircraft to resume flights......

E-books added to inflation basket
E-books have been added to the basket of goods used to calculate the UK's rate of inflation, but champagne loses its fizz......

RBS sells stake in Direct Line
Royal Bank of Scotland is to give up control of Direct Line after saying it will sell part of its stake in the insurer......

Pound falls on weak factory output
The pound falls against both the dollar and the euro after figures show that UK manufacturing output fell by 1.5% in January......

Google hit by $7m Street View fine
Google has agreed to pay a record fine for collecting wi-fi data as part of its Street View service in the US......

France to break deficit pledge
President Francois Hollande admits France's 2013 budget deficit will be higher than the 3% level he promised during last year's election......

London Market Report
The FTSE 100 holds on to recent gains, despite the release of disappointing manufacturing data......

SFO to investigate Autonomy, says HP
The UK's Serious Fraud Office (SFO) is investigating the sale of technology firm Autonomy to Hewlett Packard, according to a filing from HP......

Ryan unveils House Republican budget
House Republicans begin the latest round of US fiscal negotiations by unveiling a budget proposal that aims to cut through the social safety net......

Twinkies sold in private equity deal
Hostess Brands is selling its cake bakery business, which includes Twinkies cakes, to two private equity companies......

Poor IT skills 'hurt young jobless'
A lack of computer skills could be damaging the career chances of young people, the Prince's Trust charity warns......

UK housing market 'shows sales lift'
UK house sales hit their highest level in more than two-and-a-half years in February, but the figures do not signal a housing boom, surveyors say......

Spending Review to happen in June
Chancellor George Osborne announces the next Spending Review will take place on 26 June......

Interpol deal to combat fake drugs
The International Police Agency, Interpol, announces a deal with the pharmaceutical industry to crack down on fake drugs......

UK pension deficits drop again
The deficit of private sector, final-salary pension schemes shrank again in February, according to figures from the Pension Protection Fund......

'Crude scams' push up fraud losses
Distraction thefts at shops, bars and cash machines led to a rise in card fraud in the UK last year, figures suggest......

Beyonce and Jay-Z finances hacked
The musicians are targeted online, along with Ashton Kutcher, Kim Kardashian and Paris Hilton......

Direct payments 'see arrears soar'
Rent arrears among tenants on a pilot project that pays housing benefit directly to recipients have seen a big increase, figures obtained by the BBC show......

'Jobs boom' from PPI mis-selling
At least 20,000 jobs have been created to deal with claims over mis-sold payment protection insurance (PPI), employment group Manpower says......

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......

Sudan rivals 'to resume pumping oil'
South Sudan and Sudan agree to resume pumping oil after a bitter dispute over fees which saw production shut down more than a year ago......

Japan taps gas from methane hydrate
Japan says it had successfully extracted natural gas from frozen methane hydrate off its central coast, in what it says is a world first......

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......

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......

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

'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......

Don Valley redevelopment revealed
Plans to redevelop the site of Don Valley Stadium as an "advanced sports and wellbeing park" are announced......

Liverpool's season ticket 'insult'
Liverpool FC supporters say planned season ticket rises are pricing loyal fans out of a seat......

UK firms win Rio 2016 Olympic deals
Two UK architectural firms have won contracts to assist with venue designs for the Rio 2016 Olympic Games......

VIDEO: What Osborne pub wants from Budget
With rising fears of a triple-dip recession, ordinary people in Hampshire give their views on how the Chancellor could help the economy......

AUDIO: Who's still using UK laundrettes?
The Today programme reporter Tom Bateman chatted to laundrette customers - beginning at Spin Clean in Colchester......

VIDEO: Has the age of low-cost flying ended?
The distinction between 'low cost' and 'legacy' airlines has diminished in the last six years according to a report by KPMG......

AUDIO: Mansion tax is 'coalition fudge'
Cathy Jamieson, the shadow economic secretary to the Treasury, and Brandon Lewis, a Conservative local government minister, debate the utility of the mansion tax......

AUDIO: The 'dangerous' financial products
As voting opens in a competition to find Europe's most dangerous financial product, the Today programme speaks to Sven Giegold, who is co-ordinating the prize......

VIDEO: Manufacturing output 'could fall further'
UK manufacturing output could continue to fall, after figures for January showed a 1.5% drop, according to Rabobank's Jane Foley......

VIDEO: Housing market sentiment 'positive'
February saw the highest level of house sales in over two years the Royal Institution of Chartered Surveyors has said......

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......

UK economy: The radical options
Radical options to rescue the economy.....

HK pawnbroker sees growth in ancient industry
Hong Kong pawnbroker sees growth in ancient industry.....

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?.....

Are telehealth's benefits a myth?
Are remote monitoring services really working?.....

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

Eight is great for Dow
Mar 12 -Summary of business headlines: Dow winning streak hits 8th day, 6th new record high; Costco profits up; Apple iPad losing market share-IDC. Bobbi Rebell reports......

U.S. Day Ahead: JCP needs good news and fast!
Mar 12 - Disappointed Penney investors will want to hear some confident sales projections when CFO Ken Hannah speaks at a retail conference.....

Wealth Strategies: Think inflation's been tamed? Think again
Mar 13 - Gregg Fisher of Gerstein Fisher says that, while inflation may be tame now, it still poses a risk to investors and warns not to hold an out-performing stock past its prime......

Daily Digit: $420 target for Apple
March 12 - Jefferies' equity analyst Peter Misek cuts Apple price target to $420. Bobbi Rebell reports......

Techquity: Boost for Google, Cuts for Apple
Mar 12 - New research gives a lift to tablets running Google's operating system while lowering expectations for Apple's iOS. Plus, another analyst cuts his price target on Apple's stock......

Historical climate map reveals impact of warming world
March 13 - Boston University scientists are building a system of visual timelines to show how climate change is affecting the Earth's ecosystems. Using historical satellite data, the researchers have been able to build a compelling picture of the pla.....

Frosty euro zone outlook from the Bundesbank
March 12 - The euro zone crisis is not over, the Bundesbank has set aside billions in new provisions for what it sees as risky European Central Bank moves, Germany's central bank said on Tuesday......

Wealth Strategies: Bond market has it wrong strategists
Mar. 12 - Treasury yields won't spike anytime soon, given the Fed's commitment to supporting the U.S. economy, according to Barclays' Michael Pond and UBS's Michael Schumacher......

Trading at Noon: BlackBerry takeover talks cool; shares fall
Mar 12 - BlackBerry shares rose 14 percent yesterday fueled by takeover speculation, but the likelihood of deal is cooling after execs backtrack......

Europe Day Ahead: The Only Way is Inditex
A look ahead to Wednesdays key events including results from Zara owner Inditex and Adecco. Plus euro zone factory output and the latest IEA oil report......

Roughcut: Euro woes not over, says crisis-wary Bundesbank
Mar. 12 - A wary German central bank says it has set aside billions more euros against what it deems risky European Central Bank moves, and criticises France directly for "floundering" in its reform drives......

Breakingviews: Fifty shades of gray markets
March 12 - The abrupt shuttering of Intrade sparks a conversation among Breakingviews columnists about sites and markets that operate in somewhat shadowy zones......

Shop Til You Drop! Inditex to outperform peers - StarMine
Mar. 12 - Ahead of Inditexs full-year results, find out why StarMine data shows investors keen on retail stocks should continue to hold shares in the worlds biggest clothing retailer versus its peers......

Bundesbank worries about euro zone woes
March 12 - A wary German central bank says it has set aside billions more euros against what it deems risky European Central Bank moves, and criticises France directly for "floundering" in its reform drives. Rough Cut (no reporter narration)......

New visa rules put off foreign students
March 12 - Strict new visa rules are deterring foreign students from studying in the UK, depriving the economy of billions of pounds at a time when the country can ill afford it. Ivor Bennett reports.....

U.S. Morning Call: Costco beats profit expectations
Mar 12 - Costco posts a 39 percent increase in quarterly profit on higher sales and membership fees......

New visa rules put off foreign students
March 12 - Strict new visa rules are deterring foreign students from studying in the UK, depriving the economy of billions of pounds at a time when the country can ill afford it. Ivor Bennett reports.....

Whale shark eco-tourism spawns conservation headache in Philippines
March 13 - Conservationists are criticising the practice of hand-feeding whale sharks at an increasingly popular Filpino tourist destination. Residents of Oslob on the island of Cebu are making money from visitors eager to swim with and feed the shar.....

Reuters Breakingviews: ECB must break SME taboo
Mar. 12 - The ECBs own figures show a new approach is needed to stimulate lending to SMEs. Does the bank dare to slay some sacred cows and act? And the new-issue market gets a boost......

Witness: SARS - the epidemic that shook Hong Kong
cameraman Gary Ling explains what it was like on the front lines......

Ignore China's property bubble at your peril
Mar. 12 - A shock wave through the entire economy, declining asset prices and peoples' savings wiped out. Gillem Tulloch talks to Tara Joseph about the 'when' not 'if' of China's property bubble bursting......

Reuters Today: Top Stories and Analysis
Mar. 12 - A look at the early action in the European markets and the day's hot stocks, as well as a final wrap-up of Asia trading......

Toyota urges bike lovers to take the i-ROAD instead
March 13 - Toyota's new i-Road three-wheel electric personal mobility vehicle is making its debut at the 2013 Geneva Car Show. The company says the vehicle is no wider than its two-seater competition and its Active Lean Technology helps the vehicle l.....

New visa rules put off foreign students
March.12 - Strict new visa rules are deterring foreign students from studying in the UK, depriving the economy of billions of pounds at a time when the country can ill afford it. Ivor Bennett reports.....

Market Pulse: Blimey! Another UK recession ahead?
Downbeat UK manufacturing output on top of weak trade and February PMIs reignited triple-dip recession fears......

Boris Johnson reveals plans for UK's largest floating village
Mayor of London Boris Johnson said the capital would have a major role to play in Britain's economic recovery as he revealed plans to build the UK's largest floating village at the city's Royal Docks.<img width='1' height='1' src='http://telegraph.....

Dassualt boss considers future in France as tax rises loom
The head of global technology giant Dassault Systemes has become the latest French business leader to threaten to move abroad because of looming tax rises.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/297e0406/.....

Italy's companies face slow 'death' as credit crunch deepens
Italy's industry chiefs have warned that the country faces a "full credit emergency" as thousands of companies run out of critical funding, threatening a slide into deeper depression.<img width='1' height='1' src='http://telegraph.feedsportal.com/.....

SDL tumbles as investors take fright at spending jump
The translation software company suffered the heaviest drop on the FTSE 250.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/297d48af/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal......

RBS set to cut stake in Direct Line below 50pc
Royal Bank of Scotland is set to cut the size of its stake in its Direct Line insurance business to below 50pc as the lender moves to comply with a European state-aid ruling.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f.....

Creditors could be given notice ahead of pre-pack deals
Opponents of so called 'pre-pack' administrations have been boosted by the launch of an independent review which could see creditors finally given a grace period to challenge the controversial deals.<img width='1' height='1' src='http://telegraph......

Farm manager looks east in search of fertile investment
Britain's biggest farm management company is branching out into agricultural investment in Romania, believing eastern Europe offers far more fertile opportunities than those at home.<img width='1' height='1' src='http://telegraph.feedsportal.com/c.....

Fever-Tree founders sell 48m stake in tonic maker
Two entrepreneurs who spent 18 months scouring the globe for ingredients for the perfect gin and tonic have been backed with 48m.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/297d48b4/mf.gif' border='0'/><.....

Buying vs renting: Five cities where renting is still cheaper
Despite rapid rises in rents, there are still pockets of Britain where it still pays to be a tenant.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/297d61b2/mf.gif' border='0'/><br/><br/><a href.....

Businesses must once again be seen as a force for good
There is no getting away from it, trust between business and the rest of society has been severely dented. In the eyes of many, business has let society down.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/297d61.....

Apple to lose dominant position in tablet market
Apple will relinquish its dominant position in the tablet market this year, as an analyst warned that when phone manufacturers lose favour they fall "faster and further" than anyone expects.<img width='1' height='1' src='http://telegraph.feedsport.....

George Osborne needs shock-and-awe tax cuts to avert a 1970s-style disaster
It was Mark Twain who put it best when he argued that, while history doesn't repeat itself, it does rhyme.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/297d61b6/mf.gif' border='0'/><br/><br/><.....

RBS to sell Direct Line stake in bid to raise as much as 530m
Royal Bank of Scotland will sell part of its stake in motor insurer Direct Line Group through an offering of shares that could raise as much as 530m for the taxpayer-backed lender.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/3.....

Copper miner Antofagasta doubles dividend as revenue rises
Chile's billionaire Luksic dynasty will enjoy a $530m-plus (360m) windfall after Antofagasta, the FTSE 100 copper miner the family controls, offered its investors a surprise pay-out.<img width='1' height='1' src='http://telegraph.feedsportal.com/c.....

Bupa UK sales plunge 22pc amid 'weak economy'
Insurance giant Bupa saw sales at its UK arm plunge 22pc last year amid the "weak economy".<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/297c81ac/mf.gif' border='0'/><br/><br/><a href="http://.....

British Land builds 1bn war chest for UK investment
British Land, the FTSE 100 property company, has amassed a war chest of almost 1bn to spend on new acquisitions by selling off a skyscraper in the City of London and raising new equity from shareholders in a placing.<img width='1' height='1' src='.....

Conservative MPs want tax cuts to 'stimulate confidence'
Conservative MPs want tax cuts to "stimulate greater confidence" in the UK economy, a leaked email has revealed.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/297c7b61/mf.gif' border='0'/><br/><br/&g.....

eBooks added to ONS inflation basket of goods
eBooks have been added to the official list of what British shoppers typically buy in a reflection of the growing popularity of reading novels and non-fiction on devices such as the Kindle.<img width='1' height='1' src='http://telegraph.feedsporta.....

Bond boom 'as bad as dotcom bubble'
Sovereign bonds are as overvalued as technology stocks were during the dotcom boom, a fund manager has warned.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/297b83ec/mf.gif' border='0'/><br/><br/>.....

Inchcape profits driven by UK and Asian growth
A rise in luxury car sales in the UK has helped to drive car dealer Inchcape to record pre-tax profits.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/29795598/mf.gif' border='0'/><br/><br/><a h.....

French reforms have 'floundered', warns ECB's Weidmann
Jens Weidmann, ECB Governing Council member and head of Germany's Bundesbank, has warned that France's economic reforms are stalling and the eurozone crisis is "not over".<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/56.....

Japan cracks seabed 'ice gas' in dramatic leap for global energy
Japan has extracted natural "ice" gas from methane hydrates beneath the sea off its coasts in a technological coup, opening up a super-resource that could meet the country's gas needs for the next century and radically change the world's energy outlo.....

Recovery hopes dashed by weak UK manufacturing
Recovery hopes have been dealt another blow by January data for the production industries that showed output shrank sharply - sending sterling crashing to another two-and-a-half year low.<img width='1' height='1' src='http://telegraph.feedsportal......

Mary Jo White: the new head of the SEC
Mary Jo White will get the clearest sense yet of the scale of her new job on Tuesday when the former government prosecutor and corporate lawyer will be quizzed in the Senate in her final hurdle before becoming SEC head.<img width='1' height='1' sr.....

Indian bank has 1.7m applications for just 1,500 jobs
India's main state bank is to test a record 1.7 million young people who have applied for just 1,500 jobs as probationary officers.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/297aa818/mf.gif' border='0'/>&.....