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Tuesday 19 March 2013

UK Financial News on 2013-03-19

Hedge funds face up to fresh AIFMD challenge
Managers lack guidance on how Financial Services Authority will interpret rules.....

Senior former RBS bankers launch Hillbrook Partners
Duo start new firm after UK bank closes advisory unit.....

Ex-Goldman partner strikes out in private equity
Former Emea merchant banking head launches new firm and starts discussions over partnership with another Goldman alumnus.....

Standard Life: executives should have more skin in the game
Fund manager's CEO urges executives to invest their personal wealth in the funds they manage.....

Stamp duty makes UK second most expensive market to trade
Credit Suisse research comes amid campaign to abolish the tax with the Budget looming.....

Funds of funds in push on bespoke accounts
Moves by Hermes GPE and Pantheon highlight growing importance of managed accounts.....

Brussels to hand Esma power on banks panels
New powers for main European Union watchdog come as banks rethink panel roles after rigging scandal.....

Birch quits Hymans Robertson for Lloyds
Manager research head swaps consultancy for investment role at Lloyds.....

Satya Capital shifts down a gear for new Africa fund
African private equity investor cuts fundraising target from $500m to $300m.....

F&Cs risk chief follows other executives out the door
Latest senior departure from UK investment firm has joined equities manager TT International.....

Cyprus MPs reject divisive bank tax
Cyprus' parliament rejects a controversial levy on bank deposits as part of an EU-IMF bailout package that has sparked outrage on the island......

MoD flies 1m euros to Cyprus
The MoDe sends 1m euros (850,000) to Cyprus from Britain as a "contingency measure" to provide military personnel with emergency loans if needed......

Osborne to unveil extra 2.5bn cuts
The government is to announce further spending cuts in Wednesday's Budget, with the savings going to large-scale infrastructure projects designed to boost economic growth......

Fuel costs push inflation to 2.8%
UK consumer price inflation rises to 2.8% in February thanks in part to rising energy prices, including household fuel bills......

Bentley mulls Slovakia car assembly
Bentley may assemble its next new model in Bratislava, Slovakia, rather than the UK for the first time, the company says......

New nuclear power plant approved
Energy Secretary Ed Davey gives the go-ahead for the first of a planned new generation of nuclear power plants in the UK......

Transocean chief at court hearing
Transocean, owner of the Gulf of Mexico oil rig that exploded in 2010, could have done more to detect problems, says the company's chief executive......

Ryanair in new expansion drive
Ryanair is planning to increase its aircraft fleet by a third to 400 planes after ordering 175 planes from Boeing......

House prices rise for first-timers
Prices paid for UK homes by first-time buyers in January were 2% higher than a year earlier, official figures show......

Smartphone chip boss to retire
The boss of Cambridge-based Arm Holdings, whose computer chip technology powers smartphones and other consumer devices, is retiring from the company......

Sainsbury's annual sales grow 2.1%
The supermarket chain Sainsbury's reports higher sales for the year to the end of March and record customer numbers......

HSBC in new money laundering claims
Banking giant HSBC, which was hit with a US fine for money laundering last year, is facing fresh accusations of illegal activity in Argentina......

Action wanted on hidden charges
Consumers need more protection against hidden charges tucked away in the small print, say the two law commissions responsible for promoting legal reform......

Citigroup strikes $730m settlement
Wall Street investment bank Citigroup agrees to pay $730m (484m) to settle a class-action suit by bondholders brought over the financial crisis......

India cuts rates to spur growth
India cuts its main interest rate for the second time in three months as it looks to revive its sluggish economic growth......

Savers in UK banks 'well protected'
The head of the UK's financial compensation scheme says savings are "well protected" and it is "inconceivable" the Cypriot bank account tax could happen in the UK......

China's Suntech in $541m default
China's Suntech Power Holdings, the world's biggest solar panel maker, defaults on payment of $541m worth of bonds......

Call for 'nuisance call' clampdown
A consumer group is calling for a clampdown on nuisance calls and text messages, claiming 70% of people have received one in the last three months......

Lululemon suffers fashion faux pas
Retailer Lululemon removes a range of its popular stretch yoga pants from sale because they reveal a little too much......

BBC Worldwide sells Lonely Planet
BBC Worldwide, the commercial arm of the BBC, is to sell travel guide business Lonely Planet to US media company NC2, at a loss of nearly 80m......

Parents 'to get 20% childcare costs'
Some parents in the UK will be able to claim back up to 1,200 a year for each child - or 20% of childcare costs - from 2015, under government plans......

HMRC call handling 'must sharpen up'
The UK tax authority's new target for answering calls from taxpayers is "unambitious and woefully inadequate", according to a committee of MPs......

Teachers announce series of strikes
Teachers in England and Wales are to stage a series of strikes in a continuing row over pay, pensions and workload, unions have announced......

Euro ministers urge Cyprus rethink
Finance ministers from the eurozone urge Cyprus to rethink a levy on bank savers with less than 100,000 euros, following an outcry among Cypriots......

Further calls to boost building
Chancellor George Osborne is being urged again to increase spending on infrastructure by lobby groups the Institute of Directors and the Item Club......

Civil servants plan further strike
Civil servants will hold a second strike over pay and pensions after an initial Budget day walkout, the Public and Commercial Services union confirms......

AUDIO: Darling criticises Cyprus levy plan
Alistair Darling, former Labour chancellor, believes that international lenders have not chosen the best course of action.....

VIDEO: The UK's debt and deficit explained
The level of government debt, and the budget deficit that the UK is operating is a key measure of the financial health of the country......

AUDIO: How I lost my 1.8m lottery winnings
Lottery winner Roger Griffiths told BBC Radio 5 live how he became rich overnight and then lost it all when the financial crisis hit the UK......

VIDEO: Fuel costs push inflation to 2.8%
UK consumer price inflation (CPI) rose to 2.8% in February, thanks to in part to rising energy prices, according to official figures from the Office for National Statistics (ONS).....

VIDEO: Do we want more cuts or more borrowing?
Ahead of the Budget, the public were asked for views - and to take part in an unscientific vote - about whether George Osborne should go for more cuts or more borrowing......

VIDEO: Hinkley 'a milestone' to decarbonisation
The Energy Secretary Ed Davey has granted planning permission for a new nuclear power station at Hinkley in Somerset......

AUDIO: Retail 'is not dead, just changing'
Land Securities' Robert Noel, says there is "still great demand from retailers and consumers" as his company opens a new shopping centre in Leeds......

VIDEO: Parents 'to get 20% childcare costs'
The government has promised to create a "better" childcare system for parents, by allowing them to claim back up to 1,200 a year in costs per child......

VIDEO: The chancellor's challenges
What you need to know before watching the Budget.....

Is inflation making you poorer?
How much are rising prices affecting you?.....

Cyprus crisis stalls financial lives
Homeowners and businesses face uncertainty.....

Why so much Russian money in Cyprus?
Why is there so much Russian money invested in Cyprus?.....

India's politicians going social
India's politicians take to social media to woo the young.....

Controlling Mumbai's traffic
Could the answer be automatic cars and smart traffic systems?.....

Would you invest in me?
The websites matching new companies with cash.....

ROTH 2013: Bauer actively looking for more acquisitions- CEO
Mar. 19 - After 5 deals in 5 years, Bauer Performance Sports CEO Kevin Davis says he's interested in making more acquisitions, but only for brands that are, or have a clear path to, #1 in their category.....

U.S. Day Ahead: Focus on the Feds jobs forecast
Economics and Markets Editor Dan Burns......

Daily Digit: Groundbreaking up 917,000
March 19 - Starts at building sites for homes rose 0.8 percent last month to 917,000 in a sign the nation's housing market recovery is gathering steam. Conway G. Gittens reports......

Techquity: Palo Alto interested in mobile tech firms
Mar 19 - Palo Alto Networks CEO Mark McLaughlin discusses possible acquisition targets and how the focus on cyber security is benefiting his company......

Cyprus votes against bank tax bailout
March 19 - MPs in Cyprus have voted against a proposed EU bailout plan plunging the euro zone into more confusion and uncertainty. Sonia Legg reports......

Breakingviews: Haggling with John Malone
March 19 - Charter Communications may eventually face trouble with its new investor, John Malone. Reynolds Holding and Breakingviews columnists explain the pitfalls of dealing with the U.S. cable tycoon......

Krispy Kreme expands in U.S. for first time in a decade: CEO
Mar. 19 - Speaking at the 2013 ROTH Conference, Krispy Kreme CEO Jim Morgan expects his company's growth to come from franchise stores and points out rising costs hasn't affected business or his consumer......

Europe Day Ahead: UK Budget, BoE Minutes & Fed meets
Mar. 19 - Investors brace for the UK budget, Bank of England minutes and as if that werent enough, the FOMC meets on rates this Wednesday......

Trading at Noon: Investors still jittery over Cyprus
Mar 19 - Investors continue to worry about the economic situation in Cyprus as it debates a controversial $13B bailout plan. The one bright spot though is better-than-expected U.S. housing data......

UK coffee machine maker whips up exports
Mar. 19 - Britain's Finance Minister will announce his fourth budget on Wednesday. Hayley Platt reports from a UK factory which has had to find new markets to thrive......

Cyprus wavers over bailout vote
Mar. 19 - Cyprus's parliament could reject a divisive tax on bank deposits later today. The move would push the island closer to a default and banking collapse......

Economy 2013: BMWs China syndrome
Christiaan Hetzner asks BMW sales chief Ian Robertson if the company is becoming too dependent on China......

Economy 2013: Bentley booms, but SUV stuck in garage
Mar. 19 - Bentley says it can post higher sales again this year, but a green light for the companys key SUV project remains elusive. Julian Satterthwaite talks to Bentley CEO Wolfgang Schreiber......

Cursor camouflage aims to confound criminals
March 19 - A Japanese researcher has found a clever way to foil would-be hackers trying to steal the computer password information of online banking customers. Keita Watanabe's system floods a computer screen with fake cursors, bamboozling would-be t.....

U.S. Morning Call: May be time for Samsung wristwatch
Samsung is developing a wearable digital device similar to a wristwatch......

UK coffee machine maker whips up exports
March 19 - Britain's Finance Minister George Osborne will announce his fourth budget on Wednesday knowing a European economic revival is key to his country's fortunes. Hayley Platt reports from a UK factory which has had to find new markets to thrive.....

Reuters Breakingviews: No quick fix for UK budget
Mar. 19 - UK finance minister George Osborne must be prepared to continue as public enemy number one, says Breakingviews. There really is no alternative to austerity......

Manila the next Las Vegas?
March 19 - The first of four new casino resorts opens in Manila's Entertainment City, as operators hope to lure in high-rollers with lower taxes and warm hospitality. Michaela Cabrera reports......

Anti-Japan dramas turn serial in China
Deflecting attention from problems at home, or just good entertainment? China is churning out more films and TV shows that portray the Japanese as villains. Jane Lanhee Lee reports......

UK Budget all about cuts, but is it Osborne for the chop?
Mar. 19 - UK finance minister George Osborne presents his Budget this week, still wedded to his deficit-reduction plan. But is Osborne becoming a political liability, and could this Budget be his last?.....

Reuters Today: Cliffhanger in Cyprus
Mar. 19 - Cyprus's parliament looks set to reject a tax on bank deposits, pushing the island closer to a debt default and banking collapse......

Daily Digit: European car sales fall
March 19 - Europe's car market shrank a further 10.2 percent in February, with sales of new vehicles falling to 829,359, according to figures from the Association of European Car Manufacturers (ACEA). Sonia Legg reports......

Wealth Strategies: Drop in gold stocks will reverse- Denbow
Mar 19 - Lipper Award-winning fund manager Dan Denbow of USAA Global says interest in gold will rise as fear comes back into the market and likes companies increasing production like GoldCorp and Newcrest......

Market Pulse: What's Moving Today and Why
Insider has its finger on the market pulse, analyzing and making sense of the biggest movers of the day......

The incredible shrinking "for sale" sign
Mar 18 - Cheap home prices luring hordes of cash-wielding investors back to the housing market is one reason behind a severe shortage in available homes for sale, sending home builder sentiment to a five-month low in March. Fred Katayama reports......

Sainsbury's tastes the difference just a couple of months can make
Justin King resisted the temptation to gloat after Sainsbury's reported a 3.6pc rise in like-for-like sales. But he could have been forgiven for doing so.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/29c0e1d7/m.....

Cyprus bail-out - live
Eurozone governments are "essentially blackmailing" Cyprus, said Anthanasios Orphanides, former governor of the Cypriot central bank, as he warned against the "slow death of the European project".<img width='1' height='1' src='http://telegraph.fee.....

EDF nuclear plant gets planning green light but stalls on costs
Plans for Britain's first new nuclear plant in decades will only become a "reality" if ministers "swiftly" agree on subsidies for the 14bn project, EDF Energy warned on Tuesday.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/3272.....

Hinkley Point C: deal or no deal for UK nuclear?
Three years of consultation, 55,000 pages of evidence, more than 100 public meetings and 33,000 replies to individuals on both sides of the nuclear debate.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/29c0fcae/.....

The child care plan drawn up on a Notting Hill napkin
Why should stay-at-home mums or dads, as well as parents who need child care for older children, get zero assistance, asks Rowan Pelling<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/29c0d090/mf.gif' border='0'/.....

Cyprus rescue in chaos as bank levy rejected
Brussels' grip slipped on its eurozone rescue strategy as Cyprus rejected the conditions for its 10bn (8.6bn) bail-out, and appeared to turn to Russia for help instead.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/56830.....

French Budget Minister Jerome Cahuzac resigns after tax fraud probe
Jme Cahuzac, France's budget minister, has resigned after being placed under formal investigation for tax fraud and money laundering.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/29c02fa5/mf.gif' border='0'/>.....

Countrywide prices shares at top of the range for float
The City of London's flotation market has been given another boost with Britain's biggest estate agent pricing its initial public offering at the top of the expected range.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/5.....

Sir Mike Rake named head of the CBI
Sir Michael Rake, one of Britain's most senior business figures, is set to become the next president of the CBI.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/29c02fa7/mf.gif' border='0'/><br/><br/&g.....

US investigates claims Microsoft bribed Chinese officials
US authorities are reportedly investigating whether Microsoft bribed Chinese officials to win business in the world's fastest-growing major economy.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/29c027b3/mf.gif'.....

Shore Capital results hint at broker revival
Wider market lost ground amid worries over the Cyprus bailout.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/29c027b4/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/15892003.....

Warren East retires as ARM Holdings chief executive
Warren East, the self-confessed "gadget Luddite" who built ARM Holdings into one of Britain's most successful technology exporters, is to step down after 12 years at the helm.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/.....

Budget predictions 2013: what to expect
We highlight the tax-raising options the Chancellor may consider.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/29c02fa8/mf.gif' border='0'/>.....

Lululemon recalls see-through yoga leggings
Canadian company recalls women's yoga pants after admitting that they were excessively "sheer".<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/29bf3261/mf.gif' border='0'/><br/><br/><a href="htt.....

Sir Mike Rake to be the next CBI President
Sir Mike Rake, the accountant and businessman, is to be the next President of the CBI.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/29bf8596/mf.gif' border='0'/><br/><br/><a href="http://da.fe.....

Budget 2013: Will George Osborne make his mark or show himself as unambitious?
Previous Chancellors tended to have well-defined economic views: it was easy to know what Gordon Brown, Lord Lawson or Lord Lamont stood for.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/29bf2653/mf.gif' border.....

Budget 2013: Roger Bootle on what to look out for
Leading economist Roger Bootle gives his top five tips on what to look out for in Chancellor George Osborne's Budget tomorrow.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/29bf8597/mf.gif' border='0'/>.....

Oddest taxes in British history
Where did the George Osborne's predecessors look for extra cash?<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/29bf21a8/mf.gif' border='0'/>.....

Budget 2013: History's oddest UK taxes
Where did the George Osborne's predecessors look for extra cash?<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/29be68df/mf.gif' border='0'/>.....

Watchdog demands action on spam PPI texts
Seventy per cent of Birtons have been cold called by companies in the last three months, prompting Which? to call for a taskforce to tackle the problem.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/29be68e1/mf......

London drives yearly UK house price growth of 2.2pc
British house prices rose by an average 2.2pc to 234,000 in the year to January, as London's booming property market grew still more split from the rest of the country.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/56830.....

UK nuclear power station given green light
The Government has granted EDF planning permission to build the first UK nuclear power station in almost two decades, in a decision described as a "huge achievement" by the boss of the French energy giant.<img width='1' height='1' src='http://tele.....

Ryanair orders 175 Boeing jets
Ryanair, the low-cost airline, announced an order for about 175 passenger jets from Boeing, the biggest order of the aircraft maker's planes by a European airline.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2.....

OECD cuts French growth forecast
The OECD trimmed its growth forecast for France and said it must do more to boost competitiveness and create jobs, but recommended the government avoid more spending cuts to meet it EU deficit reduction pledges.<img width='1' height='1' src='http:.....

UK nuclear power station given green light
The Government has granted French energy giant EDF permission to build the first UK nuclear power station in almost two decades.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/29bd1e15/mf.gif' border='0'/><.....