Search This Blog

Monday 25 March 2013

UK Financial News on 2013-03-25

Seymour Pierce creditors set to lose 6m
Filings show collapsed UK broker's assets will not cover claims.....

TCI hedge fund stops payments to linked childrens charity
Hedge fund run by Chris Hohn has stopped donating portion of fees to charity run by activist investor's wife.....

Bermuda-based group targets JO Hambro IM
One bidder seen as most sympathetic owner of Credit Suisse's unit.....

Cracks appear in early FTT talks
The competing visions of signatory countries threaten to derail the EU financial transaction tax.....

Ex-Cazenove bankers group at new firms
Advisory firm Strand Partners and natural resources specialist Merlin Partners recruit staff.....

European Commission probes economic impact of reforms
Moves comes amid growing criticism over efforts to assess reform implications.....

LSE membership resignations hit five-year high
The resignations range from high-frequency trading firms to wealth managers.....

Buyout industry clubs together for ESG push
Investors, trade bodies and firms draw up guidelines on disclosure.....

Fund managers face second European threat
Forthcoming potential rules on disclosure could boost workload on non-Ucits investment products.....

Niki Beattie joins Aquis as inaugural chairperson
FN100 woman takes key role at nascent pan-European equities venue.....

Cyprus banks face temporary controls
Cypriot banks are to reopen on Tuesday with restrictions, but the two at the centre of the eurozone bailout crisis will stay shut until Thursday......

Profit at Big Five banks 'wiped out'
The major UK banks saw their core profits for 2012 wiped out by a mix of regulations and their own mistakes, a KPMG report says......

Rail franchising process to restart
The rail franchising process is to restart, the government will say on Tuesday, six months after the collapse of the West Coast deal stopped it......

Boeing 787 goes on a test flight
Boeing takes one of its 787 Dreamliners on a test flight, as it aims to move closer to ending a two-month grounding of the aircraft......

SPL faces 1.7m 'TV dispute' claim
The Scottish Premier League faces a 1.7m damages claim over its bid to stop a pub group screening live matches via a Polish broadcaster......

Bernanke defends low interest rates
Ben Bernanke defends the low interest rate policies of the US Federal Reserve and central banks in Europe, saying they were helping to boost the global economy......

Bradford & Bingley owner repays 4bn
UK Asset Resolution, the government-owned company incorporating Northern Rock (Asset Management) and Bradford & Bingley, paid back 4bn to taxpayers in 2012......

UK teen's app bought for 'millions'
Yahoo has acquired an app created by a UK teenager for "dozens of millions" of pounds......

Lloyds pays 25 staff more than 1m
Lloyds Banking Group, which is 39% state-owned, paid more than 1m to 25 of its staff last year, its annual report shows......

London Market Report
Shares in Vodafone climb 2.6% following reports at the weekend that the mobile firm is considering selling its 45% stake in Verizon Wireless......

Mortgage lending 'fell in February'
The number of people taking out mortgages last month fell, according to the UK banking industry......

Ford sorry for Berlusconi advert
The Indian unit of Ford apologises for an advert showing former Italian PM Silvio Berlusconi with a group of bound women in the boot of a car......

Cupid refutes 'fake profiles' charge
Online dating company Cupid plc denies allegations of creating fake user profiles and sees its share price recover strongly on Monday......

Dell confirms rival bid offers
A special committee of Dell's board confirms that it has received two takeover offers to rival the one made by founder Michael Dell......

Late payment 'epidemic' for builders
Late payment of invoices have reached "epidemic proportions" in the Scottish building sector, according to an industry survey......

Laura Ashley accused over suppliers
Retailer Laura Ashley denies squeezing its suppliers and says it is looking to provide products at the "right price"......

Cyprus banks reassure UK customers
Two Cypriot banks based in the UK seek to reassure customers about the security of their deposits......

Crawley Town FC owners to sell club
Crawley Town FC is put up for sale after three years under the current owners......

Pars steering group out of options
The steering group trying to help stabilise Dunfermline Athletic's financial future announce they have "run out of options"......

VIDEO: UK gas demand driving new exploration
The increased price of gas and improved drilling techniques has led to new areas being explored and extracted......

VIDEO: Russia riled but Germany relieved
Eurozone finance ministers have agreed a deal on a 10bn-euro bailout for Cyprus to prevent its banking system collapsing and keep the country in the eurozone......

VIDEO: Eurostar operating profit 'doubles'
Eurostar doubled its operating profit in 2012, the train service's chief executive has said......

VIDEO: European famers braced for low harvests
As wintry weather conditions continue into the traditional period for spring sowing, farmers in Northern Europe are bracing themselves for disappointing harvests......

VIDEO: Cyprus bailout deal reached
Eurozone finance ministers have agreed a deal on a 10bn-euro bailout for Cyprus to prevent its banking system collapsing and keep the country in the eurozone......

VIDEO: Town braces for welfare shake-up
Graham Satchell reports from Wigan, one of of the towns where people are preparing for the government's benefit changes, including the single payment of universal credit......

VIDEO: Iraq 10 years on: Real estate rush
Ten years after the US-led invasion of Iraq, house values in parts of the country have risen as much as 10 times what they were a decade ago......

VIDEO: Western India facing drought crisis
Many districts of the western Indian state of Maharashtra are facing the prospect of severe drought......

Cyprus crisis: Anxious times for residents
In Cyprus, cash is not the only thing in short supply now.....

How can companies battle the fakes?
The hi-fi speaker company that has battled Chinese fakes.....

Texas and the UK build closer economic ties
Texas and the UK build closer ties.....

U.S. Day Ahead: Housing faces key inventory test
Mar 25 - With the supply of new homes at record lows, economists want to see inventories rise above 150,000 in February to confirm home builders are gaining confidence in the market......

Daily Digit: $1 spree at Dollar General
March 25 - Dollar General sees its strategy of $1 per item bringing in more shoppers, resulting in stronger sales growth this year, led by lower cost tobacco products, despite concerns about the economy. Conway G. Gittens reports......

Cyprus rescue plan is new template
March 25 - A rescue programme for Cyprus represents a new template for resolving euro zone banking problems, says the head of the region's finance ministers. Sonia Legg reports on why his comments shock markets......

Techquity: Preferring Apple, battle for Dell
Mar 25 - UBS praises Apple while the bidding picks up for Dell......

BRICS seek to build Africa trade
March 25 - China has boosted its trade ties with Africa ahead of this week's BRICS summit, signing a raft of new deals with Tanzania as competion hots up for the continent's mineral wealth and oil reserves. Ivor Bennett reports......

Trading at Noon: Dell's deal drama heats up
Mar 25 - We break down Dell's different bids from the founder, Carl Icahn and Blackstone......

Europe Day Ahead: Brace for a run if Cyprus banks reopen
Mar. 25 - If Cyprus reopens its banks on Tuesday customers are likely to be in for a shock when they check their accounts. Technical difficulties may make it hard for them to withdraw their savings just yet......

Cyprus banks brace for bailout
March 25 - Cyprus clinched a last-ditch deal with international lenders to shut down its second-largest bank and inflict heavy losses on uninsured depositors, including wealthy Russians, in return for a 10 billion euro bailout. Ciara Sutton reports......

The Cyprus deal: light on detail, heavy on price
Mar. 25 - In the end nothing went according to plan with the Cyprus bailout, but everything went according to euro zone precedent. We look at the details, and who pays the price......

Breakingviews: Dell's dueling bidders
March 25 - Antony Currie and Breakingviews columnists discuss why two last-minute counteroffers for the $25 bln computer maker from Blackstone and Carl Icahn are more flimsy than they sound......

Investors fears over Cyprus bailout
March.25 - European shares erased gains made after a bailout deal for Cyprus as the focus quickly turned elswhere. But market analysts say some investors' trust in euro zone policy makers has been lost. Sonia Legg reports......

Wealth Strategies: Investors have ignored emerging Asia
Mar 25 - Invesco's Lipper Award-winning Steve Cao is finding opportunities in smaller Asian countries like Thailand and Indonesia and says a slowdown in China is the region's biggest risk to investment......

Wealth Strategies: Bonds not in a bubble, but still a worry
Mar 26 - Bruce Picard, fund manager at Lipper Award winning MassMutual, says that while low inflation and a large output gap support rates where they are, a bubble in bonds is a bigger risk than one in stocks......

Daily Digit: Bankia shares plummet
March 25 - Shares in Spain's largest rescued lender Bankia dropped 41.04 percent to 0.148 euros after the country's bank restructuring fund valued them at 0.01 euro. Hayley Platt reports......

U.S. Morning Call: Cyprus gets bailout; bank gets shut down
Mar 25 - Cyprus clinched a last-ditch deal with EU lenders to shut down its 2nd-largest bank, inflicting heavy losses on uninsured depositors......

Cyprus highlights euro zone bailouts getting harder to agree
Mar. 25 - The Cyprus crisis highlights euro zone bailouts are getting tougher to agree. We discuss this with Wolf Klinz, a German politician and member of the European Parliament......

Breakingviews: Cyprus Apocalypse Now
Mar. 25 - Cyprus bailout is a first, a proper bank resolution that wipes out equity holders & senior bondholders, increasing pain up the capital structure. The world has changed, says Breakingviews......

Reuters Today: Cyprus gets 11th-hour deal
Mar. 25 - European stocks jump as the bloc's finance ministers strike a late-night bailout deal for Cyprus, but the devil could be in the detail for the islands banks and depositors......

Lasting truce unlikely in Asia's currency wars
Mar. 25 - With a new Bank of Japan governor likely to launch another easing push, expect more angry rhetoric from Asian exporters reluctant to see their currencies strengthen. Tara Joseph reports......

EU ministers approve plan to bailout Cyprus
March 25 - Cyprus to get 10 billion euro bailout. Julie Noce reports......

EU approves Cyprus bailout plan
March 25 - Euro zone finance ministers approve Cyprus rescue plan to avoid bankruptcy and an exit from the eurogroup. Rough Cut (no reporter narration)......

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......

Cypriots pessimistic over bailout future
Mar. 24 - With Cyprus' banks on the verge of collapse, residents in the capital are pessimistic over the future of their economy. Jessica Gray reports......

Future organ production a possibility with 3D stem cell printer
March 24 - For the first time scientists have printed human embryonic stem cells using a 3D printer. The Heriot-Watt University team's research could eventually lead to human organs being printed on demand and an end to animal drug testing. Jim Drury.....

Virtual shopping system dressed for success
March 24 - A Taiwanese company has developed a system that allows shoppers to try on clothes without really trying them on. Combining high resolution scans with motion sensors and cameras, the system gives busy shoppers a more efficient - and fun - w.....

Cyprus bail-out: as it happened - March 25, 2013
Head of the Eurogroup of eurozone finance ministers Jeroen Dijsselbloem has spooked global markets by saying the Cyprus bank restructuring deal should be considered a template for the rest of the single currency bloc.<img width='1' height='1' src=.....

Eurozone's bully boys will come to regret penalising tiny Cyprus
Europe's monetary union was meant to be about solidarity among the many and prosperity for all.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/29fa8506/mf.gif' border='0'/>.....

Investors fall back in love with Cupid despite 'fake profile' row
Investors fell back in love with Cupid as the online dating company hit back at claims it uses fake profiles to lure subscribers.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/29fa82a2/mf.gif' border='0'/><.....

Centrica's gas deal is no silver bullet for the UK's looming energy crunch
It could hardly have been better timed. After days of headlines warning the UK was on the verge of running out of gas, Centrica came up trumps with a 10bn, 20-year contract to export gas from America.<img width='1' height='1' src='http://telegraph.....

Vedanta Resources falls on bearish Socirale note
Vedanta Resources was in the doldrums as the blue-chip index slipped 0.22pc.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/29fa7e8c/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal......

Vedanta Resources falls on bearish Socirale note
Mining company in the doldrums as the FTSE 100 slips 0.22pc.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/29fa6eb3/mf.gif' border='0'/>.....

Cyprus swings between seething anger and bitter recrimination
Standing in front of a cash machine on a street corner in Nicosia, Andreas Christou could hardly contain his fury.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/29f9b5bf/mf.gif' border='0'/><br/><br/.....

John Charcol founder John Garfield backs online lender EZBOB
The man who founded mortgage broker John Charcol has backed the 3m fundraising of a new online lender for small and medium-sized internet retailers.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/29f9b5c0/mf.gif'.....

Sir Mervyn King: global crisis 'far from over'
The global crisis is "far from over" and countries can expect several "twists and turns" before the economy fully recovers, the Governor of the Bank of England has warned.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/56.....

HMRC to tax fund 'cashback' from next week
Taxman to tax bonuses paid on funds, with the industry warning it sets a precedent for cashback schemes.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/29f9d963/mf.gif' border='0'/><br/><br/><a .....

SABMiller seeks to convert illegal alcohol drinkers
Lager giant SABMiller is hoping to boost sales in its biggest market, Latin America, by targeting drinkers who buy illegal beer and spirits on the black market.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/29f9.....

CTC flies higher with private equity backing
Airline training firm CTC explains why selling a stake in the family business could allow worldwide expansion to take off .<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/29f9d481/mf.gif' border='0'/><br/&g.....

Expanding firms attract buyers as confidence returns
Entrepreneurs are beginning to find willing buyers for their businesses again following improving confidence among investors, according to a study that found a resurgence in deals for growing firms.<img width='1' height='1' src='http://telegraph.f.....

German Wise Men slash growth forecast to 0.3pc
An influential panel of top economic advisors to the German government has downgraded its 2013 growth forecast for the country, saying Europe's top economy would only expand 0.3pc.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/3.....

Russia's Putin in surprise support for Cyprus bailout
President Vladimir Putin of Russia backed the EU's bailout of Cyprus on Monday, even as his prime minister issued a sharp criticism of the deal saying a haircut on deposits was "the stealing of what has already been stolen".<img width='1' height='.....

Government boosts firepower of lending scheme
The Government is being urged to speed up plans to bring new lenders on board to arrest the rapid decline of a flagship scheme designed to assist credit-starved small businesses.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/327.....

Rail tracks closed in Beeching Axe to be reopened for HS2
Eleven miles of track which fell victim to the Beeching Axe in the 1960s will form part of the new high-speed rail network.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/29f90d5d/mf.gif' border='0'/><br/&g.....

Cyprus bank crisis: how are savers affected?
The EU is forcing Cyprus to raid its citizens' bank accounts. We explain who stands to lose money and what visitors should do.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/29f90a0c/mf.gif' border='0'/><br.....

Cyprus bail-out: Q&A - capital controls
We examine what happens when countries impose capital controls, and why some analysts believe that Cyprus has already taken a step towards a euro exit by using them.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s.....

British teen sells app for millions
A south London schoolboy has become one of the world's youngest tech millionaires after selling his mobile app to Yahoo!.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/29f7e286/mf.gif' border='0'/>.....

Roman Abramovich arrest rumours hit Evraz shares
Shares in London-listed Russian steel maker Evraz dropped on Monday amid unsubstantiated rumours that billionaire Roman Abramovich, who owns 63pc of the company, had been arrested in the United States.<img width='1' height='1' src='http://telegrap.....

Cyprus bail-out: latest pictures
The latest pictures from Cyprus and its neighbour Greece as the eurozone minnow agrees a last-ditch 10bn bail-out deal that inflicts heavy losses on uninsured depositors, including many Russians.<img width='1' height='1' src='http://telegraph.feed.....

Cyprus bail-out leaves 'bitter taste' for residents
Cypriots are outraged by the consequences of the last ditch bail-out deal hammered out between their government and its EU-IMF troika of lenders early Monday morning.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/.....

Cyprus bank bail-out sets 'deeply worrying' precedent for Eurozone
The 'haircut' inflicted on bank depositors in Cyprus and prospect of capital controls do not bode well for the Eurozone, says assistant editor Jeremy Warner.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/29f6d09.....

Dmitry Medvedev channels Lenin as he condemns Cyprus bail-out terms
Dmitry Medvedev gave a taste of Moscow's displeasure over the Cyprus rescue plan on Monday when he said "the stealing of what has already been stolen continues".<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/29f.....