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Tuesday 2 April 2013

UK Financial News on 2013-04-02

Traders lament false dawn for equities markets
Economic and regulatory uncertainty continue to weigh heavily on European trading activity.....

Blackstone eyes up Credit Suisse secondaries unit
The move would continue its diversification drive beyond leveraged buyouts over the past decade.....

Buyout firms line up for 30bn IPO bonanza
Private equity-backed companies with an estimated combined value of €30bn are considering initial public offerings this year.....

Has spring finally sprung? (Shareholder Spring that is)
With the 2013 annual general meeting season about to get under way, there are signs that companies are stepping up engagement with their shareholders.....

Bank capital rules could create an uneven playing field
Flexibility in the rules could result in European banks operating under different rules from one another.....

Citigroup to get new Canary Wharf landlord
Middle East-based investor is close to completing the purchase of Citigroup's London headquarters.....

Banks back Barnier boost to securitisation market
European banks cheered last week as the European Commission unveiled proposals that could help reinvigorate Europe's beleaguered securitisation market.....

National Grid shifts investment strategy
The electricity and gas supply company is planning to de-risk a substantial pension scheme with a liability-driven investment approach.....

LPFA places bet on inflation rise
It has sold the swaps it was using to insure £1.5bn of liabilities against a fall in rates.....

Vanguard embarks on UK hiring spree
Vanguard Asset Management plans to double the size of its UK base in two years.....

Dow Jones and S&P climb to new highs
New York's Dow Jones share index sets a new all-time high, as does the broader based S&P 500 index......

UK 'to avoid triple dip recession'
The UK is likely to avoid another recession thanks to a recovering services sector, a business group says, but concerns over manufacturing remain......

Eurozone unemployment rate hits 12%
The rate of unemployment in the eurozone reaches a record high of 12%, with youth unemployment rising sharply, official figures show......

Cyprus Finance Minister Sarris quits
Cypriot Finance Minister Michalis Sarris resigns after completing talks on a controversial bailout deal......

US factory orders in sharp rise
New orders at US factories rose in February from January mainly due to a jump in demand for commercial aircraft......

Arkansas to probe Exxon Mobile spill
The US state of Arkansas launches an investigation into an Exxon Mobil pipeline that ruptured, spilling oil into a housing community last week......

New Xstrata-Glencore merger delay
Xstrata and Glencore once again push back the date for when they expect to complete their merger, after Chinese concerns......

Laiki customers escape Cyprus levy
Some 15,000 customers with funds in the UK arm of Cypriot bank Laiki will escape a levy on their accounts, which will be moved to Bank of Cyprus in the UK......

Mortgage approvals at five-month low
The number of mortgage approvals in the UK fell to a five-month low in February, according to the Bank of England......

Google faces European privacy probe
Six European data protection bodies are to launch coordinated investigations into Google's privacy policy.....

Court rules against digital reseller
A site which allowed users to sell on their unwanted digital music was in breach of copyright, a US judge rules......

Apple apologises to China customers
Apple boss Tim Cook apologises to Chinese consumers after state media accuses the firm of arrogance and greed......

Osborne: Welfare criticism 'rubbish'
Chancellor George Osborne defends benefits and tax changes and calls criticism "headline-seeking nonsense"......

London Market Report
Vodafone shares rise after the FT says Verizon Communications and AT&T have been working together on a break-up bid for the UK mobile firm......

Growth stalls for whisky exports
The recent rapid growth of Scotch whisky exports has stalled, according to figures for last year......

Cyprus crisis: No Russian bailout
The Russian government says it will not compensate Russian savers who have lost money in the Cyprus banking crisis......

California city enters bankruptcy
A judge approves the California city of Stockton's bankruptcy filing, making it the most populous US city ever to enter bankruptcy protection......

Lord Turner to join Soros think tank
Lord Turner, head of the now-disbanded Financial Services Authority, is to join a US think tank co-founded by billionaire investor George Soros......

Welfare reforms fair - Duncan Smith
Changes to the UK's welfare system are fair, Work and Pensions Secretary Iain Duncan Smith insists, as some of the new measures come into effect......

No house survey 'is false economy'
More families are shunning full building surveys so they can raise enough cash to buy a home, but this can lead to big repair bills later, surveyors say......

UK financial regulation overhauled
The UK's banking regulator, the Financial Services Authority, is abolished and replaced with two successor organisations......

Standard Life chief sees pay double
The chief executive of Edinburgh-based finance firm Standard Life sees his earnings for 2012 nearly double, to 5m......

Campaigners hail Novartis ruling
Healthcare campaigners hail India's rejection of a patent bid by Swiss company Novartis for its cancer drug, Glivec, amid industry criticism......

Jobs lost as historic mill closes
Efforts to save Scotland's oldest continually-operating textile mill from closure fail, leading to the loss of 33 jobs......

Hearts owner says he has gone bust
Hearts owner Vladimir Romanov says the collapse of his bank in Lithuania has led to him losing all his assets......

WRU bid for central contract talks
The Welsh Rugby Union invite the four Welsh regions to a meeting to discuss the issue of central contracts......

Scots summit over restructuring
The SFA meet with the country's two main league bodies in a bid to force a breakthrough in league restructuring......

AUDIO: Californian city declared bankrupt
The BBC's Jane Little explains what the impact of the Californian city going bankrupt will have on residents......

AUDIO: What will the new FCA do?
Martin Wheatley, chief executive of the Financial Conduct Authority (FCA), outlines the role of the regulator whose job is to protect people from financial misconduct......

VIDEO: Fall of Japanese electronics giants
Sony, Sharp, Panasonic - these electronic giants were once household names but now they are losing money......

AUDIO: Are electric cars improving?
Few things polarise opinion more than the electric car. It is either a great way to save the planet or a really bad way to get from A to B. The Today programme's Evan Davis investigates the differing opinions......

VIDEO: India's battle to boost exports
The Indian economy is facing its sharpest slowdown in recent years - with the country's growing trade deficit a key concern......

VIDEO: Services and exports boost UK economy
The UK is set to avoid falling back into recession, partly due to the weak pound giving exporters a boost, according to the British Chamber of Commerce (BCC)......

VIDEO: India rejects Novartis patent
In a landmark ruling India has rejected a patent bid by Novartis that activists say will protect access to cheap generic drugs and save lives in developing nations......

VIDEO: Mining boom expected in Mongolia
Experts predict a mining boom in Mongolia......

Norwegian airline prepares for global expansion
The world is barely enough for Norwegian airline.....

Businesses keen to be clean and green
How clean technology could save your business.....

Was Apple right to apologise in China?
Was it a mistake or the right thing to do?.....

What happened to Japan's electronic giants?
What went wrong with Japan's electronic companies?.....

Is Novartis ruling a watershed?
Indian Supreme Court's landmark ruling on Novartis cancer drug.....

The hidden price rises of 1 April
The price of everything from post to plane rides goes up.....

U.S. Day Ahead: Factory jobs could be hit by sequestration
Apr 2 - Investors will scour the latest private sector jobs report out before the bell. Pay attention to the manufacturing sector for further clues about how sequestration could hit economic growth......

Daily Digit: Small business borrowing up only 2%
Apr. 2 - Small business borrowing grew only two percent in February from a year ago, in a sign firms are skeptical about future growth prospects. Conway G. Gittens reports......

Techquity: Less convinced about Apple and HP, says Goldman
Apr 2 - Goldman Sachs takes Apple down a notch and cuts Hewlett-Packard to sell......

0 to 60: VW exec speeds through auto show
Conway G. Gittens went along for the ride......

Israeli scientists see new options for infertile women
April 2 - Israeli scientists predict it will one day be possible to produce human eggs from the cells lining the amniotic membrane, presenting new options for infertile women. The scientists have found immature cells in the amniotic sac, which they h.....

Smartphones beat the crowds with virtual queuing
April 2 - Customers at a theme park in the UK can now queue for rides using a smartphone in the latest application of virtual queuing technology. Ivor Bennett reports......

Trading at Noon: Humana stock sees 'healthy' rise
April 2 - U.S. health insurers are rallying today after the U.S. government said it would increase the Medicare payment rate......

Breakingviews: Uncle Sams morphine drip
April 2 - Rob Cox and Breakingviews columnists say Fannie Maes record annual profit is actually keeping a cash-strapped U.S. government from implementing housing market reforms......

U.S. Morning Call: Deals in the air: Nasdaq, FB, Verizon
We take a look at M&A activity surrounding Nasdaq, Facebook and Verizon......

Cypriots donate food, politicians play blame game
Cyprus relaxed some currency controls on Tuesday, as President Nicos Anastasiades swore in three senior retired judges to lead an investigation into the country's finances. The country's finance minister resigned after concluding bailout talks with f.....

Key business group says UK 'to avoid triple dip recession'
Economists at the British Chambers of Commerce predict the United Kingdom economy will avoid falling back into recession after a strong performance by service industries in first three months of year. Edward Baran reports......

Europe Day Ahead: Banking system needs urgent fix
As policy makers ponder what action to take to boost Europe's economies Paul Donovan of UBS says it's much more important to fix the region's broken banking system......

Wanna be a banker? Pass integrity test first
Axel Threlfall takes the test to see how he measures up......

Wealth Strategies: China, Korea equities show promise
Apr. 2 - Despite military maneuvering in North Korea, Mellon's Anjun Zhou still likes equities in China and South Korea, but warns investors shouldn't expect emerging markets to outperform developed stocks......

Market Pulse: Germany - Europe's only grown-up economy?
April 2 - Germany's economic performance is so far ahead of its EU neighbours that it's causing a headache for policy makers at the ECB......

Wealth Strategies: Top brands won't feel heat of inflation
Apr. 2 - Lipper-Award winning Peter Dixon of Fidelity Investments says consumers will pay top-dollar for high-quality brands no matter what the economic environment is and likes names like Nike, Limited & TJX......

Wealth Strategies: Target date funds should be diversified
Apr 2 - Nora Everett, CEO of Lipper Award-winning Principal Funds, says investors don't have to stick to stocks and bonds when planning their retirement, and has been adding alternatives to their target funds.....

Breakingviews: Another year of the Great Stagnation
April 2 - 2013 looks like yet another year of tepid growth around the world. Welcome to another year of the Great Stagnation says Breakingviews......

Apple's apology goes down well in China
April 2 - Apple CEO Tim Cook's apology to Chinese consumers over the firm's service has struck the right chord with a formerly hostile state media -- not that customers were buying into the bashing......

In the Boardroom: Investors - my way or the highway
April 2 - Steve Waygood, of Aviva Investors, which owns 2% of UK equities, explains why fund managers still prefer to walk away, rather than trying to change a company culture......

FACTBOX: Measuring North and South Korea's muscle
April 2 - As tensions between North and South Korea mount, how do their respective military resources stack up? The numbers may surprise, but any conflict it's not the numbers alone that will count......

Reuters Today: Euro zone PMI, Cyprus, Spain Eyed
it'll revise down its growth forecasts for 2013......

Factory figures fuel fickle Wall St
Apr. 1 - Summary of business headlines: Stocks recede after factory growth slips; Construction spending comforts; Major Apple shareholder cuts stake; Apple forced to give China apology: American Greetings going private; Tesla says quarter will be pos.....

The risk of rushing to judge economy
April 1 - A disappointing report on the U.S. manufacturing sector may have knocked stocks from their perch, but a closer look at the economy shows investors may want to avoid rushing to conclusions. Bobbi Rebell reports......

U.S. Day Ahead: Auto sales to surge to 15.7 mln
Apr 1 - IFR expects auto sales to surge to 15.7 mln for March and feeling the Fed's pulse with a roster of speakers on the economy......

RBS lines up Nathan Bostock as new finance chief
Taxpayer-backed Royal Bank of Scotland is set to announce a shake-up of its top management, with Nathan Bostock lined up as the lender's new finance chief.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2a434c64/.....

Vince Cable hires 'resident entrepreneurs'
Two "entrepreneurs in residence" have taken up roles as government advisers and identified small companies' struggle to access bank finance as their top priority.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2a.....

Europe's adversarial approach to Google could end up backfiring
The news that Google is to be investigated by six different data protection authorities in Europe would not normally elicit sympathy for the world's largest web company.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/5683.....

Remove the obstacles to a real recovery
Telegraph View: There is little sign of a self-sustaining recovery of the kind that ministers envisaged back in 2010<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2a42f186/mf.gif' border='0'/><br/><b.....

Europe's leaders paralysed as EMU jobless rate hits record high
Eurozone unemployment reached a record 12pc in February.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2a42f189/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/161991097559/u.....

Only Cypriot President and Speaker allowed to fly business class under bailout rules
Only Cyprus' President Nicos Anastasiades and parliamentary speaker Yiannakis Omirou will be allowed to fly business class under austerity measures the government agreed to with international lenders in exchange for a 10bn bailout.<img width='1' h.....

Rank unveils tablets to keep a full house at bingo halls
Traditionally, it has been associated with ladies of a certain age and "bingo lingo" - a language impenetrable to outsiders.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2a42ebb2/mf.gif' border='0'/><br/&.....

Shareholder fight erupts at stockbroker VSA
Vetran stockbroker Andrew Monk is facing another heated shareholder battle just five years after losing control of City firm Blue Oar.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2a42a037/mf.gif' border='0'/&g.....

Vodafone jumps on talk of Verizon-AT&T bid
Vodafone shares jumped sharply on speculation that Verizon and AT&T could launch an audacious multi-billion pound bid for Europe's largest mobile-phone company.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/.....

Biofuels producer Ensus takes UK plant offline due to poor wheat quality
Biofuels producer Ensus is taking its bioethanol plant in northeast England offline due to a poor wheat harvest last year.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2a41d085/mf.gif' border='0'/><br/>.....

ICAP in demand after assets look undervalued next to rival's US deal
Interdealer broker ICAP back in demand on Tuesday after a deal for a rival trading platform.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2a41d087/mf.gif' border='0'/><br/><br/><a href="http:/.....

One in three hedge fund workers admits to knowing about rule-breaking, says US survey
One in three hedge fund employees has admitted to having "personally observed" rule-breaking a work, a survey has revealed, raising serious concerns about fraud in the high-rolling industry.<img width='1' height='1' src='http://telegraph.feedsport.....

German energy surplus quadruples despite renewable push
Germany exported more electricity to neighbouring countries than it imported last year despite a government decision to scrap nuclear power in favour of an ambitious drive towards renewable energy.<img width='1' height='1' src='http://telegraph.fe.....

Scotch whisky accounts for 25pc of UK's food and drink exports
Scotch whisky exports hit a record 4.27bn last year.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2a4134d0/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/161991093916/u/3/f.....

Government 'must keep its eyes open' to Help to Buy risk
A former senior executive at America's government-backed mortgage lenders has warned the Coalition that it must ensure that its Help to Buy scheme does not leave UK taxpayers having to absorb significant losses.<img width='1' height='1' src='http:.....

Stobart board overhauled for second time in three months
The board of logistics and haulage company Stobart Group has been overhauled for the second time in less than three months, sparking new concerns about its corporate governance.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/3272.....

Germans develop a thirst to own their homes
Low mortgage rates and rising rents have prompted a strategy switch.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2a4130a0/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/16.....

Tell youngsters the truth: the UK needs you to work not go to university
There is little that is more likely to lead to ruined lives than groupthink in politics, especially when it is imposed by a well-meaning, over-enthusiastic Establishment convinced that it is doing the right thing.<img width='1' height='1' src='htt.....

Metalrax administrators save nearly 390 jobs
KPMG disposal deal saves nearly 390 jobs at Aim-listed engineer.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2a4022d8/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/161991.....

Stock market highs fail to entice investors
FTSE 100 rally pushes fund sizes to record highs - but Isa investors stubbornly refuse to deposit cash.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2a4022d9/mf.gif' border='0'/><br/><br/><a h.....

Standard Life chief executive see pay package double
The top three executives at life insurer and pensions group Standard Life have shared 9.4m in bonuses and long-term incentives.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2a4022dc/mf.gif' border='0'/><b.....

UK prompt gas prices slide by up to 15pc
Gas prices slid by up to 15pc to a two-week low as flows from North Sea pipelines and stocks of liquefied natural gas at terminals rose sharply, although cold weather was expected to drive demand until next week.<img width='1' height='1' src='http.....

Lonmin appoints new chief executive
Mining business Lonmin has appointed an executive from Anglo American Platinum as its new boss, after its chief executive stepped aside due to illness late last year.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/.....

Lonmin appoints Anglo veteran Ben Magara as new chief
Mining business Lonmin has appointed an executive from Anglo American Platinum as its new boss, after its chief executive stepped aside due to illness late last year.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/.....

Cyprus finance minister resigns
Embattled Cypriot finance minister Michalis Sarris quit immediately after talks to iron out details of the island's 10bn bail-out concluded on Tuesday, having spent just five weeks in office.<img width='1' height='1' src='http://telegraph.feedspor.....