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Wednesday 3 April 2013

UK Financial News on 2013-04-03

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.....

SSE fined record 10.5m by Ofgem
Energy supplier SSE is fined 10.5m by Ofgem for "prolonged and extensive" mis-selling, the regulator's biggest ever fine for a supplier......

Ex-Goldman trader pleads guilty
Former Goldman Sachs trader Matthew Marshall Taylor pleads guilty to defrauding the bank with an $8.3bn (5.5bn) unauthorised futures trade in 2007......

Barclays report blames bank culture
Barclays became too focused on short-term profit and bonuses in the run-up to the Libor-rigging scandal, a review commissioned by the bank says......

Mortgage rates 'to fall further'
Banks and building societies expect mortgage rates to fall further over the coming months, according to the Bank of England......

Investors launch 4bn RBS claim
Thousands of investors launch a compensation claim for up to 4bn against Royal Bank of Scotland and four of its former bosses......

London Market Report
Shares in Vodafone fall 3% after Verizon Communications denies reports that it was mulling a takeover move for the UK mobile operator......

Cyprus agrees 'challenging' plan
Cyprus has agreed to a set of "challenging" measures, the IMF says, that will release a 10bn-euro international bailout......

Hyundai and Kia in US car recalls
Hyundai Motor and its Kia Motors affiliate are recalling more than 1.8 million cars and sports utility vehicles in the US......

SEC allows firms to use social media
US-listed firms can use Twitter, Facebook and other social media services to make key announcements, the country's financial regulator rules......

Moleskine shares close down on debut
Shares in upmarket notebook-maker Moleskine closed lower on its first day of stock market trading in Milan, after the company's flotation raised 488m euros......

North Korea blocks Kaesong access
North Korea blocks the entry of South Korean workers into a joint industrial zone, in a move seen as further escalating tensions......

Verizon denies Vodafone bid interest
US telecoms group Verizon Communications denies reports that it wants to buy or merge with UK mobile operator Vodafone......

India PM says economy to revive soon
India's PM, Manmohan Singh says he is confident the country's economy will bounce back and that the current downturn is "temporary"......

IMF and Egypt discuss $4.8bn loan
International Monetary Fund officials are holding talks in Cairo with the Egyptian government about authorising a $4.8bn (3.2bn) loan for the country......

India's Ambani brothers sign deal
India's richest man Mukesh Ambani and his brother Anil, who have battled over their father's businesses, sign a $200m telecoms deal......

Universal Credit 'fraud risk' fear
MPs demand a "swift assurance" from ministers that the introduction of Universal Credit will not lead to a rise in benefit fraud......

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......

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......

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

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......

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

SPL pursue Rangers legal costs
The Scottish Premier League pursue costs for their investigation into undisclosed payments to Rangers players......

Don Valley Stadium closure date set
Sheffield's Don Valley Stadium is to close at the end of September, it is revealed......

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

VIDEO: Welfare reforms: Winners and losers
The Chancellor claims 9 out of 10 working families will be better off as a result of the changes to tax and benefits, coming into effect this week......

VIDEO: North Korea blocks Kaesong access
North Korea is blocking the entry of South Korean workers into a joint industrial zone, in a move seen as further escalating tension......

VIDEO: Egypt in new IMF loan talks
The International Monetary Fund is in Egypt negotiating a possible $4.8 billion loan to the government......

VIDEO: SSE fined record 10.5m by Ofgem
Energy supplier SSE has been fined 10.5m by the regulator Ofgem for mis-selling gas and electricity......

AUDIO: SSE: 'We are very sorry'
SSE apologises for the company's behaviour after regulator Ofgem fines the energy company a record 10.5m for mis-selling......

VIDEO: Osborne: 'Damning indictment of SSE'
The Chancellor, George Osborne, says he wants to change the law as a record 10.5m fine is imposed on the energy firm SSE for misleading customers......

VIDEO: Mobile phone hits 40th birthday
Forty years ago today, the first cellular mobile phone call was made by Motorola engineer Martin Cooper......

VIDEO: Vicar's 10 handout raises 10,000
A vicar from Huddersfield who raised funds for his parish by handing out 10 notes and asking his congregation to invest it, has reaped a reward of 10,000 for church repairs......

What does future hold for Cyprus?
What does the future hold for Cyprus?.....

Bank of England brains of the future
Helping the Bank of England decide what to do.....

The evolution of the mobile phone
How mobile phones have changed over four decades.....

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

Q&A: Kaesong Industrial Complex
Q&A: The industrial complex linking North and South Korea.....

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?.....

Economic growth gears hit snag
Apr. 3 - Just a couple of days ahead of the key monthly jobs report, some disappointing jobs related reports have investors waiting and worrying about the pace of economic growth. Bobbi Rebell reports......

U.S. Day Ahead: FB phone already getting dislikes
Apr 3 - With reports Facebook is set to launch a new phone Thursday, analysts are already predicting it could be a dud......

Techquity: Google, Facebook hardware options
Apr 3 - Google prepares for release of another tablet while Facebook prepares for announcement about its mobile offerings......

Daily Digit: 8 million new Nexus 7s
April 4 - Google is aiming to ship as many as 8 million of its second generation Nexus 7 tablets around July, according to two sources familiar with the product. Conway G. Gittens reports......

Breakingviews: Car sales on a roll
April 3 - Reynolds Holding and Breakingviews columnists talk strong U.S. auto sales and what they say about housing and the broader economy......

FACTBOX: Fed ignites explosion in subprime auto loans
Apr. 4 - Subprime auto loans and asset-backed securities are booming thanks to the $2.5T pumped into the economy by the Fed. Here are the numbers........

Concern over scale of fish mislabelling
A scientific survey estimates between a quarter and a third of fish products being sold in Europe are mislabelled. Following the European scandal of horsemeat sold as beef, fish samples tested at the Eurofins laboratory in Hamburg showed cheaper fish.....

Trading at Noon: Zynga bets on online gambling in UK
April 3 - Shares of Zynga are up 12 pct today as it begins real-money gambling through poker and casino-style games in Britain.....

Europe Day Ahead: Will Draghi calm those Cypriot waves?
April 3 - ECB on hold as the President Draghi seeks to reassure investors after the Cyprus crisis. No change in UK interest rates expected, and Spain and France sell bonds......

Verizon hangs up on Vodafone takeover rumours
Vodafone shares drop after reaching a 10-year high on Tuesday as US telecomm giant Verizon denies rumours of a takeover. Ivor Bennett reports......

U.S. Morning Call: Google's Nexus 7 to launch in July
Google is preparing to sell a 2nd-generation Nexus 7 tablet from July......

Market Pulse: Moleskine the peril of the one-hit wonder?
Breakingviews columnist Quentin Webb says investors should be wary of companies that depend on a narrow product line......

Samoan airline says "pay by weight" plan fairest way to fly
April 3, 2013 - A Samoan airline charges passengers fees based on the weight of their bags and bodies, saying its the fairest way to fly. Sarah Sheffer reports......

Russia's retro arcade games museum
April 3 - Russians nostalgic for the Soviet era flock to a museum of Soviet arcade machines to try their hand on long-gone remnants from Soviet childhood. Hayley Platt reports......

Multitoe - the room with a 3D view
April 3 - A high-resolution, pressure-sensitive floor designed to track the movements of people in a room could one day help take care of the elderly, according to its German inventors. Called the Multitoe, the floor applies technology to the pressur.....

Reuters Breakingviews: Salz peppers Barclays with criticisms
Breakingviews. This gives Antony Jenkins ammunition to set about changing the bank......

FACTBOX: North Korea slams door on South at shared factory
April 3 - The joint North-South Korean Kaesong industrial zone has become a bargaining chip in the rancorous standoff between the two rival nations......

New bird flu virus adds to China health fears
April 3 - Jane Lanhee Lee reports on a new spate of bird flu cases in China that has alarmed citizens grappling with earlier livestock-related health scares and reticent authorities......

Reuters Today: Time to take that profit now, says JPMorgan
April 3 - Equity markets power ahead but with enough scary things to make investors nervous in the near-term now might be the time to take profits, says JPMorgan's Tom Elliott......

Reuters Today: Take that profit now, says JPMorgan
April 3 - Equity markets power ahead but the rally won't last much longer and now's the time to take profits, says JPMorgan's Tom Elliott......

Auto industry power shift
April 2 - The car industry is back in the drivers seat, as prices for cars rise, and incentives fall- just when consumers and businesses need to buy new cars. Bobbi Rebell reports......

Market record: what the Dr. ordered
Apr. 2 - Summary of business headlines: Health insurance stocks power Dow and S&P 500 to fresh closing records after payment hike; Auto sales extend rise; Delta warns; HP cut to sell; SEC says companies can use social media for announcements. Conway .....

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......

Portuguese government survives no-confidence vote
Portugal's government survived a no-confidence motion on Wednesday, brought by opposition Socialists amid mounting unhappiness with the country's austerity measures.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s.....

SSE's 10.5m mis-selling fine won't help consumers because energy giant disputed liability, Ofgem claims
A record 10.5m mis-selling fine against SSE will line Treasury coffers instead of benefiting consumers because the energy giant refused to accept blame for rule breaches, regulator Ofgem has claimed.<img width='1' height='1' src='http://telegraph......

Walt Disney to shut Lego Star Wars videogame studio LucasArts
Walt Disney plans to shut the 30-year-old LucasArts videogame studio it inherited with the acquisition of George Lucas' film company last year, and focus on licensing its Star Wars brand externally.<img width='1' height='1' src='http://telegraph.f.....

Vodafone's Verizon stake is perfect counterbalance to European woes
For UK-based investors, it could really be the case that "jam tomorrow" is by far the best option.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2a4e4b54/mf.gif' border='0'/><br/><br/><a href=".....

People still want a pub where everybody knows your name
Amber Taverns reveals why you don't need posh food to be a success.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2a4e4332/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/161.....

Zara probed over slave labour claims
High street fashion retailer Zara is under investigation over the alleged use of slave labour at factories in Argentina, it has been reported.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2a4e4333/mf.gif' borde.....

FTSE 100 falls over 1pc but Vedanta Resources bucks negative trend
Mining giant bucked the negative trend that saw the blue-chip index slump over 1pc.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2a4db234/mf.gif' border='0'/><br/><br/><a href="http://da.feeds.....

Helicopter QE will never be reversed
Readers of the Daily Telegraph were right all along. Quantitative easing will never be reversed. It is not liquidity management as claimed so vehemently at the outset. It really is the same as printing money.<img width='1' height='1' src='http://t.....

EU's Financial Transaction Tax would hit City, says study
A planned EU tax on securities transactions will add billions of pounds to the cost of issuing debt in Britain, even though the country will not impose the levy, a study has claimed.<img width='1' height='1' src='http://telegraph.feedsportal.com/c.....

Former Goldman Sachs trader Matthew Taylor pleads guilty to defrauding bank
A former Goldman Sachs trader has pleaded guilty in New York to defrauding the Wall Street investment bank.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2a4cf49e/mf.gif' border='0'/><br/><br/><.....

Apple to launch TV with 'ring' remote control, says analyst
Apple's television will cost up to $2,500 and come with a tablet.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2a4f0ad9/mf.gif' border='0'/>.....

Apple to launch TV with 'ring' remote control, says analyst
Apple's television will cost up to $2,500 and come with a tablet.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2a4cf49f/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/16199.....

Mortgage rates set for fall, Bank of England survey shows
Mortgage rates are about to drop "significantly" over the next three months, a Bank of England survey discovered, offering an extra boost to the housing market in the wake of government measures unveiled in the Budget.<img width='1' height='1' src.....

Reveal real investing costs, says funds chief
The chief executive of the Investment Management Association has called on fund managers to set out charges on annual statements as pounds and pence.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2a4c3cf9/mf.gif.....

Fred Goodwin sued as investors launch 4bn case against RBS
Fred Goodwin and three other directors who presided of the collapse of the Royal Bank of Scotland have been served with a 4bn claim in the High Court.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2a4c3cfe/mf.gi.....

Interserve to build Edinburgh shopping mall that could create 3,500 jobs
Interserve is to build a 160m shopping mall in Edinburgh that could create 3,500 jobs.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2a4c3d03/mf.gif' border='0'/><br/><br/><a href="http://da.fe.....

How it all went wrong at Barclays
Bad culture can exact a heavy cost. Barclays learned that the hard way.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2a4c1378/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r.....

Portugal faces no-confidence austerity vote
Portugal's government faces a no-confidence motion on Wednesday, brought by opposition Socialists amid mounting unhappiness with the country's austerity measures.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2a.....

Thorntons shares jump after solid trading update
Profits at Thorntons should beat market expectations after solid sales over Easter, Valentine's Day and Mother's Day, the chocolate retailer said on Wednesday.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2a4b0.....

SSE fined record 10.5m for mis-selling
SSE, one of the country's largest energy companies, has been fined 10.5m for "prolonged and extensive" mis-selling by regulator Ofgem - the largest penalty ever for an energy supplier.<img width='1' height='1' src='http://telegraph.feedsportal.com.....

Diageo names Highlands site for new distillery
Diageo, the FTSE 100 business behind Smirnoff and Johnnie Walker, has selected a site in the Highlands as the location for its new malt whisky distillery.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2a4a43a1/m.....

Why won't senior men allow themselves to display emotion in business?
Board Babe: A little emotion can lead to greater empathy with staff.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2a49e2ad/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/16.....

Banks 'won't lend more to meet firms' demand'
Banks do not expect to increase lending to companies in the second quarter despite rising demand, a Bank of England survey discovered.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2a48c199/mf.gif' border='0'/&g.....

Salz review: Pay and rule bending to blame for Barclays' reputational woes
Barclays trashed its reputation by letting an overpaid cadre of investment bankers "lose a sense of proportion and humility" and by refusing to comply with the spirit of regulation, a report into the bank's cultural failings has found.<img width='.....

British taxpayers to fork out 45m to rescue Cyprus
British taxpayers will have to pay 45m (38.2m) as part of a deal struck by European leaders to rescue Cyprus, as a new finance minister was sworn in amid warnings that there would be "difficult days ahead" for the country.<img width='1' height='1'.....