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Monday 15 April 2013

UK Financial News on 2013-04-15

Corporate pension schemes embark on talent scramble
Seven top-level executives at schemes with assets of around £125bn have been promoted, changed jobs or retired in the past month.....

Italian FTT impact spells gloom for EU-wide levy
Equity trading volumes have slumped since Italy brought in the levy last month.....

Insurers hand out corporate broking rewards
Direct Line and esure have appointed brokers.....

Clawback debate grips business bosses
Governance experts push for a wider array of ‘malus conditions' in contracts.....

More buyout firms lure investors with fee cuts
CVC and PAI join rivals in offering early-bird discounts.....

Commodities exodus continues at Deutsche
Oil and gas MD and energy trader are the latest to leave the German bank.....

Call to tie third round of LTRO to expansion of SME lending
Fresh City calls for European refinanc ing operation to be tied to business lending.....

West African group eyes new pension scheme
Group of 15 countries is to form joint fund for government staff.....

Bulge-bracket banks muscle in on small deals
Goldman Sachs's first-quarter ranking for small-cap M&A deals was its highest in a decade.....

Minimum wage to increase to 6.31
The national minimum wage will rise by 12p an hour to 6.31 for adults and by 5p to 5.03 for 18-to-20-year-olds from October......

Gold price falls to two-year low
Gold falls to its lowest level in two years, as wider commodity prices and US shares also decline following disappointing Chinese economic data......

Petrol prices down at supermarkets
Supermarkets announce petrol price cuts following a fall in the wholesale cost and a more favourable exchange rate......

Benefit cap 'will encourage work'
The government says imposing a cap on benefits will "encourage people into work", as it is introduced in four London boroughs ahead of its roll-out across England, Scotland and Wales......

Lloyds online banking hits problems
Customers of Lloyds Banking Group have been facing problems logging on to online banking, but the bank says the issue is now resolved......

Clearer phone charges 'on the way'
Customers who use phone numbers beginning with 08, 09 or 118 should in future have a much clearer idea of how much their calls will cost, Ofcom says......

Greece closer to next bailout funds
Greece moves a step closer to receiving its next tranche of bailout funds after agreeing to the latest austerity measures demanded by the troika of international creditors......

Dish makes $25.5bn bid for Sprint
US satellite television company Dish Network makes a $25.5bn bid for mobile phone firm Sprint Nextel, which has already received an offer from Softbank......

African growth 'to outpace world'
Sub-Saharan Africa's economic growth is set to outpace the global average over the next three years, according to the World Bank......

Citigroup banks bumper profit rise
US bank Citigroup reports a 31% rise in first quarter profits, on the back of a solid performance at its investment banking arm......

China's growth lower than forecast
China's economy, the world's second-largest, performs worse than many analysts had expected in the first three months of the year......

Sainsbury's backs British Athletics
Sainsbury's is named as a title sponsor of three major British Athletics events this summer, which will see big names like Mo Farah compete......

PPI complaints start to decline
The Financial Conduct Authority says the number of complaints about the mis-selling of PPI fell in the second half of last year......

London Market Report
Commodity-related stocks lead the market lower following the release of lower-than-expected Chinese growth figures and a drop in the gold price......

First-time buyers 'return to market'
The number of first-time buyers entering the housing market is at its highest level for five years, says the Council of Mortgage Lenders (CML)......

Ladbrokes warns on slower trading
Shares in bookmaker Ladbrokes fall after it warns that slower trading in the first three months of 2013 will affect full-year operating profits......

CVC considers Betfair takeover bid
Betfair shares jump after CVC Capital, the private equity firm that owns Formula One, says it has held talks about making a bid for the online betting exchange......

Bank complaint handling criticised
One-fifth of complaints to banks about current accounts are not being cleared up to the satisfaction of customers, says consumer group Which?.....

Firms count cost of cold weather
Both retailers and small businesses say the exceptionally cold weather in March damaged business activity......

UK-EU relationship 'must change'
Business lobby group British Chambers of Commerce says most UK businesses want to stay in Europe, with some powers brought back home......

Biofuels are 'irrational strategy'
A new report says the UK's use of biofuels is "irrational" and will cost motorists around 460 million over the next 12 months......

Bitcoin energy costs soaring
Bitcoin miners use enough electricity in one day to power 31,000 US homes, says a report......

Whisky producer bought for 160m
East Kilbride-based whisky firm Burn Stewart Distillers is bought by a South African drinks group for 160m......

SPL fails to vote through reform
Scottish Premier League clubs fail to agree a new 12-12-18 league model as Ross County and St Mirren vote against......

VIDEO: Benefits cap: For and against
A government-imposed cap on some benefit payments is beginning in four London boroughs, ahead of a nationwide rollout in July......

AUDIO: EU rules 'burden' to UK businesses
John Longworth, of the British Chambers of Commerce, says "businesses believe the EU is putting burdens on them that make them uncompetitive in the world market".....

VIDEO: Airbus to trim plane window seat size
Airbus plans to reduce the size of its window seats to make room for wider ones in the aisles......

AUDIO: China's growth lower than forecast
Figures show that China's economy grew at an annual rate of 7.7% in the first three months of the year, below analysts expectations......

VIDEO: Banks 'not handling complaints well'
One-fifth of complaints to banks about current accounts are not being cleared up to the satisfaction of customers, according to consumer group Which?.....

AUDIO: Housing growth 'pushing' UK economy
The UK's revived housing market may come to the rescue of the flagging economy, says Peter Spencer of Ernst & Young.....

VIDEO: Eco-tourism in Tunisia's new era
A slump in the number of visitors to Tunisia since the country's revolution has forced those in the tourism industry to rethink their businesses......

VIDEO: How a freezing March affected small firms
Businesses in North Yorkshire explain how the exceptionally cold weather in March has damaged their trade......

Charities turn to financial markets
Charities to make returns for investors as donations slow.....

Expats see business boom in Mid East
The ups and downs of running a business as an expat.....

U.S. Day Ahead: Goldman Sachs earnings could fizzle
Apr 15 - From a sizzling fourth-quarter to a fizzling first-quarter, don't expect Goldman Sachs to wow investors with its earnings......

Plant surface inspires trap for bedbugs
April 15 - Researchers in the US are attempting to produce a synthetic material that can stop bedbugs in their tracks. The scientists want to replicate the bedbug-trapping properties of the bean plant leaf in a non-biological material that won't beak.....

Dish-Sprint deal would pose bigger threat than Dish-Softbank: analyst
April 15 - A Dish Network- Sprint Nextel deal would enable bundling of pay TV and wireless services, creating a greater near-term concern for AT&T and Verizon, says an analyst......

LIGHTNING ROUND: Seeing "massive" liquidation in gold
Apr. 15 - NYMEX trader Tom Vitiello says gold investors have been selling their positions in gold based on technical levels, but points out the sell-off may be overextended on the downside......

LIGHTNING ROUND: Oil could test $80 in short term
Apr. 15 - Oil trader Ray Carbone says oil prices have been falling on concerns over Europe and feels that crude could test $80 a barrel in the coming weeks......

Techquity: A louder voice for Google, Amazon targets boomers
April 15 - Google's voice recognition software earns praise while Amazon goes after consumers age 50 and over......

FACTBOX: Who's getting burned by gold's tumble
Apr 15 - Find out which hedge fund titans are set to suffer as gold sees its worst 2-day loss in 30 years......

Gold's biggest drop in 30 years
April 15 - Gold's hefty losses pick up pace, dropping to its lowest since March 2011, and investors slash exposure to commodities for a second day after underwhelming Chinese data signals a setback for the global economy. Ciara Sutton reports.....

Greece gets clean bill of health from lenders
April 15 - Greece receives a clean bill of health from its international creditors, securing more rescue aid and prompting its finance minister to say he would ask for much more debt relief if Athens keeps meeting its bailout targets. Ciara Sutton re.....

Breakingviews: Sprint hype
April 15 - Richard Beales and Robert Cyran discuss Dish Network's $25.5 billion bid for Sprint, and what it says about enigmatic Dish boss Charlie Ergen......

Trading at Noon: Sprint's next step in the deal world
M&A experts Nadia Damouni & Liana Baker for more......

Daily Digit: Citi's $3.8 bln profit
April 15 - Citigroup first-quarter profit rises to $3.8 billion. Bobbi Rebell reports......

Diamonds are India's economic jewel
Apr.15 - India, the world's biggest processor of diamonds, is planning to develop a trading hub for rough diamonds to reduce dependence on existing centres like Dubai and Antwerp for raw material sourcing. Hayley Platt reports......

Europe Day Ahead: Yoghurts & Yurts
April 15 - Data from Danone and a Mongolia Investment Summit in London just some of the key events on Tuesdays agenda......

U.S. Morning Call: Dish offers to buy Sprint for $25.5B
Apr 15 - Dish Network offering to buy Sprint Nextel today for $25.5 billion in cash and stock......

Food bonds make tasty investments
April 15 - A restaurant chain in London and a quality chocolate maker are offering edible bonds in return for a cash investment. Ivor Bennett reports on what is being seen as a growing trend.....

Daily Digit: Cold weather hits H&M sales
April 15 - The world's second largest fashion retailer, Hennes & Mauritz said sales in March fell for a sixth month as a long winter added to consumer gloom in Europe, leaving spring clothing on the racks. Hayley Platt reports......

Market Pulse: Golds biggest slump in 30 years
April 15 - Gold investors rush for the exits again on Monday following Fridays stampede. Bullion has its biggest 2-day fall in 30 years. But why? Matthew Turner of Macquarie gives us his view......

Slovenia is not the next Cyprus & poses no risk - OECD
April 15 - Slovenia is more like Spain than Cyprus but has no immediate need for a bailout and poses no systemic risk it just needs to reassure the market, says OECD Senior Economist Pierre Beynet.....

North Korea shouts, but Chinese netizens smirk
April 15 - Mao Zedong once said that the Chinese and North Koreans were as close as "lips and teeth." But on popular microblog Weibo, China's netizens express a rather different view of their volatile neighbor......

Never mind the growth data, look at China's debt pile
April 15 - The latest GDP figures out of Beijing came in weaker than expected, but soaring debt levels may be the bigger worry for investors. Tara Joseph reports......

'Tractor force' experiment goes where no man has gone before
April 15 - Researchers are taking Star Trek 'tractor beam' technology from science fiction to science fact. The scientists from Scotland's University of St Andrews and the Institute of Scientific Instruments (ISI) in the Czech Republic have found a w.....

Breakingviews: China GDP - a question of credit
April 15 - First-quarter growth of 7.7 percent is even more disappointing given the 58 percent increase in financing shoveled into the economy over the same period says Breakingviews......

Chavez ally Maduro narrowly wins Venezuela election
April 15 - The ruling party's Nicolas Maduro is declared the winner of Venezuela's presidential election, but the opposition refuse to accept the result and demand a vote recount. Sarah Charlton reports......

Reuters Today: China GDP surprise, gold shock
April 15 - The worlds growth engine slows down a little, as Chinese Q1 GDP at +7.7% falls short of expectations. And investors grapple with golds slide into bear market territory......

'Win, win' forecast for house prices may be built on shaky foundations
Ernst & Young declared a 'win, win' scenario lay ahead, for home owners at least.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2abfc686/mf.gif' border='0'/><div class='mf-viral'><table border='0.....

Protecting the eurozone at all costs is undermining IMF's validity
Of all the international organisations to have emerged from the ruins of the Second World War, the International Monetary Fund, which holds its spring meeting this week, can reasonably claim to be one of the more successful.<img width='1' height='.....

Sheryl Sandberg: Facebook's first lady
That Sheryl Sandberg started out in politics comes as little surprise.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2abfc425/mf.gif' border='0'/><div class='mf-viral'><table border='0'><tr>.....

Ruinous euro rescues
Telegraph View: In an attempt to save the euro at all costs, Europe's technocrats are advocating policies of startling brutality<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2abfbc1a/mf.gif' border='0'/><.....

Barclays 'went behind client's back' to mount rival bid
Barclays executives warned each other on taped phone calls to "be careful" before they allegedly went behind a client's back to make a rival 100m bid for a carbon-trading firm, the High Court heard on Monday.<img width='1' height='1' src='http://t.....

Panic selling triggers biggest gold price drop in 30 years
Gold suffered its biggest one-day fall in three decades, crashing through $1,400 (913) an ounce as investors faced with a bear market turned to panic selling.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2abfba.....

Betfair former director in talks with CVC over bid for gambling exchange
A former director and activist investor in Betfair is helping to mastermind a potential takeover of the gambling exchange, which once fancied itself as the next Google or Facebook.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/3.....

Germany 'too weak to withstand more stimulus', says Angela Merkel
Germany does not have the economic strength to launch another stimulus package now without running the risk of losing market confidence, Chancellor Angela Merkel.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2a.....

Analysts hunt for fresh M&A
Pamure Gordon analysts said Rentokil Initial should sell two divisions.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2abec868/mf.gif' border='0'/><div class='mf-viral'><table border='0'><tr>.....

Andrew Bailey: it's 'odd' UK bank bosses have avoided formal charges
Britain's chief financial regulator, Andrew Bailey, has said it is "more than odd" that the chairmen and chief executives who were at the helm of the failed banks have avoided formal charges.<img width='1' height='1' src='http://telegraph.feedspor.....

Ousted Trinity Mirror boss Sly Bailey received 1.8m
The former boss of Trinity Mirror, Sly Bailey, left with 1.8m "compensation for loss of office", despite shareholder anger over her pay.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2abefa8a/mf.gif' border='0'/.....

Estimating property supply and demand is a dangerous game
The bulls are lining up to predict better times ahead for UK house prices. Japan's history holds a warning, says Andrew Oxlade.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2abefa8b/mf.gif' border='0'/><d.....

Banks deal with fewer customer complaints
Britain's biggest banks began to win back the trust of customers in the second half of last year despite the payment protection scandal, which continued to plague the industry.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726.....

Business news and markets: as it happened - April 15, 2013
China's economic growth slowed to 7.7pc in the first quarter of 2013 and gold fell to its lowest level in two years.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2abefa8f/mf.gif' border='0'/><div class='m.....

British firm's US Army deal for drug for wounded soldiers
Small company in Manchester praised by US for expertise in fighting antibiotic resistant bugs.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2abef4ad/mf.gif' border='0'/><div class='mf-viral'><table .....

National minimum wage rise 'unwelcome' and 'illogical'
Plans to increase the national minimum wage have been attacked by business as "unwelcome" and "illogical" in today's uncertain economic climate.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2abef4af/mf.gif' bor.....

Business news and markets: live
Breaking news from the business world as China's economic growth slows to 7.7pc in the first quarter of 2013 and gold falls to its lowest level in two years.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2ab813e.....

Artemis scraps initial fund charges
Artemis, the fund manager that employs investment stars such as Adrian Frost and William Littlewood, has abolished initial charges on all its funds.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2abe278d/mf.gif'.....

Iceland first European country to sign free trade agreement with China
Iceland has become the first European country to sign a free trade agreement with China, offering hope to the small North Atlantic country for its recession-battered economy and giving Beijing a leg up in its drive for expanded influence in the Arcti.....

AstraZeneca faces pay revolt at AGM
AstraZeneca, the drugs giant, faces a pay revolt at its general meeting next week after a leading shareholder group urged its members to vote against the company's remuneration policy.<img width='1' height='1' src='http://telegraph.feedsportal.com.....

Panic selling forces gold to two-year low
Gold crashed to a two-year low of under $1,400 (913) an ounce as panic selling drove the metal's price further downwards.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2abde072/mf.gif' border='0'/><div cla.....

Putin warns on Russia recession risk
Mounting signs of a global economic slowdown have prompted Russian president Vladimir Putin to order a special meeting of the nation's top economists in a bid to avert a double-dip recession.<img width='1' height='1' src='http://telegraph.feedspor.....

Putin rushes to avert double-dip recession
Mounting signs of a global economic slowdown have prompted Russian president Vladimir Putin to order a special meeting of the nation's top economists in a bid to avert a double-dip recession.<img width='1' height='1' src='http://telegraph.feedspor.....

Dish triggers bid war for Sprint Nextel with $25.5bn offer
Dish Network, the second biggest US satellite-TV provider, has offered to merge with Sprint Nextel in a $25.5bn deal that could trigger a bid war for the mobile phone operator with Japan's Softbank.<img width='1' height='1' src='http://telegraph.f.....

Greece to sack 4,000 state workers to unlock bail-out cash
Greece will fire 4,000 civil servants as part of programme of austerity measures agreed with the "troika" as the condition for the next 8.8bn of payments in its 270bn bail-out.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726.....