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Tuesday 23 April 2013

UK Financial News on 2013-04-23

Fund chiefs criticise FCA probe into fees
Regulators move follows review of conflicts of interest in the sector.....

More investors are favouring social clawbacks
Backing grows for clawbacks for directors whose decisions cause reputational damage.....

Banks complain handover to FCA is delaying deals
This month's switch to new regulatory set-up has created a bottleneck, especially for smaller banks.....

Barclays employee named in Libor case departs
Former head of euro rates trading has left the bank.....

US bank loans far cheaper than in Europe
European banks charge record margins while US financing costs have dropped steadily.....

Bats Chi-X Europe names FN Rising Star as COO
Share-trading venue operator recruits senior technologist from rival Equiduct.....

Banks launch last-ditch protest over dark pool rules
Industry trade body petitions European ministers to rethink their position.....

Scott Ebner moves to global State Street role
The man in charge of developing exchange-traded funds at SPDR ETFs has been promoted to the new role of head of global product development and research for State Street Global Advisors.....

First-time managers brave fundraising
European buyout executives are preparing to launch their own funds despite a difficult environment for fundraising, particularly for first-time managers.....

European financial transaction tax could cost US funds up to $35bn
First quantitative analysis of impact of levy comes as opposition intensifies and UK files legal challenge.....

Apple reports rare fall in profits
Computer and smartphone maker Apple reports its first quarterly drop in profits in a decade, despite strong sales in the three months to March......

HSBC bank cutting 3,166 UK jobs
Banking giant HSBC is cutting 3,166 UK jobs as the bank continues efforts to reduce costs......

Slight dip in UK public borrowing
The UK government borrowed 120.6bn in the financial year to April 2013, slightly lower than the amount it borrowed the previous year......

'Uncharted waters' on currency plans
The case for an independent Scotland retaining the pound in a currency pact with the rest of the UK is not clear, according to Treasury analysis......

Wall Street Market Report
Stock markets fall sharply in the US after a bogus tweet claiming a terrorist attack is sent by hackers......

US manufacturing worst in six months
The US manufacturing sector grew at its slowest pace in six months during April, a survey suggests......

Twitter secures advertising deal
Twitter, the social media group, has scored a victory in its campaign to expand revenues from advertising, securing a multi-million dollar deal with Starcom Media Vest......

EDF cuts spending on Hinkley plant
EDF is cutting its spending on its planned new nuclear power plant at Hinkley Point in Somerset to control costs, and says it will reduce the number of people working on the project......

Nationwide suffers online bank woes
Customers of Nationwide have been unable to access account information after computer problems struck at the building society......

Primark boosts profits at AB Foods
Clothing retailer Primark's "exceptionally strong" performance helps to push profits higher at owner Associated British Foods......

Tighter rules for mortgage lending
New rules will mean that borrowers across the EU will be refused a mortgage if they fail a standard affordability assessment......

Eurozone output 'continues to fall'
Activity in the eurozone's manufacturing and services sectors continued to fall in April, a survey indicates, with output in Germany declining......

Limited spring bounce in home sales
Sales of homes in the UK picked up in March but remained lower than the same month a year earlier, figures show......

EE 'on track' with 4G mobile take-up
UK mobile phone network EE says 318,000 people have signed up to its 4G services, adding it is on track to hit one million customers by the end of 2013......

Nokia wins ban on HTC One component
Nokia has won a case calling for HTC to stop using microphone technology developed by the Finnish phone maker......

BASF to cut 500 jobs worldwide
The world's largest chemicals maker, BASF, says it will cut 500 jobs at its plastic additives and pigments divisions in the face of competition from Asia......

Poor wheat harvest hits Weetabix
A poor wheat harvest forces Weetabix to reduce production of some of its products......

Hundreds 'interested' in 1 houses
More than 600 people express an interest in buying rundown homes in Stoke-on-Trent for 1 each, according to the city council......

Pension saving rise 'not enough'
Pension saving has been rising, figures show, but experts suggest that people are still not putting enough aside for retirement......

New energy tariffs 'still confusing'
Reforms to energy tariffs could leave consumers struggling to find the best deal, says Which?, but the regulator argues the changes have been misrepresented......

Culture fears over EU-US trade deal
The EU Commission tries to reassure France that European cinema and other arts will not be undermined by an EU free trade deal with the US......

China manufacturing growth slows
Growth in China's manufacturing sector slowed in April, a survey by HSBC indicates, adding to concerns about the country's economic recovery......

Archbishop's warning over economy
It will take "something very, very major" to get the UK out of the economic "depression" it has sunk into, the Archbishop of Canterbury says......

BA places order for 18 Airbus A350s
British Airways orders 18 new Airbus A350s in a deal worth $6bn (3.92bn)......

Apple blocks Google patent challenge
Apple has successfully defended itself against a Google patent claim that could have banned iPhones from being imported to the US......

Boeing 'may never find 787 fault'
Boeing has admitted that it may never know what caused the battery malfunctions that resulted in all its 787 Dreamliner aircraft being grounded......

VIDEO: Small businesses 'starving for cash'
Lloyd Blankfein, the boss of Goldman Sachs, says banks are "afraid" of investing in small businesses because of the prospect of taking losses......

VIDEO: Osborne: Options 'less suitable'
Chancellor George Osborne has argued that there would be an unbalanced relationship if Scotland became independent from the rest of the UK......

VIDEO: Salmond says 'scaremongering'
Scotland's First Minister Alex Salmond has said that it is in the interests of the whole of the UK for Scotland to retain sterling......

VIDEO: A walk down Britain's cheapest street
More than 600 people have expressed early interest in buying run down homes in Stoke-on-Trent for 1 each, the city council has said......

VIDEO: Slight dip in UK public borrowing
The UK government borrowed 120.6bn in the financial year to April 2013, slightly lower than the amount it borrowed the previous year......

VIDEO: Apple results may reveal profits fall
Apple will report its latest set of results on Tuesday, and analysts say it will reveal first fall in profits in a decade......

VIDEO: Robot cars look to beat congestion
Research into robot cars in Singapore is being driven by a desire to get more people using public transport......

VIDEO: Sheryl Sandberg: My Facebook archive
Facebook's Chief Operating Officer Sheryl Sandberg is asked if she has ever tried to download the archive of her personal data that Facebook has stored on her from her timeline as a user......

In pictures: 2013 Shanghai Auto Show
A look at some of the cars at the Shangai motor show.....

What should Apple launch next?
The products that could restore confidence in the tech giant.....

Europe: Retreat from austerity
European leaders move away from debt reduction as a priority.....

Searching for India's billion dollar start-up
The Indian technology hub with global-sized ambitions.....

U.S. Day Ahead: Despite 787 debacle, Boeing may bounce back
Apr 23 - Ahead of Boeing results, profits are set to jump 20 percent and Dreamliner production could double by 2014, according to analysts......

A boomtowns big bet
correspondent Ernest Scheyder spent a month reporting on the fracking boom, the influx of transient oil workers and what its all meant for a town in transition......

Daily Digit: Coach market cap surge
Apr 23 - Coach is seeing early signs of a revival in its business and its stock, sending its market value to $15.7 billion by mid-day. Conway G. Gittens reports......

Techquity: Apple, Netflix stock after earnings
Apr 23 - What history and options trading tells us about the moves of shares of Apple and Netflix after earnings......

3D printer produces biologically sound, artificial ears
April 23 - US scientists have created an artificial ear using 3-D printing technology and living cells. The ear looks and behaves like a real ear and offers hope to children born with ear deformities. Sharon Reich has more......

The marketing muscle behind Man Utd's winning ways
Apr 23 - Manchester United have been signing off new sponsorship deals in the boardroom almost as regularly as they have been winning matches on the field. After winning their 20th league title on Monday night Ivor Bennett looks at whether money can .....

Trading at Noon: Apple - the calm before the storm?
Apr 23 - We take a look at analyst expectations and product growth at Apple ahead of its earnings......

Is era of austerity really over?
April 23 - France and Spain fell short of their budget deficit goals last year and debt levels swelled across the euro zone but the pressure may be easing on Paris and Madrid as the European Commission signals an end to sharp spending cuts. Sonia Leg.....

London sewer fat - the next renewable fuel
April 23 - Turning a menace - into a renewable energy source. Oil and fat which currently costs Thames Water in London millions to clear every year is being collected and used to power a new electricity plant. As Joanna Partridge reports the project .....

Europe Day Ahead: Earnings ramp up, Germany faces Ifo test
April 23 - Germanys Ifo business climate survey could show further evidence of an economy slowing down. Earnings get into full swing with autos and banks in focus......

U.S. Morning Call: Apple: The good, bad and the ugly
Apr 22 - Get ready for Apple earnings. Suppliers and investors are struggling to gauge demand for the iconic Apple smartphone......

Cyprus gold sale "not a priority"
gold sale is not a priority, and currency controls could be eased in days or weeks. Rough Cut (no reporter narration)......

Wealth Strategies: Japan's "lost decade" is behind us
Apr. 23 - Masakazu Takeda, manager of the Hennessy Japan Fund, says new government policy will be a benefit to Japanese stocks and says companies in personal care and robotics stand to gain the most.....

Market Pulse: PMI pushes euro below $1.30. Next stop? $1.35
April 23 - The euro falls below $1.30. But ignore todays PMIs and bleak economic picture, and look at falling bond yields and spreads for a bounce back to $1.35, says BNP Paribas......

An exclusive peek into the world's biggest Bitcoin exchange
April 23 - Sure, the Bitcoin is a high risk investment. But there's a good chance the virtual currency will continue its meteoric rise, according to Mark Karpeles, CEO of Mt. Gox, the dominant Bitcoin exchange......

Breakingviews: Barnier naive on banks
April 23 - The EUs top financial regulator seems out of touch on banking reform. Michel Barnier says the U.S. should give European banks a break. Breakingviews says history suggests this view may prove naive......

KPMG insider trading scandal "overrated": chairman
April 23 - An insider trading case at KPMG has boosted calls for more transparency in the audit industry, but global chairman Michael Andrew believes regulatory changes are not the most effective response......

German PMI shock points to shrinking economy
April 23 - Germany's private sector shrinks in April for the first time in five months, suggesting the euro zone's largest economy will shrink in Q2. And some relief for France?.....

Reuters Today: China splutters, the world gasps
April 23 - Chinas vast factory sector slowed in April as new export orders shrank. Euro zone PMIs trickle in and U.S. authorities face grilling over Boston bombings......

Indonesian president: "Frustrated" by corruption fight
Newsmaker event he's also optimistic it can be eradicated in the years ahead......

Indonesia president aims to cut fuel subsidies soon
April 23 - Indonesian President Susilo Bambang Yudhoyono acknowledges fuel subsidies are a drag on the economy and says he hopes to take steps to cut them in May......

Indonesian president: Some multinationals "take too much"
Newsmaker event that the country welcomes foreign investment in its resources sector, but must receive a "fair share" of benefits......

Daily Digit: Euro zone's economic decline
April 23 - A sharp drop in German business activity overshadowed an easing downturn in France in April, surveys showed on Tuesday, raising concerns over a further economic contraction in the euro zone. Hayley Platt reports......

Story line improving at Netflix
Apr 22 -Netflix scored a blockbuster in the first quarter with earnings topping forecasts, revenues hitting a billion dollars, and net new subscriber numbers exceeding forecasts, but the company and the stock still has its critics. Conway G. Gittens .....

Five reasons for hope amid Apples crash
Apr 22 - Losing your nerve as Apple plummets over 40% from its highs? Well there are some reasons for optimism. Here are the numbers........

QE is 'now a painkiller not an antibiotic'
Quantitative easing is now a "painkiller" which does not necessarily cure economic ills, but makes them easier to live with, a senior economist has told MPs.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2b114d0.....

Business news and markets: live
Markets rise on ECB rate cut hopes, US manufacturing slows in April and Cyprus' finance minister says he believes the parliament will approve the bail-out.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2b0cb165/.....

Bank of England's McCafferty: UK growth is 'lethargic'
Bank of England policymaker Ian McCafferty said UK growth is "lethargic" but he is "cautiously optimistic" about the economic recovery.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2b11bc7f/mf.gif' border='0'/&.....

UK growth is 'lethargic', says BoE's Ian McCafferty
Bank of England policymaker Ian McCafferty said UK growth is "lethargic" but he is "cautiously optimistic" about the economic recovery.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2b114d0e/mf.gif' border='0'/&.....

Tesco enters pensions market
Tesco will launch a service for consumers to compare annuities and ensure they are getting the best retirement income.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2b1027f4/mf.gif' border='0'/><div class=.....

Zaha Hadid wins Veuve Clicquot businesswoman of the year
Watch the moment Dame Zaha Hadid, who designed the London 2012 Aquatics centre, was named Veuve Clicquot businesswoman of the year.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2b1027f9/mf.gif' border='0'/>&.....

EDF cuts jobs and spending on planned nuclear power plant at Hinkley Point
Power giant EDF Energy is cutting spending and reducing the number of staff working on its development of a new generation nuclear plant at Hinkley Point in Somerset.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/.....

EDF cuts jops and spending on planned nuclear power plant at Hinkley Point
Power giant EDF Energy is cutting spending and reducing the number of staff working on its development of a new generation nuclear plant at Hinkley Point in Somerset.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/.....

HSBC unveils plans to axe an extra 3,166 jobs
HSBC has announced another raft of redundancies, with more than 3,000 jobs affected, with the most cuts expected to come from the restructure of its wealth management business.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726.....

HSBC announces 3,166 job cuts
HSBC has announced another raft of redundancies, with more than 3,000 jobs affected, with the most cuts expected to come from the restructure of its wealth management business.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726.....

HSBC announces latest raft of job cuts
HSBC has announced another raft of redundancies, with 1,149 jobs to be cut in Britain, with the most expected to come from the restructures of its wealth management business.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f.....

UK economy webchat with Gerard Lyons
Is Plan A working? Does a credible Plan B exist? Put your questions to Gerard Lyons, Boris Johnson's chief economic adviser, in a webchat on the UK economy this Thursday.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568.....

UK factory index falls to 30 month low as Cyprus crisis hits manufacturers
Demand for British goods fell sharply this month, as shockwaves from the crisis in Cyprus saw a closely watched factory index fall to its lowest level in two and a half years.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/.....

Final salary pension members '149,000' better off
Government figures show that the median worth of a final salary pension is 178,000 compared to just 29,000 for standard schemes.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2b0f7e5d/mf.gif' border='0'/><.....

'My telephone has been incorrectly cut off'
The Telegraph consumer champion solves crossed wires over mysterious charge on telephone bill.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2b0f7e61/mf.gif' border='0'/><div class='mf-viral'><table .....

Lord Deighton: 'You can't just turn on infrastructure spending like a tap'
The Government's infrastructure minister has dashed hopes that spending on road, rail and other public projects will deliver a quick recovery by claiming "you can't manage it like that".<img width='1' height='1' src='http://telegraph.feedsportal.c.....

EE: '4G rivals will never catch up'
The boss of Britain's biggest mobile operator, EE, claims it is so far ahead in offering superfast 4G services that rivals will never catch up.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2b0f0544/mf.gif' bord.....

Jumping the gun on auto-enrolment 'pays 10,000'
Sign up to your work pensions scheme before auto enrolement and earn yourself a 10,000 bonus from your employer.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2b0f0545/mf.gif' border='0'/><div class='mf-vi.....

Surprise contraction in Germany manufacturing, services
Germany's private sector shrank for the first time in six months in April, with a surprise contraction in both manufacturing and services in Europe's biggest economy.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/.....

First Utility raises energy bills by 18pc
An energy firm that has attracted tens of thousands of customers as it attempts to break the stranglehold of the "big six", has told customers of a huge price increase ahead.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f.....

First Utility customers face 18pc energy bill rise
An energy firm that has attracted tens of thousands of customers as it attempts to break the stranglehold of the "big six", has told customers of a huge price increase ahead.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f.....

Britain's budget deficit falls - reaction
Britain's budget deficit fell slightly last year, according to the latest UK public finance data from the Office for National Statistics. Here are some expert views.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s.....

UK budget deficit fell slightly last year
Britain's budget deficit fell slightly last year, official data showed on Tuesday, though economists warned that the outlook for the UK's public finances remained bleak.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/5683.....

UK public borrowing fell by just 300m last year
Britain's weak public finances were laid bare on Tuesday as official figures showed that borrowing fell by a mere 300m compared with last year.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2b0ddeac/mf.gif' bord.....

Employers 'to avoid prohibitive TUPE rules'
An overhaul of employment law expected within months is to make it easier for small and medium-sized businesses to bid for outsourcing contracts, because complex rules governing the transfer of staff are less likely to apply.<img width='1' height=.....