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Tuesday 30 April 2013

UK Financial News on 2013-04-30

Banks join legislators in regulatory stand-off
Normally financial regulators issue bland statements of accord wearing smiles of concord, but not anymore.....

Advent investors face profit payback
US private equity group faces having to claw back up to €80m from investors and partners following Bulgarian arbitration court ruling.....

Accountants are braced for attack over bank audits
The Parliamentary Commission on Banking Standards is expected to place yet more pressure on the mark-to-market model.....

Ex-Goldman partners plan launch of private equity megafund
DMC Partners is poised to raise one of the largest developing market-focused funds currently on offer to investors.....

Podimata vows to fight as FTT row turns toxic
A key architect of the European tax on financial transactions has vowed to defend the proposal in the face of a barrage of opposition.....

NYSE explores private sale of technology unit
The operator of the New York Stock Exchange has had discussions with at least two parties regarding a private sale.....

Bank brands are finance and values compatible? Part 1
As the financial industry struggles to repair its damaged reputation, FN examines how two banks, tarnished in different ways by the credit crunch, attempt to put their corporate ethos into action.....

Bank brands are finance and values compatible? Part 2
As the financial industry struggles to repair its damaged reputation, FN examines how two banks, tarnished in different ways by the credit crunch, attempt to put their corporate ethos into action.....

Alberta plots London move as Canadian influx goes on
Alberta Investment Management Corporation is the latest Canadian private equity fund to open an office in London.....

Webb takes pension relief plan off the table
UK pensions minister rules out further measures to relax pension scheme funding rules to offset the effects of quantitative easing.....

Derhalli readies new trading platform
The former global head of equity trading at Deutsche Bank is readying the launch of a new financial trading platform called MarketSpringpad.....

Apple taps markets for record $17bn
Computer giant Apple is asking investors for $17bn to help fund payouts to shareholders in the biggest ever bond issue by a non-banking company......

Lloyds sees profits rise to 2bn
Lloyds Banking Group reports a big rise in profits for the first three months of the year, making a total of more than 2bn......

Eurozone unemployment at record high
Eurozone joblessness surges to a new high, while inflation hits a three-year low, raising expectations that the European Central Bank will cut interest rates......

Shell secures huge UAE gas deal
Royal Dutch Shell beats France's Total to a multi-billion-pound deal to develop a gas field with the Abu Dhabi National Oil Company......

BP's profits fall in first quarter
Oil giant BP reports a fall in underlying profits for the first three months of the year, but the figure still beat analysts' expectations......

Airports face new airline fee caps
Plans for new limits on how much London's major airports can charge airlines have been put forward by the UK's Civil Aviation Authority......

US regulators fine RBS subsidiaries
RBS Group's US subsidiaries reach settlements worth $14m (9m) with bank regulators after failing to comply with consumer protection laws......

Carphone Warehouse buys out Best Buy
Mobile phone retailer Carphone Warehouse agrees to buy out its joint venture partner Best Buy, giving it full control of its retail operations across Europe......

Competition probe for Cineworld deal
Cineworld's acquisition of rival cinema chain Picturehouse is referred to the Competition Commission......

Mortgage approvals bounce back
The number of people taking out new mortgages rose last month, but lending to businesses declined further, the Bank of England says......

Premier Inn and Costa set for growth
The owner of Premier Inn hotels and Costa coffee shops, Whitbread, plans further expansion of the two chains......

Cyprus passes international bailout
Parliament in Cyprus approves the country's international bailout deal after warnings that the alternative would be financial collapse......

Former Fifa boss resigns over bribes
Fifa honorary president Joao Havelange resigns after being named in a report as having received bribes......

Oil field shut after 'steam release'
Production at one of the UK's largest-producing North Sea oil fields is expected to resume within 24 hours, its operator says......

Falling prices delay gold mine plans
Plans to reopen the Cononish mine near Tyndrum in Stirlingshire are delayed due to falling gold prices, its owner says......

Fab lollies maker bought for 715m
The ice cream manufacturer which makes Fab lollies is bought by a private equity firm for a reported 715m.....

UK pensioners snap up Kodak film
Thousands of Kodak ex-workers in the UK will now benefit from the firm's global revenues after their pension fund bought its film and printing businesses......

Spain's economy continues to shrink
Spain's economy shrank for a seventh consecutive quarter between January and March as domestic demand slumped......

Deutsche Bank surges on share issue
Deutsche Bank's shares rise more than 5% as its move to issue shares to boost its capital reserves and strong first quarter results cheer investors......

Benefits move from weekly to monthly
A massive shake-up in the UK benefits system starts on Monday, with the first claims being made for a new universal credit payment......

London fuels house price divide
The contrast between rising house prices in London and falling prices elsewhere continues to grow, figures from the Land Registry show......

China 'becomes biggest PC market'
China overtakes the US as the world's biggest market for personal computers, according to a market data report......

Italy must focus on growth, says PM
Italy's new prime minister says growth policies must be urgently adopted to counter an austerity drive under which the country is "dying"......

MPs question infrastructure spending
MPs on the Public Accounts Committee question whether the government's 310bn infrastructure spending plans are 'credible'......

Swiss bank UBS returns to profit
Swiss bank UBS returned to profit in the first three months of the year, after racking up big losses related to the Libor scandal at the end of 2012......

Skype now available for Outlook.com
Microsoft adds Skype video calls and instant message to its Outlook.com webmail product, but analysts say it may not be enough to catch up with Gmail......

Alibaba buys stake in China's Weibo
Alibaba, China's biggest e-commerce group, buys an 18% stake in Weibo, China's Twitter-like service, as it looks to tap into the social media sector......

VIDEO: The end of instant coffee?
The growth of big coffee chains has not only transformed the high street, but also our taste for coffee......

VIDEO: 'Price rises with strange promotions'
Consumers must have more rights and better information about food and other products before they decide what to buy, an MP claims......

VIDEO: Browne: Fracking is game changing
Lord Browne told HARDtalk's Stephen Sackur of the huge gas reserves unlocked by fracking within the USA, saying it now represents 30% of American gas production......

AUDIO: Horse passport system 'not working'
There are growing concerns some of the horsemeat exported by the UK is ending up on our plate despite not being fit for human consumption. Some experts say a new horse database is needed......

VIDEO: Whitbread: 'We're creating quality jobs'
The owner of Premier Inn hotels and Costa coffee shops, Whitbread, has announced new expansion plans for the two businesses......

VIDEO: Tech entrepreneurs at NY show
Technology entrepreneurs have been attending the "Disrupt New York" conference hoping to find investors......

VIDEO: Changes to airline check-in
Easyjet has become the latest airline to move all its check-in online, as increasing numbers of companies are encouraging passengers to check in at home before they fly......

VIDEO: Cern to re-create first web page
A team at the European Organisation for Nuclear Research (Cern) has launched a project to re-create the first web page......

Finding the perfect fit
Is the end in sight for changing room nightmares?.....

Football? Theres a stat for that
How using statistics could give Premier League teams the edge.....

The U.S. Day Ahead: Facebook's still thinking way too small
April 30 - Ahead of Wednesday's earnings, one analyst tells Insider Facebook has to think beyond just using customer data for advertising on its own site......

Economy: Social media raises new issues for small biz hiring
Apr. 30 - ADP executive Anish Rajparia says small businesses have turned to online networking to find new employees, but points out that it might be difficult to determine who's truly qualified for the position.....

Facebook must deliver more ad value- Forrester's Elliott
Apr. 30 - Forrester's Nate Elliott says Facebook, which reports Wednesday, has solved the mobile ad problem. But marketers aren't thrilled with the social network and could bolt if they don't get more value......

Daily Digit: Home prices up 1.2%
April 30 - February home prices up 1.2 percent, best yearly rise in almost seven years, according to the S&P/Case Shiller index. Conway G. Gittens reports......

Techquity: Apple of the bond market's eye
April 30 - Apple's first debt offering draws big demand. Plus, Siri, we have a problem......

Economy: Private companies growing, but jobs not there
Brian Hamilton, chairman of private company researcher Sageworks, says it's odd to see strong economic growth that's not coupled with private company hiring and says DC policy may be responsible......

Italy PM takes growth message to Berlin
April 30 - New Italian Prime Minister Enrico Letta made the first stop of a brief European tour in Berlin for talks with Chancellor Merkel. He's promised to press for a change to the EU's focus on austerity and pursue economic growth and jobs. Joanne.....

Laser-powered Zebedee springs into action
April 30 - Researchers at Australia's CSIRO have developed a hand-held, spring-loaded laser scanner that can produce three-dimensional maps with unprecedented speed and accuracy. Called Zebedee after a French, spring-propelled television puppet of th.....

Trading at Noon: Sirius XM humming to a new tune
Apr 30 - Satellite radio provider Sirius XM posted higher results for Q1, and appointed Jim Meyer to be its permanent CEO......

Breakingviews: SoftBank leads in Sprint race
April 30 - Reynolds Holding and Robert Cyran discuss why the Japanese internet firm's $20.1 billion offer for Sprint Nextel should top Dish Network's $25.5 billion bid......

Protests as Cyprus parliament approves bailout
April 30 - Protesters gathered outside Cyprus' parliament, while inside lawmakers approved an EU bailout including provisions to impose substantial losses on bank depositors and wind down one of the island's biggest banks. Rough Cut (no reporter narr.....

Europe Day Ahead: FED QE ease-up looks unlikely
April 30 - The focus is on the FED on Wednesday as markets watch to see whether it pulls back on QE. Plus GB manufacturing PMIs and Labour Day strikes......

Nintendo Wii shown to benefit children with dyspraxia
April 30 - Children with dyspraxia, a condition that causes co-ordination and balance problems, have been shown to benefit from therapy using the Nintendo Wii Fit video game. British researchers want to conduct further tests but believe the Wii could.....

Spanish brothers reign in restaurant world
April 30 - The Roca brothers' family restaurant El Celler de Can Roca in Girona took top honours at The World's 50 Best Restaurants award show, as international competition gave the Europeans a run for their money. Even the chefs at the top of their .....

U.S. Morning Call: UBS results beat, shares jump
Apr 30 - UBS's private bank attracted the most customer money for six years in the first quarter......

Market Pulse: Banks bounce, but not over hump
April 30 - Earnings from UBS, Deutsche Bank and Lloyds Banking Group impress investors, but don't expect financials to lead the equity march......

Gold not all that glitters for China's investors
April 30 - Chinese retail buyers have cleaned out gold shops from Beijing to Hong Kong. But with a wider array of options on offer for those looking to stash their cash, the frenzy may prove short-lived......

No better time for an ECB flutter heres why
April 30 - As markets wait to hear from Mario Draghi, a look at the relationship between a weak German PMI reading and an ECB cut suggests the move could well come on Thursday......

Reuters Breakingviews: BP's Russian honeymoon
Breakingviews......

Special cut? China audiences to see a different Iron Man 3
April 30 - Not even a superhero can escape China's censors. So Hollywood producers are trying out a new evasive maneuver: making unique versions of blockbusters for the China audience, with mixed results......

Googles UK tax dance looks clumsy
investigation into Googles UK activities shows its low tax bill could be open to challenge by the UK tax authority.....

Googles UK tax dance looks clumsy
investigation into Googles UK activities shows its low tax bill could be open to challenge by the UK tax authority.....

Reuters Today: Bank Results Boost
April 30 - European equities gain bolstered by a string of forecast-beating results from UBS, Deutsche Bank and Lloyds......

Daily Digit: Profit jumps at state-backed Lloyds
April 30 - State-backed Lloyds Banking Group reported a jump in first-quarter profit and increased its cost savings target, helping its shares close in on the government's price for breaking even. Hayley Platt asks if Europe's banks may have turned a.....

Housing resilient as economy swoons
April 29 - Pending home sales show demand for housing remains higher from the same time last year despite signs the rest of the economy is in the midst of another spring slowdown. Conway G. Gittens reports......

RBS fined over claims it misled customers
US bank regulators have ordered subsidiaries of RBS to pay a total of $13.9m (9m) to resolve allegations that they misled customers with their overdraft and rewards programmes.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726.....

If an energy crisis hits, it will be the companies that will 'get shot'
Russian Roulette. That is one leading City analyst's verdict on Government's energy policy.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2b5d42bd/mf.gif' border='0'/><div class='mf-viral'><table bor.....

Mexico cracks down on Carlos Slim's telecoms dominance
Regulators can stop companies controlling telecoms market.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2b5c6a1c/mf.gif' border='0'/><div class='mf-viral'><table border='0'><tr><td valig.....

Martin Sorrell collects 17m but WPP agrees cuts to future pay and bonus
Chief's pay a third more than package rejected by shareholders last year.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2b5c783f/mf.gif' border='0'/><div class='mf-viral'><table border='0'><tr&.....

Analysts fuel Invensys bid hopes
The engineer was once again one of the biggest risers in the London market.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2b5c62cc/mf.gif' border='0'/><div class='mf-viral'><table border='0'><t.....

Market baffled by 700pc rise in Bankia shares
Traders and analysts were left baffled on Tuesday after struggling Spanish lender Bankia briefly became the most valuable bank in the eurozone as its shares soared by more than 700pc.<img width='1' height='1' src='http://telegraph.feedsportal.com/.....

Eurozone risks Japan-style trap as deflation grinds closer
The eurozone is one shock away from a Japan-style deflation crisis after a key measure of prices fell to the lowest since the launch of the single currency.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2b5c6022.....

Asos management could share 30m bonus
The management team at online fashion retailer Asos could collect more than 30m under a new share incentive scheme if sales continue to grow rapidly.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2b5c5a76/mf.gif.....

Apple to break borrowing record with bond to fund capital return
Apple is poised to borrow as much as $17bn from investors in what would be the largest debt sale by a technology company in history.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2b591bdf/mf.gif' border='0'/>.....

ENRC's annual report is full of laughs - for all the wrong reasons
It is an annual report that even Borat might find beyond parody.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2b5b4141/mf.gif' border='0'/><div class='mf-viral'><table border='0'><tr><td.....

FTSE 100 achieves longest winning streak on record
The FTSE 100 has staged an 11-month rally, its longest winning streak since inception in 1984.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2b5b3ee5/mf.gif' border='0'/><div class='mf-viral'><table .....

The French village that bucked the austerity trend
In an age of austerity when many French towns are groaning under debt, the mayor of a once-poor village has more money than he can spend.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2b5b3ee6/mf.gif' border='0'.....

Airlines hit out at Heathrow charges
Heathrow is "over-priced, over-rewarded and inefficient", British Airways boss Willie Walsh has claimed, after the UK's aviation regulator disappointed airlines that had been pushing for a major cut in fees at the airport.<img width='1' height='1'.....

Cineworld facing OFT competition probe over Picturehouse deal
Cineworld is facing a competition investigation over its 47m takeover of art house cinema chain Picturehouse amid concerns over the impact of the deal.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2b5a6855/mf.g.....

HS2 is already obsolete, David Cameron should be preparing the UK for self-driving cars
Anybody who still believes high-speed rail is the answer to our transport problems, rather than an unaffordably grandiose throwback to a bygone era, needs to take a trip to Silicon Valley.<img width='1' height='1' src='http://telegraph.feedsportal.....

Gold buyers forced to go on waiting list
Gold buyers are having to wait up to six weeks for their bars and coins after a price dip led to increased interest.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2b5b3afc/mf.gif' border='0'/><div class='m.....

George Osborne tells FPC to focus on short-term growth
The Chancellor has instructed the Bank of England to prioritise short term growth over financial stability even if it means letting banks take bigger risks.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2b5a8971.....

Geroge Osborne tells FPC to focus on short-term growth
The Chancellor has charged the Financial Policy Committee to prioritise short-term economic growth, in a thinly-veiled call on the central bank to ease its tough capital requirements on banks.<img width='1' height='1' src='http://telegraph.feedspo.....

Softbank billionaire goes to war with Dish over Sprint bid
The battle to take over US mobile operator Sprint has intensified, with the billionaire founder of Japanese bidder Softbank launching a fierce attack on rival Dish.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/.....

Mutuals grab large share of first-time buyer mortgages
Property buyers seeking a mortgage should look for a deal from the building society sector, research suggests.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2b5a83a2/mf.gif' border='0'/><div class='mf-vira.....

Halifax offers to pay stamp duty for first-time buyers
The lender, part-owned by the taxpayer, will pay up to 2,500 to each buyer, coupled with some "very respectable rates".<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2b5a83a3/mf.gif' border='0'/><div class.....

German beer sales slump to a 20-year low
Beer is going out of fashion in the country that invented the Oktoberfest, according to official figures which show sales of German beer have slumped to their lowest level for 20 years.<img width='1' height='1' src='http://telegraph.feedsportal.co.....

Why is the limit on Premium Bonds set at 30,000?
Ask the experts: Why NS&I will not relax the rules and increase your chances of winning 1m.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2b591be1/mf.gif' border='0'/><div class='mf-viral'><table.....

Mexico sues BP over Gulf disaster as oil giant faces 2,200 new lawsuits in less than two months
Oil giant faces 2,200 new lawsuits in less than two months.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2b5913f6/mf.gif' border='0'/><div class='mf-viral'><table border='0'><tr><td vali.....

ASOS profits rise 11pc as it eyes foreign moves
Online fashion retailer ASOS has outlined plans to launch a Chinese-language website in October, part of its strategy to be a global player, as it reported an 11pc rise in first half profits.<img width='1' height='1' src='http://telegraph.feedspor.....