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Monday 6 May 2013

UK Financial News on 2013-05-06

Wealth managers flock to Singapore as Switzerland suffers
Private banks are bidding hard for talent as they accelerate their push into Asian markets.....

LSE on target to win Italian bond platform EuroTLX
UK group set for victory in auction of retail platform as exchange operators eye fixed-income spoils.....

Marathon man Hosking returns with risk-on mid-cap plan
After leaving the UK fund manager in December, Marathon co-founder plots new venture with former hedge fund Rising Star.....

Carlyle launches $2bn fund into land of Abenomics
Japan-focused fund launch is the first in five years by a global buyout firm.....

Redington set to launch implemented consulting service
Pensions advisory firm's move targets small and medium-sized funds.....

Emea Capital hires ex-UBS Can Uran
Former emerging markets specialist at Swiss bank joins Osman Semerci's bond arbitrage manager as CIO.....

Bank of China UK turns loss into profit
Capital injection from Chinese state-owned parent helps UK arm post £50m swing in full-year profits.....

McGroarty to be the Spire top for Tower
US high-frequency trading firm lines up former Citadel executive to run European arm.....

KKR eyes the CLO market in Europe
Alternatives firm opens talks with banks and investors over €500m fund.....

French FTT comes into blossom
Springtime in Paris and the French are showing their financial transaction tax could be the ideal model if the EU insists on introducing one.....

Swiss roll out the red carpet
With its private banks under attack, Switzerland moves to welcome hedge funds and asset managers.....

Greece making 'progress' on economy
Debt-laden Greece makes progress to improve its finances, but must do more to fight the "notorious" tax evasion, the International Monetary Fund says......

UK business confidence 'improving'
Confidence among UK businesses is continuing to improve, a survey suggests, despite slow growth in the economy......

New York to sue banks over mortgages
New York's attorney general says he plans to sue major lenders Bank of America and Wells Fargo for violating a $25bn (16bn) mortgage settlement......

US online sales tax plan put to vote
The US Senate is to vote on whether to impose sales taxes on online retailers, as brick-and-mortar stores call for "a level playing field"......

RBS boss Hester 'desperate to lend'
Royal Bank of Scotland is "desperate" to lend 20bn to UK businesses, the bank's chief executive has claimed......

Eurozone retail sales fall in March
Retail sales in the eurozone fall for the second month in a row in March, according to the European Union's statistics office Eurostat.....

Italy economy to shrink 1.4% in 2013
Italy's economy will shrink by 1.4% this year, a sharper contraction than previously forecast, says the country's statistics agency......

Minister defends pension changes
Pensions minister Steve Webb defends plans to stop people receiving a state pension based solely on their husband or wife's employment record......

Lynas shares rise on Malaysian poll
Shares in Lynas, which has a rare earth plant in Malaysia, surge 16% after the National Front coalition retains power in that country's general election......

Indonesia growth hit as exports slow
Indonesia's economy grows at 6% in the first three months of the year, its slowest pace in more than two years, as exports slow......

Motorola 'abused patent position'
Motorola "abused its position" when it filed a patent injunction against Apple in Germany, EU officials say......

VIDEO: Teen buys 105 of groceries for 1.62
A teenager is saving his mother hundreds of pounds in grocery bills thanks to his savvy shopping techniques......

VIDEO: Somalia develops new port trade
Somalia's new national government is hoping its anti-piracy measures will boost its economy by increasing trade through its ports......

VIDEO: Dubai's scandal-hit Godolphin stable
Described as the biggest crisis to hit horse racing for years, the revelation that 11 horses from the Godolphin stable had been given banned anabolic steroids has rocked the sport......

VIDEO: Hobbies turned into businesses
BBC News went to a craft event to meet three people who have turned their hobbies into profitable businesses......

VIDEO: UK households 'borrowing to eat'
One-in-five UK households borrowed money or used savings to cover food costs in April, a Which? survey says......

VIDEO: Lobster catches drop 90% after winter
Fishermen have said the harsh and prolonged winter in Scotland has been disastrous for the country's lobster industry......

Can you make a living from your hobby?
Can you make a living from your hobby?.....

Firms aiming to make money while doing good
The firms that exist to help others.....

Business rates like a 'brick wall'
How business rates stifle the high street.....

U.S. Day Ahead: Disney profits to soar over 30%
May 6 - Walt Disney earnings are set to leap thanks to stronger ad sales at its TV and cable networks......

Sequestration will compromise ability for FDA to do its job
May 6 - Margaret Hamburg, chief of the Food & Drug Administration, says spending cuts associated with sequestration will make it harder for the FDA to conduct inspections and may lead to slower drug approval.....

Techquity: Cosying up to Apple, Google living the high-life
May 6 - Analyst and value investor sing Apple's praises while Google hits another high......

Daily Digit: $130 bln for Verizon Wireless
May 6 - Some Verizon investors OK with paying up to $130 billion for Vodafone stake in Verizon Wireless. Bobbi Rebell reports......

Breakingviews: Bain's BMC buyout
May 6 - BMC Software is finally being sold for $6.9 bln. Richard Beales and Robert Cyran discuss why the deal makes sense for buyers and sellers alike despite a thin-seeming premium......

Buffett: American biz "doing very well"
May 06 - Warren Buffett says not only is American business doing very well, there is also value in the stock market, for investors who use the right investment strategy. Bobbi Rebell reports......

Trading at Noon: PE group snaps up BMC Software for $7B
May 6 - A private equity group led by Bain Capital and Golden Gate Capital will takeover BMC Software in a leveraged buyout......

Cigna CEO: Interested in more senior care acquisitions
May 6 - Cigna CEO David Cordani says his company would look at acquiring businesses in senior care and has focused international expansion on Turkey & India.....

Europe Day Ahead: Franco-German deficit duel due
May 6 - Industrial data from France and Germany is expected to bring more bad news for the euro zone on Tuesday, as finance ministers from both countries are due to meet in Berlin......

Sequestration cuts $200M from state & local health budgets
May 6 - Tom Frieden, director of the Centers for Disease Control, says spending cuts have decreased the organization's ability to figure out how diseases spread and can be prevented......

U.S. Morning Call: YouTube pay-for-play on the horizon
May 6 - Google's Youtube may introduce its rumored subscription service for channels - possibly as soon as this week......

Market Pulse: ECB Fuelling Rate Speculation
May 6 - The ECB deliberately wants speculation about negative rates in the market, says Commerzbank's Christoph Rieger, but ultimately it's a policy they won't go through with......

Breakingviews: Investors' Malaysia relief may be short-lived
May 6 - A wobbly election win for Malaysia's ruling coalition sent the stock market to record highs, but could spell trouble ahead for the red-hot economy, says Breakingviews' Andy Mukherjee......

Reuters Today: China Services Slow Sharply
May 6 - Fresh evidence of rising economic risks in China as the service sector slows sharply in April......

Buffett 2013: Berkshire's annual meeting in 60 seconds
May 4 - A look at the main event during the Woodstock of Capitalism in Omaha, Nebraska......

Malaysia election: polls open
May 5 - Voting gets underway in Malaysia's parliamentary elections that could be the closest in more than half a century. Paul Chapman reports......

Gesture control seen as future for smartphones
May 5 - Hand gestures in the air could soon simplify the operation of smart phones, say German computer scientists working on a so-called "air writing" device. Jim Drury reports......

IMF tells Greece to step up fight on tax evasion
Greece must do more to fight its "notorious" tax evasion if the country is to remain on course to reduce its budget deficit, the International Monetary Fund (IMF) has warned.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f.....

BMC Software bought in $7bn private equity deal
A consortium of private equity firms have joined forces to buy cloud computing group BMC Software for $6.9bn (4.4bn).<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2b9629d5/mf.gif' border='0'/><div class='.....

German service sector contraction sounds alert for recovery in eurozone
Fears that the recession in the crisis-hit eurozone could deepen accelerated on Monday after German service companies joined the other big-four euro nations in contraction territory.<img width='1' height='1' src='http://telegraph.feedsportal.com/c.....

More action from Government can help UK business win the global race
Last Thursday, I had the privilege of accompanying 14 exporting companies from across the United Kingdom to meet the Prime Minister at Downing Street.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2b9629d8/mf.gi.....

Sir Tom Hunter taps Eastern promise
Sir Tom Hunter started his career selling trainers out of the back of a van and ended up running a retail and property empire worth 1.1bn at its peak.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2b95dd54/mf.gi.....

Amazon error reveals Microsoft's rival to Apple's iPad mini
The online retailer has accidentally published pictures of a new 7-inch Acer tablet, which would break new ground as the first small tablet to run on Microsoft's Windows 8 operating system.<img width='1' height='1' src='http://telegraph.feedsporta.....

UK projects at risk after China funding threat
Billions of pounds of investments in major UK infrastructure projects are at risk because of a rift in relations with the Chinese government.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2b95dd56/mf.gif' border.....

Nokia leads attack on Google dominance in smartphone apps
Nokia, Finland's struggling mobile phone giant, has emerged as the main force behind the latest regulatory attack on Google, an attempt to restrict its growing dominance of the smartphone apps market.<img width='1' height='1' src='http://telegraph.....

Pat Gelsinger: 'Cloud computing is the fifth wave, firms must ride it or be swept away'
Pat Gelsinger CEO of VMware, the biggest business you've never heard of, on the data revolution, fearing Microsoft and the power of prayer.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2b961e81/mf.gif' border='.....

Mergers could help lenders attract buyer in crowded market
With up to 10 businesses up for sale, one executive tells the Daily Telegraph that many banks underestimate the challenge of a public listing.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2b961e82/mf.gif' borde.....

Qatar Airways seeks Dreamliner payout after $200m loss
The chief executive of Qatar Airways is pursuing Boeing for compensation after claiming the grounding of the Dreamliner plane cost the airline $200m (129m) in lost revenues and forced it to cut back on planned new routes.<img width='1' height='1' .....

BP to sell stake in Brazilian oilfield for 87m
BP has agreed to sell its majority stake in the Brazilian Polvo oilfield to start-up HRT Oil & Gas for $135m (86.9m), as the oil major shifts its focus towards exploring other assets in the country.<img width='1' height='1' src='http://telegra.....

BT 'needs Sky's help' to succeed in sports TV
BT's 1bn-plus bet on sports TV could take years to pay off and depends for its success on a wholesale deal with arch-rival BSkyB, analysts have warned.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2b961e85/mf.g.....

Wal-Mart tops Fortune 500 list as Apple rises up ranks
Oil companies, retailers and car manufacturers dominate the Fortune 500 list of America's biggest companies, but gains by Apple and Facebook show the rising importance of technology companies as powerhouses of the economy.<img width='1' height='1'.....

Intel takes on cyber-hackers with 250m Stonesoft buy
Intel, the world's biggest chipmaker, has beefed up its cyber-hacking prevention capability via a $389m (250m) cash deal to buy Finnish computer security firm Stonesoft.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/5683.....

Pfizer looks to stiffen sales with online Viagra
Bashful men averse to discussing their personal problems with the local pharmacist will be perked up by the news that Pfizer is to start selling Viagra direct to customers via its own website.<img width='1' height='1' src='http://telegraph.feedspo.....

Ignore the IMF naysayers, Britain is on the slow road to recovery
When International Monetary Fund officials arrive on these shores this week to start their annual health check of the UK economy, they'll discover a quite surprising story - to them, at least.<img width='1' height='1' src='http://telegraph.feedspo.....

Week ahead in business and economics: May 7 - 10
J Sainsbury should confirm its position as Britain's best-performing major supermarket tomorrow with impressive annual results.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2b96190c/mf.gif' border='0'/><d.....

Telecoms soar as mining investors feel the pain
The best performing sector this year for major UK listed companies is telecoms and the worst is basic resources. Here's a look at the top and bottom three sectors so far in 2013.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/327.....

Policy battle rages in China as slowdown feeds 'sense of crisis'
Anti-reform hardliners in China's Communist Party have become seriously alarmed by the sharp slow-down in economic growth, creating a "task-force" to crank up production.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568.....

My pension went from 50,000 to 15,000
A pensioner who had built up savings of almost 50,000 in a Virgin Money stakeholder pension was left with less than 15,000 after falling foul of tax rules.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2b8e35f1/.....

Lynda Bellingham: 'I was paid 8.50 a week'
Lynda Bellingham, the original Oxo Mum, admits that she still worries about bills.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2b8e35f2/mf.gif' border='0'/><div class='mf-viral'><table border='0'&g.....

RBS 'desperate' to lend 20bn - but no-one wants it
Stephen Hester, chief executive of Royal Bank of Scotland, has said there are no takers for 20bn of funds the bank would like to lend out.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2b8e4233/mf.gif' border='0.....

Institute of Directors calls for employment law reform
Institute of Directors calls for employment law reform in Queen's Speech, including the controvertial proposals from the Beecroft Report.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2b955ce6/mf.gif' border='0'.....

Institute of Directors calls for employment law reform
Institute of Directors calls for employment law reform in Queen's Speech, including the controvertial proposals from the Beecroft Report.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2b95114d/mf.gif' border='0'.....