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Wednesday 8 May 2013

UK Financial News on 2013-05-08

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.....

Man Utd shares fall on Sir Alex news
Manchester United shares fall in New York amid concerns over the impact Sir Alex Ferguson's retirement will have......

Groupon results better-than-expected
Daily deals firm Groupon reports first-quarter results ahead of market expectations, with revenues up 7.5% and its net loss narrowing to $3.24m (2.1m)......

Tesla Motors sparks up first profit
Electric car maker Tesla Motors drives into profit for the first time in its 10-year history, reporting a profit of $15m (9.65m)......

Microsoft names new finance chief
Microsoft names Amy Hood as its new chief financial officer, the first woman to hold the post at the technology giant......

EU China solar panel trade war looms
The European Commission is on the verge of a trade war with China over the import of solar panels......

Plan to simplify pensions and rights
Changes to the state pension, clearer rights for consumers, and measures on energy and water, are among the government's legislative programme set out in the Queen's Speech......

Gulf of Mexico gets $4bn investment
ExxonMobil and Statoil agree to invest $4bn to jointly develop an oil field in the Gulf of Mexico thought to contain six billion barrels of oil and gas......

New laws are planned for faulty apps
The government has announced new laws to make it easier to claim a refund for digital content......

Sainsbury's sales up as profits fall
Sainsbury's reports a slight fall in full-year pre-tax profits, despite rising sales, and confirms it is taking full ownership of Sainsbury's Bank.....

Bank accounts will be 'open to all'
European residents will have the right to open a basic bank account in any country of the EU and compare the fees charged by providers, under new plans......

German industrial output rises
German industrial output sees a surprise rise in March, reviving hopes about the strength of Europe's biggest economy......

European telecoms post profits rise
Deutsche Telekom and Telefonica say profits rose in the first quarter of 2013 despite weak sales in Europe......

UK house prices 'rise by 1.1%'
House prices rise by 1.1% in April compared with the previous month but activity in the market remains subdued, according to the Halifax......

Toyota profits double on weak yen
Toyota's profits more than double in the three months to March as a weakening yen and improving sales boost the carmakers comeback......

China's trade growth accelerates
China's trade growth accelerates in April, beating analysts' expectations, a positive sign for the country's fragile economic recovery......

Walt Disney results beat predictions
Walt Disney's results have beaten analysts' expectations, thanks to strong earnings at its movie and sports TV divisions......

Dow tops 15,000 as world shares gain
The Dow Jones index closes above 15,000 for the first time as strong German factory data pushes US and European share markets higher......

HSBC profits surge as bad loans fall
HSBC almost doubles pre-tax profits to $8.4bn (5.4bn) in the first three months of 2013 after trading conditions in the bank's key markets improve......

US Treasury chief revamps signature
US Treasury Secretary Jack Lew, who was mocked for his loopy signature, has offered a more legible version that could feature on new dollar bills.....

Swedish salmon sales 'breached ban'
Firms in Sweden have sold about 200 tonnes of Baltic salmon in Europe despite an EU ban targeting toxic chemicals in fish......

Debt worries 'feature payday loans'
Twice as many people who sought help with debts in 2012 had payday loans compared with a year earlier, a charity says......

Credit unions plan for more members
The UK's network of credit unions is set to expand after 31 groups signed up to a major investment project......

Brazilian Azevedo to head up WTO
The new head of the World Trade Organisation will be Roberto Azevedo from Brazil, the first Latin American to hold the post, officials say......

UK should quit EU, says Lord Lawson
Ex-Chancellor Lord Lawson calls for the UK to leave the European Union - but Downing Street says the PM remains confident his renegotiation strategy "will deliver results"......

Extend migrants' benefits says EU
The European Commission will unveil plans on Wednesday to extend the length of time home states must support their own citizens seeking work in other EU countries......

Electronic Arts sees brighter 2014
The video game maker Electronic Arts (EA) reports lower profits, but forecasts higher earnings in 2014......

Tax chief wants more transparency
Leading UK tax expert John Dixon warns companies that they can no longer ignore public unease about tax avoidance......

Asian sales boost Carlsberg profits
Danish brewer Carlsberg returns to profit in the first quarter of the year, helped by strong sales growth in Asia......

Ferguson to retire at end of season
British football's most successful manager confirms he is stepping down after 26 years in charge to become club director and ambassador......

Singapore to host WTA Championships
The Women's Tennis Association names Singapore as the host for its annual end-of-season tour championships for five years from 2014......

SPL agrees league reform package
Scottish Premier League clubs unanimously agree on a package of measures that would deliver a merged league body for next season......

VIDEO: Queen's speech supports pensioners
Changes to the state pension and clearer rights for consumers are among the government's plans featured in the Queen's Speech......

VIDEO: Ferguson 'expert manager and player'
Amanda Goodall, senior lecturer in management at Cass Business school, told the BBC that Sir Alex Ferguson succeeded because of his background as a footballer and his understanding of the business......

VIDEO: Manchester United shares fall in US
Manchester United's shares have fallen in New York amid concerns about the impact of Sir Alex Ferguson's retirement......

VIDEO: China's solar industry facing gloom
The EU and China are shaping up for their biggest trade battle yet, in a row over solar panel production and pricing......

VIDEO: Zoo benefits from panda 'bounce'
The pandas at Edinburgh Zoo have helped turn around its fortunes to record a 5m increase in turnover......

VIDEO: Tesla electric car sales race ahead
Tesla is a maker of sporty battery operated vehicles and is racing past its competitors......

VIDEO: Sainsbury's: 'Our performance is good'
Sainsbury's has posted a fall in pre-tax profits despite rising sales, as conditions remain "challenging"......

VIDEO: Indian economic recovery to be slow
India's central bank governor says the country's economic recovery is likely to remain slow......

Ferguson's role in Man Utd success
Sir Alex Ferguson's role in Man Utd success.....

India gets low-cost smartphone boost
The market for low-cost smartphones in India.....

What should the IMF say to the UK?
What should the IMF say to the UK?.....

Can we ever trust bankers again?
Can customers ever trust bankers again?.....

Microsoft's Windows 8 under fire
Microsoft faces claims that its operating system is a "failure".....

What can UK learn from Spanish high speed rail?
What can UK learn from Spain's high-speed rail venture?.....

The world's most sleep-starved students
Which country has the sleepiest students?.....

Malta PM dismisses bailout fears
Why Malta says it can weather the eurozone storms.....

U.S. Day Ahead: Chain store sales expected to jump in April
May 8 - The unusually cold weather throughout much of the U.S. abated during April, unleashing consumers back to the malls. Analysts expect the pent-up demand to benefit retailers......

Saft Says: This is not your father's bull market
columnist James Saft says this is not your father's bull market - and that's a good thing......

Bat's tongue a showpiece of feeding efficiency
May 8 - Researchers at Brown University have unravelled the secrets of the fruit bat's efficiency in collecting nectar from plants. Using a high speed camera, the scientists have shown that the bat's tongue becomes engorged with blood and changes sha.....

Daily Digit: Delta to roll back $1 bln
May 8 - Delta Air Lines to give back $1 billion to shareholders over three years, including the first dividend payout in a decasde. Conway G. Gittens reports......

Techquity: Facebook doing Cartwheel with Target, AOL's woes
May 8 - Facebook teams up with Target on new discount program while AOL sinks on questions about its content businesses......

Ferguson blows final whistle as Man United manager
May 8 - Manchester United manager Alex Ferguson will retire at the end of the season after more than 26 years in charge, bringing to a close the most glittering managerial career in British soccer. Ivor Bennett looks at the impact his move will have .....

Trading at Noon: All about ratings at News Corp
May 8 - Rupert Murdoch's media mammoth News Corp reports results after the bell, and ratings at Fox will be the focus for investors......

Breakingviews: Taking Freddie out
May 8 - The U.S. housing finance agency continues gushing cash making it ever more difficult for Uncle Sam to contemplate shutting Freddie down......

Europe targets 58m citizens with no bank account
May 8 - Europeans will find it easier to open and switch bank accounts and see what fees they are being charged under new rules proposed by the European Commission. Joanna Partridge reports......

King commits to successful Sainsbury's
May 08 - Justin King has dismissed speculation he was set to stand down as the head of J Sainsbury, committing the next few years to Britain's third-biggest grocer after posting yet another set of forecast-beating results. Hayley Platt looks at Sains.....

Europe Day Ahead: BoEs waiting game
May 8 - Our preview of Thursdays key events including: BoE rate decision; GB industrial performance & employment figures from the euro zone periphery......

Suck it up: cut debt, face slow growth ex-BoE policymaker
May 8 - The debate about the trade-off between austerity, debt and growth heats up ahead of Thursday's Bank of England meeting. Fathom's Danny Gabay and ex-BoE policymaker John Gieve give their predictions......

U.S. Morning Call: AOL still kicking with profits, revenues
May 8 - AOL reported a 2 pct rise in Q1 revenue as the online media group posted a return to growth in display advertising. Net income rose to $25.9 mln, or 32 cents per share.....

Moyes or Mourinho? Replacing the irreplaceable at Man Utd
May 8 - As Manchester United confirm the retirement of Sir Alex Ferguson, shareholders are nervously awaiting news of wholl replace one of the all-time great sporting managers......

Market Pulse: Miners out of a hole for now - Alpari
May 8 - Strong Chinese data get miners out of a hole for now, but watch out for falls in trade volumes, says Alparis James Hughes......

China netizens bring an old mystery to White House's door
May 8 - A decades-old poisoning case has galvanized China's social media, with netizens burning up the microblogs -- and even petitioning the White House -- in their quest for justice......

Breakingviews: Portugal marks triumph of Draghi bluff
May 8 - Mario Draghi doesn't need to act: his bluff is working. Breakingviews argues that the ECB's promise to buy bonds helped Portugal succesfully sell 10-year notes for the first time since January 2011......

Lingerie and lunch: Abenomics' new frontiers
May 8 - Japanese retailers are racing to market with wacky products inspired by Prime Minister Shinzo Abe expansionary policies. But will they coax the countrys spending-shy consumers out of a lengthy funk?.....

Reuters Today: Chinas biggest export dubious data?
May 8 - Better-than-expected China trade data fuel global growth hopes, but some analysts say the figures should be taken with a large pinch of salt. Meanwhile, StanChart warns and the WTO gets a new boss......

ING CFO on earnings, insurance IPO plans
about plans to spin off its European insurance business in 2014, following Q1 results......

Scientists find sunken continent off Brazil
May 8 - A team of Japanese and Brazilian scientists say they may have discovered part of the earth's original continent off the coast of Brazil before the land masses drifted apart. Jessica Gray reports......

Daily Digit: Rare StanChart profit wobble
May 8 - Standard Chartered has suffered a drop in first-quarter operating profit after the Asia-focussed bank hit trouble in Korea and was hit by bad debt and higher employee costs. Joanna Partridge reports.....

Daily Digit: Paulson fund down 27%
May 7 - Billionaire hedge fund manger John Paulson's gold fund lost 27 pct in April, according to performance figures provided by a source. Conway G. Gittens reports......

Dow sets 15,000 record close; Disney beats
May 7 - Summary of business headlines: New records for the Dow and the S&P 500 as earnings lead the market higher. Walt Disney beats quarterly results before Iron Man 3 and shares hit a lifetime high after the superhero hit the big screen. U.S. temp .....

Healthcare CEO's find opportunity in ObamaCare
May 7 - As the business implications of ObamaCare sink in, healthcare CEO's are gearing up to get the most out of the new system. Bobbi Rebell reports......

Groupon profits rise on strong US performance
Groupon has reported better-than-expected quarterly profits and revenues as the company's main daily deals business in North America turned in a strong performance.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/.....

UK tax 'not a level playing field', says Sainsbury's chief Justin King
Justin King, the chief executive of J Sainsbury, has dealt a blow to the Coalition's claims that it is building a competitive tax system by warning that cuts in corporation tax are being offset by increases in other levies.<img width='1' height='1.....

Return to pay-TV is chance for new Virgin boss to challenge Rupert Murdoch
What better way for former News International chief Tom Mockridge to exact revenge on former boss?<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2bad5a07/mf.gif' border='0'/><div class='mf-viral'><ta.....

Queen's Speech: Coalition has missed 'last chance' for growth, says IoD
David Cameron was accused of squandering his "last chance" to unleash growth measures in a Queen's Speech that was focused on delivery rather than a new legislative programme.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/.....

Queen's Speech: Business groups hail conservative line
Despite the hearty cheers from business groups for the lack of new initiatives in the Coalition's third Queen's Speech, the legislative agenda unveiled on Wednesday was, of course, not completely empty.<img width='1' height='1' src='http://telegra.....

Ports boss offers personal help to UK's budding exporters
The boss of the world's biggest ports group has made a unique pledge to help British exporters in "any way" he can to break into new markets in Asia and Latin America.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300.....

BAE chairman dodges protest vote over failed EADS deal
The chairman of BAE Systems sailed through the annual meeting without so much as a protest vote from investors over his handling of last year's failed 28bn merger with Airbus-owner EADS.<img width='1' height='1' src='http://telegraph.feedsportal.c.....

Europe on verge of trade war with China over cheap solar panels
Europe is gearing up for a fresh trade war with China with plans to impose a levy on billions of pounds worth of imports of cheap solar panels.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2bac6f43/mf.gif' bord.....

Rise in borrowing by US businesses sparks hopes of a global recovery
American businesses have steadily increased their borrowing over the past year, signalling a possible end to the US credit crunch and fuelling hopes of a wider global recovery.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726.....

M&S opens Castle Donington site to boost internet sales
Marks & Spencer has unveiled a new distribution centre the size of 11 Wembley football pitches in Castle Donington as it looks to boost internet sales.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2bac202b/.....

Ocado surges on mounting speculation
Shares in the FTSE 250 online grocery retailer surged above 200p.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2bac202c/mf.gif' border='0'/><div class='mf-viral'><table border='0'><tr><t.....

Free banking at risk as EU wants us to bank anywhere in Europe
European proposals that would allow Britons to switch to a bank account in another country could hasten the demise of free banking, experts have warned.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2bac659a/mf......

Business news and markets: as it happened, May 8, 2013
European shares have hit fresh highs in afternoon trading after data showed that industrial output in Germany, the eurozone's powerhouse, had jumped 1.2pc.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2bac635f/.....

Invest in Manchester United? You'd be better off at the bookies
Manchester United shares fell slightly in New York after news that manager Sir Alex Ferguson is to retire. But is investing in sports clubs a good idea?<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2ba7e60c/mf......

Ferrari tries to cut car sales to protect brand exclusivity
Ferrari will limit sales of its sports cars this year to protect the brand's aura of exclusivity, chairman Luca Montezemolo has said.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2babaee0/mf.gif' border='0'/>.....

Sainsbury's boss Justin King says no plans to step down
On the day that Sir Alex Ferguson announced his retirement, Justin King was enjoying being compared to the Manchester United manager.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2babaedf/mf.gif' border='0'/>.....

Invest in Manchester United shares? One for the fans only
Manchester United shares fell in New York after the news that Alex Ferguson would step down as manager. But does that mean it is a buying opportunity?<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2babaee1/mf.gi.....

Business news and markets: live
European shares have hit fresh highs in afternoon trading after data showed that industrial output in Germany, the eurozone's powerhouse, had jumped 1.2pc.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2ba51577/.....

London is city 'with most multimillionaires in the world'
London tops the list as the city with the most multimillionaires in the world, according to a new update on the global ultra-wealthy.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2bac111b/mf.gif' border='0'/>.....

Queen's Speech shows 'poverty of ambition' on red tape, says IoD business group
David Cameron has lost his "last chance" to unleash economic growth by cutting red tape before the next election, one of Britain's biggest business groups has said.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/.....

Sage growth powered by subscriptions
Accountancy software firm Sage made a pre-tax loss of 7.7m in the first half of the year but reported strong underlying growth helped by sales of internet-based subscription services.<img width='1' height='1' src='http://telegraph.feedsportal.com/.....

How energy bills have soared
Chart of the day: Energy bills have increased by 300 in just three years - far outstripping the rate of wage inflation.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2baa13a1/mf.gif' border='0'/><div class.....

China may not overtake America this century after all
Doubts are growing about whether China can pass the US to become the world's biggest economy this century amid warnings that the country's 30-year miracle is nearing exhaustion.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/3272.....

Manchester United shares drop 4pc on Fergie resignation
Manager's decision to step down wipes $123m off market value.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2baa13a4/mf.gif' border='0'/><div class='mf-viral'><table border='0'><tr><td va.....

Why won't Facebook confirm whether Nicola Mendelsohn is to work part-time?
Nicola Mendelsohn is joining Facebook, reportedly on her trademark four-days-a-week rule. If true, it's great news for working mothers everywhere - so why won't the social media site confirm her hours?<img width='1' height='1' src='http://telegrap.....