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Tuesday 14 May 2013

UK Financial News on 2013-05-14

HSBC puts a slice of private bank up for sale
Analysts say the segment of the business HSBC plans to sell is likely to be located in Europe.....

MPs back new whistle-blowing rules in the UK
British politicians want to introduce US-style rules that encourage whistle-blowers to reveal malpractice by offering them financial incentives and greater protection.....

Credit chief at London Whale bank prepares hedge fund launch
Tolga Uzuner is preparing to launch a credit hedge fund, according to a person familiar with the situation.....

Marex takes axe to foreign exchange
Marex Spectron, the commodities futures brokerage, has closed its foreign exchange desk in New York.....

BlackRock tops the European charts in battle of the brands
BlackRock has retained its position as the strongest brand in European asset management, just ahead of Carmignac of France.....

Turnaround firms eye credit protection group
Turnaround investors Jon Moulton's Better Capital and Endless have held talks with CPP.....

Lyxor doubles physical ETFs after synthetic U-turn
Lyxor has doubled its number of physical exchange-traded funds with four recent new listings on NYSE Euronext Paris.....

Bank of England criticises Bloomberg
The Bank of England calls the data snooping activities at financial news agency Bloomberg "reprehensible" and says it will liaise with other central banks......

Oil companies raided in EU probe
EU officials have raided the offices of several companies involved in the oil market, as part of an investigation into price-fixing......

M&S collection tries to woo shoppers
Marks and Spencer unveils a new clothing collection and strategy that it hopes will reverse falling sales......

Buyout approach lifts Severn Trent
Shares in water company Severn Trent surge after it says that a group of international investors is interested in buying it......

Sony investor urges company break-up
US hedge fund manager Daniel Loeb says Sony should spin off up to 20% of its entertainment business and shore up its struggling electronics arm......

US shale shifts global power balance
A sharp rise in shale oil reserves is set to turn the US into a net exporter of oil, hitting demand for supplies from the Middle East, a report says......

EU to start talks over tax evasion
European Union finance ministers have agreed to start talks with five none-EU countries in a bid to tighten rules on bank secrecy and tax evasion......

Fitch upgrades Greece credit rating
Ratings agency Fitch upgrades Greece's credit rating, citing progress in cutting its budget deficit......

Retailers in Bangladesh safety pact
Retailers in Europe, including Hennes & Mauritz and Inditex which owns Zara, say they will sign an accord to improve safety conditions in factories in Bangladesh......

Most whistle-blowers 'are ignored'
Some 60% of people who raise concerns about their workplace receive no response from their managers, a survey suggests......

Housing demand 'highest since 2009'
Demand for flats and houses in the UK has risen to its highest level for three and a half years, according to an industry survey......

EADS profits up on Airbus deliveries
EADS reports a sharp rise in profits for the first three months of the year, thanks largely to rising revenue from its Airbus subsidiary......

Blackberry expands BBM to rivals
Blackberry is expanding its BBM chat app to rival platforms, initially offering free texts on devices running Android or Apple's iOS operating systems......

RBS shareholders back pay package
RBS shareholders at the bank's annual general meeting in Edinburgh approve its remuneration report which includes bonuses totalling more than 600m......

Venezuela opposition TV channel sold
The owners of Venezuelan opposition TV channel Globovision say they have sold the channel, with changes expected to its editorial line......

Channel 4 reports record spending
Channel 4 dipped into its huge cash reserves to spend a record amount last year on programmes such as the Paralympic Games, the channel says......

CVC shelves Betfair takeover bid
Private equity firm CVC Capital Partners calls off its attempt to buy online betting group Betfair after the two companies fail to reach a deal......

VIDEO: Saving 1980s cars from the scrapyard
The number of cars from the 1980s being driven in the UK today is dwindling, yet classic cars from the 60s and 70s still appear to be popular......

Confusion over Cornish 'pasty tax'
There is still confusion over when VAT should be added to the sale of pasties, a survey by the Cornish Pasty Association finds......

HMRC names further tax dodgers
HM Revenue and Customs publishes its second list of tax defaulters, as it tries to shame people into paying up......

France mulls tax on internet devices
The French government considers introducing a "culture tax" on the sale of smartphones and tablets to help fund French film, music and images......

Australia forecasts budget deficit
The Australian government forecasts a deficit for its current financial year, despite promising a surplus a year ago......

US retail sales inch up in April
US retail sales rose unexpectedly in April, after falling back in the previous month......

Cyprus receives EU-IMF bailout funds
Cyprus receives the first tranche of a 10bn-euro bailout package from international creditors agreed earlier this year, with Greece also due to receive further funds......

Tata writes down European assets
India's Tata Steel, one of the world's biggest steelmakers, announces a $1.6bn (1bn) writedown on the value of its European assets......

Lonmin mineworkers in new strike
Lonmin mineworkers in South Africa down tools in a wildcat strike, after a senior union official was shot at the weekend......

Nokia unveils slimmer top-end phone
Nokia slims down its flagship smartphone, ditching built-in support for wireless charging and upgrading its camera technology......

Commonwealth ticket prices revealed
Ticket prices are announced for the 2014 Commonwealth Games in Glasgow......

VIDEO: First look at Nokia 'flagship' Lumia 925
Rory Cellan-Jones visits Nokia's London offices, to get a preview of the company's new, slimmer, flagship phone, the Lumia 925......

AUDIO: 'I wish I had been better advised'
Retail guru Mary Portas's review into how to rejuvenate struggling town centres has had mixed reviews......

VIDEO: Should Sony be broken up?
One of Sony's largest shareholders has suggested it should sell up to 20% of its entertainment business......

AUDIO: Today business roundup
The Today programme's business news with Simon Jack......

AUDIO: 'Tough' code for payday lenders
A regulator called the Short-term Lending Compliance Board has been set up to make sure registered payday lenders abide by a new code of conduct......

VIDEO: Showcase for diggers and drills
The UK's largest construction equipment exhibition, where hundreds of companies will be hoping to build up some new orders, is taking place at Stoneleigh Park......

VIDEO: Is whistle-blowing worth the risk?
Some 60% of people who raise concerns about their workplace receive no response from their managers, a survey suggests......

VIDEO: Rana Plaza relatives still hoping
The BBC's Sanjoy Majumder reports from the site of the Rana Plaza in Dhaka where people still searching for relatives are being kept back by a wire fence......

Learning online at the feet of India's gurus
Can the internet revive learning Indian arts from a guru?.....

Rockefeller Foundation turns 100
As the Rockefeller Foundation turns 100, its president has plans.....

Can you be part-time and powerful?
Can you be part-time and powerful?.....

Australia faces a revenue black hole
Australia's budget is unlikely to see many vote-winning giveaways.....

Cuba golf project gets green light
Cuba golf gets multi-million dollar boost as golf village is approved.....

U.S. Day Ahead: Top 3 stocks in smart money's sight
May 14 - Investors find out where the stars of the $2 trillion hedge fund industry placed their bets in the first-quarter with their latest 13F filings......

Daily Digit: Sony's $1.1 bln stakeholder urges break-up
May 14 - Billionaire hedge fund manager Daniel Loeb has a $1.1 billion stake in Sony and is calling for a break-up of the Japanese entertainment conglomerate. Conway G. Gittens reports......

Techquity: Apple, Samsung then who?; Yahoo aims for "cool"
May 14 - The battle for third place in the smartphone field plus Yahoo tries to become cool according to the CFO......

Nokia hopes new Lumia will light up sales
May 14 - Nokia unveils a metal smartphone as the latest addition to its Lumia lineup - the company's second new phone in a week - as it continues to play catch up with Samsung and Apple in the lucrative handset market. Ivor Bennett reports......

Mathematics in motion govern bursting bubbles
May 14 - The evolution and disappearance of foamy bubbles are governed by linked mathematical equations that two Berkeley researchers say could be utilized in the manufacture of foams such as those used in bicycle helmets. The two mathematicians have.....

UK EU exit row hits Cameron
May 14 - President Obama may have warned the UK against leaving the EU but pressure continues to mount on PM David Cameron. Joanna Partridge asks how damaging the speculation is and looks at a new report which suggest the debt crisis has shattered fa.....

Breakingviews: Silver Lake hearts Carl Icahn?
May 14 - Antony Currie and Breakingviews columnists discuss why the LBO shop in the running to buy Dell may well be quietly rooting for the uppity billionaire's flakier counteroffer to succeed......

Trading at Noon: Sony options activity sparks interest
May 14 - Our markets expert Dan Burns looks at options activity in Sony ahead of news of Dan Loeb's proposed breakup plan......

Swiss bank secrecy talks get go ahead
May 14 - European Union finance ministers have been given the green light to start talks with Switzerland, Liechtenstein and three other countries on new rules for swapping bank account information. As Sonia Legg reports it's a move that's likely to .....

Europe Day Ahead: Movie Stars & Fancy Cars
May 14 - Mercedes unveils the new S-Class, curtain up on the Cannes Film Festival and a potential parting gift from the BoEs Mervyn King......

Aqua running suit brings new twist to athlete rehab
May 14 - New Manchester United manager David Moyes is regarded as an innovative coach, eager to try any new technology to help improve his team's performance. His new club have recently become the first British team to use an innovative aqua running .....

U.S. Morning Call:Dan Loeb calls for Sony Entertainment sale
May 14 - Billionaire hedge fund investor Daniel Loeb on Tuesday called on Sony to spin off its lucrative entertainment arm......

German Amazon workers strike over pay
May 14 - Workers at Amazon.com in Germany strike in an attempt to put pressure on the global internet retailer to improve pay and benefits. Hayley Platt reports......

Reuters Breakingviews: Loebs plan deserves Sonys ear
Breakingviews. His plan to spin Sonys entertainment businesses may have merit......

Mosh pit physics sheds light on strategies for crowd control
May 14 - Mosh-pits at heavy metal concerts may seem chaotic but, according to researchers at Cornell University, they are governed by the same laws of physics that govern the behaviour of gas particles. The researchers say law enforcement officials c.....

West to East: Global oil market in seismic shift - IEA
May 14 - Developing economies are in the drivers seat, says the IEAs Maria van der Hoeven, as rising oil consumption in those regions lead to a shift in the balance of power from the west to the east......

Market Pulse: Investors just dont buy Nokia
May 14 - Nokia launches a new flagship phone, but shares tumble again. IHS analyst Dexter Thillien says Nokia and Apple still have to show that they can regain the initiative from Samsung......

How Sharp can recover its brand mojo
May 14 - Years of sagging results and forgettable products - Japan's tech giants ain't what they used to be. But for beleaguered brands like Sharp, an resurgent economy may also mean a shot at revival......

Breakingviews: U.S. next crisis candidate - not Japan
May 14 - A sovereign meltdown in Japan has long been on the cards, but the U.S. is actually closer to disaster, says Breakingviews......

Paradise lost for manufacturers in Asia
May 14 - Cheap labor and fast production once made Asia a near-nirvana for Western retailers and manufacturers. But as risks, and costs, rise, many are planning to shift their production closer to home......

Will the markets be disappointed by euro zone GDP numbers?
May 14 - Can economic powerhouse Germany lift euro zone GDP numbers enough to avoid recession, or will markets be disappointed?.....

Reuters Today: Disillusioned Europe?
May 14 - A new survey finds a rapidly declining confidence in the European project, with the distrust playing out noticeably at the Brussels Eurogroup......

Consumer resilience not enough to excite investors
May 13 - Summary of business headlines: S&P 500 crawls to new record but market action lackluster; retail sales show surprise rise; Dell wants answers on Icahn bid; Softbank turns on bankers in bid for Sprint; British PM says no need for EU referendu.....

Retail sales unexpectedly rise
May 13 - U.S. consumers spend more on cars, clothes, and home supplies in April, defying the payroll tax hike and cold weather. Fred Katayama reports......

U.S. Day Ahead: BlackBerry sales numbers may be too rosy
May 13 - Analysts say expect Blackberry CEO Thorsten Heins to give bullish sales predictions at a key company meeting on Tuesday......

The sooner normal service is resumed at RBS, the better for investors
Signs are pointing towards a Government share sale next year, so normality could be close.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2beb4ee4/mf.gif' border='0'/><div class='mf-viral'><table bord.....

Auction winner pays $610,000 for cup of coffee with Tim Cook
An auction winner has paid $610,000 (400,000) to have a cup of coffee with Apple chief executive Tim Cook.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2beb657d/mf.gif' border='0'/><div class='mf-viral'&g.....

Auction winner pays $610,000 for cup of coffee with Apple chief Tim Cook
An auction winner has paid $610,000 (400,000) to have a cup of coffee with Apple chief executive Tim Cook.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2beb4a88/mf.gif' border='0'/><div class='mf-viral'&g.....

M&S is finally listening to its customers
If Marks & Spencer really delivers on what it promised at the launch of its autumn and winter clothing in London on Tuesday night then the performance of its general merchandise division should improve.<img width='1' height='1' src='http://tel.....

Marks & Spencer's new fashion range 'a step in right direction', says chief Marc Bolland
Marks & Spencer has unveiled its range of autumn and winter fashion, promising it has improved the quality of its clothing to turn around a decline in sales.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2be.....

M&S at its best has always been part of the fabric of British society
The fashion world is notoriously opinionated and so it was encouraging to get positive flash feedback to the autumn-winter clothing collection we presented on Tuesday night.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/.....

Dispute as mooted 950p-a-share Betfair deal falls over
At 5pm on Monday evening, all seemed still to play for in the great Betfair takeover stakes.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2beaa269/mf.gif' border='0'/><div class='mf-viral'><table bo.....

Poundland cuts prices to 97p to undercut 99p rivals
Chief executive says move is part of "competitor response" strategy, which also includes vouchers.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2beaa26b/mf.gif' border='0'/><div class='mf-viral'><ta.....

Lonmin falls on strike worries
Investors are concerned the group will again be dragged into prolonged industrial action.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2be98aa3/mf.gif' border='0'/><div class='mf-viral'><table borde.....

Business news and markets: as it happened - 14 May, 2013
Depositors keeping less than 100,000 in a bank that is being closed down will get all their money back, European Union finance ministers are said to have agreed..<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2b.....

EC ready to hit Chinese companies with sanctions over illegal subsidies
The European Commission plans to send a formal warning to China that it is ready to levy sanctions against telecoms equipment makers Huawei and ZTE Corp over illegal subsidies, according to reports.<img width='1' height='1' src='http://telegraph.f.....

Yahoo!: 'we want to be cool again'
Yahoo! needs to break away from its "aging demographic", the company's finance chief has said.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2be98377/mf.gif' border='0'/><div class='mf-viral'><table .....

Business news and markets: live
Britain faces a 12bn bill for a "totally useless" EU bank crisis fund after George Osborne was left isolated at a Brussels meeting of finance ministers.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2be17ea4/mf......

Sony urged to spin off film and music arm
American hedge fund tycoon Daniel Loeb argues the move could help bolster the Japanese company.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2be82e8f/mf.gif' border='0'/><div class='mf-viral'><table.....

George Osborne is reinflating house prices - and we couldn't be happier
Despite the appalling weather in most parts of Britain, something remarkable has started to happen to our national mood.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2be82851/mf.gif' border='0'/><div clas.....

HMRC names and shames 'deliberate defaulters'
Individuals, such as a pub landlord and a kebab shop owner, have been named and details of their fines published by the taxman.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2be81f30/mf.gif' border='0'/><d.....

UK faces 12bn cost for 'totally useless' EU bank crisis fund
The Government faces a 12 billion bill for a "totally useless" bank crisis fund imposed on Britain by the European Union after George Osborne was left isolated at a Brussels meeting of finance ministers today.<img width='1' height='1' src='http://.....

Skipton launches 'birthday bonus' savings bonds
Money MoT: Skipton Building Society is marking its 160th anniversary with a new bond. Should savers celebrate?<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2be82853/mf.gif' border='0'/><div class='mf-vira.....

Money MoT: Skipton launches 'birthday bonus' savings bonds
Skipton Building Society is launching two new "birthday bonds" to mark its 160th anniversary. Should savers celebrate?<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2be81f32/mf.gif' border='0'/><div class=.....

Money MoT: Skipton launches 'birthday bonus' saving bonds
Skipton Building Society is launching two new "birthday bonds" to mark its 160th anniversary. Should savers celebrate?<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2be7874b/mf.gif' border='0'/><div class=.....

Divorcee keeps 100,000 pension overpayment in 'David v Goliath' victory
A woman who received almost 100,000 too much from a pension company will keep the money, an ombudsman has ruled.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2be7874c/mf.gif' border='0'/><div class='mf-vi.....

Britain is world's leading exporter of power generators
Britain is the world's leading exporter of power generators, as they are seen as manufacturers of the "best quality and are the most reliable", according to latest research.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/.....

Enterprise Inns hits out at Government pub proposals
A planned crackdown on large pub companies and how they treat their tenants could accelerate pub closures in Britain and have "damaging unintended consequences" for the industry, Enterprise Inns has claimed<img width='1' height='1' src='http://tel.....

RBS warns of more jobs cut and branch closures
Royal Bank of Scotland will need to make further job cuts and branch closures as part of the continued turnaround of the taxpayer-backed lender, according to its chairman Sir Philip Hampton.<img width='1' height='1' src='http://telegraph.feedsport.....

BG Group plots future on LNG and Brazilian cash
Energy giant pins future on burgeoning world LNG demand and cash from massive oil finds off Brazil.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2be651cf/mf.gif' border='0'/><div class='mf-viral'><t.....