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Monday 20 May 2013

UK Financial News on 2013-05-20

Chat launch to rival Bloomberg
Market data rivals Thomson Reuters and Markit have teamed up with leading banks to build a new messaging service.....

Credit Suisse close to more private equity asset sales
Swiss bank is in advanced talks to offload its mid-market buyout arm.....

Industry decries regulatory bottleneck
A crowded regulatory agenda and competing political interests leave finance sector in limbo.....

CFM endorses London as Europes financial capital
Paris-based hedge fund manager is to open an office in the UK capital.....

Triton makes history with 3.3bn new fund
Sum raised sets record for a German-backed buyout manager.....

Tempers flare in pay for order flow row
UK options industry rounds on the FCA for failing to provide clear guidance governing the controversial practice.....

Mercer clients turn attention to loans
Increasing institutional appetite for loans follows problems in the banking sector.....

Nasdaq OMX eyes global assault on fixed income
Exchange group is to roll out its newly-acquired, US-focused bond platform across Europe and Asia.....

Bats Chi-X Europe plots ETF clean-up
Trading platform plots move to shake up the European exchange-traded fund market.....

The UK and the EU: Reasons to stay put
If FN's straw poll of a wide variety of senior figures across London's financial services industry is anything to go by, the majority of the City wants the UK to remain a member of the EU.....

The UK and the EU: Reasons to leave
Many of the arguments supporting a UK exit from the European Union relate to regulation, after a surge in new rules for the financial sector following the financial crisis.....

Lord Lawson Q&A
The former Chancellor of the Exchequer tells FN that the City has 'not yet woken up' to the full regulatory burden of the EU.....

Apple 'among largest tax avoiders'
Apple is accused of being "among America's largest tax avoiders" by a Senate committee, who says the company avoided paying billions of dollars in US taxes......

Tumblr 'will boost Yahoo revenue'
Yahoo says its $1.1bn (723m) purchase of blogging platform Tumblr will boost its revenue as soon as 2014......

High inflation 'cost UK GDP 10bn'
High inflation has cost the UK economy 10bn over the last three years, says an influential report, and has now become a "permanent fixture"......

London Market Report
The FTSE 100 reaches its highest since September 2000, with analysts saying that the index may climb further......

China 'can't be free rider on trade'
China cannot be a "free rider" when it comes to global trade, the EU's trade commissioner, Karel De Gucht, warns......

Actavis agrees Warner Chilcott deal
US drugs maker Actavis, itself the subject of bid speculation, agrees to buy Dublin-based rival Warner Chilcott for $8.5bn (5.6bn) including debt......

PM warns overseas territories on tax
David Cameron has called on British overseas territories to "get their house in order" and sign up to international treaties on tax......

Ryanair profits at record high
Discount airline Ryanair reports record full-year profits and rising revenues despite soaring fuel costs, but hits out at "bizarre" EU takeover decision......

FirstGroup stock hit by rights issue
Transport company FirstGroup has announced a 615m rights issue in a bid reduce its debt after its full year profit dropped by over a third......

Tax credits scam email warning
People who receive tax credits are being warned about scam emails being sent out by fraudsters in an attempt to gather card details and passwords......

Business leaders attack Eurosceptics
A number of prominent business leaders accuse those calling for Britain to leave the European Union of "putting politics before economics"......

JP Morgan boss in shareholder revolt
JP Morgan chairman and chief executive Jamie Dimon is facing a shareholder revolt as investors prepare to vote on whether he should be allowed to keep both jobs......

Airport increases European flights
New European scheduled flights to Amsterdam, Paris, Milan and Geneva are announced by Cambridge Airport......

Bank governor in Help to Buy warning
The outgoing Bank of England governor warns a government plan to boost the housing market with part-mortgage guarantees has no long-term place......

Graduate job opportunities 'rising'
More jobs will become available for graduates this year, research firm Income Data Services (IDS) has forecast, but pay is likely to be frozen......

VIDEO: 'Little more fairness' from US firms on tax
Financial expert Martin Lewis said it was "time we had a little more fairness" from American firms such as Amazon, Starbucks and Google over their tax affairs in the UK......

VIDEO: Buoyant markets lure day traders
The upswing in global stock markets continues with another strong start to the week that has seen shares climbing in Asia, and the return of day traders......

VIDEO: Wikipedia founder on Yahoo's Tumblr deal
The BBC talks to Wikipedia founder Jimmy Wales about Yahoo's acquisition of Tumblr, in a $1.1bn deal......

AUDIO: A decade of chip and pin
It is a decade since the first person in the UK used a chip and pin card to pay for goods......

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

VIDEO: Simpler energy tariffs but higher bills?
Energy customers can face choices including a "two-year capped price plan 2" or a "blue plus price promise February 2015" when choosing gas and electricity tariffs......

AUDIO: BCC: Support UK manufacturing
The British Chambers of Commerce say the number of small and medium sized business actively exporting has risen - but there needs to be better support for UK manufacturing......

VIDEO: The future Ethiopia only dreamed of
George Alagiah reports on how Ethiopia has overcome adversity and is now showing some of the fastest growth rates in the world......

Not your typical multimillionaire
The surprising life of a young multimillionaire.....

Tumblr takeover: Sex, jokes and gifs
Why Yahoo thinks blogging platform Tumblr is worth more than $1bn.....

Luxury labels' designs on South East Asia
Luxury labels target Singapore's best dressed.....

The cassette makes a comeback
Firm profits as the humble cassette tape makes a comeback.....

How to hack a nation's infrastructure
Looking through CCTV feeds that should not be public.....

China's global ambitions
How will China spend its massive cash reserves?.....

U.S. Day Ahead: JPM investors too chicken to split CEO role
May 20 - JPMorgan boss Jamie Dimon looks likely to survive a vote to split his role at the bank. But expect some major changes at JPM's board going forward......

Tumblr adds value to Yahoo, says analyst
May 20 - Buying Tumblr, Yahoo gets access to young audience and fast-growing business, but not much revenue, at least for now, says Ross Rubin of Reticle Research. Yahoo should focus on mobile, Rubin adds......

Techquity: Yahoo's Tumblr deal in more than a blog post
May 20 - What Yahoo is getting for its $1.1B purchase of Tumblr and how analysts and Tumblr users are reacting......

Trading at Noon: Mayer promises not to 'screw up' Tumblr
May 20 - Yahoo's Marissa Mayer is shelling out over $1B for Tumblr in her biggest deal yet. Being cool comes at a price!.....

Breakingviews: Yahoo's Tumblr takeover
May 20 - Antony Currie and Breakingviews columnists discuss how Marissa Mayer's biggest deal as CEO cements how she has gotten the company looking forward rather than backward......

Burglars beware - the hovering "home drone" will hunt you down
May 20 - Japanese security firm Secom has a warning for would-be robbers - keep your eye on the sky because a soon-to-be-launched security drone will track you down. The drone has been designed to fly to the scene of a break-in and wait until the per.....

Europe Day Ahead: Hola IMF! Spains third bank review
May 20 - The IMF rolls into Madrid to cast its eye over Spain's banking sector. Again. We've got inflation figures from the UK and Germany, while the earnings spotlight focuses on Burberry, M&S and Vodafone......

Greece's 'Plan B'
May 20 - Investors may not be worrying quite so much about Greece at the moment but a new political party could change that. The Plan B party supports leaving the euro and returning to the drachma. Hayley Platt asks whether it's likely to do any harm.....

Daily Digit: Ryanair's high flying results
May 20 - Ryanair posts forecast-beating full-year earnings, buoyed by strong growth in fares and a sharp rise in charges for extra items. Ciara Sutton reports......

U.S. Morning Call: Yahoo looking to Tumblr for revival
May 20 - Yahoo's board approved an acquisition of blogging and social networking site Tumblr for over $1 billion in cash in hopes to draw a younger audience to the struggling search engine......

Market Pulse: Japan govt minister talking dollar/yen...down?
May 20 - Something you don't hear too often - a Japanese govt minister talking dlr/yen down. But did Amari-san's comments work? Plus silver slammed again, and on this day in history: forever in blue jeans......

Japan's shoppers get the 'yen' to spend again
May 20 - A fresh survey spells out a revival in Japan's service sector, led by retail and property as shoppers re-open their wallets. But with the yen's downward run nearing an end, will the good times last?.....

Fergie's leadership lessons
May 20 - Alex Ferguson's success at Manchester United recently made him the subject of a case study at Harvard Business School. But does his leadership style work in the real world? Ivor Bennett reports.....

Reuters Breakingviews: FirstGroup hits debt brick wall
May 20 - The rail and bus operator is raising 615 million to stave off a ratings downgrade. Debt may be cheap, but too much of it is holding FirstGroup back, says Breakingviews......

Trader turned baker: Tom Molnars life after the city
May 20 - Tom Molnar, co-founder of Gails bakery, shares how his working life has changed after he left the City......

Search for victims continues at Freeport copper mine
May 20 - Search efforts continue at Freeport copper mine in Indonesia. Julie Noce reports......

Reuters Today: Japan Has Little Interest in Stopping Yen Fall
May 20 - The yen edges up against the dollar on comments from Japans economics minister, but RBCs Adam Cole says policymakers would show little concern if the dollar rose to 105 or even 110 against the yen......

Jon Stewart -- the new Voice of America in China?
May 20 - They don't get much of it at home, so young Chinese thirsty for politically-charged satire are turning to American comedian Jon Stewart for their fix......

Penitent Romanian hacker aims to protect world's ATMs
May 20 - A Romanian hacker serving a prison term for manipulating automated teller machines (ATMs) says he has invented a device that can make the world's cash dispensers impregnable even to tech-savvy criminals. Jim Drury has more......

Technologists say apps can aid in Asia
May 19 - Tech innovators and app designers attending the recent "Apps For Asia - Redesigning Development" programme in Uttar Pradesh, say technology holds the answer to many of Asia's poverty-related problems. The programme was created by the Asian D.....

US relations with Chinese knocked in cyber-spying row
Tensions between the US and China deepened on Monday as Washington officials and cyber security experts accused Chinese hackers of continuing their attacks on corporate America.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/3272.....

Tumblr deal will allow Yahoo to compete in mobile apps
Scott Kessler, an analyst at S&P Capital IQ, says Yahoo's acquisition of online blogging forum Tumblr for $1.1 billion is an attempt to rejuvenate the internet giant that has lost ground in recent years.<img width='1' height='1' src='http://te.....

UK exit from EU would be 'loss/loss scenario', warns Goldman Sachs
There would be no winners and only economic losers if the UK quit the European Union, Goldman Sachs has warned in a note.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2c2c0e2a/mf.gif' border='0'/><div cla.....

Oil price manipulation probe turns to trading houses
European authorities investigating alleged oil price manipulation have asked trading houses to provide them with information.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2c2c0e2b/mf.gif' border='0'/><div.....

ENRC shares fall after rejecting bid
Shares in beleaguered miner ENRC fell almost 3pc on Monday after independent directors formally dismissed a lower than expected sighting shot.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2c2c0e2c/mf.gif' borde.....

Britain is already in trouble without the IMF making it worse
What goes around, comes around. Hard though it is to believe, one of the architects of Britain's economic catastrophe, Ed Balls, will soon be able to claim official validation for the looser fiscal strategy he has been advocating since losing power t.....

Italy's industrial output falls back to 1970s
Italy's president Giorgio Napolitano has called for immediate measures to combat a "dramatic crisis" after the country's industrial output fell back to levels reached in 1979.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/.....

SMEs are too reliant on short-term debt from just five banks
New sources of finance are better for credit impasse than flogging ailing horse of bank lending.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2c2b6ac1/mf.gif' border='0'/><div class='mf-viral'><tabl.....

Troubled FirstGroup announces rights issue as chairman Martin Gilbert steps down
Almost 330m was wiped off the value of FirstGroup as shareholders vented their fury at a deeply discounted 615m rights issue, launched to avoid a damaging downgrade in the company's credit rating to "junk" status.<img width='1' height='1' src='htt.....

Newsquest chief Paul Davidson to retire this year
Newsquest, the regional newspaper publisher, has appointed headhunters to replace chairman and chief executive Paul Davidson, who is expected to retire later this year.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/56830.....

Japanese growth could be 'sugar high', warns former World Bank president Robert Zoellick
Japan's 0.9pc growth in the first quarter could just be a "sugar high" following the government's massive stimulus measures, former World Bank president Robert Zoellick has said.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/327.....

Lamprell slips on broker downgrades
The oil rig maker was hit by a double-whammy of analyst downgrades.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2c2b6898/mf.gif' border='0'/><div class='mf-viral'><table border='0'><tr><.....

FirstGroup 'has been haunted by a deal agreed in 2007'
Now we know why FirstGroup chief executive Tim O'Toole was ready to pay such an "insane" amount of money to run the West Coast rail franchise.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2c2a7aa9/mf.gif' borde.....

Russia wants Bill Browder on Interpol list
The Russian authorities have escalated their attack on Bill Browder, the British hedge fund boss spearheading an anti-corruption campaign against the Kremlin, by asking Interpol to place him under surveillance.<img width='1' height='1' src='http:/.....

Yahoo! promises Tumblr bloggers 'light' advertising
Marissa Mayer aims to avoid a repeat Yahoo!'s previous mistakes by letting $1.1bn buy Tumblr keep its identity, but bloggers wil have to get used to more advertising, writes Christopher Williams.<img width='1' height='1' src='http://telegraph.feed.....

Political attacks on tax avoidance could damage Britain, CBI's Roger Carr warns
One of Britain's leading businessmen warned David Cameron to stop "moralising" over the tax affairs of large companies and get on with changing the rules.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2c2a75ac/m.....

Warburtons buys garlic bread maker
Warburtons has bought Giles Foods Limited, a manufacturer of garlic bread, dough balls, Danish pastries and other international breads.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2c2a75ad/mf.gif' border='0'/&.....

EU arms second front in China trade war with Huawei probe
The European Commission is poised to launch an anti-dumping probe against Chinese mobile companies Huawei and ZTE, opening a second front in its escalating trade clash with China.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32.....

Southern US has a taste for Ilkley beer
A tasting session in the US has led to a small Yorkshire-based mini-brewer exporting its first shipment to southern states this week.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2c2a75b0/mf.gif' border='0'/>.....

FTSE 100 closes at highest level since September 2000
The FTSE 100 has surged to its highest level in more than 12 years as investor demand for blue-chip companies pushed the index to heights last seen during the dotcom bubble.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/.....

Banks lead FTSE 100 to highest close since late 2000
The UK's leading index rose on Monday to its best closing level since late 2000, helped by rising bank stocks, and analysts said there was little holding it back from its all-time highs.<img width='1' height='1' src='http://telegraph.feedsportal.c.....

Business news and markets: as it happened - May 20, 2013
Silver and gold extended their declines on Monday as Britain's FTSE 100 flirted with a thirteen-year high.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2c2a70f5/mf.gif' border='0'/><div class='mf-viral'&g.....

Business news and markets: Business news and markets: as it happened - May 20, 2013
Silver and gold extended their declines on Monday as Britain's FTSE 100 flirted with a thirteen-year high.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2c2a6f0e/mf.gif' border='0'/><div class='mf-viral'&g.....

New charges on your favourite fund? Here are some alternatives
Some of the best performing funds are imposing new charges to discourage new investors. Which funds should you turn to?<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2c292d6d/mf.gif' border='0'/><div class.....

Business news and markets: live
Silver and gold extended their declines on Monday as Britain's FTSE 100 flirted with a thirteen-year high.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2c23b1ba/mf.gif' border='0'/><div class='mf-viral'&g.....