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Tuesday 28 May 2013

UK Financial News on 2013-05-28

Commission weighs slashing FTT for repo trades
Industry welcomes first sign European lawmakers may soften stance on controversial transaction tax.....

Charterhouse mulls fund extension
UK buyout firm has primed investors to expect a 12-month extension request for its current €4bn fund.....

High-yield heads for a record year
Issuance in European currencies this year has already surpassed the amount raised over the whole of 2012.....

Profits surge at buyout giants capital markets arm
KKR Capital Markets Limited posted a six-fold increase in pre-tax profit in 2012.....

Theyre ba-ack! Private equity firms attempt to crack one of Europes toughest markets
Almost exactly eight years on from being branded 'locusts', a host of German private equity firms are raising funds to invest in the country's Mittelstand market.....

Funding head joins Co-op from RBS
Senior exec responsible for funding the balance sheet of RBS will join the Manchester-based lender on June 3.....

Warburg Pincus in talks with Mergermarket founder
Private equity firm is in talks with Caspar Hobbs about working together to source deals.....

Towers Watson stages a fund-of-funds rethink
The investment consultant, a critic of the fund of hedge funds industry, is planning to enter the sector.....

US banks pick off RBS talent
Morgan Stanley, Bank of America Merrill Lynch, Citi and Jefferies have all hired from RBS in the past few months.....

UBS in Triton fund rescue talks
The Swiss bank's asset management arm is fighting to save its £680m Triton Property Fund from liquidation.....

Global stock markets rally resumes
Global markets rallied on Tuesday, bolstered by reports that central bank stimulus measures may continue and the release of strong US economic data......

UK and Germany 'oppose China duties'
The UK and Germany are among at least 14 EU members against proposals to impose punitive tariffs on Chinese solar panel imports, according to diplomats......

'One in five shops to close' by 2018
The Centre for Retail Research is warning that UK High Streets could see 20% of their shops close down within five years......

Agreements reached on spending plans
Chancellor George Osborne says seven departments, including justice, energy and local government, have agreed savings of up to 10% for 2015......

Payday lenders 'out of control'
The payday loan industry is "out of control", a charity says, following claims of irresponsible lending and harassment......

US house prices 'see strong rise'
US house prices see their biggest annual rise in nearly seven years while consumer confidence hits a five-year high, boosting US stock markets......

Raids take digital cash firm offline
Digital money transfer service Liberty Reserve goes offline as Costa Rica announces the arrest of its founder and raids on his properties......

Net firm accused of laundering $6bn
More than $6bn in criminal cash was laundered by the Liberty Reserve digital cash service, US prosecutors allege......

Eye tracker to catch sleepy truckers
Trucking giant Caterpillar backs eye and face-tracking technology to reduce risk of accidents caused by driver fatigue......

Regulator investigates BT service
Premium line regulator Phone Pay Plus is looking into BT's 118 500 service to check it complies with its code of conduct......

South Africa in growth slowdown
South Africa's economic growth slowed sharply in the first three months of the year to 0.9%, official figures show......

Ex-HMRC head joins tax firm Deloitte
Dave Hartnett, the former head of HMRC who was criticised for allowing "sweetheart deals" with big firms, has become a consultant to tax advisers Deloitte......

Labels are failing new artists
The head of the government funded Arts Council has accused record labels of failing pop stars because of a lack of long term investment in new artists' careers......

French consumer confidence falls
French consumer confidence fell sharply in May, to its lowest level in nearly five years, a survey has indicated......

AG Barr sales fizz in flat market
The fizzy drink maker AG Barr reports an increase in sales in the first four months of the year outperforming the market......

Co-operative Bank appoints new boss
Troubled lender Co-operative Bank appoints former HSBC banker Niall Booker as its new chief executive......

Mercedes QR codes aim to save lives
Mercedes-Benz is to paste QR codes onto its vehicles to help rescue workers access schematic diagrams and save car crash victims......

Australia ranked 'happiest' nation
Australia is ranked as the world's happiest nation among developed economies, according to the Organisation for Economic Co-operation and Development......

Venezuela Church wine 'running out'
The Catholic Church in Venezuela says it is running out of wine to celebrate Mass, because of renewed shortages of basic products......

New laws to protect park home owners
Residents of mobile home parks in England are given new rights to protect them from rogue site operators who make their lives a misery......

New bid approach for Coventry City
Coventry City are approached by an Asian consortium looking to take total control of the League One club......

Australia to ban live betting odds
Australia unveils plans to ban television and radio stations from broadcasting betting odds during live sports matches in a bid to curb problem gambling......

VIDEO: Payday lenders 'hounding customers'
Some payday loan companies are lending irresponsibly and hounding customers for money, according to the charity Citizens Advice......

VIDEO: Singapore recalls 'bubble tea' balls
Singapore recalls Taiwan-made tapioca balls used in the popular Asian 'bubble tea' drink.....

VIDEO: Concerns over US 'housing bubble'
There are concerns over a potential housing 'bubble' in the US as prices continue to rise at a rapid rate......

VIDEO: Why burn US trees in UK power stations?
The BBC's environment analyst, Roger Harrabin, explains why millions of American trees are being shipped to the UK for burning in power stations......

VIDEO: 'One in five shops to close' by 2018
The Centre for Retail Research is warning that High Streets could see 20% of their shops close down within five years as more people turn to the internet for their shopping......

AUDIO: Co-op customers 'would do well to stay'
Troubled lender Co-operative Bank has appointed a former HSBC banker as its new chief executive......

VIDEO: Indian PM seeks Japan investments
Indian Prime Minister Manmohan Singh is expected to seek fresh infrastructure investments during his trip to Japan.....

AUDIO: China solar tariffs 'real problem'
The UK and Germany are among at least 14 European Union members opposed to punitive tariffs on Chinese solar panel imports, according to diplomats......

Asia's new frontier
But will ordinary Burmese benefit from their country's investment boom?.....

Time to stop giving away your data?
Sell your data to save the economy and your future.....

Who owns the Maasai 'brand'?
Why the Maasai might trademark their 'brand'.....

Indie label Cherry Red rocks on at 35
The tireless detective work behind rock album reissues.....

U.S. Day Ahead: Michael Kors expected to post strong quarter
May 28 - High-end retailer Michael Kors is set to report earnings that beat analysts estimates for the fourth quarter......

Fundamentals support higher home prices - S&P's Lazzara
May 28 - There is no evidence of a bubble in housing prices, says Craig Lazzara, senior director at S&P Dow Jones Indices. Bobbi Rebell reports......

Techquity: More PC pain, iWatching Apple
May 27 - Latest data shows more weakness in PC sales while Apple's latest iPhone has some thinking about a new watch......

Daily Digit: Tiffany's $895 mln bling
May 28 - Tiffany first quarter sales rise more than expected, to $895.4 million, on strong demand in Asia. Conway G. Gittens reports......

Smart helmet monitors cyclists' workout
May 28 - A tiny sensor embedded inside a bicycle helmet is being promoted as a better alternative for cyclists who want to keep an eye on their heart-rate during work-outs. According to its designers, the sensor is superior technology to conventional.....

Trading at Noon: Rally driven by auto & financial stocks
May 28 - U.S. stocks are up today after strong economic data, and Bank of Japan and ECB reaffirm stimulus programs......

Breakingviews: Valeant lives up to its name
May 28 - Breakingviews columnists discuss why the Canadian pharmaceuticals companys $8.7 bln deal for Bausch & Lomb is a reminder to other CEOs that being bold in M&A can sometimes pay......

Solar row clouds China-EU trade relations
May 28 - Why would Germany and other EU countries reject punitive tariffs on Chinese solar panel makers? That's the question being asked after a survey shows a majority of EU governments oppose a plan to impose hefty duties on solar panel imports fro.....

IMF's Zhu urges Fed for guidance on QE withdrawal
May 28 - The Fed has clarified its threshold for a potential QE exit but it must be transparent about the composition of the instruments it withdraws, says the IMFs Min Zhu......

Chiles Larrain sees no Fed QE exit this year
May 28 - Chilean Finance Minister Felipe Larrain says markets have started pricing in some unwinding, but sees it as unlikely of that happening in the next six months......

Hollande in a fix over damaged economy
May.28 - French consumer confidence hits an all time low and S&P warns France it may face another credit rating downgrade. As the Bank of France releases its latest economic outlook Ciara Sutton asks how serious the economic crisis is for the euro zo.....

Bankia's new beginning stumbles
May.28 - Shares in state-owned Spanish lender Bankia tumbled after billions of new shares flooded the market as part of a multi-billion euro cash injection. As Sonia Legg reports there's little hope of a quick recovery......

Europe Day Ahead: Markets want Goldilocks review from OECD
May 28 - When it comes to the OECD's economic review, markets are looking for a not too hot, not too cold outcome. Plus, the European Commissions spotlight shifts from austerity to structural reform......

Wealth Strategies: The 5 "Must-Own" Tech Names
May 28 - Firsthand Capital's Kevin Landis says there are five companies every tech investor has to own, and likes names like Samsung, Google and even Apple, despite its recent stock slide......

U.S. Morning Call: Tiffany results shine bright on 'Gatsby'
May 28 - Tiffany's first quarter results got a lift from Valentine's Day, promotions around the jeweler's 175th anniversary and its special 'Great Gatsby' collection......

ECB's Nowotny: Don't overestimate impact of rates
May 28 - ECB policymaker Ewald Nowotny says the economy will pick-up in the second half but the market shouldn't overestimate the role of interest rates......

Market Pulse: Forget the economy...it's the banks, stupid!
May 28 - European stocks rise again and not for the first time, financials lead the way. But banks may be approaching a critical juncture. Plus a look at the Hungarian forint, AstraZeneca and a Dow crash......

A fishy index sheds light on Japan's economic future
May 28 - What Japan doesn't know about seafood may not be worth knowing and now the humble tuna is serving as its economic crystal ball. Yonggi Kang explains an unconventional new indicator......

China's new weekend to-do list: sleep in, eat out...protest
May 28 - No longer content with growth at any cost, China's 'weekend warriors' are taking to the streets to protest projects in their backyards, raising new risks for industry and the political class......

Breakingviews: Credit bubble inflates again
May 28 - Rumours of a credit bubble are only partially exaggerated. Yet, most investors aren't panicked. Breakingviews asks who is right?.....

Workers 'forced to buy' unsold homes
May 28 - South Korean construction workers say employers are forcing them to to buy unsold apartments to keep firms in business. Paul Chapman reports......

Reuters Today: Les Miserables? French shoppers get the blues
May 28 - Markets back to normal after US and UK holidays, with Japanese volatility still the driver. French consumer confidence a record low. And Crystal Palace win the most lucrative game in world football......

OECD: Norway's Johnsen on banking reform
May 28 - Norwegian Finance Minister Johnsen talks about why his country wants to be ahead of the curve on banking reform and what others can learn from Oslo's experience......

IMF's Zhu: Banks are not out of the woods yet
May 28 - Ultra-loose monetary policy has created a new set of risks for the financial sector, says IMF Deputy Managing Director Min Zhu......

Europe Day Ahead: Franco-German 'New Deal' on jobs
May 27 - French and German finance and labour ministers meet to discuss plans to tackle soaring youth unemployment, while Austria's Raiffeisen could name an interim CEO when it posts Q1 numbers......

Liberty Reserve shut down in $6bn money laundering case
Federal prosecutors have shut down a digital currency operator at the heart of one of the biggest money laundering scheme ever uncovered, accused of fuelling child pornography, drug trafficking and credit card fraud around the world.<img width='1'.....

Asda owner Walmart fined for dumping hazardous chemicals in city bins
Wal-Mart, the owner of Asda, has been fined $110m (73m) after pleading guilty to criminal charges of mishandling hazardous waste and pesticides at its retail stores.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s.....

A Tobin tax is unworkable - and Europe's politicians know it
Unfortunately, the only value the Financial Transaction Tax really has is political.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2c876768/mf.gif' border='0'/><div class='mf-viral'><table border='0'.....

Europe's 'new deal' for jobless dismissed as rhetoric
Latest jobs push involves 6bn of funding for small business over seven years through the European Investment Bank, but this is a tiny sum and such forms of credit have run into technical problems before.<img width='1' height='1' src='http://telegr.....

Investors turn to cyclicals
The joy and optimism of a long weekend spilled over into Tuesday's trading.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2c868b01/mf.gif' border='0'/><div class='mf-viral'><table border='0'><t.....

Partnership Assurance to float 'at up to 1.6bn'
Life insurer Partnership Assurance plans to float in London at between 325p and 400p a share, valuing the company at up to 1.6bn.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2c8671e5/mf.gif' border='0'/><.....

Companies cut bonuses in response to 'Shareholder Spring'
The wave of investor activism last year dubbed the "Shareholder Spring" has been heeded by Britain's biggest companies, leading them to freeze boardroom pay and cut bonuses.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/.....

Lloyds to sell mortgage bonds as US house prices recover
The US mortgage bonds that triggered the 2008 financial crisis brought international banks to their knees and were widely regarded as toxic. However, they have regained value to such an extent that Lloyds Banking Group has dusted them off to help sho.....

Lloyds 'to sell $8.7bn US mortgage bonds to shore up balance sheet'
The US mortgage bonds that triggered the 2008 financial crisis brought international banks to their knees and were widely regarded as toxic. Lloyds Banking Group has dusted them off to help shore up its balance sheet.<img width='1' height='1' src=.....

Thales lands 600m deal to maintain Royal Navy's warships
The Royal Navy will have its electronic "eyes and ears" serviced and repaired by Thales after the French engineering group signed a 600m deal for the in-service support of British warships' major sensor systems.<img width='1' height='1' src='http:.....

Business news and markets: as it happened - Tuesday, May 28
Wall Street joins rebound in global stock markets, buoyed by soaring consumer confidence, hopes of more stimulus and a 10.9pc jump in US home prices in March compared with a year ago - the most since April 2006.<img width='1' height='1' src='http:.....

Business news and markets: live
Wall Street joins rebound in global stock markets, buoyed by soaring consumer confidence, hopes of more stimulus and a 10.9pc jump in US home prices in March compared with a year ago - the most since April 2006.<img width='1' height='1' src='http:.....

The local cricket clubs bowled over by HMRC tax bills
Club left on the brink after HMRC cracks down on finances in minor leagues.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2c853475/mf.gif' border='0'/><div class='mf-viral'><table border='0'><t.....

More people renting houses rather than owning them would be better for our economy
In April, mortgage lending fell for the fourth month in a row. It seems that the British are so determined to get on top of their personal debt that repayments have exceeded borrowing for eight of the past 12 months.<img width='1' height='1' src='.....

Home insurance falls by 13pc in three years
The cost of home insurance premiums in the UK has fallen - with Kingston, Halifax and Harrogate benefiting from the biggest reductions.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2c83ccf8/mf.gif' border='0'/&.....

Great Gatsby jewellery helps boost sales at Tiffany
Jewellery created for the movie helps Tiffany report better-than-expected first quarter sales.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2c83ccfa/mf.gif' border='0'/><div class='mf-viral'><table .....

Charlie Mullins: How I made my first million
Self-made millionaire and Pimlico Plumbers founder Charlie Mullins shares how he made his first million.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2c83ccfb/mf.gif' border='0'/><div class='mf-viral'>.....

AstraZeneca buys Omthera in $443m 'fish oil' deal
AstraZeneca, the British pharmaceuticals giant, will pay up to $443m (293m) to buy a specialist US drugs company that produces a treatment to tackle fat levels in the blood.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/.....

Local banks for local people
The way to get the economy restarted isn't a taxpayer-funded lender - it's German-style local banks, says David Green<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2c84f493/mf.gif' border='0'/><div class='.....

Local banks for local people
The way to get the economy restarted isn't a taxpayer-funded lender - it's German-style local banks, says David Green<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2c82adda/mf.gif' border='0'/><div class='.....

US house prices jump the most in six years
US home prices jumped 10.9pc in March compared with a year ago, the most since April 2006.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2c82addb/mf.gif' border='0'/><div class='mf-viral'><table bord.....

France's central bank head warns FTT could 'destroy' jobs
France's central bank boss has warned that a planned financial transactions tax could "destroy" parts of the country's banking industry, cost jobs, and damage the public finances.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32.....

Sales fizz up at Irn-Bru maker AG Barr
AG Barr, the colourful soft drinks company behind Irn-Bru, has shrugged off the drab spring weather to grow revenue 2.4pc since the end of January, as it waits for competition authorities to rule on a potential tie-up with Britvic.<img width='1' h.....

Hao2: the British startup built by an autistic workforce
Last week, a report on German software firm SAP's recruitment drive for autistic programmers hailed the company's innovative step to attracting new talent. But for one British startup, realising the power of an autistic workforce is nothing new.<i.....

Crown Estate agrees 320m venture to revamp St James's
The Crown Estate, which manages the Queen's property portfolio, has created a 320m joint venture with Oxford Properties, the Canadian real estate company, to redevelop London's upmarket St James's Market district.<img width='1' height='1' src='htt.....