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Monday 3 June 2013

UK Financial News on 2013-06-03

Saunders beefs up Investecs regulatory push
The former chief executive of the IMA takes on a non-executive role at the fund manager.....

BIS unveils weekend rescue plan for mega bank failures
The recapitalisation plans are aimed at influencing forthcoming rules on living wills.....

Debt market revenues dominate like it's 1998
The European DCM business now makes up a bigger share of investment banking revenues than at any time since the year France hosted and won the World Cup.....

Bonds overpriced say strategy chiefs as equities beckon
Investment heads prepare for a ‘catastrophic bear market' for bonds but a great rotation is years away.....

Aquis Exchange to charge up to 10,000 a month for subscription
Fledgling European equities trading venue will offer a two-tier tariff system in its first six months.....

Derivatives players prepare for Libor shake-up
A raft of agreements this week aim to head off disputes that might arise from imminent Libor changes.....

RenCap's Bunce defects to Sberbank
Global head of electronic trading switches firm as Sberbank bids to build an international business.....

Otkritie names new CEO
Russian investment bank best known for direct market access to the Moscow Stock Exchange picks chief executive.....

Trade bodies join forces to fight the European FTT
Exchanges and trade bodies unite against controversial levy in an unprecedented move.....

Chesapeake just the tonic for Platinum
US billionaire-backed firm enters the fray for Anglo-American packaging company.....

Isda set to offer new CDS insurance policy
The $6 trillion credit default swaps market is to upgrade its cover for banks for the first time in a decade.....

Sacha Sadan leads L&Gs governance charge
One of the UK's most powerful investors talks to FN about boardroom pay, responsible capitalism and why long term is the best investment period.....

Bank lending continues to shrink
UK bank lending continues to fall, Bank of England figures show, despite government attempts to reverse the trend......

Balls: I'd restrict winter fuel cash
Ed Balls says a future Labour government would have "iron discipline" on spending - with winter fuel payments, free schools and police commissioners all facing curbs......

Primark in Asos online sales trial
Primark begins selling clothes online through fashion retailer Asos in a bid to gain "insight" into online retailing......

UK manufacturing sees growth pick up
The UK manufacturing sector grew at its fastest pace in more than a year last month, according to a survey, with production and new orders picking up......

Severn Trent rejects second offer
Water supplier Severn Trent has rejected a second takeover offer, worth about 5bn, from international investors LongRiver......

Turkish stock market hit by protests
Turkey's main share index closes 10.5% down following the escalation of anti-government protests over the weekend......

Cambodia police clash with workers
Police in Cambodia clash with thousands of workers outside a factory making clothes for the US sportswear company, Nike......

Africa 'centre of world growth'
Africa will be an engine for world growth in the coming decades and Japan has to invest more on the continent, Japan's prime minister says......

US manufacturing recovery 'at risk'
US manufacturing struggled to grow in May, two surveys show, underlining worries over the pace of economic recovery......

Airlines 'set to defy' weak economy
Global airlines are expected to post a higher-than-expected $12.7bn (8.3bn) in profits this year, the airline industry body IATA says......

IMF halves German growth forecast
The International Monetary Fund halves its annual growth forecast for Germany to 0.3% this year, citing uncertainty over the eurozone crisis......

UK firm upgrades shale gas estimate
One of the energy firms hoping to exploit the UK's resources of shale gas says it may be sitting on significantly more gas than previously thought......

Japan's Nikkei falls to six-week low
Japanese shares continue their recent decline, hurt by weak manufacturing data from China and fears over the US scaling back key stimulus measures......

SA unionist 'killed at Lonmin mine'
A unionist is shot dead and another is wounded at a Lonmin-owned platinum mine in South Africa, police say, amid on-going tension between rival trade unions......

Apple fights US charges over e-books
Technology giant Apple is to begin its defence against charges by the US government that it colluded to set the prices of e-books......

Draghi defends ECB bond buying plan
Mario Draghi, the head of the European Central Bank (ECB), defends its bond-buying programme ahead of a court hearing against it......

Pensions saving 'at all-time low'
The number of people in the UK saving for retirement is at an all-time low, according to a report by pensions and investments company Scottish Widows......

Infosys shares jump on Murthy return
Shares of Infosys, India's second-largest software firm, rise after the company asks its co-founder Narayana Murthy to return as chairman......

Eurozone's manufacturing slump eases
The pace of decline in the eurozone's manufacturing sector eased last month, according to a closely-watched survey.....

VIDEO: Is age an advantage for entrepreneurs?
Governments around the world are trying to encourage start-up activity to spur sluggish growth, but should they be more focused on older entrepreneurs?.....

VIDEO: Apple trial 'not just about books'
Technology giant Apple has begun its defence against charges by the US government that it tried to fix the prices of e-books......

AUDIO: Today business round-up
The Today programme's business news with Simon Jack......

VIDEO: The changing face of Kinshasa, DRC
The Democratic Republic of Congo is often associated with relentless bad news, but economic reforms in the capital, Kinshasa, are starting to bear fruit......

VIDEO: 'Mortgages are getting cheaper'
Banks in the UK have continued to reduce the amount they lend out, but is this having an impact on first-time buyers looking to secure a mortgage?.....

VIDEO: 'We feel our hands are tied'
Banks in the UK have continued to reduce the amount they lend, but what impact is this having on small business in the UK?.....

VIDEO: Internet censorship around the world
BBC correspondents in China, India and the US give their views on internet censorship......

AUDIO: Fracking 'will create thousands of jobs'
One of the energy firms hoping to exploit the UK's resources of shale gas says it may be sitting on significantly more gas than previously thought......

Burma: Asia's last frontier opens up
How the opening up of Burma is bringing in investors.....

China labour costs spook investors
'Scary' rise in Chinese labour costs spooks foreign firms.....

The student who built a fashion franchise
The business student who built a fashion chain - during her course.....

U.S. Day Ahead: Get ready for Tesla to do the electric slide
Breakingviews' Antony Currie......

Techquity: Pandora for a song as Apple circles, Intel jumps
June 3 - Apple's reported entry into the internet radio business sinks Pandora while Intel jumps on a mobile deal......

Airline industry profit set to soar
June 3 - Global airlines should post an industry profit of $12.7 billion this year, and increase from a previous $10.6 billion forecast. Edward Baran reports......

Daily Digit: Disney hikes day price to $95
June 3 - Price for a day of fun at Magic Kingdom goes up to $95 as admission costs go up across the board, according to a Disney blog. Conway G. Gittens reports......

Protests force Turkish markets down
June 3 - Turkish markets tumble on the first day of trading since protests in the country began, but analysts still see the country as a solid long-term investment. Joel Flynn reports......

Daily Digit: South Africa mine sackings
June 3 - Glencore Xstrata sacks 1,000 workers across three of its chrome mines for staging an illegal strike and a worker is shot dead at a Lonmin mine. Sonia Legg reports on the escalating unrest in South Africa......

Trading at Noon: Intel comeback is very possible
Breakingviews' Rob Cyran......

Breakingviews: Tesla's supercharged ambitions
June 3 - Hitting a market value of $43 bln by 2022 is one of CEO Elon Musk's key targets. Antony Currie and Richard Beales explain what he needs to do to get there......

Wealth Strategies: Krawcheck "really worried" for investors
Jun 3 - Sallie Krawcheck, former head of Merrill Lynch's global wealth management unit, says the rise in interest rates is a risk to individual investors looking for risk-free returns......

Europe Day Ahead: will markets sizzle or fizzle over Turkey?
June 3 - Tuesdays key events: Turkey anti-government protests, euro zone PPIs, UK Construction PMIs and British shale gets a boost......

Israeli team harnesses sun to purify water
June 3 - An Israeli company has produced a technology that utilises the sun to distil water for drinking and agriculture. The system, which the company says is inexpensive and simple to use, has been designed for use in the developing world. Suzannah.....

Let the rich feel the chill - Labour
......

You just keep me hangin' on - Ed Balls
June 3 - UK Shadow Chancellor Ed Balls promises iron discipline if Labour wins power, but says it would be irresponsible to outline the details now......

Chef shortage heats up UK curry crisis
June 3 - A shortage of skilled Indian and Bangladeshi chefs, caused by changes to the UK government's immigration policy, is causing a mild curry crisis for Britain's Indian restaurants. Hayley Platt finds out what one London-based restaurant is doin.....

Market Pulse:Turkey roasted but overdone, still looks tasty
June 3 - Turkish markets fall sharply as anti-government protests sweep the country. But hold your nerve, says Commerzbank's Simon Quijano-Evans. Emerging markets - especially Turkey - remain attractive......

Breakingviews: Negative rates, positive action?
June 3 - Negative interest rates - the latest unconventional policy tool some are urging the ECB to use to fix the euro zone crisis. Should it? Yes, but only as a last resort, says Breakingviews......

What lurks under China's conflicted manufacturing messages
June 3 - With official and private factory data telling different stories about Chinas economic momentum, the sub-indexes may provide a clearer - and bleaker - assessment of where the economy is headed......

Nikkei swoons again as investors doubt promise of Abenomics
June 3 - Japan's benchmark Nikkei has posted another hefty loss, sowing worries it may break below the key 13,000 mark. Can new growth strategies from Prime Minister Shinzo Abe turn sentiment around?.....

Reuters Today: China factory data adds to growth fears
June 3 - Weak China factory data rattles markets, plus violence reignites on Turkey's streets......

Witness: Indonesia's Mr. Fix-it breaks political mold
His humble background and clean image have put Jakarta governor Joko Widodo firmly on the path to Indonesia's presidency. Kanupriya Kapoor explains the appeal of this rising political star......

Could factory data mean negative ECB rate?
June 3 - The downturn in euro zone manufacturing eased markedly last month. But as Joel Flynn reports, further action from the ECB could make or break the bloc......

U.S. Morning Call: Apple closer to streaming music service
Jun 3 - While Apple prepares for its day in court over allegations that is conspired with publishers to raise e-books prices, the company secures a licensing deal with Warner Music Group......

Look to ultra-high net worth for growth?
June 3 - As clients drive a harder bargain over fees, Rolf Boegli, the head of premium clients in Switzerland & global external asset managers at Credit Suisse, outlines where the best growth opportunities lie.....

Telepathy One sets sights on Google Glass
June 2 - A Japanese startup company is taking on tech titan Google, with a wearable computer it plans to have in stores by the end of 2013. Called Telepathy One, the device looks much like Google Glass but differs in at least one important way - it's.....

It's time to get fracking but the pioneers need to tread carefully
Cuadrilla's fracking caused earth tremors, leading to a moratorium that delayed exploration for a year.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2cca9853/mf.gif' border='0'/><div class='mf-viral'>&.....

FarmVille creator Zynga to cut a fifth of its workforce
Zynga plans to slash 520 jobs, or nearly one-fifth of its workforce, the online game maker has announced.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2cca45f0/mf.gif' border='0'/><div class='mf-viral'>.....

Apple fights to dismiss evidence in ebook price fixing row
Apple is battling to limit the torrent of emails which could be used as evidence in its price fixing trial, as dozens of damning messages painted a picture of a coordinated attempt to force the prices of ebooks upwards.<img width='1' height='1' sr.....

Shale gas resources ten times bigger than we thought, says IGas
Britain's hopes of a shale gas boom boosted as IGas dramatically increased its estimates of volumes in north-west England.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2cca45ee/mf.gif' border='0'/><div cl.....

Zynga to cut 520 jobs: the CEO's letter to staff
Zynga plans to slash 520 jobs, or nearly one-fifth of its workforce, the San Francisco-based online game maker has announced. Here is CEO Mark Pincus's letter to employees.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/5.....

You thought central bank money printing was at an end? Don't bet on it
Over the past month, there has been something of a sell-off in sovereign bond markets, leading some to speculate that the era of record low interest rates is drawing to a close.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/3272.....

Agnellis to safeguard Fiat stake
Italy's wealthy Agnelli family has raised 1.5bn (1.3bn) from the sale of a stake in a Swiss product inspection company, in a move analysts have linked with the dynasty's desire to preserve its shareholding in car maker Fiat.<img width='1' height='.....

Bidders for scandal-torn ENRC get another 21 days
The trio of Kazakh oligarchs bidding to take Eurasian National Resources Corp private have been given a three-week extension to make an offer for the scandal-torn miner just as it faces fresh fraud allegations.<img width='1' height='1' src='http:/.....

Go-Ahead dips on spending worries
Analysts highlighted uncertainty ahead of the forthcoming Spending Review.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2cc9937f/mf.gif' border='0'/><div class='mf-viral'><table border='0'><tr.....

Global shock as manufacturing contracts in US and China
Manufacturing has begun to contract in the US and China for the first time since the Lehman crisis, raising fears of a synchronized downturn in the world's two largest economies.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/327.....

Magic ingredient for tech firms? An accountant
Business angels and other sources of private equity funding provide technology-based businesses with a better chance of success than bank borrowing, a wide-ranging study has shown.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/3.....

Holiday retailer Iglu buys Planet Cruise
Iglu.com, which was founded by former City worker Richard Downs in 1998, has acquired Planet Cruise to create a company with combined sales of 135m.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2cc990d7/mf.gif'.....

Funding for Lending 'is positive for mortgages'
The Government's Funding for Lending scheme has boosted the mortgage market despite participating banks cutting their lending overall, experts say.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2cc8fa44/mf.gif' .....

Business news and markets: as it happened - 3 June, 2013
Mixed manufacturing data globally has led to markets bouncing between gains and losses in Monday's trading, with sluggish figures from the US but strong numbers from Europe, while there was a worse-than-expected contraction in activity at Chinese fac.....

Taxman plays down reports of PAYE malfunction
HMRC today attempted to calm fears about problems with its new PAYE system, which could lead to 40,000 people not paying the right tax.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2cc88413/mf.gif' border='0'/&.....

Business news and markets: live
Mixed manufacturing data globally has led to markets bouncing between gains and losses in Monday's trading, with sluggish figures from the US but strong numbers from Europe, while there was a worse-than-expected contraction in activity at Chinese fac.....

Primark clothes sold online through Asos tie-up
Primark is selling clothes on the internet for the first time after agreeing to team-up with Asos, the online fashion retailer.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2cc99923/mf.gif' border='0'/><d.....

Primark clothes to be sold online through Asos tie-up
Primark is to sell clothes on the internet for the first time after agreeing to team-up with Asos, the online fashion retailer.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2cc881c6/mf.gif' border='0'/><d.....

Personal loans at record low of 4.9pc
Personal loan rates have fallen below 5pc for the first time as lenders intensify their price war.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2cc7754e/mf.gif' border='0'/><div class='mf-viral'><ta.....

ILO warns 'more than 200m jobless by 2015'
International Labour Organisation warns that Britain is "caught in a vicious spiral of weak aggregate demand and lack of productive investment".<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2cc77550/mf.gif' bor.....

IMF halves German 2013 growth forecast
Germany's 2013 growth prospects have been cut in half by the International Monetary Fund.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2cc6a883/mf.gif' border='0'/><div class='mf-viral'><table borde.....

South African union official shot dead at Lonmin mine
A shop steward from South Africa's National Union of Mineworkers (NUM) was shot dead on Monday at a Lonmin mine, police and the union said, sparking fears of a renewed cycle of violence in the troubled platinum belt.<img width='1' height='1' src='.....

Glencore Xstrata fires 1,000 workers in South Africa
Glencore Xstrata has fired 1,000 workers across three of its chrome mines in South Africa for going an illegal strike last week that brought those operations to a standstill.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f.....

Infosys shares spike as co-founder returns to helm
There's little chance of a 'grey gap year' for Narayana Murthy, who has been called out of retirement to return as chairman to Indian software business Infosys.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2cc5.....

Heathrow is too expensive, crowded and one of 'the biggest airport problems', say aviation heavyweights
Heathrow has been branded too expensive and too crowded by leading aviation figures, with trade body IATA describing it as "one of our biggest airport problems".<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2cc.....