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Monday 10 June 2013

UK Financial News on 2013-06-10

UK short-selling suit to test Esma powers
UK challenge could lead to a landmark judgment while a European win could mean more power for agencies.....

Up, up and away: balloons could enable high-speed trading
US firm is considering the use of balloons to create a transatlantic wireless trading line.....

BT Pension Scheme prepares for inflation rise
The UK's biggest pension fund paves the way for more infrastructure investment.....

Sustainable stocks surge ahead
Shares in western companies taking a sustainable approach have outperformed over the past five years.....

Bankers brace for more market turbulence
Equity and debt bankers are back on high risk alert following a sell-off in emerging market bonds and credit and increased equity market volatility.....

TCI charity more than doubles climate-change giving
The Children's Investment Fund Foundation put nearly 40% of its total giving into climate change initiatives.....

FinEx in China push for its next ETF
FinEx ETF is exploring options to list ETFs in China, after being the first to successfully list them in Russia.....

Private equity trio eye Hypo bank assets
Three secondaries specialists have made the second round bidding stage for the portfolio interests of the German bank.....

BCS plans Russias first broker dark pool
BCS, primarily known as a Russian retail broker, wants to create the platform as part of a rebuild of its international prime-broking business.....

Apple reveals iOS 7 design revamp
Apple unveils a new look for its iOS smartphone and tablet operating system and iTunes Radio - a streaming music service - at its developers conference in San Francisco......

Xbox One launch and price revealed
Microsoft has announced the global launch date and price for its new Xbox One console at the start of the E3 games expo in Los Angeles......

Thames Water paid no corporation tax
Thames Water, the UK's biggest water firm, paid no corporation tax this financial year despite making 145m in pre-tax profit......

Mulberry hit by loss of top director
Mulberry's shares have closed 8% lower after the luxury brand said its creative director of six years Emma Hill was leaving......

Orange boss held in corruption case
Stephane Richard, the boss of telecoms firm France Telecom-Orange, is being held in custody for questioning in a corruption case......

Disability payment changes begin
A new system of payments replacing the Disability Living Allowance, which will see hundreds of thousands lose their benefits, takes effect across Britain......

Greek stocks hit by sale failure
Greek stocks have plunged almost 5% after the government said it had not received any bids for natural gas firm Depa, marking a setback to its privatisation programme......

Marks & Spencer's Gateway job plan
Hundreds of jobs will be created in south Essex as Marks and Spencer announces plans to build a distribution centre......

UK consumers to 'loosen belts'
UK consumers are set to "loosen their belts" and spend a little more this year, according Ernst and Young's Item Club......

Standard and Poor's lifts US outlook
Rating agency Standard and Poor's raises its credit outlook for the US economy from negative to stable, as confidence returns......

Stop-gap action urged on climate
The International Energy Agency offers short-term solutions to keep climate change below a "danger threshold"......

Japan growth numbers revised higher
Japan revises up its growth numbers for the first three months of the year, adding to hopes of a recovery in the world's third-largest economy......

'Ban payday loan adverts on campus'
A students' union wants a ban on payday lenders advertising on campuses, but the industry says this will do nothing to stop rogue operators......

Vue Cinema chain sold in 935m deal
The Vue cinema chain has been sold by private equity firm Doughty Hanson to Canadian investors for 935m......

Severn Trent bidder set to walk away
The consortium that had a third bid rejected for the water supplier Severn Trent will walk away unless the water supplier engages in takeover talks......

Italy and France economies diverge
Mixed data from the eurozone suggests the French economy picked up in April, while Italy's decline has deepened......

AstraZeneca buys Pearl for $1.15bn
AstraZeneca, the UK's second-largest drugs company, is to buy Pearl Therapeutics, a US lung drug specialist, in a deal worth up to $1.15bn......

Bank sale 'should benefit taxpayers'
The government should offer taxpayers no-risk shares in the partly state-owned banks, RBS and Lloyds, according to a report......

Balfour Beatty to axe three UK sites
Three regional businesses owned by Balfour Beatty are to close amid weak conditions in the UK construction market......

Nuisance calls 'overhaul needed'
An industry-run service to prevent unsolicited marketing calls is not working, according to a survey by the consumer group Which?.....

VIDEO: What's on show at 2013 E3 games fair?
Dave Lee forward to the annual E3 computer games trade fair, which opens on Tuesday......

VIDEO: Satchels entrepreneur wins top award
The founder of a multi-million pound global business has won a top international business award......

AUDIO: Bank re-privatisation 'on its way'
A leading think-tank is recommending that all UK taxpayers should be given the chance to buy discounted shares in Royal Bank of Scotland and Lloyds Banking group without having to pay anything up front. Robert Peston provides analysis......

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

VIDEO: Why Bilderberg attracts protesters
Bilderberg is the name for a group of transatlantic VIPs who meet every year, at posh locations, but usually do not say who is coming, what they are talking about, and the press and public are kept away......

VIDEO: Economic impact of turmoil in Turkey
While neighbouring economies in Europe have struggled in recent years, Turkey has enjoyed a rapidly growing economy, with the tourism industry flourishing and rising wages......

VIDEO: 'Britain should not fear an EU exit'
Former UK Chancellor, Lord Lawson, says there is 'nothing to be afraid of' in Britain leaving the EU......

End of an era for games consoles?
Is this the end of an era for games consoles?.....

Cookery classes relying on angels
The cookery classes backed by business angels.....

U.S. Day Ahead: How scary can rates get Jamie Dimon?
June 10 - JPM investors will focus on anything CEO Jamie Dimon says about rising interest rates after he warned of more volatility to come......

Techquity: Apple stock falls on iTunes Radio, Pandora jumps
Jun 10 - Apple holds its world-wide developers conference and announces a new updated operating system, new Mac models and iTunes Radio, but the news failed to wow investors. Facebook gets a boost from Stifel......

Daily Digit: 9 hrs, 6 min of mobile networking
June 10 - Smartphone users spend nine hours and six minutes a month on social networks, according to a new report from Nielsen. Conway G. Gittens reports......

EU concerns over U.S. snooping
June 10 - The European Commission says its worried about information the U.S. may have on European citizens, after details are leaked of a U.S. surveillance program that has collected details on foreigners, while the source of the leak, 29-year-old E.....

Trading at Noon: Apple hoping to strike a high note
Jun 10 - Apple may launch its music streaming service, iRadio, today at the annual developers conference......

Breakingviews: Winning Waze
June 10 - Richard Beales and Breakingviews columnists discuss Israeli mapping start-up Wazes business model and what Google has to gain from its potential acquisition......

Is it game over for euro bailout Troika?
June 10 - Troika inspectors from the EU, ECB, and IMF are meeting Greek finance minister Yannis Stournaras for a progress visit. But this time the focus is on the Troika itself not just Greece. Since the IMF made its "mea culpa" last week over its ha.....

Aussies head home as UK economy stalls
June 10 - More and more Australians and New Zealanders are leaving the UK to return home, tempted by better jobs, wages and a stronger exchange rate, but what does this mean for the economies in both hemispheres? Joel Flynn reports......

Europe Day Ahead: EU bailout fund faces 35,000 enemies
June 10 - On Tuesday: Germany's top court opens a 2-day hearing on the euro zone bailout fund and ECB's bond-buying plans. Plus UK industrial production, and as political turmoil swirls, Turkey unveils Q1 GDP......

Orange CEO quizzed over corruption case
June 10 - Stephane Richard, CEO of Orange, formerly known as France Telecom, was held for questioning on Monday over his role in a 2008 arbitration process which resulted in a large pay-out to French businessman Bernard Tapie. At the time, Richard wa.....

U.S. Morning Call: Apple to show off new products at WWDC
Jun 10 - Apple is expected to unveil the next versions of its iOS for the iPhone and the iPad at its World Wide Developers Conference, according to the Wall Street Journal......

Colombia to cut growth forecast Finance Minister Cardenas
he will announce a cut in GDP forecasts by the end of this week......

Did NSA spy scheme whistleblower flee to the right place?
looks at the territorys extradition arrangements with the U.S. to gauge whether his choice of refuge is the right one......

Market Pulse: South African FX and bonds - a "perfect storm"
June 10 - South Africa's rand slides below 10 to the dollar, government borrowing costs approach 8%. And there's plenty more selling to come, says SocGen. Plus, two $8 bln M&A deals for Europe to chew over......

Breakingviews: Is Carney Mr Easy Money?
June 10 - Mark Carney wont turn out to be just that, says Breakingviews. The Carney pound may fare better than the Canadian dollar. Plus why the euro zone mustn't flunk its bank cleanup......

U.S.-China summit shows two powers 'in the same boat'
June 10 - A successful weekend summit between U.S. President Barack Obama and Chinese President Xi Jinping points to the countries boosting cooperation on issues such as North Korea, says one Chinese academic......

ROUGH CUT: Snowden - the whistleblower behind NSA PRISM leak
June 10 - Ex-CIA man Edward Snowden says he exposed a U.S. spy scheme for a better world, telling Britains Guardian newspaper he was acting out of conscience......

Edward Snowden: the whistleblower behind NSA PRISM leak
June 10 - Ex-CIA man Edward Snowden says he exposed a U.S. spy scheme for a better world, telling Britains Guardian newspaper he was acting out of conscience......

Reuters Today: The ex-CIA man who exposed PRISM
June 10 - An ex-CIA employee says he was the source who leaked details of a top secret U.S. surveillance programme, acting out of conscience......

'Patience has limits': Turkey PM
June 10 - New protests after Turkey's prime minister warns anti-government demonstrators there was a limit to his patience. Paul Chapman reports......

Daily Digit: AstraZeneca's Pearl of a deal
June 10 - AstraZeneca is to buy U.S. respiratory drug specialist Pearl Therapeutics for up to $1.15 billion as Britain's second biggest drugmaker steps up a drive to rebuild its product pipeline via deal-making. Hayley Platt reports......

Finding talent as critical as oil Maersk Oil CEO
June 10 - Maersk has launched a video game to engage and inspire young people to take up a career in the oil industry as it faces a severe talent shortage. We speak to Maersk Oils CEO Jakob Thomasen......

Turkish clashes affect business
June 9 - Businesses in Turkey are feeling the strain of anti-government demonstrations around the country. Julie Noce reports......

Renault seeks change of mood with all-electric concept car
June 9 - Renault hopes its eye-catching all-electric concept car, Twin'Z, can help persuade drivers who refuse to embrace alternative fuel technology to change their minds. Like other all electric vehicles, the Twin'Z is limited in its power and rang.....

Nokia takes swipe at Apple music service
Nokia may lag far behind its rivals, but the Finnish mobile business business still took a swipe at Apple's music streaming service yesterday to point out that it got there first.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32.....

Punch Taverns in fresh crisis as debt restructuring 'fails to win investor support'
Punch Taverns has been plunged into a fresh crisis after indications that revised proposals to restructure its 2.4bn of securitised debt had failed to win the support of key investors.<img width='1' height='1' src='http://telegraph.feedsportal.com.....

Shale could fuel UK for 10 years, say experts
Britain can extract enough shale gas to meet its needs for almost a decade and can also produce shale oil, according to the most promising official estimate so far of the industry's potential.<img width='1' height='1' src='http://telegraph.feedspo.....

Ofwat may have persuaded taxman to look again at Eurobonds
Thames Water uses a Eurobond with an 11pc interest rate to pass profits to shareholders.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2d1a9b1b/mf.gif' border='0'/><div class='mf-viral'><table border.....

E3: Microsoft announces 15 new games for Xbox One
Microsoft kicked off E3 2013 by announcing 15 new games for its Xbox One and revealing a release date of November and a price tag of 429 for its new console.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2d1a95e.....

Bigham's founder insures his senses for 12m
Maker of upmarket ready meals will be banned from trying hot chillies or having tongue pierced.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2d1a95e9/mf.gif' border='0'/><div class='mf-viral'><table.....

Apple chief Tim Cook unveils 'biggest change to operating system since the iPhone'
Apple has unveiled new-look software for its phones and tablets, in a move that chief executive Tim Cook said was "the biggest change to iOS since the iPhone".<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2d19d.....

What Abenomics tells us about the great bond market asset bubble
Abenomics is working. Or is it?<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2d199fde/mf.gif' border='0'/><div class='mf-viral'><table border='0'><tr><td valign='middle'><a href="h.....

ITV shares top FTSE 100
A well-followed analyst lifted ITV shares to the top of the blue-chip index.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2d19985b/mf.gif' border='0'/><div class='mf-viral'><table border='0'><.....

Mulberry shares slump as creative director announces exit
The creative director of Mulberry and the brains behind its bestselling Alexa handbag is to leave the luxury British brand, dealing a further blow to the company as it battles a fall in profits.<img width='1' height='1' src='http://telegraph.feeds.....

Axa launches tracker funds with no annual fee
Investors have been offered funds with no annual mangagement charge in exchange for a one-off 2pc fee.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2d188f68/mf.gif' border='0'/><div class='mf-viral'>&l.....

Business news and markets: as it happened, June 10, 2013
Ratings agency S&P has upgraded its outlook on the US to stable from negative.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2d1888b1/mf.gif' border='0'/><div class='mf-viral'><table border='0'&g.....

Job cuts at The Times as acting editor warns News Corp subsidies will end
The Times is to make 20 journalists redundant following a warning from acting editor John Witherow that News Corp's profitable entertainment businesses will no longer subsidise the title.<img width='1' height='1' src='http://telegraph.feedsportal......

Deutsche Bank to open 200-tonne gold storage vault in Singapore
Deutsche Bank is opening a gold storage vault in Singapore that can hold up to 200 tonnes of the metal as it looks to capture surging demand for bullion in Asia.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2d1.....

Business news and markets: live
Ratings agency S&P has upgraded its outlook on the US to stable from negative.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2d1182bd/mf.gif' border='0'/><div class='mf-viral'><table border='0'&g.....

Microsoft founder Bill Gates buys into G4S
Microsoft founder has given a vote of confidence to security firm G4S, despite a recent profit warning.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2d17ba55/mf.gif' border='0'/><div class='mf-viral'>&.....

Glencore confirms Italian police probing 'tax evasion'
Anglo-Swiss commodities trader Glencore Xstrata has confirmed the Italian tax authorities are reviewing some transactions between its plant in Portovesme and Glencore.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300.....

Lenigas quits FastJet after latest bust-up
David Lenigas, the combative chairman of FastJet, is leaving the African start-up airline after a bust-up with its proposed new owners.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2d17a5bd/mf.gif' border='0'/&.....

Let us put homes in our pension plans, say nine in 10
The public overwhelmingly backs proposals to allow residential properties to be held in pension plans, according to a survey.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2d17a240/mf.gif' border='0'/><div.....

S&P revises US outlook from negative to stable
Ratingn agency Standard & Poor's has upgraded the US government's credit rating from "negative" to "stable", signalling an important vote of confidence in America's economic recovery.<img width='1' height='1' src='http://telegraph.feedsportal......

Annuity rates down by 30pc since start of QE
The incomes that pensioners get from an annuity have fallen by almost 30pc since the Bank of England began its "quantitative easing" or money-printing programme.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2d1.....

UK in growth mode as recovery gathers pace, says OECD
The UK remains in growth mode, according to the Organisation for Economic Co-operation and Development (OECD), supporting hopes that the recovery is gathering strength.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/56830.....

WWDC 2013: Apple to unveil iPhone software overhaul
Apple is expected to unveil a major update to its iPhone and iPad operating system this evening.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2d153491/mf.gif' border='0'/><div class='mf-viral'><tabl.....

HSBC tops list of Europe's biggest banks
HSBC leapfrogs France and Germany's largest lenders to take the top spot with assets of more than 1.7 trillion.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2d14f4a0/mf.gif' border='0'/><div class='mf-vir.....

ICICI Bank curries favour by boosting savings rates
Money MoT: Indian-based ICICI bucks the trend and increases the rates paid on its UK fixed-term savings bonds.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2d14f4a3/mf.gif' border='0'/><div class='mf-vira.....