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Tuesday 11 June 2013

UK Financial News on 2013-06-11

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.....

Ex-HBOS chief stripped of knighthood
Former HBOS chief executive James Crosby has been formally stripped of his knighthood at his request, the UK Cabinet Office says......

Lloyds admits PPI shortcomings
Lloyds Bank admits shortcomings in its handling of complaints from customers who were victims of a major financial scandal......

News Corp votes to split into two
As News Corp shareholders vote through Rupert Murdoch's plans to divide the company in two, what does this mean for the ageing mogul's media empire?.....

CBOE fined for regulatory failures
The SEC levies the first financial penalty on a US exchange for failures of regulatory oversight, fining the Chicago Board Options Exchange $6m (3.8m)......

'Green shoots' for UK housing market
UK house sales rose to their highest level for more than three years in the three months to May, surveyors say, with predictions of more to come......

Shares fall on Japan disappointment
World share indexes fall after the Bank of Japan (BoJ) held off taking new stimulus measures to calm markets......

Greece suspends state broadcaster
Greece announces it will shut the radio and TV services of the state broadcaster ERT with immediate effect as its latest austerity measure......

Soft drinks merger given go-ahead
The Competition Commission has provisionally cleared a planned merger between drinks makers AG Barr and Britvic.....

Offshore gambling hits horse racing
Horse racing was still worth 3.45bn to the UK economy in 2012 despite falling gambling revenues, a report has found......

Bank switching to be 'hassle-free'
A plan for current account customers to switch bank or building society within seven working days has moved a step closer with the publication of the system's guarantee......

Pay 'shrinks by 10%' in parts of UK
Total pay in some parts of the UK has shrunk by more than 10% since the start of the downturn in 2007, an analysis by union body the TUC suggests......

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......

Eurozone's rescue scheme challenged
The promise by the European Central Bank to do "whatever it takes" to save the euro is being challenged in Germany's top court......

PS4 set to be cheaper than Xbox One
Sony has revealed that it plans to sell the PlayStation 4 for 349, making it 80 cheaper than Microsoft's Xbox One launch price......

Japan's SoftBank sweetens Sprint bid
SoftBank sweetens its bid for the third-largest US phone carrier Sprint Nextel, as it looks to become one of the world's largest mobile operators......

French air controllers go on strike
French air-traffic controllers strike over against plans to create a single European airspace, ahead of similar protests planned across the EU......

German banker axed for 'sleep error'
A German court has ruled a bank supervisor was unfairly fired for missing a multi-million-euro error by a clerk who fell asleep during a transaction......

Sweden train driver shorts ban ends
Swedish train operator Arriva lifts a ban on its drivers wearing shorts, after a group of male drivers began wearing skirts in protest......

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......

'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......

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?.....

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"......

'Must visit' cycle destination plea
A new report says cycle tourism is worth up to 239m and makes the case for Scotland being branded a "must visit" cycle destination......

Deadline set for final Coventry bids
Coventry City administrator Paul Appleton announces deadline for final offers for the League One club is noon on Thursday......

VIDEO: Could N Ireland be the new Hollywood?
Northern Ireland is building an international reputation as a film and TV location, with series including Game of Thrones filmed there......

VIDEO: EU push to end zigzag flight paths
The European Commission is threatening EU member states with legal action if they do not take steps to implement a more centralised air traffic control system......

VIDEO: 'Gasps' as PS4 price unveiled
Sony has revealed that it plans to sell the PlayStation 4 for 349, making it 80 cheaper than Microsoft's Xbox One launch price.....

AUDIO: Lloyds PPI revelations 'embarrassing'
Lloyds Banking Group has admitted shortcomings in the way complaints about the mis-selling of payment protection insurance were handled......

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

VIDEO: Huge China plant tackles water shortage
China is running out of water some parts of the country now have their water rationed......

VIDEO: Japan 'will keep calm and carry on'
Japanese stock markets have been making the headlines with huge swings in recent weeks, but the country's central bank is determined to "keep calm and carry on", the BBC's Rupert Wingfield-Hayes reports......

Inventing the question to fit your answer
Online helpers find new uses for old inventions.....

How hard is it to get an internship?
The super-competitive world of getting a good internship.....

Sony retains the upper hand at E3
Sony retains the upper hand at games expo.....

EA takes steps to stop being 'hated'
Video game giant EA on tackling its image problem.....

Drumming up tax payers in Bangalore
India's new plan to tackle tax avoiders - send in the musicians.....

China works to ease water woes
Will desalination work for parched Chinese region?.....

U.S. Day Ahead: Rising mortgage rates big threat to the Fed
June 11 - Experts at IFR say that if mortgage rates get out of hand, the Fed will keep up its $85B a month of bond buying......

Techquity: The price is right for Sony; Apple's manifesto
Jun 11 - Sony priced its latest PlayStation 4 console $100 lower than the new Xbox One by rival Microsoft as competition for gamers' pockets intensifies......

Driverless car steering course to road-readiness
June 11 - Researchers at Carnegie Melon University are putting the finishing touches on their version of a driverless car that, they say, lays the groundwork for computers to replace humans in the driver seat within a decade. Ben Gruber went for a ri.....

Trading at Noon: Softbank playing hardball for Sprint
Jun 11 - Deals guru Greg Roumeliotis talks about two potential deals: Softbank's new bid for Sprint and the offer for Dole Food......

Breakingviews: Apollo strikes oil
June 11 - Antony Currie and Christopher Swann explain how taking Athlon public could allow Leon Black's LBO shop to quadruple its investment in the energy explorer......

Daily Digit: $21.6 billion bid for Sprint
June 11 - $21.6 billion is the new offer from Japanese mobile provider for 78 percent of Sprint- topping a rival bid from Dish network. Bobbi Rebell reports......

Berlin defends ECB bond plan in court
June 11 - Germany's Constitutional Court is holding a hearing to look into charges that the ECB's Outright Monetary Transactions (OMT) programme is really a vehicle to fund euro zone member states through the back door, which would be a violation of .....

Sony prices PS4 at $399
June 11 - Sony takes on Microsoft, pricing its new PS4 below Xbox One. Fred Katayama reports......

Lift technology reaches new heights
June 11 - New technology means lifts can go higher than ever -- as high as a kilometre in the sky. Experts say that will revolutionise the height of current skyscrapers, meaning that tall buildings only dreamed of before become not only reality, but .....

Europe Day Ahead: BoE independence under scrutiny
June 11 - On Wednesday: A grilling for the Bank of Englands Financial Policy Committee, following serious concerns about its independence, UK employment numbers & euro zone industrial production......

Who cares about Rome's new mayor?
June 11 - Italy's battered centre-left has won the election for mayor of Rome and 15 other major cities. But turnout was low and Sonia Legg asks what the result means for Italy's sluggish economy?.....

U.S. Morning Call: SoftBank ups stakes in Sprint bidding war
Jun 11 - Japan's SoftBank said it agreed with Sprint to raise its buyout offer to $21.6 billion, as it fights off a counter bid by Dish Network......

Strike may hamper Airbus A350 debut
June 11 - French air traffic controllers are staging a three-day strike, grounding hundreds of flights across the country and threatening the maiden flight of Europe's newsst passenger jet, the Aiburs A350. Hayley Platt reports......

Market Pulse: Global volatility? Don't blame Treasuries
June 11 - Emerging markets crumbling, developed stock markets wobbling. Can this be blamed on US Treasuries? The 10-yr yield is the highest in over a year, TIPS yield positive for the first time in 18 months......

Wealth Strategies: Investor uncomfortable buying in China
Jun 11 - Franklin Intl. Growth Fund manager Par Rostom says he's avoiding investments in peripheral Europe and China, but likes Argentina's online auction site Mercadolibre and Swedish healthcare firm Elekta......

Bank of Japan steadfast ... on the surface at least
June 11 - The Bank of Japan has stuck to its guns, keeping monetary policy steady despite rising market volatility. But as it disappoints investors, rifts among its board members seem to be widening......

Breakingviews: German court tests euro
June 11 - The German constitutional courts ESM hearing may show how fragile the agreement at the heart of the European monetary union really is, says Breakingviews......

Reuters Today: BOJ Skips New Steps, Germany courts the ECB
June 11 - The Nikkei slides and the dollar slips against the yen as the Bank of Japan holds off taking fresh steps to calm bond markets. And Germany's top court hears the case against ECB bond buying plans......

Paris squatters - down, but not out
June 11 - Faced with an unprecedented shortage of affordable housing, Parisians resort to squatting in office buildings, and receive the blessing of French lawmakers......

Apple names that tune iTunes radio
June 10 - Apple will launch a music streaming service along with new operating systems for its mobile and desktop products. Bobbi Rebell reports......

Apple: significant improvements-Reticle Research's Rubin
There is a lot to like here says Reticle Research's Ross Rubin after the Apple WWDC Keynote address. Bobbi Rebell reports......

S&P U.S. upgrade limits downside
June 10 - Summary: Stocks changed little as investors weigh Standard & Poor's upgrade of U.S. debt against lingering concerns about future Federal Reserve policy; Apple unveils iTunes Radio; Deutsche Telekom and Softbank in talks over T-Mobile in cas.....

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......

Google asks US government to let it publish security requests
Google has called on the US government to allow it to publish details of the requests for information.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2d280b09/mf.gif' border='0'/><div class='mf-viral'>&l.....

Severn Trent board may have done water industry a favour
Complex corporate structures at some utilities may not serve the best interests of consumers.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2d280b0a/mf.gif' border='0'/><div class='mf-viral'><table b.....

Severn Trent investors 'disappointed' over lack of communication
The board of Severn Trent is facing pressure from investors after a Borealis-led consortium abandoned a 5.3bn bid approach following an alleged lack of communication between the two sides.<img width='1' height='1' src='http://telegraph.feedsportal.....

RBS 'should be more like Canadian bank', documents show
Hedge fund manager pictured with presentation on RBS, entitled "the case for improving viability", which appeared to recommend that the lender should become more like a Canadian bank.<img width='1' height='1' src='http://telegraph.feedsportal.com/.....

Germany's brother gladiators battle over euro destiny in constitutional court
Germany's two heavyweight members take opposing sides in a landmark case that could make or break euro.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2d27222d/mf.gif' border='0'/><div class='mf-viral'>&.....

AG Barr merger with Britvic on the rocks
The proposed 1.8bn merger between two of Britain's biggest soft drink makers, Britvic and AG Barr, is on the rocks despite the Competition Commission provisionally clearing the tie-up.<img width='1' height='1' src='http://telegraph.feedsportal.com.....

FirstGroup in the spotlight
Investec upgraded its recommendation on the bus and rail group today.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2d271dc7/mf.gif' border='0'/><div class='mf-viral'><table border='0'><tr>&.....

Pension giant Calstrs calls for shake-up of Facebook board
California State Teachers' Retirement System claims there are too few independent candidates on the board.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2d270808/mf.gif' border='0'/><div class='mf-viral'&g.....

Business news and markets: as it happened - 11 June, 2013
Bond markets are sliding across the board as investors get jittery about central banks stemming the flow of money into the global economy.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2d263a8f/mf.gif' border='0.....

Britain losing business 'every minute' due to Chinese visa rules
China's biggest travel agency has warned that Britain is losing business "every minute" because of its "complicated and expensive" visa system.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2d263a92/mf.gif' bord.....

Business news and markets: live
Bond markets are sliding across the board as investors get jittery about central banks stemming the flow of money into the global economy.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2d1dd8d6/mf.gif' border='0.....

Rent controls are madness, we need to build more homes
An Englishman's home is his castle, but only if he can still afford one.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2d261b9a/mf.gif' border='0'/><div class='mf-viral'><table border='0'><tr&g.....

New guarantee for current account switch
A scheme that will allow current account customers to switch bank within seven working days moved a step closer as a customer guarantee was published today.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2d24d949.....

Boost for final salary pension schemes thanks to record fall in deficits
Workers with final salary pensions received welcome reassurance about the strength of their schemes today when it was announced that aggregate deficits fell by a record amount in May.<img width='1' height='1' src='http://telegraph.feedsportal.com/.....

UK challenges 'illegal' EU power to ban short-selling
Britain has gone to the European Court of Justice to overturn powers allowing a Paris-based regulator to ban short-selling as part of a campaign of legal challenges to rein in growing EU powers over financial regulation.<img width='1' height='1' s.....

UK services sector to drive growth in 2013, says NIESR
Britain's dominant services sector will drive growth in 2013, according to NIESR, as it said the UK economy grew by 0.6pc in the three months to May on the back of strong industrial and services output.<img width='1' height='1' src='http://telegra.....

Which areas of Britain earn the most?
The UK regions that are taking home the most per year.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2d250931/mf.gif' border='0'/><div class='mf-viral'><table border='0'><tr><td valign='m.....

Prada profits boosted by sales growth in Asia
Luxury fashion house posts a 13.5pc rise in its first-quarter profits.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2d235776/mf.gif' border='0'/><div class='mf-viral'><table border='0'><tr>.....

We won't sell you a home unless you take our mortgage, estate agents tell buyers
Experts have warned that pressure is being applied to property buyers.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2d235781/mf.gif' border='0'/><div class='mf-viral'><table border='0'><tr>.....

Skipton cuts costs for first-time buyer loans
Money MOT: Government-backed Funding for Lending scheme finally brings down the cost of borrowing for those with smaller deposits.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2d21f6d6/mf.gif' border='0'/>&l.....

Lloyds customers urged to fight PPI rejections
Campaigner Martin Lewis was today telling customers that having a PPI claim rejected by Lloyds was "part of the dance", following an expose of the bank's complaints procedures.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726.....

Ombudsman warns Lloyds customers over 'fake' PPI papers
The FOS is advising customers with PPI complaints not to contact them regarding fraud concerns, after an investigation into Lloyds Banking Group revealed numerous instances of malpractice.<img width='1' height='1' src='http://telegraph.feedsportal.....

Ombudsman warns Lloyds customers over 'fake' PPI papers
The FOS is advising customers with PPI complaints not to contact them regarding fraud concerns, after an investigation into Lloyds Banking Group revealed numerous instances of malpractice.<img width='1' height='1' src='http://telegraph.feedsportal.....

BAE snaps up cyber security recruits
Almost half of the trainees recruited by BAE Systems this year will join the defence giant's burgeoning cyber and security business as companies look to protect themselves against increasing cyber threats.<img width='1' height='1' src='http://tele.....

FTI and Lord Malloch-Brown settle out of court with mining billionaire Beny Steinmetz
Mark Malloch-Brown, the former Foreign and Commonwealth Office minister, and his City PR firm have agreed an out-of-court settlement with Israeli billionaire Beny Steinmetz, over an alleged smear campaign.<img width='1' height='1' src='http://tele.....