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Monday 17 June 2013

UK Financial News on 2013-06-17

European companies retreat from cross-border bonds
Home-currency debt wins favour amid concerns over bank sector exposure and rising cost of currency swaps.....

EU outlines fines for rigging benchmarks
European super regulator set for powers to sanction benchmark administrators for first time, under draft proposals.....

Solo Costa off to a flying start
Former Lazard International chairman's financial consulting firm earns £1.3m pre-tax profit in first year.....

JP Morgan joins forces with LSE for CSD launch
US bank's plan to launch a central securities depository moves a step closer with LSE accord.....

Temasek paves the way for London-based European hub
Singapore investment giant creates UK entity amid greater focus on Europe.....

Autonomous proves it can prosper alone
Independent research firm founded by ex-Merrill Lynch banks team posts near-20% revenue rise.....

Mid-market buyout firms put 500m of companies up for sale
A quartet of disposals from three firms will pave the way for £1bn in new funds.....

Societe Generale to launch dark pool in US
French bank will launch AlphaY to cater for growing demand for dark liquidity among its US client base.....

RPMI signals new line for hedge fund strategy
In-house team takes control as £19bn Railways Pension Scheme shifts away from fund-of-hedge-funds managers.....

RBS pensions chief quits
'Lifestyle reasons' prompt switch to Swiss conglomerate Tetra Laval.....

EU and US 'in biggest trade deal'
The EU and US announce plans for what could be "the biggest bilateral trade deal in history", aimed at boosting exports and driving growth......

Co-op Bank unveils rescue plan
The Co-operative Bank has secured a deal with regulators to tackle a 1.5bn hole in its balance sheet, which will turn bonds into shares......

Families 'less gloomy over finances'
UK household finances are improving, a survey suggests, although most people still believe their financial circumstances are deteriorating......

Apple discloses US data requests
Apple publishes details about data requests from US officials following revelations about the Prism surveillance programme......

Airbus wins orders battle at air show
Airbus secures almost 12bn of new orders on day one of the Paris air show, more than three times those of rival Boeing......

Google to tackle child abuse images
Google has announced a plan to do more to tackle online images depicting the sexual abuse of children......

Credit union rules 'burdensome'
Credit unions should be allowed to charge more and take bigger deposits, according to a think tank......

Majestic Wine sees profits rise
Wine specialist Majestic Wine reports a rise in profits but says that sales are down after a reduction in wholesale trade......

Betting giant wins licence appeal
Paddy Power wins its appeal over an east London council's refusal to allow it to open a betting shop in East Ham......

Greek PM in crisis talks over ERT
Greek Prime Minister Antonis Samaras is holding crisis talks with coalition allies over his decision to shut down national broadcaster ERT......

London Market Report
The FTSE 100 makes a positive start to the week, but the latest Fed meeting is set to dominate investors' thoughts......

Turkey faces strike over crackdown
Two major union federations in Turkey call a one-day strike to protest against the police crackdown on anti-government demonstrations, following the clearing of Gezi Park on Saturday......

G8 'to make real difference' on tax
Action set to be taken at the G8 summit "will lead to a fairer tax system" and prevent companies avoiding paying their fair share, David Cameron says......

VIDEO: Co-op 'bail in' to tackle 1.5bn hole
The Co-operative Bank has unveiled a rescue plan to tackle the 1.5bn hole in its balance sheet......

VIDEO: 'Biggest ever' Paris air show under way
The biggest aerospace event of the year takes off in Paris this week with the two sectors that make up the industry in different moods......

VIDEO: On board Dreamliner with Boeing boss
The president of Boeing International, Shep Hill says the new 787 Dreamliner is a "leap forward in innovation" despite problems with the batteries which kept the aircraft grounded for three months......

AUDIO: Office workers 'human battery hens'
Unison has said that workers who "hot desk" in crowded offices are being treated like "human battery hens.".....

VIDEO: G8 leaders to talk tax avoidance
The leaders of the G8 gathering in Northern Ireland this week will be discussing ways to minimise tax avoidance......

AUDIO: Archbishop: tax avoidance is 'sinful'
The Archbishop of York Dr John Sentamu believes the tax affairs of some large companies are sinful......

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

VIDEO: Google: 'We pay tax required by law'
Scott Rubin, Communications Director, Google has been asked about Google's tax arrangements and said that his company pays what is "required by law"......

Can China's carbon trading scheme succeed?
Can China achieve success with its carbon trading scheme?.....

Organise a concert by your favourite band
How to get your favourite band to play in your hometown.....

Paris Air Show set for take-off
Two very different moods at this year's Paris Air Show.....

When recycling is the second-best option
Where to go when your gadgets break down.....

U.S. Day Ahead: Housing Starts eyed post NAHB index data
June 17 - Housing starts likely surged in May, after the NAHB index showed confidence in the sector rose in June for the first time in seven years......

Techquity: Another big day for Netflix, Samsung's new phone
June 17 - Netflix soars on new agreement and Samsung prepares to release new high-tech smartphone......

Big jet orders top $10bln at Paris Airshow
June 17 - Big finance waded into a rain-soaked Paris Airshow with more than $10 billion in orders for jumbo passenger jets as planemakers dueled over strategy for large aircraft. Julian Satterthwaite reports from the show......

G8 tax avoidance battle begins
June 17 - British Prime Minister David Cameron, who is hosting the annual G8 Summit in Northern Ireland, has vowed to put aggressive tax avoidance at the heart of the meeting. Ciara Sutton reports......

Trading at Noon: The Albanian army aka Netflix forges on
Jun 17 - Shares of Netflix are up 7 pct today on plans to boost original programming with DreamWorks deal......

Breakingviews: AT&T's foreign forays
June 17 - Antony Currie and Rob Cyran discuss why the U.S. telecom company might be looking abroad for deals and why sealing one might be tough......

Daily Digit: "Man of Steel" takes in $113 million
June 17 - Warner Bros. scores a victory as Superman's "Man of Steel" $113 million domestic weekend box office debut is highest in June and second best of the year. Conway G. Gittens reports......

Scientists come to grips with seahorse armor
June 17 - Scientists are developing a new type of gripping arm for medical and engineering applications, using the the flexible armor of seahorses as a model. A team at the University of California San Diego says the creature's natural armor plating .....

Netflix gets new DreamWorks' shows
June 17 - Netflix inks a multi-year deal for original programming with DreamWorks Animation, the maker of movies such as Shrek and Kung Fu Panda. Fred Katayama reports......

Europe Day Ahead: Taxing times at G8, as Fed looms into view
June 17 - On Tuesday: G8 world leaders take on tax evasion, while the Fed opens one of its most important meetings in years. Spain gets its IMF annual verdict, and UK inflation set to creep higher......

Mark Troman, MD, Capital Goods Research, BAML
Insider has its finger on the market pulse, analyzing and making sense of the biggest movers of the day......

Wealth Strategies: One man's trash, one investor's treasure
Jun 17 - Ed Perks, manager of the Franklin Income Fund, has been moving his holdings away from bonds and into stocks, and likes companies like Waste Management, Royal Dutch Shell and BP.....

U.S. Morning Call: Smithfield parts greater than whole
Jun 17 - Starboard Value is pressuring Smithfield Foods to consider a break-up versus a planned $4.7B takeover by Chinese meat processor Shuanghui International, saying a broken-up company could be worth more.....

Paris Air Show: Boeing dares to dream again
June 17 - Boeing hopes its 787 Dreamliner is back on track after a troubled year, but have the delays cost it the market lead? Julian Satterthwaite talks to Boeing VP of Marketing Randy Tinseth at Paris Airshow.....

Gold price drop looms over Avocet margins
June 17 - We talk to Avocet CEO David Cather about how the recent drop in gold prices has affected margins and get an update on the African miner's operations......

Market Pulse: Don't panic! Fed unlikely to pull plug
June 17 - Uncertainty over the Fed's policy course is unsettling equity investors. Hargreaves Lansdown's Richard Hunter picks his way through the minefield......

Where's Edward? On Snowden's trail in Hong Kong
June 17 - Hong Kong been waiting for Edward Snowden to emerge ever since the ex-CIA worker who leaked details of U.S. surveillance took shelter in the city. Tara Joseph looks at the efforts to track him down......

Breakingviews: Co-ops bail-in solves political problem
June 17 - A clever bail-in deal for the Co-op Bank allows the mutual to retain its majority interest, says Breakingviews, plus a change in the balance of power in Tehran......

Reuters Today: Tough Talking at G8 Summit
June 17 - Topics as diverse as arming Syria, halting tax avoidance and rescuing the global economy will dominate G8 talks in Northern Ireland......

From factory floor to store: the journey of jeans
tracks the garment supply chain, from factories in Bangladesh to retailers near you......

Daily Digit: New rescue model for Co-op bank
June 17 - Britain's Co-operative Group has agreed a plan to plug a 1.5 billion pound capital hole at its bank which forces bondholders to pay part of the bill, avoiding a repeat of the taxpayer-funded bailouts staged during the financial crisis. Ciar.....

Snake robots slither to the rescue
June 16 - Researchers at Carnegie Mellon University are using snakes as a model for a series of robots that will having capabilities ranging from search and rescue operations to medical applications. Ben Gruber reports......

Greek government told to reopen state broadcaster ERT
Prime Minister Antonis Samaras put 2,700 people out of work when he turned off the live television feed.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2d6a841c/mf.gif' border='0'/><div class='mf-viral'>.....

Brits to spend 243m celebrating birth of Royal baby
Analysts forecast 4.8m people will spend 62m on alcohol and 25m on food for parties.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2d6a8e1a/mf.gif' border='0'/><div class='mf-viral'><table border='0'.....

Retirement looms for Anthony Bolton - the City's Quiet Assassin
It's almost exactly 10 years since Anthony Bolton "knifed" Michael Green, the would-be chairman of ITV, in one of the most famous shareholder coups in British corporate history.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/3272.....

AA could be sold off and Saga floated after 4bn refinancing
The AA has announced a 4bn refinancing that could see it sold off from its parent company and travel company Saga floated on the stock market.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2d69d034/mf.gif' borde.....

Paddy Power wins legal case over shop licence
Bookmaker Paddy Power has won a legal battle that British councils were hoping to use as a test case to stem the rise of betting shops and controversial gaming machines which have been branded gambling's "crack cocaine".<img width='1' height='1' s.....

Majestic Wine sells more wine to gastro-pubs
Majestic Wine is defying the high street slump by selling more of its fine wines to gastro-pubs.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2d69a2dd/mf.gif' border='0'/><div class='mf-viral'><tabl.....

Ben Bernanke under pressure to spell out QE timeline
US stocks jumped and the dollar climbed against the yen amid expectations that the Federal Reserve chairman will spell out how it will decide when to put the brakes on QE.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/56.....

ARM hurt by Intel jitters
The chip designer was the heaviest faller on the FTSE 100 today.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2d69a2df/mf.gif' border='0'/><div class='mf-viral'><table border='0'><tr><td.....

Rich list mogul Lakshmi Mittal wins websites with his name
Lakshmi Mittal, one of Britain's richest men, has fought off a businessman who bought up websites registered under the "Mittal" name and tried to sell them back for 6m.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/56830.....

The speech you won't hear George Osborne delivering (but perhaps he should)
In helping prepare for his annual "Mansion House" speech (set for Wedensday), the Chancellor, George Osborne, asked one of his officials to draw up a no-holds-barred assessment, which unlike the real thing, would engage in what Keynes once called "vi.....

Airbus off to a flyer in air show dog-fight with Boeing
Airbus has landed $23.5bn of potential orders in the opening skirmishes at the Paris Air Show.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2d68c83e/mf.gif' border='0'/><div class='mf-viral'><table .....

Business news and markets: as it happened - 17 June, 2013
Cracking down on global tax avoidance tops the agenda at the two-day G8 summit which kicks off today in Northern Ireland.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2d689d4d/mf.gif' border='0'/><div cla.....

Business news and markets: live
Cracking down on global tax avoidance tops the agenda at the two-day G8 summit which kicks off today in Northern Ireland.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2d616182/mf.gif' border='0'/><div cla.....

German economy to slow this summer, warns Bundesbank
The German economy will slow this summer after a spring recovery, the Bundesbank predicted in a report, citing weaker industrial orders and export data.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2d67c017/mf......

Co-op bonds: private investors may be offered better deal
Small investors who hold the Co-op bonds affected by today's proposed share swap may be offered better terms than institutional holders.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2d67bc53/mf.gif' border='0'/.....

Wealthy Brits amass fortune through entrepreneurship rather than inheritance
Nearly half of Britain's wealthiest people made their money through entrepreneurship rather than inheritance, according to a report by Barclays.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2d67bc55/mf.gif' bor.....

Channel 4's 'Repo Man' loses licence
The firm of debt collectors featured in "The Repo Man" has been stripped of its credit licence by the OFT.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2d68b62d/mf.gif' border='0'/><div class='mf-viral'&g.....

France hits back at 'reactionary' claims
France has hit back at suggestions that its determination to protect Europe's film and cultural industries in free trade talks with the US is reactionary.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2d666756/m.....

Porsche family buys back 10pc stake from Qatar
Descendants of the German car pioneer Ferdinand Porsche have bought back a 10pc stake in the company that bears the family name from Qatar Holding, the investment arm of the Gulf State's sovereign wealth fund.<img width='1' height='1' src='http://.....

Will Co-op customers fall out with a newly-listed bank?
As the Co-op prepares a financial restructuring package, will it manage to take loyal customers with it, asks Rosie Murray-West.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2d654500/mf.gif' border='0'/><.....

G8 three Ts: trade, tax and transparency
Britain has placed trade, tax and transparency at the top of the agenda for its presidency of the G8. The Telegraph explains the three Ts.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2d652e26/mf.gif' border='0.....

G8 summit: in pictures
As Obama arrives to speak to the G8 summit a large security operation is under way in Belfast.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2d6661a7/mf.gif' border='0'/><div class='mf-viral'><table .....

Elan shareholders approve share buy back in blow to Royalty Pharma bid
Shareholders of Irish drugmaker Elan have approved a share buyback at a meeting on Monday, meaning Royalty Pharma's hostile bid for the Irish drug firm will lapse unless a legal challenge it has mounted succeeds.<img width='1' height='1' src='http.....

'Tax-dodgers' hotline receives 300 tip-offs a day
HMRC received 72,000 calls about potential tax evasion last year - but this hasn't led to increased tax revenues.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2d654501/mf.gif' border='0'/><div class='mf-v.....

Majestic Wine helped by taste for fine wine
British bubbly and fine wines should drive summer sales at Majestic Wine, as strong trading in more expensive bottles helped offset a slow start to the year.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2d64576.....