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Tuesday 18 June 2013

UK Financial News on 2013-06-18

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.....

G8 leaders agree deal on tax evasion
Leaders of the G8 major economies agree plan to clamp down on money launderers, illegal tax evaders and corporate tax avoiders......

Lloyds 'aware of' Co-op's black hole
The bosses of the Lloyds Banking Group tell MPs that they knew there was a black hole in the accounts of the Co-op Bank, four months before a vital deal with them collapsed......

Chrysler agrees to recall 2.7m Jeeps
Chrysler agrees to recall 2.7 million Jeeps that could be at risk of fuel tank fires, after initially refusing a US government request to do so......

Deloitte gets one-year New York ban
Deloitte is suspended for one year from doing consulting work in New York after regulators criticised its work at Standard Chartered on anti-money laundering issues......

EU car sales hit 20-year low for May
New car sales across Europe fell to their lowest level in two decades in May as the deepening recession hurt demand......

Former trader charged over Libor
Former UBS and Citigroup trader Tom Hayes is charged by the Serious Fraud Office over Libor......

UK inflation rate rises to 2.7%
The rate of consumer price index (CPI) inflation increased to 2.7% in May, up from 2.4% in April, the Office for National Statistics (ONS) says......

House price 'bubble' warning
Building Societies are warning the government about a future house price bubble, unless it plans how to end its Help to Buy programme......

Huawei unveils 'slimmest' smartphone
Huawei unveils the world's slimmest smartphone saying the handset will work "miracles" for its brand......

Jolie double in US phone hack claim
A former stunt double for Angelina Jolie sues News Corp in the US, accusing the company of hacking into her phone to gain information about the star......

Swiss bill on bank secrecy rebuffed
The lower house of Switzerland's parliament refuses to discuss a bill that would allow Swiss banks to pass client information to the US tax authorities......

Easyjet agrees large Airbus deal
Easyjet has agreed to buy 135 new aircraft from Airbus, in a deal announced on the second day of the Paris Air Show......

Vodafone faces battle for German firm
Vodafone faces a potential bidding war for Kabel Deutschland after US firm Liberty Global makes a rival offer for the German cable TV firm......

Call centres in BBC programme fined
Two companies which appear in BBC Three documentary The Call Centre are fined by the regulators in connection with nuisance calls......

Osborne disputes claims over RBS
Chancellor George Osborne has fought back against claims that he forced Stephen Hester to stand down as head of the Royal Bank of Scotland (RBS)......

Minister hails 'web porn' progress
Ministers say agreements reached with internet firms will lead to a "fundamental change" in how images of child abuse are dealt with online......

Bigger Heathrow 'cheaper and faster'
Creating a third runway at Heathrow Airport would be "cheaper, quicker and better for the economy" than building a new airport, Heathrow bosses claim......

Cambridge HQ for pharmaceutical firm
Pharmaceutical giant AstraZeneca is to set up its new global headquarters at the Cambridge Biomedical Campus......

Protests spread throughout Brazil
Thousands of people march through Brazil's largest city, Sao Paulo, over rising public transport prices and the cost of staging the 2014 World Cup......

Maradona in China compensation win
Diego Maradona wins compensation from two Chinese firms for using his name in an online game, Hot-Blooded Soccer, without his consent......

TV licence fee excuses revealed
A homeowner said they did not think they had to pay their TV licence fee because they claimed their pet was related to one of the Queen's dogs, it is revealed......

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

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

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......

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......

Fans urged to back Hearts' takeover
With Hearts heading for administration, a supporters' group calls on fans to rally in a bid to take over the club......

British tennis needs 'big summer'
Sport England warns the Lawn Tennis Association that it must drive up participation figures or face losing valuable funding......

VIDEO: 'Alternative review' for High Streets
A retail veteran so frustrated at the lack of progress on tackling High Street decline, has decided to come up with his own strategy to try and boost the UK's struggling town centres......

VIDEO: Huawei unveils 'thinnest' smartphone
Chinese telecommunications firm Huawei unveils its latest mobile handset, which the company says is the thinnest on the market......

VIDEO: UK inflation rate rises to 2.7%
The rate of consumer price index (CPI) inflation increased to 2.7% in May, up from 2.4% in April, the Office for National Statistics (ONS) has said......

VIDEO: G8 leaders agree deal on tax evasion
Leaders of the G8 major economies have agreed new measures to clamp down on money launderers, illegal tax evaders and corporate tax avoiders......

AUDIO: Corporations 'embracing' US tax havens
The issue of tax havens will be discussed today at the G8 summit in Lough Erne, Northern Ireland. The BBC's North America correspondent Jonny Dymond reports that if President Obama is looking for offenders, he might like to look quite close to home......

VIDEO: Barroso: Trade deal will bring jobs
The president of the European Commission, Jose Manuel Barroso, has told the BBC that the proposed trade deal between the US and the EU would create jobs, but may take up to two years to negotiate......

VIDEO: EADS boss upbeat at Paris Air Show
The parent company of Airbus, EADS, has said that it believes deliveries of its new passenger plane, the A350, will begin by the end of next year......

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

Working alone to come together better
The apps that let us work alone - and to come together.....

Africa rising - but who benefits?
But who gains most from the continent's rapid growth?.....

How the US-EU trade deal affects you
Six ways a new EU-US trade deal might affect you.....

Bruce Dickinson's airline ambitions
Singer and pilot Bruce Dickinson on his airline ambitions.....

Ex-Wickes boss in High Street revamp
Shopping titans battle over how to save the High Street.....

Jambo pesa! (Hello, money! in Swahili)
Mobile payments have changed lives - but it is only the beginning.....

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

Market confidence grows as Fed meets
June 18 - Summary: Stocks stage back-to-back rally as confidence grows in Fed buying; Inflation heats up a little; New home construction slower than thought; Icahn says found Dell financing; Sprint sues Dish. Conway G. Gittens reports......

U.S. Day Ahead: Fed to acknowledge weak U.S. growth
Jun 18 - The Fed's two-day policy meeting comes to a close, and most analysts expect the central bank's bond purchases of $85 billion per month to continue......

Corruption in India-- deal with it!
We talk to Ravi Venkatesan, Microsoft India's former CEO about the chaos of investing in India and how multinationals can survive in that environment......

Meredith Whitney findsand likesthe middle ground
Forget the coasts. Meredith Whitney, author of the new book Fate of the States" tells Breakingviews' Rob Cox that Americas interior states are the future growth engines of the U.S. economy......

Breakingviews: Supreme antitrust prescription
June 18 - Breakingviews columnists discuss the implications of a U.S. Supreme Court ruling allowing the FTC to challenge drug company deals that delay cheaper medicines from entering the market......

Daily Digit: Prices jump 1.7 percent
June 18 - U.S. consumer prices, excluding food and energy, rose 1.7 percent in the 12-months through May, which should ease Federal Reserve fears of a slowing economy. Conway G. Gittens reports......

Trading at Noon: Yahoo eyes yet another startup Xobni
June 18 - Yahoo is offering to pay as much as $40M for the maker of address book apps Xobni, according to AllThingsD......

New Dreamliner steps up big jet battle
Jun.18 - Boeing has launched a larger version of its flagship Dreamliner aircraft at the Paris Air show, intensifying the battle with rival Airbus in the booming market for fuel-efficient, long-haul jets. Julian Satterthwaite reports......

G8 talks trade, tax and transparency
June 18 - At the end of the Group of Eight summit in northern Ireland, British Prime Minister David Cameron said the leaders had tackled tax, trade and transparency. Joanna Partridge reports the leaders' declaration states that tax authorities across.....

Loeb further pushes Sony to split
June 18 - Hedge fund manager Daniel Loeb raises his stake in Sony and further pressures the company to spin off its entertainment business. Fred Katayama reports......

The Upside: Hey, it's time to stop beating up the Fed!
Columnist Zachary Karabell. He speaks to former Treasury official David Malpass......

UK's Met Office weathers well
June 18 - Emergency talks are taking place in the UK about the weather. Several years of extreme conditions across Europe have left many - from farmers to retailers - counting the costs. The world's largest meteorologist is hosting the summit. Hayley.....

Europe Day Ahead: Bernanke weans markets off QE dummy
The worlds focus on Washington on Wednesday as the U.S. Fed threatens to take off the QE stabilisers. Mervyn Kings last vote & George Osborne tipped to announce Lloyds stake sell-off......

On air green light for Greek broadcaster
June 18 - Greece's state-run TV station is due to go back on air following a decision by a Greek court to suspend the government's closure. The market reacted positively to the ruling. But as Ciara Sutton reports it's likely to be on the agenda as th.....

Daily Digit: Car sales hit 20-year low
June 18 - European car sales last month plunged to the lowest level in two decades for May, further eroding manufacturers' hopes for a recovery this year. Sonia Legg reports......

U.S. Morning Call: Loeb increases pressure on Sony
Jun 18 - Dan Loeb's Third Point Capital raised its stake in Sony to 7% from 6.3% and urged the company to make an independent board to run a partially spun-off entertainment arm with CEO Kazuo Hirai......

Market Pulse: Nothing to fear from Fed
June 18 - Markets have nothing to fear from the Fed's two-day policy meeting says Praefinium Partners founder Alpesh Patel......

Paris Air Show: Airbus arrives with a spring in its step
June 18 - Airbus has new flagship twin jet airbourne and a bumper order for its A380 to announce at this years Paris air show. And growth is set to continue, says CEO Bregier......

Breakingviews: G8 should preach on tax
June 18 - G8 leaders needs to be tax reform evangelists at home and abroad, says Breakingviews. And Turkeys caught between a domestic rock and an EU hard place......

Hedge fund reminds Sony who its biggest investor is
Japan bureau chief Kevin Krolicki......

In China, they built it ... and no one came
June 18 - A building boom tied to China's economic rise shows no signs of abating, despite slowing growth and excess capacity in some cities. Are commercial 'ghost towns' a sign of further trouble to come?.....

China designs supercomputer
June 18 - China designs the world's fastest supercomputer that allows 33,860 trillion calculations per second, local media reports. Rough Cut (no reporter narration)......

Reuters Today: Investors Hyperventilate Over 'Tapering'
June 18 - The merest suggestion of 'fine tuning' the U.S. stimulus programme seems enough to make investors hyperventilate......

Facebook's Zuckerberg meets South Korea's president
June 18 - Facebook's Chief Executive Officer Mark Zuckerberg meets South Korean President Park Geun-hye. Rough Cut (no reporter narration)......

Fast, Cheap & Easy - the lure of Europe's newest exchange
June 18 - Watch out there's a new exchange about - and it's grabbing market share in Europe. BATS Chi-X CEO tells us about challenging traditional stock markets and why business is booming......

The award-winning IBM advert that is also a bench
Billboards for latest campaign double as a bench, a shelter from the rain and a ramp for stairs.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2d7831dc/mf.gif' border='0'/><div class='mf-viral'><tabl.....

Amazon should buy Ocado, says Cantor Fitzergerald analyst
One of America's top technology analysts has said that Amazon should buy Ocado, describing the online retailer as having one of the "most advanced technology platforms" for grocery delivery in the world.<img width='1' height='1' src='http://telegr.....

US Treasury Secretary Jack Lew changes signature after first attempt is mocked for being too 'loopy'
Jack Lew has come up with a new signature for US bank notes, after his original version was too "loopy".<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2d77ed5f/mf.gif' border='0'/><div class='mf-viral'>.....

EU car sales slide to 20-year low
European car sales slumped to a 20-year low in May as record unemployment took its toll and the eurozone's recession spread to the core, with drastic falls in a string of countries.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/.....

China hard-landing worries investors
A well-followed fund manager survey highlighted concerns about China.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2d7737f2/mf.gif' border='0'/><div class='mf-viral'><table border='0'><tr>&.....

Questor share tip: Aggreko's path to growth still looks well-lit despite the current dimness
Aggreko disappoints market with trading update, but long-term prospects remain intact.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2d7737f3/mf.gif' border='0'/><div class='mf-viral'><table border='.....

Stelios to attempt to block easyJet's Airbus plane order
Sir Stelios Haji-Ioannou is to attempt to block easyJet's multi-billion pound plans to buy 135 new Airbus aircraft.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2d7737f4/mf.gif' border='0'/><div class='mf.....

Co-op food sales fall for fourth consecutive month as bank struggles
THE Co-operative Group has suffered another setback after industry data revealed that sales at its food stores have fallen for the fourth month in a row.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2d761fe2/mf.....

Lloyds denies political pressure in Co-op deal
Lloyds Banking Group has denied being subject to political pressure to sell hundreds of branches to the Co-operative Group, as its chief executive and chairman were quizzed by MPs on the deal.<img width='1' height='1' src='http://telegraph.feedspo.....

Business news and markets: as it happened, June 18, 2013
Shinzo Abe's plans to revive the world's third biggest economy were welcomed by his G8 counterparts, but the Japanese premier was urged to address his country's ballooning public debt.<img width='1' height='1' src='http://telegraph.feedsportal.com.....

Business news and markets: live
Shinzo Abe's plans to revive the world's third biggest economy were welcomed by his G8 counterparts, but the Japanese premier was urged to address his country's ballooning public debt.<img width='1' height='1' src='http://telegraph.feedsportal.com.....

We need a much smaller state, not an even bigger one - bring on the cuts
Something is rotten in the state of Britain, but those who believe the problem is that the Government isn't spending enough of our money have got it all wrong.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2d755.....

SDL crashes by a third on latest profit warning
SDL, the British developer of language translation software, saw its shares crash by a third on Tuesday after it warned of slow sales.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2d755085/mf.gif' border='0'/&g.....

BoE names Charlotte Hogg as first chief operating officer
Charlotte Hogg, a senior executive at Santander UK and daughter of former government minister Douglas Hogg and Baroness Hogg, has been named at the BoE's first chief operating officer.<img width='1' height='1' src='http://telegraph.feedsportal.com.....

BoE names Charlotte Hogg as first chief operating officer
Charlotte Hogg, a senior executive at Santander UK and daughter of former government minister Douglas Hogg and Baroness Hogg, has been named at the BoE's first chief operating officer.<img width='1' height='1' src='http://telegraph.feedsportal.com.....

Nasa selects record number of women for astronaut trainee class
Nasa's new astronaut trainee class has the highest number of women since the scheme began more than 50 years ago, in a major boost for women in engineering.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2d755087.....

Co-op suffers double rating blow as Moody's warns investors may only get a third of their money back
The Co-operative Group suffered a double rating blow on Tuesday, as rating agencies Moody's and Standard & Poor's downgraded the mutual.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2d761857/mf.gif' border=.....

Moody's downgrades Co-op as it warns investors may only get a third of their money back
Ratings agency Moody's has downgraded the troubled Co-operative Bank for the second time in two months, as it warns investors may only get back a third of their original investment, or potentially less.<img width='1' height='1' src='http://telegra.....

Inflation-busting savings accounts
There are no savings deals for taxpayers that beat or match the new rate of inflation - unless you opt for one tax-free Isa.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2d7450fc/mf.gif' border='0'/><div .....

World's tallest skyscraper could be built in London
London could claim bragging rights for having the world's tallest building after Saudi billionaire Prince Alwaleed bin Talal invited bids from big cities to build a mile-high skyscraper that would dwarf Dubai's Burj Khalifa.<img width='1' height='.....

Costa Coffee heats up Whitbread sales in a freezing Spring
First-quarter sales rise as customers take shelter at Costa Coffee in the coldest Spring in 50 years.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2d72ea92/mf.gif' border='0'/><div class='mf-viral'><.....

FCA warns Sipp property investors on firm's 'luxury resorts'
The new Financial Conduct Authority (FCA) has taken the unusual step of warning investors to do serious research before paying any more money to the Harlequin group and its associated companies.<img width='1' height='1' src='http://telegraph.feeds.....

UK house price growth slows to 2.6pc in April
House prices in the UK rose 2.6pc in the year to April, driven by London and the South East, but was down from a 2.7pc increase in the year to March, according to official data.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/3272.....

UK inflation: five graphs that show why prices are rising
UK inflation rose to 2.7pc in May, from 2.4pc in April. We examine how high inflation has squeezed UK households, and take a closer look at what's pushing up prices.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s.....

Start-ups minding the UK-US venture gap
A yawning "performance gap" between British and US venture capital investment is beginning to grow again, leaving innovative UK start-ups starved of funds.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2d71bfb3/.....