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Monday 24 June 2013

UK Financial News on 2013-06-24

Distressed investors cool on Europe
Vulture funds are finding slimmer pickings after a buying spree in recent years.....

Emerging markets on course for schism following MSCI loss
Once heralded as the saviour of poor returns from the west, emerging markets are set to be viewed as increasingly fragmented investment propositions.....

Thomson Reuters mulls league table shake-up
Data provider is set to review the way it calculates its equity capital markets adviser rankings.....

London Stock Exchange plots Brazilian foray
The exchange operator is seeking to gain a foothold in the fast-growing Latin American market.....

Calls grow for relaxation of insider dealing rules
Fund managers are typically barred from trading in the shares of companies where they are involved in significant governance actions.....

Chelsea braves inflationary threat
The Royal Borough of Kensington and Chelsea is shunning index-linked gilts, despite wider fears that inflation will rise.....

Confident banks start cutting their liquid assets
European banks are reducing their liquidity pools over concerns that excessive buffers could hit profitability.....

NYSE Euronext plans block-trading platform
The move comes in response to growing demand for venues protected from high-frequency trading.....

Suitors circle as Calypso owners seek exit route
The US-based capital markets technology company is up for sale and attracting interest from private equity investors.....

Emerging market research head departs Pimco
London-based research chief leaves his role after less than two years with the fund manager.....

Former operations chief eyes depository launch
Ex-COO of James Caird Asset Management plots what could be the first independent depository for hedge funds.....

Vodafone seals Kabel Deutschland bid
UK telecoms group Vodafone has agreed with the board of Kabel Deutschland to buy the German cable firm for 7.7bn euros (6.6bn)......

China stocks slump on credit fears
Chinese stocks fall further as the country's central bank indicates its credit tightening policy will continue......

Uncertain future for pension income
The future of pensioner benefits is looking increasingly likely to be a key battleground at the next general election......

Central banks told to halt support
The Bank for International Settlements (BIS) says banks have done their bit to help economic recovery and now governments must do more......

German business confidence rises
Germany's Ifo index of business sentiment rises slightly in June, raising hopes that the eurozone's largest economy is returning to growth.....

Saudi Arabia changes weekend start
Saudi Arabia changes the start of its two-day weekend from Thursday to Friday to align its banking and business days with most of the region......

Blanco Cycling signs Belkin deal
Blanco, the former Rabobank cycling team, signs a 30-month sponsorship deal with Belkin electronics ahead of this year's Tour De France......

'Serious tax evasion reports fall'
The number of cases of serious tax evasion reported by local tax offices are at their lowest level in the last five years, according to a report by a law firm......

Barclays faces pressure over Somalia
The UK government is being urged to stop Barclays closing the last account in Somalia which allows the country's citizens overseas to send money back home......

Housing policy 'too short-term'
Successive governments have failed to produce a coherent long-term strategy for housing, the Royal Institution of Chartered Surveyors says......

Suntory unit's IPO price fizzles
Japan's Suntory Holdings expects to raise $4bn (2.57bn) - down from an earlier estimate of $4.7bn - from the listing of its food and soft-drinks unit next week......

Starbucks pays UK corporation tax
Coffee giant Starbucks pays corporation tax in the UK for the first time in four years, the company announces......

EU split on future bank bailouts
EU finance ministers fail to agree on how to rescue troubled banks in any future crisis, with countries split on whether savers should bear some of the burden......

Osborne: Jobs cut as MoD agrees deal
The Ministry of Defence has reached a budget deal which will see a further cut in the number of its civilian staff, the chancellor says......

UK and China in 21bn currency deal
The Bank of England and its Chinese counterpart agree a currency deal likely to boost trade between the UK and China in the yuan......

McKie leads group keen to buy Hearts
The former chief executive of Scottish Rugby, Gordon McKie, leads a consortium of investors keen to buy troubled Hearts......

AUDIO: Are pop-ups rescuing the economy?
Are pop-up restaurants, which open often for just a few months, the answer to the struggling UK retail environment?.....

VIDEO: Cows to orchids: EU's farming dilemma
Ministers at the European parliament are due to hold talks on Monday to reform the controversial Common Agricultural Policy (CAP)......

VIDEO: 'We're not building enough houses'
Successive governments have failed to produce a coherent long-term strategy for housing, the Royal Institution of Chartered Surveyors has said......

AUDIO: Why high prices mean market 'failing'
High house prices and high housing unaffordability are clear signs the housing market is failing, according to the Rics Housing Commission......

AUDIO: Would you make a 55 year investment?
Would you lock your money up for 55 years in order to beat inflation?.....

VIDEO: Indonesia braces for higher fuel costs
Indonesians are bracing themselves for higher fuel prices after the government cuts subsidies......

AUDIO: Online platforms 'difficult to control'
Sir Martin Sorrell tells the Today programme that technology firms such as Google and Facebook should be treated as media providers......

Business looks sweet for Sharapova
Russian tennis ace launches business career.....

The shoeshiner turned global boss
From shoeshine boy to global chief executive.....

Caste or Class?
Can India's new middle class transcend caste boundaries?.....

SE Asia haze: What is causing it?
What is driving the haze in South East Asia?.....

Silicon Valley looks to India
The immigration row over keeping tech talent in the US.....

Higher rates=high risk for emerging markets
June 24 - As rates start to rise, the impact on emerging markets could be severe. Elizabeth Koraca reports......

U.S. Day Ahead: Housing data to show improvements in sector
June 24 - Analysts will be looking at key market data including New Home Sales and the S&P Case-Shiller Index to get a better grip on the U.S. housing recovery......

Techquity: Apple falls below $400, Google a Waze away
Jun 24 - Apple heads back toward 52-week low while Google could face hurdles with its planned purchase of Waze......

Riots hurt Turkey's EU hopes
June 24 - Germany has proposed pushing back a new round of European Union membership talks with Turkey to signal displeasure at Ankara's handling of anti-government protests. As Joanna Partridge reports the EU had originally been planning to breathe .....

Daily Digit: 10-yr note touches 2.6 pct
June 24 - Yields on the 10-year note breached 2.6 percent for the first-time since August 2011, which are likely to influence borrowing costs for home loans, credit cards, and auto financing in the future. Conway G. Gittens reports......

Need to be discerning about allocating money: CEO Brady
June 24 - Credit Suisse CEO Brady Dougan says the world is uneven in terms of growth and investment returns prospects. Adding, investors need to be discerning about where they allocate money......

Trading at Noon: Heavy selling in stocks, bonds & gold
June 24 - U.S. stocks are extending last week's losses, while gold remains under $1,300/oz and Treasury yields on the 10-year rocket to 2.6%......

Tenet buys Vanguard for $4.3 bln
June 24 - Tenet Healthcare is buying Vanguard Health for $4.3 bln including debt, the latest in a wave of consolidation sweeping hospital stocks higher. Fred Katayama reports......

No election mountain for Merkel
June 24 - Solid finances, no new debts and repaying old ones are among the core campaign issues for German Chancellor Angela Merkel's CDU party ahead of the September election. A new anti-euro party, Alternative for Germany, is also shaking up the po.....

Clock ticks on EU failing bank plan
June 24 - Europe couldn't agree at the weekend on how to share the cost of bank collapses and have announced more talks this week. But with Germany resisting attempts by France to water down rules designed to spare taxpayers Sonia Legg aks if there i.....

Europe Day Ahead: Bonjour tristesse (again) for bankers?
June 24 - Bank bailouts are the focus of the IIF Spring conference in Paris. Plus peripheral debt auctions, and French business confidence seen edging higher......

Ninja Block brings new level of remote control
June 24 - An Australian start-up called Ninja Blocks is making waves in the tech world with a device that connects the physical world with the internet. The Ninja Block box will monitor sensors connected around the home and follow pre-programmed inst.....

Daily Digit: Vodafone's 7.7bln cable deal
June 24 - Vodafone has agreed to buy Germany's largest cable operator Kabel Deutschland for 7.7 billion euros ($10 billion), betting on TV and fixed-line services in its biggest deal since 2007. Hayley Platt reports......

U.S. Morning Call: Stocks to open lower; buy pullback -JPM
Jun 24 - U.S. stock futures are set for a lower open after last week's Fed comments and worries over China, but a JPMorgan strategist says it's overblown......

Market Pulse: Perfect storm rocks copper
June 24 - Copper hits a three-year low as worries over Chinas economy combine with concerns over how to exit QE. And Vodafone snaps up Kabel, but is it paying too much?.....

Market Pulse: Perfect storm rocks copper
June 24 - Copper hits a three-year low as worries over Chinas economy combine with concerns over how to exit QE. And Vodafone snaps up Kabel, but is it paying too much?.....

TAKE 120: Walgreen's has the cure for big returns
Jun 24 - Alpine Funds' Bryan Keane has just two minutes to defend his case for preferring Walgreen's to CVS and says the drug store has better earnings growth and potential to increase its dividend......

Central bank's 'new normal' hammers China-listed lenders
June 24 - Shanghai shares posted their biggest single-day fall in nearly four years, as China's central bank shows little sympathy for mid-sized lenders facing a short-term cash squeeze......

Breakingviews: Vodafone-Kabel deal looks palatable
June 24 - Vodafone has offered 7.7bln for Kabel Deutschland. The deal looks acceptable, but only if Vodafone can make its promised 3bln savings, says Breakingviews......

Japan Inc's endangered species: women
June 24 - Markets may be losing faith in Shinzo Abe's pro-growth policies, but there's one thing he could do that's certain to jump-start the economy: address a shortage of women in offices and boardrooms......

For China, Snowden gone but not forgotten
June 24 - Former U.S. spy agency contractor Edward Snowden may have left Hong Kong, but media commentaries and online chatter show he's likely to remain a sore spot in U.S.-China relations......

Bringing internet to The Other Three Billion
June 24 - O3B plans to bring high-speed internet to the three billion people hampered by sluggish & expensive connections. Angeline Ong interviews CEO Steve Collar as O3B launches its first satellites......

Reuters Today: Painless QE exit? Markets don't buy it
Stocks will remain under pressure as long as markets worry about a disorderly end to QE, says City Index market strategist Josh Raymond......

Badminton robot a study in energy efficiency
June 23 - Belgian scientists are developing a badminton-playing robot to demonstrate how new software can optimise energy efficiency in production machines. Tara Cleary reports.....

Italy could need EU rescue within six months, warns Mediobanca
Italy is likely to need an EU rescue within six months as the country slides into deeper economic crisis and a credit crunch spreads to large companies, a top Italian bank has warned privately.<img width='1' height='1' src='http://telegraph.feedsp.....

Apprenticeship scheme to create 100,000 engineering technicians
The Prime Minister outlined plans to create an extra 100,000 engineering technicians within the next five years, as BAE Systems chairman Sir Richard Olver called for the country to give engineers more respect and prestige.<img width='1' height='1'.....

Why Bitcoin is on the money
Digital currencies are a threat to current financial systems, say Alec Ross and Jonathan Luff.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2dbb2e10/mf.gif' border='0'/><div class='mf-viral'><table .....

Banks' money-printing has leased us all out, but where's the alternative?
Central banks frequently prove such a menace that like the US Congressman Ron Paul, it's tempting to think we'd be better off without them. Their function is to provide monetary stability, but all too often they seem only to generate the reverse.<.....

US Federal Trade Commission 'follows EU in launching oil price probe'
The US Federal Trade Commission has followed the European Union in opening a formal probe into how crude oil and refined fuel prices are set, according to reports.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2.....

Cruise industry boosts British economy by 2.5bn
The cruise industry does more than just provide rest and recreation for hundreds of thousands of holidaymakers, it also supports more than 66,000 jobs in the UK, according to researchers.<img width='1' height='1' src='http://telegraph.feedsportal......

ENRC has been a comedy of errors
The Kazakh government had a bit of a cheek getting worked up about Borat when it owns part of ENRC.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2dbb207c/mf.gif' border='0'/><div class='mf-viral'><t.....

Turf TV takes a punt on American racing
Punters in 10,000 UK betting shops will soon be able to watch racing from some of America's top tracks after a profit-sharing deal between Turf TV and US racecourse owner Stronach Group.<img width='1' height='1' src='http://telegraph.feedsportal.c.....

Risk factor? Wife of new Bank of England governor Mark Carney ploughs her own furrow on economic policy
One unusual risk Mark Carney faces at the Bank of England is his wife, Diana.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2dba7634/mf.gif' border='0'/><div class='mf-viral'><table border='0'><.....

Mark Carney: golden chance for return to prosperity beckons
Incoming BoE Governor has the Chancellor behind him, a public desperate for new ideas, and a suite of powers.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2dba7638/mf.gif' border='0'/><div class='mf-viral.....

Property lender Castle Trust to offer SMEs 'hundreds of millions'
Castle Trust says it has "hundreds of millions" of pounds available to lend to SMEs who are struggling to access bank finance.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2dba3f80/mf.gif' border='0'/><di.....

Property lender to offer SMEs 'hundreds of millions'
Castle Trust, the property investment firm, says it has "hundreds of millions" of pounds available to lend to small business owners who are struggling to access bank finance.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f.....

Raspberry Pi inventor joins silver medal table
The creator of the Raspberry Pi mini computer and an inventor of an off-road wheelchair are among entrepreneurs who have been awarded a Silver Medal from the Royal Academy of Engineering.<img width='1' height='1' src='http://telegraph.feedsportal......

Lack of engineers means Britain ill-prepared for future
Britain must reverse its "worrying attitude towards our best and brightest engineers", according to Sir Richard Olver, chairman of BAE Systems.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2dba3872/mf.gif' bord.....

Green rules will leave Europe importing even dirtier fuel from elsewhere, Essar Energy warns
Draconian green regulations risk putting European refineries out of business, leaving the continent importing more fuels from dirtier plants elsewhere in the world, Essar Energy has warned.<img width='1' height='1' src='http://telegraph.feedsporta.....

Virgin goes to battle with BA in New York market
Virgin Atlantic will dominate almost two-fifths of the world's most lucrative aviation route between Heathrow and New York, after finalising a $360m (233m) deal with Delta Air Lines.<img width='1' height='1' src='http://telegraph.feedsportal.com/c.....

European food retail sector is spent
It has filled up on concrete but does not have the profit growth to wash it down, according to Citi.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2db98ba9/mf.gif' border='0'/><div class='mf-viral'><.....

UK borrowing costs hit two-year highs
Britain's 10-year borrowing costs touched their highest levels in almost two years on Monday, as last week's signal from the Federal Reserve that it is ready to rein in stimulus measures continued to trouble markets.<img width='1' height='1' src='.....

Business news and markets: as it happened - 24 June, 2013
UK and US government borrowing costs rise and global stock markets fall amid fears over the Federal Reserve's QE taper and the cash squeeze in China.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2db90587/mf.gif.....

SABMiller pays Graham Mackay 14m
The former boss of SABMiller, the brewer behind Peroni and Grolsch, was awarded a total pay packet worth almost 14m last year.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2db85b53/mf.gif' border='0'/><di.....

Business news and markets: live
UK and US government borrowing costs rise and global stock markets fall amid fears over the Federal Reserve's QE taper and the cash squeeze in China.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2db1ffad/mf.gif.....

Anglo Irish bankers 'tricked' government into bailout
Two executives at stricken Anglo Irish Bank caught on tape allegedly admitting that lender suckered Irish government into 7bn bail-out.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2db84aa3/mf.gif' border='0'/&.....

Serious tax evasion cases at lowest level in five years
The number of cases of serious tax evasion in the UK has dropped to its lowest level for five years, research suggests.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2db6f8e4/mf.gif' border='0'/><div class.....

Vodafone poised to beat Liberty Global to 6.6bn Kabel Deutschland deal
Vodafone is poised to win the battle to take over Germany's largest cable company, Kabel Deutschland, after it made an improved offer to overcome a rival approach from Liberty Global.<img width='1' height='1' src='http://telegraph.feedsportal.com/.....

Segro plans European warehouse joint venture
Segro, Europe's largest owner of industrial property, is in talks with one of Canada's biggest pension funds to use most of its mainland Europe warehouses for a joint venture.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/.....