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Tuesday, 25 June 2013

UK Financial News on 2013-06-25

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.....

Anglo Irish collapse investigated
Irish Prime Minister Enda Kenny says there will be a probe into the collapse of Anglo Irish bank, following release of taped phoned conversations between executives......

Jane Austen may appear on 10 note
Author Jane Austen may replace Charles Darwin on the 10 note, outgoing governor of the Bank of England Sir Mervyn King has said......

UK electric car breaks speed record
Drayson Racing sets a new world land speed record for a lightweight electric car at a racetrack in Yorkshire, travelling over 200mph......

Warning over UK 'visitor bond' plan
Indian business leaders warn that plans to make visitors to the UK pay a 3,000 "security bond" will harm the countries' "special relationship"......

Rate rises a long way off, King says
Bank of England governor Sir Mervyn King says that world economies are "nowhere near" a return to "normal" interest rates......

Barnes & Noble Nook sales plunge
US bookstore chain Barnes & Noble sees its fourth-quarter net loss more than double to $118.6m (77m) as sales of its Nook e-books and devices drop......

Summit called on payday lending
Lenders, regulators and government ministers are being summoned to a summit about the UK's payday loans industry next week......

US home prices see big annual rise
As US home prices see their biggest rise since 2006, some analysts think this is a further sign of economic recovery......

Carpetright: UK sales encouraging
UK floorings chain Carpetright says UK sales have been encouraging, but sales in Europe fall and writedowns push it into the red......

Housing and business lending diverge
More evidence of momentum in the housing market emerges from the latest figures from major UK banks, but lending to businesses continues to shrink......

Credit crunch fears hit China stocks
Chinese stocks touch a four-and-a-half-year low, but then rebound after the central bank seeks to ease fears over a possible credit crunch......

OFT 'dropped fuel probe too early'
A European MP who pushed for Brussels' regulators to investigate alleged price-fixing by oil firms says that a UK probe did not dig deep enough......

Sinopec in $1.5bn Angola oil deal
China Petrochemical Corporation, also known as Sinopec, agrees a deal to buy US firm Marathon Oil Corporations's stake in an Angolan oil and gas field......

Brazil leader promises reform vote
Brazil's President Dilma Rousseff says she will boost spending and hold a referendum on political reform, in a bid to halt nationwide protests......

Qatari emir hands power to son Tamim
Qatar's Emir Sheikh Hamad bin Khalifa Al Thani has handed over power to his son, Sheikh Tamim, 18 years after he deposed his own father as ruler......

Businesses 'need referendum clarity'
A survey suggests 58% of businesses do not have enough information to take a view on whether Scotland should become independent or not......

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)......

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

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......

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

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......

Brazil 'will definitely host World Cup'
Fifa general secretary Jerome Valcke says the 2014 World Cup will definitely be staged in Brazil and it can "be the best"......

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......

AUDIO: From gang member to millionaire CEO
From gang member to millionaire - how Ryan Blair turned his life around......

VIDEO: Peston takes on Punch and Judy
Robert Peston went to Brighton to learn the art of swazzling from veteran Punch and Judy performer Glyn Edwards......

VIDEO: China workers trap US boss in office
Chinese workers have been holding the US chief executive of their company hostage since Friday - in a dispute linked to wages......

VIDEO: Council cuts: 'Stand up and do have a go'
Local councils in England are expecting to take a further hit in Wednesday's Spending Review, but some communities are working together to keep their libraries and sports centres going......

VIDEO: Balancing books in Treasury courtyard
Chancellor George Osborne is set to announce a further 11.5bn of spending cuts for 2015-16 in his Spending Review on Wednesday......

VIDEO: Germany: Europe's indispensable power
The BBC's Europe Editor Gavin Hewitt goes to Berlin to find out how comfortable the Germans are with their new role as Europe's most influential economic superpower......

VIDEO: Bumper profits for US gun firm
One of the world's most famous gun-makers, Smith & Wesson, is expected to report bumper profits on Tuesday, as interest in gun ownership sees 20 per cent rise......

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

Tour de France 100
The world's greatest bike race in sound and pictures.....

Spending cuts: Progress so far
Where have the biggest cuts been in Whitehall so far?.....

Spending through the decades
How government spending has altered over the years.....

Taking on the 'patent trolls'
Is the reign of the patent troll coming to an end?.....

What makes Jane Austen the ideal banknote candidate?
Jane Austen and 10 other candidates to be on banknotes.....

Talking cars accelerate to launch
Germany speeds to bring super-safe talking vehicles to its roads.....

Home run for housing, rates could change game
June 25 - The housing market continues to build momentum with home sales and prices hitting multi-year highs, but with rising rates the pace could cool. Bobbi Rebell reports......

U.S. Day Ahead: Mortgage data to reveal bond rout damage
June 25 - Mortgage data on applications and rates will show how the bond market rout has played out with homeowners and what damage it might have caused to the recovering housing market......

Daily Digit: NOOK's $776 mln revenue
June 25 - Barnes & Noble's NOOK unit makes disappointing $776 million last fiscal year as plunging sales for the bookseller's digital and retail divisions point to more pain ahead. Conway G. Gittens reports......

Techquity: Plot twist at Netflix, Blackberry embraces iPhone
Jun 25 - Netflix suffers a downgrade while Blackberry provides support for companies whose employees use iPhones and Android phones......

Interactive head tracker for soldiers unveiled
June 25 - A prototype helmet system allowing fighter pilots and soldiers on the battlefield real-time situational awareness was unveiled at last week's Paris Air Show by US defence manufacturers Raytheon. Called the Joint Tactical Air Controller syst.....

Ultimatum gets Men's Wearhouse founder fired
June 25 - Details emerge about the boardroom brawl between Men's Wearhouse founder George Zimmer and the board that fired him last week. Conway G. Gittens reports......

The real lessons of Rajaratnam's downfall
The story of Raj Rajaratnam is much more than a simple case of money and greed, says Anita Raghavan, veteran financial journalist and author of the new book, The Billionaires Apprentice......

Breakingviews: Private equity egress
June 25 - Rob Cox and Breakingviews columnists talk about why buyout firms seem to be doing a lot more selling than buying......

Europe not sole focus for bankers
June 25 - Top bankers and policymakers from the financial industry's global trade body are meeting in Paris to search for ways to kick-start Europe's economy. Jamie McGeever reports from the IIF conference where Europe's bank stress tests are also hi.....

Trading at Noon: CEO circus at Men's Wearhouse & Carnival
exclusive uncovers the drama behind the firing of the Men's Wearhouse CEO and Carnival's head leaves after 33 years......

FACTBOX: The market carnage in the last 4 days thanks to the Fed
Jun 25 - Global equities have tumbled over $1.8 trillion since Fed Chairman Ben Bernanke spooked investors with talk of winding down stimulus on Wednesday. Here are the numbers........

Greece reshuffles same old faces
June 25 - Greece's government has announced a reshuffle after the smallest party in the coaltion quit last week. It leaves the PM with a slim majority. Joanna Partridge looks at what impact it will have on attempts to quell the euro zone debt crisis......

Rough seas ahead for Carnival
June 25 - Cruise operator Carnival Corp reports better-than-expected earnings, and gears up for rough waters ahead. Fred Katayama reports......

Chinese workers hold U.S. boss hostage over pay
June 25 - U.S. executive Chip Starnes, co-owner of Florida-based medical supplies firm Coral Springs, says he has been held hostage by Chinese factory workers in Beijing over a pay dispute. Jessica Gray reports......

Italy makes waves with sea power plan
June 25 - A UK technology company is building the world's first sub-surface wave farm with machines designed to utilise the motion of the Mediterranean Sea for power generation. The first prototype generator - capable of powering 80 homes - is underg.....

Europe Day Ahead: UKs next dose of austerity
June 25 - The UK finance minister sets out his stall for the next round of spending cuts on Wednesday, and the BoE weighs in with its financial stability report......

UK jet sales flying in face of recession
June 25 - More private jets were delivered in Britain during the downturn than any other European country, with sales between 2007 and 2011 up nearly 50 percent on 2002-2006. Ivor Bennett looks at why the luxury air market is doing so well......

Don't blame Fed for volatility - Trichet
June 25 - The Fed's communication has been clear, and Bernanke is not to blame for current volatility. Markets should know better, says ex-ECB chief Jean-Claude Trichet......

Market Pulse: Buy on dips? No one is
June 25 - Equity markets recover but theres no conviction in the move, and little sign of a desire to buy on dips, says IG's Alastair McCaig. Meanwhile, Italian debt costs jump as political jitters mount......

Wealth Strategies: Emerging markets not ready to rebound yet
Jun 25 - Roosevelt Investment's Vijay Chopra says the drop in commodity prices has hit emerging markets, but likes country ETFs of eastern Europe's Hungary & Poland as well as Thailand & South Korea......

China's cash crunch rings online alarm bells
' Weibo watcher Anita Li reports......

Ghosn in 60 seconds: Nissan CEO faces USD pay cut
June 25 - Renault-Nissan CEO Carlos Ghosn has cheered on a weakening of the yen -- despite it shaving a couple million dollars off his current paycheck. Maybe that's because he still out-earns some peers......

Reuters Breakingviews: UK beware derailing austerity on a train
June 25 - George Osborne seeks to sweeten the austerity pill with infrastructure projects, but must be careful that plans are not half-baked. And why the Anglo Irish tapes threatens Irelands ESM cash......

Reuters Today: China bear market deepens
June 25 - No relief for equities as Chinese shares lead the way lower again. Bankers start meeting in Paris. And where is Edward Snowden?.....

Once bitten, but not shy: China vet launches new fund
Paul Conway, who took some of corporate China's biggest names public, says he's seen the "good, bad and ugly" of the country's investment landscape. Now new opportunities are luring him back......

Bank of Israel governor Stanley Fischer taken to hospital 'after collapsing at home'
Stanley Fischer has been taken to hospital by paramedics after reportedly collapsing at home.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2dc97368/mf.gif' border='0'/><div class='mf-viral'><table b.....

Mervyn King is not without flaws, but he is passing on a robust Bank
At the end of this week, the governor retires from the position he has occupied for the past 10 years.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2dc8dafb/mf.gif' border='0'/><div class='mf-viral'>&l.....

Yahoo! chief Marissa Mayer praised for smashing 'glass ceiling'
Yahoo! chief Marissa Mayer's first shareholder meeting is overshadowed by comments about her appearance and gender.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2dc8db01/mf.gif' border='0'/><div class='mf.....

Give our children the skills they need to work
Telegraph View: George Osborne must remember that growth and jobs are a recipe not just for for winning elections, but for fuller and better lives<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2dc8db09/mf.gif' b.....

Mervyn King: The governor's legacy is a stronger Bank of England
In the final part of our series, Philip Aldrick considers what Mark Carney will inherit from Sir Mervyn King's 10 years at the helm.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2dc8c6b9/mf.gif' border='0'/>.....

Carnival cruise line chief Micky Arison to step down after 34 years following accidents
The chief executive of cruise line Carnival is to step down after 34 years in the top job following a series of accidents on the company's ships.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2dc8c6c2/mf.gif' bo.....

Nice Sir Mervyn King still allowed the ship to crash
The Governor of the Bank of England's economic theories were hopelessly misguided, says Iain Martin<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2dc8c6d8/mf.gif' border='0'/><div class='mf-viral'><t.....

ARM investors reassured over Intel
Analysts once again spurred a notable move in the company's share price.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2dc75fb8/mf.gif' border='0'/><div class='mf-viral'><table border='0'><tr&g.....

Barnes & Noble abandons Nook tablets after heavy losses
Barnes & Noble, the American bookshop chain, said it will abandon its attempt to compete with Amazon and Apple in tablet design and manufacture after annual losses in its Nook digital business widened to $475m.<img width='1' height='1' src='ht.....

Business news and markets: as it happened - June 25, 2013
Bond and shares investor remained wary as strong house price and durable goods data in the US signalled the recovery is on course.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2dc74172/mf.gif' border='0'/>&l.....

Markets steady as China credit fears ease
European shares rebounded on Tuesday after a streak of turbulent trading sessions and China's indices came off earlier lows as anxieties over a Chinese credit crunch eased.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/5.....

Business news and markets: live
Bond and shares investor remained wary as strong house price and durable goods data in the US signalled the recovery is on course.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2dbf9f07/mf.gif' border='0'/>&l.....

Sketch: Sir Mervyn signs off
Michael Deacon watches MPs bid farewell to Sir Mervyn King.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2dc662fd/mf.gif' border='0'/><div class='mf-viral'><table border='0'><tr><td vali.....

Sprint shareholders approve Softbank's $21.6bn offer
Sprint Nextel shareholders have voted in favour of a sweetened takeover offer from SoftBank, ending a contentious takeover battle for the third largest US wireless service provider.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/.....

Brussels quietly delays FTT by six months
Brussels appears to have quietly delayed its Financial Transactions Tax (FTT) amid mounting opposition to the controversial levy across the European Union.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2dc66309/.....

Sketch: The man with Balls on the brain
Michael Deacon watches George Osborne attack Ed Balls in the Commons.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2dc65f8d/mf.gif' border='0'/><div class='mf-viral'><table border='0'><tr>&.....

Consumer Minister Jo Swinson summons payday lenders to a showdown
Payday lenders have been summoned to a showdown with Consumer Minister Jo Swinson next week to tackle problems in the 2bn industry.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2dc65f90/mf.gif' border='0'/>&.....

Compensation culture 'leads to inadequate pensions'
Fear of the "compensation culture" is preventing employers help staff find the best pension deal when they retire, a report claims.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2dc65f95/mf.gif' border='0'/>&.....

'Stick two fingers up at Britain and Germany' joked Anglo Irish Bank boss
The former chief executive of Anglo Irish Bank joked about abusing Ireland's bank guarantee scheme.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2dc65879/mf.gif' border='0'/><div class='mf-viral'><t.....

George Osborne's Spending Review is based on already obsolete assumptions about the world economy
For George Osborne, the turmoil in the financial markets has come at the worst possible time.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2dc6587c/mf.gif' border='0'/><div class='mf-viral'><table b.....

Borrowers repay mortgages faster than banks lend new ones
The total amount of credit in the housing system has now contracted for the longest period in over a decade.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2dc6587d/mf.gif' border='0'/><div class='mf-viral'.....

This graph says annuity rates should rise. So why aren't they?
The 15-year gilt yield sounds like a boring detail from the financial markets. But if you are about to retire soon, it's worth keeping a close eye on it.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2dc6587e/mf.....

Libor scandal: regulators launch global review
Global regulators are to launch one of the widest reviews of interbank lending rates and establish a taskforce to examine whether current benchmarks are fit for purpose.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/5683.....

Why life's getting more expensive for the super-rich
A rise in the the cost of 'investments of passion' has fuelled a 4.9pc jump in prices of luxury goods and services.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2dc50c5d/mf.gif' border='0'/><div class='mf.....

2,000 jobs at risk as Dwell, Internacionale, Ark and ModelZone head for administration
Around 2,000 jobs are at risk after a dark day for the retail industry that saw four companies head for administration.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2dc6587f/mf.gif' border='0'/><div class.....