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Monday 22 July 2013

UK Financial News on 2013-07-22

Leading investors call for national investment bank
Institutional investors are rallying behind calls for the creation of a national investment bank to kick-start infrastructure development.....

Court demands 10 years of accounts from Weavering Capital boss
Magnus Peterson has 10 weeks to provide a personal asset trail to forensic investigators.....

High hopes for banks equities divisions
Analysts and investors will hope Europe's investment banks can echo the strong Q2 performance of their US peers.....

Edmond de Rothschild is moving house
The private banking group is set to take up residence at the former home of general Charles de Gaulle and the Free French Forces.....

Paul Capital sounds out potential buyers
The San Francisco-based firm is a pioneer of the global private equity secondaries market.....

Late battle rages on future of commodities pricing
Energy market on tenterhooks over negotiations that will determine whether commodities are to be included in wider benchmark regulation.....

Nomuras Instinet slips into the red in Europe
European agency broker posts first full-year loss since 2009.....

High-yield supply suffers biggest plunge in five years
European high-yield issuance plunged €6 billion between May and June, with borrowers tapping the more expensive syndicated loan market.....

Leveraged ETPs return to $50bn bull run
Assets in short and leveraged exchange-traded products pass the $50 billion mark for the first time since 2011.....

Audit market shake-up plans unveiled
Major UK-listed companies must allow accountancy firms to bid for their audit work every five years, the Competition Commission proposes......

GSK: China law has been broken
UK pharmaceuticals firm GlaxoSmithKline says that senior executives in its China office appear to have broken the law amid a bribery scandal......

High frequency trader fined $3m
Financial regulators in the UK and US fine a high frequency trader and his firm more than $3m (1.95m) for manipulating oil and gas markets......

More UK digital firms than thought
There are 40% more digital firms in the UK than the government estimates according to a report from the National Institute of Economic and Social Research......

McDonald's faces 'challenging' trade
McDonalds says the "informal eating-out market remains challenging" as its second-quarter profits rise by less than expected......

US home sales in unexpected June dip
Sales of existing homes in the US dropped slightly in June, suggesting that a sharp rise in mortgage borrowing rates may have had a bigger impact than expected......

World Bank chided on human rights
The World Bank is not making adequate checks on the effect its projects have on human rights, according to the charity Human Rights Watch......

Ubuntu seeks cash for smartphone
Software developer Canonical is trying to raise more than 21m of crowdfunded cash to launch the Ubuntu Edge, a smartphone that doubles as a PC......

Welby warns of bankers 'lynch mob'
The Archbishop of Canterbury, Justin Welby, describes the shaming of bankers in the wake of the financial crisis as "lynch mobbish"......

Nicole Farhi sold by administrators
Upmarket fashion and homeware retailer Nicole Farhi is bought out of administration by Maxine Hargreaves-Adams, daughter of the founder of Matalan......

Millions of phones 'at risk of hack'
More than half a billion mobile phones are vulnerable to a hack attack because of problem with their Sim cards, according to a leading security researcher......

Developing markets buoy Philips
Dutch electricals manufacturer Philips reports a tripling of quarterly profits as sales rise 10% in emerging markets and restructuring costs fall......

Private equity firm raises 300m
Edinburgh-based private equity firm Dunedin raises a 300m fund dedicated to investing in mid-sized UK companies......

Tax credit renewal deadline is near
Tax credit claimants are being reminded by tax officials that an annual deadline is approaching to renew their claim......

Ministers: Improve work fitness test
Atos, the company which carries out "fitness-for-work" tests on disabled people, is told to improve its services, after an "unacceptable reduction" in quality......

UBS settles US mortgage litigation
Swiss banking giant UBS says it has reached an agreement with US housing agencies to settle claims it had mis-sold mortgage investments......

Belfast International Airport sold
Belfast International Airport is to be sold by its Spanish owners to the US-based firm, ADC & HAS Airports Worldwide......

Elderly 'isolated in countryside'
Cuts to bus services and the high cost of heating present problems for many older people who live in the English countryside, an Age UK study finds......

Tokyo stocks flat on Abe win
Shares in Tokyo are little changed after Prime Minister Shinzo Abe is given a vote of confidence for his economic policy known as "Abenomics"......

Olympic execs get 2.8m goodbye
The financial reports of the Olympic Delivery Authority (ODA) show 144 officials were paid a share of more than 2m ahead of it being wound down in 2014......

VIDEO: Jessops: A snapshot of the High Street
The changing face of the High Street store Jessops reveals an interesting snapshot of how today's High Street is shaping up......

VIDEO: Philippines: growth and challenges
The Philippines has become one of Asia's fastest growing economies but there is concern over high unemployment......

VIDEO: Tough reforms ahead for Japan
The BBC's Rupert Wingfield-Hayes says that Prime Minister Abe may introduce tough reforms to help Japan's economy......

VIDEO: Jollibee looks to go global
The owner of Filipino fast food chain Jollibee tells the BBC about the company's plan for international expansion......

VIDEO: Waves of tourists desert Lebanon
The tourism industry is a key driver for Lebanon's economy, but visitor numbers have plunged because of the civil war in neighbouring Syria......

Jessops stores: What are they now?
What has happened to the former Jessops stores?.....

VIDEO: The global graduates forced to move
The graduates making sacrifices to find work.....

The internet entrepreneur putting in the air miles
The 'fast, chaotic' life of a young internet entrepreneur.....

Priced off Hong Kong's streets
The businesses priced out of Hong Kong's streets.....

Chained to the desk
How the modern office came to be invented.....

U.S. Day Ahead: Apple under earnings scrutiny
July 22 - Investors are looking for fresh reasons to get excited about Apple. The company will report third-quarter earnings which are expected to be lower than a year ago......

Daily Digit: 450 mln Big Macs
July 22 - You could buy roughly 450 million Big Macs for the drop in McDonald's market cap through lunchtime Monday. Conway G. Gittens reports......

Techquity: Dan Loeb says Yahoo! Apple gets pre-results boost
July 22 - Yahoo agreed to repurchase 40 million shares of stock from major stakeholder Third Point; BMO raises Apple price target ahead of its earnings report......

Home prices rising almost as fast as in bubble-Trulia's Kolko
July 22 - Home prices are hitting new 5 year highs- creating a stressful environment for buyers- many of whom still can't get a mortgage even as rates rise says Trulia's Jed Kolko. Bobbi Rebell reports......

Trading at Noon: Tech stocks all the talk on Wall Street
July 22 - Yahoo to buyback 40M shares from Third Point. Microsoft could give one board seat to activist group & Google Glass more widely available......

Breakingviews: Yahoo's wronged investors
July 22 - Antony Currie and Rob Cyran explain why the Internet firm's preferential treatment of activist Dan Loeb leaves other shareholders in the lurch......

Portugal crisis given temporary reprieve
July 22 - Portugal's president soothes investor concerns by keeping the government in place until 2015. But as Joanne Nicholson reports tensions within the ruling coalition over tough austerity choices mean the country's political crisis has not been.....

McDonald's warns of tough year
July 22 - McDonald's profit grew but missed Wall Street expectations and the fast food giant sees a tough year ahead. Fred Katayama reports......

GSK execs may be China lawbreakers
July 22 - GlaxoSmithKline says that some of its executives in China appear to have broken the law as part of a major bribery scandal that has ensnared the British drugmaker. Sonia Legg reports......

Europe Day Ahead: Portugal fixed? Drugmakers nervous...
July 22 - Portugal gets a new-look government, but can it govern? Meanwhile euro zone economic data may offer glimmers of hope, and drugmakers wait to see who else gets swept up in Chinas bribery probe......

Beauty attracts British brands
July 22 - The British beauty industry has long felt it isn't awarded the same status as fashion, despite being worth 17 billion to the UK economy each year. Now the industry wants to sell beauty to politicians in order to win a bigger slice of a grow.....

U.S. Morning Call: Facebook on 100 million phones
July 22 - Facebook's expanding its presence, especially in emerging markets, with its "Facebook For Every Phone" app, which is now on 100 million phones......

Copper will tumble, gold will languish - Reuters metals poll
metals poll. We speak to Commerzbank's Eugen Weinberg and Natixis' Nic Brown about market trends......

Market Pulse: Portugal yield plunges, but bailout II looms
July 22 - Portugal avoids snap elections, yields eye their biggest fall since Oct last year. But Lisbon will be forced into a second bailout, says RBC. Plus a triple-whammy earnings bonanza...and a 29% plunge......

Breakingviews: UBS tackles its past, G20 tackles tax-dodging
July 22 - One more big litigation charge for UBS and strong profits. So, a bank with a future? And Moscow might not have been the best place to launch a global push for tax fairness, says Breakingviews......

Victory for Abe, but now the work in Japan really starts
July 22 - A resounding 'thumbs up' for Japan's prime minister Shinzo Abe in parliamentary elections over the weekend, but such a sweeping mandate may actually prove a drag on his reform program......

What lending reforms? China's new rules don't measure up
July 22 - A cut in the floor for lending rates won't see cheaper credit for most small borrowers in China. The real beneficiaries? Failing corporates looking for a credit handout, says Breakingviews' John Foley.....

Philips posts bumper Q2, but may still cut jobs
July 22 - Robust healthcare sales help Philips post a big increase in Q2 earnings, but CEO Frans van Houten refuses to rule out more job cuts......

Reuters Today: Abes got the power, but has he got the will?
July 22 - Japanese PM Shinzo Abes win means he can push through painful measures to boost the economy, but sceptics say his victory is so big hell lose interest in reforms. Philips and UBS beat forecasts......

Healthy profit for Philips
July 22 - Philips has reported better-than-expected second-quarter results after orders from its healthcare division rose 7 percent. But as Hayley Platt reports the CEO of the Dutch healthcare, lighting and consumer appliance group remains cautious......

Scientists smell success with durian wine
July 21 - Scientists in Singapore are turning their hands to wine-making, using the pungent-smelling durian as a replacement for grapes. They're still a long way from commercializing durian wine, but the researchers are confident that the so-called ".....

Rail executives to pocket 900,000 to stay in jobs
Three senior Network Rail executives are set to pocket 900,000 for not leaving their jobs, The Daily Telegraph can disclose.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2f04a717/mf.gif' border='0'/><div .....

McDonald's disappoints as economic crisis bites into sales
For many years, McDonald's marked each quarter with another double digit increase in profits, regardless of concerns about the health of the economy or people's diets. But its winning streak has come to an end.<img width='1' height='1' src='http:/.....

Billionaire investor Dan Loeb is a loser, too, as he exits Yahoo!
The latest twist in the hedge fund managers adventures with the company will leave many investors feeling short-changed.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2f043afc/mf.gif' border='0'/><div clas.....

German and Italian banks should move to UK if FTT introduced, says Boris Johnson
Boris Johnson has called on major European banks to consider relocating their headquarters to London if Europe goes ahead with plans to implement a financial transaction tax.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f.....

Audit contracts must be put up for tender every five years, says Competition Commission
Britain's biggest listed companies could be required to put their audit contracts up for tender every five years under Competition Commission (CC) plans to break open the audit market.<img width='1' height='1' src='http://telegraph.feedsportal.com.....

Bailed-out euro nations see debt rise
Painful eurozone austerity measures have failed to reduce the ballooning debt piles of bailed-out nations, with official figures revealing that the 17-nation bloc's debt burden hit an all-time high in the first three months of the year.<img width=.....

Hibu investors may sue board over debt deal
Shareholders in Hibu, the former Yellow Pages business, are considering mounting legal action against the board if they are frozen out of a restructuring deal due to be announced later this week.<img width='1' height='1' src='http://telegraph.feed.....

Europe's crisis states should fight back with a 'debtors' cartel'
Public debt levels are rocketing in almost every country of the eurozone periphery. Debt ratios are already crossing the point of no return in Portugal and Italy, and is nearing the danger zone in Ireland.<img width='1' height='1' src='http://tele.....

Nicole Farhi saved from administration by Matalan founder's daughter
Nicole Farhi, the struggling upmarket fashion retailer, has been bought out of administration by Maxine Hargreaves-Adams, the daughter of Matalan founder John Hargreaves.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568.....

Drilling dismay hits Providence Resources as languid blue-chips falter
Irish oil explorer falls back on disappointing well results.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2f043b03/mf.gif' border='0'/><div class='mf-viral'><table border='0'><tr><td val.....

Digital firms' importance to UK economy underestimated
Digital businesses are much more important to the state of the economy than previosuly thought, a study shows.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2efad986/mf.gif' border='0'/><div class='mf-vira.....

Bumi shares drop in first day of trading after suspension
Bumi, the troubled coal miner brought to London by billionaire Nat Rothschild, had a tricky return to trading on Monday, almost three months after questions around a subsidiary's accounts forced a suspension.<img width='1' height='1' src='http://t.....

English wine maker Chapel Down gets sales fizzing
How a move upmarket has helped English winemaker Chapel Down toast rising profits at home and abroad.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2f043b06/mf.gif' border='0'/><div class='mf-viral'><.....

Supergroup expands in Asia
Supergroup has announced a fresh drive to expand in Asia with the agreement of a 10 year partnership with FJ Benjamin, a retail distributor that has helped Gap and Banana Republic grow in the Far East.<img width='1' height='1' src='http://telegrap.....

Stem cell company ReNeuron relocates to Wales
A stem cell company specialising in treatment for strokes is moving from Surrey to Wales where the medical condition is one of the leading causes of death and disability.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568.....

Business news and markets: as it happened - July 22, 2013
Portugal's prime minister Pedro Passos Coelho is to reshuffle the government to make junior coalition leader Paulo Portas his deputy, pushing the country's borrowing costs to a one-month low, as an early election is avoided.<img width='1' height='.....

Business news and markets: live
Portugal's prime minister Pedro Passos Coelho is to reshuffle the government to make junior coalition leader Paulo Portas his deputy, pushing the country's borrowing costs to a one-month low, as an early election is avoided.<img width='1' height='.....

A third of millionaires row about inheritance, says Coutts
The families of one in three millionaires have admitted to "suffering serious conflict" about inheritance, according to a study by Coutts.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2f017d4a/mf.gif' border='0.....

The reality of women at the top: Non-executive directorships aren't the be all and end all
As a report shows a new breed of female non-executive directors are helping to increase the number of women on FTSE boards, Louisa Peacock looks at the difference between non-executive and executive roles - and ask why it's harder to fill the latter?.....

Daniel Loeb makes $520m profit from sale of Yahoo! shares as he quits board
Technology giant Yahoo! suffered a blow to its turnaround hopes after billionaire hedge fund manager Daniel Loeb sold out most of his stake in the company for $520m (338m) just over a year after engineering a boardroom coup.<img width='1' height='.....

UK and US regulators fine trader 3m for manipulation of oil market
A US oil trader has been hit with $4.5m (3m) in fines and financial penalties by British and American regulators after he admitted using a high-speed trading programme to manipulate oil and gas markets for his own profit.<img width='1' height='1' .....

MPs urge Government to act fast on code for pubs
The Government has been urged to bring forward legislation establishing a statutory code for pubs as soon as possible amid concern over how long it has taken ministers to act.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/.....

MPs urges Government to act fast on code for pubs
The Government has been urged to bring forward legislation establishing a statutory code for pubs as soon as possible amid concern over how long it has taken ministers to act.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/.....

A million pound nest egg for the Royal baby
Investment professionals give their tips on the financial gifts fit for a future monarch.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2effff83/mf.gif' border='0'/><div class='mf-viral'><table borde.....

Gloom lifts as consumers feel more confident about finances
Consumer confidence at a four and a half year high - although concerns continue about rising utility bills.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2efeeff9/mf.gif' border='0'/><div class='mf-viral'&.....