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Tuesday 23 July 2013

UK Financial News on 2013-07-23

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.....

Apple shares rise 4% on results
Computer and smartphone maker Apple reports slightly better-than-expected profits for the third quarter of the year......

Premium Bond prize chances to be cut
The chances of winning a prize in the UK Premium Bonds draw will be reduced from August, as savings rates continue to fall......

UK men in US jail for boiler room scam
Three British men have been sentenced to a total of 43 years in prison in the United States for their part in one of the UK's biggest investment frauds......

Help to Buy 'not for second homes'
The chancellor says the second stage of the Help to Buy scheme, aimed at enabling more people to buy their homes, will be closed to second home buyers......

Bentley to create 1,000 new jobs
Bentley will create 1,000 jobs as it develops a new luxury car to be produced at its factory in Crewe......

Claims firms close as laws toughened
Hundreds of claims management firms are shut following the introduction of tougher new laws, says the government......

Export activity 'highest since 2007'
UK export activity is at the highest level since late 2007, according to a report from the British Chambers of Commerce......

Samsung reveals new smartphone chip
Samsung unveils a new top-end smart device chip, adopting graphics technology from ARM instead of its UK rival Imagination......

US court throws out web patent claim
A US court has upheld a decision to invalidate a tech firm's claim to own technologies underpinning the web......

Amazon U-turn over free deliveries
Online retail giant Amazon scraps free "super saver" delivery for some goods worth less than 10, reversing a policy introduced in 2009......

Africa 'held back' by land disputes
Africa's economic growth is held back by confusion over who owns vast swathes of agricultural land, according to a World Bank report......

Senate probes banks' aluminium role
A US Senate committee heard evidence on the controversial role of big banks in the aluminium trading industry......

Third Point to reduce Yahoo stake
Third Point LLC, the hedge fund headed by activist investor Daniel Loeb, agrees to reduce its stake in Yahoo......

Losses narrow at Hovis bread maker
Premier Foods, the maker of Hovis bread and Bisto reports losses narrowed in the six months to June......

Crossrail 'blacklisting' accusation
The government has been urged to investigate London's Crossrail project following allegations that workers have been blacklisted......

Ten hurt as NY plane's wheel fails
Ten people are injured - six of whom are taken to hospital - as a plane's nose wheel collapses when it lands at New York's LaGuardia Airport......

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......

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......

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......

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......

Plans for 50m ship repair yard
Portland Harbour Authority unveils plans for a 50m ship repair yard that could create more than 300 new jobs......

One year to go to Commonwealth Games
Sir Chris Hoy joins events in Glasgow to mark the one-year countdown to the 2014 Commonwealth Games......

Concern over Rangers chief's salary
Rangers chief executive Craig Mather's 500,000 salary is angering some at Ibrox, BBC Scotland understands......

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: Mortgage proposals 'may cause bubble'
The new mortgage proposals which are an extension of the current 'help to buy' scheme are causing people.....

VIDEO: Boiler room scam trio jailed in US
Three British men have been sentenced to a total of 43 years in prison in the United States for their part in one of the UK's biggest investment frauds......

VIDEO: Royal baby brings business boom
Chloe Hayward looks at how firms are cashing in on the royal baby boom......

VIDEO: Filipino families split by work
Families in the Philippines are being forced to live apart due to the country's dependence on overseas work, it has been claimed......

VIDEO: GlaxoSmithKline admit fault in China
GlaxoSmithKline employees detained by Chinese police on suspicion of bribing doctors.....

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: 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......

Yorkshire seeks Tour de France windfall
How will God's own county profit from Le Tour?.....

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

Who needs science fiction?
Can sci-fi show us the products of the future?.....

U.S. Day Ahead: Great expectations for Facebook
July 23 - Analysts will be looking for a big increase in mobile ad revenues and the adoption of new products like Instagram video when Facebook reports results on Wednesday.....

Techquity: Apple number to watch, no Emmy for Netflix
July 23 - Analysts looking for Apple to lower guidance when it reports results. We give you one number to track. Plus, Netflix disappoints but in a plot twist, investors remain calmer......

Daily Digit: Wendy's selling 425 locations
July 23 - Hamburger chain Wendy's is selling off locations and beefing up menu items as fast-food growth slows down. Conway G. Gittens reports......

London prime property fears
July 23 - Foreign investors using London property as a safe haven are warned they may need to think again if quantitative easing is pulled back but, as Joanne Nicholson reports, matters in the hands of the central banks could prevent a bursting of a .....

Trading at Noon: Cisco's buying spree; Apple preview
July 23 - Cisco agrees to acquire SourceFire for $2.7B. And we're keeping an eye on Apple ahead of earnings......

Breakingviews: Detroits next hurdle
July 23 - Breakingviews columnists explain why Detroits bankruptcy filing doesn't just pit bondholders against retirees, but also federal versus states' rights in an 80-year-old legal dispute......

Royal baby restores UK feelgood factor
July 23 - British mother and baby goods retailer Mothercare is hoping the birth of the royal baby will give their business a boost, after it reported a drop in sales in its home market in the last quarter. Joanna Partridge looks at whether the new he.....

Cheaper shipments hurt UPS
July 23 - Customers choosing slower deliveries hurt UPS' earnings, and the road ahead isn't a smooth one. Fred Katayama reports......

Europe Day Ahead: Bumper earnings barometer
July 23 - GSK, ARM, Daimler, Easyjet, Iberdrola & Syngenta among the big names reporting their Q2 results on Wednesday, but will solid earnings be enough to sustain the European rally? Plus euro zone PMIs......

Daily Digit: KPN's $11bln Telefonica deal
July 23 - Dutch telecoms group KPN will sell its German unit to Telefonica Deutschland for some 8.1 billion euros ($11 billion) in cash and shares, in a long-awaited deal that will test regulators' views in Europe's largest mobile market. Hayley Plat.....

The billion dollar royal baby
July 23 - As the world awaits the first glimpse of the royal baby boy, Joel Flynn takes a look at how much Prince William and his wife Kate's first born is set to inherit......

U.S. Morning Call: All eyes on Apple; UPS sees weakness
July 23 - Apple's expected to show a drop of more than 21 percent in quarterly profit and very minimal revenue growth......

Breakingviews: Vivendi sells Maroc, shareholders shrug
July 23 - The French conglomerate will forsake a control premium in its $5.5 bln Maroc sale to Etisalat. The good news? It's Vivendi's first step in an overdue transformation, argues Breakingviews......

Should DSLR king Canon fear the smartphone?
' Jon Gordon analyzes the numbers......

Portugal's financial crisis hits soccer
July 23 - It's not all high wages and big transfer fees in Portugal's soccer leagues. As Hayley Platt reports the economic crisis means some players are experiencing delays in their wages forcing some to seek aid......

Reuters Today: China to defy law of gravity, markets like it
July 23 - China's Premier Li reportedly says Beijing won't allow growth to fall below 7%. Markets like what they hear, Europe opens higher. Plus billions of euros of telecom M&A activity, and boy oh boy........

Netflix subscriber growth gets panned
July 22 - Summary: Weaker-than-expected subscriber growth at Netflix offsets higher-than-expected profits; McDonald's investors digest unhappy meal; Yahoo slides as Directors exit; S&P 500 hits lifetime close as housing recovery undaunted. Conway G. .....

Home sales down but prices jump
July 22 - Despite a surprise pullback in existing home sales- homes sold faster and for more money in June - proof the housing industry continued to improve before a spike in interest rates. Bobbi Rebell reports......

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.....

Boris is right, the outlook for the City is far better than is often credited
The story of London's journey to the pinnacle of the world's financial system has been a story of Britain gaining at the expense of others' mistakes.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2f115358/sc/7/m.....

Banks inflating aluminium price, say drinks can makers
Europe's drinks can manufacturers have called for an overhaul of the way banks trade aluminium, amid allegations that Wall Street is routinely "warehousing" the metal to inflate its price.<img width='1' height='1' src='http://telegraph.feedsportal.....

Fifth of Greeks live below poverty line
More than a fifth of Greek employees and pensioners lived below the poverty line in 2012, according to reports, illustrating the impact a drawn-out recession is having on the bailed-out nation.<img width='1' height='1' src='http://telegraph.feedsp.....

Lending to firms rises for first time in six months
Net lending to companies rose last month for the first time since January in a sign that business confidence is improving as the economic recovery gathers pace.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2f0d.....

Jobs boost as Chevron awards 550m North Sea contracts
US oil giant Chevron has awarded contracts worth 550m for two North Sea projects, in the latest sign of revival in the sector.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2f10c326/sc/2/mf.gif' border='0'/>&.....

Wilkinson shuts final salary pension scheme after profits hit
The discount retail chain Wilkinson says it is to close its final salary pension scheme to future accrual after profits missed expectations in the last year as it battled tough economic conditions in the UK.<img width='1' height='1' src='http://te.....

RBS chief appointment could come next week
Royal Bank of Scotland is close to appointing a new chief executive to replace outgoing boss Stephen Hester, with an announcement expected as early as next week.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2f1.....

Heat puts pressure on easyJet
HSBC raised concerns about the impact of the hot weather on the airline.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2f10c332/sc/7/mf.gif' border='0'/><div class='mf-viral'><table border='0'><.....

NS&I savings see first fall during financial crisis
The Government-backed bank, a port in the storm during the financial crisis, saw its assets shrink in the last financial year.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2f10c336/sc/25/mf.gif' border='0'/>.....

China eyes fresh stimulus as economy stalls, sets 7pc growth floor
China has backed away from further shock therapy for its debt-sated economy, setting a minimum floor for growth and preparing a fresh round of stimulus measures.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2f0.....

Vodafone defends Kabel deal as bosses remain open to offer for Verizon Wireless
Vodafone has been forced to defend its 9.1bn acquisition of Kabel Deutschland in response to concerns from shareholders that the company is overspending to expand in struggling European markets.<img width='1' height='1' src='http://telegraph.feeds.....

New Bentley SUV to be built in Britain, 'beating Bratislava'
Britain will build the first ever 4x4 model from Bentley, the luxury carmaker announced, a move seen as a triumph for UK manufacturing and quashing fears the work would be lost abroad.<img width='1' height='1' src='http://telegraph.feedsportal.com.....

Mr Kipling maker Premier Foods serves up treat with profit rise
Shares in Premier Foods rose 6pc on Tuesday after the debt-laden owner of Mr Kipling cakes and Hovis bread posted a better than expected performance for the last six months and chief executive Gavin Darby revealed he plans to cut a further 10m in cos.....

If you think Britain is on its way back to prosperity, think again, it's a mirage
It is one of the many wonders of our Royal Family that its babies are perfectly, almost eerily, timed with the economic cycle.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2f0fe883/sc/9/mf.gif' border='0'/>&.....

BMW takes a gamble as it prepares to blaze a trail with luxury electric cars
With a range of less than 100 miles and a hefty price tag, it is little wonder that BMW's first electric cars are described by the company's chief executive as a "calculated risk."<img width='1' height='1' src='http://telegraph.feedsportal.com/c/3.....

Apple investors braced for disappointment
Apple investors were bracing themselves for disappointment last night, as analysts grew increasingly pessimistic that the iPad and iPhone-maker's third quarter results would expose a dramatic slowdown in growth.<img width='1' height='1' src='http:.....

China bans construction of government buildings in latest frugality drive
China's leaders have banned the construction of government buildings for five years as another step in a frugality drive that aims to address public anger at corruption.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/5683.....

Samsung smartphone win for ARM sends Imagination tumbling
ARM Holdings dealt a blow to fellow British microchip designers Imagination Technologies that sent its shares tumbling more than 11pc on Tuesday.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2f0fe88b/sc/23/mf.g.....

Hot weather hits Carpetright
Carpetright has become the first listed retailer to warn that the hot weather in July has negatively impacted sales.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2f0fe88f/sc/22/mf.gif' border='0'/><div cl.....

How to value an innovative business
Businesses do not need to be generating any revenues to be highly sought after, but how should entrepreneurs put a price on their ventures?<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2f0fe890/sc/21/mf.gif' bo.....

Business news and markets: as it happened, July 23, 2013
European markets have been boosted on Tuesday, after France said its recession was over and data from Spain showed its economy contracted by the smallest amount in nearly two years.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/.....

Tullow tumbles on French Guiana and Mozambique drilling failures
Tullow Oil shares slumped more than 6pc after its run of bad luck with the drill bit continued, as exploration wells off French Guiana and Mozambique both failed to find commercial quantities of oil or gas.<img width='1' height='1' src='http://tel.....

Swisscom chief found dead in apparent suicide
Carsten Schloter, the chief executive of Switzerland's biggest telecoms company Swisscom, has been found dead in an apparent suicide.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2f0efe85/sc/2/mf.gif' border='0.....

How to stop your pension collapsing just before you retire
COMMENT: Certain funds will automatically steer your pension around some of the more dramatic and dangerous side-effects of the financial crisis.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2f0efe86/sc/2/mf.gi.....

How the Government's 'financial repression' is battering NS&I savers
Comment: State-backed NS&I is under pressure not to beat its rivals but it has an equally tough battle against the Government's own depressed borrowing rates.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2f.....