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Monday 29 July 2013

UK Financial News on 2013-07-29

September is 'golden month' for flotations
New research shows that post-summer deals are more likely to price within range and perform well.....

Big hedge funds enjoy buyers market for recruitment
Large hedge funds are capitalising on a difficult environment for start-ups by hiring portfolio managers who might once have set up on their own.....

Esma yields to pressure on futures reporting
Europe's top securities regulator is set to delay the start of key derivatives reporting rules by up to a year.....

Big Issue homes in on social investment
The street magazine's subsidiary Big Issue Invest is applying for regulatory approval for a fund management division.....

Fund managers aim to convert UK to US-style pensions
Three US asset managers are taking on the likes of domestic UK insurers Legal & General and Scottish Widows.....

UK venture capital market share hits record low
The country secured just 16% of all investment in the second quarter.....

Project Apple takes more bites out of RBS
Royal Bank of Scotland has suffered further senior exits from its investment bank as it plans to sell off assets.....

Lets hear it for an investment bank for football
New kinds of investment banks have become all the rage - Lord Nathanael Wei of Shoreditch wants one for football.....

Nasdaq boosts NLX to break rates duopoly
The London-based Nasdaq OMX NLX platform is viewed as a key part of Nasdaq's plans to diversify away from share trading.....

Investors to help with Permiras mega deals
Permira has lined up a group of large investors to help it do mega buyouts despite the firm struggling to raise large sums to invest.....

Aviva raises 425m in infrastructure push
Aviva Investors will invest its latest fund in performing, senior loans secured on assets primarily in western Europe.....

Energy watchdog 'failing consumers'
MPs call for the energy regulator Ofgem to do more to make profits at the big six energy companies more transparent and restore trust in the market......

Unison to challenge tribunal fees
Unison is to challenge new fees for workers bringing employment tribunals in the UK, after being granted permission to seek a judicial review......

Boeing in global aircraft inspection
Boeing requests airlines to carry out inspections of a transmitter used to locate aircraft after a crash......

Apple in China worker abuse claims
Technology giant Apple is facing fresh allegations of worker rights violations at Chinese factories of one of its suppliers, the Pegatron Group......

Banks lend more to small businesses
Lending to small businesses rose in June by the largest amount for two years, Bank of England figures show......

Rising fuel costs hit Ryanair profit
No-frills airline Ryanair reports a 20% drop in quarterly profits due to the timing of Easter and rising fuel costs......

Funds decline at investment firm
Funds under management fall by 1% at Aberdeen Asset Management in the face of "volatile global market conditions"......

Saks snapped up by Hudson's Bay
Canadian retailer Hudson's Bay Company has bought US department store Saks in a $2.9bn deal......

Absolute Radio bought by Bauer Media
Absolute Radio has been bought by Bauer, the magazine group behind Heat, Grazia and Bella, in a deal reported to be worth up to 25m......

London Market Report
Shares in advertising giant WPP rise on news of the 23bn merger between Omnicom and Publicis......

Perrigo buys Elan in $8.6bn deal
Irish drug firm Elan has been snapped up by US rival Perrigo in an $8.6bn (5.6bn) deal which will secure tax savings for the US company......

China orders government debt audit
China orders a nationwide audit of all government debt, underlining fears that the recent slowdown in its economy may impact the financial sector......

Rio Tinto offloads Northparkes stake
Rio Tinto agrees a deal to sell its 80% stake in Northparkes copper and gold mine in Australia to China Molybednum for $820m (530m)......

'Lads' mags' given cover-up deadline
The Co-operative gives so-called lads' mags six weeks to cover up their front pages with "modesty bags" or be taken off sale in its 4,000 stores......

Cable warns on Help to Buy 'bubble'
Business Secretary Vince Cable warns that a flagship government programme to revive the housing market could inflate it......

Saving Hearts needs 'millions more'
Hearts' administrator says bidders need to increase their offer by millions to prevent liquidation of the club......

Ecclestone doubts 2014 Indian GP
Bernie Ecclestone says "political" issues with the race mean he does not expect an Indian Grand Prix in 2014......

VIDEO: Ofgem failing consumers, say MPs
MPs call for the energy regulator Ofgem to do more to make profits at the big six energy companies more transparent and restore trust in the market......

VIDEO: Employment tribunal fees begin
Controversial fees are being introduced for workers who take their employers to court......

VIDEO: BMW launch electric car
BMW are to unveil their first fully electric car, tempting customers with special ownership deals.....

VIDEO: No-strings cash for 'awesome' ideas
The Awesome Foundation funds "awesome" ideas and projects ranging from community aquaponic gardens to re-enactions of scenes from the Indiana Jones films. The $1000 grant is awarded with an extremely simple and quick process and has no strings attach.....

VIDEO: Firms 'refuse to give figures'
John Robertson, MP, has called for greater transparency of energy company profits, saying the energy regulator Ofgem tries to be nice to everybody and ends up being nice to nobody......

VIDEO: Energy company profits 'not big'
The energy regulator Ofgem is not doing enough to ensure that energy company profits are transparent, MPs have said......

VIDEO: 'Lads' mags' told to cover up
Magazines told to cover-up their front pages with sealed "modesty bags" or be taken off sale in its stores.....

VIDEO: Training to work on a superyacht
As the rich get richer there are an increasing number of superyachts in production, which creates jobs on board for people who can meet the right standards......

Sponsors count London 2012 benefits
Did London 2012 sponsors get value for money?.....

Omnicom and Publicis create behemoth
How the advertising mega-merger started as a joke.....

Chris Ward: The PR boss who works from coffee shops
The boss who ditched offices to do all his work from coffee shops.....

Are there too many managers?
Does the UK really need five million 'managers'?.....

Bahrain struggles to get economy back on track
Signs of revival raise hopes for Bahrain's battered economy.....

U.S. Day Ahead: What's Einhorn eying next
July 29 - David Einhorn's hedge fund Greenlight Capital reports second-quarter results. He is expected to talk about trading ideas and investors will be listening for what companies he mentions......

Techquity: Cheaper iPhone clues, Amazon hiring
July 29 - Clues about a cheaper iPhone come from an unlikely place. Plus, Amazon plans to increase staff at its fulfillment centers......

"Tesla is important as an example to us" - BMW CEO Reithofer
JUly 29 - BMW CEO Norbert Reithofer says Tesla is an important competitor, and an example in electric mobility that will be very important in the future, as BMW launches its i3 electric car. Bobbi Rebell reports......

BMW goes electric but will i3 sell?
July 29 - Best known for their sporty saloons and gas-guzzling SUV's, Germany's BMW has launched it's first fully electric vehicle the i3. Hayley Platt asks whether the German auto maker's $2.7 billion dollar investment was largely forced upon it by .....

Daily Digit $46.1 Bln in Monday Mergers
July 29 - Three huge deals in advertising, pharma and retail make for an exciting 'Merger Monday' adding up to a total of $46.1 billion. Havovi Cooper reports......

Trading at Noon: Housing stocks down as home sales fall
July 29 - U.S. homebuilders fall as pending home sales fall, solar stocks climb. Apple in focus after China Labor Watch claims a supplier has violated workers' rights......

Hudson's Bay buys Saks for $2.9 bln
July 29 - The owner of Lord & Taylor is buying Saks, getting prime real estate and a luxury brand to add to its mid-tier lineup. Fred Katayama reports......

Breakingviews: Elan deal's tax zeal
July 29 - Jeffrey Goldfarb talks to Rob Cyran about the dangers of Perrigo's seemingly tax-motivated $8.6 billion acquisition of Irish biotech Elan......

Nothing mad about ad men's mega merger
July 29 - A proposed mega-merger between global ad agencies Publicis and Omnicom could bring rival accounts such as Coca-Cola and PepsiCo under one firm. The potential $35 billion deal raises other conflicts, and will need approval by competition reg.....

China solar row trade threat averted
July 29 - The European Union and China agree to end a solar panel spat that threatened hundreds of billions of euros worth of trade, and will also see accusations over European wine dumping dropped as well. Joel Flynn reports......

Europe Day Ahead: Super Tuesday for banks
July 29 - Super Tuesday for bank earnings, with Barclays, UBS, Deutsche and Santander numbers all due. Meanwhile, economic data may offer more glimmers of hope for the euro zone......

Europe braces for banking Super Tuesday
July 29 - A clutch of European banks are primed to lift dividends to put them back on the radar of yield-hungry investors after years spent using cash to repair balance sheets. Angeline Ong reports on what analysts will be keeping an eye on......

Market Pulse: HSBC's Bloom and Major on the Fed, ECB and BoE
July 29 - HSBC's global heads of FX and interest rates, David Bloom and Steven Major, give us their take on how investors should prepare for this week's central bank triple whammy. Plus, "dealzone" hots up......

Omnicom shareholders the bigger winners in merger
July 29 - The Publicis-Omnicom 'merger of equals' will benefit both sets of shareholders. But Bernstein Research thinks Omnicom has more to gain......

Breakingviews: "Equality" in Big Ad merger?
July 29 - Publicis and Omnicom have formed a neat merger of equals, with co-CEOs and a parallel listing. But Breakingviews warns that paralysis or conflict could come later......

Reuters Today: Mad Men? Ad Giants Publicis & Omnicom Merge
July 29 - A proposed mega-merger between ad giants Publicis and Omnicom could bring rival accounts under one firm. So will it work?.....

Japan's consumer renaissance may be short-lived
Japan retail sales have posted their biggest gain in over a year, but with higher import costs and a controversial sales tax hike looming, companies -- and the government -- may not reap the benefits......

Europe, brace for banking Super Tuesday
July 29 - Costs and ratios will be a key focus for analysts when Europes major banks report on Tuesday......

Daily Digit: Siemens CEO boost
July 29 - Siemens shares jump as Germany's second biggest company says it will sack CEO Peter Loescher after a repeated failure to stop the company suffering declining revenues in its main markets. Joel Flynn reports......

FACTBOX: Publicis Omnicom - Big brand conflict?
July 29 - A merger between ad giants Publicis and Omnicom would bring arch rivals into sister agencies, but will brands like Coca-Cola and PepsiCo want to be under the same roof?.....

U.S. Morning Call: Mergers abound Monday; Apple's China woes
July 29 - Publicis to merge with Omnicom to create biggest ad agency; Apple supplier Pegatron violates Chinese workers' rights......

Banks revert to their key role of supporting the economy
Evidence that banks are beginning to increase lending to small businesses is encouraging.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2f4f3111/sc/25/mf.gif' border='0'/><div class='mf-viral'><table.....

Bitcoins banned in Thailand
Thailand becomes the first country to ban Bitcoins after central bank rules it is not a currency.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2f4ee2c3/sc/2/mf.gif' border='0'/><div class='mf-viral'>&l.....

Blue-chips edge into positive territory as Merger Monday lifts WPP
Just like buses, you wait for one and then several mergers come along at once.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2f4edee4/sc/15/mf.gif' border='0'/><div class='mf-viral'><table border='0'.....

US shale threatens Saudi funding crisis and demise of OPEC
Saudi Arabia and the Opec oil states must wean their economies off energy exports immediately or spiral into decline as America's shale revolution shatters the world order.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/5.....

Apple moves top executive Bob Mansfield to special projects team
Apple has moved one of its most senior technology executives aside, as the iPhone maker battles to shore up its pipeline of innovation.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2f4e7ec6/sc/5/mf.gif' border=.....

Deloitte to face 20m fine over MG Rover sale
Deloitte faces a fine of up to 20m and the suspension of one of its partners after a tribunal ruled the accountants had shown a "deliberate disregard" for professional ethics in its handling of the sale of defunct carmaker MG Rover.<img width='1' .....

Trade union calls for meeting with Mike Ashley over "mistreatment" of Sports Direct staff
Trade unions have called for an urgent meeting with Mike Ashley over allegations that part-time staff at his sports retail chain Sports Direct do not get paid for lunch breaks, regularly work unpaid after closing time to tidy up a store, and face man.....

China orders 'urgent' audit of debts after IMF warnings
State Council tells China's audit office to suspend work on other projects and launch immediate inquiry.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2f4e78b2/sc/2/mf.gif' border='0'/><div class='mf-viral.....

GlaxoSmithKline has credit outlook cut by Moody's
GlaxoSmithKline, which is at the centre of a bribery scandal in China, has suffered a further blow after Moody's cut its credit outlook on the British pharmaceutical company to negative.<img width='1' height='1' src='http://telegraph.feedsportal.c.....

Businessmen lose RBS swaps appeal
Two businessmen who accused Royal Bank of Scotland of mis-selling them a complex financial product linked to interest rates have lost an appeal claim for compensation after a court ruled they were out of time.<img width='1' height='1' src='http://.....

British brands issue competition warning over Omnicom-Publicis merger
Major British brands have warned that the proposed $35bn (23bn) merger of the agency groups Omnicom and Publicis threatens competition and choice in the advertising market.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/5.....

Barclays set to announce multi-billion pound rights issue
Barclays will on Tuesday announce plans to raise more than 4bn from shareholders as it publishes its financial results for the first half of the year.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2f4df429/sc/2/.....

It's official: Wary banks to blame for lending fall
Small business owners might not be surprised, but now Government-commissioned research has confirmed what many of them already suspected: a lack of bank lending is down to risk aversion and weak supply, not a lack of demand.<img width='1' height='.....

Lingering Eurozone crisis dampens SME optimism
Fears over continuing economic weakness in the eurozone are dampening small companies' enthusiasm about an improving domestic economy, research has revealed.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2f4df1c.....

Reckitt Benckiser takes 225m legal hit amid NHS claim
Reckitt Benckiser, the consumer goods giant, has written off 225m from its profits because of legal and regulatory investigations amid a multi-million pound claim by the NHS.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f.....

Business news and markets: as it happened, July 29, 2013
European markets have risen on a wave of positive corporate data and on the back of renewed M&A hopes, although New York has dipped in the run up to the latest moves from the Federal Reserve.<img width='1' height='1' src='http://telegraph.feed.....

Business news and markets: live
European markets have risen on a wave of positive corporate data and on the back of renewed M&A hopes, although New York has dipped in the run up to the latest moves from the Federal Reserve.<img width='1' height='1' src='http://telegraph.feed.....

Mad men? Omnicom-Publicis $35bn merger faces barriers
It is being presented to investors and regulators as a "merger of equals", but a glance at the finances of Omnicom and Publicis suggests a bit of creative branding from of the world's top advertising groups, writes Christopher Williams.<img width=.....

Church of England's ethical lending could be a healthy alternative to regulation
With its plans to sponsor credit unions to put pay-day lenders out of business and its backing of a consortium bidding for more than 300 RBS branches, the Church of England, under Archbishop Justin Welby, is looking to become a significant player in .....

Perrigo buys Irish drug maker Elan in $8.6bn deal
US drug maker Perrigo is buying Irish biotech company Elan in a $8.6bn (5.6bn) deal that secures lucrative royalties for the American firm and will slash its corporation tax bill in half.<img width='1' height='1' src='http://telegraph.feedsportal......

China fires warning shot at foreign carmakers
Foreign car makers face accusations of exorbitant profits and calls for an antitrust investigation.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2f4c73f0/sc/39/mf.gif' border='0'/><div class='mf-viral'>.....

China's Xinhua fires warning shot at foreign carmakers
China has fired a warning shot at foreign makers of luxury cars, as it accused them of reaping exorbitant profits and called for them to face an antitrust investigation.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/5683.....

Apple faces fresh accusations over China worker 'abuse'
Apple has been accused of being "complicit" in a litany of alleged labour violations involving one of its suppliers in China, the Taiwanese firm Pegatron.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2f4b7371/s.....

Deloitte loses appeal over MG Rover ruling
Accountants Deloitte has lost an appeal over a regulatory ruling that it failed to manage conflicts of interest in its advice to MG Rover Group and the "Phoenix Four" directors who bought the UK carmaker before it collapsed.<img width='1' height='.....

When is the right time in your career to have a baby?
As new research suggests an increasing number of younger women are delaying their careers to have babies, Louisa Peacock asks whether there is ever a 'right time' to have children.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/3.....