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Tuesday 30 July 2013

UK Financial News on 2013-07-30

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.....

Barclays shares hurt by cash call
Barclays shares closed nearly 6% lower after the bank said it would issue 5.8bn in shares to meet new Bank of England rules......

JP Morgan pays $410m in energy case
JP Morgan's energy unit has agreed to pay $410m to settle charges from the top US energy regulator that it had manipulated energy markets......

Housing benefit challenge fails
A group of disabled people lose a High Court challenge to social housing benefit cuts for residents with spare bedrooms in England, Wales and Scotland......

BP Gulf fund to be 'fully utilised'
BP says the compensation fund that it set up to pay claims related to the Gulf of Mexico oil spill 'will be fully utilised' within the next three months......

Wall Street Market Report
Shares in global potash producing companies have dived by 20% on news of the ending of a Russian- Belorussian cartel......

Tax charge for Bayern Munich chief
German prosecutors charge the president of European champions Bayern Munich, Uli Hoeness, with tax evasion after a lengthy inquiry......

Thousands in 50s 'fear losing homes'
Nearly a quarter of people in their early 50s polled by Age UK are worried that they will be forced to leave their homes......

Fracking OK for North East - peer
Fracking should be carried out in the North East of England, where there are large, "desolate" areas, a southern-based former energy secretary says......

'Crackdown' plan for nuisance calls
A range of measures to stop unwanted marketing phone calls and texts is being planned, says Culture Secretary Maria Miller......

Domino's Pizza serves up profit fall
Domino's Pizza has delivered a 46% drop in first-half profits, as the company's German expansion plans are slowed......

Chrysler boosts profits at Fiat
Profits at Chrysler quadruple second quarter earnings at 58% owner Fiat.....

Santander bank profits rise sharply
Santander, the eurozone's biggest bank, saw its profits jump sharply after it set aside less money for bad debts......

ITV shares surge on profit rise
Shares in broadcaster ITV hit a 12-year high after it posted a better-than-expected profit, helped by a strong performance from its production arm......

London Market Report
The FTSE 100 edges higher, led by engineering firm GKN.....

Rise in abusive online message cases
The BBC reveals that thousands of charges relating to abusive electronic messages have reached England and Wales' courts in the last three years......

Japan reports weak economic data
Japan posts weaker-than-expected economic data, underlining the challenges the government faces as it tries to revive the country's economy......

UK 'slightly happier than last year'
The Olympics and Jubilee celebrations may have contributed to "small improvements" in people's happiness in the UK last year, the Office for National Statistics says......

47m investment in UK heritage sites
The Heritage Lottery Fund invests 47m in six existing and potential tourist attractions around the UK......

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......

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......

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......

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......

Dunfermline set for fan ownership
Fans' group Pars United will take over Dunfermline as creditors vote in favour of accepting a company voluntary arrangement......

Stadium unlikely to build final tier
Millennium Stadium bosses all but rule out completing three tiers around the ground, fearing they would not recover the cost......

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

VIDEO: 'I knew I hadn't used the card'
David Edmundson-Bird, principle lecturer in digital marketing at Manchester Metropolitan University, describes his experience as a victim of e-crime......

VIDEO: BMW launch first electric car
The BBC's Theo Leggett had a look around BMW's new electric vehicle which has been designed for easy access......

VIDEO: Targeted adverts no longer just online
Marc Cieslak discovers what adverts he would be watching when the adverts themselves know who he is.....

VIDEO: 3D printing comes to the high street
3D printing has been around for some time but now the technology is available for the same price as a top-end TV at shops......

VIDEO: Living in tiny homes in Hong Kong
Thousands of Hong Kong residents are living in homes barely big enough to fit a bed and a table, as Jennifer Pak reports......

VIDEO: Alaska's billion dollar business
Wild salmon is big business in Alaska with 14,000 livelihoods depending on the industry in the Bristol Bay area alone......

VIDEO: 'Internet is home for criminals'
The UK must do more to stop online fraud and deter state-sponsored cyber-espionage or risk losing the fight against e-crime, MPs have warned......

End of the road for Jeepneys?
Has the Philippine Jeepney lost its charm?.....

China's slowdown and the global glut
How China's slowdown affects the world economy.....

Omnicom and Publicis create behemoth
What's behind the Omnicom-Publicis mega merger.....

Using tech to save our water supply
Using technology to guard our most precious resource.....

The era of the sexually charged office
The time when secretaries had to be the 'office wife'.....

Real-life adverts 'know who you are'
Are facial recognition ads a step too far?.....

Gay activists shun Russian vodka
Gay protest against Russian crackdown spreads to London.....

U.S. Day Ahead: Facebook closes in on $38 IPO price
July 30 - Facebook closes in on its $38 IPO price. The government releases weak Q2 economic growth and the Fed talks tapering.. or not......

Techquity: Apple critic still a fan, Twitter IPO sign
July 30 - An Apple critic says he still likes the stock while Twitter posts a job opening that could aid its move toward an IPO......

Daily Digit: Home prices up 12.2%
July 30 - Home prices rose 12.2 percent year over year in May- the most since 2006 according to the S&P Case-Shiller Home Price Index. Bobbi Rebell reports......

Breakingviews: SECs Fab bind
July 30 - Richard Beales and Breakingviews columnists explain why regardless of the outcome, the SECs case against Tourre can only end with the Wall Street watchdog looking foolish......

Trading at Noon: Facebook nears $38; Einhorn likes GM, Apple
July 30 - Facebook's stock is nearing its IPO price of $38, as strong earnings from last week's report continue to boost shares; Greenlight's David Einhorn still likes Apple & thinks GM's a strong growth stock......

Losses widen at Sprint
July 30 - Sprint lost more money and customers than expected ahead of its acquisition by Softbank. Fred Katayama reports......

Economy key in Zimbabwe polls
July 30 - Zimbabwe's frail economic recovery hangs in the balance as Robert Mugabe squares up to arch rival, Morgan Tsvangirai, in general elections. As David Pollard reports, the finance ministry has already warned that the polls are hitting growth......

Is regulation strangling banks?
July 30 - Deutsche, UBS, Santander and Barclays all post second quarter numbers with big question marks hanging over risks for the sector going forward, but is the regulatory environment necessarily stifling banks to ensure economies are protected or.....

Europe Day Ahead: Big 48 hours for central banks
July 30 - The Fed kicks off a big 48 hours for central banks, with decisions due from the ECB and BoE a day later. VW and Peugeot headline on another busy day for European earnings......

U.S. Morning Call: Looks like Twitter is closer to IPO
July 30 - Twitter has posted a job opening for a financial reporting manager, signaling the company is making moves to go public - possibly before the end of the year......

Daily Digit: BP's spill payouts leap
July 30 - BP's $20 billion Gulf of Mexico oil spill trust fund has almost run out after provisions for compensation costs. As Hayley Platt reports it contributed to worse than expected second quarter results......

China and the big corruption clampdown
July 30 - A crackdown on corruption by Beijing has brought about unwanted headlines for some big international pharma companies. But why now? And can you do business in China without bribing?.....

Market Pulse: As fog lifts, "buy Europe" view shines through
July 30 - With recession close to ending, investors have been buying Europe - and there may be plenty more of that to come, especially in stocks. But Europe's banks continues to struggle relative to US peers......

Mid-market phobia may give HTC nightmares
looks at the problems facing HTC, and whether CEO Peter Chou is the right man to fix them......

Barclays cash call, UK bank earnings round-up
July 30 - Barclays seeks $9 bln from shareholders to appease regulators. Julian Skan from Accenture examines the outlook for the UK banking giant and its peers......

BP at the mercy of higher taxes, Rosneft & oil spill costs
July 30 - Higher taxes, a lower-than-expected contribution from Rosneft and mounting compensation claims hit BP's Q2. Breakingviews argues the derisory valuation will be hard to correct......

Reuters Today: Super Tuesday Bank Bonanza
July 30 - Barclays, UBS, Deutsche & Santander among more than 40 major European companies reporting results today......

Factory inspections not up to par
July 30 - Confusion remains in garment factory inspections in the wake of a deadly building collapse earlier this year. Julie Noce reports......

Herbalife's healthy earnings
July 29 - Summary of business headlines: Herbalife raises forecasts; Markets step back ahead of Fed meeting; Publicis to merge with Omnicom; Hudson Bay offers $2.4b for Saks; Elan to join with Perrigo; June home sales fall. Havovi Cooper reports......

BMW eyes Tesla as it launches electric car
July 29 - BMW is heavily promoting its new i3 electric car- with the i8 sports car to soon follow- in an effort to grab a chunk of the small but growing market for upscale electric cars. Bobbi Rebell reports.....

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......

British people most anxious as they approach retirement
People on the verge of retirement are the most anxious in Britain, according to official figures.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2f5abfa2/sc/7/mf.gif' border='0'/><div class='mf-viral'>&l.....

SEC charges analyst Sandeep Aggarwal in SAC Capital case
The Securities and Exchange Commission stepped up its crackdown on insider trading by charging former Collins Stewart analyst Sandeep Aggarwal with passing information to an SAC Capital trader.<img width='1' height='1' src='http://telegraph.feedsp.....

We won't be signing up for any more Gulf settlements in a hurry, says BP
BP is now "highly unlikely" to enter into settlement talks with the US government over civil penalties for the Gulf of Mexico disaster, as it digs in for a long legal battle over the separate, ill-fated compensation deal it agreed last year.<img w.....

Fabrice Tourre and the 'make believe' world of Goldman Sachs
Former banker painted as a calculating fraudster in closing statements of trial.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2f5aae1c/sc/25/mf.gif' border='0'/><div class='mf-viral'><table border='.....

Monetarists see recovery danger from 'Summers Fed'
Fears Larry Summers will push for withdrawal of monetary stimulus and endanger America's fragile recovery.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2f5aae1d/sc/2/mf.gif' border='0'/><div class='mf-vir.....

Next says shoppers more 'spontaneous' and harder to read
Clothing retailer Next says British shoppers have become more "spontaneous" and harder to read, with holidays and the weather having a larger effect on sales.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2f56f0.....

Tullett boss flags potential volatility
Chief executive Terry Smith said investors were too "sanguine" about threats.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2f59f11a/sc/2/mf.gif' border='0'/><div class='mf-viral'><table border='0'&g.....

RBS succeeds in attempt to force lawsuits over 12bn rights issue to be combined
RBS wanted a number of different class action lawsuits related to its 12bn rights issue in 2008 to be combined.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2f59eed6/sc/25/mf.gif' border='0'/><div class='.....

Bank of England helped the Nazis to sell plundered gold
The Bank of England has admitted its role in one of the most controversial episodes in its history - helping the Nazis sell gold plundered from Czechoslovakia months before the outbreak of the Second World War.<img width='1' height='1' src='http:/.....

Fewer women being appointed to FTSE boards
Women account for just 16.5pc of all appointments to FTSE 100 firms.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2f58fe06/sc/25/mf.gif' border='0'/><div class='mf-viral'><table border='0'><tr.....

Weir shorters squeezed despite fall in profits
Weir Group has reported a 14pc fall in first-half profits, as the engineering firm reported a slowdown in demand for mining equipment.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2f54d059/sc/2/mf.gif' border='.....

Dodgy payday lenders throw in the towel
Fifteen out of 50 payday lenders have thrown in the towel after being given a deadline by the trading watchdog to prove their business practices were up to scratch.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/.....

Business news and markets: as it happened, July 30, 2013
Americans' confidence in the economy fell in July, consumers were less optimistic about the outlook for the economy and labour market, but remaining close to the highest level in more than five years.<img width='1' height='1' src='http://telegraph.....

How Barclays lost to the 'capital Taliban'
'When you look at our level of capital, when you look at our quality of capital, when you look at our ability to generate capital, I believe we pass the capital fitness test." So spoke Bob Diamond in 2010.<img width='1' height='1' src='http://tele.....

Business news and markets: live
Americans' confidence in the economy fell in July, consumers were less optimistic about the outlook for the economy and labour market, but remaining close to the highest level in more than five years.<img width='1' height='1' src='http://telegraph.....

Britain is playing catch-up to the US manufacturing boom
America, like Britain, is not having an easy recovery.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2f58358a/sc/7/mf.gif' border='0'/><div class='mf-viral'><table border='0'><tr><td vali.....

Germany loves our pizza despite losses claims Domino's
The chief executive of Domino's Pizza has promised that its loss-making German operation will eventually come good, insisting that Germans "love" the company's pizza despite losses from its operation there slicing group profits in two.<img width='.....

Twitter fuels IPO rumours with job ad
Twitter has given the clearest signal yet it is gearing up for an IPO after advertising a vacancy for a financial reporting manager responsible for the company's regulatory filings "when it is ready to go public".<img width='1' height='1' src='htt.....

Volkswagen sues UK university after it hacked sports cars
Carmaker sues University of Birmingham to stop it revealing how to hack anti-theft systems.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2f582ea4/sc/33/mf.gif' border='0'/><div class='mf-viral'><tab.....

How to value a small retail business
The high street might be experiencing tough times, but some independent shops are still thriving. But how should entrepreneurs value their small retail businesses?<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2.....

Fertiliser prices to plunge as Russian potash cartel collapses
Farmers worldwide are expected to see fertiliser prices plunge by a quarter as the break up of a Russian potash cartel looks likely to spark a global price war.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2f57.....

Frightened investors pull record 624m out of bond funds
A "bubble" threat to savers' nest eggs has led to the highest rate of withdrawals from bond funds ever recorded for a single month.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2f5822f0/sc/25/mf.gif' border='0'.....

Games Workshop abandons fantasy for plain speaking
Its products come from a fantasy world, but Games Workshop's results are disarmingly honest.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2f5755da/sc/5/mf.gif' border='0'/><div class='mf-viral'><tab.....

Barclays battles FCA findings over Qatari rescue deal
Barclays is facing a legal battle with Britain's market regulator over its controversial 2008 capital raising with a Qatari sovereign wealth fund that helped the bank avoid a taxpayer bailout at the height of the financial crisis.<img width='1' he.....

Bank of China cash injection soothes bank crisis fears
Chinese central bank injects liquidity into the market for the first time since February.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2f5755db/sc/25/mf.gif' border='0'/><div class='mf-viral'><table.....