Search This Blog

Monday 12 August 2013

UK Financial News on 2013-08-12

Dark pool trading soars to record levels in Europe
Low volatility and rise of high-frequency trading prompts surge in volumes.....

European banks face near 60bn hit if rates rise
A further spike in Treasury yields could hit European banks hard, analysts warn.....

Stagecoach founder buys into 3bn pensions unit
Sir Brian Souter's family office is helping fund the purchase of Investment Solutions UK.....

CLO revival hit by lost generation of bankers
Resurgent issuance exposes lack of structuring expertise at investment banks.....

Morgan Stanley veteran aims to climb debt mountain
A 22-year veteran at investment bank Morgan Stanley, who last year scaled Mount Everest, is taking on a new challenge by launching a European private debt firm.....

Ex-RBS equities chief returns to the finance industry
Former banker re-emerges at structured investment provider set up by an ex-colleague.....

Hirander Misra stages a comeback with derivatives exchange group
Chi-X Europe co-founder is syndicating stakes in the new venture to strategic investors.....

Shell and Santander to pour billions into alternatives
Two multibillion-pound pension funds are re-shaping their asset allocations in the hunt for yield.....

Bollinger toasts new role at Goldman Sachs
US bank names new co-head of pension and insurance strategy group.....

Warsaw Exchange rings opening bell in London
Polish exchange opens London office in bid to internationalise and attract HFTs.....

Bid to raise water bills criticised
Thames Water's bid to raise prices to cover bad debts and increased infrastructure costs is criticised by the industry's consumer body......

Blackberry to explore sale of firm
Blackberry announces that it has formed a committee to explore options for the business, including a possible sale of the company......

Pukka Pies founder dies aged 83
Trevor Storer the founder of Pukka Pies has died peacefully at home aged 83, a spokesman said......

Firms 'must recruit more UK workers'
Labour urges firms to "do their bit" to ensure they recruit more workers from the UK, but the coalition says the party lacks credibility on the issue......

Diageo paid former boss 14.8m
The former chief executive of Diageo, Paul Walsh, earned 14.8m in his final year at the drinks giant, according to the firm's annual report......

Mexico opens oil sector to investment
After 75 years, Mexico is opening up its nationalised oil sector to private investment in a bid to boost growth and fund new projects......

Stansted staff plan holiday strikes
Workers who scan baggage at Stansted Airport are to strike over the bank holiday weekend later this month in a row over pay......

Steinway receives new buyout offer
Steinway Music Instruments receives a new takeover offer valuing the company at $477m, beating a previous offer from Kohlberg & Co......

Drug firm bribes 'routine in China'
Bribes are routinely paid by foreign pharmaceutical firms in China to boost product sales, the BBC learns, as Beijing widens an inquiry into drugs-price fixing......

Bitcoins at risk of theft on Android
A weakness in the Android mobile operating system leaves users of virtual currency Bitcoin vulnerable to theft, Bitcoin has said......

'Cowboy' tax advisers to be named
The government is planning new rules to name and shame "cowboy" financial firms which help companies avoid paying tax......

Greece's slump eases as GDP picks up
The severity of Greece's recession eased slightly in the second quarter according to the country's statistics body......

Cath Kidston lifted by overseas push
Fashion and homewares retailer Cath Kidston has seen group sales surge, boosted by rapid expansion of its stores......

UK art exports hit post-crunch peak
The value of art exports leaving the UK surged by a third over the past year to hit its highest level since the height of the financial crisis in 2008......

Asian boom boosts Prudential profits
Insurer Prudential says it has seen profits rise in the past six months, driven by a strong performance in Asia......

London Market Report
London's FTSE 100 ends the day lower, with shares in Easyjet and IAG among the biggest fallers......

Targets for women on finance boards
From 2014 most big financial firms will be required to set a target for the number of women on the board of directors......

Stramash over new potato definition
A complaint to trading standards officers leads to an industry body issuing a new description of what constitutes a "new potato"......

Halt called to London tracking bins
A company using technology in recycling bins to track smartphones has been asked to stop by the City of London Corporation......

Cycling gets 94m push in England
A cash injection of 94m to promote cycling in a number of English cities and national parks is announced by the government......

Young football fans are 'priced out'
Supporters from half of Premier League teams say their clubs need to do more to make tickets cheaper for young fans......

Premier League warned over World Cup
The Premier League may have to accept the 2022 World Cup being held in winter, says Fifa vice-president Jim Boyce......

VIDEO: Silicon Alley's first billionaire
Jon Oringer, 39, founded 10 companies before he hit on the idea for Shutterstock, the successful stock-photo website that has made him Silicon Alley's first billionaire......

VIDEO: Analyst: New Tesco 'doing well'
As Tesco opens its new Extra store in Watford, offering yoga and a restaurant, an analyst tells the BBC it is already "doing well"......

VIDEO: Payday loan ad ban in Plymouth
Payday loan adverts have been banned from billboards and bus stops by Plymouth City Council, while Cheshire East Council has banned access to their websites from its computers......

AUDIO: Business confidence at two-year high
BDO partner Peter Hemington explains why businesses are more confident than any time since the spring of 2011......

VIDEO: Japan GDP 'not a bad number at all'
Japan's economy expanded at a slower pace than most analysts expected in the second quarter. However, Mizuho International Director Dr Seijiro Takeshita said GDP of 2.6% was "not a bad number at all"......

VIDEO: Hotel deal could see more discounts
Cheaper hotel rooms could be offered by booking websites after an investigation by the Office of Fair Trading (OFT) into agreements between hotels and online travel agents......

VIDEO: Antwerp builds world's biggest lock
The Port of Antwerp is betting billions on a new riverside gateway to improve its position as an inland logistics hub serving 140 million Europeans. Once completed, it is said to be the world's biggest lock......

VIDEO: China to import more oil than US
China is likely to overtake the US as the world's largest oil importer as early as next year.....

Silicon Alley's first billionaire
How New York's first tech billionaire made his mark.....

The economy of a refugee camp
Explore Zaatari, the refugee camp with its own Champs Elysees.....

U.S. Day Ahead: SeaWorld looking to make a splash
Aug 12 - SeaWorld reports second quarter results after the bell. The stock has climbed more than 7% since it IPOed in April......

Techquity: iDate for Apple, New connection for LinkedIn
Aug 12 - Apple reportedly sets date for new product release while LinkedIn receives an upgrade......

Australia's sea simulator a boon for reef research
Aug. 13 - Scientists trying to ensure the long-term survival of Australia's Great Barrier Reef have a new tool at their disposal - a multi-million dollar reef simulator that will allow them recreate reef conditions in a controlled setting. Rob Muir r.....

Trading at Noon: BlackBerry looking for possible suitors
Aug 12 - BlackBerry is taking a time out and is studying options for the future including selling itself or working in a partnership......

Breakingviews: Elon Musks magic techno dust
Aug. 12 - Antony Currie and Breakingviews columnists discuss the Tesla CEOs latest endeavor, mag-lev trains. His genius is welcome though Tesla and SolarCity investors expect too much of him......

Pop-ups, here today for tomorrow
August 12 - Short-term stores, or pop-ups as they're known, are a growing phenomenon which are helping to reinvent the British high street. Hayley Platt goes along to London's newest pop-up shop in Piccadilly to find out if there's a more permanent p.....

BlackBerry to mull possible sale
Aug 12 - BlackBerry's board says it will consider a possible sale of the company as it explores its options. Fred Katayama reports......

Negotiating the European Muni Bond Maze
Aug. 12 - KPMG Partner Steven Hall explains the European rules surrounding municipal bonds and its pros and cons......

Europe Day Ahead: Deutschland ZEW & earnings - alles gut?
Aug. 12 - Description: The latest reading on German investor morale is expected to show a jump in August. But earnings from corporate giants ThyssenKrupp and E.ON are set to fall......

Daily Digit: Banks shutting European branches
analysis of European Central Bank data, and the cull is expected to last for many more years. As Joanna Partridge reports, banks are trying to improve efficiency, and mobile and internet banking is accelerating the shift away from a traditional bank.....

U.S. Morning Call: JC Penney board blasts Ackman
Aug 12 - JC Penney board members weighing taking action against director Bill Ackman for publicly disclosing private boardroom deliberations......

Market Pulse: Draghi poised to talk down euro - Kimberley
Aug. 12 - If the euro continues its ascent against the dollar, expect ECB chief Mario Draghi to head-off its rise with a clear message to the market......

Breakingviews: Sterling flirts with safe-haven status
Aug. 12 - The British pound is looking less handicapped than its major rivals, but central bank guidance and the trade deficit could drive it off-course, says Breakingviews......

Growth data leaves Japan struggling to swallow tax medicine
' Yonggi Kang explains, it may not be in good enough shape for a government trying to sell the public on a sales tax hike......

FACTBOX: Japan's recovery in the balance
Aug. 12 - As Japan treads the thin line between recession and full-scale revival, we look at some of the numbers behind the growth - or lack thereof - of the world's number 3 economy......

Reuters Today: Europe's misery at an end. Maybe.
Aug. 12 - The global economy seems to be on the mend. IG Index's Alastair McCaig says Europe is likely to pull out of recession this week, ending two years of pain......

Reuters Today: Japan's growth disappoints
Aug. 12 - Japan's economy grew at a slower-than-expected rate in the second quarter, as debt rose beyond 1,000 tln yen......

UK web domain firm CentralNic eyes London IPO
A British company that sells website addresses has become the latest technology firm to resist the attractions of New York to seek a listing in London.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2fde1ec5/sc/1.....

BT Sport passes 1m subscriber mark
More than a million people have signed up to BT's new sports television package in its first three months on offer, the company has claimed, although the majority of those customers are not paying anything for the service.<img width='1' height='1'.....

FBI continues probe into JP Morgan
Prosecutors in New York are looking at ways to pursue JP Morgan Chase over the "London Whale" trading scandal which saw the bank rack up losses of $6bn (3.9bn), so they can punish the company as well as just its former employees.<img width='1' hei.....

Tesco hits back at 'simply untrue' Chris Bryant claims
Tesco has claimed it is "simply untrue" that it deliberately drafted in cheap foreign workers after closing a distribution centre in Harlow, as part of a detailed fightback against claims from Labour's shadow immigration minister Chris Bryant.<img.....

Encouraging home ownership may be wrong when rates are bound to rise
Should house buyers be encouraged to get on the ladder when rates are bound to rise?<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2fdd4ae7/sc/22/mf.gif' border='0'/><br clear='all'/><div class='mf-v.....

Nicole Farhi collapsed with debts of almost 20m
Fashion brand Nicole Farhi collapsed with debts of almost 20m, including more than 500,000 to the taxman<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2fdd4ae8/sc/2/mf.gif' border='0'/><br clear='all'/>.....

So you think Europe's debt crisis is finally over? Time to think again
One of the factors underpinning renewed confidence in the UK economy is the belief that the crisis in Europe is now essentially over.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2fdd4ae9/sc/25/mf.gif' border='.....

G4S climbs after activist investor buys stake
Cevian Capital has become one of the biggest shareholders in the security group.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2fdd4aea/sc/2/mf.gif' border='0'/><br clear='all'/><div class='mf-viral'.....

BlackBerry's fruitless search for a buyer
Before Thorsten Heins, the chief executive of BlackBerry, introduced its new smartphone software, BB10, alongside new handsets in January, he warned rivals not to underestimate his company. They need not have worried.<img width='1' height='1' src=.....

Ryanair hits out at 'internet trolls' in war of words with pilots
A furious group of Ryanair pilots claim the low-cost airline is orchestrating a campaign to bully them into silence by "suppressing" their Facebook and Twitter sites.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/.....

SVG profits double as returns rise
Profits at SVG Capital, the private equity investor in fashion label Hugo Boss and retailer New Look, have more than doubled year-on-year to 223m.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2fdd43e7/sc/2/mf.g.....

US regulator looks at metal price rigging
US regulators have stepped up their inquiry into claims that metal prices have been artificially inflated by large commodity traders.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2fdd43e8/sc/25/mf.gif' border='.....

Pawnbrokers in trouble as gold price falls
The challenges facing pawnbrokers in Britain due to the tumbling gold price and regulatory pressure has been laid bare after H&T Group reported a slide in revenues and profits.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/3.....

Pawnbrokers in trouble as gold price falls
The challenges facing pawnbrokers in Britain due to the tumbling gold price and regulatory pressure has been laid bare after H&T Group reported a slide in revenues and profits.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/3.....

Thames Water's 12pc bill shock - thanks to house prices
Comment: Thames Water wants to force a 12pc bill rise on 14m customers - and rising house prices are being blamed, says Andrew Oxlade.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2fdd3c78/sc/30/mf.gif' border=.....

Acountants not just 'bean counters', small firms told
Owners of small companies are being urged to treat accountants as business partners rather than "bean counters" wanting to move into the driving seat and suffocate them with budgets.<img width='1' height='1' src='http://telegraph.feedsportal.com/c.....

Five-year tendering of audits will backfire, claims FRC
Forcing big companies to put their audit up for grabs every five years risks creating "sham" tenders and saddling businesses with higher costs, the Financial Reporting Council has said.<img width='1' height='1' src='http://telegraph.feedsportal.co.....

Business news and markets: as it happened, August 12, 2013
Greece's prime minister Antonis Samaras has written to Vladimir Putin to ask for a discount on the prices Russian gas giant Gazprom charges to Greek customers, according to reports.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/.....

Cath Kidston sales clear 100m for first time
Demand in the UK and Asia for Cath Kidston's floral-decorated day bags and mugs has helped to propel the retailer to sales of more than 100m for the first time.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2fde.....

Cath Kidston sales clear 100m for first time
Demand in the UK and Asia for Cath Kidston's floral-decorated day bags and mugs has helped to propel the retailer to sales of more than 100m for the first time.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2fdc.....

Business news and markets: live
Greece's prime minister Antonis Samaras has written to Vladimir Putin to ask for a discount on the prices Russian gas giant Gazprom charges to Greek customers, according to reports.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/.....

Greece edges closer to sustainable public finances
Greece has edged closer to fixing its desperate public finances after beating the deficit reduction goals demanded as part of its international bail-out for the first seven months of the year, despite remaining in deep recession.<img width='1' hei.....

Greek edges closer to sustainable public finances
Greece has edged closer to fixing its desperate public finances after beating the deficit reduction goals demanded as part of its international bail-out for the first seven months of the year, despite remaining in deep recession.<img width='1' hei.....

'Millions' lie on car insurance to cut costs
Research has revealed the lies being offered up by millions of British drivers in order to cut the cost of premiums.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2fdc760e/sc/2/mf.gif' border='0'/><br clea.....

Gold consumption jumps more than 50pc in China
China's consumption of gold surged in the first six months of the year as sliding prices lured buyers.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2fdc7612/sc/2/mf.gif' border='0'/><br clear='all'/>&l.....