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Tuesday 13 August 2013

UK Financial News on 2013-08-13

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.....

BP sues US over ban on new contracts
UK oil giant BP is suing the US government for blocking the company from new federal contracts......

Icahn invests in 'undervalued' Apple
Billionaire investor Carl Icahn says he has built up a "large" stake in Apple saying that the company is "extremely undervalued"......

UK inflation rate falls to 2.8%
The rate of consumer price index inflation fell to 2.8% in July, down from 2.9% in June, official figures show......

House price inflation rises further
The rate of house price inflation in the UK is continuing to rise, according to official statistics......

Rail fares 'to increase by 4.1%'
Commuters in England face an average 4.1% rise in the cost of regulated rail fares, including season tickets, as inflation figures are announced......

Oil production 'unlikely' in village
Energy firm Cuadrilla says its exploration site at Balcombe in West Sussex is "unlikely" to become a full production site......

US moves to block airlines merger
The US government files an anti-trust case against the merger of American Airlines and US Airways, which would create the world's largest carrier......

Kohlberg exits bid for Steinway
Private equity firm Kohlberg & Co has declined to match a higher bid for 160-year old piano manufacturer Steinway Musical Instruments......

Power cut hits island of Santorini
The Greek island of Santorini has been hit by a power cut during the peak time of the tourist season......

Samsung faces labour law allegations
Prosecutors in Brazil have begun legal action against Samsung, alleging it forced employees to work in poor conditions at its plant in the Amazon region......

Ryanair to sue Channel 4 over claims
No-frills airline Ryanair plans to sue Channel 4 over a programme that quoted pilots saying they were concerned over the airline's fuel policy......

Mugabe pledges black empowerment
Robert Mugabe vows to press on with his policy of forcing companies to cede economic control to black Zimbabweans......

E.On profits hurt by Europe crisis
E.On, one of the UK's "big six" energy suppliers, has reported a fall in profits for the second quarter as the financial crisis in Europe hit demand for power......

Eurozone factory output up in June
Factories in the eurozone saw output rise in June, reinforcing hopes the bloc could have exited recession in the second quarter......

Twenty hurt at LG promotional stunt
Twenty people are injured, with seven sent to hospital, when a promotional stunt in Seoul for LG's new G2 smartphone goes wrong......

Musk unveils 'Hyperloop' idea
US-based entrepreneur Elon Musk reveals details of his proposed near-supersonic "Hyperloop" transport system to link Los Angeles and San Francisco......

Council cleaners get 'living wage'
Low-paid cleaners and office workers at a Kent council are to have their pay raised to the "living wage" of 7.45 an hour after a campaign by their union......

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"......

'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......

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......

Football clubs 'hoping for profit'
Scotland's top football clubs are becoming more confident about their financial future, a leading financial consultant claims......

'A third of owners considering sale'
A third of owners surveyed at Championship and League One clubs are considering selling despite new financial regulations......

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......

VIDEO: Rail fare rise 'could be as high as 9%
The independent passenger watchdog warns that for some rail commuters ticket price rises 'could be as high as 9%'......

AUDIO: 'Save our pubs - buy one more pint'
The Campaign for Real Ale says that buying one extra pint of beer per month could save the pub industry......

VIDEO: Why is Blackberry struggling?
Blackberry has announced that it has formed a committee to explore options for the business, including a possible sale of the company......

VIDEO: Traders 'on brink' at giant flea market
France is to publish figures for the second quarter of 2013 with economists predicting a slight rise in growth......

VIDEO: Chinese drug salesmen admit bribing
Five employees working in China for foreign drugs firms have spoken to the BBC about corruption......

VIDEO: What is behind drop in inflation?
The rate of consumer prices index (CPI) inflation fell to 2.8% in July, down from 2.9% in June. Phil Gooding from the Office for National Statistics explains the reasons behind the fall......

VIDEO: Carmaker Hyundai facing strike vote
Union members at South Korean carmaker Hyundai are preparing to vote on whether they should go on strike in a dispute over wages and other benefits......

VIDEO: Singapore backs vertical farms
Singapore imports more than 90% of its food, but the government wants to change that by getting farmers to convert their plots into vertical farms......

Happy workers don't jump ship
How to keep your staff from walking out.....

Texas aims to be commercial spaceflight hub
Texas tries to take advantage of commercial space travel.....

Is the Hyperloop just a pipe dream?
Will Elon Musk's Hyperloop ever get off the ground?.....

Could these five projects improve life in the UK?
Would these schemes improve life around the UK?.....

AMR, U.S. Airways deal grounded by D.O.J.
Aug. 13 - The Dept. of Justice is suing to block the $11b merger between AMR and US Airways-saying it would hurt consumers. Bobbi Rebell reports......

U.S. Day Ahead: Icahn into Apple, wants bigger buyback
Aug 13 - Activist investor Carl Icahn now owns a big piece of the Apple and said he had a "nice conversation" with CEO Tim Cook about a larger stock buyback......

The hyper activity of Elon Musk
Aug 13 - Unveiling the Hyperloop, buying a solar marketing company, keeping up Tesla electric car production, signing up SpaceX customers, all in a few days work for billionaire Elon Musk. Conway G. Gittens reports......

Settlement unlikely in AMR/US Airways suit-antitrust lawyer
August 13 - Antitrust lawyer Bruce Schneider says the allegations in the lawsuit regarding pricing make a settlement highly unlikely. Bobbi Rebell reports......

Techquity: Facebook increases activity, Larry vs. Larry
Aug 13 - Facebook does deals to help users conduct more business on site. Plus, Oracle's Larry Ellison takes on Google's Larry Page and Apple......

Trading at Noon: AMR-US Airways not cleared for takeoff
Aug 13 - The U.S. Justice Department sued to block the merger of AMR Corp and US Airways, a deal that would create the world's largest airline......

Replacement buying driving retail sales- Ken Goldstein
Aug 13 - Conference Board economist Ken Goldstein says after paying off debt, consumers can finally put into play long delayed replacement purchasing- and the economy will continue to improve. Bobbi Rebell reports......

Breakingviews: Ackman's stalling steamroller
Aug. 13 - Antony Currie and Breakingviews columnists discuss whether the activist investor's resignation from J.C. Penney's board is symptomatic of trying to overhaul too many targets......

India's eye-watering onion prices
The price of onions in India has risen sharply due to lack of rain, causing concern about the affordability of one of the country's most popular food sources. Andrew Potter reports......

Ackman acrimony leads to J.C. Penney exit
Aug 13 - Activist shareholder Bill Ackman resigned from J.C. Penney's board after a bitter fight with the company. Now a cloud looms over its shares. Fred Katayama reports......

Europe Day Ahead: Spotlight on BoE minutes, jobs data
Aug. 13 - Recent Bank of England forward guidance means the market spotlight is firmly on the latest UK jobs data on Wednesday. Plus, a raft of European GDP data and a production report from Glencore Xstrata......

U.S. Morning Call: Ackman resigns from JC Penney Board
Aug 13 - Activist investor Bill Ackman, who has been pressing JC Penney to oust its chairman and CEO, resigns from the department store's board......

Pee-powered cell phone points to 'smart toilet' technology
Aug. 13 - Does the call of nature hold the answer to a new form of renewable energy? Scientists in the UK are confident that it does. With backing from both the British government and the Bill and Melinda Gates Foundation, the researchers have develo.....

Co-CEOs - are two brains better than one?
Aug. 13 - Deutsche Bank, Publicis Omnicom and Samsung are just some of a growing number of companies opting for multiple CEOs. But are two head honchos really better than one?.....

Market Pulse: Don't worry about UK house price boom - Lloyds
Aug. 13 - UK house prices are not frothy and current house price inflation reflects fair value, says Trevor Williams, chief economist for Lloyds Bank Commercial Banking......

Breakingviews: Can Li Ning be China's comeback kid?
Breakingviews' John Foley......

Reuters Breakingviews: UK inflation an embarrassment to BoE
Aug. 13 - UK inflation at 2.8% is embarrassing for the central bank and too high for zero rates, argues Breakingviews Edward Hadas......

Life After the City: Banker swaps cool suits for HotPants
Aug. 13 - Dessi Bell ditches her job as a JP Morgan debt capital associate to create Zaggora, a company that makes specialist activewear that promises to help you burn more calories.....

As China's appetite wanes, hungrier Asian consumers emerge
Aug. 13 - With sales of fast food giants such as KFC and McDonalds slipping in China, firms are looking to the vibrant, young markets of Southeast Asia as a fresh alternative......

Hold the line - Blackberry ponders options
Aug. 13 - As Blackberry considers its options some analysts believe the best shareholder value will come from a break up of the company, rather than a straight trade sale......

Jetpack gets lift-off approval
August 13 - New Zealand jetpack developer gets Civil Aviation approval for manned test flights of their 'motorbike in the sky.' Ciara Sutton reports.....

Daily Digit: Renewables hit E.ON's profits
August 13 - Germany's top utility company, E.On, has posted a 15 percent drop in first-half core earnings and warned that plunging wholesale power prices and booming renewables will eat into its profits. Hayley Platt reports......

The hype on the Hyperloop
Aug 12 - Elon Musk reveals his Hyperloop futuristic transport system- that he says can transport people from L.A. to San Francisco in just 30 minutes at a fraction of the cost of a plane. Bobbi Rebell reports......

BlackBerry, Apple lift Nasdaq
Aug 12 - Summary: BlackBerry explores sale option, sending stock up 10 percent; Apple gains on iPhone debut speculation; Krispy Kreme jumps to 9-year high ahead of earnings; Tesla shares slip on downgrade. Conway G. Gittens reports......

Hyperloop patches together ideas that make sense- Schank
Aug. 12 - Joshua Schank, president and CEO of the Eno Center for Transportation,says if it can overcome costs and political challenges, Elon Musk's Hyperloop would be a fantastic use of technology. Bobbi Rebell reports......

Barclays finance director Chris Lucas to step down this week
Barclays finance director Chris Lucas is to step down this week, leaving the bank without a key figure as it seeks to raise nearly 6bn from shareholders.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2fea8d51/sc.....

Carl Icahn's magic touch: in pictures
Apple shares have jumped after billionaire activist investor Carl Icahn revealed he had taken a large stake in the company. Here, we look at how other companies Mr Icahn has invested in have fared this year.<img width='1' height='1' src='http://te.....

Apple shares jump on Carl Icahn's 'large' stake
Apple shares have jumped after billionaire activist investor Carl Icahn revealed he had taken a large stake in the company and is pushing for it to return more cash to shareholders.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/.....

Improving Britain's exporting performance is our best recovery hope
Study finds our goods exports are finally picking up - but nowhere near fast enough.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2fe9b078/sc/2/mf.gif' border='0'/><br clear='all'/><div class='mf-vi.....

Resolution looks to raise dividends as cash grows
Insurer Resolution held out the prospect of higher dividends as it produced a 23pc rise in first-half free cash to 147m and predicted the corporate pensions market would triple in size by 2020.<img width='1' height='1' src='http://telegraph.feedsp.....

Fresnillo extends glittering run
The precious metals miner has surged more than 25pc in the last five sessions.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2fe9a7b2/sc/2/mf.gif' border='0'/><br clear='all'/><div class='mf-viral'&g.....

Millions lose out as only one savings account matches inflation rate
The scale of the squeeze on Britain's savers was laid bare tonight as it emerged only one savings account can match the rising cost of living.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2fe8938f/sc/7/mf.gif' .....

Advent sell Domestic & General to CVC
The private equity owner of Domestic & General has sold the household appliance insurer to another buyout group in a deal believed to be worth 750m.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2fe8c347/sc/.....

Lloyds prepares Australian sale
Lloyds Banking Group has received several bids for its Australian financing and commercial lending business, as the taxpayer-backed lender continues to sell off its international operations.<img width='1' height='1' src='http://telegraph.feedsport.....

Investors euphoric as US margin debt reaches 'danger' levels
Fund managers are around the world are gripped by euphoria, convinced that America is in full recovery and Europe has overcome its debt crisis.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2fe887ab/sc/25/mf.gif.....

GSK wins US approval for big-ticket HIV drug
British drug maker GlaxoSmithKline has won US regulatory approval for an HIV drug which analysts expect to reap 582m in revenues by 2017.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2fe887ac/sc/2/mf.gif' borde.....

Business news and markets: as it happened - August 13, 2013
Dollar spikes as US consumer spending rises for fourth consecutive month.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2fe8842b/sc/2/mf.gif' border='0'/><br clear='all'/><div class='mf-viral'><.....

Piccadilly Lights in London to expand
The Piccadilly Lights, London's answer to the glare of Times Square, is expanding.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2fe7ce41/sc/4/mf.gif' border='0'/><br clear='all'/><div class='mf-vira.....

Business news and markets: live
Dollar spikes as US consumer spending rises for fourth consecutive month.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2fe26f54/sc/2/mf.gif' border='0'/><br clear='all'/><div class='mf-viral'><.....

US sues to block American Airlines-US Airways merger
The US Department of Justice has moved to ground an $11bn merger between US Airways and American Airlines, tying the deal up in red tape and potentially putting American on the brink of bankruptcy.<img width='1' height='1' src='http://telegraph.fe.....

Car makers face possible China probe over price-fixing fears
Foreign car makers in China face the prospect of an investigation into price-fixing after it emerged that a state-backed automotive association is gathering data on the price of all foreign cars sold in the country.<img width='1' height='1' src='h.....

Bill Ackman resigns from JC Penney after public battle
Billionaire hedge fund manager Bill Ackman has resigned from the board of American retailer JC Penney after losing a very public battle to oust its most senior managers.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/5683.....

The rest of the UK needs to copy London's capitalist culture
Until recently, Britain's recovery appeared to have been mostly confined to London and its commuter belt. No longer. Growth is beginning to spread to the rest of the country; we are seeing, at last, something almost akin to a One Nation recovery.<.....

Core US retail sales rise a fastest pace in seven months
Core US retail sales, a key gauge of consumer spending in the world's biggest economy which excludes volatile sales of cars, petrol and building supplies, rose at it fastest pace in seven months in July.<img width='1' height='1' src='http://telegr.....

Online sales surge for New Look
Fashion retailer New Look has demonstrated the growing influence of the internet on clothes shopping by reporting a dramatic surge in online sales.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2fe55387/sc/21/mf.....

Did QE punish savers for nothing?
Comment: A US study suggests "QE2" boosted economic output by just 0.04pc. Did pensioners and savers suffer for such little gain?<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2fe7c137/sc/25/mf.gif' border='0'/&.....

Sallie Krawcheck: 'Women must get better at playing the corporate game'
The former Bank of America executive - once dubbed Wall Street's most powerful woman - talks to Emma Sinclair about life after banking, her top career tips and why she's now in the business of women's networking.<img width='1' height='1' src='http.....

AOL boss fires executive in front of hundreds of staff
A recording has emerged of Tim Armstrong firing a senior director in front of around 1,000 workers.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2fe60e71/sc/8/mf.gif' border='0'/><br clear='all'/><d.....

AOL boss publicly fires executive in front of hundreds of staff
A recording has emerged of Tim Armstrong, the chief executive of AOL, firing a senior director in front of around 1,000 workers.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2fe60bdd/sc/25/mf.gif' border='0'/&g.....

Eurozone 'out of recession' as industrial output bounces
Industrial output in the eurozone rebounded in June, which analysts said provided further evidence that the 17-nations had emerged out of recession.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2fe5ebcc/sc/24/m.....