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Monday 19 August 2013

UK Financial News on 2013-08-19

Myners calls for action over ETP stability risk
Former City minister wants Financial Conduct Authority to toughen stance on volatility.....

Clearing house failure could imperil buyside assets
Iosco paper on recovery and resolution set to reignite fierce debate over the safety of assets under new derivative rules.....

Rich Ricci considers investment in new UK exchange
Former Barclays corporate and investment banking chief has held talks about investing in Aquis.....

New City watchdog bares its teeth
The Financial Conduct Authority levied more fines last month than in its first three months of existence combined.....

Buyside staffing levels break through pre-crisis peak
UK asset management headcount has recovered to pre-crisis levels as confidence has returned.....

Horlick's Rockpool in the red
Nicola Horlick's investment firm makes £1.3 million maiden net loss.....

Portuguese bank bond holders face EU rule pain
New rules on state intervention in ailing banks could see investors in Portuguese debt first in the firing line.....

Cyber attacks climb the asset management risk agenda
The number of chief risk officers in the asset management industry who are now focusing on data and cyber security to head off attacks has tripled in the past year.....

Lloyds awaits bids for 250m loan portfolio
State-backed bank puts leveraged loans on the block ahead of its part-flotation.....

European fund liquidations jump by a quarter
More than 500 funds were liquidated by asset managers in the second quarter.....

Amazon.com website goes offline
Amazon's US website goes offline for about half an hour, the latest high-profile internet firm to face such a problem in recent days......

CBI increases UK growth forecast
The CBI business lobby group increases its forecast for UK economic growth for 2013 from 1% to 1.2%, but warns it is "still early days" for the recovery......

Crime agency director-to-be quits
The head of the fraud division of a new FBI-style UK body aimed at fighting crime has unexpectedly quit before he even started......

Families 'hit as child costs rise'
Families are struggling as the cost of bringing up a child has risen to 148,000, according to research for the Child Poverty Action Group charity......

HSBC announces further bank closures
HSBC has announced that five further bank branches will close, in an apparent resumption of its closure programme......

Bovis Homes sees sharp profit rise
UK housebuilder Bovis Homes reports a sharp increase in profits, boosted by a rise in the average selling price for its homes......

Tesco fined over 'half-price' claim
Tesco is fined 300,000 after admitting it misled customers over whether strawberries on sale in England and Wales were genuinely "half price"......

Zillow buys StreetEasy for $50m
Property listing site Zillow buys New York City-focused StreetEasy for $50m in an effort to enter one of the most lucrative US housing markets......

Regulator seeks consultant clampdown
Lawmakers need to clamp down on the use of consulting firms by banks and others, says New York's state banking regulator, Benjamin Lawsky......

Thai economy in surprise recession
Thailand falls into recession after the economy shrank unexpectedly in the second quarter of the year......

Ethiopia in Chinese phone deal
Ethiopia signs an $800m deal with Chinese telecom giant ZTE to expand its mobile phone network to allow for 3G internet access nationwide......

Fears remain despite UK bank profits
All five major UK banks made a profit in the first half of the year for the first time since 2010, but regulatory and fraud challenges remain, says KPMG......

Rupee hits record low against dollar
The Indian rupee continues to fall, hitting a fresh all-time low against the US dollar, despite recent measures by the government to stem its decline......

China home prices continue to rise
Property prices in China continue to rise, underlining the challenge the authorities face as they try to control the sector's growth......

Japan trade deficit worsens in July
Japan's trade deficit worsens in July, almost doubling from a year ago, as a weak yen boosted import costs......

London Market Report
Shares in engineering group Kentz jump more than 20% after the firm becomes the subject of a takeover battle......

HS2 'could cost taxpayer 80bn'
The HS2 high-speed rail project could cost taxpayers more than 80bn, almost double the current estimated cost, says a free-market think tank......

Glasgow 'more than ready' for Games
The secretary general of the Commonwealth tells BBC Scotland that Glasgow is more than ready to host the 2014 Games......

Greece privatisation boss is axed
Stelios Stavridis, the chairman of Greece's privatisation agency, is dismissed after four months in the post for "ethical reasons"......

High demand for Commonwealth tickets
Glasgow's Commonwealth Games organisers say they are "delighted by the enthusiastic response" to the first day of ticket sales for next year's games......

Fans' group outline Hearts bid plan
Foundation of Hearts plan to use money raised by the Edinburgh business community to purchase the administration-hit club......

VIDEO: Tesco fined over 'cheap' strawberries
Tesco has been fined 300,000 after misleading customers over whether strawberries on sale were genuinely "half price". Birmingham's Head of Trading Standards reacts and explains what really counts as a fair deal......

VIDEO: 'We're building half what we need'
Following reports of rising house prices, the BBC visits Lincolnshire and asks if the housing market is recovering from the financial crisis......

VIDEO: 'Everything seems more expensive'
Families are struggling as the cost of bringing up a child has risen to 148,000, according to research for the Child Poverty Action Group charity (CPAG). Mother Kim Levine tells the BBC how she has noticed an increase in the cost of both basics and r.....

AUDIO: A return to 'Made in Britain?'
EEF chief economist Lee Hopley explains why British manufacturing is making a comeback......

AUDIO: 'The high street isn't dead' say BRC
The sunshine boosted footfall on high streets this summer - but with the weather returning to normal, will it keep on rising?.....

VIDEO: Greek healthcare underfunded
Greece needs the money from the sale of state businesses to help fund essential services. Hospitals are starved of essential equipment from latex gloves to hypodermic needles......

VIDEO: EU review symbolic warning to Egypt
The European Union is to 'urgently review' its relations with Egypt in light of the ongoing violence......

AUDIO: Bovis Homes: 'We're ahead of schedule'
Bovis Homes has reported a rise of 43% in the number of homes being reserved by buyers......

Do you want to live in a smart city?
Is your city smart or dumb?.....

Brush with death inspired cider boss
How a near death accident drove one man to succeed in business.....

Australia's business-savvy refugees
Refugees' contribution to Australia's economy.....

U.S. Day Ahead: JC Penney turn-around?; Best Buy is back
Aug 19 - Investors want to find out if JC Penney has a plan to turn-around its dismal earnings; A stealth rally in Best Buy stock gives new life to the electronics retailer......

3 reasons to worry about the bull market
Aug 19 - After the Dow's worst week in more than a year- a look at the key worries for the U.S. stock market. Bobbi Rebell reports......

We have seen the peak for this year- BMO's Brian Belski
BMO Chief Investment Strategist Brian Belski explains why he believes stocks have hit their peak for the year. Bobbi Rebell reports......

Techquity: Friends for Facebook, Intel plus golden Apple?
Aug 19 - Facebook and Intel receive positive comments from analysts while Apple will reportedly make a golden change with the new iPhone......

Breakingviews: Hiring the children of the elite
Aug 19 - The SEC is looking into JPMorgan's recruitment practices in China. Rob Cox and Breakingviews editors discuss whether the probe is a stretch of the law and the regulator's powers......

Zillow buys StreetEasy for $50 million
Aug. 19 - Zillow's purchase of StreetEasy could give it the lead in providing web-based information in New York City, the U.S.' largest real estate market. Fred Katayama reports......

Trading at Noon: Herbalife shares lose zest
Aug 19 - The stock that pitted billionaire Bill Ackman against rivals such as Carl Icahn and George Soros, is feeling a little sickly......

Facial recognition brings new look to shopping
Aug. 19 - Scrambling for credit cards or mobile phones at the checkout counter could become a thing of the past as a Finnish company readies to launch the world's first face recognition payment system. Tara Cleary reports......

Europe Day Ahead: Nickel costs Glencore a lot of nickels
Aug. 19 - Glencore Xstrata looks set for a $7 billion writedown as nickel prices tumble, and copper is the worry for BHP Billiton, but fears of a Suez canal shutdown could be overblown......

U.S. Morning Call: Zillow expands its turf; buys StreetEasy
Aug 19 - Zillow is set to acquire New York's leading real estate website StreetEasy in a deal worth $50M......

Zillow expands its turf; buys StreetEasy
Aug 19 - Zillow is set to acquire New York's leading real estate website StreetEasy in a deal worth $50M......

Cheetah robot hits the ground running
Aug. 19 - 'Cheetah Cub' is a robot being developed by scientists in Switzerland, to one day assist in search and rescue missions. The machine does not yet have a head, but otherwise looks and runs like a cat, to go into places inaccessible or too dan.....

Emerging markets is corporate Europe's Achilles heel
Aug. 19 - Times are getting tough for European firms in emerging markets, with many now seeing the economic slowdown and all it entails as 'the new normal'......

Market Pulse: Rise and shine Europe - it's M&A time!
Aug. 19 - A $2.6 billion deal jolts Europe's oil & gas sector. But is OMV's purchase of North Sea oilfields from Statoil the cusp of an M&A wave? Plus, more M&A moves afoot and India's rupee feels EM the heat......

Market Pulse: Wakey, wakey oil & gas - it's M&A time!
Aug. 19 - A $2.6 billion deal jolts Europe's oil and gas sector out of the summer slumber. Are we on the cusp of an M&A wave?.....

In China smartphone market, cheap rules - and Apple suffers
Aug. 19 - Apple's seen its market share in China dwindle as homegrown smartphone makers crank out feature-packed budget models. Could the launch of a cheaper iPhone restore its flagging fortunes?.....

Breakingviews: Gulf aid limits West's sway on Egypt
Aug. 19 - Financial support from Kuwait, Saudi Arabia and the UAE help avoid Egypt's payment crisis, but it also limits the impact Western powers can have on Cairo. And beware those August market jitters......

Uninspiring start to China's currency experiment
As China treads cautiously along the path to internationalization of the yuan, will a new economic zone in the south of the country represent the next leap forward? Tara Joseph reports......

Reuters Today: Talk of taper hits US paper, yield 2-yr high
Aug. 19 - Taper talk pushes U.S. yields to 2-year highs. So buy dollars but steer well clear of emerging Asia, says BONY Mellon's Simon Derrick. And the EU 'urgently reviews' Egypt ties as death toll tops 850......

Life After the City: From numbers to nudes
Aug. 19 - The story of Bruce Denny who swapped a lucrative career in the City for life as a sculptor......

Palestinian architects look to the past for eco-friendly homes
Aug. 19 - Palestinian architects have come up with an inexpensive and eco-friendly building solution in the West Bank, where rising real estate prices are locking many potential buyers out of the market. The architects are reaching back into history,.....

Hungary launches new airline to fill Malev gap
Aug.19 - A new Hungarian airline called Solyom plans to launch charter flights in September, and hopes to fill the gap left by Hungarian flag carrier Malev which collapsed last year. Ciara Sutton reports......

Egypt stocks hit by unrest
Aug. 18 - The Egyptian stock exchange and banks are feeling the impact of a violent week and trading restrictions during unrest. Lindsey Parietti reports......

Australian manufactuing alive and kicking
Aug. 18 - Australian manufacturing not dead, but in transition, industry players say. Julie Noce reports......

Recovering economy needs investors prepared to take a property risk
Tricky stuff, stock market prediction. Just as positive news on the economy seems to be picking up, the stock market, in characteristic, contrarian manner, is turning down. This is not because investors believe the recovery is about to stall; rather .....

Edwards sold to Sweden's Atlas Copco in $1.6bn deal
A Swedish industrial giant has snapped up a little-known British-based company that is a leader in the vacuum pump world in a $1.6bn (1bn) deal.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/302049ce/sc/24/mf.gi.....

Former Barclays executive Rich Ricci backs new stock exchange
The former head of Barclays' investment banking arm, Rich Ricci, is expected to be among the investors behind a new European stock exchange.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/30241919/sc/25/mf.gif' b.....

M&S buoyed by 'leading ladies' campaign
M&S to launch new advert as part of its plan to halt a prolonged slump in clothing sales.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/3024191a/sc/19/mf.gif' border='0'/><br clear='all'/><div cl.....

ETF investors pile into the FTSE
Tracker funds linked to British stock market indices attracted a third of investors' money last week, according to a major exchange-traded fund (ETF) broker.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/30234c5.....

Citigroup economist Willem Buiter accused of trying to contact ex-mistress despite accusing her of stalking him
One of Britain's leading economists tried to make contact with his former mistress over the internet even after having her arrested for harassing him, it has been alleged.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/56.....

Rare earths: West bids to challenge China's monopoly, but is it too late?
Rare earth metals are used for everything from iPhones to missiles - and China has a strangehold on the market.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/30232120/sc/21/mf.gif' border='0'/><br clear='a.....

CVC buys PayPal rival Skrill for 500m
CVC Capital Partners has agreed to acquire a controlling stake in the British online payments provider Skrill for 600m (511m) from Bahrain-based Investcorp.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/30232122.....

Dr Dre's Beats 'to buy out HTC' from headphones company
Founders of luxury headphones maker want to bring fresh investors to grow the business.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/302343a8/sc/5/mf.gif' border='0'/><br clear='all'/><div class='mf.....

Business news and markets: as it happened, August 19, 2013
Germany should return to "normal" growth rates in the second half of the year, according to the Bundesbank, after recording its strongest growth in more than a year in the second quarter.<img width='1' height='1' src='http://telegraph.feedsportal......

Business news and markets: live
Germany should return to "normal" growth rates in the second half of the year, according to the Bundesbank, after recording its strongest growth in more than a year in the second quarter.<img width='1' height='1' src='http://telegraph.feedsportal......

Plastic fantastic as debit cards set to overtake cash in 2022
Debit cards will be used in more transactions than cash within the next decade - the Payments Council forecast today.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/30224460/sc/6/mf.gif' border='0'/><br cle.....

Shares for rights being met with "great enthusiasm"
A controversial "cash for employee rights" scheme which begins next month could be a "worthwhile gamble" for high growth companies and their staff, according to experts.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/5683.....

Tourism helps Greece to post wider surplus in June
Surging tourism revenues helped Greece's current account surplus widen in June, data showed yesterday.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/3021a2fa/sc/2/mf.gif' border='0'/><br clear='all'/>&l.....

Vodafone defends Irish tax deal
Vodafone has defended its tax affairs again after it emerged the company made a previously unknown multimillion-pound deal with HMRC to settle a dispute over earnings from an Irish subsidiary.<img width='1' height='1' src='http://telegraph.feedspo.....

India rupee hits record lows as investor lose confidence
The Indian rupee slumped to a record low against the dollar on Monday amid plunging investor confidence in the government's management of the economy.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/30214e89/sc/2/.....

M&S leading ladies ad: Here come the role models
Experts are always saying that women need more 'role models' if they are to be successful in business. Well, M&S have delivered just that in their Leading Ladies campaign - 12 of them, says Louisa Peacock.<img width='1' height='1' src='http://.....

Germany plans tax on bitcoin after virtual currency recognised as 'private money'
Germany is to impose a 25pc capital gains tax on Bitcoin transactions following a ruling that the virtual currency is a form of money.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/30214b78/sc/25/mf.gif' border=.....

UK fraud boss Jeremy Outen quits before taking up post
A former KPMG partner appointed to lead a new FBI-style crime fighting agency in Britain has decided not to take up the role.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/301de293/sc/25/mf.gif' border='0'/>&.....

How Roberta Benteler went from wanting a job in fashion to owning an online retailer
Roberta Benteler runs Avenue 32, an online retailer to challenge Net a Porter. She talks to Emma Sinclair about how she grew her business from scratch.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/302058c4/sc/4.....

Plucky pensioner costs Tesco 300,000 in victory from beyond the grave
Tesco is fined 300,000 for misleading the public over a nationwide "half price" promotion for strawberries.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/30234ef3/sc/24/mf.gif' border='0'/><br clear='all'/.....

Court fines Tesco 300,000 for misleading price promotion
Tesco is fined 300,000 for misleading the public over a nationwide "half price" promotion for strawberries.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/30207666/sc/25/mf.gif' border='0'/><br clear='all'/.....

Diageo's Walsh to join board of United Spirits
Former Diageo chief Paul Walsh is joining the board of United Spirits, the Indian drinks giant in which Diageo is a major investor.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/3020503f/sc/25/mf.gif' border='0'.....

'Suspend Britain from Commonwealth over unfair expat pensions'
Campaigners who want all expat pensioners to receive the full state pension have called for Britain to be suspended from the Commonwealth.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/301f5bea/sc/25/mf.gif' bor.....

Japan's trade deficit doubles in July
Japan's trade deficit nearly doubled in July as a weaker yen helped exporters but sent the country's energy import bill soaring.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/301f9025/sc/2/mf.gif' border='0'/>.....