Financial news

• UPDATE 1-Former Shumway executive Wilcox launches own hedge fund

  01-04-2016 23:39
  
  BOSTON, April 1 (Reuters) - Cider Mill Investments joined the $2.9 trillion hedge fund industry on Friday when founder Tom Wilcox, a former executive at Shumway Capital, officially began trading the newly established firm's $150 million in assets after years of managing his personal money.
  
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• UK Financial Regulatory Developments - April 2016 #1 - JD Supra (press release)

  01-04-2016 23:14
  UK Financial Regulatory Developments - April 2016 #1
  JD Supra (press release)
  The Basel Committee has published an updated version of its Basel III monitoring FAQs, including new questions on the “DefCap” worksheet, large exposures and the standardised approach to credit risk. (Source: Basel III: Monitoring FAQs) ...en meer »
  

• UPDATE 1-California sues Morgan Stanley over mortgage losses

  01-04-2016 22:46
  
  April 1 (Reuters) - The state of California sued Morgan Stanley on Friday, accusing the bank of hiding the risks of complex mortgage debt and other securities it sold, causing big losses for the state's public pension funds, CalPERS and CalSTRS.
  
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• GLOBAL MARKETS-U.S. stocks rise after solid U.S. jobs data; oil down

  01-04-2016 22:45
  
  NEW YORK, April 1 (Reuters) - Stocks on Wall Street rose on Friday after better-than-expected U.S. jobs and factory survey data, but a gloomy manufacturing report in Japan knocked other global equity markets lower and crude oil prices slumped.
  
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• Britain's new minimum wage feeds in to 'Brexit' debate

  01-04-2016 22:18
  
  LONDON (Reuters) - More than a million British workers were given a pay rise on Friday as a higher minimum wage came into force, an economic experiment that fed in to a tense political debate on whether the country should leave the European Union.
  
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• British crew member dies in Round the World race

  01-04-2016 21:27
  
  LONDON (Reuters) - A British crew member in the Clipper Round the World Yacht Race has died after being swept overboard in strong winds, officials said on Friday.
  
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• GLOBAL ECONOMY-China factories scent hint of spring, Europe still chilly, U.S. improves

  01-04-2016 21:20
  
  SYDNEY, LONDON, NEW YORK, April 1 (Reuters) - Activity in China's factory sector grew for the first time in nine months during March to bring a hint of spring to the global economy, although growth remained weak in Europe, and subdued in the U.S.
  
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• Anbang's Starwood retreat is setback for China's M&A campaign

  01-04-2016 21:16
  
  April 1 (Reuters) - Anbang Insurance Group Co's unexpected withdrawal this week of its $14 billion offer to acquire Starwood Hotels & Resorts Worldwide Inc is a wider blow to the unprecedented drive by Chinese companies to acquire North American and European assets.
  
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• HSBC comes up short in money laundering vigilance, U.S. says

  01-04-2016 21:09
  
  NEW YORK, April 1 (Reuters) - HSBC Holdings Plc has not done enough to thwart money laundering, despite making significant progress since reaching a landmark 2012 anti-money-laundering settlement with U.S. prosecutors, a federal monitor has found.
  
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• UPDATE 6-South Africa's Zuma denies dishonesty over spending scandal

  01-04-2016 21:08
  
  JOHANNESBURG, April 1 (Reuters) - South African President Jacob Zuma on Friday denied acting dishonestly in a scandal over improper state spending at his private home, after a scathing court ruling prompted calls for him to resign.
  
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• U.S. to unveil retirement advice rule next week -source

  01-04-2016 20:44
  
  WASHINGTON/NEW YORK, April 1 (Reuters) - The Obama administration will release a long-awaited proposal on retirement advice on Wednesday, according to a person familiar with the matter.
  
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• Tata Steel crisis: business secretary says a rescue deal can still be done

  01-04-2016 20:30
  
  Sajid Javid confronted by workers in Port Talbot shouting ‘save our steel’Sajid Javid has urged Tata Steel to push on with selling its UK business and insisted there is enough time to secure a rescue deal as he was confronted by hundreds of steelworkers in Port Talbot.The business secretary, on his first visit to the crisis-hit site since its future was thrown into doubt three days ago, urged Tata to act as a responsible owner amid growing concerns no buyer would be found in time and
  
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• Brexit risks taking multi-trillion euro trading from London

  01-04-2016 20:21
  
  FRANKFURT/LONDON (Reuters) - If Britons vote to leave the EU, London's financial centre faces losing one of its top money spinners - the trade in trillions of euros in derivatives - and the European Central Bank will be pushing hard for the business to move onto its patch.
  
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• Tata steel crisis: Sajid Javid tells workers there's time to reach a deal - as it happened

  01-04-2016 19:52
  
  Business secretary tells Port Talbot steel workers that ‘we’re on your side’Latest: Javid meets workers in Port TalbotJavid: Steel has a futureEarlier:China ‘hits Europe with anti-dumping tariffs’Britain is ‘ringleader’ blocking higher Chinese tariffs 6.50pm BSTIt’s less than 72 hours since Indian conglomerate Tata threw the entire future of the UK industry into uncertainty.So, three days later, where are we?We are on your side.The time is there, m
  
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• Slack raises $200 million in financing

  01-04-2016 19:40
  
  SAN FRANCISCO, April 1 (Reuters) - Slack has raised $200 million in venture capital financing, boosting its valuation to $3.8 billion, the messaging software startup said on Friday.
  
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• UK manufacturers cut jobs and prices amid economic slowdown

  01-04-2016 19:39
  
  Respected Markit/CIPS survey suggests sector recorded one of its weakest performances for three years as exports market toughensBritain’s manufacturers shed jobs and cut prices last month as they struggled with tough export markets amid a global economic slowdown.A closely watched survey of the sector suggested it made little contribution to the UK’s overall economic growth in the first quarter. Reflecting a crisis in Britain’s steel industry, a slowdown in the oil sector and s
  
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• Chinese government imposes tariff on EU steel imports

  01-04-2016 19:29
  
  China’s move is likely to anger UK steelworkers and unions, who blame the country for much of the industry’s recent troublesChina has risked raising tensions over its role in the UK steel crisis by imposing a 46% import duty on a type of high-tech steel made by Tata in Wales.The Chinese government said it had slapped the tariff on “grain-oriented electrical steel” imported from the European Union, South Korea and Japan. It justified the move by saying imports from abroad
  
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• Make your money go further: The 10 changes you need to know about for the new tax year

  01-04-2016 19:19 via feedproxy.google.com
  
  THE new tax year starts next week, making now an excellent time to get your finances in order and get your cash working as efficiently as possible.
  
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• Average Manhattan apartment costs $2m, and developers are to blame

  01-04-2016 19:08
  
  Super-luxury construction boom leads to surge in the average price as towers on city’s Park Avenue and ‘Billionaire’s Row’ near Central Park set recordsIf you have always wanted to buy your own place in the Big Apple, you’d better do some intense saving. The average price of a Manhattan apartment has hit a record $2m (£1.4m), according to an analysis of recent sales published on Friday.
  The median sale price of Manhattan homes in the first three months of 2016
  
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• Saudi Arabia plans to sell state oil assets to create $2tn wealth fund

  01-04-2016 19:07
  
  Campaigners hail a symbolic shift away from fossil fuels, but others see move as more style than substanceSaudi Arabia is planning to establish a $2tn (£1.4tn) sovereign wealth fund by selling off its state petroleum assets in preparation for a world beyond oil.Greenpeace said it was a pivotal moment akin to Switzerland abandoning banking, but others claimed Riyadh had long wanted to diversify its economy and spread its wealth though it had failed to do so. Continue reading...
  
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• Do YOU know what happens to your pension after death?

  01-04-2016 18:30 via feedproxy.google.com
  
  CONFUSION is rife over what happens to pensions after death, with many people who inherit money set for a nasty shock in the form of a stinging tax bill, according to exclusive research for Express.co.uk.
  
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• British man jailed after keeping wife as a slave in landmark case

  01-04-2016 18:28
  
  LONDON (Thomson Reuters Foundation) - A British man who treated his Pakistani wife as a slave was sentenced to two years on Friday following what is believed to be the first conviction in the UK for domestic servitude involving a husband and wife.
  
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• Argos owner Home Retail backs Sainsbury's £1.4bn takeover bid

  01-04-2016 18:26
  
  Home Retail ends months of speculation and says it will advise shareholders to support supermarket chain’s offerHome Retail Group has backed Sainsbury’s £1.4bn takeover bid, ending almost five months of talks between the supermarket group and the owner of Argos to form a food and general merchandise retailer.The terms of the deal remain unchanged from the offer Sainsbury’s made two weeks ago after Steinhoff of South Africa pulled out of the running. At the time, Home Reta
  
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• House prices leap to new highs amid rush to beat landlord tax

  01-04-2016 18:24 via feedproxy.google.com
  
  HOUSE prices rocketed by the fastest rate in more than a year last month, as landlords and second home buyers scrambled to complete deals before today's new tax.
  
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• Flood-hit Carlisle factory resumes production of Carr's water biscuits

  01-04-2016 18:18
  
  Popular biscuit set for return to Britain’s shops for first time since December, when floodwater inundated United Biscuits factoryOne of Britain’s most popular biscuits is returning to the nation’s shops after a flood-hit Carlisle factory resumed production. Carr’s water biscuits will be delivered to retailers in the next few weeks, having been off the shelves since floodwater inundated the United Biscuits-owned site in the Cumbrian town before Christmas. To prevent anoth
  
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• How will the National Living Wage impact UK stocks?

  01-04-2016 18:03
  
  LONDON - Britain's National Living Wage, a higher minimum wage, came into effect on Friday and could hit the earnings of retailers, restaurants, pubs and outsourcing firms in particular.
  
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• Let’s move to Winchcombe, Gloucestershire

  01-04-2016 17:30
  
  It’s at the quieter end of the Cotswolds, far from the madding Camerons and ClarksonsWhat’s going for it? If I were a country casuals kind of guy, which I’m not, Winchcombe is where I’d lay my Hunters, if I had any. It is at the quieter end of the Cotswolds, far from the madding Camerons and Clarksons. It could host A-list soirees, but it chooses not to. It could grace chocolate boxes, but prefers not to. It seems quite happy keeping to itself, under the radar, high on th
  
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• Central banks are still the only game in town

  01-04-2016 17:02
  
  Policymakers will have to continue their lonely fight with a new set of ‘unconventional unconventional’ monetary policiesWith most advanced economies experiencing anaemic recoveries from the 2008 financial crisis, their central banks have been forced to move from conventional monetary policy – reducing policy rates via open-market purchases of short-term government bonds – to a range of unconventional policies. Although the zero nominal bound on interest rates – pre
  
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• Co-op Bank chairman defends Niall Booker's £4m pay after loss

  01-04-2016 16:42
  
  Dennis Holt says chief executive has earned his money, despite a year in which bank’s losses more than doubled to £611mThe chairman of the Co-operative Bank has defended his chief executive’s pay package after Niall Booker was handed almost £4m for a year in which losses more than doubled to £611m.The bank’s pre-tax loss for 2015 widened from £264m a year earlier as it suffered £121m in losses on unwanted assets and costs for compensating customers
  
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• Port Talbot's future – yet another industrial heritage centre?

  01-04-2016 16:24
  
  As the Tata Steel crisis unfolds, the south Wales town fears it is about to join the list of once-great names: Ebbw Vale, Merthyr, Rhondda and the restTo the west, glistening in the unfamiliar sunshine, the great sweep of Swansea Bay curls round towards the much-loved Gower Peninsula. Eastwards are miles of barely-trodden dunes. The beach is filling up with kids and dogs, full of the joys of spring. And though the waves are fiddling and small, a handful of surfers head into the water regardless.
  
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• What to do before the tax year ends - Only days to go

  01-04-2016 14:24 via feedproxy.google.com
  
  BRITONS across the nation are getting their finances in order before the end of the tax year. But what do you need to do?
  
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• Brexit uncertainty to limit gains in FTSE 100 - Reuters poll

  01-04-2016 14:23
  
  LONDON (Reuters) - Britain's benchmark equity index will not make much, if any, progress for the rest of 2016, due to uncertainty over the country's vote on European Union membership and fears of a global slowdown, a Reuters poll found.
  
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• British judge says trial of Channel Tunnel refugee will go ahead

  01-04-2016 14:09
  
  CANTERBURY, England (Reuters) - A judge refused on Friday to halt the criminal damage trial of a refugee from Darfur who walked through the Channel Tunnel in one of the most dramatic attempts to reach Britain since Europe's migration crisis began.
  
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• A real Tory chancellor wouldn’t persecute buy-to-let landlords | Simon Jenkins

  01-04-2016 13:10
  
  Of course there are racketeers and slum landlords, but going after all landlords is an oddly un-Tory move that won’t help – or free up any under-used spaceIs George Osborne really a Tory? This week his previous grovelling before communist China over steel tariffs has returned to haunt him. His conversion to a socialist “living wage” is enraging small businesses. Today, in a sudden revulsion against market economics he is penalising buy-to-let investors – and their t
  
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• National price hike day: Millions hit with higher bills from TODAY

  01-04-2016 13:05 via feedproxy.google.com
  
  MILLIONS of families face an eye-watering squeeze on budgets as a wave of household costs jump today.
  
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• Why is Britain's steel industry in meltdown?

  01-04-2016 12:56 via feedproxy.google.com
  
  TATA Steel's shock plans to sell its UK business, threatening thousands of jobs, is the latest blow to the struggling industry. But why is Britain's steel industry in crisis?
  
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• Readers' stories – the people who will lose out from the new living wage | Sarah Marsh

  01-04-2016 12:12
  
  The retail worker who is losing overtime, the elderly care home bursar struggling with a public funding cut … George Osborne’s new national living wage will leave many people behind
  George Osborne’s plans to introduce a national living wage have been lauded by the government as a way to give a boost to over 1 million low-paid workers. But will it really work?Not everyone is convinced. The Resolution Foundation thinktank has said the benefits will not be felt by all, and others
  
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• Britain's 'in' and 'out' EU campaigns level - TNS poll

  01-04-2016 11:20
  
  LONDON (Reuters) - The rival campaigns for Britain to stay in or leave the European Union are tied, an online poll by TNS showed on Friday, less than three months before the country's historic referendum.
  
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• Sainsbury’s to buy Argos in £1.4bn deal amid store closure fears

  01-04-2016 10:50 via feedproxy.google.com
  
  SAINSBURY'S is set to be new the new owner of Argos, after the supermarket agreed a £1.4billion deal to buy parent company Home Retail Group.
  
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• The loans that have left councils impoverished and saddled with debt

  01-04-2016 10:43
  
  What looked like an attractive deal has been catastrophic for many social landlords and local authorities - and it’s the people at the bottom who suffer
  For many councils and housing associations, the wolf is at the door. In Spanish and Portuguese, lobo is one word for the fearsome canine. It’s fitting then, that the latest instrument of predatory capitalism to attract attention – lender option borrower option agreements – are called lobo loans for short.The loans, typica
  
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• Average UK house price tops £200,000 for first time

  01-04-2016 10:33
  
  Nationwide Building Society figures show typical home in northern England now costs less than half that of a home in the southThe average UK house price has exceeded £200,000 for the first time, but a typical home in northern England now costs less than half of one in the south, according to Nationwide Building Society.Property values rose 0.8% month-on-month in March across the UK, taking the typical price of a home to £200,251, the financial services company said. However, within t
  
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• Eyeing Brexit and Trump, British funds cut equity holdings to five-year low

  01-04-2016 10:15
  
  LONDON (Reuters) - British funds appear increasingly to be positioning for the country to exit the European Union, by slashing equity holdings to five-year lows and sharply raising the share of cash and debt in portfolios.
  
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• G20 regulators to propose rules for asset managers in the summer

  01-04-2016 10:13
  
  LONDON (Reuters) - Global regulators will propose safeguards in coming months to avoid asset managers destabilising markets with fire sales of assets or making promises to investors they can't keep.
  
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• Hedge fund firm Arrowgrass raises over $600 million for M&A fund

  01-04-2016 10:12
  
  LONDON (Reuters) - London-based hedge fund firm Arrowgrass Capital Partners has amassed over $600 million for a mergers and acquisitions fund which launched in October, a source with direct knowledge of the matter said on Thursday.
  
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• Six things that are more expensive from 1 April

  01-04-2016 07:00
  
  Small price rises on everyday items – including fillings and council tax – come into effectFrom Friday 1 April, consumers will be hit by a range of inflation-busting price increases that affect many things in Britain from buying a property to going to the dentist.Related: UK inflation rises on dearer alcohol and clothesContinue reading...
  
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• Middle class cash-in-hand employers 'unlikely to pay minimum wage'

  01-04-2016 07:00
  
  Economists say workers in UK’s shadow economy risk missing out on pay increases from new £7.20 an hour national living wageMiddle-class households that rely on cash-in-hand cleaners, gardeners and car washers are among the employers deemed most likely to try to avoid paying the increased minimum wage, which comes into effect on Friday. Economists are warning that several million workers who operate in Britain’s shadow economy are at risk of missing out on pay increases from the
  
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• Claire Rayner calls for proper paternity leave: archive, 1 April 1996

  01-04-2016 06:00
  
  1 April 1996: We want prolonged, paid paternity leave, Claire Rayner says, and we want it now!On Friday, the EU Council of Ministers endorsed the provision of three months’ unpaid leave for parents, bringing into line the wildly variable parental leave provision throughout Europe. Except one. Britain has, unfortunately, availed itself of the opportunity to opt out.Instead of opting out, Britain should be looking for a Roosevelt-style New Deal for parents, a financial system for UK families
  
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