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Wednesday 21 March 2012

UK Financial News on 2012-03-21

Osborne cuts 50p top rate of tax
George Osborne cuts the 50p top rate and the amount of income tax millions of lower earners pay - but pensioners face a future hit from the Budget......

UK economy 'to grow more quickly'
The UK economy will grow more quickly this year than previously forecast, Chancellor George Osborne says......

Over-65s' tax-free income freeze
The amount of income that is not taxed will be frozen for those aged over 65, affecting the financial plans of those approaching retirement......

New stamp duty plans are outlined
Properties sold for more than 2m will be subject to a new 7% stamp duty charge, Chancellor George Osborne has confirmed......

Charities could lose big donors
Charities say big donors will be discouraged by a tax relief cap introduced in the 2012 Budget......

Child benefit cliff-edge tackled
Government plans to withdraw child benefit from parents who earn higher levels of income have been altered......

Tobacco and alcohol duties rise
Smokers will pay substantially more for a pack of cigarettes and the duty on alcohol will rise 2% above the rate of inflation......

Mixed business reaction to Budget
George Osborne said the Budget "unashamedly backs business", but the reaction of the business community is mixed......

Fuel duty increase gets go-ahead
Chancellor George Osborne says a planned rise in fuel duty will go ahead as planned......

Super-connected cities announced
Ten cities have been chosen to benefit from super-fast broadband with 10 smaller ones to come, the chancellor announces......

Budget 2012: Tax breaks for TV
Chancellor George Osborne announces a tax credit scheme for animators and TV production firms in the UK during the Budget for 2012......

Game to file for administration
Struggling video games retailer Game Group says it intends to file for administration, following a suspension of its shares......

Jump in UK borrowing in February
The UK government borrowed almost twice as much as expected in February, official figures show......

Bank committee concern over oil
Interest rate setters at the Bank of England express concern over rising oil prices in minutes from the March meeting of the Monetary Policy Committee......

Oil prices ease but above $120
Crude oil prices have retreated after earlier gains, but Brent crude prices remain above $120 a barrel......

Property sales rise in February
The number of homes sold in the UK rose slightly in February, HM Revenue & Customs said......

Jaguar agrees China joint venture
Jaguar Land Rover and Chery Automobile agree a joint venture that should pave the way for production of Jaguar and Land Rover models in China......

Royal Mail pension deal approved
The nationalisation of the Royal Mail's pension scheme has been approved by the European Commission......

Illegal logging 'worth billions'
New World Bank analysis says illegal logging makes $10-15bn (7.5-11bn) for criminal gangs worldwide, and urges justice authorities to get tough......

Sainsbury's sees strong year end
Supermarket group Sainsbury's announces a rise in annual sales, boosted by a strong performance in the fourth quarter......

Zara-owner Inditex's profits soar
The owner of Zara, Spain's Inditex, reports annual profits of $2.6bn (1.6bn) up 11.% on the previous year......

Tesco fails to block Asda store
A legal bid by Tesco to prevent a rival building a large store close to one of their supermarkets is dismissed by the UK Supreme Court......

Embraer posts loss due to US woes
Brazilian aircraft-maker Embraer posts a $91.8m (57.5m) quarterly loss due to its exposure to troubled American Airlines......

Kingfisher halts overseas routes
Kingfisher, the cash-strapped Indian airline, suspends all international operations and cuts down on local routes, as it seeks funding......

Cadbury owner is renamed Mondelez
US giant Kraft Foods, owner of UK chocolate maker Cadbury, decides to name its new global snacks business Mondelez......

Angry Birds activity parks launch
Children's activity parks based on the popular smartphone game Angry Birds are set to be built in the UK, Finland and other countries......

Spending statements for taxpayers
Chancellor George Osborne is to set out plans in the Budget to give 20 million taxpayers a detailed breakdown of how their taxes are spent......

Some 'buoyancy' in housing market
The UK housing market is showing some signs of "buoyancy" despite mortgage lending remaining static in February, lenders say......

Pension switch challenge is lost
Trade unions lose an appeal against a change in the way public sector pensions are protected against inflation......

Exemptions in Iran oil sanctions
The US government will not impose sanctions on Japan and 10 European Union nations that have reduced their oil imports from Iran......

US imposes solar duties on China
The US imposes duties on Chinese solar panel manufacturers after it said that they received unfair subsidies......

UK inflation rate falls to 3.4%
Inflation in the UK continued to fall in February, thanks largely to lower fuel bills, with the Consumer Prices Index falling to 3.4%, a 15-month low......

Movie flop to cost Disney $200m
Walt Disney expects to lose $200m (126m) on its movie John Carter, making it one of the biggest flops in cinema history......

Mahindra Group makes merger move
Tech Mahindra and Mahindra Satyam announce plans to merge, a move that will create one of India's biggest software companies......

Bank loan scheme targets business
A 20bn government scheme to try to boost bank lending to small and medium-sized businesses is launched by the chancellor......

VIDEO: Budget headlines in 4 minutes
Huw Edwards highlights the headline announcements of George Osborne's 2012 Budget with changes to tax rates and spending plans......

VIDEO: Osborne announces new corporation tax
In his Budget, the Chancellor George Osborne announced new rates of Corporation Tax to help boost investment the UK......

VIDEO: Ed Balls on the Budget
The shadow chancellor of the Exchequer, Ed Balls says the government has "gambled" on the 2012 Budget.....

VIDEO: Budget 2012: What do women want?
As the Chancellor prepares to deliver his 2012 Budget, BBC News asked some women in business what they would like to see announced......

VIDEO: Peston: Budget 'good news' for business
Robert Peston said the business community would see the Budget as "good news for them"......

VIDEO: Flanders: How Budget will raise cash
The BBC's economics editor examined where the chancellor was finding money to raise tax allowances in his Budget speech, while appearing not to make big changes......

AUDIO: Can manufacturing save the economy?
The Today programme's Evan Davis visits HydraPower Dynamics in Birmingham to find out what manufacturers will be looking for in this years Budget while Sir Nick Scheele, former president and CEO of Ford Motor Company, gives his thoughts on the issues.....

VIDEO: Ice-cream workers' Budget 'lolly'
Steph McGovern gauges the mood among workers at a dairy farm in Somerset as the Chancellor prepares to deliver his Budget......

Budget calculator 2012
How will the chancellor's Budget affect you?.....

Budget 2012: What's in it for you?
Big changes to the tax system dominate the chancellor's Budget this year......

Analysis: Not a simple Budget
Budget 2012 made tax simpler, but brought complication as well.....

Spain's dilemmas over casino bid
Will mega-casino project bring profit or problems?.....

Small firms 'easy targets' for cyber crime
Why small firms should be taking cyber crime more seriously.....

Hollywood looks to Chinese market
Hollywood looks to China for new audience.....

British Silicons plot tech future
The country's tech clusters and their plans for growth.....

U.S. Day Ahead: FedEx to deliver rosier outlook
Correspondent Lynn Adler......

Angry Birds' ambitious trajectory
March 21 - Little more than two years after launching its first Angry Birds game for the iPhone, Finnish mobile games maker Rovio is partnering with the world's biggest retailer Wal-Mart to sell merchandise and is planning themed activity parks in Br.....

Home sales: buy now, investor says
March 21 - A fall in February existing home sales suggests the housing market recovery will not be straight up, but one noted contrarian investor says its a good time to invest in housing. Conway G. Gittens reports......

UK budget tackles tax and business
March 21 - Britain's Finance Minister George Osborne said the economy was improving in his Budget, where he cut personal income taxes but aimed new levies at the wealthy, taking a political gamble in times of austerity. But one small UK business says.....

Trading at Noon: U.S. stocks down on housing data
Mar. 21 - U.S. stocks are down after a weaker-than-expected report on February U.S. existing home sales......

EMEA Day Ahead: Thursday
Mar. 21 - Fresh hopes for the euro zone economy as purchasing managers' indexes are seen edging back towards expansionary territory......

Breakingviews: Brazils slick oil prosecution
March 21 - Jeff Goldfarb and Chris Swann discuss looming criminal charges against Chevron for a spill off of Brazil's coast and whether theres a double standard developing for foreign oil companies......

UK Budget 2012 with Alistair Darling
Mar. 21 - Analysis of UK Finance Minister George Osborne's 2012 budget, with former chancellor Alistair Darling......

"Mad Men" take over the NYSE
March 21 - The cast of the hit television show ring the opening bell on the New York Stock Exchange. Rough Cut (no narration)......

LIGHTNING ROUND: Home prices will fall another 5%
Mar. 21 - Westwood Capital's Dan Alpert says home prices will record a 40% overall drop before bottoming and says the hardest hit regions will be the first to recover while New York & coastal areas will lag......

UK budget: on track for growth
Mar. 21 - The UK's finance minister George Osborne unveiled his 2012 budget, suggesting that the economy looks set to avoid a renewed recession. Rough Cut (no reporter narration)......

Jumping on Apple bandwagon "dangerous": Bogle
Mar. 21 - Apple's steady rise to $600 is a sign of too much froth in the equity markets according to Vanguard Founder and fund guru John Bogle......

Large housing inventory suggests more downside in housing
Mar. 21 - Westwood Capital's Dan Alpert says the large shadow inventory of homes still presents headwinds to the U.S. housing market and feels prices have even further to drop......

UK Budget 2012
Mar. 21 - Full analysis of UK Finance Minister George Osborne's 2012 budget from Westminster......

3XSQ: Shining Oracle, screaming success
Mar. 21 - Oracle reported a bigger quarterly profit than expected and Hartford Financial gives in to John Paulson's demand and gets rid of most of its life insurance related operations......

The West strikes back? Jobs come home as China gets costly
Mar. 21 - Western finance ministers hope manufacturing jobs can be lured back from Asia as Chinese costs rise, but so far the evidence suggests that "reshoring" is more trickle than flood......

Breakingviews: Saudi words won't ease fuel price pressures
Breakingviews......

Volvo signs Jeremy Lin
March 21 - Chinese-owned Volvo hires Knicks' star Jeremy Lin as brand ambassador for China and the U.S. Arnold Gay reports......

Reuters Today: UK prepares for a tax and spend (cuts) budget
Mar. 21 - UK finance minister George Osborne expected to announce some tax cuts while sticking to his austerity drive in the annual budget. Romney wins Illinois, US-China trade tensions rise, "hot" new i-Pad......

Sainsbury's CFO expects Olympics boost
Mar. 21 - Sainsbury's CFO John Rogers says the Queen's Jubilee and London Olympics will underpin growth in 2012, after Q4 like-for-like sales rose a forecast-beating 2.6%......

Economy 2012: Advertisers ramp up Asia marketing
Mar. 21 - It's a two-speed world, says Aegis Group CEO Jerry Buhlmann, as advertising spending in Asia steams ahead, while growth slows in U.S. and Europe......

Beijing backs scandal-tainted tycoons in bitter HK elections
Mar. 21 - Two wealthy businessmen vie to lead Hong Kong against a backdrop of escalating friction between residents of the former British colony and the mainland......

Who is Francois Hollande, really?
Mar. 21 - Francois Hollande, who has pledged to renegotiate the fiscal pact if he wins the French election, remains a big worry for the world of finance......

U.S. Morning Call: Analysts raise price targets for Oracle
Mar. 21 - Three firms have raised their price targets for Oracle today after the tech giant reported a profit, late Tuesday, that topped estimates......

Zara owner profits from Asia growth
March 21 - Spanish group Inditex, the world's leading clothes retailer, posted perky February sales figures and announced a 12.5 percent rise in its dividend after outpacing rivals during the downturn in austerity-wracked Europe. Hayley Platt reports.....

Budget 2012: Threat of a double dip past, says OBR forecast
Britain should escape a double-dip recession this year and deficit reduction targets are intact, according to the UK's official forecastser. But economists warned it would take little to derail the Chancellor's plans.<img width='1' height='1' src=.....

Small step forward is better than a step back
This was one small step in the right direction for business but no giant leap for the economy.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1da9f49e/mf.gif' border='0'/><br/><br/><a href="http.....

US grip on World Bank challenged
America's traditional grip on the presidency of the World Bank is expected to be challenged for the first time with the nominations for the post from Nigeria and Colombia.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/56.....

City perplexed at 170m capital-raising by Lloyds
City analysts have been left perplexed after state-backed lender Lloyds Banking Group sold new shares to fund the relatively small cost of resuming interest payments to some of its bondholders.<img width='1' height='1' src='http://telegraph.feedsp.....

End of 50p tax, but 45p rate here to stay
Top rate of 45p for earners of more than 150,000 will become a permanent tax feature, George Osborne indicates.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1da98dfe/mf.gif' border='0'/><br/><br/>.....

Budget 2012: the Chancellor's long walk to recovery
George Osborne had little to offer that might stimulate growth, says Jeremy Warner.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1da98e00/mf.gif' border='0'/><br/><br/><a href="http://da.feeds.....

Budget 2012: More pain than gain on the road to recovery
Telegraph View: What should certainly help to stimulate growth is the politically courageous decision to cut the top rate of income tax.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1da98b01/mf.gif' border='0'/.....

Budget 2012: A big, dangerous moment on tax - will Osborne live to regret it?
Two risky decisions threaten the Tories at the next election, says Peter Oborne.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1da98b03/mf.gif' border='0'/><br/><br/><a href="http://da.feedspor.....

Budget 2012: George Osborne's support for business is purely symbolic
This was the Budget when business were meant to deliver. Instead, they will barely contribute. "This country borrowed its way into trouble, now it will earn its way out," Chancellor says.<img width='1' height='1' src='http://telegraph.feedsportal......

Budget 2012: Not so much a gamble, more a grand strategy
The Chancellor played his cards to perfection, argues David Laws.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1da98498/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/12920.....

Budget 2012 calculator: How will the budget affect me?
Will you be better or worse off in the next tax year as a result of the budget? Use our interactive budget calculator to find out using figures provided by Grant Thornton.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/56.....

Budget 2012: Public sector jobs cull rises to 730,000
Tens of thousands more public sector workers will lose their jobs by the end of this Parliament than previously expected, the Government's independent forecasters revealed on Wednesday.<img width='1' height='1' src='http://telegraph.feedsportal.co.....

Budget 2012: Budget promises much for business
Founded in 1975 with just 2,500, Sir Peter Rigby has driven Birmingham-based Specialist Computer Centres to 2.5bn in sales and created jobs for over 7,000 people. Here he reacts to the Budget<img width='1' height='1' src='http://telegraph.feedspor.....

Budget 2012: Budget day beginning
As the Chancellor and his team departed number 11 to deliver the 2012 budget, the Telegraph was there to capture the moment.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1da8cceb/mf.gif' border='0'/><br/&.....

Hugh Osmond's APR Energy blows a fuse
APR Energy took a battering as traders got their first chance to react to a delay in the publication of the company's audited full-year results.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1da8a0e7/mf.gif' bor.....

Budget 2012 sketch: George Osborne, the croaking showman
Michael Deacon watches the Chancellor deliver his Budget 2012 statement.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1da8a0e8/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/.....

Budget 2012: The real point of the Budget was to keep the Coalition together
Mark Twain once said that Wagner's music wasn't as bad as it sounds. This Budget isn't quite as dull as the fiscal arithmetic makes it seem.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1da8a0e9/mf.gif' border=.....

Budget 2012: Which Cabinet ministers have benefited?
How many Cabinet ministers have handed themselves a cut in their income tax payments as a result of the cut in the top rate tax to 45p?<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1da8a0eb/mf.gif' border='0'/&.....

Budget 2012: 'there should be local pay in public services', the Chancellor says
Millions of public sector workers in the regions will have their pay frozen to bring their salaries into line with local pay rates in the private sector, the Chancellor has announced.<img width='1' height='1' src='http://telegraph.feedsportal.com/.....

Budget 2012: Manufacturers warn corporation tax cut 'no silver bullet'
Rebalancing the British economy looks as "daunting as ever" manufacturers have warned George Osborne, denting a blow to one of the Coalition's main ambitions for the economy.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f.....

Sainsbury gains market share from Tesco
Supermarket has gained significant market share from Tesco.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1da619ad/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/12920061345.....

Budget 2012: 'eurozone still presents threat to UK economy', says Telegraph Economics columnist
Telegraph's Economics columnist Roger Bootle on the economic impact of the Chancellor's Budget speech.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1da8580a/mf.gif' border='0'/><br/><br/><a hr.....

Budget 2012: Enterprise loans to help up to 7,000 young people
Budding entrepreneurs will be able to bid for a Government loan to help them start their own business under a new 10m pilot scheme announced in the Budget.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1da7ce44/.....

Budget 2012: 'some pensioners will be worse off', says Tax Director at Grant Thornton
Tax Director Mike Warburton on the impact of the Chancellor's Budget on personal finance<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1da7ce45/mf.gif' border='0'/><br/><br/><a href="http://da......

Budget 2012: 'some pensioners will be worse off', says Tax Director at Grant Thornton
Tax Director Mike Warburton on the impact of the Chancellor's Budget on personal finance<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1da7c466/mf.gif' border='0'/><br/><br/><a href="http://da......