Search This Blog

Wednesday, 28 March 2012

UK Financial News on 2012-03-28

UK economic growth revised down
UK economic growth in the last three months of 2011 is revised down to a contraction of 0.3%, partly due to the transport sector......

Row over 'top up' advice on fuel
The government is facing criticism from petrol retailers and Labour for its handling of the threat of a strike by fuel tanker drivers......

Price of oil dips on reserve talk
The price of oil falls as a number of key nations discuss releasing reserves to increase supplies and US inventories jump......

Natural catastrophes hit Lloyd's
The insurance market Lloyd's of London announces a loss for 2011, saying it was its worst year for catastrophe claims......

Former Cattles directors banned
Three former directors of the sub-prime lender Cattles and its subsidiary Welcome Financial Services are fined and banned by the FSA......

EU to end 'rip off' roaming fees
From July this year roaming charges will fall to 24p per minute to make a call and 59p per megabyte of data......

Magic Johnson to buy LA Dodgers
The LA Dodgers baseball club is to be sold to a consortium that includes the former basketball star Magic Johnson......

US durable goods orders rise 2.2%
Orders for durable goods in the US rose by 2.2% in February, recovering partly from a sharp drop in January, the Commerce Department says......

Fall in Scottish R&D spending
Latest Scottish government figures reveal that spending on Research and Development in 2010 totalled 7.2% of the UK total......

'Pasty lover' PM defends VAT hike
David Cameron says he "loves a hot pasty", but defends the government's decision to slap VAT on all sales of the snack......

News Corp Australia hacking row
Australian officials express concern over allegations that News Corporation engaged in hacking and piracy to damage its commercial TV competitors......

'Tesco law' legal service arrives
A shake-up of legal services - called the Tesco Law - arrives which removes restrictions on where products may be sold......

Financial complaints 'up by 21%'
Financial institutions received more than 12,000 complaints a day in the second half of 2011, driven by worries over payment protection insurance......

iPad refunds offered in Australia
US technology firm Apple offers to refund Australian customers who felt misled about the 4G capabilities of the new iPad......

William Grant invests in Ireland
The spirits firm William Grant & Sons is to build a new distillery for its Tullamore Dew whiskey brand in Ireland......

Refund concerns for scam victims
Refunds and discounts should be easier to claim by consumers who have suffered from aggressive sales techniques, Law Commissions say......

Pet insurance rebuke for Halifax
The Halifax is rebuked by the Financial Ombudsman Service for making a "significant error" in promising life-long insurance to pet owners......

Court go-ahead on asbestos claims
A Supreme Court ruling could allow thousands of insurance claims by families of people who died after exposure to asbestos......

First-class stamp will cost 60p
The price of a first-class stamp will rise from 46p to 60p from 30 April, and second-class will go up from 36p to 50p, after rule changes by the regulator......

Most London schools hit by strike
Teachers and lecturers in London are staging a one-day strike in a dispute over pensions......

Prize for 'sea snake' inventor
The inventor of the so-called red sea-snake Pelamis wave energy device is honoured for his contribution to the renewables sector......

Eurozone rescue fund boost urged
The head of the Organisation for Economic Co-operation and Development says that the eurozone needs to double its bailout fund to 1tn euros ($1.3tn; 836bn)......

Osborne denies he leaked Budget
Chancellor George Osborne denies that key facts about the 2012 Budget, such as the abolition of the 50p tax rate, were leaked from his team......

Thomas Cook summer bookings down
Tour operator Thomas Cook reveals summer bookings are still below last year's levels, although they are improving......

Gas leak platform flare 'burning'
A flame is still burning above an evacuated North Sea platform from which gas has been leaking for three days......

Firm backs carbon-capture project
Technology giant Samsung agrees to invest in a 5bn power station and carbon-capture scheme in South Yorkshire......

Hearts pay delayed March salaries
Hearts pay their players the salaries they were due to receive in mid-March, BBC Scotland learns......

Bulls 'need 1m' to stay afloat
Bradford Bulls have been inundated with pledges after revealing they need 1m to stay in business, with half needed in 10 days......

2013 bidders make submissions
The stadiums hoping to host matches at next year's Africa Cup of Nations in South Africa submited their bids to the local organising committee on Monday......

AUDIO: Sark Islanders fear takeover
The Today programme's Sarah Montague reports from the island of Sark on how residents are concerned that its democracy is under threat.....

VIDEO: GM board to decide factory closures
General Motors' supervisory board will discuss plans to slash costs which could lead to the closure of two major plants......

AUDIO: BoE governor says Jubilee will affect economy
Howard Archer, chief European economist at IHS Global Insight, speaks to the Today programme's Simon Jack about comments by the governor of the Bank of England that Royal celebrations are holding back the economy......

VIDEO: Emergency fuel talks to be held
As efforts are made to avert potential strike action by fuel tanker drivers, former head of the Civil Contingencies Secretariat Mike Grannatt explains the government's likely priorities in case of shortages......

VIDEO: Paxman gets to grips with pasty row
Greggs food chain chief Ken McMeiken has criticised the Chancellor George Osborne on the BBC's Newsnight programme, after last week's budget introduced VAT on warm meat pies and other hot food......

AUDIO: Can Friends Reunited compete with Facebook?
ZDnet editor Rupert Goodwins talks to BBC Radio 5 live Breakfast about whether the relaunched Friends Reunited can be a success......

AUDIO: Royal Mail: Stamps hike 'essential'
The price of a first-class stamp will rise from 46p to 60p, and second-class from 36p to 50p, from 30 April......

VIDEO: Do you know the price of a stamp?
A first-class stamp is to rise in price from 46p to 60p after the regulator lifted some controls on Royal Mail......

Uefa scores with football TV rights
Uefa changes sale of international football TV rights.....

Should Indonesia raise fuel prices?
Should Indonesia raise fuel prices and axe subsidies?.....

Opel and Vauxhall face tough future
How long before US parent GM closes plants in Europe?.....

New plans to tackle tax avoidance
How will a new system to prevent tax avoidance work?.....

Sales tax hike is a bitter pill Japan needs to swallow
Sales tax hike is a bitter pill Japan needs to swallow.....

Manchester takes key role in basketball
US basketball team spreads its wings in run up to Olympics.....

U.S. Day Ahead: A chance for Bernanke to defend Fed
' Mark Felsenthal says this is his chance to defend Fed against critics like Ron Paul......

Nike sues Reebok over Tebow T-shirt
March 29 - Nike and Reebok are headed to court over a lawsuit claiming Reebok had no right to create and sell a New York Jets T-shirt for U.S. football quarterback Tim Tebow. Conway G. Gittens reports......

The Exchange: Going Postal
Rob Cox talks to filmmaker Emil Chiaberi about "Murder by Proxy: How America Went Postal," his documentary about the modern origins of workplace violence......

Trading at Noon: Impact of court debate on health stocks
Mrch. 28 - A look at the fallout from the Supreme Court debate on Obamacare for hospital and insurer stocks......

Catastrophes hit Lloyds of London
March 28 - The Lloyd's of London insurance market swung to its second-biggest loss last year after absorbing record claims from natural catastrophes including Japan's Tohoku earthquake and floods in Thailand. Joel Flynn reports......

Breakingviews: Goldman governance change in title only
Mar 28 - Antony Currie and Rob Cox argue the firm appears to have done little more than rename its presiding director a lead director......

EMEA Day Ahead Thursday
Mar. 28 - The German unemployment rate is set to remain near the record low set at the start of the year, reflecting the strength of the export-led economy......

Nokia eyes China market share
Mar.28 - Nokia will start to sell a new range of smartphones using Microsoft software in China from April, seeking to claw back market share it has seen gobbled up by Apple Inc. and Samsung Electronics. Jon Gordon reports......

GM Europe workers fear Opel closure
March 28 - As General Motors' Opel plant at Bochum in western Germany and Vauxhall plant at Ellesmere Port in northwest England reach their fiftieth anniversary, there's little celebration. Instead workers fear they'll be earmarked for closure as GM .....

Fresh scandal hits News Corp
March 28 - Pressure is building in Britain and Australia for fresh probes into Rupert Murdoch's News Corp, already under siege over phone-hacking claims, after allegations that it ran a secret unit that promoted pirating of pay-TV rivals. Ciara Sutto.....

David Dreman sees strong stock market ahead
correspondent Elizabeth Koraca to look for value blue chip stocks and avoid Treasuries......

Market Pulse: Bleak UK GDP revision knocks sterling
Mar. 28 - Sterling the big loser in FX, as revised figures show the UK economy shrank more than thought in Q4. Oil also down as the U.S., UK and France discuss releasing emergency supplies to lower fuel prices......

Breakingviews: North Sea leak isn't 'Total' blowout
Breakingviews......

Reuters Today: Bernanke says recovery to early to call
Mar. 28 - Bernanke warns against complacency, Americans angry with Obama over gas prices, and Apple to offer Australians a refund......

Economy 2012: Global demand for gold and copper up, CEO says
Mar. 28 - Newmont Mining CEO Richard O'Brien says that while demand for gold in the U.S. is declining and the domestic housing market remains weak, there is a pickup in demand worldwide......

Wealth Strategies: Chinese demand to drive commodity prices
Mar. 28 - Michael Zenker, managing director of commodities research at Barclays, says continued demand from China and low inventories will support prices, and likes base and precious metals as well as 2015 oil......

U.S. Morning Call: Goldman considering changes at the top
that Goldman Sachs held talks about making president Gary Cohn CEO......

Nokia's Lumia a silver bullet for China?
Mar. 28 - Facing eroding market share in what's soon to be the world's largest smartphone market, Nokia has launched its Lumia 610 budget smartphone. It's cheap, but maybe not cheap enough for China......

Consumers seek frugal upgrades to their homes
March 27 - In post-recession America, consumers are turning to not-so-extreme makeovers, opting for low-cost alternatives to freshen up their homes. Jeanne Yurman reports......

It's not "game over" for Obama's Health care law
Legal Affairs Editor Joan Biskupic says the case is far from over......

Wall St. pauses from January-March sprint
March 27 - Summary of business headlines: Stocks drift lower; Consumer confidence and home price data suggest economy not losing strength; Supreme Court split on Obama healthcare. Conway G. Gittens reports......

U.S. Day Ahead: MF Global takes to the Hill
editor Karey Wutkowski says everyone is looking for hints whether Jon Corzine knew of any misuse of funds......

Gold prices will hit $2,000 an ounce this year, Newmont CEO
Mar. 27 - Newmont Mining CEO Richard O'Brien says a weak dollar and demand from China and manufacturers will drive prices of the precious metal above $2,000 this year or early in 2013......

ECONOMY 2012: How EADS will spend its piles of cash
Sean OKeefe, CEO EADS North America, says hes excited about growth opportunities in 2012......

Gas sapping consumer confidence
March 27 - Americans were less upbeat in March than they were in February with higher gasoline prices a growing concern. Conway G. Gittens reports......

US, UK and France consider oil release to curb fuel prices
France is in talks with the United States and Britain on a possible release of strategic oil stocks to push fuel prices lower, French ministers said on Wednesday, four weeks before the country's presidential election.<img width='1' height='1' src=.....

Merlin continues to work its magic
The ups and downs of the economy may have left you feeling queasy but that hasn't put people off queuing for the roller coasters on offer at Merlin Entertainments.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1.....

Top Xstrata shareholder BlackRock backs merger with Glencore
The highly criticised 50bn merger between commodity giant Glencore and miner Xstrata has been given timely boost with the support of BlackRock, the world's largest fund manager.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/3272.....

Roll up for Britain's 750bn corporate cash mountain
As a general rule of thumb, big companies only shed or otherwise destroy jobs; it's small and medium-sized enterprises (SMEs) that create them. It is therefore to SMEs that we must look for economic salvation.<img width='1' height='1' src='http://.....

Shock slowdown in UK growth as GDP contracts 0.3pc
Fears that the UK is double-dipping back into recession rose after statisticians whittled down the economy's growth over nine months of last year.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1ddc3ad9/mf.gif' b.....

Rupert Murdoch's News Corp faces police investigation in Australia
Rupert Murdoch's News Corporation is facing a police investigation in his native Australia, throwing his attempt to tighten his grip on its powerful regional media into jeopardy.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/327.....

Countries with the biggest oil stocks
France is in talks with the US and Britain on a possible release of strategic oil stocks to push fuel prices lower. Here, we look at which countries hold the most stocks. Source: IEA (as of December 2011)<img width='1' height='1' src='http://teleg.....

ECB's LTRO plan flops as banks cut lending
European banks cut lending lines to companies last month, defying the central bank's grand plan to stem the crisis with a flood of more than 1 trillion (838bn) of cheap loans.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/.....

The Priory rehab clinic suffers 3.2m loss
The Priory has made a 3.2m loss after the NHS slashed the number of patients it sent for treatment.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1de040f1/mf.gif' border='0'/><br/><br/><a href=.....

Sage in takeover spotlight as blue-chips slide
Software giant Sage was in the spotlight as scribblers highlighted the group's takeover potential.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1de040f4/mf.gif' border='0'/><br/><br/><a href=".....

Elgin gas leak in North Sea could cost Total 4.8bn
The gas leak from Total's Elgin platform in the North Sea could cost the French oil giant 5.7bn (4.8bn), credit rating agency Fitch said.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1de06fdd/mf.gif' border='0'.....

Facebook warns on Yahoo threat
Facebook has warned that a legal battle with Yahoo! over patents could have a 'material' impact on its business.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1de06fde/mf.gif' border='0'/><br/><br/&g.....

Lloyd's reports 516m loss after record catastrophe claims
Natural disasters wreaked havoc across Lloyd's of London last year - driving the 324-year-old City institution deep into the red.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1ddb0207/mf.gif' border='0'/><.....

Goldman Sachs to appoint 'lead director' after union pressure
Goldman Sachs has bowed to pressure from a union pension fund to make a change to its board in a move that helps ensure Lloyd Blankfein keeps his role as both chairman and chief executive.<img width='1' height='1' src='http://telegraph.feedsportal.....

Countries with the biggest oil reserves
France is in talks with the US and Britain on a possible release of strategic oil stocks to push fuel prices lower. Here, we look at which countries hold the most reserves. Source: CIA<img width='1' height='1' src='http://telegraph.feedsportal.com.....

Ed Balls: GDP figures expose 'gaping hole' in George Osborne's economic plan
Labour's shadow chancellor Ed Balls says the latest GDP figures show the Government's plan for the economy is not working.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1ddfdb87/mf.gif' border='0'/><br/>.....

Barclays most complained about bank
Barclays was Britain's most complained about bank in 2011, generating more than 500,000 customer complaints last year, according to figures published by the Financial Services Authority (FSA).<img width='1' height='1' src='http://telegraph.feedspo.....

Barclays still attracts the most complaints
Barclays remains the nation's most complained-about bank, according to the latest data published by the Financial Services Authority.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1ddd4cbe/mf.gif' border='0'/>.....

Emap to change name to Top Right Group and split into three
Emap, the publishing giant, is to change its name and split into three, paving the way for a sell-off.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1ddf7786/mf.gif' border='0'/><br/><br/><a hr.....

Households using 11pc less energy than in 2007 but paying 25pc more
Figures from the Office for National statistics show UK household spending on energy consumption increased 23.5 per cent from 28.8bn in 2007 to 35.6bn in 201.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1ddf31.....

Households face biggest squeeze since 1977
Office for National Statistics say rising bills and frozen salaries mean that household disposable income fell by 1.2pc last year.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1dde6592/mf.gif' border='0'/>&l.....

Two ex-Cattles directors fined 600,000 and banned
Two former finance directors at Cattles, the sub-prime doorstep lender, and its Welcome Financial Services subsidiary have been fined a total of 600,000 and banned by the City regulator.<img width='1' height='1' src='http://telegraph.feedsportal.c.....

Asia-Pacific boosts Madame Tussauds owner Merlin Entertainments
Merlin Entertainments, the attractions giant behind Legoland and Madame Tussauds, saw pre-tax profits almost triple last year after two key Australian acquisitions boosted its footprint in the fast-growing Asia-Pacific market.<img width='1' height.....

Total's North Sea gas leak 'no Deepwater Horizon'
Total has admitted it could take up to six months to stop a major leak of flammable gas at its Elgin platform in the North Sea.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1dddd11e/mf.gif' border='0'/><b.....

Stephen Fry fronts Facebook bank fraud campaign
Young people urged to be more vigilant with their banking details.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1ddd4cbf/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/1292.....