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Friday 30 March 2012

UK Financial News on 2012-03-30

Spain unveils 27bn euros of cuts
Spain cuts 27bn euros ($36bn; 22.5bn) from its budget this year and freezes public sector salaries to try to address its "extreme" economic situation......

Eurozone boosts firewall to $1tn
Finance ministers in Copenhagen agree to increase the size of the eurozone's rescue funds to 800bn euros ($1.1tn; 667bn)......

BA-owner cleared for BMI purchase
The owner of British Airways and Iberia, IAG, receives approval for the takeover of BMI in return for giving up landing slots at Heathrow......

Sino-Forest in bankruptcy filing
Chinese forestry firm Sino-Forest, accused last year of inflating its revenues and exaggerating its holdings, files for bankruptcy protection in Canada......

US to tighten squeeze on Iran oil
Barack Obama approves fresh sanctions on foreign banks still involved in the trading of Iranian oil, saying there are enough alternative supplies......

Blackberry-maker to shift focus
Blackberry-maker Research in Motion says it will refocus on the corporate market rather than consumers, as it reports a loss of $125m......

Ford to invest $1.3bn in Mexico
US car giant Ford announces a $1.3bn investment in its plant in the Mexican town of Hermosillo, creating 1,000 jobs......

Fuel driver hours rules relaxed
Rules on fuel tanker drivers' hours on the road are temporarily relaxed to help transport supplies into filling stations, as Unite says there will not be a drivers' strike before Easter......

US credit firms in breach warning
Visa, Mastercard and Discover warn that details of credit card holders' personal information could be at risk after a security breach......

Online banking delays at Barclays
Some Barclays customers are facing delays trying to log on to the bank's online service as a rebuilt site is phased in......

Portas retail plans get go ahead
The government announces it has accepted "virtually all" the recommendations from Mary Portas in its bid to rejuvenate UK High Streets......

Typhoon deal 'sustains' BAE jobs
BAE Systems wins a 446m maintenance contract to offer support services for European Typhoon jets, securing jobs at Warton and Samlesbury in Lancashire......

Gas leak 'not due to human error'
Human error did not appear to be to blame for the gas leak at a North Sea platform, according to oil company Total......

Drop in uninsured young drivers
The number of 17-20-year-olds driving without insurance has dropped by more than half in three years, claims the Motor Insurers' Bureau......

Apple hit by China Foxconn report
Apple says it will work to improve conditions at its manufacturer's plants in China, after an independent probe it requested found "significant issues"......

France's deficit shrinks in 2011
France's public sector deficit shrank to 5.2% of gross domestic product (GDP) in 2011 from 7.1% in 2010, statistics agency Insee says......

Taking dog to work 'cuts stress'
Bringing pet dogs to work can reduce stress and make the job more satisfying for other employees, a study suggests......

Mega Millions jackpot tops $640m
Lottery fever sweeps the US hours before the draw for a $640m (400m) Mega Millions prize, the biggest jackpot in world history......

Doctors plan May pensions ballot
Doctors will vote on industrial action in May, if talks over planned changes to their pensions do not resume, the British Medical Association says......

House prices 'fell 1% in March'
House prices are lower than a year ago for the first time in six months after prices fell by 1% in March, the Nationwide says......

Isa deadline looming for savers
Savers should not wait until the last minute to use their tax-free Isa annual allowance for the year, an ombudsman says......

Germany retail sales fall again
German retail sales fell in February for the second month in a row, denting hopes that consumer spending will support the economy in the first quarter......

Fall in Japan industrial output
Japan's industrial output unexpectedly fell in February, due to lower overseas demand for cars and electronic goods, figures show......

OECD predicts recession in the UK
The UK economy will contract in the first three months of 2012, taking the country back into recession, an international think tank suggests......

German firms halt UK nuclear plan
The government's nuclear power strategy has been hit after German energy giants RWE and E.On abandon plans to build two new plants......

Exxon loses crown to PetroChina
US oil giant Exxon Mobil loses its crown as the world's biggest listed producer of oil to PetroChina, figures suggest......

Scottish Water enters Polish deal
Scottish Water International announces a partnership agreement with Polish engineering firm ECM Group Polska......

Essex confirm Olympic Stadium bid
Essex CCC and the University of East London apply to become tenants of the Olympic Stadium after London 2012, BBC Essex learns......

Rangers bidders await deal news
A new owner-in-waiting of Rangers could be in place next week, according to a source close to negotiations at the club......

Widnes chairman gives Bulls 10k
Widnes chairman Steve O'Connor donates 10,000 to help the Bradford Bulls in their bid to stave off administration......

VIDEO: Shard skyscraper nears completion
New footage shows the top of The Shard building as the finishing touches are made to the building......

VIDEO: Portas high street plans get go ahead
The government has announced it has accepted "virtually all" 28 recommendations from Mary Portas in its bid to rejuvenate UK High Streets......

VIDEO: Workplace parking levy begins
Companies in Nottingham with more than 10 parking spaces will have to pay a yearly charge to the council from this weekend......

VIDEO: Euro ministers debate firewall
Finance ministers are in Copenhagen to discuss increasing the size of the eurozone's rescue funds......

VIDEO: Towns vie for High Street fund
The government has announced it has accepted virtually all 28 recommendations from Mary Portas in its bid to rejuvenate UK High Streets, including a 1m Future High Street fund......

VIDEO: Elgin platform evacuation commended
Total UK's managing director Phillipe Guys has said he wanted to "commend everyone" for ensuring the safety of personnel in the wake of the North Sea gas leak......

VIDEO: Firms halt UK nuclear plans
Two companies have pulled out of plans to develop a new generation of nuclear power plants in the UK......

AUDIO: Blackberry goes back to its roots
The company that makes Blackberry smartphones says it is refocusing its attention back onto business customers......

Understanding why 'Spain has no choice'
Why Spain is pushing ahead with more austerity.....

Businesses expressing fuel fears
Some businesses feel the effect of disruption at the petrol pumps.....

Can currency float lift Burma?
Market, not military, to fix rate of Burma's kyat.....

RIM's strategy may be risky business
Why Blackberry's renewed focus on business could prove costly.....

Keep the social media cowboys at bay
Don't let social media cowboys milk your profits.....

Blackberry maker's Asia boss remains optimistic about Indonesia
Blackberry maker faces more hurdles in Indonesia.....

U.S. Week Ahead: Job numbers could be a double-edged sword
Correspondent Jason Lange......

A new Titanic rises in Belfast
March 30 - Once regarded as a no-go zone for tourists, Belfast is hoping its new 155 million dollar visitor center 'Titanic Belfast' will lure a new wave of tourists eager to learn about the iconic ship in the place that it was built. Matt Cowan repo.....

U.S. shoppers undeterred by gas price
March 30 - Consumer sentiment rose in March to a more than one-year high and February's rise in consumer spending was the strongest in seven months. Conway G. Gittens reports......

Spain unveils tough austerity budget
March 30 - Spain has presented a budget that aims to save more than 27 billion euros in 2012 through spending cuts and revenue increases, reassuring markets that the country would stick to austerity. Ciara Sutton reports......

Music launch stirs Moshi 'mania'
March 30 - The children's entertainment brand Moshi Monsters is moving in a musical direction with the launch of a new album called Moshi Monster Music Rox. Hayley Platt reports......

Trading at Noon: Stocks headed for strong finish of Q1
U.S. Markets Editor David Gaffen......

Breakingviews: Worse, not worst for Research in Motion
Mar 30 - Rob Cox and Breakingviews columnists discuss RIM's lackluster results and what it means for the future of the BlackBerry maker......

Greek city on brink of humanitarian crisis
March 30 - The residents of a once thriving shipbuilding town are on the brink of a humanitarian crisis according to aid agency Doctors of the World. Hayley Platt reports......

EMEA Week Ahead: European stocks end first quarter on a high
Mar. 30 - The ECB fuels a stockmarket rally in the first three months of the year with cheap loans to banks......

FACTBOX: Apple's Very Good Q1
Mar. 30 - Apple became the biggest company in the U.S. in the first quarter, its stock crossed both the $500 and $600 mark, and sales of the latest iPad topped 3 million units in just the first weekend......

Wealth Strategies: ETF assets will grow 15% - 20% this year
Mar. 30 - Debbie Fuhr, partner at ETF Global Insight, says that ETFs, which allow exposure to multiple asset classes, will continue to grow assets and feels that non-equity ETFs will attract the most interest......

3XSQ: Apple labor deal, lottery madness
Mar. 30 - Apple and Foxconn are working together to tackle labor violations in Chinese factories, and lottery fever spreads across the U.S., with people buying tickets for the Mega Millions jackpot......

U.S. Morning Call: Apple to change labor conditions
Mar. 30 - Apple and Foxconn are agreeing to tackle labor violations of the 1.2 million Chinese workers manufacturing Apple's devices......

Can equity bulls stay in charge in Q2?
asks London market players......

Euro zone set to boost firewalls
Mar.30 - Euro zone finance ministers are likely to agree to temporarily almost double their financial backstops on Friday as one of the final moves to end the sovereign debt crisis, although Germany continues to favour a smaller increase. Ciara Sutto.....

Market Pulse: Dax the winner on European stocks board
Mar. 30 - Frankfurt's blue-chip Dax index significantly outperforms other major European stockmarkets going into the second quarter of the year......

Corruption: Monti's biggest reform hurdle
Mar. 30 - Italy is the most corrupt of Europe's major economies, according to a new report by the anti-corruption campaign group Transparency International.....

Breakingviews: Bailout fund figure fiddling not fooling IMF
Breakingviews......

FACTBOX: Apple's "New Deal" in China
Mar. 30 - A crescendo of criticism aimed at Apple's China operations wins results: a new deal by Apple and Foxconn, promising to cut illegal worker overtime and improve safety......

Reuters Today: Apple, Foxconn revamp China conditions
Mar. 30 - Apple tackles working conditions in China, shares end Q1 on a strong note & the euro zone set to boost debt-crisis firewalls......

Asia Week Ahead: All eyes on China factory data
Mar. 30 - China's official PMI is expected to show factory activity dipped in March, while South Korean exports are forecast to show a slide in March growth......

Greek city on brink of humanitarian crisis
Mar.30 - The residents of a once thriving shipbuilding town are on the brink of a humanitarian crisis according to aid agency Doctors of the World. Hayley Platt reports......

Stocks end mixed; RIM disappoints
Mar 29 - Summary of business headlines: Dow breaks losing streak but S&P 500, Nasdaq down for third day; Report finds labor violations at China factories of Apple supplier Foxconn; Research In Motion posts disappointing quarterly results. Conway G. G.....

Smaller may be best for Best Buy
Mar 29 - Best Buy, faced with slower than expected sales, needs to focus on smaller stores, online sales and partnering with product innovators as it faces strong headwinds in the consumer electronics space, according to Piper Jaffray analyst Peter K.....

Apple still shines despite dark side
Mar. 29 - Apple's business keeps growing despite reports critical of its labor and environmental record especially at its Chinese supplier Foxconn......

FTSE 100 claws back most of 2011 losses
UK's leading index of shares wipes out two-thirds of 2011 losses.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1df3576b/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/13057.....

Mugging companies is a sure way to lose investment, India
India's decision to introduce retrospective tax on foreign investors is surprising. But the threat to the profits of Vodafone, Kraft, SAB Miller and others is nought compared with the threat to India itself.<img width='1' height='1' src='http://te.....

SFO blasted by OECD for settling cases instead of going to court
The Serious Fraud Office has come under fire for making secret settlements in foreign corruption cases rather than prosecuting companies through the courts.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1df368bc.....

Laxey Partners demands 3i sells assets, returns cash and halts investing
Just 24 hours since the shock registration of its chief executive Michael Queen, 3i has been told to sell off its investments and hand back cash to shareholders.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1df.....

British Airways eyes Asian routes after owner IAG given green light to buy bmi
International Airlines Group plans to use some of the 42 extra Heathrow slots gained from its takeover of bmi to increase British Airways' exposure to Asia, after the deal was approved by the European Commission.<img width='1' height='1' src='http.....

Former Tottenham Hotspur vice-chairman Paul Kelmsley sued by Barclays over 5m bank loan
Paul Kemsley, the recently-bankrupt former Tottenham Hotspur vice-chairman and property tycoon, is being sued by Barclays for repayment of a 5m loan.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1df35c23/mf.gif.....

Pasty tax: JJB Sports founder Dave Whelan sells Pooles Pies for 5m
George Osborne wants to tax them - though he can't remember when he last ate one. David Cameron likes to eat them - though he's forgotten where he last did. Now JJB Sports founder Dave Whelan has decided to flog them - all 1m of them.<img width='1.....

Total 'dismissed safety concerns from workers' about risk of gas leak on Elgin platform
Total dismissed safety concerns raised by workers about the risk of a gas leak on its Elgin platform, a union official has claimed.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1df35c26/mf.gif' border='0'/>&.....

Former RBS trader Tan Chi Min claims hedge fund asked UK bank to change Libor
One of Europe's largest hedge funds is alleged to have asked Royal Bank of Scotland to alter the London interbank borrowing rate (Libor) five years ago, according to a court filing by a former trader at the lender.<img width='1' height='1' src='ht.....

US consumer spending rises as unemployment falls
Hope that better jobs data are giving Americans more confidence to spend.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1df2fae6/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com.....

'Furious' Eurogroup chairman Jean-Claude Juncker ends key meeting early
A meeting of eurozone finance ministers ended in acrimony as its 'furious' chairman Jean-Claude Juncker brought proceedings to a close early, overshadowing a move to strengthen the region's rescue funding.<img width='1' height='1' src='http://tele.....

Total could start drilling relief wells at Elgin platform within 10 days
Total said it could begin drilling two relief wells at its abandoned Elgin field within 10 days, in an attempt to deal with a gas leak that shows no signs of abating.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/.....

BP accuses US of 'withholding evidence' on Gulf spill
BP has accused the US government of trying to suppress documents that may show the Gulf of Mexico oil spill was smaller than prosecutors claim.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1def754f/mf.gif' bord.....

Spain unveils 'most austere' Budget in democratic history
Spain unveiled "the most austere budget in democratic history" with 27bn of cuts and a 7pc rise in utility bills but still failed to win over economists.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1df1ea76/mf.....

Eveden lingerie company sold to Japan's Wacoal for 144m on national cleavage day
Eveden, a lingerie company backed by Lloyds Banking Group, has been sold to Japan's Wacoal for 144m.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1df28d1d/mf.gif' border='0'/><br/><br/><a href.....

British Gas owner Centrica won't give senior directors a bonus
The owner of British Gas, which has come in for criticism for raising energy prices, has suggested its most senior directors have failed after stating that 'executive pay is based on performance'.<img width='1' height='1' src='http://telegraph.fee.....

Tesco 'hasn't invested enough in UK', says Morgan Stanley analysts Edouard Aubin and Gillian Robb
Tesco's management are not prepared to take the bold steps needed to turn its business around, analysts at Morgan Stanley have said.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1df218a4/mf.gif' border='0'/>.....

India's tax change could be death knell for inward investment
It is hard to overestimate the effect India's proposed tax changes will have on the country.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1df218a5/mf.gif' border='0'/><br/><br/><a href="http:/.....

Ministry of Defence relaxes grip on QinetiQ
The Government's grip on defence technology group QinetiQ has been relaxed to give the company more commercial freedom to allow it to compete with rivals.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1df218a6/m.....

Made in London: the city's local entrepreneurs in profile
Anoosh Chakelian profiles the London entrepreneurs currently finding success in the capital.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1df1ac4e/mf.gif' border='0'/><br/><br/><a href="http:/.....

Made In London: the capital's boom in entrepreneurship
As the recession continues, Anoosh Chakelian meets the experienced entrepreneurs and enterprising individuals setting up shop in London.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1df1ac4f/mf.gif' border='0'/.....

Billionaire Hong Kong property owners Kwok brothers arrested
The billionaire owners of Asia's largest real estate development company were arrested on suspicion of corruption, wiping nore than $5bn (3.1bn) off the market value of Sun Hung Kai Properties today.<img width='1' height='1' src='http://telegraph......

India could face constitutional crisis over tax proposals
India could be facing a constitutional crisis, after the government proposed new legislation which would overrule the courts and tax companies for deals retrospectively.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/5683.....

Ministry of Defence loosens grip on QinetiQ
The Government's grip on defence technology firm QinetiQ was relaxed today, giving the company more commercial freedom to allow it to compete with rivals.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1df0d768/m.....

Canary Wharf owner Songbird hit by downturn
Songbird Estates, the property company behind Canary Wharf, saw rents slip 36m to 251m as it was hit by lease surrenders and the sale of two properties.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1df099ae/mf......