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Saturday 31 March 2012

UK Financial News on 2012-03-31

Investment firm set to save Game
The investment group, Opcapita, will announce on Sunday it is buying the rump of the troubled Game Group out of administration, the BBC understands......

Petrol queues ease at forecourts
Queues for petrol are easing after unions announced there would be no strike over Easter, motoring organisations say......

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)......

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......

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......

HMRC 'misleading' on tax credits
HMRC letters sent to 1.3m homes advising on changes to the child tax credit system are 'misleading' says a tax reform charity......

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......

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......

Winner for $640m US lottery draw
At least one ticket - bought in Maryland - is a winner in the $640m (400m) Mega Millions lottery, officials say, after the biggest jackpot in history......

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......

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......

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......

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......

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......

VIDEO: Your Money: Recycling your mobile
Your Money: Recycling your mobile, pet insurance, and the start of the government's new financial year.....

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......

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

Tips for making money from your mobile
Is selling your old phone for cash a good idea?.....

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.....

Anti-capitalism protests turn violent in Germany
March 30 - Violence erupts in Frankfurt during Europe-wide anti-capitalism day. Rough Cut (no reporter narration).....

Total releases video of leaking gas drilling platform
March 31 - Total releases 3-day old video of the Elgin drilling platform where a North Sea well is leaking gas. Rough Cut (no reporter narration).....

Grocer adds healthy job benefits
March 30 - As the Supreme Court debates the constitutionality of healthcare reform, Connecticut-based grocer Stew Leonard's is spending $200,000 a year on healthcare initiatives and it's already paying off. Jill Bennett reports......

Occupy protesters march on Wall Street
March 30 - Occupy Wall Street marchers converge in front of the NYSE to ring the 'people's gong' at the same time the NYSE rings its closing bell. Rough Cut (no reporter narration).....

Stocks sizzle in early 2012 rally
March 30 - Wall Street closes out its best first quarter since 1998 and its best quarterly performance in more than two years, but the second quarter may be tough as earnings season and the Presidential campaign pose potential risks to the rally. Con.....

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

800 billion euros to the rescue
March 30 - Euro zone finance ministers agreed to boost a financial firewall to 800 billion euros, as leaders try to contain the region's debt crisis. Conway G. Gittens reports......

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......

Alan Miller's SCM Private venture is a family affair
Alan Miller's latest project is a husband and wife venture that aims to shake fund management 'dinosaurs'.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1df9e164/mf.gif' border='0'/><br/><br/><.....

Musto seeks cash boost after covenant breach
Nautical clothing retailer Musto is looking for external investment following a breach of its banking covenants.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1df9f1cd/mf.gif' border='0'/><br/><br/&g.....

New Look opts for expensive bank refinancing
New Look's private equity owners have turned down attempts by founder Tom Singh to restructure the company's balance sheet in favour of an expensive bank refinancing.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/.....

Chancellor George Osborne hopes for an Indian summer after a winter of discontent
Can British patience pay off for the Chancellor on his latest visit to India?<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1df9daaa/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.....

Gil Baldwin's Tunstall is making sure your online doctor will always have time to see you
Telehealth group Tunstall is ready for doctors to manage patients online.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1df9daab/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com.....

Rainmaker: Twin peaks regulation gets a poor review
Twin peaks. No, not the edgy, and at times downright weird, David Lynch television drama from the early 1990s, but the slightly less edgy but far more important separation of regulation at the Financial Services Authority (FSA) to help build up an ea.....

Sir Mervyn - come clean on the bank crisis
To learn from any crisis, financial or otherwise, two essential things must happen. There must be a full and frank admission of what went wrong and there must be a fundamental change in the ways of behaving to ensure - as far as is possible in an imp.....

Why Diageo wants a tequila sunrise down Mexico way
Diageo owns the popular Guinness, Johnnie Walker, and Smirnoff brand but now it wants the Jose Cuervo tequila brand.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1df9dab0/mf.gif' border='0'/><br/><b.....

Government squeezes suppliers for savings of 5bn
Tough contract negotiations with private sector suppliers and a demand that they must cut contract costs will save the Government more than 5bn this year, Francis Maude has revealed.<img width='1' height='1' src='http://telegraph.feedsportal.com/c.....

James Murdoch 'on brink' over BSkyB chairmanship
James Murdoch is on the brink of making what has been described as a "fine line" decision on his future as chairman of BSkyB.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1df9dab1/mf.gif' border='0'/><br/.....

Argentina threatens to sue banks helping Falklands oil explorers as trade war with Britain escalates
A group of British and American banks have been threatened with legal action by the Argentine government for advising and writing research reports about companies involved in the Falkland Islands' 1.6bn oil industry.<img width='1' height='1' src='.....

Falklands oil: who's drilling where
There are five small British oil explorers drilling for oil in the Falklands Islands.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1df9dab3/mf.gif' border='0'/><br/><br/><a href="http://da.fee.....

Grannies will shape the global economy of the future
The Chancellor's misreading of demographics and the Granny Tax ambush it triggered was the unexpected highlight of this year's Budget.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1df9dab4/mf.gif' border='0'/&g.....

Lord Wolfson: Why an easy exit from the euro is impossible
Lord Wolfson says switching a new currency is anything but simple.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1df9dab6/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/1305.....

Argentina's Falklands oil threats: the letter to banks in full
Here is the letter sent by the Argentine government to around 15 British and American banks threatening them with legal action for advising companies exploring for oil in the Falkland Islands. It has been translated from Spanish into English. The nam.....

Alan and Gina Miller - the husband and wife team shaking up the investment industry
Alan Miller and his wife Gina are shaking up the investment industry.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1df9dabb/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/1.....

Pump panic highlights the West's slavery to crude oil
Advance countries can't do without crude - witness petrol panic in Britain and US gasoline prices nearing the politically deadly "four bucks a gallon" - and claims of US energy independence just don't ring true.<img width='1' height='1' src='http:.....

Nursing homes caught up in bank rate swap scandal
Nursing homes caring for several thousand people have been caught up in allegations that banks mis-sold complicated interest rate swaps despite the fact that the homes did not understand what they were buying.<img width='1' height='1' src='http://.....

Osborne to press case for Typhoon in India
George Osborne is to tell the Indian government that its decision not to choose the BAE-backed Typhoon Eurofighter as its new strike plane is a mistake as the Typhoon is a more cost-effective option.<img width='1' height='1' src='http://telegraph......

Sir John Buchanan to quit Vodafone to be ARM chairman
The deputy chairman of Vodafone, Sir John Buchanan, is preparing to resign after taking up the chairmanship of ARM, the semi-conductor design company which produces chip designs for much of the world's mobile phone market.<img width='1' height='1'.....

Trouble flares over oil that lies beneath the Falklands
Argentina's legal move raises fears of battle over natural resources.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1df9dabd/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/1.....

Are the lights about to go out all over Britain?
Blow to nuclear sector raises doubts over UK's energy strategy.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1df9dabf/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/1305771.....

Lord Myners urges tax clampdown on private equity
Lord Myners, the former City minister, has called for an investigation into a tax loophole being used by private equity managers amid concerns that they are paying too little to HM Revenue and Excise.<img width='1' height='1' src='http://telegraph.....

Diageo tells Goldman to seal $3bn Cuervo tequila deal
Diageo has instructed Goldman Sachs to close ongoing talks about taking a stake in Jose Cuervo, which will value the Mexican tequila brand in the region of $3bn (1.88bn)<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/5683.....

European Central Bank urges more resources for IMF
The International Monetary Fund needs more resources to tackle challenges in the global economy, not just Europe, European Central Bank vice-President Vitor Constancio said on Saturday.<img width='1' height='1' src='http://telegraph.feedsportal.co.....