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Wednesday 4 April 2012

UK Financial News on 2012-04-04

Economy fears depress the markets
Stock markets decline on fears over the state of the US and European economies, led by a disappointing Spanish bond sale......

Jaguar to build F-type sports car
Jaguar Land Rover is to build a successor to its previous sports cars called the F-type at its factory in Birmingham......

New Big Society fund is launched
A new financial institution set up by the government to finance charities and community groups is launched with 600m in funds......

E.On sales investigated by Ofgem
The big energy supplier E.On becomes the latest UK energy provider to have its sales techniques investigated by regulator Ofgem......

Google augmented glasses unveiled
Google shows off concept designs for augmented reality glasses that it is developing, confirming rumours about the project......

Yahoo to cut 14% of its workforce
Yahoo cuts 2,000 staff, or 14% of its workforce, as part of a restructuring plan to try to cut costs and keep up with fast-growing rivals......

JJB Sports ex-boss in fraud probe
A former boss of JJB Sports, Christopher Ronnie and a JJB Sports' supplier are charged with fraud and money laundering......

Plans to extend free 0800 calls
Free calls to 0800 telephone numbers will be extended to anyone using a mobile phone, under plans announced by the regulator......

Healthcare market faces inquiry
The Office of Fair Trading asks the Competition Commission to open an investigation into the UK's private healthcare market......

No time for ECB 'exit strategy'
The European Central Bank says it will not yet roll back the emergency measures it implemented to contain the eurozone debt crisis......

Airlines fear Easter 'gridlock'
The home secretary is warned by 11 airlines that Britain "risks gridlock" at airports over the Easter break due to staff shortages......

UK services sector 'rebounding'
The UK's services sector accelerated in March, a survey suggests, pointing to first-quarter UK economic growth of 0.5%......

Housing market 'broadly stable'
House prices are "broadly stable", the Halifax says, despite recording a 2.2% rise between February and March......

Venezuela rejects EU airline ban
Venezuela says it is weighing reciprocal measures after the European Union banned state-run carrier Conviasa from EU airspace because of safety concerns......

Yahoo fires while Skype hires
Yahoo confirms it is axing 2,000 posts to save $375m a year, but Skype is hiring in London and elsewhere......

International Power rejects bid
International Power rejects a 6bn bid by France's GDF Suez to take full ownership of the UK-based energy generating company......

Irish services employment 'rises'
The Republic of Ireland's services sector saw employment levels rise in March for the first time in 11 months, a report says......

Dutch boy tries to save the euro
An 11-year-old boy's plan to save the eurozone has been commended in a major competition that has attracted some of the world's top economists......

American Apparel nude ads banned
A series of website adverts by US clothing chain American Apparel is banned by a UK watchdog for showing "gratuitous nudity"......

Unions warn over dismissal change
Increasing the time before workers are protected from unfair dismissal from one year to two years could affect 2.7 million people, union bosses say......

Sudden drop in mortgages on offer
The number of mortgage deals on offer has fallen back suddenly, after rising steadily towards the end of last year, according to Moneyfacts......

China eyes freer financial sector
China, the world's second-largest economy, is looking to increase investment and competition in its financial and banking sectors......

China becomes top grocery market
China is now the world's largest market for food and grocery retail, surpassing the US, a study showed......

Eurozone services sector 'weak'
The eurozone's services sector contracted again in March, but at a lower rate than in February, a report suggests......

Burger King to relist its shares
Fast-food giant Burger King is to relist on the New York Stock Exchange, the company announces......

James Murdoch leaves BSkyB job
James Murdoch steps down as chairman of BSkyB to try to distance the broadcaster from the phone-hacking scandal at his father's UK newspapers......

San Miguel agrees PAL stake deal
San Miguel agrees to buy a minority stake in Philippine Airlines and low-cost carrier Air Philippines Corporation......

Club 9 Sports denies Rangers bid
Club 9 Sports says it will not be bidding for Rangers, but offers are expected from Brian Kennedy and the Blue Knights......

BBC offers Olympics streams on TV
The BBC is to make its 24 live HD streams of the Olympics available to cable and satellite providers......

VIDEO: Talks set for fuel tank dispute
Formal talks will begin later to try to resolve the fuel dispute which led to panic buying at pumps over the past week......

VIDEO: The penny-farthing postal service
A man in Cornwall has set up a unique postal service following Royal Mail's recent announcement that the price of stamps is due to rise substantially......

VIDEO: What is the Big Society fund?
The UK government has set up a new fund to finance charities and community groups......

VIDEO: 'Top pay has been out of control'
John Lewis managing director Andy Street says he believes the furore over executive pay has had an impact and that remuneration for those at the top is coming under control......

VIDEO: Why 'beauty mattered' for Steve Jobs
The official biographer of Steve Jobs, Walter Isaacson, talked to BBC Breakfast about how he got unprecedented access to the reclusive technology guru, and what made him tick......

VIDEO: Did banks mis-sell business loans?
Up to 20,000 small businesses may have bought complex financial products from banks without properly understanding the risks, research by the BBC shows......

VIDEO: Signs of UK economy 'improving'
The UK economy has shown a few signs of improvement in the first three months of this year, according to the British Chambers of Commerce......

Wall Street comes to Watton
Robert Peston on the "mis-selling" costing small businesses dear.....

7 questions on defunct coins
How much do you know about defunct coins?.....

Apple plan raises bar for Chinese factories
Will Apple improve Chinese workers' lives?.....

Eurozone woes 'lesson' for Asean
Why Asean will not have a single currency.....

Booming bamboo: The next super-material?
Humble grass for energy, construction and textiles.....

What's next for Google's Larry Page?... Not a dividend
Apr 4 - As Larry Page celebrates a year at Google's helm, expect solid earnings from the tech titan in 2012 according to exclusive StarMine data, but don't expect to see any dividends for shareholders......

Most engines of growth are in emerging markets : Nissan CEO
Apr. 4 - Carlos Ghosn, President and CEO of Nissan, says it is necessary to invest in emerging markets for the auto industry to grow, noting Nissan is expanding to Russia, Mexico and Indonesia......

Demand for fuel-efficient cars will outlast spike in gas prices
Apr. 4 - Mary Barra, SVP of Product Development at GM speaks at the New York International Auto Show and says that, while demand for "smart cars" will grow, Americans will continue to buy full-sized trucks......

U.S. Day Ahead: GAP set to shine with same store sales
Analyst Jharonne Martis......

Gas prices no detour for car buyers
Apr. 3 - Rising consumer confidence and pent up demand is helping drive auto sales, despite concerns about higher gas prices. Bobbi Rebell reports......

Congressional insider trading ban
Apr 4 - President Obama signs the STOCK act, which bans insider trading for Congress......

Breakingviews: Gun bubble redux
April 4 - Rob Cox and Breakingviews columnists discuss surging sales of firearms and gun-makers shares on concerns a second Obama administration will restrict gun ownership......

Yahoo cuts 2,000 jobs
Apr. 04 - Summary of business headlines: Yahoo laying off 2,000 workers; ADP report shows more job growth; Services report shows slowdown in growth. Bobbi Rebell reports......

Easter egg panic in eastern Europe
Apr. 04 - Supermarkets in Estonia have limited egg sales following a surge in Easter demand, while thrifty customers in the Czech Republic are crossing the border to Poland as they chase a cheaper dozen. Andrew Potter reports......

Trading at Noon: Wall St. down on lost hope for stimulus
Apr. 4 - U.S. stocks tumbled on waning hopes of Fed stimulus......

Draghi holds rates, offers caution
Apr. 04 - The European Central Bank holds interest rates at a record low 1 percent, resisting German pressure to flag a exit from crisis-fighting mode in the euro zone, and warns that euro zone stability is still far from certain. Joel Flynn reports......

FACTBOX: Titanic the movie sails again
Apr. 4 - The blockbuster film that pulled in $1.8 billion at the box office is now opening in 3D. Here's a look at Titanic by the numbers......

Still cashing in? Hirst retrospective
April 4 - Damien Hirst, the world's richest living artist, doesn't miss a trick. As Amy Gardner reports, his retrospective at Tate Modern costs 14 to enter and includes gifts at 36,000......

World's biggest car delivery centre
April 4 - The two gleaming glass towers of Volkswagen's Autostadt, or car town, house technology which automatically moves cars from VW's Wolfsburg plant to the towers, to the customer centre where they are collected by their owners. Joanna Partridge.....

EMEA Day Ahead:: Thursday
April 4 - A look at Thursday's key events including the Bank of England rate decision, German industrial production, France's bond auction and the U.S. Masters in Augusta......

3XSQ: Customer funds in question; royal return
Apr. 4 - Regulators reportedly going after JPMorgan regarding customer funds, and billionaire Bill Ackman takes a 29 percent stake in Burger King......

U.S. Morning Call: Stock futures down, JPMorgan to be fined
Apr. 4 - U.S. stock futures are lower after the latest Fed minutes indicated less chance of more monetary stimulus. Also, the CFTC will penalize JPMorgan over Lehman's demise, according to the NYT......

Market Pulse: Spain under fire as investors shun bond sale
April 4 - A poorly received Spanish bond auction highlights negative sentiment towards the weaker euro zone economies......

Breakingviews: Do as I say, not as I do German wages
April 4 - Germany calls for euro zone austerity while raising its own wages; Wholl fill JPMorgan banker Ian Hannams shoes?.....

Surprise services boost points to UK recovery
April 4 - Sterling jumps after an unexpected rise in the UK services PMI shows the recovery taking hold......

Reuters Today: Spanish yields seen rising at auction
April 4 - Morgan Stanley's Ian Stannard tells Insider cheap loans from the ECB have helped, but euro zone peripheral debt remains a big issue......

ASEAN: territorial code of conduct draft by year-end
April 4 - ASEAN plans draft of code of conduct for the South China Sea territorial dispute by the end of 2012, express alarm of North Korea's rocket launch. Arnold Gay reports......

Myanmar's Kyat begins managed float
April 4 - Myanmar manage-floats its currency, the Kyat, in the most dramatic economic reform undertaken so far by the one-year-old civilian government. Arnold Gay reports......

Wealth Strategies: Equity rally has 3 years left in cycle
Apr. 4 - Omar Aguilar of Charles Schwab says U.S. stocks are still in a cyclical bull market and feels that retail investors will get back in the market as the housing and labor markets stabilize......

Gas prices no detour for car buyers
April 3 - Rising consumer confidence and pent up demand is helping drive auto sales, despite concerns about higher gas prices. Bobbi Rebell reports......

Debt crisis: as it happened, April 4, 2012
Markets slide on concerns about eurozone as ECB head Draghi says debt crisis and oil prices pose downside risk to region, and Fed indicates less chance of more QE.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1.....

Argentine threats against oil companies near Falkland Islands 'bizarre and ridiculous'
Argentine threats against British companies and banks involved in the Falklands oil industry are "bizarre and ridiculous", Falkland Island Holdings (FIH) has said.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1.....

Debt crisis: Live
Markets slide on concerns about eurozone as ECB head Draghi says debt crisis and oil prices pose downside risk to region, and Fed indicates less chance of more QE.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1.....

Our economy is still at risk thanks to European complacency
It has been a rare week of pretty much undiluted good news for the UK economy. Who said we only write about bad news?<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e19cd27/mf.gif' border='0'/><br/><.....

James Murdoch should stand down from News Corp, says Christian Brothers Investment Services
A powerful US investment group has called on James Murdoch to follow-up his resignation as chairman of BSkyB and stand down from the board of News Corporation.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e194.....

'Champagne' currency trader Alex Hope held in FSA investigation into unauthorised trading scheme
Alex Hope, the foreign exchange trader who hit the headlines after reports claimed he spent 200,000 in one night on a bar bill, has been arrested on suspicion of unauthorised trading.<img width='1' height='1' src='http://telegraph.feedsportal.com/.....

Oil giants probed over claims they rigged petrol prices in Germany
Five of the major oil companies are being investigated by Germany's competition watchdog over allegations they worked together to price small, independent petrol stations out of the market.<img width='1' height='1' src='http://telegraph.feedsporta.....

Global stock markets fall after Federal Reserve plays down chance of more QE
Global stock markets retreated after the Federal Reserve signalled a fresh round of stimulus will only be unleashed if the US recovery falters.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e17fd3c/mf.gif' bord.....

Burger King to return to stock market after two years under $1.4bn deal with UK-listed Justice Holdings
Burger King looks set to return to the stock market less than two years after leaving it in a deal with Justice Holdings, the UK-listed investment vehicle founded by billionaires Nicolas Bergruen and William Ackman.<img width='1' height='1' src='h.....

RBS investment chief John Hourican makes 4.8m selling bank's shares
John Hourican, the head of Royal Bank of Scotland's investment banking arm, has sold shares in the taxpayer-backed lender worth nearly 4.8m after exercising options handed to him as part of his 2009 bonus.<img width='1' height='1' src='http://tele.....

Former JJB chief Chris Ronnie charged in 1m fraud case
Chris Ronnie, the former chief executive of JJB Sports, has been charged with seven offences relating to a 1m alleged fraud.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e18ca9e/mf.gif' border='0'/><br/&.....

Portugal may need bailing out within a year, warns Olli Rehn
Political leaders should be ready to provide a further bail-out for Portugal within the next year, Europe's economic and financial affairs commissioner Olli Rehn has warned.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/.....

UK bankers' stakes in Brazilian bank BTG Pactual worth $400m
Two British investment bankers are set to have their stakes in the Brazilian merchant bank they work for valued at nearly $400m when it floats on the country's stock market this month.<img width='1' height='1' src='http://telegraph.feedsportal.com.....

Malaysian company Kerbet cuts stake in Irish oil and gas services provider Kentz
The Malaysian company that rescued Irish oil and gas services provider Kentz in the 1990s has sold almost half its stake in the FTSE 250 group.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e189141/mf.gif' bord.....

Groupon sued by shareholder over 'misleading' statements
Groupon, the online voucher company that stormed on to the US stock market in November, is being sued by a shareholder who alleges that the company made misleading statements about its financial health before its initial public offering.<img width.....

Recession talk is put to bed, but don't mention green shoots
So much for the dreaded double-dip. "I think we can finally put to bed fears that the UK economy fell into recession in the first quarter," Jeremy Cook of World First said after the final instalment of the purchasing managers indices (PMI) from Marki.....

Hundreds of jobs at risk after UK plastics company Birkby's calls in receivers
Hundreds of jobs were left hanging in the balance on Wednesday after Birkby's Plastics, the 145-year old manufacturer, called in receivers.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e188c09/mf.gif' border='.....

Sketch: David Cameron rummages down the back of the Big Society sofa
Michael Deacon watches the Prime Minister launch his latest brainwave, "Big Society Capital", a fund to help finance charities.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e188c0a/mf.gif' border='0'/>.....

IAG chief Willie Walsh misses out on 1.35m of bonus
Chief executive of British Airways missed out on 1.35m after company fails to hit financial targets.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e188c0b/mf.gif' border='0'/>.....

Australia and New Zealand could adopt single currency
Shared Trans-Tasman currency could reduce business costs.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e188c0c/mf.gif' border='0'/>.....

Spain debt auction fuels bailout fears
Spain's attempts to control its debt suffered a blow when the country's first bond auction since it unveiled a harsh round of cuts came in at the lower end of it target range and at higher yields.<img width='1' height='1' src='http://telegraph.fee.....

US services sector shrinks, bucks positive trend
America's services sector has failed to sustain the run of improving data from the world's largest economy, as an index of activity fell last month.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e17e38f/mf.gif'.....

Graphic: Eurozone retail sales
Shoppers in the eurozone cut back on their spending in February after an unexpectedly strong start to the year in a sign that households are struggling with stubborn inflation, rising unemployment and government cuts afflicting the bloc.<img width.....

Profits rise at UK companies
The profitability of UK companies rose modestly in the final quarter of 2011 after falling to a two-year low in the third quarter, despite a weak economy.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e17792c/m.....

Mario Draghi says ECB 'exit strategy' is premature
European Central Bank (ECB) president Mario Draghi said on Wednesday that the eurozone inflation outlook did not warrant a retreat from loose monetary policy given the poor state of the bloc's economy.<img width='1' height='1' src='http://telegrap.....