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Thursday 5 April 2012

UK Financial News on 2012-04-05

Tax changes set to take effect
Tax and benefit changes announced by Chancellor George Osborne over the past 18 months are set to come into force on Friday, affecting millions of people......

YouTube copyright lawsuit back on
A lawsuit by media giant Viacom against Google over copyrighted videos on YouTube can be heard in court again......

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......

Google CEO defends privacy change
Larry Page posts a letter to his firm's social network a year after becoming chief executive promising improved search......

Greece extends debt swap deadline
Greece extends the deadline for its debt swap for a second time while more holders of its foreign debt accept the terms......

No change made to interest rates
The Bank of England continues to hold UK interest rates at 0.5% as economic data shows the economy continues to struggle......

Battle for World Bank job hots up
Ex-World Bank officials say Nigeria's Finance Minister Ngozi Okonjo-Iweala should be its next head, as the battle for the job intensifies......

Swiss and Germans sign tax treaty
Switzerland and Germany sign a new treaty to stop an estimated 10bn euros worth of tax evasion, but opposition MPs are threatening to block it......

No licence appeal by loans broker
A loan broker found to have conducted "deceitful and oppressive" practices decides not to appeal against the loss of its credit licence......

Shock fall in UK factory output
UK manufacturing output fell by 1% in February, though some have questioned the data which is inconsistent with other surveys......

Zimbabwe targets foreign miners
Zimbabwe says it has taken majority ownership of foreign-owned mining firms......

New car sales rise 1.8% in March
New car sales in the UK rose 1.8% year-on-year in March to a better-than-expected 372,835, the Society of Motor Manufacturers and Traders says......

US investment boosts JJB Sports
Shares in JJB Sports rise 10% after announcing a 30m investment package, which will see US retailer Dick's Sporting Goods take a stake in the firm......

Legal blow to Facebook claimant
A US man who claims half-ownership of Facebook will not be able to question the firm's founder, Mark Zuckerberg, at this stage in a lawsuit, a judge rules......

Halfords car customers cut back
Sales at car parts and bicycle retailer Halfords fell in the first three months of the year as customers cut back on car accessories and cleaning products......

Japan to enact $1.1tn budget
Japan's government forces through its 2012 budget, after it was stalled by a political battle over plans to double the national sales tax......

Fuel dispute discussions continue
Talks to try to prevent a threatened strike by fuel tanker drivers are continuing......

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......

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......

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......

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%......

Asia shares down on economy fears
Asian shares decline after fresh fears over the health of the US and European economies result in a global sell-off......

People's Daily portal in IPO move
The online news portal of People's Daily, China's ruling Communist Party's newspaper, launches an IPO in Shanghai......

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......

Essar Oil loses India tax appeal
India's Supreme Court rejects Essar Oil's appeal to overturn an earlier judgement on sales tax payments to the Gujarat government......

Four groups file bids for Rangers
The Blue Knights are joined by groups from Germany, the United States and Singapore in submitting bids for Rangers......

Rovers share scheme idea outlined
A supporter-led takeover plan for Blackburn Rovers is offering potential shareholders dividends equivalent to a "free" season ticket for 20 years......

VIDEO: How can Isas work for you?
At the end of the tax year savers rush to top up their Isas. But just what are you allowed to invest in tax free savings each year?.....

AUDIO: Amazon tax situation 'undermines UK High Street'
Is it possible to chalk up billions in UK sales without paying any corporation tax? Last year Amazon sold 3.3bn worth of goods in the UK and allegedly paid no corporation tax - because it is based in Luxembourg......

VIDEO: Sky News admits to email hacking
Sky News has said it illegally hacked emails on two occasions, including those belonging to John Darwin, who faked his own death in a canoe......

AUDIO: Balls: Poorest will lose out on tax credits changes
Labour is claiming that up to a million families will lose their tax credits when the new financial year starts tomorrow......

VIDEO: Winner and losers in tax shake-up
Tax and benefit changes announced by Chancellor George Osborne are set to come into force on Friday, affecting millions of people......

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: New careers service launched
The National Careers Service has been launched and it is designed to give people better advice on getting a new job, or changing careers altogether......

Corporation tax: Easy to avoid?
Sell things here, pay taxes there.....

Time for a financial spring clean
Time to budget as tax, benefit and pension changes kick in.....

Italian firms praise economic changes
Italian firms cheer, but workers are angry.....

Hard-up Portugal seeks makeover
Ailing Portugal still exports shoes, but new approaches are needed.....

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.....

StarMine: U.S. earnings season to start with a whimper
5 April - Find out which two key S&P 500 players will disappoint at the start of the earnings season, according to exclusive StarMine data......

U.S. Day Ahead: Solid jobs growth means no Fed QE for now
Economics Editor Stella Dawson......

Rolls-Royce debuts Phantom II in U.S.
April 5 - Rolls-Royce Motor CEO Torsten Muller-Otvos detailed changes made to the Phantom II as it made its North American debut at the NY auto show. Conway G. Gittens reports......

Breakingviews: Refining Delta
April 5 - Antony Currie and Breakingviews columnists discuss whether the airlines interest in buying a refiner is barmy or brilliant......

Businesses can learn from Kony 2012, says expert
As the group behind the Kony 2012 film releases a sequel researchers are trying to understand a potentially lucrative question: Why do some online videos go viral? Joel Flynn reports......

Trading at Noon: Big jump in same-store sales
data shows a 4.3 percent gain in same-store sales for March. Retail Analyst Jharonne Martis talks about the winners and losers......

Sarkozy vows to balance French budget
April 5 - Presenting his election manifesto, French President Nicolas Sarkozy has pledged to balance France's budget and cut debt, while his Socialist rival Francois Hollande wants to renegotiate the European fiscal treaty if he is elected. Joanna Pa.....

3XSQ: Apple resists settlement; Gap sales up
April 5 - Apple and two publishers are refusing to sign a deal by regulators on possible e-book price fixing, and Gap sees a 8 percent increase in March 2012 same-store sales compared with last year......

6% unemployment could be 3 to 5 years away: economist
April 5 - Decision Economics' Cary Leahey says that the current pace of job creation in the U.S. won't bring down the unemployment rate quickly, and feels that U.S. GDP growth will be constrained to about 2 percent......

Political conundrum: release oil reserves or lose elections
April 5 - The stubbornly high price of petrol is proving a headache not just for the global economy but also for politicians seeking re-election. Axel Threlfall reports......

The Exchange: Jim Kim's Dartmouth problem
Rob Cox talks to Rollingstone Contributing Editor Janet Reitman about her expose of Dartmouth College's frat-boy culture under World Bank presidential nominee Jim Yong Kim......

Reuters Asks: What are your Nonfarm Payrolls expectations?
April 5 - With strong nonfarm payrolls out of the U.S. so far this year, will tomorrow's number be confirmation that the U.S. is shaking off the recession?.....

EMEA Week Ahead
April 5 - A look at the key events taking place next week including the start of U.S. earnings season, China Q1 GDP, return of the euro zone debt crisis and Syria's peace plan deadline......

U.S. Morning Call: Apple defiant, hedge funds underperform
Apr. 5 - WSJ says Apple is reluctant to agree to terms sought by regulators probing possible e-book price fixing, and data shows hedge funds underperformed the market overall in the first quarter......

U.S. Masters: Woods pips McIlroy as Augusta favourite
April 5 - The battle between Tiger Woods and Rory McIlroy is dominating the 2012 Masters build up. Plus fighting it out at the top and bottom of the Premier League and the 158th Boat Race......

Fiat eyes Chrysler after sales gloom
April 5 - Italian auto giant Fiat says its sales are expected to drop for the fifth successive year in 2012 to 13 million vehicles, as the group moves a step closer to a full-blown merger with U.S. automaker Chrysler. Joel Flynn reports......

Market Pulse: Europe gets that sinking feeling
April 5 - Euro zone risk assets slide as data comes in weak and yesterday's Spanish bond auction reminds investors that the debt crisis may be far from over......

Apple beware, Samsung is on a streak
April 5 - Sure, Apple, your stock is flying high. But Samsung is playing hardball, pitching fast-selling handsets across all price points. Jon Gordon reports......

Putin's Russia faces economic challenges
the Russia's fortunes under a second Vladimir Putin presidency could mirror those of the Chelsea Football Club, which is owned by prominent Russian oligarch Roman Abrambovich......

Breakingviews: Spain must help itself
April 5 - Higher Spanish bond yields are pushing the euro zone back into crisis mode. As a full bailout would be impossible, Spain must rescue itself say Breakingviews......

Reuters on the Road: Friends Reunited relaunch
taxi challenge and explains why nostalgia is key to Friends Reunited's comeback......

Easter rush for chocolate makers
pays a visit to a boutique chocolate maker whose business is flourishing. Hayley Platt reports......

Reuters Today: Protests flare as euro zone jitters return
April 5 - Protests flare in Athens after the suicide of a retiree in protest at austerity, underlining how the region's recovery is built on fragile public support. ......

Wealth blamed for rhino death rise
April 5 - The spread of wealth in some Asian nations is being blamed for a rise in South African rhino poaching. Paul Chapman reports......

Spain's biggest risk: outside perceptions - economy minister
April 5 - Luis de Guindos, Spain's economy minister, says Madrid is committed to cutting its deficit, but notes that the greatest risk to his country is the perception it cannot control its finances......

BlueGold closes and returns funds to investors
BlueGold Capital, one of the world's largest commodity hedge funds, is closing down and returning investors their money.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e2353ae/mf.gif' border='0'/><br/>&.....

BSkyB investors sample the bitter taste of a Murdoch discount again
James Murdoch has got the initial bill for the phone-hacking scandal at the newspaper group he recently ran - nearly 240m.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e2337a8/mf.gif' border='0'/><br/>.....

Debt crisis: as it happened, April 5 2012
Spanish borrowing costs rise again as investors fear the country will fail to meet its debt reduction targets, while figures from NIESR show the UK avoided a recession, despite poor manufacturing numbers.<img width='1' height='1' src='http://teleg.....

US appeal court reverses 2010 YouTube ruling
The Premier League has been given the chance to revive a five-year-old lawsuit against Google for copyright infringement on its YouTube website after a decision by a US appeal court.<img width='1' height='1' src='http://telegraph.feedsportal.com/c.....

News Group phone hacking scandal costs approach 240m
The cost to News International of the phone hacking scandal has soared to 240m as writedowns, legal claims and redundancy payments have punched a hole in the accounts of Rupert Murdoch's newspaper empire.<img width='1' height='1' src='http://teleg.....

Aegis Synovate chief Robert Philpott handed 627,000 bonus after sale of division
The former chief executive of Aegis Group's Synovate market research business was paid a bonus of more than 600,000 for completing the sale of the division last year.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/.....

Facebook 'picks Nasdaq over NYSE' for $5bn IPO
Facebook, preparing what would be Silicon Valley's largest IPO, has reportedly picked Nasdaq over the New York Stock Exchange for its listing in a major victory for the technology-laden US bourse.<img width='1' height='1' src='http://telegraph.fee.....

British Gas to replace meters because they're not smart enough
British Gas has admitted it will have to replace many of the 400,000 smart meters it has installed in UK homes - after new Government guidelines deemed they were not smart enough.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32.....

Debt crisis: Live
Spanish borrowing costs rise again as investors fear the country will fail to meet its debt reduction targets, while figures from NIESR show the UK avoided a recession, despite poor manufacturing numbers.<img width='1' height='1' src='http://teleg.....

Inmarsat raises $200m in bond issue
The satellite operator Inmarsat has raised $200m (127m) in a bond issue as an US telecommunications group that owes the company millions of pounds considers entering bankruptcy protection.<img width='1' height='1' src='http://telegraph.feedsportal.....

Diageo expects spirits boom in Africa
Diageo expects an increasing taste for spirits in Africa and the popularity of specialist products such as its Senator keg beer to boost growth rates in the continent beyond their current level of 15pc a year.<img width='1' height='1' src='http://.....

Market Report: Talk of Ithaca Energy revealing bid next week
Punters were piling into Ithaca Energy as the London market recovered some of Wednesday's large losses.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e22cd2f/mf.gif' border='0'/><br/><br/><a h.....

JPMorgan chief Jamie Dimon blasts governments for 'making the recovery worse'
Jamie Dimon, the chairman and chief executive of JPMorgan Chase, has blasted governments and regulators for slowing the global economic recovery.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e22cd30/mf.gif' bo.....

Sports Direct's gun comments spark JJB spat
Sports Direct, the retailer controlled by Mike Ashley, started a bizarre spat with its chief rival, after JJB was rescued from the brink of collapse.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e22cd31/mf.gif.....

FSA publicity machine ensures victory before its findings are challenged
Industry observers failed to see "fairness" in the Financial Services Authority's (FSA) publication of its decision notice for Ian Hannam, who last week felt compelled to resign from JP Morgan Cazenove to concentrate on challenging the FSA's findings.....

Oriel hires JP Morgan Cazenove banker David Knox as equities chief
Leading London broker Oriel Securities has hired a former senior banker at the Queen's stockbroker JP Morgan Cazenove to run its equities business.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e2240c2/mf.gif' .....

Total makes 'key milestone' visit to Elgin gas leak platform
A team of experts was able to re-board Total's abandoned Elgin platform in the North Sea on Thursday, in a "key milestone" toward stopping the gas leak, the French company said.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/3272.....

Spanish yields rise as ECB 'sugar rush' burns off
Spanish borrowing costs have soared to five-month highs, leading to fears that the "sugar rush" of the European Central Bank's (ECB) 1 trillion (825bn) loan programme has already burned off.<img width='1' height='1' src='http://telegraph.feedsport.....

London 2012 Olympics: The companies that will lose out during the Games
Construction and transport sectors face challenging trading conditions.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e224c86/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r.....

Europe and the Law of Sticky Wages (technical)
How is wage erosion going to play out across Europe's Arc of Depression?<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e224c87/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/.....

Swiss National Bank steps back into currency markets
The Swiss National Bank (SNB) was forced to defend its economy by stepping back into the currency markets on Thursday after fresh eurozone fears prompted panic buying of the Swiss franc.<img width='1' height='1' src='http://telegraph.feedsportal.c.....

Redhall shares fall 21pc on nuclear weapon factory delays
Engineering services group Redhall saw its shares tumble 21pc after warning that delays in work on doors for nuclear weapons facilities would hit its second-half profits.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568.....

Could Joe Lewis sail off into the sunset with M&B?
Ban on billionaire currency trader making another bid ends on April 13.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e223113/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r.....

Booker wholesaler boosted by good weather
Booker, the UK's biggest cash-and-carry wholesaler, has recorded annual sales of nearly 4bn after the mini-heatwave in March saw a late flourish to trading.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e21c845.....

Zimbabwe 'seizes control' of foreign mines
Zimbabwe has said it is seizing control of all mining companies that have failed to comply with a move to hand shares to locals, in another show of the rising resource nationalism hurting the industry.<img width='1' height='1' src='http://telegrap.....