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Friday 6 April 2012

UK Financial News on 2012-04-06

PM defends incoming tax changes
Prime Minister David Cameron has defended tax and benefit changes coming into force, saying they will benefit 24m taxpayers......

'More needed' to help create jobs
Business leaders urge ministers to do more to help companies create a "pro-employment landscape" as a change to employment law comes into force......

Samsung expects profits to double
Samsung Electronics says it expects profit for the first quarter to almost double as its smartphone sales continue to grow......

Hon Hai to raise worker salaries
Hon Hai, the parent company of Foxconn, says it will increase salaries of its staff in Taiwan amid rising living costs......

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

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......

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

Japan forces through 2012 budget
Japan's government forces through its 2012 budget, after it was stalled by a political battle over a new national sales tax......

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......

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......

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: 'Busiest year' for portable toilet industry
Thanks to the Olympics and the Queen's Jubilee, 2012 is shaping up to be a big year for the portable toilet world......

VIDEO: US jobs growth slows in March
The US economy added 120,000 jobs during March, lower than estimates suggested, while the unemployment rate fell slightly to 8.2%......

VIDEO: Aston Martin eyes Chinese market
British luxury carmaker Aston Martin is confident about the spending power of the Chinese consumer over the medium and long term......

AUDIO: Bond to swap Martini for lager
Graham Eye from 007 magazine told BBC Radio 5 live why James Bond changed his drink of choice for new movie Skyfall......

AUDIO: What to expect from new tax year
A tax expert at Grant Thornton told BBC Radio 5 live what people should expect from the new tax year......

AUDIO: Revealed: The Swiss Army knife
Carl Elsener Junior, is the chief executive of Victorinox, on the history and future of Swiss Army knives......

AUDIO: Amazon tax situation 'undermines 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: 'Swap shop' boost for green cars?
Only around 1,000 electric cars were sold in the UK last year, but can two new models and a 'swap shop' scheme change things?.....

UKs newest electric cars line up
New models hit the road this spring.....

Why Spain is the latest concern for markets
Why Spain is the latest concern for markets.....

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

What makes the online consumer tick?
What pulls customers to your online shop front?.....

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

U.S. Week Ahead: Big S&P 500 names tamp down earnings hopes
analyst Jharonne Martis says Alcoa and SUPERVALU are likely to miss estimates......

Greek dockworkers clash with police
Apr. 6 - Dockworkers in Greece clash with police during protest over losing their savings. Rough Cut - no reporter narration......

S&P 500 ends worst week of 2012
April 5 - Summary of business headlines: Stocks end holiday-shortened week close to the flat line but down overall as stimulus expectations are rolled back; Facebook to list on Nasdaq -source; Warm weather, early Easter boost March retail sales. Conw.....

Google sees tech in eyeglasses
April 5 - In an effort called Project Glass the world's biggest search engine is working on glasses with a computer screen. The specs, though just prototypes, are already stirring controversy. Jeanne Yurman reports......

StarMine: U.S. earnings season to start with a whimper
April 5 - 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......

GlaxoSmithKline puts 3m into Rwandan rural clinics
Britain's biggest drug maker, GlaxoSmithKline, has backed Rwanda's drive to expand its health care services by investing almost 3m in a series of rural clinics.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e2a.....

Vocational apprentices 'could go to university'
Skills minister John Hayes is considering introducing apprenticeships alongside degrees at university in a radical attempt to improve the "status" of vocational training.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568.....

Facebook investor Tiger Global takes stake in Nollywood film distributor
Forget Hollywood, it's all about Nollywood. Nigeria's film industry makes more films than the Americans, and is surpassed only by India's Bollywood.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e2a8d2b/mf.gif'.....

WorldSpreads directors accused of bet scandal
Directors at collapsed spread-betting group WorldSpreads misled clients into placing bets on the company's fortunes in order to inflate its share price, it has been claimed.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/.....

Omega Insurance founder plotting fresh board overhaul
The founder of Omega Insurance has teamed up with US turnaround specialists to lead the latest boardroom coup at the troubled Lloyd's of London underwriter.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e2a8d2d.....

America's Obamacare health law in the balance
Obamacare is "on life support" say some legal experts after America's Supreme Court put the reforms under the microscope.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e2a8d2e/mf.gif' border='0'/><br/>.....

US jobs growth data ends brighter streak
US job growth slowed sharply last month, ending a run of improving data that has raised hopes for the economy's recovery this year.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e2a8d2f/mf.gif' border='0'/>&.....

Ignacio Galn: We need balanced and honest debate over future energy supplies
It seems few things arouse passions these days like energy and how it affects us all. And so it should - it's imperative that we have an honest and balanced debate on energy policy so that we take the right decisions before it's too late.<img widt.....

Sofa retailer DFS is sitting pretty despite the recession
Today, DFS, the sofa retailer, opened its first shop outside of the UK and signalled that it had its eye on international expansion.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e2a8d31/mf.gif' border='0'/>.....

More empty shops paint grim picture of UK high streets
Demand from retailers to occupy stores in Britain fell further in the first quarter of 2012, sparking new fears about the health of the UK's high streets.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e2a8d32/m.....

Left Bank Pictures put up for sale at 40m
Left Bank Pictures, BBC Worldwide's highest profile investment in the independent television production sector, has put itself up for sale for about 40m.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e2a8d33/mf.....

Questor's oil-fired bet
Questor podcast: Share tipster Garry White on how to play the price of crude.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e2851d9/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.....

Questor share tip: RPC falls provide opportunity
Shares in plastic packaging group RPC have been under pressure since its trading update last week, after the group said that higher polymer prices had crimped margins in its fourth quarter.<img width='1' height='1' src='http://telegraph.feedsporta.....

Questor share tip: Chance of Eurovet deal gives Dechra a shot in the arm
Animal medicine group Dechra Pharmaceuticals announced a positive deal yesterday - but shareholders are going to have to stump up the funds.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e256b26/mf.gif' border=.....

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://.....