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Monday 9 April 2012

UK Financial News on 2012-04-09

Government call for new pensions
Pensions Minister, Steve Webb, calls for new pension schemes that will share risk between firms and employees......

Barclays boss 'deserves no bonus'
Barclays chief executive Bob Diamond should not get any bonus at all, according to a shareholders advisory group......

Facebook buys Instagram for $1bn
Facebook agrees to buy the photo sharing network Instagram a week after the service launches on Android......

Bank holidays 'cost UK economy'
Each bank holiday costs the UK economy 2.3bn and scrapping them would boost annual output by 19bn, a think tank says......

Microsoft in $1bn AOL patent deal
Microsoft agrees to buy more than 800 of AOL's patents and license others in a move that may aid its legal battles......

UK jobless 'to rise over summer'
Some 100,000 more people will be without a job before the end of the summer, says the IPPR think tank......

AT&T sells Yellow Pages for $1bn
US telecom giant AT&T sells the Yellow Pages to a private equity firm for $950m (600m)......

Yahoo files e-book advert patents
Yahoo files papers outlining ways of scattering adverts through digital books based on what is being read......

Shop failures 'cost 10,000 jobs'
The rising number of retail firms falling into administration in England and Wales this year is having an effect on jobs......

China inflation dims rate outlook
China's inflation rate jumps more-than-forecast in March as higher fuel costs push up consumer prices......

Survey sees private sector growth
Data suggests strong growth in Scotland's private sector in March led to the steepest monthly rise in employment since 2007......

China creates new rare earth body
China sets up a rare earth association in a bid to streamline the sector as it continues to face criticism over its policies......

Brazil and US aim for deeper ties
Brazilian President Dilma Rousseff stresses the growing importance of Brazil-US relations after meeting President Obama at the White House......

HTC shares fall as profits tumble
Shares of smartphone maker HTC fall on the Taiwan Stock Exchange after a sharp plunge in its profit for the first quarter......

Abu Dhabi sells Tesla cars stake
State owned power supplier Abu Dhabi National Energy sells its stake in US-based Tesla electric cars at a profit of $113m......

Iran 'blocks 2012 Olympics site'
Iran-based internet users report that they can no longer access the official London 2012 Olympics website, amid suspicions it has been blocked......

VIDEO: Labour 'for business and unions'
Shadow business secretary Chuka Umunna denies that "anti-business rhetoric" has been emanating from the Labour party......

VIDEO: The rise of the 'professional shopper'
The supermarket chain Morrisons says the emergence of what it calls "professional shoppers" has helped it to lift full-year profits......

VIDEO: Gulf ports continue rapid expansion
The Gulf is a vital link between Europe to the west and China and India to the east, and its ports have a huge role to play in global trade......

VIDEO: Bank holidays 'cost economy 19bn'
The Centre for Economics and Business Research says if public holidays were scrapped it would add 19bn to Britain's annual economic output.....

Making drugs into profit in Uganda
Making affordable life-saving drugs into profit in Uganda.....

Brazil seeks US help with skills shortage
Brazil eyes US expertise to help educate its students.....

Profile: Indian businessman Vijay Mallya
India's flamboyant businessman Vijay Mallya.....

U.S. Day Ahead: Yahoo! to ditch Asian units
Correspondent Nadia Damouni......

Bianco: Higher chance of more Fed stimulus by June
April 9 - The weaker-than-expected Jobs Report for March is boosting odds than the Federal Reserve will pull the trigger on QE3 before the start of summer says Jim Bianco, President of Bianco Research......

Jobs hangover frazzles Wall Street
April 9 - Wall Street trading remained tough mid-session as investors responded for the first time to less-than-stellar jobs figures released when markets were closed on Friday. Conway G. Gittens reports......

Trading at Noon: AOL reaps $1 bln from patent sale
April 9 - AOL said it would sell over 800 of its patents and related applications to Microsoft for slightly over $1 billion in cash......

Breakingviews: World Bank competition
Apr 9 - Rob Cox and Chris Swann chew over Jim Kims fitness to lead the international lending agency over two rivals......

3XSQ: AOL-Microsoft deal; Avon's new leading lady
April 9 - AOL said it will sell 800 patents to Microsoft for $1 bln, and Avon names Johnson & Johnson executive Sherilyn McCoy as its CEO......

U.S. Morning Call: Stock futures tumble; Sony job cuts
April 9 - U.S. stock futures are pointing to a lower open on a weaker-than-expected jobs report and Sony is to cut 10,000 jobs, according to the Nikkei newspaper......

Saving Yangon's colonial buildings
April 9 - Myanmar works to save nearly 200 colonial buildings in its former capital, Yangon, some dating back to the 1880s. Arnold Gay reports......

China's CPI in surprise jump
April 9 - China's consumer prices post surprise rebound, but analysts say spike is temporary, with pork prices indicating intact downward inflation trend. Arnold Gay reports......

TNK-BP mulls closure or sale of Ukraine refinery
TNK-BP, the joint venture between BP and a group of Russian oil billionaires, is considering mothballing or selling its only refinery in the Ukraine.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e3b02a4/mf.gif.....

Olympic-hit businesses in court move
Scores of small businesses are planning a class action lawsuit against the organisers of the Olympics over planned road closures and security restrictions.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e3b02a5/.....

Avon appoints Sheri McCoy as CEO to lead Coty defence
Avon has hired Johnson & Johnson veteran Sheri McCoy as its new chief executive a week after the door-to-door cosmetics seller rejected a $10bn (6.2bn) takeover offer from rival Coty.<img width='1' height='1' src='http://telegraph.feedsportal......

Star Wars entrepreneur's toys for grown-ups
The entrepreneur who secured the first Star Wars product license in Europe is entering the global adult collectable art toys market with the launch of Dudebox next month.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568.....

Barclays targeted over bonuses
The revolt over pay at Barclays shifted up a gear today when another shareholder group advised investors to vote against the bank's "aggressive" bonus scheme.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e3ace.....

China sets up rare earth materials group
China has created an industry group to co-ordinate its rare earth sector, amid a growing trade war over the country's export restrictions on the resources.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e3ace2f/.....

Spanish minister questions free health care in search for cuts
Wealthier Spaniards should be made to pay for their own healthcare while poorer people continue to access services for free, as the government tries to find new austerity measures.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/3.....

Minister defends small-firm contracts
The Government has defended Whitehall's growing use of small companies to provide public services, following criticism of failings at Manchester-based Applied Language Solutions, which began providing court translation services in February.<img wi.....

AOL in $1bn patent deal with Microsoft
AOL has signed a $1.06bn (664m) deal to sell more than 800 patents to Microsoft, and to license the software giant to use its remaining 300 patents.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e3ace33/mf.gif'.....

Networking moves up the agenda for business
The amount of business secured through peer-to-peer referrals has rocketed by 45pc since before the financial crisis, suggesting that firms are taking the business development potential of networking more seriously.<img width='1' height='1' src='h.....

Russia: we would build safe UK nuclear plants
Russia's state atomic energy agency has played down fears over its safety record and confirmed its interest in building power stations in Britain.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e3ace35/mf.gif' b.....

Energy firm to harness the power of rivers
The River Caldew has provided a source of energy for industry in the small parish of Dalston, five miles south of Carlisle, for centuries.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e3ace36/mf.gif' border='0.....

Joy at George Osborne tax change turns to dismay
Alterations to tax rules to allow workers in small businesses to qualify for so called 'entrepreneurs' relief' have been poorly conceived, according to a business owner who asked George Osborne for the change.<img width='1' height='1' src='http://.....

Trouble in shipping turns ocean into scrapheap
The downturn in shipping is hitting the industry so hard that some of the world's biggest vessels are now worth little more than their scrap value, new figures show.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s.....

Facebook buys Instagram for $1bn
Facebook makes its largest ever acquisition by signing $1bn (630m) deal for photography-based social network Instagram.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e3a211a/mf.gif' border='0'/><br/>&l.....

Market Report: FTSE has a spring in its step, but Tesco trails
While Warren Buffett has been quick to stock his trolley with Tesco shares, other long-standing investors in the supermarket giant might view the first quarter of the new year as one to forget.<img width='1' height='1' src='http://telegraph.feedsp.....

Week ahead: Business and economics - April 10-13
The week ahead in economics and for British companies: April 10 - 13.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e39e60d/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/1.....

Graduates get helping hand with start-ups
Entrepreneurs and investors have teamed up with organisations including Microsoft, Silicon Valley Bank and consultants McKinsey to launch a scheme to encourage "the best and brightest" graduates to start businesses instead of choosing a conventional .....

Small firm's contract keeps prisoners under the thumb
An entrepreneur has secured a lucrative contract to supply UK prisons with 'fingerprint' key management systems to improve security.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e39d0c2/mf.gif' border='0'/>.....

Thomas Cook close to signing 1.2bn deal with lenders
Debt-laden tour operator Thomas Cook is in advanced talks with its banking group about agreeing a 1.2bn deal to secure the future of the company.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e3742d7/mf.gif' bo.....

Sony to cut 10,000 jobs worldwide
Iconic electronics giant Sony is expected to shed 10,000 jobs worldwide over the next year as it tries to return to profit.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e37edfe/mf.gif' border='0'/><br/&g.....

Yahoo! is searching for growth on Google's Earth
Google the word "Yahoo!" and you get 6.5bn results, Google the word "Google" and you get 14.3bn results - more than twice as many.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e3972c4/mf.gif' border='0'/>&l.....

China inflation rises as bad weather pushes up food prices
China's inflation rate edged up in March, driven by rising food costs, official data showed Monday, but analysts said there was still scope for Beijing to stimulate the slowing economy.<img width='1' height='1' src='http://telegraph.feedsportal.co.....

For proper pensions, we need more than ambition
Telegraph View: Steve Webb's proposals for pension reform are welcome - but there are several other areas where change is urgently needed.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e360d1d/mf.gif' border='0.....

Do we really need bank holidays? asks CEBR
Britons enjoying a relaxing Easter Monday at home, beware: if one economist has his way, this bank holiday might just be your last.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e360784/mf.gif' border='0'/>&.....