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Thursday 12 April 2012

UK Financial News on 2012-04-12

Google splits stock as sales jump
Internet giant Google reports a large jump in profits and sales as well as announcing a two-for-one split of its shares......

BMI sale puts 1,200 jobs at risk
British Airways owner IAG says its deal to buy BMI from Lufthansa for 172.5m could result in the loss of up to 1,200 jobs......

Goldman fined $22m over 'huddles'
Goldman Sachs is fined $22m (13.8m) by US regulators to settle charges some "top clients" may have been tipped off about stocks......

Sony sheds 10,000 staff in revamp
Sony is shedding 10,000 staff worldwide in a major reorganisation announced by the company's new chief executive Kazuo Hirai......

Mothercare to close more stores
Struggling retailer Mothercare announces plans to close more stores over the next three years following weak trading in recent months......

UK trade gap widened in February
The UK's trade deficit widened to 3.4bn in February from 2.5bn in January as exports of goods to non-EU countries dropped, figures show......

Fresh bid for 632 Lloyds branches
New banking venture NBNK submits a fresh bid proposal to buy 632 Lloyds bank branches, putting it back in competition with the Co-operative Group......

China's growth expected to slow
China is expected to report its weakest growth numbers in almost three years as global and domestic issues hurt its economy......

Italian borrowing costs increase
Italy's cost of borrowing rises as investors remain concerned about the country's ability to reduce its high levels of debt......

Blacks purchase dents JD profits
Sports fashion retailer JD Sports says the purchase of Blacks Leisure dented its full-year profits......

US trade gap narrows in February
The US trade deficit narrowed in February after imports fell and exports hit a new record, figures show......

Plan approved to save Air India
The Indian government approves a debt restructuring plan to save Air India, the country's national airline......

Chief role axed at The Scotsman
Johnston Press axes the role of John McLellan as editor-in-chief of The Scotsman, the Evening News and Scotland on Sunday......

Hollande talks tough on markets
French presidential candidate Francois Hollande says he intends to take a no-nonsense approach to financial markets and tackle speculation......

Ministers 'stick to charity plan'
The government will stick to its plan to cap tax relief on charitable donations, Treasury minister Danny Alexander says, despite growing criticism from charities......

Lehman to pay debts more quickly
Lehman Brothers says it will begin paying out $22.5bn to creditors next week, double its initial estimate for the first round of repayments......

Adele 'richest' young musician
The Sunday Times releases details of the 2012 rich list, with stars like Adele, Daniel Radcliffe and Jessie J all increasing their fortunes......

Global launch for Scots network
Scottish social network Kiltr is to be launched internationally at a Scotland Week event in New York......

Breakthrough in Unilever dispute
Two unions have broken a deadlock in a long-running pensions dispute at Unilever by accepting a "significantly improved" offer......

Consumer protection faces revamp
Plans for Citizens Advice to deal with complaints from consumers frustrated about rogue traders or rip-offs have been confirmed by the government......

Real-time tax system is piloted
A pilot project has started that is set to herald a major change in the way tax bills are calculated, HM Revenue and Customs says......

Indian industry posts slow growth
India's industrial output rose less than expected at 4.1% annually in February, squeezed by high interest rates and global uncertainty......

Ocampo wants World Bank shake up
World Bank presidential candidate Jose Antonio Ocampo calls for a change in culture and more co-operation with other global lenders......

US shares up after losing streak
US stocks gained after closing lower for the previous five sessions, helped by strong results from aluminium producer Alcoa......

RFU and BMW sign sponsorship deal
The Rugby Football Union signs a four-year sponsorship deal with German carmaker BMW, in the latest commercial deal for the RFU......

Ryanair cuts more airport routes
Ryanair announces further cuts in its operations at Edinburgh Airport, with eight winter schedule routes to be axed......

NoW hacking cases launched in US
Lawyer Mark Lewis says he is taking legal action in the US on behalf of three alleged victims of phone hacking by the News of the World......

Uefa anger over Euro 2012 costs
Uefa President Michel Platini accuses "bandits and crooks" of hiking up hotel prices ahead of the Euro 2012 football championships......

Rangers bid remains on table - Ng
Bill Ng tells BBC Scotland that his offer for Rangers stands after proposed rule changes on sanctions for insolvent clubs......

Ecclestone set for Bahrain talks
F1 boss Bernie Ecclestone will meet the sport's 12 teams on Friday to discuss the Bahrain GP, BBC Sport has learned......

AUDIO: 'My giving is seen as a tax dodge'
Marcelle Speller, founder and chief executive of localgiving.com, a website which links small charities and community projects with philanthropists, explains why she will be giving less because of the government's decision to limit tax relief on phil.....

VIDEO: Coffee shop stirs etiquette debate
A coffee shop in Norwich is refusing to serve any customer who places an order whilst talking on a mobile phone......

VIDEO: Mothercare to close 100 stores
Mothercare has announced it is to close more than 100 of its shops over the next three years, with the majority of closures to be Early Learning Centres......

AUDIO: JD Sports chief on 'challenging market'
Chief executive of JD Sports Peter Cowgill reflects on the company's full year results which show a dip in profits of 14%.....

VIDEO: The airbag designed for toddlers
A Sussex company has developed a pioneering car seat that cocoons a baby in a protective shell if it is involved in an accident......

VIDEO: Greek town forms bartering system
As Greece wonders whether its debt crisis will eventually spell its exit from the euro, one town in the centre of the country, Volos, has formed an alternative local currency......

AUDIO: Strong start for Scottish tourism
The Scottish Chambers of Commerce suggests businesses made a stronger start to 2012 compared to last year......

AUDIO: Sony to shed 10,000 jobs
Pelham Smithers, managing director of Pelham Smithers Associates, reflects on news that Sony is cutting about 10,000 jobs......

Pet insurance: what to look for
Chosing the best cover for vets' fees.....

Second chance for unemployed in France
The schools combating youth unemployment in France.....

Google starts "dividend", but cost-per-click a problem
April 12 - Google's Q1 earnings beat estimates, but StarMine's Sri Raman says investors and analysts will want the company to answer for the decline in cost-per-click......

U.S. Day Ahead: Europe could haunt Dimon and JPMorgan
Breakingsviews' Antony Currie......

Wealth Strategies: Euro issues will take "years" to resolve
Invesco's David Todd says the problems in the euro zone are far from over and says investors should be underweight bond holdings in the peripheral regions......

Europe still a threat: IMF chief
April 12 - Economic risks remain high and the current situation is fragile, International Monetary Fund Chief Christine Lagarde said in a speech on Thursday. Rough Cut (no reporter narration)......

Unemployment heads higher
April 12 - U.S. jobless claims surprisingly rose last week, adding to concerns of a possible slowdown in the labor market. Conway G. Gittens reports......

BP under pressure at AGM
April 12 - Shareholders quizzed BP bosses over the oil giants future prospects in the wake of 2010's Gulf of Mexico disaster. Sarah Mills reports......

Wealth Strategies: Banks could see best quarter since 1992
Apr. 12 - StarMine senior analyst Sri Raman says that U.S. banks could report solid Q1 earnings and is looking for EPS beats from Goldman Sachs and JPMorgan......

Breakingviews: A bigger or better Oaktree?
April 12 - Richard Beales and Breakingviews editors discuss why Oaktree's lackluster stock market debut reflects the philosophy of the firms founder, Howard Marks......

Trading at Noon: Google to report; bank earnings preview
April 12 - Investors focus on Google's quarterly results, due out later today. Also, a preview of JPMorgan and Wells Fargo's earnings......

Greece's May election fears
April 12 - Support for the two parties backing Greece's international bailout remains at historic lows less than a month before a general election. Andrew Potter reports......

The Exchange: How to start a start-up
Rob Cox is joined by Gilt Groupe Co-founders Alexis Maybank and Alexandra Wilkis Wilson to discuss the challenges of creating a start-up and their book "By Invitation Only.".....

Toxic tea tests in China
April 12 - Environmental campaigners Greenpeace find banned pesticides in some of China's top internationally exported tea brands. Sonia Legg reports......

"Robo-guard" on patrol in South Korean prison
April 12 - A prison in South Korea is testing the world's first robot prison guard. Equipped with 3D cameras and software designed to gauge a prisoner's emotional state, the robot might soon replace human guards to keep prisons safe. Ben Gruber repor.....

3XSQ: Goldman deals with SEC, Warren Buffett
April 12 - The SEC is set to announce that Goldman Sachs will pay $22 million to settle allegations involving research, and the WSJ says Warren Buffett made profits from Goldman Sachs rejects......

Carrefour's sales slump
April 12 - Europe's biggest retailer Carrefour has reported a plunge in demand for discretionary purchases like clothing and electricals and a deteriorating performance at its core French hypermarkets. Hayley Platt reports......

Man City's title hopes reignited
April 12 - A shock defeat for Manchester United gives rivals City renewed hope for the Premier League title. Plus a look at the FA Cup and Champions League semi-finals and horse racing's Grand National......

U.S. Morning Call: Goldman, SEC to settle; Sony's future
April 12 - The SEC is preparing to announce a $22 million settlement with Goldman Sachs, and Sony is racing to grow its mobile and medical businesses......

Physics 101: How to launch a rogue rocket
April 12 - The world says it's a disguised ballistic missile test, but North Korea insists it is simply launching a weather satellite. Get the details here......

Market Pulse: Italy debt wobble, Portugal bank tumble
April 12 - Rome's borrowing costs push higher as Portuguese bank stocks sink to record lows......

Titantic shipbuilder sponsors requiem
April 12 - Belfast's Harland and Wolff, which built Titanic, has sponsored the composition a requiem marking the 100th anniversary of the ship's sinking. Matt Cowan reports......

Breakingviews: New Sony CEOs plans not gritty enough
April 12 - Sony's new CEO has broad ambitions to reverse the company's losses but the plans aren't gritty enough. Also Barclays shouldn't ignore shareholders' bonus concerns, says Breakingviews......

Oil fundamentals suggest prices may fall: IEA
April 12 - The International Energy Agency says that for the first time since 2009, oil supply may be outstripping demand......

Reuters Today: Syria ceasefire appears to be holding
April 12 - No violence has been reported since a truce deadline passed, but there are no signs of Syrian government forces withdrawing from opposition areas......

Sony promises change, confirms 10,000 job cut
April 12 - Sony CEO Kazuo Hirai outlines major revamp, including six percent cut in workforce; says he hears the call for change. Arnold Gay reports......

Trading up on earnings optimism
April 11 - Summary of business headlines: Alcoa helps Wall Street break losing streak; Fed report shows economic activity expanding; E-book legal trouble for Apple and two publishers; J&J ordered to pay $1.1 billion for fraudulent marketing. Bobbi Re.....

Google announces $3bn profit and eyes stock split
Revenue in last quarter was $10.65bn, a 24pc jump from 2011.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e568681/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/1309795495.....

A Royal Mail stampede should not stop the price of stamps from rising
In the age of email, texts, social networks and the rest, it is hard to justify any taxpayer subsidy for Royal Mail's letters delivery business.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e5632d9/mf.gif' bor.....

Shell confident it is not source of Gulf oil sheen
Shell shares clawed back most of their early losses after the oil giant said it had a "high degree of confidence" that its operations are not the source of an oil sheen in the Gulf of Mexico.<img width='1' height='1' src='http://telegraph.feedspor.....

Debt crisis: as it happened, April 12, 2012
Markets rally on both sides of the Atlantic as Fed member indicates more QE could be on the cards if the US economy falters, following weaker than expected jobs figures.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/5683.....

Oil markets turning a corner, says IEA
Oil markets appear to be turning a corner as increased output from OPEC nations, combined with "sluggish" demand, help to ease supply constraints, the International Energy Agency (IEA) said.<img width='1' height='1' src='http://telegraph.feedsport.....

Time to put the doomed euro out of its misery
The economics of the single currency condemn it to failure, says Jeremy Warner.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e5626af/mf.gif' border='0'/><br/><br/><a href="http://da.feedsport.....

FTSE 100 joins in global stock market rally as New York Fed chief William Dudley raises QE3 hopes
The FTSE 100 joined in a global rally in shares after a senior Federal Reserve official left the door open for a fresh round of stimulus.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e55f519/mf.gif' border='0'.....

Debt crisis: live
Markets rally on both sides of the Atlantic as Fed member indicates more QE could be on the cards if the US economy falters, following weaker than expected jobs figures.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/5683.....

The dangers of our ageing population
Telegraph View: This country must prepare for a crisis of old age.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e55cbec/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/1309.....

Goldman Sachs to pay $22m fine over 'huddles'
Goldman Sachs said it would pay a $22m (14m) fine to settle allegations that it failed to enforce so-called Chinese walls between its analysts and traders in a fresh blow to the embattled bank's reputation.<img width='1' height='1' src='http://tel.....

Sunday Times Rich List 2012: wealthiest musicians aged 30 and under
Sunday Times Rich List 2012: musicians aged 30 and under.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e530650/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/130979544208/.....

BP executives have their 'snouts in the trough', claim shareholders
BP's executives were accused of having their 'snouts in the trough' on Thursday, as more than 13pc of the oil major's shareholders declined to support its pay awards.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/.....

Travelodge chief Guy Parsons checks out
Travelodge chief executive Guy Parsons has been edged out of the debt-laden hotel chain to allow executive chairman Grant Hearn to take full control.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e555de9/mf.gif.....

Mothercare: From baby boom to mid-life crisis
Mothercare is a business bawling like a toddler for a new direction.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e555dea/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/13.....

Aggreko revenues jump as company looks ahead to London 2012 Olympics
Temporary power provider Aggreko said revenues at both its divisions had jumped more than 20pc in the first quarter of the year, sending its shares charging more than 3pc higher.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/327.....

GKN in pole position as blue-chips speed up
As the market recovered its momentum, GKN accelerated after analysts at Credit Suisse turned bullish on the maker of car and aeroplane parts.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e555b1a/mf.gif' border.....

Facebook goes back to school with file-sharing
Company rolls out file-sharing facilities for schools and colleges.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e55577b/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/130.....

Sony sheds 10,000 jobs under revival plan
Sony's turnaround strategy won't be enough to help the Japanese electronics giant regain ground on rivals such as Samsung and Apple, technology analysts have warned.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s.....

Argentina poised to seize Repsol assets, endangering shale dream
Argentina is poised to launch the forced takeover of assets from the Spanish energy group Repsol, risking a diplomatic showdown with Spain and scaring investors needed to unlock shale gas reserves.<img width='1' height='1' src='http://telegraph.fe.....

Spanish bailout 'impossible' for eurozone, says prime minister Mariano Rajoy
The eurozone is not equipped to bail out Spain, the country's prime minister Mariano Rajoy has admitted, as global traders continued to punish the nation's stocks and bonds.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/.....

Lehman Brothers administrators to make first 'dividend' payment to creditors
Administrators sorting through Lehman Brothers' European business say they hope to make a payment to the bank's unsecured creditors by the end of the year.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e555074/.....

Temporary workers harm health and wealth of permanent staff, claims NIESR
NIESR says working with temps leads to anxiety attacks and low pay.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e555076/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/130.....

JD Sports boss Peter Cowgill complains of 'unfair fight' with JJB Sports
Peter Cowgill hails 14pc drop in profits as 'bloody magnificent'.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e55234c/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/13097.....

Melrose executives sell 67.9m of shares
The leading executives in engineering turnaround specialist Melrose have cashed in on shares worth 67.9m after the crystallisation of a five-year incentive scheme.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1.....

Punch Taverns sees profits slump 19pc
Punch Taverns, one of Britain's largest pub owners, said half-year profits had slumped 19pc as weak consumer conditions took their toll on its core estate.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e552c41/.....