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Friday 13 April 2012

UK Financial News on 2012-04-13

Shares hit by worries over Spain
Shares fall in the US and Europe, led by banks, as worries about the Spanish economy's borrowing needs re-emerge in financial markets......

Royal Mail limits shops' stamps
The Royal Mail is limiting the number of stamps retailers can buy to make sure it benefits fully from the price rise due at the end of the month......

S&P reaffirms UK top-notch rating
Ratings agency Standard & Poor's reaffirms its AAA credit rating for the UK, saying it believes the economy is "wealthy, open and diversified"......

Colombian out of World Bank race
Colombia's Jose Antonio Ocampo pulls out of the race to be the next World Bank president, calling the selection process a "political exercise"......

Possible deal in fuel drivers row
The fuel tanker drivers' dispute could be over after the Unite union agrees to put a possible deal to members after lengthy talks with distribution firms......

EU threatens bank bonus clampdown
Europe's Internal Markets Commissioner, Michel Barnier, says "tougher action" is needed to stop excessive bank bonuses......

UK producer prices rise by 0.6%
UK producer prices rose 0.6% in March from February, due in part to increases in the cost of petrol products, tobacco and alcohol, figures show......

China's growth rate slows to 8.1%
China reports weaker-than-expected growth figures for the first three months of the year, hit by a slowdown in foreign sales......

JP Morgan reports business bounce
JP Morgan, the first major US bank to announce its results, reports a rebound in revenues in the first three months of 2012......

Portugal approves EU fiscal pact
The Portuguese parliament ratifies a key pact on EU budget discipline, the first country in the EU to do so......

US consumer prices rise by 0.3%
US consumer prices edged higher in March due mainly to increases in the cost of fuel, figures show......

'Sick-out' grounds Canada flights
Air Canada cancels dozens of flights, blaming "illegal activity" by pilots calling in sick, in an apparent protest over a bitter labour row......

Rivals open new border trade post
Trade between India and Pakistan is expected to rise substantially with the opening of a new checkpost at the Wagah border crossing, amid a series of peace moves......

Bodies 'could be exhumed' for HS2
Bodies in a former burial ground in Birmingham would have to be dug up if plans for the government's high-speed rail network go ahead......

Infosys slides on growth outlook
Shares of Infosys, India's second-largest software company, fall after it issues a weak outlook for the current financial year......

Wind firm 'to create 1,000 jobs'
A Tyne and Wear company which builds foundations for wind farms says it is to create up to 1,000 new jobs......

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......

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......

New warning over council pensions
Local authority pension schemes are still a "ticking time bomb", the Taxpayers' Alliance warns, despite their financial health improving over the past year......

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......

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

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

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......

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......

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......

Review of 'plain' cigarette packs
The government is considering plans to strip all branding from cigarette packs sold in England in a bid to make smoking appear less attractive......

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......

Bahrain will go ahead, says FIA
The Bahrain Grand Prix is to go ahead on 22 April as planned, the motorsport's governing body the FIA says......

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......

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......

AUDIO: 'Dire situation' for unemployed black youth
Dr Tony Sewell, of the charity Generating Genius which helps underrepresented groups get into universities, and Bonnie Greer, American born author and playwright, discuss why are the unemployment rates for black people different in the two countries......

VIDEO: How does Qantas fly on chip fat?
The airline Qantas is flying its planes on biofuel made from recycled chip oil. But how does it work?.....

VIDEO: Polish title bucking paper trend
A newspaper serving Peterborough's growing Polish population has plans to expand, bucking the national trend of declining circulations......

VIDEO: 'Old-fashioned banking' boosted
When Wells Fargo and JP Morgan Chase announce their results on Friday, it is expected to highlight the new direction US banking seems to be taking......

AUDIO: Graduates don't have the right skills
Friday boss, Sir Peter Rigby, owner, chairman and chief executive of of information technology firm SCC, speaks to the Today programme's Simon Jack......

AUDIO: Ecclestone gives go-ahead for Bahrain Grand Prix
The BBC's James Allen reports on news that motorsport's governing body, the FIA, says the Bahrain Grand Prix will go ahead next weekend......

AUDIO: What does Cameron's Burma visit mean?
Ben Rogers, campaigner with Christian Solidarity Worldwide and biographer of former dictator Than Shwe, and Thant Myint-U, former UN official and historian of Burma, discuss the significance of David Cameron's visit to Burma......

AUDIO: Universities weigh in on philanthropy row
Paul Clark, director of policy at Universities UK, outlines why they are joining the critical voices of the government's plans to limit the tax relief on charitable donations......

West Midlands - motors and music
A nostalgic look at the car-making tradition of the West Midlands.....

Grand National creates many winners
Who are the Grand National financial winners?.....

French elections: The countdown
Battle lines drawn as presidential vote nears.....

Data wars: Unlocking the information goldmine
Unlocking the information goldmine.....

U.S. Week Ahead: Citi banking on Smith Barney sale
April 13 - Investors will want to know if Citigroup can sell its stake in Smith Barney and raise its capital levels when its reports on Monday, according to Breakingsviews Columnist Antony Currie......

JOBS act is fraud made easy: Sam Antar
April 13 - Felon Sam Antar who pleaded guilty to fraud charges on why the JOBS act signed by President Obama will make criminals smile......

JP Morgan results set strong tone
April 13 - Better-than-expected first-quarter results from JP Morgan Chase and Wells Fargo kick-off what is anticipated to be the strongest earnings season for the financial sector in decades. Conway G. Gittens reports......

JOBS Act will allow small banks to get the funding they need
Apr. 13 - Tangent Capital's Chris Whalen says thousands of community banks can't raise the capital they need to conduct business and feels the regulations imposed after the dot-com bust were too onerous......

Trading at Noon: Bank results; Google's leadership vision
April 13 - A look at today's bank earnings and a preview for next week. Also, Google's new stock split design......

Spain warns Argentina over Repsol
April 14 - Spain has threatened Argentina with retaliation if it nationalises oil company YPF, which is controlled by Spanish company Repsol. Sarah Mills reports......

Q1 will be the best quarter banks have all year: Whalen
Apr. 13 - Tangent Capital's Chris Whalen says that U.S. banks may beat earnings estimates this quarter, but points out high expenses and lower investment banking revenues will plague them the rest of the year......

Breakingviews: Googles aristocracy
April 13 - Jeffrey Goldfarb and Breakingviews columnists discuss Google's new class of shares and the harm they do......

An analog alternative to Instagram
April 13 - As Facebook's billion dollar acquisition of Instagram makes headlines, a company called Lomography offers an alternative to using traditional film cameras. Andrew Potter reports......

Jean Paul Gaultier joins forces with Coke
April 13 - French fashion designer Jean Paul Gaultier has become a creative director for Diet Coke creating two new bottle designs inspired by his haute couture fashions. Hayley Platt reports......

Market Pulse: Friday 13th unlucky for Spain
April 13 - Some unwelcome records for Spain this Friday 13th: bank borrowing from ECB soars to 316 bln, sovereign CDS jumps to almost 500 bps. Spain concerns and slowing Chinese growth hit markets today......

Week Ahead for GSAM - 13.04.12
GSAM team......

EU bonus proposal not the right plan -Breakingviews
April 13 - The EU's plan to cap bonuses severely limits banks' flexibility and could encourage them to raise base salaries. The EU needs to come up with a better plan, says Breakingviews......

U.S. easing measures to continue to end-2012: Mobius
April 13 - Emerging market stocks still a top buy, says Franklin Templeton's Mark Mobius, who expects U.S. easing measures to continue to the end of this year......

For Mark Mobius, it's BRCI...not BRIC
April 13 - Veteran emerging markets investor Mark Mobius says the BRIC nations should be ordered Brazil, Russia, China and India in terms of attractiveness......

Reuters Today: China growth slows, but 8.1% ain't too bad
April 13 - China's economy grew more slowly than expected in Q1, but at more than 8%, the "soft landing" scenario remains in place. North Korea's rocket launch fails, JP Morgan earnings in focus later......

Asia Week Ahead: India's RBI faces tough rate decision
April 13 - India's central bank will meet to decide whether to cut rates as it juggles high inflation and a slowing economy. Olympus holds a critical meeting to decide on new management......

Data Freak: Believe it or not, Apple at $620 is cheap
April 13 - Apple shares are trading near record highs, but StarMine analysis suggests the good times aren't even close to being over......

China growth slowing, but no hard landing ahead
April 13 - Sure, Q1 GDP came in weaker than expected. But China still has many levers it can pull to boost growth this year if it wants, says Bank of Singapore economist Richard Jerram......

Thousands protest in Italy
April 13 - Unrest in Italy continues, men working as Roman Centurions clash with police and thousands protest over pension reforms. Sarah Mills reports......

U.S. Morning Call: Stock futures lower, weakness in China
April 13 - U.S. stock index futures are pointing to a slightly lower open as weak Chinese economic data competes for attention with corporate earnings......

Citi's risky Olympic game plan
Apr. 12 - Citigroup is on board as a sponsor of the U.S. 2012 Olympics team, hoping to rehabilitate its image through a social media partnership with Olympians and their supporters. Bobbi Rebell reports......

Google sets dividend, stock-split
Apr 12 - Summary of business headlines: Google unveils dividend/stock split plan as earnings beat forecasts; Wall Street powers ahead for a second day; IMF chief warns Europe is still a risk. Conway G. Gittens reports......

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......

European banks could be forced to hold twice as much capital in reserve
Europe's biggest banks could see the amount of capital they are required to hold in reserve more than double.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e5f2010/mf.gif' border='0'/><br/><br/>&.....

Falkland Oil and Gas shrugs off Argentine threats
Falkland Oil and Gas (FOGL) shrugged off the renewed political threats from Argentina as it eyed potentially transformative oil discoveries this year.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e5f4c26/mf.gi.....

Rupert Murdoch's News Corp faces multiple US lawsuits over hacking
Legal pressure is mounting on Rupert Murdoch's News Corporation in the US after it emerged that multiple lawyers are preparing cases over alleged hacking on American soil.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/56.....

Turmoil in global markets as Spanish bank borrowing from ECB doubles
Spanish bank borrowing from the European Central Bank doubled last month, revealing a dangerous dependence on emergency funding that on Friday triggered renewed turmoil in financial markets.<img width='1' height='1' src='http://telegraph.feedsport.....

Debt crisis: as it happened April 13, 2012
Spanish shares tumble 3pc after the country's borrowing costs rose again on worries over its banks, triggering sell-offs in European and US markets as slowing growth in China added to fears for the world economy.<img width='1' height='1' src='http.....

S&P confirms UK's AAA rating but warns on growth
Britain's treasured AAA credit rating has been confirmed by Standard & Poor's but the ratings agency warned that the Government's austerity drive would drag on growth in the coming years.<img width='1' height='1' src='http://telegraph.feedspor.....

Goldman Sachs slashes chief Lloyd Blankfein's pay by 35pc to $12.4m
Goldman Sachs has slashed the pay of chairman and chief executive Lloyd Blankfein by more than a third after the investment bank's shares and profits tumbled.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e5eee.....

Debt crisis: Live
Spanish shares tumble 3pc after the country's borrowing costs rose again on worries over its banks, triggering sell-offs in European and US markets as slowing growth in China added to fears for the world economy.<img width='1' height='1' src='http.....

Google Wallet boosted by EC probe into rival phone payment project
European Commission probes rival mobile phone payments project.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e5eb5a7/mf.gif' border='0'/>.....

Cigarette makers fade on fears of plain packaging
Investors stubbed out tobacco companies amid concerns that Britain could be poised to strip cigarette packets of their branding.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e5e5daf/mf.gif' border='0'/>.....

Husband and wife Paul and Selena Bailey ring up 28m from sale of telephone conferencing business
Entrepreneurs Paul and Selena Bailey sell telephone conferencing business.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e5e7c76/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.co.....

Steelmaking to restart at Redcar plant after being shut down in 2010
Steelmaking is to restart at one of Britain's biggest steelworks despite the blast furnace being mothballed two years ago.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e5e7c77/mf.gif' border='0'/><br/>.....

Delay in Glencore-Xstrata merger paperwork
Delays to the timetable for the 50bn-plus merger between trading giant Glencore and miner Xstrata raised questions about the schedule for sealing the biggest mining deal ever.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/.....

Glencore and Xstrata's canary may not have keeled over - but the risks to merger are rising
Call it progress if you like, but canaries haven't been allowed down a British mine since 1986.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e5e5707/mf.gif' border='0'/><br/><br/><a href="htt.....

There's no Chinese crisis in latest GDP figures
Sooner or later, someone is going to ask if we can actually trust China's economic stats.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e5e570a/mf.gif' border='0'/><br/><br/><a href="http://da.....

Telegraph Motoring's insurance tips
The Telegraph's Motoring team give six tips on reducing your car insurance bill.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e5e0fa7/mf.gif' border='0'/><br/><br/><a href="http://da.feedspor.....

Bankers' pay 'immoral', says UK shareholder group
Britain's main organisation representing small shareholders has made clear its concern at the level of pay in the banking industry, saying the pay of senior bankers is "immoral".<img width='1' height='1' src='http://telegraph.feedsportal.com/c/327.....

Former Research in Motion boss Jim Balsillie planned radical strategy
The former co-head of Research in Motion, the maker of the once ubiquitous BlackBerry device, was reported to have been working on a radical strategy to reinvent the company before he left last month.<img width='1' height='1' src='http://telegraph.....

Tesco to scale back hypermarkets to concentrate on the internet
Tesco, Britain's biggest retailer, is expected to announce a significant slowdown in its expansion plans when it unveils its full-year results next week.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e5e05af/mf.....

JPMorgan's profits raises hopes for Wall Street
JPMorgan Chase's latest profits have beaten expectations, suggesting that the first three months of 2012 delivered Wall Street banks their best quarter in a year.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e.....

US consumer prices edge up 0.3pc
US consumer prices rose modestly in March as falling electricity costs countered higher petrol prices, boosting the view the Federal Reserve has room to provide more support for the economy if needed.<img width='1' height='1' src='http://telegraph.....

Apple wanted to break Amazon's 'monoplistic grip'
Apple has broken its silence over allegations that it fixed the price of ebooks - painting itself as a hero for breaking Amazon's "monopolistic grip".<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e5c1d3e/mf.gi.....

Business Bullet on China growth slows; John Lewis easter cheer; super mining-merger still on track
Business Bullet: China and India growth, mining mega-merger on track.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e5bc1c1/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/1.....

Gold: bank trims exposure to the precious metal amid fears of profit-taking
Schroders Private Banking has cut its gold exposure because of concerns over performance in the short-term.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e5b28c2/mf.gif' border='0'/>.....

John Lewis enjoys bumper Easter
Continued strong demand for the iPad3 helped John Lewis enjoy a bumper Easter, with sales at its department stores jumping 27.5pc last week.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e5b174f/mf.gif' border=.....