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Saturday 14 April 2012

UK Financial News on 2012-04-14

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"......

Ministers stick to strike plans
The government says it is right to continue with contingency plans for a fuel strike, despite a deal appearing to be near......

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"......

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......

Fine wine investors lose millions
People investing money in fine wine may have lost over 100m over the last year following the collapse of wine investment firms......

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......

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......

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......

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......

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......

AUDIO: Is 'clustering' killing the High Street?
A survey of local council officers suggests the prevalence of strip clubs and betting outlets on some high streets may be hurting the local economy. But the Association of British Bookmakers questions the findings......

VIDEO: Your Money: Bringing down your tax bill
In this week's Your Money Declan Curry looks at income tax with regard to charitable donations, and how to make the most of your mortgage deal......

VIDEO: Qatar's small business stock market
Getting hold of finance is one of the biggest challenges faced by small and medium sized businesses in the current economic climate, with credit often hard to obtain even in wealthy 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?.....

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: '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......

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: China's economic growth slowing
The Chinese economy, the world's 2nd largest, has expanded at its slowest pace in almost three years......

No more weekends lost to work
The topsy turvy world of weekend working.....

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

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

Fun ways to make tax refunds count
April 14 - The average IRS tax refund check is $3,000 prompting a personal finance expert to ponder some unconventional and fun ways tax payers could use the money the government has been sitting on this year. Jill Bennett reports......

Wall Street's worst 2 weeks of 2012
April 13 - U.S. stocks completed their worst two-week period of the year with Friday's decline sparked by China, which offset better-than-expected first-quarter results from JP Morgan Chase and Wells Fargo. Conway G. Gittens reports......

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......

Former Permira star Clarke in talks to join advisory boutique
Martin Clarke, the former Permira dealmaker who sits on the board of retailer New Look, is in talks to join an advisory boutique set up by one of his former colleagues.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/56830.....

A2E Venture Catalysts founder Amin Amiri is turning a profit from turnarounds
Should venture capitalists be investing in failing manufacturers rather than flashy tech start-ups? James Hurley meets a man who says he's got the returns to suggest a radical change in tack might be worth a punt for equity investors.<img width='1.....

Edison to open New York office
Edison, the London-based financial research house, is to open a North American business as it attempts to take advantage of the continued decline in the number of sell-side analysts.<img width='1' height='1' src='http://telegraph.feedsportal.com/c.....

Lloyds writes off 15m stake it inherited in easyCar
Lloyds Banking Group has written off its once near-15m stake in easyCar as part of Sir Stelios Haji-Ioannou's restructuring of the car rental business.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e647a39/mf.g.....

Microsoft slur boss moves to China
Gordon Frazer, one of the executives drawn into the party sex scandal which engulfed Microsoft last year, is to relocate to China.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e647a3a/mf.gif' border='0'/>&l.....

Co-op board to meet amid Lloyds bid fears
The Co-operative Group is to hold a crunch meeting of its bank board amid heightened concern it is on the verge of pulling out of its 1.5bn bid for Lloyds' 632 "Project Verde" branches.<img width='1' height='1' src='http://telegraph.feedsportal.co.....

Investor returns must take priority for Tesco
I have long believed that the consumer environment in the UK would be challenging and remain so for a considerable length of time.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e647a3c/mf.gif' border='0'/>&l.....

Barclays rocked by new claim of swaps mis-selling
Barclays is facing accusations it sold a complex hedging product to a Turkish couple who ran a small business despite knowing neither spoke English, in the latest legal challenge to the bank over allegations of interest rate swap mis-selling.<img .....

UK companies with no female board members: in pictures
In an interview with the Telegraph, Rothschild managing director Sian Westerman has argued that women need to become cleverer about pushing themselves forward in the workplace in order to get on to boards. Here, we look at the UK listed companies tha.....

Struggling Tesco to take on Amazon
Tesco is to report its lowest rate of profit growth for seven years as it unveils a strategy to revamp its UK business and compete with Amazon online.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e647a3f/mf.gi.....

Lloyds' Horta-Osorio can't bet on the Co-op
Antonio Horta-Osorio has some thinking to do. When he returned from his two-month sick leave at the start of January, all seemed relatively right with the world.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e6.....

Bob Diamond - a pay row about the wrong issue
When I interviewed Bob Diamond in September 2010 for this newspaper, I said that the chief executive of Barclays Bank was guilty in many people's eyes of the offence of "running a bank whilst being American".<img width='1' height='1' src='http://t.....

EU law may spike Cameron's alcohol price strategy
High-ranking Treasury officials have admitted that there are questions over the legality of David Cameron's plans for a minimum alcohol unit pricing policy, according to drinks industry sources.<img width='1' height='1' src='http://telegraph.feeds.....

Virgin to appeal bmi sale to British Airways
Sir Richard Branson's Virgin Atlantic is to launch a legal appeal against the British Airways acquisition of bmi from Lufthansa and demand that BA give up more slots at Heathrow.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/327.....

Barclays offers to consult investors on pay
Barclays' board is to offer an olive branch to investors and promise to consult with them in future years before approving large one-off payments to executives.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e64.....

G4S plans 500m bond issue push
G4S is facing its first major test of investor confidence since a failed 5.2bn bid for rival ISS by seeking to raise around 500m (413m) of new debt.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e647a46/mf.gif'.....

Why Virgin will continue to fight BA's anti-competitive purchase of bmi
In all of our years of business, one of the key things that we have taken away is that corporate rivalry or "competitiveness" can be a catalyst for huge industry change, driving innovation and extending consumer choice.<img width='1' height='1' sr.....

No UK recovery until companies stop 'stashing the cash'
The British economy will stall this year and will not fully recover until UK businesses stop "stashing the cash" and start investing again, leading economists have warned.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/56.....

Why the Tesco flag has slipped to half mast
After a disastrous profit warning, the operating scale of the supermarket giant will be under scrutiny at this week's results meeting.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e6476c5/mf.gif' border='0'/&g.....

Barclays pay row lifts the lid on bank's closed culture
Bob Diamond's tax bill is just the tip of the remuneration problems facing Barclays.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e6476c6/mf.gif' border='0'/><br/><br/><a href="http://da.feed.....

Adele's record label attacks Universal-EMI deal
The world will miss out on the next Elvis Presley or Oasis if Universal's 1.2bn takeover of EMI is allowed to go ahead, the chairman of Adele's record label, Beggars Group, has warned.<img width='1' height='1' src='http://telegraph.feedsportal.com.....

Women need role models who can juggle home and work life, says Rothschild MD Sian Westerman
Rothschild managing director Sian Westerman is judging this year's Veuve Clicquot awards. She tells Louisa Peacock why women need more executive role models.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e6476c.....

Marks & Spencer set to report sales rise
Marks & Spencer is poised to report an improvement in sales this week, raising hopes that the worst of the conditions on the high street might be coming to an end and confirming recent data that the consumer economy is showing signs of life.<i.....

Best Buy's problems should be a cautionary tale for UK retailers
Almost four years ago Best Buy arrived in the UK on a mission. America's biggest consumer electronics retailer would persuade British shoppers that the best place to buy their wide-screen televisions and stereos was in one of the vast stores they had.....

IMF chief Christine Lagarde will struggle to bag more funds for a 'firewall'
Davos, the Swiss ski resort that every year plays host to the world's rich and powerful, is rarely the scene of much levity.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e6476cd/mf.gif' border='0'/><br/&.....