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Wednesday 18 April 2012

UK Financial News on 2012-04-18

UK unemployment falls by 35,000
UK unemployment has fallen by 35,000 to 2.65 million, the first fall since last spring, according to the Office for National Statistics......

Tesco to spend 1bn on UK revamp
Tesco unveils details of a plan to invest 1bn to try to improve its UK business, as it announces a 5.3% rise in profits in the past financial year......

eBay sees quarterly profits rise
Online retailer and auction site eBay reports an increase in sales and profit for the first quarter of the year......

Audi buys Italian motorcycle firm
Volkswagen's Audi arm has bought Italian motorcycle firm Ducati for an undisclosed sum, it has said......

US publisher demands piracy trial
John Wiley & Sons, publisher of the "For Dummies" guide books, demands the trial of four suspected file-sharers......

Fuel tanker drivers reject deal
Fuel tanker drivers' representatives reject a deal aimed at resolving the dispute over working conditions - but say they are not going on strike......

Spain threatens Argentina on YPF
Spain threatens retaliation against Argentina over the nationalisation of oil firm YPF, raising the prospects of a trade war......

Bank official warns on inflation
Inflation will fall more slowly than predicted during the rest of this year, according to Paul Tucker, a deputy governor of the Bank of England......

Italy slashes 2012 growth outlook
The Italian government slashes its forecast for the economy in 2012 and admits it will not be able to balance the budget in 2013......

HSBC to sell yuan bond in London
HSBC is to issue benchmark bonds in London in the Chinese currency, the first time it has been done outside mainland China or Hong Kong......

Roche abandons bid for Illumina
Swiss pharmaceuticals giant Roche abandons its hostile $6bn takeover bid for gene sequencing firm Illumina......

TUC chief Brendan Barber retiring
Brendan Barber, general secretary of union umbrella body the Trades Union Congress (TUC), is to retire at the end of the year......

Interest rates 'hitting pensions'
The government should explore ways to help pensioners whose retirement income has been undermined by low interest rates, MPs say......

Yahoo axes products in shake-up
Yahoo's new chief executive says about 50 products will be shut down or "transitioned" as part of his turnaround plan......

Citigroup pay increase voted down
Citigroup shareholders vote against giving top executives a bigger pay deal in a rare show of investor discontent......

Diddy tops Forbes rap rich list
The star is the wealthiest rapper in the world with an estimated fortune of $550 million (345m), according to US magazine Forbes......

Superman cheque makes super price
The original cheque used to buy the Superman comic character from its original creators for $130 sells in an online auction for 160,000 (101,000)......

Public workers plan strike in May
NHS workers and civil servants are to strike on 10 May, a day after the Queen's speech, over their pension dispute......

Shock rise in UK inflation rate
Inflation in the UK rose to 3.5% on the Consumer Prices Index (CPI) measure in March, driven by food prices......

House prices up in past 12 months
House prices in the UK are barely higher than a year ago, according to the government's house price index......

China new home prices dip further
Property prices in China fall for a sixth consecutive month amid government efforts to control prices and curb speculation......

IMF raises global growth forecast
The International Monetary Fund says "some optimism has returned" to the global economy as it predicts slightly faster growth......

Spain's short-term rates increase
Spain's cost of borrowing for 12 or 18 months rises sharply ahead of Thursday's longer-term bond auction......

Barley prices hit brewer Heineken
Europe's biggest brewer sold more beer than had been expected in the first three months of the year, but was hit by higher costs......

Apple and Samsung chiefs to meet
The chiefs of Apple and Samsung agree to meet in a bid to resolve a patent case between the two in a California court......

Toshiba buys IBM unit for $850m
Japanese electronics maker Toshiba Corporation agrees to buy IBM's point-of-sale business in a $850m (534m) deal......

9m sport boost ahead of Olympics
Community sport in Wales is set to get a 9m cash injection it is announced, with 100 days to go to the London 2012 Olympics......

Gers talks continue with bidders
Duff & Phelps hopes to name a preferred bidder this week after holding talks with the two remaining Rangers bidders......

Polish ex-sports minister jailed
A Warsaw court jails Polish former sports minister Tomasz Lipiec for three-and-a-half years for corruption......

AUDIO: Clegg defends 'painful compromises'
Deputy prime minister Nick Clegg speaks to the Today programme's James Naughtie ahead of local elections on May 3......

VIDEO: Redcar produces first steel slab
The first steel slab has been produced by the Redcar SSI plant on Teesside......

VIDEO: Tesco 'put too little into shops'
Tesco's chief executive Philip Clarke has admitted there has been too little investment in its UK stores in the past......

VIDEO: 'Very few opportunities for young'
New figures show unemployment fell by 35,000 between December and February to 2.65 million......

AUDIO: HSBC lists Chinese bonds in London
HSBC has announced that they are going to list renminbi bonds in London......

VIDEO: Jamal Edwards' top business tips
With unemployment falling for the first time in almost a year, SBTV's Jamal Edwards gives his top tips to getting ahead in business......

VIDEO: UK's biggest digger auction
The UK's biggest construction equipment auction is to get under way on Tuesday......

VIDEO: Interest rates 'hitting pensioners'
A group of MPs is urging the government to compensate savers and pensioners whose incomes have been reduced by the Bank of England's policy of printing money to try to revive the economy......

Cockney cash: Lady Godivas and speckled hens
Machines dispensing Lady Godivas and speckled hens.....

Who are the Kwok brothers?
The colourful family embroiled in a corruption scandal.....

Argentina's risky energy seizure
Risky strategy of Argentina's expropriation of YPF oil firm.....

UK web owners face cookie crunch
The deadline approaches for new web tracking rules.....

Husband and wife team survive Ivory Coast
Husband and wife thrive amid Ivory Coast's conflicts.....

Costing less to see your garden grow
It is costing less to see your garden bloom.....

Cambodia's stock exchange begins trading
First shares begin trading in Cambodia......

U.S. Day Ahead: BofA faces ire if results disappoints
Breakingsviews Columnist Antony Currie......

Morgan Stanley could surprise with results: StarMine
April 18 - Morgan Stanley could beat earnings estimates by $0.03 when it reports Thursday before the bell, according to exclusive StarMine data......

Oil supplies bulge, fears shrink
April 18 - U.S. crude supplies saw their biggest four-week rise since February 2008, putting pressure on oil prices, which is easing concerns higher oil prices could derail the economic recovery. Conway G. Gittens reports......

Breakingviews: Citi uprising
April 18 - Jeffrey Goldfarb and Breakingviews columnists discuss the implications of the shareholder vote against Citis executive pay......

Europe Day Ahead: wary investors eye Spanish bond sale
April 18 - Bundesbank President Jens Weidmann says rising yields mean Madrid should cut its deficit instead of relying on the ECB to buy its bonds......

Rhino farming's horn of plenty
April 18 - South African farmers look to rhino farming as one way to stem an alarming increase in rhino poaching the country has seen in recent years. Hayley Platt reports......

3XSQ: Buffett illness and Berkshire succession
April 18 - A look at who may succeed Berkshire Hathaway's Warren Buffett as news emerges of his cancer treatment......

Tesco unveils new strategy
April 18 - Tesco, the world's No.3 retailer, said it would spend 1 billion pounds ($1.6 billion) this year overhauling its underperforming British business and will rein in expansion as it seeks to win back market share and calm nervous shareholders......

Market Pulse: BoE's QE bombshell sends sterling soaring
April 18 - A bombshell from the BoE as Adam Posen - perhaps the most dovish central banker in the world - withdraws his call for more QE. Plus a solid German bond auction, technical look at Spanish yields......

Breakingviews: British Bank of England Governor a must
April 18 - A British passport is a must for whoever replaces Bank of England Governor Mervyn King, says Breakingviews......

Breakingviews: British Bank of England Governor a must
April 18 - A British passport is a must for whoever replaces Bank of England Governor Mervyn King, says Breakingviews......

Tesco plans 1bln fightback as UK market share slides
April 18 - Tesco CFO Laurie McIlwee speaks to Insider after the company said building a better Tesco in the UK 'is first priority'. Tesco reported full year sales rose 7.4% to 72 billion......

Reuters Today: Does the Bank of England governor need a UK passport?
April 18 - Warren Buffett says he has stage 1 prostate cancer but sees no danger. Plus news of Tesco's plan to revive its UK business......

100 days until the Olympics and London is ready for action
April 18 - With 100 days to go until the start of the 2012 Olympic Games we look at some of the key venues that will host the "greatest show on earth"......

100 days until the Olympics and London is ready for action
April 18 - With 100 days to go until the start of the 2012 Olympic Games we look at some of the key venues that will host the "greatest show on earth"......

UK firms can learn from 2012 Olympics
April 18 - With 100 days to go until the Olympics, former medalist Steve Backley is encouraging UK businesses to seek inspiration from the games to boost performance. Ciara Sutton reports......

U.S. Morning Call: Buffett dealing with prostate cancer
April 18 - Berkshire Hathaway's Warren Buffett says he will be undergoing treatment for prostate cancer, raising questions about his succession......

Best day in a month for stocks
April 17 - Summary of business headlines: Apple jumps five percent; Goldman beats forecasts; Spain borrowing costs fall; Tensions mount over Argentina YPF plan; Buffett reveals he has prostate cancer. Bobbi Rebell reports......

Digging deeper into Goldman's report
April 17 - Goldman Sach's quarterly earnings beat Wall Street forecasts but digger beyond the headline numbers, Goldman faces ongoing troubles stemming from bad press and new regulations. Jeanne Yurman reports......

Bill Gates to become comic book hero
April 17 - Microsoft co-founder and philanthropist Bill Gates will have his life story shared in a new comic book. Elly Park reports......

Strong Q1 to give Intel another boost in Q2: StarMine
April 17 - After reporting better-than-expected earnings in the first quarter, expect Intel to beat again in the next, according to exclusive StarMine data......

U.S. Day Ahead: BlackRock's Fink to bet big on stocks
Correspondent Aaron Pressman......

Saft: ECB doesn't need an elephant gun for markets
columnist Jim Saft says the ECB doesn't have to repeat the past and muscle the market into submission to spare Spain......

Trading at Noon: Market giants report earnings
April 17 - Goldman Sachs and Coca-Cola beat estimates; keep an eye on IBM, Yahoo and Intel reporting after the bell......

Breakingviews: Goldman in the middle
April 17 - Jeffrey Goldfarb and Antony Currie discuss the benefits of looking average for the time being for Goldman......

EBay profits rise to $725m, boosted by Marketplace and PayPal
EBay has revealed better-than-expected rises in quarterly sales and profit, driven by growth in its Marketplace and PayPal businesses.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e843fa8/mf.gif' border='0'/&g.....

Sony 'to get green light' for $2.2bn EMI deal
Sony will on Thursday get the green light for a $2.2bn takeover of EMI's music publishing division.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e83d66c/mf.gif' border='0'/><br/><br/><a href=.....

Tesco unveils 1bn revamp after drop in UK profits
Tesco will invest 1bn in improving its stores, after it announced marginally better results than expected but admitted it would drastically scale back its expansion in Britain after poor sales.<img width='1' height='1' src='http://telegraph.feedsp.....

Debt crisis: as it happened, April 18, 2012
An escalation of the eurozone debt crisis could force banks to sell assets worth up to $3.8 trillion by the end of 2013 with damaging consequences for the global economy, IMF warns.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/.....

IMF fears $3.8 trillion forced asset sale by eurozone banks
An escalation of the eurozone debt crisis could force European banks to sell assets worth up to $3.8 trillion by the end of 2013 with damaging consequences for the global economy, the IMF has warned.<img width='1' height='1' src='http://telegraph......

Debt crisis: live
Italy slashes its 2012 economic growth outlook, as Spanish stock markets slide on bad bank loans data and comments by ECB policymaker Jens Weidmann that it is not the central bank's job to tackle Spain's problems.<img width='1' height='1' src='htt.....

Spanish banks' bad loans rise to highest level since 1994
Bad loans held by Spanish banks have hit an 18-year high according to fresh data that triggered the stockmarket in Madrid to plunge almost 4pc.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e80780e/mf.gif' bord.....

This crisis cannot be resolved while monetary union remains
"One has the feeling that at any moment, things could get very bad again." With these words, Olivier Blanchard, the International Monetary Fund's chief economist, has set the tone for this year's spring meeting of the IMF.<img width='1' height='1'.....

Britain's embattled savers can help themselves
Shopping around could pay dividends, says Ian Cowie.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e83a94d/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/132309482928/u/3/f.....

Rupert Murdoch's News Corp breaches US foreign investor law
Rupert Murdoch's cast iron grip of News Corporation appeared to weaken a little on Wednesday, after a breach of US law effectively forced the media giant to halve the powers of some of his biggest allies.<img width='1' height='1' src='http://teleg.....

The flightplan for a new UK airport is delayed... again
Two things are clear about this Government's policy on airports - or, more precisely, lack of one.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e83a43c/mf.gif' border='0'/>.....

David Cameron monitoring Lotus 'very closely' over fears it will leave UK
David Cameron says he is "very closely" monitoring Lotus amid growing fears the new owner of the sports car maker could move production abroad.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e835cdf/mf.gif' bord.....

Tata Communications pulls out of 1bn battle for Cable & Wireless Worldwide
Indian group Tata Communications has pulled out of the 1bn takeover battle for Cable & Wireless Worldwide (CWW), paving the way for Vodafone to snap up the beleaguered telecoms company.<img width='1' height='1' src='http://telegraph.feedsporta.....

Amazon buys rights to publish James Bond novels in North America
Internet retailer Amazon buys rights to produce James Bond novels.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e835ce7/mf.gif' border='0'/>.....

Chancellor George Osborne hails 'significant' renminbi bond
London hosted the launch of the first renminbi bond to be issued outside Chinese sovereign territories in a move described by the Chancellor as a 'significant moment' for the capital.<img width='1' height='1' src='http://telegraph.feedsportal.com/.....

BP settles $7.8bn Gulf of Mexico oil spill claims
BP has reached definitive agreements with more than 100,000 private plaintiffs to resolve claims for economic, property and medical damages resulting from the 2010 Gulf of Mexico oil spill.<img width='1' height='1' src='http://telegraph.feedsporta.....

Bank of England's inflation fears cast doubts on more QE
The prospect of further stimulus from the Bank of England looks increasingly unlikely after its deputy governor Paul Tucker admitted inflation was not falling as quickly as policymakers had hoped.<img width='1' height='1' src='http://telegraph.fee.....

Defence stocks fail to fly despite clearer skies
As the market retrenched following a strong advance earlier in the week, aerospace and defence companies were amongst those stocks beating a retreat.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e8345c2/mf.gif.....

Banks 'increasing security demands and cost of debt'
Companies are battling rising costs and increased security demands in their efforts to secure bank credit, the Bank of England's regional agents have warned.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e833d9.....

Argentinian minister Axel Kicillof says country 'will not pay' $10bn compensation for YPF-Repsol
Argentina's deputy economy minister Axel Kicillof raised the stakes in the international row over the country's raid on YPF-Repsol by pledging politicians in Buenos Aires: 'We're not going to pay what they say.'<img width='1' height='1' src='http:.....

How to build a better Tesco
Most of Tesco's 200,000 UK employees will soon be receiving a colourful little leaflet, which folds up and can be fitted into their wallets. It is entitled "Building a better Tesco".<img width='1' height='1' src='http://telegraph.feedsportal.com/c.....

Audi to buy motorcycle maker Ducati
German car manufacturer reveals deal to buy luxury motorcycle maker.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e82d7f6/mf.gif' border='0'/>.....

Keydata: FSCS starts legal proceedings against 160 financial advisers
More than 160 firms of financial advisers have been issued with legal proceedings over the collapse of Keydata, the investment firm.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e82d361/mf.gif' border='0'/>.....

Part-time Britain hits record high as unemployment falls
Record numbers of Britons are being forced to work part-time as they cannot find full-time jobs, while the number of women out of work has soared to a 25-year high.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/.....

Fitch doubts Dutch AAA as property slump reaches 'coma'
Holland needs austerity and can't let political conflict intrude on economy.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e82864e/mf.gif' border='0'/>.....