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Thursday 19 April 2012

UK Financial News on 2012-04-19

Fresh tanker talks to take place
New talks aimed at averting strikes by fuel tanker drivers are to be held on Monday, conciliation service Acas has said......

Microsoft profits beat forecasts
Microsoft quarterly profits drop slightly but the results beat analysts' expectations after a surprise rise in sales of its Windows operating system......

Mini sticky credit card unveiled
The latest salvo in the battle to launch a digital wallet is unveiled - with a mini, stick-on credit card......

Relief at demand for Spanish debt
Spain's borrowing costs rise for 10-year bonds at a debt auction on Thursday, but it manages to sell all of the bonds on offer......

Profit at Debenhams edges higher
Debenhams reports a slight rise in half-year profits, but says it remains cautious about the economic outlook for the rest of the year......

Bank of America sees profits drop
Bank of America has reported a fall in first quarter net income to $653m (407m; 498m euros) after making $2bn a year ago......

HomeServe fined over silent calls
Insurance and home repair company HomeServe is fined 750,000 by Ofcom for making too many silent or abandoned calls to customers......

Ellie Louise stores sold to Liric
Fashion firm Liric Limited buys 57 Ellie Louise stores including Happit and Trade Secrets brands......

Barclays changes its bonus plan
Barclays is changing the remuneration plans for its chief executive and finance director following pressure from shareholders......

UK March car production up 0.3%
UK car production in March rose 0.3% from a year earlier to 135,456, but overall vehicle production fell as demand for trucks and vans dropped......

Glaxo $2.6bn bid for HGS rebuffed
GlaxoSmithKline's $2.6bn offer for Human Genome Sciences has been rejected after the US firm said the offer was not enough......

C&W Worldwide shares drop sharply
Shares in Cable & Wireless Worldwide (CWW) plunge by nearly a quarter after Tata Communications says it will not be making a bid......

Japan appoints new Tepco chairman
Kazuhiko Shimokobe is appointed the new chairman for Tepco, the power firm behind last year's Fukushima nuclear plant disaster......

Competition pushes Nokia to loss
Nokia reports a three-month loss of 929m euros ($1.2bn; 761m) blaming competition in the industry for lower sales......

Car shipments boost Japan exports
Japan's exports rose in March, data shows, boosted by a jump in car shipments as the sector continues to recover from last year's natural disasters......

WH Smith plans further expansion
WH Smith signals expansion for its travel business as it reports a 3% rise in half-year profits to 66 million......

BA surcharge fine halved by OFT
The Office of Fair Trading sharply reduces a fine imposed on British Airways for colluding over fuel surcharges with Virgin Atlantic......

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......

Labour fail to block 'granny tax'
Labour fail in their Commons attempt to block government plans to freeze age-related tax allowances for pensioners - the so-called "granny tax"......

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......

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

CD sales plummet as digital rises
Entertainment retailers say more needs to be done to update the CD format as the latest figures show sales continuing to fall......

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......

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......

Ford increases China investment
US carmaker Ford announces further investment in China, with plans for a $760m factory in Hangzhou......

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......

Chip shortage to hit smartphones
Qualcomm warns that it cannot meet demand for its Snapdragon S4 processors, used in mid-range smartphones......

Kennedy verbal offer 'not valid'
Rangers' administrators say Brian Kennedy's revised verbal offer to take control of the club "would not be capable of acceptance"......

Manchester United top rich list
Manchester United remain the world's richest football club, according to Forbes magazine......

London 2012 costing UK 'too much'
Nearly two-thirds of people asked in the UK believe taxpayers have paid too much to cover the cost of London 2012......

VIDEO: Eurozone 'epicentre' of risk
The Managing Director of the IMF, has predicted light economic recovery threatened by dark clouds on horizon......

VIDEO: Caravan makers unhappy with tax
Caravan makers in Hull react to plans to introduce 20% VAT on static caravans......

VIDEO: New challenge over 'granny tax' plan
A Commons debate is to be held over the what has been dubbed the 'granny tax'......

VIDEO: Nokia makes 760m loss
The mobile phone manufacturer, Nokia, made a net loss of 760 million pounds in the first three months of this year......

AUDIO: Former RBS boss questions ratings agencies
George Mathewson calls for a change in the way that credit ratings agencies operate......

VIDEO: Bakewell: older people funding tax cuts
Labour peer Joan Bakewell said "small amounts of money matter a great deal to older people who don't have very much", when asked why people were annoyed about the so-called granny tax......

VIDEO: Luxury goods are a 'tribal thing'
British luxury designer, Anya Hindmarch, has been announced as the winner of The Veuve Clicquot Business Woman Award for 2012......

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......

German fire could hit carmakers
Obscure chemicals fire could curb global car production.....

Charitable giving amid the furore
Amid a political furore, what are the rules on charitable giving?.....

Rollercoaster ride for theme park's economy
French city of Nantes bets on giant machines.....

What ails the Spanish economy?
What are the issues affecting the Spanish economy?.....

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

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

What banks are doing better
Apr 19 - Strong results from Morgan Stanley and Bank of America are more evidence the banking sector is benefitting from signs of relative strength in the U.S. economy as fears about the European debt crisis eased. Bobbi Rebell reports......

U.S. Day Ahead: Wall Street on GE dividend watch
' Scott Malone.....

Blame Citigroup for rejection of Pandit's pay: Elson
April 19 - Corporate governance expert Charles Elson says the shareholder rejection of the pay package of Citigroup CEO Vikram Pandit is the company's fault......

Data quicken slowdown fears
April 19 - A minor drop in weekly jobless claims, slower regional factory activity, and a fall in existing home sales heightened fears the U.S. economy is slowing. Conway G. Gittens reports......

Trading at Noon: Banks beat Wall Street estimates
April 19 - Bank of America, Morgan Stanley beat estimates; Eying E-Trade Financial, Sandisk & Microsoft......

Breakingviews: #Patents trending
April 19 - Richard Beales and Breakingviews columnists discuss Twitter's new engineer-friendly patent strategy and how it might cool down the tech sectors intellectual property wars......

Bank valuations are at historic lows, Townsend says
April 19 - U.S. banks have beaten Q1 earnings estimates by 7.5% so far. Hill-Townsend's Gary Townsend and Breakingviews' Antony Currie discuss results, stock valuations and CEO compensation packages......

Spanish King's costly hunting trip
April 19 - Spain's King Juan Carlos could be about to lose his position as an honorary branch president of the World Wildlife Fund after complaints about a costly elephant hunting trip to Botswana. Ciara Sutton reports......

Europe Day Ahead
April 19 - A look to the close of the European markets and a look ahead to the next day's trading, as well as what to expect from the Asian markets overnight......

An economic tale of two euro zones
April 19 - As France's industrial decline takes centre stage in the Presidential election, it's highlighted the differing economic situation on either side of the French-German border. One cross-border scheme looks to match French job seekers with Ge.....

3XSQ: BofA's Moynihan strong start to 2012
April 19 - Bank of America reported lower first-quarter profit but results topped analysts' estimates as credit quality improved......

Dial M for Murdoch: MP launches new attack on News Corp
April 19 - Rupert Murdoch ran a shadow state within Britain and sought to bully lawmakers into dropping an inquiry into News Corp, according to a new book by crusading MP Tom Watson......

Dial M for Murdoch: MP launches new attack on News Corp
April 19 - Rupert Murdoch ran a shadow state within Britain and sought to bully lawmakers into dropping an inquiry into News Corp, according to a new book by crusading MP Tom Watson......

Nokia promises more cuts after disappointing Q1
April 19 - Nokia ditched its sales chief and promised to slash more costs, as the struggling Finnish cellphone maker runs out of time to reinvent itself under pressure from smartphone rivals. Matt Cowan reports......

Spain clears bond auction hurdle
April 19 - Spain managed to sell 2.5 billion euros of bonds at auction on Thursday, as much as it wanted, but at a cost of rising yields as the country struggles to tame its deficit. Ciara Sutton reports......

Hedge fund assets surge to record $2.13 trillion
April 19 - Investors pumped $16 bln into hedge funds in Q1 to bring total global hedge fund capital to a record $2.13 trln, according to Hedge Fund Research. But performance hasn't been quite as strong......

Sports Spread: Hamilton favourite for Bahrain GP
April 19 - Lewis Hamilton is the bookmakers' favourite for the controversial Bahrain Grand Prix. Plus a look at odds on the Premier League relegation battle and the Europa League semi-finals......

Euro zone needs IMF programme...with a difference: Re-Define
April 19 - The IMF needs to get out of aid programmes to individual euro zone countries, and expand its war chest to cover the whole bloc, including Germany. So says Re-Define managing director Sony Kapoor......

Market Pulse: Disconnect in wake of Spanish bond auction
April 19 - Spain's bond sale draws a mixed reaction across markets - stocks and oil take the positives, but peripheral euro zone bond yields inch higher. Nokia shares hit 15-year low after Q1 loss......

Breakingviews: UK gas reserves potentially tricky
April 19 - Britain may have warmed to fracking, but while shale gas has put the U.S. on the road to self-sufficiency, it may not happen in the UK......

Titanic shipyard goes green
April 19 - The Belfast port where Titanic was built is once again a hive of activity as Belfast Harbour and Harland and Wolff look to create a new green energy hub. Matt Cowan reports......

Protests over Bahrain F1
April 19 - Anger and protests ahead of the Formula 1 race in Bahrain presented by the country's rulers as a unifying force. Paul Chapman reports......

Reuters Today: Spain tests nervous markets
April 19 - Spain will pay dearly when it auctions a 10-year bond today. Plus the IMF's drive for new funds & India's long-range missile test......

U.S. Morning Call: BofA profits lower; Morgan Stanley out
April 19 - Bank of America reports a drop in first-quarter profits and Morgan Stanley posts Q1 earnings......

Asian bond defaults expected to rise: IACPM
Apr. 19 - IACPM executive director Som-lok Leung says international credit portfolio managers expect rising defaults in Asia as those economies slow and euro zone issues take a global toll......

The government agency throwing $1m parties as the US tightens its belt
Government agency spends $1m on a four-day event in Las Vegas.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e8d899f/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/13230956.....

Debt crisis: as it happened, April 19, 2012
Christine Lagarde calls on all IMF member states to "finish the job" and pledge more cash to tackle the eurozone crisis, saying that bailout funds be sent directly to banks rather than struggling countries.<img width='1' height='1' src='http://tel.....

Spanish and Italian borrowing costs already at unsustainable levels, warns Moody's Analytics
Italy and Spain cannot sustain their current borrowing costs and face a "high risk of default", Moody's Analytics has warned in a report that triggered more turmoil on European bourses on Thursday.<img width='1' height='1' src='http://telegraph.fe.....

Chancellor George Osborne looks a better bet from Washington
Britain is seen by the IMF to be doing better than most, says Jeremy Warner.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e8cc19b/mf.gif' border='0'/>.....

Osborne looks a better bet from Washington
Britain is seen by the IMF to be doing better than most, says Jeremy Warner.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e8cbeed/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal......

Russia threatens to sue TNK-BP over 'Siberia spills'
BP's joint-venture in Russia has been threatened with legal action by the country's government over its "unsatisfactory" record on oil spills in Siberia.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e8c8741/mf.....

Nokia reveals 1bn loss in first quarter
Nokia's fall from grace appeared to be gathering pace on Thursday, as the beleaguered Finnish mobile manufacturer booked a 1.34bn (1.1bn) loss in the first quarter.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/.....

Aviva chief Andrew Moss could end up a rolling stone
Andrew Moss knows a thing or two about staff issues.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e8c8743/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/132309509636/u/3/f.....

Does PayTag mean the end of cash in your pocket?
New mobile phone device for small payments, PayTag, could kill off cash. That's bad news for our spending habits, says Martin Vander Weyer.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e8c8744/mf.gif' border='.....

Barclays changes terms of CEO Bob Diamond's bonus after pressure from shareholders
Barclays has attempted to head off a shareholder revolt over the 17.7m package awarded to its chief executive, Bob Diamond, by offering to amend the terms of his annual bonus.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/.....

Aquascutum administrator closes Corby factory, 115 staff redundant
Administrators of Aquascutum fashion house have shut the doors on its 100-year-old factory in Corby, making 115 staff redundant.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e8c8165/mf.gif' border='0'/>.....

German tempers boil over back-door euro rescues
Controversy rages over 'payments' by Bundesbank to shore up EMU.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e8cb266/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/132309.....

Qantas A380 set for first flight since engine blow-out
The Qantas A380 that suffered an engine blow-out in mid-air, sparking concerns over the safety of the world's most advanced superjumbo, is due to return to the skies on Friday.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726.....

Vodafone gets more time for Cable & Wireless bid
Vodafone has been given more time to decide whether to bid for troubled corporate telecoms provider Cable & Wireless Worldwide, CWW said today.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e8c7692/mf.gif' .....

Talvivaara Mining slumps on operating loss
Mining company Talvivaara Mining took a battering as the London equity markets slipped into negative territory.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e8c7693/mf.gif' border='0'/><br/><br/>.....

It's in UK's interest to increase funding to IMF, says Christine Lagarde
Christine Lagarde has piled the pressure on Britain and the US to increase their contributions to the International Monetary Fund ahead of a series of decisive meetings on Friday.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32.....

Shareholders are making bankers pay for the big salaries they once got
For all the 286 pages of the Barclays 2011 annual report, the reaction from shareholders suggests it need not have bothered publishing anything more than the 11-page remuneration report contained within it.<img width='1' height='1' src='http://tel.....

IMF forecast: we are seeing light recovery blowing in a Spring wind
Christine Lagarde, leader of the International Monetary Fund, predicts a light economic worldwide recovery threatened by "dark clouds" on the horizon.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e8c0db4/mf.gi.....

Spain tells pensioners to start paying for prescriptions as part of Prime Minister Mariano Rajoy's austerity measures
Spain's pensioners have been told they must start paying prescription costs as part of 7bn (5.7bn) in new annual healthcare cuts aimed at slashing the country's deficit.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/5683.....

British ambassador wades into Anglo American's spat with Chilean miner Codelco
The British Ambassador to Chile has waded into a heated row between FTSE 100 mining giant Anglo American and its state-backed rival Codelco.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e8bd2df/mf.gif' border=.....

Fresh Aviva board shake-up puts pressure on Moss
Aviva has announced the departure of three of its leading executives in a boardroom overhaul dismissed as "window dressing" by institutional shareholders.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e890a54/m.....

Big business must 'fight back' against tax-dodging 'myth' says CBI
CBI says companies must 'fight back' against widely-held public views.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e8bbd78/mf.gif' border='0'/>.....

Bank of America and Morgan Stanley revenues boosted by ECB's LTRO loans
Morgan Stanley and Bank of America have become the latest banks to show that the European Central Bank's efforts to ease the continent's debt crisis paid off handsomely for Wall Street.<img width='1' height='1' src='http://telegraph.feedsportal.co.....

James Murdoch 'could leave News Corp to save himself from FBI probe'
News Corporation could be forced to sever all ties with James Murdoch in order to save him from harsher punishments under US law, a leading corporate crime lawyer has warned.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f.....

Warburtons to sell bread to the French
British baker Warburtons is set to take the unlikely step of selling its hugely successful sliced bread to the French.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e8b557a/mf.gif' border='0'/><br/><.....