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Friday 20 April 2012

UK Financial News on 2012-04-20

UK offers 10bn loan to the IMF
The IMF says it has pledges for $430bn (247bn) of the extra funds it was seeking to help economies in trouble - including just under $15bn from the UK......

Sharp increase in UK retail sales
UK retail sales volumes jumped 1.8% in March compared with the previous month, official figures show, the biggest rise in more than a year......

Disney film boss quits after flop
The head of the Disney film studio, Rich Ross, resigns as chairman just a month after the film John Carter became one of the company's biggest flops......

Superdry owner in profit warning
Shares in Supergroup, the company behind the fashion chain Superdry, plunge after the company issues its fourth profits warning in 12 months......

Mortgage rates rise for new deals
Mortgage rates for new borrowers are continuing to rise, with least 10 lenders charging more for certain deals this week......

McDonald's helped by store revamp
McDonald's reports a 5% increase in profits to $1.27bn, helped by an upgrade for its restaurants and new meals......

EU condemns Repsol state seizure
The European Parliament passes a resolution condemning a nationalisation that has strained relations between Spain and Argentina......

GE profits hit by one-off charges
US giant General Electric reports a 10% fall in first-quarter profits due to one-off charges, but says it had record orders from transport and energy projects......

YouTube loses music court battle
YouTube could face a huge bill for royalties after it loses a court battle in Germany over music videos......

BA-owner completes BMI takeover
The owner of British Airways and Iberia, IAG, has completed its takeover of BMI from Lufthansa......

Warning over 'misleading' names
A regulator has warned businesses to avoid using "misleading or undesirable" trading names that suggest they are charities or helplines......

Rents 'fell back again' in March
The average level of private rents in England and Wales fell back slightly again in March, according to the letting agency group LSL Property Services......

Profits at India's Reliance fall
Reliance Industries, India's largest private company, reports a second consecutive quarter of falling profits......

Petrol prices reach new high - AA
The average petrol price has touched a new high of 142.48p per litre after a brief halt following weeks of increases, motoring association the AA says......

Nestle having 'challenging' 2012
Nestle reports a 5.6% rise in three-month sales but says that conditions are "challenging" in many of its developed markets......

China firm gets NZ farm sale nod
Chinese firm Shanghai Pengxin wins the approval of the New Zealand government for its plan to buy 16 farms in the country......

Olympus investors approve board
Olympus shareholders approve a new board of directors, but former chief executive Michael Woodford threatens to have the results annulled......

Nissan to make Infiniti in China
Japanese carmaker, Nissan Motors, says it will start manufacturing two models of its luxury brand Infiniti in China......

Millionaire 'gives business away'
The multi-millionaire owner of a County Durham company announces he is to leave the company to benefit the community rather than his family......

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......

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......

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"......

Burma leader in Japan to talk aid
Burmese President Thein Sein is in Japan for a visit expected to focus on financial aid and debt relief, as the EU prepares to suspend sanctions......

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......

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......

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......

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......

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......

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......

AUDIO: Should the UK give more to the IMF?
Ngaire Woods, professor of International Relations Oxford University, and Mark Reckless, Conservative MP for Rochester and Strood and former economist, discuss whether the UK should contribute more to the International Monetary Fund......

VIDEO: Sales of vinyl records rising
There may have been a massive fall in the number of independent record shops, but sales of vinyl records are rising......

VIDEO: Rise in retail sales in March
Panic buying of petrol and the warm weather led to an increase in retail sales last month......

VIDEO: Protests over Remploy closures
More than 1,500 disabled workers face losing their jobs this summer with the closure of a third of all Remploy factories......

AUDIO: Linux founder's prize nomination
Linus Torvalds, the founder of the operating system, Linux, has been nominated for the Millennium Technology Prize - Europe's most prestigious science and technology award......

VIDEO: Hear from reformed drug dealer
Ali Niaz went to prison for dealing class A drugs, find out how he's turned his life around......

AUDIO: The 'big data' revolution
Technology correspondent Rory Cellan-Jones reports on the new industrial revolution of "big data" mining and James Murray, European vice-president of Splunk, a big data company, explains why data is big business......

VIDEO: LinkedIn boss on leading the field
LinkedIn chief executive Jeff Weiner talks exclusively to the BBC's Sharanjit Leyl......

Going digital: The future of advertising
What should today's advertisers be worrying about?.....

China set to reform illicit loans market
How China is reforming the illicit loans which fuelled its boom.....

Is France still open for business?
France's next president will face challenges from businesses.....

Five things Tesco got wrong
Five things the supermarket giant got wrong.....

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

Netflix results could beat, but outlook is grim: StarMine
April 20 - Netflix has a high chance of beating first-quarter earnings estimates but after that it is all downhill, according to exclusive StarMine data......

U.S. Week Ahead: The good, bad and ugly in tech earnings
April 20 - Apple, Amazon and Netflix will dominate the peak of earnings season this week. Apple has a high chance of dazzling investors, according to exclusive StarMine data......

There is no "civil war" within Fed, say Reuters Fedsters
correspondents Mark Felsenthal and Pedro da Costa......

Breakingviews: Shareholders act out
April 20 - Rob Cox and Breakingviews columnists discuss recent shareholder decisions at Citigroup and Goldman Sachs to push back on executive pay......

ECONOMY 2012: Manufacturing to grow in U.S., Manpower CEO
April 20 - ManpowerGroup CEO Jeff Joerres sees manufacturing activity growing in the U.S. and Mexico as the economy improves......

Weakness in Italy, France hurt ManpowerGroup: CEO
April 20 - ManpowerGroup CEO Jeff Joerres on how Italy and France will slow the staffing services firm's business in the current quarter......

AMR unions push for US Air merger
April 20 - American Airlines unions are backing a merger with US Airways ahead of next weeks bankruptcy court hearing, which could cancel labor contracts. Conway G. Gittens reports......

G20 talks IMF funding
April 20 - Central Bankers and Finance Ministers from the Group of 20 arrive for meetings to discuss more funding for the International Monetary Fund. Rough Cut (no reporter narration)......

Trading at Noon: Earnings, Apple on the radar
April 20 - GE, McDonald's and Honeywell beat estimates. Looking ahead at Conocco Phillips, Xerox, Hasbro and Apple reporting next week......

Wealth Strategies: Funds pull out of equities, seek yield
Apr. 20 - Lipper's Tom Roseen says that, after the stock market's run since October, investors will look for safety and yield in fixed income and expects money to flow into those funds and ETFs......

Europe Week Ahead: European corporates seen lagging US
April 20 - Some of Europe's biggest companies are set to report profits which fall short of the strong performance shown by their North American counterparts......

'Record Store Day' spurs vinyl revival
April 20 - Independent record stores around the world are offering free gigs, exclusive merchandise and one-off releases to lure music lovers into shops for 'Record Store Day'. Joel Flynn reports......

3XSQ: More Goldman investigations related to Gupta case
April 20 - Three Goldman Sachs employees are now being investigated for insider trading......

StarMine: Apple could beat estimates - surprise!
StarMine's Sri Raman says the best analysts predict another earnings beat from Apple, and with rising margins and low inventories the company's stock could rise as high as $857 a share......

U.S. Morning Call: Goldman faces new probe
April 20 - Federal prosecutors in California are investigating a Goldman Sachs employee for insider trading......

Emerging markets lift Nestle
April 20 - Nestle, the world's biggest food group, reported forecast-beating first-quarter organic sales growth of 7.2 percent as emerging market demand and price rises helped offset sluggish growth in the developed world. Ciara Sutton reports......

Market Pulse: Punchy UK, German data lift markets off ropes
April 20 - Investors end a bruising week on a positive note following solid German Ifo and soaring UK retail sales. Spanish stocks lead the rebound, but volumes tell the real story......

Titanic shipyard goes green
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......

Myanmar prepares for economic boom
April 20 - As western governments agree to relax economic sanctions on Myanmar the country is reporting an increase in tourism, after nearly two decades of virtual isolation. Hayley Platt reports......

A beautiful day for record stores
April 20 - Independent record stores around the world offer free gigs, exclusive merchandise and one-off releases to mark a unique part of music culture, as Joel Flynn reports......

Breakingviews: Markets too complacent on likely Hollande French election win
April 20 - Markets are too relaxed with the fact that Francois Hollande is on course to be Frances next president, as his policies ignore Frances major economic weaknesses, say Breakingviews......

Reuters Breakingviews: Expect more foreign CEOs in Japan
April 20 - A string of frustrated foreign CEOs in Japan have left their companies. But don't blame the corporate culture - it's more about a move towards better governance. And foreign bosses will keep coming......

Reuters Today: BRICS demand bigger IMF role
April 2 - BRICS countries say they want more power in return for giving the IMF cash. Plus Olympus gets a new board and protests rage in Bahrain......

Getting China hooked on Starbucks
April 20 - Starbucks has proven it can get Chinese tea drinkers to drink coffee. But will the next pot of coffee be as easy to brew here as the economy shows signs of slowing? We ask global CEO Howard Schultz......

Asia Week Ahead: Global automakers on show in Beijing
April 20 - The Beijing auto show kicks off next week, coinciding with a slew of earnings from top Asian automakers, Chinese banks, and electronics firms. HSBC flash PMI reading also in focus......

Taxpayer stumps up another 10bn to save euro
Britain is to give another 10?billion to the International Monetary Fund amid fears over the euro - but MPs will be denied a vote on the decision, George Osborne said.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300.....

Hundreds of jobs at risk as IAG admits it doesn't want bmi's low-cost business
The future of bmibaby and bmi Regional is in doubt after International Airlines Group completed the takeover of parent company bmi but admitted it does not want the company's low-cost and domestic businesses.<img width='1' height='1' src='http://t.....

IMF 'firewall': Who gave and how much
The UK has handed the IMF another $15bn as part of a global effort to raise a EU 'firewall'. Here are the countries who have handed the IMF money in the latest agreement, and how much they have given.<img width='1' height='1' src='http://telegraph.....

Chancellor George Osborne defends Budget but laments leaked details
George Osborne has defended his Budget in the wake of the furore over the granny tax, pasty tax and attack on charitable giving.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e955c8d/mf.gif' border='0'/><.....

Big minus for SuperGroup as it gets its sums wrong
Today's maths lesson comes from SuperGroup. Now, kiddies, concentrate really hard. Can you spot the difference between this plus sign and a minus one?<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e953c1a/mf.gi.....

Former BP chief Tony Hayward could land 2.8m pay package two years on from Gulf of Mexico oil disaster
Former BP chief executive Tony Hayward could be awarded pay and bonuses worth up to 2.8m this year through his new venture Genel Energy.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e95137e/mf.gif' border='0'/.....

SkyePharma soars on asthma drug approval
A double dose of good news sent shares in drug delivery specialist SkyePharma soaring on Friday.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e950d36/mf.gif' border='0'/><br/><br/><a href="ht.....

British twins Alexander and John Hunter 'used stock-picking robot in million-dollar con', claims SEC
British 20 year-olds fleeced thousands of investors, claims SEC.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e950957/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/132309.....

Debt crisis: as it happened, April 20, 2012
Another 10bn of UK taxpayer money has been put at risk of a meltdown in the eurozone after George Osborne agreed to bolster Britain's contribution to the global bail-out fund.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/.....

Web address regulator ICANN still hasn't fixed IT glitch
The regulator in charge of the world's internet addresses is facing fresh embarrassment after an IT glitch delayed its highly-publicised battle for addresses for the second time.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/327.....

Tesco downgraded by Moody's despite chief Philip Clarke's 1bn turnaround plan
Philip Clarke's drive to turn around Tesco has suffered an early setback after Moody's downgraded the retailer's credit rating.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e94d914/mf.gif' border='0'/><b.....

Aviva sacks more than 1,300 workers by mistake
Entire workforce at Aviva Investors accidentally sent email by HR.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e94b354/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/1323.....

Debt crisis: Live
Russian deputy finance minister Sergei Storchak believes the IMF will raise $400bn this weekend, but would not reveal which countries have pledged cash so far.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e8f8.....

European Parliament calls for sanctions against Argentina
The European Parliament passed a resolution condemning Argentina's nationalisation of YPF and called for a partial suspension of tariffs that benefit exports from the South American country to the EU.<img width='1' height='1' src='http://telegraph.....

Barclays faces pay protest vote at AGM over chief Bob Diamond's remuneration package
As much as a fifth of Barclays shareholders could vote against the bank's controversial pay packages despite attempts to calm investor anger ahead of next week's annual general meeting.<img width='1' height='1' src='http://telegraph.feedsportal.co.....

Apple offers to settle ebook price fixing row in Europe but will fight case in the US
Apple has offered to settle its row over ebook price fixing in Europe, despite vowing to fight a parallel case in America because the charges are "simply not true".<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/.....

Supergroup shares slide as retailer admits it got its sums wrong
More than 170m was wiped off the value of Supergroup's shares on Friday after the fashion company admitted it couldn't count and blamed "arithmetic errors" for a calamitous profit warning.<img width='1' height='1' src='http://telegraph.feedsportal.....

GlaxoSmithKline sells clutch of drugs for 164m to Aspen
GlaxoSmithKline has offloaded a clutch of its over-the-counter drugs in a 164m deal, but has still been unable to sell its weight loss treatment, Alli.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e94735f/mf.g.....

Petrol panic and warm weather may have kept UK out of recession
Warm weather and widespread petrol panic helped drive the biggest increase in British retail sales in more than a year in March, raising chances that recovering consumer spending may have helped the economy to avoid recession.<img width='1' height.....

Ryanair passengers face added tax despite already paying for flights
Millions of Ryanair passengers who have booked flights this summer have been warned they could now be charged an extra tax - even though they have already paid in full.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/56830.....

Britain pledges additional 10bn towards IMF war chest
Another 10bn of UK taxpayer money has been put at risk of a meltdown in the eurozone after George Osborne agreed to bolster Britain's contribution to the global bail-out fund.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/.....

Asda, Tesco and Sainsbury cut petrol price by 2p a litre
Asda, Tesco and Sainsbury have started a battle for shoppers squeezed by high fuel costs, with all three supermarket chains cutting the price of petrol by 2p a litre.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/.....

Asda and Tesco cut petrol price by 2p a litre
Asda and Tesco have gone head to head to attract shoppers squeezed by high fuel costs, with both supermarket chains cutting the price of petrol by 2p a litre this morning.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/56.....

FTSE 100: Banks and miners temper blue-chips' losses
Heavyweight miners made modest gains alongside the banks on Friday morning as a lethargic benchmark index flatlined.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e90e9a2/mf.gif' border='0'/><br/><b.....

Argentina 'to negotiate' on YPF compensation
Spain's Repsol, whose YPF unit was nationalised by Argentina, agreed in 2008 to buy back the Eskenazi family's shares in that oil company if it lost majority control.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/.....