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Saturday 21 April 2012

UK Financial News on 2012-04-21

Osborne wants charity money talks
Chancellor George Osborne tells the BBC he wants to work with charities and donors to ensure Budget changes do not hit charities' income......

Teen twins in '$1.2m stock fraud'
Two British twins, who were 16 when they allegedly defrauded investors out of $1.2m via a bogus stock-picking robot, face charges in the US......

Japan agrees Burma debt write-off
Japan agrees to write off more than $3.7bn (2.29bn) of debt to Burma as its president continues his first visit there......

Miller planning new Rangers bid
American businessman Bill Miller challenges fellow Rangers bidders to make final offers as he reveals his own proposals......

Families 'hit by legal aid plans'
Many vulnerable people facing family breakdown could end up without legal representation as a result of legal aid plans, a legal group warns......

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......

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......

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......

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

IMF doubles its lending firepower
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......

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......

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......

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

VIDEO: Families 'hit by legal aid plans'
Thousands of vulnerable people facing family breakdown could end up without legal representation because of planned changes to legal aid, according to a legal group......

VIDEO: Are Olympic workers being short changed?
Tens of thousands of temporary workers will be taken on over the next few months to work on the Olympic and Paralympic Games......

VIDEO: Your Money: Boosting charity donations
In this week's Your Money Declan Curry looks at how to boost your donations to charity and how legal aid rules are changing for couples getting divorced......

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......

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

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

Repaired A380 set for takeoff
April 21 - Australian airliner Qantas prepares to send an A380 airbus back into the skies after an engine failure incident grounded the plane in Singapore in 2010. Julie Noce reports......

IMF gets $400 billion commitment
April 20 - International Monetary Fund Managing Director Christine Lagarde announces members have agreed to put up more than $400 billion to more than double the IMF's war chest to fight back the European debt crisis. Karen Hendren reports......

Stocks energized by GE, McDonald's
April 20 - Wall Street closed the day in different directions as earnings from bellwethers General Electric and McDonalds lifted the Dow and S&P 500. Conway G. Gittens reports......

McDonald's profits on value meals
April 20 - McDonald's announced higher first-quarter profits as global customers eat up the fast food giant's low cost menu and new regional cuisines. Jill Bennett reports......

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......

Fidelity China Special Situations fund manager Anthony Bolton has been shanghaied in China
Head of Fidelity's under-performing fund on why he is staying on in Hong Kong.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e9b2e59/mf.gif' border='0'/><br/><br/><a href="http://da.feedsporta.....

Government to consult on use of plea bargains in cases of complex financial crime
The introduction of plea bargains into complex financial crime cases is set to become a reality after it emerged the Ministry of Justice is to sponsor the necessary legislation.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/3272.....

HSBC's chairman Douglas Flint warns new Bank of England committee likely to harm lending
Douglas Flint, the chairman of HSBC, has attacked the Bank of England's new Financial Policy Committee (FPC), warning it could reduce companies' ability to borrow from banks and increase costs.<img width='1' height='1' src='http://telegraph.feedsp.....

Pirc urges vote against 'excessive' executive pay at Aviva
Pirc, the influential shareholder group, has advised its members to vote against Aviva's "excessive" boardroom pay at the company's annual meeting next week.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e9b2e5.....

AstraZeneca seeks a remedy for its patent pain
CEO David Brennan could need a tablet when he unveils first-quarter results.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e9b2e5d/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal......

MPs to investigage rate swap mis-selling claims
More than 40 MPs from all the major parties will meet this week to discuss the growing outcry over the alleged mis-selling of interest rate swaps by Britain's biggest banks to small businesses.<img width='1' height='1' src='http://telegraph.feedsp.....

The countries where resource nationalism is on the rise
Resource nationalism is growing, with governments around the world raising royalties, toughening up mining laws and laying claim to their countries' natural riches. Emma Rowley highlights some examples.<img width='1' height='1' src='http://telegra.....

IMF allows eurozone to stay in its fantasy world
Under Christine Lagarde's stewardship the IMF is continuing to indulge the eurozone's banks while the fund's donor countries seethe .<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e9b2e62/mf.gif' border='0'/>.....

Tax Google more, mobile phone operators urge EU
Europe's biggest mobile companies are lobbying Brussels to make Google pay more tax.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e9b2e63/mf.gif' border='0'/><br/><br/><a href="http://da.feed.....

Rainmaker: Katherine and Bob, it's always good to talk
For different reasons, Friday will be a big day for Katherine Garrett-Cox and Bob Diamond, two of the most high-profile chief executives in the financial services sector.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568.....

Britain reassures banks over Argentina's Falklands threats
The Foreign Office has sought to reassure British and American banks threatened by the Argentine government over their involvement in the Falkland Islands oil industry.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/56830.....

Oleg Deripaska: Why I paid crime gangs for protection
Oleg Deripaska, the billionaire chief executive of aluminium producer Rusal, reveals why he was forced to pay crime gangs for protection, talks of threats to his life and explains why Russia is now a far cleaner economy .<img width='1' height='1' .....

Google's Eric Schmidt and film director James Cameron back venture to mine in space
Eric Schmidt and James Cameron back venture to mine final frontier.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e9b2e68/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/132.....

Foreign Office letter to banks over Argentina's Falklands oil threats
The letter from the British Foreign Office to banks setting out the Government's position on the Falkland Islands after Argentina threatened sanctions against companies drilling for oil in the British protectorate and their lenders.<img width='1' .....

Vodafone 11th-hour bid for C&WW set to succeed
Cable & Wireless Worldwide is poised to recommend a takeover bid by Vodafone, thought to value the beleaguered telecoms company at around 1.1bn.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e9b2e6b/mf.gif'.....

Argentina's Cristina Kirchner opens a new trade war
Argentina joins new tide of resource nationalism spooking investors.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e9b2e6a/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/13.....

Investment analysts are stuck in a rut, Twitter can pull us out
"Oh Crikey! Twitter? I've never been into that!" That is what one pukka investment banker said to me last week. Well, it may be about time that people like that and the rest of the financial community took notice.<img width='1' height='1' src='htt.....

Anya Hindmarch: from rats to 12,500 crocodile skin handbags
Interview: Anya Hindmarch, the bag lady of fashion, faces hurdles head-on.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e9b2e6d/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.co.....

F1 video game creator Codemasters in debt for equity deal
Codemasters, the video games maker behind the Formula1 series of games as well as 90s' retro classic Dizzy, is to convert 21m of expensive debt into equity as part of a wider financial restructuring designed to place the loss-making company on a soun.....

Barclays hopes 2bn profit will quell Diamond pay row
Barclays is set to announce profits for the first three months of the year of 2bn this week as it attempts to convince investors its performance merits the 17.7m it has controversially awarded its chief executive.<img width='1' height='1' src='htt.....

Lord Rothschild buys 7.5m stake in Bathrooms.com - set up by founder to stop his wife getting bored
Bathrooms.com, started by Ian Monk to keep his wife busy, valued at 20m.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e9b2e70/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/.....

Oligarch Oleg Deripaska reveals he paid armed gangs to protect his business empire
Oleg Deripaska, the oligarch and a close associate of Lord Mandelson, has disclosed how he was forced to pay protection money to the Russian underworld as he built his business empire.<img width='1' height='1' src='http://telegraph.feedsportal.com.....

Listings regulator investigates 170m Supergroup 'errors'
The UK Listings Authority is examining the background to the "arithmetic errors" that caused more than 170m to be wiped from the value of Supergroup's shares.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e9b2e.....

City regulator fines former BoS banker
Peter Cummings, the man behind Bank of Scotland's failed corporate bank, has been handed a "warning notice" and punitive fine by the Financial Services Authority.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e.....

Britain to discover if it is in a double-dip recession
Official figures to show whether growth shrank for a second quarter.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e9b2e73/mf.gif' border='0'/>.....