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Thursday 26 April 2012

UK Financial News on 2012-04-26

S&P reduces Spain's credit rating
Ratings agency Standard & Poor's cuts Spain's credit rating because of the risks it could take on more debt to support its banks......

Protest votes likely at Barclays
There are expected to be protest votes at the Barclays annual meeting on Friday with some investors unhappy with the level of executive pay......

Ofcom intensifies BSkyB inquiry
Ofcom asks News of the World publisher News Group for more documents relating to phone hacking as it decides whether BSkyB is fit to hold a broadcasting licence......

BMW rejects Olympic car criticism
As BMW unveils its 4,000-strong fleet of powerful cars to ferry Olympic VIPs, it claims they are no more polluting than a mini Ford Ka......

Couples face child benefit quiz
New child benefit rules mean some high earners and their partners will be expected to disclose their finances to each other from next January, the BBC learns......

Nintendo posts first annual loss
Nintendo reports its first annual net loss of 43.2bn yen ($533m; 329m) as sales of the Wii disappoint and a strong yen hits exports......

Ten-fold rise in fivers from ATMs
Nearly 10 times as many 5 notes are being dispensed from cash machines than in the summer of 2010, the Bank of England says......

HSBC confirms 2,200 UK job losses
Banking giant HSBC confirms that it is to cut more than 2,200 jobs in the UK as part of its global cost-cutting plans......

VW and Chrysler see profits jump
Car giants Volkswagen, Chrysler and Fiat all report strong rises in first-quarter profits as the global car market recovers......

Whitbread brews up Costa profits
Whitbread, the hotels and restaurants group, reports a rise in profits thanks to strong results from its Costa coffee and Premier Inn brands......

Mixed fortunes at Shell and Exxon
Royal Dutch Shell reports a rise in profits as strong demand for energy keeps oil prices high - but rival Exxon saw oil production and profits fall......

Consumers' debt caution continues
UK consumers continued their cautious approach to debt in March as demand for home loans and unsecured credit remained weak, banks say......

AstraZeneca chief to stand down
Drugs maker AstraZeneca says that its chief executive David Brennan is to retire on 1 June, as first-quarter profits drop 38% at the firm......

Tor drops DRM from e-book library
Science fiction publisher Tor UK decides to drop anti-piracy restrictions from its electronic books......

Confidence 'at nine-month high'
UK consumer confidence hit a nine-month high in March, the Nationwide Building Society says, but is still well below its long-term average......

Deutsche Bank hit by euro crisis
Deutsche Bank reports a sharp fall in profits, in part due to weaker performance in investment banking during the eurozone debt crisis......

Personal data sites shut in raids
Dozens of websites offering credit card details and other private information for sale are taken down in a police operation spanning three continents......

VIDEO: Are you on a con man's sucker list?
Paul Lewis of BBC Radio 4's Money Box and fraud victim Paul Forrester describes the impact of being conned, as the Financial Services Authority publishes a so-called ''sucker list''......

Raleigh bikes sold to Dutch firm
Raleigh Cycle, one of the best-known and oldest bicycle makers in the UK, is bought by Dutch rival Accell for $100m (62m)......

Barclays in extra 300m PPI hit
Barclays sets aside an extra 300m for settling claims of mis-selling payment protection insurance, but says it made an "encouraging" start to 2012......

O2 launches mobile wallet service
O2 unveils an app that allows users to transfer up to 500 via text message and speed up purchases from online retailers......

Parents 'defy term holiday ban'
More than a half of parents in England admit having taken a child on holiday during term time and more than a quarter plan to do so this year, a poll suggests......

Eurozone leaders push for growth
Eurozone leaders urge governments to focus on growth amid fears about the negative impact of austerity measures......

South Korea growth picture mixed
South Korea's growth picks up in the first quarter but analysts warn of challenging times for Asia's fourth-largest economy......

'Economic system unfair' - poll
A BBC World Service poll finds has found a growing number of people believe economic benefits and burdens are not fairly shared......

Indonesia bans US beef imports
Indonesia suspends some US beef imports following the discovery of a case of "mad cow" disease in the US......

More property woes for Santander
Profits at the Spanish banking giant Santander are hit again after it sets aside 3bn euros to cover property loan losses in Spain......

Olympic tickets release undecided
Olympic organisers have still to agree a date for the release of football tickets for the 2012 Games as online systems undergo final tests......

Police warning over SFA threats
Police warn they will take action against people making threats to Scottish FA panel members who handed out punishments to Rangers......

The best NFL prospect in 30 years
Why an American kid who lived in London is the talk of the NFL draft.....

VIDEO: Book explores risks of 'Britain For Sale'
Nick Higham talks to Alex Brummer, city editor of the Daily Mail, on his new book Britain for Sale, about the number of British companies being sold to foreign predators......

AUDIO: Are people still buying pasties?
Ken McMeikan from bakers Greggs told BBC Radio 5 live what he made of the economy's slip back into a recession......

VIDEO: M&S 'shwopping' plan to cut landfill
Marks and Spencer has joined forces with Oxfam and Joanna Lumley to launch Shwopping - a clothes shopping and swapping scheme......

VIDEO: Stolen card 'shopping channel' shut
Dozens of criminal websites offering credit card details and other private information have been taken down in a global police operation......

VIDEO: Murdoch rounds on BBC News website
Rupert Murdoch used his appearance at the Leveson Inquiry into press ethics to reflect on the threat posed to newspapers by the internet......

VIDEO: Nintendo posts first annual loss
Nintendo, the Japanese game giant, has reported its first annual loss after disappointing sales of its Wii game console and a strong yen hit revenues......

VIDEO: 'Why I have to use a food bank'
Teenager Daryl Harry-Newman says he is upset at having to resort to a food bank, as the BBC's Steph McGovern reports from Knowsley on Merseyside on why more and more people are using the service......

VIDEO: 50 years since UK went into space
Britain sent its first satellite into space 50 years ago when Ariel 1 launched on 26 April, 1962......

Why are 'mortgage prisoners' locked in?
Who is locked into a mortgage and how can they escape?.....

The eurozone crisis as soap opera
Imagine the eurozone crisis as a TV drama.....

Argentine patriotism spooks investors
Is Argentina heading back to its bad old days?.....

The road to recovery?
Detroit's turnaround unsettles the US's free-market instincts.....

Hollande prompts EU austerity rethink
France's presidential contender prompts EU austerity rethink.....

UK textile firms weave new fabric of success
How Lancashire textile firms are competing with Asia.....

Could congestion offer a road to economic growth?
Could congestion offer a road to economic growth?.....

Saft: Why listen when E.F. Hutton speaks now?
Columnist James Saft says bringing back the E.F. Hutton slogan is like bringing back the Packard Motor car: they were fine in their time, but out of sync now......

U.S. Day Ahead: U.S. economic growth to slow a bit
Economics Editor Stella Dawson says there might be a positive surprise......

Slow international demand hurts UPS
April 26 - United Parcel Service missed sales and earnings forecast for the first quarter as the world's largest package shipper experiences a slowdown in Asia and Europe. Conway G. Gittens reports......

Trading at Noon: Earnings beats and misses
April 26 - Investors eye earnings as Aetna, CME Group miss and PulteGroup narrows loss. Expedia, Metlife and Starbucks report after close......

Breakingviews: BTG Pactual pulls off hot market debut
April 26 Billionaire Andr Esteves BTG Pactual raises $1.96 bln in Brazils largest IPO since 2009. Rob Cox and Breakingviews columnists ask how much growth it offers investors......

UK bakers get heated about pasty tax
April 26 - Hundreds of British bakers took a petition with almost half a million signatures to the Prime Minister, opposing a plan to put 20% sales tax on hot takeaway food. Joanna Partridge reports......

Europe Day Ahead
April 26 - A look ahead to Friday's key events including Italy's bond auction, U.S. GDP and company results from WPP, BASF and Daimler......

3XSQ: Two key Wall Street players sing the blues
April 26 - It's the busiest day for earnings this week and already investors are smarting from disappointing results from UPS and Exxon......

'Dogmatic' Bundesbank faces tough inflation dilemma -Welteke
April 26 - Some inflation in Germany would go a long way to rebalancing the euro zone economy. So would a "Marshall Plan" for the weak periphery, says ex Bundesbank president Ernst Welteke......

U.S. Morning Call: Whirlpool beats; Dow Chemical drops
April 26 - Whirlpool profit tops estimates, and Dow Chemical posts a 34 percent drop in first-quarter profit......

Euro zone woes keep banks wary
April 26 - Earnings from some of Europe's top banks showed the scars of the euro zone crisis on Thursday, with big losses on Spanish property and fragile economic recovery likely to dampen an early investment banking rebound. Ciara Sutton reports......

Premier League 20 seasons awards
April 26 - What's the best Premier League goal ever? Who's been the best player? What was the best match? A look at the Premier League 20 seasons awards......

Deutsche Bank CFO: slower client activity in Q2
April 26 - Deutsche Bank's CFO warns of slowing client activity, after missing expectations in the first-quarter due to one-off charges......

Market Pulse: What's moving today and why
Insider has its finger on the market pulse, analyzing and making sense of the biggest movers of the day......

Breakingviews: News Corp & AstraZeneca leaders under fire
April 26 - AstraZeneca CEO quits & Rupert Murdoch faces the Leveson Inquiry. Breakingviews asks if business leaders should fall on their swords......

Gold standard inevitable, $10k/oz looms, says new book
April 26 - A return to the gold standard is inevitable, perhaps as early as next year. And gold prices could hit $10,000/oz, says a new book by Amphora CIO John Butler......

Reuters Today: A mixed bag for Q1 European bank results
April 26 - Q1 earnings the main focus for investors today, notably heavyweights Barclays, Deutsche, Santander. Plus Bernanke, UK's QE outlook, and "Brand Korea"......

Breakingviews: In China, no need to grease the wheels
Breakingviews......

Data Freak: Koreas fast & furious Kia
The once bankrupt Korean automaker Kia is now the envy of some of the worlds biggest automakers......

AstraZeneca CEO quits as sales tumble
April 26 - AstraZeneca Chief Executive David Brennan is to step down on June 1 in an abrupt exit after six years in the top job, following rising investor discontent at the company's performance. Hayley Platt reports......

California town speaks mad cow
April 25 - Residents and a local dairy farmer of a California town react to revelations of mad cow at a local rendering plant. Rough cut. No reporter narration......

Bernanke: Won't "hesitate" to do more
April 25 - Federal Reserve Chairman Ben Bernanke says the central bank "would not hesitate" to launch another round of bond purchases to keep rates low if it looked like the economy needed it, as his group of policymakers ended a two-day meeting by k.....

Fed, Apple power Wall Street
April 25 -Summary of business headlines: Less divided Fed keeps 2014 target, but prepared to do more; Caterpillar, Boeing latest manufacturers to top view; Apple helps Nasdaq end five-day slump. Conway G. Gittens reports......

U.S. Day Ahead: Amazon has to amaze soon
Breakingviews Columnist Rob Cyran.....

Bernanke: Fed prepared to do more for economy
April 25 - Federal Reserve Chairman Ben Bernanke says the U.S. central bank "would not hesitate" to launch another round of bond purchases to drive borrowing costs lower if it looked like the economy needed it. Rough Cut (no reporter narration)......

David Brennan steps down as AstraZeneca profits tumble
David Brennan's resignation after six years at the helm of AstraZeneca, alongside a 38pc drop in first-quarter profits, sent shares the pharmaceutical giant tumbling 6pc.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568.....

S&P cuts Spain's credit rating by two notches to BBB+
Standard & Poor's has cut Spain's sovereign debt rating by two notches to BBB+, citing risks that the government will have to increase its debt burden to support its banks.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726.....

Barclays chief Bob Diamond set to lose half his bonus
Barclays chief executive Bob Diamond is set to lose half his bonus for the year after the bank's financial results showed he was likely to miss a new performance target agreed with shareholders.<img width='1' height='1' src='http://telegraph.feeds.....

Argentina gives Falklands oil explorers May 2 ultimatum
Argentina vowed to press criminal and civil charges on British oil companies exploring off the Falkland Islands if they do not "justify their actions" by a May 2 deadline.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/56.....

Debt crisis: as it happened, April 26, 2012
A majority of politicians in the Netherlands came to an agreement on a new budget proposal for 2013 which adheres to the strict limits of the eurozone treaty, following the collapse of the government this week.<img width='1' height='1' src='http:/.....

AstraZeneca shareholders see 2.2bn wiped off value after chief David Brennan steps down
AstraZeneca shareholders saw more than 2.2bn wiped off the pharmaceutical group's value as a boardroom shake-up following a period of investor unrest led to the abrupt departure of chief David Brennan.<img width='1' height='1' src='http://telegrap.....

Debt crisis: live
A majority of politicians in the Netherlands came to an agreement on a new budget proposal for 2013 which adheres to the strict limits of the eurozone treaty, following the collapse of the government this week.<img width='1' height='1' src='http:/.....

Barclays chairman Marcus Agius to apologise to shareholders for mishandling executive pay row
Marcus Agius, the chairman of Barclays, is to take the unprecedented step of apologising to shareholders over the bank's mishandling of the pay of its top executives.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/.....

IAG boss Willie Walsh demands 'urgent' action to cut airport immigration queues
IAG boss Willie Walsh demands 'urgent' action to tackle airport chaos.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1ec65309/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/.....

AstraZeneca will need more than the placebo effect to placate investors
Sometimes the drugs just don't work.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1ec6335b/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/132918420848/u/3/f/568300/c/32726/.....

Ireland meets austerity targets by 'healthy margin' as it seeks return to bond markets
Ireland met its international austerity targets by a "healthy margin", paving the way for Dublin to return to the capital markets within months, its finance minister Michael Noonan claimed.<img width='1' height='1' src='http://telegraph.feedsporta.....

Unilever unveils best results for five years
Unilever, the world's third biggest consumer goods company, has delivered its best quarterly performance in five years by pushing up prices for hard-pressed households.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/56830.....

Ofcom steps up 'fit and proper' probe into BSkyB
Ofcom has stepped up its probe into whether BSkyB is "fit and proper" to hold a broadcasting licence, demanding evidence from Rupert Murdoch's News Corporation for the first time.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32.....

Starbucks' UK sales boosted by extra shot of espresso
Starbucks has seen sales of latte and cappuccino in the UK surge 9pc after tempting cash-strapped Britons with the offer of a free extra shot of espresso.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1ec5bedc/m.....

Europeans will never accept a federal banking system
Political barriers will prove too much, writes Jeremy Warner.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1ec5ac38/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/132733462.....

Santander UK warns on profits and mortgage lending
Spanish banking giant Santander provided a dismal outlook for its British business, as it warned that pre-tax profits would be lower than previously expected until 2013 and that mortgage lending would contract this year.<img width='1' height='1' s.....

Exxon Mobil profits hit by lower oil production
Exxon Mobil failed to benefit from a rally in oil prices in the first quarter of the year as production at the world's biggest energy company fell.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1ec59cd5/mf.gif' .....

UK double-dip recession fuels argument for more QE, says MPC's Martin Weale
The case for more money printing to bolster the recovery has been strengthened by the UK's slump back into recession, a leading Bank of England rate-setter has said.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s.....

AstraZeneca is in need of radical surgery after chief David Brennan retires
Boss' departure could herald dramatic change at troubled drug maker.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1ec59cda/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/13.....

Third of Barclays shareholders set to vote against chief Bob Diamond's remuneration package
Barclays faces the prospect of a significant shareholder revolt on Friday over the controversial pay arrangements for its chief executive, Bob Diamond.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1ec4fe7d/mf.g.....

Russian oil firm Exillon fined for failing to disclose payments to chairman Maksat Arip
Russian oil company Exillon Energy paid out nearly 1m on private jets, school fees and credit card payments for its former chairman Maksat Arip - but failed to disclose the payments.<img width='1' height='1' src='http://telegraph.feedsportal.com/c.....

Shell profits jump to $7.7bn on higher oil prices
Company admits significant disruption could be caused to those living near operations.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1ec06f31/mf.gif' border='0'/>.....

Airbus and Boeing passenger jet boom boosts UK manufacturers Senior, Meggitt and Cobham
Booming demand for passenger jets made by Airbus and Boeing is driving growth for British manufacturing groups.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1ec4db24/mf.gif' border='0'/><br/><br/>.....

ASOS shares drop 13pc after sales miss estimates
Shares in online fashion retailer ASOS took a nosedive on Thursday after sales in the fourth quarter were significantly weaker than expected.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1ec4db27/mf.gif' border.....

Why Facebook will be watching Google and Oracle's $1bn court battle very closely
You should be forgiven if the idea of being able to access emails while on the move feels, well, a bit old to you.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1ec4db2a/mf.gif' border='0'/><br/><br/.....