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Friday 27 April 2012

UK Financial News on 2012-04-27

Barclays hit by revolt over pay
Barclays management is stung by a revolt over pay, as 26.9% of shareholders vote against the bank's remuneration report......

Spanish unemployment hits record
Spanish unemployment hits a new record high of 5.64 million, official figures show, hours after the country's debt rating was downgraded......

Samsung overtakes Nokia in phones
Samsung Electronics overtakes Nokia to become the world's largest maker of mobile phones and reports an 81% increase in quarterly profits......

Lloyds ends exclusive Co-op talks
Lloyds Banking Group says it has ended its exclusivity agreement with the Co-operative Group over the sale of 632 bank branches......

US economic growth rate slowing
US economic growth slowed to an annualised pace of 2.2% in the first quarter of the year, from 3% in the final three months of last year......

Ford suffers European sales slump
US carmaker Ford reports lower quarterly profits following weak sales in Europe and higher tax charges......

Rules relaxed for pension schemes
The Pensions Regulator is to relax the rules governing 300 company pensions to help deal with funding shortfalls......

Birmingham delays accounts again
The holding company of Championship club Birmingham fails for a fourth time to file its financial results for the year to 30 June 2011......

Trade fair in Zimbabwe boycotted
India and Russia boycott a major international trade fair in Zimbabwe in protest against the country's policy of taking control of foreign companies......

Tax fine error hits 12,000 people
About 12,000 people who had been told that they no longer needed to fill in self-assessment tax forms have been sent penalty notices in error......

Ofcom proposes parcel price cap
The cap on prices that Royal Mail can charge for second-class post should be extended to large letters and parcels, Ofcom proposes......

BMI Regional sale talks advance
A consortium is in advanced talks to buy the regional division of BMI, after the takeover of the larger BMI airline by IAG......

Eurozone sees retail sales slide
Retail sales in the three largest eurozone economies fall to the second lowest level on record, a survey indicates......

Real life tests reveal 'true MPG'
Fuel economy figures produced by the government are routinely too optimistic, tests by What Car? magazine suggest......

Sharp reports record annual loss
Sharp reports a record annual loss as sales and prices of TVs fall, but forecasts a slim profit for the current financial year......

Mercedes boosts Daimler profits
German car and truck maker Daimler reports a sharp rise in profits thanks in part to record sales at its Mercedes-Benz division......

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)......

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......

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......

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......

Greece 'was not ready for euro'
Greece should not have joined the euro, a former head of the Bundesbank who was closely involved in eurozone policymaking tells the BBC......

Japan makes $123bn stimulus move
The Bank of Japan increases its stimulus programme for the second time in just over two months in a bid boost economic growth......

Amazon's profits beat forecasts
Amazon posts better-than-expected profits after the world's biggest retailer cuts costs and boosts sales of Kindle tablets......

KFC must pay poisoned girl $8.3m
The family of an Australian girl left severely brain damaged after eating a KFC chicken meal is awarded $8.3m (5.1m) in damages......

Honda profit recovers from floods
Japan's Honda Motor reports a jump in profits of 61%, as car and motorcycle sales recover from a year of disasters......

New Gers bid less than Miller's
BBC Scotland understands that Bill Miller's bid for Rangers is worth significantly more than the Blue Knights and Brian Kennedy's......

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......

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......

VIDEO: Barclays 'not in tune with shareholders'
It is thought almost a third of investors could vote against Barclays Bank's pay plans......

AUDIO: Samsung 'not following anymore'
The BBC's Seoul correspondent Lucy Williamson looks at how the image of Samsung has changed just as the company reported profits of $5bn in the first three months of this year......

AUDIO: National Trust: 'Way to go' on green policy
Dame Fiona Reynolds, the director general of the National Trust, is the Today programme's Friday boss......

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: Unite: 'No strike on table at this point'
Diana Holland, assistant general secretary of Unite explained why the union is recommending their members reject a proposed deal to avert a strike by fuel tanker drivers......

VIDEO: Barclays shareholders revolt over pay
Almost a third of Barclays shareholders have voted against the companies top executive pay deals at the banks annual AGM.....

VIDEO: Behind the Samsung success story
With Samsung reporting record profits, Lucy Williamson looks at what is behind its rise of the business superpower......

VIDEO: Hague seeks EU-ASEAN trade boost
William Hague says there is much to be gained from the European Union and South East Asian Nations cooperating more closely......

Viewpoint: GDP data - fit for purpose?
Economist says official GDP stats don't add up.....

Why is Football League finance tightening?
Why the Football League is tightening its belt.....

Jamaica struggles toward a sound economic future
How the island hopes to straighten out its economic mess.....

The humanisation of computing
The rise of digital devices has changed all of our lives.....

Forstmann's art collection reflects his investment legacy
Apr. 27 - Sotheby's will auction the art collection of legendary buyout pioneer Ted Forstmann in May. Insider takes a look at how his artistic style paralleled his investment strategy......

U.S. Week Ahead: Ka-ching! Retail could boost Jobs Report
Economics Editor Stella Dawson......

U.S. growth slower at year's start
April 27 - The U.S. economy is resilient, but can do better International Paper Chairman and CEO John Faraci says after GDP report shows 2.2 pct gain. Conway G. Gittens reports......

Corporate profits should weaken in Q2: Economist
April 27 - David Levy of the Jerome Levy Forecasting Center doesn't see corporations peforming as well in the current quarter as they did in the first three months of the year......

Trading at Noon: Amazon soars on spectacular results
April 27 - Shares of Amazon are rallying after better-than-expected quarterly results, and a look ahead at Loews for Monday.....

3XSQ: Economy underperforms in Q1
April 27 - Shoppers did their part to boost U.S. economic growth in the first quarter but the GDP slipped on inventories, weak business spending......

Breakingviews: Impenetrable Chesapeake
April 27 - Richard Beales and Breakingviews columnists discuss the echoes of Enron in the complexity of Chesapeake Energy as the company struggles with a governance scandal......

Europe Week Ahead
April 27 - Key events next week include the ECB policy meeting, U.S. non-farm payrolls, bond auctions from Spain, Portugal and France, as well as a raft of company earnings from the likes of BMW and Adidas......

KFC to pay Australian family $8 million in damages
April 27 - KFC has been ordered to pay $8 million Australian dollars (8.3 million USD) to a stricken Australian girl's family after she was left severely brain damaged from food poisoning after eating a chicken "Twister". Matt Cowan reports......

Spanish economy in crisis after downgrade
April 27 - Spain is facing a "crisis of huge proportions" according to its foreign minister, as unemployment hit its highest level since the early 1990s and the government's debt was downgraded by two notches by Standard and Poor's. Joanna Partridge .....

Reuters Asks: Which govt could euro zone crisis claim next?
asks which European government could find itself a victim of the euro-zone crisis next......

U.S. Morning Call: Amazon soars; Starbucks global sales down
April 27 - Amazon's quarterly results beat Wall Street's most bullish expectations, and Starbucks reports a higher quarterly profit but sales in Europe show weakness......

Market Pulse: Stocks silver lining on Spain's ratings cloud
April 27 - European stocks end the week on a high but Spanish bonds feel the heat from S&P downgrade......

S&P's Moritz Kraemer on Spain Downgrade
April 27 - S&P's managing director of sovereign ratings Moritz Kraemer explains the rationale behind cutting Spain's credit rating by two notces, and calls for EU action to stem the crisis......

KFC loses damages battle
April 27 - Fast food chain KFC ordered to pay 8.3 million U.S. dollars after food poisoning left a child with severe brain damage. Rough cut (no reporter narration)......

Breakingviews: Amazon plays long-game; investor returns down
Breakingviews......

Italy must break with old business ways - industrialist
April 27 - Italian construction group chief Pietro Salini says the credit crunch is the biggest problem facing Italian business......

Reuters Today: S&P spooks with Spain downgrade
April 27 - S&P cuts Spain's credit rating by two notches to BBB plus, with a damning assessment of goverment finances. The BoJ boosts bond buying, while Samsung earnings shine......

Turkeys don't vote for Christmas - WPP's Sorrell
April 27 - WPP advertising group chief Sir Martin Sorrell says austerity is a difficult message for politicians pushing unpopular policies......

China a minefield for bribing risks
April 27 - Wal-Mart's alleged bribery scandal in Mexico is bringing attention to China. King & Wood Mallesons Partner Meg Utterback talks about why China can be a minefield in bribery for businesses......

Profitability has peaked for China's "Big 4" banks: analyst
Chinese banks face the double challenge of peaking profitability and high-level political noise over fees they charge customers, says Michael Werner of Sanford C. Bernstein......

The pure supercar maker - an endangered species?
April 27 - With Lamborghini, Maserati and other following in the tire tracks of Porsche, Chinese demand for passenger vehicles may end the era of the pure sports car maker. Jon Gordon reports......

Asia Week Ahead: Regional power politics take centre stage
April 27 - China's PMI data is a key economic indicator, but high-level politics is a top focus with EU officials visiting Myanmar and senior U.S. officials in Beijing for high-level talks......

Honda rebounds, profits more than double
April 27 - Honda Motor snaps a five-quarter streak of sliding profits, forecasts 170 percent surge in full-year earnings. Arnold Gay reports......

Italy's Salini raises stake in rival Impregilo
April 27 - Privately owned construction group Salini steps up its drive to merge with Italy's biggest builder Impregilo......

New SFO head David Green pledges agency 'here to stay'
The new director of the Serious Fraud Office, David Green, has moved to dispel the continuing uncertainty surrounding the body by pledging to maintain it as a separate crime fighting agency.<img width='1' height='1' src='http://telegraph.feedsport.....

Barclays suffers biggest pay revolt as 31.5pc of investors oppose controversial executive remuneration plan
Barclays has suffered its largest shareholder revolt over executive pay with 31.5pc of investors voting against the bank's controversial remuneration plan at its annual meeting.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/3272.....

QE quadruples FTSE 350 pensions deficit in one year
Pension deficits at the country's biggest companies have quadrupled in 12 months in the wake of the Government's quantitative easing policy.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1ecffe2b/mf.gif' border=.....

Samsung profits jump as smartphone sales outstrip Apple
After years of playing second fiddle, Samsung has finally stolen Nokia's crown as the world's biggest seller of mobile phones and left Apple's iPhone trailing in its wake.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/56.....

Former Societe Generale trader Jerome Kerviel to sue bank over 'evidence tampering'
Jerome Kerviel, the former Societe Generale trader appealing a prison sentence for his role in a rogue trading scandal, plans to sue the bank for alleged manipulation of evidence.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32.....

Talk of shopping centre swap lifts British Land
Football might not seem an obvious analogy for the fate of real estate investors but JP Morgan Cazenove turned to the beautiful game, saying it was time for British Land "to play Champion's League".<img width='1' height='1' src='http://telegraph.f.....

Dipping back to the Seventies
The last double-dip recession was in 1975. But unlike now, some certainties remained, says Philip Johnston.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1ecf46aa/mf.gif' border='0'/><br/><br/><.....

Pain in Spain is continuing to rain down on its citizens
Sometimes the markets are shockingly complacent.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1ecf46ab/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/132733544355/u/3/f/568.....

David Cameron has no plan to return Britain to growth, claims WPP chief Sir Martin Sorrell
David Cameron has yet to come up with a credible strategy to return Britain to growth, and risks being "blown off course" by news events, Sir Martin Sorrell has claimed.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/5683.....

Penguin Books owner Pearson vows to 'mount a robust defence' over ebook price-fixing allegations
Pearson is showing no sign of backing down in its row with the US Department of Justice, vowing to "mount a robust defence" over allegations that it colluded to fix the price of ebooks.<img width='1' height='1' src='http://telegraph.feedsportal.co.....

France's Francois Hollande and Germany's Angela Merkel clash over euro austerity pact
The growing gulf between France and Germany was underlined as the eurozone's two biggest economies clashed over tackling the debt crisis.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1ecee1e5/mf.gif' border='0'.....

Debt crisis: as it happened, April 27, 2012
German Finance Minister Wolfgang Schaeuble warns S&P downgrade of Spanish debt makes a dire situation "even more critical" as US reveals growth cooled in the first quarter.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726.....

Barclays AGM: 'We can't pay zero bonuses, the consequences would be dire'
He's nothing if not brave. With boos and heckles ringing around the Royal Festival Hall, Bob Diamond risked a joke. "You seem to be very well informed," he breezed to one shareholder. "Are you looking for some work here?"<img width='1' height='1' .....

Debt crisis: live
German Finance Minister Wolfgang Schaeuble warns S&P downgrade of Spanish debt makes a dire situation "even more critical" as US reveals growth cooled in the first quarter.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726.....

Italian tax crackdown brings in 6bn in just four months
One hotel owner claims he simply 'forgot' to pay any tax.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1ecec51d/mf.gif' border='0'/>.....

Addison Lee loses Government contract after bus lane row
Addison Lee, Britain's largest minicab company, has been told its only Government contract will not be renewed at the end of this month after its founder John Griffin instructed his drivers to use London's bus lanes illegally.<img width='1' height.....

Alliance Trust chief Katherine Garrett-Cox defeats shareholder rebellion
Katherine "the Great" Garrett-Cox lived up to her old nickname, as the embattled chief executive of Alliance Trust saw off a shareholder rebellion on Friday over her oversight of its 2.1bn investment portfolio.<img width='1' height='1' src='http:/.....

Spain 'in huge crisis' as unemployment hits record levels
Spanish leaders warned that their country is mired in a "crisis of huge proportions" as the government reeled from the latest downgrade of its credit rating and was faced with record unemployment.<img width='1' height='1' src='http://telegraph.fee.....

Barclays chief Bob Diamond admits to rate swap mistakes
Bob Diamond has spoken for the first time about the allegations of mis-selling of hedging products by Barclays, admitting the bank had "made mistakes".<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1ece65b6/mf.g.....

Lloyds ends exclusive talks with Co-op over branch sale
Lloyds Banking Group has ended its exclusivity agreement with The Co-op over the sale of 632 branches and will now consider discussions with other potential buyers such as NBNK.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/3272.....

Barclays annual meeting: as it happened, April 27, 2012
Barclays board members have been hauled over the coals by shareholders at the annual meeting and forced to apologise over their handling of a remuneration plan, which a third of investors refused to back.<img width='1' height='1' src='http://teleg.....

Total admits it could do better on safety as Elgin and Nigeria gas leaks hits production
French oil giant Total admitted it must do better on safety as it warned that the gas leak at its Elgin platform in the North Sea, and another in Nigeria, could wipe out its planned production growth this year.<img width='1' height='1' src='http:/.....

US growth slows despite jump in consumer spending
The US economy continued its steady rebound with growth in the first three months of the year of 0.5pc, but economists said the level of activity was mildly disappointing as it undershot expectations.<img width='1' height='1' src='http://telegraph.....

State pension will cost 146,000 per household
Funding the state pensions of current and future pensioners will cost the equivalent of 146,000 in cumulative tax payments for every household, new official figures have revealed.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32.....

12,000 taxpayers receive incorrect penalty warning
More than 10,000 people have received incorrect penalty warning notices from HMRC.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1ecd8d03/mf.gif' border='0'/>.....