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Saturday 28 April 2012

UK Financial News on 2012-04-28

Britain's richest getting richer
The UK's richest people are getting even wealthier despite the recession, according to the 2012 Sunday Times Rich List......

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......

Banks 'wrong' over payment policy
Two of the UK's biggest banks admit that some customers have been denied their legal right to cancel recurring payments, reports Radio 4's Money Box......

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......

South Sudan awaits big China loan
Officials in South Sudan say China has agreed to loan it $8bn (4.9bn) for major development projects, following a presidential visit to Beijing......

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......

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......

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......

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

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......

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......

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......

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......

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

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......

VIDEO: Your Money: Child benefit changes
In this week's Your Money, Declan Curry looks at how changes to child benefit could mean couples disclosing their earnings to each other......

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......

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......

In pictures: Raleigh bicycle posters
The posters that helped make Raleigh a household name.....

One maths formula and the financial crash
Can mathematicians be blamed for the financial crash?.....

Postal prices: Impact on firms
How larger post is affected by Royal Mail's price changes.....

Spain halts passport-free entry
April 28 - Spain temporarily suspends passport-free entry across its borders while a summit of the European Central Bank takes place in Barcelona. Paul Chapman reports......

Bigelow brews sales in slow economy
April 27 - New data shows U.S. economic growth slowed in the first quarter, but Bigelow Tea is stirring in innovation to grow sales as the consumer-driven sector of the economy holds up. Jill Bennett reports......

More arrests in weekly Occupy Wall Street march
April 27 - More Occupy Wall Street protesters are arrested as they take part in a weekly march to the New York Stock Exchange. Rough Cut (no reporter narration).....

Earnings lead to strong weekly gains
April 27 - Stocks rallied on Friday to close out the best week in months as the afterglow from Amazon's stellar results the day before offset softer-than-expected U.S. economic growth. Conway G. Gittens reports......

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......

Aviation flies the flag for British industry
"The Prime Minister did not need to go to Asia, he could have been here today," said Willie Walsh. "It is a great testament to UK engineering."<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1ed52a50/mf.gif' bord.....

Growing economies boost Britain's maritime industry
The value of Britain's sea trade is expected to be worth 700bn by 2017 as the rising middle classes in fast-growing economies boost demand, according to new research.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/.....

KPMG faces inquiry over rescue of HBOS
Accountancy giant KPMG could face a formal investigation by the UK's accountancy watchdog for its conduct leading up to the rescue of HBOS by Lloyds TSB.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1ed52a52/mf.....

E.ON left red-faced over climate tax
Energy supplier E.ON has been forced to apologise to 65,000 companies after telling them they would have to pay a climate change tax at 1,000 times the real rate.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e.....

What James and Rupert Murdoch really wanted to do with BSkyB
Standing before a Barcelona conference room filled with investors and analysts, James Murdoch calmly set out his vision for BSkyB under full ownership of News Corporation.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/56.....

Jaguar Land Rover in talks over Ethel Austin factory
Jaguar Land Rover is in talks to take over the former headquarters of collapsed fashion brand Ethel Austin as the British car maker ramps up its expansion plans.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1ed.....

Rainmaker: Lloyds has moved the goalposts for NBNK
It never rains but it pours. And at 25 Gresham Street, in the City of London, they could be forgiven for bringing out the buckets.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1ed52a56/mf.gif' border='0'/>&l.....

Mr & Mrs Smith launch retail bond
Companies have already tried to tempt investors frustrated by weak returns in the markets by paying dividends in gold and even chocolate.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1ed52a57/mf.gif' border='0'.....

Severstal chief Alexey Mordashov eyes a golden opportunity on the FTSE 100
Alexey Mordashov, Russia's third richest man, tells of his plans for a FTSE listing and why Soviet stereotypes are outdated.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1ed52a58/mf.gif' border='0'/><br/&.....

Lord Browne: fracking would only impact "tiny bits" of countryside
Drilling hundreds of wells to frack for shale gas would only impact "tiny bits" of the countryside, Lord Browne has claimed, insisting there was no rational cause for concern over the controversial process.<img width='1' height='1' src='http://tel.....

Double-dip recession to trigger house price fall
Britain's official return to recession has raised the risk of a sharp fall in house prices, economists have warned.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1ed52a5a/mf.gif' border='0'/><br/><br.....

Mystery woman saves Twickenham Film Studios
The film studio behind War Horse and The Iron Lady could be saved from developers after a bidder stepped in to buy the business out of administration.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1ed52a5b/mf.gi.....

Mining through data can reveal treasures
Modern analytics software can be a boon to the medium-sized business.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1ed52a5c/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/1.....

Pay row risk at Standard Chartered
Investors in Standard Chartered are being urged to vote against the bank's pay report which delivered a $92m (56m) remuneration pot to its top 13 bankers.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1ed52a5d/m.....

Could democracy derail the euro?
Like a tidal wave, the crisis that has overwhelmed southern Europe smashed into the northern core last week.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1ed52a5e/mf.gif' border='0'/><br/><br/>&l.....

George Osborne pushed on growth as OECD says 'loosen purse strings'
The Government should consider borrowing more to pay for vital infrastructure projects in an attempt to stimulate growth, according to the OECD.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1ed52a60/mf.gif' bor.....

Pricey oil could put the brakes on US recovery
The outlook for the American economy is improving. That was the message from the Federal Reserve last Wednesday, as the US central bank issued new forecasts showing faster GDP growth and lower unemployment.<img width='1' height='1' src='http://tel.....

Etihad to open new British HQ in Manchester
Etihad is to open a European headquarters in Manchester, which could lead to the creation of up 300 new jobs in the city.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1ed52a62/mf.gif' border='0'/><br/>.....

Abu Dhabi in Lloyds Bank talks
Middle Eastern wealth funds Qatar Holdings and Abu Dhabi's Mubadala fund have held talks with Lloyds bank bidder, NBNK, to bolster its 2bn approach for 632 branches.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s.....

Back British stocks - but only if they're tapped into the US
Should investors buy UK equities? If you look at the way UK pension funds are diversifying away from them into global equities and indeed bonds, the answer appears to be "no".<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/.....

F1 flotation boosted by 4.4bn 'guarantee'
Bernie Ecclestone is finalising preparations for a 6.1bn flotation of F1 and is expected to lodge a prospectus for the business showing that it has $7.1bn of guaranteed revenue.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/3272.....

Vince Cable told to change law over bank mis-selling
Pressure grows on Government to change the law so small businesses that claim they have been mis-sold complex interest rate derivatives by Britain's banks can take legal action.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/3272.....

Pressure grows on Cable as mis-selling crisis deepens
A Telegraph investigation has sparked cross-party action as the FSA launches a review over the mis-selling of interest rate hedging products.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1ed52a67/mf.gif' border.....

Adair Turner's bid to lead the Bank of England
Lord Adair Turner, the chairman of the Financial Services Authority, is a man not short on self confidence.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1ed52a68/mf.gif' border='0'/><br/><br/><.....

Hobbs prepared for 250m sale
Embattled private equity firm 3i is grooming Hobbs for a sale in a deal that could value the business at up to 250m.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1ed53bd7/mf.gif' border='0'/><br/><b.....