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Monday 30 April 2012

UK Financial News on 2012-04-30

Bank of England now steered by a new Compass
Sir Mervyn King has quietly ditched the economic forecasting model he brought in when appointed governor.....

Venture deals fail to emerge from slump despite great opportunities
European activity has failed to recover from the near 12-year lows of 2011.....

FSA prepares crackdown on market abuse
Regulator will begin spot checks of firms' reporting systems to review compliance with the rules.....

Former RBS staff are finding jobs market tough
Only one in nine former Royal Bank of Scotland staff hunting employment over the past three months have found themselves new jobs.....

Concerns raised over ETF index blind spot
Industry participants warn UK regulator's report may not have scrutinised the sector enough.....

Fund managers launch recruitment offensive
Institutional sales and marketing hiring aims to claw back crisis losses.....

Goldman keeps on giving
UK arm of the Wall Street bank's charitable foundation hiked donations by 137.5% in the year to last June.....

AlpInvest London chief quits in Carlyle shake-up
Europe's biggest private equity investor closes London office after Carlyle deal.....

Trading firms in uproar over Nasdaq OMXs clearing U-turn
Exchange group under fire after delaying planned reforms to its Nordic markets.....

Microsoft invests in Nook e-books
Microsoft invests $300m in Barnes and Noble's digital business, providing a boost to the Nook e-book reader......

'Downturn' prompts bank job cuts
The Clydesdale and Yorkshire banks will cut 1,400 jobs by 2015 due to the worsening outlook for the UK economy, the banks' owner announces......

Stamp price rises come into force
A rise in the cost of stamps - taking the cost of first-class to 60p - has come into force after weeks of stockpiling by some consumers......

Global labour market 'alarming'
The International Labour Organization warns that the global employment situation is "alarming" and says austerity measures are hurting job creation......

Euro chair backs investment call
The eurozone's finance chair backs calls by French presidential candidate Francois Hollande for a bigger European Investment Bank......

'Irregularities' found by Adidas
Sportswear giant Adidas says that "commercial irregularities" at its Reebok unit in India could cost the firm up to 125m euros ($165m, 101m)......

Union 'lacks NHS strike mandate'
Unison says there is "no mandate for further industrial action" against government reforms of NHS pensions after a low turnout in a members' ballot......

US spending rises 0.3% in March
US consumer data shows that spending rose 0.3% and personal income increased 0.4% during March - another sign of recovery for the US economy......

UK ISPs must block The Pirate Bay
Five major UK internet service providers are ordered by the High Court to prevent users from accessing popular file-sharing site The Pirate Bay......

Investors force Aviva pay review
Insurance giant Aviva announces it will look again at how much it pays new senior executives after concerns expressed by shareholders......

Spanish economy back in recession
Spain is back in recession after the economy contracted by 0.3% in the first quarter, official figures show......

Terra Firma buys care home firm
Terra Firma, the private equity group chaired by Guy Hands, has agreed a 825m debt and equity deal for care home company Four Seasons Health Care......

Mis-selling victims to get 100m
Thousands of investors who were mis-sold investment funds called Arch Cru may receive more of their money back as the regulator proposes a 100m compensation scheme......

Campaign to speed up 4G roll-out
Mobile firm Everything Everywhere has launched a campaign to pressure politicians to deliver the rollout of 4G services......

Honda's 500 new staff begin work
Japanese car manufacturer Honda welcomes 500 new members of staff starting work at its Swindon plant......

Google staff 'knew of snooping'
A Google employee told colleagues, including a senior manager, about plans to collect personal data from people's home wi-fi, a report says......

Hong Kong confirms LME interest
The owner of the Hong Kong Stock Exchange confirms it is talking to the London Metal Exchange about a possible deal......

Rate of pub closures is slowing
Consumer group the Campaign For Real Ale wants more to be done as 12 pubs shut down across Great Britain every week......

High pay 'revolt' web tool debuts
A new online tool is launched that lets individuals complain over high executive pay.....

Greater cover for holidaymakers
Expanded protection that automatically covers UK holidaymakers if an operator collapses has come into force......

Civil service pension mutualised
The running of the civil service pension scheme becomes the government's first mutualised Whitehall service, which the biggest employees union condemns as privatisation......

NYSE Euronext profits slump 32%
NYSE Euronext says first-quarter profits fell 32% to $121m (74.4m) as trading activity fell and it took a charge relating to the failed merger with Deutsche Boerse......

Revised Blue Knights bid for Gers
Paul Murray's Blue Knights consortium submit a revised offer for Rangers, with help from Brian Kennedy......

Deadline extended for Goals bid
East Kilbride firm Goals Soccer Centres wins more time to allow a takeover bid from a Canadian pension fund......

VIDEO: New rules to protect holidaymakers
The financial protection scheme ATOL will now cover many travellers who book flights, accommodation and car hire separately......

VIDEO: 'UK loves data': CEO's case for 4G
Olaf Swantee, CEO of Everything Everywhere, explains why he thinks the UK needs to speed up the rollout of 4G......

VIDEO: 'Money-saving' tablet plan for MPs
Three MPs were challenged to the Temple Run game on an iPad as a Commons committee suggested giving every MP a tablet computer to save money and printing paper......

VIDEO: Post customers on stamp price rise
A rise in the price of postage stamps has come into force after weeks of stockpiling by some consumers......

VIDEO: Spain dips back into recession
There have been demonstrations in Spain as new figures show the country has dipped back into recession......

VIDEO: Hundreds test Berlin's new airport
Berlin Brandenburg Airport is set to open on June 3 but before the first flight takes off everything must be ready on the ground to ensure the passengers have a smooth journey through the terminal......

VIDEO: Alarm over world unemployment levels
The International Labour Organisation says the number of people out of work is at alarming levels and, few new jobs are being created......

Rich and poor share sport fishing passion
Ultimate fighting fish brings riches to some.....

Australia faces the end of Big Dry
Australia's drought at official end after nine parched years.....

Is Mr Potato Head to blame for 'pester power' ads?
Did he unleash the era of children's pester power?.....

The culture of selling service
Putting Cameroon's doughnuts and beans on the world map.....

Economy 2012: IP CEO says manufacturing sees signs of life
April 30: International Paper's CEO John Faraci says the U.S. economy is resilient despite signs of Western Europe heading for a recession......

U.S. Day Ahead: Chesapeake results a key credibility check
April 30 - Chesapeake Energy could comment on a scandal engulfing its CEO Aubrey McClendon over compensation when it reports after the close......

Reading into Microsoft's Nook deal
Apr 30 - Microsoft is taking a stake in Barnes and Noble's Nook e-reader, opening up a new chapter in the four-way fight for dominance between tech titans Microsoft, Google, Amazon, and Apple. Bobbi Rebell reports......

Buyouts' David Toll on the legacy of Teddy Forstmann
Apr. 30 - Teddy Forstmann made a name for himself as a leveraged buyout king in the 1980s and 90s. Buyouts' editor-in-charge David Toll looks at the deals that shaped his career......

Art Auctions 2012: scream or yawn?
April 30 - Edvard Munch's "The Scream" is at much of the chatter this spring art auction season. Sotheby's and Christie's are hoping for a better sale of impressionist and modern art after last year's results were at the low-end to slightly below pre.....

Australian billionaire plans new Titanic
April 30 - Mining and tourism magnate, Clive Palmer, launches venture to build a 21st Century Titanic, and his political career. Joanne Nicholson reports......

Trading at Noon: Clash of the tech titans begins
April 30 - Microsoft forms an alliance with Barnes & Noble giving it a footing in the e-book market......

Greeks swap factory for farming
April 30 - Greece's economic crisis is in its fifth year, unemployment is at a record level of 22 percent and many Greeks are swapping the city for the countryside as they look to become self-sufficient. Joanna Partridge reports......

Breakingviews: Barnes & Noble's big brother
April 30 - Richard Beales and Breakingviews columnists discuss how Microsoft's investment in Barnes & Nobles digital business could be the start of a new chapter......

Europe Day Ahead
April 30 - Spain's economy seen shrinking for two years; UK manufacturing forecast to falter; but Xstrata is watched for positive earnings ahead of its planned merger with Glencore......

3XSQ: Microsoft teams up with Barnes & Noble
April 30 - Microsoft is investing $300 million for a 17.6 percent stake in a new subsidiary of Barnes & Noble......

Euro Crisis Watch: Spain in recession as austerity bites
April 30 - Spain sinks into recession and economists say tough spending cuts mean it could be next year before growth bounces back......

U.S. Morning Call: San Fran Fed head see no need for action
April 30 - San Francisco Fed President John Williams tells a Germany daily he sees no need for further monetary measures......

London prepares for French tax exiles
April 30 - Some of London's plushest neighborhoods are attracting interest from France's super-rich. They're concerned about the prospect of a 75 percent top rate of tax which presidential front-runner Francois Hollande intends to introduce if he win.....

Austerity Spain back in recession
April 30 - Spending cuts and unemployment leave little hope of returning to growth as Spain falls into recession again and many of the country's banks are downgraded by ratings agency, S&P. Joanne Nicholson reports......

Market Pulse: Dollar sinks to three-week lows
April 30 - The dollar index tumbles below its 100-day moving average, triggering losses for the greenback against major currencie.....

Breakingviews: Does Europe need a banking union?
Breakingviews editor Hugo Dixon looks at how to break the links between Europe's weaker economies and their troubled banks......

Breakingviews: Aviva's different shareholder spring
April 30 - The UK insurer is the latest company to review executive pay in response to investor pressure. Robert Cole argues this is as much about long-term underperformance as short term pay excess......

Chen: A spoiler for U.S.- China dialogue?
April 30 - The daring escape of Chinese human rights lawyer Chen threatens to overshadow high level talks between the U.S. and China in Beijing this week......

Reuters Today: Blind activist row clouds U.S./China talks
April 30 - The dramatic escape of a blind Chinese activist under house arrest in Beijing and now seeking U.S. protection, is threatening to derail high-level talks which should focus on trade and global hotspots.....

Royal shoe maker's recruiting crisis
April 30 - A luxury UK shoe maker, which makes footwear for the British royal family, is finding it hard to recruit suitable workers despite high unemployment in the country and the prospect of a career in a highly successful industry. Ciara Sutton r.....

Hollande has the numbers as Sarkozy presidential showdown appoaches.
April 29 - France's presidential election enters final week with Socialist candidate Hollande firmly ahead as President Sarkozy fights for second term. Deborah Lutterbeck reports.....

Tension crests in the South China Sea
April 30 - A high seas spat between Beijing and Manila over a disputed rocky shoal in the South China Sea continues, punctuated by newly vigorous U.S./Philippines security cooperation. Rough Cut (no reporter narration)......

Wealth Strategies: New ETFs give specialized market exposure
Apr. 30 - Debbie Fuhr of ETF Global Insight says that the latest ETF launches are designed to give exposure to specific sectors across asset classes, rather than exposure to broad markets and indexes......

Care homes sound a more tuneful venture for Guy Hands after EMI debacle
Listen to that frightful dirge, scaring the residents. It's only Guy Hands, with his job lot of Coldplay from EMI.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1ee194e2/mf.gif' border='0'/><br/><br/.....

Google shareholder Brockton sues board in bid to halt stock split
Google and its board have been sued by a shareholder who wants to block the company's stock split plan because it entrenches the web search giant's co-founders Larry Page and Sergey Brin, according to court documents.<img width='1' height='1' src=.....

Lloyds and RBS could see profits slashed as Moody's plans downgrades
Britain's taxpayer-backed lenders, Lloyds and Royal Bank of Scotland, could see their profits slashed following a downgrade of their credit ratings.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1ee12573/mf.gif'.....

Even Chancellor George Osborne would shy from eurozone austerity
David Cameron has described the euro crisis as not yet even halfway through, a statement that may variously be regarded as either far too optimistic or, as the shadow chancellor Ed Balls sees it, a desperate attempt to blame the eurozone for Britain'.....

Debt crisis: as it happened, April 30, 2012
Germany maintains hardline stance on austerity, telling Spain it must not change direction, despite figures showing Spain officially fell back into recession in the first three months of the year.<img width='1' height='1' src='http://telegraph.fee.....

Scheme to provide start-ups with 'angels' from the City
Bankers and technology start-ups are to become unlikely bed-fellows thanks to a new scheme which is training City workers to become "angel" investors.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1ee119fd/mf.gi.....

Distressed companies on overdraft brink
Number of firms using all of overdraft facility doubles in three months.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1ee119fe/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/.....

Arch cru investors could collect 100m in compensation
The 15,000 investors sold high-risk Arch cru investments could be in line to collect 100m in compensation from advisers who recommended these Guernsey-based funds.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1.....

Microsoft and Barnes & Noble take on Amazon's Kindle with $300m deal
Microsoft is investing $300m (185m) in Barnes & Noble's digital and university book business.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1ee04d21/mf.gif' border='0'/><br/><br/><a href="h.....

Debt crisis: live
Germany maintains hardline stance on austerity, telling Spain it must not change direction, despite figures showing Spain officially fell back into recession in the first three months of the year.<img width='1' height='1' src='http://telegraph.fee.....

Beer taxes force 12 pubs to close every week, says Campaign for Real Ale
CAMRA blames inflation-busting 42pc jump in beer duty since 2008.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1ee11a02/mf.gif' border='0'/>.....

Google takes on the meerkats and opera singers
Google is launching a price comparison service to help consumers find the best credit cards and bank accounts, taking on the likes of moneysupermarket.com.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1ee11a04/.....

Slowing US consumer spending points to economic slowdown
A modest increase in US consumer spending last month signalled the world's largest economy may struggle to accelerate this quarter.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1ee11a05/mf.gif' border='0'/>.....

China to cut trade tariffs as US visit looms
China has announced plans to cut import tariffs just days before US Treasury Secretary Timothy Geithner arrives in Beijng for the latest round of talks between the two superpowers.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/3.....

King a 'disaster' as Bank Governor, says Standard Life
Sir Mervyn King has been a "disaster" as Governor of the Bank of England, the head of equities at Standard Life, one of the country's top fund managers, has declared.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/.....

Adidas to restructure business amid 'irregularities' in Reebok brand
Adidas has replaced the top management in its Indian subsidiary and ordered a restructuring of the business after the discovery of what it described as "commercial irregularities" involving its Reebok brand.<img width='1' height='1' src='http://te.....

Stagecoach's Network Rail deal gives it a say in how tracks are maintained
Company hails new era in the management of Britain's railways.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1ee11a08/mf.gif' border='0'/>.....

RSM Tenon loses second chairman in three months as Adrian Martin steps down
Troubled accountancy firm RSM Tenon is to lose its second chairman in a matter of months after Adrian Martin announced he was to step down.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1ee091b7/mf.gif' border='.....

Aviva forced to axe chief executive Andrew Moss's pay rise
Aviva has joined the growing list of companies forced to bow to shareholder pressure and make last-minute concessions on director's pay.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1ee04d20/mf.gif' border='0'/.....

Eurozone bank lending slows despite ECB's 1 trillion cheap loans
Eurozone bank lending to the private sector rose more slowly than expected in March, despite the European Central Bank's injection of 1 trillion (815bn) of cheap loans into the banking system.<img width='1' height='1' src='http://telegraph.feedspo.....

Sirius Minerals to develop 3.6bn potash mine in North Yorkshire
Plans for a 3.6bn investment programme to develop a potash mining venture in the UK and create up to 1,100 jobs have been announced after studies showed the ambitious development was viable.<img width='1' height='1' src='http://telegraph.feedsport.....

Barclays signs Qatar deal to invest in natural resources
Barclays has signed a deal with the gas-rich Gulf state Qatar to invest in natural resource projects across the world.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1ee04d24/mf.gif' border='0'/><br/><.....

The cars with the worst safety records
Porsche drivers are three times more likely to have a crash than those who drive a Daewoo, research suggests.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1ee04d25/mf.gif' border='0'/><br/><br/>&.....

Bank of England takes over former Cazenove offices
The Bank of England is to move a small army of regulators into the former offices of the Queen's broker as part of its overhaul of financial regulation.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1ee04d26/mf......

Mortgage rate misery for one million borrowers
More than a million home owners will see the cost of their mortgage payments increase from tomorrow.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1ee04d29/mf.gif' border='0'/>.....