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Tuesday 1 May 2012

UK Financial News on 2012-05-01

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.....

Phone-hacking report 'partisan'
News Corporation criticises a key conclusion of a parliamentary report - that Rupert Murdoch is not "fit" to run the business - as "unjustified"......

Dow Jones rises to four-year high
The Dow Jones index closes at its highest level for more than four years after data showed US manufacturing was stronger than expected in April......

Lloyds makes 375m PPI provision
Lloyds Banking Group reports three month profits of 288m and sets aside an extra 375m to pay for payment protection insurance compensation......

Growth in manufacturing 'slows'
Growth in the UK manufacturing sector slowed in April, according to the latest purchasing managers' index......

House prices fall back in March
House prices in England and Wales dropped slightly in March, by 0.6%, also leaving them also 0.6% down from a year ago......

BP profits slip in first quarter
First quarter profits at oil giant BP slip, but the firm says it will reach its $20bn target for its Gulf compensation fund ahead of schedule......

Bolivia seizes electricity firm
Bolivia says its taking full control of a Spanish-owned energy firm because it has failed to invest enough money back into the company......

Cillit Bang firm sees sales rise
Reckitt Benckiser, the consumer goods firm that makes Gaviscon and Cillit Bang, sees a better-than-expected sales rise after changing its strategy......

RIM offers Blackberry prototypes
Developers get their hands on early version of RIM's new handset as the firm gears up to take on rivals......

Top tax rates hit four million
More than four million people in the UK are expected to pay the highest rates of tax during this financial year......

Australia in shock 0.5% rate cut
The Reserve Bank of Australia cuts interest rates by more than expected after economic conditions become weaker than forecast......

iPad '4G' claims face UK scrutiny
Apple is facing a wider inquiry over its "4G" advertising of the latest iPad in the UK, the BBC understands......

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......

China manufacturing picks up pace
China's manufacturing activity expands for the fifth month in a row, easing concerns about a sharp slowdown in its economy......

Japanese firms in $2bn gas deal
Mitsubishi Corporation and Mitsui & Co agree to buy a 14.7% stake in Woodside Petroleum's Browse LNG project for $2bn (1.2bn)......

Europe marches to mark May Day
Labour activists hold marches and rallies in Europe and around the world to mark May Day at a time of austerity and social unrest......

Tata steel wins 100m contract
Teesside steelworks secures a contract worth 100m to supply a pipeline for a project in the Gulf of Mexico......

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......

'Act quickly' on transfer errors
Speed is of the essence for banks and their customers to retrieve funds when errors are made during money transfers, an ombudsman says......

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......

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......

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

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

Malaysia introduces minimum wage
Malaysia introduces a minimum wage for the first time as it looks to provide support for low-income households......

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......

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......

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......

Floods affect horse trial trade
The cancellation of the Badminton Horse Trials is set to lose local businesses thousands of pounds, the chamber of commerce says......

Doncaster explains SPL vote delay
SPL chief executive Neil Doncaster says delaying a vote on financial fair play may see developments at Rangers......

ECB extends qualification period
The ECB increases the qualification period for cricketers born overseas to play for England from four years to seven......

VIDEO: Is Murdoch 'fit' to run News Corp?
MPs who investigated phone hacking at the News of the World have issued a damning report which concludes Rupert Murdoch is not a fit person to run a major international company......

VIDEO: Ford boss warns of job losses
The chief executive of Ford Europe warns that jobs will be lost in Europe as a result of existing and proposed trade deals with Korea and Japan......

VIDEO: Profits tumble at Avon
The ding dong at the door for Avon is less ding and more dong as the cosmetic company's profits tumble 82%......

VIDEO: Angola beats most of Europe to 4G
Angola is developing rapidly and it is scheduled to get 4G phone services before most of Europe......

AUDIO: 'Volatile market' hits Man Group
Europe's largest hedge fund, Man Group, which has seen its shares down by 18% so far this year, faces its investors today......

VIDEO: Occupy movement's artistic approach
The Occupy movement hopes to stage a series of demonstrations against the mighty remnants of capitalism and is also spawning artistic expression, as Paul Mason reports......

AUDIO: Should ISPs police online content?
Who is responsible for content on the internet? Claire Perry MP, chair of the Internet Porn Inquiry and Nicholas Lansman of the Internet Service Providers ISP Association, debate the ISP ban on file sharing website Pirate Bay......

VIDEO: Social network your way to freebies
LJ Rich reports on why what you do online could result in preferential treatment in shops, restaurants and hotels......

Angola beats most of Europe to 4G
Post-war African state beats most of Europe to 4G.....

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.....

Occupy Wall Street resurgence a dud
May 1 - Occupy Wall Street hoped to use May Day to shift back into high gear, but a poor turnout suggests the movement may not be able to regain its former glory. Conway G. Gittens reports......

U.S. Day Ahead:Chesapeake Energy's CEO faces investors
May 1 - Chesapeake Energy's co-founder and CEO Aubrey McClendon will talk to analysts during a call Wednesday morning. Also, eyeing ADP employment and earnings from Visa, Mastercard and other Wall St giants......

Trading at Noon: Probe concludes Murdoch unfit for job
May 1 - A probe concludes Rupert Murdoch "unfit" to run News Corp and a roundup of corporate earnings......

Breakingviews: Chesapeake under fire
May 1 - Richard Beales and Breakingviews columnists discuss the Chesapeake boardtoo little, too late response to the companys governance crisis......

U.S. factories are waking up
May 1 - New, stronger-than-expected data on the U.S. manufacturing sector could prove to be a turning point in the U.S. economic picture. Bobbi Rebell reports......

Rupert Murdoch 'not fit' to run global company
May 1 - Rupert Murdoch is unfit to run a major international company and should take responsibility for a culture of illegal phone hacking that has shaken News Corp, says a British parliamentary committee......

European protesters in May Day marches against austerity
May 1 - Residents in Greece and Spain hold austerity protests to mark annual Labor Day amid economic struggles. Jessica Gray reports......

3XSQ: Murdoch rebuke, Avon weakness
May 1 - A UK parliamentary committee rebukes the Murdochs' for the phone hacking scandal, and Avon's profit sinks as sales continue to slide......

Reuters Asks: What does the City want from new mayor
May 1 - Insider asks bankers and business leaders what the new mayor of London needs to do to maintain The City's status as the world's leading financial centre......

Small businesses not borrowing as much, says PayNet's Phelan
May 1 - PayNet President Williams Phelan says while there are some bright spots in the economy, it is not enough to spur smaller business owners into borrowing to expand......

U.S. Morning Call: UK lawmakers harshly rebuke News Corp
May 1 - UK lawmakers discuss a government report that says News Corp showed a "willful blindness" about the scale of phone-hacking at its News of the World tabloid......

Straw house passes trial by fire
May 1 - An Australian environmentalist, designer and entrepreneur is catching the eye of policy-makers in his home country and around the world with his innovative straw-insulated house designs. Joost Bakker says his houses are affordable, sustainabl.....

Spain's banking black hole could trigger 2008 re-run
May 1 - Spain's banks face a possible 100 billion capital shortfall, the highest level of bad loans in almost two decades, and could trigger a 2008-style banking meltdown......

Market Pulse: May Day cry for Aussie, sterling bulls
May 1 - The RBA stuns markets with a 50 bps rate cut, while UK manufacturing slows almost to the point of contraction in April......

Breakingviews: More Gloom at Lloyds
Breakingviews......

Reuters Today: Europe braced for May Day protests
May 1 - Hundreds of thousands set to take to the streets across Europe in protest at austerity cuts......

Noma is still the world's best restaurant
May 1 - Danish restaurant "Noma" wins top accolade in "World's 50 Best Restaurants" list for third year in a row. Sonia Legg reports......

Stocks see first losing month of 2012
April 30 - Summary of business headlines: Stocks down for the day, S&P 500, Nasdaq down for the month; Gas prices falling -AAA; Barnes and Noble to spin off Nook, Microsoft to take stake. Conway G. Gittens reports......

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
April 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
April 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......

Bolivian President Evo Morales seizes assets from Spanish energy company Red Electrica
Bolivian President Evo Morales ordered his military to seize the local assets of Spanish energy company Red Electrica, in the latest example of muscle-flexing by a South American leader.<img width='1' height='1' src='http://telegraph.feedsportal.c.....

News Corp and BSkyB shares rise on talk Rupert Murdoch may sell stake in satellite broadcasting company
Shares in Rupert Murdoch's News Corporation and BSkyB rose on Tuesday as experts warned he may have to sever all ties with the satellite broadcasting business he founded.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568.....

Rupert Murdoch's letter to News International staff: in full
A report by MPs has concluded that Rupert Murdoch showed "wilful blindness" to extent of phone hacking at NOTW. Here is his letter to staff following the verdict.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e.....

Research in Motion hands out BlackBerry 10 prototypes to woo developers
Research in Motion has begun its fight back in its smartphone battle with Apple and Google by releasing 2,000 prototypes of the next BlackBerry device.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1ee8bd0d/mf.g.....

Dow Jones index hits four-year high on US manufacturing growth
America's benchmark Dow Jones Index jumped to a four-year high after better-than-expected manufacturing growth eased concerns that the US recovery is losing momentum.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/.....

Debt crisis: Live
US protestors from the Occupy movement took to the streets on May Day, as thousands of workers across Europe protested against spending cuts in a wave of rallies.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e.....

Lloyds chief Antonio Horta-Osorio must keep laughing all the way to the bank
The storm clouds may be gathering over the British economy, but Antonio Horta-Osorio, the chief executive of Lloyds Banking Group, was on buoyant form on Tuesday as he made the case for a sunny outlook for Britain's largest retail bank.<img width=.....

Delta Air Lines buys oil refinery from ConocoPhillips to control fuel bill
Delta Air Lines has agreed to buy an oil refinery from ConocoPhillips for $180m (111m) in an unprecedented effort by an airline to get tighter control over its fuel bill.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568.....

Electoral silence on France's slow economic decline
France's economy has weathered the global crisis of the last five years deceptively well, shielded by a Leviathan state and the postponement of hard choices.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1ee83f1.....

The eurozone should sort out its own mess
The International Monetary Fund is not there to give special treatment to Europe, says Jim Flaherty.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1ee83f1d/mf.gif' border='0'/>.....

Xstrata investors revolt over Glencore merger and pay
Almost a fifth of Xstrata's shareholders have failed to support the re-election of Glencore chief executive Ivan Glasenberg to the board, dealing a blow to the mining groups' planned 50bn mega-merger.<img width='1' height='1' src='http://telegraph.....

BP profits slip as 'Gulf spill disposals' hit production
BP saw profits slump 13pc drop as production was hit by the sale of assets to pay for the Gulf of Mexico oil spill.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1ee40bb6/mf.gif' border='0'/><br/><br.....

Shoppers only spending on offers, says N Brown
Shoppers are reluctant to part with their money unless items are on offer, home shopping group N Brown has warned as it unveiled a 2.5pc rise in profit despite the tough conditions.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/.....

Europe needs creativity not billions of euros, says German Chancellor Angela Merkel
Angela Merkel has said Europe needs "political courage and creativity rather than billions of euros" in a thinly disguised rejection of Francois Hollande's pledge to re-write the fiscal pact if he wins the French presidential election.<img width='.....

General Motors chief Dan Akerson says top female executive Mary Barra could succeed him
General Motors could be run by a woman for the first time after chief executive Dan Akerson said that one of the car maker's most senior female executives is a candidate to succeed him.<img width='1' height='1' src='http://telegraph.feedsportal.co.....

Oligarch Oleg Deripaska had security force of 3,000 people, court told
Russian metals billionaire Oleg Deripaska wielded a security force of 3,000 across his business empire and had a 40-strong unit dedicated to his personal safety, a court has heard.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/3.....

Could this be the final edition of the Murdoch story?
James Murdoch knew the Select Committee report was going to be bad for him, but few people expected it to be quite so stinging for his father, Rupert Murdoch, and the corporate reputation of the media empire he founded as a young man.<img width='1.....

Etihad in talks with Aer Lingus over commercial partnership
Etihad, the ambitious Middle Eastern airline, has started talks with Aer Lingus about developing a commercial partnership after building a near 3pc stake in the Irish carrier.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/.....

Boots puts 200 jobs at risk with photo lab closure
Boots is calling time on film processing labs at a large number of its UK stores after almost 60 years.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1ee74269/mf.gif' border='0'/><br/><br/><a h.....

Reckitt Benckiser boosted by hygiene product sales in emerging markets
Growing demand for hygiene products in emerging markets is boosting Reckitt Benckiser despite the uncertain global economy.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1ee716fb/mf.gif' border='0'/><br/&g.....

Iron Maiden singer Bruce Dickinson to create 1,000 jobs in Wales with aviation centre
Bruce Dickinson announces plans to open an aviation centre.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1ee716fd/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/13333909555.....

News Corp shareholders must decide whether Rupert Murdoch really does value trust
Should we believe anything Rupert Murdoch says?<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1ee6ee22/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/133338755034/u/3/f/5683.....

National Express reports drop in over 60s coach travel
Pensioners are making fewer long distance coach journeys as a result of the government's decision to scrap subsidies for the over 60s, according to National Express.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s.....

US pension fund plans Wal-Mart revolt
A major US pension fund will vote against the re-election of Wal-Mart chief executive Mike Duke following allegations the world's biggest retailer failed to properly investigate possible bribery.<img width='1' height='1' src='http://telegraph.feed.....

US manufacturing grows at fastest pace since June
America's manufacturing sector grew at its fastest pace in almost a year in April, as new orders and employment prospects picked up ahead of a key jobs report on Friday.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/5683.....