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Wednesday 2 May 2012

UK Financial News on 2012-05-02

News Corp board endorses Murdoch
The News Corporation board says it has "full confidence" in Rupert Murdoch following a highly critical UK government committee report......

Eurozone jobless rate hits record
Unemployment in the eurozone reached a record high again in March, as joblessness also rose in Italy and Germany......

King renews push for bank reform
The Bank of England governor, Sir Mervyn King, renews calls for banking reform and admits the central bank could have done more to avert the banking crisis......

Shares in Argos firm plummet 13%
Shares in Home Retail Group fall 13% after annual profits dropped more than 60% as its Argos chain was hit by weak demand for electrical goods......

Construction growth 'slows down'
Growth in the UK construction sector slowed in April after rapid expansion in March, a closely-watched survey suggests......

Aquascutum enters talks over sale
The administrators of luxury clothing brand Aquascutum say they are in exclusive talks to sell the business......

Luck costs $35m for Time Warner
Media firm Time Warner is hit by a $35m charge for cancelling its lavish horse-racing drama Luck as it says profits fell in the latest quarter......

Nokia launches patent lawsuits
Nokia sues HTC, RIM and Viewsonic in two countries over claims they have infringed a total of 45 patents......

Greek debt rating raised by S&P
Greece has its government debt rating raised out of default by the credit rating agency Standard & Poor's......

Sharp decline in profits at UBS
First quarter profits at Swiss bank UBS decline 54% because of losses at its investment bank and charges on company debt......

Next boosted by Directory sales
Next, the clothing and household furnishings retailer, says a strong performance from its Directory business offset a fall in sales at its High Street stores......

Ford sees free trade job losses
The head of Ford's European operations warns that jobs will be lost in Europe due to free trade deals with some Asian economies......

End to mortgage lending revival
A spurt in mortgage lending at the start of the year has ended now a stamp duty concession is over, data suggests......

Repeat payments advice 'unclear'
Bank staff are failing to give clear and accurate advice about recurring payments, a consumer watchdog says......

Orange and T-Mobile fee cut hit
Everything Everywhere, owner of the Orange and T-Mobile brands, reports a drop in revenues due to cuts in network sharing fees......

Motorola wins Xbox ban in Germany
Motorola Mobility is granted a sales ban against the Xbox 360 and Windows 7 in Germany......

'Longer wait' for tax advisers
Callers have to wait for more than four minutes to speak to an adviser on the UK tax authority's helpline......

Rock star's aerospace jobs hope
The lead singer of Iron Maiden says he hopes to create jobs in south Wales, after launching an aircraft maintenance business......

Pledge to tackle whiplash claims
The government says it is looking at ways to cut down on fake whiplash claims, with more than 2bn paid out last year in compensation......

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......

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......

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......

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......

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......

BSkyB says it is 'fit and proper'
BSkyB says it is engaging with Ofcom's investigation and believes itself to be a "fit and proper" holder of a broadcast licence......

Wynn's new Macau casino approved
Wynn Macau, the Chinese arm of Wynn Resorts, gets approval to build a new casino on Macau's Cotai strip......

Toyota US sales continue to rise
Toyota's US sales rise 11.6% in April from a year earlier as it continues to regain market share in the world's biggest economy......

Austria boycott over Tymoshenko
Austria's government is to boycott Euro 2012 matches in Ukraine amid concern over the treatment of jailed opposition leader Yulia Tymoshenko......

Week-long test for Olympic Park
The Olympic Park faces its biggest and final test as it hosts six events in seven days as part of Games preparations......

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......

VIDEO: Eurozone 'biggest risk to banks'
The governor of the Bank of England, Sir Mervyn King, has renewed calls for reform of the banking industry......

VIDEO: Civil servants use tax loopholes
More than 2,000 public sector workers could be avoiding the full rate of income tax by being paid by the government on special contracts, reports Newsnight's Peter Marshall......

VIDEO: Are mortgages getting more expensive?
Across the mortgage market there are signs that home loans are slowly becoming more expensive - which is adding pressure to household budgets......

VIDEO: Eurozone unemployment at record high
The BBC's Aaron Heslehurst on the eurozone's highest unemployment figures for 15 years - and how much capital is too much capital for the EU's banks?.....

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......

AUDIO: Iron Maiden frontman launches business
Bruce Dickinson, the lead singer of Iron Maiden who is also a pilot is launching a company to repair and recondition commercial airliners based in a giant hanger in the Vale of Glamorgan......

AUDIO: Whiplash evidence 'could be toughened up'
Britain has more claims for whiplash than anywhere else in Europe and the government is holding a summit today on how to tackle the problem. The Justice minister Jonathan Djanogly explains why this is the case......

AUDIO: Sales people 'are really human'
Philip Delves Broughton, author of Life's A Pitch, and writer and journalist Viv Groskop debate whether you can apply lessons from the business world to real life......

Rugby club tackles injury prevention
Leicester Tigers teams up with IBM analytics.....

Sarkozy v Hollande on the economy
Who says what on economy and trade ahead of French election?.....

Cracks in China's Great Firewall
Why China's attempts to control the web could backfire.....

Bogota's booming micro-brewery
Colombia's capital enjoys home-brewed beer.....

AIG stock should be worth twice as much: StarMine
May 2 - AIG is set to smash earnings estimates when it reports after the close on Thursday according to exclusive StarMine data......

U.S. Day Ahead: April sales will see Easter hangover
Retail Analyst Jharonne Martis......

Trading at Noon: Chesapeake Energy; Carlyle IPO pricing
May 2 - Chesapeake Energy shares fell after the company reported earnings that disappointed investors. Also, eyeing Carlyle's IPO pricing......

Breakingviews: Chesapeakes CEO in the firing line
May 2 - Antony Currie and Breakingviews columnists discuss how Chesapeake's governance and earnings problems make Aubrey McClendons position increasingly untenable......

Bank deal challenge for EU
May 2 - Europe's finance ministers are trying to strike a deal that will force banks to set aside more cash to prevent another crisis. Joanne Nicholson reports......

Bolivia seizes Spanish company
May 2 - A second Spanish energy company has been seized by a Latin American country, after Red Electrica was nationalized by Bolivia. Andrew Potter reports......

Stocks rattled by weak jobs data
May 2 - Just days ahead of the government's monthly jobs report, private data shows weakness on the employment front- putting the stock market on edge. Bobbi Rebell reports......

Europe Day Ahead: ECB in the spotlight
May 2 - No change expected on rates, but tomorrow's ECB statement will be scoured for clues to when, or if, the bank might ease policy......

3XSQ: Zuckerberg, Facebook IPO road show begins Monday
May 2 - Mark Zuckerberg will be involved in Facebook's IPO roadshow, which according to a source, kicks off on Monday......

BSkyB results lift hacking gloom
May 2 - Satellite broadcaster BSkyB sought to distance itself from the controversy over phone hacking at its biggest shareholder on Wednesday after British lawmakers suggested the ties to Rupert Murdoch's News Corp might endanger its licence. Hayley .....

Euro zone manufacturing slumps
May 2 - France and Germany become the latest victims of a downturn in exports, leaving the markets concerned about growth. Joanne Nicholson reports.....

U.S. Morning Call: Facebook IPO to hit the road May 7, source says
May 2 - According to a source, the roadshow for Facebook's IPO is scheduled to start on Monday, meaning the company's shares should begin trading on May 18......

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......

Hotel group's X-factor job interviews
May 2 - Spanish hotel chain Melia is using X-factor style auditions to help recruit hospitality staff for its new flagship London hotel ME, due to open later this year. Hayley Platt reports......

Scoops & scandals: how the net is changing the news in China
May 2 - Chinese political dramas have grabbed global headlines, roiled the leadership ranks, and could spark a public crisis. But how do you report in such a closed media landscape? Chris Buckley explains......

May Day puts austerity in focus
May 1 - As demonstrators in major cities have marked May Day, is Europe rapidly losing its appetite for austerity? Andrew Potter reports......

Reuters Today: Dow rally eclipses Europe gloom
May 2 - Wall Street's Dow Jones index closes at its highest level in more than four years, highlighting the contrast between the strong performance in the U.S. and Europe's economic woes......

China investors not spooked by political drama: analyst
May 2 - Investors are focused on structural reforms, not the latest political tension, when deciding on whether to do business with and in China, says Victor Shvets of Credit Suisse......

Philippines: life on the bread line
May 2 - Daily battle to make ends meet for families at the sharp end of the Philippines' income inequality divide. Paul Chapman reports......

Dow at 4-year high
May 1- A sigh of relief regarding the economy sent stocks rallying on Tuesday, lifting the Dow to its highest level since December of 2007. Bobbi Rebell reports......

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......

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.....