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Thursday 3 May 2012

UK Financial News on 2012-05-03

Facebook value set at up to $95bn
Facebook sets the share price for its upcoming initial public offering at between $28 and $35 per share, valuing the company at $85bn-$95bn......

Aviva loses pay vote at its AGM
The insurer Aviva loses the vote on executive pay at its shareholders' meeting, with investors angry about bosses' bonuses......

RBS repays 163bn emergency loans
RBS will say on Friday that, as of next week, it will have repaid all the 163bn of emergency loans it received from UK and US taxpayers, the BBC has learned......

Sly Bailey to quit Trinity Mirror
Newspaper group Trinity Mirror says that chief executive Sly Bailey is to step down at the end of the year......

Weetabix bought by Chinese firm
China's Bright Food buys a controlling stake in Weetabix, which owns the breakfast cereal brand as well as Alpen and Ready Brek......

Samsung unveils new Galaxy phone
Samsung unveils its new Galaxy S3 smartphone, featuring a 4.8 inch screen, calling it the "best in class" Android-based phone on the market......

King rejects criticism for crisis
The governor of the Bank of England, Sir Mervyn King, rejects criticism of the bank's role ahead of the financial crisis......

Growth in UK service sector slows
Growth in the UK's dominant service sector slowed in April compared with the previous month, a closely-watched survey suggests......

BMI Baby to be grounded, says IAG
BMI Baby, the budget airline, will be grounded from September, with some routes being stopped from next month, owner IAG says......

GM profits knocked by Europe loss
US car giant General Motors reports a sharp drop in quarterly profits, in part due to its loss-making European operations......

ECB chief pushes 'growth agenda'
European Central Bank head Mario Draghi says governments must push growth, as the bank leaves interest rates unchanged......

Spain sells debt at higher rates
Spain, which some fear will be the next eurozone country to need help, successfully sells 2.52bn euros of bonds but at higher interest rates......

Lufthansa seeks to cut 3,500 jobs
German airline Lufthansa says it will cut 3,500 jobs as it seeks to cut its administrative costs by a quarter......

Shop closures hit Thorntons sales
Third-quarter sales at chocolate maker Thorntons fall on the impact of its store closure programme and difficult trading environment......

Diageo reports 6% growth in sales
Diageo, the company behind Guinness, Smirnoff and Johnnie Walker, reports 6% sales growth in the first three months of the year......

House prices 'fell back in April'
House prices are in gentle decline, the latest survey from the Nationwide suggests, with prices down 0.2% last month......

Renault-Nissan to acquire Avtovaz
The Renault-Nissan alliance signs a memorandum of understanding to take a majority stake in Lada-owner Avtovaz by 2014......

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......

'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......

UK economy 'to return to growth'
The UK economy will return to growth in the second half of 2012, the CBI says, but it has cut its forecast for the year as a whole......

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

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......

Morrisons reports falling sales
The UK's fourth largest supermarket chain, Morrisons, says it "remains cautious" after reporting a fall in underlying sales......

SocGen quarterly profits fall 20%
French bank Societe Generale's profits fell 20% in the first three months of the year as the eurozone debt crisis continued to hamper results......

MG Rover workers to get 3 each
Former MG Rover workers are to get a payout of 3 each from a trust fund started when the company closed down seven years ago......

Rangers bid 'has SPL assurances'
Administrators say they understand Bill Miller has been given assurances that Rangers will continue in the SPL......

Glentoran face more cash problems
Glentoran's financial worries resurface after it is revealed that players and staff have not been paid for the month of April......

Games 'not immune' to net attack
This summer's London 2012 Olympic Games will "not be immune" to cyber-attack, Cabinet Office Minister Francis Maude warns......

AUDIO: King analysis 'verging on delusional'
Dylan Grice, global strategist at Societe Generale, and Professor Ngaire Woods, dean of the Blavatnik School of Government at Oxford University, give their analysis of Bank of England governor Sir Mervyn King's interview this morning and his speech l.....

VIDEO: Samsung to unveil new Galaxy smartphone
Samsung unveils its 3G smartphone Galaxy S - but how will it fare in a highly competitive market?.....

VIDEO: Weetabix chief welcomes takeover
China's Bright Food company has bought a controlling stake in Weetabix in a landmark deal valuing the company at 1.2bn......

VIDEO: Travel Clinic: Currency deals
Travel expert Simon Calder looks at where to get the best deal for your holiday money.....

VIDEO: 'A system simply not working'
The UK Border Force failed to meet its target at Heathrow Airport for processing most passengers from outside the EEC within 45 minutes in April, BAA has said......

VIDEO: US businessman 'to buy Rangers FC'
Administrators for Glasgow Rangers have accepted an offer for the football club from an American businessman - trucking magnate Bill Miller......

AUDIO: Are bosses as good as they think?
BBC Radio 5 live asked the CIPD why there is a reality gap in what bosses think about themselves and what employers think.....

VIDEO: More powers for the Bank of England
The government plans to scrap the Financial Services Authority and hand most of its powers to various Bank of England committees......

The Galaxy S3: first impressions
Is Samsung's new phone a leap forward?.....

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

Viewpoint: Asia's evolving taste for wine
Asian food is special, so how to choose the right wine?.....

Travel money: When is the best time to buy?
When is the best time to buy your travel money?.....

US alcohol retailers find law changes hard to swallow
Why hard-hit US off licence owners could do with a stiff drink.....

Who is to blame for PPI claims influx?
Should the Lloyds boss be angry about spurious PPI claims?.....

Full-price fashion back in style
May 03 - Consumers like what they see at clothing stores. While they may not buy as much, they aren't waiting for massive sales to upgrade their wardrobes. Bobbi Rebell reports......

U.S. Day Ahead: Jobs report to show more labor pains
Correspondent Jason lange......

GM, Ford facing uncertain times: Ingrassia
deputy editor-in-charge Paul Ingrassia says that a slowdown in China and weakness in the euro zone make the outlook for U.S. automakers uncertain, despite a strong product offering......

Printable house presents new paradigm in eco-architecture
May 3 - Danish architects are building a digitally fabricated house printed from a computer file - a new concept they say minimizes waste and simplifies the building process. Matthew Stock has more......

Bitter forecast from Green Mountain
May 3 - Green Mountain coffee serves up warning for slower growth, slashes full-year forecast. Carmen Roberts reports......

Economy 2012: Broad recovery underway says Marriott CEO
May 3 - Marriott International Chief Executive Arne Sorenson sees business improving around the world, even in some spots in Europe. Plus, how pigs in the blanket and shrimp play a role in his economic view......

Shareholder beware! Carlyle comes with baggage fees
May 4 - Recently launched Carlyle Group comes with political risk and high travel costs which investors will have to foot, according to PE Hub Editor Jonathan Marino......

Trading at Noon: Weak retail sales; Carlyle debuts
Retail Analyst Jharonne Martis highlights the winners and losers in April's same-store sales......

Breakingviews: Apple wont rot
May 3 - Jeffrey Goldfarb and Breakingviews columnists explain how even a skeptical view of Apples growth prospects should leave the iPhone maker worth considerably more by 2016......

Greek voters may punish bailout parties
May 3 - Greek voters angry with austerity will decide on Sunday whether to punish pro-bailout parties in a highly uncertain election that may not produce a clear winner and could plunge the country into new political chaos. Joanne Nicholson reports.....

Europe Day Ahead
May 3 - A look to the close of the European markets and a look ahead to the next day's trading, as well as what to expect from the Asian markets overnight......

Renault-Nissan take control of Lada maker
May 3 - Renault-Nissan has taken a majority stake in Russian automaker Avtovaz, which owns the iconic Lada brand. Andrew Potter reports.....

The last days of Lada
May 3 - A look back at four decades of the Lada car, as Russia's AvtoVAZ decides to halt production of the last line of models......

3XSQ: GM beats, Pepsi teams up with King of Pop
May 3 - GM Q1 profit beats Street on strong U.S. demand, and Pepsi announces a global marketing partnership with the estate of Michael Jackson......

Princeton's Blinder: New grads at a big salary disadvantage
May 3 - Princeton University's Alan Blinder says, despite an outwardly improving jobs market, new college graduates face lower starting salaries that could hit their earning potential for years......

Red vs Blue in Premier League & FA Cup battles
May 3 - A massive weekend for English football as Liverpool face a resurgent Chelsea in the FA Cup final and the blue and red halves of Manchester vie for the Premier League title......

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......

Economy 2012: Total CEO sees no oil price drop
May 3 - The CEO of Total says the global economy is improving but it's imperative to keep already elevated oil prices under control......

Competition costs Afghan boot maker
May 3 - An Afghan government move to buy cheaper police and army boots from abroad is a body blow to a domestic manufacturer. Paul Chapman reports......

Chen drama won't upset Sino-American apple cart
May 3 - The media loves thrilling headlines, especially in tightly-controlled China. But blind dissident Chen Guangcheng's daring run to a U.S. embassy will hardly upset strategic bilateral talks......

Breakingviews: Munch's Scream is symbol of easy money
Breakingviews.....

Reuters on the Road: Unlocking the key to creativity
taxi challenge to explain the key concepts behind his latest besteller Imagine: How Creativity Works.....

Economy 2012: Randgold Resources CEO
May 3 - Randgold Resources CEO Mark Bristow tells Insider how his company is coping with the current economic climate......

Reuters Today: Top Stories and Analysis
May 3 - A look at the early action in the European markets and the day's hot stocks, as well as a final wrap-up of Asia trading......

Data Freak: Walmart's beaten-up piata
May 3 - Shares of Walmart de Mexico have been battered by the bribery allegations but the data suggests the stock is still overvalued......

Aviva suffers humiliating revolt over executive pay
Aviva suffered a humiliating shareholder revolt at its annual meeting on Thursday with nearly 59pc failing to support its controversial proposals for executive pay.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/.....

Families must accept share of blame for Britain's woes
Households that borrowed too much must 'accept responsibility', senior Cabinet minister warns.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1efb13d5/mf.gif' border='0'/><br/><br/><a href="http.....

IMF team 'in Italy to intensely review country's finances'
An IMF team that arrived in Italy on Thursday is expected to focus more closely than usual on the health of the banking system in an "intense" review of the country's finances, Reuters has reported.<img width='1' height='1' src='http://telegraph.f.....

Nokia needs to be 'Finnish to its core', says new chairman Risto Siilasmaa
Risto Siilasmaa, the chairman of embattled mobile giant Nokia, has told exasperated shareholders that the company does not require more change - it just needs to be "Finnish to its core".<img width='1' height='1' src='http://telegraph.feedsportal......

Young Italians flock to become shepherds
Hopes for top jobs have been thwarted by nation's poor economic growth.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1efb4083/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r.....

Debt crisis: as it happened, May 3, 2012
Eurozone growth must be "put back at the centre of the agenda," ECB president Mario Draghi said on Thursday, though he added that growth and fiscal compacts could work hand in hand.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/.....

Shareholders have said bye to Sly - has Andrew Moss lost too?
Sly Bailey has seen the writing on the wall and bowed to the inevitable.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1efabf86/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/.....

The blame game
Telegraph View: The banks might have been the dealers in the financial crisis, but we were the addicts.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1efabf87/mf.gif' border='0'/><br/><br/><a h.....

Debt crisis: live
Eurozone growth must be "put back at the centre of the agenda," ECB president Mario Draghi said on Thursday, though he added that growth and fiscal compacts could work hand in hand.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/.....

RBS set to pay back last of 163bn loan from taxpayer
Royal Bank of Scotland will on Friday confirm it has all but repaid the 163bn in emergency loans it received from British and US taxpayers during the financial crisis.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300.....

Thorntons sees sales fall 3pc as Britons continue to scale back
Britain may be a nation of chocoholics but our love of the sweet stuff has failed to stem a 3pc fall in sales at Thorntons.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1efaaa05/mf.gif' border='0'/>.....

BG Group shares hit by $5.4bn cost overruns on Australian LNG project
Cost overruns of $5.4bn (3.3bn) on a flagship Australian liquefied natural gas project hit BG Group shares on Thursday, despite a 21pc jump in first-quarter profits and news of a major divestment deal.<img width='1' height='1' src='http://telegrap.....

France faces 40pc house price slump
Experts predict 40pc price fall just as austerity hits country.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1efa4fa2/mf.gif' border='0'/>.....

Betfair perks after its wins German licence
Betfair was a strong performer on the mid-cap index after it won its first licence to operate its betting exchange platform outside of Britain.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1efa4fa3/mf.gif' bord.....

Diageo boosted by Johnnie Walker scotch sales
A growing taste for the likes of Johnnie Walker scotch and Croc vodka in the emerging markets has driven a 6pc sales increase at Diageo.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1efa6d32/mf.gif' border='0'/.....

ECB president Mario Draghi calls for binding 'growth pact'
Mario Draghi has called for eurozone leaders to agree labour and structural reforms that are binding - "not unlike" the fiscal pact.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1efa6d34/mf.gif' border='0'/>.....

Cobham ups bid to secure Thrane & Thrane
A sweetened offer from aerospace and defence group Cobham has secured a deal to buy Thrane & Thrane, the Danish satellite communications company, in a 275m acqusition.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/56.....

Smith & Nephew boosted by demand for replacement knees
Medical devices company Smith & Nephew was the biggest riser in the FTSE 100 on Thursday after an increase in demand for its replacement knees fuelled a rise in profits.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/.....

April services growth falls but offers hope of recession escape
Growth in Britain's dominant services sector slowed more sharply than expected in April, suggesting the economy got off to a weak start in the second quarter.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1ef772.....

Chancellor George Osborne blocks EU's Basel III rules
Britain has blocked a European Union agreement on new rules to increase capital requirements for banks in a row over sovereignty and national "macro-prudential tools" to protect the economy against future financial crises.<img width='1' height='1'.....

Sly Bailey stepping down as Trinity Mirror chief executive
Sly Bailey, chief executive of Trinity Mirror Group, has been ousted ahead of an expected shareholder rebellion.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1ef9f91e/mf.gif' border='0'/><br/><br/&g.....

General Motors beats profit forecasts as US picks up
General Motors reported a first-quarter profit that beat forecasts as it successfully increased vehicle prices, especially in North America, and cut losses at its troubled European operations.<img width='1' height='1' src='http://telegraph.feedspo.....

RBS to set aside extra 125m for PPI claims
Royal Bank of Scotland is expected to set aside an extra 125m to compensate victims of payment protection mis-selling when its reports first quarter figures on Friday.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300.....

Investments: Sonja Laud, Schroders Global Equity Income Fund
Schroders Sonja Laud on finding under-valued stocks.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1efa4fa4/mf.gif' border='0'/>.....

Investments: Schroders Sonja Laud, Schroders Global Equity Income Fund
Schroders Sonja Laud on finding under-valued stocks.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1ef9f3f9/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/133515232839/u/3/f.....