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Friday 4 May 2012

UK Financial News on 2012-05-04

RBS confirms state loan repayment
RBS confirms it is to repay 163bn of emergency loans, reports a three month loss of 1.4bn and sets aside another 125m for PPI compensation......

High unemployment 'to damage UK'
The UK unemployment rate will rise to almost 9% by the end of 2012, doing "permanent damage to the UK's productive capacity", a think tank says......

US job growth slows during April
The US economy created 115,000 jobs during April, fewer than the previous month and less than analysts had expected, sending stock markets lower......

SSE fined 1.25m for mis-selling
SSE has been fined 1.25m for tricking potential customers into switching from their existing energy firm......

House prices 'fluctuate widely'
House prices in the UK fell back sharply in April after the end of the stamp-duty holiday for first-time buyers, the Halifax says......

Premier League TV up for grabs
The Premier League issues an invitation to tender for the domestic UK broadcast rights for the 2013-14 to 2015-16 seasons......

Chelsea bid to buy Battersea site
Chelsea make a bid to buy Battersea Power Station and redevelop it into a 60,000 capacity stadium......

Eurozone private sector 'shrinks'
The eurozone's private sector contracted sharply in April and more than initially thought, a survey suggests......

Company insolvencies rise by 10%
The number of companies that went into administration or insolvency in England and Wales in the first three months of the year rose by 10%, figures show......

Airport hopes to replace BMI Baby
George Best Belfast City Airport's chief executive says he hopes that by next week another airline will take the place of BMI Baby, which stops flying from the airport in June......

BNP sees quarterly profits fall
BNP Paribas, France's biggest listed bank, reports a 22% fall in first quarter net profit as the eurozone slowdown continues to have an effect......

New car sales rise 3.3% in April
New car sales in the UK rose to 142,322 in April, up 3.3% from a year earlier, the Society of Motor Manufacturers and Traders says......

HMV predicts return to profits
HMV predicts a profit of 10m for the current year, while warning of worse-than-expected losses of 16m for the previous year......

Air France-KLM hit by fuel costs
Airline group Air France-KLM reports a loss for the first three months of the year, after being hit by high fuel costs and a drop in cargo traffic......

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......

Third Kwok brother arrested in HK
A third member of Hong Kong's billionaire Kwok family has been arrested as part of a high-profile corruption investigation in the city......

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......

Firms 'should employ prisoners'
Major employers should give prisoners work experience placements and training and help more ex-offenders get work, Ken Clarke has said......

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......

Australia lowers growth forecast
The Reserve Bank of Australia lowers its growth forecast saying that consumer and business sentiment continue to be low......

Indonesia to tax mineral exports
Indonesia is to impose a tax on exports of 14 raw minerals, including copper and gold, in an attempt to encourage local processing......

Africa foreign investment surges
Africa received its largest ever share of global foreign direct investment (FDI) last year, according to an Ernst and Young survey......

Qantas delays delivery of A380s
Qantas will delay the delivery of two A380 planes by almost four years as it announces fresh $410m spending cuts......

Linkedin profits and shares jump
Business-focused social networking website Linkedin said its quarterly profits more than doubled sending its shares up 10%......

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......

Liverpool make 49.4m yearly loss
Liverpool lost 49.4m in the last financial year due to a failed stadium plan and the exit of Roy Hodgson, club accounts reveal......

Force India handed 650,000 bill
Force India must pay 650,000 legal costs to the Caterham team and their chief technical officer Mike Gascoyne......

Hearts announce large debt drop
Hearts release financial figures showing a profit of 511,000 and a 12m reduction in their overall debt......

VIDEO: Facebook ready for stock market debut
The BBC's Rachel Horne on Facebook's hopes for its impending stock market flotation - and how will the outcome of the French presidential election affect the country's economy?.....

VIDEO: Japan closes last nuclear reactor
Japan will close its last operating nuclear power plant on Saturday fears after local communities voiced fears about their safety but the move is proving costly......

VIDEO: Facebook value set at up to $95bn
Facebook has set the share price for its upcoming initial public offering (IPO) at between $28 and $35 per share, valuing the company at between $85bn-$95bn (52bn-59bn)......

VIDEO: Taking a look at the new Galaxy S3
South Korean firm Samsung has unveiled its latest smartphone, the successor to the Galaxy S2......

VIDEO: Asia's developing taste for wine
Once known for their high spending on the best-known vintages, Asian wine buyers are becoming more sophisticated......

VIDEO: RBS confirms loan repayment
Royal Bank of Scotland has confirmed that it is to repay the last of the 163 billion in emergency loans it received from the US and UK governments......

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: 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......

How to hack your workplace
How to break all the rules to work better and faster.....

Cloudy horizon for French economy
Nantes lesson for the French economy.....

Nuclear future uncertain in Japan
With no working reactors, has Japan's nuclear age ended?.....

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

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

U.S. Week Ahead: Don't be dazzled by Facebook's road show
Social Media Editor Athony De Rosa says buyer beware!.....

Economy 2012: Natural gas to remain cheap, says Pepco CEO
May 4 - Pepco CEO Joseph Rigby expects natural gas prices to stay low and sees the economy remaining strong in its Washington DC market......

Saft Says: Bad jobs number will not spur QE3
Columnist James Saft says as bad as the April jobs number was it's not going to be enough to get the Fed to act on QE3......

Trading at Noon: Facebook plans to raise $10.6 billion
May 4 - Facebook plans to raise $10.6 billion in mega IPO that would value the company at $77 billion to $96 billion. Also, April hiring slows down......

Hiring slows further in April
May 4 - U.S. employers cut back on hiring for a second straight month and the unemployment rate fell as the unemployed stop looking for work. Conway G. Gittens reports......

Breakingviews: Oil foils
May 4 - Jeffrey Goldfarb and Breakingviews columnists discuss the contrasting fortunes of Colombias Ecopetrol and Mexicos Pemex......

Europe Week Ahead: French, Greek polls set to drive markets
May 4 - French and Greek election results look certain to drive markets in the early part of next week, with the outcome in Athens looking much harder to call......

Long-term unemployed must retrain, add skills: Manpower president
May 4 - Jonas Prising, president of ManpowerGroup, says those who've been out of the workforce for a long time need to keep up with skills employers demand so it will be easier to get rehired......

Wealth Strategies: Jobs market a "national emergency"
May 4 - Princeton's Alan Blinder says it will take four or five more years for all the jobs lost during the recession to come back, and says Americans shouldn't accept a "natural" unemployment rate above 5.5%.....

3XSQ: Job growth weak, unemployment falls
May 4 - U.S. April nonfarm payrolls rose by 115,000, missing expectations, while the unemployment rate fell to 8.1 percent......

Argentina passes bill to nationalise Spain's YPF
May 4 - Argentina's congress has passed a bill to nationalise the YPF energy company, which is controlled by Spain's Repsol. Andrew Potter reports......

U.S. Morning Call: It's all about Facebook
May 4 - Facebook aims to raise about $10.6 billion in Silicon Valley's largest IPO, dwarfing the coming-out parties of tech companies like Google and granting the world's largest social network a market value close to Amazon's......

Market Pulse: "Good news" for 2 of Europe's biggest banks
May 4 - RBS and BNP Paribas shares outperform after Q1 results, even though recession in the continent looks to be deepening......

Chen, a political hot potato for everyone
Chen Guangcheng's bid for freedom is not just a political puzzle for Beijing. Obama needs a solution too, or risks giving Republicans ammunition for the upcoming election......

Breakingviews: CV lies come back to bite
May 4 - Tempting as it is to polish up one's geek credentials, resum fibs have a longer shelf life than degrees......

In the Boardroom: 'Shareholder spring' shockwave
columnist, Lucy Marcus, explains how AGMs are shaking up boardrooms......

Tarnished Chongqing still a gem for investors
May 4 - High-profile Hong Kong entreprenuer Allan Zeman sees no warning lights to prevent him from investing in Chongqing despite the recent political scandal......

Hands on with Samsung's new iPhone challenger
May 4 - Samsung fires its next round in the battle of the smartphones at a global launch event in London. Julian Satterthwaite gets hands-on with the new contender......

Reuters Today: Top Stories and Analysis
May 4 - 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......

BNP Paribas CEO comments on Q1 results
May 4 - BNP Paribas CEO Jean-Laurent Bonnafe joins Insider to discuss Q1 results. BNP is expected to report pre-tax profit of 3.7 billion euros, down 10.3% year-on-year, according to analyst forecasts......

Asia Week Ahead: Japan automakers set to shine
May 4 - Japans two top automakers, Toyota and Nissan, post annual results. They're set to show a strong rebound after natural disasters. In China, all eyes will be on the CPI and trade data......

Markets anticipate Hollande victory
May 4 - Socialist Francois Hollande is the frontrunner in France's presidential election on Sunday and analysts say there's uncertainty about how many economic policies he will implement and how he will work with German Chancellor Angela Merkel to ta.....

Samsung unveils latest flagship smartphone
May 4 - Samsung takes another bite at Apple with its latest Galaxy smartphone, the SIII......

Facebook Plans Mega IPO
May 03 - Summary of Business Headlines: Facebook plans $12 billion IPO, Carlyle Group's lackluster first day of trading; mixed economic signals ahead of monthly jobs report. Carmen Roberts reports......

Dark clouds on the horizon for U.S. earnings
Jharonne Martis......

Culture Secretary Jeremy Hunt under fresh pressure over BSkyB's local service
BSkyB was planning a local, multi-media news and information service at the same time Jeremy Hunt, the Culture Secretary, was looking to develop a local television network across the country.<img width='1' height='1' src='http://telegraph.feedspor.....

Warren Buffett invites analysts to annual meeting for first time
Billionaire faces questions about inner workings of $200bn company.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1f02d124/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/133.....

Stock markets slump on weak US jobs data
Stock markets fell as disappointing US jobs data doused hopes that the global powerhouse would support the eurozone through the political uncertainty of this weekend's elections in France and Greece.<img width='1' height='1' src='http://telegraph......

Argentina's Congress votes for YPF nationalisation
Argentina's Congress has nationalised the country's biggest oil company, YPF, by an overwhelming lower house vote that highlighted broad support for the measure.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1f0.....

Boardrooms are quaking with fear as shareholders revolt
Who's afraid of accountability? Apologies to Edward Albee, but in the world of business this is currently the question du jour.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1f046700/mf.gif' border='0'/><b.....

Pirc tells Cookson investors to vote to remove entire board
Investors have been told to vote to remove the entire board of Cookson Group and oppose its pay policies in what could be the most comprehensive shareholder rebellion so far.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f.....

BlackRock's Michelle Edkins behind wave of shareholder revolts
Michelle Edkins, the global head of corporate governance at BlackRock, has emerged as the driving force behind the wave of shareholder revolts that have rocked Britain's biggest companies.<img width='1' height='1' src='http://telegraph.feedsportal.....

J Sainsbury chief Justin King to attack Waitrose over discount promotion
J Sainsbury is expected to attack its smaller rival Waitrose next week, as it unveils record profits, as a result of having handed out millions of vouchers to its customers.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/.....

BSkyB planned local television network as Jeremy Hunt decided on News Corp bid
BSkyB planned a local TV network - the creation of which was a long-held personal ambition of Jeremy Hunt - at the same time as the Culture Secretary was deciding whether News Corp could take full ownership of the broadcaster.<img width='1' height.....

I will not buy Facebook shares, says Warren Buffett
Billionaire Warren Buffett said he will not be buying shares in Facebook but dismissed fears that financial markets are in a second dotcom bubble.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1f03b6b1/mf.gif' b.....

Yahoo! investigates chief executive Scott Thompson over CV 'lie'
Shareholder claims Scott Thompson lied about holding degree.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1f02d11c/mf.gif' border='0'/>.....

Facebook founder Mark Zuckerberg to pay more in tax than he pockets in cash on IPO
Facebook founder will pay more in tax than he pockets following IPO.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1f03b6b2/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/13.....

Facebook founder Mark Zuckerberg to owe more in tax than he gets in cash on IPO
Facebook founder will owe $903m on IPO later this month.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1f038fb6/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/133515310597/u.....

Debt crisis: as it happened - April 4, 2012
British shares dropped sharply on Friday as global stock markets fell after weaker-than-expected US jobs figures and poor eurozone services data cast doubts over recovery in the world economy.<img width='1' height='1' src='http://telegraph.feedspo.....

Chelsea Football Club faces battle to buy Battersea Power Station
Chelsea Football Club faces a battle to buy Battersea Power Station after a collection of international investors also made bids for the landmark site.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1f034739/mf.g.....

RBS on 'path to recover' as it pays off bail-out loans
Royal Bank of Scotland made a loss of 1.4bn in the first three months of the year despite the state-backed lender hailing the achievement of several "important milestones" as it was hit by a charge against its own debt.<img width='1' height='1' sr.....

Debt crisis: live
British shares dropped sharply on Friday as global stock markets fell after weaker-than-expected US jobs figures and poor eurozone services data cast doubts over recovery in the world economy.<img width='1' height='1' src='http://telegraph.feedspo.....

SFO ordered to Old Bailey to explain bungled Tchenguiz investigation
The Serious Fraud Office is being ordered to appear before an Old Bailey court over its bungled investigation into the dealings of the entrepreneurs Vincent and Robert Tchenguiz.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/327.....

Rentokil eyes return to Libya as rats 'thrive' in war-torn country
Rentokil Initial is in talks with the Libyan government about resuming its rat-catching contract after a sharp increase in vermin in the country.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1f02d11d/mf.gif' bo.....

SSE fined 1.25m for doorstep misselling
Energy company SSE has been fined 1.25m for allowing its doorstep salesmen to mislead customers into thinking they would get a better energy deal.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1f02d11f/mf.gif' b.....

SSE fined 1.25m for doorstep mis-selling
British utility SSE has been fined 1.25m for mis-selling home energy supply contracts to consumers on their doorsteps in 2009.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1f03b9b0/mf.gif' border='0'/>.....

SSE fined 1.25m for doorstep mis-selling
British utility SSE has been fined 1.25m for mis-selling home energy supply contracts to consumers on their doorsteps in 2009.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1f02d122/mf.gif' border='0'/>.....

British shares fall in global sell-off on weak US jobs data
British shares dropped sharply on Friday as global stock markets fell after weaker-than-expected US jobs figures and poor eurozone services data cast doubts over recovery in the world economy.<img width='1' height='1' src='http://telegraph.feedspo.....

US unemployment falls as workers abandon jobs market
US unemployment fell to 8.1pc in April as 115,000 jobs were created, but the bulk of the drop was due to the hundreds of thousands of Americans who stopped looking for work.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/.....

Top increases in personal insolvencies by town: in pictures
<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1f00a97a/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/133515284217/u/3/f/568300/c/32726/s/1f00a97a/a2.htm"><img src="h.....