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Saturday 5 May 2012

UK Financial News on 2012-05-05

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......

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......

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......

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......

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......

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......

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......

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......

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......

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......

VIDEO: Your Money: Credit card cover fine print
In this week's Your Money, Declan Curry looks at how shopping by credit card can give you extra rights if things go wrong - but only under certain conditions......

VIDEO: Tunisia's bid to boost tourism
Simon Atkinson reports on the state of Tunisia's tourist industry, more than one year after the start of the Arab Spring......

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 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: 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......

Flooding lessons from village campaign
One village's campaign to tackle the flooding risk.....

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

Stocks in biggest weekly fall of 2012
May 04 - A lackluster April employment report sealed Wall Street's fate, prompting the biggest one-week drop of 2012. Conway G. Gittens reports......

Facebook "likes" small investors
May 04 - The world's largest social network wants to friend individual investors in its roughly $10.6 billion initial public offering, launching a highly-polished video aimed at touting the company's growth prospects. Conway G. Gittens reports......

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.....

Think Tank: Eight advertising tips for Tesco chief Philip Clarke
Laurence Green writes a letter to Philip Clarke, chief executive of Tesco, ahead of the retailer's change in advertising partner.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1f09f06c/mf.gif' border='0'/><.....

Naked Wines to invest 5.5m in US and Aussie vineyards
Naked Wines, the British wine club set up by a former right-hand man of Sir Richard Branson, is to invest 5.5m in a clutch of American and Australian vineyards as part of its first international expansion.<img width='1' height='1' src='http://tele.....

Weir shares targetted by short-sellers on fracking fears
Short-selling of shares in pump and equipment provider Weir Group has trebled since the start of the year, as US hedge funds continue to question its involvement in fracking.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f.....

Thomas Cook faces 14m bill for bank fees
Banks led by Barclays and Royal Bank of Scotland will pocket 14m in fees from Thomas Cook after forcing the troubled holiday operator to agree punishing terms for a 1.4bn refinancing deal.<img width='1' height='1' src='http://telegraph.feedsportal.....

William Hill faces shareholder showdown over CEO's 1.2m 'gift'
William Hill is facing a potential showdown with investors over a 1.2m "gift on a plate" for its outspoken chief executive Ralph Topping.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1f09e6e8/mf.gif' border='0'.....

Aviva investors call for CEO Andrew Moss to be replaced
Two of Aviva's largest shareholders have called on incoming chairman John McFarlane to replace chief executive Andrew Moss at his earliest convenience.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1f09e6e9/mf.g.....

The claims companies riding the PPI gravy train
"You too could have mis-sold PPI or unfair charges waiting to be refunded! Claim your 3,000 from the Banks! Our largest claim to date is 86,892!" proclaimed a newspaper advert last week for PPIClaimback.co.uk, which boasts that it has claimed back mo.....

Shareholders have executive pay in their sights
Is the current wave of FTSE 100 shareholder revolts evidence of a wider shift in investors' attitudes to high pay?<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1f09e6eb/mf.gif' border='0'/><br/><br/.....

Fraud inquiry into Aviva's Irish arm
Aviva's group audit committee ordered an investigation into the company's Irish business last year following the discovery of possible corporate governance failings, it has emerged.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/.....

Have Andrew Moss and ailing Aviva lost direction?
When I first met Andrew Moss in a hotel in downtown New York in November 2007, he was unsurprisingly chipper about Aviva's future.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1f09e6ed/mf.gif' border='0'/>&l.....

Welfare-to-work providers face fraud checks after investigations into wrongdoing
One in five investigations into alleged fraud at welfare-to-work providers over the past six years had "evidence of false representation" - such as forging client signatures to claim fees - with 10 cases referred to the police, the Government has rev.....

John Lewis considering opening shops in China
John Lewis Partnership, the employee-owned retailer, is exploring opening shops in China, a move which would mark its first foray outside the UK.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1f09e6ef/mf.gif' bo.....

John Lewis chairman Charlie Mayfield: there's still so much to do in the UK
Charlie Mayfield, chairman of the John Lewis Partnership, talks about gaining market share in a recession and his plans to expand into China.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1f09e6f0/mf.gif' border.....

Banks on brink of swaps 'mis-selling' investigation
British banks are facing the prospect of a major investigation by the Financial Services Authority into alleged mis-selling of billions of pounds of complex interest rate hedging products to small businesses.<img width='1' height='1' src='http://t.....

Prudential seeks new building for London HQ
Prudential is on the hunt for a new headquarters building in central London in a sign of the company's commitment to the UK, despite its recent threat to move its domicile to the Far East.<img width='1' height='1' src='http://telegraph.feedsportal.....

Groupon boss urges UK arm to tighten up following OFT criticism
The chief executive of Groupon has launched weekly checks on the UK arm of the business after the OFT and Advertising Standards Authority criticised it for poor controls and breaches of consumer regulations.<img width='1' height='1' src='http://te.....

Groupon CEO Andrew Mason: 'This business is a daily street fight'
After admitting a 'material weakness' in Groupon's accounts and coming under fire from businesses and the OFT, chief executive Andrew Mason explains how he plans to improve the company and reverse a sinking share price.<img width='1' height='1' sr.....

Warren Buffett tells Omaha gathering he may buy more newspapers
Billionaire investor Warren Buffett said that he may buy more newspapers even though the profits they make will be "nothing like the old days."<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1f099f96/mf.gif' bord.....

Just how dangerous is the socialist hand-grenade Francois Hollande?
Despite Nicolas Sarkozy's "rottweiler" performance in the televised debate on Wednesday, the pollsters are still convinced that by Sunday night France will have a new president.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/3272.....

EU's Olli Rehn signals end of 'Merkozy' austerity drive
The EU's top economic official called for a new investment pact, in the latest sign Brussels is preparing to reconcile Germany's austerity drive with the growth agenda of French presidential favourite Franois Hollande.<img width='1' height='1' src.....

Who will be the heir to Warren Buffett?
As Warren Buffett and his disciples gather in Omaha for Berkshire Hathaway's annual meeting, the silence on the investor's heir is deafening.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1f099cb1/mf.gif' border.....

It's China's mass market that offers the best opportunities
One of the things which surprised me as I walked round a WuMart supermarket in Beijing recently was the number of Western brands on the shelves. Pampers, Quaker Oats and even Blue Nun wine at an eye-watering 18 a bottle jumped out.<img width='1' h.....

Bankers' vitriol has masked Sir Mervyn King's uncomfortable message
I don't know Sir Mervyn King particularly well. I've talked with the Bank of England Governor deux just a few times over the years, always at official functions.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1f.....

Bank of England expected to put QE plans on hold as inflation fears loom
The Bank of England is expected to freeze its 325bn stimulus programme, signalling it is more concerned about high inflation than Britain's return to recession.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1f09.....

Former IHG chief Cosslett to take over at Fitness First
Andrew Cosslett, the former chief executive of Intercontinental Hotels Group (IHG), is to become the new head of Fitness First, the ailing gym chain.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1f08a2c0/mf.gif.....