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Monday 7 May 2012

UK Financial News on 2012-05-07

Election fears prove short-lived
European shares finish higher on Monday as investor concerns about government austerity plans following weekend election results proved short-lived......

Pressure grows on head of Yahoo
A shareholder seeking the dismissal of Yahoo's chief executive demands the internet firm hand over documents relating to his recruitment......

Google 'breached Java copyright'
A US jury finds Google breached copyright in a case brought by Oracle over its Java programming language, but can't agree whether it constitutes "fair use"......

Unemployment 'to keep on rising'
An economic forecasting group says unemployment in most parts of the UK will continue to rise over the next five years, despite recent falls......

Plane makers hit by cancellations
Airlines cancel a total of 32 orders for planes so far this year from the world's two major plane makers, Boeing and Airbus......

Bankia boss quits as rescue looms
The executive chairman of Spain's Bankia resigns as it emerges that the government will use public money to clean up bad loans at the bank......

Euro Disney reports higher losses
Losses grow at Euro Disney due to higher wage costs and spending on sprucing up Disneyland Paris ahead of its 20th anniversary......

Home building 'should be easier'
It should be easier for people to build their own homes in England to help ease the housing crisis, says a report by a cross-party committee of MPs......

Evernote to open China data hub
Evernote, the company behind the popular digital note-taking service, plans to tap the world's largest web community - China......

We won't be distracted - Osborne
Chancellor George Osborne says his party will focus on the economy in the wake of local election defeats, amid fresh criticism from Tory MPs of the coalition's priorities......

Beckham tops UK sport rich list
David Beckham tops the Sunday Times list of the richest people in sport in the UK and Ireland......

Arctic oil deal signed by Rosneft
Russian oil giant Rosneft signs a deal with Norway's Statoil to explore the sea around the Arctic......

Panic after Malawi devaluation
Shoppers in Malawi scramble to buy basic goods, fearing huge price rises after the new government devalues the currency by 33%......

Turkish clubs cleared of fixing
Turkey's Football Federation clears the country's top clubs of match-fixing, though a separate trial of 93 players and officials continues......

VIDEO: India 'leads world in junk emails'
India has overtaken the US as the world's biggest source of electronic junk mail.....

US scientists who mean business
The American scientists who mean business.....

How will austerity-averse Europe affect Asia?
How will anti-austerity Europe affect Asia?.....

Tax for small businesses: Q and A
A tax expert answers your questions on starting a business.....

Shareholder revolts gather steam
Why did CEO pay rise 84% while the market fell?.....

Distributing Nigerian films online
Making a fortune by selling Nigerian films online.....

'The world won't allow us to be a few steps behind'
The corruption problem hurting the Russian economy.....

India steps up cyber-crime battle
The changing face of cyber crime in India.....

U.S. Day Ahead: Walt Disney leaves Carter behind
Theme parks and cable networks to drive Walt Disney Company's Q2 earnings after the film "John Carter" flopped. DirectTV also reports......

Facebook's Zuckerberg seeks investor "friends" in New York
May 7 - Facebook CEO Mark Zuckerberg leaves an investor meeting in New York after fielding questions about the No. 1 social network's slowing revenue growth and its $1 billion purchase of Instagram as he kicks off a cross-country roadshow to promote .....

Economy 2012: Coachs mens line is booming
The luxury goods makers expanding mens business should see $400 million in sales this year and $1 billion within three years as its core customers fare better than the average American shopper, says CEO Lew Frankfort......

Trading at Noon: Mark Zuckerberg kicks off Facebook roadshow
May 7 - Investors started lining up for the wunderkind to pitch the mega IPO......

Facebook's dual-class structure could outperform in long-run
May 7 - Rutgers' Valentin Dimitrov says Facebook's dual-class structure could help keep entrepreneurial CEO Mark Zuckerberg in control, ultimately delivering greater returns for the company and shareholders......

Breakingviews: Spinning M&A deals
May 7 - Breakingviews columnists review Judge Leo Strines criticism of PR firms in a ruling on a merger of two rock stars......

3XSQ: Greece, France in turmoil post-elections
May 7 - Greece faces dangerous turmoil after election and a short party for Francois Hollande after his French election win......

Bio-implants offer natural solution for arthritis pain
May 7 - Researchers in Finland have developed biodegradable joint implants they say will bring permanent pain relief to arthritis sufferers. The implants are designed to replace joints degraded by rheumatoid and osteoarthritis, diseases that afflict .....

U.S. Morning Call: U.S. stock futures lose ground; bonds get boost on France, Greece elections
May 7 - U.S. stock index futures losing ground after elections in France and Greece and bonds getting a boost from the turmoil in Europe......

Market Pulse: Euro and stocks hit hard as voters reject austerity
May 7 - New French president Francois Hollande's honeymoon is likely to prove a short one. Markets want to know just how hard he'll push back against the euro zone's German-led austerity programme.....

Eurobank: Greece must avoid new election
May 7 - Greece must avoid a second election if it's to meet conditionalities for the EU/IMF's aid programme says Eurobank Head of Financial Markets Platon Monokrousos......

Breakingviews: Hollande won't have long to learn
Breakingviews......

Hollande tax pledges face reality check - Publicis CEO
May 7 - New French president Francois Hollande may struggle to implement a planned 75% tax rate on earnings over 1mln, says Publicis CEO Maurice Levy......

Athens commerce chief "hopes" Greece can stay in euro
May 7 - Costas Michalos, Chairman of the Athens Chamber of Commerce and Industry, urges MPs to form a government quickly to prevent the political and economic crisis deepening further......

French business fears Hollande's tax pledge
May 7 - The president of MEDEF, France's largest union of employers, fears Hollande's pledge to hike taxes will choke business and industry......

Greek austerity uncertainty
May 7 - Greek voters punish parties which support an EU/IMF bailout and the required spending cuts that go with it. Paul Chapman reports......

'Europe is watching': Franois Hollande
May 7 - A factbox on Franois Hollande, the first Socialist French President for over 20 years, who is vowing to fight back against German-led austerity measures......

Reuters Today: Greek vote ups euro exit chances - Citi
May 7 - Citigroup raises the likelihood of Greece leaving the euro within 18 months to 75%, as voters punish the ruling coalition in a resounding rejection of austerity.....

Francois Hollande: 'Monsieur Normal'
May 7 - France's president-elect goes to work on a scooter and shuns the showbiz style that became the hallmark of his predecessor. Paul Chapman reports......

Reuters Asks: Is Greece closer to leaving the euro?
May 7 - Residents in Athens give their verdict on whether Greece is closer to leaving the euro, after voting against austerity-for-aid policies in the election......

Germany open to Hollande's growth proposals - Axa's Chaney
May 7 - Berlin will show openness to new growth-promoting measures as part of moves to smooth relations with France's new president, says Axa chief economist Eric Chaney......

Asian markets slump, fear euro zone austerity reversal
May 07 - Asian markets tank after Greek and French voters reject austerity in favour of pro-growth candidates, calling into question Europe's austerity programmes......

Hollande poised to unseat Sarkozy
May 6 - Francois Hollande is poised to unseat incumbent president Nicolas Sarkozy and become France's first socialist president in 17 years. Andrew Raven reports......

Greece's anti-bailout parties hopeful in poll
May 6 - Greece's smaller opposition parties, who oppose the country's bailout, are expected to do well in parliamentary voting today. Rough Cut (no reporter narration).....

David Cameron: there is no going back on austerity
Prime Minister to declare that there is "no going back" on harsh spending cuts after seeing the leaders of France and Greece swept from power by public anger at austerity.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/56.....

Oracle claims partial victory over Google in 630m Android copyright battle
Google's Android mobile operating system breached Oracle's copyright, a jury has found, in a $1bn (630m) court battle between the two technology giants.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1f18e5bb/mf......

Twitter 'will be more valuable than Facebook'
Twitter is likely to last longer and become more valuable than Facebook, one of Britain's leading ad men has claimed.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1f18e5bc/mf.gif' border='0'/><br/><.....

HSBC to increase money set aside for PPI mis-selling claims
HSBC is set to increase the amount of money it will set aside to settle claims for mis-sold payment protection insurance, In its first-quarter trading update on Monday.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/56830.....

Tullow Oil shares set to rally after Kenya oil find
Tullow Oil shares are expected to leap on Tuesday morning after the company said it found more oil at one of its projects in Kenya.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1f18e5bd/mf.gif' border='0'/>&.....

Ecolution appoints BDO to raise as much as 40m
Solar power company Ecolution has appointed advisers to raise up to 40m to fund its expansion plans.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1f18e5bf/mf.gif' border='0'/><br/><br/><a href.....

Coalition and banks under fire as Wonga launches business loans
Controversial money lending service Wonga has ignited a political row by offering business loans at annual interest rates of up to 180pc.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1f18e5c0/mf.gif' border='0'.....

British aristocrat linked to Sergei Magnitsky case
A British aristocrat has been linked to the suspected laundering of the fraudulent gains of Russian criminals involved in the death of anti-corruption campaigner, Sergei Magnitsky.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/3.....

New eurozone crisis looms as Spain prepares bail-out
A new eurozone crisis is looming as Spain signalled it was ready to bail out ailing banks after markets shrugged off the election results in France and Greece.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1f18c.....

Break-up of banks and employment law changes to be revealed in Queen's Speech
Employment law changes, boardroom pay reforms and the long-awaited banking break-up are expected to be the key pieces of legislation affecting business outlined in the Queen's Speech.<img width='1' height='1' src='http://telegraph.feedsportal.com/.....

Europe rejects austerity but there is no soft option
Telegraph View: Resolving the eurozone crisis is dependent on the continuing willingness of Germany to bail out struggling economies.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1f188abc/mf.gif' border='0'/>.....

German Chancellor Angela Merkel faces a fight for the eurozone's future
Chancellor won't surrender economic war she's been fighting for two years.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1f188abd/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.co.....

Halfords back Flintoff and Dallaglio to boost pedal power
Halfords has had to do things a bit differently to build a premium bike business in the fashion conscious world of cycling.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1f188abe/mf.gif' border='0'/><br/&g.....

The web's about creating vast wealth for the few, not jobs for the many
Don't bother with the lottery, or even the fast buck attributes of finance; design an app. It'll make you richer. Much, much richer.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1f183ab7/mf.gif' border='0'/>.....

Chinese demand for metals continues with country 'set to avoid hard landing'
The eurozone crisis is flaring up once more. China has cut its growth target from 8pc to 7.5pc a year, and global economic sentiment is fragile to say the least.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1f1.....

Sirius Minerals lights up UK mining hopes with Yorkshire potash plan
Anyone who thought mining was an industry that the UK had consigned to the past may want to think again.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1f17c8e5/mf.gif' border='0'/><br/><br/><a .....

The week ahead in business and economics: May 8-11
Supermarket chain Sainsbury reports annual profits, while Prudential and HSBC update the market on trading, and the Bank of England releases its interest rate and QE decision.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/.....

France election: Germany rules out reworking EU's 'fiskalpakt'
Germany insists reworking of pact 'impossible', after new French president Hollande calls for shift in EU strategy.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1f14b50e/mf.gif' border='0'/><br/><br.....

Euro falls to four month low amid market jitters at French and Greek elections
Euro hits four month low as financial markets react to election of Socialist Franois Hollande in France and new threat of eurozone break-up posed by post-election turmoil in Greece.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/.....

Euro falls to three and a half year low amid market jitters at French and Greek elections
Euro hits three and a half year low against pound as financial markets react to election of Socialist Franois Hollande in France and new threat of eurozone break-up posed by turmoil in Greece.<img width='1' height='1' src='http://telegraph.feedspo.....

Stock markets fall as Greek and French elections renew fears that Europe cannot solve debt crisis
Election results in Greece and France send tremors throughout Europe as voters punish parties responsible for austerity measures instituted to prevent spiralling levels of debt.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/3272.....

Five more years of tough job market in most of UK, CEBR says
Unemployment will keep rising over the next five years in every UK region except the South East, East and London, a new report reveals, raising fears of a widening North-South divide.<img width='1' height='1' src='http://telegraph.feedsportal.com/.....

Bank of England's inflation fears put more QE in balance
A further boost to the economy through more quantitative easing will be considered by the Bank of England's Monetary Policy Committee this week to combat recession.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/.....

Companies failing to plan for CEO departure, report shows
Most large businesses do not have a succession plan in place for their chief executive, despite the damage it can cause to a company's share price when the boss leaves suddenly, a report has revealed.<img width='1' height='1' src='http://telegraph.....

John Timpson: We are making a difference to the lives of ex-offenders
The management column: Straight-talking, common sense from the front line.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1f118804/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.co.....