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Friday 1 June 2012

UK Financial News on 2012-06-01

Weak US job figures hit markets
Stock markets fall following news that the US economy added considerably fewer jobs than had been expected in May......

BP to pursue sale of TNK-BP stake
BP plans to divorce its Russian oligarch partners by selling its stake in the massively lucrative TNK-BP joint venture......

UK manufacturing sector 'shrinks'
The UK's manufacturing sector contracted at its fastest pace for three years in May, according to a closely-watched survey......

Tax department staff back strike
Some Revenue and Customs workers, including tax advisers, have voted in favour of a strike in a dispute over job cuts and privatisation......

Eurozone unemployment rate at 11%
Unemployment in the eurozone was 11% in April, unchanged from March, but still the highest since the bloc was formed, official figures show......

GM to cut pension burden by $26bn
US car giant General Motors announces plans to reduce its pension obligations by $26bn by offering thousands of retiring workers lump-sum payments......

Microsoft previews latest Windows
Microsoft is launching the most complete preview yet of its forthcoming Windows 8 operating system, the biggest redesign since Windows 95......

Google to charge online retailers
Google will start charging companies for listing products in the shopping section. From autumn only retailers who have paid will appear......

Spain's manufacturing woes deepen
The rate of contraction in Spain's manufacturing sector was worse than that of Greece in May, an influential business survey suggests......

UK economy 'to grow 0.1% in 2012'
The British Chambers of Commerce slashes its forecast for economic growth this year, to just 0.1%, and calls for more action to help businesses......

Judge backs Google over Oracle
A US judge dismisses the central basis of Oracle's $1bn copyright claim against Google......

MoneySavingExpert sold for 87m
High-profile personal finance commentator and campaigner Martin Lewis has sold his MoneySavingExpert website for up to 87m......

Irish vote backs EU fiscal pact
Voters in the Republic of Ireland back the EU fiscal pact in a referendum, with results showing 60% cast ballots in favour......

Fitness First thrown CVA lifeline
Fitness First, the struggling gym company, has entered into a company voluntary arrangement in a bid to stave off bankruptcy......

Treasury denies skip tax U-turn
The Treasury denies there is to be any U-turn over a planned tax increase on waste dumped from skips......

Remploy staff stage closure rally
Remploy staff from across Wales have joined a rally in Cardiff protesting against plans to close factories employing disabled people......

Contactless pay limit up to 20
The price limit on purchases made using wave-and-go card technology has now increased to 20 from the previous limit of 15......

Hammersmith Apollo sold by HMV
Entertainment venue Hammersmith Apollo which has held concerts by bands from The Beatles to Queen, is sold by its owner HMV......

Festival boss apologises for flop
The organiser of a charity music festival which flopped last month apologises for leaving creditors out of pocket......

Council pension deal is outlined
A deal to settle the local government pension dispute has been proposed by both employers and trade unions in England and Wales......

Investment forecasts to be cut
Financial services companies that sell investment policies to the public will have to use lower and more realistic projections of possible future returns......

Car insurance market faces probe
The car insurance industry is set to be scrutinised by the Competition Commission, after the Office of Fair Trading calls the sector "dysfunctional"......

China factory activity weakens
Activity in China's biggest and mainly state-owned factories hits the lowest point this year due to weak domestic demand......

Spain denies IMF bailout rumours
Spain's economy minister dismisses talk of it seeking a bailout from the International Monetary Fund as "senseless"......

US GDP growth slower than thought
The US economy grew at an annualised pace of 1.9% in the first three months of this year, weaker than the 2.2% first thought......

Xstrata boss offered 29m to stay
The head of Anglo-Swiss mining firm Xstrata is offered almost 29m to stay on as boss once its merger with Glencore is completed......

Edinburgh Airport changes hands
The owner of Gatwick and London City airport formally takes ownership of Edinburgh Airport following a 807m deal......

ATM ad firm banks licence deals
ATM advertising firm i-design secures licence deals that will significantly increase its presence in the UK, Canada and America......

West Ham quash ground share talk
West Ham release a statement quashing speculation about sharing the Olympic Stadium with Leyton Orient......

League Cup gets new sponsorship
The League Cup will be known as the Capital One Cup from next season as the Football League agree a new four-year sponsorship deal......

Rangers sanctions 'meaningless'
The 10-point penalty applied to Rangers for going into administration was "relatively meaningless", the SPL chief executive says......

VIDEO: BP to pursue sale of TNK-BP stake
BP has announced that it is going to try to sell its stake in the TNK-BP Russian oil joint venture......

VIDEO: Retailers expect Jubilee boost
Experts are predicting the long bank holiday weekend will bring in 509m to the economy, as people celebrate the Queen's Diamond Jubilee......

AUDIO: MoneySavingExpert sold for 87m
Martin Lewis has told BBC Radio 5 live about the sale of his website moneysavingexpert.com for 87 million......

AUDIO: The price of cheap clothes?
In a report published today the organisation, Anti-Slavery International allege that Indian textile firms, which supply some of Britain's biggest high street retailers, are operating near slave labour conditions. Mike Thomson has travelled to Tamil N.....

AUDIO: TNK was 'crown of thorns' for BP
BP announced that they intend to sell there 50 percent stake in Russia's third largest oil producer, TNK. Nick McGregor, oil analyst at stockbrokers Redmayne Bentley, gives his reaction to the news......

AUDIO: Lawson 'delighted' over tax U-turn
The Chancellor George Osborne has admitted he got it wrong with his cap on tax relief on charitable giving in the Budget. Former Conservative chancellor, Lord Lawson, gives his view on the issue......

VIDEO: 'Not for the faint hearted'
In these volatile markets, many investors are putting money into low-yield assets just to protect their capital.....

AUDIO: Will Formula One delay share sale?
Dominic Rossi, global chief investment officer of equities at Fidelity Worldwide Investment, says the "poor" Facebook IPO deters those companies coming next.....

Why Spain's regions owe so much money
Why Spain's regions owe so much money.....

Talk-to-text takes off in China
Why voice technology is bypassing China's keypads.....

Asia's economies face health risk
People and economies gain from good healthcare.....

U.S. Week Ahead: Markets on watch for more global turmoil
June 1 - The economic turmoil roiling markets will be in focus next week, as governments and investors monitor developments. And Fed chairman Ben Bernanke faces Congress and questions about QE3......

Weak jobs report hurts Obama's re-election chances: Moody's
June 1 - An exclusive Moody's report finds that, though President Obama will still likely win re-election in November, his chances will be hurt by May's jobs number and if things worsen it could be a toss-up......

BP moots retreat from Russia
June 1 - UK oil company BP says it's considering the sale of its stake in Russia's third-largest oil producer, TNK-BP, after offers came in from undisclosed buyers. Joanne Nicholson reports......

PayPal leads mobile payments push
June 1 - Mobile payments have been slow to take off in the UK, but the electronic payments company PayPal is just one of the names that sees great potential. Matt Cowan reports......

Cambodian lives and forests saved by award-winning water filter
June 1 - A simple water filter made from rice husk is helping the poor of rural Cambodia improve their health prospects and stem the deforestation that is destroying the nation's jungles. This week iDE-Hydrologic picked up a prestigious Ashden Award .....

U.S. hiring hits a wall
June 1 - Hopes of an American rescue of the global economy were dashed with a report showing the weakest U.S. job growth in a year, shocking Wall Street. Conway G. Gittens reports......

Trading at Noon: Jobs jolt; Groupon shares decline
June 1 - U.S. stocks stumbled after disappointing jobs growth and Groupon slides as its lockup ends......

Breakingviews: Another billionaires busted IPO
June 1 - Mark Zuckerbergs misery has company from Brazil's richest man. Jeffrey Goldfarb and Raul Gallegos discuss Eike Batista's latest IPO, which suffered a similar fate to Facebook's......

Scientists find slippery solution to ketchup conundrum
June 1 - Researchers at MIT have developed a super slippery coating that will finally liberate sticky condiments from their stubbornly resistant containers. The coating's chemical make-up is a secret, but it could finally bring an end to the frustrat.....

Fed likely to announce QE3 after May jobs report: Bianco
June 1 - The U.S. economy posted the smallest jobs gain in a year. Bond investor Jim Bianco says that while the economy is avoiding recession, U.S. growth will be anemic at about 1% this year......

Austerity isn't enough to solve euro zone's problems
June 1 - Erik Jones, head of Europe for Oxford Analytica, says that euro zone officials need to enact more decisive policies than austerity measures and feels the ECB isn't equipped to make the necessary calls.....

Europe Week Ahead: ECB contemplates rock, hard place
June 1 - Attention turns to the ECB with bank governor Mario Draghi under pressure to provide new stimulus even after saying repeatedly that it was now time for governments to act......

3XSQ: Dismal U.S. jobs report shocks markets
June 1 - The implications of a disappointing jobs report on the markets, elections and Fed policy......

Market Pulse: Thought May was bad? Hold tight for June...
June 1 - After a torrid month for investors in May, June is looking even worse as euro zone turmoil and Chinese data drive stocks and the euro to new lows and see German 2-year yields turn negative......

Drop in small business lending suggests lower GDP in 2012
June 1 - PayNet president Bill Phelan says the drop in the Small Business Lending Index in April suggests the U.S. economy is heading to bear country and that data show businesses are risk-averse......

Suu Kyi speaks at WEF
June 1 - Myanmar opposition leader Aung San Suu Kyi speaks about her country's need for meaningful development at the WEF in Thailand. Jessica Gray reports......

Spanish cash flight not going under mattresses ... yet
June 1 - A record 66.2 billion flew out of Spain in March, a figure that is likely to rise in coming months. Where's the cash going? Not under Spanish mattresses ... not yet anyway......

Royal barber's two centuries of cuts
Jun 1 - As Britain's Queen Elizabeth prepares to celebrate sixty years on the throne, her husband's barber Truefitt & Hill is still in business two centuries after opening its first shop. Hayley Platt reports.....

Breakingviews: BP could get $30bln relief from TNK grief
June 1 - If BP sold its share in the TNK venture it could get up to $30 billion, but it would need to find new partners which could lead a whole new set of problems, says Breakingviews......

More recession, QE on way after UK PMI shock
June 1 - A deeper slowdown and more quantitative easing look likely in the UK after manufacturing PMI numbers fall at the second-fastest rate ever in May......

Germany's Pirates step up assault on mainstream parties
June 1 - The Pirates party aim to build on their success in regional elections to gain entry into Germany's national parliament, where they could one-day become coalition kingmakers.....

Reuters Today: China slowdown adds to global woes
June 1 - China factory activity worsens, the EU warns euro survival at risk, F1 pulls its Asia IPO and Ridley Scott returns to sci-fi......

Japan 101 - Key to success from a foreign CEO
finds out from Carlos Ghosn how to thrive......

Expect a rebound ahead for China PMI
June 1 - ANZ's Liu Li Gang says the government will likely take swift action to boost China's economy......

Asia Week Ahead: How slow will China go?
A flurry of China economic data will shed light on how fast China's economy may be slowing, while Australia's mining boom economy will also be in the spotlight......

BP plans shock sale of TNK-BP stake
BP has shocked shareholders by putting its stake in Russian joint venture TNK-BP up for sale in a move that could raise $30bn (19.5bn) but which has left the City confused about future strategy.<img width='1' height='1' src='http://telegraph.feeds.....

TNK-BP: a frosty relationship that failed to thaw
Basic disagreement between BP and its partners about the purpose of their Russian joint venture has led to the sale move.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1fefa8cc/mf.gif' border='0'/><br/>.....

BP's bold move in a long-running chess game with Russian oligarchs
Dramatic statements from BP about Russia tend not to have a happy ending. So will the announcement that it plans to explore a sale of its 50pc stake in the troubled TNK-BP joint venture be any different?<img width='1' height='1' src='http://telegr.....

London 2012 Olympics: companies refuse tickets amid Bribery Act fears
Prized tickets for the Olympics are needlessly being turned down because of overblown fears about the Bribery Act.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1fef45ab/mf.gif' border='0'/><br/><br/.....

Walmart vows to 'get to the bottom' of corruption allegations as Lionel Richie plays at shareholder meeting
Rob Walton, the chairman of Walmart, rejected criticism that the company's board is not independent enough as the world's largest retailer vowed to get "to the bottom" of a corruption scandal in Mexico.<img width='1' height='1' src='http://telegra.....

Debt crisis: as it happened June 1, 2012
Stock markets fall sharply with weak US job growth adding to worries about health of global economy after a slump in UK and eurozone manufacturing sectors.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1feed3bc/.....

Vodafone boss sees pay double to 14m
The chief executive of Vodafone saw his pay package more than double from 6.6m to over 14m last year, including more than 12m in bonuses.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1feebd95/mf.gif' border='0'.....

Trinity Mirror shares rise as investors bet on buy-out
Shares in Trinity Mirror Group rose as much as 6pc as investors bet on a takeover by two of its former editors.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1feebd97/mf.gif' border='0'/><br/><br/>.....

Man Group in last-ditch attempt to halt relegation
After a torrid few months, hedge fund manager Man Group could next week face the final indignity of being demoted from London's index of top-flight shares.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1feebd99/.....

Debt crisis: live
Stock markets fall sharply with weak US job growth adding to worries about health of global economy after a slump in UK and eurozone manufacturing sectors.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1fe8cf5b/.....

Xstrata shareholders lash out at 172m pay-package
Xstrata's top shareholders have vowed not to let the company "get away with" its planned 172m pay-package for executives, calling it "depressing" and "out of touch with public mood".<img width='1' height='1' src='http://telegraph.feedsportal.com/c.....

Fitness First plans CVA for 81 clubs with 750 jobs put in the balance
Troubled gym chain Fitness First has told creditors it intends to offload 81 clubs in a company voluntary arrangement that leaves up to 750 jobs in the balance.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1fee.....

Stock markets slump as slew of poor data bodes ill for world economy
Fears that the global economy is foundering escalated following a run of poor economic news that sent international stock markets sharply lower.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1fee58d0/mf.gif' bor.....

Ireland says Yes to EU fiscal pact
Ireland has backed the European Union's fiscal pact in Europe's only popular vote on a controversial treaty that locks the euro's austerity rules into national law.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/.....

US economy loses steam as jobs growth slumps to its weakest in a year
US jobs growth has slumped to its weakest in a year, deepening fears that the world's largest economy is losing momentum just as Europe is mired in recession.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1fee55.....

Oil drops below $100 on global growth fears
Oil fell to a 16-month low below $100 a barrel on Friday as weak US jobs data, poor manufacturing figures from China and a spiralling euro zone debt crisis deepened worries over the prospects for global economic growth.<img width='1' height='1' sr.....

US jobs growth slows as unemployment rate ticks up: reaction
US jobs growth in May was the weakest in a year and employers added far fewer jobs in the prior two months than previously reported. Here's how economists reacted.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1.....

Derby draws record crowds as racecourses buck recession
More than 130,000 racegoers are expected at the Epsom Derby on Saturday, a record attendance in the modern era, as racecourses buck the recession to deliver bigger crowds.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/56.....

US jobs growth weakest in a year
US stocks tumbled Friday, after government data showed employers added far fewer jobs in the prior two months than previously reported, and the unemployment rate rose for the first time in almost a year.<img width='1' height='1' src='http://telegr.....

Ireland heading towards Yes vote in fiscal pact referendum
Early returns indicate a comfortable victory for the Yes camp after the only referendum to be held in Europe on controversial EU fiscal pact.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1fec735f/mf.gif' border.....

Ireland heading for 'yes' vote in referendum
Ireland is today heading for a Yes victory after the only referendum to be held in Europe on a controversial European Union fiscal pact that locks the euro's austerity rules into national law.<img width='1' height='1' src='http://telegraph.feedspo.....

UK manufacturing slumps: reaction
Britain's manufacturing sector contracted at the fastest rate in three years in May, signalling the economy is still mired in recession. This is how economist reacted:<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300.....

Martin Lewis: from Simply Money to loads of money
From spin doctor to money saving multi-millionaire, we look at the rise of Telegraph columnist Martin Lewis.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1feb743e/mf.gif' border='0'/><br/><br/>&l.....

Eurozone crisis: manufacturing sector shrinks in May
Prospects for eurozone manufacturing sector were bleak after the sector contracted at the fastest pace in almost three years in May and even Germany suffered a large fall.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/56.....

TNK-BP: a troubled history
BP plans to sell its 50pc stake in TNK-BP, its highly lucrative Russian joint venture where it is at loggerheads with its oligarch partners, after receiving "unsolicited" interest. Here is a timeline of BP's troubled history in Russia:<img width='.....