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Thursday 7 March 2013

UK Financial News on 2013-03-07

BoE rejects more economic stimulus
The Bank of England's rate-setting committee has kept interest rates at 0.5% and rejected calls to inject more stimulus into the economy......

RBS to compensate users over glitch
Royal Bank of Scotland says it will compensate RBS, NatWest and Ulster Bank customers who experienced disruption to their banking services......

John Lewis announces 17% staff bonus
Department store group John Lewis announces a 17% bonus for staff after reporting a rise in annual profits......

Facebook gives itself a facelift
Facebook redesigns its site to offer a less cluttered news feed that increases the size of adverts and other posts......

US banks 'could survive a downturn'
US banks have enough capital to withstand a severe economic downturn, the Federal Reserve says, as 17 out of 18 banks pass its annual stress tests......

London Market Report
The pound jumps on the foreign exchanges after the Bank of England decided not to increase its quantitative easing (QE) programme......

No alternative on economy, says PM
Changing course on the economy would plunge the UK "back into the abyss", the PM warns - after Vince Cable suggests spending may have to rise......

ECB keeps rates unchanged at 0.75%
The European Central Bank (ECB) has decided to keep eurozone interest rates unchanged at 0.75% for the eighth month in a row......

US trade deficit widens in January
The gap between the value of US imports and exports widened in January, while the number of initial claims for unemployment benefits fell last week, official figures show......

Graduate pay gap - women paid less
Female graduates are still likely to earn thousands of pounds less than men, according to a new report......

Hundreds of jobs go at fire-hit mine
Hundreds of jobs are to go at a Warwickshire coal mine hit by an underground fire last month......

QPR's wage bill and debts soar
Queens Park Rangers says its wage bill and debts jumped during the club's first year back in the Premier League......

Aviva shares dive on dividend cut
Shares in insurance firm Aviva sink 12.5% after it cuts its dividend by more than a quarter in order to finance a turnaround strategy......

Carrefour suffers in weak eurozone
Carrefour, Europe's biggest supermarket chain, says the year ahead will be tricky as recessions in Italy and Spain have hit demand......

Business group cuts growth forecast
Business groups warn of continuing tough conditions in the UK economy and cut their growth forecasts for the year ahead......

Standard Life profits prompt payout
Standard Life is to pay out more than 300m to shareholders after posting a larger-than-expected annual profit......

Italian bank director found dead
The communications director of the world's oldest bank, Italy's Monte dei Paschi di Siena, is found dead in an apparent suicide......

Lady Gaga sues Lloyd's syndicates
Lady Gaga's production company and two concert promoters file a lawsuit against three Lloyd's of London insurance syndicates......

Millions 'stop work to be carers'
More than two million people in the UK have left jobs to care for disabled, sick or elderly loved ones, a survey by Carers UK suggests......

Payday lenders told to improve
The UK's top payday loan companies are given 12 weeks to change their behaviour after a study finds evidence of "widespread irresponsible lending"......

Housing market 'still improving'
UK house prices rose by 0.5% in February, the Halifax says, as the market continued to improve......

Scottish debt 'lower than UK level'
Scotland spent more cash than it raised last year, although debt levels were lower than the UK as a whole, official figures suggest......

Budget Day strike for civil servants
The UK's largest civil service union, the PCS, has picked Budget Day - 20 March - to start its industrial action over pay and pensions......

'Growth slows' in emerging markets
Emerging markets grew at a slower pace in February than the month before, according to HSBC's monthly purchasing managers' index......

Reebok problems hit Adidas results
Adidas, the world's second-largest sportswear firm, reports a loss for the final quarter of 2012 after writing down the value of its Reebok brand......

AirAsia wins India carrier approval
A bid by Asia's largest low-cost carrier, AirAsia, to set up an airline in India wins approval from the Indian government......

Time Warner spins off Time Magazine
Media giant Time Warner says it will spin off its Time Inc magazine unit into an independent, publicly traded company by the end of the year......

VIDEO: John Lewis staff cheer 17% bonus
Department store group John Lewis has unveiled a 17% bonus for staff after reporting a rise in profits......

VIDEO: Sugar brands former winner 'serial liar'
Lord Alan Sugar has condemned what he called a "claim culture", as he accused a winner of his TV show The Apprentice of taking him to a tribunal "to extract money"......

VIDEO: Vince Cable queries borrowing restraint
The government may need to borrow more to fund capital spending if the UK's economy is to recover, Business Secretary Vince Cable suggests......

VIDEO: 'I'm leaving NatWest' says customer
NatWest customer Mark Hillman says he is leaving the bank, following disruption to banking services on Wednesday night......

VIDEO: Cameron: 'Economic plan is working'
Prime Minister David Cameron has said there are signs that the government's economic policies are beginning to work......

VIDEO: Ed Balls: Cameron's plan has failed
Shadow Chancellor Ed Balls urges David Cameron to reconsider his approach to the economy after the Prime Minister warned changing course would plunge the UK "back into the abyss"......

VIDEO: Microsoft fined over web browsers
Microsoft is fined 561m euros ($731m; 484m) for failing to promote a selection of web browsers alongside its own......

VIDEO: Adidas runs into trouble
Adidas, the world's second largest sportswear maker, has reported a loss for the last three months of 2012, mainly owing to impairment charges relating to its Reebok brand......

Hyundai and Kia gain from European crisis
Korea's Hyundai and Kia benefit from woes of European rivals.....

Google Street View - a closer look
Google revamps its street photo service - but is it useful?.....

How the Dow Jones surged back
How the main US stock index surged to new heights.....

Putting the Bang! into business
How Tanzania's first lifestyle magazine took off.....

Van man gets letter from Mervyn King
The man who complained to the Bank of England about his loan.....

New car marque unveiled
The new carmaker that likes to portray itself as being European.....

Three cheers for the Dow
March 07 - Summary of business headlines: Dow sets record #3 in a row; Jobless claims fall; Trade gap widens; Gap, Costco beat sales forecasts; Icahn's Dell plan; ECB holds rates steady. Bobbi Rebell reports......

Kicking the habit; the path to U.S. energy independence
Mar. 7 - Oil and gas CEOs and top analysts at IHS CERAWeek describe what energy independence would mean for the U.S. and beyond......

U.S. Day Ahead: New market highs could rest on jobs report
Mar 7 - Friday's jobs report is set to show below-average hiring of 160, 0000 in February. Still any positive surprises could fuel the markets further......

Housing gains driving wealth -Zandi
Mar 7 - Rebounding home prices and the Dow at new highs are helping some Americans feel wealthier but the so-called wealth effect would be stronger if it was not for weak job growth, says Moody's Analytics Chief Economist Mark Zandi......

Techquity: Facebook going mobile, Apple gains in U.S.
Mar 8 - Facebook focuses on mobile in its updated newsfeed while Apple gains market share in the U.S......

Breakingviews: Apple's pie
March 7 - Some $260 billion of market value has been lost at Apple over the last six months. Breakingviews columnists try to figure out where it all went......

Volvo takes safety to pedestrians with exterior airbags
March 7 - Swedish car-maker Volvo has turned its attention to pedestrians by installing the first airbags for those outside the car. The new technology was first unveiled at last year's Geneva Motor Show but has been integrated into the Volvo V40 mod.....

ECB confident of euro zone recovery
Mar. 7 - The euro rose after the European Central Bank left its benchmark interest rate unchanged. The bank's chief Mario Draghi says a gradual recovery is expected this year. Ciara Sutton reports......

Daily Digit: jobless claims drop 7,000
Mar. 7 - First-time claims for U.S. jobless benefits fell by 7,000 last week in a sign the job market is improving. Bobbi Rebell reports......

Trading at Noon: Icahn delving into Dell
Mar 7 - Carl Icahn is the latest major investor to oppose a plan by founder Michael Dell to take the company private......

No need for rate change says ECB's Draghi
Mar. 7 - ECB chief Draghi says European Central Bank is in no rush to take action after Italy's inconclusive election result. (Rough cut - no reporter narration)......

Goodyear French HQ shrouded in teargas amid protests
Mar. 7 - Riot police use water cannon and teargas against demonstrators protesting the planned closure of a Goodyear factory in France. Rough Cut (no reporter narration)......

Online boosts John Lewis bonus
Mar. 7 - Employee-owner retailer John Lewis will hand out bonuses worth 17% of salary to staff after the group shrugged off tough high street conditions in the UK to report a 15.8% surge in annual profits. But it was helped by good online sales so ho.....

IHS CERAWeek: Direct Energy on the hunt for more gas assets
Mar. 7 - Direct Energy, the U.S' largest power company, wants to buy more gas production, according to its incoming CEO Badar Khan......

Europe Day Ahead: U.S. payrolls may surprise to the upside
Mar. 7 - A look at Fridays key events including U.S. non-farm payrolls, China trade data & results out of loss-making airline SAS.....

French tempers flare in fight over factory
March 7 - Further anger spills onto the Paris streets at a jobs protest by Goodyear tyre factory workers, but the government -- like the unions -- has been struggling to prevent job losses, but could the fight to save jobs do more harm than good? Joe.....

IHS CERAWeek: U.S. energy needs more PE funding
Mar. 7 - There is not enough private equity being raised to meet the amount of growth in U.S. oil and gas exploration, according Scott Mackin, Co-President of Denham Capital......

Goodyear French HQ shrouded in teargas amid protests
March 7 - Riot police use water cannon and teargas against demonstrators protesting the planned closure of a Goodyear factory in France. Rough Cut (no reporter narration)......

Facebook while you drive?
Mar. 7 - Cars are going online, with more and more new vehicles connected to the internet. Julian Satterthwaite reports from the Geneva motor show on what happens when cars hit the virtual highway......

No rate cut, but easy does it for the ECB
Mar. 7 - The ECB refrains from cutting rates, but says policy will stay accommodative for as long as required. We get full analysis of todays policy decision with Berenberg Banks Christian Schulz......

U.S. Morning Call: Carl Icahn buys about 6% of Dell
Mar 7 - Activist investor Carl Icahn has built a stake of around 100 million shares in Dell and wants a leveraged recapitalization, complicating founder Michael Dell's effort to take the company private......

Facebook while you drive?
Mar.07 - Cars are going online, with more and more new vehicles connected to the internet. Julian Satterthwaite reports from the Geneva motor show on what happens when cars hit the virtual highway......

Daily Digit: Monte Paschi's damages bid
Mar.07 - Italy's Monte dei Paschi is reportedly seeking damages of at least 1.2 billion euros from two former executives and investment banks Nomura and Deutsche Bank over derivative trades. Ciara Sutton reports......

Reuters Breakingviews: UK policy rhetoric must get real
Mar. 7 - Fiscal conservatism and monetary activism are still on the table for the UK budget. This unrealistic rhetoric muddies the policy debate, says Breakingviews......

ECONOMY 2013: Standard Bank CEO takes on senior banker role
Mar. 7 - Standard Bank CEO, Jacko Maree, retires but he wont be leaving the bank. Instead, hell take on a senior banker role to win business for Africas biggest lender......

Eurozone risks Japan-style deflation trap as ECB stays tight
The European Central Bank has cut its eurozone growth forecast to minus 0.5pc this year and warned of glacially-slow recovery in 2014, but refused any fresh stimulus to mitigate the slump.<img width='1' height='1' src='http://telegraph.feedsportal.....

Central bank money printing and the mystery of soaring shares
'Why did nobody see it coming?", the Queen asked four years ago on a visit to the London School of Economics, a brilliantly faux nave question that cruelly exposed the failings of modern economics.<img width='1' height='1' src='http://telegraph.fe.....

Aviva has been a liability to investors but new boss promises turnaround
For investors at least, Aviva has become a high-risk liability.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/29521f4d/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/1589197.....

Euro Group head says UK at risk of 'sterling crisis'
The pound's recent slide could be the start of "a new sterling crisis" sparked by concerns about the state of the public finances, according to the Euro Group's new president.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/.....

Sportech wins 40m battle with HMRC
Gaming company Sportech, owner of the Football Pools, is expecting to recoup 80m from HM Revenue and Customs after winning a claim that it was incorrectly charged VAT on a game called Spot the Ball.<img width='1' height='1' src='http://telegraph.f.....

Senior Legal & General trader jailed for insider dealing
A senior trader from Legal & General, who helped net more than 560,000 by passing inside information to a City broker, has been jailed for two years.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2952250c/mf.....

Senior Legal & General trader jailed for insider dealing
A senior trader from Legal & General, who helped net more than 560,000 by passing inside information to a City broker, has been jailed for two years.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/29516548/mf.....

Accounting change could cost banks billions
Banks could be hit with billions of pounds in new losses under changes to the way they are required to account for assets, in a move intended to make the financial system less prone to a crisis.<img width='1' height='1' src='http://telegraph.feeds.....

Accounting change could cost banks billions
Banks could be hit with billions of pounds in new losses under changes to the way they are required to account for assets, in a move intended to make the financial system less prone to a crisis.<img width='1' height='1' src='http://telegraph.feeds.....

Ex-SFO chief Richard Alderman attacked over "shocking" stewardship
Britain's fraud-busting agency was run in a "slovenly, sloppy" way by a former chief who took 52 days foreign travel in a year and sanctioned 1m of unauthorised payoffs to colleagues, MPs heard on Thursday.<img width='1' height='1' src='http://tel.....

Lord Rothschild's RIT Capital lifts equities exposure
RIT Capital, chaired by Lord Rothschild, updated investors today.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/295150f0/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/15891.....

Cineworld posts blockbuster profits
Box office hits such as Skyfall that came late in the year and higher ticket prices helped Cineworld overcome audiences staying at home to watch the Olympics and the Diamond Jubilee on television.<img width='1' height='1' src='http://telegraph.fee.....

Cineworld's blockbuster profits
Box office hits such as Skyfall that came late in the year and higher ticket prices helped Cineworld overcome audiences staying at home to watch the Olympics and the Diamond Jubilee on television.<img width='1' height='1' src='http://telegraph.fee.....

Betfair on track for lower forecasts
Revenue at Betfair fell 4pc in the third quarter as the betting exchange pressed ahead with turnaround plans that will see it withdraw from more countries where there is unstable online gambling regulation.<img width='1' height='1' src='http://tel.....

UK Coal closes Daw Mill, as the industry goes up in flames
As an underground blaze forces the closure of Daw Mill Colliery, Britain's largest remaining coal mine, the future of coal in the UK hangs in the balance.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/29506bdc/m.....

Barclays could cut up to 40,000 jobs
Barclays chief executive Antony Jenkins has suggested that up to 40,000 jobs could be cut at the bank as customers switch to automated banking, according to reports.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s.....

John Lewis pays staff more than 200m in bonuses for first time
John Lewis staff are to get a bonus worth 17pc of salary after the high street stalwart posted strong profits.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/29508f78/mf.gif' border='0'/><br/><br/>.....

Ex-Legal & General trader locked up over insider trading
Paul Milsom, a former senior equities dealer at Legal & General, has been sentenced to two years in prison for insider trading, as part of a major FSA crackdown on the practice.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/.....

US billionaire Carl Icahn threatens Michael Dell's buyout dream
One of Wall Street's most aggressive investors has threatened Dell with "years of litigation", unless the PC maker offers an alternative to its plan to sell the company to founder Michael Dell.<img width='1' height='1' src='http://telegraph.feedsp.....

French minister warns austerity fueling 'social crisis'
France's finance minister has cautioned that continuing along a path of strict austerity would only "nourish a social crisis that leads to populism".<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/294f78d1/mf.gif.....

British workers' real wages fall by 4.5pc
Workers in the UK have seen the biggest fall in real wages than anywhere in the world's top 10 developed economies, according to a new study.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/294f732f/mf.gif' border.....

David Cameron tells Tory backbenchers there will be no unfunded tax cuts in the Budget
Budget 2013: David Cameron has delivered a stinging rebuke to Tory backbenchers calling for unfunded tax cuts, saying there is no "magic money tree".<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/294f78d2/mf.gif.....

David Cameron tells Tory backbenchers there will be no unfunded tax cuts in the Budget
Budget 2013: David Cameron has delivered a stinging rebuke to Tory backbenchers calling for unfunded tax cuts, saying there is no "magic money tree".<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/294e8064/mf.gif.....

SFO's ex-chief Richard Alderman ran a circus, say MPs
The former head of the Serious Fraud Office has been accused by MPs of "slovenly, sloppy" conduct that was more suited to "Fred Karno's Circus" than a public service organisation.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32.....

Do British bosses lead the way?
The National Business Awards has released findings from a survey which demonstrates the importance of strong leadership to British businesses.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/294e8dac/mf.gif' borde.....