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Friday 8 March 2013

UK Financial News on 2013-03-08

More than 500 bankers paid 1m-plus
A total of 428 employees at Barclays and 93 at RBS earn more than 1m last year, the banks disclose......

US labour market shows strong rise
The US economy added 236,000 jobs in February, while the jobless rate eased to 7.7%, lifting hopes for a sustainable recovery......

Answers demanded over mortgage rise
The chairman of the Treasury Committee, Andrew Tyrie, writes to the Financial Services Authority about the Bank of Ireland's plan to raise mortgage tracker rates......

Watchdog contradicts PM on growth
David Cameron is involved in a dispute with the Office for Budget Responsibility about the impact of austerity measures on economic growth......

News Corp gets $2.6bn from spin off
Rupert Murdoch's News Corp will start its new life as a mainly-publishing company with no debt and $2.6bn (1.7bn) in cash when it is spun off......

Train firms start legal action
Four rail firms start legal proceedings after the government cancelled the Great Western rail franchise contest and then refused to pay compensation......

Construction output drops in January
The output of the UK's construction sector dropped sharply in January compared with a year earlier, latest official figures show......

Post office workers vote to strike
Thousands of post office counter staff vote to go on strike, in a dispute over pay and job security......

More women work past the age of 60
More women are working past the age of 60, as a result of the increase in the state retirement age, according to the Institute for Fiscal Studies (IFS)......

London Market Report
London shares close higher after healthy US jobs figures show a continuing recovery in the world's largest economy......

China export growth beats forecasts
Chinese exports rose more than expected in February, adding to optimism over a recovery in the world's second-largest economy......

EU court rebuffs Poland over CO2
Poland is frustrated after the EU's top court rejected its legal complaint about the EU mechanism for cutting carbon emissions......

Japan growth figures revised upwards
Japan's economy stopped contracting in the final quarter of 2012, revised figures show, raising hopes of a recovery......

Wall Street Market Report
Wall Street Market Report: Dow Jones ends the week at record high, with all the major indexes enjoying their best week since the start of the year......

Report details Boeing battery fire
A detailed description of a battery fire on board a Boeing 787 Dreamliner is released by a US regulator, but no cause is specified......

Esure float values insurer at 1.1bn
Online insurance provider Esure announces details of its planned flotation on the stock market, valuing the company at about 1.1bn......

Gym members get cancellation rights
More than a million gym members have been given new rights to cancel membership contracts, after an investigation by the Office of Fair Trading......

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......

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......

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......

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......

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......

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......

Motorola Mobility to cut more jobs
Google's Motorola Mobility Unit says it is cutting 1,200 jobs, or more than 10% of its workforce, as Google tries to return the business to profitability......

Samsung loses Apple case in UK
South Korean phone-maker Samsung loses another patent fight against rival Apple, in the UK High Court......

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......

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......

VIDEO: Lagarde: 'Women should not imitate men'
To mark International Women's Day, former White House Press Secretary Dee Dee Myers asks IMF chief Christine Lagarde what would happen if women ruled the world......

AUDIO: Older workers' job market 'is robust'
New figures suggest that more than half the women aged 60 are now in paid work for the first time ever......

VIDEO: Romanians 'not lazy workshy people'
British newspapers have portrayed her fellow Romanians as "lazy workshy people" the Cheeky Girl singer Monica Irimia said in her This Week film on immigration......

VIDEO: Barclays' millionaires 'no surprise'
The 428 employees at Barclays earning more than 1m is "no surprise" to banking analyst and chairman of the Financial Services Club Chris Skinner......

VIDEO: Coal 'still critical' to UK energy
Coal is still "critical" to UK energy production, despite the country's largest mine being forced to close after a fire, according to UK Coal......

VIDEO: Post Office 'can afford pay rises'
Thousands of staff at Crown - or main - post offices have voted to go on strike......

VIDEO: The issues women face working in Asia
On International Women's Day BBC reporters in India, Hong Kong and Taiwan describe some of the issues still facing today's working women......

AUDIO: Investors 'upbeat' about Kenya
Razia Khan, head of Africa research at Standard Chartered, says "the Kenyan shilling is strengthening on the back of foreign investor activity.".....

British animators 'look forward'
The race to stop Britain's animators fleeing overseas.....

Facebook News Feed: Web reaction
First reactions from the online community.....

Volvo eyes 'responsible' car buyers
Volvo boss plans to sell to responsible buyers.....

The price of violence against women and girls
The price of violence against women and girls.....

Digging for nuggets of gold in data
The profitable prizes for the big data miners.....

What is driving the stock market rally?
What is driving the global stock market rally?.....

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

More Americans on the job
March 8 - More Americans are back at work according to the latest government payroll data- offering more bright signs for the U.S. economy. Bobbi Rebell reports......

U.S. Week Ahead: Samsung takes phone fight to Apple's turf
Mar 8 - Samsung is launching its latest Galaxy in New York on Thursday. The tech blogs are excited by rumors it could feature special eye-tracking technology......

MuniLand: Is California "Dreamin'" with positive outlooks?
March 8 - Cumberland Advisors' David Kotok says California is far from fixing its problems despite rosy outlooks from ratings agencies. Fitch Ratings' Doug Offerman explains his firm's positive view......

Camera ball bounces in for a closer look
March 8 - Police and fire-fighters may soon have a new tool for assessing dangerous situations before taking action. Boston company, 'Bounce Imaging' have developed a camera-ball designed to be tossed into a room where it can detect and transmit real.....

Techquity: Google's potential speed bumps, Norway on Apple
Mar 8 - How a Google acquisition and decision could hurt the soaring stock. Plus, Norway's sovereign wealth fund cuts its stake in Apple and why it's significant......

Daily Digit: 48,000 construction jobs
March 8 - Construction employment increased by 48,000 in February, benefiting from the turnaround in the housing market and rebuilding efforts after Superstorm Sandy. Conway G. Gittens reports......

Iberia's costly crisis causes chaos
March 8 - Iberia staff have staged a series of strikes and protests throughout the week against a restructuring plan that will axe 3,807 jobs. Over 1000 thousand flights have been cancelled. How much damage has it caused the airline and it there any .....

Trading at Noon: Financials spoil jobs enthusiasm
Mar 8 - Early market gains triggered by stronger-than-expected jobs numbers were severely tempered by weaker financials......

Breakingviews: Fed's poor grade
March 8 - Antony Currie and Agnes T. Crane chastise the watchdog for failing to divulge the effects of rising interest rates in the bank stress tests......

BlackBerry shines in fast-growing Nigeria
March 8 - BlackBerry launches its new Z10 handset in Nigeria, the second fastest growing mobile market in the world and a key market for the smartphone maker. Kirsty Basset reports.....

Peugeot Citroen workers occupy steel managers' HQ in protest
March 8 - PSA Peugeot Citroen protesters occupy the steel industry manager's union headquarters in anger over factory closure. (ROUGH CUT - NO REPORTER NARRATION).....

Saft says: Faster job creation will force Fed rate hand
Columnist James Saft says the next few months will be crucial to know if the markets are genuinely strong or supported by money from the Fed......

Europe Week Ahead: Italian gridlock, Frances debt dodge
Mar. 8 - Next week sees Italian politicians reconvene for another attempt at finding a way out of political gridlock, while France hopes Brussels will go easy on deficit targets......

Beluga caviar poised for a comeback - in Florida
March 8 - Facing extinction in the wild, the highly-prized beluga sturgeon may be about to make a comeback from a new base in the United States. A Florida company is breeding the fish to produce sought-after beluga caviar for profit, but must first d.....

Markets get that Friday feeling
March 8 - There were new record highs for shares on Friday thanks to anticipation of a stronger U.S. jobs figure reading, and unprecedented central bank monetary policy support. Ciara Sutton reports......

Reuters Right Now: 236,000 jobs added in February
Economics and Markets Editor Dan Burns says the jump in private payrolls and construction employment bodes well for the U.S. economy......

WITNESS: Mission Impossible for the next Pope?
Religion Editor Tom Heneghan reports from the Vatican on the tasks and troubles awaiting the incoming pontiff......

U.S. Morning Call: Stock futures signaling higher open
Mar 8 - Stock futures are signaling a higher open on Wall Street on expectations job growth likely grew at a moderate pace in February......

Reuters Asks: How to pick a pope
Mar. 8 - What should be the next pope's main focus and what are the challenges facing the Catholic Church under the new pontiff?.....

Breakingviews: Sexisms subtle variety
Breakingviews on International Womens Day......

Android addiction hard to kick for China's smartphone makers
Mar. 8 - It's not surprising that Beijing is uncomfortable with Google's dominant market share in China. But any move to limit Android may backfire and hurt its tech sector, as Jon Gordon reports......

Witness: Why cheap China's roasts cost more than in America
' Lucy Hornby explains this paradox......

Lukoil to ramp up overseas production
Mar. 8 - Lukoil Vice President Andrey Kuzyayev says the company will boost its production abroad and urged Venezuela to create a stable framework for oil companies to foster production growth......

Lukoil to ramp up overseas production
Mar. 8 - Lukoil Vice President Andrey Kuzyayev says the company will boost its production abroad and urged Venezuela to create a stable framework for oil companies to foster production growth......

Reuters Today: Will U.S. jobs data keep stock rally alive?
Mar. 8 - U.S. non-farm payroll seen adding 160k, and Fed stress tests reveal weakness in Goldman Sachs but strength in Citigroup. Plus leaders from Iran to Cuba head to Venezuela for Chavez' funeral......

Pensioners being 'ripped off' by profit margins on annuities
Financial companies are 'ripping off' retiring workers by making huge profit margins on annuities, campaigners warn.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/295d37df/mf.gif' border='0'/><br/><b.....

Esure's racy IPO expected to net founder and staff 200m
Peter Wood, the founder of "Sheila's Wheels" insurance company Esure, could make as much as 175m after selling a quarter of his stake as part of the group's upcoming 1.1bn IPO.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726.....

Blue-chips approach 10pc gain for 2013
The FTSE 100 has now risen 9.9pc since the start of the year<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/295c04e0/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/1589197702.....

Christine Lagarde looks to aid Irish rescue
Ireland should be given more help to exit its bail-out programme in recognition of the "huge" efforts made by Dublin, the International Monetary Fund's boss has said.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/.....

Largarde looks to aid Irish rescue
Ireland should be given more help to exit its bail-out programme in recognition of the "huge" efforts made by Dublin, the International Monetary Fund's boss has said.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/.....

Maths skills 'add 2,100' to your salary
A child in the top 15pc of maths scores at age 10 is likely to earn an extra "2,100" a year by age 30, government-funded research shows.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/295bfeca/mf.gif' border='0'/.....

Fitch downgrades Italy after election impasse
The international ratings agency Fitch said on Friday it had downgraded Italy's sovereign debt rating by one notch to "BBB+" from "A-" and added that the outlook was negative.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/.....

RBS says 95 staff earned more than 1m
Royal Bank of Scotland has revealed that 95 of its staff earned more than 1m last year, including one employee who was paid more than 5m.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/295bfae0/mf.gif' border='0'.....

Pay for RBS' top executives falls by 16pc
Royal Bank of Scotland revealed on Thursday that 93 of its staff earned more than 1m in 2012, a year which the bank has previously described as "chastening".<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/295b68d.....

BM follows Nationwide in buy-to-let benefit climbdown
The lenders had threatened to stop lending to landlords who accept local authority tenants.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/295bf57b/mf.gif' border='0'/>.....

Anthony Bolton on China and the FTSE
In an exclusive video interview with The Telegraph, the renowned Fidelity fund manager Anthony Bolton talks about China's prospects and why the FTSE 100 will keep rising.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568.....

Sainsbury's staff set for 4.3m windfall
More than 11,000 Sainsbury staff from shelf stackers to management will share in a 4.33m windfall after two of its saving schemes matured.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/295b68d3/mf.gif' border='0.....

Sainsbury's staff set for 23m windfall
More than 11,000 Sainsbury staff from shelf stackers to management will share in a 23m windfall after two of its saving schemes matured.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/295a0909/mf.gif' border='0'/.....

Job security 'lower for British women'
Women in the UK are less likely to be in work, and experience lower job security and greater pay inequality than their counterparts in other developed countries, according to a new study.<img width='1' height='1' src='http://telegraph.feedsportal......

Sheryl Sandberg stands up for Marissa Mayer
Sheryl Sandberg, one of Facebook's most high-ranking executives, has defended Yahoo! chief executive Marissa Mayer, who recently drew opprobrium for putting a stop to home working.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/3.....

US unemployment hits four-year low
America's unemployment rate has fallen to the lowest level in more than four years, according to a report that will strengthen hopes for the US recovery this year.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2.....

Should you invest in Esure?
Esure could make an interesting investment case when it floats.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2958ef6c/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/1589197.....

Barclays staff paid more than 1m falls
Barclays has revealed that 428 of its employees received salaries and bonuses worth more than 1m for 2012, with five unnamed bankers earning more than 5m.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2958ef6d/m.....

Barclays boss receives payouts worth 2.6m
Barclays has revealed that 428 of its employees received salaries and bonuses worth more than 1m for 2012, with five unnamed bankers earning more than 5m.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/295894b5/m.....

IMF will 'do what it can' to help Ireland exit bailout
Christine Lagarde, head of the International Monetary Fund, has signalled the organisation will do what it can to help Ireland exit its bailout later this year.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2958.....

Construction recovery hopes muted as output falls 10.2pc
British construction output fell for the third month running in January, dashing hopes the sector could be bouncing back and reinforcing calls for more capital spending by government.<img width='1' height='1' src='http://telegraph.feedsportal.com/.....

Construction recovery hopes muted as output falls 10.6pc
British construction output fell for the third month running in January, dashing hopes the sector could be bouncing back and reinforcing calls for more capital spending by government.<img width='1' height='1' src='http://telegraph.feedsportal.com/.....

Town house prices rise while rural retreats fall
Asking prices for properties in the country are down by 5.1 per cent.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/29584560/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/1.....

Britons expect falling living standards
The British public is braced for another year of declining living standards as inflation outstrips pay rises once again.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/295a0453/mf.gif' border='0'/>.....

Britons expect inflation to tick up to 3.6pc
Britons expect the squeeze on their incomes to continue, with a Bank of England survey showing that people predict a higher rate of inflation over the coming year than three months ago.<img width='1' height='1' src='http://telegraph.feedsportal.co.....