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Saturday 9 March 2013

UK Financial News on 2013-03-09

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......

Saga home insurance premiums row
Saga has been criticised by campaigners for older people over its home insurance prices......

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......

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......

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......

VIDEO: Your Money: Pay day loans and older workers
This week on Your Money, Philip Hampsheir looks at negative equity in the housing market, the crack down on pay day lenders, and how working past retirement can affect people's pensions......

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......

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

Carmakers look to SUVs for profits
Carmakers turn to sports vehicles for profits.....

The pensioners who choose to work
'Why I decided to work beyond state pension age'.....

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.....

Jobs keep bull market humming along
Mar 8 - Summary of business headlines: Blue chips closed at a record for the fourth day in a row after stronger-than-anticipated job creation; Financial stocks lag after stress test results; Pandora CEO announces surprise exit; Fitch downgrades Italy.....

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......

Government leads exports push in developing countries
The government is to spearhead a campaign to help British businesses expand exports and strengthen supply chains to developing economies in Africa, Asia and South America.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/56.....

Wonga will double size of small business loans to 30,000
Wonga is to double the size of the loans that it offers small businesses as it attempts to bridge a growing finance gap for companies.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2963ad1f/mf.gif' border='0'/&g.....

MoD locked in BAE talks
The defence minister, Philip Dunne, has revealed that the Government is still locked in talks with BAE Systems over the future of British shipbuilding and issued a veiled threat about the implications of Scottish independence.<img width='1' height.....

Britain's engineers plan for 1m prize
Queen to give award as research shows value of 'the makers'.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2963ad22/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/1589197899.....

Thomas Cook set to offload brands
Luxury travel agent Elegant Resorts and long-haul specialist Gold Medal are among the brands that could be put up for sale by Thomas Cook as the new chief executive, Harriet Green, unveils her revival strategy this week, according to analysts.<img.....

Cable will back tax revolution
The government is to back controversial plans to force businesses to reveal the taxes they pay in every country they operate in.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2963ad24/mf.gif' border='0'/><.....

WH Smith brings back DVDs after HMV failure
The stationery retailer WH Smith is returning to the CDs and DVDs market following the collapse of HMV.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2963ad2d/mf.gif' border='0'/><br/><br/><a h.....

HMRC loses 1m as Jessops folds
Jessops, the photography retailer which was placed into administration in January, collapsed under debts of 81m, a third higher than original estimates.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2963ad34/mf......

Titans face gold battle
World's biggest investors have taken huge bets on what is next for gold.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2963ad35/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/.....

Pension fund relief as profitable Prudential set to raise dividend
Prudential is to buck the trend among some British insurers by raising its dividend to shareholders when it reports its results for 2012 this week.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2963ad36/mf.gif' .....

Fresh food and online at heart of Morrisons turn around
Morrisons' boss Dalton Philips, below, wants to make the supermarket distinct by giving fresh foods greater prominence<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2963ad37/mf.gif' border='0'/><br/><.....

Engineers: the UK's future
Britain's place as a home for leading engineers should be promoted globally.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2963ad38/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal......

Let's recognise how much tax firms already pay
When milking a cow, always be careful not to pull off the udders.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2963ad39/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/15891.....

Drinks industry suffers as high tax bites
High taxes on wine, spirits and beer are having such a detrimental impact on Britain's alcohol industry that the Chancellor will receive 3.4bn less in duty than expected by 2018, according to new research.<img width='1' height='1' src='http://tele.....

Budget 2013: Osborne urged to focus on house building
British business is to call on the Government to unveil major commitments in housing and infrastructure in next week's Budget in order to revive the ailing economy.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/.....

Invesco buys in to Morrisons' online vision
One of Britain's most respected fund managers has become the largest shareholder in Wm Morrison, the retailer which has seen its share price rise following the horse meat scandal.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32.....

Politicians want cap on bank leverage
British Banks should be subjected to a cap on leverage to reduce future risks to the UK economy, a Government-appointed panel of senior politicians is expected to say.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300.....

Etihad's Irish plan
The chief executive of Etihad had given the strongest signal to date that he intends to raise the Abu Dhabi airline's stake in Aer Lingus once Ryanair's third bid for the Irish airline has lapsed.<img width='1' height='1' src='http://telegraph.fee.....

Think Tank: Brand is nothing without quality
'Build a better mousetrap and the world will beat a path to your door."<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2963707e/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r.....

Sunday Interview: Ethiad CEO James Hogan
The chief executive tells how he has transformed the airline's fortunes.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2963707c/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/.....

Contacts are recipe for success
As the PM launches a new Asian business group, S&A's founder talks to Louisa Peacock<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2963707d/mf.gif' border='0'/><br/><br/><a href="http://da......

Rainmaker: Edward Bramson and 3i - a strange private equity story
On the morning of January 3, Edward Bramson gave a newspaper interview in which he revealed his intention to take on a UK mid-sized public company.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2963707f/mf.gif' .....

Greece should still leave the euro
Greece still remains the biggest risk for the euro and would be better off to leave the single currency, a close ally of German chancellor Angela Merkel's has said.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/.....

China still in fine form as 'Grandpa Wen' bows out
Over in China, the two-week annual plenary session of the National People's Congress is in full swing.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/29624710/mf.gif' border='0'/><br/><br/><a hr.....

Voice of business: Investors can help the UK avoid a second crisis
For all the strenuous efforts to tighten regulations and punish those deemed most to blame for the banking crisis of 2007/8, one important part of the solution is missing.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/56.....