Search This Blog

Thursday 14 March 2013

UK Financial News on 2013-03-14

HMRC to close tax Enquiry Centres
The UK tax authority is to close all of its 281 Enquiry Centres which gave face-to-face help to 2.3 million people with tax queries last year......

Fed approves most bank capital plans
The US central bank says that most major US banks have strong enough balance sheets to proceed with their plans for payouts for shareholders......

EU summit: Austerity push challenged
Jobs and growth are expected to dominate an EU summit getting under way in Brussels......

Detroit gets new financial manager
The troubled US city of Detroit appoints an emergency financial manager with wide-ranging powers as it struggles with debts of $14bn......

Morrisons to begin selling online
Supermarket chain Morrisons says it will begin selling food online by the end of this year, as it reports a fall in profits......

UBS banker gets $26m 'golden hello'
The new head of UBS's investment bank, Andrea Orcel, receives a $26m "golden hello" in 2012, the bank's annual report reveals......

Tablet computers boost Argos sales
Sales at Argos have been boosted by strong demand for tablet computers, according to its parent company Home Retail Group......

Third day of Obama's budget outreach
President Obama makes his third and final trip to Capitol Hill this week, in a rare outreach that aims to end the budget battles crippling Washington......

London Market Report
Retailers dominate market news in London, after results from Morrisons and trading updates from Home Retail Group and Ocado......

Spanish eviction rules 'unlawful'
The European Court of Justice rules that mortgage laws in Spain are too hard on borrowers who default......

BMW sees 'most successful year'
German carmaker BMW says 2012 was the best year in its history after it posted a rise in profits and record revenues......

High Street fund 'barely touched'
A 10m government fund set up a year ago to help bring empty shops back into use has barely been touched, according to Freedom of Information requests seen by the BBC......

First-timers 'key to home lending'
First-time buyers continue to account for a large chunk of the UK mortgage market, lenders' data suggests......

Regional banks 'can rebuild trust'
Labour would look to establish a network of regional banks if elected to help small business get access to finance, Ed Miliband says......

UK firm joins ocean mineral rush
A new and controversial frontier in mining is opening up as a British firm joins a growing rush to exploit minerals in the depths of the oceans......

Greece makes 'progress' on reforms
The troika of international lenders to Greece leave Athens without a deal on more bailout aid despite the country making "progress" on economic reforms......

China Mobile sees profits rise 2.7%
China Mobile reports a 2.7% rise in annual profits as the world's largest mobile operator sees subscriber numbers rise to 710 million......

Defining absinthe gives EU headache
The EU is struggling to define absinthe - a strong alcoholic drink that inspired some French poets and painters......

UK 'not ready for ageing society'
The UK is "woefully underprepared" for the social and economic challenges presented by an ageing society, a Lords committee warns......

RBS unveils its text-to-pay app
RBS has unveiled an app which will allow customers to transfer money to contacts on their smartphone, and says "security mistakes" will not be repeated......

EU unveils new air passenger rights
New rights for air passengers are unveiled by the European Commission, including rerouting travellers with rival carriers if a flight is delayed for more than 12 hours......

Australia adds most jobs in 13 years
Australia adds 71,500 jobs in February, a huge jump and the biggest rise in total employment in more than a decade......

US retail sales beat forecasts
US consumers shrugged off higher taxes to boost retail spending by 1.1% in February, government figures show......

Bank behaviour 'harming capitalism'
A business leaders' group blasts the "unacceptable" levels of banker bonuses, saying it is hurting the reputation of capitalism itself......

Samsung set to launch S4 smartphone
The latest in Samsung's Galaxy smartphone range is expected to be unveiled at an event in New York on Thursday evening......

Fire sale of Clydesdale ruled out
The parent company of the Clydesdale bank says it will not engage in a "desperate fire sale" of its UK businesses......

Tesco buys Giraffe restaurants
Supermarket group Tesco buys the restaurant chain Giraffe for 48.6m as it moves into the family dining sector......

Coventry facing administration
Coventry face administration after the owners of their ground went to the High Court claiming 1.3m in rent is owed......

Draper to step down from LTA role
Roger Draper to step down from Lawn Tennis Association chief executive role at the end of September......

Qatar denies 'Dream League' plans
Qatar FA distances itself from reports claiming it will offer world's leading football clubs cash to play in summer tournaments......

VIDEO: The British businesses thriving in downturn
Although the UK economy is suffering its longest downturn for generations some British companies appear to be thriving......

VIDEO: Will the new Local TV stations work?
TV and radio presenter Andy Crane looks at whether the government's plans for a wave of Local TV stations could take off after learning lessons from Manchester's defunct Channel M......

VIDEO: EU countries missing deficit targets
European countries are still struggling to achieve deficit reduction targets, as leaders meet in an attempt to boost growth across the continent......

VIDEO: Labour to introduce regional banks
Ed Miliband has pledged to introduce regional banks if Labour win the next election......

AUDIO: What is 'Islamic finance'?
Hamid Yunis, head of the Global Islamic Finance Group, explains the term "Islamic finance" to the Today programme......

AUDIO: Benefits testing 'should fund growth'
John Longworth, director general of the BCC, told Today business presenter Simon Jack that "the government needs to be as interested in stimulating growth as they are in deficit reduction"......

VIDEO: Can medicine heal UK economy?
The regenerative medicine industry has "huge potential" to boost the UK economy, the managing director of Tissue Regenix has said......

VIDEO: Hull 'hardest' place to find work
Residents on the Orchard Park estate in Hull say it is one of the hardest places in the UK to find a job......

Viewpoints: What the economy needs
This is what we need to grow, say businesses and entrepreneurs.....

'Carmakers manipulate emissions tests'
How carmakers manipulate emissions tests.....

How Apple and Google's fortunes are linked
How Apple and Google's fortunes are linked.....

'I am tired of struggling'
Looking for work in one of the poorest areas of the UK.....

What commentators are saying
What commentators are saying about the chancellor's plans.....

Budget 2013: If you were chancellor...
What would you do to get the economy growing?.....

U.S. Day Ahead: Senate hearing harpoons JPM Whale
Breakingviews' Antony Currie......

Daily Digit: 10 mln Galaxy S 4s
Mar 14 - Sales of Samsung's latest smartphone, the Galaxy S 4, could top 10 million units in the first month after its launch, according to analysts predictions. Conway G. Gittens reports......

Jobs threat dominates EU summit
Mar 14 - Soaring unemployment and biting austerity top the agenda at a summit of EU leaders, with the social consequences of the region's debt crisis now seen as the greatest threat to the survival of the single currency. Joel Flynn reports......

Techquity: Apple upgraded (not a misprint), Amazon cut
Mar 14 - Apple gets upgraded by an analyst ahead of Samsung's big announcement while Amazon suffers a ratings cut......

A pope for austerity
March 14 - He's been hailed a humble champion of the poor, but the pressure is on for Pope Francis to lead the Catholic church out of crisis. Ciara Sutton reports......

VW ramps up China production
March 14 - Volkswagen, Europe's biggest carmaker, is to step up production in fast-growing emerging markets like China to offset deteriorating demand closer to home. Sonia Legg reports.....

Breakingviews: Activists strike oil again
March 14 - TPG-Axon Capital has managed to all but oust SandRidge boss Tom Ward. Antony Currie and Breakingviews columnists discuss this latest success at reining in some of the industry's excesses......

Trading at Noon: SP index eyes new record, Dow aims for ten
Mar 14 - Better-than-expected initial jobless claims is fueling the markets to new highs. Find out which stock though is holding back the SandP......

EXCLUSIVE: Inside SAP a chat with Jim Snabe (Pt II)
Mar. 14 - Analysts or the media whos a more important audience for SAP CEO Jim Snabe? And are headwinds becoming tailwinds as Europe emerges from crisis mode?.....

China suits Hugo Boss
March.14 - German fashion house Hugo Boss is expecting stronger sales in Asia this year, helped by a rebound on the Chinese market, which stuttered last year. Ciara Sutton reports......

Daily Digit: UBS boss' pay cheque
March.14 - UBS paid CEO Sergio Ermotti almost $9 million and welcomed its new investment bank chief with a $26 million "golden hello" in 2012, the same year the bank announced plans to fire 10,000 staff in a cost-cutting drive. Joel Flynn reports......

U.S. Morning Call: Fighting words from Apple
Apple's marketing chief Phil Schiller taking it to the 'Street' with both Google and Samsung ahead of its new Galaxy launch......

Reuters Breakingviews: VWs governance weak spot
Breakingviews. Plus Morrisons belatedly joins the online game......

China Mobile's 4G spending spree to pay off
' Jon Gordon......

ECONOMY 2013: Japan's online retail czar rallies for reform
about the changes in store for Japan Inc......

Reuters Today: EU summit plus, new Chinese president & Pope
Mar. 14 - EU leaders in Brussels meet to tackle unemployment and could rubber-stamp a bailout for Cyprus. Pope Francis begins his first day as pontiff while Xi Jinping is confirmed the new president of China......

Reuters Today: EU summit plus, new Chinese president & Pope
Mar. 14 - EU leaders in Brussels meet to tackle unemployment and could rubber-stamp a bailout for Cyprus. Pope Francis begins his first day as pontiff while Xi Jinping is confirmed the new president of China......

Reuters Today: EU summit plus, new Chinese president & Pope
Mar. 14 - EU leaders in Brussels meet to tackle unemployment and could rubber-stamp a bailout for Cyprus. Pope Francis begins his first day as pontiff while Xi Jinping is confirmed the new president of China......

Xi has China behind him, problems ahead, a lady by his side
Breakingviews John Foley talks about Xi's agenda, and a surprising new diplomatic tool he will be using......

Economy 2013: How to Boss the fashion market
Mar. 14 - German fashion house Hugo Boss says it can outgrow the overall fashion market. We ask CEO Claus-Dietrich Lahrs to back up the bullish target......

Sports Spread: Horses & Horsepower
Mar. 14 - A look ahead to the new F1 season, the Cheltenham Gold Cup and rugby's crucial Six Nations decider......

Market Pulse: What's Moving Today and Why
Insider has its finger on the market pulse, analyzing and making sense of the biggest movers of the day......

9-day Dow win longest since 1996
March 13 - Summary of business headlines: Blue chips extend record run after stronger-than-expected retail sales data; J.C. Penney CFO says he, nor CEO, leaving; Netflix jumps as investors see movie streaming service as blockbuster hit. Conway G. Git.....

All hail the sale- retail sales jump
March 13 - Consumers hit the stores last month - pushing retail sales to their largest gain in five months- helping to allay fears that the payroll tax hike would stop them from shopping. Bobbi Rebell reports......

U.S. Day Ahead: Samsung's new Galaxy a real threat to Apple
Breakingviews' Rob Cyran says it is set to start stealing away Apple's market share......

Young inventors invited to reel in Dyson award
Young engineers and scientists who have a bright idea to solve a big problem are being urged by Sir James Dyson to enter an award which could see them win 30,000 to help bring their inventions to market.<img width='1' height='1' src='http://telegr.....

Germany's prudence is Europe's poison
The belt-tightening planned in Berlin will make it impossible for others to grow, says Jeremy Warner<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/299507f1/mf.gif' border='0'/><br/><br/><a href.....

Economic recovery is in sight, says Governor Sir Mervyn King
The economy will pick up later this year and the recovery is now "in sight", the Governor of the Bank of England has declared.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/299507f2/mf.gif' border='0'/><br.....

Economic recovery is in sight, says Governor
The economy will pick up later this year and the recovery is now "in sight", the Governor of the Bank of England has declared.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2994e1fe/mf.gif' border='0'/><br.....

'Sun' eclipses Trinity Mirror profits
Profits at the publisher of the Daily Mirror crashed 75pc last year after the newspaper group suffered a 12m hit from rival News International's launch of the Sun on Sunday.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/.....

Morrisons eyes Ocado in move to deliver online food blow to rivals
Morrisons has announced plans for a "distinctive" and "unmistakable" online food business, with internet grocer Ocado in line to provide the technology for the venture.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/56830.....

Bank to publish key forecast information
The Bank of England has bowed to pressure to publish the assumptions that lie behind its growth and inflation forecasts in what could prove a radical new step towards transparency at Threadneedle Street.<img width='1' height='1' src='http://telegr.....

Questor share tip: Capital return on the cards at Playtech
Online gaming software group Playtech has plenty of cash on the balance sheet<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/29944ce3/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.....

Qatar's UK ambitions could mean billions more in investment
Qatar is on a shopping spree. And top of its list is the UK.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/29944ce6/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/1589200762.....

FastJet takeover dispute descends into farce
The $7m (4.7m) bust-up at African airline FastJet has taken a farcical twist, with the two warring protagonists flying in opposite directions just as they were supposed to be holding peace talks.<img width='1' height='1' src='http://telegraph.feed.....

ECB needs 800 more staff to supervise eurozone banks
The European Central Bank (ECB) needs to boost its workforce by more than half in order to fulfil its new role as supervisor of the eurozone's 6,000 banks.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/29944a63/.....

ENRC in new controversy as CFO named in 'leak'
Eurasian Natural Resources Corporation, the FTSE 100 mining group beset by governance concerns, was hit by fresh controversy as documents purporting to be from an internal investigation were leaked.<img width='1' height='1' src='http://telegraph.f.....

Booker shares in demand on deal approval
The wider stock market also resumed it relentless climb higher.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2993e807/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/1589199.....

Aggreko wins $200m cross-border contract in Africa
Aggreko has won a $200m (133m) contract to provide cross-border power between Mozambique and Namibia, as part of its work to meet the growing energy demands in southern Africa.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726.....

Nestle opens 35m water plant in Buxton
Nestl has opened a 35m water bottling plant in Buxton as part of its pledge to invest 500m in the UK over three years.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2993677a/mf.gif' border='0'/><br/><.....

Growth is hampered by 'amateur' politicians, says business boss
British business is being held back by "amateur" politicians who have "generally never run anything", the director general of the British Chambers of Commerce has warned.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568.....

Greece is no Ireland, says banking group as bailout stalls
Greece was set unachievable targets, said a global banking group, as troika delays next bailout tranche.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/29923927/mf.gif' border='0'/><br/><br/><a .....

Bunch of 'interested amateurs' running Coalition are damaging economy, business leaders say
Britain's economy is being damaged because the country is run by a bunch of "interested amateurs" with "no experience" of commerce, according to business leaders.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/29.....

HMRC to close 281 enquiry centres
The taxman will provide "home visits" and telephone advisers to customers instead of running the drop-in centres.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/29936071/mf.gif' border='0'/>.....

HMRC to close 281 support centres
The taxman will provide "home visits" and telephone advisers to customers instead of running the drop-in centres.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/29927db8/mf.gif' border='0'/>.....

HMRC to close support centres
The taxman will close its 281 support centres next year in favour of home visits.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/29923499/mf.gif' border='0'/><br/><br/><a href="http://da.feedspo.....

EU leaders to clash over austerity measures at summit as unemployment accelerates
Germany and France will clash at a Brussels summit over the European Union's austerity policies today as official figures showed that unemployment was accelerating in the eurozone.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/3.....

'I paid 9 for yogurt worth 133': shoppers exploit Tesco price glitch
Shrewd Tesco customers have rushed to exploit another price glitch, saving hundreds of pounds stocking up on butter substitutes and yogurt.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/299236b9/mf.gif' border='.....

'I paid 9 for yoghurt worth 133': shoppers exploit Tesco price glitch
Shrewd Tesco customers have rushed to exploit another price glitch, saving hundreds of pounds stocking up on butter substitutes and yogurt.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/29907b2f/mf.gif' border='.....

Investors in China should be wary of revolution
China is heading for a social revolution, according to Fidelity fund manager Anthony Bolton.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/299078b9/mf.gif' border='0'/><br/><br/><a href="http:/.....