Search This Blog

Saturday 16 March 2013

UK Financial News on 2013-03-16

Shock in Cyprus over bailout levy
People in Cyprus react with shock to news of a one-off levy of up to 10% on savings as part of the 10bn-euro bailout agreed in Brussels......

BP appeal over 'absurd' payouts
Oil giant BP takes legal action in the US to stop "fictitious" and "absurd" compensation payouts over the 2010 oil spill in the Gulf of Mexico.....

100m NI tax loophole to be closed
A tax loophole that allows firms to dodge 100m a year in National Insurance will be closed under a new scheme targeting offshore payroll services......

'Dangerous' financial products named
Credit default swaps on emerging markets' sovereign debt and food speculation funds are voted Europe's most dangerous financial products......

Fund pays $614m over insider trading
A major hedge fund, SAC Capital, agrees to pay a record $614m (406m) to US regulators to settle charges of insider trading......

HS2 ruling 'a landmark victory'
A High Court ruling into consultations on the planned HS2 high-speed rail scheme is hailed as "a landmark victory" for the project by the rail minister - despite one being ruled unlawful......

Boris defends bankers on French radio
Mayor of London Boris Johnson defends the City of London and bankers during a visit to Paris......

London Market Report
The pound continues to rise following comments from Bank of England governor Sir Mervyn King that sterling has fallen far enough......

Drew: JP Morgan losses not my fault
Ina Drew, a former chief investment officer at JP Morgan, says she is not to blame for trades that led to multi-billion-dollar losses......

Dreamliners to restart in 'weeks'
Boeing says it expects commercial flights of its grounded Dreamliner 787 plane to restart "within weeks"......

New tax agreement 'nearly finalised'
A new tax information agreement between the UK and Guernsey is close to being finalised, says Guernsey's Chief Minister......

Obama pitches $2bn clean energy fund
US President Barack Obama calls for pumping $2bn (1.3bn) from gas and oil royalties over a decade into clean energy research......

John Lewis defends rebate demand
John Lewis' managing director says its plan to ask for a rebate from suppliers who see an increase in sales is "absolutely fair"......

Del Monte gets banana fine reduced
Fruit producer Del Monte wins a reduction in a European Union fine over banana prices, but an appeal by Dole is rejected......

US factory output jumps in February
US manufacturing activity rebounds in February thanks to a strong increase in vehicle production, amid signs of further improvement in the economy......

Wetherspoon posts 2.7% profit drop
Pubs chain JD Wetherspoon, hurt by higher taxes and labour costs, reports a 2.7% decrease in profit......

They have ways of making you spend
How messy shops are getting you buying more.....

Empty home owner's council tax shock
Most automatic discounts for council tax on second homes and empty property end from April in England......

Rental costs 'down 0.1% in February'
The cost of renting a home in England and Wales fell by 0.1% in February, but remained higher than a year earlier, a property group says......

MPs to examine whiplash claim levels
The Commons Transport Committee is to examine the impact that claims for whiplash injuries are having on the cost of car insurance......

Savers hit in Cyprus bailout plan
Eurozone finance ministers agree a 10bn-euro (8.7bn) bailout package for Cyprus to save it from bankruptcy - bank savers will have to contribute......

Japan seeks to join TPP trade talks
Japan says it wants to join the talks on the Trans-Pacific Partnership (TPP), a free trade agreement currently being negotiated among 11 countries......

Kuroda confirmed as BOJ governor
Japan's parliament approves as governor of the Bank of Japan Haruhiko Kuroda, who is expected to push for monetary stimulus to boost growth in the world's third-largest economy......

Eye-tracking Samsung Galaxy unveiled
Samsung has launched its latest flagship smartphone, the Galaxy S4, which allows users to control the device with their eyes......

Pars pin hopes on new fan funding
Dunfermline say a "number of fans have expressed an interest in making substantial investments in the club"......

VIDEO: Daytrip figures rise amid downturn
New tourism figures show we're turning into a nation of daytrippers, choosing to explore attractions near where we live instead of spending time away from home.....

VIDEO: Is it the right time to buy a house?
With rents rising substantially and mortgage rates beginning to come down, is the time right for renters to step on to the property ladder?.....

VIDEO: Ex-BP boss on operating in Kurdistan
Kurdistan's oil industry has the potential to be lucrative but is not without its challenges, according the chief executive of Genel Energy......

VIDEO: World records boost for Middle East
Middle East Business Report examines the growing appeal of setting new world records in the Middle East......

VIDEO: Cypriot threatens bank with bulldozer
People in Cyprus have reacted with anger to news that a 10bn-euro ($13bn; 8.7bn) bailout package agreed in Brussels will force bank depositors to help foot the bill......

VIDEO: JP Morgan bosses grilled over losses
Senior executives from JP Morgan have faced tough questioning about why one of their star traders in London lost more than $6bn last year......

AUDIO: 'We provide unlicensed drugs'
Today's Friday boss is Peter George chief executive of Clinigen, a company set up to supply unlicensed medicines to UK patients in cases when a prescribing doctor thinks an unlicensed drug maybe the best option......

VIDEO: How a liquor brought down EU barriers
The EU seeks to protect one of its core principles - the single market - which aims to offer a level playing field for businesses across the continent......

Welsh rugby scoring on and off the field
How Welsh rugby has found a sound financial footing.....

Who has lost most from austerity?
Who has lost most and least from austerity measures?.....

Is buying cheaper than renting?
Is buying cheaper than renting?.....

Four teachers vie for $100,000 prize
Four professors, one class, $100,000 prize.....

Can Haruhiko Kuroda revive Japan?
Can Haruhiko Kuroda revive Japan's economy?.....

'Revolutionising' how we light our lives
Beautiful illuminations from new technology.....

Dow loses magic touch
March 15 - Summary of business headlines: Dow fails to set record close for the first time in nine sessions; JP Morgan Chase under scrutiny; Boeing readies 787 return; Who's afraid of Samsung? Economy won't alter Fed strategy next week. Conway G. Git.....

Rocky seas as Carnival cuts forecast
March 15 - Carnival has been discounting prices to lure customers, forcing the cruise operator to cut forecasts, as it faces problems with two more cruise ships. Fred Katayama reports......

MuniLand: New Jersey Gov's budget raises concerns--S&P analyst
S&P Ratings' John Sugden says New Jersey faces major budget issues; Lipper Award winner John Miller of Nuveen Investments says high-yield municipal credit spreads will gradually tighten in 2013......

U.S. Week Ahead: Fed set to keep its foot on the gas
' Dan Burns......

Daily Digit: 5.8 drop in consumer sentiment
March 15 - U.S. consumer sentiment plunges 5.8 point in March as shoppers express concerns about what's happening in Washington. Conway G. Gittens reports......

Battles, ballots, budgets and bailouts
March 15 - The euro zone debt crisis was been firmly back on the agenda on Friday with parliament voting in Italy, repayment extensions for Portugal and bailout plans for Cyprus. All this while EU leaders were meeting in Brussels. Joel Flynn reports .....

Techquity: Expect Google to outperform Apple, says analyst
Mar 15 - StockTwits Executive Editor Phil Pearlman sees Google continuing to outperform Apple's stock as we assess these two tech heavyweights......

Trading at Noon: Tumbling JPM takes SP index away from highs
Mar 15 - The S&P 500 is retreating from all-time highs thanks to slumping JPMorgan shares. Investors are fleeing the Wall Street titan after a scathing Senate report and criticism from the Fed......

Europe Week Ahead
Mar. 15 - A look to the close of the European markets and a look ahead to next weeks trading, as well as what to expect from the Asian markets on Monday......

Wanted: Europes most dangerous financial product
Mar. 15 - What is Europes most dangerous financial product? Green MEP Sven Giegold has been holding a competition to find out. We ask him which productt won, and what happens now......

Breakingviews: Bank shots
March 15 - Fed stress tests and a U.S. congressional hearing put pressure on JPMorgan and some other banks, but Breakingviews columnists also discuss what the events say about regulators......

Economy 2013: Inside SAP a chat with Jim Snabe (Pt III)
Mar. 15 - As the CeBit IT fair winds down, SAP CEO Jim Snabe grabs a glass of wine and shares his thoughts on running, sailing and successful leadership......

Daily Digit: H&M February sales dip
March 15 - Budget fashion retailer Hennes & Mauritz says its like for like sales were down 3% in February compared to last year, blaming the calendar affects of an extra day in 2012. Joel Flynn reports......

Bubbles: hard to spot, impossible to avoid. Are we in one?
Mar. 15 - The financial crisis has had many unintended consequences. One of them is central bank liquidity fueling asset bubbles, which many observers say could be about to burst. Again.....

Reuters Breakingviews: UKs self-perpetuating economic trap
Breakingviews. And thats what really matters......

Coronation day for Samsung's S4 in the 'Game of Phones'
Mar. 15 - It is good to be king -- and Samsung's new S4 is the undoubtedly the heir presumptive to the smartphone throne. But all is not well in the realm, as Jon Gordon explains......

Of pigs, pork...and China's stubborn food safety problem
Mar. 15 - Dead pigs keep showing up in Shanghais Huangpu River. Where are they coming from? Officials arent talking, but the media is. Jane Lanhee Lee looks into the root of China's food safety issues......

Reuters Today: EU leaders give France & Italy budget leeway
Mar. 15 - EU leaders allow France and Italy greater leeway for investment when cutting deficits. Boeing says the Dreamliner could be back in the skies in weeks. Samsung unveils its latest smartphone......

Asia Week Ahead: Policies put to the test in Japan, Malaysia
Mar. 15 - Trade data could either justify or call into question Japan's aggressive easing push, and Malaysia will grade a key reform drive just ahead of hotly contested elections. Andrew Swift reports......

FACTBOX: The numbers behind the Apple/Samsung war
Mar 14 - The clashes between Apple and Samsung have come to a head in the days leading up to Samsung's new Galaxy S4 launch, and the numbers indicate Apple faces a serious threat to its mobile market share......

U.S. Morning Call: JPM gets harsh Senate report, Fed pass
JPMorgan ignored risks, misled investors, fought with regulators and tried to work around rules as it dealt with mushrooming losses.....

Market Pulse: Sterling, King, and debunking the conspiracies
Mar. 15 - A dramatic volte-face from BoE governor Mervyn King on sterling, which rallies sharply. But conspiracy theorists out there will be disappointed just check out cable and short sterling volumes......

Note to all Tories: calm down, dears
The Conservatives are on the right path, says Andrew Mitchell<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/29a5da5b/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/158919964.....

Cyprus bail-out risks UK troops' savings
Thousands of British savers, including armed forces personnel, are to be hit by a eurozone tax on Cypriot banks after the island's 8.7bn bail-out.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/29a5bd3e/mf.gif' b.....

Business must embrace this digital revolution
Although the digital revolution has only been going for about 20 years, internet and mobile advertising spending already amounts to about 20pc of global advertising spending.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f.....

The market high has investors worried - and for good reason
Back from some time on the road talking to private investors, I was struck last week by the mismatch between a stock market on the cusp of a new all-time high (tantalisingly close in the case of the S&P 500) and a pervasive feeling of anxiety.<.....

The Budget is a key test of Tory leadership
This is George Osborne's last chance to have an impact on growth, says Iain Martin<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/29a539e7/mf.gif' border='0'/><br/><br/><a href="http://da.feedsp.....

George Osborne must do more than talk tough on debt
George Osborne faces a bleak set of circumstances ahead of this Wednesday's Budget. The economy is extremely fragile and Britain has just endured the ignominy of a sovereign downgrade.<img width='1' height='1' src='http://telegraph.feedsportal.com.....

Treasury reassures British savers over funds held in Cypriot banks' London branches
The Treasury has moved to reassure British savers in UK-based branches of Cypriot banks after eurozone finance ministers imposed a tax of up to 10pc on all savers in return for a 10bn bail-out of the island nation's financial system.<img width='1'.....

Treasury reassures British savers over 2bn in Cypriot banks' London branches
The Treasury has moved to reassure British savers in UK-based branches of Cypriot banks after eurozone finance ministers imposed a tax of up to 10pc on all savers in return for a 10bn bail-out of the island nation's financial system.<img width='1'.....

Cypriots rush to cash machines after bailout deal
Nervous depositors in Cyprus rushed to ATM machines on Saturday to drain their accounts following a bailout agreement with international creditors that includes a levy on all the country's bank accounts.<img width='1' height='1' src='http://telegr.....

Nestle boss blames 'fraudsters' over horse meat
The chief executive of Nestle has said that the food industry should not be viewed as a "bunch of cheaters" because food production has never been as safe as it is now.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/56830.....

Saudi prince to fight Forbes over Rich List
Prince Alwaleed bin Talal tells Christian Sylt about his anger over the Forbes Rich List.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/29a44dac/mf.gif' border='0'/><br/><br/><a href="http://da.....

China will have to act avert financial crisis, Nomura says
China will sacrifice short-term economic growth to stave off a financial crisis, economists at Nomura have claimed.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/29a37928/mf.gif' border='0'/><br/><br.....

Lads mag Maxim set for sale
The American owners of lad's magazine Maxim are considering a sale of the provocative men's lifestyle title.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/29a2ac0f/mf.gif' border='0'/><br/><br/>&l.....

Sir Philip Green scoops Retail award
Arcadia boss given Outstanding Contribution to Retail award.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/29a3818a/mf.gif' border='0'/>.....

Sir Philip Green scoops Retail award
Music entrepreneur Simon Cowell pays tribute to Sir Philip Green as the Arcadia boss is presented with the Outstanding Contribution to Retail award.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/29a2ac10/mf.gif'.....

Cypriot savers hit as eurozone agrees 10 billion bail-out
Cyprus is to receive a 10 billion (8.7 billion) bail-out from the eurozone to recapitalise its ailing banking system in return for a series of drastic measures which will hit the country's savers.<img width='1' height='1' src='http://telegraph.fee.....

Buy gold, they say - but how do you sell it?
Buying gold coins or bars is said to be investors' safest bet. But selling is another matter.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/29a20993/mf.gif' border='0'/><br/><br/><a href="http:.....

How to wring every last penny out of your annuity
Vital steps that people approaching retirement can take to ensure they make the most of their pension savings.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/29a20735/mf.gif' border='0'/><br/><br/>.....

UK retirement vs the best in the world
British savers are fed up with getting a return of little more than 5pc when they buy an income for life with their pension pot.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/29a20126/mf.gif' border='0'/><.....

How taxes have risen since 2007
Government claims that it has cut taxes through big rises in the personal allowance are a myth, according to figures calculated for The Telegraph.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/29a1fd78/mf.gif' b.....

Gulf of Mexico oil spill: BP urges judge to suspend $8.5bn settlement over companies' 'fictitious losses'
BP has asked a US judge to suspend the $8.5bn settlement it reached with local businesses over the Gulf of Mexico oil spill, claiming that companies unscathed by the disaster are receiving windfalls.<img width='1' height='1' src='http://telegraph......

Isa price war hopes as trusts slash costs
Investment trust and unit trust fund managers are squaring up in a battle over charges - with investors winning.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/299f0e57/mf.gif' border='0'/><br/><br/&g.....

SEC fines SAC Capital $614m over insider trading
The hedge fund founded by US billionaire Steven Cohen has agreed to pay a record $614m (410m) as part of a settlement over claims that two of its affliates used inside information to make trades.<img width='1' height='1' src='http://telegraph.feed.....

Budget 2013: George Osborne must call time on the beer tax escalator
Britain's drinkers are no longer propping up the bar. Instead, they appear to be propping up the Budget briefcase.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/299ef76d/mf.gif' border='0'/><br/><br/.....

JP Morgan's $6.2bn loss caused by 'deceptive conduct'
"Deceptive conduct" by JP Morgan's London staff was to blame for the $6.2bn (4.1bn) trading loss racked up last year, the former head of the division responsible told Congress.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726.....