Search This Blog

Thursday 21 March 2013

UK Financial News on 2013-03-21

Cyprus economy is 'on the brink'
The Cypriot economy is "on the brink", the country's largest bank warns, as political leaders scramble to raise the funds to secure a rescue package......

Row over Budget home loans plan
A political row has blown up over claims a Budget initiative aimed at helping people get on the housing ladder could be used for second home purchases......

Energy boss warns of blackout risk
The boss of the energy firm SSE warns that "there is a very real risk of the lights going out" in Britain......

Co-op Bank in 674m annual loss
The Co-operative Bank says it made a loss and will sell an insurance unit to rescue a deal to take over some of Lloyds Banking Group's branches......

Coventry in administration threat
Coventry City Football Club Holdings says a non-operating subsidiary of the club has been put into administration......

Report raises Work Programme issues
An official report into the government's main welfare to work initiative, the Work Programme, highlights significant problems with the scheme......

US economic indicators improving
Signs of recovery in the US economy are underlined with news that home sales are running at a three-year high, while a confidence index also rose......

Tax changes 'will benefit millions'
More than 24 million people will gain by an average of 50 owing to changes to tax thresholds - but others will lose out, Budget documents show......

UK finances boosted by 4G sales
The UK's public finances are boosted in February by proceeds from the 4G mobile licences auction and another payment from the central bank......

Retail sales bounce back in February
Retail sales rose 2.1% in February compared with January, thanks to strong computer and technology sales......

StanChart chief rues statement
The chairman of Standard Chartered is forced to issue an apology for "inaccurate" comments relating to the bank's breach of US trade sanctions......

Retailers warn of 'challenging' year
Retailers Next and H&M warn of challenging economic conditions as they release their results, with Next complaining of quiet trading......

YouTube reaches one billion users
YouTube, the video sharing site owned by Google, has announced it has passed one billion regular users......

S Korea hacked 'from China address'
South Korean officials say unidentified hackers used a Chinese IP address to launch a massive cyber attack on banks and media firms on Wednesday......

China manufacturing picks up speed
Manufacturing activity in China picks up speed in March, an initial HSBC survey indicates, adding to hopes of a sustained recovery in its economy......

Barclays execs earn 39m in shares
Barclays awards nine senior staff shares worth nearly 39m in long-term bonuses, including 17.5m for investment bank chief Rich Ricci......

Japan posts deficit for eighth month
Japan posts a trade deficit for the eighth straight month, underlining the challenge the new government faces in spurring on the country's economy......

Loan move 'significant' for buyers
Mortgage brokers say that government support for home loans is a "significant step forward" for buyers, but there has also been criticism of the policies......

Public sector pay rise cap extended
A 1% pay rise cap for public sector workers will be extended for an extra year to 2015-16, Chancellor George Osborne announces......

Labour calls for economic 'U-turn'
Shadow chancellor Ed Balls calls on George Osborne to make a swift "U-turn" on the economy, after growth forecasts were slashed in the Budget......

Budget 'defers cuts until 2015-16'
The Budget allows further departmental spending cuts to be deferred until after the next election, according to the Institute for Fiscal Studies......

Extra 5.5bn raised from pensions
The Treasury's coffers will receive an extra 5.5bn, mainly from public-sector workers, after the government brought forward the start of the flat-rate state pension......

Economic growth forecast is halved
The official forecast for growth in the UK economy is cut from 1.2% to 0.6% by the independent Office for Budget Responsibility......

Oracle shares drop 8.2% on low sales
Shares in Oracle, the US software firm, fall sharply after it reported a fall in sales and earnings......

Firm fined 90,000 over cold-calling
A Scottish fitted kitchen company becomes the first firm in the UK to be fined for "blighting" the public with thousands of unwanted marketing calls......

Volkswagen in record recall in China
Volkswagen says it will recall 384,181 vehicles in China to replace a part of their gearboxes, its largest recall in the country to date......

VIDEO: UK retail sales grow as Leeds complex opens
A new 350m shopping and leisure development in Leeds has opened its doors for business......

VIDEO: 'You got me!', Branson admits
Virgin founder Richard Branson had described his school years to School Reporters, but their first question had him flummoxed......

VIDEO: 'Delayed boost' for people's budgets
The chancellor's budget was broadly welcomed by staff at a call centre in Newcastle......

VIDEO: How will the Budget hit families?
Families and small business owners have been giving their reaction to the chancellor's fourth Budget......

VIDEO: Osborne defends mortgage help plans
George Osborne says the measures he announced to boost the housing market are designed to help "people who are trying to work hard... to raise their kids in the right way"......

VIDEO: Osborne 'failed on every measure'
Shadow Chancellor Ed Balls says the government's economic policy has failed "on every measure, compared to what they said they would do.".....

VIDEO: Budget 2013: Looking at the numbers
From the day George Osborne took office as Chancellor he indicated his primary goal was to reduce the deficit year by year......

VIDEO: City's 350m shops complex opens
A new 350m shopping and leisure development in Leeds has opened its doors for business......

Budget calculator 2013
How will the chancellor's Budget affect you?.....

What the Budget numbers really mean
What the key Budget figures really mean.....

Budget 2013: What does it mean for you?
How the Budget will affect your personal finances......

How is borrowing not up this year?
How is government borrowing not up this year?.....

Will Cyprus go the South American way?
What Cyprus can learn from South American errors.....

Are pension liberation schemes too risky?
The dangers of pension liberation schemes.....

What if a robot drove your car?
Driverless robotic cars may be nearer than you think.....

Budget 2013: National Insurance, the Cinderella tax
Why National Insurance cuts could make a huge difference.....

Amazon's Bezos finds Apollo rocket engines on ocean floor
March 21 - A Jeff Bezos funded effort has recovered two rocket motors from the Apollo program from the sea floor off Florida's coast -- just one of several projects the Amazon founder is working on. Deborah Gembara reports......

U.S. Day Ahead: BlackBerry's Z10 is set to see tepid U.S. sales
Breakingviews' Rob Cyran......

ROTH 2013: The Cloud and Big Data drive small-cap tech growth
CEOs of small tech companies discuss the technology trends that will help them grow and the challenges faced as they try to grow their business and compete with the big names in the industry......

Daily Digit: 4.98 million home resales
March 21 - Existing home sales increased 0.8 percent to an annual rate of 4.98 million units, the latest sign the housing market recovery is accelerating. Conway G. Gittens reports......

Techquity: Oracle's stumble, Google's browser plan
Mar 21 - Oracle's profit hits a speed bump but the problems may not last, plus Google's chairman sheds light on the company's browser plans......

Breakingviews: Finding the next financial fad
March 21 - As investors seek a reliable way to gauge when interest rates will rise, Breakingviews columnists discuss the indicators that could follow in the footsteps of the Baltic Dry Index and the TED spread and become de rigueur......

Europe day ahead: Plan B for bailout
Mar. 21 - Cypriot leaders continue a frantic search for a new bailout plan after the ECB sets a Monday deadline; Italian coalition talks go nowhere; and German data threatens another downside surprise......

Trading at Noon: Tumbling Oracle drags down markets
Mar 21 - Oracle's sharp decline is taking down the rest of the market; overshadowing positive news in U.S. manufacturing and housing......

Lufthansa flights hit by strike
March 21 - Lufthansa cancels almost 700 flights as workers strike in an attempt to put pressure on the German airline ahead of a new round of wage talks on Friday. Rough Cut (no reporter narration)......

Deadline looms for troubled Cyprus
March 21 - Cypriot politicians are searching for a "Plan B" to find billions of euros to clinch a EU bailout and avert a financial meltdown. They now have five days before banks are due to reopen. Kirsty Basset reports......

Recession stalks France
March 21 - Recession looms for France after business activity shrank in March at the fastest pace in four years, defying expectations of improvement. Edward Baran looks at the problems facing the euro zone's second largest economy......

Economy 2013: H&M CFO on expanding out of trouble
Mar. 21 - H&M ups its expansion plans after unusually cold weather in Europe, weaker consumer spending and the strong Swedish krona hit Q1 earnings......

ROTH 2013: Video gamer Mad Catz bets on mobile mouse: CEO
Mar 21 - Darren Richardson, CEO of video gaming company Mad Catz, says mobile technology has disrupted the industry, but he is growing business through accessory sales like the mobile mouse dubbed the "Rat".....

Daily Digit: 1 in 10 jobs to go at AstraZeneca
March 21 - AstraZeneca's new chief executive announces another 2,300 job cuts as he sets out his stall for turning round the struggling drugmaker and returning it to growth. Hayley Platt reports......

Deal or no deal, the options for Cyprus
Mar. 21 - The country, economy and numbers involved are tiny. But the Cyprus problem is huge. Could Cyprus leave the euro zone? We look at the options facing the crisis-hit Mediterranean island......

Breakingviews: Is the ECB up for a Cyp-riot?
Mar. 21 - The ECB has threatened to cut off Cypriot banks. A collapse could lead to an exit from the euro. But even this scenario is manageable and it could be better than if the ECB buckle says Breakingviews......

For foreign brands, Japan the last shopping frontier
Mar. 21 - Japanese shoppers are happy to pick up the latest Gucci bag, but for electronics its all about home-grown names like Sony. Yonggi Kang investigates brand loyalty in Japan, and whether it's changing......

Is France as bad as Greece? PMIs say almost
Mar. 21 - Grim PMI numbers point to fresh economic illness for the heart of the euro zone, with French manufacturing PMIs now barely better than Greeces......

China's microblogging queen reigns over tens of millions
Mar. 21 - Shes got 40 million followers on Weibo Chinas popular microblog - well outstripping Justin Biebers Twitter following. Who is Yao Chen and why has she become an online obsession on the mainland?.....

Reuters Today: No Deal for Cyprus Banks from Russia
Mar. 21 - Cyprus's scramble to avert meltdown overshadows a pick-up in Chinese factories and the Fed's pledge to maintain stimulus.....

North Korea plays to home audience with U.S. base threats
Korea Bureau Chief David Chance. But it won't want to risk a war it would lose......

Wealth Strategies: Energy stocks a value, fund manager says
Mar 21 - Harry Hartford, president of Causeway Capital, 2013's Lipper Award winner for small company, equity manager, says equities might be due for a small correction but sees value in energy stocks......

Sports Spread: San Marino Still Easy for England
Mar. 21 - England's defensive problems shouldn't matter against San Marino but could well cause worries against Montenegro......

H&M speeds up expansion as profits fall
March 21 - Profits at Hennes & Mauritz are down more than expected just a week after rival Inditex - the owner of Zara - reported a massive rise. Hayley Platt looks at where the world's second biggest fashion retailer is going wrong......

U.S. Morning Call: Fed gives markets boost, Cyprus lingers
Mar 21 - U.S. stock futures flat after the Fed said it'll maintain its policies on bond purchases and record-low interest rates. Fed Chair Bernanke added the crisis in Cyprus poses no major risk to the U.S......

John Peace's lies damage Standard Chartered, British banks and the City
Sir John Peace: chairman of Standard Chartered, chairman of Experian, chairman of Burberry, former boss of Gus, ex-Army officer, chairman of the Work Foundation, Lord Lieutenant of Nottinghamshire. And liar.<img width='1' height='1' src='http://te.....

Cyprus overhauls two biggest banks to stave off collapse
Cyprus will inflict losses of up to 40pc on large depositors but guarantee all deposits up to 100,000 in a plan to restructure its biggest banks and prevent the island's economic collapse next week.<img width='1' height='1' src='http://telegraph.f.....

Cyprus bail-out: live
Eurozone ministers openly discussed Cyprus leaving the euro in an emergency call on Wednesday, as alarm over the bailout crisis escalates.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/29d07888/mf.gif' border='0.....

Fracking film maker accuses IMF of censorship
Phelim McAleer believes the IMF was afraid of offending Russia.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/29d7a78b/mf.gif' border='0'/>.....

Taxpayers face 15bn hit if inflation rises
Taxpayers will be hit for an extra 15bn in 2017 to cover the cost of Britain's spiralling debt if inflation and gilt yields rise just a percentage point above forecast, the Office for Budget Responsibility has warned.<img width='1' height='1' src=.....

Brewin Dolphin board changes prompt takeover talk
Broker Shore Capital suggested the wealth manager could be bid target.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/29d6c66c/mf.gif' border='0'/>.....

France debating cap on private sector salaries
France's top private sector bosses could see their salaries capped under a Bill being tabled by the Socialist government, in the latest high-profile move aimed at punishing the rich.<img width='1' height='1' src='http://telegraph.feedsportal.com/c.....

MEPs plan toughest ever pay rules for fund managers
European politicians votes to impose the toughest pay rules in the world on fund managers in a move seen as Brussels' most serious attack yet on London's financial services sector.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/3.....

Standard Chartered forced to apologise for calling US sanction breaches a 'clerical error'
Sir John Peace, the chairman of Standard Chartered, has been forced to issue a humbling apology for dismissing the bank's breaches of US sanctions on Iranian as a "clerical error."<img width='1' height='1' src='http://telegraph.feedsportal.com/c/3.....

Budget 2013 reaction: as it happened
The Institute of Fiscal Studies expects Chancellor George Osborne to borrow 70bn more in 2014/15 and is likely to raise taxes in 2016.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/29d6bbc1/mf.gif' border='0'/&g.....

The lucky US must not wreck its own recovery
For the first time in its history, Cyprus is the most talked-about country on Wall Street.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/29d6b72c/mf.gif' border='0'/><br/><br/><a href="http://d.....

Budget 2013: live
The Institute of Fiscal Studies expects Chancellor George Osborne to borrow 70bn more in 2014/15 and is likely to raise taxes in 2016.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/29cf986c/mf.gif' border='0'/&g.....

Sketch: Budget Day 2 - and this time it's personal
Michael Deacon watches Ed Balls subject George Osborne to jokes about millionaires, massage parlours and whipping.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/29d6b547/mf.gif' border='0'/><br/><br/.....

Foxtons IPO whets City appetite but should we beware of a housing bubble?
Fancy that. A popular estate agent.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/29d6b54a/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/161393044227/u/3/f/568300/c/32726/s.....

Is Cyprus small enough to fail without bringing the euro crashing down?
By threatening to pull the plug on Cypriot banks, the European Central Bank has pushed Cyprus to make up its mind, an ultimatum that might break the single currency.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s.....

Ted Baker growing into global fashion brand
Ted Baker has enhanced its standing as an emerging premium brand in the fashion world by reporting a sharp rise in sales and profits.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/29d58e46/mf.gif' border='0'/>.....

Next chief executive Lord Wolfson hits out at "incompetence" of local councils
Lord Wolfson, the chief executive of Next, has accused local councils of "Luddite intransigence and incompetence" for rejecting planning permission for new stores and threatening Britain's economic recovery.<img width='1' height='1' src='http://te.....

BP poised for Arctic oil exploration as Rosneft says they will "definitely" work together offshore
BP is reviving plans to explore for oil in the Arctic after completing the $27bn (17.8bn) sale of its stake in TNK-BP to the Russian state-controlled giant Rosneft.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/.....

Rosneft completes TNK-BP takeover paving way for BP to return cash to shareholders
Rosneft has completed the $55bn takeover of TNK-BP, making it the world's largest listed oil producer and paving the way for BP to conduct a promised return of cash to shareholders.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/.....

Budget 2013: Government in confusion over state aid for mortgages
Budget 2013: People could get Government help to buy second homes under George Osborne's 130 billion scheme to boost the housing market.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/29d5f280/mf.gif' border='0'/.....

Q&A: Will Help to Buy work?
Critics say affluent buyers could cash in or it may be used to buy second homes. Rosie Murray-West explains the Chancellor's mortgage schemes and the impact they might have.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/.....

Roger Bootle: There are no 'game changers' in Osborne's budget
Review: Roger Bootle says borrowing will be higher and interest rates are not going anywhere soon.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/29d4c1e4/mf.gif' border='0'/><br/><br/><a href=".....

Roger Bootle reviews Chancellor's 2013 Budget
Leading economist Roger Bootle gives his view on the Chancellor's Budget, and says he does not think it will make much of a difference, with the outlook bleaker than the picture painted by George Osborne.<img width='1' height='1' src='http://teleg.....

Eurotunnel enjoys record year but warns growth likely to slow with no Olympics
The Olympics and Diamond Jubilee celebrations drove Eurotunnel to a record year last year, but the cross channel tunnel operator warned growth was unlikely to be as strong this year.<img width='1' height='1' src='http://telegraph.feedsportal.com/c.....

Budget 2013: tax rises likely after 2015, warns IFS
Budget 2013: Households and businesses face more painful tax rises after next election, a leading economic forecaster warns.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/29d4bf9f/mf.gif' border='0'/>.....