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Friday 22 March 2013

UK Financial News on 2013-03-22

Cyprus MPs back 'solidarity fund'
MPs in Cyprus approve a "national solidarity fund" - the first of a series of measures to ease the banking crisis, which has hit confidence across the eurozone......

Fitch says UK downgrade more likely
The rating agency Fitch warns that it may downgrade the UK's credit rating in April following the cut in growth forecasts in this week's Budget......

UK gas prices surge on supply fears
The price of wholesale gas surges to a record high on Friday after the unexpected closure of one of three import pipelines......

Web dating firm sees value plunge
Edinburgh-based Cupid Plc sees its share value plunge after announcing an audit into the way it operates......

March cold weather payments hit 4m
Some 4m in cold weather payments, to help vulnerable people with energy bills, have been made in March - compared with nothing in March last year......

Dell buyout bid deadline approaches
A deadline expires on Friday for other bidders to put in offers that top Michael Dell's bid for personal computer firm Dell......

BP to buy back $8bn in shares
Oil giant BP says it will buy back $8bn (5.2bn) of shares, returning to shareholders the money they had put into a complicated Russian venture......

Profit warning hits Mulberry shares
Luxury goods maker Mulberry issues a profit warning for its full-year to March, sending its shares down 16%......

Business lending to get 30m boost
Three lenders get access to 30m to boost the funding of small businesses, which Vince Cable calls an "important boost for non-traditional lenders"......

Post Office staff call Easter strike
Staff at 373 Crown post offices will strike on Easter Saturday in a dispute over shop closures, jobs and levels of pay......

Diageo to shed 80 Scottish posts
Drinks giant Diageo announces plans to shed about 80 jobs across a number of sites in Scotland, following a review of operations......

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......

China growth needs 'reform momentum'
China needs a "renewed reform momentum" to sustain long term growth, says the Organisation for Economic Co-operation and Development (OECD)......

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......

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......

Cyprus pressed for bank breakthrough
The EU, Germany and leading bankers all urge the Cypriot parliament to quickly find a way of raising the 5.8bn euros needed to qualify for an international bailout......

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......

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......

Nike shares jump on strong earnings
Nike's quarterly profits beat analysts' forecasts as a recovery in US sales and lower material costs help offset continued weakness in China......

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

West Ham secure Olympic Stadium
West Ham will be the Olympic Stadium tenants after the government increases its funding by 25m to about 60m......

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

AUDIO: Would you pay for a snuggle?
Would you pay 40 for an hour long snuggle with a stranger? That's the novel idea behind The Snuggery, located in a cosy suburb on the shores of Lake Ontario in the United States. The BBC's New York correspondent Matt Wells reports......

VIDEO: ARM boss Warren East stepping down
Chief executive Warren East is stepping down from ARM, the world's largest microchip designer......

VIDEO: Tobacco firms must pay for warning ads
A US federal judge has ordered tobacco firms to pay for an advertising campaign to explain the dangers of smoking......

VIDEO: 'Travelling further and faster into debt'
There could be lessons from the 1930s for the UK - how it escaped austerity with cuts to welfare and building homes nearly a century ago, claims David Starkey......

VIDEO: Could a folding car solve parking problems?
Theo Leggett looks at high-tech solutions to traffic problems, including a car that folds itself to fit in a smaller space......

VIDEO: NI islanders split over oil plan
The residents of Rathlin are divided over plans to drill for oil near their island......

VIDEO: How to be a 'big cheese' in Italy
At times of European austerity, Italy's artisan cheese makers are resorting to some more unusual methods to make their products appealing to buyers......

VIDEO: Race against time for Cyprus banks
MPs in Cyprus are due to begin voting on a series of bills that aim to raise the funds the country needs to secure an international bailout......

Cyprus crisis: What happens next?
Could Cyprus end up leaving the euro?.....

Councils seeking 'cash in the attic'
Local councils could be sitting on 250bn in hidden assets.....

Competing for Qatari money
The small Gulf state being wooed by governments and foreign firms.....

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

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

Final call for the phone box?
Can technology save the phone box from extinction?.....

Indonesia's wage wars
Has prosperity in Indonesia trickled down?.....

U.S. Week Ahead: Focus on Cyprus, Bernanke and housing
Mar 22 - With markets having their second negative week this year, investors will eye the direction of Cyprus' bailout, fresh comments from Fed Chair Ben Bernanke and the latest housing stats......

Daily Digit: $500 at Tiffany
Mar 22 - Tiffany says it will launch a silver line with no item costing more than $500 a piece in a plan to accelerate worldwide sales growth this year after tepid jewelry sales last year. Conway G. Gittens reports......

Jobless turn to "tent city" in New Jersey for refuge
March 22 - More than four years after the global economic meltdown, millions around the world are still suffering. Across America, tent cities have sprung up, and while they're the product of economic hardship, they've developed a unique community at.....

MuniLand: Big returns in higher ed, healthcare munis--Nuveen
Mar 22 - Lipper Award winner Doug White of Nuveen is finding opportunities in municipal debt of higher education and healthcare issuers; Three downgrades for Puerto Rico GOs......

Power Player: Nelson Peltz has the munchies?
March 22 - American billionaire investor Nelson Peltz is stocking up on Pepsi and Oreo, according to a news report. Conway G. Gittens reports......

Techquity: Newest thorn in Apple's side, hot IPOs
Mar 22 - Details on Apple's latest issue and two hot IPOs......

BP's $8bln Russian pay back
March 22 - British oil company BP announced on Friday an $8 billion (5.26 billion pounds) share buy-back programme, acting swiftly on its promise to reward investors after it sold its stake in its Russian unit, TNK-BP. Edward Baran reports......

After Time talks end Meredith still looks for deals: CEO
Mar 22 - Stephen Lacy, CEO of media company Meredith, says he's interested in acquiring health and fitness content but hasn't had merger talks with anyone since a deal with Time Warner's magazines fell through.....

Trading at Noon: Pepsi soars on Peltz stake reports
Mar 22 - Shares of Pepsi and Mondelez are higher after reports that activist shareholder Nelson Peltz has been building stakes in them......

Europe week ahead: Bailout or bust
Mar. 22 - Optimism rises over a Cyprus bailout, but a deal must be agreed by Monday if the island is to meet an ECB deadline. Euro zone sentiment indexes may add to a sense the economic malaise is deepening......

Breakingviews: Bullish on Bitcoins?
March 22 - Richard Beales and Breakingviews columnists discuss the Bitcoin, the virtual currency that has surged in value following Cyprus' plan to tax bank deposits......

Uncertainty reigns in Cyprus
March 22 - The threat of bankruptcy overshadows a crucial parliamentary meeting in Cyprus, as Cypriots, lawmakers and investors alike remain in the dark over how the country plans to escape its debt mess. Kirsty Basset reports......

Reuters on the Road: Flavrbox the armchair farmers market
Mar. 22 - Flavrbox founder Seb Powell takes the taxi challenge to explain how hes bringing the idea of farmers markets online......

U.S. Morning Call: Tiffany beats, shares climb
Mar 22 - Tiffany posts a higher profit that tops expectations......

Daily Digit: Credit Suisse CEO pay jump
March 22 - Credit Suisse upped the remuneration of Chief Executive Brady Dougan by one third in 2012, likely adding to public and political dismay over the scale of banker pay in a year when the Swiss bank's stock stalled. Hayley Platt reports......

Reuters Breakingviews: Osbornes risky mortgage scheme
Mar. 22 - George Osbornes mortgage guarantee scheme will encourage stretched borrowing, risky lending and push up housing prices, says Breakingviews......

Cyprus cash crisis hits small business
March 22 - Cyprus' small businesses say they are feeling the pinch, with customers holding back from spending their money and banks ordered to remain closed for another week, as the country scrambles to avert a financial meltdown. Edward Baran report.....

China's CNOOC still a buy after Canada splashout
Mar. 22 - China's largest offshore oil producer may have to work to fix up its recently acquired $15 billion prize--Canada's Nexen. But market watchers see its spending spree paying off, as Jon Gordon reports......

Reuters Today: Cyprus contagion may not be containable
Mar. 22 - Cyprus may not leave the euro immediately but it wont last much longer says CMC Market Analyst Michael Hewson and when it does the contagion may not be containable......

Asia Week Ahead: Japan, South Korea eye their factories
Mar. 22 - Industrial output data from Japan and South Korea will be an early test of two new administrations' economic policies, and Indonesia gets set to confirm a new central bank chief. Andrew Swift reports......

Cyprus cash crisis hits small business
March 22 - Cyprus' small businesses say they are feeling the pinch, with customers holding back from spending their money and banks ordered to remain closed for another week, as the country scrambles to avert a financial meltdown. Edward Baran report.....

Lipper Fund Awards: Rising energy tide doesn't lift all boats
Mar 22 - Lipper Award-winning fund manager John Dowd of Fidelity says not every oil and gas company will be a winner as energy prices rise, but likes names like Cabot Oil & Gas......

Wealth Strategies: Now's the time for investors to take risk
Mar 22 - Sandy Villere, manager of the Lipper-Award winning Villere Balanced Fund says stocks are the better investment right now and likes names like Sotheby's and controversial Carnival Cruise Lines......

Market Pulse: Cyprus crisis puts the shine back into gold
Mar. 22 - Cyprus crisis puts the shine back into gold. UK gas prices hit record high. BP shares jump after oil heavyweight returns $8 billion to shareholders......

Can't see beyond Oracle; Nike beats
Mar 21 - U.S. stocks fall as Oracle slump and Cyprus mess offset encouraging economic data. Conway G. Gittens reports......

Cyprus bail-out: live
A bank levy on deposits over 100,000 on top of the major overhaul of the island's two largest lenders is under discussion as Cypriot government promises deal "in next few hours".<img width='1' height='1' src='http://telegraph.feedsportal.com/c/327.....

UK faces Fitch downgrade over debt levels
Britain's credit rating faces another downgrade in the next month after Fitch warned it is reviewing the country's "AAA" status in the wake of the Budget.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/29e14e2f/m.....

Boeing to cut up to 2,300 jobs as it winds down Dreamliner development
US aerospace giant Boeing is to cut between 2,000 to 2,300 jobs by the end of the year as it winds down development of its 787 and 747 aircraft.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/29e30fc9/mf.gif' bor.....

China's getting bigger and it's an opportunity we can't let slip by
"China to overtake the US" is the sort of forecast that keeps US politicians awake at night.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/29e24a49/mf.gif' border='0'/><br/><br/><a href="http:/.....

Cupid tumbles as traders fall out of love
The group was hit by recent claims made in the Ukrainian press.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/29e24a4a/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/1613928.....

Rise of the school prom suits Moss Bros
Increasing numbers of schools in the UK are following their counterparts in the US by holding end-of-year proms, boosting sales and profits for men's formalwear retailer Moss Bros.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/3.....

Tullow Oil apologises to Ugandan government over bribery allegations
Tullow Oil has been forced to apologise to the president of Uganda for embarrassment caused by alleged smear tactics disclosed in court during its current tax litigation against Heritage Oil.<img width='1' height='1' src='http://telegraph.feedspor.....

Shell executive responsible for Arctic campaign to step down
A senior Royal Dutch Shell executive with responsibility for the oil major's troubled Arctic exploration campaign is leaving the company "by mutual consent".<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/29e23ac.....

Queen's wine merchant to stock Chinese tipples
Wine merchant, Berry Bros & Rudd, has given its stamp approval to Chinese wines, becoming the first major British retailer to give tipples from the country a permanent place on its shelves.<img width='1' height='1' src='http://telegraph.feedsp.....

Pensioners await 20pc increase in income
Pensioners who run their own investments can get 20pc more income from next week.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/29e04dcd/mf.gif' border='0'/>.....

Cut down on medical insurance costs
With family budgets stretched, shopping around for cover can produce savings.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/29e04dce/mf.gif' border='0'/>.....

Esure's Peter Wood makes 198m as insurer floats
Insurance tycoon Peter Wood is raising a glass to another success after his Esure business drove onto the market with a value of 1.2bn, London's biggest float so far this year.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726.....

Kennel Club gets new home in British Land deal
Crufts organiser the Kennel Club has reached a deal with developer British Land over its Mayfair home that will see the dog-lovers' association rehoused at a new London headquarters.<img width='1' height='1' src='http://telegraph.feedsportal.com/c.....

Barclays gets caught out by $900m trade
Barclays has ended up owning a $900m stake in a Dutch cable company Ziggo after it failed to sell the shares in the market following jitters caused by Cyprus.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/29df58.....

Cyprus bail-out: Plan B is 'hopeless', says Jeremy Warner
The Cypriot government's Plan B offers no hope to the island, its depositors or the eurozone, according to the Telegraph's Jeremy Warner.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/29de265c/mf.gif' border='0'.....

China 'to overtake America by 2016'
China is on track to overtake America as the world's biggest economy in 2016 as its growth accelerates, according to a report by the Organisation for Economic Co-operation and Development.<img width='1' height='1' src='http://telegraph.feedsportal.....

British savers could face loss on Cyprus bank deal
Savers with a British-based Cyprus bank could lose money if a deal is reached to confiscate a portion of deposits, it emerged today.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/29de2382/mf.gif' border='0'/>.....

Doubts over funds as Schroders to buy Cazenove
One of the UK's most popular fund managers is looking to take over a rival firm Cazenove.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/29dd7e83/mf.gif' border='0'/>.....

Doubts over funds with Schroders to buy Cazenove
One of the UK's most popular fund managers is looking to take over a rival firm Cazenove.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/29dd4424/mf.gif' border='0'/><br/><br/><a href="http://da.....

UK gas prices jump to seven year high as pipeline forced to shut down
UK gas prices spiked to a seven year high on Friday after a faulty pump at one Britain's main pipelines forced it to close just hours after alarm bells were sounded over the country's rapidly dwindling supplies.<img width='1' height='1' src='http:.....

Seven ages of Isas: a plan for each stage of your life
From childhood to retirement, making the most of your allowance can help you to plan for a more secure future.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/29de9aa4/mf.gif' border='0'/>.....

Seven ages of Isas
From childhood to retirement, making the most of your allowance can help you to plan for a more secure future.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/29dd3680/mf.gif' border='0'/>.....

Seven ages of Isas: a plan for each stage of your life
From childhood to retirement, making the most of your allowance in the seven ages of man can help you to plan for a more secure future.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/29de9aa5/mf.gif' border='0'/&.....

Cyprus told to close banks or face economic collapse outside the euro
Cyprus must sacrifice its banks and status as offshore financial centre if it is not to be forced out of the euro and into economic collapse next week when the European Union switches off life support to its economy.<img width='1' height='1' src='.....

Homeserve shares tumble on profit warning
House repairs and insurance company suffers heavy losses.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/29dd3682/mf.gif' border='0'/>.....