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Saturday 23 March 2013

UK Financial News on 2013-03-23

'Significant progress' in Cyprus
Cypriot Finance Minister Michael Sarris says there has been "significant progress" in talks with the EU and IMF aimed at securing a 10bn-euro bailout......

Customers safe, say Cyprus UK banks
Cypriot banks operating in the UK have insisted their customers will not be affected by any bailout deal......

Nestle recalls Kit Kat Chunky bars
Nestle is recalling some of its varieties of Chunky Kit Kat after seven people found pieces of plastic in bars......

Buyer found for Blockbuster stores
DVD and games rental chain Blockbuster has been sold to restructuring specialists Gordon Brothers Europe, its administrators have said......

Tourists' health cover 'confusion'
British holidaymakers are confused about the medical cover they can expect if they travel abroad, according to a survey by an insurance body......

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......

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......

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)......

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

VIDEO: Travel medical cover checks urged
Almost a third of people travelling to Europe from the UK do so without the card that entitles them to free state healthcare, the Association of British Insurers says......

AUDIO: Gas situation 'quite unnecessary'
Nick Butler tells Today programme that if UK had put in place enough gas storage over the last few years the price increase that occurred when a major pipeline unexpectedly shut down 'wouldn't have happened.'.....

VIDEO: Cyprus crisis: Impact on Britain
Hugh Pym considers the implications of its current crisis for Britain and the rest of Europe......

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......

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.....

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

Cypriots anxious over austerity measures
Mar. 23 - Cypriots and expatriates vent frustration over new measures as Cyprus scrambles to avert financial meltdown. Jessica Gray reports......

Cyprus bank bill splits good and bad assets
March 23 - Cyprus adopts legislation allowing the government to split the island's failing lenders into good and bad banks as it races to clinch a bailout from the European Union and avert a financial meltdown. Sarah Charlton reports......

BlackBerry z10 faces biggest test
Mar 22 - The BlackBerry z10 hits store shelves in the United Stated in a limited rollout for AT&T Wireless customers. Will early sales suggest a stud or a dud? Fred Katayama takes a look......

Tiffany box and Nike swoosh lead sprint
Mar 22 - Summary of business headlines: Better-than-expected earnings from Tiffany and Nike help Wall Street sprint to the finish line; Darden outlines low-cost menu; BlackBerry z10 goes on sale, stock drops; EU to meet Sunday on Cyprus -sources. Con.....

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.....

Ecclestone, the French race circuit and the real story behind that $44m 'bribe'
Formula One boss Bernie Ecclestone has revealed for the first time details of how he was allegedly blackmailed for $44m (29m) by jailed German banker Gerhard Gribkowsky.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/5683.....

Merkel flirts with euro ruin
Germany is flexing its fiscal muscles over the Cyprus bail-out. Is the single currency doomed?<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/29e9ac1b/mf.gif' border='0'/><br/><br/><a href="http.....

A warning to the NHS: don't cut spending on medicine
Can anyone imagine modern life without Penicillin?<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/29e9ca9e/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/161392838538/u/3/f/5.....

Plastic fantastic: a green solution for the industry
With a new deal with Coke under her belt, Lady Onslow reveals how Invicta has gone from making fake pearls to becoming a leading supplier of recycled plastic.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/29e9ca.....

Think Tank: Learn the art of office politics if you want to prosper
In my last company, I was brilliantly outmanoeuvred. I'm still not quite sure how it happened but, despite being the company's top performer on almost all objective measures and a director of the business, I found myself in what one executive unsympa.....

Will Cyprus be the pin to burst euro balloon?
It's tempting to dismiss events in Cyprus as insignificant. Mainstream politicians and investors, desperate to keep the flame of Western recovery flickering and the asset price rally on track, insist that the country is "a special case".<img width.....

It's ISA decision time, and the US recovery is worth backing
Over the next two weeks, many of us will make our once-a-year investment in an ISA or SIPP. Between now and the end of the tax year, asset allocation is more than academic. Equities or bonds, US or emerging markets, retailers or miners - it's time to.....

Engagement is a buzzword all should promote
Management fashion, like politics, seems to move in big waves. When in the early Nineties I was a young partner at McKinsey, Government worried about the "productivity gap" between the UK and our competitors.<img width='1' height='1' src='http://t.....

Hilco in talks with suppliers about securing HMV deal
A deal to rescue HMV could be struck within ten days as restructuring specialist Hilco tries to strike an agreement with record labels and film studios.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/29e887c5/mf......

Blockbuster rescued as Gordon Brothers buys rental company
Blockbuster has been rescued following a deal with restructuring group Gordon Brothers Europe, saving 2,000 employees and 264 stores.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/29e765fc/mf.gif' border='0'/>.....

Yiwu, the 'magical' Chinese city supplying Poundland with cheap goods for Britain
Tom Phillips visits the "magical" Chinese city where Poundland gets its goods for sale in Britain.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/29e6b370/mf.gif' border='0'/><br/><br/><a href=".....

Cyprus leader heads to Brussels in bid to sell new finance deal to Eurozone chiefs
The president of Cyprus is on his way to Brussels this morning in a bid to persuade Eurozone finance chiefs to accept a last-minute deal to avoid financial meltdown in the island.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32.....

'Help to Buy will expose more people to negative equity'
Expert view: A policy expert on the downsides of the Chancellor's mortgage plan.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/29e50acd/mf.gif' border='0'/><br/><br/><a href="http://da.feedspor.....

Consultants slice '50pc' off work pension savings
Consultants are creaming off up to half of workers' annual pension savings in set-up costs, an investigation has warned.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/29e50941/mf.gif' border='0'/><br/>&.....

Britain's 10 most affordable cities
The most affordable cities to live in the UK have been revealed, after a year in which urban living became less affordable than ever.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/29e391f1/mf.gif' border='0'/>.....

Cyprus savers face draconian measures in bid to avoid nation's exit from eurozone
Large depositors face heavy losses and the Central Bank of Cyprus will be given new powers to shut down struggling banks under a last-ditch plan to prevent the island's exit from the euro.<img width='1' height='1' src='http://telegraph.feedsportal.....

Cyprus bail-out: as it happened - March 22, 2013
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.....

Budget 2013: Wealthy house-buyers look to take advantage of mortgage aid
Affluent house hunters have been contacting estate agents to ask how they can benefit fromstate mortgage assistance scheme.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/29e38e94/mf.gif' border='0'/>.....

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.....