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Friday 29 March 2013

UK Financial News on 2013-03-29

Camera chain Jessops re-launches
Camera chain Jessops has re-opened two of its stores just a couple of months after going into administration in January with the closure of 187 branches.....

Post Office staff to go on strike
Thousands of staff at Post Office Crown offices are due to go on strike in a row over jobs, pay and branch closures......

Cyprus eases some bank restrictions
The Central Bank of Cyprus eases some of the restrictions imposed as banks on the island reopened, following an international bailout deal......

S&P 500 index reaches record high
Shares in the US close at record highs on the last trading day of the quarter, driven by optimism that banking problems in Cyprus are under control......

Amazon buys book recommendation site
Online retailer Amazon says it will buy a book discovery and recommendation website Goodreads, which has 16 million members......

Oil firms invest 330m in Atlantic
Major oil companies announce plans which they hope will boost production from the UK's biggest oilfield......

Morning business round-up
Our daily morning business round-up looks at the main stories in Europe and Asia......

US growth is faster than expected
The US economy grew at a faster than expected 0.4% in the fourth quarter, the Department of Commerce says, but the overall picture remains sluggish......

IMF 'has confidence' in Lagarde
The International Monetary Fund (IMF) has said it continues to have "confidence" in its managing director Christine Lagarde......

Blackberry reports 1m Z10 sales
Mobile phone maker Blackberry says it sold one million of its new Z10 smartphones, but has lost three million users......

RBS apologises for mobile app fault
RBS has apologised to customers unable to login to their accounts on Thursday through their mobile phone app......

UK services sector grew in January
The UK's services sector grew at its fastest pace for five months in January, the Office for National Statistics says......

UK house prices 'see annual rise'
UK house prices were 0.8% higher in March from a year earlier, the Nationwide says, the first annual rise for more than a year......

'Stronger growth' for big economies
The world's major economies will see stronger growth this year, but Europe's recovery will continue to be slow, the OECD says......

London Market Report
Intercontinental Hotels leads the FTSE higher after it announces the sale of its Park Lane hotel for 300m......

Kuroda says Japan debt unsustainable
The Bank of Japan's new governor, Haruhiko Kuroda, warns that Japan's growing debt levels are "not sustainable"......

Benefits reform trial scaled back
The government is to scale back some of its plans to test a radical new reform to the welfare system......

Poorest 'face council tax rise'
More than two million of the poorest households in England will pay more council tax from next week, according to an anti-poverty think tank......

Cyprus cash curbs 'may last a month'
Tight capital controls in Cyprus could last for up to a month, the country's foreign minister says, on the day crisis-hit banks re-opened to customers......

South Korea lowers growth forecast
South Korea cuts its growth forecast for the second time in three months, amid a slowdown in its exports......

Japan retail sales fall in February
Retail sales in Japan fell by more than forecast in February, figures show, underlining the challenge the new government faces to boost consumer demand......

Leeds United secure new investment
Leeds United owners GFH Capital sell 10% of the club to Bahrain-based International Investment Bank......

Coventry reach Ricoh agreement
Coventry City will play their final three games of the season at the Ricoh Arena after a short-term deal is agreed......

VIDEO: Service sector boost for UK economy
The UK's services sector grew at its fastest pace for five months in January, raising hopes that the economy will avoid falling back into recession......

VIDEO: PM welcomes launch of electric car
Prime Minister David Cameron has attended the production launch of Nissan's new electric car at its plant in Sunderland......

VIDEO: Dragon Jones sees big picture at Jessops
Dragons' Den star Peter Jones has spoken of his excitement as camera retailer Jessops re-opens 30 stores across the country......

VIDEO: Cable calls for Centrica bonus restraint
The UK's energy companies should show "restraint" when awarding bonuses to their bosses, the business secretary has said......

AUDIO: Peers' concerns over EU transaction tax
The UK could end up having to collect a controversial EU tax on share transactions even though it isn't one of the countries which supports the move, according to members of the House of Lords......

VIDEO: Investment boost for UK oil field
A consortium of oil companies is to invest more than $500m (330m) in an appraisal drilling programme which could lead to further development of a giant North Sea field......

VIDEO: Cyprus banks prepare to reopen
Banks in Cyprus are to reopen amid tight security on Thursday, 10 days after they closed to prevent a bank run as a controversial bailout was negotiated......

Saving data donkeys in quicksand
How simple tags have revolutionised how we organise information.....

100 years of carmaking in Oxford
Oxford's 100 years of carmaking in pictures.....

Child Trust Funds: What should I do?
Considering how to save for your child's future.....

Nepal seeks Asian tourism boost
Can civil war be as big a draw as mountains for Nepal?.....

S&P 500 says hello to new high
March 28 - Summary of business headlines: S&P 500 claims new territory with post-crisis record close; Cyprus calm after banks reopen; U.S. jobless claims, Midwest economy point to easing recovery; Boeing CEO expects 787 up sooner rather than later. C.....

Wal-Mart may put its customers to work
Mar 28 - Wal-Mart is considering a plan to use store customers to deliver purchases to online customers- as a way to better compete with online retailers like Amazon. Bobbi Rebell reports......

U.S. Week Ahead: Jobs report could make or break market mojo
Mar 28 - With the S&P 500 set to break an all-time record, investors will focus on Friday's jobs report for more clues about the strength of the economy......

MuniLand: Muni tax exemption repeal seen back on the table
Mar 28 - Wells Fargo's head of Municipal Research Natalie Cohen says the tax exempt status of municipal bonds will be back on the table in Congress during the second half of 2013......

NY Car Show: China, faltering U.S. recovery the risk- CEOs
Mar 28 - Auto execs are optimistic for future growth in their industry, but the CEOs of Nissan, Jeep and others point to a slowdown in China and any bumps in the road of the U.S. recovery as the biggest risks.....

Wal-Mart's customers as delivery team? S&P's Gordon is leery
March 28 - S&P Capital IQ's Ian Gordon gives Wal-Mart credit for thinking outside the box- but here are many of issues with the business model, and getting customers to buy in to the idea. Bobbi Rebell reports......

NY Car Show: Cadillac CTS a "very serious" competitor to BMW
Mar 28 - BMW North America CEO Ludwig Willisch says his company could notch another year of record car sales, but cites risk of increased competition from Cadillac's new CTS and other luxury automakers......

Human ear fabrication shows potential for growth
March 28 - Researchers in Boston are in the final stages of testing a new technique to fabricate a fully functional human ear with a patient's own cells. Using scans, computer modelling and 3D printing, the scientists say their research heralds a new.....

Techquity: Personal Computers 1, Smartphones and Tablets 0
Mar 28 - Stocks of major PC makers outperform handheld gadget makers in first quarter......

Witness: Cypriots head for the banks, with a coffee
Mar. 28 - Cypriots Margarita Hadjitofi and Sonia Hamshaw gives us their view on the streets of Cyprus after banks re-open......

Roughcut: Cypriots without cash turn to soup kitchen
Mar. 28 - A six-day bank closure in Cyprus left many without any means of getting cash for groceries. In Nicosia, a soup kitchen provides people with food packages and expects to get busier in the coming days......

Capital control pain in Cyprus to last a month
March 28 - Banks reopen in Cyprus after almost two weeks, with customers venting their frustration over tight capital controls which allow them to withdraw just 300 euros per day. Ciara Sutton reports on the strict measures which the Cyprus governmen.....

Nissan Leaf electrifies UK car production
March 28 - As the first fully-electric Nissan Leaf rolls off the production line in Sunderland, Joanna Partridge finds out why car manufacturing is returning to the UK, and asks whether electric vehicles are the key to turning around sagging European.....

Europe Week Ahead: ECB to be quizzed on Cyprus Troika spat
Mar. 28 - The European Central Bank is likely to be quizzed about the row between members of the troika over the way the Cyprus bailout was handled. Euro zone economic data includes PMIs and unemployment......

Trading at Noon: Movers today:Pinnacle Foods & Metro PCS
Mar 28 - Shares of Pinnacle Foods soar 13 pct in NYSE debut, and the pressure is on T-Mobile to make a better offer for Metro PCS......

Breakingviews: Banker's dream deal?
March 28 - A Brazilian ethanol producer is launching what could be an IPO, convertible bond and LBO all at once. Jeffrey Goldfarb talks to Breakingviews columnists about this wonder of financial engineering......

Daily Digit: 1 million Z10s
March 28 - BlackBerry sells 1 million new Z10 phones and delivers a surprise quarterly profit. Bobbi Rebell reports......

Wealth Strategies: Despite market highs, earnings may miss
Mar 28 - With the Dow on pace for its best Q1 since 1998 and the S&P near a record close, LPL's John Canally says earnings may come in lower than expected in the second half, notching low single-digit growth......

Cyprus capital controls why they wont work
Mar. 28 - Cyprus has a huge black market so capital controls wont work and it will be years before controls are lifted, says Cypriot Kate Phylaktis, Professor of International Finance at Cass Business School.....

Cyprus: Hot Russian money isnt going where you think
Mar. 28 - Assorted tax havens will benefit as Russian money flees Cyprus, but the ultimate winner could be the City of London, says tax haven expert Nicholas Shaxson......

Cyprus investors hunt for new haven
March 28 - Hong Kong, Singapore and the British Virgin Islands could stand to benefit from the Cyprus banking crisis as depositors seek a new safe-haven for their money. Ivor Bennett reports......

Chinese "geeks" have something new to get excited about
Trending on Chinas twitter-like microblog site Weibo...chatter about a homegrown smartphone custom ROM called Smartisan, and its flamboyant creator Luo Yonghao. Anita Li reports on the online buzz......

Breakingviews: Capital controls a shambles
Hugo Dixon......

OECD's Padoan on economic outlook for G7 nations
Mar. 28 - OECD Chief Economist Pier Carlo Padoan gives an update on the near-term economic outlook for G7 nations......

Wealth Strategies: Buy machinery cos., sell defense-Fidelity
Mar 28 - Lipper Award winner Tobias Welo of Fidelity says the recovery in housing and autos will benefit machinery and construction companies, but feels the fundamentals in defense stocks have peaked......

Big depositors in Bank of Cyprus to be hit much worse than feared
Savers in Cyprus' largest bank face losing a far worse-than-expected 60pc of their deposits over 100,000 as part of a 10bn EU bail-out deal struck this week.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2a24598.....

Aintree looks to net more overseas visitors
Aintree is on the hunt for a new sponsor that can help attract more international visitors to the Grand National as the racecourse's partnership with John Smith's enters the final furlong.<img width='1' height='1' src='http://telegraph.feedsportal.....

Cyprus has 'no intention of leaving the euro' insists President Anastasiades
The president of Cyprus said his country had no intention of leaving the euro on Friday but hit out at euro zone leaders for treating the island nation as an "experiment".<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/56.....

The real mistake over the Cyprus bail-out would be to think it can't happen here
The omens that led to the financial meltdown are only too familiar, says Graeme Archer<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2a2462b5/mf.gif' border='0'/><br/><br/><a href="http://da.fe.....

The real mistake over the Cyprus bail-out would be to think it can't happen here in Britain
The omens that led to the financial meltdown on the island are only too familiar, says Graeme Archer.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2a245240/mf.gif' border='0'/>.....

SAC Capital fund manager charged in Dell insider trading case
A senior employee at US billionaire Steven Cohen's hedge fund SAC Capital has been charged with insider trading in technology companies Dell and Nvidia.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2a2238b4/mf......

US consumers spend more as wages rise
US consumers shrugged off rising taxes in February as they earned and spent more, in another sign the world's largest economy is on the road to recovery.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2a220a4c/mf.....

Cyprus has 'no intention of leaving the euro'
Cypriot president Nicos Anastasiades has assured civil servants that "in no way will we experiment with the future of our country" by exiting the euro.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2a208126/mf.g.....

Investors warned against risky strategic bond funds
Experts have warned that many strategic bond funds invest in risky higher-yielding "junk" bonds.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2a208093/mf.gif' border='0'/><br/><br/><a href="ht.....

What have we learnt from Cyprus?
We look at the situation in the island nation where depositors' money is at risk.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2a1f5e19/mf.gif' border='0'/><br/><br/><a href="http://da.feedspo.....

End of 'no win, no fee' lawsuits
New laws to see the end of ambulance chasers, but critics fear it could restrict access to the legal system for many ordinary people.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2a1f5e1a/mf.gif' border='0'/>.....

How to find the safest possible place for your money
We explain how the Financial Services Compensation Scheme works, and look at other "safe havens" for your money.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2a1f43e3/mf.gif' border='0'/><br/><br/&g.....

Could British savers face a Cyprus-style raid?
Bank customers in Cyprus with more than 85,000 in savings are to have a large chunk of their money confiscated.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2a1f43e5/mf.gif' border='0'/><br/><br/>.....

City Diary: Grant Thornton rapped for 'reputational harm' over Iranian business
Alarm bells are ringing at a lofty diplomatic level over Grant Thornton's continued business dealings in Iran through "correspondent firm" Rymand & Co.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2a1f43e8/.....

Amazon facing trader backlash after raising fees by up to 70pc
Amazon is facing a backlash from traders on its website after raising fees by as much as 70pc, with some vowing to switch to retailing rival eBay.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2a1ce881/mf.gif' b.....

Boeing Dreamliner to fly 'sooner rather than later', says chief Jim McNerney
Boeing chief executive Jim McNerney has urged regulators reviewing battery problems on the company's grounded 787 passenger jet to let the plane back into service, saying he was confident the redesigned battery was safe.<img width='1' height='1' s.....

Embattled car battery maker A123 changes its name - to B456
After bankruptcy, being bailed out by the taxpayer and taken over by a Chinese firm, it makes sense to change your company's name.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2a1c0e73/mf.gif' border='0'/>&l.....

Wal-mart to use its customers to deliver products
Wal-Mart is examining a groundbreaking plan to use shoppers in its stores to make deliveries to consumers who have ordered the retailer's items online.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2a1c17ab/mf.g.....

Cyprus bail-out: banks reopen - as it happened, March 28, 2013
The IMF said it will not be able to make a final decision on its contribution to funding Cyprus' bailout before the end of April, which threatens to delay the country receiving the aid.<img width='1' height='1' src='http://telegraph.feedsportal.co.....

No triple-dip but the British patient still needs to stay in intensive care
Sometimes, the British economy seems to deserve its old nickname of the sick man of Europe.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2a1c17ac/mf.gif' border='0'/>.....

FCA chief criticised over handling of Bank of Ireland rate hike controversy
The incoming head of Britain's new market regulator has suffered a public rebuke from MPs over the handling of Bank of Ireland's controversial decision to hike mortgage rates.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/.....

Even now, after all that's happened to Cyprus, they're queuing up to join the euro
It defies belief that Poland and others are still keen on doomsday machine, says Jeremy Warner.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2a1c1267/mf.gif' border='0'/><br/><br/><a href="htt.....

Apple is incomparably arrogant, says China
The Chinese government launches a fiercest attack on the iPhone maker.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2a1c1269/mf.gif' border='0'/>.....

Slovenia faces contagion from Cyprus as banking crisis deepens
Slovenia's borrowing costs rocket amid a festering financial crisis.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2a1b5d6d/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/16.....

Sale of InterContinental Park Lane lifts hopes of second shareholder return
Investors in InterContinental Hotels Group could be in line for another windfall after the group announced it would sell its flagship Park Lane hotel in London to a Middle Eastern investment group for 301.5m.<img width='1' height='1' src='http://t.....