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Thursday 4 April 2013

UK Financial News on 2013-04-04

Facebook releases Android 'home'
Facebook releases software that puts content from the social network on the home screen of Android phones......

Hewlett-Packard chairman steps down
Hewlett-Packard announces a boardroom shake-up that includes its chairman Raymond Lane stepping down......

First Cyprus plan 'not smart' - ECB
The initial plan to make small savers pay for the Cyprus bailout was "not smart" the European Central Bank president has said......

VIDEO: World Bank chief sees end to poverty
Jim Yong Kim is urging direct action to help more than a billion people benefit from growth......

Japan unveils massive stimulus plan
Japan's central bank surprises markets with the size of its latest stimulus package, as it tries to spur growth and end years of falling prices......

No fresh stimulus measures from BoE
The Bank of England decides not to expand its stimulus programme of quantitative easing and keeps interest rates unchanged at 0.5%......

'Solid' growth in UK service sector
The UK's service sector saw "solid" growth in March, expanding at its fastest pace since the Olympics seven months ago, a closely watched survey says......

Hack attacks hit Bitcoin value
Online services and exchanges dealing in Bitcoins have been hit by hack attacks that led to a drop in the value of the virtual currency......

London Market Report
The main London index closes in negative territory after the European Central Bank signals a rate cut could be on the cards......

Unite calls for general strike
Britain's biggest trade union, Unite, is calling for a 24-hour general strike against austerity measures......

Pension reform 'needs explanation'
The government should do more to explain the new state pension system to the public, a cross-party group of MPs says......

German economy 'near stagnation'
Germany's economy slowed to "near stagnation" last month, while France's recorded its biggest contraction for four years, a survey says......

France's Hollande fights tax scandal
A financial scandal threatens France's President Hollande, after it emerged that his former party treasurer invested in the Cayman Islands tax haven......

Sales boost for Domino's Pizza
Domino's Pizza, the UK's biggest pizza delivery firm, reports a strong rise in first quarter sales, boosted by new offerings and promotions......

Google 'sells back Frommer's guides'
The founder of travel guidebook company Frommer's tells a news agency that he has reacquired the rights to the business from internet giant Google......

Ex-Goldman trader pleads guilty
Former Goldman Sachs trader Matthew Marshall Taylor pleads guilty to defrauding the bank with an $8.3bn (5.5bn) unauthorised futures trade in 2007......

Mortgage rates 'to fall further'
Banks and building societies expect mortgage rates to fall further over the coming months, according to the Bank of England......

Olympic Games hits live music income
The body which collects and distributes song royalties for artists finds live music revenue was down by 15% from 2011 to 2012......

West End's best seats price rise
Ticket prices for the best seats at West End theatres rise to nearly 80, according to The Stage......

Ticket machine card fraud rise in EU
Several European countries have reported a rise in card crime at ticket machines and petrol pumps, says study.....

SSE fined record 10.5m by Ofgem
Energy supplier SSE is fined 10.5m by Ofgem for "prolonged and extensive" mis-selling, the regulator's biggest ever fine for a supplier......

Universal Credit 'fraud risk' fear
MPs demand a "swift assurance" from ministers that the introduction of Universal Credit will not lead to a rise in benefit fraud......

Cyprus agrees 'challenging' plan
Cyprus has agreed to a set of "challenging" measures, the IMF says, that will release a 10bn-euro international bailout......

IMF and Egypt discuss $4.8bn loan
International Monetary Fund officials are holding talks in Cairo with the Egyptian government about authorising a $4.8bn (3.2bn) loan for the country......

IMF delivers 'tough reality check'
The International Monetary Fund delivers a tough assessment of the Republic of Ireland's economic problems......

Barclays report blames bank culture
Barclays became too focused on short-term profit and bonuses in the run-up to the Libor-rigging scandal, a review commissioned by the bank says......

Hyundai and Kia in US car recalls
Hyundai Motor and its Kia Motors affiliate are recalling more than 1.8 million cars and sports utility vehicles in the US......

Investors launch 4bn RBS claim
Thousands of investors launch a compensation claim for up to 4bn against Royal Bank of Scotland and four of its former bosses......

Murray targets India and Middle East
Two major sports management firms team up to win more commercial endorsements in India and the Middle East for UK tennis player Andy Murray......

EU suspects state aid in football
The EU is studying allegations that some top football clubs, including Real Madrid, received state aid in violation of EU competition rules......

SPL pursue Rangers legal costs
The Scottish Premier League pursue costs for their investigation into undisclosed payments to Rangers players......

VIDEO: Is it worth paying for a bank account?
Banks will have to take additional steps when when charging for accounts that come with insurance products and other offers, under new rules set to come into force......

VIDEO: Is the UK facing power shortages?
About ten per cent of Britain's energy supply will be shut down this month, raising the spectre of power shortages within two years as old plants close before new ones start producing......

AUDIO: Households 'suffered long squeeze'
The stagnant UK economy has left many people feeling like they have less money in their pockets - but is the squeeze on personal finances really as severe as perceived?.....

VIDEO: Facebook releases Android 'home'
Facebook releases software that puts content from the social network on the home page of Android phones......

VIDEO: Family struggle to 'buy British'
BBC Breakfast caught up with a family from Kent who earlier this year pledged to buy only British-made goods for 12 months......

VIDEO: ECB hopeful of 'gradual recovery'
Weak economic activity has continued in the eurozone in recent months but a "gradual recovery" is predicted for the second half of 2013, ECB president Mario Draghi has said......

VIDEO: Rich Pakistanis 'should pay more tax'
British MPs are calling on their government to withhold extra aid to Pakistan unless the country does more to collect tax from its wealthy citizens......

AUDIO: Will QE awaken Japan's economy?
The new governor of the Bank of Japan Haruhiko Kuroda has succeeded in persuading the bank's board to adopt aggressive measures to try and end more than a decade of deflation......

Is Cyprus's euro membership viable?
Is Cyprus's euro membership viable?.....

Nepals battle with drug traffickers
Nepal fights to avoid being called a haven for drug trafficking.....

Q&A: Japan's latest stimulus package
Will Japan's latest stimulus measures work?.....

Slovenia seeks to dismiss 'another Cyprus hysteria'
But struggling Slovenia resents comparisons with Cyprus.....

When will energy bills be clearer?
When will choosing an energy tariff become clearer?.....

Will Mozambique end up like Nigeria or Norway?
Will Mozambique emulate Nigeria or Norway when its gas flows?.....

U.S. Day Ahead: Jobs optimism fizzles
' Dan Burns......

Daily Digit: 385,000 jobless claims
Apr. 4 - Initial claims for state unemployment benefits increased 28,000 to a seasonally adjusted 385,000, the highest level since November. Bobbi Rebell reports......

Techquity: Facebook phones Home, another "buy" for Apple
Apr 4 - Facebook reveals its latest smartphone app called Home, while another analyst puts a "buy" rating on Apple......

FACTBOX: Why you should have been a nur$e
Apr 4 - New healthcare jobs paid some of the biggest bucks in 2012, according to the latest U.S. labor Department stats......

Breakingviews: Valuing Vodafone
Breakingviews columnists argue that the UK telecom operator could be worth a third more than where it currently trades. Getting there, though, probably requires selling Verizon Wireless, a deal that has been on hold for a decade......

British Airways put faith in Boeing's troubled Dreamliner
April 4 - British Airways and Iberia parent IAG seals a deal with Boeing for 18 new Dreamliner 787 passenger jet, despite unresolved battery problems that's kept the aircraft grounded since January. Ivor Bennett reports......

ECB "ready to act" if euro zone doesn't recover
April 4 - The European Central Bank expects a gradual economy later this year, but is ready to act if needed, said ECB President Mario Draghi as he kept interest rates on hold, as did the Bank of England. Draghi also said Cyprus' bailout was "no temp.....

Europe Day Ahead: Why makers trump shoppers
April 4 - As traders wait for non-farm payrolls, economists bet German manufacturers will again look more optimistic than euro zone retailers. Meanwhile, Prada hopes the Chinese wont stop shopping for luxury......

Japan's surprise financial "shock and awe"
April 4 - New Bank of Japan governor Haruhiko Kuroda has surprised markets by announcing an unprecedented stimulus plan. Kirsty Basset reports......

Cyprus puts ECB in the spotlight
April 4 - Mario Draghi's comments during his news conference will be closely scrutinised amid open disagreements in the euro zone about the bailout of Cyprus......

World at Risk: North Korea this time its different
April 4 - Its the tough U.S. response to North Korea that marks the latest crisis as uniquely dangerous, says Nomura senior political analyst Alastair Newton in part one of our look at country risks in Q2......

U.S. Morning Call: Will the Facebook app get a 'like'?
Apr 4 - Investors keying in on Facebook today as it prepares to launch what may be an exclusive smartphone app with HTC......

Reuters on the Road: Work now, earn later
April 4 - Internwise founder Nuno Dhiren takes our cab ride to pitch his internship-site and the merits of unpaid employment.....

Sports Spread: Grand National favourites
April 4 - Who will win jump racing's most famous race? Plus a preview of the Premier League's action with top 4 and relegation places at stake......

Reuters Breakingviews: Kurodas shock and awe policy
Breakingviews. But its by no means the final step......

Markets long Kuroda, short yen
April 4 - Markets react immediately to Kurodas shock and awe announcement, but this can only mean further weakness for the yen, according to Mizuhos Seijiro Takeshita......

Bold BoJ's Kuroda move electrifies market - will it work?
FX Analyst Neal Kimberley debate if the Bank of Japan's bold move will work and how it will reshape the fronts in the currency wars......

Reuters Today: A jolt from the BoJ, another from Draghi?
April 4 - The BoJ shocks the market with a radical policymaking overhaul. ECB Mario Draghis speech watched for comments on Cyprus and future rate cuts. No change on interest rates expected from the BoE......

Paint pigment transformed to work wonders
April 4 - Titanium oxide, a chemical used as a pigment in paint and plastics, could also hold the secret to cleaner water and longer-lasting batteries. A scientist in Singapore has discovered that by manipulating its structure, the commonly-found che.....

Wire, water and goop: fracking up close
correspondent Ernest Scheyder tours a fracking site in North Dakota, showing what it actually takes to squeeze oil and natural gas from cracks miles under the earths surface......

Soft data, North Korea kick market down
April 3 - Summary of business headlines: Weaker than expected private job creation and softer services growth spark economic jitters; U.S. Defense Secretary calls North Korea "real and clear danger"; Refinery stocks see slick downfall; Oil down nearl.....

Economic growth gears hit snag
April 3 - Just a couple of days ahead of the key monthly jobs report, some disappointing jobs related reports have investors waiting and worrying about the pace of economic growth. Bobbi Rebell reports......

U.S. Day Ahead: FB phone already getting dislikes
Apr 3 - With reports Facebook is set to launch a new phone Thursday, analysts are already predicting it could be a dud......

Techquity: Google, Facebook hardware options
Apr 3 - Google prepares for release of another tablet while Facebook prepares for announcement about its mobile offerings......

Daily Digit: 8 million new Nexus 7s
April 4 - Google is aiming to ship as many as 8 million of its second generation Nexus 7 tablets around July, according to two sources familiar with the product. Conway G. Gittens reports......

HP chairman Ray Lane steps down
The chairman of Hewlett-Packard has stepped down, bowing to shareholder anger fuelled by the company's botched $11bn (7.2bn) acquisition of UK software maker Autonomy.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300.....

On welfare, Iain Duncan Smith is the heir to Gordon Brown
Iain Duncan Smith's reforms mark the final nail in the coffin for the contributory principle, believes Jeremy Warner<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2a587407/mf.gif' border='0'/><br/><b.....

Japanese bank governor Haruhiko Kuroda makes history with monetary blitz
Bank of Japan launches the most daring experiment of modern times.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2a587408/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/1626.....

Positive PMI data may have delayed QE, but expect the debate to rage on
By now, the whole country is heartily sick of our apparently endless winter. Fortunately, the chill appears not to have extended to the heart of the economy.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2a58740.....

Shell puts Australian refinery up for sale
Royal Dutch Shell has put its 55-year-old Geelong refinery in Australia up for sale, in the latest sign of ageing plants struggling at the expense of bigger, more modern competition.<img width='1' height='1' src='http://telegraph.feedsportal.com/c.....

Shell to sign Russian Arctic deal with Gazprom Neft, Kremlin reveals
Royal Dutch Shell is poised for a fresh attempt at Arctic oil exploration through a deal with Russia's Gazprom Neft, the Kremlin revealed on Thursday night.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2a586edd.....

FTSE 100 falls more than 1pc for a second day in a row
Gold mining companies were in the doldrums as the FTSE 100 fell by over 1pc for a second day in a row.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2a587e1e/mf.gif' border='0'/><br/><br/><a hr.....

European Central Bank poised for rate cut to ease euro pain
The European Central Bank stands "ready to act" on interest rates if the eurozone economy weakens further, president Mario Draghi has said, as analysts predicted that a rate cut could come as early as next month.<img width='1' height='1' src='http.....

TV high-flier Dawn Airey leaves TV giant RTL
Dawn Airey, the former chief executive of Channel 5, is to leave Europe's biggest TV group RTL, where she was working on development projects.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2a57cefd/mf.gif' borde.....

Barack Obama's key job is to get private capital involved in rebuilding America
It is not just the Coalition government that has developed a soft spot for the word "infrastructure". In the hard economic times still facing plenty of Americans, so has President Barack Obama.<img width='1' height='1' src='http://telegraph.feedsp.....

It's no quick economic fix, but America will pay the price if it neglects its infrastructure
It is not just the Coalition government that has developed a soft spot for the word "infrastructure". In the hard economic times still facing plenty of Americans, so has President Barack Obama.<img width='1' height='1' src='http://telegraph.feedsp.....

Savers grab last minute Isas with top rate at 3.1pc
The best rate is 3.1pc in this year's Isa rush - a large decline from 4.5pc a year ago.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2a57ceff/mf.gif' border='0'/><br/><br/><a href="http://da.f.....

Bundesbank probes Deutsche over claims it hid billions
Germany's central bank is investigating claims that Deutsche Bank hid billions of dollars of losses at the height of the financial crisis in a bid to fend of a government bail-out.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/3.....

Former Enron chief Jeffrey Skilling could leave prison early in DoJ deal
Former Enron chief executive Jeffrey Skilling, who is serving a 24-year sentence over the company's spectacular collapse, may get a chance to leave prison early.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2a5.....

Cyprus 'no template' for future bail-outs, says Mario Draghi
Cyprus is "no template" for future eurozone bail-outs, ECB president Mario Draghi has insisted, as he criticised an original plan by the country to bail-in ordinary savers.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/5.....

Greece raises 23m from sale of London consul's residence
Sale takes Greece a step closer to its 11bn privatisation target.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2a56ba91/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/16267.....

'Monkeys' beat the stock market
A randomly selected portfolio of stocks posted better returns than a tracker fund.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2a56e9e1/mf.gif' border='0'/>.....

Sales sizzle at sausage maker Cranswick
Cranswick, the Yorkshire-based sliced meat and sausage maker, has reported a strong rise in sales and said it was well-placed to benefit from retailers' pledges to shorten their supply chains following the horsemeat scandal.<img width='1' height='.....

Caterers help Booker deliver rise in sales
Britain's biggest cash-and-carry wholesaler, Booker, has continued to defy the high street malaise, as it delivered another rise in turnover.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2a54d682/mf.gif' border.....

Buy-to-let landlords warned of rise in 'severe arrears'
Tenants are struggling with rising rents, leading to a record number of evictions.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2a5498d5/mf.gif' border='0'/><br/><br/><a href="http://da.feedsp.....

Domino's Pizza stuffed with good news
Britain's cold snap has helped Domino's Pizza cook up a 12.3pc jump in sales as people stay at home to avoid the snow.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2a534ac5/mf.gif' border='0'/><br/><.....

Bubble talk as digital cash Bitcoin soars as 'safe haven'
Bitcoin, the online currency, is trading around record highs well above $100 a coin, after economic turmoil helped push the price of the "new gold" to unprecedented heights.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/.....

French service firms suffer steep downturn
French businesses suffered their worst downturn since the nadir of the recession, surveys revealed on Thursday, as Germany - the eurozone powerhouse - also slowed.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2.....

British expats pension hit by up to 47pc
Research by Equiniti, which oversees pension payments to 50,000 Britons abroad, has disclosed a league table of the expats worst hit by the pound's decline.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2a538aae.....

UK services data show strong growth: reaction
Britain's powerhouse services sector picked up steam in March, a closely watched survey showed on Thursday. Here's how economists reacted to the data.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2a538835/mf.gi.....