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Friday 5 April 2013

UK Financial News on 2013-04-05

Pressure mounts on HBOS bankers
Pressure is growing on the three senior HBOS bankers accused of a "colossal failure" over the collapse of the bank in 2008......

HMV sold in deal saving 141 branches
Collapsed music and DVD retailer HMV is rescued by restructuring specialist Hilco in a deal believed to be worth 50m......

US economy adds 88,000 jobs in March
The US economy added just 88,000 jobs in March, the lowest rise for nine months, official data shows......

S&P reaffirms UK triple-A rating
Credit rating agency Standard & Poor's reaffirms its triple-A rating for the UK, but warns of the continuing negative outlook for the economy......

Penguin-Random House merger approved
The proposed merger of Penguin and Random House is approved by the European Commission, clearing the way for the deal to go ahead......

Key Bank of Cyprus data missing
Some key data about bond purchases by Bank of Cyprus - now the focus of a controversial EU-IMF bailout - is missing, investigators find......

UK car sales for March defy EU trend
UK new car registrations outperformed expectations in March, jumping almost 6% against a year ago, the car industry body says......

Nikkei hits highest level since 2008
Japan's stock market jumps to its highest in almost five years after the central bank unveiled its boldest stimulus measures yet......

House prices 'continue modest rise'
House prices over the first three months of the year rose by 1.1% compared with the same period last year, says the Halifax......

Hot air balloon firm goes bust
A Wiltshire-based hot air ballooning company goes bust with the loss of 30 jobs......

Privacy fears over Facebook home
Facebook's release of software that takes over Android handsets has prompted fears that it will mean less privacy......

Obama 'offering to cut US pensions'
US President Barack Obama is prepared to offer cuts to Americans' pensions to strike a deficit deal with Republicans, a White House official says......

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

Samsung expects 53% jump in profit
Samsung Electronics forecasts a 53% jump in profit for the first three months of the year, boosted mainly by growing smartphone sales......

Vodafone and China Mobile team up
The two biggest telecommunications companies in the world team up to bid for mobile licences in Burma, as the country continues to open up......

Chinese tourists top spending league
The Chinese have become the single biggest source of global tourism income after spending $102bn (67bn; 79bn euros) while travelling abroad in 2012......

US retailer's plus-sized dress gaffe
US retailer Target apologises after its labelling of a plus-sized dress after a rotund marine mammal triggered online uproar......

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......

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......

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%......

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......

City ban urged for ex-HBOS bosses
A damning report on the collapse of HBOS says three former bosses should be banned from working in banking, leading one of them to resign from an investment firm......

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......

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......

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

AUDIO: Duty freeze 'a boost for brewers'
Today's Friday boss is Michael Turner, chairman of London brewer and pub owner Fuller, Smith and Turner......

VIDEO: Is the weather putting tourists off?
The long Easter weekend is typically seen as the start of the UK's tourism season but has the never-ending winter put tourists off?.....

VIDEO: New PAYE changes come into force
A new system for reporting tax deductions is coming into force on 6 April for many businesses, called Real Time Information (RTI)......

VIDEO: Merger of book giants gets green light
The book industry's biggest ever merger cleared its final hurdle on Friday when EU competition authorities approved a deal to bring together Penguin and Random House......

VIDEO: HMV: Where did it all go wrong?
Restructuring specialist Hilco has clinched a deal to rescue music and DVD retailer HMV, but where did it all go wrong for the once-dominant music retailer?.....

AUDIO: Will EU migrants strain UK services?
A new report from NIESR downplays fears that an influx of Romanians and Bulgarians to Britain will put a strain on public services when the restrictions on the two EU states are lifted in 2014......

VIDEO: China's Boao Forum due to start
China's annual Boao Forum takes place over the weekend, styling itself as Asia's equivalent of the Davos forum......

Cricket can step up to the financial crease
Can English cricket capitalise on 2013 spotlight?.....

Bringing train times up to date
National Rail Enquiries improves its train information systems.....

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.....

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

U.S. Week Ahead: Bruised JPM could surprise with results
Apr 5 - Don't count JPMorgan out yet. The Wall Street titan could surprise to the upside when it reports earnings according to StarMine......

Bright spots in jobs report- J.P. Morgan's Anthony Chan
Apr. 5 - The jobs report was disappointing but there are still some bright spots that should not be overlooked, according to J.P. Morgan's Chief Economist Anthony Chan. Bobbi Rebell reports......

Techquity: Google's options to counter Facebook Home
Apr 5 - Facebook modifies Google's Android platform to produce its new Home app. We walk through how Google could respond. Plus, What HP's latest board changes mean......

FACTBOX: U.S. recovery just got ugly
Apr 5 - Job growth hit a 9-month low in March and almost half a million people stopped looking for work. Here are the numbers........

MuniLand: Puerto Rico budget deal doesn't fix everything
Apr 5 - BlackRock strategist Sean Carney says the U.S. territory still faces near-term risks, despite a bill to overhaul its pension system, and instead likes transportation, education and healthcare debt.....

Job slowdown- Washington partly to blame-Soc Gen's Markowska
Apr. 5 - Higher taxes and spending cuts out of Washington D.C. are already having an impact on the U.S. economy and on hiring according to Societe Generale economist Aneta Markowska. Bobbi Rebell reports......

Breakingviews: The floating island index
April 5 - As with record-breaking skyscrapers and economic downturns, could Exxon Mobil's plans for a $24 bln, 0.5 km long floating liquefied natural gas facility herald a gas glut?.....

Trading at Noon: Gold & bonds get a boost from jobs data
Apr 5 - U.S. Treasuries and gold stocks are rallying in the wake of weak jobs data......

FACTBOX: Why you should have been a nur$e
Apr. 5 - The American workforce is shrinking and job growth slowing, but new healthcare jobs paid some of the biggest bucks in 2012, according to separate stats from the Labor Department. No reporter narration......

Daily Digit: 496K stop looking for work
Apr. 5 - Just about half a million Americans stopped looking for work in the month of March casting doubt on the strength of the U.S. economic recovery. Conway G. Gittens reports......

Saft Says: Think austerity is bad? Wait for sequestration
Columnist James Saft says this is not a good looking economic recovery and the full effects of sequestration have not even been felt yet......

Factbox: Casualties of the Cyprus Crisis
identifies the biggest losers from the crisis in Cyprus and who could be in the firing line next......

Factbox: Casualties of the Cyprus Crisis
identifies the casualties of the Cyprus crisis and asks who could be next. Factbox: No reporter narration......

Daily Digit: Prada's record profits
March 5 - Italian luxury fashion house Prada beats analysts' estimates, as strong sales in Asia help offset weaker spending in Europe. Hayley Platt reports......

U.S. Morning Call: Stock futures fall ahead of key jobs data
see the unemployment rate steady at 7.7%......

World at Risk: Reform in China? Dont hold your breath
April 5 - Chinas new leaders are chips off the old block, not reformers, but Abenomics just might work for Japan, says Nomura's Alastair Newton in part two of our look at country risk in Q2......

Market Pulse: Asia suits Prada
April 5 - Strong sales in India and China are likely to continue to drive profits for Prada even as margins decline amid fierce competition......

In the Boardroom: HBOS - Goodbye Crosby, hello reality?
April 5 - Former HBOS CEO, James Crosby resigns from private equity group Bridgepoint after a damning parliamentary report into the banks collapse. Lucy Marcus discusses......

Reuters Breakingviews: HBOS reap what they sowed
April 5 - A damning report on the collapse of the British bank lays the blame with its two chief executives and its chairman - and rightly so, says Breakingviews......

High marks as Japan central bank governor comes out swinging
April 5 - Investors give the thumbs up to the new Bank of Japan chief's bold stimulus plans, but do market experts agree? Yonggi Kang asks top economists to grade Haruhiko Kuroda's debut as governor......

Reuters Today: Prepare for disappointment on U.S. jobs data
April 5 - As Japan battles deflation and Europe tries to stabilise its economy, attention turns to the U.S. where jobs data may not be as strong as many analysts believe, says Icap's Philip Tyson......

Facebook vulnerable in mobile face-off
April 4 - Facebook is struggling in attempts to grab more mobile screen time with a new smartphone app as Google, Amazon and Apple launch or plan to launch new devices in this years battle for mobile dominance. Conway G. Gittens reports......

HP Chair out; Wall St up before jobs
April 4 - Summary of business headlines: HP Chairman resigns, Jobless claims surprise jump; BOJ monetary move jolts markets; Best Buy boosts Samsung presence; Facebook's big reveal. Bobbi Rebell reports......

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......

Portugal court rejects elements of budget
Portugal's constitutional court rejected four out of nine austerity measures from this year's budget in a ruling that deals a blow to government finances, but is unlikely to derail the bailed-out country's reforms.<img width='1' height='1' src='ht.....

Chaos over biggest employment tax shake-up in 70 years
Businesses and families are heading into a "nightmare" today, amid fears that the biggest employment tax shake-up in 70 years will ensnare companies in red tape.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2a6.....

Doubts over second job of HBOS' Crosby
Sir James Crosby's tenure as Compass's senior independent director was looking increasingly shaky on Friday night after the contract caterer refused to back him.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2a6.....

'Bitcoin is clearly a bubble'
Many people in the developed economies yearn for a financial system that does not have the option to rob them.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2a62f49c/mf.gif' border='0'/><br/><br/>.....

Britain clings onto AAA rating as markets retreat
Credit rating agency Standard & Poor's has reaffirmed the UK's AAA status but warned growth will be weaker than expected for the next three years and any easing of the Government's austerity programme could provoke a downgrade.<img width='1' h.....

HBOS report is dull, facile and too late
Report has managed to generate some good headlines, but otherwise makes for little more than tomorrow's chip paper.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2a62716d/mf.gif' border='0'/><br/><br.....

Morrisons attacks Tesco price vow
Supermarket price wars intensified on Friday after Morrisons accused Tesco of "misleading" customers with its Price Promise by not including all of its products.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2a6.....

Judge denies BP appeal over Gulf spill payouts
A US judge again upheld an agreement to pay individuals and businesses for claims related to the Gulf of Mexico spill, as BP seeks to avoid the potential for escalating costs from the settlement it reached last year.<img width='1' height='1' src='.....

EU clears Random House, Penguin merger deal
The European Union's antitrust watchdog on Friday gave its green light to the proposed merger of Penguin and Random House that will create the world's largest book publisher.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f.....

Airlines hit market turbulence over new bird flu fears
Airlines and travel companies came under severe pressure amid concerns over the impact of a new strain of bird flu.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2a626bf3/mf.gif' border='0'/><br/><br.....

Paris runners 'will generate electricity'
Special energy-harvesting tiles laid across the Champs-?lyses will ensure that Paris marathon runners' footsteps will generate power for display screens and electronic signs along the route.<img width='1' height='1' src='http://telegraph.feedsport.....

Time called on Punch Taverns' debt plans
Punch Taverns' senior bondholders have cast doubt over its ability to restructure its debt mountain despite the pub operator's claims that it was on track to have a plan in place by July.<img width='1' height='1' src='http://telegraph.feedsportal......

S&P reaffirms UK's AAA rating
Standard & Poor's has reaffirmed the UK's AAA rating but warned that growth will be weaker than expected for the next three years and that any easing of the Government's austerity programme could provoke a downgrade.<img width='1' height='1' s.....

Amazon boss leads Business Insider investment
Jeff Bezos, the billionaire founder of Amazon, has made a bet on the future of media in the digital era with an investment in a start-up producing business news.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2a6.....

David Cameron: we will make sure banking crisis cannot happen again
The Prime Minister insists that the new regulatory banking system is in place and working and financial crisis could not reccur.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2a614940/mf.gif' border='0'/><.....

Putin: Russia may profit from Cyprus crisis
Russian President Vladimir Putin has said the banking crisis in Cyprus showed up what he said was the unreliability of Western financial institutions, saying it would encourage Russian depositors to invest at home.<img width='1' height='1' src='ht.....

A house price warning for first-time buyers
Would-be buyers should realise that house prices are vastly overpriced - but the Government is determined to push them further, says Andrew Oxlade.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2a614214/mf.gif' .....

Why did O2 send me a 41-a-month mobile phone out of the blue?
John and Jillian Gould were the victims of fraud, but the Telegraph consumer champion is here to help.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2a604179/mf.gif' border='0'/><br/><br/><a hr.....

US jobs growth slows sharply in March
US jobs growth slowed sharply last month, bringing to a halt the recent improvement in the economy's labour market.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2a5f5683/mf.gif' border='0'/><br/><br.....

What can you buy for 350,000 in the UK property market?
We examine how far your money will go in different regions across UK.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2a60982c/mf.gif' border='0'/>.....

What can buy 350,000 in the UK property market?
Sevimprovements to the housing market in recent months. We examine how far your money will go in different regions across the country.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2a6030a5/mf.gif' border='0'/&g.....

UK car sales accelerate in March as buyers snap up new 13-plate
Buyers tempted by the new 13-plate registration meant car sales accelerated in March, with nearly 400,000 vehicles sold as the UK car industry continued to power forward.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568.....

American Apparel refinances debt
Fashion favourite American Apparel, made famous by its sexy advertising campaigns, has refinanced a $200m (131m) loan from private equity firm Lion Capital and a hedge fund backed by George Soros.<img width='1' height='1' src='http://telegraph.fee.....

US jobs growth stalls: reaction
America's jobs market slowed sharply last month, bringing to a halt the recent improvement in the economy's labour market. Here's how economists reacted.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2a6030ae/mf.....

BoE fears banks may need more than 25bn of extra capital
Bank of England policymakers fear that the 25bn UK lenders have been instructed to raise in new capital this year might not be enough to protect them against escalating losses.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726.....