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Saturday 6 April 2013

UK Financial News on 2013-04-06

Tax changes will 'make work pay'
Chief Secretary to the Treasury Danny Alexander says income tax changes that have come into effect will help make work pay......

End to 'excessive' card surcharges
Consumers booking a range of items from cinema tickets to hotel rooms now have new protection from card surcharges......

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......

Bad weather hits British wheat crops
Britain will become a net importer of wheat for the first time in a decade this year because of bad weather, the National Farmers' Union says......

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......

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......

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......

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......

VIDEO: Controversial tax changes explained
Simon Clemison gives a summary of the controversial tax changes that have come into effect......

VIDEO: Your Money: Excessive card charges
This week on Your Money, Declan Curry looks at the ban on excessive credit card surcharges and the changes at the start of the new tax year.....

VIDEO: Carpet firm rescued by consortium
Axminster Carpets will begin trading again on Monday after a deal was made to save the company and secure about 100 jobs.....

AUDIO: Danny Alexander: Wealthy are paying more
Chief secretary to the treasury says tax changes introduced by the coalition mean that "the wealthy are paying more in every year of this government than the did during entire period Labour was in government"......

AUDIO: Ed Balls: Most worse off after tax changes
Shadow chancellor says new measures, coupled with benefit cuts, will leave most ordinary people worse off......

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?.....

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......

How to represent yourself in court
What to do if you have to represent yourself in court.....

Dreamliner test flight success
April 6 - Boeing's Dreamliner completes a test flight bringing the airliner another step closer to getting back in the skies. Paul Chapman reports......

Jobs lead to S&P 500 worst 2013 week
Apr. 5 - Summary of business headlines: Stocks fall as tepid jobs numbers add to slowing economy fear; Ackman calls J.C. Penney turnaround close to disaster; Boeing tests 787 again; Disney prepares for layoffs-sources. Conway G. Gittens reports......

More Americans punt on the job hunt
Apr. 5 - Half a million U.S. workers gave up looking for work, as the U.S. economy added a mere 88,000 new jobs in March. Bobbi Rebell reports......

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......

Fund services firm IPES sold for 50m
The UK's leading supplier of private equity fund services has been sold for 50m to a private equity company.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2a69e608/mf.gif' border='0'/><br/><br/>&l.....

MPs and academics call for National Audit Office to review nuclear negotiations
In an open letter to the Sunday Telegraph, MPs and academics call for the National Audit Office to review nuclear negotiations between the Government an EDF Energy over financial support for Hinkley Point C in Somerset.<img width='1' height='1' sr.....

Funds bet on Glencore fall
Hedge funds have doubled their positions that Glencore's share price will fall as Chinese regulatory approval for its 44bn merger with Xstrata continues to elude the FTSE100 commodities giant.<img width='1' height='1' src='http://telegraph.feedspo.....

Olympics chief Lord Deighton to bring nuclear power stations to Britain
The man who delivered the Olympic Games to Britain has been brought in by the Government to kick-start negotiations on bringing new nuclear power stations to Britain.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/.....

Virgin CEO Craig Kreeger attacks flight levy
The new chief executive of Virgin Atlantic has accused the Government of taking the aviation industry "for granted" as he launched a withering attack on its taxation and infrastructure policies.<img width='1' height='1' src='http://telegraph.feeds.....

Inquiry into private equity-owned business over 'lax accounting'
A senior executive spent tens of thousands of pounds of his firm's money on prostitutes, drugs and private holidays amid a culture of poor financial controls at one of Britain's biggest service companies, a tribunal has been told.<img width='1' he.....

EU finance tax will devastate the City and damage economies, reports warn
The full impact of the tax on financial transactions imposed by the European Union can be revealed today as two major studies uncover the costs to economic growth and business expansion.<img width='1' height='1' src='http://telegraph.feedsportal.c.....

Monsoon founder gives up dividend
Peter Simon, the former market stall trader who founded Monsoon 40 years ago, has chosen not to take a dividend from the womenswear retailer after it posted an operating loss.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/.....

Walking back to happiness for Marks & Spencer?
As the gap between the retailer's food and clothing sales widens, The Sunday Telegraph explores whether its chief can heal the chain's Jekyll and Hyde personality<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2a.....

Firms risk fines over PAYE 'chaos'
Small businesses could be hit by fines from the tax authorities as a result of the sweeping changes to payroll taxes this weekend.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2a69426a/mf.gif' border='0'/>&l.....

Craig Kreeger: 'I feel a sense of responsibility to honour Sir Richard's ethos'
Virgin Atlantic's new CEO tells The Sunday Telegraph how he plans to return the airline to profit within two years and why its tie-up with Delta will not change the 'maverick' brand<img width='1' height='1' src='http://telegraph.feedsportal.com/c/.....

I feel a very significant sense of responsibility to honour the ethos Sir Richard brought to this company
Virgin Atlantic's new CEO tells The Sunday Telegraph how he plans to return the airline to profit within two years and why its tie-up with Delta will not change the 'maverick' brand<img width='1' height='1' src='http://telegraph.feedsportal.com/c/.....

With the public markets hyper-cautious, private cash is fuelling this latest bull run
On Friday night, the FTSE 100 closed at 6,249.78. It was a poor day for trading - almost 25bn was wiped off the value of Britain's leading companies as the market closed down just under 95 points - and the blue-chip index ended the week at new two-mo.....

Colin Day: Why I back Sir Martin Sorrell
Colin Day says that WPP's chief is 'in a league of his own' and pay must be based on results.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2a69426f/mf.gif' border='0'/><br/><br/><a href="http:.....

Russians most interested in Bitcoin, searches show
Russia is the country most interested in Bitcoin, internet searches show, after a week in which the controversial electronic currency reached a record high and led to talk of a bubble.<img width='1' height='1' src='http://telegraph.feedsportal.com.....

Banks are in the mother of all Groundhog Days
"What would you do if you were stuck in one place and every day was exactly the same, and nothing that you did mattered?"<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2a694272/mf.gif' border='0'/><br/>.....

INEOS looks to cash in on shale gas boom
The UK head of petro-chemicals giant INEOS has opened the door to investing in Cuadrilla Resources to take advantage of the possible boom in shale gas exploration.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2.....

Vodafone vs Verizon -a battle of attrition
The UK mobile giant's share price has soared on speculation that its US rival will move to take it over or buy it out of their lucrative joint-venture.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2a694274/mf.g.....

Freezing spring hits Marks and Spencer sales
The terrible spring weather which has seen snow across large parts of the country into April has led to a slump in clothing sales at Marks and Spencer.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2a694277/mf.g.....

JP Morgan hopes pfots will quell dissent over leadership
JP Morgan is to announce a rise in first quarter profits with the results likely to take pressure off the chief executive, Jamie Dimon, following the "London Whale" trading loss.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/327.....

JP Morgan to reveal jump in profits to 3.7bn
JP Morgan is to announce a rise in first quarter profits with the results likely to take pressure off the chief executive, Jamie Dimon, following the "London Whale" trading loss.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/327.....

Think Tank: the long and the short of it
Every industry has its moments of truth. In advertising it is unarguably the creative presentation.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2a693461/mf.gif' border='0'/><br/><br/><a href=.....

Trade figures set to fuel triple-dip recession fears
George Osborne's plans to turn the UK into a manufacturing and exporting hub will be dealt another blow this week when official figures underline the difficulty of rebalancing the economy.<img width='1' height='1' src='http://telegraph.feedsportal.....

Rehn: big bank depositors could bear cost of bank failure
People with big deposits could suffer a 'haircut' under planned European Union law if a bank fails, the EU's economic affairs chief Olli Rehn said.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2a68a47c/mf.gif' .....

Boeing Dreamliner closer to return after successful test flight
Boeing's 787 Dreamliner jet moved closer to a return to service this weekend, after a successful test flight showed its overhauled systems can avoid the battery issues which have dogged its performance.<img width='1' height='1' src='http://telegra.....