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Monday 8 April 2013

UK Financial News on 2013-04-08

Lloyds culls leveraged finance team
Lloyds informed staff and key private equity clients last week that a number of its team had left.....

UK retailers ration baby milk
Retailers in the UK are rationing sales of powdered baby milk because of a surge in demand for foreign-made baby milk in China......

Changes to disability benefit begin
The new system of disability benefits begins for new claimants in some areas, as critics express fears that support will be reduced......

Legacy of an Iron Lady
In Britain in the late 1970s there was no such thing as the consumer. When she left, politicians spoke of little else, says economics editor Stephanie Flanders......

Mary Jo White confirmed as SEC head
Former US federal prosecutor Mary Jo White confirmed by Senate to head the Securities and Exchange Commission......

PM will not intervene on HBOS titles
David Cameron will not ask a Whitehall committee in charge of honours to consider whether any HBOS executives should be stripped of their titles......

Firms' hiring plans at 19-month high
Firms plan to hire more staff over the next six months than they have for almost the past two years, research suggests......

Carrier bag tax in NI is introduced
The new tax on plastic carrier bags comes into effect in Northern Ireland......

Stricter rules target claims firms
Unscrupulous claims management companies face new rules aimed at preventing them from unfairly cashing in on compensation payments......

Timpson to grow despite profit drop
Cobbler and key-cutter Timpson plans to open another 100 branches, despite profits falling by a fifth this year......

Greek bank shares plunge up to 30%
Shares in Greek banks fall up to 30% after plans to merge two of them were called off on fears the new entity would be too big to manage......

Hungary Bank deputy chief resigns
The deputy governor of the Hungarian central bank resigns in protest at changes to the way the bank operates......

China vows to protect foreign firms
China's President, Xi Jinping, vows to protect foreign companies.....

Portugal shares fall on cuts news
Portugal's PSI 20 share index falls after a court ruling that spending cuts aimed at balancing the country's finances are unconstitutional......

HMRC workers strike over job cuts
Thousands of HM Revenue and Customs staff go on strike, as part of a wave of industrial action being staged by civil servants......

Apprentices 'are more employable'
Employers in England rate qualified apprentices as 15% more employable than those with other qualifications, a survey of 500 firms suggests......

Yen continues slide on stimulus plan
The Japanese yen drops to its lowest level since 2008 against the US dollar after the central bank begins the latest round of its economic stimulus programme......

Man Utd agree training ground deal
Manchester United's Carrington training ground is to be renamed in a deal worth around 15m a season......

US tidal firm to invest in Scotland
An American tidal power company has announced plans to establish a base in Scotland, supported by Scottish Enterprise cash......

Cable considers HBOS bankers action
Vince Cable launches moves which could lead to three former HBOS directors being banned from serving as company bosses......

VIDEO: Then and now: Thatcher's legacy
Margaret Thatcher transformed Britain's economy with pioneering policies that included the privatisation of state run industries and the sell-off of council houses......

AUDIO: Drinking levy: 'pubs will suffer'
Late-night licence holders in 10 council areas may be charged an extra levy to help recoup costs of policing the people who have been drinking alcohol......

VIDEO: HK port strike: 'No end in sight'
A strike in the world's third largest container port in Hong Kong has entered a 12th day, with no negotiations taking place to try and resolve the dispute......

VIDEO: US economic outlook: Lift for Wall Street?
After recent record breaking highs on Wall Street, last week's US unemployment figures were a reminder that the country's economic outlook remains turbulent......

AUDIO: Is ageing population 'harming economy'?
The US was the latest nation to blame demographic changes for sluggish economic numbers last week, and China has also seen its working age population fall this year......

VIDEO: Iron ore prices soar on China demand
Iron prices stay strong on Chinese demand, but can it last?.....

AUDIO: Service sector exports 'doing well'
Peter Hemington from accountancy firm BDO says "business services are doing well in export sectors"......

How Thatcher changed your finances
How Margaret Thatcher revolutionised our finances.....

Could 'right to be forgotten' help?
Could the right to be forgotten online help shamed teens?.....

Q&A: Disability benefits and you
Are you going to be affected by changes to disability benefits?.....

Social media for prehistoric firms
The hotel with designs on social media success.....

U.S. companies most exposed to yen drop
Apr. 08 - S&P Dow Jones Indices Howard Silverblatt breaks down which companies have the most exposure in Japan as the yen continues to fall against the dollar. Bobbi Rebell reports......

U.S. Day Ahead: Fed could reveal future of stimulus
Apr 8 - Pay attention to three key Fed policymakers when they speak on Tuesday. The big question, how might stimulus change given half a million people left the workforce in March......

Toilet app brings relief to those caught short in Shanghai
April 8 - Technology is bringing relief to smartphone users who need to answer the call of nature in Shanghai, a bustling city of 23 million. Despite being a tourist magnet, Shanghai is lacking in public toilet facilities, although a new app designed.....

Techquity: WhatsApp with Google?, money in app stores
April 8 - Google reportedly talking with makers of WhatsApp about buying company, while a separate report puts a dollar figure on the all the downloads from app stores......

Putin and Merkel's uneasy alliance
April 08 - As President Putin visits Germany and Holland - Russia's biggest trade partners in Europe - Ciara Sutton looks at how uneasy Europe is getting about the Russian leader's influence thanks to Europe's needs for Russian energy and as a market.....

Daily Digit: Avon chops 400 jobs
April 8 - Avon plans to cut over 400 jobs across all regions and functions in a latest attempt to return the company to profitability. Conway G. Gittens reports......

Trading at Noon: Who will Dell 'delete' from bidding war?
Nadia Damouni gives us the latest on the bidding war for Dell as Blackstone heads to Dallas to woo investors......

Portugal knocks at the euro zone crisis door, again
April 8 - Exactly two years after seeking a 78 billion euro international bailout, Portugal's constitutional court has blocked austerity measures, forcing PM Coelho to look for new options to keep on track......

Chemical warfare robot, PETMAN, struts his stuff
April 8 - Massachusetts robotics firm Boston Dynamics has moved another step closer to deploying its humanoid robot PETMAN for work as a testing platform for chemical protection clothing. PETMAN is an acronym for Protection Ensemble Test Mannequin, a.....

Breakingviews: GEs pumped-up deal
April 8 - Antony Currie and Christopher Swann explain why the 38 percent premium the conglomerate is paying for oilfield services company Lufkin may actually be a good price......

Europe Day Ahead: Lews message to Europe
April 8 - U.S. Treasury Secretary to meet Germanys finance minister on his home turf, while UK Prime Minister David Cameron curtails his European tour following Thatchers death......

Portugal's pain as new cuts threaten health
April 08 - Portuguese will suffer from cuts to schools and hospitals to protect civil service benefits after the constitutional court rejected austerity measures that would have reduced holiday bonuses and other public sector perks. Ciara Sutton repo.....

Greek banks in new crisis
April 08 - Two of Greece's biggest banks face nationalisation after failing to attract private investment and a surprise move by the state to suspend their merger deal. Sonia Legg reports.....

Alabama is new sweet home for Airbus' A320
April 08 - Europe's biggest aircraft maker Airbus starts work on new plant in Mobile, Alabama, its first in the States, home to its main rival Boeing. Hayley Platt reports......

Biggest Fear is 2008 Armageddon Zimbabwe FinMin
April 8 - Zimbabwes Finance Minister Tendai Biti says his biggest fear for burgeoning economic growth is a return to the violence seen in 2008 during this years presidential election......

Breakingviews - Thatcher's economic legacy
Breakingviews. Perhaps too destructive......

U.S. Morning Call: Bulls look to earnings to keep rally on
Apr 8 - S&P 500 earnings are expected to have risen just 1.6 percent from a year ago, down from a 4.3 percent forecast in January......

Market Pulse: Crisis in Portugal? More of a sweet spot
April 8 - Portuguese assets underperform after Fridays court ruling against some austerity measures. Banks hit, CDS widest this year. But bonds may be in a sweet spot, says Commerzbanks Michael Leister......

Daily Digit: Airbus seen close to BA deal
April 08 - European air-giant Airbus is reportedly close to securing a deal from British Airways for its A350 jets worth $7 billion adding pressure on Boeing one of BA's most loyal customers. Hayley Platt reports......

22-year JGB bubble may be about to burst
April 8 - A surge in JGB volatility could mark the beginning of the end of a 22-year bubble in Japanese govt bonds, according to Bank of New York Mellons Simon Derrick. How worried should we be?.....

Outflow, outflow, but where will all these yens go?
April 8 - Western equities are best placed to benefit from Japanese investors rising appetite for overseas investment. So thats the US (even with Dow at record highs) and Europe (its problems notwithstanding......

Reuters Breakingviews: Portugal should share EZ pain
Breakingviews......

Japan's wall of money sends ripples across Asia
April 8 - Asian economies are eyeing Japan's massive stimulus and the falling yen with some trepidation, fearing a liquidity rush that could stoke bubbles and nudge their currencies higher. Tara Joseph reports......

WhatsApp still dominant, but chat champ faces gaming dilemma
April 8 - With rumours swirling it's being courted by Google, popular smartphone chat service WhatsApp faces its own conundrum: Stick to messaging alone, or chase Asian rivals into the mobile gaming market?.....

Reuters Today: Yen Slumps on Stimulus
April 8 - The yen tumbles while the Nikkei and JGBs rally as the BOJ wastes no time embarking on its stimulus drive......

EDF 'in big trouble' says French nuclear expert
Financial problems facing EDF could force the French energy giant to pull out of the 14bn project to build the first of a new generation of nuclear power plants in Britain, a French expert has warned.<img width='1' height='1' src='http://telegraph.....

Margaret Thatcher 'changed the economy of the world'
Baroness Thatcher's "favourite businessman", Lord Young, led tributes from a raft of Britain's corporate leaders, saying the former Prime Minister "changed the economy of the world".<img width='1' height='1' src='http://telegraph.feedsportal.com/c.....

HMRC struggles with computer glitch amid PAYE shake-up
Computer glitches left HM Revenue & Customs struggling with a flood of data over the weekend at the start of the biggest shake-up in PAYE for 70 years.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2a7b494c/.....

Margaret Thatcher: one policy that led to more than 50 companies being sold or privatised
For corporate Britain, one policy will always be associated with Baroness Thatcher.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2a7b494d/mf.gif' border='0'/><br/><br/><a href="http://da.feeds.....

Margaret Thatcher dies: business reaction
Margaret Thatcher has died of a stroke at the age of 87. Here is the business world's reaction to news of the death of Britain's first female prime minister.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2a7b470.....

Margaret Thatcher: a formidable leader who shaped the future of Britain's fortunes
With all truly great political leaders, disentangling the persona from the natural course of history is a virtually impossible task. Are they mere products of their time, or do they shape its course? Margaret Thatcher was plainly both.<img width='.....

Portugal austerity plan frays, US loses patience with Europe
Fitch Ratings has warned that Portugal's austerity plan risks unravelling after the country's top court struck down wage cuts and lower pensions for state workers.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2.....

Stores limit baby milk sales on China black market fears
Britain's biggest supermarkets are restricting the sale of baby milk to two per customer because of concerns that it is being exported to China on the black market.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/.....

Talvivaara spooks traders with fresh waste leak
Shares in the Finnish nickel producer fell to a record low in trading today.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2a79e243/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal......

Small companies urged to use Patent Box
Small companies are being warned not to miss out on a chance to use their inventions to qualify for generous tax breaks in a move designed to make the UK a haven for innovators.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/3272.....

KPMG faces possible audit inquiry over HBOS failure
KPMG is facing a possible investigation by the accounting watchdog into its audit of HBOS, the failed lender that a parliamentary commission last week claimed would have gone bust even without the financial crisis.<img width='1' height='1' src='ht.....

Glaxo boss to promote business ties with universities
Sir Andrew Witty is to lead a review designed to find more opportunities for businesses to work with their local universities.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2a79dfb8/mf.gif' border='0'/><br.....

Huawei boss admits 'challenges and problems' in America
The boss of Chinese telecoms giant Huawei has admitted it faces "challenges and problems" in shaking off spying allegations in America, but said that revenue growth is still set to accelerate over the next five years.<img width='1' height='1' src=.....

Financial Transaction Tax 'will shackle investors and harm economy'
Opponents of a proposed financial transaction tax said the new charge would lead to a massive upheaval in the financial services industry, shackle investors and harm the economy.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/327.....

Cyprus needs 75m before bailout
Civil servants and pensions in cash-strapped Cyprus could go unpaid this month because of a shortfall of at least 75m (64m) in public finances, an official warned on Monday.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/.....

Eurozone debt crisis: as it happened - April 8, 2013
Cypriot government employees and pensions could go unpaid this month due to a 75m shortfall in the island's public finances, while it waits for its first tranche of bail-out cash.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32.....

Eurozone debt crisis: Cyprus needs 75m before bailout - live
Cypriot government employees and pensions could go unpaid this month due to a 75m shortfall in the island's public finances, while it waits for its first tranche of bail-out cash.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32.....

BT could force BSkyB to advertise rival sports channel
Telecoms giant BT could force BSkyB to carry adverts for its new rival sports channels, as the battle between the two media behemoths intensifies.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2a78f496/mf.gif' b.....

Sir Richard Branson: Margaret Thatcher changed the country for the better
Margaret Thatcher's achievements are clear to see looking back but at the time many could not see what she was trying to do, says entrepreneur Sir Richard Branson.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2.....

Say goodbye to Tystysgrifau Cynilo Mynegrifol - NS&I axes Welsh service
National Savings & Investments is to stop translating its brochures and other paperwork into Welsh after just 0.007pc of savers in Wales used the service.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2a78ee.....

BP to British Gas: privatisations under Margaret Thatcher
Margaret Thatcher changed the face of British industry with a raft of privatisations. Telegraph Finance charts a selection of the industries that were sold off.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2a78.....

Margaret Thatcher: the economic achievements and legacy of Thatcherism
Margaret Thatcher's economic legacy of free markets, free trade, competition, low tax and a small state left an enduring stamp on Britain and the world.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2a78241c/mf......

BSkyB blocks BT adverts as television battle heats up
Satellite broadcaster BSkyB is refusing to carry adverts for BT's new television service, as the gloves come off in the rivals' escalating battle to dominate pay TV.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s.....

Investors care more about performance than fees
More than a third of investors consider performance the single most important factor when choosing a fund.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2a78186b/mf.gif' border='0'/><br/><br/><.....

Eurozone debt crisis: Portugal bail-out under threat - live
The eurozone has been plunged into fresh turmoil as the Portuguese constitutional court blocked four out of nine austerity measures aimed at meeting bail-out conditions.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/5683.....