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Tuesday 9 April 2013

UK Financial News on 2013-04-09

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

Ex-HBOS chief to return knighthood
Ex-HBOS chief executive Sir James Crosby asks to return his knighthood and quits as director of Compass Group after a critical report into the bank's collapse......

RBS faces IT failure investigation
Computer problems that affected RBS customers last summer are to be investigated by the Financial Conduct Authority......

KPMG quits audit roles over claims
KPMG, one of the world's largest accountancy firms, has resigned as auditor to Herbalife and Skechers amid claims against a former employee......

EU probe to examine Mastercard fees
Credit card firm Mastercard is the focus of a European Commission probe into inter-bank fees......

Diesel prices cut at supermarkets
The UK's supermarkets announce they will cut the price of diesel from Wednesday after recent falls in wholesale prices......

US calls for European demand boost
US Treasury Secretary Jack Lew urges countries with the "capacity" to do more to boost consumer demand, following talks with Germany's finance minister......

Billabong in fresh takeover talks
Australian surfwear firm Billabong is to start talks over a possible takeover by a consortium led by its former US boss Paul Naude......

UK factory output beats forecasts
Industrial production rose by more than expected in February, boosting hopes the UK could avoid another recession, but the trade deficit widens......

Pension deficits up 'at worst time'
The deficit of private sector, final-salary pension schemes rose in March, figures show, during a key review period for company pensions......

Microsoft files EU Android complaint
The latest row between Microsoft and Google sees a complaint filed to the European Commission about Google's Android operating system......

'Early signs' of housing activity
Interest from potential new buyers of homes in England and Wales rose in March, surveyors suggest, but buyers are also being warned about mortgage fees......

N Korea boycotts factory complex
North Koreans fail to report for work at Kaesong Industrial Complex, suspending one of the few points of co-operation between the Koreas......

London Market Report
Alcoa's better-than-expected results boost mining shares, pulling the FTSE 100 higher......

Turkish Airlines buys Boeing planes
Turkey's national carrier Turkish Airlines is to buy 95 planes from US aircraft maker Boeing, between now and 2021......

Cold weather hits March retail sales
Retail sales slowed in March as the cold weather hit demand for summer clothing, the British Retail Consortium says......

Belgium protests over German low pay
Belgium complains to the EU about the low wages paid by some German employers, calling it unfair "social dumping"......

French ministers to declare assets
The French government says ministers must declare their assets by 15 April, in a new transparency drive sparked by a scandal over tax evasion......

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

Plan to slash legal aid spending
A consultation on plans to save 220m from the criminal legal aid bill - including cutting funding for prisoners to make complaints - is launched......

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

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

ADB forecasts fragile Asian recovery
Asia's emerging economies will pick up in 2013 but the recovery will remain fragile, according to the Asian Development Bank (ADB)......

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

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......

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......

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......

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......

Clubs to adopt goal-line technology
The Football Association expects goal-line technology to be formally adopted by Premier League clubs this week......

Swansea reveal record 15.9m profit
Swansea City's off-field success continues with the announcement of a record profit of 15.9m for the six-month period ending in November 2012......

VIDEO: Frustration at 'baby milk shortage'
A mother has been speaking to the BBC about her frustrations when trying to buy baby milk formula for her seven-month-old son, saying that she sometimes has to visit several supermarkets......

VIDEO: The Iron Lady's economic legacy
As tributes are paid to Baroness Thatcher, after her death at the age of 87, Stephanie Flanders looks back at the former prime minister's economic legacy......

VIDEO: Port operator says strike costs mounting
Hong Kong International Terminals says the strike at its container port is costing more than half a million dollars a day......

VIDEO: Ex-HBOS chief to return knighthood
Former HBOS chief executive Sir James Crosby has asked for his knighthood to be removed following a critical report into the bank's collapse during the financial crisis......

AUDIO: Thatcher: The rise of 'Basildon man'
The so-called "Basildon Man" came into existence in Margaret Thatcher's early years as prime minister. The Today programme's Tom Fielden reports from Basildon in Essex, one of the heartlands of her political support......

VIDEO: Gender pay inequality in the US
It is 50 years since President John F Kennedy signed America's Equal Pay Act, but figures show that women still earn less than men, on average, in every state and region of the country......

VIDEO: China's quest to harvest shale gas
The village of Xinchao, in China's eastern province of Zhejiang, seems an unlikely place to start an energy boom - but resident have learnt that beneath them lies a vast potential supply of gas......

AUDIO: House sales 'at three year high'
House sales rose to a three-year high in March, while prices also saw a "marked" turnaround, surveyors reported today - the average individual chartered surveyor sold 17 houses in the last three months......

Right to Buy: a tainted gift?
How Thatcher's Right to Buy scheme changed lives.....

Margaret Thatcher's economic legacy
Margaret Thatcher's economic policies spread beyond her party.....

The Thatcher years in statistics
Thatcher's social and economic upheaval in numbers.....

How Thatcher changed your finances
Thatcher's changes which revolutionised our finances.....

Advertisers create products from thin air
The products on our screens that were never there.....

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?.....

U.S. Day Ahead: Don't bet against the consumer - analyst
Apr 9 - Investors take the pulse of the economy when Family Dollar, CarMax, Constellation Brands and Bed Bath & Beyond report results. One analyst tells Insider consumer discretionary is set to do well......

Mark Yusko says U.S. stocks dead, invest in emerging Asia
Apr 9 - Partner Connect: Mark Yusko, CEO of Morgan Creek Capital Management says investing in U.S. equities is a thing of the past and that growth will come from emerging asian economies like South Korea.....

Daily Digit: 1,020,410 puts Ford in Focus
Apr 9 - Ford says its Focus compact car topped world auto sales in 2012. Conway G. Gittens reports......

Trading at Noon: A 'Penney' for Ackman's thoughts...
Apr 9 - JCPenney ousts CEO Ron Johnson - a handpicked favorite of the company's biggest shareholder Bill Ackman.....

Stem cell therapy takes arthritis treatment into the future
April 9 - Doctors at Emory University are testing a new stem cell therapy for people with severe arthritis. They hope that by harvesting and reinjecting stem cells from patients, the potent cells will regenerate and repair areas damaged by arthritis......

Neurons light up as zebrafish ponders future
April 9 - Scientists at the Howard Hughes Medical Institute in Virginia are demonstrating that answers to questions about human brain function begin with creatures far more humble. Through advanced microscopy, they have revealed the brain activity of.....

Techquity: Apple's iPhone and iPHONE
April 9 - Analyst gives his take on what an iPhone 5S will look like and when it may debut. Plus, competitors step up complaints against Google......

Wealth Strategies: Frontier markets could return 15% in 2013
Apr 9 - S&P Capital IQ's Alec Young says domestic demand will fuel frontier markets of Nigeria, Peru & Vietnam past BRICs, but points out buying actively managed funds may be the best way to play the regions......

Breakingviews: Back to the future at J.C. Penney
April 9 - Reynolds Holding and Breakingviews columnists discuss the market's overreaction to the struggling retailer's move to replace CEO Ron Johnson with his predecessor, Myron Ullman......

Anger over French labor reforms
April 9 - Thousands of demonstrators take to the streets across France to protest against labor reforms as MP's approve the bill in parliament. Ciara Sutton reports......

South Africa's Gordhan talks up economy
April 9 - Finance Minister Pravin Gordhan says South Africa's central bank has done well to balance economic growth and the need to create jobs in its policy decisions. Nigel Stevenson reports......

Europe Day Ahead: More euro zone weakness?
April 9 - France and Italy release industrial output figures, just a day after data showed German imports and exports slumped unexpectedly in February. Plus the WTO unveils the latest global trade forecasts......

Africa Summit: South Africa's Gordhan talks up economy
April 9 - Finance Minister Pravin Gordhan says South Africa's central bank has done well to balance economic growth and the need to create jobs in its policy decisions......

Europe listens to Lew but may not act
April 9 - New U.S. Treasury Secretary Jack Lew has repeated that Europe should relax austerity measures and focus on growth. Joanna Partridge asks how much influence he has and if anyone is listening/.....

Europe listens to Lew but may not act
April 9 - The new U.S. Treasury Secretary Jack Lew stopped off in Germany on his first official euro zone tour, repeating his comments that Europe should relax its austerity measures and focus on growth. Joanna Partridge asks how much influence he ha.....

Kenya eyes oil as new president takes office
' Hayley Platt looks at one possible new resource the country is hoping to exploit - oil......

Africa Summit: StanChart targets double-digit growth
April 9 - Standard Chartered Africa CEO Diana Layland says shes targeting double-digit organic growth in Africa but admits governance and infrastructure remain obstacles......

U.S. Morning Call: Out with the new, in with the old at JCP
April 9 - The board of J.C. Penney is facing scathing criticism from retail investors after ousting CEO Ron Johnson for predecessor Myron Ullman......

Daily Digit: Germany's unexpected import slump
April 4 - German imports fell sharply in February for the third time in the last four months and exports also declined, in a sign the euro zone's largest economy cannot be relied on to help lift the currency bloc out of recession. Ciara Sutton report.....

Double trouble for South Korea
April 9 - Japan's fast weakening yen and North Korean threats have taken the shine off Asia's fourth largest economy and manufacturing powerhouse for foreign investors. Tara Joseph reports......

Reuters Breakingviews: U.S. workers stuck euro-style
April 9 - Demographics mean U.S. workers face a similarly sluggish outlook as those in Europe says Breakingviews. Plus the buy-side fear of regulation......

Top India economic official welcomes Japan's easing drive
April 9 - Japan's wave of stimulus will benefit the region, but only if the country embarks on structural as well as policy reforms, according to the Indian government's chief economic adviser......

Reuters Today: Yen stays weak, shares get China, Alcoa boost
April 9 - The yen hits fresh multi-year lows vs the dollar and euro and shares get a boost from benign China inflation data and solid earnings in the US from Alcoa......

FACTBOX: Ron Johnson's dismal year as JC Penney CEO
JC Penney has ousted CEO Ron Johnson after a dismal year when sales plunged 25% and JCP's stock price tanked. Here are the facts that led to his ouster......

JC Penney CEO out; Alcoa beats
Apr 8 - Summary of business headlines: J.C. Penney CEO Ron Johnson replaced; Wall Street climbs ahead of Alcoa earnings; After close Alcoa beats profit consensus; GE buys Lufkin for $3 billion in shale play. Conway G. Gittens reports......

Ex-HBOS chief Sir James Crosby gives up knighthood and part of pension
Sir James Crosby, the former HBOS chief executive, is dramatically giving up his knighthood and almost a third of his 580,000-a-year pension after being severely criticised by a report into the downfall of the bank.<img width='1' height='1' src='h.....

Business is the biggest casualty as Sir James Crosby surrenders his knighthood
There is more than the whiff of the lynch mob about the decision of Sir James Crosby - or plain James as we shall soon have to call him - to strip himself of his knighthood and forgo 30pc of the pension he built up over a 30-year business career.<.....

George Osborne needs a little of Margaret Thatcher's luck
Margaret Thatcher was bold, single-minded, and - in the words of George Osborne - an "optimist about the human spirit". Beyond that, though, she had what Napoleon famously believed was a great leader's most essential quality. She was lucky.<img wi.....

George Soros repeats call for Germany to leave euro
George Soros, the billionaire investor, has urged Germany to reverse its position on eurobonds or consider leaving the single currency, as he suggested that the euro's prospects would be improved if its most powerful member were to quit.<img width.....

Miners in demand as FTSE 100 climbs higher
Strong demand for commodities shares helped the blue-chips back above 6,300.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2a854f33/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal......

Vedanta's Cairn India announces oil discovery
Oil giant Shell faced a fresh reminder of how it missed out on one of the fairytales of natural resources, as London-listed Vedanta Resources announced a new find in oil fields sold for a song.<img width='1' height='1' src='http://telegraph.feedsp.....

Vedanta's Cairn Indian announces oil discovery
Oil giant Shell faced a fresh reminder of how it missed out on one of the fairytales of natural resources, as London-listed Vedanta Resources announced a new find in oil fields sold for a song.<img width='1' height='1' src='http://telegraph.feedsp.....

To blame Margaret Thatcher for today's problems is to misunderstand history
Given that it is now 23 years since she left office, it is absurd for Lady Thatcher's opponents to still be blaming her for Britain's economic woes.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2a853999/mf.gif'.....

Money MoT: Nationwide launches lowest ever fixed rate mortgage
Nationwide has reduced the rates on its fixed rate mortgages by 0.1pc.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2a85399b/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/.....

UK signs tax deal with France, Germany, Italy and Spain
George Osborne has a signed an information exchange agreement with the finance ministers of France, Germany, Italy and Spain in the latest effort to crack down on tax evasion.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/.....

City Diary: Goldman's masters of the universe told to get on their bikes
Goldman Sachs can start measuring up the curtains, as the bank's new 850,000 sq ft City campus has finally won approval from the City of London's planning committee.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s.....

Austrian bank boss Herbert Stepic hands back 2m of pay
The head of one of Austria's biggest banks has returned 2m (1.7m) of his compensation because he believes executives can sometimes be paid too much.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2a8453da/mf.gif'.....

Billabong in exclusive takeover talks with Sycamore Partners
Billabong is to enter exclusive takeover talks with a consortium led by its former US boss, as the group proposed a sharply reduced offer for the surfwear company.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2.....

Sir James Crosby statement: in full
Sir James Crosby, former chief executive of HBOS, has announced that he is giving up his knighthood in light of last week HBOS report from The Parliamentary Commission on Banking Standards. Here is his statement in full.<img width='1' height='1' s.....

Final salary pension deficits jump by 35bn in a month
Despite millions of pounds spent by British companies to meet spiralling retirement costs, the total deficit of final salary-linked company pension schemes has increased by 35bn over one month, a report has said.<img width='1' height='1' src='http.....

UK to escape triple dip, says NIESR
Britain will escape a triple dip recession by the skin of its teeth, acccording to the National Institute of Economic and Social Research.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2a835513/mf.gif' border='0.....

City watchdog begins probe into computer glitches at RBS
Royal Bank of Scotland could face a fine for the computer glitch that left millions of customers unable to access their accounts last summer.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2a835514/mf.gif' border.....

FirstGroup sells eight bus depots in 80m deal
FirstGroup, the transport group, has sold eight London bus depots in deals worth 80m as part of a drive to bolster its struggling UK bus operations<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2a835515/mf.gif' .....

EE ups ante in 4G war by doubling speeds
Britain's biggest mobile operator, EE, is to double the speed of mobile downloads over its 4G network, as it battles to stave off competition from rival operators.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2.....

Mortgage fees climb to new high
The average mortgage arrangement fee has soared to 1,522, despite efforts by the Government to make borrowing easier.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2a83835f/mf.gif' border='0'/><br/><.....

Billions of pounds of QE unlikely to cause inflation - IMF
Central banks can unleash billions of pounds more quantitative easing with little threat of stoking inflation, says IMF.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2a838362/mf.gif' border='0'/><br/>&.....

Christie's gets go-ahead to sell art in China
Christie's has said it is to become the first international auction house to operate independently in China as it seeks to tap into the country's fast-growing art market.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568.....

Christie's gets go-head to sell art in China
Christie's has said it is to become the first international auction house to operate independently in China as it seeks to tap into the country's fast-growing art market.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568.....

How the UK stock market fared under Margaret Thatcher and other prime ministers
Margaret Thatcher's efforts to transform Britain's economy have won her praise from around the world, but what was the impact on the stock market? Here's how prime ministers over the past 50 years have fared when it comes to the performance of the FT.....

Greece enters deflation for first time in 45 years
Greek consumer prices fell year-on-year in March, taking the battered economy into deflationary territory for the first time since 1968.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2a838369/mf.gif' border='0'/.....