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Wednesday 10 April 2013

UK Financial News on 2013-04-10

HBOS bosses remain in firing line
Past HBOS figures are coming under more pressure over the bank's collapse after ex-chief Sir James Crosby quit his current posts and offered to give up his knighthood......

Obama unveils $3.8tn budget plan
US President Barack Obama unveils a $3.77tn (2.4tn) budget that proposes fresh taxes on the wealthy along with cuts to benefit programmes......

Global PC sales tumble, data shows
Global sales of PCs fall 14% in the first three months this year, the biggest fall since research firm IDC began tracking the industry in 1994......

Luxembourg to relax bank secrecy
Luxembourg, under growing pressure from both Europe and the United States to tackle tax evasion, is to relax the secrecy surrounding its banks from 2015......

UK labour costs below EU average
UK hourly labour costs have fallen nearly two euros (1.7; $2.6) below the European Union average, data from the EU's statistics agency show......

GM to invest 4bn euros in Opel
US carmaker General Motors says it will invest 4bn euros in its European marques, Opel and Vauxhall......

London Market Report
Shares end higher for the third consecutive day, boosted by strong Chinese economic data and a surge at the start of Wall Street trading......

Dutch uncover large-scale meat fraud
Dutch authorities say some 50,000 tonnes of meat sold as beef across Europe since January 2011 may have contained horsemeat......

Hundreds of Morrisons jobs at risk
Nearly 700 jobs could be cut at Morrisons supermarkets as manual cash counting is replaced with machines in back offices......

Fed discussed slowing bond purchases
The minutes of March's meeting of US Fed policymakers show some think its bond buying programme could be slowed down later this year......

Qatar offers Egypt $3bn lifeline
Qatar says it will buy $3bn of Egyptian bonds to help the crisis-hit economy recover......

Brussels warns on Spain and Slovenia
The European Commission has warned that Spain and Slovenia must quickly address the "imbalances" in their economies......

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......

WTO cuts 2013 trade growth forecast
The World Trade Organization cuts its trade growth forecast for 2013 because of risks from protectionism and the eurozone crisis......

Wal-Mart video IDs reset after theft
Wal-Mart's Vudu video-streaming division warns users of a security breach after hard drives are stolen from its offices......

Hollande: Eradicate tax havens
France's President Hollande calls for "eradication" of the world's tax havens, as he tries to repair damage caused by a tax scandal......

MPs call for savings safety alert
Banks should tell customers when their savings increase beyond the level that would be guaranteed if the institution collapsed, MPs suggest......

Spain industrial output falls again
Spain's industrial output fell by 6.5% in February, figures show, as the eurozone's fourth largest economy remains mired in recession......

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

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......

'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......

China trade deficit sets upbeat tone
China posts a surprise trade deficit in March, as imports rise more-than-expected, a sign that domestic demand may be picking up......

Snowsports 'boost' to Scots economy
Snowsports have contributed millions of pounds to the Scottish economy since the start of the latest season, according to VisitScotland......

China and Australia in currency pact
The Australian dollar becomes the third currency, along with the US dollar and the Japanese yen, that can be converted directly into and out of the Chinese yuan......

India car sales hit as economy slows
Annual car sales in India have fallen for the first time in a decade, underlining the impact a slowdown in its economy is having on key sectors......

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......

Women board appointments 'stalled'
There has been a slowdown in the number of women appointed to board-level roles in top UK firms, according to a Cranfield School of Management survey......

Fans set for Portsmouth takeover
A supporters' group takeover of Portsmouth is given the go-ahead after a High Court hearing......

Whyte loses 18m Ticketus battle
Craig Whyte is ordered to pay 18m to the finance firm Ticketus after losing a claim against him at the High Court in London......

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

AUDIO: Who else 'should pay price' for HBOS?
Former HBOS chief executive Sir James Crosby has asked for his knighthood to be removed and has resigned as a non-executive director of Compass Group......

VIDEO: Women board appointments 'stalled'
Progress in appointing more women to board-level roles at top UK firms has slowed, according to a survey......

VIDEO: Brussels warns on Spain and Slovenia
The European Commission has warned that Spain and Slovenia must quickly tackle the imbalances in their economies......

VIDEO: HBOS chief did 'the right thing'
Business Secretary Vince Cable says former HBOS chief James Crosby is right to have denounced his knighthood......

VIDEO: HP boss lays blame on Autonomy
The boss of the world's biggest computer seller has defended her attack on the former management of Britain's Autonomy......

VIDEO: Internet company opens 'play' office
A firm which wants staff to feel a bit more excited when they turn up to work has changed its office layout to make it more fun......

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: 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......

Chinas baby formula fears
Chinas baby formula fears spark global restrictions.....

Where do teen app makers learn?
Why do so many teenage app developers go to private schools?.....

Right-to-buy: A tainted gift?
How Thatcher's Right to Buy scheme changed lives.....

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

Fed stimulus end seen on hold
April 10 - The latest Fed meeting minutes show the Fed is clearly thinking about an exit strategy from their bond buying stimulus- but given the weak jobs data released after the meeting, the timing of an exit will likely be pushed back. Bobbi Rebell.....

Alt investing drives strong returns: Harvard investing chief
Editor in Chief Stephen Adler that alternative investments in PE, hedge funds and natural resources will drive returns for the $31 bln fund......

Lagarde: Easy monetary policies should stay
April 10 - Central banks keeping their easy monetary policies in place is a good idea, says International Monetary Fund Managing Director Christine Lagarde, with little improvement in global growth expected this year. Conway G. Gittens reports......

U.S. Day Ahead: Chain store sales could kill market's buzz
Apr 10 - The S&P 500 may have hit a new record, but here's one thing that could burst its bubble; same-store sales from major retailers. They don't look pretty......

Wealth Strategies: Bond manager Fuss...likes some stocks
Loomis Sayles Bond Fund manager Dan Fuss is finding opportunities in an unusual place, for a fixed income investor -- high dividend stocks......

Techquity: Facebook, Apple, Yahoo, Baidu vs. Google
Apr 10 - Facebook, Apple, Yahoo, Baidu take on Google on everything from advertising to high-tech glasses......

Fed is on investors' side-Wells Fargo's Jacobsen
Apr. 10 - Brian Jacobsen, Chief Portfolio Strategist at Wells Fargo Funds Management says the Fed minutes give investors solid clues about where its headed, and how they should invest. Bobbi Rebell reports......

Luxembourg to end decades of banking secrecy
April 10 - Luxembourg plans to lift its bank secrecy rules for European citizens who have savings based in the country. The sharp shift in policy will take effect from 2015, bringing Luxembourg into line with all other EU countries expect Austria. Jo.....

Breakingviews: Occidental's feud at the top
April 10 - Reynolds Holding and Christopher Swann discuss how Occidental committed a fundamental governance no-no by keeping its ex-CEO on the board......

GM's $5.2 billion commitment to Opel
April 10 - General Motors' Chief Executive Dan Akerson assures Opel in Germany of his commitment to bring the automaker back to its former glory. Rough Cut (no reporter narration)......

The dangers of Italy's deadlock
Apr.10 - Protests are staged in Italy as concern over the political deadlock there mounts. Ciara Sutton asks how long will investors give Italy and what are the likely outcomes......

F-35B fighter jet passes nighttime landing test
April 10 - The U.S. Marine Corps has successfully tested the nighttime take-off and vertical landing capabilities of the F-35B Lighting II fighter jet. As one of a family of aircraft designed for the multi-billion dollar, international Joint Strike F.....

Europe Day Ahead: Time to look again at emerging markets?
April 10 - European earnings season cranks up again, with numbers due from Roche, but European equity gains are starting to make emerging markets look cheap again, says Somerset Capital CEO Dominic Johnson......

Toyota hunts sales with new African safari
. Hayley Platt reports......

Daily Digit: Daimler may cut 2013 outlook
April 10 - German car maker Daimler says it might have to cut its 2013 profit expectations later in April, as Europe's car market shrinks at an alarming rate. It's also fallen far behind its rivals BMW and Audi in China. Daimler originally hoped its .....

Reuters Right Now: Fed releases FOMC minutes early
Economics & Markets Editor Dan Burns on the early FOMC minutes release that showed a few Federal Reserve policymakers expected to taper the pace of asset purchases by midyear......

U.S. Morning Call: Yahoo, Apple cozy up on iTalks
Apr 10 - The Wall Street Journal reports that Apple is discussing how more of Yahoo's services can play a bigger role on the iPhone and iPad......

Africa Summit: Consumer-centric focus is key Carlyle
April 10 - Anything that touches the consumer is a core focus for Carlyles investment in Africa says Marlon Chigwende, Co-Head of the Groups Sub-Saharan Fund.....

Market Pulse: Spring sun for stocks, Goldman gloomy on gold
April 10 - Stocks bask in a Springtime glow. Hopes of easier EU bailout terms for Portugal and Ireland boost financials, while airlines soar too. But huge volatility in JGBs, and Goldman goes gloomy on gold......

Bird flu goes viral on China microblogs, boosts transparency
April 10 - China may have tried to cover up past epidemics, but a tide of Internet chatter on the current bird flu outbreak is keeping the public informed -- and forcing officials to be more forthcoming......

North Korea wants attention, not war - Freedman
April 10 - While the risk of escalation remains, North Korea's threats are likely to peter out as it realizes their effectiveness is limited, says defense expert Lawrence Freedman......

Reuters Breakingviews: EU transaction taxs a la carte menu
Breakingviews, and only temporarily at that......

Reuters Today: China data doesnt dispel concerns ING IM
April 10 - Forecast-busting Chinese import data gives market sentiment a boost, but ING IMs Ad van Tiggelen says doubts about the quality of the data make it more of a mixed bag.....

In the Boardroom: Chair & CEO in two minds at the top?
April 10 - Centrica Chairman & CBI President, Roger Carr, tells Lucy Marcus why he thinks the Chairman/CEO model works best......

5 ways to break Italys deadlock (but even God may struggle)
April 10 - Five professional negotiators tell us how they would break Italys political deadlock, but one priest says even God may struggle with this one......

Goldman Sachs fends off shareholders over stripping Lloyd Blankfein of chairman role
For the second year in a row, Goldman Sachs has fended off a shareholder proposal that would have stripped chief executive Lloyd Blankfein of his chairman title.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2a9.....

Vince Cable's Business Bank needs more firepower
There's unanimous support for the institution but 300m is barely going to touch the sides.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2a91835b/mf.gif' border='0'/><div class='mf-viral'><table bord.....

Dido Harding's letter in full
Dido Harding, chief executive of TalkTalk, has thrown back the accusation of being a "Luddite" at BT boss Ian Livingston, claiming the boss of BT is building an old-fashioned, government-backed monopoly. Here is Ms Harding's letter in full.<img wi.....

TalkTalk chief Dido Harding accuses BT boss Ian Livingstone of building broadband monopoly
Dido Harding, the chief executive of TalkTalk, has thrown back the accusation of being a "Luddite" at Ian Livingston, claiming the boss of BT is building an old-fashioned, government-backed monopoly.<img width='1' height='1' src='http://telegraph......

Tobin Tax is madness for Europe, and economic war against Britain
France's experiment with the Tobin Tax has proved a spectacular flop. Its finance ministry admits that the scattershot levy on financial transactions has raised just a third of the money expected since August.<img width='1' height='1' src='http://.....

Tobin Tax is suicide for Europe, and economic war against Britain
France's experiment with the Tobin Tax has proved a spectacular flop. Its finance ministry admits that the scattershot levy on financial transactions has raised just a third of the money expected since August.<img width='1' height='1' src='http://.....

EasyJet soars as blue-chips climb
The FTSE 100 put in another strong showing, led by shares in the discount airline.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2a90fd73/mf.gif' border='0'/><div class='mf-viral'><table border='0'&g.....

HBOS accused of misleading investors over Sir James Crosby's 2m pension top up
HBOS has been accused of misleading investors by not declaring a pension top-up of around 2m for former chief executive Sir James Crosby when he left the failed bank.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/.....

Barack Obama renews push for corporate tax reform in Budget targeting millionaires
Barack Obama made a renewed attempt to overhaul the tax regime for US businesses on Wednesday, proposing a Budget that would stamp out various breaks and loopholes but enable the main corporate tax rate to be cut.<img width='1' height='1' src='htt.....

EU committee approves sharing of public data
Public sector information could be shared across the EU, as a committee representing the 27 nations endorsed an open data plan in the hope of delivering a 40bn (34.1bn) economic boost.<img width='1' height='1' src='http://telegraph.feedsportal.com.....

Marks & Spencer's position as Britain's biggest clothing retailer under threat as sales slide
Marks & Spencer's position as Britain's biggest clothing retailer is coming under threat with chief executive Marc Bolland poised to report a sharp drop in sales for the first three months of the year.<img width='1' height='1' src='http://tele.....

Christine Lagarde: crisis has created 'three-speed economy'
The global financial crisis has created a "three-speed economy" with the eurozone at the bottom and a too-big-to-fail banking model that is "more dangerous than ever", the managing director of the International Monetary Fund has said.<img width='1.....

GM pledges 4bn investment in Europe
General Motors has reiterated its commitment to Europe as the car-making giant pledged to invest billions in the loss-making region.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2a905c18/mf.gif' border='0'/>.....

Vatican agrees to financial transparency following critical Moneyval report
The Vatican will also address key recommendations on preventing the "financing of terrorist acts" and having a system for "freezing and confiscating terrorist assets".<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300.....

Big banks 'more dangerous than ever', IMF's Christine Lagarde says
Europe needs to recapitalise, restructure or shut down its banks as part of a vital clean-up of the industry, International Monetary Fund managing director Christine Lagarde said.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32.....

Online help to shop around for the best annuity
Annuity buyers should find it easier get a better income after the launch of Britain's first online comparison tool for "enhanced" annuities, which pay more if you have health problems.<img width='1' height='1' src='http://telegraph.feedsportal.co.....

Cyprus to sell 400m of gold to help fund bailout
Cyprus has agreed to sell gold reserves to raise around 400m and help finance its part of its bailout, an assessment of Cypriot financing needs prepared by the European Commission showed.<img width='1' height='1' src='http://telegraph.feedsportal......

Horse-meat scandal: beefing up the British supply chain
UK retailers may find it hard to source more cattle in this country.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2a8f84c2/mf.gif' border='0'/><div class='mf-viral'><table border='0'><tr>&l.....

Fed botches release of policy meeting minutes
The US Federal Reserve was forced into an embarrassing early release of the minutes from its March policy-setting meeting after realising it had sent them to more than 100 people on Tuesday.<img width='1' height='1' src='http://telegraph.feedsport.....

French failure to reform threatens euro, warns Brussels
France, the eurozone's second biggest economy, has been singled out for harsh criticism by the European Commission with a warning that low French competitiveness and high debt threaten the EU's single currency.<img width='1' height='1' src='http:/.....

Slovenia could avoid full-blown bail-out: IFF
Slovenia would benefit from EU intervention that stops short of a fully fledged bail-out, according to the influential Institute of International Finance (IIF).<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2a8e.....

Scandal-hit KPMG could face probe over HBOS audit
KPMG - already facing scandal in the US - is under renewed pressure with the audit regulator considering an investigation into how it examined the accounts of failed bank HBOS.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726.....

North-South divide continues as industrial production falls in Italy and Spain
The eurozone's woes continued on Wednesday after Italian and Spanish industrial production data showed sharp falls, suggesting that the bloc's third and fourth largest economies are still mired in recession.<img width='1' height='1' src='http://te.....

UK growth back at trend rate, OECD says
Britain is on track to recover to its long term growth rate of around 2pc later this year, according to the Organisation for Economic Co-operation and Development.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2.....

SeaWorld prepares for $540m flotation
SeaWorld, the water park operator known for its performing killer whales, plans to make a splash on the stock market with a potential $540m (352m) flotation.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2a8d3a2.....