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Thursday 11 April 2013

UK Financial News on 2013-04-11

Cyprus bailout 'rises to 23bn euros'
The cost of the bailout for Cyprus has increased to 23bn euros, according to a draft document prepared by the country's creditors......

Japan carmakers to recall 3.4m cars
Japan's top four carmakers are recalling a total of 3.4 million cars over a defect in passenger airbags, including tens of thousands in the UK......

Ex-KPMG partner on insider charges
US authorities file criminal and civil charges against a former senior partner at accountancy firm KPMG over alleged insider trading......

M&S food offsets clothing weakness
Marks and Spencer reports a small rise in sales as strong demand for its food offsets another fall in clothing sales......

Panic selling forces Bitcoin crash
Panic selling caused the value of the Bitcoin virtual currency to halve in less than six hours......

WH Smith continues to boost profits
WH Smith says its strategy of boosting profit margins to offset falling sales continues to bring results, with railways and airport outlets performing well......

Post Office to offer current account
The Post Office is to offer current accounts in the UK, following a regulator's claim that the market offers little choice for consumers......

Workers 'losing track of pensions'
People changing jobs are losing track of their clutch of workplace pension pots - making retirement planning more difficult, a charity says......

Flu treatment boosts sales at Roche
Swiss drugmaker Roche reports a 5% rise in first quarter sales, helped by strong demand for its flu treatment, Tamiflu......

Cyprus may sell off gold reserves
Cyprus may sell off some gold reserves in order to help finance part of its bailout, according to reports......

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......

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......

China bird flu fears hit Yum profits
Yum Brands, parent company of the KFC food chain, says sales have fallen in China because of concerns over a new bird flu outbreak......

Google Maps edit tools come to UK
Google launches its Map Maker tools in the UK to make it easier for users to add missing details or fix errors in its online maps......

Kingfisher submits new revival plan
India's embattled Kingfisher Airlines submits a fresh revival plan to aviation authorities as it seeks permission to restart operations......

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......

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......

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......

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......

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

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......

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......

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

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......

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......

Goal-line technology given go-ahead
The Premier League has voted to introduce goal-line technology from the 2013-14 season, using Hawk-Eye technology......

Police raids over Rangers purchase
Police carry out a series of raids relating to the purchase of Rangers Football Club by Craig Whyte from Sir David Murray......

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

VIDEO: BP looks to bounce back after spill
Investors and bosses have gathered for BP's annual general meeting, as the oil firm continues to deal with the costly fallout from the 2010 Deepwater Horizon disaster in the Gulf of Mexico......

VIDEO: Welsh sheep farms pushed to brink
The coldest March for 50 years has caused serious problems for sheep farmers across Wales, with snow and ice forcing many to the brink of ruin......

VIDEO: Mixed picture for UK retailers
Marks and Spencer sales rose slightly in the first three months of 2013, as good trading from its food business offset a fall in clothing sales......

VIDEO: Scheme tackles long-term sickness
A pilot scheme in Leicestershire is helping people who have to take sick leave return to work within weeks, when they could otherwise have faced long-term absence......

VIDEO: Innovative solutions to HK's space problems
In Hong Kong land is scarce and property prices are at world beating levels. Homes tend to be small, but residents are finding innovative solutions to enjoy the space they have......

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: Japanese car makers to recall vehicles
Japan's top four carmakers are recalling a total of 3.4 million cars over a defect in passenger airbags......

Chinas baby formula fears
China's worried mothers spark rationing around the world.....

Pilot scheme tackles long-term sickness
Will a new service help - or force - sick people back to work?.....

Hong Kong copes with tight living spaces
Hong Kong residents squeeze into small living spaces.....

Tackling football's big money issues
Football's big names on the major issues facing their sport.....

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.....

U.S. Day Ahead: JPMorgan still in the shadow of the whale
Apr 11 - JPMorgan, the biggest U.S. bank, is expected to deliver a mixed bag of results, laced with bad memories of its London Whale trading debacle......

Silver Lake's Hutchins: This is as good as the recovery gets
Apr 11 - Silver Lake Co-founder Glenn Hutchins tells the 2013 Partner Connect Conference that this is the worst economic recovery in history and this is as good as it will get......

Techquity: Apple software in spotlight, PC shipments weak
April 11 - Analyst highlights software as key to Apple's business while new data shows PC sales continue to sink......

Pent-up demand should help April retail sales-ICSC's Niemira
Apr. 11 - Chain store sales are on track for their worst showing since August of 2009. But Mike Niemira of the International Council of Shopping Centers sees modest improvement in April. Bobbi Rebell reports......

Daily Digit: 3.4 million car recall
April 11 - Toyota, Honda, Nissan and Mazda recall 3.4 million vehicles worldwide for airbag flaw. Conway G. Gittens reports......

Saft Says: Insider trading - All the cool kids are doing it
columnist James Saft talks about the high cost of juvenile insider trading......

Robotic dragonfly creates buzz for German designers
April 11 - German engineering company, Festo has unveiled its latest robotic creation, a mechanical dragonfly called the BionicOpter. Like a real dragonfly, the BionicOpter can hover in mid-air and glide without beating its wings, an achievement Fest.....

Breakingviews: Goldman d vu
April 11 - Breakingviews editors wonder why Goldman Sachs seems so eager to do a deal to avoid a shareholder vote on separating the roles of chairman and chief executive just like last year......

Trading at Noon: A place for PayPal in your wallet?
Apr 11 - PayPal will soon be in most U.S. retail stores, but just being there may not be enough......

Dutch firms in to new horsemeat recall
April 11- Europe's horsemeat scandal takes a new turn after authorities in the Netherlands recall 50,000 tonnes of meat over fears that it may contain horsemeat. Joanna Partridge reports.....

Stanford scientists bring clarity to mouse brain
April 11 - Researchers at Stanford University in California have developed a process that renders an intact mouse brain transparent. By replacing the opaque fatty components in the brain with a transparent hydrogel, the wiring and molecular structure.....

Cyprus to offload 400M gold
April 11 - Heavily indebted Cyprus will sell a large chunk of its gold reserves to raise 400 million euros, as doubts are raised over future gold prices. Kirsty Basset reports......

Reuters Day Ahead: Euro zone finmins to ink Cyprus bailout
April 11 - Euro zone finance ministers and their non-euro counterparts meet in Ireland to ink the Cyprus bailout and may extend Portugal and Irelands debt repayment schedule......

M&S is out of fashion in UK
April 11 - British retailer Marks & Spencer posted a seventh consecutive quarterly fall in clothing sales, heaping more pressure on its CEO Marc Bolland. Hayley Platt reports......

Louvre reopens after protest over pickpockets
Apr.11 - The Louvre - the world's most visited museum and home to the planet's best known art treasures - has reopened its doors in Paris amid heigtened security after a protest by guards over the proliferation of pickpockets. Ciara Sutton reports.....

Africa Summit: 21% subscriber growth achievable - MTN CEO
April 11 - Sifiso Dabengwa, CEO of Africa's dominant mobile phone company MTN, says he can continue to increase subscriber growth organically but is open to acquisitions......

U.S. Morning Call: Judgement Day for JCPenney
Apr 11 - The judge in the Macy's-JCPenney case is expected to decide whether to block Penney's from selling Martha Stewart-designed home goods......

Wealth Strategies: Is now the time to buy South Korea?
Apr. 11 - Causeway Capital's Arjun Jayaraman says recent conflict in North Korea may create buying opportunities in South Korea, and likes Asian stocks in the tech, consumer and healthcare sectors.....

Sports Spread: Recharged Woods eyeing Masters victory
April 11 - With Tiger back on the prowl and Rory McIlroy back in form, golf fans are eagerly awaiting the start of the 77th Masters. Plus it's FA Cup semi-final weekend at Wembley......

Change or die: European fund firms battle as sales dwindle
April 11 - As fund inflows dwindle and competition increases, European firms rewrite their business models for survival......

Change or die: European fund firms battle as sales dwindle
April 11 - As fund inflows dwindle and competition increases, European firms rewrite their business models for survival......

Bird flu outbreak hits poultry businesses
April 11 - A deadly outbreak of H7N9 bird flu hits businesses at a Shanghai wet market as consumers shy away from buying poultry. Sarah Charlton reports......

Reuters Breakingviews: Gold on the edge
global commentary unit Breakingviews......

Bank of Japan's money tide won't lift all boats
April 11 - The unprecedented stimulus unleashed by Japan's central bank has fueled a market rally, but the joy isn't spread evenly. Yonggi Kang identifies the winners and losers produced by the easing drive......

Oil markets take a breather - IEA
April 11 - The International Energy Agency says its forecast for 2013 global oil demand growth is little changed due to lower-than-expected first-quarter deliveries......

Europe's leaders would do well to listen to some constructive criticism
US Treasury Secretary might have been forgiven for expecting a sympathetic hearing in Europe.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2a9d6c6e/mf.gif' border='0'/><div class='mf-viral'><table b.....

More turmoil at ENRC as it parts company with law firm and director
Eurasian Natural Resources Corp, the Kazakh miner beset by corruption allegations, has been thrown into further turmoil after parting company with a US law firm and one its most experienced directors.<img width='1' height='1' src='http://telegraph.....

From bust to boom, how Kate Swann transformed WH Smith
After an extraordinary decade at the helm of WH Smith, Kate Swann is preparing to say goodbye to a retailer that has been transformed.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2a9d7557/mf.gif' border='0'/&g.....

M&S boss Marc Bolland asks for time to turn around clothing
The chief executive of Marks & Spencer, Marc Bolland, has pleaded for time to turnaround the company's underperforming clothing division after sales fell for the seventh quarter in a row.<img width='1' height='1' src='http://telegraph.feedspor.....

M&S boss Marc Bolland asks for time to turnaround clothing
The chief executive of Marks & Spencer, Marc Bolland, has pleaded for time to turnaround the company's underperforming clothing division after sales fell for the seventh quarter in a row.<img width='1' height='1' src='http://telegraph.feedspor.....

Shale gas could boost UK economy, says BP chief Bob Dudley
Shale gas could provide "great economic benefits" to the UK, BP chief executive Bob Dudley has said, suggesting it could help to bring down Britain's high gas prices.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/.....

JM Keynes's prophecy of prosperity after the gloom of recession
Keynes and Thatcher each knew that growth would return, and sooner than others thought, says Jeremy Warner<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2a9d7d72/mf.gif' border='0'/><div class='mf-viral'&g.....

Keynes and Thatcher prophecised prosperity amid the gloom of recession
Keynes and Thatcher knew that growth would return, and sooner than others thought, says Jeremy Warner<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2a9d7754/mf.gif' border='0'/><div class='mf-viral'><.....

John Maynard Keynes and Margaret Thatcher prophecised prosperity amid the gloom of the Great Depression and Seventies recession
Keynes and Thatcher knew that growth would return, and sooner than others thought, says Jeremy Warner<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2a9d7562/mf.gif' border='0'/><div class='mf-viral'><.....

A prophecy of prosperity after the gloom
Keynes and Thatcher knew that growth would return, and sooner than others thought, says Jeremy Warner<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2a9cce6e/mf.gif' border='0'/><div class='mf-viral'><.....

Stobart chief Andrew Tinkler to face contempt proceedings
The chief executive of crisis-hit haulage company Stobart faces contempt proceedings over witness statements he made during a six-year battle with a "whistleblower".<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s.....

Cyprus bailout cost surges to 23bn
The financial crisis ravaging Cyprus deepened on Thursday after the cost of the country's bail-out surged from 17.5bn to 23bn - larger than the size of the country's economy.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f.....

Man Group secures capital boost
Hedge fund manager Man Group said it had secured a potential $550m (358m) boost to its capital position after winning approval to change its regulatory status.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2a9cc.....

Evraz's blue-chip status under threat
Shares in the steel maker, part-owned by Roman Abramovich, tumbled to a record low.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2a9cc973/mf.gif' border='0'/><div class='mf-viral'><table border='0'&.....

China's shadow banking boom rings alarm bells
Surge in loan growth prompts fresh warnings bubble is out of control.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2a9beb1d/mf.gif' border='0'/><div class='mf-viral'><table border='0'><tr>&.....

Students told to start a business with a tenner
Scheme restarted with support from Government and Innocent co-founder.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2a9beb1f/mf.gif' border='0'/><div class='mf-viral'><table border='0'><tr>.....

Sterling climbs as traders exit Japanese yen
Sterling climbed to a three-and-a-half year high against the yen and a seven-week high against the dollar on Thursday, as investors sought higher-yielding alternatives to the Japanese currency.<img width='1' height='1' src='http://telegraph.feedsp.....

WH Smith buys Past Times brand
WH Smith has bought the Past Times brand, the name of the historically-themed gift retailer that last year fell into administration.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2a9bdc41/mf.gif' border='0'/>.....

Hays sees jobs growth return to 'economic heartlands'
Hays, Britain's biggest recruiter, has seen quarter-on-quarter growth in the UK for the first time in two years, in a sign that confidence may be returning to the jobs market.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/.....

Bitcoin trading halted after panic sell-off
Trading in Bitcoin has been halted for the day after a service slowdown triggered panic sell-offs, slashing the controversial currency's value in half.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2a9bdc44/mf.g.....

Burger King chief Bernardo Hees to take top job at Heinz
Burger King chief executive Bernardo Hees will take the top job at Heinz following its acquisition by investment firm 3G Capital and Warren Buffett's Berkshire Hathaway.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/5683.....

Long-haul boosts traffic at Gatwick
Growth in passengers flying to long-haul destinations such as China helped Gatwick increase traffic over the last 12 months despite a continued squeeze on travel budgets.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568.....

Billionaire Beny Steinmetz sues former adviser Lord Malloch-Brown over George Soros link
Mark Malloch-Brown, the former Foreign and Commonwealth Office minister, is being sued by mining company BSG Resources, founded by Israeli businessman Beny Steinmetz, it emerged on Thursday.<img width='1' height='1' src='http://telegraph.feedsport.....

Backlash over US move to block Chinese security threat
American business leaders have condemned a new law which prevents US organisations from buying "risky" Chinese technology.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2a9b4081/mf.gif' border='0'/><div cl.....

Nearly 10pc of BP investors fail to back chairman
BP shareholders have registered their disapproval of chairman Carl-Henric Svanberg and executive remuneration at the oil explorer's annual meeting.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2a9b1914/mf.gif' .....