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Friday 12 April 2013

UK Financial News on 2013-04-12

Portugal and Ireland loans extended
Portugal and the Republic of Ireland are to be given an extra seven years to pay back their bailout loans from the European Union......

JP Morgan makes record profit
JP Morgan's first quarter profits rise by a third to a record $6.5bn and the bank says there are signs the US economy is "healthy and getting stronger"......

Card charges complaints continue
The consumer organisation Which? says it is continuing to receive complaints from customers who say they have been overcharged for using a debit or credit card......

Court ruling goes against RBS
Royal Bank of Scotland loses in the latest round of a potentially expensive court battle against a US financial firm......

Benefit cap 'to hit fewer families'
Government figures show 25% fewer households than expected will be hit by a benefit cap, ahead of its launch in four areas of London on Monday......

Hawk-Eye aims for football expansion
UK-based Hawk-Eye is aiming to expand into other football leagues after agreeing a deal with the Premier League on Thursday......

Google builds data-after-death tool
Google becomes the first major company to allow users to decide what happens to their data after they die or become inactive online......

UK construction output remains weak
The UK's construction industry remains weak despite signs of a recovery, official figures suggest......

Cold weather payments' record March
Cold weather payments hit a record level for March, with 642,900 households receiving 16.1m in help towards energy bills, the government says......

US retail sales shrink in March
US retail sales fell in March across all sectors, official figures show, suggesting that recent tax rises are starting to affect consumers......

Web games get fair trading scrutiny
Web and phone games aimed at children that charge for extras are being investigated by the Office of Fair Trading......

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......

Bid for Douwe Egberts coffee company
The Dutch maker of Douwe Egberts coffee, DE Master Blenders, agrees a 7.5bn-euro takeover offer from a German private consortium......

Australian $40bn LNG project shelved
Australia's second biggest oil company, Woodside Petroleum, puts a $40bn proposed liquefied natural gas project on hold......

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......

US billionaire wins fake wine case
US billionaire William Koch wins damages in a legal case he brought against a businessman who sold him two dozen bottles of fake wine......

Actress claim against IMDb rejected
An actress who sued Amazon.com after her age was posted on its Internet Movie Database has her claim rejected by a federal jury in Seattle......

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......

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

Infosys shares fall on weak forecast
Shares of Infosys, India's second-largest software firm, drop nearly 20% after its revenue growth forecast falls short of market expectations......

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......

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......

VIDEO: Triple dip or no triple dip?
The BBC's Hugh Pym.....

AUDIO: Should we be bullish on gold?
Earlier this week Cypriot authorities agreed to sell their gold reserves to raise cash for their bailout, but that news helped to send gold to its biggest fall in five months......

AUDIO: Bitcoins take a bashing
Jeremy Cook, chief economist at World First, explains what bitcoins are and how they are valued......

VIDEO: 'Not all doom and gloom' for PC sales
New data shows a big fall in PC sales. But Bryan Ma, from the company that compiled the report, says that it is not all doom and gloom......

VIDEO: US banking giants too big to fail?
The US is still suffering the effects of the global financial crisis and many feel Wall Street giants such as JP Morgan, Goldman Sachs and Citigroup have yet to be held accountable......

VIDEO: Eurozone meeting over Cyprus crisis
Eurozone finance ministers have met to finalise a bailout for Cyprus amid concerns that the country needs much more money than first thought.....

VIDEO: Web games face fair trading scrutiny
Web and phone games aimed at children that charge for extras are being investigated by the Office of Fair Trading.....

AUDIO: Shareholders to revolt in AGM season?
Catherine Howarth, chief executive of ShareAction told Today business presenter Simon Jack whether or not there would be a "shareholder rebellion"......

Selling your own house: A good idea?
How to go about selling your own house.....

The man behind the PowerPoint presentations
The man behind Microsoft Office on staying on top.....

Roma and Milan use social media to sell brands to fans
Italian football giants score with social media.....

Online bingo: A very full house
The seemingly irresistible rise of online bingo.....

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

U.S. Week Ahead: Banking on BofA boss Brian Moynihan
Apr 12 - Expectations are high that Bank of America's comeback will show more signs of strength when it reports earnings on Wednesday......

MuniLand: Obama budget could heap borrowing costs on issuers
April 12 - Managing Director & co-head of SIFMA's municipal securities division says the proposed 28 percent interest cap on muni bonds in President Obama's 2014 budget would result in a 70 basis point penalty......

Techquity: Red flag at BlackBerry
Breakingviews columnist Rob Cyran on BlackBerry's latest battle, Amazon Prime, and outsourcing......

Fitch's Wolfe's biggest bank concerns
Apr. 12 - Christopher Wolfe, head of U.S. bank coverage at Fitch Ratings outlines his biggest worries about the banking sector, after both J.P. Morgan and Wells Fargo's results. Bobbi Rebell reports......

Breaking down J.P. Morgan and Wells Fargo's results
Apr. 12 - S&P Capital IQ's Erik Oja explains why shares of both J.P. Morgan Chase and Wells Fargo fell after the companies results beat forecasts. Bobbi Rebell reports......

Euro zone backs 10 billion euro Cyprus bailout
April 12 - Cyprus' messy bailout tops the agenda on day one of a two day EU finance ministers meeting in Dublin. Joel Flynn reports......

Trading at Noon: Gold loses its bling; down to $1,500
Apr 12 - Weak financial markets, a firmer dollar and pressure for Cyprus to sell gold result in a drop in the precious metal's price......

Breakingviews: Bank barometers
April 12 - Jeffrey Goldfarb and Breakingviews columnists talk about what the results from JPMorgan and Wells Fargo suggest for the rest of the industry as earnings season kicks off......

Controversial sacred mask auction goes ahead in Paris
April 12 - Dozens of ancient American Indian tribal masks go on sale in Paris, despite appeals for a delay by the Hopi tribe. Hayley Platt reports......

Italian President looks to successor for stalemate solution
April 12 - Italy's political deadlock shows no sign of abating, as the country's president says it will be up to his successor to broker a solution. Kirsty Basset reports......

Europe week Ahead: Even Germans get the blues
......

Nigeria's stock exchange booms
April 12 - Nigeria's stock exchange is attracting some of the world's biggest banks as it recovers from the 2008 financial crisis which wiped nearly two thirds off its value in a year. Hayley Platt reports on one of Africa's star performers......

Reuters Asks: Can BOJ liquidity prevent Summer equity lull?
April 12 - We all know the dictum Sell in May and go away. But can the flood of liquidity coming from Japan ensure global equities can avoid their traditional summer doldrums this year?.....

Market Pulse: What's Moving Today and Why
Insider has its finger on the market pulse, analyzing and making sense of the biggest movers of the day......

Kim Jong who? Business as usual for South Korean tech giants
' Jon Gordon explains why......

Breakingviews: No hardball with Portugal
April 12 - After taking a chainsaw to Cyprus, the euro zone must decide whether to give Ireland and Portugal more time to repay their loans. Playing hardball would be self-defeating says Breakingviews......

Asia Week Ahead: Will Japan's consumers open their wallets?
April 12 - The world watches North Korea for further provocations, China reveals its first quarter growth figures, and 'Abenomics' gets a report card in the form of Japan consumer confidence figures......

Reuters Today: U.S. Agency Says N.Korea Has Nukes
April 12 - Tensions on the Korean peninsula continue to rise as a U.S. agency says North Korea has a nuclear weapon it can mount on a missile......

Reuters Breakingviews: Don't trust China's numbers
April 12 - While a raft of positive data from China has cheered markets, figures out of the country should be consumed with a generous dose of salt, says Breakingviews' Peter Thal Larsen......

Lukewarm retail blamed on weather chill
April 11 - Chilly weather cooled monthly sales for several top retailers in March- adding to fears consumer spending is slowing due to higher taxes and a sluggish jobs market. Bobbi Rebell reports......

Tech downgrade can't stop the party
April 11 - Summary of business headlines: Dow, S&P 500 cross new milestones despite tech downgrade, PC sales slump; Google proposes EU anti-trust remedy; March store sales weakest in 3-plus years; Jobless claims drop to November low. Conway G. Gitten.....

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......

Wealth Strategies: "Tremendous" flow into alternative assets
Apr. 12 - Mitch Caplan, CEO of Jefferson National and former head of E*TRADE Financial, says investors understand that equities alone cannot sustain a portfolio and is seeing big allocations to alternatives.....

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......

Fresh questions over ENRC clean-up as investigator fired
A key internal investigator into corruption at Eurasian Natural Resources Corp has been fired, raising fresh questions over the clean-up at the FTSE 100 Kazakh miner.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/.....

KPMG case is a distraction from the real questions we must ask
Do the Big Four know how to value the complex financial instruments on banks' balance sheets?<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2aa83847/mf.gif' border='0'/><div class='mf-viral'><table b.....

BSkyB brands 'hypocrite' BT a '22bn gorilla in puppy's clothing'
BSkyB has branded BT a "22bn gorilla in puppy's clothing", and accused it of doubled standards, in their escalating battle over pay-TV.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2aa83849/mf.gif' border='0'/&.....

Bumi delays results for second time after another $94m of accounting issues
Embattled Indonesian miner Bumi has warned it is likely to delay its full-year results for a second time after finding a further $94m (61m) of accounting issues at subsidiary Berau Coal.<img width='1' height='1' src='http://telegraph.feedsportal.c.....

Goldman Sachs chief Lloyd Blankfein paid $21m last year
Goldman Sachs chief Lloyd Blankfein saw his pay almost double to $21m (13.67m) last year, making him the world's best paid banker.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2aa78e6b/mf.gif' border='0'/>&l.....

Burger boss Easterbrook returns to McDonald's
Steve Easterbrook, the man credited with turning around the fortunes of McDonald's in Britain, is returning to the golden arches after serving less than a year at the helm of both Pizza Express and Wagamama, the noodle chain.<img width='1' height=.....

Directors' deals highlight confidence
Deutsche Bank strategists looked at the buying and selling by company executives.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2aa6e690/mf.gif' border='0'/><div class='mf-viral'><table border='0'>.....

Gold enters bear market as price plunges below $1,500
Gold entered a bear market on Friday, as the precious metal tumbled below the psychologically important $1,500 mark to its lowest level in 20 months.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2aa6e693/mf.gif.....

Dutch government to rein in austerity in break from EU policy
The Dutch government is to postpone some austerity measures, in a significant break away from EU policy that risks angering Germany.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2aa6b9f1/mf.gif' border='0'/>.....

Apple stores 'to get Norman Foster makeover'
Foster + Partners tasked with revamping retail outlets, in another coup for British architect.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2aa6dc8a/mf.gif' border='0'/><div class='mf-viral'><table .....

Portugal's elder statesman calls for 'Argentine-style' default
Portugal's leading elder statesman has called on the country to copy Argentina and default on its debt to avert economic collapse, a move that would lead to near certain ejection from the euro.<img width='1' height='1' src='http://telegraph.feedsp.....

Ex-Reckitt boss Bart Becht swaps Mr Sheen for coffee
A German investment firm chaired by former Reckitt Benckiser boss, Bart Becht, has struck the coffee industry's biggest-ever deal as it forges a hot drinks empire to take on the likes of Nestle.<img width='1' height='1' src='http://telegraph.feeds.....

BlackBerry calls for regulators to investigate 'misleading' research note on Z10
Smartphone maker BlackBerry has called on regulators to investigate a "false and misleading" brokerage research note that claimed consumers were returning the Z10 at a high rate.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/327.....

Cyprus gold sale profits must be used to pay back ECB, orders eurozone
The sale of Cypriot gold reserves worth 400m will be used to pay back the European Central Bank as the eurozone forces the tiny Mediterranean island to take on an extra 6bn in bail-out costs.<img width='1' height='1' src='http://telegraph.feedspor.....

Welsh meat processing plant closes, 350 jobs lost
Hundreds of jobs have been lost at a meat processing plant in Wales after a bid to find a new buyer for the site failed.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2aa61701/mf.gif' border='0'/><div clas.....

Beat the rise in postal charges
Parcels are now priced on both size and weight - making them more expensive to post.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2aa4b081/mf.gif' border='0'/><div class='mf-viral'><table border='0'.....

Eurozone industrial output rises in February
Eurozone industrial output rose by more than expected in February, but analysts warned that it was not enough to spearhead an economic recovery in the crisis-hit region.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/5683.....

US economy stalls as retail sales fall
US retail sales fell unexpectedly in March, adding to fears that the world's largest economy may have stalled at the end of the first quarter.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2aa4a723/mf.gif' borde.....

Winklevoss twins back bitcoin as bubble bursts
Bitcoin has received its most high-profile endorsement yet as the Winklevoss twins, famous for their legal battle with Facebook, reveal they could be the largest holders of the controversial digital currency - just as the bubble bursts and the price .....

Cyprus faces economic meltdown as EU-IMF refuses extra aid
Cyprus must take on an extra 5.5bn in the cost of its bail-out, a sum equivalent to a third of the island's annual GDP, without any additional help from the European Union and IMF.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/3.....

Germany will enter recession, says George Soros
As one of America's most successful investors warns the eurocrisis is far from over, we consider the investment case for Europe.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2aa3be45/mf.gif' border='0'/><.....

JP Morgan reports record profits
JP Morgan has declared that the US recovery is "getting stronger" as the bank reported record first-quarter profits.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2aa3be46/mf.gif' border='0'/><div class='m.....

Thatcher's legacy: how has privatisation fared?
Did you buy shares in British Gas or other Thatcher-era privatisations? We look at the returns.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2aa3cc15/mf.gif' border='0'/><div class='mf-viral'><table.....

Margaret Thatcher showed us why tuition fees won't work
Higher education needs the same reforming zeal Baroness Thatcher showed, says Gervas Huxley.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2aa3cc16/mf.gif' border='0'/><div class='mf-viral'><table bo.....

Weak construction casts doubt over UK growth
Weak growth at construction businesses in February cast gloom over hopes for the UK's economic recovery in the first quarter of this year.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2aa3cc17/mf.gif' border='0.....