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Saturday 13 April 2013

UK Financial News on 2013-04-13

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......

'Clamp down on letting agents' call
More must be done to help clamp down on rogue letting agents, industry experts and disgruntled tenants have told the BBC......

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......

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"......

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......

IMF recognises Somali government
The International Monetary Fund recognises the government of Somali President Hassan Sheikh Mohamud, restoring relations with Mogadishu after 22 years......

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......

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......

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......

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......

VIDEO: Your Money: DIY home sales and pensions
In this week's Your Money, Declan Curry looks at the OFT's investigation into free online games that charge for extras, DIY house-selling and how to avoid losing track of all your work pensions......

VIDEO: Supermarket brands 'causing confusion'
Some supermarket own-brands are so similar in looks to some household names, they are confusing customers, according to consumer group Which?.....

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......

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......

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

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.....

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

Downbeat drumbeat dulls jovial mood
April 12 - Summary of business headlines: Stocks end winning streak after surprise drop in retail sales and slump in consumer sentiment revive slowdown fears; JP Morgan Chase and Wells Fargo quarterly profits hit records. J.C. Penney gets partial vic.....

Bank earnings beat -but with a catch
April 12 - J.P. Morgan and Wells Fargo both posted higher profits but shares of the companies and other banks fell on concerns about falling revenue. Bobbi Rebell reports......

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......

Daily Digit: $418 billion in retail sales
Apr 12 - U.S. consumers and businesses spent $418 billion in March, sending retail sales number into contraction for the second time in three months. Conway G. Gittens reports......

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......

EU banking union 'could need treaty change'
Germany's finance minister has claimed that a banking union could require changes to EU law, potentially putting the brakes on a plan designed to prop up the euro.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2.....

Energy security 'at risk' if ministers fail to seal EDF nuclear deal
Britain's energy security will be put at risk and future generations left to suffer with higher bills if ministers fail to agree a deal with EDF Energy to build UK's first new nuclear plant in a generation, the industry's body has claimed.<img wid.....

Why Britain must make nuclear work
With the possible exception of the defence of the realm, it is hard to think of an issue more critical to any government than ensuring the future of the nation's energy supply.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726.....

TV price war looms as BT, BSkyB talks fail
Key talks between BT and BSkyB over sharing football matches have stalled, meaning subscribers who want access to all top-division games will have to pay for a BT Sport package on top of their Sky Sports subscription.<img width='1' height='1' src=.....

Tesco, the film studio and the failure of Fresh & Easy
As Tesco prepares for a costly exit from America and reveals its first fall in profits in 20 years, its chief executive is working on a 1bn plan to help the retailer boost its British business, writes Graham Ruddick .<img width='1' height='1' src=.....

'As a government we are even more radical on enterprise than Thatcher'
In his first in-depth interview, David Cameron's senior policy adviser - Rohan Silva - tells Andrew Cave that Britain is now a nation of entrepreneurs, how Tech City became the envy of the world and why he's leaving No 10 to launch his own start-up ......

BT and BSkyB go to war
The bitter pay-TV battle between BT and BSkyB is also a personal duel for two former colleagues.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2aaf3352/mf.gif' border='0'/><div class='mf-viral'><tabl.....

Profit attack angers big energy firms
Centrica and SSE have accused Ofgem of undermining trust in energy companies and confusing consumers by publishing inaccurately high estimates of the industry's profits.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/5683.....

Tesco to quit loss-making US venture
Philip Clarke, the chief executive of Tesco, is to reveal new plans to revamp the supermarket chain as he fights back from the retailer's first fall in profits for two decades.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726.....

Lehman creditors due to get 2.8bn payout
The estate of Lehman Brothers' European arm is preparing to make a payment to clients whose money was held in a pooled account, at the same time as heralding further dividends to unsecured creditors of at least 2.8bn.<img width='1' height='1' src=.....

EE set to silence Orange and T-Mobile
Britain's biggest mobile operator, EE, may close its older Orange and T-Mobile services to new subscribers.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2aaf31ae/mf.gif' border='0'/><div class='mf-viral'&.....

Goldman profits dip on shortage of M&A deals
Goldman Sachs's first quarter profits will fail to match last year's levels, as the hopes for a surge of lucrative mergers and acquisitions has failed to materialise.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/.....

The financial crisis - what would Lady Thatcher do?
The view that Lady Thatcher's reforms caused the financial crisis shows a complete misunderstanding of both her and history.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2aaf2cc8/mf.gif' border='0'/><div .....

TGI Friday's sales bounce in the UK
Sales at TGI Friday's, the American-themed chain, rose 19pc in the UK last year as family restaurants bucked the wider downturn in consumer spending.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2aaf2cc9/mf.gif.....

'Unravelling Lehmans could take us 10 years'
Four-and-a-half years on from the investment bank's $639bn collapse, almost 800 people are still working on winding up the European arm of Lehman Brothers.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2aaf2747/.....

Peer-to-peer lenders 'could break banks' stranglehold'
Online platforms that directly link savers to credit- starved entrepreneurs have the potential to break banks' "stranglehold" on small-business lending, new research will predict this week.<img width='1' height='1' src='http://telegraph.feedsporta.....

Coalition 'must maintain Thatcher's pro-business spirit'
Some of Britain's leading entrepreneurs have said Baroness Thatcher's economic legacy must not be wasted and that without her they would not have started their businesses.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/56.....

EU's poorest will only take so much austerity
'It was Europe that toppled her." That's the conventional wisdom, repeated endlessly in recent days, on the subject of how Baroness Thatcher lost her grip on power.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/.....

DIY investors shouldn't lose faith in emerging markets yet
Looking at where our customers invested their money during the recently-ended ISA season, I was struck by a difference between the asset allocation of do-it-yourself investors and those who invest their money through a financial adviser.<img width.....

How Thatcher brought UK back from the wilderness
With tributes from across the world hailing Baroness Thatcher's life, Louise Armitstead explores the profound impact that she had upon the UK and its economy .<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2aad9.....

Margaret Thatcher's industrial revolution allowed business to multiply
The industrial revolution of the 1980s allowed business to multiply and find new areas of economic growth, says CBI president Sir Roger Carr.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2aadbdaf/mf.gif' border.....

Lady Thatcher taught me self-reliance
Sahar Hashemi, co-founder of Coffee Republic, says Baroness Thatcher's lesson was clear: you get out what you put in, regardless of gender or race.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2aad9124/mf.gif' .....

Lady Thatcher taught me self-reliance
Sahar Hashemi, co-founder of Coffee Republic, says Baroness Thatcher's lesson was clear: you get out what you put in, regardless of gender or race.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2aacdc05/mf.gif' .....

City's 'Big Bang' helped boost UK's economy
We can thank Lady Thatcher for the City's 'Big Bang' of 1986 that helped to boost the country's economy.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2aad9125/mf.gif' border='0'/><div class='mf-viral'>.....

City's 'Big Bang' helped boost UK's economy
We can thank Lady Thatcher for the City's 'Big Bang' of 1986 that helped to boost the country's economy.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2aacda3d/mf.gif' border='0'/><div class='mf-viral'>.....