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Tuesday 16 April 2013

UK Financial News on 2013-04-16

Call to tie third round of LTRO to expansion of SME lending
Fresh City calls for European refinancing operation to be tied to business lending.....

West African group eyes new pension scheme
Group of 15 countries is to form joint fund for government staff.....

Corporate pension schemes embark on talent scramble
Seven top-level executives at schemes with assets of around £125bn have been promoted, changed jobs or retired in the past month.....

Italian FTT impact spells gloom for EU-wide levy
Equity trading volumes have slumped since Italy brought in the levy last month.....

Insurers hand out corporate broking rewards
Direct Line and esure have appointed brokers.....

Clawback debate grips business bosses
Governance experts push for a wider array of ‘malus conditions' in contracts.....

More buyout firms lure investors with fee cuts
CVC and PAI join rivals in offering early-bird discounts.....

Commodities exodus continues at Deutsche
Oil and gas MD and energy trader are the latest to leave the German bank.....

Bulge-bracket banks muscle in on small deals
Goldman Sachs's first-quarter ranking for small-cap M&A deals was its highest in a decade.....

IMF lowers UK growth forecast again
The International Monetary Fund's twice-yearly look at the world economy lowers its growth forecasts for most developed economies, including the UK......

M&S lingerie chief Schaffer leaves
Marks and Spencer's director of lingerie and beauty Janie Schaffer leaves the retailer after three months......

Intel maintains sales forecast
Intel, the world's largest maker of chips for PCs, maintains its sales forecast for 2013, despite an industry-wide slowdown in computer sales......

American Airlines grounds flights
American Airlines has to ground all flights across the US due to a fault with its computerised reservation system......

House price inflation down, says ONS
House prices across the UK went up 1.9% in the 12 months to February, but the difference between London and other regions is increasing......

UK inflation steady at 2.8% in March
UK consumer price inflation stays at 2.8% in March for the second month in a row, the Office for National Statistics says......

EU tightens up bank lending rules
MEPs approve far-reaching changes to EU banking rules, including curbs on bonuses and new capital buffers......

Coke profits lose fizz in Europe
Falling sales in Coca-Cola's key recession-hit European markets lead to a 15% decline in profits......

Daimler to sell final stake in EADS
Carmaker Daimler is selling its remaining 7.5% stake in pan-European aerospace and defence group EADS, the owner of Airbus.....

EU snubs plan to save carbon trading
The European Parliament has narrowly voted against a plan designed to breathe new life into the ailing carbon market......

Profits down at Johnson & Johnson
Healthcare and pharmaceutical group Johnson & Johnson blames higher costs for a fall in quarterly profits, but its latest results still beat market expectations......

Audit Office to investigate 4G sale
The National Audit Office will investigate the government's sale of super-fast 4G mobile phone spectrum after the money raised fell far short of forecasts......

Goldman Sachs Q1 profits rise 7%
Goldman Sachs has posted a 7% rise in net income to $2.26bn, on the back of a strong performance in its investment banking division.....

London Market Report
London's leading shares lose ground in early trading, despite a rally by mining stocks, which had dragged the index down on Monday......

SSE set to pay 1.5m in compensation
SSE, the firm that was fined for mis-selling energy contracts, says it expects to pay 1.5m in compensation......

Building firms blacklist angers MPs
Building firms which set up a "systematic blacklist" of workers do not appear to be taking full responsibility for their actions, according to MPs......

Benefit cap 'will encourage work'
The government says imposing a cap on benefits will "encourage people into work", as it is introduced in four London boroughs ahead of its roll-out across England, Scotland and Wales......

Minimum wage to increase to 6.31
The national minimum wage will rise by 12p an hour to 6.31 for adults and by 5p to 5.03 for 18-to-20-year-olds from October......

PPI complaints start to decline
The Financial Conduct Authority says the number of complaints about the mis-selling of PPI fell in the second half of last year......

Asia markets dip after Boston blasts
Asian markets decline in early trading after two explosions at the Boston Marathon in the US killed three people and injured dozens more......

Gold price falls to two-year low
Gold falls to its lowest level in two years, as wider commodity prices and US shares also decline following disappointing Chinese economic data......

China's growth lower than forecast
China's economy, the world's second-largest, performs worse than many analysts had expected in the first three months of the year......

India's Reliance pumps up profit rise
India's most valuable company, Reliance Industries, brings in a 4.8% rise in annual profits, thanks to improved margins at its refineries.....

Wall Street Market Report
Wall Street Market Report.....

Lloyds online banking hits problems
Customers of Lloyds Banking Group have been facing problems logging on to online banking, but the bank says the issue is now resolved......

Relegated clubs receive 60m boost
The new Premier League parachute payments figure is agreed for the next three years, with relegated clubs to receive over 60m......

London Marathon to review security
Security for Sunday's London Marathon will be reviewed after the fatal blasts at Boston's race, but the event will go ahead, officials insist......

New rules 'could end Carroll deal'
West Ham manager Sam Allardyce says new financial fair play rules could scupper any move for striker Andy Carroll......

VIDEO: Should bank bonuses be capped?
Under EU rules that come into force in 2014 banks will not be able to award bonuses that exceed an employee's annual salary......

VIDEO: Spotify's global expansion plans
Spotify, the Swedish online streaming music site, is expanding in Asia, Latin America and Europe and has 24m users in 25 countries......

VIDEO: UK inflation rate holds steady
UK consumer price inflation held steady at 2.8% in March, at its highest level since May last year, the Office for National Statistics said......

VIDEO: Kobo launches Aura HD reader
Kobo boss Michael Serbinis talks to Rory Cellan-Jones about his firm's HD Aura reader, which he hopes will help the company challenge Amazon in the e-reader market......

VIDEO: ONS: 'Quiet month' for inflation
UK consumer price inflation held steady at 2.8% in March at its highest level since May last year, the Office for National Statistics has said......

VIDEO: Grim IMF forecast on eurozone growth
As the International Monetary Commission and World Bank begin their Spring meetings in Washington the eurozone crisis remains a key concern......

AUDIO: 'Market nervousness' over gold value
Catherine Raw, a managing director covering gold and mining at Blackrock, says Cyprus selling its gold reserves "has contributed to market nervousness"......

VIDEO: French ministers reveal wealth
French government ministers have revealed details of their personal wealth as part of efforts by Francois Hollande to regain public trust......

Australian film industry hit by strong currency
Why foreign film makers are giving Australia a miss.....

Can streaming save music sales?
Can online streaming save music sales?.....

The bra designed to shock attackers
The most shocking bra you are ever likely to see.....

U.S. Day Ahead: Don't be blinded by BofA's profits
Apr 16 - Bank of America is set to see profits leap from last year thanks partly to aggressive cost cutting. But analysts are worried about what boss Brian Moynihan might say about revenues......

Techquity: Apple cuts, happy tune for Amazon
April 16 - Three analysts cut price targets for Apple while Amazon gains ground in the music business......

FACTBOX: Four key companies that beat the Street
April 16 - Find out which major S&P 500 companies beat analyst estimates when they reported results on Tuesday......

Daily Digit: Goldman's $2.07 billion
April 16 - Goldman's secretive Investing and Lending unit delivers revenue of $2.07 billion, the second-largest contribution to the bank's top line right behind client trading. Conway G. Gittens reports......

Don't bet on a weaker yen by year's end analyst
Apr 16 - The yen is set to finish the year stronger at around 92, according to Marc Chandler, global head of currency strategy at Brown Brothers Harriman. Find out why........

Horsemeat scandal was "food fraud"
April 16 - EU Health Commissioner Tonio Borg denies health concerns of horsemeat scandal, but rather an issue of fraud. Ciara Sutton reports......

Glencore leaps final hurdle over Xstrata
April 16 - China's antitrust authorities have removed the last obstacle to Glencore's $30 billion takeover of miner Xstrata - one of the biggest deals of the decade could now be completed next month. Sonia Legg reports.....

Breakingviews: Goldman beats, investors yawn
April 16 - Reynolds Holding and Breakingviews columnists discuss Goldman Sachs' decent first-quarter profits and shareholders' surprisingly tepid response......

Trading at Noon: Markets regain their mojo; oil slips
Apr 16 - U.S. stocks are moving up today and gold prices are stabilizing as well after sharp falls......

Kindle challenger Kobo's HD ereader
April 16 - Kobo launches its limited edition Aura HD "luxury" eReader, with the highest resolution display available on the market. It's seen as the Canadian company's challenge to Amazon's Kindle Paperwhite. It was unveiled on the sidelines of the L.....

Over-fishing seen as culprit in Fiji coral collapse
April 16 - Researchers from Georgia Tech University say a deadly seaweed is destroying coral reefs off Fiji because of over-fishing. After studying hours of video footage, the researchers found that the fish species which historically eat the seaweed.....

Human "tissue" evolves on 3D printer
April 16 - Researchers at Oxford University say they've taken a step towards creating synthetic human tissue on a 3D printer. While the technology is in its infancy, the scientists believe the materials they're producing could one day be used to repl.....

Europe Day Ahead: Pressure ramps on austerity backtrack
April 16 - Unemployment figures released on Wednesday are likely to add to IMF pressure on UK Finance Minister George Osborne to back down on austerity......

ECONOMY 2013: Won't see much M&A in drilling sector- C&J CEO
Apr. 16 - C&J Energy Services CEO Joshua Comstock expects drillers are more likely to buy new equipment than to buy each other and says increased regulation could put pressure on his company's margins......

Daily digit: Danone's baby food boost
April 16 - Danone beats quarterly sales growth forecasts thanks to strong demand for baby food in Asia and improved business at its core dairy unit in the United States and Russia. Sonia Legg reports.....

Piecing together the UK unemployment puzzle
April 16 - The UK economy is flirting with triple-dip recession and experiencing its worst recovery in 100 years. But employment is at an all-time high. We explain......

Piecing together the UK unemployment puzzle
April 16 - The UK economy is flirting with triple-dip recession and experiencing its worst recovery in 100 years. But employment is at an all-time high. We explain......

Workers protest Italy's political stalemate
Apr.16 - Italian trade unions protest against working conditions, saying they are worsening as a result of the country's political stalemate. (ROUGH CUT - NO REPORTER NARRATION).....

Market Pulse: Gold nurses mother of all hangovers
April 16 - The morning after the night before gold struggles to recover from Mondays historic tumble. Plus, China OKs Glenstrata and LVMH numbers hit the luxury sector......

The hemlines that rise along with Japan's stock market
April 16 - It's not just the markets that are singing the praises of Japan's stimulus drive -- an all-new girl group has got in on the act, pinning its skirt lengths to the country's Nikkei average......

Asia's next luxury capital? Big brands eye India
April 16 - Can Indians dethrone the Chinese as the new kings of bling? Top global brands are looking to capture a fast-emerging market -- but a unique set of challenges awaits them. Sareena Dayaram reports......

Breakingviews: Gold miners still look expensive
April 16 - Its hard to see value in the sector despite shares being savaged. Miners earnings will be crushed as high costs meet falling prices. Management has few levers to pull says Breakingviews......

World at Risk: Dont panic over Iran (until next year)
April 16 - The standoff over Irans nuclear programme wont come to a head until next year, but there is little hope of a happy ending in Syria, says Nomura senior political analyst Alastair Newton......

Reuters Today: Markets jittery after Boston blasts
April 16 - Market jitters mount after Boston bomb attacks leave three dead. Gold drops nine percent in its worst day for 30 years, but one investor tells us that just means a buying opportunity......

LIGHTNING ROUND: Markets could keep hittng new highs
Apr. 16 - NYSE trader Peter Costa says that earnings growth will rebound strongly in Q3 and feels that, with investors still in the market, U.S. stocks are likely to keep hitting new highs through 2013......

Yahoo! profits rise but ad sales struggle
Yahoo! is making more money under chief executive Marissa Mayer, even as the internet company struggles to sell more of the ads that bring in most of its revenue.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2a.....

Straight-talking on Glenstrata tie-up would have saved time and money
The value of the takeover has decreased as a result of falling share prices of both Xstrata and Glencore.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2acbfdda/mf.gif' border='0'/><div class='mf-viral'>.....

Marks & Spencer lingerie chief Janie Schaffer quits after three months
Marks & Spencer has suffered another setback in its attempts to turn around its ailing clothing business, after the head of lingerie and beauty quit just three months into the job.<img width='1' height='1' src='http://telegraph.feedsportal.com.....

George Osborne has fallen from grace at the IMF
George Osborne has fallen from grace in the hallowed corridors of the International Monetary Fund fortress on Washington's Pennsylvania Avenue.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2acb032f/mf.gif' bord.....

Why crossing the Atlantic is harder for Tesco than One Direction
The day Tesco announced Fresh & Easy launch, its shares fell by 2pc.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2acb0330/mf.gif' border='0'/><div class='mf-viral'><table border='0'><tr&g.....

Next chief executive Lord Wolfson donates 2.4m bonus to staff
Lord Wolfson, the chief executive of Next, has waived a 2.4m bonus and instead awarded it to the clothing retailer's staff.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2acacb3c/mf.gif' border='0'/><div c.....

Francois Hollande faces austerity revolt from own ministers
French president Francois Hollande is facing an anti-austerity revolt from his own ministers as he pushes through a fresh round of tax rises and austerity to meet EU deficit targets.<img width='1' height='1' src='http://telegraph.feedsportal.com/c.....

Fresh swipe from Nat Rothschild as Bumi finance chief steps down
Bumi, the embattled Indonesian mining company that has twice delayed its full-year results, has started a search for a new finance director.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2acacb3f/mf.gif' border=.....

ABF hurt by sour analyst comment
Credit Suisse questioned whether estimates for ABF were too high.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2acacb40/mf.gif' border='0'/><div class='mf-viral'><table border='0'><tr><t.....

Daily Mail 'actively' considering online charge
The Daily Mail is "actively" considering charging readers to access its website, the chairman of Daily Mail & General Trust has said.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2acac844/mf.gif' border='0'.....

Major retailers join Mary Portas push to revive high streets
Boots, JD Wetherspoon, Lloyds and Marks & Spencer are among the leading retailers which have backed a drive to regenerate Britain's embattled high streets.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2acac.....

John Paulson loses $1bn on gold
One of America's best known hedge fund managers John Paulson is thought to have lost as much as $1bn on the sudden collapse of the price of gold.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2aca5e08/mf.gif' bo.....

The best way to get people to care about our economy is to give them a stake in it
One of Margaret Thatcher's greatest legacies was to bridge the divide between capital and labour.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2aca3520/mf.gif' border='0'/><div class='mf-viral'><tab.....

EU vote clears way for bank bonus cap
EUROPEAN politicians voted in favour of a imposing the first ever legal cap on bank bonuses clearing the way for the introduction of the toughest pay rules in the world.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/5683.....

Business news and markets: as it happened, April 16, 2013
Commodities are making a weak recovery though markets remain subdued on global growth worries. UK inflation held at 2.8pc. Rules capping bankers' bonuses were overwhelmingly approved in the European Parliament.<img width='1' height='1' src='http:/.....

Questor share tip: Michael Page a hold amid 'challenging' market
White collar recruiter Michael Page posted a weak first quarter, with more headwinds to come. Questor explains why the stock is a hold.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2aca51ff/mf.gif' border='0'/&.....

ECB 'can't do everything for everyone', says Mario Draghi
The European Central Bank, in charge of monetary policy for 17 different countries, "can't do everything for everyone at any time," ECB chief Mario Draghi has said.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/.....

Business news and markets: live
Commodities are making a weak recovery though markets remain subdued on global growth worries. UK inflation held at 2.8pc. Rules capping bankers' bonuses were overwhelmingly approved in the European Parliament.<img width='1' height='1' src='http:/.....

Investors offered 6pc income on IPF bond
International Personal Finance, a doorstep lender that focuses on developing markets such as Poland and Mexico, is the latest company to offer a "retail bond" to small investors.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/327.....

EU could be asked for more money to help Cyprus, says Jose Manuel Barroso
The European Commission has said that member states could be asked to provide additional help for newly bailed-out Cyprus, whose economy is set for a dramatic and painful downsizing.<img width='1' height='1' src='http://telegraph.feedsportal.com/c.....

Japan's Suntory eyes possible bid for Lucozade and Ribena
Suntory, the Japanese owner of Orangina, is reported to be considering a bid for Ribena and Lucozade, two of the best-known soft drink brands in Britain.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2ac96d21/mf.....

Maggie's 'brassy' pound coin prepares for 30th birthday
As the country mourns the passing of its first female Prime Minister, the coin that was once nicknamed 'the Maggie' after Baroness Thatcher is preparing to celebrate its 30th birthday.<img width='1' height='1' src='http://telegraph.feedsportal.com.....

German women are the 'political football' in women-on-boards row
As Germany prepares to impose legally binding quotas for women on boards following a political row, Louisa Peacock, argues mandatory targets do nothing to help women and are a backwards step.<img width='1' height='1' src='http://telegraph.feedspor.....

Budget carriers dominate in battle for British skies
Britain has become a nation of no-frills fliers with the majority of UK passengers using budget airlines.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2ac7558a/mf.gif' border='0'/><div class='mf-viral'>.....

IMF slashes UK growth forecast and urges George Osborne to slow austerity
The Government must ease off on austerity to boost growth if the public finances are to be brought under control, the IMF's chief economist said as it slashed its forecasts for the UK economy.<img width='1' height='1' src='http://telegraph.feedspo.....