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Wednesday 17 April 2013

UK Financial News on 2013-04-17

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.....

Tesco's exit from US to cost 1.2bn
Tesco's annual profits fall for the first time in almost 20 years as the UK's biggest supermarket confirms it is pulling out of the US......

Apple shares fall on low sales fears
Shares in Apple fall to their lowest level in more than a year, on fears of slowing sales at the computer and mobile phone giant......

UK unemployment up to 2.56 million
Unemployment rose by 70,000 to 2.56 million between December and February, the Office for National Statistics says......

Real Madrid 'richer than Man Utd'
Real Madrid overtakes Manchester United as the world's most valuable football club, according to business magazine Forbes......

Fed says US economy slightly better
The US central bank slightly upgrades its view of the US economy, saying it expanded at a "moderate pace" in recent months......

Carmaker Opel to close German plant
German carmaker Opel announces the planned closure of one of its factories by the end of 2014 after a deal with unions falls through......

BMW to assemble Mini cars in India
BMW is to begin building the Mini in India, in a move that suggests confidence in the country's emerging car market......

Bank of America sees profits jump
Bank of America reports a sharp rise in profits after cutting costs and setting aside less money for bad loans......

Pinewood studio expands into China
British film studio Pinewood Shepperton agrees a joint venture deal with Chinese media group Seven Stars to investigate ways to harness the growing entertainment market there......

London Market Report
The pound falls against the dollar after the latest jobs and earnings figures raise concerns about the strength of the UK economy......

Burberry shares up on better sales
Shares in Burberry rise as much as 8% after the fashion house calms worries about slowing demand in China by posting better-than-forecast results......

Profits down at JD Sports Fashion
JD Sports Fashion reports a drop in profits following losses at its outdoor chains, Millets and Blacks......

Mattel shares rise to 15-year high
Shares in the world's biggest toymaker, Mattel, rose to a near 15-year high after results beat expectations......

Europe car sales fall again in March
Car registrations across Europe were down 10.3% in March from a year earlier, marking the 18th consecutive month of falls......

BoE still split on stimulus increase
The Bank of England's rate-setting committee remains divided over whether or not to increase quantitative easing, minutes of its latest meeting show......

FCA hints it may act on teaser rates
Action may be taken against so-called "teaser" rates on savings accounts, the Financial Conduct Authority has hinted......

Nigeria tycoon 'plans $8bn refinery'
Africa's wealthiest man, Aliko Dangote, says he aims to invest up to $8bn in a major new oil refinery that would double Nigeria's current oil output......

Microsoft signs Foxconn patent deal
Taiwanese electronics assembly giant Hon Hai - owner of Foxconn - agrees to pay Microsoft a patent fee for devices made running Google's operating systems......

Video games face tax break probe
The UK video games industry says it is "disappointed" that the EU has blocked a proposed tax break while it investigates the threat of a "subsidy race" between states......

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......

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......

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......

Russian economic growth slows down
The pace of growth in the Russian economy, part of the once fast-moving Brics bloc of developing countries, slowed to 1.1% in the first three months of 2013......

South African inflation at 5.9%
South Africa's annual inflation rate was 5.9% in March, official figures show, unchanged on the previous month's figure......

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......

China approves Glencore Xstrata deal
China approves the merger of commodities trader Glencore and mining group Xstrata, clearing the final big hurdle in completion of the deal......

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......

AUDIO: Business deal leaks 'push up price'
A study commissioned by IntraLinks from Cass Business School to find out if deals are affected adversely by press leaks......

VIDEO: Burberry buoyed by strong Asia sales
Luxury fashion brand Burberry has reported a 10% rise in fourth quarter revenues, partly thanks to strong sales in Asian markets......

AUDIO: Sandberg: 'Powerful women less liked'
Facebook's Chief Operating Officer Sheryl Sandberg reflects on the different attitudes men and women encounter in the workplace......

VIDEO: UK unemployment rises to 2.56 million
UK unemployment rose by 70,000 to 2.56 million between December and February, the Office for National Statistics (ONS) has said......

AUDIO: US Tesco brand 'was confusing'
Allyson Stewart-Allen, head of International Marketing Partners, says Americans struggled to understand the concept of Fresh & Easy......

VIDEO: Businessmen voice Afghan future fears
With he departure of thousands of foreign troops from Afghanistan due next year, the BBC's Bilal Sarwary speaks to two businessmen about their concerns for the country's future......

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

The art of hand crafted bicycles
The art and craft of bespoke bicycles.....

Tomato prices create bad taste in Brazil
Why tomatoes have been taken off the menu in Brazil.....

Can UK firms make it in the US?
Why the US market is so hard to crack for UK firms.....

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

Bitcoin challenges the status quo
The activist betting on the online currency's future despite recent price swings.....

U.S. Day Ahead: Mobile boost to drive Google growth
Breakingviews' Rob Cyran......

Daily Digit: Carnival's $300 mln fix
Apr 17 - Carnival will spend just $300 million on ship safety after several mishaps on the high seas forced its parent to trim estimates last month. Conway G. Gittens reports......

B of A taking the right steps- FBR's Miller
Apr. 17 - Despite an earnings miss, FBR Capital Markets Paul Miller explains why he thinks Bank of America is on the right track. Bobbi Rebell reports......

Techquity: Apple's new low, breaking down the decline
April 17 - Apple falls below $400. We track the stock's fall and assess when it may turnaround......

Anger in court over faulty breast implants
April 17 - Five French executives went on trial to jeers from victims for supplying women with hundreds of thousands of substandard breast implants and triggering a global health scare. Ciara Sutton.....

Trading at Noon: Apple stock nearing $400
Apr 17 - Shares of Apple are sinking after audio chip maker Cirrus Logic estimated weak Q4 revenue on inventory pile-up......

Breakingviews: BofA ball and chain
April 17 - Chief Executive Brian Moynihan wants to remain at the helm of Bank of America until he dies. Considering the bank's insipid Q1 showing, it may take him that long to earn his bonus......

Wealth Strategies: Apple "depressed", could hit $500 soon
Apr. 17 - WBI President Matt Shreiber says markets may be due for a pullback of 10%-15%, but still likes stocks like Apple, which will rally with new product launches, and Coach for its expansion in China.....

Tesco quits US and shocks with profit fall
Apr.17 - Britain's biggest retailer Tesco wrote down the value of its global operations by $3.5 billion and announced plans to exit the United States after annual profit fell for the first time in two decades. Hayley Platt looks at the problems facin.....

Car crisis leaves Ford struggling in Europe
Apr.17 - Ford's European car registrations fell 15.9 pct in March as car sales for the region saw a sixth straight annual decline to a two-decade low. Julian Satterthwaite ask Ford's Europe CEO how he plans to deal with the downturn.....

Europe Day Ahead: Retail focus with Nestle and Nokia results
Newsmaker event with Mark Carney......

Daily Digit: Daimler's 2.2 bln exit from EADS
Apr.17 - Germany's Daimler has sells its remaining stake in EADS for about 2.2 billion euros, exiting its aerospace activities completely nearly 13 years after it helped to found the Airbus parent company. Ciara Sutton reports......

U.S. Morning Call: BofA misses but still quadruples profits
Apr 17 - Bank of America's first-quarter profit quadrupled as expenses fell and it set aside less money to cover bad loans......

Breast implant maker trial opens in France
Apr.17 - The trial begins of former boss of French company PIP, manufacturers of faulty breast implants given to hundreds of thousands of women. (ROUGH CUT - NO REPORTER NARATION).....

Market Pulse: Crown slips - but dont knockie the Stokkie
April 17 - Huge volatility in the Swedish crown, and sterling falls. In a bad day for stocks, its a good day for EADS and ASML. And on this day in history, 1930 - be careful.....

Witness: Tensions cloud a window into North Korea
videojournalist Max Duncan reports from Dandong, on China's border with North Korea, where war seems a distant prospect -- but tensions have nonetheless dented two-way tourism and trade......

Chinese light virtual candles for Boston bombing victim
April 17 - Chinese netizens have taken to microblog Weibo to mourn the death of one of their own at the Boston Marathon, indicating a shift in perceptions of the United States in the process. Anita Li reports......

Breakingviews: Tesco pain could yield long-term gain
April 17 - The UKs biggest retailer saw annual profit dip for the first time in 20 years, and shuttered its disastrous U.S. foray. Yet its better to kitchen-sink now than later says Breakingviews.....

ECONOMY 2013: Fords European headache
April 17 - We ask Ford Europe CEO Stephen Odell how he plans to turn around a slide in sales and market share......

ECONOMY 2013: Fresh but not easy: Tesco CFO on quitting U.S.
April 17 - The UKs biggest retailer confirms it will exit its loss-making Fresh & Easy business in the U.S., taking a 1.2 billion writedown which knocks full year profit for the first time in two decades......

Reuters Today: IMF to UK think about Plan B
April 17 - The IMF singles out the UK for a warning as global policymakers gather in Washington, and Tesco says its quitting the U.S. with a 1bln writedown......

Tesco quits US and shocks with profit fall
April 17 - Britain's biggest retailer Tesco wrote down the value of its global operations by $3.5 billion and announced plans to exit the United States after annual profit fell for the first time in two decades. Hayley Platt looks at the problems fac.....

Intel decline not as bad as feared
April 16 - Summary of business headlines: A drop in sales and profits at Intel was not as deep as feared; Yahoo revenues fall; Coca-Cola inks new bottling deals; Goldman client trading revenues fall; housing starts revisit June 2008 peak; IMF trims g.....

Frugal Americans stay so post recession
April 16 - Four years after the official end of recession, 94 percent of Americans are spending as little as possible, according to a Deloitte study. Conway G. Gittens reports......

Home boom may not avoid econ gloom
April 16 - Housing starts are at their highest level since 2008, but there are concerns about where the gains are coming from and how long the housing sector can boost the rest of the economy. Bobbi Rebell reports......

Twitter allows adverts based on users' tweets
Twitter has begun to allow ads to be targeted at users based on the words written in "tweets" and messages forwarded to followers at the popular social network.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2ad7.....

Heathrow, Gatwick and Stansted face regulatory shake-up
Heathrow, Gatwick and Stansted are facing the biggest regulatory shake-up for a quarter of a century.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2ad73f6f/mf.gif' border='0'/><div class='mf-viral'><.....

Tesco's 'space race' is dead, but its digital war is alive and kicking
Retailer focuses on digital war as shoppers turn to website and apps.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2ad73f70/mf.gif' border='0'/><div class='mf-viral'><table border='0'><tr>&.....

Federal Reserve upgrades view of US economy
The Federal Reserve has slightly upgraded its view of the US economy, saying that manufacturing and construction continues to grow.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2ad738a2/mf.gif' border='0'/>&.....

The shape of new Tesco emerges from ashes of US failure
'We are still a growth company," Philip Clarke, the chief executive of Tesco, said. "But we are not about growth at any cost."<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2ad738a1/mf.gif' border='0'/><di.....

John Lewis to offer broadband to customers
John Lewis is to challenge communications giants such as BT and TalkTalk with a move to capture a share of the broadband market.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2ad738a4/mf.gif' border='0'/><.....

Oil explorers tumble as French Guiana drilling disappoints
Tullow Oil claims to have made an 'important new oil find' in an untapped region for exploration off the coast of South America.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2ad738a5/mf.gif' border='0'/><.....

Fed and Bank of Japan caused gold crash
Commodity prices have been falling since September, culminating in a rout over the past two weeks. That is a classic warning for the global economy.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2ad738a6/mf.gif'.....

Commodities and gold flash warnings for world economy
Commodity prices have been falling since September, culminating in a rout over the past two weeks. That is a classic warning for the global economy.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2ad67c95/mf.gif'.....

Row erupts over study into public debt as economists turn on Rogoff and Reinhart
Paper was used by George Osborne to justify austerity measures.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2ad7b539/mf.gif' border='0'/><div class='mf-viral'><table border='0'><tr><td .....

Key research on austerity by Ken Rogoff and Carmen Reinhart 'contains serious errors'
Paper was used by George Osborne to justify austerity measures.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2ad67c98/mf.gif' border='0'/><div class='mf-viral'><table border='0'><tr><td .....

Booming Hargreaves Lansdown tees up charges
The chief executive of Hargreaves Lansdown, Britain's biggest fund seller, has warned that the investment advice industry will end up dominated by a handful of players.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/56830.....

CPP tumbles as founder's bid looms
Shares in the beleaguered credit card insurer plunged 45pc today.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2ad5e83e/mf.gif' border='0'/><div class='mf-viral'><table border='0'><tr><t.....

European debt crisis could last a decade, warns Bundesbank chief Jens Weidmann
Germany's top central banker Jens Weidmann has warned that Europe's debt crisis could last for a decade.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2ad5e83f/mf.gif' border='0'/><div class='mf-viral'>.....

European debt crisis could last a deacde, warns Bundesbank chief Jens Weidmann
Germany's top central banker Jens Weidmann has warned that Europe's debt crisis could last for a decade.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2ad5dd56/mf.gif' border='0'/><div class='mf-viral'>.....

Apple loses world's biggest company title as shares hit 18-month low
Apple shares have hit their lowest levels in a year and half, after a supplier hinted at a slowdown in iPhone and iPad production.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2ad5dd57/mf.gif' border='0'/>&l.....

Public sector pay growth outstrips private sector
Public sector pay has grown three times faster than in the private sector, despite the era of austerity, official figures show.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2ad4d576/mf.gif' border='0'/><d.....

Russian regions will struggle to fund 2018 World Cup, says S&P
Most of Russia's regions will have a tough time coming up with the cash required to host the 2018 football World Cup because of the country's economic slowdown, Standard and Poor's has warned.<img width='1' height='1' src='http://telegraph.feedspo.....

Business news and markets: as it happened, April 17, 2013
Europe could take a decade to recover from the debt crisis, German central bank chief Jens Weidmann warns, as France slashes its growth forecast and Slovenia raises 1bn in a successful debt auction.<img width='1' height='1' src='http://telegraph.f.....

Business news and markets: live
Europe could take a decade to recover from the debt crisis, German central bank chief Jens Weidmann warns, as France slashes its growth forecast and Slovenia raises 1bn in a successful debt auction.<img width='1' height='1' src='http://telegraph.f.....

YouView attacked by regulator for 'unique' TV claim
Digital television service YouView misleaded consumers with claims about a "unique" function for watching catch-up shows.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2ad4c83e/mf.gif' border='0'/><div cla.....

Global economy faces 'chronic' crisis if reforms are not completed, warns IMF
A growing trend towards excessive risk-taking and lack of action to repair broken bank balance sheets could trigger a "chronic" new phase in the financial crisis, the International Monetary fund has warned.<img width='1' height='1' src='http://tel.....

When investors should follow the fund manager
Schroders have replaced exiting star Richard Buxton with a manager from Jupiter. Emma Wall explains when it pays to follow the manager.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2ad41f2a/mf.gif' border='0'/&.....

China's appetite for luxury spurs Burberry
China's appetite for luxury clothing and accessories showed little sign of abating on Wednesday as brisk trading in Asia again spurred sales at Burberry.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2acfd3ef/mf.....

Porsche VW takeover lawsuit referred to anti-trust court
Allegations that Porsche manipulated the market and misled investors with inaccurate press releases during a failed attempt to take over Volkswagen may be referred to a specialist anti-trust court in Germany.<img width='1' height='1' src='http://t.....