Search This Blog

Thursday 18 April 2013

UK Financial News on 2013-04-18

Lagarde warns UK growth 'not good'
The head of the IMF, Christine Lagarde, expresses renewed concern over the health of the UK economy......

Google and Microsoft profits rise
US technology giants Google and Microsoft, which compete in software and search engines, both report rising profits......

Retail sales slip on icy weather
Retail sales in March were 0.7% lower than in February because of bad weather, according to the Office for National Statistics......

Warning over 'quick house sales'
Consumers who want to sell their houses via so-called "quick sale" companies are in danger of being misled, according to the Office of Fair Trading......

Nokia shares fall after sales drop
Shares of Nokia fall 13% after quarterly sales of its Lumia smartphones failed to offset a decline in its mobile phone unit......

Barclays investment bank boss quits
The head of Barclays' investment banking business, Rich Ricci, has resigned, the bank announces......

Aviva set to cut workforce by 2,000
Insurer Aviva reveals plans to cut 2,000 jobs worldwide, 6% of the company's workforce, over the next six months......

Ireland overhauls insolvency rules
New plans to deal with personal debt being announced by the Irish government could see state-appointed officials taking over the finances of those struggling with mortgages......

Morgan Stanley posts rise in profit
Morgan Stanley reports a profit of $958m (627m) for the first quarter of the year, helped by growth at its wealth management unit......

Card firm to sell US arm for 26.1m
Credit card insurer CPP announces extension to its lending facility in the wake of an agreement to to sell its US arm for 26.1m......

Winter 'subdued' North Sea activity
North Sea activity was subdued by the UK's prolonged winter after a strong finish to 2012, a report by Deloitte concludes......

TalkTalk fined over silent calls
Telecoms operator TalkTalk has been fined 750,000 by the regulator Ofcom for an excessive number of abandoned and silent calls......

Debenhams profits hit by bad weather
Department store chain Debenhams reports a dip in half-year profits after trading was hit by the snow in late January......

Apple shares fall below $400 mark
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......

Eurostar sees rise in revenues
Eurostar says promotional campaigns meant leisure bookings helped to offset a fall in business travel during the first three months of this year......

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

Cheddar mountain helps pension fund
A mountain of maturing cheddar cheese is to be used as security for a pension fund, which includes thousands of retired milkmen.....

Rare blue diamond found in S Africa
An African company recovers a rare blue diamond, thought to be worth $10m (6.5m), from its mine in South Africa......

Car hire firms criticised over costs
Consumer association Which? says many car hire companies are confusing their customers with "sneaky charges"......

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......

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......

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......

Japan in record annual trade deficit
Japan, the world's third-largest economy, reports a record trade deficit for the financial year to 31 March......

Doubt cast on pro-austerity research
Doubts have been cast on research that has been crucial in supporting governments' austerity programmes......

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......

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......

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......

AUDIO: Apple will 'continue to innovate'
Shares in the American technology giant Apple fell by 5.5% on Wednesday - dropping below the $400 mark for the first time since 2011......

VIDEO: 'Degraded' by quick house sale scheme
Householder Pat Hardy describes how she felt ''degraded'' following her experience of selling her family home through a so-called "quick sale" company......

VIDEO: UK growth 'not looking good', says IMF
International Monetary Fund chief Christine Lagarde has said growth figures in the UK are not looking good......

VIDEO: Cold weather hits March retail sales
Retail sales in March were 0.7% lower than in February because of bad weather, says Jacqui Jones from the Office for National Statistics......

AUDIO: Sandberg: 'Powerful women are less liked'
Facebook's Chief Operating Officer Sheryl Sandberg says the way boys and girls are raised is still creating a situation where men and women are judged differently in the workplace......

AUDIO: Austerity justification 'inaccurate'
Two Harvard economists on Wednesday acknowledged errors in a study that has been cited by policymakers around the world as justification for government austerity campaigns, but said the "central message" of their research was still valid......

VIDEO: Nokia narrows first-quarterly loss
Finnish mobile phone company Nokia narrowed its losses in the first quarter of 2013, helped by rising sales of Lumia smartphones......

VIDEO: Europe 'must be more competitive'
Europe must make its economies more competitive, says analyst Bernd Brunke of Roland Berger Strategy......

Investors bet on breeding success
Why this fine specimen went for 100,000 at auction.....

Microsoft's Steve Ballmer: Should he stay as boss?
Should Microsoft's Steve Ballmer remain as chief executive?.....

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.....

U.S. Day Ahead: Weak sales may hit McDonald's soaring stock
Apr 18 - McDonald's soaring shares could come under pressure when the company reports results. Top analysts are expecting a miss on weak sales......

NEWSMAKER: Carney on Reinhart/Rogoff: No magic debt level
April 18 - The work of economists Carmen Reinhart & Kenneth Rogoff has come under fire and outgoing Bank of Canada governor Mark Carney says their research carries great insight but he doubts the 90% threshold......

Techquity: Price concerns for Apple, Facebook competition
Apr 18 - Analysts express concerns about the average selling price of iPhones while Facebook faces more competition from LinkedIn and others......

NEWSMAKER: BofE's Mark Carney on challenges to the economy
Digital Editor Chrystia Freeland speaks with Mark Carney, incoming governor at the Bank of England, about the challenges he'll face at the central bank and his outlook for Europe......

NEWSMAKER: Carney on IMF, inflation & how he got his new job
Incoming Bank of England governor Mark Carney explains where he differs with the IMF on austerity, central bank inflation targeting and how he was made Bank of England chief even though he's Canadian......

Saft Says: The summer blockbuster will be China and the Fed
Columnist James Saft says China looks like it's slowing which is bad not only for equities but also for the Fed......

Bank of Canada's Carney: U.S. improving
April 18 - Bank of Canada Governor Mark Carney, who will soon head the Bank of England, says the U.S. economy is benefiting from growth in the private sector and the Federal Reserve is on the right track......

Daily Digit: Verizon's $150.27
April 18 - The average monthly bill for Verizon Wireless account holders is up 7 percent to $150.27, leading to better-than-expected quarterly profits. Conway G. Gittens reports......

NEWSMAKER: Carney on Reinhart/Rogoff: No magic debt level
April 18 - The work of economists Carmen Reinhart & Kenneth Rogoff has come under fire and outgoing Bank of Canada governor Mark Carney says their research carries great insight but he doubts the 90% threshold......

Germany approves bailout but will Cyprus?
April 18 - Germany's lower house of parliament voted overwhelmingly in favour of granting Cyprus a 10 billion euro bailout that is designed to stop bankruptcy for the tiny Mediterranean island and keep it in the euro zone. But Cyprus' own parliament .....

Frustration as Italy fails to elect President
April 18 - Italy's parliament has failed to elect a new state president in its first round of voting. As Sonia Legg reports, the first important move towards resolving the country's political stalemate could take days......

Breakingviews: M&A leaks
April 18 - Leaked deals are less likely to close, but premiums are often much higher. Richard Beales and Jeffrey Goldfarb discuss incentives for bankers to blab......

Trading at Noon: Apple's core weakens as stock falls
Apr 18 - Major holders of Apple see losses as the stock drops below $400......

Grading new BoE chief Carney's exclusive talk with Reuters
interview in Washington with incoming BoE governor Mark Carney. We get reaction in London from ex-BoE policymaker Andrew Sentance and Deutsche Bank chief UK economist George Buckley.....

Daily Digit: Nokia sales & shares tumble
April 18 - A sharp fall in sales of Nokia's basic phones overshadowed a stronger performance from its Lumia smartphones in the first quarter, rekindling fears over its future and sending its shares tumbling to year lows. Sonia Legg reports......

Europe Day Ahead: Corporates, Carney & Compact Crossovers
April 18 - On the agenda for Friday, SAPs latest results, the BoEs latest lending report and the latest compact crossovers at the Shanghai car show......

Economy: U.S. homebuilders could see more upgrades - Fitch
Apr 18 - With the U.S. housing market set to see solid growth in 2013 and 2014, keep an eye on D.R. Horton and Meritage Homes for potential upgrades according to Fitch......

Russian firms crippled by Cyprus crisis
April 18 - One of Russia's best start-ups is staring into financial abyss as all its money is frozen in Cyprus. But as Hayley Platt reports not everyone's complaining - Russian banks are seeing a boost as depositors withdraw their cash from the tiny .....

U.S. Morning Call: Morgan Stanley posts $958 M profit
Apr 18 - Morgan Stanley reported a first-quarter profit of $958 million driven by strong growth in its institutional securities business......

Sports Spread: Is the Title Race Really Over?
April 18 - Man Utd hold a commanding lead in the Premier League title race but with some tough games to go can City pull off an even more dramatic comeback than last year?.....

Mark Carney super talented, or just lucky?
April 18 - Is incoming Bank of England governor Mark Carney as talented as they say, or just lucky? We examine the facts......

Market Pulse: Japanese cash wave coming? More a ripple
April 18 - Good demand and a 3-yr low in yield at Spains bond auction today. But while Japanese investors want yield, dont overestimate their appetite for foreign bonds, says Morgan Stanley......

Chairman of China's ZTE decries 'unfair' U.S. treatment
April 18 - The chairman of China's second-largest telecom equipment maker says it has stopped doing business in Iran after U.S. probes into its business there, but believes the firm has been singled out......

Moo-ve over gold -- bricks, milk and gas the new safe bets
April 18 - Gold prices may be suffering wrenching falls, but investors take heart -- there are other assets poised to produce steady returns, from London property to dairy farms. Tara Joseph reports......

Breakingviews: I think Im turning Chinese
April 18 - Breakingviews on why a Chinese passport could be the ticket to success, and the hierarchy of pain in bank bailouts......

While welcome, don't bet big on America's housing recovery
House prices are a favourite subject of conversation all year round. In the spring, though, they are irresistible.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2ae3812b/mf.gif' border='0'/><div class='mf-.....

Microsoft CFO to step down despite 19pc jump in profits
Microsoft announced that its chief financial officer will step down at the end of the year, as the company unveiled a 19pc rise in profits.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2ae37f2f/mf.gif' border='.....

Facebook hires fired Apple Maps chief Richard Williamson
Richard Williamson, who was fired from Apple after the disastrous launch of its mapping app, has been hired by Facebook.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2ae2dd47/mf.gif' border='0'/><div clas.....

Crown Estate buys one of biggest retail parks in northern England
Deal is an effort to diversify portfolio away from West End of London.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2ae2dd48/mf.gif' border='0'/><div class='mf-viral'><table border='0'><tr>.....

Former FSA chief John Tiner steps down from RBS bid consortium
John Tiner, the former head of the Financial Services Authority, has stepped down from a consortium that is bidding for 316 bank branches owned by Royal Bank of Scotland.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568.....

The IMF's advice is loaded with contradictions and power struggles
The economics wing of the IMF has always been more Keynesian than the fiscal monitoring wing.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2ae2acf9/mf.gif' border='0'/><div class='mf-viral'><table b.....

The IMF is flunking the financial crisis
By turning its fire on Britain, the IMF gives the impression it is out of ideas and solutions, says Jeremy Warner<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2ae2acfb/mf.gif' border='0'/><div class='mf-v.....

Has the world lost its lust for gold?
The gold price crashed this week. Alistair Osborne explains what has happened to the less precious metal<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2ae2aac1/mf.gif' border='0'/><div class='mf-viral'>.....

Cyprus bail-out vote stirs fresh jitters as slump fears grow in Europe
Cyprus has stunned EU officials by ordering a vote in its parliament on the terms of the EU-IMF Troika bailout for the country, risking a rejection by angry lawmakers and a fresh eruption of the crisis.<img width='1' height='1' src='http://telegra.....

EDF prepared to let UK nuclear talks fail
EDF has warned that it is prepared to let talks over building the UK's first new nuclear power station in almost two decades fail.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2ae200e1/mf.gif' border='0'/>&l.....

Shrinking Bumi must cut pay, says Nat Rothschild
Nat Rothschild has stepped up his pressure on the Bumi board by demanding pay cuts for all of its directors.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2ae200e2/mf.gif' border='0'/><div class='mf-viral'.....

Short-sellers circle troubled miner ENRC
Short interest in troubled miner ENRC has tripled in just over a month, it emerged, as rising worries over its corporate governance made it the biggest faller in the FTSE 100 index.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/.....

Analysis: New era as Rich Ricci bids farewell to Barclays
On the afternoon of September 11, 2008, Bob Diamond and his two key lieutenants, Rich Ricci and Jerry del Missier, boarded a flight from Heathrow to New York.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2ae1e5.....

Britain is a 'crisis economy', says Mark Carney
Mark Carney, the incoming Bank of England Governor, has described the UK as a "crisis economy" as he sought to play down hopes that he could ride to the country's rescue.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568.....

Business news and markets: as it happened April 18, 2013
The IMF's Christine Lagarde hints she will ask Osborne to slow austerity, Germany has approved the Cyprus bail-out and Japan posts record trade deficit as 'Abenomics' kicks in.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726.....

TalkTalk will not compensate customers for nuisance calls
TalkTalk has been fined 750,000 for bothering thousands of would-be customers with nusiance calls, but has ruled out paying any compensation to the individuals affected.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/5683.....

Business news and markets: live
The IMF's Christine Lagarde hints she will ask Osborne to slow austerity, Germany has approved the Cyprus bail-out and Japan posts record trade deficit as 'Abenomics' kicks in.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726.....

FTT contravenes G20 agreements, warn global markets bodies
Five global markets associations have written to G20 finance ministers urging them to intervene in Europe's plans to impose a financial transactions tax.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2ae11798/mf.....

Allan Leighton to take helm at Pandora
He helped turn around Asda and chaired the Royal Mail. Now Allan Leighton is to take the helm of jewellery business Pandora as its current boss leaves for sportswear firm Puma.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726.....

Dairy Crest plugs pension fund hole with cheese
Dairy Crest has filled a hole in its pension scheme with the promise of 60m of maturing cheddar.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2adf2078/mf.gif' border='0'/><div class='mf-viral'><tabl.....

BHP cuts pay for new CEO as miners clamp down on costs
BHP Billiton's new chief executive Andrew Mackenzie will be paid half a million dollars a year less than his predecessor, as the mining giants try to show they are focused on keeping costs down amid falling profits.<img width='1' height='1' src='h.....

Rich Ricci profile: banking, horses and lottery tickets
The horse-race loving, flamboyant banker Ricci Rich is to retire from Barclays at the end of June. Here we take a closer look at the man.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2ade1a2f/mf.gif' border='0'.....

Aviva to axe 2,000 jobs
Aviva, the FTSE 100 insurer, is to cut 2,000 jobs over the next six months as part of a global restructuring programme.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2ade1a30/mf.gif' border='0'/><div class.....

Talk Talk fined 750,000 for silent calls
TalkTalk has been hit with a 750,000 fine for making too many nuisance calls to would-be customers.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2ade1647/mf.gif' border='0'/><div class='mf-viral'><t.....

Rich Ricci out at Barclays amid shake-up
Rich Ricci has been ousted from his position as head of Barclays' investment bank as part of a shake-up by new chief executive Antony Jenkins.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2ade1648/mf.gif' borde.....