Search This Blog

Friday 19 April 2013

UK Financial News on 2013-04-19

Fitch downgrades UK credit rating
Fitch credit ratings agency downgrades the UK to AA+ owing to a weakened economic outlook, but Chancellor George Osborne defends his austerity plan......

US approves Dreamliner battery fix
US regulators approve a revamped battery design for Boeing's 787 Dreamliner, paving the way for flights to resume, after problems grounded planes for months......

UK in legal challenge to FTT tax
The UK government launches a legal challenge at the European Court of Justice against plans for a European financial transactions tax (FTT)......

Santander might compensate 30,000
Santander, the country's second biggest mortgage provider, says 30,000 former Abbey customers may be due compensation, after errors made in 2008......

Glaxo accused of market 'abuse'
The Office of Fair Trading accuses GlaxoSmithKline of paying rivals to delay the release of generic versions of one of its drugs......

McDonald's sees fall in global sales
McDonald's reports a drop in first quarter global sales and says it expects sales to fall in April as well, as a "challenging" environment hits trade......

Online betting boosts William Hill
Bookmaker William Hill says online betting helped to boost first quarter operating profits, which rose by 8%......

Blackstone pulls out of Dell bid
Dell's deteriorating financial condition leads to Blackstone deciding to withdraw its bid for the computer company......

Amazon to pilot TV shows online
Fourteen comedy and children's pilot shows - including Alpha House and Zombieland - are to be put to the public vote on LoveFilm and Amazon.com......

Lending to business falls by 4.8bn
Lending to UK businesses fell by 4.8bn in the three months to February, the Bank of England says, but the mortgage market is more stable......

Profits up 16% at General Electric
General Electric reports a 16% rise in first quarter profits, helped by a one-off gain from the sale of its remaining stake in NBC Universal......

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

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

Post Office staff stage strike
Staff at some of the UK's biggest post offices are on strike in a dispute over shop closures, jobs and pay......

Firms 'own unburnable fossil fuels'
Some 60% to 80% of fossil fuel reserves owned by listed firms could be classed as unburnable if politicians stick to CO2 emission limits, a report warns......

London Market Report
Mining shares pull the FTSE higher, helped by a well-received trading update from Anglo American......

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......

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......

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......

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

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

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......

Statoil finds new oil in North Sea
Norwegian energy giant Statoil says it has found 'significant' new oil deposits in the North Sea of between 40 and 150 million barrels......

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

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......

VIDEO: Three years on from BP oil disaster
Three years ago BP's Deepwater Horizon oil rig exploded in the Gulf of Mexico killing 11 workers and causing the worst environmental disaster in US history......

VIDEO: Hugh's review: Making sense of the stats
The BBC's Hugh Pym is joined by guests to discuss what this week's inflation, retail and unemployment figures mean for the UK economy......

VIDEO: Osborne: 'UK economy is healing'
British Chancellor George Osborne has said he will stick to his current economic plan despite calls from the IMF to rethink his austerity-led approach......

VIDEO: Meet the ebook evangelists
BBC News catches up with some of the people exhibiting in the digital zone of the London Book Fair, to hear their views on the state of internet publishing......

AUDIO: Olympic loan 'must be recouped'
Margaret Hodge explains doubts that have been raised about the repayment of lottery money used to help fund the 2012 Olympics......

VIDEO: Citroen upbeat on China prospects
French carmaker Citroen is showcasing a luxury SUV at the Shanghai auto show - a model which may be built specifically for the Chinese market from next year......

AUDIO: Did GSK 'pay-off competition'?
GlaxoSmithKline (GSK) has been accused of market "abuse" by the consumer watchdog, the Office of Fair Trading (OFT)......

VIDEO: Taiwan's poor rely on state welfare
An increasing number of Taiwanese living below the poverty line are struggling to make ends meet and are relying to state aid......

Rich List: Changing face of wealth
How the super rich have changed over the past 25 years.....

Gardeners cool spending in big chill
Bad weather brings gardening bargains - but not for long.....

Deepwater Horizon: Surviving the oil spill - interactive video
'The dumb ones like me never give up'.....

Indie music shop in show of strength
Rough Trade surges as Record Store Day looms.....

Your views: Are online ads too intrusive?
The advertisers that watch you surf the net.....

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

U.S. Week Ahead: Get ready for worm-infested Apple earnings
Breakingviews' Rob Cyran......

MuniLand: Jump in tax revenues not enough to cover costs-RBC
April 19 - RBC Capital Markets' Head of U.S. municipal strategy Chris Mauro says that while state revenues have jumped back up to pre-recession levels, they're still not enough to cover expenditure growth......

FACTBOX: U.S. company revenues look dismal
Apr 19 - So far company's revenues are under performing. Plus two of your biggest earnings for Friday. Here are the numbers........

Techquity: IBM feeling blue, Google's mobile mojo
Apr 19 - Big Blue reports a weak quarter while Google's mobile fortunes continue to shine......

Breakingviews: Out of Office
April 19 - Jeffrey Goldfarb talks to Richard Beales and Robert Cyran about why, despite earnings and a departing CFO, the week's most interesting Microsoft news is about its software......

Trading at Noon: GE, McDonald's & IBM earnings take a hit
Apr 19 - U.S. markets are up, but the Dow is trading lower after weak earnings from components GE, McDonald's & IBM......

Daily Digit: $2.7b out of gold funds
April 19 - Investors in U.S.-based funds pull a record $2.7 billion out of gold funds. Bobbi Rebell reports......

Austerity to be hotly debated at G20
April 19 - Finance ministers will debate countries' debt levels at the G20 this weekend as the world's biggest economies rethink austerity. Kirsty Basset reports.....

Europe Week Ahead: Debt, austerity and growth
April 19 - Debt, austerity and growth on the agenda in Washington for the IMF and World Bank, with markets focusing on Tuesdays PMI data. And earnings season gets into full swing as we talk to Philips and WPP......

Lufthansa considers legal action over strike plans
April 19 - German airline Lufthansa says it's considering legal action after trade union Verdi called on thousands of workers to go on strike on Monday over pay conditions. Joanna Partridge reports.....

U.S. Morning Call: GE profit jumps 16 percent in Q1
Apr 19 - General Electric reported a 16 percent rise in first-quarter earnings as it sold more equipment for oil and gas drilling and shed its stake in NBC Universal......

SAP Co-CEO upbeat despite lower than expected Q1 results
the German software company is gaining 'radical market share', despite missing analysts' forecasts for Q1 results......

Reuters Asks: After the gold crash, burn or revive?
April 19 - Monday, 15 April 2013 will go down as a historic day for gold its biggest fall in percentage terms for 30 years, and biggest fall ever in dollar terms. So what next?.....

Market Pulse: Brace for a summer lull, but no slump
April 19 - Stocks look to end a bruising week on a positive note. But active central banks may be needed to prevent a summer lull turning into a slump......

Chinese cars still in the slow lane to global market
April 19 - The worlds largest auto market is their playground, and now China's carmakers have set their sights overseas. The president of market research group J.D. Power discusses their prospects......

Boston Police statement on fugitive suspect
April 19 - Boston Police Commissioner says one Boston marathon bombing suspect on the run, second one dead after shootout which also leaves one police officer dead and another critically injured. Rough Cut (no reporter narration)......

Breakingviews: New oil dynamic may boost growth
April 19 - Oil prices below $100 a barrel may provide a boost for the economy. But with a surge in supply the price of crude could remain depressed for some time say Breakingviews......

China Tea Leaf Index: Loans a double-edged sword
April 19 - Lending has fueled China's economic juggernaut -- but also built a mountain of bad debt. Breakingviews John Foley talks about new financing sources and whether they can keep companies going strong......

Reuters Today: Are these the Boston bombers?
April 19 - The FBI releases images of two men suspected of carrying out the Boston bombings. Meanwhile, G20 leaders talk debt in Washington......

Radical IT spend shift helps SAP steal share - co-CEO Snabe
April 19 - A radical transformation in IT spending is fueling double-digit growth and helping SAP steal market share from the competition, says co-CEO Jim Hagemann Snabe......

Google, Microsoft may restore faith
Apr 18 - Summary of business headlines: Higher earnings at Google and Microsoft could restore confidence in battered tech stocks; Apple slides further as Verizon sales signal trouble for iPhone; Stocks fall as economy trumps profits. Conway G. Gitten.....

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......

An ill-judged tax that would stifle growth across the world
Five global markets associations are only the latest to lobby the EU to drop Financial Transaction Tax.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2aeddcfb/mf.gif' border='0'/><div class='mf-viral'>&.....

Boeing given green light to resume Dreamliner flights
Boeing has been given the green light by regulators to return its troubled 787 Dreamliner to the skies after a fix to a battery problem was approved.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2aeddcfc/mf.gif.....

Business news and markets: as it happened - April 19, 2013
Fitch has downgraded Britain's prized triple-A rating to AA+, but says the UK's credit profile is "extremely strong".<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2aedf722/mf.gif' border='0'/><div class='.....

Business news and markets: live
Fitch has downgraded Britain's prized triple-A rating to AA+, but says the UK's credit profile is "extremely strong".<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2ae61405/mf.gif' border='0'/><div class='.....

William Hill boss weighs into tumbling Ladbrokes
The boss of William Hill has launched an unbridled attack on rival Ladbrokes, saying he would have to visit a "Buddhist retreat" to fathom its figures and that it sounded like a business "going down the sink".<img width='1' height='1' src='http://.....

Engineers hit by Spectris woes
The FTSE 250 company plunged after forecasting lower revenue growth.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2aed3ec4/mf.gif' border='0'/><div class='mf-viral'><table border='0'><tr>&l.....

Fitch cuts UK credit rating on 'weaker economic and fiscal outlook'
Britain has been stripped of its AAA credit rating by a second rating agency as a result of poor growth, as George Osborne dismissed suggestions by the IMF that he should consider relaxing austerity.<img width='1' height='1' src='http://telegraph......

Britain launches legal challenge to Financial Transaction Tax
Britain has threatened to provoke a fresh row with Brussels by launching legal proceedings against a 35bn tax on financial transactions agreed by 11 European Union members earlier this year.<img width='1' height='1' src='http://telegraph.feedsport.....

KPMG snaps up Makinson Cowell in 15m deal
Makinson Cowell, the City advisory firm whose clients include two-fifths of the FTSE-100, has been bought by KPMG for up to 15m in a deal that sees the accountant add an equity arm to its debt advice practice.<img width='1' height='1' src='http://.....

Fitch downgrades UK to AA+: the full statement
Fitch has stripped Britain of its top triple-A rating, moving it down one notch to "AA+" as a weaker economic outlook continues to push up the country's debt. Here is Fitch's statement.<img width='1' height='1' src='http://telegraph.feedsportal.co.....

Speculative traders caused gold to crash, says WGC
Short-term traders caused the recent gold price crash, says the World Gold Council<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2aebf81c/mf.gif' border='0'/><div class='mf-viral'><table border='0'&g.....

Addison Lee sold to US private equity firm Carlyle
Addison Lee, one of Britain's largest minicab companies, has been bought by US private-equity firm Carlyle Group in a deal reported to be worth 300m.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2aeae1fa/mf.gif.....

'Olympics effect' lures record number of Chinese tourists to UK
A record number of Chinese citizens visited Britain last year.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2aeadbe1/mf.gif' border='0'/><div class='mf-viral'><table border='0'><tr><td v.....

ENRC shares climb 25pc on news of potential offer
Shares in ENRC jumped more than 25pc after its Kazakh shareholders said they were considering making an offer for the FTSE 100 mining group.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2aeadbe2/mf.gif' border=.....

ECB should limit amount of liquidity in the eurozone, says Wolfgang Schaeuble
The European Central Bank should try to limit the amount of the liquidity in the eurozone, Germany's finance minister has said, as he warned that pumping money into crisis hit economies would not create growth if they were not matched by reforms.<.....

Shareholder revolt at Jupiter over pay
Jupiter Fund Management has suffered one of the first big shareholder protest votes of the year, with almost a third of investors registering their displeasure at the company's pay policy.<img width='1' height='1' src='http://telegraph.feedsportal.....

Best energy deals this Spring
As Spring finally arrives, we round up the cheapest energy tariffs on the market.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2aead074/mf.gif' border='0'/><div class='mf-viral'><table border='0'>.....

Best energy deals this spring
As spring finally arrives, we round up the cheapest energy tariffs on the market.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2aea2010/mf.gif' border='0'/><div class='mf-viral'><table border='0'>.....

Santander UK told to contact 270,000 borrowers over 'unclear' mortgage information
Britain's new financial regulator, the FCA, has told Santander UK to contact 270,000 borrowers about unclear information it gave them before raising the cap on its standard variable rate mortgage in 2008.<img width='1' height='1' src='http://teleg.....

'I'm falling deeper into debt. What can I do?'
Telegraph consumer expert Jessica Gorst-Williams is here to help.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2ae99119/mf.gif' border='0'/><div class='mf-viral'><table border='0'><tr><t.....

Home ownership falls for first time in a century
Official figures charting home ownership trends over the last decade lay bare the realities of 'Generation Rent', revealing that the past decade has witnessed the first rise in households renting since 1918.<img width='1' height='1' src='http://te.....

Penguin offers to scrap e-book deal to settle EU anti-trust case
Penguin has offered to scrap e-book deals with Apple that imposed price restrictions on Amazon and other retailers to settle with EU competition regulators.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2ae8ac7f.....

UK business lending falls by 4.8bn
Lending to UK businesses fell by almost 5bn between December and February, data showed, exposing a growing disconnect between the impact of the Government's 80bn lending scheme on individuals and businesses.<img width='1' height='1' src='http://te.....

Ireland shakes up insolvency rules
Fresh measures to tackle personal debt have been unveiled by the Irish government as the country battles to combat a household and home loans debt pile.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2ae8a1aa/mf......

Low paid with savings will face court costs
If you have more than 3,000 in the bank you will be required to pay your own court costs.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2aea0fe6/mf.gif' border='0'/><div class='mf-viral'><table borde.....