Search This Blog

Saturday 20 April 2013

UK Financial News on 2013-04-20

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......

Osborne warned on mortgage scheme
George Osborne's plan to boost the housing market may not help first-time buyers and could cost the UK large sums, MPs warn......

Russian tycoon top of rich list
Tycoon and Arsenal FC shareholder Alisher Usmanov tops the Sunday Times list of the wealthiest people in Britain and Ireland with a 13.3bn fortune......

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)......

London minicab firm sold for 300m
London minicab firm Addison Lee, which started with one car in 1975, is sold to the Carlyle Group for 300m......

Annuity rates 'must prompt rethink'
Rates for retirement incomes are unlikely to rise soon, a report says, prompting calls for pension savers to look at the full range of options......

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......

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......

Stonehenge general manager sought
A general manager is being sought by English Heritage to look after prehistoric monument Stonehenge, with duties including liaising with druid leaders......

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......

VIDEO: Your Money: Travel tips and pension pots
In this week's Your Money, Declan Curry looks at how to avoid fraudulent travel deals, sprucing up your garden on a budget and making the most of your pension pot......

VIDEO: Economic ties that bind UK and UAE
The UK has long-established ties with many Gulf states, but never has the economic link been them been so important......

VIDEO: MPs voice mortgage scheme concerns
George Osborne's flagship scheme to boost the housing market may not help first-time buyers and could cost the Treasury large sums, MPs have warned......

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......

The student who caught out the profs of austerity
The student who caught out the professors of austerity.....

Rockers attract cruise ship crowds
Veteran British rockers attract the cruise ship crowds.....

Do we really need 'lifelogging'?
Could you take a photo twice a minute every minute?.....

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

McDonald's: Slow times for fast food
April 19 - McDonald's first-quarter same-store sales unexpectedly fell and will fall again in April, the company warned, setting the stage for what could be a disappointing reporting season for the fast-food dining sector. Conway G. Gittens reports......

Wall St. bounce back
April 19 - Summary of business headlines: Wall St. eyes on Boston; McDonalds sour earnings; GE cuts profit estimates; Honeywell's sweet earnings report; Boeing's get battery ok; Blackstone drops Dell bid. Bobbi Rebell reports......

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......

Hotels boss to lead Conran restaurants
The former head of the Orient-Express Hotels group Simon Sherwood is to become chairman of the former Conran restaurant chain following its acquisition by an arm of Lloyds Banking Group.<img width='1' height='1' src='http://telegraph.feedsportal.c.....

Delayed nuclear deal faces inquiry
The National Audit Office has opened the door to an investigation into any agreement between EDF Energy and the Government over building the 14bn Hinkley Point nuclear plant.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f.....

What's eating Apple?
A year ago, Brian White, an analyst at Topeka Capital Markets, published a note forecasting Apple shares would reach $1,111 (726).<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2af627b1/mf.gif' border='0'/>&l.....

FCA facing court over swaps review
The Financial Conduct Authority is facing a judicial review of its compensation scheme for companies that suffered losses as a result of the mis-selling of complex derivatives.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726.....

Brazilian aero giant eyes UK for investment
Embraer, the Brazilian aircraft giant, is considering investing in Britain for the first time.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2af627b2/mf.gif' border='0'/><div class='mf-viral'><table .....

Osborne's new bid to help SMEs
George Osborne is poised to unveil billions of pounds of help for small businesses through the Bank of England's cheap credit scheme, in an attempt to kick-start growth.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/5683.....

ITV on the trail of Hot Fuzz maker
ITV has emerged as a rival to News Corp to buy Big Talk Productions, the maker of popular BBC sitcom Rev.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2af627b5/mf.gif' border='0'/><div class='mf-viral'>.....

Women are key for Discovery
Broadcasting giant's boss David Zaslav bets on an upturn in Europe's economy<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2af627b7/mf.gif' border='0'/><div class='mf-viral'><table border='0'><.....

AstraZeneca has 'tremendous operational challenges'
One of AstraZeneca's leading investors has warned of "tremendous operational challenges" at the drugs maker as it strives for growth amid patent expiries on top-selling drugs.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/.....

Horrockses up for sale
Horrockses, the British fashion label whose off-the-peg dresses blazed a trail in the 1940s and 1950s, has been put up for sale, spurring hopes of a revival.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2af627b.....

Stop 'ridiculous' Heathrow price hikes, says Walsh
The chief executive of International Airlines Group, the owner of British Airways, has hit out at proposals to increase landing charges at Heathrow by 6pc above the rate of inflation.<img width='1' height='1' src='http://telegraph.feedsportal.com/.....

Dalman may step down before ENRC buy-out offer is tabled
Mehmet Dalman is prepared to stand down as chairman of ENRC even before its founders deliver an offer to buy out the FTSE 100 miner.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2af6254e/mf.gif' border='0'/>.....

Barclays boss must prove depatures are for right reason
Compare the make-up of Barclays' executive committee at the start of 2012 to what it will look like come the end of 2013. There will be few similarities.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2af6254f/mf.....

The IMF's fiddling achieves nothing
For almost as long as anyone can remember, Olli Rehn, the European economic affairs commissioner, has been declaring the crisis over.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2af62550/mf.gif' border='0'/>.....

'Success online? It's all about shops actually'
Mark Lewis, its new online director, only wants to talk about the retailer's department stores.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2af62551/mf.gif' border='0'/><div class='mf-viral'><table.....

Goldman Sachs bank boss sticks with Stockport
A small business in Stockport producing adhesive tapes and labels wouldn't normally be on the radar of Lloyd Blankfein, the chief executive of Goldman Sachs.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2af6255.....

George Osborne should take on the mighty IMF
What a difference two years make. It was in the sunny surrounds of the Treasury in the summer of 2011 that George Osborne listened with deliberately intense interest to John Lipsky, the deputy director of the International Monetary Fund.<img width.....

John Lewis hits web record
Online sales for John Lewis have cleared 1bn for the first time, demonstrating the rapid growth of its digital business.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2af62554/mf.gif' border='0'/><div clas.....

Filofax sold in new venture
A Canadian entrepreneur has teamed up with the current chief executive of Filofax to buy the leather organiser company for an undisclosed sum.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2af62555/mf.gif' borde.....

Liam Fox: Tories must harness Thatcher and back wealth creators
Liam Fox, the former defence secretary, will issue a Thatcherite call to arms this week by demanding that the Conservatives focus on creating wealth rather than concentrating solely on economic growth.<img width='1' height='1' src='http://telegrap.....

Cruddas may donate again once he clears his name
Peter Cruddas, who resigned as co-treasurer of the Conservative party in March 2012 after allegedly offering to sell political access for donations, has disclosed that he will consider donating to the party again - but only once he has cleared his na.....

Why we have to mix enterprise in with politics
When on May 1 1997 I was elected to Parliament, I became the first FTSE 100 chairman ever to sit in the House of Commons. Arriving was like stepping back a decade or two.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568.....

Peter Cruddas: why I had to clear my name
CMC chief abruptly resigned as Tory Party treasurer last year.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2af62559/mf.gif' border='0'/><div class='mf-viral'><table border='0'><tr><td v.....

Private sector can help small firms play bigger role
Small businesses are also in many cases the lifeblood of their communities. Even SMEs that do not grow can play a vital role in their local economies by providing important value-added services.<img width='1' height='1' src='http://telegraph.feeds.....

Centre Parcs plots Ireland growth and new jobs push
CEO looking for site that will attract holidaymakers from both Northern Ireland and the Republic.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2af63116/mf.gif' border='0'/><div class='mf-viral'><tab.....