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Wednesday 24 April 2013

UK Financial News on 2013-04-24

Fund chiefs criticise FCA probe into fees
Regulators move follows review of conflicts of interest in the sector.....

More investors are favouring social clawbacks
Backing grows for clawbacks for directors whose decisions cause reputational damage.....

Lloyds' Co-op deal falls through
The planned sale of 631 UK bank branches by Lloyds Banking Group to the Co-op group falls through......

Barclays first quarter profits fall 25%
Barclays adjusted first quarter profits fell 25% to 1.8bn, largely due to the bank's restructuring programme......

Ford results dented by European loss
US car giant Ford reports results that underlined the contrasting fortunes of its North American and European businesses......

Small business lending plan extended
The Bank of England announces plans to expand a lending scheme designed to help businesses and households......

Virgin bill goes viral on Facebook
A broadband bill sent to a deceased man by Virgin Media has gone viral on social media after his son-in-law complained......

Spain's Bankia returns to profit
Troubled Spanish lender Bankia announces a return to profit after a disastrous 2012 that saw record losses and an EU-sponsored bailout......

Boeing profits up despite 787 crisis
Boeing says it will resume deliveries of its 787 Dreamliner in May as it reports a jump in quarterly profits despite the aircraft's battery problems......

Advisers warn UK CO2 emissions 'up'
The officially appointed Climate Change Committee warns the UK's CO2 emissions are rising, not falling as ministers claim......

Equitable compensation hit by delays
A system to compensate those who lost money on their pension investments with Equitable Life has been hit by "mistakes and delays", a report says......

Microsoft clinches new Android deal
China's ZTE is the latest Android device maker to agree to agree to Microsoft's patents fee demands over its use of Google's operating system......

London Market Report
Banking shares rose in early trading......

Jockey Club launches Racecourse bond
The Jockey Club has launched the country's first-ever sport bond on offer to the general public.....

Nationwide suffers online bank woes
Customers of Nationwide were unable to access account information after computer problems struck at the building society on Tuesday......

German business confidence sinks
German business confidence falls in April for the second consecutive month, according to a closely-watched Ifo survey......

Etihad takes stake in India's Jet
Etihad Airways is to take a 24% stake in India's Jet Airways, in the first foreign investment in an Indian aviation company since ownership restrictions were eased......

Australia to invest in China bonds
Australia's central bank is planning to invest around 5% of its foreign currency reserves in Chinese government bonds, its deputy governor says......

Apple reports rare fall in profits
Computer and smartphone maker Apple reports its first quarterly drop in profits in a decade, despite strong sales in the three months to March......

Slight dip in UK public borrowing
The UK government borrowed 120.6bn in the financial year to April 2013, slightly lower than the amount it borrowed the previous year......

Hundreds 'interested' in 1 houses
More than 600 people express an interest in buying rundown homes in Stoke-on-Trent for 1 each, according to the city council......

Tighter rules for mortgage lending
New rules will mean that borrowers across the EU will be refused a mortgage if they fail a standard affordability assessment......

Pension saving rise 'not enough'
Pension saving has been rising, figures show, but experts suggest that people are still not putting enough aside for retirement......

US manufacturing worst in six months
The US manufacturing sector grew at its slowest pace in six months during April, a survey suggests......

'Uncharted waters' on currency plans
The case for an independent Scotland retaining the pound in a currency pact with the rest of the UK is not clear, according to Treasury analysis......

Eurozone output 'continues to fall'
Activity in the eurozone's manufacturing and services sectors continued to fall in April, a survey indicates, with output in Germany declining......

Nintendo profits revived by weak yen
Games maker Nintendo has been helped back into profit by a weaker yen, but sales continue to struggle.....

HSBC bank cutting 3,166 UK jobs
Banking giant HSBC is cutting 3,166 UK jobs as the bank continues efforts to reduce costs......

BASF to cut 500 jobs worldwide
The world's largest chemicals maker, BASF, says it will cut 500 jobs at its plastic additives and pigments divisions in the face of competition from Asia......

Mather is Rangers chief executive
Craig Mather is appointed as interim chief executive of Rangers and given a place on the board......

VIDEO: Birmingham Hovis workers lose jobs
Hundreds of Hovis workers have lost their jobs at a baking factory in Birmingham ahead of its full closure next month......

VIDEO: Inside the mine a mile under the sea
Peter Day goes down Europe's second deepest mine - one mile below the North Sea, where there are 600 miles (1,000 km) of roadways leading to the potash face......

VIDEO: Turbulent times for Boeing
A series of problems this year for the Dreamliner aircraft has led to turbulent times for its maker, Boeing......

VIDEO: 'Suspended coffee' helps those in need
Your daily visit to a coffee shop could also give you a chance to do a small good deed......

VIDEO: Daimler profits hit by sales falls
Mercedes-Benz parent Daimler has reported a sharp drop in first quarter earnings, after profits plunged at both its passenger car and its commercial truck business......

VIDEO: Congestion falls match EU economy
The recession in Europe has led to a drop in congestion on the roads, according to data released by traffic analysis company INRIX......

VIDEO: Australian films hit by rising costs
A strong currency and rising energy and labour costs are making Australia increasingly expensive - and the Australian film industry is one of the sectors feeling the impact......

VIDEO: Nintendo boss eyes return to profit
The boss of Japan's gaming giant Nintendo insists the company will return to profit in the current financial year, despite doubts from analysts......

Does a triple-dip recession matter?
Should we be scared of a triple-dip recession?.....

Taiwan forced to raise welfare spending
Family breakdown forces changes in welfare system in Taiwan.....

What next after the commodities 'super-cycle'?
The era of rising commodity prices could be at an end - for now.....

Manufacturing in their jeans
Jeans making returns to once-thriving factory town.....

German football star's own goal on tax
German football legend trips up over Swiss bank account.....

Human extinction warning from Oxford
How are humans going to become extinct?.....

In pictures: 2013 Shanghai Auto Show
A look at some of the cars at the Shangai motor show.....

U.S. Day Ahead: Optimism too high ahead of Amazon results
Breakingviews Rob Cyran......

Daily Digit: Apple's $11.5 bln giveaway
Apr. 24 - Apple's new $11.5 billion dividend pledge amounts to the sale of roughly 19 million iPhones. Conway G. Gittens reports......

Trading at Noon: Planes, Phones & Pampers moving the market
Apr 24 - Shares of Boeing, Apple and P&G are moving today on earnings reports......

Techquity: Apple not as bad as feared, or as good as hoped
April 24 - Apple reports a better-than-expected profit but lowers guidance. We review reaction from analysts and the market......

Trading at Noon: Planes, Phones & Pampers moving the market
Apr 24 - Shares of Boeing, Apple and P&G are moving today on earnings reports......

Breakingviews: Curious Caesars
April 24 - Richard Beales and Jeff Goldfarb examine the U.S. casino group's latest restructuring experiment and wonder if regular investors can see through its complexity......

Italian deadlock broken with new PM
April 24 - Centre-left deputy leader Enrico Letta is set to become Italy's next Prime Minister, ending two months of political stalemate. The country's bond yields plummeted on the news but as Ivor Bennett reports, not everyone welcomes the choice......

FACTBOX: Italys moderate premier Letta
April 24 - Enrico Letta has been named Italys new prime minister designate. Who is the man facing no easy task in Rome?.....

Europe Day Ahead: Spotlight on UK growth
April 24 - Growth across Europe on Thursdays agenda, with UK Q1 GDP, Eurogroup leader Dijsselbloem at the European Parliament and an interview with EBRD chief CHakrabarti. Plus earnings from Unilever and BAT......

Lloyd's bank branch sale to Co-op collapses
April 24 - The planned sale of 630 UK bank branches by Lloyds Banking Group to the Co-Operative Group has fallen through, leaving state-backed Lloyds to pursue a flotation of the business. As Hayley Platt reports the decision reflects a lack confiden.....

Wealth Strategies: U.S. must double oil exports-API
Apr. 24 - API president Jack Gerard says the U.S. no longer needs to worry about a scarcity of resources and feels energy policy should be focused on increasing exports of oil and natural gas......

False White House tweet causes brief market upheaval
April 24 - A tweet purportedly from the Associated Press that falsely reported explosions at the White House causes brief turmoil on financial markets. Sarah Sheffer reports......

Daily Digit: Daimler's earnings plunge
April 24 - German automaker Daimler scrapped its 2013 earnings forecast after its first-quarter profit tumbled by more than half. PSA Peugeot Citroen has also been hit by weak demand in Europe and saw its first quarter sales slump 6.5 %. Joanna Partr.....

U.S. Morning Call: Boeing revs its earnings engines
Apr 24 - Boeing reported non-GAAP earnings of $1.73 and $18.9 billion of revenues, and reaffirmed 2013 guidance......

Market Pulse: European banks kick off Q1 earnings season
April 24 - Barclays and Credit Suisse kick off Q1 bank earnings season. Results not bad, but shares fall. In fact after Tuesdays surge, financials slip back into in the red. But copper heads the other way......

With 'Abenomics,' the proof is in the corporate spending
April 24 - Its earnings season in Japan, but healthier profits might not be enough to keep stocks rising. Investors need signs expansionary policies are finally convincing companies to open their pocketbooks......

Pig population explosion fuels an environmental scandal
April 24 - A boom in illegal farms is one cause behind a rash of pig carcasses appearing in a river close to Shanghai, official documents show. Jane Lanhee Lee visits one of the operations being dismantled......

Breakingviews: European banks turn tables on Wall St
April 24 - Credit Suisse and Barclays had a good Q1 in investment banking, holding up well against Wall St peers. The Swiss bank demonstrates how to reshape, resize and still make good returns says Breakingviews.....

Reuters Today: European banks struggle, autos sputter
April 24 - The European earnings spotlight turns on banks and auto companies. Results not great overall, but so what? Markets are in risk-on mood. Plus we might get an Italian PM today, and an ECB rate cut soon......

Economy 2013: Ericsson CEO on Sales Undershoot
about undershooting sales forecasts and when the telco gear market will recover.....

Co-operatives cash in on austerity
April 24 - As much of western Europe still grapples with austerity and weak economic growth, the co-operative economy is proving remarkably resilient sparking a revival of employee owned businesses. Hayley Platt visits UK-based Delta T whose turnover.....

Big pay day for Apple shareholders
April 23 - Apple is giving shareholders what some want- more money. But even a record corporate dividend couldn't keep the stock afloat in after-hours trade when CEO Tim Cook failed to share details of forthcoming products. Bobbi Rebell reports......

Apple dips into its piggybank; Stocks up
Apr. 23 - Summary of business headlines: Apple plans to return $100 billion to shareholders, Q1 results beat; Yum sales hurt by China bird flu; Stocks rally one percent to recover from fake AP tweet; Coach climbs 10 percent after earnings surprise; N.....

Apple's getting wake up call- Burden
Apr 23- Apple's innovation has not kept up with the competition, and while giving more money to shareholders is good, its not enough according to Strategy Analytics Kevin Burden. Bobbi Rebell reports......

U.S. Day Ahead: Despite 787 debacle, Boeing may bounce back
Apr 23 - Ahead of Boeing results, profits are set to jump 20 percent and Dreamliner production could double by 2014, according to analysts......

British manufacturer of coffee pods wins major court victory over Nestle Nespresso
A small British manufacturer of coffee pods has won a major victory after a court ruled that its products do not infringe patents on Nespresso machines.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2b2145bc/mf......

Build 'beautiful places', Nick Boles tells developers
Developers must build "beautiful" homes if they want to speed up controversial planning applications on green field land, the planning minister has said.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2b21414b/mf.....

Challenger banks will never prosper while this political posturing prevails
For all those who dream of a nation of regional banks, remember scale is a necessity in banking.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2b2123cf/mf.gif' border='0'/><div class='mf-viral'><tabl.....

Lloyds discussed extension to sale deadline before Co-op pulled bid
Lloyds Banking Group contacted European regulators about the possibility of a six-month extension to dispose of its 632 branch estate before the Co-operative Group pulled out of the 750m deal to buy it.<img width='1' height='1' src='http://telegra.....

Why coffee with Apple chief Tim Cook will cost you 32,000
Winner of charity auction can sit down with Apple chief for an hour at company's headquarters in California.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2b2084e1/mf.gif' border='0'/><div class='mf-viral'.....

Italy needs Churchillian leader to fight 'war damage' of EU austerity
Old ways die hard. Two months after Italian voters rebelled in fury against the establishment, the country's elites have chosen yet another insider to be leader.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2b2.....

Drax's 75m loan marks first for guarantee scheme
The Treasury is to underpin a 75m loan for the Drax power station in North Yorkshire, marking the first project to be financed using the Government's 40bn infrastructure guarantee scheme.<img width='1' height='1' src='http://telegraph.feedsportal......

UBS analysts eye ENRC bid
The bank's experts said an offer could be "significantly above market value".<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2b1ff860/mf.gif' border='0'/><div class='mf-viral'><table border='0'><.....

Analysis: Why the Co-op's deal to buy Lloyds' 632 branches was doomed from the start
In December 2012, Peter Marks was in apparently bullish mood when he discussed his 13-year tenure at the helm of the Co-operative Group and his one final challenge.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/.....

Crowning deal eludes boss who masterminded 13 years of mergers at the Co-op
"This was never was about me, this was about the group." So said outgoing Co-operative Group chief executive Peter Marks as he attempted to explain the mutual's decision to walk away from buying Lloyds' 632 branches.<img width='1' height='1' src='.....

Crowning deal eludes boss who masterminded 13 years of mergers at the Co-op
"This was never was about me, this was about the group." So said outgoing Co-operative Group chief executive Peter Marks as he attempted to explain the mutual's decision to walk away from buying Lloyds' 632 branches.<img width='1' height='1' src='.....

America gives Pace a boost
Pace, the Yorkshire-based technology business which spent 2011 in the doldrums, has bounced back to health thanks to strong demand from America.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2b1feb7b/mf.gif' bor.....

Madrid rebrands metro in Vodafone deal
The British mobile giant has struck a deal to rename part of the Spanish capital's underground rail network, and to splash its scarlet logo all over its underground signs.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/56.....

Business news and markets: as it happened, April 24, 2013
Greece pursues WWII reparations from Germany, while pressure piles on ECB for rate cut as German business confidence falls sharply.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2b1feb7e/mf.gif' border='0'/>&.....

Banks given state subsidies to help small business
Banks have been handed generous taxpayer-backed incentives to boost lending to small businesses under a revamped Funding for Lending scheme that the Chancellor claimed will "support the real economy".<img width='1' height='1' src='http://telegraph.....

Thorntons shares jump after solid trading update
Sales of Thorntons chocolates in British supermarkets has overtaken those in the company's own high street stores for the first time.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2b1feb80/mf.gif' border='0'/>.....

Apple shares wobble on profits fall
Apple shares opened down 3pc, but regained some of that ground as the market digested weighed its pledge to launch a $60bn (39bn) share buyback against news of its first fall in profits in a decade.<img width='1' height='1' src='http://telegraph.f.....

Samsung set to heap more misery on Apple
Samsung is expected to heap more misery on Apple this week with its latest results, just days after the iPhone creator suffered its first fall in quarterly profits in a decade.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726.....

The TSB: the history of a new bank with an old name
Eight key facts about one of our oldest, and newest banks<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2b1feb82/mf.gif' border='0'/><div class='mf-viral'><table border='0'><tr><td valign.....

Bundesbank chief Jens Weidmann attacks FTT
Head of German central bank warns that European financial transactions tax could harm monetary policy.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2b1feb83/mf.gif' border='0'/><div class='mf-viral'>&l.....

UK cancer firm AVO buys Large Hadron Collider spin-off
A British cancer treatment company is buying a business spun off from technology developed from the Large Hadron Collider which was designed to recreate the conditions of the Big Bang.<img width='1' height='1' src='http://telegraph.feedsportal.com.....

Virgin boss wades into BT and TalkTalk row
Virgin Media boss Neil Berkett has waded into the war of words between BT and Talk Talk over wholesale prices for broadband, telling them both to pipe down in case their battle backfires.<img width='1' height='1' src='http://telegraph.feedsportal......

Euro may only last five years, says senior German government advisor
The euro has a "limited chance of survival" and may only endure another five years, Kai Konrad, one of the German government's closest economic advisers, has claimed.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/.....

New FLS is no economic game changer but it should boost confidence
Britain's funding for lending cheap credit scheme to boost growth has garnered a degree of international acclaim in the nine months it's been running. Its "success has been noted around the world", George Osborne claimed on Wednesday.<img width='1.....

GSK to sell Lucozade and Ribena 'for over 1bn'
GlaxoSmithKline said it would sell drinks brands Lucozade and Ribena, which analysts said could fetch over 1bn.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2b1feb88/mf.gif' border='0'/><div class='mf-vir.....