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Friday 26 April 2013

UK Financial News on 2013-04-26

Boeing Dreamliner returns to service
An Ethiopian Airlines 787 Dreamliner is due to take off from Addis Ababa on Saturday morning, the first commercial flight by the Boeing aircraft since all 787s were grounded in January......

Churchill to feature on new banknote
Sir Winston Churchill will feature on the new design of a banknote which will enter circulation in 2016, the Bank of England announces......

Ban 'insider' tax accountants - MPs
MPs call for a ban on external accountants working inside government, to stop them telling clients about tax loopholes they have found......

US economic growth reaches 2.5%
The US economy grew at an annualised pace of 2.5% in the first quarter of the year, weaker than expected despite strong consumer spending figures......

Japan boosts economic forecasts
The Bank of Japan raises its forecast for both economic growth and inflation this year in its twice yearly report......

Spain revises down economic forecast
Spain's government lowers its forecast for the Spanish economy this year, warning the level of contraction is likely to be worse than previously estimated......

Samsung profits get smartphone boost
Samsung Electronics posts record quarterly profit, boosted mainly by growing sales of its smartphones......

Man Utd star van Persie signs for BT
BT Sport signs Manchester United's Robin van Persie to be the publicity face of its advertising campaign for its live Premier League broadcasts......

Japan lifts Boeing Dreamliner ban
All Nippon Airways is to begin Dreamliner test flights after Japan's regulator followed the US aviation authority in clearing Boeing's 787 to fly......

Government share sale chief quits
The man in charge of selling off the government's stakes in Royal Bank of Scotland and Lloyds has resigned......

UK shale gas bonanza 'not assured'
Shale gas in the UK could help secure domestic energy supplies but may not bring down prices as they have in the US, MPs warn......

China agrees $8bn Airbus plane deal
China agrees to buy 60 planes from European firm Airbus, in a deal worth $8bn (5.2bn) at list prices......

Honda profits boosted by weaker yen
Honda reports a 74% jump in annual profits, boosted by a recovery in overseas sales and a weak Japanese yen......

Amazon sales rise but profits fall
Online retail giant Amazon saw a fall in profits but rising sales in the first three months of the year, as it spends money on expansion......

French unemployment at new high
The unemployment rate in France rose again last month for the 23rd time in a row, reaching a fresh high with 3.2 million people seeking work, official data shows......

Hyundai pulls suicide bid car advert
Carmaker Hyundai apologises and pulls an online advert that depicted a man attempting to kill himself with exhaust fumes in its new model......

Sony doubles earnings forecast
Sony doubles its earnings forecast for the year to March 2013, helped by the weaker yen and money raised from asset sales......

Keegan launches football training systems
Football legend Kevin Keegan launches interactive football training systems to help improve soccer skills, particularly among youngsters......

Cold weather hits lobster supplies
Prolonged cold weather has caused a shortage of Scottish lobster supplies, according to creel fishermen......

Economy avoids triple-dip recession
The UK economy avoids falling into a triple-dip recession after seeing 0.3% growth in the first three months of the year......

MPs call for sole pensions regulator
One regulator should be responsible for regulating the workplace pensions sector as millions more people are signed up to schemes, MPs say......

Car insurance prices 'start to fall'
The cost of motor insurance has fallen by 4.1% over the last year, according to an AA survey of the cheapest deals on the market......

Spain unemployment hits record high
Unemployment has risen once again in Spain to another new record of more than six million, 27.2% of the workforce......

South Korea growth at two-year high
South Korea's growth rate hits a two-year high in the first three months of the year, boosted by a rebound in construction, investment and exports......

UK fraud probe for Kazakh miner ENRC
The UK's Serious Fraud Office starts an investigation into Kazakh mining company and FTSE 100 member Eurasian Natural Resources Corporation......

Google searches predict market moves
A study of Google searches and US stock market data finds that rises in searches for financially relevant terms precede market slumps......

Santander bank profits fall 26%
Santander, the eurozone's biggest bank, reports a 26% fall in profits for the first three months of the year......

Fry appointed Premier League chairman
Corporate financier Anthony Fry is to take over as chairman of the Premier League in June, replacing Dave Richards......

Portsmouth settlement deal revealed
The Pompey Supporters' Trust reveal full details of the out of court settlement reached with former owners Portpin......

Taxman bids to wind up Kettering
Kettering Town face their latest battle to survive after receiving a winding-up petition from HM Revenues & Customs......

VIDEO: Hugh's Review: Is the recovery underway?
Hugh Pym and guests discusses this week's figures for economic output which showed that the UK avoided a so called triple dip recession......

VIDEO: US economy growth reaches 2.5%
The US economy grew at an annual rate of 2.5% in the first three months of the year, helped by the strongest consumer spending figures in two years......

VIDEO: Japan lifts Boeing Dreamliner ban
Japan's airline authority has followed the US regulator in clearing Boeing's troubled 787 Dreamliner to fly again once batteries are replaced......

VIDEO: Protests over Spain unemployment figures
Spain's unemployment rate soared to a new record of 27.2% of the workforce, prompting demonstrations......

VIDEO: Churchill to feature on new banknote
Sir Winston Churchill will feature on the new design of a banknote which will enter circulation in 2016, the Bank of England has announced......

VIDEO: Deloitte responds to tax report
Bill Dodwell, head of tax policy at Deloitte, has said "we help companies pay the tax that is due" after a report from the Public Affairs Committee criticised accountancy firms......

VIDEO: Are shoppers concerned about Bangladesh?
Shoppers in London were asked if they knew where the clothes they were wearing were manufactured and if they were aware of the Dhaka building collapse......

VIDEO: Ban 'insider' tax accountants - MPs
A group of MPs has claimed HM Revenue and Customs is being out-manoeuvred by the big accountancy firms, who advise people on ways to reduce their tax bills......

Clear your desk and go (almost) paperless
Can you finally consign your files to the shredder?.....

Austerity: Views across Europe
Correspondents around the eurozone test its popularity.....

The struggle to get France working again
Hollande's struggle to get France working again.....

Textile workers' deaths 'avoidable'
The low pay of Bangladeshis making clothes for the West.....

Can Japan win the war against deflation?
Japanese consumers are crucial to the success of its big bazooka.....

Optimism fuels US economic recovery
The US economy through the eyes of a carpet store owner.....

The bank branch of the future?
Are banks just in need of a makeover?.....

U.S. Week Ahead: Get ready for 7-months of jobs weakness
April 26 - Friday's non-farm payrolls could mark the beginning of tepid jobs growth till the third-quarter, according to economists at IFR......

MuniLand: Very big risk of Puerto Rico junk downgrade
April 26 - Analysts say Puerto Rico's new $9.8 billion budget may not be enough to get the commonwealth back on track. Thornburg's Chris Ryon says junk ratings & possibly default could be in Puerto Rico's future......

2.5% economy may be as good as it gets
Apr 26 - The U.S. economy grew a softer-than-expected 2.5 percent annual rate in the first three months of the year, a pick-up from the fourth quarter, but there are many signs pointing to a recovery that is stalling. Conway G. Gittens reports......

London's Bond Street a magnet for foreign investors
April 26 - Demand for retail property in London's most expensive street reaches an all time high. Ivor Bennett reports that despite low rental yields, competition is as fierce as ever for a coveted Bond Street shopfront......

Techquity: Amazon's expansion issues, gaffes from Google
Breakingviews Columnist Rob Cyran on the challenges facing Amazon and the latest gaffes from Google Executive Chairman Eric Schmidt......

Trading at Noon: Housing stocks going through the roof
Apr 26 - Shares of D.R. Horton and other homebuilders are up today following strong results......

Breakingviews: Energy sapped
April 26 - Jeffrey Goldfarb talks to Breakingviews columnist Chris Swann about the various drags on Exxon Mobil, Chevron and Occidental......

Moscovici: France treading line between austerity, growth
that France is striking the right balance between austerity and growth and is doing 'exactly what is needed' for its economy and the global economy. Rough cut only (no reporter narration)......

Europe Week Ahead: Ready, steady, low? ECB rate decision.
April 26 - The ECB dominates next weeks news, as markets rally on the prospect of a further interest rate cut. FED meeting & a big week for auto earnings......

Tourism provides a ray of hope for austerity-hit Greece
April 26 - The tide may be turning in Greece's clear waters, in the tourism industry at least. Record numbers of tourists are expected this year, following stagnation brought about by the economic crisis. Hayley Platt reports......

Wealth Strategies: Govt. must spend for economy to grow 3%+
Apr 26 - S&P's Beth Ann Bovino and Wells Fargo's John Silvia were encouraged by strong private consumption in Q1, but point out the government will need to up spending if growth is going to be better than 3%.....

Wooden solar cells shine light on cleaner power option
April 26 - Researchers at Georgia Tech University have developed an organic solar cell made of wood. The biodegradable, transparent films are designed to replace the layers of glass or plastic found in conventional solar cells, heralding the possible.....

European earnings season- good, bad, ugly?
April 26 - The earnings season is in full swing. With Europe in deep economic trouble, how badly will corporate profits be affected?.....

Japan gives Dreamliner the green light
April 26 - Japan to allow its grounded Dreamliner jets to fly again, after the U.S Federal Aviation Administration approved a new lithium-ion battery system. Hayley Platt reports......

Market Pulse: What's Moving Today and Why
Insider has its finger on the market pulse, analyzing and making sense of the biggest movers of the day......

Conservative Galaxy S4 won't derail Samsung's gravy train
' Jon Gordon......

DIW think-tanks thoughts on Europe
about the Bundesbanks criticism of the ECB and the state of the German economy......

Bank of Japan won't give up its big inflation dreams
April 26 - Has the Bank of Japan bitten off more than it can chew with its 2 percent inflation target? Yonggi Kang reports from Tokyo on whether it's likely to hit the mark......

Reuters Breakingviews: What Britain needs: "Three-I" Agenda
April 26 - What the British economy needs is a "Three-I Agenda" - Investment, Infrastructure, (skilled) Immigrants......

Past crashes suggest gold's recovery will take years.
April 26 - We've had the crash, now what for gold? A look back at the biggest losses in other major markets suggest it could take years for gold to recover. Just how many remains to be seen......

Reuters Today: ECB plan courts controversy with Bundesbank
April 26 - German opposition to the ECB's bond-buying plans could be stepped up, to the Constitutional Court, according to reports. Plus it's US GDP day, and Samsung and WPP among the earnings highlights......

Economy 2013: WPP CEO Martin Sorrell on Q1 results
about his companys first quarter results......

"Austerity is when you kill the patient" -France FinMin
April 26 - The EU's second-largest economy will honor its revised deficit target, according to French Finance Minister Pierre Moscovici, but further austerity would risk stoking another crisis of confidence......

Dig in for a new gold rush
April 26 - The price of gold is likely to rebound, driven by retail investors who are snapping up the precious metal as a hedge against uncertain times......

Protestors, police clash in Madrid
April 26 - Demonstrators in Madrid try to shut down the government in protest over the country's austerity measures and tax hikes. Julie Noce reports......

US hits Novartis with second lawsuit in a week
The US Justice Department has accused drug maker Novartis of paying kickbacks to doctors to prescribe the company's drugs over rival products.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2b391e5f/mf.gif' borde.....

The danger is that UK companies will spend their cash abroad
Strong UK companies are spending their money in emerging markets while starving home territories.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2b383b85/mf.gif' border='0'/><div class='mf-viral'><tab.....

Rupert Murdoch set for $3.7m pay rise after News Corp split
Splitting News Corporation may mark a major defeat for Rupert Murdoch, but the media chief has managed to find a $3.7m silver lining in the situation.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2b383175/mf.gi.....

Martin Sorrell: Confidence higher than before Lehman crash
Businesses are more confident in themselves now than they were before the start of the financial crisis, Sir Martin Sorrell, the boss of WPP, has claimed.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2b383179/m.....

Bundesbank declares 'war' on Mario Draghi bond bail-out at Germany's top court
Germany's Bundesbank has issued a devastating attack on the bond rescue policies of the European Central Bank, rendering the eurozone's key crisis measure almost unworkable.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/.....

Analysts call end to mining boom
The experts at RBC said it was an end of an era for the mining sector.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2b38317e/mf.gif' border='0'/><div class='mf-viral'><table border='0'><tr>.....

Business news and markets: as it happened, April 26, 2012
America's economy regained speed in the first quarter, but not as much as expected, while Spain slashed its growth outlook.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2b372412/mf.gif' border='0'/><div c.....

Victory for family denied cancer claim after insurer agrees to pay out
Ombudsman ruling brings 'joy and relief' to family after insurer Friends Life agrees to pay out life insurance claim.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2b383b86/mf.gif' border='0'/><div class='.....

Business news and markets: live
America's economy regained speed in the first quarter, but not as much as expected, while Spain slashed its growth outlook.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2b30b133/mf.gif' border='0'/><div c.....

Jackie Hunt quits Standard Life to become first female chief of Prudential's UK arm
Jackie Hunt has resigned as chief financial officer of Standard Life to become the first female chief executive of Prudential's UK and Europe arm.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2b367f10/mf.gif' b.....

Jim Boyden's battle with Virgin Media: 'It was a rage against the machine moment'
Exclusive: Jim Boyden, the man whose Facebook post of a Virgin Media bill was shared more than 95,000 times this week, talks to Jessica Winch.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2b367d0a/mf.gif' borde.....

'It was a rage against the machine moment'
Exclusive: Jim Boyden, the man whose Facebook post of a Virgin Media bill was shared more than 95,000 times this week, talks to Jessica Winch.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2b361b3b/mf.gif' borde.....

Cost of investing in funds to fall
The regulator has set out new rules which should benefit millions of savers who buy Isas and other funds.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2b3610b3/mf.gif' border='0'/><div class='mf-viral'>.....

US economic growth undershoots expectations: reaction
The US economy expanded by 2.5pc in the first three months of the year, undershooting expectations for a 3pc rise. Here's how economists reacted to the data.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2b360e1.....

'How the poor harvest will hit your pocket'
After a havoc-ridden harvest, watch out for costlier staples, says Rosie Murray-West.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2b37ca88/mf.gif' border='0'/><div class='mf-viral'><table border='0.....

US economy grows by 2.5pc in first quarter
The US economy expanded by 2.5pc in the first three months of the year, though a sharp fall in government spending and tepid growth in March meant the rebound from a lacklustre fourth quarter was weaker than expected.<img width='1' height='1' src=.....

Spain cuts growth forecasts but says no need for 'major reforms'
Spain has downgraded its growth forecast for 2013 to -1.3pc, as the country's deputy prime minister declared there was no need for major new reforms.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2b356ee7/mf.gif.....

Spain downgrades growth forecasts
Spain has downgraded its growth forecast for 2013 to -1.3pc, as the country's deputy prime minister declared there was no need for major new reforms.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2b3457b6/mf.gif.....

Sir Winston Churchill to appear on new 5 banknote
'Lend me a Winston?' Former Prime Minister will be the face of the the new 5 banknote.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2b33f0df/mf.gif' border='0'/><div class='mf-viral'><table border='.....

Commerzbank faces 44m payout over unpaid bonuses
More than 100 London-based bankers are set to receive at least 52m (44m) in unpaid bonuses after Germany's Commerzbank lost an appeal against a ruling forcing it to pay out the money.<img width='1' height='1' src='http://telegraph.feedsportal.com/.....

Commerzbank loses 44m banker bonus appeal
Commerzbank, the German lender, has lost a high-profile appeal against a UK court ruling that forces it to pay 104 London-based bankers around 52m (44m) in bonuses, plus costs.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726.....

Ryanair refused permission to appeal commission investigation
Ryanair has been refused permission by the UK Supreme Court to file an appeal challenging a UK Competition Commission investigation into the airline's stake in rival carrier Aer Lingus.<img width='1' height='1' src='http://telegraph.feedsportal.co.....

Snoozebox chief Robert Breare steps down as losses triple
The chief executive and founder of portable hotel firm Snoozebox has stepped down as part of a shake-up of the company after it revealed that losses almost tripled last year.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f.....

MPs say big accountancy firms use insider knowledge for tax avoidance
Margaret Hodge, chairman of the Public Accounts Committee, says the Government needs to stop leading accountancy firms using "insider knowledge" gained from staff seconded to the Treasury to help companies and individuals avoid paying UK taxes.<im.....

Investors call for Cable to investigate ENRC and Bumi
A leading shareholder group has written to Vince Cable to demand a formal Government investigation into the operations of both Bumi and Eurasian Natural Resources Corporation (ENRC).<img width='1' height='1' src='http://telegraph.feedsportal.com/c.....