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Wednesday 1 May 2013

UK Financial News on 2013-05-01

Banks join legislators in regulatory stand-off
Normally financial regulators issue bland statements of accord wearing smiles of concord, but not anymore.....

Advent investors face profit payback
US private equity group faces having to claw back up to €80m from investors and partners following Bulgarian arbitration court ruling.....

US central bank to keep buying bonds
US central bank keeps interest rates steady and sticks to its quantitative easing bond-buying programme......

Facebook profits from mobile ads
Facebook announces higher profits and revenues in the first quarter of 2013, boosted by a jump in advertising revenue......

Ofgem to probe missed energy targets
Ofgem says it will open investigations into six UK energy companies for failing to meet government energy efficiency targets......

Crown Office hits out over Cable letter
The Crown Office says it is disappointed that UK Business Secretary Vince Cable wrote to the Advocate General over an investigation into RBS......

UK Coal denies fire sale report
UK Coal has denied a newspaper report that it is looking to put itself into voluntary liquidation, after a fire at a colliery in February......

Global air travel 'rises by 5.9%'
The International Air Transport Association (Iata) says air passenger travel grew by 5.9% in March compared with a year earlier, boosted by emerging markets......

US car sales drive to six-year high
US vehicle makers reported double-digit sales growth for April, giving the industry its best month in six years......

Greece sells gambling monopoly stake
Greek-Czech investment fund Emma Delta snaps up 33% of Greek gambling monopoly Opap in Greece's first big privatisation......

Legal battle over who owns sea fish
The High Court is being asked to make a judgement over the question of who owns the fish in the sea......

Ukraine 'worst abuser of patents'
The US names Ukraine as the country with the worst record on protecting intellectual property and calls on its government to reverse the situation......

EU considering Bangladesh action
The European Union says it is considering "appropriate action" to encourage an improvement in working conditions in Bangladesh factories......

UK manufacturing sector 'improves'
The UK's manufacturing sector contracted again in April, but by less than expected, according to a closely-watched indicator......

Argos sales up in 'challenging year'
Underlying sales at Argos have risen for the first time in five years, its parent company Home Retail Group reports......

Kodak unveils post-bankruptcy plan
Eastman Kodak says it expects to exit bankruptcy as early as July in its new guise as a commercial imaging firm......

GM withdraws 'offensive' car ad
Carmaker General Motors (GM) says it is withdrawing a TV commercial for its Chevrolet Trax four-wheel drive after its soundtrack was deemed "offensive"......

Sony's top brass to give up bonuses
Sony says 40 senior executives will give up bonuses worth up to 50% of their salary after they failed to return its consumer electronics business to profit......

Apple taps markets for record $17bn
Apple raises $17bn (10.9bn) via a bond sale, the biggest ever by a non-banking company, to help fund its plan for extra payouts to shareholders......

Greeks stage anti-austerity strike
A general strike against tough austerity measures is held in Greece amid a series of May Day demonstrations around the world......

China sees manufacturing growth slow
Growth in China's manufacturing sector slows unexpectedly in April, underlining concerns that its economic recovery remains fragile......

Fifty Shades boosts UK book sales
British publishers report record sales for 2012, with total spending up to 3.3bn, despite the recession and the rise of e-readers......

Thousands to complain about trackers
Thousands of borrowers who took out mortgages through Bank of Ireland and Bristol and West are to complain about a sudden increase in their mortgage rates......

Warning given over phoney job scams
Those struggling to find work or facing money problems are being targeted with phoney job scams, Citizens Advice warns......

House prices 'alter little in March'
UK house prices fell by 0.1% in April compared with the previous month, according to a survey by the Nationwide......

Cyprus passes international bailout
Parliament in Cyprus approves the country's international bailout deal after warnings that the alternative would be financial collapse......

Eurozone unemployment at record high
Eurozone joblessness surges to a new high, while inflation hits a three-year low, raising expectations that the European Central Bank will cut interest rates......

Mexico Congress passes telecoms bill
Mexico's Congress passes a bill aimed at making the telecoms industry more competitive, in a move that could challenge the world's richest man......

US regulators fine RBS subsidiaries
RBS Group's US subsidiaries reach settlements worth $14m (9m) with bank regulators after failing to comply with consumer protection laws......

Luxury yacht firm lays off 234 staff
The administrators appointed at a Worcestershire luxury boat company issue redundancy notices to 234 staff......

Former Fifa boss resigns over bribes
Fifa honorary president Joao Havelange resigns after being named in a report as having received bribes......

Shots fail to pay players' wages
Aldershot Town chairman Shahid Azeem confirms the League Two club have not paid players their wages for April......

VIDEO: Facebook's focus on mobile market
Facebook is one of the world's biggest players in the world of social media, but can it fend off competition from the likes of Google and Instagram in the mobile market?.....

VIDEO: Books still rivalling e-readers
British publishers have reported record sales for 2012, despite the recession and the rise of e-readers.....

AUDIO: Is ISDAfix the next Libor?
US and UK authorities are currently investigate whether banks and brokers have colluded to rig the benchmark, which is used to set the price of interest rate swaps......

VIDEO: Unravelling the mysteries of Bitcoin
The virtual currency Bitcoin is growing in popularity and some are even calling it the future of money, but how does the system work?.....

VIDEO: Space launch for Canadian banknotes
Canadian astronaut presented the country's new banknotes from aboard the International Space Station......

VIDEO: Turner: Bonus cap may raise salaries
Former chairman of the UK's Financial Services Authority, Lord Turner, tells HARDtalk that proposed EU caps on bonuses will lead to 'complications' for global banks......

VIDEO: Where does the UK's aid money go?
At a time of UK spending cuts, how does the government decide where and how to allocate its overseas aid budget?.....

AUDIO: Mortgage interest hike 'seems unfair'
Richard Lloyd of Which? explains that Bank of Ireland customers will be paying a higher rate of interest on their mortgage than they were......

Getting used to a slower pace of growth in China
Why Chinese growth can't carry on breaking records.....

Jimmy Wales: 'Dull lectures doomed'
Wikipedia's Jimmy Wales predicts the death of student boredom.....

Future highways may glow in the dark
Glow-in-the-dark ice alerts and other road revamps.....

Will Europe cut its interest rate?
Rate cut likely as Europe yearns for elusive growth.....

Finding the perfect fit
Is the end in sight for changing room nightmares?.....

Sri Lanka's rocketing electricity prices bite hard
Sri Lanka's electricity price rises shock the poor most.....

U.S. Day Ahead: GM's European headache to get worse
Ben Klayman......

Saft Says: Fed surprise: says can do more QE
Columnist James Saft says the Fed surprised us by saying for the first time it is prepared to do less or more QE - if needed......

Fed worries about jobs and fiscal drag: statement
Correspondent Pedro da Costa at the Treasury lockup......

Techquity: Google's tax issue, Facebook number to watch
investigation leads to more scrutiny of Google's tax practices. Plus, the key number to watch in Facebook's latest earnings report......

Wealth Strategies: Even stock guys like Apple bonds
May 1 - Turner Investments CIO Bob Turner says he would buy Apple's recently issued bonds and points out the company has shown it's still going to grow revenues and return money to shareholders......

ECONOMY 2013: Red Hat hedging against a stronger dollar
May 1 - CEO of Red, Hat Jim Whitehurst, says the company is trying to reduce the impact a stronger dollar is having on sales......

EU considers Bangladesh action
May 1 - Some major western retailers, including Primark and Canada's Loblaw, have offered compensation to the victims of the Bangladesh factory collapse. Now the EU has voiced concerns over labour conditions and says it's considering trade action. Jo.....

Greece sells stake in gambling monopoly OPAP
May 1 - Greece agreed to sell a stake in gambling monopoly OPAP to investment fund Emma Delta on Wednesday. The country's finance minister said it was their first big privatisation. Edward Baran reports......

Trading at Noon: Merck, Mastercard weigh on stock market
May 1 - Bad Merck and MasterCard earnings, along with weak U.S. economic data, drove U.S. stocks down ahead of the Fed meeting and Facebook earnings......

Breakingviews: Apples $17 bln bond love fest
May 1 - Rob Cox and Breakingviews columnists discuss why Apples great big deal is really a story of whats wrong with the bond market......

Daily Digit: 119,000 new jobs
May 1 - U.S. firms added 119,000 new workers to their payrolls in April, the smallest gain in seven months. Conway G. Gittens reports......

"A Boy and his Atom", the world's "smallest" movie
May 1 - A movie with atoms as actors has been named by the Guinness World Records organization, as the "world's smallest movie." Called "A Boy and his Atom", the stop-action film was produced by IBM to introduce students to the world of mathematics a.....

ECONOMY 2013:T-Mobile willing to talk to "just about anyone"
T-Mobile CEO John Legere says that, while it's too soon to talk about specific deals after his merger with MetroPCS, he would be willing to consider other offers.....

Europe Day Ahead: ECB is star of Thursdays show
May 1 - Will the widely anticipated rate cut from the ECB come tomorrow? Italys Letta does the rounds, plus earnings from Siemens, Shell, BMW and Randgold......

May day protests spread across Europe
May 1 - Greece's main private and public sector trade unions hold a 24-hour general strike to protest against austerity. May Day demonstrations are also taking place in several other European countries, Hayley Platt reports on whether social unrest i.....

Market Pulse: More Fed stimulus? Dont hold your breath
May 1 - Bet on a 25bps rate cut from the ECB, but dont hold your breath waiting for more stimulus from the Fed, says Trevor Williams from Lloyds Bank......

Wealth Strategies: Thailand has strong credit, steady return
May 1 - Baron Point's James Coppola says that, while yields on Thai debt may be low compared to other emerging market, good liquidity and a strong currency support consistent, safe returns......

Reuters on the Road: Things are working out for payasUgym
May 1 - payasUgym CEO Jamie Ward takes the taxi challenge to talk about his flexible exercise start-up.....

Breakingviews: Google looks too clever on UK tax
report suggests London could be a sales hub. That won't impress politicians, says Breakingviews......

Wealth Strategies: PayNet's Small Business Lending for Mar.
May 1 - PayNet President Bill Phelan discusses the demand for loans at small businesses and which regions are seeing the best most strength.....

Reuters Today: Investors Warily Await the Fed
May 1 - The dollar eases as investors warily await the outcome of the U.S. Federal Reserve's policy meeting later today......

Googles UK tax dance looks clumsy
investigation into Googles UK activities shows its low tax bill could be open to challenge by the UK tax authority......

U.S. Morning Call: Going mobile - Facebook earnings to tell
May 1 - Facebook reports after the bell and investors will focus on whether the mobile strategy is moving revenues and earnings along......

On Wall St: home is where the hope is
April 30 - Summary of business headlines: S&P 500 climbs to new high as housing, consumer confidence offset regional factory index; Apple sets terms for record debt sale; Cyprus narrowly approves $13.2 billion EU bailout. Conway G. Gittens reports......

Cyprus votes "yes" to EU bailout
April 30 - The Cypriot parliament narrowly passed a measure approving the European Union's controversial bailout which will tax uninsured deposits. Conway G. Gittens reports......

Time Warner's bet on exclusive TV is paying off
Time Warner, the owner of cable networks CNN and HBO, offered evidence that its bet on producing premium television shows is paying off with an almost 25pc increase in first-quarter profits.<img width='1' height='1' src='http://telegraph.feedsport.....

For 200,000 you could own a part of the Empire State Building
A judge in Manhattan has cleared the way for the public to buy shares in iconic tower.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2b65d5ad/mf.gif' border='0'/><div class='mf-viral'><table border='.....

Funding for Lending Scheme is no 'silver bullet', says Bank of England
Bank of England policymakers have played down hopes that the Funding for Lending cheap credit scheme will kickstart growth by warning it was not a "silver bullet" for the recovery.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/3.....

Kodak to return as printing company in early exit from bankruptcy
Kodak, the company that helped turn photography from an elite interest into a common pursuit, is betting its future on selling printing equipment, as it announced plans to emerge from bankruptcy protection as early as July.<img width='1' height='1.....

Twin slowdown in China and US feeds global fear
Fears the global economic recovery is losing momentum have intensified after manufacturing in the US and China slowed last month.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2b65d03d/mf.gif' border='0'/><.....

Metro Bank losses pass 100m in just three years
Metro Bank, the first new high street lender in Britain in more than a century, has seen losses reach more than 100m nearly three years since its launch.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2b65cfa0/mf.....

Bank tears up hair shirt agenda as figures show a case for optimism
The UK is moving in the right direction, and the Bank of England may even lift its growth forecast.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2b65cfa1/mf.gif' border='0'/><div class='mf-viral'><t.....

Ofcom to probe BT's dominance in broadband after TalkTalk complains
BT is facing an investigation by the telecoms regulator into its control of the UK broadband market after a complaint from rival TalkTalk.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2b65cfa2/mf.gif' border='0.....

Argos transformation will be 'hard' says boss Terry Duddy
The transformation of Argos will be "hard" as it battles competition from online rivals such as Amazon, the chief executive of Home Retail Group has admitted.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2b65a6.....

Argos transformation will be 'har' says boss Terry Duddy
The transformation of Argos will be "hard" as it battles competition from online rivals such as Amazon, the chief executive of Home Retail Group has admitted.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2b64a4.....

Investor urges overhaul of IPO fees
Investment banks that help companies list on the London stock exchange should be paid their fees over a period of three to six months to avoid damaging over-hyped flotations, a leading institutional investor has suggested.<img width='1' height='1'.....

Investor urges overhaul of IPO fees
Investment banks that help companies list on the London stock exchange should be paid their fees over a period of three to six months to avoid damaging over-hyped flotations, a leading institutional investor has suggested.<img width='1' height='1'.....

Kindles haven't killed off books, it's just the start of a new chapter
For a time, about three years ago, it seemed as though the days of physical books were numbered.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2b64a4a0/mf.gif' border='0'/><div class='mf-viral'><tabl.....

Publishers report boost from e-books
British publishers have reported their biggest annual sales ever.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2b64a4a1/mf.gif' border='0'/><div class='mf-viral'><table border='0'><tr><t.....

Debt-crippled Holland falls victim to EMU blunders as property slump deepens
The eurozone's slow suffocation is going Dutch. Each extra month of slump caused by Europe's negligent authorities is pushing Holland closer to a debt-deflation trap.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/.....

William Hill gallops into FTSE 100
The bookmaker rose into the index following the suspension of Xstrata's shares.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2b64d993/mf.gif' border='0'/><div class='mf-viral'><table border='0'>&.....

EU mulls trade action against Bangladesh over factory collapse
The European Union is considering trade action against Bangladesh, which has preferential access to EU markets for its garments, in order to pressure Dhaka to improve safety standards.<img width='1' height='1' src='http://telegraph.feedsportal.com.....

Business news and markets: as it happened May 1, 2013
The US manufacturing sector slowed sharply in April to its lowest pace in six months, signalling that recovery in the world's biggest economy is faltering.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2b636ec8/.....

Business news and markets: live
The US manufacturing sector slowed sharply in April to its lowest pace in six months, signalling that recovery in the world's biggest economy is faltering.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2b5fb3c3/.....

Investment tips: do not build up your hopes on construction shares
Questor editor Garry White says there are few big projects around.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2b636d36/mf.gif' border='0'/><div class='mf-viral'><table border='0'><tr><.....

Slowdown in economic giants fuels growth fears
Manufacturing activity in the world's two largest economies, the US and China, slowed in April, signalling weakening demand and casting doubt on global recovery.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2b6.....

Sportech set for rematch with HMRC over Spot the Ball
Sportech's 80m battle with the taxman over Spot the Ball has run into extra time after HMRC said it was looking to appeal a court ruling made against it in March.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2b.....

Sony bosses give up bonuses amid poor performance
Sony's chief executive and around 40 other top managers will forgo their bonuses this year to apologise for poor performance at its electronics unit.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2b635e73/mf.gif.....

Facebook under pressure to deliver on mobile growth
Facebook will report its first quarter earnings after the bell on Wall Street this evening, and all eyes are once again on its mobile growth.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2b635d79/mf.gif' border.....

'Challenger bank' Aldermore in the black
Aldermore, the 'challenger bank', has recorded its first full year profit as it grew its loans to home owners and small businesses by more than 77pc.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2b635d7c/mf.gif.....