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Thursday 2 May 2013

UK Financial News on 2013-05-02

ECB 'ready to act if needed'
The European Central Bank says its "ready to act if needed", as it cuts its benchmark interest rate to a new record low of 0.5%......

Shortfall fears for mortgage holders
More than a million people with interest-only mortgages face a financial crunch when they have to pay them off, the regulator warns......

British territories sign tax deal
Bermuda and other British overseas territories with financial centres have signed agreements on sharing tax information, the Treasury announces......

Warren Buffett Twitter followers jump
Legendary US investor Warren Buffett looks set to be one of Twitter's most followed users as thousand flock to follow him......

City turns to lasers for fast trades
Stock exchanges around the world are finding new technologies to help make trades milliseconds faster......

Bank of Canada names new governor
The Bank of Canada names long-term bureaucrat Stephen Poloz as its new head, replacing Mark Carney who is going to run the Bank of England......

Man Utd posts record quarterly sales
Manchester United reports record sales of 91.7m for the third quarter, but also sees its wage bill jump by a quarter......

Dark web drug site hit by hacker
A mysterious hacking attack knocked notorious 'underground' website famed for illegal activity offline for two days......

BSkyB to create 550 new jobs
BSkyB says it will create 550 new jobs as it reports a rise in profits for the nine months to March......

Irish challenge to UK nuclear plant
The National Trust of Ireland launches a legal challenge against the UK government over its decision to approve a new nuclear plant in England......

GM profits pulled lower by Opel
US automotive giant General Motors reports a 14% fall in profits during the first three months of the year, with losses at its European subsidiary Opel......

Shell chief executive to step down
Europe's largest oil company Royal Dutch Shell announces that its chief executive will step down in the first half of 2014......

Europe weakness hits BMW profits
BMW reports lower profits for the first quarter of 2013 after the German luxury car company suffers tougher trading in Europe......

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

London Market Report
The FTSE 100 falls back, but shares in Shell rise after the oil giant's latest set of results......

Judge to rule on tax deal with bank
The High Court is being asked to decide whether HM Revenue and Customs acted illegally by letting Goldman Sachs off part of its tax bill......

Huge payout for US disabled workers
A US jury awards $240m to 32 mentally disabled men who suffered decades of abuse while working for a turkey processing company in Iowa......

PepsiCo removes 'racist' commercial
US soft drinks giant PepsiCo withdraws a Mountain Dew ad over criticism that it depicts racial stereotypes and makes light of violence against women......

Tablet computer sales are soaring
Analysts say sales of tablet computers globally are soaring, but Blackberry boss claims the format will be dead within five years......

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......

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

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......

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

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"......

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......

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......

Olympic Stadium gets World Cup games
The Olympic Stadium will host five games at the 2015 Rugby World Cup which will be held in England and Wales......

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: Can start ups save Spain's economy?
The European Central Bank has lowered borrowing costs in an attempt to stimulate the economies using the euro, but what impact might this have in Spain?.....

VIDEO: Annoying office habits revealed
Jargon and management-speak are highlighted as some of the top irritations for office workers, according to a new survey......

AUDIO: '20,000 contract' for female footballers
Kelly Simmons, the FA director of women's football, told 5 Live that an England player could expect to earn a ''central contract of 20,000''......

VIDEO: Can HTC bounce back with new phone?
HTC, one of the top players in the smartphone market until a few years ago, is banking on a new phone to stage a comeback......

VIDEO: ECB rate cut 'won't help in Ireland'
The European Central Bank (ECB) has cut its benchmark interest rate to a new record low amid ongoing worries about the eurozone's economic health......

VIDEO: Misery for India 'Ponzi scheme' savers
Hundreds of thousands of people in India have seen their savings vanish after a deposit-taking scheme proved unsound and went bust......

AUDIO: Tax havens: 'There is more to do'
Ronnie Ludwig, partner at accountancy firm Saffery Champness, says Bermuda, the Cayman Islands, the British Virgin Islands, Turks and Caicos and Montserrat and Anguilla have agreed to share information with the UK and European about the bank accounts.....

VIDEO: Shortfall fears for mortgage holders
More than a million people with interest-only mortgages face a financial crunch when they have to pay them off, a watchdog is warning......

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

Economy key in Malaysia's tightest poll
Economic issues hotly debated as Malaysia votes.....

How to ask for flexible working
How to ask your boss for flexible working hours.....

Staff fly to NZ for UK night shifts
Staff from Wrexham work the night shift in New Zealand.....

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

U.S. Day Ahead: Jobs report expected to get even gloomier
poll. But focus on the long-term unemployed......

Daily Digit: GM sells 762,000 cars in North America
May 2 - General Motors sold 762,000 vehicles in North America during the first quarter, leading to a better-than-expected profit, but that sales growth was half of that of its cross-town rival Ford. Conway G. Gittens reports......

Techquity: Liking but not loving Facebook, Yippee for Yelp
May 2 - Facebook outperforms mobile advertising target but analysts only slightly boost price targets. Yelp revenue grows and stock soars......

ECONOMY 2013: ING US will absolutely stay solo post spin-off
May 2 - ING U.S. CEO Rodney Martin remains bullish, even after shares of his company priced below the expected range in its IPO and says it won't look for a buyer once parent ING Groep sells its stake.....

Breakingviews: Patently Google
May 2 - Richard Beales and Breakingviews columnists discuss why Google's Motorola Mobility patents aren't as strong a defense against Apple and Microsoft as expected......

FACTBOX: GM beats Ford in Europe for now...
May 2 - General Motors showed more signs of healing in Europe than its rival Ford in the first quarter. Here are the numbers......

Trading at Noon: Ford wins the lap in Detroit earnings
May 2 - We take a look at earnings from the top 3 automakers. Also, LinkedIn reports after the bell......

Grim OECD outlook for Italy
May 02 - Italy's new Prime Minister visited Brussels on the last stop of his tour of Europe, as the OECD says Italy's economy will contract more than expected this year. Joanne Nicholson reports......

ECB cuts rates, economists hope for more
May 02 - The European Central Bank cuts interest rates for the first time in ten months to 0.5 per cent at a policy meeting in Bratislava, as widely expected, in the hope of reviving the flagging euro zone economy. Joanna Partridge reports that some .....

Decades-old stroke damage reversible with oxygen therapy, say researchers
May 2 - Up to 20 years after suffering a stroke, patients in Israel are reporting remarkable improvements in brain function with calibrated oxygen treatments inside hyperbaric chambers. While treating stroke patients with hyperbaric oxygen is nothing.....

Hungarian spa town flourishes amid crisis
May 2 - A steady stream of Russian tourists willing to splash their cash helps a Hungarian spa town flourish amid the financial crisis. Hayley Platt reports on the small town of Heviz, which is now the second most visited place in Hungary after the c.....

Europe Day Ahead: U.S. jobs numbers hope but no respite?
May 2 - Traders both sides of the Atlantic will be hoping for better news from U.S. non-farm payrolls on Friday after a slew of recent sluggish data. Elsewhere RBS and BNP Paribas report earnings......

ECB: Positively maybe on negative rates
May 2 - The ECB surprises no one with a widely expected cut in rates, but more radical action could lie ahead as bank president Mario Draghi hints hes open to negative deposit rates......

U.S. Morning Call: GM reports Q1 revenue of $36.9 B
May 2 - General Motors reports Q1 net income of $900 million, or 58 cents per share, down from $1 billion or 60 cents per share a year ago......

Market Pulse: German glasses half full or half empty
May 2 - Markets react positively to earnings from German heavyweights, but a mixed bag of numbers provides arsenal for pessimists too. Meanwhile coppers wild ride gets even wilder......

Sports Spread: Chelsea Facing Fixture Overload
May 2 - The games are coming thick and fast for a Chelsea side trying to win in Europe and make sure they're back there next season. Plus, snooker and cycling......

Smartphone underdog HTC finally comes out swinging
May 2 - HTC's new flagship phone has put it back in the big leagues, with the firm projecting a huge jump in revenues this quarter. But can it score a run on the mighty Samsung? Jon Gordon reports......

Breakingviews: UBS should stick together
May 2 - Shareholder activist Knight Vinke wants UBS to split investment banking and wealth management. Breakingviews says a breakup isn't viable......

Assertive Abe a mixed blessing for Japan Inc.
May 2 - Prime Minister Shinzo Abe's push for growth and a weak yen has pleased Japan's exporters. But his nationalism is irritating key trading partners, and could yet take the shine off 'Abenomics.'.....

Randgold CEO on spending cut, Q1 profit drop
May 2 - The CEO of Randgold Resources, Mark Bristow, discusses Q1 earnings and whether the recent fall in the price of gold is a worry or an opportunity for the Africa-focused miner......

Reuters Today: A little bit of Draghi, a lot of earnings
May 2 - A raft of earnings from Europe's top companies, an ECB meeting that might surprise, and Italy's new PM Letta makes his debut in Brussels......

The Great Grey Catastrophe
May 2 - A quirky visual depiction of the ticking time bomb that Europe is facing - not the debt crisis, but how to pay for its growing elderly population......

Fed could boost or curb stimulus
May 1- The U.S. Federal Reserve said it will maintain its aggressive monetary policy- even if that means boosting the pace of stimulus. Bobbi Rebell reports......

Economy angst prevails; Facebook excites
May 1 - Summary of business headlines: Wall Street suffers it biggest fall in two weeks as the Fed holds steady with its bond-buying program in the face of a string of weaker economic data. Facebook revenues jump but earnings miss by a penny per shar.....

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

Shock exit at Rolls-Royce raises uncomfortable questions
Rolls-Royce is the sort of company that likes its engines to do the talking.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2b71ac0c/mf.gif' border='0'/><div class='mf-viral'><table border='0'><.....

Bribery concerns mount as Rolls-Royce high-flyer quits
The high-flyer tipped to be the next chief executive of Rolls-Royce has dramatically quit amid an inquiry into alleged bribery and corruption at the aerospace business he ran.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/.....

Worrying times for Rolls-Royce
The departure of highly-regarded Mark King as president of aerospace is a setback.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2b71b456/mf.gif' border='0'/><div class='mf-viral'><table border='0'&g.....

Shell chief Peter Voser announces retirement after less than four years
Peter Voser has stunned investors by announcing he is to step down as Royal Dutch Shell's chief executive after less than four years in the job.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2b70dc26/mf.gif' bor.....

HMRC accused of letting Goldmans off 20m tax to avoid 'major embarrassment' to Chancellor
HMRC is accused of letting Goldman off 20m in tax in a 'sweetheart' deal to avoid 'major embarrassment' for George Osborne after the US bank went 'off the deep end' and threatened to abandon the Chancellor's Bank Code.<img width='1' height='1' src.....

Will Mark Carney be a man of independent mind?
The Chancellor has made himself clear, and the new Bank governor may face an early test, says Jeremy Warner<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2b70dc29/mf.gif' border='0'/><div class='mf-viral'&.....

German bond yields hit record low after ECB rate cut falls short
The European Central Bank cut interest rates a quarter point to a record low of 0.5pc and threatened to punish banks for hoarding funds, but was faulted for doing too little to pull Europe out of deep recession.<img width='1' height='1' src='http:.....

Job cuts loom as Glencore Xstrata tie-up finally completes
Ivan Glasenberg, chief executive of Glencore, signalled job losses lie ahead as the commodity trader completed its 50bn tie-up with miner Xstrata.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2b70d404/mf.gif' b.....

Inmarsat hit by US budget cuts
The company saw its share price slump and was hit by a shareholder revolt over pay.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2b70cf91/mf.gif' border='0'/><div class='mf-viral'><table border='0'&.....

Millions of British workers in 'precarious employment'
Millions of workers are in "precarious employment" that could be jeopardised by any further deterioration in the economy, government research suggests.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2b70cf93/mf.g.....

ECB ready to enter uncharted waters as bank cuts interest rate to fresh low of 0.5pc
Mario Draghi has revealed that some eurozone policymakers wanted to slash interest rates more aggressively this month, as the president of the European Central Bank said it was ready to enter uncharted territory and introduce a negative deposit rate......

Metro's racks up losses - but keeps attracting customers
The new contender on the High Street has so far lost 100m - but is attracting customers apace. Emma Wall investigates.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2b70cf98/mf.gif' border='0'/><div class=.....

Buffett's first tweet: 'Warren is in the house'
Billionaire investor amasses almost 60,000 followers less than an hour after joining Twitter.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2b70cd3e/mf.gif' border='0'/><div class='mf-viral'><table b.....

Half of businesses don't want to stay in EU without reforms - survey
One in two London businesses says they will suffer if Britain stays in the European Union without reforms.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2b6ff0a4/mf.gif' border='0'/><div class='mf-viral'&g.....

America cannot rest on its laurels as a magnet for foreign investment
No British institution compares to the Royal Family for its ability to generate interest in America. Two years ago, the wedding of Prince William and the Duchess of Cambridge dominated television networks for several days, and the birth of their firs.....

Petropavlovsk executives waive bonuses after price plunge
Senior management will not now recieve share awards that were worth 200pc of their basic salary.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2b6feb4c/mf.gif' border='0'/><div class='mf-viral'><tabl.....

Call centre staff relocated to New Zealand to avoid night shifts
Staff at a British call centre are taking turns to live in New Zealand to avoid working night shifts back home.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2b6fe443/mf.gif' border='0'/><div class='mf-vir.....

Tobacco industry to fight 'standardised' cigarette packs in Europe
Plans to force tobacco manufacturers to sell cigarettes in plain packs in the UK have been kicked into the long grass, it has emerged, but the industry faces a fresh threat from Europe.<img width='1' height='1' src='http://telegraph.feedsportal.co.....

Mervyn King had 'no authority' to push me out - Bob Diamond
Former Barclays chief executive Bob Diamond has hit out at Bank of England governor Sir Mervyn King, who he says had "no authority" to push him out of the bank following the Libor scandal.<img width='1' height='1' src='http://telegraph.feedsportal.....

France intervenes to block Yahoo! bid for control of Dailymotion as 'not in French interests'
A French government minister has been accused of "economic protectionism" after blocking a bid by Yahoo! to take a controlling stake in the Gallic version of YouTube.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/.....

Boris Johnson makes a chocolate souffle
Mayor of London Boris Johnson helps make a chocolate souffle on a visit to G's development kitchen in Walthamstow as he launched a 40m jobs and growth fund.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2b6e04ab.....

ECB cuts interest rate to record low of 0.5pc
The European Central Bank has cut its benchmark interest rate to a fresh low of 0.5pc in a bid to to ease financing conditions in the ailing 17-nation bloc.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2b6cf686.....

HMRC 'getting nastier' with taxpayers who dare to complain
The taxman is taking a tougher stance, rejecting a greater proprotion of complaints about its conduct.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2b6cf142/mf.gif' border='0'/><div class='mf-viral'>&l.....

Bankruptcy at lowest level since start of financial crisis
The number of personal insolvencies has dropped by 16 per cent to around 25,000, according to a "Tracker" that pre-empts official figures.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2b6ce819/mf.gif' border='0.....

'Oil stocks will outperform the FTSE 100'
Guinness Global Energy Fund's Tim Guinness says stock prices are lagging the oil spot price - but they will catch up.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2b6ce81a/mf.gif' border='0'/><div class='.....