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Saturday 4 May 2013

UK Financial News on 2013-05-04

Portugal to cut civil service jobs
Portugal plans to cut 30,000 civil service jobs and raise the retirement age to 66 as it tries to meet bailout conditions, the prime minister says......

US job creation strong in April
The Dow Jones surges through 15,000 after news that 165,000 jobs were created in April, much better than economists had predicted......

RBS 'ready to privatise in a year'
The chairman of Royal Bank of Scotland (RBS) says the bank will be ready to return to the private sector next year, as it reports a return to profit......

Minimum drink price challenge fails
A legal challenge to the Scottish government's plans to introduce minimum pricing per unit of alcohol has failed......

Yeung loses bid to stop HK trial
Birmingham City football club owner Carson Yeung fails in his final attempt to have a Hong Kong trial accusing him of money-laundering thrown out......

France to enter recession, EU says
The eurozone economy will shrink more than expected this year, with France sliding into recession, a European Commission report says......

Adidas shares jump on profits rise
Adidas, the world's second biggest sportswear firm, posts higher profits despite seeing sales fall in the first three months of 2013......

Jobs to go in Nationwide shake-up
A total of 500 jobs are expected to go as Nationwide integrates three regional building societies into its main operations......

LinkedIn shares hit by weak forecast
Shares of LinkedIn fall more than 10% in after-hours trading in New York, after a weaker-than-expected forecast for the current quarter......

Japan signs Turkey nuclear deal
The Turkish government has signed a $22bn (14bn) deal with a Japanese-French consortium to build a new nuclear power station......

UK services sector growth speeds up
The UK's services sector, which accounts for around 75% of the economy, grew by its fastest rate in eight months in April, new data suggest......

Jump in new home registrations
The house-building industry has reported a significant jump in the number of new homes being registered......

Insolvencies at new five-year low
The number of people and businesses becoming insolvent has fallen to its lowest level for five years, according to government figures......

Car plant achieves job cut targets
Car maker Honda announces it has achieved its job cut target at its Swindon plant mainly through voluntary redundancy......

India cuts rates to stimulate growth
India has cut interest rates for the third time this year in an attempt to revive growth in its sluggish economy......

Qatar fund buys into India's Bharti
India's largest mobile phone operator, Bharti Airtel, agrees to sell a 5% stake to Qatar Foundation Endowment as it looks to strengthen its finances......

VIDEO: 'I bought a whole Spanish village'
As people in Spain move out of rural areas and into cities to seek work, entire villages are being sold off at rock bottom prices, drawing buyers from overseas......

VIDEO: Your Money: Lending cash to a stranger
In this week's Your Money, Declan Curry looks at how changes to the benefits system will change household income and how you could get more for your money by lending cash directly to companies......

AUDIO: RBS boss: Profits 'show recovery'
The Royal Bank of Scotland (RBS), which is 81% government owned, has posted profits before tax of 826m for the first quarter of this year......

VIDEO: Parliament protest amid Portuguese cuts
Portugal is planning to cut 30,000 civil service jobs and to raise the retirement age by one year to 66 as it tries to meet the terms of a bailout......

VIDEO: Buffett's 'Woodstock for capitalists'
Legendary US investor Warren Buffett will host his annual shareholder meeting this weekend with almost 35,000 investors in attendance......

VIDEO: 180 degree television for the home?
BBC News takes a look at a new filming and projection technique which aims to create an enhanced, immersive experience, augmenting traditional screen viewing......

AUDIO: Is Electrolux 'in retreat' in UK?
Keith McLoughlin, chief executive of the Swedish company AB Electrolux, the world's second biggest household appliance maker, told Today business presenter Simon Jack that it was his job to "bring more relevant consumer innovation" to the industry......

VIDEO: Bollywood wows foreign box offices
Bollywood and other India-made movies have been expanding their reach overseas, last year the industry made $140 million dollars at foreign box offices......

Peer-to-peer lending tempts savers
The growth and risks of peer-to-peer lending.....

Buffett 2013: Top investors offer best value plays of 2013
May 4 - Top value investors attending the Berkshire Hathaway annual shareholders meeting offer their best bargain buys for 2013......

Buffett 2013: Top investors on what Buffett should buy next
' Rhonda Schaffler asks top investors: What should Warren Buffett buy next?.....

Buffett 2013: Bond holders to "get crushed"; stay in stocks -Winters
May 3 - Wintergreen Advisors' David Winters says there's more upside for stocks & thinks bond holders will "get crushed" when interest rate rise. Abroad, he likes conglomerates Orkla and Jardine Matheson......

Buffett 2013: "Less than meets the eye" in Berkshire results
May 3 - Berkshire bear Doug Kass, who will question Warren Buffett at the company's annual meeting, says that Berkshire Hathaway's quarterly earnings are "of lower quality" if you look at them closely......

Buffett 2013: Mario Gabelli likes Bourbon with his BRK stake
May 3 - Gabelli Funds' Chairman & CEO says he has a lot of Bourbon makers in his portfolio, as stocks like Beam continue to outperform. He also sees improving momentum in housing & Mueller Industries (MLI)......

Buffett 2013: Brink's will keep investors safe, bonds won't
May 3 - Scott Phillips of Lauren Templeton Capital Management says security company Brink's and coal companies like Cloud Peak Energy are the best bargain buys, but bonds are "extremely dangerous"......

Jobs push Wall Street to historic high
May 3 - For the first time in history, the Dow cracked 15,000 and the S&P 500 crossed 1,600 as stronger-than-expected job creation and an unemployment rate at a 2008-low gave investors less to worry about; Staples to sell 3D printer; Portugal looks t.....

Buffett 2013: Value investor to Buffett: Buy Ikea!
May 3 - Wedgewood Partners' Chief Investment Officer, David Rolfe, says the only furniture business that could move the elephant needle for Buffett is private furniture retailer Ikea......

U.S. Week Ahead: Hershey's or IKEA? What does Buffett want?
May 3 - Investors are hoping to hear what's Warren Buffett's next big target at Berkshire Hathaway shareholder meeting on Saturday......

Job jump
May 3 - The unemployment rate came down to 7.5 percent in April- and this time it was for a good reason . Bobbi Rebell reports......

Daily Digit: 7.9 mln in part-time limbo
May 3 - The U.S. job market showed surprising strength in April, but 7.9 million Americans are stuck working part time. Conway G. Gittens reports......

Techquity: Overreaction to LinkedIn, Intel's future focus
Breakingviews Columnist Rob Cyran gives his take on LinkedIn's quarter and Intel's future with a new CEO......

Daily Digit: 7.9 mln in part-time limbo
May 3 - The U.S. job market showed surprising strength in April, but 7.9 million Americans are stuck working part time. Conway G. Gittens reports......

Buffett 2013: Recipe for Buffett's next takeover: Hershey
May 3 - Jeff Matthews, founder of Ram Partners LP says Berkshire Hathaway would make a wonderful home for Hershey, citing the protection chocolate offers against inflation and Buffett's love of junk food......

Trading at Noon: Stocks that Buffett may find appetizing
May 3 - Ahead of Berkshire Hathaway's annual shareholders meeting, we talk to Agnes Crane about whether there are more deals in the works......

Breakingviews: Buffetts annual powwow
May 3 - Reynolds Holding and Agnes T. Crane discuss why Berkshire Hathaway shareholders should be in a better mood this year at Warren Buffetts annual shindig this weekend......

One year on, economic reality bites for France's Hollande
May 3 - One year into the job, French President Francois Hollande's popularity rating is around 25%, after the sharpest fall for any president in over half a century. Joanna Partridge reports how Hollande's first year in power has been marked by a st.....

Glencore Xstrata charms investors with cost cut promise
May 3 - The world's fourth largest mining company, Glencore Xstrata, begins trading on the London Stock Exchange on Friday after the completion of the $30 billion acquisition of Xstrata. Joanne Nicholson looks at the company's game plan in a climate .....

Buffett 2013: U.S. ills to persist; invest in foreign markets
May 3 - Tom Russo, partner at Gardner Russo & Gardner, says the U.S. fracking boom is overrated and QE3 is putting perilous leverage on U.S. markets. He says emerging markets & Nestl are the places to invest......

ECONOMY 2013: Constellation will consider paying a dividend
May 3 - Constellation Brands CFO Robert Ryder says the company will think about paying a dividend for the first time after it pays down its debt......

FACTBOX: Which global brands do consumers buy most?
May 3 - A survey by Kantar Worldpanel reveals which global brands are most frequently bought by consumers. There are thirteen global brands chosen by consumers more than a billion times a year, including Pepsi, Nescaf and Dove. But which brand is the.....

Harvard scientists demonstrate first "Flight of the Robobee"
May 3 - Scientists at Harvard University have demonstrated the first controlled flight of an insect-sized robot drone. Called Robobee, the machine was designed to mimic flying insects for use in a number of fields including environmental research and.....

Europe Week Ahead: No stimulus please, were British
May 3 - A Bank of England policy decision looms but analysts are betting against any fresh stimulus, while a G7 meeting in London may also produce little drama. French bank earnings also due......

Wealth Strategies: U.S. economy stuck in stagnation
May 3 - A panel of economists and fund managers say despite the better-than-expected April employment report, a labor force participation problem still exists and to expect soft numbers in coming months......

More bodies emerge from Bangladesh building collapse
Families search for the bodies of loved ones as the death toll in last week's Bangladesh factory collapse rises above 500. Canadian retailer Loblaw vows to continue sourcing from Bangladeshi factories while pushing for better building codes. Lindsey .....

J Sainsbury's to reveal new sales record
J Sainsbury will confirm its position as the best performing major supermarket in Britain this week with the eighth consecutive year of like-for-like sales growth under Justin King, the chief executive.<img width='1' height='1' src='http://telegra.....

Sara Murray: prison deal will show if government is serious on SMEs
Sara Murray is busy. Very busy, in fact. As well as sitting on four different ministerial-led small business forums, trying to change Whitehall's outlook on help for entrepreneurs, she is trying to change the way the Government sees her own business,.....

Firms rush to relocate in low-tax Britain
More than 40 multinational companies have inquired about relocating their headquarters to the UK because of the cuts in corporation tax.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2b8468db/mf.gif' border='0'/.....

A billion reasons to back the arts
The UK's arts sector delivers billions of pounds to the national output, a major new report on the contribution of the industry is expected to say.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2b8468e3/mf.gif' .....

Knight Vinke's call for UBS to be split makes little sense
Knight Vinke is never far from the headlines, partly because of the style of investment it prefers.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2b8468e8/mf.gif' border='0'/><div class='mf-viral'><t.....

The euro crisis also provides some opportunities for the UK
Annie is big, bold, beautiful and was built on Teesside. She's been tunnelling underneath the streets of London creating a new route for cross-Channel trains for the past decade.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/327.....

Bangladesh begs EU not to axe trade deal after disaster
Bangladesh has pleaded with the European Union not to scrap trade concessions for its giant textiles industry following the collapse of a factory in which 550 people lost their lives.<img width='1' height='1' src='http://telegraph.feedsportal.com/.....

HP board sued over Autonomy deal
Hewlett-Packard board members were last night facing accusations that they were made aware of countless "red flags" about Autonomy before their disastrous acquisition of the British software maker.<img width='1' height='1' src='http://telegraph.fe.....

Ocado a 'retailer for the future'
The low point for Lord Grade came just before the IPO in 2010. A sailing holiday off the south coast was wrecked when the Ocado chairman had to take an emergency conference call with John Lewis's chairman, Charlie Mayfield.<img width='1' height='1.....

BT's profits flat as sport launch arrives
BT is expected to report flat annual profits this week as it goes into battle with BSkyB with the commercial launch of its subscription sports television channel, BT Sport.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/5.....

Lord Grade rejects attack on new Ocado pay plan
Lord Grade, the chairman of Ocado, has rejected a warning over new remuneration plans at the online retailer despite a "red top" alert by the powerful investor body, the Association of British Insurers.<img width='1' height='1' src='http://telegra.....

Ofcom fees anger telecoms industry
Telecoms companies have expressed their anger at an "unacceptable" last-minute increase in fees imposed on the industry by Ofcom.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2b844201/mf.gif' border='0'/><.....

Justin King has injected energy, enthusiasm and pride back into Sainsbury's
When Justin King took the helm of the good ship Sainsbury's 10 years ago he inherited a vessel that, while still seaworthy, was in a sorry state.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2b844202/mf.gif' bo.....

Sid needs to wait for his chance to buy back RBS
In February, long before anyone was all that worried about the eurozone debt crisis or whether Nigel Farage drinking a pint of beer and having a fag was a strategy for government, Stephen Hester, the newish chief executive of the Royal Bank of Scotla.....

How Justin King rose to retail royalty at Sainsbury's
Ten years ago, Sainsbury's profits were down and morale was low. It's rise is down to Justin King.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2b844204/mf.gif' border='0'/><div class='mf-viral'><ta.....

Rolls-Royce aerospace head quits as bribery fears mount
Britain's biggest manufacturer is at the centre of a potentially explosive corruption scandal.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2b844205/mf.gif' border='0'/><div class='mf-viral'><table .....

Lord Heseltine: 'One hears a lot about tax cuts, but the real issue is productivity'
At 80, Lord Heseltine's passion for business still burns brightly and his political antenna is as sharp as ever.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2b844206/mf.gif' border='0'/><div class='mf-vi.....

Charles Allen: from ITV chief executive to charity worker
The first victim of the original shareholder spring now gets his excitement as a volunteer.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2b83c0e2/mf.gif' border='0'/><div class='mf-viral'><table bor.....

Fit for a King: Sainsbury's four key challenges
Sainsbury's may have confirmed its position as the best performing major supermarket, but it still faces some big hurdles. We outline the top four.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2b83c0e3/mf.gif' .....

Why Culture is crying out for a Clubcard ethos
When the commercial viability of culture is questioned - as it has been at great length following Maria Miller's recent speech on arts in the age of austerity - the debate inevitably focuses around the role of government funding.<img width='1' hei.....

Why embracing change means we can all thrive
Ever since the financial crisis broke in 2007, the culture of the City of London has come in for much criticism - and rightly so.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2b83c0e6/mf.gif' border='0'/><.....

Clubcard duo Edwina Dunn and Clive Humby put 1m into culture
The couple who revolutionised the way Tesco interacts with its millions of customers are attempting to do the same for theatre, the arts and sport.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2b83b195/mf.gif' .....

The UK internet boom that blows apart economic gloom
Gloomy economic data do not reflect Britain's status as a digital success story. It's time to change.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2b83b043/mf.gif' border='0'/><div class='mf-viral'><.....

Visit could set IMF against Treasury
A delegation of senior economists will this week arrive from the International Monetary Fund to conclude its annual review of the UK economy.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2b83b983/mf.gif' border.....

Niall Ferguson's 'unqualified apology' over gay comments
Niall Ferguson, the historian, has apologised for comments he made about John Maynard Keynes' sexuality.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2b83a939/mf.gif' border='0'/><div class='mf-viral'>.....