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Thursday 9 May 2013

UK Financial News on 2013-05-09

YouTube launches subscription fees
YouTube is launching a pilot programme for a small number of partners to offer channels with subscription fees starting at $0.99 a month......

BT raises stakes in BSkyB battle
BT is to offer free Premier League football coverage to its broadband customers, the telecoms company announces, in a direct challenge to BSkyB......

Bank holds fire on stimulus move
The Bank of England keeps its stimulus programme of quantitative easing (QE) unchanged and also holds interest rates at 0.5%......

Fannie Mae to pay $59.4bn back to US
US federal mortgage agency Fannie Mae will pay $59.4bn (38.5bn) in dividends to the US Treasury, after posting a record profit in the first quarter......

Arrests follow alleged pension fraud
Police have made a number of arrests in the first operation of its kind to tackle suspected fraudulent pension liberation schemes......

Lloyds bank cuts a further 850 jobs
Lloyds Banking Group plans a further 850 job cuts, with the bulk of the losses coming with the closure of one office......

UK tax evasion hunt nets 100 people
A joint investigation by the UK, the US and Australia to identify those using offshore tax havens to hide their wealth has uncovered more than 100 people......

'Record share' for buy-to-let deals
The buy-to-let sector now accounts for a record portion of total mortgage loans, according to lenders' data......

Barnes & Noble shares jump 24%
Shares in the bookstore chain Barnes and Noble have shot up after reports Microsoft was planning to buy its Nook e-reader......

Slovenia unveils rescue measures
The government of Slovenia announces a package of measures it hopes will help it avoid an EU bailout......

Barratt upbeat on housing market
Housebuilder Barratt Developments reports improving sales and says market conditions are "the most positive we have seen for five years"......

Rise in homes seized by lenders
The number of UK homes repossessed in the first three months of the year rose slightly compared with the previous quarter, lenders say......

Austerity economists correct errors
Two Harvard economists whose widely-cited research on austerity was called into question last month have published a formal correction......

UK industrial output beats forecasts
UK industrial production rose in March, boosted by manufacturing and a recovery in oil and gas output, according to the Office for National Statistics......

Cameron raps EU financial tax plans
Prime Minister David Cameron reasserts Britain's strong opposition to a European financial transactions tax in a speech at an investment conference......

Morrisons reports drop in sales
Supermarket chain Morrisons says underlying sales have dipped in the past three months, but believes it has made a "solid start" to the year......

London Market Report
The FTSE 100 edges lower, with shares in BSkyB hit after BT says its broadband customers will get Premier League football for free......

US Treasury chief revamps signature
US Treasury Secretary Jack Lew, who was mocked for his loopy signature, has offered a more legible version that could feature on new dollar bills.....

Swedish salmon sales 'breached ban'
Firms in Sweden have sold about 200 tonnes of Baltic salmon in Europe despite an EU ban targeting toxic chemicals in fish......

Plan to simplify pensions and rights
Changes to the state pension, clearer rights for consumers, and measures on energy and water, are among the government's legislative programme set out in the Queen's Speech......

Bank accounts will be 'open to all'
European residents will have the right to open a basic bank account in any country of the EU and compare the fees charged by providers, under new plans......

UK house prices 'rise by 1.1%'
House prices rise by 1.1% in April compared with the previous month but activity in the market remains subdued, according to the Halifax......

South Korea central bank cuts rates
South Korea's central bank cuts its key interest rate in a surprise move aimed at boosting growth and countering the weak Japanese yen......

EU China solar panel trade war looms
The European Commission is on the verge of a trade war with China over the import of solar panels......

German industrial output rises
German industrial output sees a surprise rise in March, reviving hopes about the strength of Europe's biggest economy......

Huawei boss in first media interview
Ren Zhengfei, the founder of China's Huawei - the world's second-largest telecom equipment maker - speaks to the media for the first time......

Sony sees first profit in five years
Electronics giant Sony reports an annual profit for the first time in five years, boosted by a weakening yen and asset sales......

Cable TV boosts News Corp profits
Rupert Murdoch's News Corp reports better-than-expected results on the back of growth in its television and entertainment businesses......

Rio bid to rename Havelange stadium
Rio de Janeiro politicians launch a bill to rename the city's Joao Havelange stadium, saying corruption allegations mean the ex-Fifa boss is "unworthy" of the honour......

Man Utd shares fall on Sir Alex news
Manchester United shares fall in New York amid concerns over the impact Sir Alex Ferguson's retirement will have......

Singapore to host WTA Championships
The Women's Tennis Association names Singapore as the host for its annual end-of-season tour championships for five years from 2014......

VIDEO: Jaguars rolled out in Castle Bromwich
The first Jaguar F-Type cars have rolled off the production line at Jaguar Land Rover's Castle Bromwich plant, at a rate of one every eight minutes......

VIDEO: What's behind Wall Street's optimism?
As Wall Street's record breaking run continues, some analysts wonder if it will be short lived......

AUDIO: BT offers free Premier League football
BT is to offer free Premier League football coverage to its broadband customers, the telecoms company says......

VIDEO: Why did Sony struggle for so long?
Rupert Wingfield-Hayes explains why the once-mighty corporate giant struggled for so long......

AUDIO: 'How I made it with a stammer'
Research by the British Stammering Association suggests two thirds of employees with a stammer hold back on sharing ideas at work and hold back on going for promotions......

VIDEO: 'Africa's Davos' private sector key
Nigerian energy entrepreneur Kola Karim spoke to the BBC about the importance of the private sector in tackling corruption......

VIDEO: Queen's speech supports pensioners
Changes to the state pension and clearer rights for consumers are among the government's plans featured in the Queen's Speech......

VIDEO: Ferguson 'expert manager and player'
Amanda Goodall, senior lecturer in management at Cass Business school, told the BBC that Sir Alex Ferguson succeeded because of his background as a footballer and his understanding of the business......

Economy confronts Pakistan's leaders
Pakistan heads to poll amid economic challenges.....

Ferguson's role in Man Utd success
Sir Alex Ferguson's role in Man Utd success.....

India gets low-cost smartphone boost
The market for low-cost smartphones in India.....

Can we ever trust bankers again?
Can customers ever trust bankers again?.....

Future hopes for North East coal
Plans to exploit the UK's millions of tonnes of untapped coal reserves.....

What can UK learn from Spanish high speed rail?
What can UK learn from Spain's high-speed rail venture?.....

The world's most sleep-starved students
Which country has the sleepiest students?.....

U.S. Day Ahead: Yum sales to plummet in China
May 9 - From scares over its chicken supply to an outbreak of avian flu, it looks like Yum Brands can't catch a break in China......

Nook's got a digital hook for MSFT- Mashable's Ulanoff
May 9 - Nook digital could be more valuable in the hands of stakeholder Microsoft - because the company could leverage its content according to Mashable's Lance Ulanoff. Bobbi Rebell reports......

Daily Digit: Fannie, Freddie $131 bln payback
May 9 - Fannie Mae and Freddie Mac, the biggest providers of mortgage money in the U.S., pay back $131.6 billion of the 2008 bailout money. Conway G. Gittens reports......

Techquity: Clues about cheaper iPhone; Facebook deal talk
May 9 - Apple supplier ramps up hiring while Facebook reportedly considers a $1 billion acquisition......

Trading at Noon: Why Microsoft's looking to hook Nook
May 9 - Shares of Barnes & Noble are soaring on reports that Microsoft may want to buy the rest of Nook media......

Africa rethinks China trade links
May 9 - Worried about the flood of cheap Chinese imports policy makers and executives in Africa are calling on governments to drive harder bargains with China. Their warning comes as African leaders gather for the World Economic Forum on Africa. Mela.....

Bankia protestors use disruption tactics
May 9 - A year after Spain's government announced the nationalisation of Bankia, citizens used social media to organise various disruptive actions prompting the temporary closure of at least 20 branches......

Heavyweight issues at G7
May 9 - Protesters gather outside the Treasury in London to urge the UK to do more to stamp out tax avoidance, a day before G7 finance ministers meet in Britain. Kirsty Basset reports......

Breakingviews: The fight for Sprint
May 9 - Antony Currie and Robert Cyran discuss what Dish Networks disappointing quarterly results and SoftBanks increase in expected cost savings mean for the battle to buy the telecom company......

Europe Day Ahead: Finance chiefs flock to London for G7
May 9 - Banking and finance reforms top the agenda for finance ministers and central bankers of G7 nations meeting in London this weekend, while UK's Cameron heads to Russia to talk Syria with Vladimir Putin......

Daily digit: $55m Ferguson fallout
May 9 - Manchester United shares fell 1.8 percent following manager Alex Ferguson's decision to step down, wiping 55 million dollars off the club's value. Ivor Bennett reports......

U.S. Morning Call: Dish profits drop; Groupon surprises
May 9 - Dish Network's first-quarter profit fell 40 percent, hurt by higher programming and subscriber-acquisition costs, while Groupon revenue grew faster than expected, boosting shares......

FACTBOX: Dear Europe, a very unhappy birthday
May 9 - May 9 is Europe Day, but its an unhappy birthday for the EU amid signs that even some of its most fervent supporters are having their doubts......

Sports Spread: FA Cup Final Preview
May 9 - Will the weight of expectation be too much to bear for Manchester City as they take on underdogs Wigan in the FA Cup final?.....

Netizens beg Obama for liberation...or the last word on tofu
Anita Li reports on the petitions from the wacky to the serious that have flooded the Obama administration's petitions website......

Sony's 'make believe' profitability means danger not over
' Jon Gordon......

Breakingviews: Cult of Keynes
May 9 - Historian Niall Ferguson is the latest pundit to make the mistake of asking "what would Keynes have done?", says Breakingviews, but his theories were made for another time......

Reuters Today: Dont bet on Sterling bounce - Morgan Stanley
May 9 - Analysts bet the Bank of England will refrain from fresh stimulus measures in Thursday's policy decision, but Morgan Stanleys Ian Stannard says any boost for Sterling may be short lived......

Eight die in Bangladesh factory fire
May 9 -Fire kills eight at a Bangladesh garment factory with the industry already under the global safety spotlight. Paul Chapman reports......

Bangladesh factory blaze deaths
May 9 - Fire kills at least eight at a Bangladesh garment factory with the country's booming industry already under the safety spotlight. Rough Cut (no reporter narration)......

DNA tool brings life to the long dead
May 8 - A new DNA-based research tool developed in Poland, could help forensic specialists identify dead bodies which have either decomposed or been mutilated beyond recognition. The HirisPlex system has already been used to reveal the hair and eye c.....

Groupon daily deals deliver results
May 08 - Groupon's revenues beat analysts forecasts- as its main daily deals site soared in North America- though the company is struggling in Europe. Bobbi Rebell reports......

The bleeding at Groupon has been stopped- WIRED's Joe Brown
May 08- WIRED New York Editor Joe Brown on Groupon results. Bobbi Rebell reports......

U.S. Day Ahead: Chain store sales expected to jump in April
May 8 - The unusually cold weather throughout much of the U.S. abated during April, unleashing consumers back to the malls. Analysts expect the pent-up demand to benefit retailers......

Saft Says: This is not your father's bull market
columnist James Saft says this is not your father's bull market - and that's a good thing......

YouTube starts charging for channels
Google's YouTube video service is dipping its toe into pay television by starting a subscription service with 30 content creators, including children's programmers Sesame Street and Muppet creator The Jim Henson Co, and the Ultimate Fighting Champion.....

BT kicks off TV battle with free live football
BT has made good on its talk of using live football to lure broadband customers back from BSkyB by revealing it plans to make almost no money directly from its new television venture.<img width='1' height='1' src='http://telegraph.feedsportal.com/.....

George Osborne is offering a hair of the dog that bit us
George Osborne wants a mini-boom but that's what got us into this mess, says Jeremy Warner<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2bb80ec1/mf.gif' border='0'/><div class='mf-viral'><table bord.....

KPMG faces double inquiry by reporting watchdog
KPMG, the accountancy firm forced last month to give up two audits in the US after becoming embroiled in an alleged $1.3m (840,000) insider trading scandal, is facing a double investigation by the Financial Reporting Council.<img width='1' height=.....

Balfour Beatty banks another 78m from US bullet train
Controversial $68bn project will link San Francisco and Los Angeles with a 200mph bullet train service.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2bb6e646/mf.gif' border='0'/><div class='mf-viral'>&.....

Arrests made in 'pension unlocking' crackdown
Police have made their first arrests in a multi-agency operation to shut down firms which trick savers into believing they can unlock their pension early.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2bb6df0a/m.....

Quindell fails to banish unease
Quindell Portfolio dropped 28pc on mounting concerns over a derivative contract.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2bb6df0b/mf.gif' border='0'/><div class='mf-viral'><table border='0'>.....

HMRC launches fresh tax crackdown after it is handed largest ever tranche of data
HMRC launches fresh tax crackdown after being handed largest ever tranche of data about evasion.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2bb6df0c/mf.gif' border='0'/><div class='mf-viral'><tabl.....

Business news and markets: as it happened May 9, 2013
Boris Johnson has said Britain "must be prepared" to "walk away" from the European Union if David Cameron's efforts to strike a new deal with Brussels fail, as the prime minister warned it would be wrong for Britain to "simply leave" the bloc.<img.....

William Hill chief executive agrees to stay until 2015
Twelve months ago, William Hill shareholders were rebelling over a 1.2m retention bonus for the bookmaker's colourful chief executive, Ralph Topping.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2bb6df0e/mf.gif.....

Business news and markets: live
Boris Johnson has said Britain "must be prepared" to "walk away" from the European Union if David Cameron's efforts to strike a new deal with Brussels fail, as the prime minister warned it would be wrong for Britain to "simply leave" the bloc.<img.....

Increase in ID fraud boosts Experian's revenues
Experian, best known for running consumer credit checks for banks, has reported a strong rise in revenues, boosted by factors that were not necessarily good for others but were good for the company, such as identity fraud.<img width='1' height='1'.....

The London market only needs transparent and ethical companies
A continuing flow of bad news from former FTSE favourites, ENRC and Bumi, is raising significant questions about London's future as stockmarket to the world's leading growth companies.<img width='1' height='1' src='http://telegraph.feedsportal.com.....

The rise of designer outlets in the age of austerity
Twenty years ago it was difficult to imagine that Chinese tourists would, one day, be bussed out of London so they could go shopping for leftover clothing that no one else wanted.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32.....

HSBC is most expensive bank for cash withdrawals abroad
Holidaymakers are being charged up to 12 every time they use an overseas cash machine.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2bb571c1/mf.gif' border='0'/><div class='mf-viral'><table border='.....

Britain must be ready to 'walk away' from EU, says Boris Johnson
Boris Johnson has said Britain "must be prepared" to "walk away" from the European Union if David Cameron's efforts to strike a new deal with Brussels fail.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2bb4acc0.....

SuperGroup's push towards 'sophistication' helps sales rise
Two women executives poached by retailer SuperGroup from Reiss and John Lewis last year have been credited with bringing "sophisticated" products to its stores and helping sales jump.<img width='1' height='1' src='http://telegraph.feedsportal.com/.....

Fund anomalies: Three 'cheap' investment trusts
The quirky nature of investment trusts can throw up some interesting investment opportunities. One broker has found three "cheap" funds.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2bb63976/mf.gif' border='0'/.....

Three 'cheap' investment trusts
The bizarre nature of investment trusts can throw up some interesting investment opportunities. One broker has found three "cheap" funds.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2bb636b4/mf.gif' border='0'.....

Top paid RBS banker goes in reshuffle ahead of US float
Royal Bank of Scotland's highest paid executive, Ellen Alemany, is set to leave the taxpayer-backed lender as part of a management reshuffle ahead of the flotation of its US operations.<img width='1' height='1' src='http://telegraph.feedsportal.co.....

Home repossessions fall 17pc in first quarter
The number of homes repossessed by mortgage lenders remained near five-year lows at the start of the year.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2bb567ba/mf.gif' border='0'/><div class='mf-viral'&g.....

BoE keeps rates at record low and opts for no more QE
The Bank of England left interest rates on hold and did not extend its bond purchases on Thursday amid tentative signs that the recovery is gaining momentum.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2bb4a93.....

Businesses urge extra flights at Heathrow
Up to 68 extra flights a day, including more at night, should be allowed at Heathrow to provide short-term relief to Britain's aviation capacity crisis, an organisation representing major businesses in the capital has said.<img width='1' height='1.....

Housing market 'most positive' in five years, says housebuilder Barratt
The housing market is at its strongest in five years, according to Barratt Developments, Britain's biggest housebuilder.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2bb3755b/mf.gif' border='0'/><div clas.....

One in eight pounds lent to landlords
One in every eight pounds of mortgage lending this year has been on buy-to-let, new figures have shown, amid concerns that the Bank of England's cheap credit scheme is being used to line landlords' pockets.<img width='1' height='1' src='http://tel.....