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Friday 10 May 2013

UK Financial News on 2013-05-10

Data suggests UK avoided double-dip
A revision by the Office for National Statistics to construction industry data has cast doubt on whether the UK entered a double-dip recession last year......

Moody's downgrades Co-op Bank rating
Co-op Bank's debt rating is downgraded to "junk" status by Moody's, and its chief executive resigns after the collapse of a deal to buy branches from Lloyds......

Thames airport 'should be rejected'
The government should reject the "Boris Island" Thames Estuary airport plan and expand Heathrow instead, a report by MPs argues......

Smart meter project is delayed
The introduction of energy smart meters in 30 million UK homes will be delayed for more than a year, the government announces......

Fraudsters 'use Green Deal as cover'
Trading standards officers in West Yorkshire and Wales warn that door-to-door conmen are posing as Green Deal assessors......

IAG losses grow over troubled Iberia
Losses at International Airlines Group balloon in the first quarter due to its troubled Spanish carrier Iberia......

BT profits rise boosts share price
Shares in telecoms group BT jump 10% after it reports better-than-expected full-year profits......

G7 meets amid Japanese yen questions
Finance ministers from the G7 group of industrialised nations are meeting amid questions over Japan's monetary policy......

Pension pots 'saved from charges'
Workers automatically enrolled into a workplace pension will not see their pension pot reduced by charges from consultants, under government plans......

Secret deals plundering Africa
Africa loses twice as much money through tax avoidance, secret mining deals and financial transfers as it gets from donors, ex-UN chief Kofi Annan warns......

Yen breaks 100 mark versus US dollar
The Japanese currency breaches the 100 yen to the US dollar mark for the first time since April 2009......

Amplats planning 6,000 job cuts
Anglo American Platinum plans to cut 6,000 jobs in South Africa after its profits were affected by violent labour strikes last year......

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......

Nissan profit up but China sales dip
Japanese carmaker Nissan reports a small rise in full-year profits, but sales in its key market of China fell following a territorial row between Japan and China......

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......

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......

'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......

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......

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......

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%......

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"......

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......

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......

Rio's Maracana stadium 'privatised'
Three private companies win the right to manage Brazil's most famous football stadium, which was revamped by the government at a high cost......

VIDEO: Cyber gang 'stole $45m' from ATMs
A gang of cybercriminals stole $45m (29m) by hacking into a database of prepaid debit cards and draining cash machines around the world, US prosecutors say......

VIDEO: Whisky sales fuel copper stills boom
Growth in whisky sales is fuelling demand for stills hand-made by coppersmiths in Scotland......

AUDIO: BT boss: We'll be match for Sky
BT is to offer free Premier League football coverage to its broadband customers, the telecoms company has said......

VIDEO: McDonald's boss on dining at work
The chief executive of McDonald's UK, Jill McDonald, on why the company is opening its burger-making plants to the public, and her own diet......

AUDIO: Co-op ratings downgrade
Ratings agency Moody's has downgraded the Co-operative Bank's debt rating to "junk" status......

VIDEO: YouTubers welcome charging plan
Two of the UKs most popular YouTube stars talk about new paid subscriptions coming to the site......

VIDEO: Chanel looks East with Singapore show
Singapore has hosted a major fashion show for international designer Chanel, for the first time......

VIDEO: Annan: Africa 'not getting fair deal'
Chair of the Africa Progress Panel Kofi Annan says that Africa is not getting a fair deal, ahead of the World Economic Forum in Cape Town......

Are happy cows watched year round?
Are the most-watched cows in the world the happiest?.....

What is driving the stock market rally?
Why are investors feeling so buoyant about global stock markets?.....

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

What next for China's Alibaba?
What is the future for China's Alibaba without Jack Ma?.....

Facebook's video censorship dilemma
Facebook's video censorship dilemma.....

The extraordinary story of Dave Whelan
The extraordinary story of Wigan chairman Dave Whelan.....

U.S. Week Ahead: JCP earnings could surprise to the upside
May 10 - Optimism is growing ahead of J.C.Penney's earnings on Thursday with the number of analysts giving the company a strong buy or buy rating doubling in the last month......

MuniLand: Harrisburgs of America beware! The SEC is listening
May 10 - SEC Commissioner Elisse Walter says she's putting the municipal bond market on notice and that public officials should watch what they say in speeches that reach securities markets......

Daily Digit: 1776 feet high
May 10 - New York City's One World Trade Center was completed, and it now at its full height of 1776, a reference to the year the American revolution against British rule began. Bobbi Rebell reports......

Techquity: Big data play for Facebook
Breakingviews Columnist Rob Cyran gives his take on Facebook's potential purchase of Waze and Carl Icahn's latest offer for Dell......

Bailout fears for Britain's Co-op Bank
May 10 - The head of Britain's Co-operative Bank stands down after Moody's downgraded its debt rating to junk status, highlighting the difficult regulatory environment for small banks. Melanie Ralph reports that the bank may need a government bailout.....

Breakingviews: Filling the buyback void
May 10 - Rob Cox and Jeffrey Goldfarb discuss how Apples record $50 bln share repurchase typifies the challenge facing investors and helps explain the healthy appetite for IPOs......

Amplats scales back its job cuts plan
May 10 - Anglo American Platinum is to cut 6,000 mining jobs in South Africa, fewer than half the 14,000 originally planned, and slash platinum production by 10% this year, as it battles to return to profit. But as Joanna Partridge reports, Amplats h.....

Trading at Noon: Will Dell do the Icahn dance?
May 10 - Carl Icahn & Southeastern Asset Management proposed an alternative to a $24.4B buyout deal by Michael Dell......

Japan says weak yen won't be on G7 agenda
May 10 - Group of Seven Finance ministers arrive at a stately home on the outskirts of London to discuss whether central banks can do more to bolster the fragile global recovery. Kirsty Basset reports......

Europe Week Ahead: G7 - Historic Venue, Modern Problems
May 10 - A look at next week's key events including the weekend G7 meeting, a slew of euro zone GDP data and the first update from Glencore Xstrata......

Bailout fears for Britain's Co-op Bank
May 10 - The head of Britain's Co-operative Bank stands down after Moody's downgraded its debt rating to junk status, highlighting the difficult regulatory environment for small banks. Melanie Ralph reports that the bank may need a government bailout.....

U.S. Morning Call: Dell plot thickens with new proposal
May 10 - Activist investor Carl Icahn and Southeastern Asset Management have proposed an alternative to Michael Dell's buyout deal......

Market Pulse: Yen Will Slither Up To 105
FX analyst Neal Kimberley......

Breakingviews: Global monetary policy is going wrong
May 10 - Quantitative easing has become a tide that is raising all ships, but with a disappointing impact on GDP says Breakingviews......

In the Boardroom: AGMs - David & Goliath work it out
May 10 - AGM season can be perilous for boards with protests erupting over pay. But Stephen Cohen, who runs a shareholder activist fund, says companies are starting to listen to their investors......

Yen outlook '101': Where the currency goes from here
May 10 - The yen has finally smashed through the 100 to the dollar mark - but as Yonggi Kang reports, its downward slide may be running out of steam......

Asia Week Ahead: How to navigate China's contradictory data
' Wayne Arnold explains how to sift through the numbers for the real picture on Asia's powerhouses......

Reuters Today: All talked out? G7 meets anyway
May 10 - G7 finance chiefs gather in London, but is there anything left to say? And news of a 21st-century heist......

ArcelorMittal investors steel yourself - StarMine
May 10 - ArcelorMittals StarMine EPS change, future earnings forecast and operating margins versus its peers suggests 2013 will be a tough year for the steelmaker......

Stocks pause after 5-day growth spurt
May 10 - Summary of business headlines: Wall Street recedes after record run; Jobless claims drop to 5-1/2 year low; retailers chilled by delayed start to spring; Fannie Mae, Freddie Mac to return $132 billion to taxpayers; Dollar breaks 100 yen. Con.....

Reading into Microsoft's possible Nook deal
May 9 - Microsoft may have a lot to gain if it were to buy the rest of Barnes and Noble's Nook Media- but the clock may be ticking. Bobbi Rebell reports......

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......

Goldman Sachs confronts Bloomberg after journalists keep tabs on bank staff
Bloomberg faces a battle to reassure banks its $20,000-a-year terminals do not pose a security risk, after it emerged that its journalists had been accessing information about individual users.<img width='1' height='1' src='http://telegraph.feedsp.....

Centamin slides on Egypt worries
The group disclosed unsettling developments in a legal dispute over its only mine.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2bc2c4cc/mf.gif' border='0'/><div class='mf-viral'><table border='0'&g.....

The Co-op has opened up old wounds from the banking crisis
Something has gone very wrong at the Co-op Bank and it did not happen overnight.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2bc2c29e/mf.gif' border='0'/><div class='mf-viral'><table border='0'>.....

Carl Icahn attacks Dell 'giveaway'
Activist investor Carl Icahn has submitted a proposal to the board of US computer company Dell in a bid to up-end the $24.4 billion buyout by founder Michael Dell.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2.....

Foreign home buyers 'easing housing crisis'
More than half of all new homes in London are now purchased by foreign buyers - but rather than fuelling the capital's housing crisis they are helping to ease the problems.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/5.....

BA should have put Iberia merger on hold, Walsh admits
British Airways' merger with Iberia, the troubled Spanish airline, should perhaps have been delayed, the boss of International Airlines Group has admitted.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2bc2c2a1/.....

Business news and markets: as it happened - May 10, 2013
The US warns that Japan is pushing the boundaries of international agreements to avoid competitve currency devaluations ahead of G7.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2bc25c13/mf.gif' border='0'/>.....

FTSE 100 closes above 6,600 for first time since 2007
London's blue-chip index has closed above the psychologically important 6,600 level for the first time in five and a half years.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2bc1c59e/mf.gif' border='0'/><.....

Business news and markets: live
The US warns that Japan is pushing the boundaries of international agreements to avoid competitve currency devaluations ahead of G7.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2bbbb3f7/mf.gif' border='0'/>.....

Quarter of Ocado shareholders rebel over executive pay
Ocado, the online grocery retailer, has suffered a shareholder backlash over executive pay after almost a quarter failed to back the company's remuneration proposals.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/.....

Co-op rules out state aid as boss quits amid capital fears
The Co-operative Bank was forced to reassure customers it has not sought Government help as the sudden departure of its chief executive compounded fears over its stability.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/5.....

G7: US warns Japan to stick to rules on currency
Japan is pushing the boundaries of international agreements to avoid competitve currency devaluations, the US Treasury Secretary has warned, as the International Monetary Fund said unprecedented monetary easing could lead to a "serious boom and bust".....

Amplats scales back South African job cuts to 6,000
Anglo American has bowed to pressure from the South African government and unions over job losses at its platinum mining arm in the country, more than halving the scale of planned cuts.<img width='1' height='1' src='http://telegraph.feedsportal.co.....

Co-op bonds pay 11.5pc following Moody's warning
Investors happy to risk backing Co-operative can now get an income of 11.5pc on the bank's bonds.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2bbf980b/mf.gif' border='0'/><div class='mf-viral'><tab.....

Downgrade shows a 'void of leadership' at Co-op
Telegraph's Banking editor Harry Wilson says Moody's downgrading of Cooperative Bank raises "some very difficult questions about the way the business is being managed".<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/56830.....

Co-op tweets to allay fears it needs taxpayer support
The Co-operative Banking Group has moved to allay fears that it could need taxpayer support by assuring its customers via Twitter that it has not sought government help.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/5683.....

Government to ban 'rip-off' pension charges
Telegraph campaign: Fees on pensions will be capped and controversial "consultancy fees" banned.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2bbf5be1/mf.gif' border='0'/><div class='mf-viral'><tabl.....

Government promises ban on rip-off pension charges
Telegraph campaign: Fees on pensions will be capped and controversial "consultancy fees" banned.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2bbe38cd/mf.gif' border='0'/><div class='mf-viral'><tabl.....

Ocado 'well placed' to take advantage of online growth
Ocado, the online grocery retailer, has insisted that any tie-up with Wm Morrison will not affect its existing relationship with Waitrose and said that it is "well placed" to exploit the rapid growth in online sales.<img width='1' height='1' src='.....

Icahn proposes alternative to Dell buyout
Activist investor Carl Icahn has submitted a proposal to the board of US computer company Dell in a bid to up-end the $24.4 billion buyout by founder Michael Dell.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2.....

TUI Travel grows UK market share as Britons seek sun
TUI Travel, the tour giant behind Thomson and First Choice, claims it has seen "significant growth" in UK market share as sun-seeking Britons and Nordic holidaymakers helped it narrow first-half losses.<img width='1' height='1' src='http://telegra.....

There was no UK double dip recession, ONS data suggests
Britain's double-dip recession may be erased from the history books after the Office for National Statistics said the construction industry grew more strongly than thought at the start of last year.<img width='1' height='1' src='http://telegraph.f.....

Martin Lewis: The three money tips I will pass on to my daughter
The founder of moneysavingexpert and campaigner for financial education shares the advice he will give his baby daughter.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2bbe63fc/mf.gif' border='0'/><div cla.....

The best money advice you can give a child
Children are showing a willingness to save and an interest in money. Andrew Oxlade finds out what advice Warren Buffett and Martin Lewis would give them.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2bbe6401/mf.....

Sweden provides perfect test for first-time exporters
How the four people and a dog behind male grooming business Bulldog conquered Sweden and beyond.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2bbe2b89/mf.gif' border='0'/><div class='mf-viral'><tabl.....