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Saturday 11 May 2013

UK Financial News on 2013-05-11

G7 'agree to target tax avoidance'
The chancellor says the G7 group of industrialised nations have agreed there needs to be collective action to target tax evasion and avoidance......

Economy debate 'counter-productive'
The chief economist at the Office for National Statistics criticises the public debate about whether the economy is a "smidgen up or down"......

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......

Post offices face 'uncertain future'
A survey of sub-postmasters finds less than one in five say they can see a strong future for their business as their incomes fall......

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......

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......

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......

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......

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?.....

UK Savers: Why do they still bother?
Britain's savers: Why do they still bother?.....

ShopKeep refines retail touch using iPad
May 10 -Founded by a former shop operator, ShopKeep is hoping to get a bigger piece of the growing mobile retail point-of-sale business, by allowing small-to-mid size retailers to use iPads to process and track customer sales at a low monthly fee. Co.....

Triple crown for stocks
May 10 - Summary of business headlines: Stocks turn in their third weekly gain on Friday; Bernanke's warning to banks; Icahn new Dell offense; Yen falls to 4-1/2 year low. Bobbi Rebell reports......

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......

BT boss: 'We want to bring sports back to fans'
Chief executive Ian Livingston explains to Christopher Williams why he's issuing a 1bn-a-year sporting challenge to BSkyB.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2bcb0a04/mf.gif' border='0'/><div cl.....

Frustrated Waitrose moves to halt Ocado tie-up with rival Morrisons
The head of Waitrose has revealed he will reject a deal between Ocado and Morrisons and that the John Lewis business is now ramping up its own online service in direct competition to the digital retailer.<img width='1' height='1' src='http://teleg.....

CVC set to return with higher offer for Betfair
A consortium led by CVC Capital Partners is poised to return with an offer slightly less than 10 a share for gambling exchange Betfair.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2bcb0a06/mf.gif' border='0'/&.....

New Co-op chief to launch strategic review
The new chief executive of the Co-operative Group is to undertake a strategic review of its businesses in the wake of the downgrade of its bank's debt status to "junk".<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/56830.....

BT returns to mass market with 4G network
BT is to move back into the mass mobile telecoms market for the first time in more than a decade by offering consumers access to a BT-branded 4G mobile network.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2bcb.....

Marks & Spencer - let the fightback commence
I don't know if Marc Bolland has nightmares about women's ballet pumps but the chief executive of Marks & Spencer would be forgiven if he did.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2bcb0668/mf.gif' b.....

Start-up loans rapped for pitches to students
Organisations responsible for distributing more than 100m of Government money to would-be entrepreneurs have been criticised for "overly aggressive" marketing of loans to young people.<img width='1' height='1' src='http://telegraph.feedsportal.com.....

UBS is given a little nudge in the ribs from Knight Vinke
For a shareholder with just 1.2pc of the equity in UBS, Knight Vinke appears to be making a lot of effort to encourage the Swiss banking conglomerate to change its ways.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/5683.....

UBS talks to Knight Vinke over call to split
The chairman of UBS has agreed to meet activist investor Knight Vinke to discuss demands to hive off its investment bank into a separate business.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2bcb066b/mf.gif' b.....

Formula One calls time on Daimler feud
Bernie Ecclestone has put the brakes on a long-running feud with German car manufacturer Daimler by giving its chief financial officer a seat on the board of Formula One.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568.....

Film giants back Pinewood expansion plan
Four of Hollywood's biggest film-makers, including Universal and 20th Century Fox, have thrown their weight behind a 200m expansion of Pinewood Studios ahead of a key planning decision this week.<img width='1' height='1' src='http://telegraph.feed.....

Bank 'may revise up growth forecasts'
Fresh evidence that the economy is turning a corner is expected from the Bank of England this week, following the Chancellor's claim at this weekend's G7 summit that Britain is "making progress".<img width='1' height='1' src='http://telegraph.feed.....

Tesco: Banking culture 'not changed enough'
The leaders of Britain's banks have not done enough to change the culture of the financial services industry five years on from the financial crisis, according to the head of Tesco's banking arm.<img width='1' height='1' src='http://telegraph.feed.....

'We're here to serve Tesco customers, not change banking'
The head of Tesco Bank tells Harry Wilson why more competition might not be a cure for the industry's ills and that lenders must start putting the consumer first .<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2.....

M&S clothes revival 'will take time'
Major investors in Marks and Spencer have warned that "it will take time" for the retailer's new clothing strategy to pay off despite high expectations for its forthcoming Autumn/Winter range.<img width='1' height='1' src='http://telegraph.feedspo.....

M&S poised to serve up critical autumn collection
Ahead of its key fashion launch this week, Sarah Butler reveals the battle to turn the UK retailer's fortunes around.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2bcaac5f/mf.gif' border='0'/><div class='.....

Ella's Kitchen founder Paul Lindley takes his place at the top table of children's food
Paul Lindley has taken Ella's Kitchen organic food to the global stage.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2bcaac60/mf.gif' border='0'/><div class='mf-viral'><table border='0'><tr>.....

We're not fashionistas - we want M&S style
So far the only clue is in the emailed invitation - black snakeskin-ish effect, copper print, understated, quite classy. And an announcement that "one of the UK's hottest new acts" will be performing at 7pm.<img width='1' height='1' src='http://te.....

A Brazilian WTO chief could prove painful for the West
Late last Tuesday, after months of intense lobbying, and campaigning visits to 47 countries, Roberto Azevedo was confirmed as the next director general of the World Trade Organisation.<img width='1' height='1' src='http://telegraph.feedsportal.com.....

Businesses should start planning for a future with Google Glass
Think Tank: Whether it's taking stock in a warehouse or looking up customer details in a car dealership, tablets are already revolutionising workplaces.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2bcb0a09/mf......

Businesses should start planning for a future with Google Glass
Think Tank: Whether it's taking stock in a warehouse or looking up customer details in a car dealership, tablets are already revolutionising workplaces.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2bc9fa38/mf......

Osborne: Offshore tax havens 'must crackdown on illegal evasion'
The Chancellor has demanded Britain's offshore tax havens "do more" to crackdown on illegal evasion as he sought to strengthen a potentially ground-breaking deal to stamp out the criminal activity.<img width='1' height='1' src='http://telegraph.fe.....

Post offices face uncertain future
Struggling post offices are facing an "extremely uncertain future" because of falling incomes and a lack of new work, according to a survey.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2bc93ed9/mf.gif' border=.....

Mobile phones will help advertisers give consumers what they want, where they want it
In Britain, we spend around 127 minutes per day using mobile applications on our smartphones or tablet computers.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2bc93aca/mf.gif' border='0'/><div class='mf-v.....

After a decade of decline, it's time for the dollar to have its day
Equity investors' eyes are fixed on the currency markets this week as, for the first time in four years, it has taken more than 100 yen to buy a US dollar.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2bc93acb/.....