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Wednesday 15 May 2013

UK Financial News on 2013-05-15

HSBC puts a slice of private bank up for sale
Analysts say the segment of the business HSBC plans to sell is likely to be located in Europe.....

Bank of England upgrades forecasts
The Bank of England upgrades its economic growth forecast, but separate figures show a rise in UK unemployment......

Chancellor to stay on economic path
Chancellor George Osborne tells business leaders at the CBI that he will not deviate from the government's economic road to reducing the deficit......

Eurozone economy still in recession
The recession across the 17-nation eurozone has continued into a sixth quarter, official figures show......

Rich-poor divide 'picking up speed'
The gap between rich and poor widened more in the three years to 2010 than in the previous 12 years, according to the OECD......

HSBC may cut up to 14,000 more jobs
HSBC says it may cut an additional 14,000 jobs globally as part of its three-year restructuring plan to reduce costs......

Church: Barclays 'let down society'
The Church of England has criticised the conduct of Barclays in its annual report, after a year dogged by scandal and resignations at the bank......

UK unemployment up to 2.52 million
UK unemployment rose by 15,000 to 2.52 million in the January to March period, the Office for National Statistics says......

Google launches music subscriptions
Google unveils a streaming music service and details plans to upgrade its other existing services at its developers conference in San Francisco......

M&S collection tries to woo shoppers
Marks and Spencer unveils a new clothing collection and strategy that it hopes will reverse falling sales......

PM's concern over oil price 'fixing'
David Cameron is "deeply" concerned by claims of price fixing by major oil firms, as the energy secretary promises tough sanctions if they are true......

Severn Trent rejects takeover offer
Water supplier Severn Trent rejects a preliminary takeover offer from international investors, saying it fails to recognise the company's value......

Bank of England criticises Bloomberg
The Bank of England calls the data snooping activities at financial news agency Bloomberg "reprehensible" and says it will liaise with other central banks......

Walmart to bypass Bangladesh accord
Walmart, the world's largest retailer, will conduct its own safety inspections at its Bangladesh factories following a deadly building collapse......

London Market Report
Shares finish at new closing high on the back of strong corporate earnings......

Numbers on zero hours contracts rise
The number of 16 to 24-year-olds on zero hours contracts more than doubles since the start of the economic downturn, new figures show......

VIDEO: Saving 1980s cars from the scrapyard
The number of cars from the 1980s being driven in the UK today is dwindling, yet classic cars from the 60s and 70s still appear to be popular......

Phone scam targets the unemployed
Unemployed people are being tricked into calling expensive premium rate numbers while applying for non-existent jobs......

HMRC names further tax dodgers
HM Revenue and Customs publishes its second list of tax defaulters, as it tries to shame people into paying up......

Housing demand 'highest since 2009'
Demand for flats and houses in the UK has risen to its highest level for three and a half years, according to an industry survey......

Fitch upgrades Greece credit rating
Ratings agency Fitch upgrades Greece's credit rating, citing progress in cutting its budget deficit......

UK claims fish dumping ban success
The UK says it has agreed new laws with the European Union which include banning the dumping of unwanted fish, such as mackerel and herring......

US shale shifts global power balance
A sharp rise in shale oil reserves is set to turn the US into a net exporter of oil, hitting demand for supplies from the Middle East, a report says......

Boeing resumes deliveries of 787
Boeing says it has resumed deliveries of its 787 Dreamliner, after two incidents involving the lithium ion batteries led to a worldwide grounding......

Sony investor urges company break-up
US hedge fund manager Daniel Loeb says Sony should spin off up to 20% of its entertainment business and shore up its struggling electronics arm......

EADS profits up on Airbus deliveries
EADS reports a sharp rise in profits for the first three months of the year, thanks largely to rising revenue from its Airbus subsidiary......

CVC shelves Betfair takeover bid
Private equity firm CVC Capital Partners calls off its attempt to buy online betting group Betfair after the two companies fail to reach a deal......

VIDEO: Havers ripped off by lettings agent
Actor Nigel Havers has revealed how he was cheated out of money by a lettings agency when he rented a property in Manchester during his time in the television soap Coronation Street......

VIDEO: Can Bangladesh deal bring change?
Some retailers have signed a new safety accord to raise standards in Bangladesh, but others, such as Wal-Mart and Gap, have yet to do so......

VIDEO: M&S launches new clothing range
Marks and Spencer has unveiled a new clothing collection and strategy that it hopes will reverse falling sales......

VIDEO: Concern over oil price 'fixing'
Energy Secretary Ed Davey says the government is deeply concerned by claims of price fixing by major oil firms......

AUDIO: 'Girl power' on the building sites
Alison Nimmo CBE worked in the Olympic Delivery Authority for London 2012 and she told Woman's Hour why she found her role there of "gender champion" so rewarding......

VIDEO: World Cup warning for Sao Paulo
Sao Paulo may lose the right to stage any World Cup matches next year because of delays in building work, football's governing body Fifa has warned......

AUDIO: Bad weather helps Easyjet profits
Chief Executive of Easyjet Carolyn McCall says the company benefitted from people who had "had enough of the bad weather"......

VIDEO: King upgrades growth forecasts
The Bank of England has upgraded its economic growth forecast and said that inflation should fall faster than previously predicted......

Sir Mervyn's date with history
The Bank of England governor prepares to step down.....

Demands sent to the dead
Firms which write to the dead asking 'why did you leave?'.....

How Estonia became E-stonia
How Estonia was converted into E-stonia.....

Rockefeller Foundation turns 100
As the Rockefeller Foundation turns 100, its president has plans.....

Saving J.C. Penney: Five analysts accept the mission
May 15 - Five analysts' offer their advice on how J.C. Penney can save itself under its new CEO Mike Ullman......

U.S. Day Ahead: A Dell miss could intensify takeover battle
May 15 - Analysts say Dell's rapidly shrinking business could intensify the battle between hedge fund titan Carl Icahn and co-founder Michael Dell to take the company private......

Gundlach: re drowning in central banking
Star bond investor Jeffrey Gundlach says central banks around the world are distorting markets with enormous and ever-increasing quantitative easing programs, which he doesnt see ending anytime soon......

Gundlach: Trade Apple, short Chipotle
Jeffrey Gundlach of the $56 billion DoubleLine Capital shares his trading strategies for two high-profile stocks: Apple and Chipotle......

Techquity: Google beats Apple to punch, takes on Facebook
May 15 - Google comes out with music streaming service before Apple and its own version of Home to challenge the offering from Facebook......

Wealth Strategies: Japan is where it's at - Gundlach
If you want to take advantage of cheap money and get high returns then head to Japan's stock market, according to Jeffrey Gundlach, CEO of DoubleLine Capital......

Wealth Strategies: Gundlach on Japan, Apple and bubbles
Find out why investors are 'drowning' in central banking and how Apple is the new Microsoft according to Jeffrey Gundlach, CEO of DoubleLine Capital and the new so-called 'bond king.'.....

Billionaire Dan Loeb says Sony is open to making changes
correspondent Chikafumi Hodo says that the hedge fund manager believes Sony is willing to change......

Sea-based attack drone flies into history with first carrier launch
May 15 - The US Navy's first sea-based, unmanned attack aircraft has been launched successfully from an aircraft-carrier at sea for the first time. The pilotless X-47B, developed by the navy and Northrop Grumman, is designed to take off, fly and land.....

Daily Digit: Macy's $6.39 billion sales
May 15 - Macy's rings up $6.39 billion in sales, bringing profits higher defying worries of a consumer slowdown, leading to a higher dividend. Conway G. Gittens reports......

Trading at Noon: Zynga, Groupon jump on Jana stake
May 15 - Hedge fund Jana Partners took a liking to battered Groupon and Zynga shares, which rose sharply......

U.S., Europe split over Bangladesh safety reforms
May 15 - Wal-Mart has stepped up Bangladesh factory inspections but has decided not to join a Europe-led initiative to prevent another disaster in the garment industry. As Joanna Partridge reports, workers have also begun to demand better safety and .....

Departing King's ray of hope for UK economy
May 15 - Britain's central bank lifts a bit of the gloom hanging over the economy by issuing a slightly improved outlook for inflation and growth for the first time since the financial crisis. Rough Cut (no reporter narration)......

Lonmin hit by "dirty underground war"
May 15 - Workers at platinum producer Lonmin's South African shafts are striking for a second day. As Ivor Bennet reports there are fears the bitter turf war between rival unions could escalate into anarchy and violence......

M&S clothes strategy gets thumbs up
May 15 - UK retailer Marks and Spencer has unveiled a key new clothing collection and a new strategy. Hayley Platt asks if it will reverse falling sales and ease pressure on CEO Marc Bolland......

Europe Day Ahead: Living a Life of Luxury
May 15 - A look ahead to Thursdays key events including results from luxury group Richemont. Plus why the recipe for revival is still a German recipe......

Euro zone shrinks into longest ever recession
May 15 - Germany's economy crept back into growth at the start of the year but not by enough to stop the euro zone from contracting for a sixth straight quarter. And as Ivor Bennett reports France worried many with a slide into recession......

World's lightest material a possible fix for heavy problems
May 15 - A scientist in China has produced the lightest substance ever recorded, which he says could provide solutions to heavy problems, such as pollution control. Gao Chou says his carbon aerogel can absorb up to 900 times its own body weight, in a.....

U.S. Morning Call: Google may groove with music service
May 15 - Google may introduce a new subscription music service, like Spotify, according to reports......

There may be jobs, but there is no cash the UK conundrum
May 15 - The broadest measure of UK unemployment falls again, but with earnings growth at a record low is there much hope of a consumer-led recovery? We ask UK Employment Minister Mark Hoban......

BOEs King offers hope as he bows out
May 15 - Bank of England Governor Mervyn King offered hope of improved growth and weaker inflation at his final presentation of the quarterly inflation report......

Explainer: Loeb's plot to unlock Sony's "hidden value"
May 15 - Sony shares are up by double-digits as hedge fund investor Daniel Loeb pushes for dramatic changes, including a listing for the entertainment unit. But how would such a transformation actually work?.....

Corporate China goes brand-hunting in Europe
May 15 - Chinese firms have embarked on a European investment spree, shifting focus to tech and consumer brands that cater to the countrys growing middle class. And one expert expects the trend to accelerate......

Market Pulse: Mervyn King Offers UK Ray of Hope
May 15 - Outgoing Bank of England Governor Mervyn King lifts a bit of the gloom hanging over the economy with an improved growth and inflation outlook......

Asset allocators keep money invested in bond funds
May 15 - Lipper's Tom Roseen says that, while money has been flowing into equity mutual funds, it hasn't been coming out of fixed income, and feels an asset allocation strategy will keep investors in bonds......

Foreign-born workers account for 50pc of rise in employment
Foreign-born workers have accounted for more than half of the rise in employment in Britain over the past year, according to official figures.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2bf87ff6/mf.gif' borde.....

US greets Boots anti-aging serums
Boots' popular anti-aging range has taken off in the US as it starts selling products at Walgreens stores.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2bf8759c/mf.gif' border='0'/><div class='mf-viral'&g.....

Thomas Cook to raise 400m from shareholders to cut debt
Embattled tour operator Thomas Cook is on Thursday expected to raise 400m from shareholders in a bid to reduce its 1.5bn debt pile.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2bf849c4/mf.gif' border='0'/>&.....

Spain is damned if it does, and damned if it doesn't
My colleague Jeremy Warner has set off a storm in the Spanish press and something close to a diplomatic incident by asserting in a blog that Spain is insolvent.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2bf8.....

Heroic Spain is damned if it does, and damned if it doesn't
My colleague Jeremy Warner has set off a storm in the Spanish press and something close to a diplomatic incident by asserting in a blog that Spain is insolvent.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2bf8.....

Bank raises growth forecast in rare boost for economy
The recovery is "in sight", Sir Mervyn King has declared, as he gave a final, upbeat assessment of the state of the economy before retiring from the Bank of England.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s.....

Price fixing: Is slick trading pushing up the cost of oil?
As the EU launches an investigation into claims of price fixing by oil companies, Harry Wallop examines the factors that affect the cost of our petrol at the pumps<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2.....

Lonrho bows out after sale to Swiss investors for 175m
Lonrho, the 104-year-old conglomerate made famous by businessman Tiny Rowland, is to leave the London market after agreeing a 175m takeover by multi-millionaire Swiss investors.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/3272.....

Treasury destroys disc containing 350,000 Equitable Life victims' details
The Equitable Life scandal has taken a fresh turn as the Treasury admits to destroying disc containing 350,000 victims' names.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2bf70b9d/mf.gif' border='0'/><di.....

Pinewood Studios' greenbelt expansion plans rejected again
Chairman brands councillors who rejected proposals "irrational" and vowed to appeal to the government.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2bf70b9e/mf.gif' border='0'/><div class='mf-viral'>&l.....

'Magners effect' wears off cider sales
Last decade it was the drink to be seen with at fashionable bars and clubs in Britain, as celebrities such as Lily Allen and the Arctic Monkeys helped fuel a revival of cider, the centuries-old tipple.<img width='1' height='1' src='http://telegrap.....

Blue-chips flirt with 6,700
The benchmark FTSE 100 crept above the key level during trading today.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2bf705c5/mf.gif' border='0'/><div class='mf-viral'><table border='0'><tr>.....

Amazon received more money from UK grants than it paid in corporation tax
Amazon is on a fresh collision course over its contribution to the UK exchequer, after the American internet giant revealed it received more money in government grants last year than it paid in corporation tax in Britain.<img width='1' height='1' .....

Business news and markets: as it happened - May 15, 2013
The BoE has upgraded its outlook for growth and expects a faster fall in inflation, Sir Mervyn King said, offering a pleasant "parting gift" in his final inflation report as Governor.<img width='1' height='1' src='http://telegraph.feedsportal.com/.....

Ofwat chief Regina Finn resigns
Regina Finn, the Ofwat chief executive who clashed with water suppliers over plans for more competition in the sector, has resigned.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2bf79e64/mf.gif' border='0'/>.....

Ofwat chief Regina Finn steps down
Regina Finn, the chief executive of Ofwat who has clashed with water suppliers over plans to introduce more competition into the sector, is stepping down from the water regulator.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32.....

Duchess of Cornwall joins credit union
The Duchess of Cornwall is applying to join a credit union to support their bid to tackle payday lenders.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2bf705c9/mf.gif' border='0'/><div class='mf-viral'>.....

Business news and markets: live
The BoE has upgraded its outlook for growth and expects a faster fall in inflation, Sir Mervyn King said, offering a pleasant "parting gift" in his final inflation report as Governor.<img width='1' height='1' src='http://telegraph.feedsportal.com/.....

Google shares surge to new record above $900
Google shares leapt to a new all-time high Wednesday, as the internet giant opened its developers' conference.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2bf64511/mf.gif' border='0'/><div class='mf-vira.....

TalkTalk backs Peppa Pig over BT's Premier League football
TalkTalk chief executive Dido Harding has insisted her firm does not need to respond to BT's high-profile offer of free sports channels for broadband subscribers, as she prepares to deliver annual results on Thursday.<img width='1' height='1' src=.....

Top 10 tips for women to get ahead in the workplace
As women are predicted to overtake men in sheer volume in the workplace next year, the Telegraph women business panel shares its top 10 tips for how female employees can seize the opportunity.<img width='1' height='1' src='http://telegraph.feedspo.....

Under fire payday lenders say customers not 'vulnerable'
Payday lenders have told MPs their borrowers were generally "intelligent, financially-savvy consumers".<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2bf5b494/mf.gif' border='0'/><div class='mf-viral'>&.....

Middle-aged are most financially stretched
A fifth of people aged in their 40s and 50s would be unable to find an extra 25 a month to cover rising bills, research suggests.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2bf5b495/mf.gif' border='0'/><.....

Public sector wages continues to rise despite pay freeze
Public sector wages continued to rise in March despite a pay freeze while those in the private sector experienced zero growth, the latest official figures show.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2bf5.....

High street banks avoid competition probe
The Office of Fair Trading has decided not to refer the personal current account market to the Competition Commission.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2bf520db/mf.gif' border='0'/><div class=.....