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Wednesday 22 May 2013

UK Financial News on 2013-05-22

CFM endorses London as Europes financial capital
Paris-based hedge fund manager is to open an office in the UK capital.....

IMF: UK 'long way from recovery'
The UK economy is still a long way from "a strong and sustainable recovery", the International Monetary Fund warns......

PM hails tax deal amid Google row
David Cameron hails an EU agreement to close tax loopholes as a "turning point", as Google's boss urges politicians to "sort" the system......

Couple's 163,000 phone bill shock
A couple who own an electrical firm had a shock when they received a mobile phone bill for 163,000, then fought for months to have the debt cleared......

Oklahoma damage bill 'could be $2bn'
The damage from the Oklahoma tornado could reach $2bn (1.3bn), the Oklahoma Insurance Department warns, although many tenants may have no insurance cover......

Hewlett-Packard shares jump 12%
Hewlett-Packard shares leap in after-hours trading, despite quarterly results showing a seventh consecutive fall in sales......

Bad weather hits retail sales again
UK retail sales in April were 1.3% lower than in March as bad weather continued to dent spending, official figures show......

Ireland calls for global tax action
Ireland, criticised for its tax regime and Apple's arrangements in the country, calls for cross-border international co-operation over tax......

SAP in autism recruitment drive
German software company SAP says it hopes to recruit hundreds of people with autism, saying they have a unique talent for information technology......

Bernanke hails benefits of stimulus
US Federal Reserve chairman Ben Bernanke tells Congress that it is too soon to end the central bank's monetary stimulus programme or raise interest rates......

Airbnb seeks to reassure members
Airbnb tells its members "we are not going anywhere", after a judge in New York ruled a man who rented out his apartment on the site broke the law......

Government borrowing revised down
The government borrowed slightly less than first thought in the 2012-13 financial year, the latest official figures suggest......

Lloyds and RBS confident on capital
Lloyds Banking Group and Royal Bank of Scotland have both expressed confidence in their capital positions following an assessment by regulators......

HMRC to miss tax credit fraud target
The UK tax authority's failure to hit a target of reducing tax credit fraud and error has "cost the taxpayer dear", a committee of MPs says......

BoE still split 6-3 on stimulus move
The Bank of England governor was outvoted once again this month, as the Bank's rate-setting committee decided against more stimulus measures......

Manchester City in Nike kit deal
Manchester City launches its new kit after signing a deal with US sportswear giant Nike reported to be worth 72m ($109m) over six years......

Sony to discuss spin-off suggestion
Sony says it will consider a proposal from one of its biggest shareholders that it should spin off up to 20% of its entertainment business......

Venezuela ends toilet paper shortage
Venezuela's National Assembly backs plans to import 39 million rolls of toilet paper, in an effort to relieve a chronic shortage......

SSE profits up after cold weather
The cold weather helps energy supplier SSE to report a rise in profits, despite disruption from heavy snow and a fine from regulators......

Nationwide mortgage lending rises
The UK's largest building society, Nationwide, says its share of the mortgage market has reached a record high......

Two win sickness benefit challenge
Two people with mental health problems win a legal challenge against the government tests for sickness benefit......

Electricity bills to increase by 18%
Power NI announces that electricity bills for households and small businesses are to increase by 18% from July......

Pound falls after dip in inflation
The pound falls after lower fuel prices lead to a lower-than-expected inflation rate of 2.4% for April......

Japan sees 10th trade deficit in row
Japan posts its tenth straight monthly trade deficit as a weaker yen increases the cost of imports more than it helps boost exports......

Scotland 'can afford independence'
Scotland can "more than afford" to be a successful independent country, its first minister says as he launches a paper outlining the nation's economic strength......

Data suggests housing market pick-up
The UK housing market is seeing a slight pick-up in activity with mortgage lending and prices both rising, figures suggest......

IPL cricketer denies spot-fixing
Indian fast bowler S Sreesanth, arrested last week over allegations of spot-fixing in the Indian Premier League, insists he is innocent......

Pars United launch buy-out bid
The community group seeking to save administration-hit Dunfermline target 500,000 to buy the club......

Dundee fans to decide on US offer
Dundee's board says the fans will decide whether or not to accept an American investment deal worth about 700,000......

VIDEO: Swiss dilemma over bank secrecy
As EU leaders gather to discuss tax evasion, non-member Switzerland is under increasing pressure to abandon its long tradition of banking secrecy......

VIDEO: Meet the Queen of North Shields
A former refugee living on an estate in Tyneside compares life for families living on the poverty line in England and Africa......

AUDIO: Profits 'could be apportioned in EU'
Prem Sikka, Professor of Accountancy at Essex University, discusses how large companies could alter their tax arrangements......

VIDEO: Miliband: Do the right thing Google
Labour leader Ed Miliband has said there needs to be transparency between countries so it is clear "how much tax is being paid and how much profit is being made" by multinational firms......

VIDEO: Couple's 163,000 mobile bill shock
An electrician and his wife had a shock when they received a mobile phone bill for 163,000, then fought for months to have the debt cleared. BBC Watchdog investigated.....

VIDEO: South Africa's growing prosperity
Andrew Harding looks at an example of economic change at a shopping mall in the township of Alexandra......

VIDEO: Google boss: 'We follow tax laws'
Google executive chairman Eric Schmidt has said he welcomes the current debate about tax avoidance by multinationals, but rejected criticism of his company's conduct......

VIDEO: Singapore's ethical jewellery outlet
Design Up Asia is a hand-made jewellery business with a difference - its products are sold online but many of its staff are women who work from home......

Is a paperless library still a library?
Getting ready for bookless libraries.....

Some Day My Prints Will Come
3D printing will revolutionise manufacturing, Peter Day argues.....

Apple tax: The Irish connection - Senate
How Apple routed earnings through overseas subsidiaries.....

Cuba's sugar mills get lease of life
Why Cuba is investing in the sweet stuff.....

Clock ticks on Swiss banking secrecy
Swiss banks creak under pressure to end trademark secrecy.....

U.S. Day Ahead: Sears' Lampert could sell more stores
May 22 - Analysts say look out for clues that Sears boss Edward Lampert will spin off Land's End and Sears Canada when the company reports earnings......

Saft Says: Bernanke continues Fed tapering talk
columnist James Saft says the Fed will keep talking about the tapering that will happen soon, but won't actually get around to it......

Wealth Strategies: Emerging market equities well priced
Chris Brightman, Head of Investment Management at Research Affiliates says emerging market equities are well priced......

Daily Digit: Target's $16bln disappointment
May 22 - Target's sales reached a disappointing $16.7 billion in the first quarter, leading the discount retailer to cut its full-year profit target. Conway G. Gittens reports......

Techquity: Taxing time for tech, Amazon aims for fan fiction
May 22 - World leaders go after low tax payments of Google, Apple and others. Plus, Amazon offers fans of popular books the chance to write related material for profit......

Bernanke: policy still benefiting economy
May 22 - Federal Reserve Chairman Ben Bernanke put to rest fears of a near-term pullback on the Fed's aggressive monetary policy, and doesn't think recent stock market gains are fueling a bubble. Bobbi Rebell reports......

Trading at Noon: Stocks off highs after Bernanke warnings
May 22 - U.S. stocks pulled back from all-time highs after Fed Chair Ben Bernanke said the Fed could ease off on bond buying in the next two policy meetings......

Breakingviews: iTax
May 22 - Rob Cox and Breakingviews columnists discuss why Apples minimalist approach to devices should be applied to the overcomplicated U.S. tax code......

IMF's growth warning to Britain
May 22 - The IMF has called on Britain's government to do more to speed up slow economic recovery, hinting that the country might be able to afford to borrow more to fund investment. Joanna Partridge reports......

Lab-made DNA used to tackle copper cable theft
May 22 - The organised theft of copper from homes and building sites has become a global problem in recent years, but German telecommunications giant Deutsche Telekom has struck back by marking their copper wires with so-called 'artificial DNA' to tr.....

Europe Day Ahead: Euro zone seen improving...but not by much
May 22 - Euro zone flash PMIs to show slight improvement, ECB president Mario Draghi speaks in London and Spain sells debt......

Sony entertains change over spin-off idea
May.22 - Sonys board says it will assess a proposal from major shareholder Daniel Loeb to sell up to a fifth of the groups money-making entertainment arm. Its a radical idea for corporate Japan where change doesnt come easy. Hayley Platt reports......

Market Pulse: UK recovery? Investors not buying it (or cable)
May 22 - The pound's down and bonds bounce, as the latest data and BoE minutes cast doubt over the UK recovery. Expect cable near $1.48 and gilt yields at 1.70%, says ICAP. Plus, euro/Swiss hits a 2-year high......

Review after Indonesia mine deaths
May 22 - Safety review underway at a mine in Indonesia after a tunnel collapse now known to have killed at least 28 people. Paul Chapman reports......

Sensing revival, Japanese buyers scurry for shelter
May 22 - Japans property sector has been down in the dumps for decades. But the country's massive stimulus drive is finally convincing people to buy again as they bet interest rates and prices will rise......

Breakingviews: Markets too sanguine on QE threat
May 22 - The bursting of the gold bubble is just a harbinger of how vulnerable markets are to a tapering of quantitative easing, says Breakingviews. Other asset classes are also at risk......

North Korea tourism boost bid
May 22 - North Korea opens new shipping route to bring Chinese tourists to the coastal Mount Kumgang resort. Paul Chapman reports......

China Tea Leaf Index: A double property bubble
May 22 - A surge in construction and rising property prices have been good news for China's growth figures, says Breakingviews' John Foley, but may not be able to support them for much longer......

In the Boardroom: JPM shows shareholders alive and kicking
May 22 - JP Morgan chairman and chief executive Jamie Dimon faces down a shareholder revolt and keeps both jobs. But this is no defeat for shareholder activism. Quite the opposite, says Lucy Marcus......

Reuters Today: The Breather Before Bernanke
May 22 - The BOJ holds steady despite bond turmoil and European stocks take a breather ahead of Ben Bernanke's congressional testimony......

Cheetah robot - a model of speed and efficiency
May 21 - The cheetah is not only the world's fastest land animal, it is also one of the most energy efficient, expending only what it needs to survive. It's that efficiency that engineers at MIT are working to emulate in a robotic cheetah, already cl.....

Pope says no to profit at any cost
May 22 - Pope Francis is again making headlines around the globe for his economic views. As Ciara Sutton reports he criticised "savage capitalism" during a visit to a food kitchen......

Dudley's the dude who lifts Wall Street
May 21 - Summary of business headlines: Stocks rally after New York Fed President William Dudley says stimulus will stays in place due to economic uncertainty; retailers post mostly upbeat results; Microsoft debuts xBox One; Jamie Dimon keeps both ti.....

Double thumbs up for JP Morgan's Dimon
May 21 - J.P. Morgan shareholders have rejected a proposal to split Jamie Dimon's dual roles as Chairman and CEO. Bobbi Rebell reports......

Microsoft unveils Xbox One
May 21 - Microsoft took the wraps its next-generation Xbox- featuring an exclusive "Halo" series produced by Steven Spielberg . Bobbi Rebell reports......

Stop picking on UK companies, says SSE boss Ian Marchant
Attacks by politicians on British listed companies risk driving money and talent away to unaccountable foreign private equity firms, SSE's chief executive has claimed.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300.....

Bankers, BBC Two, episode 3, review
A review of the final episode of Bankers, the BBC Two series about the disasters and scams of our financial institutions.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2c466a32/mf.gif' border='0'/><div cla.....

Politicians can't woo companies with tax breaks while denouncing them for 'avoidance'
UK can't woo foreign companies with tax breaks, while denouncing them for tax avoidance.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2c45e25d/mf.gif' border='0'/><div class='mf-viral'><table border.....

BRICS risk 'sudden stop' as dollar rally builds
The stock of capital flowing into emerging markets has doubled from $4 trillion to $8 trillion since the Lehman Crisis, chasing a catch-up growth story that looks tired and has largely sputtered out in Brazil, Russia and South Africa.<img width='1.....

Sony mulls break up after Dan Loeb pressure
Sony is considering floating its entertainment arm, caving to pressure from billionaire investor Dan Loeb just days after it told him that a break up was not on the cards.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/56.....

Treasury raises extra 1.3 billion from income tax in first month of 45p rate
George Osborne raised an extra 1.3 billion from income tax in the first month since he cut the tax rate to 45p for higher earners, according to new figures.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2c452d0a.....

Markets volatile on Bernanke's mixed messages
Martkets surged to record highs on Wednesday, as US Federal Reserve chairman Ben Bernanke said it would not slam the brakes on quantitative easing any time soon, but they quickly fell back aagain mid fears that it may start tapering later this year.&.....

Markets soar as Bernanke warns against slowing stimulus
The FTSE neared its highest ever level and US stocks briefly entered record territory as US Federal Reserve chairman Ben Bernanke said it would not slam the brakes on quantitative easing any time soon.<img width='1' height='1' src='http://telegrap.....

US markets fall on Bernanke's mixed messages
Markets surged to record highs on Wednesday as US Federal Reserve chairman Ben Bernanke said it would not slam the breaks on quantitative easing, but quickly fell back again amid fears it could rein in the artificial stimulus within the next few mont.....

Help-to-Buy may fuel house price bubble that hurts first-time buyers, says IMF
The Government's Help-to-Buy cheap loans scheme may turn out to be counterproductive by fuelling a house price bubble that locks potential buyers out of the market, the International Monetary Fund has warned.<img width='1' height='1' src='http://t.....

Morrison slides on share placing
A stake of about 4.4pc was placed at a discount by UBS, weighing on the shares.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2c4521a7/mf.gif' border='0'/><div class='mf-viral'><table border='0'>&.....

The battle over bank capital ends
Treasury pragmatism has appeared to trump attempts by senior officials, including outgoing Bank of England Governor Sir Mervyn King, to force Britain's largest banks to raise more capital.<img width='1' height='1' src='http://telegraph.feedsportal.....

IMF warns on dangers of Help to Buy mortgage scheme
The International Monetary Fund has became the latest critic of the Government's flagship property scheme.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2c442cbd/mf.gif' border='0'/><div class='mf-viral'&g.....

Google chief Eric Schmidt: 'The tax regime is not up to us'
The head of Google has denied its tax operations were "unethical".<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2c4460f3/mf.gif' border='0'/><div class='mf-viral'><table border='0'><tr><.....

Business news and markets: as it happened - May 22, 2013
Global markets have risen on Wednesday after US Federal Reserve Chairman Ben Bernanke confirmed that the central bank would maintain its accommodative policies to support the economy for as long as they were needed.<img width='1' height='1' src='h.....

Business news and markets: live
Global markets have risen on Wednesday after US Federal Reserve Chairman Ben Bernanke confirmed that the central bank would maintain its accommodative policies to support the economy for as long as they were needed.<img width='1' height='1' src='h.....

Questor share tip: Bloomsbury strategy should pay off
Bloomsbury's moves into e-books and academic publishing are sound. Questor keeps a buy.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2c43303d/mf.gif' border='0'/><div class='mf-viral'><table border=.....

Markets soar as Bernanke warns on slowing stimulus
US markets surged to record highs on Wednesday as US Federal Reserve chairman Ben Bernanke said the American economy was in better health.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2c431a50/mf.gif' border='0.....

Britain could raise VAT on exempt items from food to energy, IMF suggests
George Osborne could raise VAT on items such as food, children's clothing, books, and energy bills to help cut taxes for businesses, the International Monetary Fund has suggested.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32.....

London property companies get West End boost
Shaftesbury and Great Portland Estates see the value of their property portfolios rise over the last year and plans are announced to develop the Shell Centre near the London Eye.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/327.....

'Kill Mittal' game lets French workers vent fury
Broken relations between the French and the steel magnate have found a new expression - an online video game called 'Kill Mittal'.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2c43131e/mf.gif' border='0'/>&l.....

Government to set out RBS share sale plan in summer
The Chancellor will fire the starting gun for the sale of the taxpayer's 66bn investment in Royal Bank of Scotland and Lloyds Banking Group this summer.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2c430ebc/mf......

The world's most powerful women in business
Forbes has compiled its annual list of the world's 100 most powerful women. Here are their top ten most influential women in business, economics and technology.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2c43.....

Forbes Most Powerful Women 2013: The rise of the female super geek
As one in six women on the Forbes power list comes from tech, Louisa Peacock suggests you no longer have to be part of society's elite to be one of the most influential.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/5683.....

Britvic to close two factories as it presses on from failed AG Barr deal
The soft drink maker Britvic has denied that it is limbo because of the postponement of its merger with rival AG Barr after revealing plans to cut 400 jobs.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2c421c81.....