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Thursday 23 May 2013

UK Financial News on 2013-05-23

Global markets fall on growth fears
Global stock markets fall after weak Chinese economic data and concerns the US may scale back monetary stimulus efforts but the Dow Jones closes flat......

UK first quarter growth unchanged
The UK's economy grew at 0.3% in the first three months of the year, official figures confirm, but concerns remain over the strength of the recovery......

Nissan recalls over 800,000 vehicles
Nissan says it plans to recall about 841,000 vehicles worldwide due to a faulty steering wheel......

ECB chief sees UK 'improvements'
The ECB president Mario Draghi, visiting London's financial district, has said he sees "encouraging signs of tangible improvements" in the UK economy......

Ford to shut Australian production
Ford Motor says it will shut all its Australian manufacturing plants by October 2016, after more than 85 years making cars in the country......

JP Morgan fined 3m for failings
JP Morgan's international bank division has been fined 3m by the Financial Conduct Authority for failures in client advice and record-keeping......

Tata Steel swings to a loss
Tata Steel, one of the world's biggest steelmakers, blames weakness in Europe for a net loss in the fourth quarter and says "severely depressed" conditions are likely to persist......

French court questions IMF chief
IMF chief Christine Lagarde is grilled by judges in Paris over a big payout to a tycoon when she was French finance minister......

Mozambique mines 'hurt locals'
International mining companies operating in Mozambique are failing in their obligation to people displaced by coal mining, says Human Rights Watch......

Mothercare reports another big loss
Mothercare recorded another big loss for the last financial year, but said it was making good progress with its turnaround plan......

Halfords reports big drop in profits
Profits at the car parts and bicycle retailer Halfords have fallen by almost 25%, after what the company described as a "demanding" trading environment......

Co-op rolls out talking cashpoints
The Co-operative Bank has become the latest to introduce talking cashpoints, for blind or partially-sighted people.....

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......

Concerns over Flybe Gatwick sell-off
Business leaders and politicians are raising concerns over the future of Inverness Airport's links with London Gatwick......

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......

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......

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......

Twitter boosts security after hacks
Micro-blogging site Twitter says it is bringing in a two-step login for users to beef up security following recent high-profile breaches......

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......

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......

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......

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......

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

The growth of start-up competitions
In recent years there has been an ever-growing number of competition schemes for would-be entrepreneurs, as the BBC's Will Smale reports......

Duff and Phelps: No Rangers conflict
The firm which acted as administrators for the former Rangers Football Club is cleared of any conflict of interest over its appointment......

Sports college plan for Don Valley
A dedicated sports and life sciences college could be built on the site of the Don Valley Stadium, Sheffield City Council announces......

Bundesliga raises Qatar 2022 concern
Germany's Bundesliga warns moving the 2022 World Cup to the Qatari winter could lead to legal challenges by European Leagues......

VIDEO: Iron Man 3 is a superhero in China
Disney's Iron Man 3 film is set to become China's highest-grossing film of all time, opening the door for more business from Hollywood......

VIDEO: Demand for rapeseed oil soaring
Farmers across East Anglia are benefiting from a poor olive harvest in Spain this year......

VIDEO: How HP hopes to revive its fortunes
Hewlett-Packard shares have leapt in after-hours trading, despite quarterly results showing a seventh consecutive fall in sales......

VIDEO: UK first quarter growth confirmed
The UK's economy grew at 0.3% in the first three months of the year, official figures have confirmed......

VIDEO: Africa 'star performer' for SAB Miller
Faced with challenging conditions in Europe and the US, the world's second largest brewer, SAB Miller, has been looking for growth in alternative markets......

AUDIO: Mothercare 'expecting growth to continue'
Mothercare posted another big loss in the last financial year, but the UK retailer said it was making good progress with its turnaround plan......

VIDEO: Toxic rice causes concern in China
A number of rice mills in the Chinese province of Hunan have been been closed down after dangerous levels of cadmium were found in samples, according to reports,.....

VIDEO: Singapore looks to profit from R&D
Singapore has been spending heavily on becoming a research and development hub, in an attempt to differentiate itself from its economic rivals in the region......

Biting Apple: Taxing the big boys?
Europe's tax chief on how to squeeze the corporate Apples.....

'Gang of four' aims to shake up Latam trade
Why Chile, Colombia, Mexico and Peru want to form a new trade bloc.....

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

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

U.S. Day Ahead: Weak mfg data could shake investors again
May 23 - Investors will focus on the latest durable goods orders on Friday. IFR says a negative surprise reading could spook jittery markets......

Housing stocks pretty expensive- UBS's Goldberg
May 23 - UBS's home builders analyst David Goldberg explains why he thinks housing stocks are expensive- but does see a few opportunities in the sector. Bobbi Rebell reports......

Daily Digit: 43.8 gallons of soda
May 23 - Americans gobbled an average 43.8 gallons of soft drinks last year and Pepsi is rethinking U.S. pricing to discourage holiday-discount hoarding. Conway G. Gittens reports......

Techquity: Apple, Google.............Microsoft, BlackBerry
May 23 - App stores from Apple and Google have a huge lead on competitors according to a new research report. Plus, a new way to uncover small tax payments from tech companies......

Deutsche bosses bid to boost bank
May 23 - Deutsche Bank's bosses have tried to convince sceptical shareholders at a lively annual meeting that the bank is on the right track again after facing a host of legal problems. As Sonia Legg reports, some shareholders still need convincing......

Trading at Noon: U.S. stocks recover after global selloff
May 23 - The S&P 500 and Dow pare losses after being hit by news of a slowdown in Chinese manufacturing and mixed signals from the Fed on stimulus......

Breakingviews: Nigeria needs good luck
May 23 - Reynolds Holding and Martin Hutchinson discuss how President Goodluck Jonathan can keep the nation humming at more than 6 percent growth......

Finding the next young tech millionaire
May 23 - Young technology entrepreneurs have been the winners in several massive deals in recent months including this week's Tumblr sale to Yahoo. A UK firm has seen the potential. Freeformers runs a scheme to get teenagers creating computer program.....

Europe Day Ahead: Achtung! Ifo clue to Germanys Q2
May 23 - Germanys Ifo set to offer the latest sign Europes biggest economy is stagnating. ECB's Asmussen and Liikanen and BoE's King on the tapes, while the WEF's MidEast NAfrica conference starts in Jordan......

U.S. Morning Call: Blame it on Ben & weakness in China
May 23 - Fed Chair spooking markets; a report shows Chinese manufacturing activity shrank for the first time in seven months......

Market Pulse: Stocks shell-shocked, more PMI pain
May 23 - Stocks hit by a Bernanke-China double whammy. Europe in the red, but nowhere near as deeply as Japan. That despite yet more gloomy euro zone PMI numbers. Markit's Rob Dobson dissects the PMIs......

Sports Spread: Fussball's Coming Home
May 23 - The all-German Champions League final pits traditional powerhouse Bayern Munich against modernist Borussia Dortmund at London's Wembley Stadium......

Hey Dell, here's how to run a PC business
May 23 - The plain-vanilla personal computer industry may be hurting, but Lenovo is still raking in the cash. So what is the Chinese giant's secret formula? Watch and find out......

Reuters Breakingviews: Japan joins global risk parade
May 23 - The Nikkeis 7 percent drop is an overdue correction, says Breakingviews, but the sell off is down to U.S. and China concerns. Being a safe haven has its drawbacks......

China factory contraction signals fragile recovery
May 23 - Chinas economy shows fresh signs of faltering, with an advance reading of manufacturing output shrinking for the first time in seven months. That may worry trading partners--but not its leaders......

Reuters on the Road: Ariadne Helps Navigate Start-up Maze
May 23 - Ariadne Capital founder Julie Meyer takes the taxi challenge to explain why she thinks entrepreneurship is the only answer to Britains economic future......

Reuters Today: Bernanke Sparks Massive Sell Off
May 23 - Fed Chairman Bernanke and weak Chinese data rattle markets. Japan's Nikkei tumbles over 7 percent - its biggest one-day fall in two years - shedding over 1,000 points. Europe deeply in the red too......

Reuters Today: Markets spooked by Bernanke
May 23 - A 1,000 point swing in the Nikkei leads to its biggest one-day percentage fall in two years, after Bernanke hints the Fed may scale back stimulus soon and Chinese factory data disappoints......

Wealth Strategies: Focusing on 'left behind' sectors
May 23 - Westwood SMid Cap Plus Fund's Ragen Stienke says he is seeing opportunity in sectors that have been left behind, such as producer durables and technology......

European business falters, eyes on ECB
May 23 - The downturn across euro zone businesses has eased slightly but a dearth of new orders offers little hope for the second quarter. As ECB boss Mario Draghi prepares for a keynote speech in London many are asking whether it's time to do more t.....

Global shares in Fed tailspin
May.23 - Concern the U.S. Federal Reserve's may scale back its monetary stimulus and weak Chinese factory data trigger a sharp selloff in world share markets and sends assets perceived by investors as safe haven, like the Japanese yen and German bond.....

Fed infighting steps up; HP sigh of relief
May 22 - Summary of business headlines and recap of trading action on Wall Street and across Europe. Conway G. Gittens reports......

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......

Europe needs Britain, says ECB president Mario Draghi
Mario Draghi, president of the European Central Bank, has issued a plea for a more co-operative Britain to stay in Europe.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2c53b8b3/mf.gif' border='0'/><div cl.....

Veteran fears 'beginning of the end' for Japan as bond market buckles
Global markets face a witches' brew of new risks as Japan's monetary adventure wobbles and China slows.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2c530985/mf.gif' border='0'/><div class='mf-viral'>&.....

Central banks are stuck on a money printing treadmill
Central bankers dream of getting back to "normal" but that point isn't going to come any time soon<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2c5303b7/mf.gif' border='0'/><div class='mf-viral'><ta.....

David Cameron reaches out to China after Dalai Lama row
David Cameron has attempted to build bridges with Beijing following a row over the Dalai Lama by insisting he is "proud" to have as much Chinese investment in the UK as possible.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/327.....

The retail revolution is customer-led, and no one knows where it is heading
The idea that the most successful businesses are those which simply deliver what people want is misplaced. As Henry Ford said: "If I had asked people what they wanted, they would have said faster horses."<img width='1' height='1' src='http://teleg.....

FTSE 100 suffers heaviest drop for a year
The blue-chip index tumbled as markets around the world plunged.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2c5255f5/mf.gif' border='0'/><div class='mf-viral'><table border='0'><tr><td.....

Profits rise at Telegraph Media Group as market share grows
Pre-tax profit at Telegraph Media Group, publishers of The Daily Telegraph, Sunday Telegraph, and Telegraph.co.uk, rose last year by 5pc to 57.2m as market share for circulation and advertising increased, and digital revenues grew significantly.<i.....

Tesco pays 3m to outgoing directors but chief executive misses out on bonus
Tesco has paid out 3m to two departing directors despite the existing management team led by chief executive Philip Clarke missing out on a bonus because of a slide in profits.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726.....

ARM shares slip on Intel concerns
ARM shares fell for a third consecutive day in a stormy session for the FTSE 100<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2c525237/mf.gif' border='0'/><div class='mf-viral'><table border='0'>.....

Burglary and computer hacking add to woes at ENRC
ENRC, the troubled FTSE 100 company being investigated by the Serious Fraud Office, warned data relating to the Kazakh miner could have been lost after a laptop was stolen and its systems were hacked.<img width='1' height='1' src='http://telegraph.....

QinetiQ takes 256m hit on US defence cuts
Qinetiq has plunged to a full-year loss after American defence spending cuts forced the group to take a 256m charge against its US services arm and put the entire business under review.<img width='1' height='1' src='http://telegraph.feedsportal.co.....

FTSE 100 drops on China data and Bernanke comments
The FTSE 100 has suffered its biggest one-day slump in a year after a surprise contraction in Chinese manufacturing hit Asian markets and worries grew that the Fed could ease up on QE.<img width='1' height='1' src='http://telegraph.feedsportal.com.....

Daily Mail owner looks to B2B publishing for growth
Growth in its B2B information businesses helped Daily Mail & General Trust increase profits more than two and a half times in the first half, following one-off charges last year.<img width='1' height='1' src='http://telegraph.feedsportal.com/c.....

Pearson folds FT into Chinese English schools business
FT Group, which publishes The Financial Times, will be subsumed into a new division with adult English language schools in China in a reorganisation intended to put growth markets at the top of parent company Pearson's agenda.<img width='1' height.....

Business news and markets: as it happened - Thursday, May 23
US markets fall as better-than-expected jobs numbers raise prospect of QE being pulled as Fed banker moves to reassure investors that central bank is "not that close" to winding down stimulus.<img width='1' height='1' src='http://telegraph.feedspo.....

Business news and markets: live
US markets fall as better-than-expected jobs numbers raise prospect of QE being pulled as Fed banker moves to reassure investors that central bank is "not that close" to winding down stimulus.<img width='1' height='1' src='http://telegraph.feedspo.....

McDonald's creates highest calorie menu item ever
The Mega Potato contains 1,142 calories - more than half the recommended daily intake for women.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2c50fa41/mf.gif' border='0'/><div class='mf-viral'><tabl.....

IMF chief Christine Lagarde grilled by French court over 400m state payout
Christine Lagarde's future as International Monetary Fund chief hangs in the balance after a Paris court grilled her over a 403m (345m) state payout to a disgraced tycoon.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/56.....

EU kicks 'reckless' pension rules into long grass
Fears that Britain's remaining final salary schemes would be forced to close lifted when the EU shelved plans for draconian new rules.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2c50576e/mf.gif' border='0'/&g.....

Fracking could ruin German beer industry, brewers tell Angela Merkel
German brewers worried that fracking for shale gas could pollute water, which by law has to be pure.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2c4fec52/mf.gif' border='0'/><div class='mf-viral'><.....

S4 smashes Samsung records with 10m sold in four weeks
Galaxy S4 becomes Samsung's fastest-selling smartphone ever less than month after launch.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2c4fec54/mf.gif' border='0'/><div class='mf-viral'><table borde.....

Mothercare narrows losses but warns on dividend
Baby specialist Mothercare narrowed losses last year, as the company reported stronger sales of value items but said it was unlikely to resume dividend payments until 2015.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/5.....

Questor share tip: Hold United Utilities as the sector is buoyed by bid talk
United Utilties shares are near an all-time high. Questor says hold.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2c4f8a2c/mf.gif' border='0'/><div class='mf-viral'><table border='0'><tr>&l.....

Renting a holiday home? Watch out for pig's blood and indoor beaches
An insurance firm has revealed some of the strangest claims submitted.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2c4fec58/mf.gif' border='0'/><div class='mf-viral'><table border='0'><tr>.....

Renting a holiday home? Watch out for pig's blood and indoor beaches.
An insurance firm has revealed some of the strangest claims submitted.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2c4f863a/mf.gif' border='0'/><div class='mf-viral'><table border='0'><tr>.....