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Thursday 30 May 2013

UK Financial News on 2013-05-30

Start button returns to Windows 8
The Start button is to return to Microsoft's Windows operating system's desktop mode, a move seen by some as a major design backtrack by the firm......

UK housing market 'gaining momentum'
UK house prices rose by 0.4% in May, according to the Nationwide, as the property market gradually gains momentum......

US GDP growth revised down slightly
The US economy grew at an annualised rate of 2.4% in the first three months of the year, official figures show, down slightly from the original estimate......

Chicago newspaper sacks photo staff
The entire photography staff at a historic Chicago tabloid newspaper and its suburban subsidiaries has been made redundant, the photographers say......

Ryanair warned over Aer Lingus stake
Ryanair may have to reduce its stake in Irish carrier Aer Lingus owing to competition concerns, the UK Competition Commission has said......

Cold weather hits B&Q owner's profit
The owner of B&Q, Kingfisher, says first quarter profits fell by nearly 30% after trading was hit by weak demand and the cold weather......

Japan's Nikkei dives a further 5%
Japan's Nikkei index dives a further 5% on Thursday to hit a five-week low amid predictions of a bigger correction from some analysts......

'Cash remains king in UK shops'
Cash is still the most popular form of payment in UK shops but the popularity of vouchers and coupons is on the rise, research suggests......

Panasonic plans to cut 5,000 jobs
Japan's Panasonic says it plans to cut 5,000 jobs over the next three years at its automotive and industrial unit......

China to buy US pork firm for $4.7bn
US pork producer Smithfield Foods agrees to be bought by China's Shuanghui International for $4.7bn (3.1bn) in cash......

UK faces court over migrant benefits
Britain is being taken to the European Court of Justice for allegedly discriminating against EU nationals who claim social security in the UK......

Warning over UK use of cheap coal
Coal on the global market is so cheap that it threatens government attempts to tackle climate change, the chairman of the Environment Agency warns.....

Japan's Suntory plans $4.7bn listing
Japan's Suntory Holdings plans to list its food and non-alcoholic drinks unit in what is set to be the country's largest public share offering this year......

Energy firms hit by UK tax change
Chancellor George Osborne announces a change in tax rules to prevent businesses claiming capital allowances for costs met by other firms......

Jockey Club bond raises 24.7m
The Jockey Club says it has raised 24.7m for its Racecourse Bond, exceeding the company's expectations and its original target of 15m......

Lloyds sells off private banking arm
Lloyds, which is 39% owned by the UK taxpayer, has sold its international private banking arm to UBP of Switzerland......

Digital cash arrests cause 'pain'
A leading security expert says he has seen evidence that criminals are suffering as a consequence of the Liberty Reserve arrests......

EU warns Spain in health card row
The European Commission launches legal action against Spain over the refusal of some of its hospitals to recognise the European Health Insurance Card......

Financial gripes 'reach 7,000 a day'
Consumers' lack of trust in financial firms led to a 92% rise in cases taken up by the financial ombudsman last year - with 7,000 queries and complaints each working day......

Tenants' deposits 'must be safe'
A housing charity is urging tenants to check that their deposits are held in an official protection scheme......

EU nations allowed to ease austerity
The European Commission has said it will allow some EU member states to slow their pace of austerity cuts, amid concerns over growth......

OECD cuts eurozone growth forecasts
The OECD has again cut its growth forecasts for the eurozone and called on the European Central Bank to consider doing more to boost growth......

China's growth forecast cut by IMF
The International Monetary Fund cuts its economic growth forecast for China in 2013 to "around 7.75%", with the weak global economy set to hit exports......

Sochi Olympics a 'monstrous scam'
As much as $30bn (20bn) has been stolen in preparations for next year's Winter Olympics in Sochi, Russian opposition leaders claim......

Rangers chairman Smith urges unity
Rangers chairman Walter Smith urges board "unity" following weeks of in-fighting at Ibrox......

Row over Bolton's new sponsor deal
Bolton Wanderers Football Club announce their new principal sponsor will be pay-day loan company QuickQuid......

VIDEO: Finding a book in the e-reader era
Many people enjoy browsing the aisles in bookshops when they are looking for something new to read - but could this experience be replicated by an app?.....

VIDEO: France sells off presidential wine
The French presidency is to auction off part of its famous wine cellar for the first time......

VIDEO: Spain hospital 'wanted my credit card'
The European Commission is launching legal action against Spain over the refusal of some hospitals to recognise the European Health Insurance Card......

VIDEO: Can Moto X revive Motorola's fortunes?
Motorola has struggled to keep up in the fast-paced smartphone market, but now the company has announced that it will take on its rivals with a new handset named the Moto X......

VIDEO: Do grandparents need flexible working?
Research by the charity Grandparents Plus suggests that many people are relying on grandparents and in-laws to provide childcare......

VIDEO: Rise in UK house prices 'modest'
UK house prices recorded a "modest" rise in May, increasing by 0.4%, according to the latest survey from the Nationwide building society......

VIDEO: China-US pork deal 'significant'
The biggest pork firm in China, Shuanghui International, has made a $4.7bn (3.1bn) bid to take over the largest pork producer in the US, Smithfield Foods......

VIDEO: More US mothers 'main breadwinner'
More American women than ever before are the main breadwinners for their families, according to the Pew Research Centre and data from the US Census Bureau......

Can UK economy stand another shock?
Could the UK economy withstand another shock?.....

Dreams on hold among young Greeks
Facing the worst jobs market in Europe.....

Women find success in their forties
Why 40 is a good age to start a new business.....

Why leasing a new shop can be hard
'Why can't I find an empty shop in a town of boarded-up premises?'.....

How to stop buying on impulse
How to stop buying on impulse.....

India's ancient university returns to life
University accepts first new students for 800 years.....

U.S. Day Ahead: More signs the Fed will keep up stimulus
May 30 - The latest inflation figures on Friday should confirm the Fed is sticking to its $85B worth a month of bond buying for now......

Daily Digit: Dish values Clearwire at $6.5 bln
May 30 - Dish tries to scoop rival Sprint with a bid valuing Clearwire at $6.5 billion. Conway G. Gittens reports......

Techquity: Phone makers fight for market share; FB liked again
May 30 - Samsung unveiled a cheaper Galaxy S4, aiming to grab a bigger share in the mid-tier segment, while Motorola makes a play for market share with its own new Moto X smartphone. Facebook gets a boost......

Breakingviews: What is GE's succession plan?
May 30 - Antony Currie and Breakingviews columnists discuss the potential retirement of GE Capital boss Mike Neal and what it means for the conglomerate's overall boss......

Trading at Noon: Why the bad economy equals happy stocks
May 30 - Signs the U.S. economy is still struggling are driving stocks as investors bet that Fed stimulus is here to stay......

Hollande sparks German outrage ahead of meeting with Merkel
May.30 - French President Francois Hollande and German Chancellor Angela Merkel meet in Paris, just hours after Hollande said the EU can't "dictate" reforms to France. They hope to come up with new ideas to boost European industry but expectations th.....

3 investments to dump before the Fed ends QE
May 30 - Carrington Investment Services Managing Director, Chris Whalen says some investors already are unloading investments sensitive to a shift in the Feds monetary policy. He lists three that are especially vulnerable......

Total settles U.S. bribery allegations
May 30 - France's largest oil producer Total SA has agreed to pay almost $400 million to settle U.S. criminal and civil allegations that it paid bribes to win oil and gas contracts in Iran. However a French prosecutor is calling for the CEO to go on .....

Europe Day Ahead: Unemployment - another broken record
May 30 - The euro zone jobs crisis is set to deepen, with the unemployment rate expected to hit another record high. Plus, flash inflation for May could pave the way for another ECB rate cut next month......

Wealth Strategies: Japan to be most attracitve equity market
May 30 - Michael Kass, portfolio manager of the Baron International Growth Fund says Europe is stabilizing but Japan could be most attractive equity market in the world......

Politicians target tax avoidance at OECD
May 30 - As multinationals including Starbucks and Google are scrutinised over their taxes, another 12 countries have signed up to fight tax secrecy at an OECD conference in Paris. Axel Threlfall speaks to the head of the OECD's tax division who says.....

Fishing for answers at Spain's Pescanova
May 30 - Spain could be about to see one of its largest bankruptcies, when the full extent of fishing company Pescanova's debts come to light. The firm filed for insolvency in April. Joanna Partridge reports from the company's home town of Vigo on th.....

Job-seekers left out of Japan's revival
Prime Minister Shinzo Abes policies have boosted Japan's growth and fueled a stock rally. But to really be judged effective, he'll need to tackle inequalities and stagnation in the job market......

Market Pulse:Yen guys not watching Nikkei futures "roadkill"
FX analyst Neal Kimberley, as dollar/yen threatens a break below 100.00. Plus gold shines, Buffet bets on Vegas......

Italy will beat growth forecasts finance minister
May 30 - OECD forecasts for Italian growth are too pessimistic, and Rome reckons it can beat expectations, says economy and finance minister Fabrizio Saccomanni......

Breakingviews: Shuanghui pork buy smart even at fat premium
May 30 - Chinese company Shuanghui would spend billions to acquire U.S. pork producer Smithfield, but oddities in China's market guarantee the bet will be profitable, says Breakingviews' Peter Thal Larsen......

Sports Spread: England get a taste of new-look Maracana
May 30 - England's footballers will get a tantalising taste of what they'll be missing out on if they don't qualify for next year's World Cup in Brazil. Plus, French Open tennis and the Investec Derby......

Europe the ghost at Mexicos feast
May 30 - Mexicos growth outlook is relatively strong, but European demand remains the big external risk factor, says the OECD. We talk to Mexican economy minister Ildefonso Guajardo at the OECD Forum in Paris.....

Reuters Breakingviews: Carney's UK Fed template may flounder
May 30 - Mark Carney, new BoE Governor, may try to keep bond yields low by issuing "forward guidance". But his efforts could flounder amid a bond bear market, says Breakingviews......

Reuters Today: Strong U.S. growth bad for stocks?
May 30 - Global markets in for a choppy day after another hefty fall in Japanese stocks. Investors also watching out for US Q1 GDP figures. An upward revision may have rare market consequences........

FACTBOX: Inside the Chinese firm buying up America's pork
May 30 - Pork is big business in the U.S., but it's an even bigger one in China. Meet Shuanghui Group, the company poised to spend $4.7 billion to take over Smithfield Foods......

Fight the flight: 60 countries unite to end tax secrecy
May 30 - The public backlash on corporate tax avoidance is growing and politicians are listening. At this weeks OECD meeting another 12 countries pledged to fight tax secrecy, bringing the total to 60......

Greek youth despair over employment prospects
May 30 - As youth unemployment in Greece soars to 60 per cent, young people are becoming increasingly gloomy about their future prospects. Despite EU leaders promising to take action, Ciara Sutton reports there are fears it will create a generation w.....

U.S. Morning Call: Japanese stocks plunge 5%; Dow futures up
May 30 - The Nikkei now down nearly 15 percent from its peak last week on worries about growth. Dish Network raised its offer to buy Clearwire, topping a competing bid from Sprint Nextel by 30 percent......

Stocks shaken and stirred by bonds
May 29 - Summary of business headlines: U.S. equities fall to two-week lows as bond yields rise amid speculation the Fed is close to slowing bond purchases; Former Fed Chief Paul Volcker says Fed is carrying too much weight in recovery; home stocks h.....

Brazil faces 1970s stagflation as resource boom wilts
Brazil has been forced to tighten monetary policy to curb inflation despite a slump in growth.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2ca1d531/mf.gif' border='0'/><div class='mf-viral'><table .....

Why interest-only compensation claims will struggle
Natalie Ceeney has a unique insight into the financial scandals of the future, says Andrew Oxlade.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2ca1d532/mf.gif' border='0'/><div class='mf-viral'><ta.....

Smiths 'in talks to sell medical division for 2bn'
Smiths Group is in talks to sell a medical division that was involved in the first successful IVF treatment, according to reports.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2ca1d533/mf.gif' border='0'/>&l.....

Tesco slips on broker cut
The supermarket group was hurt by a downgrade from one of its own brokers.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2ca0ce52/mf.gif' border='0'/><div class='mf-viral'><table border='0'><tr.....

Banks play guessing game on losses, says Barclays
Banks are very poor predictors of the risks on their balance sheets, according to a report by analysts at Barclays.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2ca0ce53/mf.gif' border='0'/><div class='mf.....

Tate & Lyle sales rise as it hunts for new ingredients
Tate & Lyle has said its plan to focus on developing new ingredients that could reduce the calories and salt in food is making progress despite challenging weather and economic conditions.<img width='1' height='1' src='http://telegraph.feedspo.....

Tate & Lyle sales rise as it hunts for new ingredients
Tate & Lyle has said its plan to focus on developing new ingredients that could reduce the calories and salt in food is making progress despite challenging weather and economic conditions.<img width='1' height='1' src='http://telegraph.feedspo.....

Dollar falls on slump in US government spending
The dollar stuttered in value yesterday, after official figures revealed that America's economy is recovering more slowly than previously thought, amid the biggest contraction in government spending for 60 years.<img width='1' height='1' src='http.....

If companies can fire at will, they can also hire at will
Lord Sugar's curmudgeonly firings on The Apprentice might make for riveting viewing, but the Americans have a version with much higher stakes.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2ca15aec/mf.gif' borde.....

Housing market could boost retail industry, Kingfisher says
Britain's flat-lining retail industry could be in line for a welcome boost because of a recovery in the housing market, according to the country's biggest DIY retailer.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/56830.....

Business news and markets: as it happened - May 30, 2013
Unemployment in France hits a new record after rising for the 24th consecutive month, casting more doubt on Mr Hollande's vow to reverse the declining jobs market by year-end.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/.....

Business news and markets: live
Unemployment in France hits a new record after rising for the 24th consecutive month, casting more doubt on Mr Hollande's vow to reverse the declining jobs market by year-end.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/.....

'Very, very heavy' Europeans are rare, says McDonald's chief Don Thompson
McDonald's chief executive Don Thompson noted that Europeans tend to walk a lot.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2ca0c49a/mf.gif' border='0'/><div class='mf-viral'><table border='0'>.....

Severn Trent sets out market stall as chief executive says value to reach 8bn in 2015
Takeover target Severn Trent has shrugged off a bigger-than-expected fall in annual profits, declaring the business would soon be worth almost 8bn and insisting it had been undervalued by circling Kuwaiti and Canadian bidders.<img width='1' height.....

Amazon signs lease on 210,000 sq ft central London offices
Amazon has signed the lease on prime central London offices to accommodate 1,600 staff as it expands further into sectors such as book publishing and television production.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/5.....

Amazon signs lease on 210,000 sq ft central London offices
Amazon has signed the lease on prime central London offices to accommodate 1,600 staff as it expands further into sectors such as book publishing and television production.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/5.....

Apple founder Steve Wozniak: public anger at tax arrangements is 'warranted'
Apple co-founder Steve Wozniak has admitted that public anger over the tech giant's tax arrangements is "extremely warranted".<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2c9fd016/mf.gif' border='0'/><di.....

Greeks shake off pessimism despite economic woes
Economic morale in Greece surged close to a five-year high in May despite mounting signs that the nation is set to enter a seventh year of recession.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2c9ebe88/mf.gif.....

BT dumps Yahoo! email after hacking claims
BT has dumped Marissa Mayer's Yahoo! as email provider to its six million broadband customers.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2c9ebe8a/mf.gif' border='0'/><div class='mf-viral'><table .....

Dish pressures Sprint with raised offer for Clearwire
Dish Networks attempts to spoil Sprint's bid for broadband provider Clearwire.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2c9f5edc/mf.gif' border='0'/><div class='mf-viral'><table border='0'>&l.....

US GDP dragged down by government spending slump
The US economy grew at a more modest pace than previously estimated in the first three months of the year, official data showed on Thursday, as government spending suffered its biggest six-month contraction since the end of the Korean war.<img wid.....

Europe rows back on FTT plans
European countries pressing for a 30bn financial transaction tax are rowing back on their plans in the face of international opposition and concerns about the economic damage the levy could cause.<img width='1' height='1' src='http://telegraph.fee.....

News Corp to cut ties with London market
News Corp will cut ties with the London Stock Exchange after a drop in the trading of shares in the media giant in Britain.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2c9d83f9/mf.gif' border='0'/><div c.....

Japanese stock market correction is 'natural', say policymakers
Japan's prime minister Shinzo Abe has played down recent falls in the stock market as part of day-to-day trading, hours after the country's benchmark index tumbled 5pc and entered a correction.<img width='1' height='1' src='http://telegraph.feedsp.....

RBS rejects private equity bid for Rainbow branches
Two US private equity firms bidding for the 316 branches being sold by Royal Bank of Scotland have had their offer for the business rejected by the state-backed lender.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/56830.....