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UK urged by IMF to bring forward high value spending

Wed, 22 May 2013 15:53:31 -0400

LONDON - In a critique of the United Kingdom's austerity programme, the International Monetary Fund Wednesday urged the Europe's third largest economy to rebalance the policy to make the transition to a high-investment and more export-oriented economy. "The UK could boost growth by bringing forward measures already included in its fiscal plan, such as spending on infrastructure and job ...

Banks in the spotlight in debate over UK listing rules

Fri, 24 May 2013 06:07:03 -0400

By Clara Ferreira-Marques and Kylie MacLellan LONDON (Reuters) - As Britain's stock market watchdog pores over the implications of scandals at mining companies ENRC and Bumi, the role of sponsor banks who helped lead their listings is coming ...

Is the FTSE Ready For a Sell on the Weekly

Fri, 24 May 2013 06:04:17 -0400

weekly time frame gives us a good clue that a medium term sell is imminent as it rejects 6800. All we need to dois wait for the close this afternoon at 4:30pm to see if it does close as a bearish pin bar reversal on the weekly. If it does, we our second clue that this Index is ready for a multi-week sell (using the weekly ...

Rosy China growth forecasts fade on further signs of slowdown

Fri, 24 May 2013 05:18:11 -0400

Reuters © A newly built residential compound is seen from the demolition site of an old village on the outskirts of Beijing May 23, 2013. REUTERS/Kim ...

Market turbulence poses first serious test for Abenomics

Fri, 24 May 2013 05:17:59 -0400

By William MallardTOKYO (Reuters) - This week's turbulence in Tokyo markets exposes a key risk of Prime Minister Shinzo Abe's all-in strategy to revive Japan's economy - if investor confidence falters, the government and the Bank of Japan may be left with few options to turn the tide.On Friday, the Nikkei share average had another tumultuous session, traversing a 7.1 percent range ...

Co-op Bank stops lending to new corporate clients

Fri, 24 May 2013 05:17:53 -0400

LONDON (Reuters) - Co-operative Bank said on Friday it had stopped offering loans to new business customers, in a move designed to quell growing concerns over its capital position.A spokesman for Britain's biggest customer-owned financial services business said it would continue to provide lending to existing customers. The freeze does not apply to individual retail customers."We are ...

Negative rates could hurt UK Bank of Englands Fisher

Fri, 24 May 2013 04:44:39 -0400

My own personal view is that negative rates would not necessarily do very much at the moment to boost growth, (and) could even be perverse," - Paul ...

Britains FTSE steadies after worst day in a year

Fri, 24 May 2013 04:02:02 -0400

Fri May 24, 2013 4:02am EDT * FTSE 100 flat after Thursday's 2.1 pct slump * Investors jittery ahead of long weekend * Morgan Stanley downgrades Next on valuation By Toni Vorobyova LONDON, May 24 (Reuters) - Britain's leading shares steadied on Friday after their steepest fall in a year in the previous session, with central bankers offering some reassurance that stimulus will stay for a ...

UK may be three quarters of the way through debt purge - Fisher

Fri, 24 May 2013 04:01:13 -0400

CARDIFF (Reuters) - Britain may be as much as three quarters of the way through the process of working off the high debt levels which have weighed on the economy since the financial crisis, a top Bank of England policymaker said on Friday. ...

Feds Bullard wants inflation pickup before tapering QE

Fri, 24 May 2013 03:52:52 -0400

inflation would have to pick up before he voted to scale back monetary policy stimulus and that this was unlikely to happen in the coming month. "Before I would be in favour of tapering I would like to see some reassurance that inflation was going to move back towards target," St. Louis Fed President James Bullard said in an interview. "I am concerned about this inflation number ...

Private consumption helps Germany to meagre growth in first-quarter

Fri, 24 May 2013 03:08:18 -0400

Berlin (Reuters) - Private consumption helped Germany eke out meagre economic growth of 0.1 in the first quarter of the year, compensating for declines in exports and investment in Europe's largest economy, data showed on Friday. The ...

GLOBAL MARKET-Volatile Nikkei keeps Asian stocks on edge

Fri, 24 May 2013 02:55:09 -0400

Fri May 24, 2013 3:45am EDT * Nikkei ends a seesaw day up 0.9 pct * Asian stocks outside Japan dip to 1-month lows * Yen rises vs USD and euro on turbulent Nikkei * European stocks expected to fare better By Ian Chua SYDNEY, May 24 (Reuters) - Asian stocks fell to one-month lows on Friday and the yen rebounded broadly as extreme volatility in the Nikkei kept investors on edge. The Nikkei has ...

3i says to buy Barclays Infrastructure Funds Management

Fri, 24 May 2013 02:45:16 -0400

Fri May 24, 2013 2:45am EDT LONDON May 24 (Reuters) - 3i Group PLC is taking over the European infrastructure fund management business run by Barclays as part of a plan to boost fee income from public-private partnerships and energy investment projects. The private equity firm, which is aiming to become one of Europe's biggest investors in infrastructure, said the deal announced on Friday ...

New chamber of trade president

Fri, 24 May 2013 02:23:47 -0400

Halfords has warned of a long uphill slog to recovery as profits tumbled by 22% and its dividend was slashed by a third to pay for a £100m revamp. New chief executive Matt Davies pledged to refresh tired-looking stores and improve customer service over the next three years but warned that earnings were unlikely to recover until ...

Japans Nikkei turns positive in volatile trade

Fri, 24 May 2013 02:10:08 -0400

Reuters © A passerby is reflected on a graph showing recent movements of Japan's Nikkei average at a brokerage in Tokyo May 24, 2013. REUTERS/Issei ...

Nikkei falls below 14000 in sharp afternoon sell-off

Fri, 24 May 2013 00:50:39 -0400

TOKYO | Fri May 24, 2013 12:50am EDT TOKYO May 24 (Reuters) - Japan's Nikkei share average fell below 14,000 for the first time in three weeks at one point on Friday afternoon, extending the previous session's 7.3 percent plunge. The Nikkei was down 2.3 percent at 14,154.87 by 0448 GMT after trading as low as ...

Pubs operator in huge investment

Fri, 24 May 2013 00:39:57 -0400

24 May 2013 Mitchells & Butlers, the UK's biggest operator of managed pubs placed upmarket, special occasions and family dining at the centre of an investment drive. The Harvester, O'Neill's and All Bar One owner set aside 30m in capital expenditure in the current year to October but it will rise to between 50m and 80m a ...

America turns screw on Irish tax regime

Fri, 24 May 2013 00:39:57 -0400

David Elliott delliott@belfasttelegraph.co.uk - 24 May 2013 THE Irish government has again been forced to defend its tax system after coming under increasing pressure from the US to close a loophole which has allowed companies ...

Firms new export contract just what the doctor ordered

Fri, 24 May 2013 00:39:56 -0400

Don Mattrick, the software giant's president of Interactive Entertainment, has told an audience of gaming journalists at Microsoft HQ in Redmond, Washington, that the new Xbox ONE console is not simply a games console, but "The ultimate all-in-one home entertainment ...

Tesco staff pay the price for profit slump as shares bonus pot halved

Fri, 24 May 2013 00:39:56 -0400

John Collingridge bustel@belfasttelegraph.co.uk - 24 May 2013 Checkout staff at Tesco have seen their annual shares bonus pot halved after the supermarket giant slumped to its first annual profits fall in nearly 20 ...

Every little helps – at least for BTs chief

Fri, 24 May 2013 00:39:55 -0400

JAMES tHOMPSON bustel@belfasttelegraph.co.uk - 24 May 2013 TWO of the FTSE's biggest bosses have banked rather different pay packets, it has been ...

Dublin wont take a bite out of Apple

Fri, 24 May 2013 00:39:54 -0400

On the face of it, shining a light on the fact our nearest neighbours have been operating something akin to a Dutch tax auction with multinational companies like Apple should bode well for us.If the loopholes that allow the maker of my phone to pay only 2% tax through its office across the border are closed in reaction to pressure from the US - where Apple's taxes should really be going - ...

Services industry gives vital boost to economy

Fri, 24 May 2013 00:39:54 -0400

John Collingridge bustel@belfasttelegraph.co.uk - 24 May 2013 The UK's return to growth has been underlined as revised figures confirmed the dominant services sector helped the economy expand by 0.3% in the first three months of the ...

We can follow the US to beat global problem

Fri, 24 May 2013 00:39:53 -0400

But people tend to be rather hazier on what that "something" should be. To define a solution we first need to grasp the nature of the problem: a global tax loophole.In our age of liberalised cross-border trade and free capital flows, multinational companies find themselves with a considerable level of freedom to choose where they pay tax on profits.With some sophisticated planning from ...

Halfords uphill slog to recovery

Fri, 24 May 2013 00:39:52 -0400

24 May 2013 Halfords has warned of a long uphill slog to recovery as profits tumbled by 22% and its dividend was slashed by a third to pay for a 100m revamp. New chief executive Matt Davies pledged to refresh tired-looking stores and improve customer service over the next three years but warned that earnings were unlikely to recover until ...

Skodas superb say car owners

Fri, 24 May 2013 00:39:52 -0400

Skoda Superb is the car that owners are most satisfied with, according to a survey. And another Skoda model - the Yeti - was second on the list compiled from owners' views by What Car? and JD Power and Associates. Third was ...

Spending habits picked up early

Fri, 24 May 2013 00:39:51 -0400

24 May 2013 Most children's money habits have been formed by the time they reach the age of seven, research from a Government-backed body has ...

BOJ Kuroda vows to calm JGBs guide economy to recovery

Fri, 24 May 2013 00:24:26 -0400

By Leika KiharaTOKYO (Reuters) - Bank of Japan Governor Haruhiko Kuroda on Friday expressed confidence the central bank can stem bond market volatility with flexible market operations and engineer a steady recovery in the world's third-largest economy.Kuroda said the central bank's aggressive monetary stimulus launched in April was a "necessary and sufficient" step to achieve ...

BOJ Kuroda says will strive to ensure JGB market stability

Thu, 23 May 2013 23:30:39 -0400

TOKYO | Thu May 23, 2013 11:30pm EDT TOKYO May 24 (Reuters) - Bank of Japan Governor Haruhiko Kuroda said on Friday the central bank will make efforts to avert volatility in bond markets through flexible market operations and enhanced communication with market participants. "We don't have specific targets for stock prices or currency rates, and I won't comment on daily ...

Nikkei recoups some of Thursdays 7.3 percent dive bull run seen intact

Thu, 23 May 2013 23:30:31 -0400

Reuters © Members of the media crowd around passers-by walking in front of an electronic stock quotation board outside a brokerage in Tokyo May 23, 2013. REUTERS/Toru ...

Google like Facebook in talks to buy Waze for about $1 billion report

Thu, 23 May 2013 21:47:14 -0400

(Reuters) - Google Inc is considering buying Israeli mobile satellite navigation start-up Waze Inc, which may lead to a bidding war with Facebook Inc, Bloomberg news reported, citing people familiar with the ...

Billionaire Icahn seeks up to US$7bil for Dell bid

Thu, 23 May 2013 20:58:59 -0400

and Silver Lake Partners. Icahn and Southeastern are seeking at least $5.2 billion and as much as $7 billion in lender commitments, sources said. "They want the shareholders to know that they have an alternative," another source said. Jefferies is understood to have committed $1.6 billion to the bridge loan. The arranger is asking for commitments as large as $1 billion and is expected ...

Commodities trader sues BP Shell others for alleged oil price fixing

Thu, 23 May 2013 20:58:59 -0400

Prime International Trading Ltd in a proposed class-action lawsuit filed in the courthouse in White Plains, New York on Wednesday, accused the oil companies of misreporting prices of trades in the North Sea benchmark, which sets the price of about 70 percent of the world's oil. The lawsuit comes on the heels of a European Commission probe into potential market abuse involving the reporting ...

Bond issue launched by Glencore

Thu, 23 May 2013 20:56:16 -0400

Glencore Xstrata, the newly forged wheat trading to coal mining empire, has launched its first bond issue since becoming a single entity earlier this ...

Flybe hits out at Gatwick over discrimination

Thu, 23 May 2013 20:56:15 -0400

Flybe has hit out at the owners of Gatwick, claiming the airline's decision to sell 25 take-off and landing slots at the base to easyJet for 20m was due to the airport's "discriminatory" treatment of smaller ...

Ben Chu This was Plan B all right

Thu, 23 May 2013 20:56:15 -0400

Outlook Some commentators are saying the IMF's advice to Mr Osborne this week did not amount to a call for the Chancellor to adopt an economic Plan B. I beg to differ. The IMF did not say the Government should merely permit the automatic stabilisers to function - which is what Mr Osborne means when he talks about his plan's flexibility. It did not say the Treasury should cut more to ...

Meet the new Goldman as shareholders back board

Thu, 23 May 2013 20:56:14 -0400

Nikhil Kumar is The Independent's New York correspondent. He was formerly assistant editor on the foreign desk and has also done a variety of jobs on the city desk, where he wrote about markets, commodities and other business and economics ...

Ben Chu So the deficit did rise last year after all

Thu, 23 May 2013 20:56:14 -0400

Outlook The Treasury this week hailed the fact that data from the Office for National Statistics showed that "underlying borrowing" is now falling. But did it? If you strip out factors such as gilt coupon payments from the Bank of England and transfers from the Royal Mail pension fund, borrowing in April 2013 was 10.2bn, up 1.3bn on the 8.9bn borrowed in April 2012. Ah, but what about ...

Shares worldwide go on the slide

Thu, 23 May 2013 20:56:14 -0400

In London, the FTSE 100 ended the day down more than 2 per cent at 6,696.79 as a weeks-long rise came to an end, with the index having moved up in every session bar one since the end of April in a seemingly inexorable rise towards the 6930 record hit at the height of the dot.com boom in 1999. The Paris market also fell more than 2 per cent while the main Italian index, the FTSE MIB, slumped by ...

Galaxy S4 off to a flier as Samsungs sales record is broken

Thu, 23 May 2013 20:56:12 -0400

Samsung's new Galaxy S4 smartphone has become its fastest-selling phone ever, shifting at a rate of one every four seconds since its launch in late ...

Lower print costs aid Telegraph climb

Thu, 23 May 2013 20:56:12 -0400

The owner of the Daily Telegraph saw pre-tax profits climb 5 per cent to 57.2m last year as falling newsprint costs offset a decline in ...

Guinness Peats plans to hand back cash face a final hurdle

Thu, 23 May 2013 20:56:11 -0400

Guinness Peat must mount one last corporate battle as the Pensions Regulator threw a potential spanner in the works of plans to shrink the one-time activist investor and return cash to ...

PG brings back A.G. Lafley as CEO McDonald out

Thu, 23 May 2013 20:49:48 -0400

By Jessica Wohl (Reuters) - Procter & Gamble Co (PG.N) on Thursday brought back A.G. Lafley to run the world's largest household products maker, replacing Bob McDonald immediately in the midst of a major restructuring. Lafley is taking on the ...

Japan economics minister - Abenomics proceeding smoothly

Thu, 23 May 2013 20:49:47 -0400

TOKYO (Reuters) - Japan's "Abenomics" economic policies are proceeding smoothly with the government determined to map out its growth strategy by midyear, Economics Minister Akira Amari said on Friday. "The government is steadily making progress ...

GLOBAL MARKETS-Asian stocks shaky Nikkei still seen vulnerable

Thu, 23 May 2013 20:29:33 -0400

Fri May 24, 2013 12:22am EDT * Nikkei down 0.6 pct, erases earlier gains * Asian stocks outside Japan dip to 1-month lows * Yen rises vs USD and euro as Nikkei trims gains By Ian Chua SYDNEY, May 24 (Reuters) - Japanese stocks turned negative on Friday and the yen reversed early losses, keeping intact worries that the Nikkei's largest one-day drop in two years may be the start of a bigger ...

Ben Chu Why isnt a global tax on multinational profits on the agenda for G8

Thu, 23 May 2013 19:54:33 -0400

Of course, what Mr Schmidt and Google love isn't us Britons as individuals, but our money. The UK is the second-biggest advertising market for Google in the world, recording $4.9bn (3.2bn) in transactions here in 2012. But there's a truth, nonetheless, in Mr Schmidt's words. The massive UK market is more important to Google - and indeed many other multinationals - than those ...

Deutsche Bank AGM halted by protesters

Thu, 23 May 2013 19:54:31 -0400

Deutsche Bank's chief executive Anshu Jain was forced to abandon a speech at his company's annual meeting in Frankfurt yesterday after investors mounted a ...

Plea to Fiat not to abandon Italy

Thu, 23 May 2013 19:54:29 -0400

The Italian Industry Minister, Flavio Zanonato, has asked Fiat to stay in Italy following its planned merger with Chrysler, which has led labour unions to fear that the car maker plans to move its headquarters to the United ...

Royal Mail chief set for 500000 sterling bonus - Sky News

Thu, 23 May 2013 19:38:38 -0400

(Reuters) - The chief executive of Royal Mail, Moya Greene, who is responsible for leading a turnaround of the business, is set to receive an annual bonus worth nearly 500,000 pounds, as the company readies itself for a stock market listing ...

Tesoro expected to take over BP Los Angeles refinery June 1 - sources

Thu, 23 May 2013 19:38:38 -0400

HOUSTON (Reuters) - Independent refiner Tesoro Corp (TSO.N) is expected to take control of BP Plc's (BP.L) 240,000 barrel-per-day (bpd) Los Angeles-area refinery in Carson, California, on June 1 as part of a $2.5-million purchase of the ...

UPDATE 3-Former Goldman banker settles SEC pay-to-play charges

Thu, 23 May 2013 19:38:09 -0400

WASHINGTON/CHICAGO, May 23 (Reuters) - A former Goldman Sachs Group Inc. investment banker has agreed to a five-year securities industry ban and a record fine to settle U.S. Securities and Exchange Commission charges that he broke rules against influence peddling to win bond underwriting business in ...

UPDATE 2-Goldman unveils checks on conflicts in bid to fix image

Thu, 23 May 2013 19:15:16 -0400

Thu May 23, 2013 7:15pm EDT By Lauren Tara LaCapra SALT LAKE City May 23 (Reuters) - After dozens of meetings with executives and regulators, 100,000 hours of employee training and an immeasurable amount of public grief, Goldman Sachs Group Inc's Lloyd Blankfein claimed success in putting the bank and his legacy as CEO back on track. At Goldman's annual meeting on Thursday, Blankfein ...

Mass sell-off in Spains Bankia hit small investors

Thu, 23 May 2013 18:51:21 -0400

MADRID (Reuters) - Small investors in shares of in Spain's nationalised lender Bankia suffered new massive losses on Thursday as the stock plunged by more than 50 percent amid an abnormally high volume of trading which the stock market regulator said would be looked at closely.Tens of thousands of small savers, who were often missold preference shares and hybrid debt in Bankia, swapped their ...

Draghi says euro zone more stable needs a more European UK

Thu, 23 May 2013 18:51:07 -0400

Reuters © European Central Bank President Mario Draghi attends a debate at the European Parliament in Strasbourg, April 16, 2013. REUTERS/Vincent ...

ECB cant solve euro zone crisis alone - Weidmann

Thu, 23 May 2013 18:26:19 -0400

By Ingrid Melander PARIS (Reuters) - Bundesbank chief Jens Weidmann said on Thursday it was not up to the European Central Bank to solve the euro zone crisis, resisting pressure from other ECB policymakers for the bank to widen its range of ...

Analysis Markets face rough summer ride as Fed pullback feared

Thu, 23 May 2013 18:22:04 -0400

NEW YORK (Reuters) - For the past few months, the U.S. Federal Reserve has been squarely in the financial markets' corner, thanks to its massive dollops of monetary stimulus. But signs that the central bank is discussing reducing that support by purchasing fewer bonds mean that trading is likely to get bumpier in coming ...

Concealed carry bill introduced in Illinois House

Thu, 23 May 2013 18:12:35 -0400

A gun bill introduced in the Illinois House would create a statewide concealed carry permit while the Senate would allow Chicago to set its own rules. Backers of the House version say it is more likely to win legislative approval, the Chicago Tribune reported. It was introduced Wednesday. The Legislature has a June 9 deadline to adopt some sort of bill after a federal court last year overturned ...

France says dropping idea of cap on executive pay

Thu, 23 May 2013 17:37:48 -0400

Reuters © France's Finance Minister Pierre Moscovici reacts as he visits a leather goods maker during a one-day visit focused on employment in rural areas at Avoudrey, eastern France, May 3, 2013. REUTERS/Charles ...

Sushis Abenomics wave posh tuna in plain mackerel out

Thu, 23 May 2013 17:37:43 -0400

Reuters © A sushi chef serves sushi of high-quality fatty Atlantic bluefin tuna or "o-toro sushi nigiri" at a sushi restaurant in Tokyo March 18, 2010. REUTERS/Issei ...

Google faces new federal antitrust probe source

Thu, 23 May 2013 17:11:55 -0400

WASHINGTON (Reuters) - U.S. regulators are in the early stages of an antitrust probe into whether Google Inc, which dominates web display advertising, has broken antitrust law in how it handles some ad sales, a source told Reuters on ...

SAC lawyers met with prosecutors to argue against charges sources

Thu, 23 May 2013 15:56:07 -0400

NEW YORK (Reuters) - Lawyers for SAC Capital Advisors called a meeting with U.S. prosecutors and FBI agents in April to argue that there should be no insider trading charges filed against the $15 billion hedge fund or its founder, Steven A. Cohen, according to sources familiar with the ...

LA job market grows boosted by entertainment industry employment

Thu, 23 May 2013 15:42:21 -0400

Non-farm jobs in Los Angeles rose by 9,700 from April 2012 to April 2013, the city's economic development corporation said. The fastest-growing job sector for the city is the entertainment industry, the Los Angeles Times reported Thursday. The number of jobs slipped slightly from March to April, but that reflected seasonal trends, the Times said. From April 2012 to April 2013, the number ...

Fed officials stress no rush to exit not on autopilot

Thu, 23 May 2013 15:07:32 -0400

Reuters © A view shows an eagle sculpture on Federal Reserve building, on the day it will release minutes of Federal Open Market Committee from August 1, 2012, in Washington August 22, 2012. REUTERS/Larry ...

Telecom Italia puts off network decision to May 30

Thu, 23 May 2013 14:40:06 -0400

By Danilo Masoni MILAN (Reuters) - Telecom Italia (TLIT.MI) has pushed to the end of the month a decision on whether to spin off its fixed-line access network, which is proving more complex than expected due to political and ...

Pension funds relieved as EU drops capital rules proposal

Thu, 23 May 2013 14:40:05 -0400

By Sarah Mortimer and John O'Donnell LONDON/BRUSSELS (Reuters) - European regulators have dropped a bid to make pension funds subject to the same capital rules as banks and insurers, which could have cost European businesses billions of pounds ...

Irelands largest union backs public sector pay deal

Thu, 23 May 2013 14:40:05 -0400

DUBLIN (Reuters) - Ireland's largest union on Thursday recommended its members back a revised public sector pay deal in a boost to the government which needs to secure approval to meet budget targets and maintain industrial peace. ...

EU denies breakdown in solar panel talks

Thu, 23 May 2013 14:39:22 -0400

BRUSSELS (Reuters) - The European Commission rejected Chinese trade association statements that talks to resolve a dispute over allegations of dumping of solar panels had broken down, while Chinese comments highlighted risks the dispute could ...

Set 15-year limit on firms accountants investors urge UK watchdog

Thu, 23 May 2013 13:49:13 -0400

LONDON (Reuters) - Pension and investment firms urged the UK's competition watchdog on Thursday to force companies to change accountants regularly, saying it must maintain its focus on the matter to prevent long contracts leading to risky complacency.USS Investment Management, Legal & General Investment Management, Royal London Asset Management, which together run billions of pounds ...

UPDATE 1-Large U.S. retailers sue Visa MasterCard over card fees

Thu, 23 May 2013 13:27:29 -0400

Thu May 23, 2013 1:27pm EDT * Merchants "opt out" of pending settlement in New York court * Lawsuit stems from dispute over fees for card processing By Jessica Dye May 23 (Reuters) - A group of U.S. retailers, including Macy's Inc. and Target Corp., sued Visa Inc. and MasterCard Inc. on Thursday, breaking off from a proposed $7.2 billion settlement reached last year over fees to ...

Prada says not planning on making acquisitions

Thu, 23 May 2013 13:23:41 -0400

By Isla Binnie MILAN (Reuters) - Italian fashion house Prada (1913.HK) is not planning on returning to the acquisition trail for now, its chief executive said on Thursday, dousing speculation it might be in the hunt for deals. Prada was reported ...

Battle-scarred Goldman CEO unveils safeguards to avoid mistakes

Thu, 23 May 2013 13:23:40 -0400

By Lauren Tara LaCapra SALT LAKE City (Reuters) - After dozens of meetings with executives and regulators, 100,000 hours of employee training and an immeasurable amount of public grief, Goldman Sachs CEO Lloyd Blankfein is claiming a victory ...

U.S. China factories struggle Fed hints at less stimulus

Thu, 23 May 2013 13:23:40 -0400

By Andy Bruce and Steven C. Johnson LONDON/NEW YORK (Reuters) - Chinese factory activity declined in May for the first time in seven months and U.S. manufacturing grew at its slowest pace since October, suggesting it may take a while before ...

Carrefour falls back on doubts over emerging market retreat

Thu, 23 May 2013 13:23:08 -0400

CARR.PA ) shares dropped over 5 percent on Thursday, reversing gains from the day before, amid concerns the world's No. 2 retailer is pulling out of too many high-growth markets after the surprise sale of a Middle Eastern ...

EUs Barnier softens new rules for pension funds

Thu, 23 May 2013 12:33:12 -0400

BRUSSELS (Reuters) - Pension funds in the European Union will not be required to increase their capital in the same way as banks and insurers will have to, under draft rules due later this year, the EU's top regulatory official said on Thursday.Michel Barnier, the European commissioner in charge of financial regulation, said he would propose pension fund legislation in the autumn which would ...

RPT-Apple enjoyed Irish tax holiday from the start

Thu, 23 May 2013 12:00:08 -0400

Thu May 23, 2013 12:00pm EDT By Poornima Gupta and Padraic Halpin SAN FRANCISCO/DUBLIN May 23 (Reuters) - Apple has operated almost tax-free in Ireland since 1980, welcomed by a government keen to bring jobs to what was then one of Europe's poorest countries, former company executives and Irish officials have said. Chief Executive Tim Cook faced criticism from a Senate subcommittee in ...

UPDATE 1-U.S. urges action from Europe to avert prolonged stagnation

Thu, 23 May 2013 11:53:00 -0400

Thu May 23, 2013 10:38am EDT WASHINGTON May 23 (Reuters) - The United States on Thursday called on Europe to act decisively to boost its economy and counter the risk of a protracted stagnation that would undermine economic growth in America. "Decisive action is needed now to restart demand and avoid the risk of protracted stagnation," U.S. Treasury Under Secretary Lael Brainard told U.S. ...

Tesco will not pay executive bonuses without rise in profits

Thu, 23 May 2013 11:18:56 -0400

executives will not receive a bonus in the current financial year unless they can reverse a decline in profits at Britain's biggest supermarket operator, the company said in its annual report on Thursday.The report rounds off a torrid year for the company, which announced a withdrawal from the United States and wrote down the value of its global operations by $3.5 billion (2.3 billion ...

Pearson overhauls business structure to target growth markets

Thu, 23 May 2013 10:06:01 -0400

, buffeted by a string of managerial changes and slowing growth, unveiled a further shake-up on Thursday that it said would take some time to implement.Shares in the educational publisher and owner of the Financial Times dropped in reaction to the news as analysts said there were risks that the reorganisation, which increases its focus on emerging markets and digital products, would drag on ...

EU lawmakers back French push to limit U.S. trade talks

Thu, 23 May 2013 10:05:59 -0400

By Claire Davenport and Robin EmmottBRUSSELS (Reuters) - European Union lawmakers voted on Thursday to limit the scope of a proposed free-trade deal between Europe and the United States, backing French demands to leave out culture and potentially irritating Washington.The European Parliament, which can veto EU trade accords, voted 460 in favour and 105 against with 28 abstentions to limit ...

General Electric considering IPO for finance business - CEO

Thu, 23 May 2013 10:05:49 -0400

is considering spinning off parts of its financial arm, GE Capital, through an initial public offering as part of its plan to reduce the size of the business, Chief Executive Jeffrey Immelt said."The capital markets are very receptive to IPOs," Immelt said at the Electrical Products Group Conference in Florida on Wednesday. "I think you basically have as good a setting as you could ...

FTSE falls sharply from record high as global panic causes share sell-off

Thu, 23 May 2013 09:56:59 -0400

The FTSE 100's surge towards all-time highs was brought to a spectacular halt today as panicking investors dumped shares in a global ...

SABMiller capitalise on rising demand for premium lagers

Thu, 23 May 2013 09:46:17 -0400

Its UK arm Miller Brands has been is targeting lager-lovers looking for a more expensive pint with its range of imported beer, including Italy's Peroni Nastro Azzurro. It said today it is looking to deliver similar results with Pilsner, the Czech Republic brand which grew UK sales 10 per cent over the past year.At the 2012 Taste of London Festival 4,700 pints of unpasteurised Pilsner ...

Global panic puts a halt to FTSEs upward charge

Thu, 23 May 2013 09:46:16 -0400

The FTSE 100's surge towards all-time highs was brought to a spectacular halt today as panicking investors dumped shares in a global ...

Ralph Lauren sales miss estimates but it sees a pick-up

Thu, 23 May 2013 09:40:17 -0400

(Reuters) - Ralph Lauren Corp (RL.N) on Thursday reported sales that fell below its own projections, hurt by fewer deliveries to European department stores, but gave a fiscal year forecast that suggests it expects its overall business to ...

U.S. jobless claims data suggests labour market strength

Thu, 23 May 2013 09:40:17 -0400

By Lucia Mutikani WASHINGTON (Reuters) - The number of Americans filing new claims for unemployment benefits fell more than expected last week, pointing to resilience in the labour market despite belt-tightening by Washington. Initial claims ...

SoftBank would add security director to Sprint board

Thu, 23 May 2013 09:40:15 -0400

(Reuters) - SoftBank Corp would appoint a "security director" to Sprint Nextel Corp's board if its takeover bid succeeds and give the U.S. government right of approval on the appointment in hopes of easing national security concerns raised by ...

49 Chicago schools to close

Thu, 23 May 2013 09:26:48 -0400

The Chicago Board of Education has voted to shut 49 elementary schools and transfer 27,000 students to new classrooms, officials said. Chicago Public Schools Chief Executive Officer Barbara Byrd-Bennett gave four other schools, which were scheduled for closing, a last-minute reprieve. Wednesday's vote came after months of arguments over ...

Argentina Repsol struggle to bridge gap over YPF compensation

Thu, 23 May 2013 08:53:17 -0400

, there seems little prospect of a quick deal on compensation despite signs that both sides would rather avoid a costly, drawn-out legal battle.The Latin American country's lack of funds and its limits on the control private firms have over their investments - which could deter Repsol from accepting other assets in any settlement - pose major obstacles to a deal, according to ...

UK inflation expectations at 10-month low - CitiYouGov

Thu, 23 May 2013 08:53:15 -0400

LONDON (Reuters) - Britons expect inflation of 2.5 percent over the coming year, the lowest rate since the one they predicted in July last year, a YouGov/Citi survey showed on Thursday.Consumer price inflation has been above the central bank's 2 percent target for much of the past five years, but eased last month to 2.4 percent and looks set to fall further over the coming two ...

Ralph Lauren profit higher sees fiscal year revenues rising

Thu, 23 May 2013 08:53:01 -0400

Reuters © The Polo Ralph Lauren logo is seen on their boutique on Rodeo Drive in Beverly Hills, California August 5, 2008. REUTERS/Fred ...

West End favourite hits the city

Thu, 23 May 2013 08:44:20 -0400

THE West End's favourite musical comedy, Hairspray, is playing right now at Birmingham Hippodrome until June 1. Hairspray tells the story of Tracy Turnblad, a big girl with big hair and an even bigger heart as she sets out to follow her extraordinary dreams, inspire her mum and win the boy she loves. Stage and screen star Mark Benton (Waterloo Road, Early Doors) will play the ...

Time for Plan B Strong recovery still is a long way off IMF tells George Osborne

Thu, 23 May 2013 08:34:11 -0400

George Osborne has been urged to put his austerity programme on hold by the International Monetary Fund in order to support the anaemic ...

Royalty cuts acceptance bar for Elan bid to 50 percent

Thu, 23 May 2013 08:28:16 -0400

DUBLIN (Reuters) - Royalty Pharma ROYPH.UL reduced the acceptance threshold for its increased $6.4 billion (4.2 billion pounds) bid for Elan (ELN.I) to 50 percent plus one share on Thursday as it sought to gather just enough support to take over ...

ECB seeks new tools while Fed toys with exit

Thu, 23 May 2013 08:24:08 -0400

PARIS/WASHINGTON (Reuters) - The European Central Bank is looking into expanding its range of policy tools, while the U.S. central bank is mulling scaling back its support measures, highlighting the contrasting fortunes between the world's two biggest economic ...

Deutsche bosses seek to win over sceptical shareholders

Thu, 23 May 2013 07:43:29 -0400

bosses tried to convince sceptical shareholders at a lively annual meeting on Thursday that the bank was on the right track again after facing a host of legal problems.Co-chief Executives Anshu Jain and Juergen Fitschen, who took charge nearly a year ago, are trying to steer Germany's largest bank through a major restructuring and resolve its many legal issues.They are also trying to reshape ...

Russias commitment to new budget rule already in doubt

Thu, 23 May 2013 07:43:26 -0400

By Maya DyakinaMOSCOW (Reuters) - Just last year Russia's government reimposed a rule meant to restrain spending and borrowing and channel substantial amounts of the country's energy revenues into its wealth fund.But the economy is weakening and budget discipline is already slipping.Finance Minister Anton Siluanov's inability to hold the line, in contrast to his predecessor Alexei ...

Halfords slashes dividend to fund three-year investment plan

Thu, 23 May 2013 07:43:23 -0400

has cut its dividend by a third to help fund a multi-million pound investment programme, warning this would keep earnings below last year's level for the next two years.Shares in the British company, up sharply in the past month, slumped to a six-week low of 320 pence and were down 15 percent at 336p by 1049 GMT.Outlining his strategy on Thursday alongside an expected 22 percent drop in ...

Northern Ireland healthcare firm lands business in Brazil

Thu, 23 May 2013 07:28:32 -0400

Arlene Foster attended South America's largest healthcare exhibition.The company currently employs around 110 people and exports to 55 countries including the ...

Flybe quits Gatwick as part of turnaround plan

Thu, 23 May 2013 07:17:49 -0400

By Richa Naidu (Reuters) - Struggling British airline Flybe Group Plc will quit its main London hub at Gatwick airport and has pushed back the delivery of 16 new aircraft to help it return to profitability. Europe's largest regional airline also ...

FCA fines JPMorgan three million pounds

Thu, 23 May 2013 07:17:49 -0400

LONDON (Reuters) - Britain's Financial Conduct Authority (FCA) said it has fined U.S. bank JPMorgan 3.08 million pounds for being unable to show it was giving clients the right advice. The FCA said on Thursday the failings were not corrected ...

FTSE battered by Chinese data U.S. stimulus concerns

Thu, 23 May 2013 06:46:29 -0400

* FTSE 100 down 1.9 pct, eyes worst day in 11 months * Break below 6,700 could spell steeper losses * United Utilities rewarded for dividends, Halfords punished By Toni Vorobyova LONDON, May 23 (Reuters) - Britain's top shares slid from 13-year peaks on Thursday, battered by weak Chinese economic data and signs the U.S. Federal Reserve could soon taper its stimulus programme. Mining stocks ...

Lufthansa United win EU approval for revenue-sharing pact

Thu, 23 May 2013 06:33:01 -0400

won approval from EU antitrust regulators on Thursday for their transatlantic tie-up after agreeing to give up airport slots in Frankfurt and New York.The four airlines' revenue-sharing, pricing and capacity pacts triggered an investigation by European Commission regulators four years ago, over concerns that these may result in higher prices for premium passengers.The carriers offered ...

Spains borrowing costs rise for first time in 4 months

Thu, 23 May 2013 06:32:56 -0400

MADRID (Reuters) - Spain paid higher rates on medium-term debt for the first time since early February, at an auction on Thursday, a sign that a global liquidity flows into countries on the periphery of the euro zone could be drying up.Spain sold 4 billion euros ($5.15 billion) at a triple-bond sale, meeting its issuance target, and yields rose on bonds maturing in three, five and 13 ...

SSE profits soar after price hikes and long winter – but tariffs to rise again

Thu, 23 May 2013 06:13:18 -0400

SSE, the Big Six energy provider, warned that customers should brace themselves for further price hikes as it reported a near 30 per cent rise in profits from its retail customers last ...

Exclusive China urbanisation plan hits roadblock over spending fears - sources

Thu, 23 May 2013 05:24:23 -0400

Reuters © A woman collects bricks at a demolition site, where an old village is making way for new buildings, on the outskirts of Beijing, May 23, 2013. REUTERS/Kim ...

Services sector boosts economic recovery

Thu, 23 May 2013 05:05:19 -0400

The UK's return to growth was underlined today as revised figures confirmed the dominant services sector helped the economy expand by 0.3% in the first three months of the ...

First-quarter economic growth unrevised at 0.3 percent consumer spending weak

Thu, 23 May 2013 04:59:25 -0400

LONDON (Reuters) - Britain's economy grew 0.3 percent in the first quarter as originally estimated, but consumer spending rose at its weakest pace since the third quarter of 2011. The quarterly figure confirms the initial forecast-beating ...

Euro zone slump eases in May but points to contraction in second quarter -PMI

Thu, 23 May 2013 04:59:24 -0400

By Andy Bruce LONDON (Reuters) - The downturn across euro zone businesses eased slightly this month, although a dearth of new orders means the bloc's economy is likely to contract again in the second quarter, business surveys showed ...

EUs Barnier wants big companies to reveal national tax bills

Thu, 23 May 2013 04:58:57 -0400

BRUSSELS (Reuters) - Large companies should disclose how much tax they pay in each country where they operate, the European Commission's top regulatory official said, in the text of a speech to be delivered on ...

ECB considering measures to tackle financial fragmentation - Noyer

Thu, 23 May 2013 04:15:04 -0400

Reuters © French central bank Governor Christian Noyer reacts during a meeting of G20 representatives with Russian President Vladimir Putin in the Kremlin February 15, 2013. REUTERS/Maxim ...

Business slump in May leaves France mired in recession - PMI

Thu, 23 May 2013 04:15:01 -0400

PARIS (Reuters) - French business activity retreated again in May despite a slight improvement in manufacturing, a survey showed on Thursday, offering little hope of a quick exit from recession in the euro zone's second-biggest economy.Data compiler Markit said its preliminary composite purchasing managers index, covering activity in the services and manufacturing sectors, was unchanged in ...

EU may give Greece more time to meet fiscal targets - Dijsselbloem

Thu, 23 May 2013 03:49:01 -0400

ATHENS (Reuters) - The euro zone may give Greece more time to meet fiscal targets agreed under its international bailout, the chairman of the euro zone finance ministers said in an interview published on Thursday. "The Commission's approach ...

Energy firm JKX hit by threat of shareholder revolt

Thu, 23 May 2013 03:49:00 -0400

LONDON (Reuters) - The top shareholder in Eastern Europe-focused energy firm JKX (JKX.L) has called on fellow investors to oust the group's chief executive at an upcoming general meeting, citing "serious concerns" about performance. Eclairs ...

Pub chain Mitchells Butlers posts flat sales on bad weather

Thu, 23 May 2013 03:49:00 -0400

LONDON (Reuters) - Sales at British pub and restaurant group Mitchells & Butlers Plc (MAB.L) were broadly flat in the first half, hit by poor weather as the company pressed ahead with a turnaround plan. The company, which employs 40,000 people ...

Pennon profit plunges on waste-related write-down

Thu, 23 May 2013 03:48:59 -0400

PARIS (Reuters) - British water and waste firm Pennon's full-year profit plunged to 26.9 million pounds from 172.2 million pounds in the previous financial year due to a 150 million pound exceptional charge related to its struggling ...

Flybe sells some Gatwick slots delays aircraft deliveries

Thu, 23 May 2013 03:48:58 -0400

(Reuters) - Struggling British carrier Flybe Group Plc (FLYB.L) said it would sell some slots at London Gatwick Airport to easyJet Plc (EZJ.L) and push back the delivery of 16 new aircraft by three to four years to help it return to profitability. ...

IMFs Lagarde in court for French arbitration case

Thu, 23 May 2013 03:48:58 -0400

PARIS (Reuters) - IMF chief Christine Lagarde arrived in court on Thursday to be questioned by a French magistrate over her role in a 285-million-euro ($366 million) arbitration payment made to a supporter of former president Nicolas Sarkozy. ...

Daily Mail sees profit growth after strong first half

Thu, 23 May 2013 03:48:57 -0400

LONDON (Reuters) - Britain's Daily Mail said it expected to deliver solid growth in full-year adjusted profit before tax after strength in its events division helped it to meet forecasts for the half year. The company, which publishes the Daily ...

Booker full-year profit jumps 13 percent

Thu, 23 May 2013 03:48:55 -0400

(Reuters) - Booker Group Plc, Britain's biggest cash-and-carry wholesaler, reported a 13 percent rise in full-year profit, helped by demand from small retailers and growing online sales. Booker, which runs over 170 branches supplying ...

Electrocomponents profit falls 19 percent on weak international demand

Thu, 23 May 2013 03:04:06 -0400

reported a 19 percent drop in full-year pretax profit, hurt by weak international demand, particularly in continental Europe.However, the British electronic parts supplier -- whose products range from cell-phone accessories to thermometers -- said sales grew 1 percent in the first seven weeks of the new financial year beginning April 1, led mainly by the company's business outside the ...

United Utilities net profit down 9.3 percent dividend up

Thu, 23 May 2013 03:04:04 -0400

, Britain's largest listed water utility, reported full-year net profit down 9.3 percent due to a decrease in deferred taxation credits.Revenue was up 4.5 percent to 1.64 billion pounds as a result of regulated price increases, which was partially offset by reduced volumes and the ongoing impact of customers switching to meters.The company proposes to increase final dividend by 7.2 percent ...

Lloyds raises 450 million pounds from St. Jamess Place share sale

Thu, 23 May 2013 03:03:59 -0400

LONDON (Reuters) - State-backed Lloyds Banking Group said it had raised 450 million pounds from the sale of 15 percent of wealth manager St. James's Place to boost its capital.Lloyds said the 77 million shares had been placed at 580 pence per share, a 9.4 percent discount to its Wednesday closing price of 640 pence.After its previous sale of shares in St. James's Place in March, Lloyds ...

Latam Africa surges ensure SABMiller profit growth

Thu, 23 May 2013 03:03:57 -0400

BRUSSELS (Reuters) - SABMiller, the world's second biggest brewer, reported profit growth in line with expectations thanks to a surge in earnings in Latin America and Africa and said its markets should be broadly unchanged in the coming months.The maker of Grolsch, Peroni and Pilsner Urquell, said on Thursday adjusted earnings per share rose 11 percent to 238.7 U.S. cents in the year to the ...

Mothercare full-year profit boosted by turnaround plan

Thu, 23 May 2013 02:38:04 -0400

LONDON (Reuters) - British baby and maternity products retailer Mothercare posted a better-than-expected rise in full-year profit and said it was making good progress with its three-year turnaround plan. The group, which has some 1,300 ...

Nissan to recall 841000 vehicles due to steering wheel glitch

Thu, 23 May 2013 02:37:32 -0400

7201.T ) will recall about 841,000 vehicles worldwide including the Micra compact car, also known as the March, as a result of a steering wheel glitch, Japan's No.2 automaker said on ...

Lenovo shares jump more than 4 percent after earnings beat forecast

Thu, 23 May 2013 01:55:22 -0400

Reuters © A convertible Lenovo Ultrabook is displayed at an Intel news conference during the Consumer Electronics Show (CES) in Las Vegas January 7, 2013. REUTERS/Steve ...

Nationwide enjoys rise in share of home loans

Thu, 23 May 2013 00:28:04 -0400

Tech trio on trade mission in Brazil

Thu, 23 May 2013 00:28:04 -0400

Arlene Foster said that Northern Ireland can capitalise on the opportunities offered by a host of companies specialising in ICT and the creative industries.The party also visited the Suape Port Complex and met with the director of Suape Global, Silvio Leimig.The largest and most modern shipyard in the southern hemisphere, the complex is split into five distinct zones, where more than 50 new ...

Pay bills on the go with new bank app

Thu, 23 May 2013 00:28:02 -0400

20 jobs go as Britvic shuts city operation

Thu, 23 May 2013 00:28:01 -0400

Britvic will focus on Ballygowan, its Irish water brand.The soft drinks giant announced cost cuts totalling 30m over three years as it reported a 50% surge in pre-tax profits to 37.5m for the 28 weeks to mid-April.It said the cuts aim to improve returns for shareholders and comes ahead of a Competition Commission decision on its merger with Irn-Bru owner AG Barr, expected by July. It will then ...

Rosey or rough whos got it right

Thu, 23 May 2013 00:28:01 -0400

Osborne may have gone a little too far.In not so many words it's advised that the austerity programme be put on hold and a package which includes spending on infrastructure and tax cuts be introduced.That wipes out the long held belief that to repay the huge debts we got ourselves into we need to spend, not put ourselves through years of austerity.Mr Osborne has resisted even harsher ...

Cold comfort for customers as SSE sees profits rocket

Thu, 23 May 2013 00:28:00 -0400

23 May 2013 AIRTRICITY owner SSE pocketed a 28% profits boost as UK households turned up their heating to keep out the bitter winter ...

Retail sales dip deals fresh blow to economy

Thu, 23 May 2013 00:27:59 -0400

George Osborne that the UK was "still a long way from a strong and sustainable recovery", sending the pound tumbling against the dollar.Retail sales suffered their biggest monthly fall for a year in April, slipping 1.3% as cold weather hit sales of barbecue food and garden furniture, ...

State-backed banks confident over capital

Thu, 23 May 2013 00:27:59 -0400

GRAEME EVANS bustel@belfasttelegraph.co.uk - 23 May 2013 THE UK's state-backed banks will not have to tap investors for extra cash as they attempt to shore up their balance sheets in case of future financial ...

Disaster fear if Osborne keeps his course

Thu, 23 May 2013 00:27:58 -0400

THE International Monetary Fund warned Chancellor George Osborne the UK is "still a long way from a strong and sustainable recovery", sending the pound tumbling against the dollar. Retail sales dip deals fresh blow to ...

IT firm eyes drive for autistic staff to gain edge on rivals

Thu, 23 May 2013 00:27:57 -0400

Belfast 's Titanic Quarter, said it has targeted jobs in software testing, programming and data quality in particular which it said some autistic people can excel in."By concentrating on the abilities that every talent brings to the table, we can redefine the way we manage diverse talents," Luisa Delgado, member of the executive board ...

New figures give manufacturers cause for cautious optimism

Thu, 23 May 2013 00:27:56 -0400