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In the news – UK economy will 'explode' after election, says City commentator

Last updated: 07:53 15 Apr 2015 BST, First published: 06:53 15 Apr 2015 BST

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The Times                      

Revenue to lose over closure of Phones4u: Four American distressed debt funds that snapped up bonds in Phones4u after its collapse last year could recover at least 20 times more than the British taxpayer.

North Sea hit hardest by oil slump: Britain’s North Sea oil industry will be hit harder by the global collapse of crude prices than most other parts of the world, the International Monetary Fund has warned.

Election jitters apply brakes to London house price rises: London has been knocked off its perch as the region with the fastest- growing house prices for the first time in almost two years as uncertainty surrounding the election and rules aimed at curbing risky lending dampen demand.

Ditch the dividends, demands BlackRock: BlackRock has fired a broadside at some of Europe’s top listed companies, urging them to ditch eye-catching but expensive dividend and share buyback schemes if they interfere with creating long-term value for investors.

Hargreaves heads for comfy chair: The outspoken entrepreneur who co-founded Hargreaves Lansdown as a boutique advisory business almost 35 years ago took shareholders by surprise by stepping down from the board with immediate effect.

‘Yes, I should have fixed it much sooner’: The Chief Financial Officer who was forced to leave the company behind the fashion label Superdry after being declared bankrupt has had the ruling annulled after he paid back money to the taxman.

Spanish bank pays borrower’s mortgage: Market interest rates have plunged so low that a few homeowners who locked into tracker mortgage deals before the financial crisis are starting to be paid by their banks for borrowing money.

The Independent

‘Unacceptable’ staff lies lead to record PPI fine for Clydesdale Bank: Clydesdale & Yorkshire Bank has been hit with a record £20.7 million fine for a litany of abuses in handling payment protection insurance claims which went as far as misleading the Financial Ombudsman.

Elliott Advisor’s Founder Paul Singer suffers rare setback: Elliott Advisor’s billionaire Founder Paul Singer suffered a rare fall in the value of one of his hedge funds in the first quarter of 2015, it has emerged.

Alliance Trust hunts independent Director to bolster boardroom: Two weeks before a shareholder meeting showdown the battle for the boardroom of Alliance Trust hotted up as the £2.9 billion investment trust said it was speeding up its search for a new Independent Director.

The Daily Telegraph

IMF fears ‘cascade’ of woes as Fed crunch nears: The United States is poised to raise rates much more sharply than markets expect, risking a potential storm for global asset prices and a dollar shock for much of the developing world, the International Monetary Fund has warned.

Google set to face anti-competition charges in Brussels: The European Commission intends to file formal charges against Google for abusing its dominant position in the internet search market, EU officials are expected to say on Wednesday.

Gatwick oil gusher claims ‘wildly optimistic’ warns expert: A respected oil and gas expert has slammed claims made by entrepreneur David Lenigas that 100 billion of oil lies under the South of England within a few miles of Gatwick Airport as “wildly optimistic” and “misleading”.

House prices starting to cool, report shows: House prices increased by 0.6% month on month in February, but the annual pace of growth in property values is showing signs of slowing across the majority of the U.K., According to an official report.

JP Morgan’s profits boosted by market volatility: The return of market volatility - as central banks around the world devalue currencies and fight inflation - has reaped dividends for America’s biggest bank.

Nokia in advanced bid talks for Alcatel-Lucent: Nokia is in advanced talks to acquire rival telecoms equipment maker Alcatel-Lucent in a deal potentially worth more than €12 billion (£8.6 billion), as the Finnish company seeks to gain the heft required to challenge the industry leaders.

Digital music revenues overtake physical sales for the first time: Digital music revenues surpassed physical sales for the first time in 2014 as soaring subscriptions to streaming services offset a notable decline in downloads.

The Guardian 

Greece confident of reaching agreement in make-or-break 24 April deadline: Greece has vigorously rebutted speculation that it will declare a debt default and plunge out of the Eurozone if it fails to strike a deal with lenders to keep its bankrupt economy afloat.

IMF projects faster global growth but warns of risks: Global growth will step up a gear over the next two years According to the International Monetary Fund, following the collapse in oil prices and the easing of austerity programmes in developed countries. 

UK inflation holds at record low of 0.0%: Britain’s inflation rate has held at its record low of zero, giving disposable incomes a boost and leaving the country on the brink of a period of falling prices.

‘Timebomb’ UK economy will explode after election, says Albert Edwards: The U.K. economy is a ticking time bomb set to explode after the general election, According to a leading City commentator who has warned of a fresh crisis for the pound.

HSBC seeks new Non-Executive Directors in wake of tax evasion scandal: HSBC is preparing to bring in new Non-Executive Directors to overhaul a board that has faced intense scrutiny following revelations of its Swiss arm’s involvement in tax evasion.

JP Morgan and Wells Fargo profits offer mixed picture of state of U.S. banks: Two of the U.S.’s largest banks released first quarter results on Tuesday and gave a mixed picture of the state of the banking industry.

Mortgage lending dips 16% in February: The number of mortgages handed out to first-time buyers and people moving house fell by 16% year on year in February, banks and building societies have reported.

Next Boss Lord Wolfson pledges 5% shopfloor wage rise: Next Chief Executive Lord Wolfson has pledged to raise shopfloor wages at the retailer by at least 5%, offering to share his bonus among staff if there is a shortfall in funding.

China’s economic growth at six-year low, making further stimulus more likely: China’s economy grew at its slowest rate in six years in the first three months of this year, reinforcing bets that policymakers will be forced to introduce more stimulus measures.

Daily Mail

Ex-AXA Finance Chief Mark Williams joins Quindell after working as consultant to the firm since January: Quindell has named a former AXA bean-counter as its finance Boss as the tangled technology firm tries to draw a line under its turbulent past.

Almost a quarter of UK firms ‘whittle down tax bills’ using tax havens and loopholes, says new analysis: Almost a quarter of British firms are paying far lower taxes than the rates demanded by the countries in which they operate, an international study has suggested.

Ruby and emerald miner Gemfields enjoys glittering rise on news of increased production: Shares in ruby and emerald miner Gemfields sparkled on news of increased production at its mines in Mozambique and Zambia.

Investors in BP and Barclays urged to vote against excessive Executive pay: Shareholders in BP and Barclays have been urged to vote against excessive Executive pay.

Daily Express

Wine investment leaves a bitter taste: APW Asset Management, a London based firm, which sold him some 600 bottles of Australian wine in several lots and was managing the investment, has collapsed.

British Gas’s bonuses deal worth up to £3.75 million for veteran Mark Hodges: Insurance veteran Mark Hodges could be paid up to £3.75 million for taking the hot seat at British Gas.

City A.M.

Billionaire backer cuts Virgin stake: Billionaire investors Wilbur Ross and Stanhope Investments cut their stake in high street bank Virgin Money by selling $354 million (£240 million) of shares in the Richard Branson-backed venture.

Potential bubbles are a growing concern; Investors are concerned about bubbles in both bonds and equities, According to survey figures released by Bank of America Merrill Lynch.

Maaxi launches to join a crowded cab rank: Maaxi, the black cab ride-sharing app will be launched, joining the line-up in an already-competitive London taxi market.

Michael Page on track for good year as profits in Europe rise: Recruitment firm Michael Page said it was on track to meet its full year targets after recording an 11% increase in gross profit during the first quarter.

Accor Executive checks himself in to Easyhotel: Easyhotel has booked itself a new Chief Financial Officer after hiring Marc Vieilledent from Europe’s largest hotel group, Accor.

Millionaires in United Arab Emirates soar: The number of millionaires living in the United Arab Emirates has soared by 60% since 2007 despite the recent drop in oil prices taking its toll on the business interests of wealthy individuals.

New Directors nominated for Holcim Lafarge: Holcim and Lafarge have confirmed the list of 14 candidates they have nominated to make up the board of Directors at the combined company after the two firms merge.

Cinven sells off £136 million stake in Spire Healthcare: Spire Healthcare shares slumped after private equity backer Cinven shrunk its stake further by placing £136.4 million of shares with investors. 

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