TweetDeck: Twitter's UK Firm Shut By Regulator

By Pete Norman, Sky News Online

A British company bought by Twitter for a reported £25m has been shut down by the business regulator after it failed to file its accounts, Sky News has learned.

The official message of TweetDeck's demise

TweetDeck Ltd, which was bought by the California-based social media giant in 2011, was officially struck off the register by Companies House this morning.

The action comes after the wholly-owned British subsidiaries, TweetDeck and Twitter UK Ltd, failed to file accounts for 2011.

The account deadline was last September and both companies were subsequently penalised.

Although Twitter UK later filed its 2011 accounts, TweetDeck did not and the Cardiff-based Companies House moved to strike off the company in January, as first revealed by Sky News.

A notice confirming the action has now been published in the London Gazette, which is the Government's official journal of record, saying TweetDeck has been "dissolved".

A Companies House spokesman told Sky News: "We go through a strict compliance process to try and ensure companies file documentation in a timely manner.

"Unfortunately, in a small number of cases, matters proceeded to strike off, as in this case."

Twitter CEO Dick Costolo (l) and Alex Macgillivray

TweetDeck is used by so-called social media power users to integrate their online messaging activity.

Its functionality has now been incorporated within Twitter's main corporate structure, according to the San Francisco-based firm.

A Twitter spokesperson told Sky News: "TweetDeck the product continues to thrive as part of Twitter, but the old TweetDeck company has been dormant for some time, with no outstanding liabilities; hence our agreement with the move to dissolve it."

TweetDeck was controlled by two American directors, Twitter Inc CEO Dick Costolo and its general counsel Alex Macgillivray.

According to the business regulator, of the three million companies registered in the UK, 99.1% maintain up to date account filings.

Dissolution of dormant companies is normally initiated by the directors rather than it being imposed by the regulator.

In March the Tax Office investigated TweetDeck but later halted action

The Companies House spokesman told Sky News: "It is incumbent on all directors to ensure documentation is submitted appropriately and it is always disappointing when this is not the case.

"As well as being a legal requirement, those wishing to research and invest use the register as an information source, and for this reason it is unhelpful if business records are not up to date and in good order."

TweetDeck was founded by Sheffield-educated computer programmer Iain Dodsworth in 2008 and sold to Twitter two years ago in what was widely reported as a £25m deal.

The microblogging giant controls its UK operations through a Dublin-based parent firm, known as Twitter International Company.

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HSBC Almost Doubles First Quarter Profits

London-listed HSBC has almost doubled its first quarter profits following a big fall in costs and bad debts.

It reported a pre-tax profit of $8.4bn (£5.4bn) for the period, up from $4.3bn a year ago, with Europe's biggest bank showing the benefit of a three-year restructuring plan.

Losses from bad debts plunged 51% to $1.2bn (£800m) and costs fell 10% in the first quarter from a year ago.

Chief executive Stuart Gulliver took over in early 2011 with a pledge to streamline operations, reduce complexity and axe businesses that were unprofitable or lacked scale.

He has shed 52 businesses while 37,000 jobs have gone since late 2010.

He said: "We have had a good start to the year, with growth in reported and underlying profit before tax.

"While continuing uncertainty in the global economy has created a relatively muted environment for revenue growth, we have increased revenue in key areas including residential mortgages and commercial banking in both our home markets of Hong Kong and the UK, and in our financing and equity capital markets business.

"Loan impairment charges were lower in every region, notably in North America."

HSBC's share price gained more than 3% on news of the performance - contributing the most points to a rise in the FTSE 100 index.

Last year, the bank posted a 16.5% slump in annual net profits as it was hit by US money-laundering fines, mis-selling scandals, rising taxation and a vast accounting charge.

It has previously put aside £1.5bn to cover costs associated with the provision of Payment Protection Insurance (PPI).

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Exodus Gathers Pace At RBS Investment Arm

By Mark Kleinman, City Editor

The exodus of senior executives at Royal Bank of Scotland's (RBS) investment banking arm is poised to accelerate as pressure mounts on the state-backed lender to strengthen its capital base and refocus on its home UK market.

I understand that John McCormick, the chairman and chief executive of RBS's markets and international banking division in Asia, is expected to step down from the role.

His future has not yet been finally determined, and he may remain with the bank in another position, but insiders said he was almost certain to vacate his current Hong Kong-based job.

RBS's board, chaired by Sir Philip Hampton, will discuss the revised strategy of its investment bank next week.

Sources said on Wednesday that the outcome was likely to involve further swingeing job cuts in addition to the thousands of jobs which have already disappeared since RBS's rescue by British taxpayers in 2008.

If he does leave the bank, Mr McCormick would be the most senior executive to depart the M&IB business since the exit of John Hourican, the division's overall chief executive, earlier this year.

Mr Hourican fell on his sword as part of RBS's £390m settlement for rigging the interbank borrowing rate Libor, despite the fact that he had had no knowledge of or involvement in any wrongdoing.

Mr McCormick has worked for RBS for more than a decade, holding roles which included managing the integration of the Asian operations of RBS and ABN Amro, the Dutch lender that was acquired in 2007 in an ill-fated deal that led to the British bank's near-collapse.

His departure would be symbolic in underlining the huge international retrenchment of RBS, which expanded under Fred Goodwin, the former chief executive, to the point where it acquired a stake in the giant state-owned Bank of China.

In recent weeks, a number of other senior M&IB personnel, including William Fall, who ran RBS's financial institutions group, and Sian Hurrell, its European head of sales, have also left the bank.

George Osborne, the Chancellor, has been applying relentless pressure on Stephen Hester, RBS chief executive, to shrink the investment bank and plough more capital into the UK economy.

Mr Hester said at the weekend in an interview with The Sunday Times that RBS had £20bn of existing balance sheet capacity available to lend to British businesses but that demand for capital was anaemic.

Last Friday, RBS announced that it had returned to the black in the first quarter of 2013, but disappointed the City over the weak performance of its investment bank.

Like other British banks, RBS is also being ordered to strengthen its capital position, a target it intends to meet partly through the sale of assets such as its US retail arm, Citizens.

An RBS spokeswoman declined to comment specifically on Mr McCormick but said: "The group is going through a strategic review of its Markets business and the consequences of that may have implications for senior staff just as it could for employees in general as signalled on Friday.

"As always, strategic changes can give opportunities for individuals to assess their career options. Similarly these changes also allow the bank to assess the level of leadership needed."

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Unauthorised Apps 'Costing Parents £30m'

Children buying unauthorised apps have cost parents around £30m, a study suggests.

The survey found youngsters using smartphones or tablets increase families' average monthly charges by around £34, with more than a quarter of parents (28%) hit by inflated bills.

Eight-year-olds were shown to run up the highest bills, adding an average of £59.59 - while 36% of children aged four and under have made purchases without permission.

The data emerged after five-year-old Danny Kitchen hit the headlines for racking up a £1,700 bill in a few minutes while playing a game on his parents' iPad.

A total of 14% of parents to have received unexpected charges for similar reasons voiced concerns over affording the costs, and 34% say they now hide their tablets or smartphones.

However, the study suggested nearly one in five parents equips their children with their passwords, nearly a quarter of parents do not have a security password, and one in 10 give their children free rein to access whatever content they want.

Meanwhile, more than half (54%) of the parents surveyed said they link their smartphone or tablet to an easily accessible subscription service or direct debit account.

The Windows Phone UK-commissioned study said unauthorised purchases had an estimated total cost of £30,883,157.

Brett Siddons, of Windows Phone UK, said: "Our research reveals parents are worried about the impact of app and in-app purchases on their bills and we understand the stress this can cause.

"With technology becoming more and more intuitive, it's important that parents can trust in the technology they use and feel as safe as possible when handing over their smartphone and tablet devices to their children."

According to the survey, children spend on average three hours and 21 minutes a week playing games and using apps.

More than 2,000 parents who own smartphones or tablets were consulted for the survey by OnePoll last month.

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Dow Average Closes Over 15,000 For First Time

The Dow Jones industrial average has reached another milestone after closing above 15,000 for the first time in its 117-year history.

Keeping pace with global markets, the Dow rose 87 points on Tuesday - a gain of 0.6% - before closing at 15,056.

It was another key moment in the market's steady rise this year.

It is up 15% since January 1, and on February 1 the Dow closed above 14,000 for the first time since the global recession hit in 2007.

The Dow broke the 15,000 barrier on Friday following a strong US jobs report, but fell again below that mark before the day's close.

The Standard & Poor's 500 rose eight points on Tuesday to 1,625, also a record-high close. The Nasdaq rose four points to close at 3,396, up 0.1%.

Good economic reports, higher corporate profits and support from central banks are keeping investors optimistic that the economy is still on a path to recovery.

"The thing that's been driving stocks is rising confidence," said James Paulsen, chief investment strategist at Wells Capital Management.

"Economic growth, job creation and the housing market have been better than expected."

On Tuesday satellite television provider DirecTV and watch maker Fossil both reported quarterly earnings that beat expectations.

Some 80% of the companies listed in the S&P 500 index have reported profits in the first quarter of 2013.

"We don't think people are giving enough credit to the strength of the economy," said Ryan Detrick, a senior technical strategist at Schaeffer's Investment Research.

"We still like the market."

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Easter Timing And Cold Hit Retailers In April

The cold weather and the timing of Easter hit retail sales across the board last month - falling at their fastest rate for a year.

The British Retail Consortium (BRC) said retail sales values were down 2.2% on a like-for-like basis from April 2012.

On a total basis, sales were down 0.6%, against a 1.0% decline in April 2012.

However the BRC said the figures masked a respectable month as the late spring sunshine boosted sales of summer wear including sandals, shorts and skin care products.

The 3-month total growth average, which irons out the Easter distortions, was 2.6%.

Online sales were up 8.3% compared with April 2012.

Retailers with strong online offerings have been largely outperforming competitors amid the squeeze on living standards which has restricted spending on the high street.

For three years now prices have been rising faster than pay.

In its latest results statement on Wednesday, the fashion chain Next predicted the squeeze would continue "for at least the next 18 months, if not longer."

Sales across its 500 UK stores suffered during the March cold snap but 8.9% growth in its Next Directory business helped it post a rise of 2.2% in sales in its first quarter.

The company said the return of warmer weather in mid-April sparked a marked upturn in sales.

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Sainsbury's Annual Profits Fall 1.4% To £788m

The boss of Sainsbury's has told Sky News he has a "few more years" in him at the helm of the supermarket chain despite the appointment of headhunters tasked with identifying his successor.

Justin King was speaking after Sainsbury's confirmed a slight fall in annual profits, amid the intense battle among supermarkets to grow market share and invest in online.

It made a pre-tax profit of £788m in the year to March 16 - down 1.4% on the previous 12 months because of property disposals though underlying profits were up 6.2%.

Mr King also confirmed the weekend report by Sky's City Editor Mark Kleinman that it had struck an agreement with Lloyds Banking Group to take full control of Sainsbury's Bank, at a cost to the chain of £248m.

Sainsbury's said its move to acquire the 50% shareholding it did not own was an opportunity to "enhance loyalty by offering accessible, high quality and tailored products which reward customers who bank and shop with us."

Sainsbury's has been investing in its supply chain

Growth online and in convenience stores drove market share gains for the supermarket business by 0.2% over the period according to the Kantar Worldpanel measure.

Total sales over the year rose 4.6% to £25.6bn - boosted by what it called the "milestone" of non-food sales reaching £1bn for the first time.

Grocery online sales were nearing the £1bn mark, Sainsbury's said, while convenience stores took £1.5bn.

During the year, it opened 14 new supermarkets, eight extensions and 87 convenience stores.

The full-year dividend was increased 3.7% to 16.7p.

Mr King, who took over at the supermarket amid sliding sales nearly a decade ago, remained bullish about its prospects despite the flat-lining economy.

He said: "Whilst we see no near-term change in the current economic situation, we remain confident that by continuing to invest in our long-standing strategy and by understanding and helping our customers, we are well positioned for future growth."

In his interview with Sky News he moved to quell speculation about his future, adding: "I've got plenty of headroom left yet and I consider myself still to be a relatively young man so I've got a few more years in Sainsbury's left in me yet."

Sky News revealed last month that Egon Zehnder, the search firm, had been appointed by David Tyler, Sainsbury's chairman, to identify Mr King's successor.

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Europe Business Group Steps UP FTT Warning

By Mark Kleinman, City Editor

A European business lobbying group whose members include Britain's CBI has delivered a fresh broadside against Europe's planned financial transactions tax (FTT), saying it will damage competitiveness and undermine the management of public debt.

In a letter to European Union finance ministers, Markus Beyrer, director-general of BusinessEurope, warned that the introduction of the FTT would "make investors both here and across the globe question whether policy-makers are really serious about putting in place a competitive business environment".

BusinessEurope's members comprise 41 industrial and employers' bodies in 35 countries, which collectively represent tens of millions of workers across the Continent.

Its new lobbying against the group follows the recent announcement that George Osborne, the Chancellor, would oppose the FTT in the European Court of Justice amid concerns about its impact on the City and the rest of Britain's financial services sector.

In the letter dated May 6, a copy of which has been obtained by Sky News, Mr Beyrer outlines four main arguments against the FTT, which is expected to raise as much 35bn Euros annually through a levy on most financial transactions.

"The tax will raise the cost of financing for firms, and hence undermine investment," he wrote. "The tax in particular reduces liquidity and therefore the attractiveness of new issuances... leading to a fall in corporate investment of at least 1.8pc."

He also warned that the new levy would damage the competitiveness of European companies by rendering more difficult their essential risk management activities.

"Treasury management, intragroup transfers and the hedging of currency, interest-rate and raw-materials risks would all become more expensive. This will penalise essential day-to-day corporate activities and will in particular lead to higher risk exposure due to less hedging."

The letter from BusinessEurope warned that the tax would also potentially increase risk in the financial system by forcing some activities outside the European Union to "jurisdictions potentially less well-regulated".

Mr Beyrer also said the new tax would significantly undermine the management of public debt, particularly by taxing the transaction of sovereign bonds on secondary markets.

"Ultimately it would be EU citizens who would pay this tax through both pensions and poorer employment opportunities... By withdrawing their support for this poorly-advised initiative, European leaders still have time to show they are serious about putting Europe on a strong recovery path."

The mobilisation of a lobbying group with such extensive geographical reach and which represents a much broader spectrum of business than the financial sector is significant, although the prospects of a wholesale climbdown from the imposition of the FTT are thought to be remote.

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Queen's Speech: Immigration Curbs Dominate

New measures to tackle immigration were among the Government's priorities outlined in this year's Queen's Speech.

In its legislative programme for the year ahead, the coalition also set out plans to cap bills for social care, introduce a flat-rate pension, cut the regulation burden on small businesses and extend consumer rights.

At the heart of the Government's agenda, a new Immigration Bill was unveiled to regulate migrant access to the NHS as well as introduce stiffer fines on businesses which exploit illegal labour.

Foreign criminals and illegal immigrants also face a crackdown with a new bill making it easier to deport them - including powers to prevent the abuse of human rights laws.

The Queen told MPs and peers that the bill will aim to "ensure that this country attracts people who will contribute and deter those who will not".

The Queen travels to the Houses of Parliament

Meanwhile, a £72,000 cap will be introduced from 2016 on the amount people in England have to pay for social care, to end a situation where pensioners have to sell their homes to pay for care in their final years.

And millions of people caring for elderly and disabled relatives in England will be given the right to receive support from their local councils.

A Pensions Bill will introduce a single-tier pension, worth around £144 a week at today's prices, and will bring forward to 2026 the date at which the retirement age rises to 67.

And consumers are to receive greater protection when using offshore gambling sites with new measures to ensure all operators in the local market hold a UK licence.

Amid all the traditional pomp and ceremony in the House of Lords, Her Majesty made clear that the Government's "first priority" remains restoring Britain's economic health, something which cannot simply be legislated for.

David Cameron and Ed Miliband walk towards the House of Lords

She announced paving legislation for further necessary measures for the £33bn construction of the high-speed rail link between London, Birmingham and the north of England, keeping the controversial project on track. 

Businesses will be assisted through a bill to create a £2,000 annual employment allowance to reduce National Insurance bills for every company and charity.

And a Deregulation Bill will aim to reduce the burden of excessive red tape on business, public bodies and individuals by repealing legislation that is no longer of practical use, and placing a duty on regulators to have regard to the impact of their actions on growth.

Self-employed people whose work activities pose no potential risk of harm to others will be exempted from health and safety law.

The Queen also said the Government would protect the Falkland Islanders' right to self-determination as she opened the new session of Parliament.

The Queen reads the speech with Prince Charles looking on

Measures to reduce crime and disorder will include tougher controls on dogs which are dangerously out of control, a new "community trigger" to ensure action is taken on persistent anti-social behaviour, larger fines for illegal importation of firearms and making forced marriage a criminal offence.

Meanwhile, there will be new measures to encourage the rehabilitation of prisoners after they leave jail.

Plans to make it easier for victims of asbestos-related cancer to claim compensation were also unveiled.

But the Queen's Speech, which featured 20 bills, including some in draft form or carried over from the previous session, was also notable for what was omitted - such as the so-called snoopers' charter to monitor internet and social media use, opposed by the Liberal Democrats, and any further moves on an EU referendum in the wake of the success of UKIP at last week's local elections.

Sky News Political Editor Adam Boulton said the failure to do any more about the referendum on Britain's membership of the European Union would pile yet more pressure on the Prime Minister to act from his eurosceptic backbenchers.   

The Queen smiles as she leaves after the State Opening of Parliament

There was also no place for mooted health protection measures to introduce plain packaging for cigarettes and minimum unit prices for alcohol - although Health Secretary Jeremy Hunt earlier insisted that no final decision had been made to kill off the proposals.

Mr Hunt told Sky News that no decision over introducing the plans had been made yet, adding: "We don't want to do something that is damaging to industry unless it's going to have those health benefits."

In an introduction to their legislative agenda, Prime David Cameron and Deputy Prime Minister Nick Clegg said the Queen's Speech was "all about backing people who work hard and want to get on in life".

They said: "In May 2010, we came together to govern in the national interest. We knew the road ahead would be tough and so it has proved to be.

"But three years on, our resolve to turn our country around has never been stronger. We know that Britain can be great again because we've got the people to do it. Today's Queen's Speech shows that we will back them every step of the way."

The Queen and Duke of Edinburgh arrive back at Buckingham Palace afterwards

But Labour leader Ed Miliband said: "Today's Queen's Speech should respond to the deep problems the country faces. On the evidence so far, it is not up to the scale of the task."

Unions also attacked the speech. Public and Commercial Services union general secretary Mark Serwotka said: "With its policies causing untold damage to our economy and our communities, it is shameful of the Government to try to stoke up even more fear and suspicion of migrants.

"This is not so much 'dog whistle' politics, more a shrill and desperate cry to satisfy the extremes of the Tory Party."

Unison general secretary Dave Prentis added: "There is little comfort in this programme for the young, the unemployed, the working poor, the sick, the vulnerable or the millions who have seen their living standards fall drastically since this coalition Government came to power."

It was the first time in 17 years that the Prince of Wales attended the State Opening of Parliament, in a move indicating his growing role supporting the Queen in her official duties.

Charles has previously accompanied the Queen to the occasion at the Palace of Westminster 11 times, but not since 1996.

His appearance, together with the Duchess of Cornwall, comes after it was announced that the Queen will miss the Commonwealth summit later this year for the first time in 40 years as part of a review of her long-haul travel.

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China 'Baby Milk Runners' Probe Ordered

A baby milk trafficking investigation has been launched into networks which are bulk-buying formula and shipping it to China where it is sold at premium prices.

The Dutch government has ordered a probe into persistent shortages of certain brands of baby formula which has been linked to so-called "baby milk runners".

The formula is then sent to China where it is resold with a 100% mark up to parents.

Chinese parents are willing to pay top price for the baby milk after a 2008 scandal where Chinese formula was found to be tainted with melamine. It left six children dead and affected more than 300,000 others.

Deputy economic affairs minister Sharon Dijksma said: "I want to gather information ... over the bulk-buying and trade in the Netherlands in order to inform Chinese authorities that they are getting batches of milk powder that do not confirm to their regulations."

Formula in China is selling for twice the price

There is growing concern in the Netherlands about a looming national shortage of infant formula.

Dutch Food Industry Federation (FNLI) director Philip den Ouden said: "Dutch consumers can still find baby formula, but it's getting harder and harder."

He said earlier this year retailers saw a 50% spike in sales figures of baby formula from the last quarter of 2012.

"This was strange because the number of births in the Netherlands did not go up," he said.

At a meeting earlier this week, the FNLI and food retail representatives said that a measure to merely restrict the number of tins of formula per customer was not enough.

Last month a Chinese businessman in Britain told Sky News that he was selling £5,000 of baby milk a week to China at double the price.

He said he was buying stocks from British supermarkets.

The run on formula led supermarkets Sainsbury's, Tesco, Morrisons and Asda to ration some labels of baby milk.

Danone, the makers of Aptamil and Cow & Gate, restricted purchases to two per transaction.

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