US Creates 165,000 New Jobs In April

The United States created 165,000 new non-farm jobs in April, with the figure beating expectations.

Hiring was much stronger in the previous two months than first thought, and the gains trimmed the unemployment rate to a four-year low of 7.5%, the official figures showed.

The Department of Labour report showed the job market is improving despite higher taxes and government spending cuts.

In addition to the April gains, the government said employers added 138,000 jobs in March and 332,000 in February. That is 114,000 more over the two months than was originally estimated.

The economy has created an average of 208,000 jobs a month from November through April, which is above the 138,000 added in the previous six months.

John Silvia, chief economist at Wells Fargo, said: "This is a good report. There's a lot of strength.

"It's good for the economy. It's good for people's income."

The stronger job growth suggests that the federal budget cutting "does not mean recession," Mr Silvia said. "It does not mean a dramatic slowdown."

The release of the figures in the US came with certain drama after a fire overnight at the department's headquarters shut down the building for most employees.

Members of the media were allowed in for the release of the report.

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Smartphones: Debit Cards Of The Future?

By Liz Lane, Sky News Reporter

Smartphones could soon become an even greater part of our lives as networks join forces to let us pay for high street goods with our mobiles.

The battle to dominate the market for "virtual wallets" is heating up, but with it come concerns about how thieves and fraudsters could take advantage.

Britain's big-three mobile networks - EE, Vodafone and O2 - are creating an opt-in service that will allow all bank, credit and loyalty card details to be stored on a phone SIM.

The customer will be able to swipe it on a card reader in a shop and instantly pay for goods.

David Sear, chief executive of Weve, the company managing the project, said: "You'll be able to pick up your goods from the counter - your sandwich or whatever it might be, on a small transaction - and simply swipe your phone, rather than having to get your card out of your wallet."

He is hoping to get retailers to sign up later this year, with the promise of advertising opportunities.

Stores will be able to send special offer alerts to customers' phones as they walk past in an effort to tempt them in.

Google, Barclays, Mastercard and Paypal have all come up with their own versions of the virtual wallet, but they have not caught on in the UK.

The contactless payment market as a whole has yet to take off, with only 6% of people in the UK having made such a transaction with a credit or debit card.

Bryan Glick, editor of Computer Weekly Magazine, describes it as a chicken and egg situation.

He said: "Retailers aren't going to offer this as a means of paying unless they know they're going to use it, but people aren't going to use it unless they know there are a lot of retailers they can use it at."

As for security, the new system will have a limit on how much can be spent on a phone without entering a Pin code.

However, cyber security expert Jason Hart said he would take further precautions before using it - including having his smartphone, and the payment system itself, password-protected.

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Manchester United's Debt Pile Drives Loss

The cost to Manchester United of servicing its debts has helped plunge the club into a third quarter pre-tax loss.

The Premier League champions for the 2012/13 season said they achieved a 23% increase in underlying profit in the three months to March.

But when certain expenses were included in the figures, including net finance costs of more than £18.3m, the club swung to a pre-tax loss of £3.15m from a £2.8m profit in the same period last year.

It said that the addition of £6.7m in tax credits ensured a profit of £3.6m and insisted it was on course to hit revenue and profit targets for the financial year, which runs to the end of June.

Revenues in the quarter rose 30% to £91.7m, with the commercial sector, which includes sponsorship, showing the strongest growth of 52% thanks to new deals in Asia and Europe.

The club's debt - a source of anger among fans since the Glazer family bought United - had fallen 16% since June last year to £367.6m, United said.

Manchester United listed on the New York Stock Exchange last August, with the proceeds of the 10% stake sale helping efforts to cut the debt pile at Old Trafford.

Shares have recovered from an initial dip to trade at $18.41, up from a flotation price of $14.

Ed Woodward, United's executive vice chairman, said of the results: "Each of our three primary sectors – Commercial, Broadcasting and Matchday – delivered strong top-line gains and helped us achieve a record third quarter for both revenue and adjusted EBITDA.

"In addition, we are delighted to be continuing and deepening our relationship with Aon, as our new Training Kit, Training Centre and Tour Partner, for an additional eight years."

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RBS Chairman To Press Case For Privatisation

By Mark Kleinman, City Editor

The chairman of Royal Bank of Scotland (RBS) will on Friday deliver an explicit message that the state-backed lender will be ready to begin being privatised within 12 months.

I have learnt that Sir Philip Hampton will say that George Osborne, the Chancellor, will be able to press the button on a multi-billion pound share sale by the middle of next year.

He will also say for the first time that the bank is to begin preparing a prospectus alongside Treasury officials that will be delivered to investors likely to be interested in buying part of the Government's 82% stake in the bank.

Sir Philip's comments that RBS' rehabilitation is in the final stages of completion will be made in a message that will be published on Friday morning, according to an adviser to the bank.

His comments will expand on earlier remarks made by him and Stephen Hester, RBS's chief executive, in which they had outlined the broad ambition of a state sell-off ahead of the next general election.

Previously, the two men had described the timing of a sell-off as being entirely a matter for the Government.

Sir Philip's remarks will come as RBS announces a pre-tax profit for the first quarter of 2013, a rare foray into black ink for the troubled lender's balance sheet since its rescue more than four years ago.

The numbers, which I understand will show an underlying profit of around £200m and a larger profit at the pre-tax level, will, like other UK banks, include no new provision for the mis-selling of payment protection insurance.

They will provide evidence that, like Lloyds Banking Group earlier this week, there is an emerging path towards a sale of the shares that the previous Labour government acquired during the bank rescues of 2008.

Last week's resignation of Jim O'Neil, who runs the agency responsible for managing the taxpayer's stakes in Lloyds and RBS, left many City analysts to conclude that a privatisation of the stakes was a distant prospect.

Stringent regulatory reforms, and tough measures likely to be recommended by the Parliamentary Commission on Banking Standards in the next two months, have acted to depress the two banks' share prices well below the average price at which the Government bought them.

However, this week there have been signals from Whitehall that the Conservative-led coalition could be prepared to sanction share sales at the current prices, rather than waiting for the prospect of them recovering to their 2008 levels.

One of the principal obstacles to a sale of the Government's RBS stake could be a demand made by the outgoing Governor of the Bank of England, Sir Mervyn King, that the lender should be broken up into two separate entities.

Sir Philip is also keen to begin the process of RBS's shares returning to private sector hands because he believes it will give him the best chance of retaining Mr Hester.

He fears that a prolonged period of uncertainty about RBS's structure and ownership will prompt Mr Hester to resign.

RBS declined to comment.

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Facebook Results: Mobile Ads Boost Revenue

By Poppy Trowbridge, Business and Economics Correspondent

Facebook's revenue has risen 38% in the first quarter to $1.46bn (£940m), boosted by an increase in mobile advertising.

The social media giant said its profit was $219m (£140m) in the three months to March, up from $205m (£131m) in the same period a year ago when the company was still private.

"We've made a lot of progress in the first three months of the year," founder Mark Zuckerberg said.

"We have seen strong growth and engagement across our community, and launched several exciting products."

Facebook, which according to the company has 1.1 billion monthly users, is developing ways to make money from its members.

Some 751 million people now use Facebook monthly on their mobile phones, according to the company.

It said its mobile advertising revenue represented 30% of the total income, up from 23% in the fourth quarter of 2013.

This figure is closely monitored by financial markets and investors, and is for ads designed specifically for mobile devices, including tablets.

Founder Mark Zuckerberg is trying to increase mobile revenue monetisation

As the number of users who socialise via their phones or tablets rises, Facebook continues to develop ways of advertising to those individuals.

The company's share price has risen in the run up to the earnings report.

Shares in Facebook are currently worth around $28 (£17) each, which is still around $10 (£8.50) below the May 2012 flotation opening price.

Investors who bought shares when it was first floated on the Nasdaq stock exchange still remain out of pocket.

Eden Zoller, an analyst at Ovum, told Sky News: "Facebook is no longer a novelty, it doesn't mean that there's going to be a mass exodus for Facebook.

"It's too entrenched, it's part of a lot of people daily lives."

Facebook was founded in 2004 by Mr Zuckerberg in his Harvard dorm room and now employs some 4,600 people.

More than 80% of Facebook users are outside North America, with around 28 million users said to be in the UK.

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Exclusive: Metro Bank Losses Pass £100m Mark

By Mark Kleinman, City Editor

Losses at Metro Bank, the first new high street lender in Britain in more than a century, have reached more than £100m nearly three years since its launch.

According to information circulated to shareholders in recent days, Metro Bank lost £45.7m before tax in 2012, and a further £8.8m in the first quarter of this year. After tax, the respective figures were £34.5m and £7.1m.

The losses underline the costs associated with breaking into the UK's retail banking sector at a time when Government ministers are attempting to foment new competition through a string of policy measures.

The numbers handed to Metro Bank's investors, which are broadly in line with the bank's expectations, follow losses of £23.4m in the 16 months to the end of 2010 and a further £33.1m the following year.

Metro Bank's first branch opened in Central London in July 2010, and it now has more than 15 open, with aggressive expansion plans over the next five years.

On Friday it will open a branch in Slough, Berkshire, which has drive-through banking facilities, reflecting its determination to revolutionise the consumer banking experience.

According to the circular to shareholders, who include the American hedge fund tycoon Steve Cohen and the billionaire Reuben brothers, loans and advances to customers grew at an annual rate of 297% in the year to March 31.

Chairman Vernon Hill launched a similar bank venture in the US

Customer deposits grew at an annual rate of 210% to almost £700m over the same period.

The UK banking regulator, the Financial Conduct Authority, has reduced the level of capital required to be held by Metro Bank by a quarter, "reflecting the increasing maturity of the bank and the quality of risk management", it told shareholders.

Metro Bank is chaired by Vernon Hill, who enjoyed huge commercial success with the launch of similar banking ventures in the US.

Its board members include Luke Johnson, the restaurants entrepreneur, and Lord Flight, former chief secretary to the Treasury.

The lender has raised hundreds of millions of pounds from shareholders to fund its launch and subsequent expansion, and is targeting a stock exchange listing as soon as next year.

A Metro Bank spokeswoman declined to comment.

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Matalan To Support Factory Collapse Victims

Matalan has said it will provide "financial and other support" to those affected by the collapse of a factory in Bangladesh which killed over 380 people.

The fashion chain said it was not using any suppliers based in the building when the disaster occurred last Wednesday.

Uniform-maker Premier Clothing also said it would provide financial assistance to the victims and their families.

At least 386 people were killed and 2,500 people were injured when the eight-storey Rana Plaza building collapsed - and many are still missing.

A statement from Matalan said: "We offer our condolences to all those affected by this tragic event and our thoughts and prayers are with the whole community.

Protesters have demanded the death sentence for the owner of the building

"Whilst we were not using any suppliers based in the building, as soon as we heard the news, we started working with our key contacts in Bangladesh to explore how we could support those involved.

"We can confirm that we are working closely with the Bangladesh Garment Manufacturers & Export Association (BGMEA) and our local team in Bangladesh to provide financial and other support to help those affected."

A Premier Clothing spokesperson said: "We were shocked and deeply saddened to hear about the terrible tragedy involving one of our suppliers, New Wave, which was a tenant in the collapsed building in Dhaka.

"Our thoughts are with the victims and their families.

"We remain in close contact with our agents in Dhaka who liaise with New Wave on our behalf and will look to provide both practical and financial assistance via this local team."

Many people are missing and thought to be trapped in the rubble

On Monday, low-cost retailer Primark said it would pay compensation to the victims of the event who worked for its supplier.

The Ireland-based company - which is a subsidiary of British company ABF - confirmed that one of its suppliers occupied the second floor of the affected building in the Dhaka suburb of Savar.

It said a team in Bangladesh was working "to put in place immediate and long-term help" for the victims.

Bonmarche, another big brand that acknowledged supplier production at the site, said it was deciding how it could best offer support to those affected.

In a statement it said: "Whilst we have always implemented supplier processes in line with retail industry standards, there are lessons to be learned from this tragic event right across the retail sector. 

"We will be reviewing the information emerging from Bangladesh and responding accordingly.

"The Bangladesh Fire and Safety Agreement aims to prevent further tragedies such as this and we support its goals.

"We are looking into it in more detail and will confirm our decision once we have completed our investigations into the situation."

Meanwhile, a Bangladesh court ordered the government to "immediately" confiscate the property of the collapsed building's owner.

Thousands of protesters took to the streets of Dhaka to demand the death sentence for Mohammed Sohel Rana.

Two High Court judges also said the central bank should freeze the assets of the owners of the five clothing factories in the building, and use the money to pay the salaries and other benefits of their workers.

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Eurozone Unemployment Hits New Record High

Eurozone unemployment reached 12.1% in March, official figures have shown, as the region's recession continues to hit its economy.

Some 19.2 million people were out of work in the 17-nation bloc last month, with the jobless rate climbing for the 23rd month in a row.

Data also showed that inflation fell in the region - to 1.2% in April, its lowest level since February 2010.

Italy's new prime minister Enrico Letta

The combination of easing inflation and rising unemployment is likely to put more pressure on the European Central Bank to cut interest rates on Thursday.

The figures come as Italy's new prime minister won a vote of confidence - boosting hopes of a strong coalition after a period of political uncertainty in the eurozone's third-largest economy.

Enrico Letta - who was sworn in on Sunday - plans to push ahead with his agenda of easing the country's unpopular austerity measures.

The government was confirmed with a vote of 233 in favour, 59 against and 18 abstentions, a day after it won the backing of the lower house.

In the meantime, Cypriot MPs debated the country's controversial 10bn euro (£8.48bn) bailout deal - with the government warning a rejection would be "catastrophic" for the island's troubled economy.

"Every MP needs to be aware that today marks a historic landmark for our homeland," spokesman Christos Stylianides said.

"A 'no' from the house today would have catastrophic consequences."

Hundreds of people gathered outside the Parliament to demonstrate against the bailout, which has forced Cyprus to shrink its banking sector, raise taxes and cut public spending.

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Boeing Dreamliner Passenger Flights Resume

Boeing 787 Dreamliner Timeline

Updated: 2:36pm UK, Saturday 27 April 2013

The turbulent history of the Boeing 787 Dreamliner:

Apr 27, 2013: Eithiopian Airlines 787 Dreamliner flies from Addis Ababa to Nairobi in Kenya

Apr 25, 2013:  The FAA gives formal approval to Boeing's new lithium-ion battery system

Apr 22, 2013: The batteries in five All Nippon Airways Dreamliners and two Japan Airlines jets are replaced

Apr 19, 2013: The Federal Aviation Administration approves Boeing's battery modification plans

Apr 3, 2013: Company says it has completed more than half of its battery tests

Mar 25, 2013: Boeing says its first test flight with the new lithium-ion battery went according to plan.

Mar 15, 2013: Boeing unveils modifications to its 787 batteries, saying the Dreamliner is "absolutely safe"

Mar 12, 2013:  FAA approves Boeing's certification plan for a new battery system for the aircraft

Mar 7, 2013: US National Transportation Safety Board says it has failed to identify the cause of the Jan 7 fire

Feb 28, 2013: Boeing says it has found a "permanent" solution to fix problems with Dreamliner batteries

Feb 25, 2013: All Nippon Air (ANA) confirms all of its fleet will remain grounded until the end of May

Feb 8, 2013: Boeing confirms it has sent letters to airlines expecting imminent deliveries of possible delays

Feb 7, 2013: US Federal Aviation Administration (FAA) allows limited test flight of the grounded Dreamliner

Feb 5, 2013: Japanese official reveal CT scans of failed batteries does not reveal fire cause

Feb 4, 2013: Boeing requests FAA approval for test flights of grounded model

Jan 30, 2013: Amid revenue loss forecasts of $500m to $5bn, Boeing CEO addresses investors and downplays impact

Jan 28, 2013: Investigators widen battery examination to sub-contractors of lithium ion battery maker GS Yuasa

Jan 21, 2013: Safety officials start probe of lithium ion battery maker GS Yuasa

Jan 19, 2013: Boeing says it is stopping deliveries of the Dreamliner to airlines

Jan 18, 2013: FAA officials arrive in Japan to examine a 787 and its melted battery pack after an ANA emergency landing two days earlier

Jan 17, 2013: The European Aviation Safety Agency,  FAA and Qatar Airways ground Dreamliners under their regulatory control

Jan 16, 2013: Japan Air Lines Co Ltd (JAL) follows suit and suspends Dreamliner flights from Japan over safety concerns

Jan 16, 2013: ANA grounds all 17 of its 787s after four of its aircraft suffer problems

Jan 16, 2013: ANA 787 Dreamliner makes emergency landing in Takamatsu, Japan, after smoke appears in cabin

Jan 11, 2013: The Federal Aviation Administration (FAA) announces a review of the 787 design and systems

Jan 11, 2013: ANA discovers engine oil leak after a domestic flight lands at Miyazaki

Jan 11, 2013: A separate ANA flight to Matsuyama reported a crack appearing in the pilot's window

Jan 9, 2013: ANA cancels a Boeing 787 Dreamliner flight due to a brake problem

Jan 8, 2013: Japan Air Lines (JAL) grounds a jet at Boston Logan International Airport after a 787 leaks 150 litres of fuel

Jan 7, 2013: A fire erupts in a battery pack in another JAL Dreamliner at Boston

Dec 13, 2012: Qatar Airways grounds one of its Dreamliners because of a faulty generator

Dec 5, 2012: The FAA orders inspections of all 787 Dreamliners in service in the US

Dec 4, 2012: A United Airlines 787 is forced to make an emergency landing in New Orleans after a generator fails

July 23, 2012: ANA grounds five Dreamliners due to an engine component issue

Feb 22, 2012: Boeing says around 55 Dreamliners may be affected by a flaw in the fuselage

Oct 26, 2011: The Dreamliner makes its maiden flight with paying passengers on board an ANA jet

Sep 26, 2011: Boeing delivers its first 787 Dreamliner to Japan's ANA, three years late

Jun 23, 2010: Boeing postpones the first flight of the Dreamliner because of a structural flaw

Dec 15, 2009: The passenger jet 787 Dreamliner takes off on its maiden test flight

Apr 9, 2008: Boeing says there will be a revised plan for the first 787 flight and initial deliveries

Dec 11, 2008: Boeing announces further delays due to strike action by machinists Sept-Nov

Oct 19, 2007: Boeing says there will be a six-month delay to deliveries due to assembly issues

Jul 8, 2007: The first assembled 787 goes on display to media, employees and customers

Jul 18, 2006: Boeing says it is making "solid progress" on the 787 Dreamliner programme

Jan 28, 2005: Boeing gives its new commercial airplane an official model designation number - 787

Jan 29, 2003: Boeing announces the launch of a new aircraft called the 7E7

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Late Tax Returns Mean HMRC Fines For Many

By Pete Norman, Sky News Online

More than half a million taxpayers are set to be hit with daily fines after failing to file their tax returns, Sky News has learned.

An estimated 650,000 to 850,000 self-assessment taxpayers still have not given HM Revenue and Customs (HMRC) annual returns for the 2011-12 financial year.

The Tax Office cut-off date for the returns was January 31.

HMRC sent out automatic £100 penalties to around 850,000 people by February 20, boosting tax coffers by some £85m.

The defaulting taxpayers were then given three months to file their accounts.

However, it is believed that hundreds of thousands have still to complete their forms.

On May 1, three months after the January deadline, a new daily fine will be levied on those who have not processed the form.

In addition to the earlier £100 penalty, they will be hit with the daily £10 fine, up to a maximum of £900.

An HMRC spokesman told Sky News: "Anyone who hasn't yet sent their 2011-12 tax return to HMRC will have already incurred a £100 late-filing penalty.

"Non-filers have to file to avoid further penalties or contact us to ask to be taken out of self-assessment, and provided they meet the criteria, we will take them out of SA and cull any penalties incurred."

Those who allow the filing delay to extend beyond six months are handed another £300 fine or 5% of the tax due, whichever is higher.

HMRC is then entitled to give those who fail to file within 12 months a tax demand up to 100% of the tax due instead.

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