US Jobs Up As Part-Time Work Hits New Record

The number of new jobs in the United States accelerated in February, as the number of part-time workers in the month reached an all-time high.

The rise of 175,000 jobs helped ease fears of an economic slowdown.

The dollar rose sharply on the news and the Federal Reserve is now expected to continue tapering its quantitative easing stimulus package.

The US Labor Department said the 35% job jump comes on the back of 129,000 new positions in January.

The unemployment rate, however, rose 0.1% to 6.7%. The previous figure was at a five-year low.

"This bodes well for the economy since there were massive head winds," Adam Sarhan, chief executive at Sarhan Capital in New York, said.

"This report plays perfectly into the Fed's script of tapering."

US shares opened higher on the data. The British pound dropped at first against the dollar before recovering.

The dollar also hit a six-week high against the yen.

Analysts had expected harsher figures as snow and ice hampered economic activity across swathes of the US.

Economists had expected non-farm payroll numbers rising by only 149,000 jobs.

Revised figures for December and January were also released, showing 25,000 more jobs being created in that period than previously thought.

Last month's weather did impact average working hours, with February being the lowest level since January 2011.

Economists now expect a reversal once the weather improves.

A smaller survey of households, from which the unemployment rate is derived, showed that 6.9 million people with jobs reported they were working part-time.

That was the highest reading for February since the series started in 1978.

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'Bitcoin Founder' Denies Role Amid Tax Threat

A man tracked down to a modest suburban home in California has denied being the founder of Bitcoin, following a media report naming him.

Newsweek claimed a 64-year-old Japanese-American physicist was the mysterious 'Satoshi Nakamoto' behind the virtual currency.

But the man, who was mobbed outside his house after the report appeared, said he was misunderstood when approached by the publication.

"It sounded like I was involved before with Bitcoin and looked like I'm not involved now. That's not what I meant. I want to clarify that," the man who identified himself as Dorian Prentice Satoshi Nakamoto, told the Associated Press.

But the magazine stood by its story and said his career included classified work for the US government as a systems engineer.

The modest home of the alleged Bitcoin founder

It also insisted he initially hinted of his role in the crypto-currency, which has unsettled the banking sector and frustrated governments.

His denial came just hours before the Japanese government said that although Bitcoin was not a currency, it should be "subject to taxation".

It said banks would not be allowed to deal in Bitcoin transactions or allow accounts in the virtual wealth transfer vehicle.

Bitcoin was launched five years ago and is generated by complex chains of connected computers around the world.

Japan said it was not defined in law but added that if transactions were used for money laundering "that would constitute a crime".

Police are investigating the death of a Bitcoin exchange CEO, Autumn Radtke

Chief Cabinet Secretary Yoshihide Suga said: "As a matter of common sense, if there are transactions and subsequent gains, it is natural ... for the finance ministry to consider how it can impose taxes."

The move comes just days after police confirmed they were investigating the "unnatural death" of a Bitcoin exchange chief executive.

Autumn Radtke, 28, an American, was found dead at the base of a Singapore apartment block on February 26.

Officers said it is unclear how the boss of First Meta died, but ruled out foul play amid unconfirmed reports linking her with depression.

Last month, one of the world's largest Bitcoin exchanges filed for bankruptcy protection as it admitted hackers may have stolen all of its digital currency.

Japan's Mt Gox filed for bankruptcy, leading to protests from investors

Mt Gox revealed 850,000 Bitcoins worth about £286m were unaccounted for following cyber attacks, and said it has 127,000 creditors.

Chief executive Mark Karpeles blamed a weakness in the exchange's computer system for the massive loss, which included 750,000 users' coins and 100,000 of its own.

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Curtain To Fall On Barclays' 120-Year Audit

By Mark Kleinman, City Editor

Barclays is to end its 120-year audit relationship with PricewaterhouseCoopers (PwC) and appoint one of its main rivals in the latest shake-up at the embattled bank.

Sky News can reveal that Barclays, which faces a bruising showdown with investors at next month's annual meeting over its £2.4bn bonus pot, will launch a tendering process for its lucrative audit contract as soon as next year.

The move was disclosed in Barclays' annual report, published earlier this week, but has not previously been reported.

In the document, the bank said that its audit committee had considered an immediate review process but had decided to delay it because of "the degree of change impacting the business, including the finance function... and the additional strain that both an audit tender and a change of audit firm would involve".

Barclays had said a year ago that it would consider re-tendering the contract, which commands fees of tens of millions of pounds each year, but had not indicated that it would sever ties with PwC.

PricewaterhouseCoopers could lose audit contracts with Lloyds and Barclays

The decision not to invite PwC to re-bid for one of the longest-running audit contracts in British business comes amid a welter of UK and European Union legislation aimed at injecting fresh competition into the audit market.

Under proposals which are expected to be finalised this year, UK competition authorities will force major companies to put their audit business out to tender at least once a decade, while Brussels will make them change supplier every 20 years.

Explaining its decision, the bank said that it was more than ten years since its audit contract was last put out to tender, and that the lead audit partner at PwC will relinquish that role after this year.

It said: "The Competition Commission's transitional guidance is not yet available, but is likely to mandate a tender slightly later than this.

"In addition the European Union's proposed transitional rules would require Barclays to replace PwC within six years of the regulation coming into force.

"Weighing up all these factors, and with the committee chairman having recently spoken to a number of key investors, the committee has recommended to the board that, depending on the final rules from the Competition Commission and the European Union, a tender of the external audit should start in 2015 or 2016 with respect to the 2017 or 2018 audit and that PwC should not be invited to tender."

PwC and its predecessor firms have audited Barclays since 1896 but it will not lack for major UK banking clients, since it also picked up the prized HSBC contract last year.

It also audits Lloyds Banking Group, but faces the prospect of losing that business too, after Lloyds said in its annual report published on Wednesday that it would conduct a review later this year for the first time since 1995.

Lloyds Banking Group said: "The (audit) committee considers each year whether to put the external audit to tender.

"With the current audit partner required to rotate off the audit after the 2015 audit, the committee is considering whether to conduct a tender in the second half of 2014, with a view to appointing a new audit firm, or reappointing PwC, with effect from 1 January 2016, subject to shareholder approval at the AGM in 2015.

"A final decision will be made during the year, after consideration of the requirements of proposed EU legislation that may restrict the period for which PwC could be reappointed before a mandatory change of auditor is required."

The change at Barclays is likely to provide the biggest talking-point among City bean-counters, however.

Barclays' former finance director, Chris Lucas, who stepped down last year, was previously the PwC partner responsible for auditing the bank.

His move was cited after the banking crisis as evidence of a cosy cabal in the accountancy profession, which was criticised for failing to identify the massive black holes which emerged on the balance sheets of major banks in 2008 and 2009.

Mr Lucas was replaced by Tushar Morzaria, a former JP Morgan executive, who is said to be determined to carry out an overhaul of Barclays' finance function.

The accounting watchdog, the Financial Reporting Council, said in December that it had closed an investigation into PwC's auditing of Barclays' investment bank's handling of client money between December 2001 and December 2009.

However, Barclays remains mired in other legal and regulatory probes, including one encompassing the Serious Fraud Office, Financial Conduct Authority and US authorities over its fundraisings in 2009 which enabled it to remain out of taxpayers' hands.

PwC is not suspected of any impropriety over those capital-raisings.

The market for auditing Britain's biggest companies is fiercely contested among Deloitte, EY, KPMG and PwC, with a second tier of firms such as Grant Thornton struggling to make inroads into the market share of their bigger rivals.

Critics of the market reforms have predicted that they will simply lead to a "pass-the-parcel" of audit contracts without improving oversight or competition.

One insider said that Barclays' decision to move its audit work away from PwC was more about signalling the desire of Antony Jenkins, chief executive, to reform the bank than a commentary on the quality of PwC's work.

Mr Jenkins faces a tough few weeks ahead, with some investors considering delivering a withering verdict on Barclays' remuneration report after a slide in annual profits.

BG Group, Unilever and Vodafone are among the other FTSE-100 companies to shift their audit work since the announcement of the proposed new rules.

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Coastal Areas Bid For £64m Storm Relief Fund

By Becky Johnson, North of England Correspondent

Coastal communities affected by flooding will be able to bid for a share of a £64m fund.

The Government has said projects to strengthen flood defences will be prioritised.

The fund was originally set up to ensure investment was made in seaside towns and villages, reduce unemployment and create apprenticeships and job opportunities for young people.

During the series of winter storms many coastal communities with already fragile economies have taken a battering both physically and financially.

In Aberystwyth, in west Wales, where the Victorian promenade was badly damaged as high tides and high winds combined to create the worst storms in living memory, the race is on to repair the seafront in time for the start of the tourist season at Easter.

The damaged rail line at Dawlish, in Exeter

Richard Griffiths who owns the Richmond Hotel on the seafront, describes how the waves broke over the promenade and through a sea wall before pummelling the front of his hotel.

He told Sky News investment in stronger defences will be essential to prevent future storms causing similar damage because tourism is a major source of income in the town.

"It's vital for the local economy that Aberystwyth is up and running. It is key to the whole area," he said.

The Government has announced that in England £17m is being allocated to flood hit areas including Great Yarmouth, Weymouth, Devon and North Tyneside.

New projects to help boost tourism across the UK include £170,000 to develop the Arran Coastal Way in Scotland, £270,000 to develop Northern Ireland's first lobster hatchery and £100,000 is being spent on a new water sports centre in Colwyn Bay in Wales.

Residents battle floodwater in Tirley, Gloucestershire

Chief Secretary to the Treasury, Danny Alexander, said: "The Coastal Communities Fund allows us to help communities across the UK to rebuild and regenerate their local economy, with projects this year supporting nearly 4,000 jobs and 1,000 training places.

"This is even more important given the extreme weather and I'm very pleased we're giving £17m of the fund to projects in areas hit by floods.

"Additionally, we have invested £5m from the fund's reserve into the government's programme for flood recovery."

But one expert has told Sky News that if, as he expects, we will see more frequent storms on the scale of those seen over the winter some communities may not withstand the damage.

Dr Stephen Tooth is a geography lecturer at Aberystwyth University. He has studied erosion and says it will be impossible to protect all coastal areas. 

He told Sky News: "There are some very difficult social and political decisions to be made here as to what we value and wish to defend. It's certainly not the case that you can protect everywhere. 

"Tough decisions are going to have to be made at various levels as to where the investment is going to be to protect our coastline, but I think there is tacit acknowledgement that we can't defend everywhere and to some extent, some sections of coastline are going to have to be allowed to erode."

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Birmingham City Owner Carson Yeung Jailed

The owner of Birmingham City football club, Carson Yeung, has been sentenced to six years in jail for money laundering.

Judge Douglas Yau handed down the sentence in a Hong Kong court after convicting the 54-year-old of five charges linked to the laundering of $93m (£55.6m).

Lawyers for the former hairdresser earlier said they were expecting a "significant" jail sentence.

He had faced up to seven years' imprisonment.

Lead defence lawyer Graham Harris told the judge that Yeung, who built a business empire from hair salons, fertiliser and property, "came from rags to riches, and he's likely to return to rags".             

The Chinese businessman took control of Birmingham City in 2009

Pleading for a light sentence, Mr Harris said there had been "no subterfuge" in Yeung's dealings, as the accounts in question were held in his own name and his father's.

Yeung was a generous philanthropist and head of a young family, with two children aged under three as well as a 19-year-old son, the lawyer said.

Before his emergence in English football, the businessman was little known in Britain.

He took control of Birmingham City in 2009 in an £81m takeover from David Sullivan and David Gold, now the co-owners of West Ham.

Throughout the trial, Yeung and the prosecution painted differing pictures of how the tycoon amassed his fortune.

The prosecution said the millions of pounds that passed through the five accounts came from "unknown parties without any apparent reason".

Yeung insisted he had accumulated his money through share trading, upmarket hair salons and business ventures in mainland China, as well as investing in casinos in Macau.

He also said he made up to £2.3m from gambling in Macau, adding that he gambled as if he were "running a business".

It emerged during the trial that his business dealings included transactions with businessman Cheung Chi-tai, who has links to the Macau casino industry.

Sentencing Yeung on Monday, Yau said any "right-thinking" person would conclude transactions between the pair were "proceeds of an indictable offence".

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Sony Sells Off Original Tokyo HQ Amid Reform

Struggling Japanese electronic giant Sony has sold the site where its headquarters were located for six decades.

The £93m deal with Sumitomo Realty and Development will be completed in April, the company said.

The move comes as it battles to sustain profits amid major restructuring to maintain its viability in the electronics sector.

Last year, Sony said it was selling its 37-storey US headquarters in New York City's Madison Avenue for $1.1bn (£660m) to help bolster its bottom line after repeated annual losses.

The properties being sold in the Japanese capital are in the Gotenyama area, close to the city's Shinagawa railway station.

Seven years ago, Sony sold off a slice of land at the site and moved to a new corporate location near Shinagawa.

The company was founded in 1946 amid the rubble left by the Second World War.

It moved to Gotenyama the following year and grew into a global icon, bolstered by the famous Walkman personal stereo and television technology.

Sony was boosted globally after it released the groundbreaking Walkman

But it has struggled in recent years to maintain cutting edge in mobile music - usurped by Apple's iPod and other MP3 players - and television technology.

It has sought to recover some ground through the launch of its PlayStation 4 games console.

The company has been propped up in recent years through profitable film, music and financial services sectors.

Sony will maintain links to the area in Tokyo, with a museum highlighting its groundbreaking products.

Along with rivals Sharp and Panasonic, the Japanese icons have been undermined recently by foreign firms, especially from South Korea and China.

Although Sony saw a modest return to profit in its last financial year, it has forecast a loss of around £600m when its results are due next month.

It previously announced plans to slash 5,000 jobs and depart from the PC market, which has suffered from mobile computing.

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Cable Attacks PM On 'Bad For Britain' EU Vote

David Cameron's commitment to an in/out referendum on Europe is bad for British business, Vince Cable will warn as he renews his attack on the Conservatives.

He says the Prime Minister's guarantee of a future vote on European Union membership has led to uncertainty and is hampering investment.

The Business Secretary will say he meets businesses daily who say they invest in Britain because of the access to the EU single market but if this cannot be guaranteed then they will look elsewhere.

Speaking in York at the opening of the Liberal Democrats spring conference, Mr Cable will say: "As much damage is also being caused by the Tories in their UKIP induced funk. 

Nick Clegg and Nigel Farage are preparing for a public showdown

"The possibility of a Tory government after the election and the uncertainty around a referendum in three years' time is creating a blight over the business investment which we desperately need to support recovery and jobs."

He will reiterate that the livelihoods of 3.5 million workers depends "directly on trade and investment links with the EU".

And he will also ask how Tory Eurosceptics and UKIP members plan to convince Scottish people to vote to stay part of the UK when they "indulge in British nationalism and Euro-separatism".

Mr Cable will insist that party leader Nick Clegg is right to fight UKIP's Nigel Farage on the "in/out" argument in a public debate.

It was announced this week those debates - on on radio, the other televised, will take place on March 26 and April 2, well ahead of the May 22 European Elections.

The Liberal Democrats are at risk of losing seats in the European Parliament in the May 22 elections - polling has given UKIP a lead over the party.

Mr Cable was fiercely critical of the Government's 'Go Home' Vans

Party president Tim Farron will also use the conference to raise the issue of the European Elections, saying it was an in or out choice for voters, which meant either UKIP or the Lib Dems.

He will say voting Tory or Labour would be a "wasted vote" and will add: "You've got David Cameron sitting on the fence and Ed Miliband hiding behind his sofa."

Mr Cable is embroiled in an ongoing row with the Conservatives over immigration policy after claiming a rise in the number of migrants was "good news" for Britain.

Immigration minister James Brokenshire, who in a speech on Thursday blamed the middle classes for displacing Britons from jobs by hiring foreign workers, accused Mr Cable of being "incorrect" on the issue.

Mr Brokenshire's comments at the think-tank Demos, backfired when it transpired Mr Cameron, and a number of other ministers hired foreign staff.

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China Solar Panel Firm 'In Bond Default'

China has suffered what has been called its first corporate bond default, as the government tries to make its financial system more market-orientated.

A Shanghai-based manufacturer of solar panels paid only part of the 90 million yuan (£9m) in interest due on Friday for bonds issued in 2012.

Chaori Solar Energy Science and Technology had earlier warned it would struggle to make the payment.

According to two bondholders hit by the default, only 3% of the due amount was paid.

The solar industry has been heavily criticised in the past for levels of state subsidies.

Competitor nations including the United States, and Germany - Europe's largest solar user - have been vociferous critics of Chinese state support in the sector.

Manufacturers in the US and Germany have struggled as cheaper Chinese panels flooded their markets.

Beijing has previously bailed out troubled companies in an attempt to maintain confidence in its credit markets.

However the ruling Communist Party has promised to make the domestic market more productive and competitive.

Chinese citizens have complained that bailouts have not encouraged a need for risk aversion by big businesses.

Legal representatives for the bondholders hit by the default said they would pursue the money owed.

Lawyer Gan Guolong said: "The default today is already an established fact. We will definitely help recover bondholders' interests through relevant legal action."

A commentary published by the official Xinhua news agency hinted that government policy over defaults was hardening.

"The episode should help reduce the moral hazard caused by the widespread assumption that an almighty government will always bail out underwater investments with taxpayers' money," Xinhua said.

"That, after all, is the market playing its own decisive role."

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Google 'Mystery' Barge Leaves San Francisco

Google's mystery barge has been ordered to leave San Francisco after it failed to have the correct building permits.

The four-storey barge departed from Treasure Island on Thursday to comply with a regulatory order issued on January 31.

The barge appeared last year with speculation it was a data centre

Google said the odd-looking vessel, which consists of steel shipping containers, will be anchored in Stockton - around 80 miles east of San Francisco on the Sacramento-San Joaquin River delta.

The Port of Stockton falls outside the jurisdiction of the agency that forced the barge to leave Treasure Island.

The company said the barge will serve as an interactive technology centre when it has moved. There has also been speculation it could be used as an aquatic store or party boat.

The vessel is moving 80 miles east of San Francisco

Its construction was not authorised by the San Francisco Bay Conservation and Development Commission and the structure triggered multiple complaints.

When the barge first appeared last year it was rumoured it could be a huge floating data centre, while others speculated it could be a fancy store to showcase products, including company's Glass wearable technology.

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TV Licence Dodgers May Not Be Prosecuted

Pressure Grows Over TV Licence Prosecutions

Updated: 1:18pm UK, Saturday 08 March 2014

By Anushka Asthana, Political Correspondent

What crime led to 180,000 people being hauled in front of magistrates in 2012, resulted in 70 prison sentences and accounted for one in nine of all cases heard by the courts?

OK, OK, I know you've read the news story and realise the answer is failure to pay a television licence fee.

Magistrates have long objected to being asked to deliver criminal records to these offenders, who tend to be poor, are often older and about two-thirds of whom are women.

They think it is an over-reaction and a waste of court time.

Instead, they want to divert cases to the civil system, along with parking offences or failure to pay your gas bill.

So could their argument be gathering steam in Parliament?

An amendment calling for the change by Conservative MP Andrew Bridgen is gathering support from across the political divide with a variety of motivations.

Some object to the "poll tax" nature of the fee - a £145.50 levy on the rich and poor is clearly regressive.

Others feel that criminal sanctions including prison are simply not the right response, particularly given the vulnerability of those it affects.

Then there is the idea of easing pressure on courts and prisons appeals across the political system.

And finally, there are those who simply detest the BBC.

The corporation itself would be uneasy about the change because of fears it would reduce the incentive to pay.

Even a 1% rise in evasion would cost £35m, which the Beeb tells us is equivalent to 10 local radio stations (or, to put a different spin on it, 11 Jeremy Clarksons).

What is notable about this story is that Chris Grayling, the Justice Secretary, has called Mr Bridgen's intervention "really interesting".

He says Maria Miller, the Culture Secretary, agrees and both departments will be doing some "serious work on the proposal".

In reality, any such change would be discussed as part of BBC Charter renewal.

The next round is due to be completed by the end of 2016, with talks starting around 18 months beforehand.

That means the middle of next year - probably not until after the General Election.

The magistrates, it seems, will have to wait.

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