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Saturday 24 December 2011

UK Financial News on 2011-12-23

'Excessive' card surcharges to go
Surcharges for using a debit or credit card to pay for travel, theatre or cinema tickets will be banned by the end of 2012, the government says......

UK borrowing cost at record low
The UK government's cost of borrowing in markets falls to a record low after data shows a sharp fall in service sector activity......

La Senza to enter administration
UK lingerie retailer La Senza says it will call in the administrators, blaming the economy and tough trading conditions......

US durable goods orders jump 3.8%
Orders for durable manufactured goods in the US rose by more than expected in November, official figures show......

New shopping 'record' predicted
Friday is set to be the busiest shopping day on record as consumers rush to buy last minute presents and food, credit card firm Visa predicts......

Obama in tax victory over House
The US Congress approves a payroll tax cut deal, in a rare win for President Obama over House Republicans who have frustrated his agenda all year......

Shoppers shy away from borrowing
People are continuing to pay down their debts, despite High Street stores offering discounts to tempt shoppers, the BBA says......

VW turns off out-of-hours email
Volkswagen is stopping emails being sent to some of its workers when they go off-shift after complaints of work and home life becoming blurred......

US consumer spending disappoints
Consumer spending in the US rose by less than expected in November, according to official figures from the Commerce Department......

Allen Stanford fit to stand trial
A US federal judge rules that Texan financier Allen Stanford is mentally fit to stand trial for allegedly operating a $7bn (4.5bn) Ponzi scheme......

Extra carriages for rail services
Additional train carriages will introduced on services from London to the South West in 2013, the government announces......

Blacks Leisure sale talks ongoing
Blacks Leisure says it is still in talks over the sale of the business after receiving offers from a number of parties......

Italian consumer confidence slips
Italy's consumer confidence fell in December, statistical agency Istat says, as fears grow the country will slip into recession next year......

French GDP growth revised down
The French economy's growth rate is revised down to 0.3% in the three months to the end of September......

Singapore factory output declines
Singapore's factory output falls after a drop in electronics manufacturing caused by slowing demand and supply chain issues......

Gloucester Coal in China takeover
The largest shareholder in Australia's Gloucester Coal agrees a takeover by China's Yanzhou Coal Mining, clearing the way for the deal......

Christmas dinner 'is more pricey'
The cost of a typical festive feast this year has risen by 7.5% compared with 12 months ago, the Office for National Statistics says......

Legal action on Goldman tax deal
Pressure group UK Uncut begins legal proceedings to force banking giant Goldman Sachs to pay more to the UK tax authorities......

UK economic growth revised up
The UK economy grew by 0.6% between July and September, faster than previous estimates, but the economy failed to grow in the previous quarter......

Italy senate backs austerity plan
The government of Italy's new Prime Minister, Mario Monti, passes a senate confidence vote on its controversial austerity plan......

More Med workers move to Germany
Many more Greeks and Spaniards moved to Germany in the first half of this year than in the same period last year, official figures show......

Lufthansa sells BMI to BA owner
British Airways owner IAG agrees a binding deal to buy BMI from Lufthansa for 172.5m, but warns the deal could lead to job losses......

BAE jobs consultation is extended
A consultation over plans to axe 2,300 jobs from BAE Systems in Lancashire and East Yorkshire is extended for more talks to continue......

Toyota to boost production by 20%
Toyota says it plans to increase production by 20% next year as it tries to recover ground lost due to the earthquake in Japan and floods in Thailand......

Cameroon pay strike compensation
Cameroon's football federation pays $500,000 compensation to Algeria over the friendly match cancelled when the Indomitable Lions went on strike......

Union and regions to hold review
A financial review of professional rugby is to be undertaken by the Welsh Rugby Union and the four regions......

Council approves Man City academy
Manchester City's plans for a footballing academy and training complex in the east of the city are approved by council planners......

VIDEO: Ban on excessive card fees explained
Moneybox's Paul Lewis explains what the ban on excessive card fees will mean.....

VIDEO: Stores scour web for bestselling toys
Traditional stores are studying online sales to decide which toys they should stock......

AUDIO: Former La Senza owner Paphitis 'saddened'
Former La Senza owner Theo Paphitis has said he is "incredibly saddened" that the lingerie chain has announced its intention to enter administration......

VIDEO: Christmas shoppers still spending
On what's thought to be the busiest shopping day to date, consumers are rushing to buy last minute presents and food.....

VIDEO: 'Excessive' card surcharges to go
"Excessive" fees for using a debit or credit card to buy items such as travel or cinema tickets will be banned by the end of 2012, under government plans......

VIDEO: BA deal could result in BMI job losses
British Airways says it has reached a binding agreement to buy the troubled airline BMI......

VIDEO: Spanish lottery hands out millions
A small Spanish town has become 720m euro richer after being awarded the top prize in the nation's Christmas lottery......

VIDEO: How small businesses coped in 2011
How have small companies coped during 2011?.....

What really caused the eurozone crisis?
What really caused the eurozone crisis?.....

Fitness technology gets social
Friends, footballers and Zombies - technology's answer to getting fit.....

Hong Kong's toy story
Where toys under the Christmas tree really come from.....

India discovers gold-plated food
India's latest conspicuous consumption trend - the bling dosa.....

The 'Marxist Old Lady'
Entrepreneurship is not just for the young.....

Austerity mood 'damaging economy'
Austerity mood and spending cuts hit regional economy.....

Banks and small businesses aim for harmony
How high street banks in Coventry help business.....

Networks 'must come together'
Why networks need streamlining if we are to move forward.....

Obama signs two-month extension of payroll tax cut
Dec. 23 - Obama signs a two-month extension of payroll tax cut, wrapping up a tumultuous year of battles over spending and taxes. Deborah Lutterbeck reports......

Procrastinators, bargain hunters, and online scavengers
Retail Correspondent Dhanya Skariachan describes what U.S. retailers are doing to accommodate last-minute holiday shoppers......

Retail's Christmas winners and losers
Dec. 23 - UK retailers experience a last minute surge in Christmas demand, but few believe it can compensate for months of poor figures, with some retailers facing a make or break holiday season. Penny Tweedie reports......

Quiet trading before Christmas
Dec. 23 - Summary of Business Headlines: Wall Street opens higher on last day of trading before Christmas; Mixed economic reports show some slowing; Congress passes payroll tax cut extension; Retailers pull Enfamil from shelves after death. Carmen Ro.....

Euro zone worries overshadow U.S. data boost
Dec. 23 - Markets find cause for optimism after U.S. data come in ahead of forecasts, but euro zone debt worries dominate holiday-season sentiment......

France urges removal of suspect breast implants
Dec. 23 - The French government is recommending up to 30,000 women in France who received suspect breast implants from a now-defunct company get them removed, but says there's no evidence they raise the risk of cancer. Joanna Partridge reports.....

Morning Briefing: U.S. durables rise, tax cut deal reached
Dec. 23 - U.S. durable goods orders for November jump 3.8 percent, boosted by Boeing, and the U.S. House and Senate are expected to approve a short-term extension of the payroll tax cut today......

U.S. Morning Call: Eye on Washington; AT&T OK to buy Qualcomm
Dec. 23 - The U.S. Congress is finally expected to pass a payroll tax cut extension today, and AT&T wins regulatory approval to buy Qualcomm......

In praise of ambiguity - Reuters Breakingviews
Breakingviews......

Brits say "hey ho" to the Christmas budget
Dec. 23 - Research from American Express suggests unplanned spending over the holiday season will add 10.2 billion to Britain's post-Christmas credit card bills. Hayley Platt reports......

Reuters Today: U.S. data spurs year-end bounce
Dec. 23 - European shares set to follow Asia higher after signs the U.S. economy is strengthening. Plus the latest world news headlines......

U.S. day ahead: Durables could make recovery more solid
Correspondent Jason Lange says durable goods orders should rise by 2% in November which could fuel hopes for the recovery. He warns though danger still lurks on the horizon......

Payroll tax reprieve
Dec. 22 - Summary of business headlines: House Speaker Boehner agrees to 2-month payroll tax extension; Stock indexes gain on optimistic data; Jobless claims hit 3-1/2 year low; Consumer confidence improves. Bobbi Rebell reports......

Asia: The week ahead
Dec. 23 - Low turnover expected for Asian markets during the Christmas trading week, but investors will watch current account data from India, and industrial output from Japan and Korea. Jon Gordon reports......

Premier League dishes up festive treats
Dec. 23 - Expert analysis and betting tips on the Premier League's Boxing Day fixtures featuring Chelsea v Fulham, Liverpool v Blackburn and Stoke v Aston Villa......

Asian markets in X'mas bounce
Dec. 23 - Asian stocks rally to snap a 2-week run of losses, encouraged by signs of a strengthening U.S. economy. Arnold Gay reports......

The cost of a Christmas song
Dec. 22 - The annual PNC Index calculates how much the items in the popular song "The Twelve Days of Christmas" would cost in today's dollars. Jill Bennett reports......

The Exchange: Brazil and its economic model
Dec. 23 - Rob Cox talks to Nicholas Lemann, Dean of Columbia's Journalism School, about his New Yorker profile of President Dilma Rousseff and her ambitions to further Brazil's economic success......

Sesame Street brings "playful learning" to Xbox
Dec. 22 - A new series of the long-running educational children's TV show Sesame Street is being produced jointly with Microsoft for its Xbox Kinect motion-sensing gaming platform. Matt Cowan reports......

Italy agrees to more austerity
Dec. 22 - The Italian parliament has definitively approved Prime Minister Mario Monti's 33 billion euro austerity package and he's urging Italians to buy their country's bonds. But economists warn the cuts could harm much-needed growth. Joanna Partri.....

Jobless claims hit 3-1/2 year low
Dec. 22 - Summary of business headlines: Jobless benefits hit 3-1/2 year low; GDP revised down; Republicans float new compromise on payroll tax issue. Bobbi Rebell reports......

Hungary says downgrade unjustified
Dec. 22 - Standard & Poor's cut Hungary's long-term credit rating to 'junk' status, blaming the centre-right government's unpredictable policies and renewed meddling with the independence of the central bank. Joanne Nicholson reports......

Europe Day Ahead: markets face low volumes and Greek jitters
Dec. 22 - Greek debt worries and low volumes will be the hallmark of the holiday period says Bob Parker of Credit Suisse Asset Management......

Morning Briefing: U.S. jobless claims fall; Iraq tensions rise
Dec. 22 - New U.S. jobless claims dropped last week to the lowest level in more than 3.5 years, and a series of bombings hit Baghdad today, days after the U.S. troop withdrawal......

Midtown Manhattan Park transformed into outdoor holiday bazaar
Dec. 22 - From the end of October through January, Bryant Park in midtown Manhattan is transformed into an outdoor holiday bazaar. With some 120 shops, a skating rink and a two-story restaurant, the shopping extravaganza attracts visitors from all ov.....

Transformer Prime Compared to Kindle Fire: Which Should You Buy?
Transformer Prime is a 10-inch beast compared to Kindle Fire because it&s larger, more powerful and brand spanking new. So new in fact, it&s not out yet except for a few pre-orders that have shipped. Prime will have missed many holiday shoppers, but .....

A Look at Politics From Christmas Past [PHOTOS]
There&s a side to Washington, D.C., during the holiday season that doesn&t involve political gridlock and a barely-functioning Congress. Here is a collection of photographs depicting American politics during the holiday season, from 1900 to 1941......

Minimum Wage Set to Increase in 8 States on New Years Day
The holiday season brings good news to 1.4 million low-wage workers in eight states. On the first day of January, these workers will see their income getting a modest boost as a result of state laws that require the minimum wage to keep up with infla.....

iPhone 5 Release Date Could Delay to Mark Steve Jobs' Death
As far as iPhone 5 rumors go, the release date is expected to be some time around the summer of 2012, but new reports indicate that the date could be pushed back to October in commemoration of Steve Jobs& death......

Reasons Jimmer Fredette is a Rookie of the Year Frontrunner
The Kings& guard has an edge on many other rookies......

Melanie Amaro: 'X Factor' Winner Talks New Album, Prize Money Plans
X Factor winner Melanie Amaro opens up about her big win, her new album, and describes how she plans to spend her newfound $5 million prize money......

Yahoo board continues talks on Asian deal: report
Yahoo Inc&s board of directors has agreed to keep exploring a plan to split off the Internet company&s Asian assets in a complex deal valued at $17 billion, The Wall Street Journal reported on Friday......

U.S. shoppers less than merry after online glitches
Tom Nenon, a philosophy professor at the University of Memphis, is vexed with his online shopping experience at Best Buy, a sentiment shared by other U.S. Internet shoppers this holiday season......

Kadri call-up pays off for Leafs
Nazem Kadri made the most of his call-up from the minor leagues to the Toronto Maple Leafs on Thursday, scoring the game-winning goal in a 3-2 victory over the Buffalo Sabres at the Air Canada Center......

Michael Buble brings "Christmas" to "CityVille"
Singer Michael Buble is taking his 'Christmas' spirit into the virtual realm, collaborating with popular Facebook game 'CityVille' and giving an interactive gift to his fans over the holidays......

RIM now faces legal challenge on "BBM" trademark
Research In Motion, still smarting over having to change the name of its yet-to-come operating system, faces a similar trademark challenge to its popular instant-messaging service BlackBerry Messenger......

Enbridge's Bakken pipeline gets Canadian approval
Canadian regulators have approved Enbridge Inc&s plans to build a new C$180 million ($176 million) pipeline to move oil out of the underserved but prolific Bakken and Three Forks oilfields......

BofA mulls more asset sales to boost capital
Bank of America Corp <BAC.N> is lagging behind its major U.S. competitors in complying with new capital rules, leading the bank to consider even more asset sales, sources said......

FBI computer system delayed again after snag
The FBI&s upgrade of its computerized case file system has hit another snag and will not be fully deployed until mid-2012 after it crashed twice during a trial run by agents in October, according to a government report released on Friday......

Want to Invest like Ron Paul? Buy Gold
Three words seem to sum up Ron Paul&s perspective when it comes to investing: gold, gold, and gold......

Figoski's Partner, Boss Promoted
Two weeks after Officer Peter Figoski was shot to death, his partner and commanding officer were promoted in a ceremony in Downtown Manhattan......

Obama has options to delay Keystone pipeline
President Barack Obama has options to kill or delay the Canada-to-Texas oil sands pipeline despite language in the payroll tax bill that forces him to make a decision on a permit by late February......

Hospital Exec Accused of Bribery Hires Lawyer Connected to the Prosecution
When you have to get off charges of being too close to politicians, you might as well get close to the people who are charging you......

Ferguson: Suarez Punishment Was The Right Decision
Manchester United manager Sir Alex Ferguson has spoken publicly about the Football Associations recent decision to ban Liverpool striker Luis Suarez for the first time, by claiming the verdict was correct and the Anfield club should move on......

Wall St Week Ahead: Santa rally may face test next week
Get ready. The last trading week of the year will be a test for stocks to prove whether they have the strength to carry a rally into next year......

Yahoo board continues talks on Asian deal: report
Yahoo Inc&s board of directors has agreed to keep exploring a plan to split off the Internet company&s Asian assets in a complex deal valued at $17 billion, The Wall Street Journal reported on Friday......

Wall St Week Ahead - Santa rally may face test next week
Get ready. The last trading week of the year will be a test for stocks to prove whether they have the strength to carry a rally into next year......

Market Wrap: U.S. Stocks Close Week Higher on Optimistic Data, Payroll Tax Cut Extension
Markets edged up Friday, extending gains seen throughout most of the week, as optimistic data on durable goods and new homes sales offset lackluster consumer spending and signaled U.S. strength against the Eurozone crisis......

Detour Lake project wins Canada go-ahead
Exploration and development company Detour Gold said its Detour Lake gold project in northern Ontario has received a go-ahead from the federal government, paving the way for the development of what will be one of Canada&s largest gold mines......

Newsmaker - UK's loyal, gaffe-prone consort taken ill
Prince Philip, who was taken to hospital with chest pains on Friday, has earned a reputation as a loyal and hard-working consort with a brusque sense of humour and a tendency to make politically incorrect gaffes......

Publicist Scotty Dugan dies on way to slain exec's funeral
Publicist Scotty Dugan died while en route to the funeral of slain music executive and film producer John Atterberry on Wednesday of as-yet-undetermined causes, TheWrap has confirmed. He was 52......

Economy runs out of steam in October
Canada&s economy stalled in October after four consecutive months of growth, pointing to a fourth-quarter slowdown as increasing global uncertainty mutes expectations for next year......

George Michael Said He Almost Died Last Month, Reps 'Played it Down'
Michael was fighting for his life in Vienna.....

Kansas 'UFO' Sighting? Meet the Northrop Grumman X-47B [PHOTOS]
Kansas has had multiple UFO sightings. The latest sighting last week in Crowley County, Kansas, though, concerned a 30-foot wide, saucer-shaped &UFO& that turned out to be a military drone named the X-47B being hauled on a flatbed truck to Maryland......

Egyptian Economy, Battered From Months of Political Unrest, On Brink of Crisis
The Egyptian economy, battered after months of uncertainty and violence that has followed the political upheaval in that country, is hovering dangerously close to crisis status......

PricewaterhouseCoopers faces up to 1m fine over JP Morgan Securities' audits
Accounting giant PricewaterhouseCoopers is expected to be fined up to 1m in respect of seven years of auditing JP Morgan Securities.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1b39b0d4/mf.gif' border='0'/>.....

Bernie Ecclestone admits 27m secret payments
Formula 1 chief Bernie Ecclestone helped conceal multi-million pound payments at the heart of bribery allegations gripping English and German courts.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1b39b0d5/mf.gif.....

Andy Clarke: community is key to the Asda price challenge
Andy Clarke is having a good Christmas as head of Britain's second biggest supermarket, writes Jonathan Sibun.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1b398b25/mf.gif' border='0'/><br/><br/>.....

UK banks consider raising anti-fraud budget
Britain's major banks are considering whether to increase the amount of money they pay each year to the police unit charged with combating cheque and card fraud in the face of wider cuts to the police budget.<img width='1' height='1' src='http://t.....

Call for Government to act as security rules hamper exports
Exporters are seeing goods required urgently by international customers delayed at airports for days after new security rules took effect last week and have called on the Government to act.<img width='1' height='1' src='http://telegraph.feedsporta.....

ECB's 489bn will 'buy valuable time' but is no eurozone debt bazooka
The European Central Bank's unprecedented provision of a 489bn (407.5bn) in cheap loans will "buy valuable time" for eurozone banks but has not improved their credit outlook, a director of Standard & Poor's has warned.<img width='1' height='1'.....

La Senza prepares for administration
La Senza is preparing for administration - the latest retailer to seek protection from creditors after tough trading on the high street.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1b38c253/mf.gif' border='0'/.....

UK recession warning as services shrink
Official figures have provided the clearest evidence yet that Britain is heading back into recession after activity in the UK's powerhouse services sector slumped heavily in October.<img width='1' height='1' src='http://telegraph.feedsportal.com/c.....

Survival is the new revival following this most difficult of years
Final flurries of economic data were blowing in the wind on Friday as the stock market took its half-day holiday before Christmas.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1b3918eb/mf.gif' border='0'/>&l.....

The economy: from despair to hope
The economic mood is gloomy, but there are reasons to be cheerful, argues Alistair Osborne.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1b3913a2/mf.gif' border='0'/><br/><br/><a href="http://.....

Asia growth downgrade hits recovery hopes
Hopes that the emerging economies of Asia will come to the West's rescue next year have been dealt a blow after Fitch Ratings downgraded its growth forecasts for the region in 2012 from 7.4pc to 6.8pc.<img width='1' height='1' src='http://telegrap.....

Thin festive trading as FTSE 100 rises
Jingle bells were ringing across the London exchange on Friday as the benchmark index made a concerted effort at maintaining its "Santa rally", although dealing was thin during the half-day's business before traders left for the Christmas break.<i.....

Weak consumer spending hits US growth hopes
Consumer spending in America rose by less than expected in November, casting fresh doubt on the country's economic recovery.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1b386f6a/mf.gif' border='0'/><br/&.....

SkyePharma hit by drug delay amid 'Santa rally'
As the market knocked off early to get stuck into the mince pies and mulled wine, investors in SkyePharma found a lump of coal in their stocking as they learnt of a further delay to approval for the drug delivery specialist's asthma therapy, Flutifor.....

Debt crisis: as it happened December 23, 2011
Markets enjoy modest pre-Christmas rally as investors shrug off gloom over Asian growth and global economy next year to focus on signs of recovery in the United States.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/56830.....

Debt crisis: live
Markets enjoy modest pre-Christmas rally as investors shrug off gloom over Asian growth and global economy next year to focus on signs of recovery in the United States.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/56830.....

Black Leisure's fate to be decided over Christmas
The fate of British outdoor goods retailer Blacks Leisure will be decided over Christmas.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1b381e00/mf.gif' border='0'/>.....

Credit card fee ban 'could just lead to higher prices'
Treasury Minister announces ban on airlines, travel companies and retailers charging fees when people pay by card.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1b381e02/mf.gif' border='0'/>.....

Q&A: How to close a company tax efficiently?
Our expert tackles changes to the tax charges leveled on companies that are wound up<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1b379c5a/mf.gif' border='0'/><br/><br/><a href="http://da.feed.....

Recession warning as service sector shrinks
Official figures have provided the clearest evidence yet that Britain is heading back into recession after activity in the UK's powerhouse services sector slumped in October at its sharpest rate since April.<img width='1' height='1' src='http://te.....

Questor: Make money from market volatility
Questor's timely stock market tip.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1b360813/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/121585545846/u/3/f/568300/c/32726/s/.....

Haverford pulls Omega Insurance bid
Haverford, the investment vehicle set up by entrepreneur Mark Byrne, has scrapped its latest bid for Omega Insurance.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1b360815/mf.gif' border='0'/><br/><.....

France revises down third quarter GDP growth
The turmoil of the eurozone crisis hit the French economy harder than first thought forcing a revision of the country's third quarter growth figures down to 0.3pc from 0.4pc.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f.....

VW to switch off BlackBerry servers outside work hours
Car workers in Germany will enjoy a Christmas free from harassment by a blinking BlackBerry, after unions forced bosses to agree to switch off corporate email servers outside working hours.<img width='1' height='1' src='http://telegraph.feedsporta.....

Business Bullet: Eurozone, Gold tip, US outlook and home equity
Top stories: Eurozone, Gold tip, US outlook and home equity.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1b35feb5/mf.gif' border='0'/>.....