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Wednesday 4 January 2012

UK Financial News on 2012-01-04

'Outstanding' sales at John Lewis
John Lewis reports an "outstanding" rise in sales and bigger market share at its department stores during the Christmas period......

Paypal's Thompson to head Yahoo
US web portal Yahoo names Scott Thompson, president of online payments firm Paypal, as its new chief executive......

Nissan Sunderland breaks record
Nissan produced 480,485 vehicles at its Sunderland plant in 2011, up 14% from 2010 and a new record for a single UK car plant......

Microsoft sues Comet over 'fakes'
Microsoft says it is suing the electrical retailer Comet for allegedly producing and selling 94,000 counterfeit Windows recovery CDs......

Swiss bank denies dealing claims
The Swiss central bank has said claims about the currency dealings of its chairman, Philipp Hildebrand, and his wife are 'partly incorrect'.....

Solar tariff ruling appeal lodged
The government launches an appeal against a High Court ruling blocking its proposals to cut subsidies to homes with solar panels......

Tax changes 'will hit families'
Families with children will be hardest hit by the government's tax and benefit changes aimed at cutting its deficit, a charity argues......

Online sales sustain Next growth
Clothes retailer Next reports buoyant online business but sales at its High Street stores fall, sending its share price lower......

Unicredit dives on rights issue
Unicredit falls sharply on the Milan stock market after the Italian bank reveals problems with a massive sale of new shares......

Google adds further IBM patents
Google acquires an additional 217 patents from IBM as it continues to spend billions on bolstering its defences against lawsuits from its rivals......

Tax break plan 'a flop' - Labour
Labour says just 10,000 firms have taken advantage of a tax break scheme, as the government says it is working to increase the number......

Mortgage lending 'still stagnant'
Mortgage lending to home buyers is likely to keep on stagnating in the coming months, figures from the Bank of England suggest......

Eurozone service downturn slows
The economic downturn in the eurozone slowed in December, according to a closely watched survey, but a recession is still likely......

Fed to publish rate projections
The US Federal Reserve says it will publish regular interest rate forecasts in an effort to improve transparency at the central bank......

China finds $84bn debt questions
Chinese authorities say they have uncovered 531bn yuan ($84bn; 50bn) worth of irregularities in local government debt......

Ecuador upholds Chevron oil fine
An Ecuadorean appeals court upholds a ruling that Chevron should pay damages totalling $18.2bn (11.5bn) over Amazon oil pollution......

Singapore ministers face pay cuts
Singapore's highly-paid ministers face pay cuts of up to 51% after a recommendation from a government-appointed committee......

Microsoft celebrates death of IE6
Microsoft cheers the demise of its browser while Google appears to have broken its own rules to promote its browser......

Private sector pension 'collapse'
There has been a "seismic collapse" in private sector pensions, with nine out of 10 defined benefit schemes closed to new entrants, a report warns......

Save care system, say campaigners
A letter signed by leading health bodies and charities urges politicians to transform England's "failing" social care system......

Oil price rises on economy hopes
The price of oil rises by almost 4% on optimism about prospects for the global economy and fears over tensions in the Middle East......

Germany's jobless rate at new low
German unemployment falls to its lowest rate in December since 1991, official figures show......

Greece warns on euro membership
Greece may have to leave the euro if it does not pass austerity measures and secure its latest bailout, a government spokesperson warns......

Sinopec inks $2.2bn US shale deal
Chinese oil company Sinopec agrees a $2.2bn (1.4bn) deal with Devon Energy, giving it access to shale deposits in the US......

Coke urged to abandon Swazi king
Pro-democracy activists in Swaziland call on Coca-Cola - a major investor in the country - to withdraw its support for King Msawti III......

Bentley sales rise by 37% in 2011
Luxury carmaker Bentley, whose cars start at 133,000, reports a sharp rise in sales, claiming demand has returned to pre-recession levels......

VIDEO: John Lewis reports strong sales
John Lewis, reported a rise of 9% on its sales in the five weeks to Christmas compared with the same period in 2010......

VIDEO: Bentley sales up in US and China
Luxury carmaker Bentley has reported a 37% rise in sales in 2011, saying demand has returned to pre-recession levels.....

VIDEO: Families using credit for housing
Families are using pay-day loans and other short-term credit to cover their monthly rent or mortgage payments......

AUDIO: Olympics 'unaffordable' without sponsors
Former Olympics minister Tessa Jowell and Matthew Beard, Olympics editor of the London Evening Standard, discuss whether the Olympics for everyone or just the privileged few?.....

VIDEO: Tax changes 'hit families hardest'
Families with children will be hardest hit by tax and benefit changes aimed at cutting the deficit, a charity argues.....

VIDEO: Coin aims to explain offside rule
The Royal Mint has issued a new 50p coin which attempts to explains football's offside rule to the many who do not understand it......

VIDEO: Companies getting economy moving
Small businesses in Doncaster are giving the economy a boost as they begin to export their products......

VIDEO: Buoyant online sales for Next
Sales at the retailer Next were buoyant online but not so good at its stores......

Fat profits: Business embraces big people
Business embraces big people......

Libya's long road to recovery
Libya needs entrepreneurs to help its economy grow.....

Will China's property bubble burst?
China's property fervour begins to cool.....

Analysis: What is behind Nissan UK's success?
Why is Nissan's UK plant doing so well?.....

Lining up a queuing strategy
Smart thinking behind making customers stand in line.....

High prices prompt new gold rush
High prices prompt rush to open Scottish goldmine.....

G-zero and the end of the "9/11" era top 2012 risks: Bremmer
Jan. 4 - Eurasia Group president Ian Bremmer discusses the biggest risks facing the markets in 2012 and says the next phase in the middle east and the post-9/11 environment pose the greatest uncertainty......

U.S. Day Ahead: Deep discounts set to eat retailers profits
Retail Analyst Jharonne Martis says December same-store sales should rise by 3.4% driven by deals. However, she warns this could be a double edged sword for companies......

Yahoo names new CEO, now what?
Correspondent Alexei Oreskovic on what Yahoo's hiring of PayPal President Scott Thompson as CEO means for the internet search giant......

U.S. same-store sales seen up 3.4% in December
retail analyst, says Costco, Limited, Saks, and Nordstrom will show the biggest sales gains during the month fueled by holiday discounts......

Greek govt fails to sell wage cuts
Jan. 4 - As Greece's government aims to make the country more competitive and boost its struggling economy, private sector representatives say they oppose proposed changes like reducing the minimum wage or cutting bonuses......

Stocks slide on European concerns
Jan. 4 - Summary of business headlines: Stocks lower on Europe concerns; encouraging US economic news; AT&T settles with TiVo. Bobbi Rebell reports......

Bleak outlook for UK retailers
Jan.4 - Britain's No.2 clothing retailer warns sales and profit growth in 2012-13 will be modest thanks to the euro zone debt crisis, a credit squeeze and rising unemployment. Hayley Platt reports......

Morning Briefing: Some investors run from PIMCO
Jan. 4 - The world's largest bond fund PIMCO saw $1.4 billion in outflows in December, according to fund analytics firm Morningstar......

Europe Day Ahead
Jan. 4 - A look ahead to Thursday's trading including France's bond auction, UK services PMI and Iran-U.S. tensions in the Gulf......

Big year for bond sales
Jan. 4 - Germany sold just over 4 billion euros of 10-year government debt in a smooth bond aucion, while Portugal's short-term borrowing costs fell to the lowest level since April 2011 as it sold 1 billion euros of three-month debt. Joanna Partridge.....

Euro zone on course for recession
Jan. 4 - The downturn in the euro zone's private sector economy eased slightly towards the new year thanks to an upturn in Germany but the region still looks on course for recession. Ciara Sutton reports.....

iPhone look-alike flies off shelves in China
Jan. 4 - Consumers are flocking to Chinese brand Meizu's outlets to snap up its latest smartphone, which bears an uncanny resemblance to Apple's iPhone but comes in at a fraction of the cost. Jon Gordon reports.....

France heading the same way as Berlusconis Italy
Breakingviews......

EZ service sector contracts again
Jan. 4 - The euro zone downturn continued at the end of 2011 as contractions in Spain and Italy offset signs of recovery in Germany according to the latest PMI data from Markit......

Inside the News: Mitt Romney wins Iowa Caucus by 8 votes
Jan. 4 - Mitt Romney takes an early lead in the race to become the GOP's challenger to U.S. President Barack Obama......

Some low wage workers get pay hike
Jan. 3 - Eight states are hiking their minimum wage requirements heading into 2012. It's a hardship for some businesses but a gift for many while the U.S. continues to face a tough jobs environment. Jeanne Yurman reports......

Japan opens 2012 with prayers, cheers and hope
Jan. 04 - Thousands of Japanese open 2012 with a prayer for a better year; Tokyo Stock Exchange chief sounds an optimistic note for 2012. Arnold Gay reports......

Fed reveals new transparency
Jan. 3 - Summary of business headlines: Stocks jump in first 2012 session; Fed minutes to reveal new transparency; Crude oil rises; Key political contest underway. Bobbi Rebell reports......

Trading at Noon: U.S. stocks jump after strong economic data
Jan. 3 - Wall St. kicks off 2012 with a sharp rally after data showed U.S. manufacturing activity and construction spending picked up......

U.S. Day Ahead: Auto sales need more gas
Auto Correspondent Bernie Woodall says U.S. vehicle sales are set to rise nine percent in December, but mainly due to customers delaying their purchases......

Markets cheer 2012
Jan. 3 - Summary of business headlines: New Year's cheer for stock markets on encouraging data; Starbucks hiking prices. Bobbi Rebell reports......

Global slump may ease food prices
Jan. 3 - The United Nations' Food and Agricultural Organisation expects more people to go hungry because of the economic crisis. Ciara Sutton reports......

Europe Day Ahead
Jan. 3 - A look ahead to Wednesday's trading including EZ services PMI, Germany's Bund auction and UK retailer Next's Q4 trading update......

The rise and fall of euro zone jobs
Jan. 3 - Two euro zone countries release contrasting jobs figures - unemployment in Spain increases for a fifth month while in Germany a record number of people are in employment. Sonia Legg reports......

New year cheer for Europe markets
Jan. 3 - European markets continue into 2012 on a firm footing, but the debt crisis is still casting a shadow. Ciara Sutton reports......

US Can be Self-Sufficient in Liquid Fuels in 15 Years - API
The United States can be entirely self sufficient in liquid fuels in the next 15 years if more federal lands are opened up to oil and natural gas exploration and drilling......

Orange Bowl 2012: West Virginia vs. Clemson [LIVE COVERAGE]
West Virginia and Clemson will be meeting for the second time in only 22 years in what promises to be a shootout of a 2012 Orange Bowl......

iPad 3 Launch Will Prompt Apple to Drop iPad 2 Price to $299?
The rumors about Apple&s next tablet - dubbed iPad 3 - are surfacing endlessly, prompting Apple fans to wonder whether if the technology giant will drop the price of iPad 2, when the new tablet hits the market......

Natural Leaders Can be Bad Bosses Danish Study
People born with leadership skills are also naturally ego-centered, a new study has shown. Self-obsession hinders dominant people who have natural abilities to lead to become truly effective at the helm of a group or an organization, according to Uni.....

Planners, Locals React to Cuomo's Convention Center Plan
New York Gov. Andrew Cuomo&s plan for a 3.8 million square foot convention center at the Aqueduct Racetrack in Queens, N.Y. was met with approval from one local non-profit planning group, while the local community board said it awaited more details o.....

Dancing With the Stars Champion JR Martinez to Pen Memoir
Iraq war veteran and Dancing With the Stars champion J.R. Martinez is penning his memoir......

NBC Sports: Digital Advertisements Sell Out for Super Bowl
Advertising packages reportedly sold for six-figures or low seven-figures, a far cry from the $3.5 million it costs for a 30-second slot on TV......

Zach Randolph Injury: Forward May Miss up to 8 Weeks
Memphis Grizzlies forward Zach Randolph&s injury may relegate him to the bench for six to eight weeks, according to the Grizzlies organization......

Are New Cancer Treatments Worth the Cost?
As cancer research advances more cancer treatments are being offered to patients. Unfortunately for hopeful cancer patients these treatments are far from affordable and some of them may not be as safe and effective as conventional radiation treatment.....

RBS hires Lazard on investment bank options - source
Royal Bank of Scotland has hired investment bank Lazard to advise it on a scale-back of its investment banking arm, including options to sell parts of the business, a source with knowledge of the matter said......

Fracking in Australia: Should Policy be Changed?
With evidence mounting linking the U.S. energy industry&s use of the process of hydraulic fracturing also called fracking to the hundreds of small earthquakes from Oklahoma to Ohio, how safe is fracking in Australia?......

Climate Change Linked to Downfall of Ancient City of Angkor
Yet at the height of its power the city was eventually abandoned. The reasons for this mass exodus of nearly 750,000 people from the city remained a mystery to archeologists with many theories being proposed to explain the decline of Angkor......

Justin Bieber Visits Whitney Elementary, Donates $100,000 [VIDEO]
Get the tissues ready......

U.S. online holiday spending up 15 percent: comScore
U.S. online sales for the 2011 holiday season rose 15 percent to hit an all-time high, according to data firm comScore......

Syrian Activists Say Regime's Armor is Still in Cities
Opposition activists said Wednesday that armored vehicles were still in the streets of Syrian cities ready to act against protesters, contradicting statements by Arab League peace monitors that troops had withdrawn......

Report: Russias Phobos Grunt Probe to Fall to Earth January 15
Russias stranded Phobos Grunt spacecraft could fall to Earth on January 15, according to the spokesman of Russias military space forces......

Apple iPhone 4S Release Date: China and 21 Other Countries Open Sales on Jan. 13
Mainland China and 21 other countries will finally launch sales for Apple&s most advanced smartphone, the iPhone 4S, on Friday, Jan. 13. The phone will be available in black and white and will sell at the same prices as in the U.S......

Beyonce Baby: Pregnant Singer Will Wear Specially Designed Hairpiece for Delivery
Fans wait impatiently as the Beyonc baby watch continues. The pop singer and her husband, Jay-Z, are expecting their first child any minute now. In Touch magazine reports that Beyonc Knowles& family has reserved a private luxury birthing suite at St......

EUR/GBP Breaks 2011 Low and Trades at Channel Support with OS Signals
After a few days of consolidation to start the new year, the EUR/GBP fell sharply, breaking below the 2011 low at 0.8280. The decline touched 0.8263 before we see a strong 1H candle suggest a pullback or at least a sideways consolidation, especially .....

GBP/CHF Challenging Range Resistance; Break of 1.4755 Opens 1.4845 and 1.5015
The GBP/CHF has kept bullish bias as it traded sideways, with resistance at 1.4755 and support at 1.4475. The market bounced off the 200 4H Simple moving average, and pushed price above a projected declining trendline. Still, the real resistance is a.....

Large Banks Uncertain about Economy, Certain about QE3 - Fed
A survey of primary dealers by the New York Fed showed much uncertainty among the 21 large banks that act as counterparties to the Fed&s open market transactions......

Stocks Closed Mixed as Oil Continues its Advance | January 5, 2012.
Asian Markets are set for a weak opening after U.S. stocks were little changed as improving sales at retailers and carmakers helped offset the ongoing concerns over European debt......

Amazon or Best Buy: Where's the Best Place to Buy Tech?
To shop online or just go to the store. Larry Downes over at Forbes.com has written a long story on why Best Buy is slowly killing its own business. Of course, Amazon comes up in the analysis because it&s so easy to go to their site and buy the same .....

Tim Tebow: Not Terrell Suggs Favorite Player
Suggs also blasted Tebows well known religious activities on the playing field......

U.S. stocks close near flat, crude up
U.S. stocks closed nearly flat on Wednesday on positive economic data as crude settled higher on a European Union preliminary agreement to ban imports of Iranian oil......

Analysis: Thompson exit puts focus on PayPal spin-off
The surprise departure of PayPal President Scott Thompson from eBay Inc could seriously set back any moves to spin-off the payments business as a separate company, investors and analysts said on Wednesday......

Finding Direction 1/4/12
Today is only the second full day of trading as markets are still trying to find direction. I maintain a weighting in commodities is necessary for all suitable investors that desire diversification...just saying. Albeit slight gains Crude made it to .....

Autochartist - Daily Commodities Update: Cocoa
Cocoa futures pushed lower in Wednesday&s session to close beneath key level support on the long term chart. Autochartist has identified this move as a downside breakout from a Descending chart pattern, implying a continuation of the sell-off towards.....

SOPA Workaround Extension Informs Google Chrome Users They Are on SOPA Supporters' Websites
SOPA opponents can use a new Google Chrome extension to ensure they are not unwittingly contributing to the bottom lines of companies that support the Stop Online Privacy Act......

Nick Cannon Suffers 'Mild Kidney Failure:' What Exactly Is it?
Actor Nick Cannon has been hospitalized in Colorado for mild kidney failure, his wife Mariah Carey shared on Twitter on Wednesday. But what exactly is this illness that had placed Cannon in the hospital?......

RBS calls for bids by end of month
Royal Bank of Scotland is asking bidders interested in buying parts of its investment banking arm to submit offers before the end of the month, as the state-backed lender looks to dramatically downsize its global banking and markets division.<img .....

EU plans may 'kill off' company pension schemes
All British occupational pension schemes could be "killed off" by proposed European Union regulations, accountants have warned.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1b873a9a/mf.gif' border='0'/><b.....

Debt crisis: Live
Markets and euro slide as worries over the eurozone debt crisis return and the oil price jumps on news that the European Union reaches deal in principle to ban Iran oil imports.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/3272.....

Laboratory of the Government Chemist shows what can be done when public services are privatised
There is one thing that links the successful prosecution of Gary Dobson and David Norris for the murder of Stephen Lawrence to a string of Britain's most notorious killings.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/.....

US unlikely to provide an engine for growth
You could argue that Alan McCorkle has as good a perch from which to watch the US economy as anyone at the Federal Reserve.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1b86dc7c/mf.gif' border='0'/><br/&g.....

UniCredit plummets on 7.5bn cash call
The scale of the problems facing the eurozone banking system were highlighted as shares in Italian financial group UniCredit crashed with the launch of a deeply-discounted 7.5bn (6.2bn) cash call.<img width='1' height='1' src='http://telegraph.fee.....

BAE warns on Saudi Typhoon deal
Defence group warns it is yet to secure agreement with Saudi Arabia over next stage of the country's Typhoon order and an estimated 500m payment will be deferred.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1b.....

Hungary faces crisis as traders fear bond debt default
Hungary was forced to cancel a bond swap auction amid an escalating financial and political crisis that investors fear could trigger another dangerous shockwave in Europe.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/56.....

Hungary faces crisis as traders fear debt default
Hungary was forced to cancel a bond swap auction amid an escalating financial and political crisis that investors fear could trigger another dangerous shockwave in Europe.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/56.....

Surprise rise in mortgage approvals
Mortgage approvals rose unexpectedly to a near two-year high in November, defying increased funding pressures among banks.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1b86dc88/mf.gif' border='0'/><br/>.....

Bank fees fall 6pc to 62bn following downturn in Asia
The worldwide fees earned by investment banks fell 6pc last year with much of the decline accounted for by a drop in income from Asian countries.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1b86d83a/mf.gif' bo.....

Don't bet on business to save the economy, experts warn
Leading economists have warned that businesses will not ride to the rescue of Britain's battered economy despite the Chancellor's best efforts to encourage companies to start spending their warchests of cash.<img width='1' height='1' src='http://t.....

Employers face challenge to keep staff motivated
Managers face a mammoth challenge in the year ahead to keep staff motivated against the "new normal" of pay cuts and freezes, according to an employment body.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1b86d8.....

Nissan's Sunderland plant sets production record
Nissan's plant in Sunderland produced more cars in 2011 than any UK car factory has ever produced in a year.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1b86d845/mf.gif' border='0'/><br/><br/>&l.....

We need to start again on private pensions
Ministerial meddling and tax raids have created a crisis, argues Jeremy Warner.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1b86d849/mf.gif' border='0'/><br/><br/><a href="http://da.feedsport.....

Legal fees row halts BP spill fund payouts
Oil giant BP's $20bn (13bn) fund to compensate those hit by the Gulf of Mexico spill has been frozen, following a court order that all claimants must share the cost of the legal team leading the action over the disaster - whether or not they pursued .....

Scandal engulfs Swiss central bank
Central bank forced to publish details of controversial currency trade by chairman Philipp Hildebrand's wife that netted a 50,000 profit, to fend off brewing scandal.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/.....

Scandal engulfs Swiss Bank
Switzerland's powerful central bank has been forced to publish embarrassing details about a controversial currency trade by chairman Philipp Hildebrand's wife that netted her a Sfr75,000 (50,000) profit, to fend off a brewing political scandal.<im.....

John Lewis enjoyed 'outstanding' Christmas
John Lewis had an "outstanding Christmas" with underlying sales up 6.2pc, raising hopes that the rest of the UK high street may have avoided a meltdown in trading during December.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32.....

Next sales slip and shares follow suit
Shares in Next were the second biggest faller on the FTSE 100, after the fashion chain recorded a "disappointing" performance at its high street shops in the run up to Christmas.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/327.....

Microsoft sues Comet over Windows 'copies'
Microsoft is suing Comet, the struggling electrical goods retailer, over allegedly creating and selling rip-off software.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1b86c00a/mf.gif' border='0'/><br/>.....

Thomas Cook withholds Manny Fontenla-Novoa's pay
The holiday company admitted it had asked for permission to defer an 850,000 severance payment to former chief executive Manny Fontenla-Novoa.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1b86c00b/mf.gif' borde.....

Smith & Nephew to spin off its biologics arm
Prosthetics group to spin off business into US-based joint venture majority owned by private equity firm Essex Woodlands.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1b86c00d/mf.gif' border='0'/><br/>.....

Record low gilt yields do not support UK 'safe haven' claims
Britain's borrowing costs are at a record low not because UK is a "safe haven" but due to the Bank of England's money-printing.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1b86c00f/mf.gif' border='0'/><b.....

Short sellers target mid-cap retailers
Mid-cap retailers were out of favour as the blue-chip index registered its first decline for the year.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1b86623d/mf.gif' border='0'/><br/><br/><a hr.....