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Friday 6 January 2012

UK Financial News on 2012-01-06

JD Sports looks set to buy Blacks
JD Sports emerges as the likely buyer of struggling retailer Blacks Leisure, the 300-plus chain that employs 3,500 people......

US economy creates 200,000 jobs
The US economy created 200,000 jobs in December, while the unemployment rate fell to 8.5%, official figures show......

UK car sales 4.4% lower in 2011
New car registrations in the UK fell 4.4% in 2011 to 1.94m, their lowest level in over a decade, new figures show......

Teaching unions shun pension deal
The two largest teaching unions have called for further improvements in the government's plans to change the teachers' pension scheme......

Hungary given third junk rating
Fitch becomes the third ratings agency to cut Hungary's credit rating to junk status as deadlock with the IMF continues......

Lender loses data of 1.4m people
Customers of doorstep lenders have been receiving letters informing them that their personal details have been lost......

NS&I 'has fixed' website problems
National Savings & Investments says it believes it has fixed its faulty website, but will monitor it over the weekend......

Euro unemployment stays at record
Unemployment in the eurozone stayed at a record high as the impact of the sovereign debt crisis rumbled on, official figures show......

House prices 'fell 1.3% in 2011'
House prices across the UK fell by an average of 1.3% in 2011, the Halifax mortgage lender says......

PwC fined 1.4m in JP Morgan case
Accountants PwC are fined 1.4m by regulators for failing to audit accurately the accounts of US bank, JP Morgan......

Olympus ex-boss ends takeover bid
The ousted boss of Olympus gives up on his attempts to regain control of the Japanese camera and medical equipment maker......

VW sells record 5.1m cars in 2011
Volkswagen, Europe's biggest carmaker, says it sold a record 5.1 million cars worldwide last year......

Smartphones boost Samsung profits
Samsung Electronics says it expects a big jump in profits for the final quarter of 2011, thanks to record smartphone sales......

HTC quarterly profits plunge 25%
Quarterly profits at Taiwanese smartphone maker HTC fall 25% as its models struggle to compete with its rivals......

Campaign backs HS2 fast rail link
Business leaders, economists and MPs unite in a campaign to support plans to link Birmingham and London with a new high-speed rail line......

Shell closes its pension scheme
Anglo-Dutch oil giant Royal Dutch Shell is to close its final-salary pension scheme to new employees in the UK......

Omaha oracle to croon to Chinese
Warren Buffett, the billionaire US investor, is set to sing to millions of Chinese internet users, state media claims......

Pensions offer rejected by Unite
Unite rejects the government's final offer on public sector pensions for NHS workers and warns strikes could continue into the Olympics......

Mortgage rationing 'to get worse'
Home buyers are likely to find it even harder to obtain a mortgage in the coming months, the Bank of England has revealed......

'Cash for scrap' could be banned
Britain's 5bn-a-year scrap industry is facing tougher regulation as part of a government crackdown on metal thefts, the BBC learns......

Euro declines over banking fears
The euro drops to its lowest rate against the dollar and pound in 16 months as concerns continue over the health of Europe's banks......

Service sector growth 'buoyant'
Activity in the UK service sector grew in December at its fastest rate since July, according to the purchasing managers' index......

Hungary's forint falls to new low
The Hungarian forint drops to a new record low against the euro as the country scales back a debt sale and continues talks over a bailout......

Japan Airlines plans share sale
Japan Airlines plans to relist its shares on the Tokyo Stock Exchange as the next step in its recovery from bankruptcy......

Oil refiner in bank credit freeze
Petroplus Holdings, Europe's largest independent oil refiner, sees its shares fall 40% after lenders freeze credit facilities worth $1bn......

Mercedes-Benz sees sales record
German carmaker Daimler says that it sold a record number of Mercedes-Benz cars in 2011......

AUDIO: Cameron: 'It is a difficult year'
David Cameron has warned of another "testing year" ahead for households but said he hoped inflation would fall in the coming months to ease some of the pressure......

VIDEO: Camembert makers in row over name
Traditional cheese makers in France plan to take their industrial-scale competitors to court in a row over who can legally call their product Camembert of Normandy......

AUDIO: English apples rise in popularity
Sales of English apples have risen by a fifth due to better investment in home-grown crops......

AUDIO: Can tax avoidance be tackled?
Graham Aaronson QC explains whether there is a realistic chance of the government legislating on the issue of tax avoidance......

AUDIO: Locog ticket blunder 'a small issue'
Andy Hunt, the chief executive of the British Olympic Association, says the fact that tickets for the synchronised swimming sessions were oversold is a "small issue" for Locog......

VIDEO: Game on?
The Republic of Ireland is trying to get a bigger slice of a $70bn global industry......

AUDIO: A private sector 'lack of confidence'?
Evan Davis reports from Manchester on whether the local private sector is growing enough to substitute for the shrinking public sector.....

VIDEO: Carbon airline tax row escalating
The Chinese and Americans could retaliate as they continue to defy the European Union Emissions Trading System......

Explaining the ways to complain
How ombudsman services can help with your dispute.....

Toyota woos customers with safety
Battered Toyota fights back with new safety features.....

Virtual shopper 'is the future'
Predicting the end of doing the weekly shop.....

The financial costs of a divorce
How to manage your finances during a divorce.....

Motor industry adjusts to 'car usership'
Why own a car when all you want is transport?.....

Investors eye resourceful Burma
Burma offers wealth for both its people and for investors.....

The great confidence gap
Why are business leaders bullish in bad times?.....

U.S. Week Ahead: Alcoa may start earnings season with a thud
Jan. 6 - Alcoa's expected to see a loss of $0.05 a share according to StarMine when it reports fourth-quarter results after the close on Monday. That's compared to a gain of $0.21 a year ago......

G-zero and the end of the "9/11" era top 2012 risks: Bremmer
Jan. 6 - 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......

White House top economist: challenges remain for jobs market
Jan. 6 - Alan Krueger, Chair of President Obama's Council of Economic Advisors, says though the labor market is improving, there are still challenges and many jobs that still need to be recovered......

Obama welcomes jobs data
Jan. 6 - U.S. President Obama welcomed a stronger than expected December unemployment report and urged Congress to extend a payroll tax cut. Deborah Lutterbeck reports......

PM Monti warns of divisions in bloc
Jan. 6 - Italian Prime Minister Mario Monti warns that the euro zone crisis risks causing tensions and misunderstandings within the bloc. Ciara Sutton reports......

Trading at Noon: Wall St. cuts losses, Nasdaq up
Jan. 6 - U.S. stocks cut losses and the Nasdaq turned positive after a strong jobs report and strength in large-cap Internet stocks......

Europe Week Ahead
Jan. 6 - Sovereign debt auctions across the eurozone will test nerves, while the ECB may signal it's next interest rate move......

Fitch downgrades Hungary to junk
Jan. 6 - Hungary's government said it was surprised by ratings agency Fitch's decision to downgrade the country's credit rating to junk, which followed similar moves by Moody's and Standard & Poor's. Joanna Partridge reports.....

Bank of America's CEO Brian Moynihan's rough ride
Jan. 6 - Bank of America CEO Brian Moynihan faces significant challenges to improve the bank and keep his job......

Surprise jump in U.S. payrolls
Jan. 6 - U.S. non-farm payroll numbers came in stronger than expected in December with 200,000 new jobs added to the economy. Jeanne Yurman reports......

Olympus whistleblower drops CEO fight
Jan. 6 - Ousted British CEO of Olympus Corp Michael Woodford abandons his bid to lead the company, and instead vows to sue for unfair dismissal. Ciara Sutton......

Greece needs bonfire of the bondholders
Breakingviews......

Inside the News: Woodford abandons Olympus CEO bid
Jan. 6 - The ousted British CEO of Olympus, Michael Woodford, has dropped his bid to return to the disgraced Japanese optical group......

22-year old DC activist takes on Verizon
Jan. 5 - Twenty-two-year-old Molly Katchpole, who lives in a tiny Washington, DC apartment, is being credited with helping to kill Verizon's plan to impose a $2 "convenience" fee on customers with an online petition. Rough Cut (no reporter narration).....

Asia: the week ahead
Jan. 6 - China's final data release for 2011 will set the tone for Asia, with investors looking to trade and commodity output data. Indonesia and South Korea decide on rates, while aussie traders will watch consumer confidence data. Jon Gordon report.....

Using feng shui for business
Jan. 5 - The ancient Chinese art of Feng Shui is sometimes used in the U.S. to gain an edge in business, but in China it's used as a weapon to outperform rivals. Carmen Roberts reports......

Iran tensions spur 6% oil spike, Austrian bonds hammered
Jan. 6 - Iran-US tensions prompt the biggest weekly rise in Brent for two months, while Austrian bond yields rise the most in more than 20 years on investor concerns about Austrian banks' exposure to Hungary......

Phones power Samsung to record profits
Jan. 6 - Samsung Electronics forecasts a 73 percent jump in operating profit for the Oct to Dec period, after record-smashing sales of smartphones. Arnold Gay reports......

Bank rally lifts stocks
Jan. 5 - Summary of business headlines: U.S. stocks recover to close mostly higher; banks rally; economic data points to job market improvements; Barnes and Noble may split off Nook business. Bobbi Rebell reports......

U.S. Day Ahead: Jobs report could be blah or stun
Jan. 5 - A range of polls show that U.S. non-farm payrolls could come in at an anemic 150,000 for December or surge past expectations......

U.S. Day Ahead: Jobs report could be blah or stun
Jan. 5 - A range of polls show that U.S. non-farm payrolls could come in at an anemic 150,000 for December or surge past expectations......

What's at stake: Strait of Hormuz by the numbers
Jan. 5 - With millions of barrels of oil and oil product flowing through the Strait of Hormuz every day, Iran's threat to shut down traffic could have a big impact on world trade......

Swiss bank chief won't quit over trade
Jan. 5 - Swiss National Bank Chairman Philipp Hildebrand says he won't resign over a controversial currency trade made by his wife three weeks before he oversaw moves to impose a cap on the Swiss franc. Bobbi Rebell reports......

Trading at Noon: Wall St. falls on European debt concerns
Jan. 5 - U.S. stocks are down in choppy trading after concerns over the euro zone's debt crisis overshadowed data suggesting a solid U.S. economic recovery......

Stocks focus on euro jitters
Jan. 5 - Summary of business headlines: Services sector report disappoints, Private sector jobs increase; Retail sales up but at a price. Bobbi Rebell reports......

Will Jefferies Survive the Economic Downturn?
Traders as well as longer term investors are continually nervous about Jefferies (NYSE: JEF), the largest independent investment bank in the US......

Josh Lucas Engaged: The Firm Hunk is Off of the Dating Market
Josh Lucas of 'Sweet Home Alabama' fame is engaged to a mystery woman......

Daily Outlook - US NonFarm Payrolls Ahead, Market Expecting Big Number U.S.
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BCS Championship 2012: Live Streaming, Game Time, TV for Alabama vs. LSU
The SEC powerhouse teams that happen to play in the same conference division -- the SEC West -- will square off in a rematch of their regular season game that LSU won 9-6 in overtime. The Tigers ended up undefeated, effectively obliterating opponents.....

'Norwegian Wood' Movie Review: Two Birds, One Stone
The long awaited adaptation of Haruki Murakami&s immensely popular novel is a feast for the eyes and ears, if not the heart.....

Stratfor warns of fake emails sent to subscribers
Two weeks after disclosing that its website had been hacked, a private intelligence analysis firm on Friday warned subscribers that hackers were now circulating false emails offering the company&s services for free......

Canon to diversify to meet sales target: Nikkei
Camera maker Canon Inc plans to meet its sales target of 5 trillion yen ($64.84 billion) in 2015 through diversification into medical equipment and movie cameras, the Nikkei business daily said......

Yahoo searching for new board members: report
Yahoo Inc is searching for new members for its board of directors, following Wednesday&s hiring of a new chief executive, according to a media report......

Pope Benedict XVI Names 22 New Cardinals, Including 2 Americans [FULL LIST]
Pope Benedict XVI has named 22 new cardinals, his top advisers, on Friday that will eventually elect his successor, according to the Associated Press......

Castro Warns World is 'Marching into Abyss' with Shale Gas
Fidel Castro said Thursday the world was on an 'inexorable march toward the abyss,' which he blamed in part on the discovery and exploitation of vast reserves of so-called 'shale gas' around the world......

Manchester United and Wayne Rooney Statements in Full
Manchester United and Wayne Rooney have released a joint statement following the release of The Independent&s front-page on Saturday which suggested the Red Devils could allow their talisman to leave Old Trafford......

Sprint merges consumer/business, ousts 4 executives
Sprint <S.N> is merging its sales and marketing operations for its business and consumer operations in a streamlining that includes the departure of four top executives, according to Sprint CEO Dan Hesse......

Motorola Mobility warns of Q4 revenue shortfall
Motorola Mobility Holdings Inc warned that its fourth-quarter revenue would miss Wall Street expectations as it was weighed down by tough competition and legal expenses in what is usually the best quarter of the year......

Daily Outlook - US NonFarm Payrolls Ahead, Market Expecting Big Number U.S.
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NFL Playoffs 2012 Schedule: Lions vs. Saints Game to Watch Saturday (COMPLETE SCHEDULE)
The Lions-Saints game promises to be one of the most entertaining Wild Card weekend games in years, as the two offenses are potent -- and not afraid to use it. The Lions might be the NFL turnaround team of the year, notching 10 wins, but the Saints a.....

Manchester United Deny Independent Story on Wayne Rooney Future
Manchester United and Wayne Rooney have released a joint statement denying reports in Saturday&s The Independent that allegedly suggests the star striker could be allowed to leave Old Trafford......

West Readies Oil Contingency Plan if Iran Blocks Straits
Western powers this week readied a contingency plan to tap a record volume from emergency stockpiles to replace nearly all the Gulf oil that would be lost if Iran blocks the Strait of Hormuz, industry sources and diplomats told Reuters......

Virginia Wine Tourism to Boom in 2012
Virginia is the 'Old Dominion' and the 'Mother of Presidents' - a state known for its historic battlefields, rolling hills, and politically-minded Washington commuters. But in the last two decades, the state has grown a reputation for something altog.....

Sarah Palin on Oklahoma Mother Sarah McKinley: m All in Favor of Girls with Guns'
Sarah McKinley, the Oklahoma mother who made national headlines for asking a 911 dispatcher if she can shoot an intruder that entered her home, had also received attention, and some praise, from former Alaska governor Sarah Palin. 'I love that young .....

Missing Baby Lisa Irwin Timeline: Where is 1-Year-Old After 3 Months?
Lisa Irwin has been missing for three months since her mysterious disappearance on Oct. 4. The 1-year-old&s parents, Deborah Bradley and Jeremy Irwin, continue to maintain that baby Lisa disappeared from their home nearly a month ago. Her family&s Ka.....

Dollar gains on jobs data but equities retreat
Data showing strong growth in the U.S. labour market and the lowest jobless rate in almost three years lifted the U.S. dollar on Friday but oil prices fell and equities stalled as the upbeat figures failed to enthuse investors......

Texans - Bengals: Prediction, Betting Odds, and Preview for Saturday's Wild Card Game
Two rookie quarterbacks duel in the Lone Star State......

Cummings Funeral: Facebook Bullying Continues
Hundreds gathered for a funeral held today for Staten Island teenager Amanda Cummings who committed suicide by jumping in front of a bus last Tuesday......

Apple iPad 3 Release in March 2012, iPad 4 Maybe in October (Rumor)
Taiwan based Digitimes, a common source for Apple component news, has issued a new report saying their sources indicate two new iPads in 2012, one in March and one in October. That could be good news for tablet lovers because it would mean faster upd.....

Daily Outlook - US NonFarm Payrolls Ahead, Market Expecting Big Number U.S.
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House Democrats Lampoon 'Pro Forma' Session
House Democrats called Republicans& bluff this morning by attempting to hijack a 'pro forma' session into doing actual work. The stunt was meant to lampoon Republicans& claims that Congress is not in recess, as the 'pro forma' sessions represent the .....

Warner Bros. to Implement 56-Day Delay on DVD Rentals
The move by Warner Bros., a subsidiary of Time Warner, doubles the current 28-day delay on DVD rentals......

Economy boosts Wall Street in 2012's first week
Stocks rose in the first week of 2012, even though news that the U.S. jobless rate neared a three-year low did not whet interest in equities on Friday......

Amanda Knox: Film Rights Offer Withdrawn
Chad A. Verdi and Noah Kraft were planning to make a movie of Knoxs sensational sex-murder case if they could have agreed to a deal......

London Boat Show diversifies into art and jewels
The grey-haired men stood admiring the line of luxury cars at London&s ExCel centre while at a nearby stand a woman handed over money for a silver cigarette case -- not the usual things you would expect to buy at a boat show......

Eurozone recession fears grow and currency slides
The euro came under renewed pressure on Friday, falling to an 11-year low against the yen as a fresh round of downbeat data intensified fears the troubled region is heading for recession.<img width='1' height='1' src='http://telegraph.feedsportal......

The battle for the City will define our role in Europe
As their economic and political situation deteriorates, the eurozone leaders are clearly trying to isolate the UK, as the latest draft of their treaty reveals.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1b972.....

US tax cutting is the spur for employment that Britain needs too
Two currency unions and two pieces of news. In the US, 200,000 non-farm jobs added and an unemployment rate down to 8.5pc from 9.4pc a year ago.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1b97283a/mf.gif' bor.....

Small firms revolt over HMRC 'harassment'
Treasury ministers are under growing pressure to make HM Revenue & Customs rethink its plans to fine small business owners up to 3,000 for failing to maintain accurate trading records.<img width='1' height='1' src='http://telegraph.feedsportal.....

Debt crisis: as it happened - January 6, 2011
Asian markets fall as eurozone woes continue to weigh on markets, while Italy's prime minister Mario Monti prepares to meet French president Nicolas Sarkozy in Paris later today.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/327.....

Olympus boss ends job battle after wife's 'trauma'
Michael Woodford, the former Olympus chief executive ousted for blowing the whistle on a $1.7bn (1.1bn) accounting scandal, said he has abandoned his bid to regain control of the board for the sake of his emotionally traumatised wife.<img width='1.....

UK's bailed-out banks face new 30bn hit
Concerns over the outlook for the banking industry have intensified as analysts have warned Britain's state-backed banks face more than 30bn of new losses over the next three years.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/.....

JD Sports leads race to buy struggling Blacks Leisure
Blacks Leisure is set to be placed into administration as early as Monday morning with retailer JD Sports the frontrunner to take control of the outdoor goods chain via a pre-pack deal.<img width='1' height='1' src='http://telegraph.feedsportal.co.....

Vimto maker Nichols enjoys a purple patch
Shares in the soft drinks company famed for its purple drink Vimto fizzed up 11pc after the business said it expected profits to come in significantly ahead of expectations.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/.....

US jobless rate falls to three-year low as 200,000 Americans find jobs
US unemployment declined to the lowest level in almost three years last month, lifting hopes that 2012 may herald a stronger recovery in the world's biggest economy.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s.....

Debt crisis: live
Asian markets fall as eurozone woes continue to weigh on markets, while Italy's prime minister Mario Monti prepares to meet French president Nicolas Sarkozy in Paris later today.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/327.....

DTZ rejected last-minute 48.8m takeover offer
Property agent DTZ received a takeover offer that valued the equity in the company at almost 100m and would have kept existing shareholders afloat, just days before it wiped out investors completely with a controversial pre-pack administration.<im.....

Ireland's banks facing crisis investigation
Ireland's central bank has written to three of the country's largest financial institutions warning it may hold an investigation into the Irish banking crisis.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1b96a.....

Oriel eyes RBS's Hoare Govett stock-broking unit
Oriel Securities, the London-based stock broker, has emerged as one of the potential bidders for Royal Bank of Scotland's Hoare Govett corporate broking business as the sales process of the business gets under way.<img width='1' height='1' src='ht.....

Investors switch off BSkyB, but ITV accelerates
Traders showed BSkyB the red card as Morgan Stanley cut its rating on the media group, citing concerns over the auction for the rights to screen Premier League football games.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/.....

Italian tax authorities to raid summer resorts in crackdown
Italy's smartest islands and summer resorts are to be the next target of a tough new crackdown on tax evasion, in a move which has the country's rich and famous quaking in their Gucci loafers.<img width='1' height='1' src='http://telegraph.feedspo.....

Tanzanian police foil $30m 'Great Plane Robbery' gold heist
Tanzanian police have foiled a $30.6m (19.8m) bullion robbery, which would have rivalled the 25m Brinks Mat gold heist from Heathrow in 1983 if it had succeeded.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1b9.....

FTSE 100: Man Group retreats as large-caps recover
Man Group and fellow asset managers came under pressure on Friday as a clutch of analysts sounded a note of caution on the sector.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1b92e4ae/mf.gif' border='0'/>&l.....

Beleaguered Pace sees another executive go
The troubles at set-top box maker Pace have claimed another boardroom scalp, with chief operating officer David McKinney departing today after his role was made redundant in a review of the company's management.<img width='1' height='1' src='http:.....

Apprenticeship course postponed for hundreds
Hundreds of people due to start an apprenticeship on Monday have been told not to bother turning up, it has emerged.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1b966746/mf.gif' border='0'/>.....

Apprenticeship course cancelled for hundreds
Hundreds of people due to start an apprenticeship on Monday have been told not to bother turning up after the Government cancelled the course funding, it has emerged.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/.....

Solar panel installers may be 'misselling'
Anyone who offers to install solar panels for homeowners at present could be guilty of "misselling".<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1b956674/mf.gif' border='0'/>.....

Paulson trio share 12m payday amid euro woes
Three directors at Paulson Europe, the London-based arm of one of the world's best known hedge funds, have scooped a near 12m payday.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1b956677/mf.gif' border='0'/>.....

German industrial orders post sharp fall in November
Industrial orders in Germany fell by a much bigger-than-expected 4.8pc in November compared to a month earlier, hit by falling orders from abroad, new data shows today.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/56830.....

Questor: Money makers for the New Year
Questor Plus: Garry White's exclusive podcast share tips.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1b9410ea/mf.gif' border='0'/>.....