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Friday 13 January 2012

UK Financial News on 2012-01-13

France top AAA credit rating lost
France loses a top AAA credit rating as nine eurozone governments are downgraded by Standard & Poor's prompting markets to fall......

Greece debt write-off talks stall
Talks stall between Greece and its private sector lenders over a 50% debt write-off, which is needed to stop Athens going bust......

Easyjet amends its booking charge
Airline Easyjet amends its pricing amid government plans to ban excessive surcharges when buying tickets online......

Npower announces 5% gas price cut
Energy company Npower announces that it will cut gas prices by 5% from 1 February, following price reductions by other suppliers......

Lloyds boss declines annual bonus
Antonio Horta-Osorio, chief executive of Lloyds Banking Group, says he does not want to be considered for an annual bonus for 2011......

Man Utd sponsor moves to London
US insurance broker Aon, sponsor of Manchester United, says it plans to move its corporate headquarters from Chicago to London......

Green Deal 'cuts energy subsidy'
More than a million households will no longer get help to insulate their homes due to changes in government subsidies, research suggests......

Imports increase US trade deficit
Record imports and falling exports contributed to a 10% increase in the US trade deficit in November, official figures show......

JP Morgan hit by weaker trading
JP Morgan Chase reports lower fourth-quarter profits, hit by weaker trading at its investment banking division......

SAP profits higher than expected
German business software giant SAP reports better-than-expected profits, sending its share price higher......

Producer prices fall in December
UK producer prices fell unexpectedly in December, the first decline since June 2010, as inflationary pressures eased......

Drop in Italian borrowing costs
Italy's cost of borrowing falls at the government's latest bond auction, though some analysts are disappointed by the level of demand......

Milk firm Wiseman takeover target
Britain's biggest fresh milk company, Robert Wiseman, confirms it is subject to a takeover bid by Muller Dairy......

Invensys shares plunge on warning
Shares in UK engineering firm Invensys dive 20% after it warns its 2011 operating profit will be "significantly below" that of the previous year......

McDonald's boosts Olympic backing
Fast food giant McDonald's is to extend its partnership with the Olympic games for another eight years until 2020......

Nigeria unions suspend protests
Nigeria's trade unions say they are suspending mass protests and some strikes for two days to allow for further talks with the government......

Novartis to cut 1,960 jobs in US
Swiss drugmaker Novartis has announced plans to cut 1,960 jobs in the US ahead of the loss of its patent on blood pressure drug Diovan......

Scuffles halt China iPhone sales
Apple suspends the sale of all iPhone models from its stores in China after large crowds disrupt the launch of the new iPhone 4S......

Bookshop drops name apostrophe
High street bookshop Waterstone's announces it is dropping the apostrophe from its name to make it more "versatile" for online use......

Child benefit cut 'will go ahead'
Chancellor George Osborne says child benefit for higher rate taxpayers will be removed, after ministers' hints the policy could be made "fairer"......

MPs attack rising whiplash claims
The cost of car insurance could be cut if the government restricted the huge number of subjective "whiplash" injury claims, a committee of MPs says......

FSA fails to use mystery shoppers
The BBC finds that the Financial Services Authority has not used mystery shoppers to protect consumers for a year and a half......

China's currency reserves decline
China's official foreign currency reserves fell in the last three months of 2011, the first quarterly decline since 1998......

US acts against three oil firms
The US takes sanctions against three oil firms, one of them run by the Chinese state, for trading with Iran......

Obama seeks another $1.2 trillion
Barack Obama formally tells Congress of proposals for a $1.2 trillion rise in borrowing, risking another battle with Republicans......

Easyjet guilty in disability case
A French court finds low-cost airline Easyjet guilty of discriminating against three disabled passengers who were denied access to a plane......

Banks halt new property lending
The Clydesdale and Yorkshire banks, which are owned by National Australia Bank, put new commercial property lending on hold......

Ted Baker sees festive sales rise
Fashion retailer Ted Baker reports rising sales over the Christmas trading period and says it is on target to meet profit forecasts......

Fix found for Olympic ticket site
London 2012 organisers confirm the Olympic ticket resale process will reopen next week - but cannot say exactly when......

Fulham submit new Cottage plans
Fulham have submitted plans to expand Craven Cottage's capacity to 30,000 seats......

Darlington FC 'days' from closure
Darlington Football Club could be out of business in "days", an MP tells the House of Commons......

VIDEO: Bond sale: Spain vs Italy
The BBC's Aaron Heslehurst on Italy's disappointing three-year bond sale......

AUDIO: 'BAA is changing. we're moving on'
Chief executive of BAA Colin Matthews argues that the possibility of a third runway at Heathrow should still be up for discussion......

VIDEO: What happened after 2000 fuel protests?
Ten years ago, some petrol pumps ran dry in a blockade by farmers and hauliers who were protesting against the increasing price of fuel at 80p a litre......

VIDEO: France's credit rating is downgraded
World stock markets fall on reports that ratings agency Standard & Poor's has downgraded some eurozone countries......

VIDEO: 'Why we cut back this Christmas'
Shoppers in Southampton have been explaining how they have been prioritising their spending......

VIDEO: RBS to cut 3,500 jobs in shake-up
The Royal Bank of Scotland has said it is planning to cut 3,500 jobs, with most of them to happen this year......

VIDEO: Tesco disappointed by fall in shares
Tesco shares have dropped by nearly 15% after it said it was "disappointed" by its seasonal trading in the UK.....

VIDEO: Pawnbrokers say business is growing
The National Pawnbrokers Association says business is growing by 10% a year, with a new shop opening every week in the UK.....

Bank loses 2m in lease deal
BBC investigation reveals how Bank of Scotland wrote off 2m over a golf equipment lease company......

Can loans be risky for relatives?
Paying off a relation's debt can put you at risk.....

Space for growth in Detroit
Detroit's edible new garage industry.....

Could you start the day without OJ?
Will consumers lose out as global orange juice prices skyrocket?.....

Bird flu empties South Africa's ostrich farms
Mass bird flu cull devastates South African ostrich farmers.....

Cutting down the data traffic jams
Wider wifi highways may end data gridlock.....

Sculley clears up Jobs 'myths'
The ex-Apple executive on his 'clash' with Steve Jobs.....

Pint-sized pick up from Smart debuts in Detroit
Jan. 13 - Smart, the Daimler AG-owned manufacturer of pint-sized urban vehicles, is trying to sell America on its latest creation, a tiny convertible truck called the Smart "for-us" pick-up, now on display at the Detroit Auto Show. As a concept car, .....

U.S. Week Ahead: Goldman earnings may lose their mojo
Breakingsviews Columnist Antony Currie says Goldman Sachs could disappoint when it reports fourth-quarter earnings on Wednesday......

French FinMin confirms S&P downgrade
Jan 13 - France was informed it has lost its AAA credit rating from Standard and Poor's, according to the country's finance minister, amid rampant speculation S&P is set to downgrade several members of the 17-country euro zone. Conway Gittens reports.....

Weaker euro good for exporters, tourists
Jan. 13 - As turmoil continues in the euro zone, the euro is trading at around a 16-month low against the pound and the dollar, which could be good for European exporters and visiting tourists. Joanna Partridge reports.....

Trading at Noon: Wall St. tumbles on downgrade talk
Jan. 13 - Bank shares led a 1 percent drop in U.S. stocks on speculation that Standard & Poor's was set to downgrade several euro zone countries......

Italy's taxi drivers reject Monti's plan
Jan. 13 - Italian taxi drivers are staging spontaneous strikes to protest against the government's plans to liberalise services, including taxis. Ciara Sutton reports.....

U.S. Treasuries will benefit from Euro Zone downgrade: adviser
Jan. 13 - Tom Bradley, President of TD Ameritrade Institutional, says the impact of S&P's possible downgrade of several Euro Zone countries will drive flight to safety in U.S. Treasuries......

Viral spiral propels Unruly Media
Jan. 13 - After winning 25 million dollars in funding from a number of prominent investors. London-based video marketing and metrics company Unruly Media looks to further expand its global reach. Matt Cowan reports.....

Europe Week Ahead: Greek bond swap deal hopes in focus
Jan. 13 - S&P downgrade talk overshadows previously positive euro zone week......

Morning Briefing: Credit downgrade fears emerge in euro zone
Jan. 13 - A senior euro zone government source says several EU countries are set for credit downgrades by S&P as early as today......

Reuters Breakingviews: China may need to export car surplus
Jan. 13 - A slump in demand means China may now export their surplus, Spains regions need tough love to get deficit under control, and a review of Nicolas Wapshotts new book on the global economy......

Australia fumes over tobacco packs
Jan 13 - Sparks fly over the use of an iconic Australian kangaroo image on packs of cigarettes sold in Europe. Paul Chapman reports......

Reuters Today: Top stories and analysis for Friday
Jan. 13 - The top stories on Friday including TPG's offer to help Olympus, JPMorgan results preview, Italian bond auction and Asian anger at Apple......

HK brokers protest shorter lunches
' Cathy Yang mingles among HK's protesting stock markets traders, who are unhappy with a further cut in their lunch break......

HK traders want their long lunches
Jan. 13 - HK's stock market traders protest another planned reduction in their lunch break, saying it does not increase business or volumes. Arnold Gay reports......

Market Pulse: Italian auction mixed but euro gains
Jan. 13 - The euro on track for biggest weekly rise against the dollar since late October......

Chaos at Beijing Apple store after cancelled iPhone launch
Jan. 13 - Customers scuffle with security, and pelt Apple's Beijing store with eggs after being told the launch of the iPhone 4S had been cancelled. Arnold Gay reports......

Asia: the week ahead
Jan. 13 - China's GDP growth will likely slow to 8.7% in Q4, reinforcing the case for further monetary easing, while India's headline inflation is seen falling to 7.5% in December. Tessa Dunlop reports......

Target's next trend: boutique chic
Jan 12 - Target will launch upscale shops within its stores in an effort to stand out, as retail sales post their weakest reading in 7 months. Bobbi Rebell reports......

Stocks rally; oil below $100
Jan. 12 - Summary of business headlines: Wall Street posts gain as oil drop below $100 offsets retail, jobless concerns; Target launches boutique shops within stores; US Air, others consider American Airlines purchase, sources say. Conway G. Gittens .....

U.S. Day Ahead: JPMorgan to kick off bank earnings
Jan. 12 - Investment bank JPMorgan starts the financial sector's reporting season. Analysts expect the company to show a decline in quarterly earnings from a year earlier......

Trading at Noon: Wall St. flat on U.S. data
Jan. 12 - Strong bond auctions in Europe buoyed Wall Street stocks, but weaker-than-expected U.S. data and a profit warning from energy major Chevron weighed on sentiment......

ECB: cheap money offer is working
Jan. 12 - The European Central Bank's flood of cheap three-year money is helping the euro zone's banking system substantially and supporting confidence in the bloc's economy said it's President Mario Draghi after holding interest rates at 1 percent. .....

Electric cars seek energy at auto show
Jan 12 - Ford unveiled at least five new electric or partially electric models at the Detroit Auto Show, but other global auto makers are energized as well, rolling out new concept cars, including a few sleek and sexy models. Deborah Gembara reports .....

Europe Day Ahead: Debt markets focus on Italian auction
Jan. 12 - The ECB keeps rates on hold while it assesses the impact of the policy measures it unleashed last year. Insider previews Friday's key Italian auction......

S&P downgrade and debt crisis: live
European bond yields rise after fears S&P will 'imminently' downgrade several eurozone countries and Greek debt write-off won't be voluntary.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1bcbc9cb/mf.gif' bo.....

Tesco's Robbins should have gone to the bank
Buy cheap, sell dear is a guiding principle for any successful retailer, as it is for any successful investor too.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1bcdafbe/mf.gif' border='0'/>.....

Standard & Poor's cuts ratings of nine eurozone coutries: full statement
Standard & Poor's has cut the credit ratings of nine nations using the euro, including France, which loses its top AAA rating. Here is the agency's statement in full.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568.....

Westminster council chief behind parking row quits
The Westminster City Council leader who provoked uproar with plans to introduce evening and weekend parking charges in London's West End is to quit.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1bcdad1b/mf.gif'.....

David Cameron strengthens his business advisory group with three women and first black FTSE 100 CEO
Sprawling housing estates will not be "plonked" on the edge of villages against the opposition of local people under planning reforms, David Cameron has said.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1bcdad.....

After a brief seasonal break, the euro crisis is back in full force
There's no such thing as a good downgrade. No matter how brave a face the French put on Standard & Poor's cut to its credit worthiness, they cannot brush off the loss of their AAA rating.<img width='1' height='1' src='http://telegraph.feedspor.....

S&P's French rating bombshell could have been more severe
They can't say they weren't warned. Not even Nicolas Sarkozy, who will be turning the air bleu at being in charge when France lost its cherished AAA rating - and in an election year too.<img width='1' height='1' src='http://telegraph.feedsportal.c.....

France is stripped of AAA credit rating by Standard & Poor's
France was stripped of its AAA credit rating for the first time on Friday, as Greek debt restructuring talks collapsed on a chaotic afternoon that took the debt crisis into a new and dangerous phase.<img width='1' height='1' src='http://telegraph......

Novartis to axe almost 2,000 jobs in US
Novartis is cutting almost 2,000 jobs in the US, as the Swiss drugmaker becomes the latest company to grapple with the loss of a key patent.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1bcd71e1/mf.gif' border=.....

Invensys shares slump 19pc after profit warning
Invensys shares lost almost a fifth of their value after the technology group warned problems with work on nuclear power stations in China and rail contracts would wipe 60m from expected profits.<img width='1' height='1' src='http://telegraph.feed.....

France confirms S&P cuts its AAA credit rating
France has been notified that its triple-A credit rating has been downgraded by Standard & Poor's, and the country will now step up economic reforms, finance minister Francois Baroin said tonight.<img width='1' height='1' src='http://telegraph.....

Swiss prosecutors probe data theft which undid central bank chief Hildebrand
Zurich prosecutors have launched a criminal investigation over the theft of data that led to the resignation of Swiss central banking chief Philipp Hildebrand.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1bcd4.....

G4S chairman retires after failed ISS bid
Alf Duch-Pederson, chairman of world's largest security firm G4S, has quit under pressure from his own board members.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1bcd2c4a/mf.gif' border='0'/>.....

Tesco executive sold shares before profit warning
A senior member of Tesco's management team sold 50,000 shares just a week before the supermarket group announced the biggest profit warning in 20 years, sending its shares down 16pc.<img width='1' height='1' src='http://telegraph.feedsportal.com/c.....

UK bond trade put at risk by new US financial regulation
New rules designed to stop banks playing fast and loose with their customers' money could have the knock-on effect of hobbling the market in UK government debt, investors and traders have warned.<img width='1' height='1' src='http://telegraph.feed.....

JPMorgan profits fall but bank optimistic on US economy
JPMorgan Chase chief executive Jamie Dimon struck a positive note on the outlook for the US economy even as Europe's debt crisis dragged down the bank's quarterly profits.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/56.....

RBS accelerates but downgrade talk spooks FTSE
Royal Bank of Scotland continued its rebound as analysts awarded the state-backed lender a double upgrade.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1bcce9d5/mf.gif' border='0'/>.....

Aon moves HQ to London in boost for UK economy
Aon, one of the world's largest insurance companies, is moving its corporate headquarters to London in a move likely to generate tens of millions of pounds in tax revenues for the UK Treasury.<img width='1' height='1' src='http://telegraph.feedspo.....

Falkland Oil & Gas raises 48.5m to drill deeper
Falkland Oil and Gas (FOGL) said it would be able to drill deeper wells when it begins exploring off the Falkland Islands in May, after announcing it would raise 48.5m through a share placing.<img width='1' height='1' src='http://telegraph.feedspo.....

Lloyds chief Antonio Horta-Osorio gives up 2.4m bonus
Antonio Horta-Osorio, Lloyds' chief executive, has declined to take an annual bonus for 2011, saying his recent absence and "the tough financial circumstances" facing many Britons made it inappropriate.<img width='1' height='1' src='http://telegra.....

Fall in factory prices raises prospect of more QE
Prices at Britain's factory gates have fallen for the first time in 18 months, increasing expectations that the Bank of England will pump more money into the economy next month.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/3272.....

FTSE 100: Banks rebound but downgrade talk leads blue-chips lower
Downgrade talk leads London lower.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1bcb8c60/mf.gif' border='0'/>.....

Greek default worries rise as bond swap talks are 'paused'
Crucial negotiations between the Greek government and its private creditors on a bond swap deal needed to avoid default appeared close to collapse on Friday, with representatives of private bondholders saying they had been "paused for reflection."<.....

Debt crisis: live
European bond yields rise after fears S&P will 'imminently' downgrade several eurozone countries and Greek debt write-off won't be voluntary.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1bc73b9c/mf.gif' bo.....

Npower announces 5pc gas price cut
Npower became the fourth major energy supplier to announce a modest cut to its energy prices this week, saying it would cut gas prices by 5pc from February.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1bcb8c62.....