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Saturday 14 January 2012

UK Financial News on 2012-01-14

EU criticises ratings downgrade
The EU's top economic official hits out at a decision by Standard and Poor's to downgrade the credit ratings of nine eurozone countries......

Tesco defends chief's share sale
Tesco defends a senior executive who sold more than 200,000 worth of shares before a profits warning took 5bn off the value of the business......

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......

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......

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"......

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......

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......

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......

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......

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

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

VIDEO: Your Money: Are energy price cuts enough?
In this week's Your Money, Declan Curry compares the energy companies' round of recent price cuts with the rises they introduced last autumn......

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......

Bank loses 2m in lease deal
BBC finds Bank of Scotland lost 2m on a golf venture.....

Pet insurance: Perils of inadequate cover
The perils of inadequate cover.....

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.....

S&P downgrades nine euro zone nations
Jan. 14 - Countries react to "Black Friday" announcement of nine credit rating downgrades in euro zone. Jessica Gray reports......

S&P confirms Europe downgrades
Jan. 13 - Standard and Poor's confirms downgrade of several euro zone countries. Jill Bennett reports......

S&P cuts ratings on nine euro zone nations
Jan. 13 - Standard & Poor's lowers long-term ratings on 9 eurozone sovereigns including France, Italy, Spain and Portugal. S&P affirmed its "stable" rating on Germany......

Winners and losers from S&P Euro sovereign downgrade
Jan. 13 - S&P downgraded nine Euro zone sovereign ratings and affirmed seven others. Insider takes a look at possible winners and losers from the downgrade......

Stocks slip ahead of France downgrade
Jan. 13 - Summary of business headlines: Stocks posted modest decline on S&P downgrade talk; Quarterly profits drop at JP Morgan Chase; Consumer sentiment rises, trade deficit hits five-month high; Apple face iPhone sales glitch in China. Conway Gitt.....

U.S. continues halt on orange juice imports
Jan. 13 - The U.S. continues a halt on orange juice shipments as it tests for carbendazim, a pesticide the FDA has banned in the U.S. but is commonly used in Brazil to fight mold on trees......

Credit card blues may not slow recovery
Jan. 13 - U.S. consumers spent big with their credit cards during the holiday shopping season, but a credit hangover may have a mixed impact on the economic recovery, as card issuers rush to sign on new customers. Jill Bennett reports......

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 finance minister 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 report.....

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......

Bids invited for PHS after price cut
Charterhouse will rekindle hopes of selling cleaning services company PHS after 12 months of an on/off sales process.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1bd27f2a/mf.gif' border='0'/><br/><.....

Greece gets closer to brink of bankruptcy
Fears are mounting that Greece could be the first European country to default on its debt in 60 years, as the country gears up to salvage collapsed talks over bond repayments on Wednesday.<img width='1' height='1' src='http://telegraph.feedsportal.....

UK faces Volcker rule clash
The Treasury has raised concerns with American regulators over the controversial Volcker rule banning proprietary trading for banks after warnings it could lead to a government funding drought.<img width='1' height='1' src='http://telegraph.feedsp.....

Call to curb executive pay from Robert Talbut
Head of one of Britain's most influential investor groups calls for radical changes to executive remuneration.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1bd27749/mf.gif' border='0'/><br/><br/>.....

How to ensure 'Je ne regrette rien' investment year
Drawing up a chart of the winners and losers in 2011 this week, I wondered how many investors are beating themselves up with painful and ultimately useless "why-oh-why did I do that?" tirades.<img width='1' height='1' src='http://telegraph.feedspo.....

West End boost from Olympics and Diamond Jubilee
Retailers in central London will enjoy a significant increase in turnover this year, thanks to the Olympics and the Diamond Jubilee, according to research which highlights how the West End could be immune from the consumer downturn hitting the rest o.....

Think Tank: Likeability is still a key driver of advertising's effectiveness
To delight or to dement? That is the question for advertisers posed by the publication this month of two competing end-of- year reports on the nation's favourite, and least favourite, TV advertising, writes Laurence Green.<img width='1' height='1'.....

John Lewis and a new vision for capitalism
This year looks set to be the one when all three major political parties compete to be the standard-bearers of "responsible capitalism".<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1bd23619/mf.gif' border='0'/.....

Sunday interview: Canary Wharf Group chief executive Sir George Iacobescu
It all started with a call from Margaret Thatcher. Sir George Iacobescu was finishing the World Financial Center in New York for Olympia & York, then the world's biggest developer, when the company took a call from the British Prime Minister.<.....

Why struggling Tesco needs to repeat its Jubilee moment
Philip Clarke went out of his way to praise his predecessor: "There isn't a retailer in the UK who inherited a business with so many opportunities to grow all around the world."<img width='1' height='1' src='http://telegraph.feedsportal.com/c/3272.....

Peacocks on the brink of administration
Peacocks, the clothing retailer, could be placed into administration as early as Monday after talks with banks about a possible debt "haircut" appeared to have reached an impasse.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32.....

As the political heat intensifies, US banks may get burnt
"Go get a job right after you take a bath," was the message that Republican presidential hopeful Newt Gingrich had for the Occupy Wall Street protesters in November.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s.....

Rainmaker: is there a bar brawl brewing for M&B's upcoming AGM?
Since Joe Lewis sailed away from his putative bid for Mitchells and Butlers on October 13 last year, the pub group has largely kept itself to itself.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1bd20abc/mf.gif.....

Jaeger reports a profits slump
Jaeger, the luxury retailer owned by Harold Tillman, saw profits fall by two-thirds last year as the downturn on the British high street took its toll.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1bd20abd/mf.g.....

Gaming giant looks to float non-core assets
Bwin.party digital entertainment, the online gaming giant formed from the merger of Party Gaming and Austria-based bwin, is planning to float its payments division in a bid to extract value.<img width='1' height='1' src='http://telegraph.feedsport.....

Cable & Wireless Worldwide moves to calm shareholders
Embattled Cable & Wireless Worldwide to appease investors by explaining how to return business to an even keel.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1bd1e60e/mf.gif' border='0'/><br/><br.....

Competition concerns cast doubt over Morrison's bid to buy Iceland
Scepticism is mounting over WM Morrisons' attempts to buy frozen supermarket chain Iceland Foods after rival Asda pulled out of the auction last week.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1bd1e60f/mf.gi.....

Barclays chief won't heed pleas for restraint on pay
Vince Cable has personally warned Bob Diamond, the chief executive of Barclays, that banking executives must show restraint in next month's bonus round.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1bd201cb/mf......

Angela Merkel: Europe must move quickly after downgrades
Ratings downgrades in the eurozone by Standard & Poor's underline why Europe must seal a pact to tighten fiscal rules quickly and get its permanent bailout fund up and running as soon as possible, German Chancellor Angela Merkel said today.<im.....

Francois Fillon: France downgrade 'should not be 'dramatised'
Prime Minister Francois Fillon said this morning that France's credit rating downgrade had been expected and that his government was now prepared to make budgetary "adjustments" if necessary.<img width='1' height='1' src='http://telegraph.feedspor.....

S&P cuts ratings of nine eurozone coutries: reaction
Standard & Poor's has cut the credit ratings of nine nations using the euro, including France, which loses its top AAA rating. Here is some reaction from the finance sector.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/3272.....

The eurozone needed a French downgrade like a hole in the head
Just as markets had started to believe that the eurozone crisis was in retreat, along comes the credit rating agency, Standard & Poor's, to remind everyone that the crisis hasn't gone away at all, but has only been taking an extended Christmas br.....

Ireland at the end of the road
As Ireland's runaway boom years have given way to one of the steepest slumps of a developed country since the Second World War, the lives of middle-class professionals have been devastated by the crash<img width='1' height='1' src='http://telegrap.....

DTZ's mystery bidder was China's Tianjin Innovative Financial
DTZ, the property agent, rejected an offer of 18p-a-share and full payment of its debts from a huge Chinese state-owned company just days before it wiped out its investors completely with a controversial pre-pack administration.<img width='1' heig.....

Income tax payments hit record high of 153bn
Income tax receipts hit an all-time high of more than 153bn last year, with VAT and most drink and tobacco duties also reaching new peaks, according to HM Revenue & Customs (HMRC).<img width='1' height='1' src='http://telegraph.feedsportal.com.....