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Thursday 19 January 2012

UK Financial News on 2012-01-19

Kodak seeks bankruptcy protection
US photography firm Eastman Kodak, the 133-year old company that invented the hand-held camera, files for bankruptcy protection......

Google revenue misses estimates
Google reports a 27% increase in revenue, but even that is not good enough to meet Wall Street estimates, sending shares tumbling......

Megaupload sharing site shut down
One of the internet's largest file-sharing sites is offline after US officials charged its founders with violating piracy laws......

Microsoft profits down slightly
Microsoft profits in the three months to the end of December fall slightly as lower computer sales hit its core Windows business......

Big gains in European bank shares
Bank shares lift European stock markets amid hopes of improvement to global economies and encouraging results from US banks......

Primark owner sees strong sales
AB Foods reports a rise in sales over Christmas, thanks to "exceptional" performances at its sugar division and at discount fashion chain Primark......

RBS denies Hester bonus reports
The Royal Bank of Scotland denies press reports that it is set to offer its chief executive a bonus of more than 1m......

Pumpkin Patch in administration
The children's clothing retailer Pumpkin Patch appoints Deloitte as administrators in the UK, resulting in five store closures and 60 job losses......

Child benefit reforms 'complex'
Plans to stop paying child benefit next year to families with a higher-rate taxpayer could be hugely complex and a tax on marriage, a tax body warns......

249 Peacocks HQ staff losing jobs
Nearly half the workforce at the Cardiff headquarters of clothing retailer Peacocks are losing their jobs, say administrators......

Irish Republic growth outlook cut
The EU, ECB and IMF, who make up the troika of lenders to the Irish Republic, cut their growth forecast for the country to 0.5% from 1.0%......

US home building dips in December
The rate of US home building dipped in December to an annualised pace of 657,000, the US Commerce Department says......

Jump in car insurance premiums
The cost of motor insurance has continued to shoot up, according to the latest figures from the AA......

Exports boost UK car production
Car production in the UK rose by 5.8% in 2011, industry figures show, with growth driven by a record number of exports......

Bank of America returns to profit
Bank of America reports a $2bn profit in or the three months to the end of 2011, signalling continued recovery at the US' second biggest lender......

Liverpool announces new kit deal
Liverpool finalises a six-year deal with US sports firm Warrior Sports to make the Anfield club's kit from June......

Insurers fined for file tampering
Insurance firms Direct Line and Churchill - both owned by the RBS group - have been fined 2.17m for tampering with customer complaint files......

Pension strikes begin at Unilever
Thousands of workers at consumer goods giant Unilever are starting 11 days of strike action in protest at changes to their pension scheme......

Consumer confidence 'at low ebb'
Consumer confidence in the UK was "at a low ebb" in December, according to the Nationwide Building Society......

IMF seeking $500bn funding boost
The International Monetary Fund wants to increase its resources by $500bn (325bn) to help stabilise the global economy......

UK unemployment continues to rise
UK unemployment rose by 118,000 in the three months to November to 2.69 million, with the number of young people looking for work at a new record......

eBay reports jump in its profits
Internet auction site eBay reports a jump in profits, helped partly by the sale of its remaining stake in Skype......

Sony Ericsson profits wiped out
Mobile phone company Sony Ericsson reports a fourth quarter loss, blaming tough competition and the global economic slowdown......

Offshore drilling falls by third
Offshore drilling activity in UK waters fell by a third last year to its lowest level since 2003, a new report says......

Beer 'must be sold' at World Cup
Beer must be sold at all venues hosting matches at the 2014 World Cup in Brazil, football's world governing body insists......

Assembly backs mayor's OPLC plans
The mayor of London receives the full backing of the London Assembly to create a mayoral development area around the Olympic Park......

Club 'homeless' after ground sale
A Cheshire football club is left "homeless" after their stadium is sold to an unknown buyer......

VIDEO: Peacocks staff 'gutted' as jobs axed
Peacocks staff say they have been told around half of the 400 people at the company's Cardiff headquarters have lost their jobs......

VIDEO: What now for Kodak?
The BBC's Aaron Heslehurst on Kodak's next move - and the Irish economy is back in the spotlight......

VIDEO: Obama rejects oil pipeline plan
US President Barack Obama has rejected a proposal from a Canadian company to build a huge oil pipeline from Canada to Texas......

VIDEO: Uniqlo chief's business advice
As clothing chain Uniqlo defies the recession, company chief executive Tadashi Yanai tells the BBC's Stephanie Flanders his business advice is to ''encourage Japanese companies to go outside of Japan''......

VIDEO: Intel and Microsoft under pressure
Technology giants Intel and Microsoft are already looking ahead to improved future earnings as they prepare to release their quarterly results in the US......

VIDEO: PM unveils new Co-operatives Bill
A Co-operatives Bill to help encourage employees to take a greater stake in their companies will be introduced by the government, says Prime Minister David Cameron......

AUDIO: Bank boards 'should decide bonus levels'
Former RBS chairman Sir George Mathewson says "bonuses should represent exceptional performance" while business editor Robert Peston believes business leaders "show no desire to take serious pay cuts".....

VIDEO: Ireland's bailout is on track
Republic of Ireland's bailout 'is on track'.....

Uprooting children without damaging education
The challenge of schooling globetrotting kids.....

Can a company live forever?
As big names tumble, can a company live forever?.....

Top tips for starting a business
Unemployed? Why not start your own business.....

Colman's staff keen on pensions protest
Angry Colman's staff fight to stop pension cuts.....

Fitting brakes to the pay merry-go-round
How can the brakes be put on the merry-go-round?.....

From banker to ice cream maker
Former banker starts ice cream business.....

U.S. Day Ahead: EU debt crisis to dim GE's results
Correspondent Scott Malone says General Electric's earnings will be hit by the European financial crisis when its reports fourth-quarter results before the bell......

Market uncertainty driving business to financial advisers
Jan. 19 - Tom Bradley, President of TD Ameritrade Institutional, says market turmoil is spurring more financial advisers to promote dividend-paying stocks and options strategies to clients......

Start-up innovators look for traction after Las Vegas
Jan. 19 - The Consumer Electronics Show in Las Vegas earlier this month was a forum not just for big manufacturers of televisions and computers but also for small companies with innovative products to sell. In the so-called Eureka Park section of the.....

Aspiring Indonesia facing a BRIC wall
Indonesia is seen as the new BRIC on the block. Growth is outstripping many other emerging markets. And the country's become a choice destination for risk-hungry investors. But as Rob McBride reports, Indonesia has a long way to go......

FACTBOX: Keystone XL Pipeline
Jan. 19 - Key facts and figures from the Keystone XL pipeline debate......

Bank of America swings to profit; Morgan loses
Jan 19 - Bank of America swung to a fourth-quarter profit as it set aside billions of dollars less for bad loans, but Morgan Stanley lost money due to a settlement payout. Conway G. Gittens reports......

Europe Day Ahead: Friday
Jan. 19 - A look ahead to Friday's key events including the EBA deadline, G20 finance ministers meeting and UK retail sales plus Sega's new "Toylet" public lavatory game......

Cameron: bank bonuses "out of control"
Jan. 19 - Bonus payments in Britain's financial services sector have run out of control in recent years, said British Prime Minister David Cameron in a speech on the economy in London. ROUGH CUT ONLY - NO REPORTER NARRATION.....

Clock ticks on Greek bond swap talks
Jan. 19 - The Greek government meets with private creditors to negotiate a bond swap and a write-down of some of the debt in order to secure a second bailout. Joanne Nicholson reports.....

Bankruptcy: Is this a Kodak moment?
Jan. 19 - Eastman Kodak, which invented the hand-held camera and helped bring the world the first pictures from the moon has filed for bankruptcy protection, capping a prolonged plunge for one of America's best-known firms. Sonia Legg reports.....

France, Spain pass debt demand test
Jan. 19 - The euro zone passed the biggest test of demand this year for its longer-term debt as France and Spain sold over 14 billion euros of bonds between them. Joanna Partridge reports.....

U.S. Morning Call: Bank of America shares up after results
Jan. 19 - Bank of America reported a fourth-quarter profit, reversing a year-earlier loss, boosted by one-time items and lower expenses for bad loans......

Reuters Breakingviews
global commentary unit Breakingviews......

Inside the News: Top stories and analysis
Jan. 19 - A look at the early action in the European markets and the day's hot stocks, as well as a final wrap-up of Asia trading......

Breakingviews: Chinas buildings, boys and big cities
Breakingviews......

Psst! The Dragon's got some inside info for you!
CLSA's annual Feng Shui Index has the Gordon Gekko on Hong Kong markets for the Year of the Dragon - if you have the nerve......

Gold poised to clear $2,000 bar
GFMS survey predicts gold will average $1,760 an ounce in 2012 with a possible record-breaking spike in Q4. Jon Gordon reports......

It's the wee, not the Wii
Jan. 19 - Sega takes aim with the "Toylet", a bathroom-based game targeting Japanese men whenever they take a leak. Arnold Gay reports......

Market Pulse: Euro zone passes first big debt test of 2012
Jan. 19 - Spain and France draw strong demand at auctions of mid and longer-term debt.....

Wall St. boosted by IMF hopes
Jan 18 - Summary of business headlines: Stocks climb as sources say IMF looking to add to Europe bailout effort; U.S. charges seven in insider trading probe; Goldman beats, but profits slump; Economic data point to stronger U.S. growth. Conway G. Git.....

SOPA web piracy battle gets louder
Jan 18 - New Yorkers protest in front of lawmakers' office in opposition to the Stop Online Piracy Act (SOPA) as websites like Wikipedia make good on a promise to temporarily go dark in opposition to the legislation. Bobbi Rebell reports......

U.S. Day Ahead: Look deeper into BofA results
Breakingsviews Columnist Antony Currie says don't take the financial titan's fourth-quarter results at face value when it reports before the bell......

Pay cuts help Goldman beat forecasts
Jan 18 - Goldman Sachs announced better than expected earnings thanks in part to cost cutting, but profits still sank 56 percent. Bobbi Rebell reports......

World Bank slashes global forecast
Jan 18 - As the World Bank cuts its global economic growth forecasts due to the European debt crisis, new data out of the United States adds further evidence that country's economic rebound is strengthening. Conway G.Gittens reports......

Trading at Noon: Wall St. rises on IMF hopes, Goldman
Jan. 18 - U.S. stocks rose on optimism the International Monetary Fund would be able to raise additional funds to help combat Europe's debt crisis and after Goldman Sachs' earnings beat estimates......

Vodafone braced for ruling in landmark Indian tax case
Vodafone will on Friday hear the outcome of a long-running battle with the Indian tax office over a $2.5bn (1.3bn) bill which the mobile phone giant argues that it did not run up.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32.....

Debt crisis: as it happened January 19, 2012
An EU fiscal treaty draft states that bailout aid is only for countries that ratify the new budget treaty, while EU-IMF inspectors say Ireland has passed the harsh austerity targets imposed under its bailout.<img width='1' height='1' src='http://t.....

Europe poses twin threats to a second term for Obama
Should Barack Obama lose the White House in November, he may well drive up Pennsylvania Avenue cursing those investors who gorged on Greek bonds.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1bf91b3e/mf.gif' bo.....

BP may add $13bn to Gulf of Mexico spill bill with settlement
BP is likely to settle with the US government over the Gulf of Mexico oil spill, in a move that would add up to $13bn to the company's total bill for the disaster, a leading analyst said.<img width='1' height='1' src='http://telegraph.feedsportal......

Warren Buffett ups his stake in Tesco
Tesco has been given a much-needed boost by Warren Buffett after arguably the world's most successful investor bought 480m of shares in the supermarket chain.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1bf529.....

Anglo American and Codelco clash over Chile mine documents
Mining giants Anglo American and Codelco have clashed again over Anglo's sale of a stake in a prized copper mine, as Chile's Codelco argued deal documents showed Anglo knew it was treading on its rights.<img width='1' height='1' src='http://telegr.....

RBS took 5bn of loans from ECB emergency facility
State-backed lender Royal Bank of Scotland last month used a European Central Bank emergency borrowing facility to cover a quarter of its total wholesale funding needs for 2012.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/3272.....

Apple takes aim at the world's classrooms with iPad
It has revolutionised the worlds of computing and music - now Apple is after the staid old world of school text books.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1bf910ed/mf.gif' border='0'/><br/><.....

Pearson raises earnings targets after digital investments
Pearson has raised its earnings targets for 2011 for the third time after a slew of investments in digital products and developing markets helped it deliver a strong finish to the year.<img width='1' height='1' src='http://telegraph.feedsportal.co.....

Endemol agrees restructuring for 2.3bn of debt
Endemol, the television production giant behind Big Brother, is close to resolving its long-standing financial problems after reaching an agreement with more than two thirds of its lenders to restructure its 2.8bn (2.3bn) of debt.<img width='1' he.....

Google shares plummet as record revenues miss forecasts
Shares in Google dropped more than 10pc in after hours trading on Thursday, after the web search giant reported record sales but fell short of analysts' expectations.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/.....

Google revenues rise 27pc but miss forecasts
Google's revenue jumped more than 27pc in the fourth quarter, but fell short of Wall Street targets, sending the shares down sharply in after-hours trading.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1bf8fa3d.....

New bank accounting rules needed to avoid another crisis, says BoE's Haldane
British banks should be subject to an entirely separate accounting regime to avoid another financial crisis and "restore investor faith" in the system, the Bank of England's Andy Haldane has argued.<img width='1' height='1' src='http://telegraph.f.....

Companies and tax authorities can all benefit if they work together
The world has entered a prolonged era of macro-economic volatility. Against this backdrop, predictable and transparent tax regimes can be a welcome source of stability, particularly in the energy industry where investment lifecycles span decades.<.....

HSBC tries to take bigger share of mortgage market with 15bn of loans
HSBC will attempt to grab a larger share of the British mortgage market this year as it prepares to lend at least 15bn to home buyers.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1bf8e170/mf.gif' border='0'/&g.....

Debt crisis: live
An EU fiscal treaty draft states that bailout aid is only for countries that ratify the new budget treaty, while EU-IMF inspectors say Ireland has passed the harsh austerity targets imposed under its bailout.<img width='1' height='1' src='http://t.....

Eurozone crisis will cause more company defults, warns S&P
The eurozone crisis and expensive debt financing could drive the European corporate default rate to 6.1pc in 2012, the ratings agency Standard & Poor's has warned.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300.....

Online Christmas shopping jumped by 16.5pc
British shoppers spent a total of 7.9bn online in December, a 16.5pc increase compared with the 2010 Christmas period.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1bf8dbf7/mf.gif' border='0'/><br/><.....

Most retailers survived Christmas - but did their profits?
The collapse of Peacocks, with 9,600 jobs on the line, and the profit warning from Tesco seemed to sum up Christmas on the high street: utterly dire.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1bf8dbfa/mf.gif.....

The IMF is no longer serving its purpose
To save the eurozone, it needs to dispense tough love, not endless bail-outs, writes Jeremy Warner.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1bf8e92d/mf.gif' border='0'/>.....

Airbus says A380 still safe after cracks found in wings
Airlines could have to conduct regular and detailed inspections of their A380 superjumbos after manufacturer Airbus admitted it has found small cracks on the wings of the aeroplane.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/.....

EU treaty draft: Bailouts only offered to countries that ratify budget pact
Bailouts will only be offered to European governments that ratify a new budget pact aimed at avoiding a repeat of the eurozone debt crisis, according to a new draft of the treaty.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32.....

Astra sickens on diabetes drug setback
As the market shrugged off its recent lethargy, AstraZeneca suffered another setback to its pipeline of new medicines.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1bf846a2/mf.gif' border='0'/>.....

EU fiscal treaty draft: key issues
An EU fiscal treaty draft states that bailout aid is only for countries that ratify the new budget pact. Here are the key issues.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1bf846a5/mf.gif' border='0'/>.....

Portugal to need "debt haircut" as economy tips into Grecian downward spiral
Portugal's borrowing costs have jumped to record highs and are tracking the moves seen in the culminating phase of Greece's debt crisis, dashing hopes that the country will be able to stave off contagion by embracing drastic austerity.<img width='.....