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Friday 20 January 2012

UK Financial News on 2012-01-20

December retail sales rise 0.6%
UK retail sales volumes rose by 0.6% in December, official figures show, after heavy discounting by stores attracted shoppers......

A380 wings to have crack checks
Some 20 Airbus A380s are to undergo checks for cracks in their wings, the European air safety authority has ordered......

Woolworths workers 'win payout'
Shopworkers union Usdaw says it has won compensation of up to 67m for more than 24,000 former Woolworths workers......

HMV in breathing space from banks
Shares in HMV rise more than 100% after striking a deal with its banks and suppliers which aims to halve its debts over the next few years......

Miliband: Fred's 'Sir' should go
Labour leader Ed Miliband says that, in retrospect, it was "clearly wrong" for former Royal Bank of Scotland chief Fred Goodwin to be knighted......

China buys stake in Thames Water
China Investment Corporation, the sovereign wealth fund, buys an 8.68% stake in the holding company behind Thames Water, its first UK share purchase......

Italy approves sweeping reforms
The Italian government approves a controversial series of reforms programme designed to boost its debt-stricken economy......

Cruise ship firm faces US lawsuit
Passengers from the cruise ship that ran aground off Italy last week are launching a class-action suit in the US against the owners, the BBC learns......

Vodafone not liable for India tax
India's highest court says that Vodafone is not liable for taxes and penalties of up to $4.4bn (2.8bn), ending a long running legal battle......

GE shares fall on lower revenues
US industrial conglomerate General Electric sees its profits rise, but its shares fall after revenues were lower than expected......

Hackers retaliate over Megaupload
Hackers launch attacks on a variety of US government and copyright enforcement websites after the Megaupload site was closed......

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......

IMF boss in warning on austerity
The IMF and World Bank heads call on countries to implement free trade, reform their economies and protect economic growth......

Ikea sales up on emerging markets
Swedish flat-pack furniture firm Ikea reports a 10% rise in full-year profits as emerging markets boost demand against a tough UK market......

Poundland's Christmas sales rise
Poundland, Europe's biggest single-price retailer, saw sales rise 5.9% after strong demand for its low-priced goods......

South Sudan to suspend oil output
South Sudan says it will suspend oil production amid a dispute over how to share revenues with the government in Khartoum......

GM returns as top vehicle maker
General Motors regains its slot as the world's biggest vehicle maker after the US firm faced bankruptcy just two years ago......

Rental costs are 'down by 0.8%'
The cost of renting a home in England and Wales fell for the second month in a row in December, a survey suggests......

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......

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

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

Australia job gain at 19-year low
Australia's job growth dips to its slowest pace in 19 years raising fresh concerns about a slowdown in the country's economy.....

Search is on for Peacocks buyer
Administrators for Peacocks say they are looking for a buyer for the clothing retailer, as customers are told they can no longer use the company's vouchers......

Freeport profits hurt by strikes
The US mining giant Freeport-McMoran reports a 59% fall in fourth quarter profits as strikes at its Indonesia mine hurt......

Nippon Life in $290m India deal
Nippon Life Insurance agrees to buy a 26% stake in Reliance Capital Asset Management in a bid to tap into the Indian market......

London 2012 'at risk from cheats'
The Olympic Games are at risk from athletes cheating under the direction of illegal betting syndicates, the director of Interpol says......

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......

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......

VIDEO: 'Use your Peacocks vouchers now'
Administrators for Peacocks say they are looking for a buyer for the clothing retailer - but what can you do if you have got a store gift voucher?.....

VIDEO: 'Strip Goodwin of knighthood'
Senior politicians have joined calls for Sir Fred Goodwin, the former boss of Royal Bank of Scotland, to lose his knighthood......

VIDEO: Capitalism 'nothing to do with responsibility'
Capitalism is only concerned with growth and making profit, not responsibility, the Marxist historian Eric Hobsbawm tells Newsnight's Jeremy Paxman......

VIDEO: Hackers retaliate over Megaupload
Hackers have targeted the US government and copyright organisations following the shutdown of the Megaupload file-sharing website......

VIDEO: How has photography changed?
Camera company Kodak has filed for bankruptcy protection, so how have photographs changed since the advent of the digital camera?.....

AUDIO: 'The single biggest issue is VAT'
The Today programme's Simon Jack speaks to the chief executive of Merlin Entertainments Nick Varney about job creation, the challenges for UK business and the government's plan for recovery......

AUDIO: Can the Scottish economy stand alone?
Scotland correspondent Colin Blane reports from post-industrial Clydeside and oil-rich Aberdeen about whether Scottish independence would make the region more prosperous......

VIDEO: The feng shui way to a fortune
Investment firm CLSA's feng shui 'sorcerer' Philip Chow shares his forecasts for the Year of the Dragon......

Snapshot of Kodak hits and misses
A snapshot of Kodak's hits and misses.....

France grapples with job conundrum
France grapples with growing unemployment problem.....

Debate over web anti-piracy moves
Viewpoints as anti-piracy efforts split internet users.....

Merging data sources to give better answers
Merging data to give customers better answers.....

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?.....

Former hedge fund exec takes luxury van to new levels
Brilliant Transportation CEO Richard Fertig says ground transportation was tedious and inefficient before he introduced his line of refitted, custom luxury Mercedes vans......

U.S. Week Ahead: Obama to talk jobs, jobs, jobs
White House Correspondent Jeff Mason says President Barack Obama is set to discuss job creation, housing and tax reform during his State of the Union address on Tuesday......

Trading at Noon: Wall St. slips on earnings; eye on Greece
Jan. 20 - U.S. stocks are edging lower after GE and Google results fell short of expectations, and investors are keeping an eye on the latest round of Greek debt talks......

One week on hope fades for ship survivors
Jan. 20 - One week on, hopes fade of finding any more survivors in the Costa Concordia cruise liner. Deborah Lutterbeck reports.....

Wikipedia's Wales says blackout worked
TV that the blackout staged by the online encyclopedia over proposed anti-piracy legislation was effective in pressuring U.S. politicians. Matt Cowan reports......

Morning Briefing: Strong tech results upset by Google's miss
Jan. 20 - A strong outlook from IBM and decent results from Intel and Microsoft were offset by Google's weak earnings......

Vodafone wins India tax battle
Jan. 20 - India's supreme court ruled in favour of reimbursing the British telecoms company Vodafone $496m following a five year legal wrangle with India's tax authority over a foreign investment deal. Joanne Nicholson reports.....

Europe dents GE results; Google falls
Jan 20 - General Electric missed Wall Street's fourth-quarter sales estimates with its European arm weakened by a two-year government debt crisis. Meantime, shares of Google tumbled as sales failed to live up to lofty expectations. Conway G. Gittens .....

Europe Week Ahead
Jan. 20 - A look at the key events of next week including the Ecofin meeting, FOMC decision, German 30Y bond auction, UK Q4 GDP and the WEF in Davos......

Banks Could Tap ECB for 1 Trln Next Month - SocGen
Jan. 20 - It's not outlandish to see banks tapping the ECB for up to 1 trln in cheap funds at next month's refinancing operation, says Societe Generale's head of bank credit research, Hank Calenti......

Pressure on Greece as inspectors arrive
Jan. 20 - As Greece's international inspectors, representatives from the EU, the ECB and the IMF, arrive in Athens to discuss the possibility of a second bailout, talks continue to arrange a bond swap and a write-down of some of Greek debt. Joanne Ni.....

More cracks found in Airbus A380 wings
Jan. 20 - European planemaker Airbus has insisted its A380 superjumbo is safe to fly after hairline cracks were discovered in the wings of the world's largest jetliner for the second time in two weeks. Joanna Partridge reports......

Wells Fargo comes out on top for Q4 bank earnings
Jan. 20 - Banking analyst Christopher Whalen says that, with the outlook for the capital markets and investment banking businesses of U.S. financials still uncertain, money is shifting to their lending units......

Reuters Breakingviews: Bankers Rule M&A Roost
Breakingviews......

FACTBOX - People, people everywhere!
The world's biggest annual migration is in top gear as 160 million migrant workers in China rush home for the Lunar New Year holiday......

Inside the News: Greek Deal Hopes Lift European Sentiment
Jan. 20 - Bank stocks head for their best week in almost two months as reports suggest Greece is inching towards a deal with bondholders......

U.S. Morning Call: GE misses and Google stumbles
Jan. 20 - General Electric reported roughly flat profit from continuing operations; Google quarterly results fell short of Wall Street's expectations......

Still counting on Kodak
Jan 19 - One of Kodak's self-described major customers says it remains confident in doing business with the now bankrupt photography icon, as experts say Kodak's demise marks the end of the analog era. Bobbi Rebell reports......

Investing in the Year of the Dragon
Jan. 20 - Timing and picking the right sectors will be key in the Year of the Dragon, says CLSA, in its 2012 feng shui guide to investing. Arnold Gay reports......

Google lags Q4 forecasts, Intel beats
Jan 19 - Summary of business headlines: Mixed results from Silicon Valley as Intel, Google, Microsoft and IBM release quarterly results; Kodak files for bankruptcy protection; Drop in jobless claims, pick-up in regional factory activity point to cont.....

Asia: the week ahead
Jan. 20 - Many Asian markets will be shut for the Lunar New Year holidays, but central banks in Japan, India and Thailand will hold monetary policy meetings. Kei Okamura reports......

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......

News Corp executives could face US legal action
Revelations that phone hacking by News International journalists took place while the victims were in the USA has raised the possibility that parent company News Corporation and senior executives, including James Murdoch, could face prosecution under.....

RBS boss Hester 'unfairly targeted' over bonus
Stephen Hester, chief executive of state-backed lender Royal Bank of Scotland, has been unfairly "targeted" over the possible payment of an annual bonus worth more than 1m, according to the head of the UK's leading banking industry lobby group.<im.....

UK rejects German 'olive branch' of exchange tax
Britain has rejected an olive branch aimed at bringing the country back into the European financial fold, following David Cameron's historic veto on proposals for greater economic integration.<img width='1' height='1' src='http://telegraph.feedspo.....

Britain needn't rely on China for its future financing
China's acquisition of an 8.68pc stake in Thames Water highlights the insatiable nature of Beijing's state capitalism.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c01879e/mf.gif' border='0'/><br/><.....

HMV's optimism is misplaced as it retreats on to a shrinking high street
HMV is still in business. This is good news for its staff whose jobs are safe, for now.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c01879f/mf.gif' border='0'/><br/><br/><a href="http://da.f.....

Debt crisis: live
Investors in Greek bonds are reportedly facing a haircut of up to 70pc as IIF talks continue over the weekend, while Germany would consider a bourse tax as a compromise if this could bring Britain in line with its EU partners.<img width='1' height.....

Let Sir Fred Goodwin keep his knighthood to remind us of our collective folly
Taking honours from those who have fallen from favour is foolish and hypocritical, argues Charles Moore.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c00e66d/mf.gif' border='0'/><br/><br/><a .....

Engineers and miners put brakes on blue-chip index
As the benchmark index stalled, Petrofac lost power with scribblers turning cautious on the oil services company.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c00dc14/mf.gif' border='0'/>.....

Italian and Spanish banks see billions withdrawn
Italian and Spanish banks suffered the largest outflows of depositors' money last year as customer fears over the safety of money held at Southern European lenders escalated.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f.....

Santander sells Thames Water stake to China
Two Iberian investors were behind the surprise sale of an 8.68pc stake in Thames Water to a Chinese sovereign wealth fund, in a deal that follows British government attempts to court infrastructure investment from China.<img width='1' height='1' s.....

China wealth fund CIC buys stake in Thames Water
Two Iberian investors were behind the surprise sale of an 8.68pc stake in Thames Water to a Chinese sovereign wealth fund, in a deal that follows British government attempts to court infrastructure investment from China.<img width='1' height='1' s.....

British Airways closes in on BMI deal as suitors found for bmibaby
British Airways' takeover of BMI has edged a step closer after it emerged that current owner Lufthansa is in talks with a number of parties to offload bmibaby, its troubled budget airline.<img width='1' height='1' src='http://telegraph.feedsportal.....

France and Germany plan for EU-wide tax regime
A draft Franco-German paper, seen by The Daily Telegraph, reveals that the financial transaction tax is seen in Berlin and Paris as the first step to giving the EU a new power to "coordinate" taxation.<img width='1' height='1' src='http://telegrap.....

New pension equality rules could cost companies 'millions'
The pensions industry is at a loss to explain why the Government has dug up 20-year old case law to plan new equality rules on pensions which could cost companies 'millions' and cause an "administrative nightmare".<img width='1' height='1' src='ht.....

New pension equality rules could cost companies 'milllions'
The pensions industry is at a loss to explain why the Government has dug up 20-year old case law to plan new equality rules on pensions which could cost companies 'millions' and cause an "administrative nightmare".<img width='1' height='1' src='ht.....

Vodafone wins landmark Indian tax case
Shares in Vodafone rose 1.5pc, after the mobile phone giant won its long-running battle with India's tax office over a $2.5bn (1.3bn) bill.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1bfc2f8b/mf.gif' border='.....

UK retail sales rise as shops cut prices
Shoppers came out in force during December, according to official retail sales figures, which suggested the high street might be in a less dire position than feared.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s.....

Small business lending still weak despite banks' Merlin pledge
Almost one year on from the Government's Project Merlin deal with high street banks to improve the supply of credit to entrepreneurs, figures have revealed that lending to small and medium-sized firms has been negative in nine of the last twelve mont.....

FTSE 100: Miners weigh on market after Chinese data disappoints
Heavyweight miners dragged the benchmark index into the red on Friday after data from China dented the demand outlook from the world's top metals consumer.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1bfc8f5f/.....

GE revenues worse-than-expected, hit by eurozone crisis
General Electric's fourth-quarter revenue fell short of Wall Street expectations, with Europe's weakening economy and weak sales of appliances as the main culprits.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/.....

Toyota plays down fall to third slot in global rankings
Toyota has played down its demotion to third place in the ranking of global car maker sales.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1bfed592/mf.gif' border='0'/>.....

UK firms won't buy British, so don't whine if China does
If you are surprised by China's decision to buy 10pc of Thames Water, don't be. If you're worried about the world's biggest authoritarian state flexing its financial muscles here, too late.<img width='1' height='1' src='http://telegraph.feedsporta.....

German minister suggests transaction tax 'compromise'
Germany said it would consider a bourse tax as a compromise to the controversial financial transaction tax that forced David Cameron to veto new EU treaty.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1bfe57f9/.....

Questor: Sweet profits in packaging
Questor Plus: Garry White's latest share tips.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1bfe57fb/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/123995894329/u/3/f/56830.....

Retail sales rise: 'winners are the clothing and department stores'
Kate Davies from the Retail Sales Index explains who are the winners and losers in the latest figures.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1bfe5802/mf.gif' border='0'/><br/><br/><a hr.....