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Saturday 21 January 2012

UK Financial News on 2012-01-21

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......

Insurers 'undervalue car wrecks'
Complaints to an ombudsman about motor insurance rose by 29% last year - with key gripes including valuations of written-off vehicles......

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......

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......

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......

VIDEO: UK troops could face tax penalty
Members of the armed forces serving in Afghanistan could be fined if they fail to submit their tax returns on time......

VIDEO: Will summit focus on oil or new energy?
The Gulf is hosting the World Future Energy Summit - but are the delegates focusing on alternative energy - or on Iranian oil?.....

VIDEO: Unemployed pay higher car insurance
Car insurance premiums for unemployed people are, on average, 30 per cent higher than for those who are in work, according to research by the BBC......

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?.....

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......

Making money from your old mobile
How to make the most from selling your mobile.....

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.....

Open for business in Syria
Jan. 21 - Street markets affected but still bustling in Syria despite crisis. Deborah Lutterbeck reports......

Dow gains, but Google drains Nasdaq
Jan 20 - Summary of business headlines: Stocks end mixed as housing data boosts Dow, but Google drags tech stocks lower; Proposed U.S. anti-piracy legislation halted; Greek debt talks continue. Conway G. Gittens reports......

Housing market offers signs of hope
Jan 20 - Coldwell Banker realtor Frances Rosado says she is seeing more buying interest in her area including Clifton, New Jersey, but sellers are having to do more to clinch the deal, as national data hint at the beginning of the end of the housing .....

Carnival shares fall after shipwreck
Jan 20 - It was far from business as usual at the Miami, Florida headquarters of Carnival Corp., parent of Costa Cruises, which operates the ship that went aground off the Italian coast. Rough cut. No reporter narration......

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.....

Jefferies to make move for RBS cash equities
Jefferies has initiated one-on-one meetings with staff in Royal Bank of Scotland's equities business as the US investment bank prepares to make an offer for the state-backed lender's Hoare Govett corporate broking business.<img width='1' height='1.....

Sir Stelios Haji-Ioannou: flying into a storm
In his latest attack on the company he founded, Sir Stelios Haji-Ioannou has taken aim at executive pay at easyJet.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c069301/mf.gif' border='0'/><br/><br.....

Peacocks' structure doomed it to failure
When companies fail, it is often the case that many of those involved spend the weeks that follow playing a drawn-out blame game.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c069303/mf.gif' border='0'/><.....

Virgin Money nears deal on MBNA portfolio
Virgin Money is in pole position to buy a key part of MBNA's UK and Irish credit card business after a joint approach by Goldman Sachs and Apollo Management for the whole business appeared to have fallen by the wayside.<img width='1' height='1' sr.....

ARM chief Warren East is 'not interested in a glorious success followed by failure'
ARM Holdings' chips are found in 99pc of the smartphones in existence. But chief executive Warren East says the British company is only just getting started.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c06930.....

Decathlon in race for Best Buy
Decathlon, the world's biggest sportswear retailer, has entered the fray in the battle for some of the Best Buy stores as it attempts to open 100 shops in Britain.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1.....

'Secret jobless' could mask extent of unemployment
Jobcentre officials have moved hundreds of thousands of unemployed people claiming jobless benefits on to a "training allowance" over the past year, raising concerns the Government is "massaging" figures.<img width='1' height='1' src='http://teleg.....

Private equity in Peacocks rescue bid
Private equity firms KKR, Permira and Sun European Partners are all separately poised to bid for Peacocks after Sun European secured a 10m deal to buy the retailer's Bonmarche arm in a pre-pack administration.<img width='1' height='1' src='http://.....

Medical technology business Eykona takes 3D to America
A medical technology business spun out of the University of Oxford is this month heading to America with its 3D imaging products that enables doctors to accurately measure whether wounds are healing.<img width='1' height='1' src='http://telegraph......

Virgin Media chief Neil Berkett in BBC Trust attack
Virgin Media's chief executive Neil Berkett has called on the Government to rip up the rules on licensing film and television content and disband the BBC Trust.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c06.....

JPMorgan CEO Jamie Dimon to be paid $23m
Jamie Dimon, chief executive of JPMorgan Chase, has been awarded a $23m (14.7m) pay and bonus package despite continued trans-Atlantic focus on executive remuneration.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300.....

On pay, who decides how much is too much?
Sitting next to a banker at dinner last week, I was surprised when at the end of a conversation which roved from the small cap mergers and acquisitions market to whether The Iron Lady was any good (it is), my dining companion leaned back and said: "I.....

Investors fight for powers to block 'rewards for failure'
Britain's leading investors are to push for new powers to block "rewards for failure" termination payments to chief executives and remove remuneration committee chairmen who refuse to rein in excessive pay awards.<img width='1' height='1' src='htt.....

Sir Stelios Haji-Ioannou to vote against easyJet
Sir Stelios Haji-Ioannou, the founder and largest shareholder of easyJet, is to vote against the airline's remuneration report at its AGM in a move which will put him on a collision course with the company's board.<img width='1' height='1' src='ht.....

Apple looks to TV as profits set to hit $9.5bn
Apple is expected to deliver record profits this week as Wall Street analysts increasingly turn their focus to a television product as the company's next engine of growth.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/56.....

Graphite acquires National Fostering Agency
National Fostering Agency (NFA), the UK's second-largest private fostering business, has been sold to Graphite Capital for around 130m.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c06843d/mf.gif' border='0'/&.....

Eurozone burns money while the banks fiddle their balance sheets
'Nothing is safe that does not show it can bear discussion and publicity."<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c0617cd/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.co.....

Tom Stevenson: the key to a resilient portfolio
Recent history shows that picking the right country to invest in matters.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c0617ce/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com.....

Greek debt deal hits setback as talks suspended
Crucial talks over a debt deal between lenders and the Greek government were suspended over the weekend as the representative of bondholders flew out of Athens empty handed.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/.....

The UK's economic highs and lows - in pictures
Economists are divided on the outlook for the UK this year, with recent data painting a mixed picture for 2012. Here is a snapshot of the British economy's bright and dark spots.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/327.....

UK economy predicted to shrink in final quarter
The British economy contracted in the fourth quarter as the eurozone debt crisis took its toll, figures published next week are expected to show.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c058f64/mf.gif' bo.....

Greek talks continue despite creditors 'leaving Athens'
Crunch talks to thrash out how big a haircut Greece's private bondholders can withstand are set to continue despite representatives of the creditors reportedly leaving Athens.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/.....

Greek talks drag on as hopes rise for '70pc haircut' deal
Crunch talks to thrash out how big a haircut Greece's private bondholders will withstand are dragging into the weekend after late-night discussions crept closer to a deal but failed to finalise an agreement.<img width='1' height='1' src='http://te.....

What happens if Greece defaults?
Greece is expected to announce a bond swap deal with private sector creditors that will see at least half the value of their investments in its debt written off. We look at what this means for investors, the wider market, and Greece itself.<img wi.....

FSA wants bonuses to reflect PPI losses
Banks are under pressure from their watchdog to shrink their bonuses to reflect their multi billion-pound bill for the payment protection insurance (PPI) mis-selling scandal.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f.....