Search This Blog

Wednesday 8 February 2012

UK Financial News on 2012-02-08

News Corp profits swing to growth
Media giant News Corporation sees its net profits rise 65% in the three months to the end of December 2011 compared to 2010......

Groupon reports unexpected loss
In its first set of results as a public company, Groupon reports an unexpected loss of $42.7m (27.0m), when a small profit had been expected......

Cisco sees profits rise over 43%
US technology giant Cisco says rising quarterly sales show that its cost-cutting plans are bearing fruit......

RBS boss: I considered resigning
Royal Bank of Scotland chief executive Stephen Hester tells the BBC he briefly considered resigning during the uproar over his bonus......

A380 wing crack checks extended
Checks are ordered on all Airbus A380 superjumbos after cracks were found in wing components, extending an earlier safety ruling covering 20 planes......

Nokia to carry out 4,000 job cuts
Finnish mobile phone maker Nokia announced the details of 4,000 job losses on Wednesday at plants in Hungary, Mexico and Finland......

Care provider in new debt talks
The UK's largest care provider, Four Seasons, is in talks to find money to refinance its debts, but it denies union claims it is in financial difficulty......

Women 'facing pensions lock-out'
Low-earning women could be frozen out of a scheme to automatically enrol workers into a pension scheme, the TUC warns......

Superdry warns of weaker profits
Supergroup, the company behind the fashion chain Superdry, sees shares plunge after it scaled back its profit forecast......

Apple seeks revised patent rules
A letter from Apple's legal team reveals that the firm wants Europe to revise rules covering patents that are essential to industry standards......

Virgin Media posts strong profits
Strong demand for new TV services helped Virgin Media post a 48.2m profit in the fourth quarter......

Greek parties 'to finalise deal'
Greek PM Lucas Papademos is meeting coalition parties in an attempt to seal an austerity deal to secure a new EU/IMF bailout......

Jobs boost for economy in January
Employers added permanent jobs for the first time in four months in January, says the Recruitment and Employment Confederation......

Homeserve 'set to lose customers'
Maintenance company Homeserve cuts 200 jobs and says it expects to lose more customers than previously thought after concerns over sales techniques......

Builders ordered to pay up on tax
Construction workers who are dodging tax have been told to pay up ahead of a planned crackdown by the UK tax authority......

Reckitt results beat expectations
Shares in consumer goods group Reckitt Benckiser rise more than 3% after the firm announced better-than-expected earnings......

Vestas directors quit after loss
The finance chief at Vestas quits and other directors will not seek re-election to the board of the wind turbine company......

Tax deal brings out 2,000 evaders
Some 2,000 people from the UK with money invested in Liechtenstein have come forward after the tax haven was put under the spotlight......

Stores offer warranty concessions
Dixons, Comet and Argos have pledged to improve the way extended warranties for electrical goods are sold, the Office for Fair Trading says......

EMA replacement 'failing young'
A report suggests poor young students are dropping out of college because the government's bursary scheme is "inadequate"......

German exports hit record in 2011
German's trade surplus rises to 158bn euros in 2011 on record exports of 1.06tn euros, official figures show......

Empty shop numbers 'set to rise'
The number of empty shops on the UK's high streets is set to increase this year, a survey says, as economic conditions get tougher......

MSPs pass 30bn Scottish budget
MSPs have approved the Scottish government's 30bn budget in a Holyrood vote which saw 70 members backing it and 52 members rejecting it......

Olympic pay deal for Virgin staff
Virgin Trains is to pay staff a 500 bonus for working during the Olympics after negotiations with union chiefs......

Nissan profits up on global sales
Nissan reports a 3.6% rise its profit for the October to December quarter despite disruptions caused by floods in Thailand......

Theme parks help Disney profits
Profits for Walt Disney have risen thanks to the rising popularity of its theme parks and earnings from its television channels......

Redknapp cleared of tax evasion
Harry Redknapp says his "nightmare" is over after being cleared of tax evasion along with Milan Mandaric......

Hearts face action over tax bill
Heart of Midlothian Football Club is given eight days by tax officials to pay an outstanding bill or face liquidation......

2012 venue naming rights for sale
The Olympic Park Legacy Company has launched a process to recruit sponsors of venues beyond London 2012......

VIDEO: RBS boss considered resigning
The chief executive of the Royal Bank of Scotland, Stephen Hester, says he considered resigning during the recent uproar about his bonus......

VIDEO: Thomas Cook makes 91m loss
The UK's second biggest travel company, the tour operator Thomas Cook has revealed more heavy losses but also some hope because of healthy summer bookings......

VIDEO: More shoppers haggling for goods
In these tough economic times more British shoppers are haggling for their goods according to a new report......

VIDEO: Airbus cracks 'minor safety issue'
Aviation analyst Chris Yates told BBC News that possible cracks on Airbus A380 planes are a minor safety issue......

VIDEO: Does Groupon make money?
The online deals company Groupon is due to post its first financial results since becoming a publicly traded firm......

AUDIO: Why is there a National Fund?
The head of charities at a London law firm told Radio 5 live that the National Fund should go into a green investment bank......

AUDIO: Would a childcare loan system work?
The Social Market Foundation is launching its proposal for a new national childcare contribution scheme suggesting a new model in which the Government would help parents smooth the cost of childcare over their lifetimes......

AUDIO: Virgin targets tech savvy market
Virgin announced at the start of the year it is investing to double the connection of its internet speeds, but will that cost be passed on to customers? Telecoms analyst Ian Watt says Virgin Media are aiming to convert their existing userbase into hi.....

Cambodia faces rising wage demand
Are Cambodian workers falling out of love with garment-making?.....

Would you vote for a 13.5% pay cut?
Would you vote for a 13.5% cut in your salary?.....

Truck sales 'hint at economic pickup'
Builders' trucks sales point towards better times.....

My Business: From old cellar to successful winery
The Georgian winemaking twins reviving a lost art.....

What the Dickens is the author worth?
Valuing the author's brand, 200 years after his birth.....

'Europe is poor so should live within its means'
Time to learn from Asia and cut the cloth accordingly?.....

Road warriors struggle to get connected
Road warriors struggle to get connected.....

U.S. Day Ahead: Activision Blizzard needs to WoW
Tech Correspondent Liana Baker says investors want to see if subscribers are sticking to World of Warcraft when Activision Blizzard reports results after the close......

Wealth Managment: SEC's money-market plans raise concerns
Feb. 9 - Jefferies & Co. economist Tom Simons says that the SEC's plans to add regulation to the money market funds could be "kiss of death" for that industry......

Risk-free returns to remain depressed for years: Barclays
Feb. 8 - The latest Equity Gilt Study by Barclays Capital finds that the returns on risk-free assets will remain below normal for years and that the supply of safe-haven investments has decreased......

U.S., UK safe from euro zone contagion - for now: Barclays
Feb. 8 - Barclays Capital finds that developed markets of the U.S., UK and Japan won't feel an immediate effect from the euro zone's debt woes, but will have to reform their fiscal systems within the decade......

Harry's final spell for Time Warner
Feb. 8 - Time Warner beat quarterly forecasts thanks to the final installment of the Harry Potter movies series and higher subscription fees for its cable business. Conway G. Gittens reports from New York......

Trading at Noon: Wall Street erases early gains
Feb. 8 - U.S. stocks were down as investors awaited the latest attempt by Greece to reach a deal on reforms in exchange for a new bailout......

Breakingviews: Goldmans managed omnipresence
Breakingviews columnists discuss why Goldman Sachs working all sides of a deal isnt always bad, even if it doesnt look good......

Greeks lose faith in politicians: poll
Feb. 8 - A public opinion poll of Greek citizens show they've lost patience with their political leaders and want new elections, as Greek party leaders continue their delayed talks on a second EU/IMF bailout. Joanna Partridge reports......

Gingrich won't be GOP nominee, says Sabato
Feb. 8 - After a stunning three-state win for Rick Santorum, campaign expert Larry Sabato says Newt Gingrich is effectively out of the race. Sabato adds that Michigan, long seen as Romney's, could be in play......

Europe Day Ahead: Thursday
Feb. 8 - Central banks take the spotlight on Thursday, with the ECB seen signalling a March rate hike and the Bank of England expected to announce further bond buying......

Greece's debt drama - the players
Feb. 8 - As Greece's debt talks drag on, we offer a quick guide to the key figures at the table in Athens......

Sotheby's art sale tipped to realize more than 78 million
Feb. 8 - Sotheby's Impressionist & Modern Art Sale is expected to realize more than 78 million ($123.3 million). The sale includes new discoveries from Monet and Klimt and a strong surrealist section. Amy Gardner reports......

Ex-BoE hawk Sentance sticks to hard line on rates
Feb. 8 - Former Bank of England MPC member Andrew Sentance sees rising interest rates back on the agenda......

BHP Billiton strong despite profit slip
Feb. 8 - BHP Billiton, the world's biggest miner, reported a rare fall in earnings on Wednesday, hurt by labor battles and weaker commodity prices, but the result showed it was still in a different league from its would-be rival: Glencore-Xstrata. Jo.....

Nokia cuts 4,000 more jobs
Feb. 8 - Struggling Finnish phone maker Nokia plans to cut 4,000 more jobs at its plants in Finland, Hungary and Mexico as it seeks to cut costs by moving smartphone assembly work to Asia. Matt Cowan reports......

U.S. Morning Call: Santorum sweeps 3 states, blow to Romney
Feb. 8 - Former U.S. senator Rick Santorum wins the Republican primaries in Colorado, Minnesota and Missouri, dealing a blow to wounded front-runner Mitt Romney......

Record sales boost Nissan profit
Feb. 8 - Japanese car maker Nissan announces earnings with profits up by 3.6 percent in the last quarter, despite lingering effects of the Japanese earthquake and Thai floods. Joanne Nicholson reports.....

ECB could surrender to save Greece - Breakingviews
Breakingviews assistant editor, Robert Cole......

Facebook still a closed book in China
Feb. 8 - Mark Zuckerberg wants to "friend" China's massive market but how far is he prepared to go, and against what competition? Jane Lanhee Lee reports......

Wing cracks ground Qantas A380
Feb. 8 - Airline finds 36 cracks in wing, but insists with manufacturer that planes are safe to fly. Arnold Gay reports......

Reuters Today: Greece to try again to avert default
Feb. 8 - After talks were postponed due to 'missing paperwork', Greece's political leaders will try again on Wednesday to reach agreement on economic reforms......

Breakingviews: The IMF just doesn't get China
Breakingviews columnists discuss why the International Monetary Fund's estimates of how much the Euro Zone crisis will affect China are way off......

Market Pulse: Germany sells 3.3 billion of 5-year debt
Feb. 8 - Bid to cover ratio was lower than previous auctions, but solid, say analysts, as a deal on Greece seems imminent......

No applause for Disney sales
Feb. 7 - Summary of business headlines: Walt Disney quarterly sales disappoint, but earnings beat forecasts; Coca Cola topped expectations; Fed Chief Ben Bernanke keeping watch on Europe, warns lawmakers about deficits; Stocks rally on hopes Greek de.....

Redbox versus Netflix
Feb. 7 - Redbox is joining forces with Verizon to go up against Netflix, joining rivals like Amazon and Hulu plus, in the battle to grab market share of the streaming video business. Bobbi Rebell reports......

News Corp profits climb on cable TV and movie revenue
Rupert Murdoch's News Corp posted a better-than-expected quarterly profit, driven by strong growth at its cable TV networks and movie studio, which offset declines in its newspaper business.<img width='1' height='1' src='http://telegraph.feedsport.....

No 'exclusive' talks in Misys merger
Misys and Temenos, the two banking software companies negotiating a 2bn merger, have been forced to admit they are not in exclusive talks after a mix-up over an announcement.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f.....

Debt crisis and Greek debt talks: live
Wall Street slips into the red as S&P warns that the US could be downgraded again if it fails to create a "credible" fiscal plan, while Greek debt talks continue in Athens.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726.....

Euro soars as ECB offers debt deal to Greece
The euro neared a two-month high amid speculation that Greek politicians were ready to yield to the demands of their troika paymasters, despite a chaotic run-up to the talks.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f.....

You can't have it both ways, Mr Osborne
Telegraph View: The Chancellor has forgotten his role in creating an anti-business culture.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c80cf4e/mf.gif' border='0'/><br/><br/><a href="http://.....

More QE is barking up the wrong tree
Undeterred by now widespread bewilderment over how Quantitative Easing is meant to work in reviving the economy, or even whether it works at all, the Bank of England's Monetary Policy Committee is about to order another 50bn to 75bn bout of it.<im.....

Banks prop up becalmed blue-chip index
Although the market failed to make any headway in the absence of a deal on Greece's debts, a couple of buoyant banks stemmed the large-caps' losses.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c80a432/mf.gif'.....

Plus Markets shareholder 'disappointed' by sale
One of the largest investors in Plus Markets Group has said it is "saddened and disappointed" by the company's decision to put itself up for sale.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c8081ab/mf.gif' b.....

Thomas Cook set to appoint new chief executive
Thomas Cook has said it will finally appoint a new chief executive by the end of March as it faced a backlash over its 1.17m payout to departed boss Manny Fontenla-Novoa.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568.....

International Power's Brazil business hurt by rain
Heavy rainfall in Brazil helped wash 2.83pc off International Power's share price, as the company warned that the resulting high level of hydro-generation in the country could hit profits from the dam it is building.<img width='1' height='1' src='.....

A380 fleet to be checked for wing cracks
European safety regulators have ordered inspections of the entire fleet of A380 superjumbos after initial checks revealed cracks inside the wings.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c7d6e66/mf.gif' b.....

German exports fall at fastest rate in three years, sparks fears over Europe's bulwark economy
German exports fell at their fastest rate in nearly three years in December raising concerns that the eurozone debt crisis has damaged the powerhouse economy more than economists thought.<img width='1' height='1' src='http://telegraph.feedsportal......

FTSE 100: Polished performance from Reckitt as blue-chips lose shine
Consumer goods giant, Reckitt Benckiser, put in a polished performance as the FTSE 100 recovered its poise despite continued uncertainty over a Greek debt deal.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c80.....

UK house prices 'resilient' despite euro crisis, says Grainger
The UK's biggest listed owner of residential property says house prices have been more resilient than expected in the face of the eurozone crisis.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c7fdcc5/mf.gif' b.....

Careers advice: How Nationwide's Alison Robb made it to the top
Alison Robb, group director at Nationwide Building Society, says women looking to make it to board-level should show that they can grasp the brief and be decisive.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1.....

Reckitt Benckiser chases emerging markets growth
The new man at the helm of Reckitt Benckiser has unveiled a push into emerging markets and an unusual shake-up of North American and European operations, in what will be a "year of transition" for the consumer goods giant.<img width='1' height='1'.....

Careers advice: How eBay's Clare Gilmartin made it to the top
Clare Gilmartin is vice president of eBay Marketplaces, EU. She tells Louisa Peacock what it takes to be a successful 'career woman' - and says learning from other women is essential.<img width='1' height='1' src='http://telegraph.feedsportal.com/.....

Homeserve to make 200 UK job cuts after mis-selling scandal
Emergency repairs group HomeServe is planning to cut 200 call centre jobs from its UK business after a damaging mis-selling scandal last year.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c7fdcd2/mf.gif' borde.....

Careers advice: How TV veteran Lorraine Heggessey made it to the top
Lorraine Heggessey, former controller of BBC One, says women should plunge into the deep end and have the courage to stand their own.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c7fdcd3/mf.gif' border='0'/>.....

Daily Mail owner's shares fall after advertising decline
Shares in Daily Mail & General Trust (DMGT) fell 3.9pc to 444.3p after the decline in its advertising revenues accelerated.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c7fc220/mf.gif' border='0'/>.....

Bank of England poised to restart QE stimulus
Rate setters expected to unveil a further 50bn of QE and hold rates.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c7f448d/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/12.....

City boys' rugby tour email goes viral
Four high-flying former public schoolboys were left red-faced after an indiscreet list of rules for their rugby tour to Dubai were sent around the world.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c7ebe5b/mf.....

Hooray-Henry rugby tour email goes viral
Four high-flying former public schoolboys were left red-faced after an indiscrete list of rules for their rugby tour to Dubai were sent around the world.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c7ea727/mf.....

Nokia cuts 4,000 jobs as assembly moves to Asia
Nokia is to cut another 4,000 jobs as it announced plans to end smartphone assembly in Europe and shift production to Asia.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c7ebe5c/mf.gif' border='0'/>.....

Nokia cuts 4,000 as smartphone assembly moves to Asia
Nokia is to cut another 4,000 jobs as it announced plans to end smartphone assembly in Europe and shift production to Asia.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c7ea729/mf.gif' border='0'/><br/&g.....