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Thursday, 22 November 2012

UK Financial News on 2012-11-22

EU leaders begin budget battle
EU leaders meeting in Brussels seek a deal on the bloc's seven-year budget, with many calling for cuts as they rein in spending nationally......

Earnings rise less than inflation
The average annual earnings of full-time workers in the UK rose by 1.4% to 26,500 in the year to April 2012, less than the 3.5% rise in inflation......

Russia lifts ban on British beef
Russia agrees to lift a 16-year ban on importing British beef and lamb put in place after the BSE outbreak......

BoE boss: 'Bank culture changed'
Bank of England governor, Sir Mervyn King, tells MPs the risk-taking culture at big banks has changed, but retail and investment banking still needs to be separated......

Sony and Panasonic ratings cut
Tech firms Sony and Panasonic have their credit ratings slashed to the level of junk status for the first time......

Eurozone output contracts again
Business activity in the eurozone continued to decline in November and output is set to contract further, a closely-watched survey suggests......

Cable promises takeover scrutiny
The government says it will take "a greater interest" in mergers and acquisitions involving UK companies as part of its response to the Kay Review......

New markets help SABMiller grow
Brewing giant SABMiller says that profits improved, driven by growth in emerging markets, sending shares higher......

EU backs Xstrata-Glencore merger
The European Commission gives its backing to commodities giant Glencore's $31bn (19.5bn) bid to take over mining firm Xstrata......

Million youngsters remain 'Neet'
There are still more than a million young people not in education, employment or training in England, despite a dip......

Mothercare performance improves
Mothercare says its turnaround strategy continues to yield results, cutting losses and arresting its sales decline......

Daily Mail owner's profits rise
The Daily Mail group of newspapers said its profits rose by 10% through improving productivity and efficiency......

Apple told to disclose HTC deal
A US judge orders Apple to disclose details of its patent sharing deal with Taiwan's HTC to its Korean rival Samsung......

Network Rail debts increase again
Network Rail, which maintains Britain's rail track and signalling system, has reported flat profits but higher debt over the past six months......

Further lettings regulation urged
Surveyors call for more regulation of lettings agents, following recent moves to crack down on the charging of unlawful fees......

Rupert Murdoch sells $10m stake
Media mogul Rupert Murdoch sells just over $10m (6.3m; 7.9m euros) in News Corp shares, about 5% of his family's stake in the media firm in terms of Class A shares......

Twinkies liquidation is approved
A US bankruptcy judge approves the liquidation of Hostess Brands, the company that makes Twinkies, Wonder Bread, Ding Dongs and Ho Hos......

MPs raise benefit change concerns
The introduction of the government's flagship universal credit benefit next year may leave the most vulnerable struggling to cope, MPs warn......

Savings rates hit by FLS scheme
Interest rates on savings accounts have been depressed by the government's Funding for Lending Scheme, according to Moneyfacts......

Car rental company investigated
A major UK car and van rental company - A1 National Car and Van Rental Limited - is being investigated following claims that it failed to return customers' deposits......

Osborne urges bank reform focus
Chancellor George Osborne urges a committee studying UK banking standards not to send proposed reform "back to square one"......

China manufacturing picks up pace
China's manufacturing activity expands in November, according to a report by HSBC, the latest sign that its growth may be rebounding......

China to 'simplify' FDI procedure
China says it will "simplify" procedures for foreign direct investments, the latest step in its attempts to attract more investors......

US economy 'to expand modestly'
The US economy is going to expand modestly in the next few months, according to the latest data from the Conference Board......

Kettle Chips ex-boss repays bonus
The ex-boss of Kettle Chips-maker Diamond Foods, Michael Mendes, agrees to repay two years' bonuses after an accounting scandal......

Maritime firm buys new vessels
A Scottish maritime services company is to expand its operations in Europe, after buying three new vessels worth nearly 9m......

Defence firm set to cut 50 jobs
Defence engineering firm Thales is cutting 50 jobs from its operations in Northern Ireland, the BBC learns......

Squash hunts for Olympics place
As the Hong Kong Open begins, BBC Sport looks at squash's latest bid to participate in the Olympics with 2020 the target.....

GFH finalises Leeds takeover deal
Middle East-based private equity group GFH Capital finalises a deal to take over Championship club Leeds United......

Whyte slams HMRC Rangers tactics
Former owner Craig Whyte believes Rangers would have survived were it not for the "incompetence" of the tax authorities......

VIDEO: Supermarkets' Christmas hours plea
Supermarkets are calling for the relaxation of Sunday trading rules with just over a month to go before Christmas.....

AUDIO: Should wealthy pensioners get benefits?
Should pensioners with an income of over 50,000 be entitled to benefits like the winter fuel allowance or a free bus pass?.....

VIDEO: Banking culture: 'Risk now is in Asia'
Professor Chris Roebuck from Cass Business School has warned that reforms to banks in the UK could be at risk from banking culture in Asia.....

AUDIO: Should lettings be more regulated?
A housing expert explained to 5 live the concerns of the Royal Institution of Chartered Surveyors about the rental market......

VIDEO: How to fix the banks, and what next?
Jeremy Paxman asks how the banks could be fixed, and what might be the next crisis to hit the financial industry......

VIDEO: How beer sales reflect global economy
SABMiller, the world's second-biggest brewer, met expectations with a 12% rise in first-half profit, and said strong growth in Africa and Latin America should continue......

AUDIO: How universal credit will work
Welfare rights advisor Gary Vaux told 5 live's Wake Up To Money how the universal credit benefit system would work......

AUDIO: Do businesses want to stay in EU?
David Cameron will press for a minimum real-terms freeze in the EU's budget as leaders gather for a crunch summit on 2014 to 2020 spending today. But aside from the politics, what do UK businesses make of the increasingly fractious relationship with .....

Coal resurgence calls undermine clean energy commitments
How the world fell back in love with coal.....

Hewlett-Packard: Death of a giant?
What next for Hewlett-Packard after Autonomy debacle?.....

Viewpoint: How Sony slipped back
How Sony missed out on growing as big as Amazon and Google.....

Thieves fail to profit from stolen works of art
Do thieves profit from stolen works of art?.....

Retail bonds open up new lane for retail investors
The pros and cons of investing in glorified IOUs.....

Remembering the coffee pot webcam
How caffeine addiction led to the world's first webcam.....

Life after Ireland's bailout
Irish potato-seller laments ongoing crisis.....

Europe Day Ahead: EU leaders wrangle over budget
Nov. 22 - EU budget discussions over 1 trillion budget highlights disagreements between some member states. Talks promise to be potentially hard fought......

Spain's Catalonians flag independence
Nov. 22 - As pro-independence feelings rise in Catalonia ahead of a snap regional election on Sunday (November 25), business is booming for a tailor making Catalan flags and a shop selling Catalan souvenirs. Hayley Platt reports......

Breakingviews: EU budget - political dynamite
Breakingviews, not least because the UK may find its rebate hard to justify......

Reuters on the Road: Innovation Agency's Grapple with Apps
Nov. 22 - Grapple CEO Alistair Crane takes the taxi challenge to explain the art of successful mobile commerce.....

Reuters Today: Trillion euro stand-off in Brussels
Nov. 22 - EU budget talks likely to be tough, Spain seeks funding and China's factories show signs of revival......

Black Friday debut for Wii U launches next-gen gaming war
Nov. 22 - Nintendo's new Wii U console is racking up stellar sales. But with tablets and smartphones now competing for the same audience, the big console makers will have to up their game. Jon Gordon reports......

Daily Digit: China's rebound confirmed?
Nov. 22 - An early indicator of China's manufacturing activity, HSBC's Flash PMI, hit a 13-month high in November, and showed China's nascent recovery may be gaining strength. Tessa Dunlop reports......

Daily Digit: 1 trillion EU standoff
Nov. 22 - 1 trillion euros is the amount of the EU's seven year budget and Europe's leaders will be battling over it in Brussels for the next few days. Ciara Sutton reports......

Sports Spread: Can Benitez bring out the best in Torres?
Nov. 22 - Rafa Benitez takes charge of Chelsea against Man City with all eyes on his ability to bring out the best in Fernando Torres. Plus Swansea v Liverpool and the climax of the F1 season......

Market Pulse: What's Moving Today and Why
Insider has its finger on the market pulse, analyzing and making sense of the biggest movers of the day......

Mideast rest gives Wall St. bounce
Nov 21 - Summary of business headlines: Middle East ceasefire calms Wall Street; Hostess liquidates; Manufacturing hits new five-month high; Jobless claims rise; Consumer sentiment flat; Investors get ready for Black Friday. Conway G. Gittens reports.....

Stroller screen time
Nov. 21 - The latest must-have for the stroller set? A high-end stroller with an iPad holder for both parent and baby. Bobbi Rebell reports......

U.S. Day Ahead: Welcome to Black Friday!
Nov 21 - If you aren't in a food coma, then you are probably enjoying the best and the worst of American malls. Here's our guide to Black Fridays winners and losers......

Green toilet saves water, feeds garden
Nov. 21 - In the western world, thousands of gallons of water are flushed down the toilet every year - valuable water that could otherwise be used for drinking or growing food. But a Canadian company is trying to minimize that waste by producing wate.....

Daily Digit: 410,000 new jobless claims
Nov. 21 - Fewer Americans filed for new unemployment benefits, but the number remains hefty due to super storm Sandy. Conway G. Gittens reports......

Trading at Noon: HP & Deere on the Thanksgiving menu
Nov 21 - A look at how deal activity may be impacted by HP's latest scandal, and higher costs push Deere profit down......

EU braced for budget battle royale
Nov.21 - European Council staff protested against budget cuts, as EU leaders are preparing for tough talks on the bloc's 1 trillion euro budget from 2014-2020,as the member states can't agree on a spending plan. Britain says austerity across the regi.....

Breakingviews: Lessons from HP on how not to screw up an M&A
Nov 21 - Following the Autonomy debacle, Rob Cox and Breakingviews columnists offer five lessons learned from HP's mistakes. Rule one: dont do a deal when there is chaos in the boardroom......

Europe Day Ahead: Divisions Expected at Budget Summit
Nov. 21 - EU leaders meet on Thursday to overcome deep divisions over the bloc's spending plans, worth almost 1 trillion......

3XSQ: Deere results offer weak global growth snapshot
Nov 21 - Deere & Co, the world's largest farm equipment maker, reported a weaker-than-expected quarterly profit as a strong dollar reduced the value of international sales......

Daily digit: Gem of a deal for Faberge
Nov. 21 - Jewellery maker, Faberge, has been valued at $142 million ahead of its sell-off from South African firm, Pallinghurst Resourses. Precious stones miner, Gemfields is in the frame for an all-share deal. Joanne Nicholson reports......

Greek debt deal fails - how many more times?
Nov. 21 - Greece's international lenders have failed for the second week running to agree how to get the country's debt down to a sustainable level - how damaging is the lack of any decisive action? Hayley Platt reports......

In the Boardroom: HP-Autonomy debacle
Nov. 21 - Hewlett Packard has made allegations of major accounting fraud at its British software firm, Autonomy. Lucy Marcus looks at the fall-out: apportioning blame, audit committees & board responsibility......

Breakingviews: Greece needs positive shock
Nov. 21 - Why Greece needs a positive shock and a return of confidence to boost growth. And how impending elections are taking Angela Merkel's eye off the austerity ball......

Reuters Today: Greek deal fails again
Nov. 21 - Greece's lenders once again fail to agree on how to cut its debt, plus Hillary Clinton holds truce talks in Mideast......

Cupid shares attract investor attention
The dating group said it was a year ahead of expectations<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/25de39bf/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/151230040870/.....

Mike Lynch saw Autonomy as 'Trojan horse to take over Hewlett-Packard'
British entrepreneur Mike Lynch planned to use the $11.1bn (7.1bn) sale of his software company, Autonomy, as a "Trojan horse" with which to "take over" Hewlett Packard, it has been claimed.<img width='1' height='1' src='http://telegraph.feedsport.....

Banking can be made honest - but not fail-safe
Too many restrictions on banks will cut the flow of capital to industry, argues Jeremy Warner<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/25de3562/mf.gif' border='0'/><br/><br/><a href="http:.....

Olympic and Paralympic stamps help boost Post Office profits
Sports fans bought 8m of special Olympic and Paralympic stamps during and after the London 2012 Games, helping Post Office to increase its profits.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/25de3048/mf.gif' .....

Vince Cable's talk of long-termism is hollow while political risks deter investment
How many people reading this would associate the Coalition with long-termism, or any government of the past 20 years for that matter?<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/25de304a/mf.gif' border='0'/>.....

Ethics in the City: Vince Cable wants regulators to define 'act in good faith'
Vince Cable wants regulators to define the duty of investment managers to "act in good faith", as part of the Government's bid to curb the City's "quick buck" mentality.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/5683.....

Network Rail debt will 'keep rising for decades'
Network Rail's debt will continue to rise for another three decades, the group's finance director has admitted, after half-year results showed its borrowings have broken through 28bn.<img width='1' height='1' src='http://telegraph.feedsportal.com/.....

Debt crisis: church groups urge EU to help Greece
Greece is facing a humanitarian crisis and growing racism, two international church groups said on Thursday, and appealed to the European Union to help the struggling nation.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f.....

Ryanair threatens to pull flights from Budapest amid fees row
Ryanair is holding the owners of Budapest Airport to ransom by threatening to pull one in three of its routes from the Hungarian capital unless charges are lowered.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/.....

Swiss to vote on tax rules for millionaires
Switzerland could scrap tax breaks for foreign millionaires after activists succeeded in getting a more-than-century-old law put to a popular vote.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/25dd4b25/mf.gif' .....

Latest eurozone PMI figures suggest downturn deepening
The eurozone has seen an ongoing steep decline as data shows the share currency bloc's economy is entrenched in the steepest downturn since mid-2009.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/25dd271c/mf.gif.....

Factories expect to cut output as growth stalls
British factories are poised to cut production, adding to expectations that economic growth is faltering in the current quarter.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/25dd20f5/mf.gif' border='0'/><.....

UBS reportedly nears 50m settlement following Kweku Adoboli fraud
UBS is reportedly nearing a settlement with regulators that could land it with a fine of up to 50m for failures that led to a $2.3bn (1.4bn) rogue trading loss.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/25dd.....

EU Budget: as it happened - November 22, 2012
Prime Minister David Cameron said it is "quite wrong" for there to be increased spending in the EU, adding that Britain's position on the rebate is "fully justified" and he will not support any changes.<img width='1' height='1' src='http://telegra.....

Debt accord would ensure US Treasury Secretary's place in history
There are some US Treasury Secretaries the American public are likely to remember.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/25dca004/mf.gif' border='0'/><br/><br/><a href="http://da.feedsp.....

EU Budget: 'Quite wrong' to increase spending in EU budget says Cameron - debt crisis live
Prime Minister David Cameron said it is "quite wrong" for there to be increased spending in the EU, adding that Britain's position on the rebate is "fully justified" and he will not support any changes.<img width='1' height='1' src='http://telegra.....

Black Friday: Why it matters to the rest of the world
Black Friday, the busiest shopping day of the year in the US, is all about what insight the sales offer into how the world's biggest economy will perform over the key Christmas shopping period.<img width='1' height='1' src='http://telegraph.feedsp.....

Gap in bank reforms puts customers' savings at risk, warns BoE Governor Sir Mervyn King
A loophole in the Government's planned bank reforms risks leaving the taxpayer on the hook for billions of pounds in the next financial crisis, the Governor of the Bank of England has warned.<img width='1' height='1' src='http://telegraph.feedspor.....

Depositor loophole could undermine bank reforms
A gaping hole in the Government's planned bank reforms risks leaving the taxpayer on the hook for billions of pounds in the next financial crisis, the Governor of the Bank of England has warned.<img width='1' height='1' src='http://telegraph.feeds.....

Mothercare cuts losses as it press ahead with turnaround
The baby clothing and equipment retailer Mothercare has cut losses as chief executive Simon Calver begins to turn around the ailing business.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/25dc7e71/mf.gif' border.....

UK's Black Friday shopping frenzy keeps Amazon busy
Staff at Amazon are working flat out in its UK warehouses as the online store discounts thousands of products ahead of its Black Friday sale.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/25dc389f/mf.gif' border.....

Which country has the best quality of life?
Switzerland, Australia and Norway have the highest quality of life and are the best countries to be born in, according to a new report, while the UK lags far behind in 27th place.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32.....

Cabin class
If your shopping list includes a private jet, then Steve Varsano's showroom in central London is for you. Sally Williams meets the man who sets out to satisfy the highest of high-fliers.<img width='1' height='1' src='http://telegraph.feedsportal.c.....

Black Friday: How the day got its name
Black Friday is the day following Thanksgiving Day in the United States, traditionally the beginning of the Christmas shopping season.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/25dc34d0/mf.gif' border='0'/&g.....

Retirees to raise 186bn by downsizing
Three million households who are looking to downsize their homes want to buy a new property that is 36pc cheaper.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/25dc34d1/mf.gif' border='0'/><br/><br/&.....