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Friday, 23 November 2012

UK Financial News on 2012-11-23

Clean energy plan to add to bills
The government outlines plans to spend 7.6bn on cleaner energy by 2020, to be paid for through household bills, but delays a decision on long-term emissions targets......

US begins 'Black Friday' sales
US retailers have opened their doors for "Black Friday", usually the busiest shopping day of the year when stores reopen after the Thanksgiving holiday......

Arsenal in 150m Emirates deal
Arsenal football club signs a new 150m deal with Emirates airline, extending its shirt sponsorship to 2019......

EU budget talks end without deal
The Brussels summit on the EU's long-term budget ends without agreement but the head of the European Council is hopeful of a deal next year......

Trust lacking in comparison sites
Consumers' lack of trust in some price comparison websites means that they miss out on potential savings, a regulator says......

Germany rejects Swiss tax deal
Germany's upper house of parliament rejects a deal with Switzerland to tax German assets held in Swiss bank accounts......

Cyprus awaits major bailout deal
Further progress is made towards a rescue deal for Cyprus, the European Union and the International Monetary Fund have said......

What next for UBS after trader conviction?
Swiss bank UBS is under scrutiny over whether it did enough to prevent unauthorised trading after one of its former traders was jailed for fraud......

Tata Steel cuts 600 jobs in Wales
Tata Steel is cutting 900 jobs around the UK, including almost 600 at plants in south Wales, with most among white collar staff at Port Talbot......

Corrupt case oil firm pays 5.6m
An Aberdeen-based oil and gas company agrees to hand over 5.6m after it admitted benefiting from corrupt payments......

Wal-Mart suspends Indian staff
Wal-Mart, the world's largest retailer, suspends a "few associates" at its joint venture in India amid an ongoing probe into bribery allegations......

Family sweet firm sells for 50m
A multi-million pound sale of a family-run Leicestershire sweet firm will not put jobs in danger, staff are told......

Argentina rejects US debt ruling
Argentina says it will appeal against a US ruling ordering it to pay $1.3bn owed to foreign bond holders since its debt default in 2001......

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 26-year ban on importing British beef and lamb put in place after the BSE outbreak......

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......

BoE boss: 'Bank culture changed'
Bank of England governor Sir Mervyn King tells MPs the risk-taking culture at banks has changed, but banks must still be ring-fenced......

Poorest pupils 'weaker at maths'
Research suggests the poorest children are twice as likely to struggle at maths than their classmates......

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

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......

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......

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......

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

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......

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......

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.....

VIDEO: Cleaner energy plan will raise bills
Gas and electricity bills are likely to rise in the coming years, after the Conservatives and Liberal Democrats reached a deal on energy policy......

VIDEO: Tata Steel cuts 600 jobs in Wales
Tata Steel is cutting 900 jobs around the UK, including almost 600 at plants in south Wales, with most among white collar staff at Port Talbot......

VIDEO: EU summit ends without deal
The Brussels summit has ended without agreement on the 27-strong union's next seven-year budget......

VIDEO: Could UK press learn from Denmark?
The Leveson inquiry into press standards in the UK is expected to include recommendations for regulating newspapers, one country where tight restrictions are already in place is Denmark.....

VIDEO: Brewer Fuller sees profits rise
Brewer and pub operator Fuller, Smith & Turner has released its half year results. Pre-tax profits rose 4 percent to just over 17 million pounds......

VIDEO: 'Don Tony' joins new act in BBC drama
The new director general of the BBC, Tony Hall, says he is confident the corporation can get through what has been "a difficult few weeks"......

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

New Balance stays on track in Cumbria
The US sports firm making trainers in Cumbria.....

Should wealthy pensioners get benefits?
Should wealthy pensioners get benefits?.....

Are wealth and prosperity synonymous?
Is prosperity only about your money?.....

Viewpoint: The end of High Street banking as we know it
The traditional bank is under attack from forward-thinking firms.....

China: It's not easy being rich
Why it can be tough to be super-rich in China.....

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?.....

Record crowds hit Macy's in New York: CEO Terry Lundgren
Nov. 23 - Macy's CEO Terry Lundgren says record crowds hit the flagship store in New York on Black Friday. He says shoppers aren't worried about the fiscal cliff, spending on cosmetics and shoes......

Wall St. ends multi-week slump
Nov. 23 - Summary of business headlines: Stock rally boosted by Black Friday hopes; Macy's CEO says "fiscal cliff" not impacting consumer spending; Europe sees best weekly gain of the year. Conway G. Gittens reports......

Black Friday looks bright for retailers
Nov. 23 - The traditional Black Friday start to the frenzied U.S. holiday shopping season gets an early kick-off with some stores opening the day before, with many consumers out early in hopes of snagging the best deals. Conway G. Gittens reports......

U.S. Week Ahead: Retailers hope shopping spree continues
With Black Friday a blurred memory, online retailers hope the shopping will carry over until Monday when more deals hit retail websites......

Daily Digit: 50% of profits
Nov. 23 - Retailers can earn up to 50% of their profits during the holiday season. Conway G. Gittens reports......

EU summit ends without deal
Nov. 23 - European Union leaders failed to reach agreement on Friday on a new seven-year budget for their troubled bloc, calling off talks in less than two days after most countries rejected deeper spending cuts demanded by Britain and its allies. Ma.....

Trading at Noon: BlackBerry10 ripe for the picking
Nov 23 - Shares of RIM are soaring 13 pct after an analyst raised his price target as the market awaits the newest version of the BlackBerry......

Greek debt deal edges closer
Nov.23 - International lenders have reportedly agreed new steps to cut Greece's debt pile further but it still has to fill a 10 billion euro gap to gain the IMF's approval for its next tranche of aid, according to a senior Greek official. Ciara Sutto.....

Europe Week Ahead: Greece aid talks, EU budget in focus
Nov. 23 - The resumption of Greek aid talks and potentially the EU budget are among key events that will be watched by investors next week......

U.S. Morning Call: Black Friday is here! Shoppers flock
Nov 23 - Black Friday shoppers around the U.S. flock to retailers as they take advantage of bargains......

U.S. Morning Call: Black Friday is here! Shoppers flock
Black Friday shoppers around the U.S. flock to retailers as they take advantage of bargains......

Daily Digit: German business sentiment
Nov. 23 - German business sentiment surprised with its first rise in seven months in November, as companies turned more optimistic and put Europe's powerhouse economy on track for stronger growth again next year. Hayley Platt reports......

Lagos school girls harness the power of pee
Nov. 23 - A group of enterprising Nigerian teenagers have developed a generator powered by urine to counter the country's chronic shortage of reliable electricity. It is estimated that more than half of Nigeria's 160 million citizens have no access t.....

Breakingviews: Germany benficiary of ECB largesse
Breakingviews......

The Ivy League marches East
Nov. 23 - Western schools have been turning to Asia for expansion, moving to capitalize on education-obsessed families and students who have more money to spend......

Reuters Today: EU budget deal prospects dim
Nov. 23 - The chances of an EU budget deal dim as compromise proposals ignore Britain and Germany. Plus how Sony and Panasonic slumped to junk......

Asia Week Ahead: BOJ policy minutes, India GDP in focus.
Nov. 23 - Minutes from a recent policy meeting of Japan's central bank and India growth data are among the events that will be watched by investors in Asia next week......

Factbox: bankers' bonus tumble
Nov. 23 - After a year awash with scandals and job cuts, bankers can expect to find up to 30% less in their 2012 bonus packets. Which sectors are likely to get a 'donut' (nothing) & who's bucking the trend.....

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......

EU budget battle begins
Nov. 23 - European leaders are holding crunch talks on their spending plan for the next seven years. European Union negotiators seemed close to securing British and German backing for a deal on a nearly 1 trillion euro budget, but concessions will be.....

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.....

EU Budget: Why Brussels bureaucrats should fight the fat
Nov. 22 - Europe's capital is telling member states to reduce spending but people are looking at the centre and finding what looks like fat......

The 7bn bust-up over Autonomy could leave loser fatally wounded
Mike Lynch is trying to turn the tables on Meg Whitman.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/25e7aed6/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/151230081676/u/.....

Hewlett Packard claims 'don't add up', says Mike Lynch
Former Autonomy boss Mike Lynch is to summon Hewlett-Packard chief executive Meg Whitman to the UK "to explain herself", after she accused his business of cooking the books.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/.....

A master of half truth: the man who lied about wealth in 1.8m divorce
A businessman has been described as "a master of the half truth" by a judge who said the man lied to his wife about how rich he was when they agreed a 1.8 million divorce settlement.<img width='1' height='1' src='http://telegraph.feedsportal.com/c.....

Eurozone confidence returning, says Mario Draghi
Confidence in the future of the eurozone is returning, Mario Draghi, the head of the European Central Bank, has claimed.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/25e7a457/mf.gif' border='0'/><br/>&.....

Indian and Italian firms battle for stake in Aston Martin
An Italian private equity firm and an Indian carmaker are vying to purchase a 50pc stake in Aston Martin.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/25e6c78a/mf.gif' border='0'/><br/><br/><a.....

Nathan Tinkler faces end of his rags-to-riches fortune
Mining magnate Nathan Tinkler could see the end of his rags-to-riches fortune built on Australia's commodities boom as he faces legal action over unpaid bills, it emerged on Friday.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/.....

Europe campaign against companies that dodge tax
Britain has joined forces with Germany and France to press for a speedy crackdown on systematic tax dodging by big business.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/25e70d26/mf.gif' border='0'/><br/&.....

Nationwide calls for full deposit protection
Britain's biggest building society has urged the Government to give savers unlimited protection on their deposits.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/25e70d27/mf.gif' border='0'/><br/><br/.....

Blue-chips surge into the weekend
The FTSE 100 booked its biggest weekly rise this year.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/25e6bc6f/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/151230170947/u/3.....

Drilling group uses new UK rules to avoid criminal prosecution into corruption
Abbot, the Aberdeen-based drilling group, has become one of the first companies in the UK to settle a corruption case under "self-reporting guidelines" introduced into law earlier this year.<img width='1' height='1' src='http://telegraph.feedsport.....

FSA should have 'smelt a rat' at HBOS, says Lord Turnbull
The Financial Services Authority's obsession with process meant it failed to ask basic questions and spot the problems that built up at HBOS in the years before its collapse, according to Lord Turnbull.<img width='1' height='1' src='http://telegra.....

Commission to look at bank computer systems
Banks should be forced to create a common computer system to make it easier for new entrants to challenge the country's established high street banks, according to a member of the commission looking at the structure of the industry.<img width='1' .....

Questor Plus: invest in water shares
Garry White says recent noises from the regulator suggest water shares may make a good buy.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/25e63c88/mf.gif' border='0'/><br/><br/><a href="http://.....

Moody's warns of risk to Glencore Xstrata over blocked bonuses
The failure of investors to back a 140m "golden handcuffs" plan for executives poses a risk to the future of the mining and commodities giant being created through the tie-up of Glencore and Xstrata.<img width='1' height='1' src='http://telegraph......

EU Budget: as it happened - November 23, 2012
David Cameron has been accused of "blackmailing" other European Union leaders as talks on the trillion-euro EU budget finish in deadlock.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/25e63c8a/mf.gif' border='0'.....

Debt crisis: Cyprus nears euro bail-out deal
Cyprus nears a 17bn (14bn) bail-out by rescuers who said talks had made "good progress".<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/25e63c8b/mf.gif' border='0'/><br/><br/><a href="http://da......

EU Budget: EU talks finish in deadlock - live
David Cameron has been accused of "blackmailing" other European Union leaders as talks on the trillion-euro EU budget finish in deadlock.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/25e5ae21/mf.gif' border='0'.....

EU Budget: Cameron accused of 'blackmail' - live
David Cameron has been accused of "blackmailing" other European Union leaders as talks on the EU budget approached collapse with the summit has been effectively deadlocked by disputes.<img width='1' height='1' src='http://telegraph.feedsportal.com.....

Wealthy turn to fine art for finance
Those who own valuable pieces of art are taking out loans against their assets to raise finance.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/25e5667d/mf.gif' border='0'/><br/><br/><a href="ht.....

EU Budget: Eurocrat 'gravy train' exposed - live
EU officialdom has been stung by David Cameron's criticisms of the "gravy train" pay and perks enjoyed by eurocrats and has hit back with figures showing British officials are just as bad - or even worse.<img width='1' height='1' src='http://teleg.....

Mortgage approvals reach nine month high in October
Mortgage approvals rose to 33,039 in October, but these figures are still low compared to previous years.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/25e5667e/mf.gif' border='0'/>.....

Dunkin' Donuts bid for 'Best Coffee in America' fails
Efforts by US coffehouse and doughnut chain Dunkin' Donuts to claim exclusive rights to the phrase "Best Coffee in America" have been dismissed.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/25e5667f/mf.gif' bor.....

China's 'Go West' boom offers bonanza for British banks
Rarely have British banks, insurers, and financial firms been offered such tempting fruit on a platter, if they are willing to take the plunge in China's western hinterland.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/.....

Brewer Fuller's warns high taxes threatens jobs
Fuller Smith & Turner, the pub owner and brewer of London Pride, has warned that high taxes are threatening jobs in the industry and urged the government to rethink its "damaging policy".<img width='1' height='1' src='http://telegraph.feedspor.....

Comparison websites need to build customers' trust, says OFT
People are missing out on potential savings because of a lack of trust in comparison websites says OFT.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/25e6813c/mf.gif' border='0'/>.....