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Thursday 6 December 2012

UK Financial News on 2012-12-06

Starbucks agrees to pay more tax
Coffee chain Starbucks takes the "unprecedented" step of agreeing to pay about 20m more in UK corporation tax over the next two years following a public outcry......

More spending cuts 'on the cards'
More welfare cuts and tax rises "must be on the cards" for the government's Autumn Statement numbers to add up, the Institute for Fiscal Studies says......

Battle over 'strivers' tax' claim
Labour calls government plans to squeeze benefits a "strivers' tax", but ministers insist "strivers" will be better off after the Autumn Statement......

Software delay hits Green Deal
Assessments under the government's energy saving scheme called Green Deal have been delayed by a lack of computer software......

ECB cuts euro growth forecasts
The European Central Bank revises down its eurozone economic forecasts for this year and next as "economic weakness extends into 2013"......

Zynga seeks US gambling licence
Games developer Zynga takes the first step to apply for a gambling licence from the US state of Nevada......

Bank refrains from new stimulus
The Bank of England decides not to increase its quantitative easing stimulus programme and keeps interest rates unchanged at 0.5%......

Philip Green sells Topshop stake
Retail boss Sir Philip Green sells a 25% stake in his Topshop and Topman chain, in a deal that values the business at 2bn......

Apple to make Mac computers in US
Some of Apple's Mac computers will be made in the US, chief executive Tim Cook says......

Tax credit debt collection fears
Campaigners call on the government to ensure debt collectors have high standards when collecting tax credit overpayments......

Rolls-Royce in SFO bribery talks
Aircraft engine maker Rolls-Royce says it is talking to the Serious Fraud Office over alleged bribery involving intermediaries in Asia......

Tax avoidance schemes 'immoral'
Tax avoidance schemes, such as the one used by comedian Jimmy Carr, are "completely and utterly immoral", Margaret Hodge, chair of the Public Accounts Committee says......

EU clamps down on tax avoidance
The European Commission announces a series of proposals designed to tackle tax evasion and tax avoidance within EU member states......

Hundreds of workers risk job loss
Hundreds more disabled workers at Remploy factories risk losing their jobs, the government announces......

Car sales set for four-year high
UK new car registrations rise 11% in November, putting them on course for their highest full-year total since 2008, the SMMT claims......

Npower fined for abandoned calls
Energy company Npower is fined for making abandoned calls - when residents answer to be greeted by a recorded message......

House prices 'face little change'
House prices bounced back slightly in November, but are still lower than a year ago, says the Halifax mortgage lender......

Pension regulations may change
The government is going to consult on plans to ease the burden on companies of running final-salary pension schemes......

Benefits squeeze 'to save 3.7bn'
Some benefits will be increased at a lower level than the rising cost of living, the chancellor announces, saving 3.7bn in 2015-16.......

Irish budget sees property tax
The Irish government announces a package of fresh austerity measures, including a new property tax, worth billions of euros in its 2013 budget......

Greece 'most corrupt' EU country
Greece is perceived to have the most corrupt public sector of all 27 EU countries, a new global survey reveals......

UK warned on debt 'credibility'
The UK's failure to meet a key public debt target "weakens the credibility" of its top AAA credit rating, the Fitch ratings agency says......

Mulberry confirms profit squeeze
Mulberry, famous for its leather bags, confirms that its profits have been squeezed by the cost of improving the quality of its luxury goods......

Bank sees $330m Iran settlement
Standard Chartered expects to pay $330m (205m) to US regulators to settle claims that it did not comply with US sanctions against Iran......

Apple v Samsung award scrutinised
Apple and Samsung return to court to argue whether a $1.05bn (652m) patent award should be overturned or the sum increased......

Outrage over Olympics suspension
There is outrage in India after its top sports body is suspended by the International Olympic Committee ahead of elections in which officials accused of corruption were to be appointed......

West Ham given stadium ultimatum
West Ham's owners must agree to share the profits from any future sale of the club in order to move into the Olympic Stadium......

VIDEO: Will Britain lose AAA credit rating?
The UK could lose its AAA credit rating early next year as the economy shrinks and the OBR forecasts look "way too optimistic", says City AM editor Allister Heath......

VIDEO: Debt v deficit: What is the difference?
Following the chancellor's announcement that he will miss his own targets for reducing the UK's debt, the BBC's Simon Gompertz explains the difference between 'debt' and 'deficit'......

VIDEO: Branson 'positive' over rail bids
Virgin founder Sir Richard Branson has called for "transparency and quality" to be part of the new rules on the future of franchising, following the collapse of a deal for the West Coast Mainline route......

VIDEO: 'We've been number crunching all night'
Staff at the Institute for Fiscal Studies (IFS) have been working around the clock to produce an analysis of the Autumn Statement......

VIDEO: Round two: Apple v Samsung
The battle between Apple and Samsung returns to a US court to review damages awarded to Apple in August......

VIDEO: Starbucks agrees to pay more tax
Coffee chain Starbucks has agreed to pay more UK corporation tax, after a public outcry over how little it pays......

VIDEO: Mulberry confirms profit squeeze
British brand Mulberry confirms that improving the quality of its luxury goods has squeezed profits......

VIDEO: Why villagers are scared of fracking
Energy giants are on the hunt for cheaper gas but people are not so keen on having fracking - a method of obtaining shale gas - taking place near their homes, particularly after previous testing in Lancashire......

Q&A: How will the Autumn Statement affect you?
Q&A: How Autumn Statement measure affects you.....

When Rugby League meets Hollywood
Mickey helps rugby legend write business book.....

Viewpoint: The UK should aim for technology leadership
Silicon Roundabout wants more tech firms.....

Islamic finance faces growth challenges
Islamic finance faces growth challenges.....

Daily Digit: 370,000 jobless claims
U.S. weekly jobless claims drop back to pre-storm range. Sasha Salama reports......

U.S. Day Ahead: 3 reasons why the Jobs Report matters
Dec 6 - Yes Sandy looks like it will distort Friday's non-farm payrolls, but here's why you should actually pay close attention to the data......

Scuffles at Ireland anti-austerity protest
Dec. 6 - Scuffles break out between anti-austerity demonstrators and police in Dublin, as Ireland tests the economy with its latest dose of austerity in the 2013 budget. Rough cut (no reporter narration)......

Wealth Strategies: Shapiro leaves SEC better off: TMX CEO
Dec. 6 - Tom Kloet, CEO of Toronto Stock Exchange operator TMX, feels Mary Shapiro's successor at the SEC inherits a better agency than she did and says the fiscal cliff has dampened spending around the world......

Starbucks to pay more UK tax
Dec. 6 -Coffee chain Starbucks has given in to pressure from UK lawmakers, campaigners and consumers, and says it will pay up to 20 million pounds more in UK tax. Starbucks, along with other multinational companies like Google and Amazon, pays very l.....

ECB cuts euro zone growth forecast
Dec. 6 - The euro zone economy is likely to shrink next year, the European Central Bank predicted on Thursday, sharply downgrading its outlook after holding interest rates at a record low 0.75 percent. Joanne Nicholson reports......

Trading at Noon: Apple Trading: Sweet or Sour?
Dec 6 - Apple edges higher after losing ground in early trading with market cap falling below $500 billion.....

Breakingviews: H without P
Dec 6 - Breakingviews columnists discuss why Hewlett-Packard could be worth almost twice as much broken up and how carving up the tech icon could spare CEO Meg Whitman from a messy turnaround battle......

LeWeb moves focus to mobile
Dec. 6 - Paypal's CEO David Marcus discusses the company's new mobile payments tools at the LeWeb technology conference in Paris while Nokia Head of Design Marko Ahtisaari shows off the company's new range of Windows 8 Lumia phones which it hopes wil.....

Europe Day Ahead: Investors eye U.S. jobs report
Dec. 6 - A look ahead to Fridays key events including the latest U.S. nonfarm payrolls report and German economic data......

Wealth Strategies: Citi stock could hit $75 in three-to-four years
Dec. 6 - Invesco's Kevin Holt says Citigroup, trading at 65 percent of its tangible book value, has a lot of upside and expects the company to return over half its market cap to shareholders over the next few years......

3XSQ: Starbucks says could pay more UK taxes; Apple slumps
Dec. 6 - Starbucks says it could pay up to $32 million more in taxes to the UK. The coffee chain plans to change its accounting practices following a wave of lawmaker criticism......

Amazons billion-dollar tax shield
special report looks at how Amazon used inter-company payments to form a tax shield, behind which it has accumulated $2 billion......

Daily Digit: HSBC faces record fine
Dec. 6 - Europe's biggest bank, HSBC, could pay a $1.8 billion money laundering fine as part of a settlement with U.S. law enforcement agencies, according to sources. Hayley Platt reports.....

Breakingviews: EADS ownership overhaul fail
Dec. 6 - EADS is still a long way from the kind of reform that would prevent unwarranted government meddling in its operations, says Breakingviews......

Reuters Asks: Is Mark Carney the man for the job?
asks financial professionals if they believe Mark Carney has the credentials to succeed Mervyn King as Governor of the Bank of England......

Breakingviews: Olam must win hearts and minds
Dec. 6 - A reversal in fundraising plans has further shaken investor confidence in Singapore-based commodities house Olam, which needs now to demonstrate liquidity, says Breakingviews columnist Andy Mukherjee......

China Tea Leaf Index: Audi sales signal good times are back
Dec. 6 - Audi car sales - just one component of the Tea Leaf Index of China indicators show the public sector, and hence the entire economy, is starting to rev up again, says Breakingviews' John Foley......

Reuters Today: ECB to cut growth outlook, no change in rates
Dec. 6 - If the ECB lowers its growth outlook, it will lay the groundwork for further liquidity injections but not more interest rate cuts, says Peter Dixon, Global Financial Economist, Commerzbank......

Software guru John McAfee arrested in Guatemala
Dec. 6 - Before being arrested for illegally entering Guatemala, John McAfee claims persecution by authorities in Belize, who are looking to question him about a recent murder. Sarah Charlton reports......

U.S. Morning Call: Global stocks up on "cliff" talks
Dec. 6 - U.S. stock futures and stocks in Europe and Asia are up on "fiscal cliff" talks; banks in trouble, and keep an eye on tech......

Sports Spread: It's Derby Day in Manchester
Dec. 6 - A high stakes derby in Manchester on Sunday as free-scoring United visit the Etihad to face the League's stingiest defence.....

Market Pulse: BoE on hold, set to ease againbut no more QE
Dec. 6 - The BoE keeps policy steady, but QE is finished and instead it will ease via its funding for lending scheme, says BNP Paribas' David Tinsley. Plus, French yields at record lows and EADS shares fly......

Power Player: Freeport's Richard Adkerson
Dec. 05 - Richard Adkerson, CEO of Freeport-McMoRan Copper and Gold, is leading a major expansion into the energy sector with a $9 billion takeover of Plains Exploration & Production and McMorRan Exploration. Conway G. Gittens reports......

US economy: more folly, less jolly
Dec. 05 - Summary of business headlines: U.S. data point to lukewarm economy: Hotel chief sees lending spigot opening; Stock movers include Apple, Freeport McMoRan Copper and Gold, and Citigroup. Conway G. Gittens reports......

Autumn Statement: Osborne attacked over 'Mummy Tax'
Hundreds of thousands of new mothers will be almost 240 worse off after George Osborne announced cuts to maternity pay, which have already been called a "mummy tax".<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s.....

Starbucks' 20m gift 'makes joke' of tax system
Starbucks takes "unprecedented" step of pledging to pay 20m corporation tax, even if it makes no profit - only for the move to backfire.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/26584efc/mf.gif' border='0'/.....

Cineworld buys 'art house' cinema rival
Cineworld has bought rival cinema chain Picturehouse in 47.3m deal.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2658479f/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/151.....

Guardian steps up pressure for staff to volunteer for redundancy
The publisher of the Guardian and Observer newspapers has stepped up pressure on staff to come forward for redundancy, by telling them where the axe is likely to fall if they do not volunteer.<img width='1' height='1' src='http://telegraph.feedspo.....

Department for Transport officials broke their own rules over West Coast bid, damning report finds
Government officials gave "inaccurate reports" to ministers, broke their own rules and persisted with a flawed bid process they knew risked legal challenge, a damning report into the West Coast rail fiasco has found.<img width='1' height='1' src='.....

A crisis of trust in the pension system
Telegraph View: The Chancellor should give an absolute assurance that the Government will stop targeting the nation's savings<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/26586605/mf.gif' border='0'/><br/.....

HSBC set to pay more than $1.5bn to settle money laundering probe
HSBC is expected to pay more than $1.5bn (933m) in fines to US authorities within weeks to settle money-laundering investigations into its business.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/26586606/mf.gif'.....

HSBC could be fined more than $1.5bn before Christmas
HSBC is expected to pay more than $1.5bn (933m) in fines to US authorities within weeks to settle money-laundering investigations into its business.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2657ea4b/mf.gif'.....

ECB mulls negative rates as Europe's economic crisis deepens
The European Central Bank has slashed its eurozone growth forecasts and warned that recession will drag on into the middle of next year, sending the euro plunging below 1.30 to the dollar.<img width='1' height='1' src='http://telegraph.feedsportal.....

Barclays lines up former FSA chief Hector Sants for 'senior role'
Former chief of the Financial Services Authority is understood to be looking at taking a senior role at Barclays.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/26586607/mf.gif' border='0'/>.....

Barclays lines up for former FSA chief Hector Sants for 'senior role'
Hector Sants, the former chief executive of the Financial Services Authority, is understood to be looking at taking a senior role at Barclays.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2657ea4e/mf.gif' borde.....

You need to axe an entire Government department to get a grip on spending
Some Budgets are more memorable than others.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2657ea4f/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/151539233534/u/3/f/568300/.....

We may need to axe an entire Government department to get a grip on spending
Some Budgets are more memorable than others.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2657d4f9/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/151539092428/u/3/f/568300/.....

BSkyB dips despite analyst bid speculation
Citigroup reckoned News Corp could bid again for the broadcaster.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2657d4fb/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/15153.....

Discovery closes in on 1bn European TV deal
The Discovery Channel is closing in on a portfolio of private-equity owned European television companies in a 1.3bn (1.05bn) deal.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2657d4fc/mf.gif' border='0'/>&l.....

Virgin Money looks at 1bn credit card deal
Virgin Money has reopened talks with Bank of America over a 1bn deal to buy part of MBNA's UK credit card assets.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2657d4fd/mf.gif' border='0'/><br/><br/&.....

European Investment Bank opens door to lending up to 3.5bn for UK's 4G spectrum auction
The European Investment Bank has raised the prospect of lending up to 3.5bn to bidders in the UK's 4G spectrum auction.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2657e28f/mf.gif' border='0'/><br/>&l.....

Philip Green pays off bank debt after selling Topshop stake
Sir Philip Green has paid off the bank debt behind his fashion empire Arcadia after landing a 950m windfall from selling a 25pc stake in Topshop and Topman.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2657e292.....

Starbucks has tried to do the right thing - but failed
As a way of buying off the threat of a consumer boycott, Starbucks' decision to pay more tax than it legally owes might work.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2657e293/mf.gif' border='0'/><br/.....

Mulberry chief executive Bruno Guillon defends strategy as profits fall 36pc
The chief executive of Mulberry has insisted the luxury handbag maker can become a "global success story" and defended his strategy, despite profits falling by 36pc in the first six months.<img width='1' height='1' src='http://telegraph.feedsporta.....

Rolls-Royce faces possible prosecution in SFO bribery probe
Rolls-Royce, the engines and power systems company, revealed it is facing the possibility of prosecution after the Serious Fraud Office raised concerns over bribery and corruption allegations.<img width='1' height='1' src='http://telegraph.feedspo.....

Debt Crisis: as it happened - December 6, 2012
The Italian government is on the brink of collapse after Silvio Berlusconi's PDL party withdrew its support from unelected prime minister Mario Monti. President Giorgio Napolitano is has said says he wants to avoid a turbulent end to the government a.....

Ed Balls blames stammer for Autumn Statement stumbles
Shadow chancellor Ed Balls says he thinks he put in a strong performance against George Osborne in a response to his mini-budget, despite being confused by the figures and hindered by his stammer.<img width='1' height='1' src='http://telegraph.fee.....

Apple to bring some Mac production back to US from China
Apple will bring some manufacturing of its computers back to the United States from China next year, chief executive Tim Cook said, in a move aimed at sparking more domestic high-tech production.<img width='1' height='1' src='http://telegraph.feed.....

IFS: 7bn in new taxes to plug Britain's budget black hole
Autumn Statement 2012: The Chancellor may have to raise taxes by 7 billion after the next election to cope with the black hole in Britain's public finances, the Institute of Fiscal Studies said today.<img width='1' height='1' src='http://telegraph.....