Search This Blog

Friday 7 December 2012

UK Financial News on 2012-12-07

Sharp fall in UK factory output
UK manufacturing output in October fell at its fastest rate since June, official figures show, with food and drink output particularly low......

US jobless rate at four-year low
The US adds a surprise 146,000 new jobs in November, cutting the jobless rate to 7.7%, as the economy shrugs off storm Sandy......

Lagarde urges fiscal cliff deal
Christine Lagarde urges US leaders to reach a deal to avoid the so-called fiscal cliff, warning that the uncertainty is damaging the global economy......

Crisis dims German growth hopes
Germany's central bank, the Bundesbank, cuts its growth forecast for next year, saying the country's economy could be entering recession......

Aston Martin gets cash injection
Aston Martin says it will receive a 150m investment from Italian private equity firm Investindustrial in exchange for a 37.5% stake in the luxury carmaker......

Fiat to cut 1,500 jobs in Poland
Italian car giant Fiat says it will cut 1,500 jobs in Poland due to the weak car market in Europe......

Bank rules eased for bankrupts
The legal reform will make it easier for banks to offer basic bank accounts to undischarged bankrupts......

Trains fiasco 'to cost taxpayer'
The collapse of the 5bn West Coast Main Line deal will come at "a significant cost to the taxpayer", a National Audit Office report says......

Scots newspapers see sales slump
Sales of several major Scottish newspapers fall substantially in the past month, according to the latest circulation figures......

Netflix rebuked for Facebook post
US regulators threaten the head of Netflix with legal action for posting information about its performance on Facebook rather than official channels......

Council tax exemptions set to end
London's Camden council announces plans to remove some council tax benefits currently enjoyed by owners of second homes and empty properties......

Judge revisits Apple v Samsung
A US judge urges Apple and Samsung to end their ongoing legal patents battle, as she reviews $1.05bn (652m) awarded to Apple in damages in an August ruling......

India upper house approves reform
The upper house of India's parliament votes in favour of the government's decision to open the retail sector to foreign competition......

Losses deepen at laundry company
The Cupar-based laundry firm Fishers Group says rising textiles costs are mostly responsible for bigger losses......

Game sales 'dip' despite launches
The release of the Nintendo Wii U, Halo 4 and Black Ops 2 were not enough to prevent an annual drop in US video game sales, according to research......

Maldives 'to take over' airport
The Maldives government is set to take over the country's main airport in Male from Indian company GMR, a presidential spokesman says......

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......

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

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......

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%......

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......

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......

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

Chinese insurer rises on debut
Shares in the People's Insurance Company of China are 8% higher on the firm's trading debut in Hong Kong, despite the tough market conditions......

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......

VIDEO: Will Europe need Russian gas?
Maria van der Hoeven, Executive Director at the IEA, says EU demand for Russian gas could pick up in the long term after falling for a number of years due to the global economic crisis and the availability of cheap coal......

VIDEO: 'Shocking sales culture' of banks
Major mis-selling scandals have failed to stop banks pressuring staff into pushing potentially unsuitable products, Which? has said......

VIDEO: Aston Martin gets new part-owner
Luxury carmaker Aston Martin is to receive a 150m investment from Italian private equity firm Investindustrial in exchange for a 37.5% stake in the business......

AUDIO: Friday boss: Satchel tycoon Julie Deane
This week's Friday Boss is Julie Deane of The Cambridge Satchel Company......

AUDIO: 'Starbucks should pay proper tax'
The coffee chain has agreed to pay more UK corporation tax, after a public outcry over how little it pays......

VIDEO: How two families cut energy costs
The Warren family in Tyne and Wear and the Busby family in Surrey have fitted their homes with an energy monitor in a electricity saving experiment......

VIDEO: US jobless rate at four-year low
The US adds a surprise 146,000 new jobs in November, cutting the jobless rate to 7.7%, as the economy shrugs off storm Sandy......

VIDEO: German growth forecast cut to 0.4%
Germany's central bank, the Bundesbank, has cut its growth forecast for next year, saying the country's economy could already be shrinking......

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

Vintage-style satchels take on a glowing new role
Colourful vintage-style satchels prove a success.....

How lower pension allowances could affect you
How the new lower limits may affect you.....

'I changed my name to get a job'
Workplace discrimination prompts 'whitened' job applications.....

The transparent supply chain
Can you justify the journey your fizz takes from grape to glass?.....

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.....

U.S. Week Ahead:"Cliff" talks intensify; Fed terminates twist
Dec 7 - Tense negotiations are expected to continue as President Barack Obama and House Speaker John Boehner try to find compromise on a deal to avert the fiscal cliff and a framework for a larger deficit reduction plan......

The Exchange: Whistleblowing in Japanese
Rob Cox talks to Michael Woodford, author of "Exposure," who recounts his short, turbulent journey from CEO of Olympus to corporate whistleblower and Japan Inc. pariah......

Breakingviews: Is the SEC anti-social?
Dec 7 - Breakingviews columnists discuss the SEC's dislike of a Facebook post by Netflix CEO Reed Hastings and whether it shows the regulator is behind the social media times......

Trading at Noon:Stocks mixed on strong jobs, weak sentiment
Dec 7 - The S&P and Dow hang on to gains, while the Nasdaq slips after a strong jobs report and a weak consumer sentiment survey......

FACTBOX: 12 ways to slice an Apple
Apple's market capitalization may have fallen on Thursday but it's still the most valuable company - 12 times larger than Target Stores......

Economy curbs festive mood in Italy
Dec. 7 - Even as the Vatican Christmas tree is lowered into position in St. Peter's Square, the festive spirit in Italy is being dampened by concerns over the economic crisis. Hayley Platt reports......

Many Spaniards may not be working, but reforms are Rato
Dec. 7 - Spains economic reforms are painful but are bearing fruit, says former finance minister and ex-IMF chief Rodrigo Rato. He adds IMF credibility was not damaged by its spat with Europe over Greece......

3XSQ: Jump in jobs, unemployment drops
Dec 7 - Employment grew faster than expected in November as the hit from superstorm Sandy on payrolls was less forceful than many feared......

Reuters Right Now: Nov. nonfarm employment jumps by 146,000
Economics Editor William Schomberg reacts to the better-than-expected U.S. November jobs report......

U.S. Morning Call: Economists expecting lower jobs number
Dec 7 - Hiring likely took a hit due to Superstorm Sandy, while IFR expects a drop in manufacturing jobs for the third time in four months......

Reuters Breakingviews
global commentary unit Breakingviews......

Reuters Today: Buba cuts German outlook, warns of recession
Dec. 7 - Germany could fall into recession, warns the Bundesbank, slashing its 2013 GDP outlook. But central bank liquidity, not growth, is driving markets says Schroders. Plus, the latest on Egypt's crisis......

Daily Digit: PICC debut shines despite market pessimism
Dec. 7 - Chinese insurer PICC Group makes a strong market debut in Hong Kong, but with sentiment still fragile, it may not herald an end to the city's IPO dry spell. Lisa Yuriko Thomas reports......

Asia Week Ahead: Telecom IPO to test India market mettle
Dec. 7 - Bharti Infratel's $825 million IPO, India's biggest in two years, will test the country's recent market revival and could prompt other firms to follow suit, says Breakingviews' Peter Thal Larsen......

Can China grow an Apple?
Dec. 7 - Upstart Chinese smartphone maker Xiaomi is on track to post $2 billion in sales, with some tricks borrowed from Apple's playbook. But can it remain nimble in the big leagues? Jane Lanhee Lee reports......

Consumer in-store app-titude up
Dec. 06 - Multi-channel shopping is big this holiday season- with consumers using apps while in stores to get what they want- at the best price they can get. Bobbi Rebell reports......

Market Pulse: Euro hurt by Buba, but defies gravity for now
FX analyst, Neal Kimberley......

Caution reigns ahead of jobs report
Dec. 6 - Summary of business headlines: New weekly jobless claims fell for third straight week ahead of November's monthly report Friday, Sirius XM Radio approves a $2 billion stock repurchase program, Apple shares bounce back after the worst one-day.....

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

Power Player: Apple's Tim Cook
Dec. 6 - Tim Cook talks about bringing Mac manufacturing to the United States, while Apple shares bounce back after suffering biggest one-day loss in four years. 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......

Isle of Man joins Treasury's tax clampdown
The Isle of Man is to hand over detailed information about offshore bank accounts of UK citizens to the Treasury on an automatic basis, as part of a clampdown on tax avoidance.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726.....

Facebook: Italian police raid HQ in tax crackdown
Social media giant Facebook has seen its Italian headquarters raided by police as part of a growing international crackdown on tax avoidance.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/266128dc/mf.gif' border.....

Bumi row takes another twist as co-chairman Indra Bakrie quits
Fresh hostilities have broken out between Nat Rothschild and his former Indonesian partners in their battle for control of Bumi.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/266128e0/mf.gif' border='0'/><.....

Government is the missing piece in growth puzzle
The latest dispatch from the economic front line is not good news.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2661259e/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/1515.....

A lot of froth over Starbucks and tax
Telegraph View: The synthetic row over the tax affairs of multinational companies is a diversion from the issue that no one will seriously confront: how to make serious reductions in state spending<img width='1' height='1' src='http://telegraph.fe.....

'Triple dip' fears rise on collapse in factory output
UK manufacturing output fell in October at the fastest pace since June when extra public holidays dented production, data showed on Friday.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/26612351/mf.gif' border='.....

Yorkshire's Pace could buy Motorola's set-top box division
Yorkshire technology company Pace could take ownership of Motorola Mobility's set-top box division, up for sale by its parent company, Google.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/266111a9/mf.gif' borde.....

Berkeley Group pays first dividend since financial crisis
Berkeley Group, the London-focused housebuilder founded by Tony Pidgley, is to pay a dividend for the first time since 2008 after a rise in profits.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2661099b/mf.gif'.....

Billionaire Aldi heir Berthold Albrecht dies at 58
News of his death and burial in November only released today.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/265e561d/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/151539262.....

Thomas Cook shares climb on City's backing
Investors chased the travel group higher during today's trading.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2661099e/mf.gif' border='0'/>.....

Bundesbank cuts German growth forecasts
Germany's Bundesbank cut its growth forecasts for the country as the eurozone crisis and a slowing global economy takes an increasing toll on Europe's largest economy.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300.....

Hewlett-Packard under pressure to split as value falls
Pressure is mounting on Hewlett-Packard to break itself up, after the company's market capitalisation fell below the $31bn it spent in an acquisition spree over the past five years.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/.....

Good News Britain: Berkeley can power up UK plc
Results are strong - that's good news for consumers and shareholders.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2660803f/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/1.....

Prada's profits soar as Mulberry's tumble
As Italian label Prada reports a leap in profits, British brand Mulberry has seen theirs drop as they struggle with the slow down in consumption in China.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/265ff066/m.....

Bundesbank cuts German growth forecast
Germany's Bundesbank has cut its growth outlook for next year as the eurozone debt crisis deepens but said the economy is well placed to rebound.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/265fe586/mf.gif' bo.....

Peer-to-peer lenders to be regulated
Peer-to-peer lenders such as Zopa, RateSetter and Funding Circle will be regulated by the new Financial Conduct Authority.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/265fa8b2/mf.gif' border='0'/><br/>.....

BP partner Rosneft and Exxon to drill in Siberia
BP's joint venture partner Rosneft confirms it is to explore for oil in Western Siberia with US rival ExxonMobil.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/265ff068/mf.gif' border='0'/>.....

Rosneft deal a blow for BP in Russia
BP has been forced to take a backseat in its drive to expand its Russian operation after its joint venture partner Rosneft confirmed it was to explore for oil in Western Siberia with US rival for ExxonMobil.<img width='1' height='1' src='http://te.....

US jobless rate falls to near four-year low
The US unemployment rate fell in November to a nearly four-year low and job growth picked up, showing only modest improvement in the economy, government data released Friday showed.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/.....

Taxman warns parents of impending cut to Child Benefit
Higher earning parents have just one month left until the Treasury begins to claw back Child Benefit.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/265f2672/mf.gif' border='0'/><br/><br/><a hre.....

Debt Crisis: as it happened - December 7, 2012
Greece's five biggest banks have agreed to take part in the Greek bond buyback programme, paving the way for Athens to meet targets on debt reduction set by international lenders.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32.....

Lakshmi Mittal reaffirms French jobs pledge
ArcelorMittal chief Lakshmi Mittal has vowed to keep his promise to maintain jobs at a French steel plant at the centre of a dispute with authorities, in a letter to workers seen by AFP on Friday.<img width='1' height='1' src='http://telegraph.fee.....

Questor Plus: outsourcing shares are a buy
Garry White says outsourcing is taking off again. However, who should you invest in?<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/265e9f9b/mf.gif' border='0'/><br/><br/><a href="http://da.feed.....

Aston Martin seals new investor in Investindustrial
Aston Martin, maker of the luxury British sports car favoured by James Bond, has revealed Investindustrial is pumping 150m into the company.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/265e561c/mf.gif' border=.....

Tate & Lyle hedges pension liabilities in 347m deal
Tate & Lyle, the sweeteners group, has insured 43pc of its staff pension liabilities in a 347m deal with life insurer Legal & General.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/265e4952/mf.gif' borde.....