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Saturday 8 December 2012

UK Financial News on 2012-12-08

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......

Tax protesters target Starbucks
Tax avoidance campaigners say they are protesting at UK Starbucks cafes, despite the firm's pledge to pay millions of pounds of extra corporation tax......

Canada backs Nexen sale to CNOOC
Canada's government approves the sale of oil company Nexen to state-owned Chinese firm CNOOC, but says it will block any such future takeovers......

Cities see 'anti-cuts' marches
Campaigners "protesting against the Autumn Statement" take part in marches in Manchester and Liverpool......

Hemerdon mine firm secures 50m
A further 50m of funding to reopen a tungsten mine near Plymouth is secured, the Australian company behind the project says......

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......

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......

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......

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......

IoM and UK broker tax agreement
The Isle of Man government confirms it will sign a tax information sharing agreement with the UK government to combat tax evasion......

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......

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......

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......

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......

VIDEO: Is now a good time to remortgage?
There is a price war going on in the world of mortgages with some lenders dropping their rates by as much as a third. Philip Hampsheir has been finding out whether now is a good time to remortgage......

VIDEO: Five Minutes With: Robert Peston
BBC News business editor Robert Peston talks to Matthew Stadlen about making the switch from newspapers to broadcasting, how he sees his role as a journalist, the thrill of getting a scoop and why he loves Twitter......

VIDEO: Cuba looks to weed for fresh power
A British company has just signed the first foreign investment deal in Cuba in a long time - a project to build a renewable energy power plant, to run a sugar mill and power a wide area of housing and businesses......

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......

Brokers see mortgage choice rise
Brokers say the choice of home loans is growing.....

Could a troublesome weed power Cuba?
How Cuba's troublesome weed could power the country.....

VIDEO: 'Electric Avenue': Shenzhen shopping
The Shenzhen street where the Chinese go electronics shopping.....

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?.....

Holidays ring in more jobs
Dec. 07 - November's job numbers were surprisingly strong with businesses adding thousands of holiday workers. Jeanne Yurman reports......

Strong job gains pared by Apple
Dec. 07 - Summary Business Headlines: Strong job gains outweighed by drop in consumer confidence, fiscal cliff concerns and downdraft from Apple, High Court to review same-sex marriage; AMR pilots approve contract. Carmen Roberts reports......

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......

Chinese oil giant wades into North Sea
China took a major step into North Sea oil and gas production this weekend after one of the country's leading energy companies sealed a 9.5bn takeover of the Canadian giant, Nexen.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/3.....

Year of shame for banking industry has longer to run
With just three weeks to go until the end of the year, you could be forgiven for hoping that the latest annus horribilis for the banking industry was over.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/26678855/.....

Tesco eyes two cities for push into India
Tesco is to focus its Indian expansion on the major cities of Mumbai and Bangalore as part of chief executive Philip Clarke's fight back on growth.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/26678856/mf.gif' .....

Dell founder 'turned down Autonomy'
Michael Dell has revealed that Autonomy was offered to him before it was bought by Hewlett-Packard, but that he rejected the firm as it was "overwhelmingly obvious" it was overpriced.<img width='1' height='1' src='http://telegraph.feedsportal.com/.....

Sir Terry Leahy in line to lead Hut Group
Sir Terry Leahy, the former chief executive of Tesco, is in the leading position to take over the chairmanship of online retailer The Hut Group, ahead of its expected 300m-plus float next year.<img width='1' height='1' src='http://telegraph.feedsp.....

Michael Dell believes the computer market won't crash
When most people think of Dell, they think of a company that sells computers. Not the pricey Apple kind, mind.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/26678859/mf.gif' border='0'/><br/><br/>.....

Heineken calls for last orders on multi-buys
A crackdown on two-for-one deals on alcohol in supermarkets would be a more "realistic" way of tackling binge-drinking in Britain than minimum unit pricing, one of Heineken's top executives has said.<img width='1' height='1' src='http://telegraph......

At last, someone takes the financial crisis seriously
Mark Carney, the new governor of the Bank of England, would do well to listen to the advice of his deputy, Charlie Bean.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/26678453/mf.gif' border='0'/><br/>&.....

Heineken reveals why Tiger deal isn't small beer
Friday night drinks at beer companies are rarely dull affairs. But the celebrations after Heineken gained full control of Tiger beer-maker Asia Pacific Breweries (APB), after a two-month, high-stakes chess game against a Thai billionaire, will stick .....

UK seeks 20 'crown jewels' for growth
George Osborne's decision to boost the Government's export agency will help transform its focus towards 20 "key" emerging markets, according to the trade minister, Lord Green.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/.....

Starbucks: Well-intentioned voluntary tax is not the way forward
Coffee chain Starbucks was on Saturday hit by protests at branches across the country over its tax arrangements, despite announcing changes to its payments.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2666f35a.....

Look to Mexico and India for seasonal cheer
Sometimes I am asked if there is anything which might be described as "seasonal cheer" to give us all a bit of a lift as we enter the Christmas period. Frankly, I find that very hard to do, given recent experience and immediate prospects.<img widt.....

Think Tank: For CEOs, it can be good to talk
One of the hidden challenges of being the chief executive of an SME is not having anyone in the business you can truly confide in.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2666a4a1/mf.gif' border='0'/>&l.....

Osborne's vision of grim stagnation sets scene for QE III
The apparent success of quantitative easing in the US means QE will be pursued with increasing vigour in all the main developed markets.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/266665c5/mf.gif' border='0'/.....

Real recovery task is to scale back the state
The economics of George Osborne's Autumn Statement fell woefully short of what is needed to rescue the UK from its parlous state.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/266665c6/mf.gif' border='0'/><.....

ENRC agrees 343m deal for Congo miner
ENRC, the mining giant, has moved to take control of its copper operations in the Democratic Republic of Congo after agreeing a 343m deal with Israeli businessman, Dan Gertler.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726.....

'Further recession for the euro area in 2013,' says Goldman Sachs' Chief European Economist
Despite predictions of minus 0.2% growth in 2013, Huw Pill, Chief European Economist at Goldman Sachs, says there is a "silver lining" for the euro area.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2666031b/mf.....

Eurozone will continue to muddle through
The eurozone may be in crisis but there are still signs of hope, argues Huw Pill, Goldman Sachs' chief European economist.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2666031d/mf.gif' border='0'/><br/>.....

Investors offer '30bn in Greek debt buyback'
Greece is set to purchase back about half of its debt owned by private investors, broadly succeeding in a bond buyback that is key to its bailout, according to reports.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/56830.....

Starbucks branches hit by tax protests
Coffee chain Starbucks was on Saturday hit by protests at branches across the country over its tax arrangements, despite announcing changes to its payments.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2665e4e8.....

'Pensions are politicians' piggy banks'
Repeated cuts in tax breaks and constant tinkering with the rules risk alienating a generation of workers.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/266348ad/mf.gif' border='0'/><br/><br/><.....

Oscar statue maker to lay off 100 workers
RS Owens & Co will lay off 95 of its roughly 250 workers on December 17.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/26621fda/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal......

JPMorgan 'close to 500m UK tax settlement'
JPMorgan is said to be close to a 500m settlement with the Government over taxes avoided through an offshore trust used for bonuses.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/26621e9a/mf.gif' border='0'/>.....

Canada approves China's $15bn deal for Nexen
But Canada vows to block new attempts to buy assets in oil sands.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/26621d5f/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/15153.....

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.....