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Thursday 13 December 2012

UK Financial News on 2012-12-13

Eurozone bank deal boosts summit
EU leaders go into a Brussels summit buoyed by a key deal on centralised supervision of eurozone banks, seen as a major integration step......

HMV warns over uncertain future
HMV warns that it faces an uncertain future in the face of continuing falling sales, and says it is in talks with its banks......

S&P puts UK on 'negative outlook'
Standard & Poor's becomes the last of the three main rating agencies to put the UK's top AAA rating on "negative outlook"......

US refuses to sign UN net treaty
The US, UK and Canada refuse to ratify a UN communications treaty after a dispute about references to the internet in the agreement......

Wimbledon reports record profit
The Lawn Tennis Association says this year's Wimbledon Championships saw profits jump 7% to record levels......

New nuclear plant design unveiled
The design for the first nuclear power stations to be built in the UK for 25 years is granted approval by regulators......

Government approves gas fracking
The government gives the go-ahead for a firm to resume the controversial technique known as fracking to exploit gas in Lancashire......

Queen questions financial crisis
The Queen asks if "complacency" contributed to the financial crisis, during an informal conversation with Bank of England officials......

Osborne welcomes Bank role debate
George Osborne tells MPs he welcomes the debate over whether the Bank of England should target growth as well as inflation......

Europe ends probe over e-books
The European Commission ends a probe into price-fixing by major e-book publishers after they vowed to keep the market competitive......

Many mortgage borrowers 'overpay'
A substantial minority of recent mortgage borrowers have taken advantage of ultra low interest rates to pay off their loans more quickly, lenders say......

Airline attacks Dreamliner faults
The head of Qatar Airways criticises Boeing over manufacturing faults that have led to the grounding of one of its three 787 Dreamliner aircraft......

UK 'nation of internet shoppers'
According a survey from Ofcom, UK consumers indulge in more web shopping and mobile downloading than any other nation......

Cameron hails Airbus jobs deal
Prime Minister David Cameron welcomes a multibillion-pound deal safeguarding 9,000 jobs announced at the Flintshire plant of plane-maker Airbus......

Welfare change timetable extended
Welfare assessments for people with disabilities will be made later than originally planned, the government announces......

Building societies set to merge
The Nottingham and Shepshed building societies have announced plans to merge in July, but there will be no windfall for members......

Bailout cash for Greece approved
Greece is to get the latest tranche of bailout funds needed to keep the country going, eurozone finance ministers agree......

Sports Direct gets Olympics boost
Sports Direct reports a 25% rise in profits, saying it enjoyed a "significant" sales boost from the Olympics and Paralympics......

Chef Oliver sued for 'pink slime'
An ex-US beef firm worker sues chef Jamie Oliver, ABC News and a food blogger, saying their use of the term "pink slime" helped get him sacked......

Savings accounts 'shrink by 15%'
Banks and building societies have been cutting the number of savings accounts on offer, because of the Bank of England's Funding for Lending Scheme......

Repeat payments 'not made clear'
Traders ranging from online dating websites to gyms use recurring payments, but some are failing to make the system clear to customers......

Traders in line for savers' funds
Thousands of sole traders could benefit from a new scheme to allow savers to offer them loans directly via an internet website......

Big decline in UK unemployment
The number of people out of work fell by 82,000 between August and October, to 2.51 million, the biggest drop for a decade, official figures show......

US Fed sets new targets for rates
The Federal Reserve will keep interest rates at near-zero at least until the US jobless rate falls below 6.5% and will continue to buy $85bn (53bn) a month of assets......

Carney suggests Bank target shift
Mark Carney, who will take over as governor of the Bank of England in June, has suggested targeting economic output instead of inflation......

Google Maps app returns to iPhone
Google launches a native version of its Maps app for the iPhone following complaints about Apple's default software......

Vion deal 'safeguards 4,000 jobs'
Dutch-based food producer Vion reaches an agreement for a management buyout of its UK pork operations......

Rail staff in Christmas Eve strike
Workers on ScotRail are to strike on 22 December and on Christmas Eve in a dispute over the sacking of an employee, the RMT union says......

Win 'secures' Bradford finances
Bradford director Dave Baldwin says reaching the League Cup semi-final has secured the club's financial future......

Pompey case asked to be adjourned
Portsmouth's administrators ask for an adjournment of Thursday's High Court case as they look to force the sale of Fratton Park......

Salford staff are in dark - Long
Assistant coach Sean Long says there has been a lack of communication with staff over Salford's financial problems......

VIDEO: Euro bank deal 'good for Britain'
The Chancellor has said a deal by European finance ministers on how to supervise eurozone banks is "good for Britain"......

VIDEO: Betfair a loser as EU gets tough on tax
Online gambling firm Betfair has announced a fall in profits as people scale back their betting activity......

AUDIO: Apple 'had to let Google Maps back'
Google has released a native version of its Maps app for the iPhone......

AUDIO: Fracking will give 'control over price'
As the government gives the go-ahead for a firm to resume the controversial technique known as fracking to exploit gas in Lancashire, Professor Alistair Fraser says it will make the UK 'less reliant on international energy sources'......

VIDEO: Banker sleeping rough in park
BBC Panorama meets a former Wall Street investment banker sleeping rough in a park in Croydon......

VIDEO: Should the UK be in or out of the EU?
The UK would be lonely and poorer if it left the EU, Sir Andrew Cahn of Business for New Europe has said. But Nigel Farage MEP, of the UK Independence Party, argued the UK was forbidden from making bilateral trade deals because it was in the EU......

VIDEO: Deported McAfee lands back in US
The software tycoon John McAfee has arrived in the United States after being deported by Guatemala......

VIDEO: Warning over huge hike in energy bills
There is a warning that energy bills could rise by hundreds of pounds in future if we rely too much on gas for generating electricity......

Q&A: The eurozone's banking union
What we know about the eurozone's grand plans.....

Churches help tackle internet blackspots
How churches are helping improve internet coverage.....

Women and work in Saudi Arabia
Female lawyers to advance to equal status.....

IMF deadline looms for Argentina
IMF deadline looms for Argentina to correct key economic data.....

Sir Philip Green: King of the High Street
How Sir Philip Green became the high street king.....

China 'ecological footprint' fear
Retail bonanza fuels fears over 'ecological footprint'.....

Can 4G auction hit 3.5bn target?
Will the 4G licence auction meet the Treasury's 3.5bn target?.....

Retail woes
Have you had problems with consumer fraud?.....

U.S. Day Ahead: Get ready for more manufacturing gloom
Dec 13 - If you are betting on the manufacturing sector creating jobs, you might want to wait till the Markit PMI figures come out Friday - they are not expected to be pretty......

All not lost for Apple map app
Dec. 13 - Map apps could be worth so much money to Apple that despite an early flop, and an agreement to put Google Maps app back on its devices, Apple will continue to develop its own. Bobbi Rebell reports......

U.S. Day Ahead: Get ready for more manufacturing gloom
Dec 13 - If you are betting on the manufacturing sector creating jobs, you might want to wait till the Markit PMI figures come out Friday - they are not expected to be pretty......

Daily Digit: Angry Birds turn 3
Dec. 13 - Global phenomenon video game Angry Birds celebrates a third birthday. Conway G. Gittens reports......

Queen inspects BoE gold stash
On a visit to the Bank of England the Queen and Duke of Edinburgh inspect vaults full of billions of pounds worth of gold slabs. (ROUGH CUT - NO REPORTER NARRATION).....

Breakingviews: Bernankean logic
Dec 13 - Jeffrey Goldfarb and Breakingviews columnists discuss the potential implications of the Federal Reserve's new approach to setting monetary policy......

Trading at Noon: Clearwire surges as Sprint comes calling
Dec. 13 - Shares of Clearwire are up 12 percent today after Sprint offered $2.1 billion to buy the rest of the company......

Daily Digit: HMV's share fall
Dec. 13 - HMV shares tumbled 39% after releasing its results, giving the retailer a market value of just 10.1 million. Ciara Sutton reports......

Europe Day Ahead: Euro zone tempted to count its chickens
Dec. 13 - Fresh Greek aid, successful bond sales, and a big step towards banking union Europe celebrates, but ministers are making a mistake if they think its time to relax, says Macquaries Dan McCormack......

BoE's Fisher on case for a "lower, more appropriate" FX rate
Dec. 13 - Sterling's relative strength has not been helpful for the struggling UK economy and the jury is out on the BoE's latest credit scheme, says BoE policymaker Paul Fisher......

UK needs QE "top up" to revive economy - BoE's Fisher
Dec. 13 - The Bank of England will have to inject more stimulus into the flatlining economy next year, says BoE policymaker Paul Fisher......

3XSQ: Apple moves in a new direction
Dec. 13 - The Google Maps app will be compatible with any iPhone or iPod Touch that runs iOS 5.1 or higher, the company said in a blog post......

Banking deal deepens Europe union
Dec. 13 - European Union finance ministers agree to make the European Central Bank the chief supervisor for banks in the euro zone, a move designed to underpin the currency and its financial system. Ciara Sutton reports......

French anger grows over super rich tax exiles
Dec. 13 - Actor Gerard Depardieu has become the latest wealthy Frenchman to look for shelter outside his native country following tax hikes but French politicians are fighting back. Joanne Nicholson reports.....

Sports Spread: Man City aim to close gap on leaders United
Dec. 13 - Manchester City try again to close the gap on rival Manchester United. La Liga leaders Barcelona face second placed Athletico Madrid and who will win Sports Personality of the Year?.....

Breakingviews: EU banking union a positive step
Dec. 13 - The EU has struck a deal to create a banking union. Although its still early days, Breakingviews Rob Cole says setting the legal framework for the banking union is a step in the right direction......

Reuters Breakingviews: Japan's post-election policy struggle
Dec. 13 - Should the opposition win Japan's elections, Breakingviews' Andy Mukherjee believes leader Shinzo Abe's target of 3 percent inflation won't be easy, and getting the central bank on side will be key......

Reuters Today: Europe deal hands ECB watchdog role
Dec. 13 - Europe reaches a deal to give the ECB new powers to oversee the blocs banks. U.S. Fed says interest rates will stay near zero until unemployment falls to at least 6.5%, boosts monthly bond buying......

Whoever Japan elects, a weak yen awaits
Dec. 13 - Japan investors and exporters can expect a weaker yen and stronger stocks next year, even if opposition leader Shinzo Abe fails to win elections or drive more policy easing. Yonggi Kang reports......

U.S. Morning Call: Google Maps finds way back onto iPhone
Dec 13 - Google's Maps will now be available in Apple's app store, the Internet search giant said on its official blog; A U.S. federal agency opts to use the new BlackBerry 10 smartphone......

Market Pulse: Europe in good news day shock
Dec. 13 - A banking union deal, more aid for Greece, and successful bond sales in Italy and Spain Europe enjoys a rare good news day......

Fed decision "exciting" - Wells Fargo fund manager
Dec. 12 - The Fed's decision to set 6.5 percent unemployment and 2.5 percent inflation as guides to when it will shift policy caused the most excitement "about a Fed policy statement in quite a long time," says Wells Fargo Advantage Funds' Brian Jaco.....

Fed unemployment target: 6.5%
Dec. 12 - Summary of business headlines: Fed new jobless rate target 6.5%; Aetna raises forecast; Berkshire stock buyback; Redbox deal to compete with Netflix; Americans put off holiday shopping. Bobbi Rebell reports......

Fed digs deeper to lower unemployment
Dec. 12 - In another bold move, the Federal Reserve will spend $85 billion a month to buy bonds and keep interest rates near zero until the U.S. jobless rate falls below 6.5 percent, according to a statement following the Fed's final meeting of the y.....

U.S. Day Ahead: Retail sales look healthy for the holidays
Analyst Jharonne Martis......

Cheaper air fares as oil prices fall
Tourists can expect to pay less for their flights next year, claims the aviation industry's leading economist.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2694a5a2/mf.gif' border='0'/><br/><br/>.....

Delta's Virgin bet should be a wake-up call to the UK on airport policy
Delta's acquisition of a stake in Virgin Atlantic brings renewed focus to the government's aviation policy.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/26945999/mf.gif' border='0'/><br/><br/><.....

George Osborne welcomes inflation target review
George Osborne has refused to rule out switching the Bank of England's inflation target to a focus on economic growth as he called for a broad debate on the future of Britain's monetary policy framework.<img width='1' height='1' src='http://telegr.....

S&P threatens UK rating downgrade
Britain's gold-plated sovereign credit rating has suffered another blow after Standard & Poor's became the third major agency to downgrade the outlook to "negative".<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/5683.....

False hope springs eternal in the eurozone
It's remarkable that the single currency has survived - but the worst is far from over, argues Jeremy Warner<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2693de1f/mf.gif' border='0'/><br/><br/>&l.....

AstraZeneca shares hobbled by arthritis drug
The drugmaker revealed disappointing clinical test results.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2693b13d/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/15153941677.....

Sports Direct founder Mike Ashley admits House of Fraser interest
Mike Ashley, the owner of Newcastle United, has admitted his interest in House of Fraser but said it is "old news" and he is now "bored with the subject".<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2693b13f/m.....

HMV in fight for survival
The entertainment retailer HMV is fighting for survival after warning it is likely to breach banking covenants in January.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2693b140/mf.gif' border='0'/><br/>.....

Cuadrilla rapped for management failings as Davey gives green light to shale gas exploration
Shale gas company Cuadrilla must prove it has resolved management failings before it will be allowed to resume exploration in Lancashire, Energy Secretary Ed Davey said, as he gave the green light for fracking to resume in principle.<img width='1'.....

The Bank is in charge of money, politicians are in charge of growth
First it was Vince Cable, the Business Secretary, suggesting over the weekend that the Bank of England should be given specific growth targets to meet.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2693b142/mf.g.....

Ofgem chief executive Alistair Buchanan to leave
Alistair Buchanan is to step down as chief executive after 10 years.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2693b143/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/15.....

Henderson moves tax residence back to UK
Fund manager Henderson is moving its tax residency back to the UK from Ireland in a boost for the Coalition.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2693706e/mf.gif' border='0'/><br/><br/>&l.....

Boost for UK manufacturing as AirAsia places new Airbus order
British manufacturing was given a boost after AirAsia placed an order for 100 Airbus aircraft, the wings for which will be made in the UK, safeguarding around 9,000 jobs.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568.....

Osborne plays down Britain's AAA credit rating as S&P revises outlook to negative
Standard & Poor's rating agency announced it is downgrading Britain's economic outlook from stable to negative, hours after the chancellor defended his Autumn Statement before MPs.<img width='1' height='1' src='http://telegraph.feedsportal.com.....

Osborne plays down importance of Britain's AAA rating as S&P revises outlook to negative
Standard & Poor's rating agency announced it is downgrading Britain's economic outlook from stable to negative, hours after the chancellor defended his Autumn Statement before MPs.<img width='1' height='1' src='http://telegraph.feedsportal.com.....

Good News Britain: Airbus deal shows the benefits of sustained investment
We need to work with the Government but we also need vision and courage.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/26935de0/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/.....

George Osborne wins City safeguards as EU secures deal on banking union
Britain has won a guarantee that a new European Central Bank-controlled supervisor for eurozone banks will not be allowed to seize control of euro currency financial transactions in the City.<img width='1' height='1' src='http://telegraph.feedspor.....

Debt crisis: As it happened - December 13, 2012
George Osborne has played down the importance of Britain's top credit rating, describing it as just "one test" and not the key symbol of the economy's strength.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2693.....

George Osborne grilled by MPs on Autumn Statement: live
George Osborne has played down the importance of Britain's top credit rating, describing it as just "one test" and not the key symbol of the economy's strength.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2692.....

UBS close to $1bn Libor settlement - report
UBS is reportedly close to settling claims that its staff were involved in alleged attempts to manipulate Libor, and could face fines of more than $1bn (620m).<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2692c.....

Guardian and Observer staff to vote on strike action
Staff at the Guardian and Observer newspapers are expected to strike over job cuts, after the overwhelming majority voted to hold a ballot over strike action.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2692b3.....

Betfair to sacrifice profit as it exits unstable countries
Gambling group Betfair is preparing to forfeit almost a quarter of its revenue by withdrawing from more than a dozen countries where there is unstable regulation.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/26.....

Centamin shares plummet further over troubles in Eygpt
Centamin's shares collapsed after it said it had closed its Sukari gold mine and listed fresh problems it faces in Eygpt.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2692464e/mf.gif' border='0'/>.....

App users waste 173m a year in data downloads
Many "data hungry" apps stay connected to the internet even when minimised or seemingly not in use.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2691d341/mf.gif' border='0'/><br/><br/><a href=.....

Financial illiteracy 'costs UK 3.4bn a year'
A lack of financial education costs Britain 3.4bn a year as the burden of unemployment and personal debt takes its toll, research has claimed.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2691d344/mf.gif' borde.....