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Friday 14 December 2012

UK Financial News on 2012-12-14

Warning given to late tax filers
About 300,000 people who have failed to send in their tax returns for 2010-11 may have their goods seized, HM Revenue & Customs says......

Construction output decline slows
Output in the UK construction industry fell 5.1% in October, which was the smallest decline since February, official figures show......

Man City losses halve in 2011-12
Premier League champions Manchester City reveal that their financial losses for 2011-12 have halved from a year earlier......

Rent 'to rise faster than prices'
Surveyors predict that UK house prices will rise by 2% in 2013, but that the cost of renting will increase twice as fast......

Deeper eurozone union 'agreed'
EU leaders have agreed on a roadmap for eurozone integration beyond the deal on centralised banking supervision, Germany's Chancellor Merkel says......

Euro factory output pain eases
The decline in the eurozone's manufacturing sector has eased, a survey indicates, a rare spot of good news for the recession-racked region......

US prices fall on cheaper petrol
US consumer prices declined in November due to a sharp drop in petrol costs, according to official figures, the first fall for six months......

Fitch keeps France's AAA rating
Fitch maintains the French government's top AAA credit rating, the only major ratings agency left to say the country deserves to be among the world's most creditworthy borrowers......

Who and what bust Halifax Bank of Scotland?
Peter Cummings breaks his silence on his role in the Halifax Bank of Scotland catastrophe, with a transcript released of answers he gave to the Parliamentary Commission on Banking Standards......

Online users 'need 22 passwords'
Internet users have an average of 22 password-protected accounts, a survey by the Payments Council finds, but many put them at risk by using the same log-in details......

LSE gets nod to buy LCH Clearnet
The UK's competition regulator gives the London Stock Exchange Group the go-ahead for its planned takeover of clearing house LCH Clearnet......

Rail staff to hold 24-hour strike
Workers at CrossCountry Trains will stage a 24-hour strike over a "comprehensive breakdown" in industrial relations......

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"......

Japan business sentiment worsens
Sentiment among Japan's big manufacturers worsens in the three months to December, underlining the weakness in its economy......

Scotland 'could lead' on fracking
The head of Weir Group says Scotland is well placed to be at the forefront of a new European shale oil and gas industry......

PetroChina agrees Canada gas deal
PetroChina agrees to buy a 49.9% stake in Canadian firm Encana's gas project in Alberta, as it looks to meet growing domestic energy demand......

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......

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......

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

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

Indian inflation declines further
India's inflation declines further in November, helped by an easing of fuel and manufacturing prices......

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......

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......

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......

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......

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

VIDEO: Seasonal peak for shopping trolleys
As supermarkets entice shoppers with festive offers and the aisles get busier, one company is doing its bit to ease peak demand for shopping trolleys......

AUDIO: British firm decorates Bethlehem tree
BBC Radio 5 live Breakfast spoke to the Liverpool-based company chosen to decorate Bethlehem's 55-ft Christmas tree......

VIDEO: Novelty knitwear Christmas boom
The traditional Christmas jumper was once a dreaded gift but now festive knitwear has turned trendy......

VIDEO: The advancements in point-of-sale tech
John Bruno, Chief Technology Officer at NCR Corporation, describes advancements in POS technology......

VIDEO: Digital newspaper The Daily closing
Rupert Murdoch's The Daily was the first paper available only on tablet computers and smartphones. But a lack of readership has meant it is to close down......

VIDEO: Baggage handlers protest at market plans
The single market aimed to open up services across Europe to competition 20 years ago, but there are still areas of the economy where it has not been brought in......

VIDEO: Economy key to Japanese election
With parliamentary elections on Sunday, Japan's small businesses are concerned about three key policies designed to get the country's economy back on track......

VIDEO: China 'driving global wine market'
Greater China, and Honk Kong in particular, is driving the international market for top end wines, says Sotheby's......

Has Europe rediscovered its mojo?
Has Europe rediscovered its mojo?.....

Much more than a fancy calculator
How cash registers became more than just fancy calculators.....

Economic policies irk Japanese businesses
A Japanese business owner talks economics before the election.....

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.....

U.S. Week Ahead: RIM, it's time to impress!
Dec 14 - Curious about RIM's meteoric share rise? Well tune into their results on Thursday to find out if there is substance behind its sudden success......

Power Player: Lockheed's Robert Stevens
Dec. 14 - Job cuts could start as early as April, warns outgoing Lockheed Martin CEO Robert Stevens, as the Pentagons biggest defense contractor could see funding dry up due to the fiscal cliff. Conway G. Gittens reports......

Daily Digit: Prices drop 0.3%
Dec. 14 - U.S. consumer prices fall 0.3 percent, the first drop in the key inflation gauge in six months. Conway G. Gittens reports......

Trading at Noon: Apple hurtles closer to $500!
Dec 14 - Apple tumbles again as the iPhone 5 sees a cool reception in China and two analysts cut shipment forecasts......

Breakingviews: Brazil's missed opportunity
Dec 14 - Breakingviews columnists discuss why the promise of Brazil's oil industry hasn't materialized and what President Dilma Rousseff could do to change that and boost economic growth......

New Yorker marches to beat of artificial heart
Dec. 14 - With the number of donor hearts too low to meet the demand from cardiac patients, the use of temporary total artificial hearts is becoming more commonplace. And the technology is advancing to the point where some heart surgeons believe a pe.....

Europe hails 'breakthrough' but questions linger
European leaders agree to press on with further steps to tackle their debt crisis but German Chancellor Angela Merkel has thrown out a proposal to boost risk-sharing with a fund to help euro zone states in trouble. Matt Cowan reports......

As aid approved, Athens faces unrest
Dec.14 - The euro zone agrees to provide nearly 50 billion euros in long-delayed aid to Athens, but the news comes as thousands of civil servants take to the streets protesting against job cuts. Ciara Sutton reports......

Europe Week Ahead: Rate decisions, fiscal cliff looms
Dec. 14 - Interest rate decisions, German Ifo, a looming U.S. fiscal cliff and an interview with Irelands Prime Minister to keep investors busy next week......

3XSQ: United Tech joins chorus of optimistic companies
Dec 14 - United Technologies joins 3M and Dupont with an optimistic outlook for the U.S. economy, saying it expects profit to rise about 13 percent next year......

Daily Digit: European car sales fall 10%
Dec. 14 - European car sales decline 10 percent in November, the market's first double-digit contraction in more than two years with France's Peugeot Citroen and Renault being particularly hard hit. Hayley Platt reports......

Japan nuclear operator admits ''lack of safety culture''
Dec 14 - Nuclear plant operator Tepco accepts the findings of an inquiry into the Fukushima nuclear disaster, admitting it was at fault. Lily Grimes reports......

U.S. Morning Call: Sprint Exclusive; It's Tech Friday
Dec 14 - Sprint's $2.1 billion offer to buy out Clearwire running into trouble with shareholders.....

Reuters on the Road: Cosm a third industrial revolution?
Dec. 14 - The founder of Cosm takes the taxi challenge to explain how the Internet of things enables devices to talk to each other, and could mark the start of a third industrial revolution......

Breakingviews: Others may take most of UBS Libor pain
Breakingviews......

Strong peso hurts Filipinos working abroad
Dec. 14 - The Philippines is Asia's second fastest growing economy, but the strengthening peso is hurting overseas workers whose foreign currency earnings are diminishing in value. Michaela Cabrera reports......

Reuters Today: Euro zone crisis over?
Dec. 14 - The conditions are in place for ending the euro zone crisis says Francois Hollande. UBS faces a $1 billion bill for Libor rigging. And could Kim Jong Un be Time's person of the year?.....

iPhone 5 arrives in China, but market is moving on
Dec. 14 - Apples latest handset might be a powerhouse globally, fighting Samsung for top rank, but weak distribution and a high price tag are limiting its sales in whats fast becoming the worlds largest smartphone market......

Asia Week Ahead: A shifting political picture
Asia Economics editor Wayne Arnold cautions against excessive expectations for change......

Fiscal cliff hangs over economy rebound
Dec. 13 - Summary of business headlines: Stocks break winning streak as fiscal cliff debate overshadows positive economic signals; BlackBerry 10 gets thumbs up from U.S. agency; Google Maps back on iPad, iPhone; Spring offers $2.1 billion for Clearwi.....

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......

FACTBOX - SolarCity IPO finally sees light of day
Dec 13 - SolarCitys IPO has had a difficult journey to the Nasdaq. Here are the top facts behind the launch of the U.S. number one installer of residential solar panels......

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......

Fed wants to force foreign banks in US to hold more capital
Barclays among lenders that would be caught by proposed measures.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/269d9560/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/15153.....

BC Partners executive stands down in row over strategy
BC Partners, one of the biggest private equity firms in Europe, is embroiled in a power struggle after one of its best known managing partners stepped down over a dispute about the firm's investment strategy.<img width='1' height='1' src='http://t.....

Alfa oligarchs plot new oil future through stake in Regal Petroleum
Imprisoned Russian oligarch Mikhail Khodorkovsky has suggested BP chief executive Bob Dudley takes a "flexible" view of issues of corruption and human rights in Russia.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/56830.....

FSA examines personal share trades at WH Ireland
The Financial Services Authority is understood to be looking into share dealings at WH Ireland, following the surprise exit of the stockbroker's chief executive.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/269.....

Queen could benefit from shale gas boom
The Queen could be one of the first to benefit from Britain's shale gas boom, after it emerged a company is considering drilling on land owned by the Duchy of Lancaster.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/5683.....

Britain's economic fortunes are slowly starting to turn
Another week in the trenches and more evidence that it's not all bad news out there for the economy.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/269d177a/mf.gif' border='0'/><br/><br/><a href.....

Smiths shares supported by disposal speculation
Group could soon make disposal, Deutsche Bank analysts said.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/269d12b5/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/1515394627.....

David Cameron 'too busy' to tell business advisors they weren't needed
David Cameron has angered a group of business leaders after he was apparently "too busy" to sign letters that informed them he no longer required their advice.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/269d1.....

LSE may cut offer for LCH.Clearnet by 180m
The London Stock Exchange is haggling to change the terms of its agreed 463m (376m) acquisition of a majority stake in the clearing house LCH.Clearnet, reportedly seeking to reduce the buy-out price by as much 200m.<img width='1' height='1' src='h.....

LSE may cut offer for LCH.Clearnet by 180m
The London Stock Exchange is haggling to change the terms of its agreed 463m (376m) acquisition of a majority stake in the clearing house LCH.Clearnet, reportedly seeking to reduce the buy-out price by as much 200m.<img width='1' height='1' src='h.....

Eurozone crisis drives car registrations to 19-year low
New car registrations in crisis-ridden Europe fell to a 19-year low in the first 11 months of 2012, with Britain the only major market to achieve growth.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/269c7e51/mf.....

SFO charges Weavering Capital founder Magnus Peterson with fraud
The Serious Fraud Office has charged Magnus Peterson, the founder of hedge fund Weavering Capital, with fraud.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/269c4fd9/mf.gif' border='0'/><br/><br/>.....

'Sinister' FSA criticised by former HBOS chief Peter Cummings
The Financial Services Authority has been accused of "sinister" and "outrageous" behaviour in singling out HBOS director Peter Cummings for punishment and trying to mask its own failings in regulating Britain's banks.<img width='1' height='1' src=.....

Japan hits out at S&P over 'significant' ratings problems
Japan has ordered Standard & Poor's to improve its operations after finding "significant problems", in the latest criticism of credit rating agencies.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/269b59b9/m.....

Taste for luxury brings rising sales to Smythson
Smythson, the Mayfair stationer where Samantha Cameron works as a creative consultant, has enjoyed a 21pc rise in sales thanks to strong demand for its luxury leather goods.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/.....

Vladimir Strzhalkovsky receives largest pay-off in Russian corporate history
Vladimir Strzhalkovsky, who served as the chief executive of Russian mining group Norilsk Nickel is to receive a $100m (62m) golden parachute pay-off, the largest in the country's corporate history.<img width='1' height='1' src='http://telegraph.f.....

Economic optimism spurred as construction grows 8.3pc in October
Official figures showed that Britain's construction activity jumped in October, spurring hopes that the sector might help limit an economic squeeze in the final quarter.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/5683.....

Economic optimisim spurred as construction grows 8.3pc in October
Official figures showed that Britain's construction activity jumped in October, spurring hopes that the sector might help limit an economic squeeze in the final quarter.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/5683.....

Blow for Nat Rothschild as Volex falls
Troubled financier Nat Rothschild has suffered a fresh setback after Volex, the electricals company which he owns nearly a quarter of, issued its second profit warning in three months, sending its shares plunging.<img width='1' height='1' src='htt.....

Blow for Nat Rothschild as Volex falls
Troubled financier Nat Rothschild has suffered a fresh setback after Volex, the electricals company which he owns nearly a quarter of, issued its second profit warning in three months, sending its shares plunging.<img width='1' height='1' src='htt.....

Punch Taverns on track as 'challenging' conditions persist
Punch Taverns, the UK's largest pubs operator, has said its plans to sell off about 400 pubs this financial year remain on track.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/269a0984/mf.gif' border='0'/><.....

Europe's most popular cars
European car registrations continued to stall in November, despite a rise in sales of German luxury car brands. Here are the top selling cars last month.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2698d86a/mf.....

Euro recession deepens as private sector shrinks
The eurozone recession has deepened in the current quarter after the bloc's private sector contracted for the 11th straight month in December, a purchasing managers' index suggested on Friday.<img width='1' height='1' src='http://telegraph.feedspo.....

Centamin shares stage fightback
The gold miner has been hurt by developments in Egypt.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2698d871/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/151539561184/u/3.....

Britain bucks trend as EU car sales continue to fall
Britain was the only major EU market to report a rise in new car registrations in November, as sales in southern Europe continued to plummet and even powerhouse Germany stalled.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/3272.....