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Tuesday 18 December 2012

UK Financial News on 2012-12-18

S&P raises Greece's credit rating
Standard and Poor's raises the credit rating of Greece's sovereign debt by six levels, praising the "strong determination" of fellow eurozone countries to help it stay in the grouping......

Dublin opposes Aer Lingus deal
The Irish government voices its opposition to Ryanair's bid to buy rival Aer Lingus, saying the deal risked damaging competition......

Comet stores open for final day
Comet stores are to close their doors for the last time on Tuesday, bringing the failed UK electrical retailer's 79-year history to an end......

UK inflation unchanged at 2.7%
The UK inflation rate was unchanged at 2.7% in November, figures show, as rises in food and energy costs were offset by cheaper petrol......

Redundancy talks period halved
The 90-day consultation period before large-scale redundancies can take place is to be cut to 45 days, the government says......

Samsung drops Europe Apple case
Samsung says it will drop its lawsuit seeking to ban the sale of some of Apple's products in Europe......

Toyota hit with $17.4m US fine
Toyota is fined $17.4m - the maximum allowed under US law - for taking too long to report safety issues to authorities......

London airports 'need expansion'
Heathrow and Gatwick airports should be expanded to improve the UK's business links with the rest of the world, the Institute of Directors says......

US investment firm exits gunmaker
US private equity firm Cerberus is to sell its stake in Freedom Group, owner of gunmaker Bushmaster, following the Newtown school shootings......

UK house prices see slight rise
Average house prices across the UK have seen slight increases, according to the Office for National Statistics......

Instagram seeks right to sell photos
Facebook's photo-sharing site Instagram updates its privacy policy giving it the right to sell users' photos to advertisers without notification......

Loan scheme signs 'encouraging'
The Bank of England says the early signs are that its Funding for Lending scheme is beginning to work......

Welsh government to buy airport
The Welsh government aims to buy Cardiff Airport and says it wants to see it run on a commercial basis with no subsidies......

Facebook underwriter is fined $5m
Morgan Stanley is fined $5m (3m) by the top securities regulator in the US state of Massachusetts for improperly influencing Facebook's share sale......

Phone waits for HMRC 'cost 136m'
Delays in answering phone calls to HM Revenue and Customs cost callers 136m last year, the National Audit Office estimates......

Rank deal may mean casino sales
Rank Group may have to sell some casinos in order to win approval for a takeover of Gala Casinos, the Competition Commission says......

Household income 'being squeezed'
Inflation is continuing to undermine household's spending power, according to research from Lloyds TSB......

Wonga offers loans at web checkouts
Short-term loan company Wonga has started to offer its instant loans via an online retailer's website, with plans to expand to more soon......

12 bill rise for energy upgrade
The energy regulator will permit firms running the UK's energy grids to add an average 12 to annual bills over the next eight years......

Obama in fiscal cliff tax offer
US President Obama makes a new offer to avoid the so-called "fiscal cliff", raising his threshold for tax rises and reducing calls for new revenue......

'Rise' in planning permissions
Planning permission was granted for 33,881 homes across England in July to September, according to figures from the Home Builders Federation (HBF)......

EU in trade deal with Singapore
The EU and Singapore clinch a free-trade agreement - the second between the 27-nation bloc and a major Asian trading partner......

AIG sells AIA stake for $6.5bn
The US insurance giant American International Group (AIG), sells all of its remaining stake in Asian insurer AIA ending a decades long association......

Billion pound oil scheme approved
Aberdeen-based oil firm Dana Petroleum is given the green light to develop two oil fields in the North Sea......

Santander cuts branches in Spain
Banco Santander announces that it is to absorb two Spanish banks, Banesto and Banif, closing 700 branches in the process......

Cycling to get increased funding
Cycling, triathlon and netball will receive extra funding of more than 30% from Sport England as part of a 493m plan......

Brazil opens first 2014 stadium
Brazilian President Dilma Rousseff inaugurates the Castelao Arena in Fortaleza, the first of 12 stadiums being renovated or built for the 2014 Fifa World Cup......

VIDEO: 'Good balance' to redundancy talks
The 90-day consultation period before large-scale redundancies can take place is to be cut to 45 days, under government plans......

VIDEO: Shops suffering over flag protest
Retailers in Belfast are reporting a loss in Christmas takings following two weeks of protests across the city......

VIDEO: Two views on redundancy talks period cut
The 90-day consultation period before large-scale redundancies can take place is to be cut to 45 days, ministers say......

AUDIO: High Street 'victim of online shopping'
Rahul Sharma, retail analyst at Neev Capital, says high street retailers such as Comet are going bust as a result of "consumers discovering the internet"......

VIDEO: HMRC calls 'cost taxpayers millions'
Phoning the tax office and waiting to speak to an adviser cost callers more than 130m last year, according to the National Audit Office......

VIDEO: 'Comet closing is sad, but I got a bargain'
Comet stores are to close their doors for the last time on Tuesday, bringing the failed electrical retailer's 79-year history to an end......

VIDEO: TUC on Christmas rail and Tube strikes
Unions want to hold talks about a series of planned strikes affecting rail and London Underground services over the festive period, the incoming general secretary of the Trades Union Congress said......

VIDEO: Government 'mixed messages' on energy
The Conservative chairman of the Environment and Climate Change Committee has questioned the government's commitment to the green agenda and claimed it was sending out "mixed messages"......

Has Christmas dinner price risen?
Has your Christmas dinner risen in price?.....

Chaebol debate rages in S Korean election
Are South Korea's conglomerates to blame for its wealth gap?.....

Rise of the warehouse robots
Robots let loose in retail warehouses.....

New York start-ups' own flavour
How New York's new tech firms differ from Silicon Valley rivals.....

Shinzo Abe's economic challenge
Shinzo Abe faces challenges to revive Japanese economy.....

Hip-hop: Love of music or money machine?
Love of music or money machine?.....

Gulf states face hard economic truth about subsidies
Gulf energy subsidies becoming unsustainable.....

Daily Digit: Gap in wages of 54 to 1
Dec. 19 - The gap between top wage earners and low wage earners in Washington, D.C. is 54 to 1, a microcosm of what's going on in cities across America, according to an exclusive look at the growing state of income inequality. Conway G. Gittens repor.....

U.S. Day Ahead: FedEx results - all about hope and Xmas!
Dec 18 - When FedEx reports before the bell, make sure to focus on what the number two U.S, package-delivery company says about its outlook and how much its shipping in the holiday season......

Techquity: Apple gets a shot in the 'ARM'; Amazon gets boost
Dec 18 - ARM Holdings, which makes chips for Apple's iPhone and iPad, launched a new security standard for smartphones that can speed up e-commerce transactions to record speeds......

ECONOMY 2013: No relief in sight for small businesses
Dec. 18 - Liberty Tax Service CEO John Hewitt says pending changes in tax policy make planning tougher than it's ever been and feels that weak funding for franchises will keep pressure on small business hiring......

Trading at Noon: Gunmakers feeling the pressure
Dec. 18 - Gunmaker shares plunge in the wake of the Newtown school shootings and Cerberus Capital says it will sell gunmaker Freedom Group......

Breakingviews: Jefferies and the Street
Dec 18 - Breakingviews editors Richard Beales and Antony Currie discuss Jefferies' full-year earnings and the implications for the the U.S. investment bank's larger Wall Street compatriots......

Europe Day Ahead: Anti-bank? Moi?
Dec. 18 - French bank reform proposals dominate Wednesday's agenda in Europe, but the signs are that President Hollande will row back on earlier anti-bank rhetoric. Bank of England minutes in focus in the UK......

Mapping London's bomb sites a hit
Dec. 18 - The designers of an interactive map which allows users to see where every bomb dropped on London during the Blitz in World War Two have been overwhelmed by its popularity. Andrew Potter reports......

3XSQ: Investors stand by Apple despite another smack down
Dec. 18 - Apple shares were up 1% at the open despite a U.S. judge denying the tech giant's request for a permanent injunction against Samsung Electronics' smartphones......

Wealth Strategies: Hopes rise for U.S. budget deal
Dec. 18 - The differences over how to resolve the "fiscal cliff" narrowed significantly Monday night as President Barack Obama made a counter-offer to Republicans that included a major change in position on tax hikes for the wealthy.....

U.S. judge says Apple patents too far from the tree
Dec. 18 - Apple is denied a request to stop certain Samsung products from being sold in the U.S., as the battle for smartphone supremacy continues. Joel Flynn reports......

Breakingviews: Merkel will win, but with whom?
German Chancellor Angela Merkel will win the 2013 elections, but her coalition options are set to liven up an otherwise boring election......

In the Boardroom: 2012 a rude awakening
Dec. 18 - 2012 saw shareholders voting down pay deals, Apple pulled up on labour conditions & execs at Starbucks & Amazon grilled over UK tax avoidance. Lucy Marcus rounds up the year in boards......

Foreign funds cashing out after Southeast Asia's bull run
Dec. 18 - Pricey valuations in Southeast Asia are prompting foreign funds to search for value elsewhere, with money managers fixing their sights back on China. Lisa Yuriko Thomas reports......

Reuters Today: No U.S. fiscal cliff just yet
Dec. 18 - A U.S. budget deal may be in sight as the two sides make compromises in talks to curb the deficit. Plus, Japans new PM Abe puts the squeeze on the BoJ for more stimulus......

Mind control brings new taste of life for paralysis patient
Dec. 17 - A Pennsylvania woman who became a quadraplegic through a genetic disease has fed herself for the first time in nearly ten years, using a mind-controlled robotic arm. A research team at the University of Pittsburgh School of Medicine develop.....

U.S. Morning Call: Walmart bribed officials in Mexico - NYT
Dec 18 - Walmart's Mexican affiliate routinely used bribes to open stores in desirable locations, according to the New York Times......

Market Pulse: Whisper it, but Europe the place to be in 2013
Dec. 18 - No euro zone break-up risk + US fiscal cliff deal + global QE = invest in European stocks, says Schroders. Also, the Swedish crown rallies on the Riksbank, and oil hits a 2-week high......

Stocks surge as cliff talks emerge
Dec. 17 - Summary of business headlines: Dow climbs 100 points as Republican leader puts new offer on the table; NY Manufacturing extends contraction; Apple rating cut on competition fears; AIG shopping around Asia unit; Sprint and Clearwire shift to.....

Gun business likely to stay strong
Dec. 17 - The U.S. gun business has been growing and there is no evidence that the recent shooting will have a major impact on sales. Bobbi Rebell reports......

U.S. Day Ahead: Speaker Boehner to try and sell taxes to GOP
Dec 17 - Drawn-out fiscal cliff negotiations continue Tuesday morning when Boehner speaks with his Republican colleagues, to gauge their willingness to support higher taxes on top earners......

ECONOMY 2013: China will overtake U.S. as Mary Kays biggest market next year
Dec 17 - Forget about the U.S., China will overtake it as the top growth market for Mary Kay in 2013, according to the company's CEO David Holl......

Techquity: Apple analysts do battle
Dec 17 - At least 8 Apple analysts issue notes on the tech powerhouse. We break down the reports so you don't have to......

Depardieu tax dispute swells
Dec. 17 - French actor Gerard Depardieu hits back at the country's prime minister after being criticised for saying he will renounce his French citizenship and move to Belgium for tax reasons. Joel Flynn reports......

Draghi: New ECB bank oversight will revive confidence, lending
Dec. 17 - New European Central Bank powers to oversee euro zone banks will help restore confidence in the sector and revive interbank lending, says its president, Mario Draghi......

Asia's insatiable demand for coal plays havoc with climate goals
The world is becoming more reliant on high-polluting coal, not less.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/26bbbd1e/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/15.....

Government recruits Sir Peter Burt to advise on Business Bank
Sir Peter Burt has been recruited to advise the Government on the establishment of Britain's 1bn Business Bank, despite his role in building HBOS before it collapsed.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/.....

The bond markets have already downgraded Britain's credit rating
Inflation didn't rise in November but it didn't fall either and that's by far the more significant conclusion of Tuesday's latest prices data.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/26bb16d6/mf.gif' borde.....

Sam Laidlaw's West Coast rail bid inquiry lacks Hercule Poirot's detective skills
Let's face it, Hercule Poirot would not have taken on this sort of gig.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/26bad8d2/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r.....

S&P upgrades Greece six notches
Standard & Poor's has raised Greece's credit rating six notches to an 18-month high due to "the strong determination" of the eurozone to help the struggling member state.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f.....

Global coal demand to exceed oil within a decade - IEA
Coal will overtake oil as the world's biggest energy source within a decade unless policies are changed, the International Energy Agency has said.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/26bad8d6/mf.gif' b.....

G4S appoints ITV's Adam Crozier to its board
G4S, the company at the centre of the Olympics security shambles, has attempted to strengthen its board with the appointment of ITV chief executive Adam Crozier as a non-executive director.<img width='1' height='1' src='http://telegraph.feedsporta.....

African Minerals buoyed by spending cut
The shares climbed on news the group would not build a new port.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/26ba7c79/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/153442.....

British aerospace boost from Airbus and Rolls-Royce
The British aerospace industry has received a boost after Airbus and Rolls-Royce secured major orders.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/26ba7c7a/mf.gif' border='0'/><br/><br/><a hr.....

Connecticut school shooting: Ceberus to sell gunmaker Freedom Group after Newtown massacre
Cerberus Capital Management announced it was selling the American gun company which it helped to create amid a strong investor backlash against firearms firms.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/26b95.....

Rank may have to sell five casinos to buy Gala Coral
Gaming company Rank may have to sell five casinos in Britain to win clearance for a 205m takeover of Gala Coral's casino business.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/26ba7c7b/mf.gif' border='0'/>.....

MPs demand immediate suspension of swap payments
A group of 24 MPs have written to the Financial Services Authority and the Treasury demanding that banks immediately suspend payments on interest rate swaps.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/26bad29.....

S&P upgrades Greek credit rating and sets outlook to stable
Ratings agency Standard and Poor's has notched up the credit rating on Greece's sovereign debt by more than it expected following the nation's successful bond buyback programme.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/3272.....

Government launches probe into Comet collapse
Vince Cable's department has launched an investigation into the demise of Comet as it emerged that OpCapita and its backers charged Comet millions for fees despite the chain racking up losses.<img width='1' height='1' src='http://telegraph.feedspo.....

'We are not the bogeyman,' Google tells MPs
Google's UK policy chief has told MPs that the web search giant is not "the bogeyman" of the internet, as the embattled technology giant fought to restore its reputation.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568.....

Welsh Government to buy Cardiff Airport
Welsh First Minister said agreement reached with Spanish owners.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/26ba7352/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/153442.....

Heathrow passenger traffic to soar in 2013
Heathrow expects new larger aircraft such as the Airbus A380 to boost passenger numbers next year as the airports group said it is on track for a 10.1pc jump in earnings for 2012.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32.....

Government launches probe into Comet collapse
Vince Cable's department has launched an investigation into the demise of Comet, as it emerged that OpCapita and its backers charged Comet millions for fees despite the chain racking up losses.<img width='1' height='1' src='http://telegraph.feedsp.....

Treasury officials raised red flag over West Coast rail project
Officials from the Treasury and the Cabinet Office raised alarm bells over the chaotic West Coast rail project in March but the flawed process was allowed to continue regardless, it has emerged.<img width='1' height='1' src='http://telegraph.feeds.....

Five economic policy battles that reformers should win
Nothing is certain except death, taxes and the Coalition's inability to reform the economy - or so my lunch guest, a Tory backbencher and former Cameroon loyalist, assured me.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/.....

Debt Crisis: as it happened - December 18, 2012
The governing Icelandic coalition is edging closer to membership of the union while eurosceptic politicians look to stall progress.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/26bad2a2/mf.gif' border='0'/>.....

Debt Crisis: Icelanders divided over EU entry - live
The governing Icelandic coalition is edging closer to membership of the union while eurosceptic politicians look to stall progress.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/26b86ad7/mf.gif' border='0'/>&.....

Government 'seduced' by shale gas, Tim Yeo claims
Britain risks being left behind because the "dithering and indecisive" Government is being "seduced" by shale gas, a senior MP is claiming.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/26ba349f/mf.gif' border='.....

Supermarkets offer last-minute turkey bargains
If you haven't bought your Christmas turkey yet, you could try joining the line at Aldi tomorrow.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/26b9cf4a/mf.gif' border='0'/>.....

Graphic: Comet's collapse and other post-recession retail failures
Comet is only the latest in a string of high street chains to enter administration.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/26b9462c/mf.gif' border='0'/><br/><br/><a href="http://da.feeds.....