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Thursday 20 December 2012

UK Financial News on 2012-12-20

Vote on US fiscal cliff 'Plan B'
The Republican-led US House is set to vote on spending cuts and tax rises party leaders say will keep the US away from the "fiscal cliff"......

US home sales hit three-year high
Sales of previously owned US homes rose in November to their highest level in three years, as the US recovery continues to gather pace......

'Action needed' on energy bills
The energy regulator needs to take stronger action against suppliers to ensure customers get a fair deal, a committee of MPs says......

Big fall in profits at Blackberry
Blackberry-maker Research in Motion sees its profits plunge, and the first fall in quarterly subscription numbers in its history......

Ofcom names 4G auction bidders
The seven companies bidding for the upcoming auction of bandwidth for 4G mobile broadband services are named by telecoms regulator Ofcom......

UK retail sales flat in November
UK retail sales failed to grow in November, adding to fears that consumers are reining in spending ahead of Christmas......

Carnival sees big fall in profits
Cruise company Carnival reports another big fall in profits, as its continues to be affected by January's capsizing of its Costa Concordia ship in Italy......

Mortgage lenders predict pick-up
House sales and mortgage lending should rise next year, says the Council of Mortgage Lenders......

NYSE being sold to rival for $8bn
The parent company of the New York Stock Exchange is being sold to smaller rival Intercontinental Exchange (ICE) for $8bn (5bn)......

'Big fall' in UK petrol stations
Motoring organisations express concern about the fall in the number of petrol stations and fuel reserves shown in a government-commissioned report......

Lloyds to pull packaged accounts
Lloyds TSB will temporarily withdraw sales of paid for "packaged accounts" from the start of the year, ahead of new FSA rules......

Fannie and Freddie 'in Libor loss'
US mortgage lenders Fannie Mae and Freddie Mac may have lost more than $3bn (1.8bn) as a result of the Libor scandal, regulators say......

Car insurance change for women
Changes to car insurance for females to come into force, stopping companies pricing according to gender......

Google offloads Motorola business
Google agrees to sell the set-top box business of its subsidiary Motorola Mobility for $2.35bn (1.45bn)......

Japan gets $119bn stimulus boost
The Bank of Japan boosts its key stimulus measure in an attempt to revive growth in the world's third-largest economy......

UBS faces Hong Kong investigation
Hong Kong authorities launch an inquiry into "possible misconduct" by UBS in submissions for Hong Kong's inter-bank lending rate......

Economy 'may contract' at year end
The Bank of England's Monetary Policy Committee says the economy is "quite likely" to have contracted in the final quarter of the year......

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......

World Bank raises China forecast
The World Bank raises its growth forecast for China, saying stimulus measures and infrastructure projects will help boost growth......

Qantas and Emirates deal backed
Qantas Airways gets initial approval from Australia's competition authority for its proposed alliance with Dubai-based Emirates......

Google given EU anti-trust deadline
Google is told it has a month to address complaints it favoured its own services over its rivals in search results......

Nissan to invest 250m in the UK
Japanese carmaker Nissan says it will build its next Infiniti premium model in its UK factory......

VIDEO: Black box tech to drive down insurance
Drivers can attempt to reduce the cost of their car insurance premiums by having a black box fitted to their vehicle, which monitors how safely you drive......

VIDEO: How are Christmas shoppers spending?
Sales on the High Street are flat according to the latest figures on how we spent our money last month......

VIDEO: RIM expected to report more losses
Research in Motion, the makers of the Blackberry smartphone, are expected to report more heavy losses on Thursday......

AUDIO: Sunday shopping will be 'real challenge'
Some of the UK's big supermarkets have been calling on the government to extend opening hours this Sunday......

VIDEO: 'Prices need to be presented simply'
Stronger action is needed to ensure customers get a fair deal, a committee of MPs has told the regulator Ofgem......

VIDEO: Teaching teenagers engineering skills
University Technical Colleges aim to combine practical learning alongside core GCSE and A levels, with a government pledge to open at least 24 by 2014......

AUDIO: Fishing talks 'good for UK seas'
The UK government has described the outcome of talks in Brussels on EU fish conservation measures as "good for the health of the seas"......

VIDEO: 'Flurry' of Christmas sales expected
UK retail sales failed to grow in November, adding to fears that consumers are reining in spending ahead of Christmas......

Welsh 'Tinseltown' raises Christmas mystery
Welsh tinsel maker fights off Chinese competition.....

King off-the-road: Estates in the mud
Are large 4x4s being overtaken by humble estate cars?.....

Cinema woos senior citizens
How cinema is wooing an older crowd.....

Can Instagram bounce back after row?
Will the row over usage rights have long-term damage?.....

India's dilemma over banking reforms
Government measures are not always welcome.....

U.S. Day Ahead: How to play the Mayan apocalypse
experts......

FACTBOX: Lawyers, Guns & Money: The economy of the gun
Dec 20 - The profitable U.S. firearms and ammunition industry could face pressure in the aftermath of the Newton, CT shootings......

Techquity: Jabil boosts Apple, analyst says; video game woes
Dec 20 - Jefferies analyst expects strong quarter from Jabil Circuit to help Apple, plus video game company files for bankruptcy......

Daily Digit: 3.1% U.S. growth
Dec. 19 - Third-quarter growth is upwardly revised to 3.1% as government spending and exports provided a lift. Conway G. Gittens reports......

ICE could remove chill from NYSE brand
' Bobbi Rebell reports.....

Breakingviews: Fed acts local
Breakingviews columnists look behind the Fed's plan to make U.S. units of foreign banks hold more capital......

Trading at Noon: Herbalife sheds value as Ackman talks
Dec 20 - Hedge fund manager Bill Ackman takes on weight management company Herbalife as his big end-of-the-year short......

Wood wind instrument to generate power
Dec. 20 - A wind turbine entirely made from wood has been inaugurated in Germany. Joanna Partridge reports.....

Saft says: Double Grinch act may push U.S. over 'Cliff'
Columnist James Saft says President Obama and Speaker Boehner are doing a double Grinch act that could push the U.S. over the 'Fiscal Cliff'.....

Fish trader aims for lucrative UK music prize
A song composed by a market trader to sell fish could reach number one in the UK music charts, after he was signed up by Warner Bros, vying with this year's X Factor winner for the spot, amongst others. Joel Flynn reports......

Europe Day Ahead: Share gains halt, fiscal cliff looms
Dec. 20 - European stock gains halt just over a week before the U.S. comes to the edge of its fiscal cliff. Thousands to gather in Chichen Itza, Mexico ahead of 21.12.2012, when the world may come to an end......

Austerity-tired Greeks protest at more cuts
A transport strike brought Athens to a halt, as Greek pensioners and construction workers protested against the government's economic reforms. Greece may have secured its next installment of international aid, but more demonstrations are likely as th.....

3XSQ: ICE to buy NYSE Euronext for $8.2 billion
Dec 20 - ICE said the deal amounts to $33.12 per share and once closed, NYSE shareholders would own approximately 36 percent of ICE shares......

Reuters on the Road: Hidalgo's vital signs look good
Dec. 20 - Hidalgo CEO Anmol Sood takes the taxi challenge to explain how his Equivital human monitoring equipment made history with Red Bull......

World at Risk 2013: Part 1 the U.S. & Europe
Dec. 20 - Nomura Senior Political Analyst Alastair Newton tells us whats keeping him awake at night heading into the new year......

Sports Spread: Can Chelsea Overhaul Manchester's Finest
Dec. 20 - Heading into the busy Christmas season, Chelsea are 13 points behind leaders Manchester United. Will splashing the cash in January help them bridge the gap?.....

Breakingviews: 20.12.2012 - end of a magical era
Dec. 20 - Today marks the end of 13 years of 'numerologically magic dates,' say Breakingviews. The rest of the century will be a desert by comparison......

Russian bunker comes to life for doomsday party
Moscow residents snap up $1000 tickets for doomsday party to be held in cold-war era bunker over 200 feet under the ground. Deborah Lutterbeck reports......

Ireland to reach Anglo Irish deal with ECB by March: Kenny
, Irish Prime Minister Enda Kenny talks about the challenges Europe faces next year, including the vexed issue of Ireland's promissory......

Reuters Breakingviews: Stimulus alone won't save Japan
Dec. 20 - New leader Shinzo Abe is pushing easing to pump-prime Japan's economy -- but structural changes will be required for any stimulus to have an impact, says Breakingviews' Andy Mukherjee......

Reuters Breakingviews: Japan, S.Korea brace for currency war
Dec. 20 - With new leaders in Japan and South Korea looking to support their export-dependent economies, their bilateral exchange rate is set to become a hot-button issue, says Breakingviews' Andy Mukherjee......

Reuters Today: Threes a crowd in Asia
Dec. 20 - Park Geun-Hye completes a clean sweep of new leaders for South Korea, Japan and China, but with talk of currency wars in the air, analysts say fresh faces may not mean fresh harmony......

Work in progress: Building Brand China
Dec. 20 - David Tang, founder of luxury retailer Shanghai Tang, says the "factory of the world" is still struggling to come up with products and brands of its own that have global appeal. Tara Joseph reports......

U.S. Morning Call: ICE in talks to buy NYSE Euronext
Dec. 20 - IntercontinentalExchange is in talks to buy NYSE Euronext, the operator of the New York Stock Exchange......

Stocks biggest loss in over a month
Dec. 19 - Summary of business headlines: Stocks slide on fiscal cliff gap; GM plans to spend $5.5 billion to reduce taxpayer stake; FedEx beats lower expectations, struggle continues; Gunmakers rally for first time since Connecticut massacre; UBS hit.....

BlackBerry maker RIM loses subscribers for first time
BlackBerry-maker Research In Motion, which is already struggling with plunging sales, has lost subscribers for the first time in the latest quarter, as the global number of BlackBerry users dipped to 79m.<img width='1' height='1' src='http://teleg.....

Facebook looks at charging $1 to send messages to strangers
Move will guarantee messages from strangers make it into your inbox.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/26cecbb9/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/15.....

There is a prize in this fiscal cliff saga but stronger US growth isn't it
American fiscal policy could have been dreamt up by a Hollywood script writer.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/26cf0d4b/mf.gif' border='0'/><br/><br/><a href="http://da.feedsporta.....

Liffe is the meaning of New York exchange bid
Fixing Britain's banks is, of course, a priority. But the danger has always been that in doing so, we damage the wider financial services industry, which is one of our world beaters.<img width='1' height='1' src='http://telegraph.feedsportal.com/c.....

Doubts remain over Spain's austerity miracle
Spain has made dramatic strides in cutting labour costs and reviving exports since the debt crisis erupted, turning the country into the new poster-child of Europe's austerity regime.<img width='1' height='1' src='http://telegraph.feedsportal.com/.....

London's Liffe the prize as US exchange swoops in $8.2bn deal
London's status as a world financial capital has received a major boost after a US exchange paid billions of dollars to help secure control of Liffe, the City's largest derivatives market.<img width='1' height='1' src='http://telegraph.feedsportal.....

Brazil Central Bank cuts GDP growth forecast
Brazil's Central Bank on Thursday cut its GDP growth forecast for 2012 from 1.6 percent to one percent, confirming a marked slowdown in Latin America's biggest economy.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/56830.....

America's fiscal fix could help Britain too
The idea of fairer, flatter taxes might work here, says Jeremy Warner<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/26ce9779/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/1.....

Dover port shocked as privatisation plan blocked
A controversial scheme to privatise the Port of Dover has been blocked by the Government after a backlash from local residents and a revolt by ferry operators.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/26ce0.....

JP Morgan gives thumbs up to Diageo's potential $10bn bid for Beam
Analysts argue a $10bn-plus takeover bid for Beam is not a bad idea.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/26ce2670/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/15.....

UBS libor inquiry moves to Hong Kong
Investigations into potential Libor rigging at UBS have widened to Hong Kong after the Swiss bank admitted fraud, agreed to pay 940m in fines for manipulating the inter-bank rate, and saw two of its traders charged with conspiracy.<img width='1' h.....

'Grexit' still a possibility warns finance minister
A Greek exit from the eurozone is still a "possible risk" should social unrest stall economic reforms, the country's finance minister warned.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/26cda45a/mf.gif' border.....

Good News Britain: The MoD is placing contracts with British companies and securing British jobs
UK Defence sector contributes 2bn a year in taxes to the Exchequer.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/26cda45b/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/153.....

Chinese car group in talks to buy stake in black cab maker Manganese Bronze
Administrators at troubled London black cab maker Manganese Bronze are in talks to sell an 80pc stake in the company to the Chinese, it emerged on Thursday.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/26cda018.....

FSA bans and fines ex-Gracechurch chief Sam Thomas Kenny
Sam Thomas Kenny has been fined 450,000 for pressure selling small company shares to investors.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/26cda019/mf.gif' border='0'/><br/><br/><a href="htt.....

BT among seven bidders to enter 4G auction
BT is among seven bidders to enter the race for Britain's 4G airwaves, fuelling expectations that the Government will secure the 3.5bn windfall it has banked on.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/26c.....

Questor Plus: Diamond prices set to rise in 2013
Garry White discusses his hot picks in the luxury goods market.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/26cd083a/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/1534423.....

Debt Crisis: as it happened - December 20, 2012
Russian president Vladimir Putin has said he would welcome Gerard Depardieu to Russia as France's harsh austerity budget gets parliamentary approval.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/26cda45d/mf.gif.....

Debt Crisis: Putin offers Depardieu Russian passport as austerity budget passed in France - live
Russian president Vladimir Putin has said he would welcome Gerard Depardieu to Russia as France's harsh austerity budget gets parliamentary approval.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/26cc9298/mf.gif.....

Record Christmas Eve expected as shoppers wait for last-minute deals
Shoppers to spend a record amount on Christmas Eve over last-minute discounts.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/26cd1175/mf.gif' border='0'/><br/><br/><a href="http://da.feedsporta.....

Workers 'could get 62,000 lump sum' in exchange for state pension benefits
Better-off workers could receive lump sums of as much as 62,000 from the Government to buy out their entitlement to the top-up state pension, a senior actuary has said.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/56830.....

Workers 'could get lump sum' in exchange for state pension benefits
Better-off workers could receive lump sums of as much as 63,000 from the Government to buy out their entitlement to the top-up state pension, a senior actuary has said.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/56830.....

US GDP revised up to 3.1pc: what the economists say
The US economy grew at faster than previously estimated 3.1pc in the third quarter. here's how economists reacted.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/26cc8db4/mf.gif' border='0'/><br/><br/.....

Debt Crisis: Harsh austerity budget passed in France - live
France's contentious austerity budget unveiled by president Francois Hollande in September has clinched parliamentary approval after months of deliberation.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/26ca985f.....

US GDP revised up as consumer and state spending drives growth
The US economy grew faster than previously estimated in the third quarter, as consumer spending picked up and state and local governments added to growth for the first time in almost three years.<img width='1' height='1' src='http://telegraph.feed.....