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Friday 21 December 2012

UK Financial News on 2012-12-21

Boehner: Still hope on cliff deal
Republicans will keep working to avoid the so-called "fiscal cliff" of tax rises and spending cuts, House Speaker John Boehner has said......

Call for tougher banking reforms
Plans to protect taxpayers from losses by separating banks' riskier investment arms from their High Street operations "fall well short", a parliamentary commission warns......

Steve Jobs' super-yacht impounded
Steve Jobs' 85m high-tech yacht Venus is impounded at the Port of Amsterdam after designer Philippe Starck claims he is still owed money......

Google trio win sentence appeal
An Italian court overturns suspended jail sentences given to three Google executives after a video of a bullied teenager was posted on their site......

Nike shares jump 6.2% on results
Sportswear giant Nike shares closed with a sharp gain on Friday after it reported a strong rise in demand in its home North American market......

Borrowing grows more than expected
The government had to borrow slightly more than expected in November, the ONS says, but it describes growth in the service sector as "promising"......

News Corp publishing loses $2.1bn
News Corporation said its publishing wing, which is set to be split off as a separate business, incurred losses of $2.1bn in the last financial year......

Major jobs boost in UK North Sea
Statoil is to invest 4.3bn in a North Sea oil field, bringing hundreds of jobs to the north east of Scotland......

BMG buys rights to Take That hits
Music label BMG has bought the rights to some of the best-selling pop music of recent years, including Take That's Patience and Robbie Williams' Angels......

Home rental costs record rare dip
The cost of renting a home in England and Wales has fallen for the first time since March, dropping by 0.4% in November, a survey says......

European downturn hits steelmaker
The world's biggest steelmaker, ArcelorMittal, says it will write down the value of its European business by $4.3bn because of the continent's economic problems......

BAE Systems wins Oman contract
UK aerospace company BAE Systems wins a 2.5bn contract with the Sultanate of Oman to supply Typhoon and Hawk jet aircraft......

Insurance rules to alter prices
Millions of people will see price changes on their next insurance policy following rule changes that have now come into force......

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......

Foxconn takes stake in US GoPro
Taiwanese manufacturer Foxconn says it has bought a minority stake in US camera maker GoPro for $200m (123m)......

Madoff brother gets prison term
The brother of Bernard Madoff, the disgraced Wall Street financier, is given 10 years in prison for his role in his brother's massive Ponzi scheme......

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......

Cathay crew to continue smiling
Cathay Pacific Airways customers will be greeted with a smile after all, following the end of a labour dispute......

Facebook tests paid-for messaging
Facebook begins a small trial in which users can pay $1 to send a message directly to people who are not their friends......

'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......

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......

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

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......

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......

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......

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)......

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......

VIDEO: Gender rules affect insurance prices
Millions of people will see the price insurance policies change following fresh rules that have now come into force......

VIDEO: Pawn shops prosper in hard times
The pawnbroker shop is making a widespread comeback as the difficult economic conditions continue to squeeze household incomes......

VIDEO: John Lewis 'to invest more in 2013'
The John Lewis Partnership is to invest "more money than ever" according to the company's managing director......

VIDEO: Call for tougher banking reforms
Government plans to ring-fence the banks - separating their retail businesses from their investment arms - "fall well short of what is required", a report has warned......

VIDEO: 'Promising straws in the wind'
The UK economy grew 0.9% in the third quarter, says Office for National Statistics (ONS), less than the 1% it had previously estimated......

AUDIO: Will 'ring-fencing' UK banks be effective?
A commission of MPs and peers, set up to review the banking industry in the wake of a series of crises and scandals, says government proposals for reform "fall well short of what is required"......

VIDEO: How a food home delivery company works
Founder and chief executive of Fresh Direct Jason Ackerman explains how the company has built a system that manages to deliver over 12,000 orders a day......

VIDEO: Inside UK's 500m wine cellar
Wine is becoming an increasingly attractive investment, and a facility in Basingstoke has what has been described as the world's largest and most expensive collection......

Banking reform: What has changed since the crisis?
What bank reforms have we seen since 2007?.....

Fresh approach to speedy delivery
Can New York firm use tech to keep 12,000 daily meals fresh?.....

Q&A: Insurance gender ruling and you
How women's car cover and pension costs are set to change.....

Has Mario Monti done a good job?
Has Mario done a good job for Italy?.....

Owning a home unattainable for many Taiwanese
Many in Taiwan cannot afford to buy a home.....

Does India have the will to reform its economy?
Reforms to India's economy face tough opposition.....

Welsh 'Tinseltown' raises Christmas mystery
Do you know where your tinsel comes from?.....

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

U.S. Week Ahead: Get ready for more market volatility
Dec 21 - Don't count on any Christmas relief! We could see some wild market swings as traders and lawmakers go on vacation......

Wall Street patience with cliff talks wearing out - trader
Dec. 21 - Wall Street's optimism turned less fervent on Friday as Republicans turned down their leaders plan for backing off the fiscal cliff, putting equities on track for the biggest sell-off since November......

Techquity: Apple, Amazon, Google, Facebook outlook for 2013
Dec 21 - A look at the challenges and opportunities facing our four horsemen on the internet next year......

Daily Digit: spending gauge up 2.7%
Dec. 21 - Orders for non-defense capital goods excluding aircraft jumped 2.7 percent last month as U.S. companies shrugged off fiscal cliff fears. Conway G. Gittens reports......

Breakingviews: Chances for mortgage reform
Dec 21 - Antony Currie and Agnes T. Crane debate whether Congress will finally tackle what role Uncle Sam should play in financing home loans......

Trading at Noon: Mayan apocalypse or market apocalypse?
Dec 21 - U.S stocks are sinking after a Republican proposal for averting the "fiscal cliff" failed to pass......

Wealth Strategies: Still a chance fiscal cliff deal reached
Dec. 21 - JPMorgan's Jim Glassman says Congress may wait until the last minute to strike a deal on the U.S. budget, but that an agreement will eventually be reached to avoid the fiscal cliff......

3XSQ: Fiscal cliff fears heightened; Consumers are back
Dec 21 - House Speaker John Boehner, the top Republican in Congress and Obama's chief negotiating partner, failed to get enough support from his fellow Republicans on a proposed fix......

Boeing prepares for happier landings
Dec. 21 - With one of the busiest holiday travel seasons of the year about to begin, air traffic control procedures are set to receive a 21st century face lift. Aircraft industry giant Boeing is in the final stages of testing out a new system that gi.....

UK considers bank break-up threat
Dec. 21 - Britain needs to introduce legislation that could break up banks if standards slipped, according to an influential parliamentary panel. It said in a report that current reform proposals fall short, and regulators should be able to separate .....

Reuters on the Road: iCITY: leaving a lasting Olympic legacy
Dec. 21 - iCITY CEO Gavin Poole takes the taxi challenge to tell us how the tech hub hopes to deliver a lasting legacy from the London 2012 Olympics......

Breakingviews: Diamond Bob will bounce back in 2013
Dec. 21 - 2013 could provide opportunities for former Barclays boss Bob Diamond to re-emerge, says Breakingviews, unless the Serious Fraud Office reveals further dirt......

Reuters Today: World ends... for Boehner
Dec. 21 - Fiscal cliff deal hopes fade as House speaker John Boehner is forced to cancel a vote on Republican debt proposals. But there's no sign yet of the apocalypse feared by some as the Mayan calender ends......

Asia Week Ahead: Seven black swans a-swimming
' economics and markets editor for Asia Wayne Arnold takes us through his top seven economic risks facing the region in 2013......

And the Academy Award goes to... the iPhone?
finds out......

BAE wins 2.5 bln contract with Oman
Dec. 21 - British defence firm BAE has won a contract with the Omani government to sell them 20 aircraft, as UK Prime Minister David Cameron emphasises that Britain needs to manufacture more. Joel Flynn report......

Reuters Asks: What will be the funding currency of 2013?
Dec. 21 - We ask leading analysts and financial professionals which is the currency to bet on in 2013......

Downton Abbey delivers global success
Dec. 21 - British television drama Downton Abbey is proving a commercial success, boosting viewing figures, revenue and reputation for the UK's biggest broadcaster ITV. Hayley Platt reports......

Market Pulse: Stocks stumble on edge of fiscal cliff
Dec. 21 - Downbeat mood in equities due to stalled U.S. budget talks set to continue into U.S. trading, says Richard Hunter from Hargreaves Lansdown. U.S. crude prices pull back on budget uncertainty......

As the churn continues
Dec. 20 - Summary of business headlines: Stocks rally as hope trumps fear on fiscal cliff talks; NYSE to be sold to ICE for billions; Economic growth faster than thought; RIM, Nike beat forecasts, but Carnival warns. Conway G. Gittens reports......

FACTBOX: NYSE enters the ICE Age
Dec 20 - IntercontinentalExchange struck an $8.2 billion deal to buy NYSE Euronext, a combination that will propel the commodities market powerhouse into European financial futures......

NYSE Euronext- ICE deal ends era
Dec. 20 - The iconic New York Stock Exchange is being acquired by 12-year old start-up IntercontintentalExchange in an $8.2 billion dollar deal that could increase the dominance of electronic trading. Bobbi Rebell reports......

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......

Cadbury chief Irene Rosenfeld handed $10m stock award
The chief executive of UK chocolate maker Cadbury, Irene Rosenfeld, has been handed a special stock award valued at $10m.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/26d81e83/mf.gif' border='0'/><br/>.....

MPs look to crack down on banks selling interest rate swaps
The sale by retail banks of controversial interest rate hedging products could be limited under plans by MPs and peers to look further at the way derivatives have been sold to small businesses.<img width='1' height='1' src='http://telegraph.feedsp.....

Chinese visa rule leaves Britain 1.5bn worse off
Britain should urgently consider scrapping the need for visas for Chinese tourists as the country is missing out on 1.5bn of spending each year, the managing director of Harrods has warned.<img width='1' height='1' src='http://telegraph.feedsporta.....

Mario Monti resigns as austerity budget passed
Mario Monti has resigned as prime minister just hours after his 2013 budget was approved, but could be launching an electoral bid over the weekend.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/26d72c25/mf.gif' .....

Ofwat waters down plans after industry revolt
Ofwat has backed down over controversial proposals to change the way water utilities are regulated after a revolt from the industry.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/26d72c26/mf.gif' border='0'/>.....

Wall Street takes fright as fiscal cliff talks crumble
Republican leaders sent Wall Street tumbling on Friday after admitting "God only knows" how the US would reach a deal to avert the "fiscal cliff".<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/26d72736/mf.gif' b.....

Good News Britain: Heavy oil is difficult to produce but will bring great benefits to the UK
UK oil and gas producers invest more than any other industrial sector.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/26d712b2/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/.....

Regus bids for MWB Business Exchange
Property company Regus has tabled a 40m bid for MWB Business Exchange, London's largest serviced office provider.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/26d712b3/mf.gif' border='0'/><br/><br/&.....

Aviva sells US business for 1.1bn
Aviva is selling the majority of its US operations for $1.8bn - about half of what it paid for them six years ago - as it disposes of assets in an attempt to boost its under-performing share price.<img width='1' height='1' src='http://telegraph.fe.....

Statoil to develop 4.3bn North Sea oil field, creating 700 jobs
Norway's Statoil is to lead the biggest investment in the UK North Sea in a decade, with the $7bn (4.3bn) development of the Mariner oil field.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/26d712b6/mf.gif' bord.....

Blue-chips fall on 'fiscal cliff' worries
There was little in the way of festive cheer in the market today.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/26d712b8/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/15153.....

Christmas will shine a light on supermarkets' woes
Have you done your big food shop already or are you preparing to do battle in the supermarket aisles this weekend?<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/26d709a3/mf.gif' border='0'/><br/><br/.....

Debt Crisis: as it happened - December 21, 2012
The Italian parliament has just approved Mario Monti's 2013 budget, paving the way for his resignation expected within hours.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/26d712b9/mf.gif' border='0'/>.....

Debt Crisis: Monti on brink of resignation as budget is passed - live
The Italian parliament has just approved Mario Monti's 2013 budget, paving the way for his resignation expected within hours.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/26d69b21/mf.gif' border='0'/><br/.....

Debt Crisis: German paper names Greek PM politician of the year - live
German daily paper Handelsblatt has praised Greek premier Antonis Samaras for ploughing ahead with economic reforms and 'accepting the consequences' of past mistakes.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/.....

Marks and Spencer overhauls board as BSkyB boss stands down as director
The chief executive of BSkyB, Jeremy Darroch, has stepped down from the board of Marks & Spencer as part of a pre-Christmas overhaul of the retailer's non-executive directors.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32.....

Steel giant ArcelorMittal takes $4.3bn hit from Europe
Britain's richest man Lakshmi Mittal felt a chill wind from Europe, as his steel giant said it had lost billions of pounds-worth of value to the ravages of the eurozone debt crisis.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/.....

Hands Off Our Pensions: 'Pensions apartheid' as final salary members get 27,500 more
Workers with gold-plated schemes can get 62,500 without attracting a one-off tax bill - those with ordinary pensions can get a maximum of just 35,000.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/26d5b96c/mf.gi.....

Savvy supermarket shopper: Christmas food and wine bargains
Supermarkets want your custom over Christmas and are offering some steep price cuts. Here are some of the best bargains.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/26d5b96d/mf.gif' border='0'/><br/>&.....

Eight in ten shops offer pre-Christmas sales in weekend of 'mayhem'
Almost eight in ten shops are now offering Christmas discounts as retailers prepare for record crowds and "mayhem" on the high street over the next three days.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/26d5b.....

News Corp publishing arm lost $2.1bn
Rupert Murdoch's publishing operations would have lost $2.08bn (1.3bn) as a standalone company last year, News Corporation said on Friday.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/26d5af80/mf.gif' border='0.....

2012 in review: 10 most-read Business stories
Banning Christmas presents, a Beijing bond attack and Greece's dreams of building a Formula 1 track kept you clicking in 2012, as our 10 most-read stories show.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/26d5.....

Asian champagne drinkers help to lift flagging market
Champagne drinkers in Asia with expensive tastes helped to lift a global market dampened by Europe's debt crisis, data showed on Friday.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/26d529da/mf.gif' border='0'/.....

Statoil to create 700 jobs with $7bn North Sea investment
Statoil, the Norwegian oil company, plans to invest $7bn (4.3bn) in an old North Sea oilfield, creating more than 700 jobs.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/26d4bc37/mf.gif' border='0'/>.....

National Business Awards 2012 - meet the winners
Watch the video of the 11th annual National Business Awards ceremony at London's Grosvenor House Hotel, recognising excellence, innovation and ethics in UK plc.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/26d4.....