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Saturday 22 December 2012

UK Financial News on 2012-12-22

Boehner: Still hope for tax 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......

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......

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......

VIDEO: Last-minute shopping for Christmas
Up to 13 million shoppers were expected on the high streets of Britain, as the scramble to finish Christmas shopping continues......

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"......

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?.....

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

Fiscal cliff looms, stocks slide
Dec. 21 - Summary of business headlines: Investors nervous over fiscal cliff breakdown, Durable orders and consumer spending rise; NRA wants armed police in schools, but gun stocks still. Carmen Roberts reports......

Wall St: fiscal cliff innocence lost?
Dec. 21 - It's a rocky day on Wall Street as investors react to a Republican rebuff of their leader's plan to avert the fiscal cliff. Are markets over confident a deal can be done? Conway G. Gittens reports......

Wall St: fiscal cliff innocence lost?
Dec 21 - It's a rocky day on Wall Street as investors react to a Republican rebuff of their leader's plan to avert the fiscal cliff. Are markets over confident a deal can be done? Conway G. Gittens reports......

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......

Sunday Interview: Amanda Wakeley: 'There is still money in the luxury sector'
The founder of the eponymous fashion label Amanda Wakeley- boosted this year by the Duchess of Cambridge - tells Sarah Butler about her fight for the company and expansion plans<img width='1' height='1' src='http://telegraph.feedsportal.com/c/3272.....

Pressure increases for UK interest rate rise in 2013
The Bank of England will defy expectations and raise interest rates next year on the back of a solid recovery and rising inflation, senior economists have warned.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/26.....

Struggling Groupon bid 80m for luxury retailer
Groupon, the struggling US "daily deals" company, offered to buy Achica, the British luxury goods online retailer, in a deal that would have valued the company in the region of 80m.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/.....

Alex: It's A Wonderful Crisis - part 1
<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/26ddc286/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/153442421805/u/3/f/568300/c/32726/s/26ddc286/a2.htm"><img src="h.....

Market moves on Home Retail shares
Hedge fund manager Crispin Odey, who famously made millions betting against British banks ahead of the credit crunch, has described Home Retail as "challenged", as new data showed the group was the most shorted company on the FTSE All-Share index.<.....

Chilling economic report strikes fear into CEOs
Over an early-morning coffee with the chief executive of a FTSE 100 business last week, talk turned to the outlook for 2013. Where I had expected some guarded optimism, instead I heard a chilling analysis.<img width='1' height='1' src='http://tele.....

Retailers hope for late Christmas rush
Retailers are hoping for a late rush of Christmas spending after industry data revealed sluggish sales throughout December.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/26ddc125/mf.gif' border='0'/><br/&g.....

Business fund gives Boost a lift with 2.5m injection
The bank-backed Business Growth Fund has taken a stake in juice and smoothie chain, Boost.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/26ddc126/mf.gif' border='0'/><br/><br/><a href="http://d.....

We ignore the threat of inflation at our peril
The high rate of inflation in the UK is a problem that won't go away.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/26dcf2cd/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/1.....

MF Global UK creditors could recover all their money after US deal
Thousands of creditors of failed broker MF Global UK could receive all of the money they lost in its collapse after a deal between the respective administrators of its British and American operations.<img width='1' height='1' src='http://telegraph.....

My festive prediction? Over 10 years, the stock market will double
It is traditional at this time of year to make predictions for the next 12 months.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/26dcf2cf/mf.gif' border='0'/><br/><br/><a href="http://da.feedsp.....

Procrastination means UK at severe risk of making mistake over aviation policy.
When you lead a business, making decisions is one of your responsibilities.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/26dcf128/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.c.....

ITV expands in US with controlling stake in Duck Dynasty maker Gurney
ITV buys majority stake in US reality Duck Dynasty maker Gurney for 24.7m as part of strategy to increase size of studio business.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/26db4936/mf.gif' border='0'/>&l.....

Everything you wanted to know about US hit reality series Duck Dynasty
As ITV buys a controlling stake in US reality TV production company Gurney, we provide a guide to their biggest hit show Duck Dynasty.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/26db4274/mf.gif' border='0'/&g.....

Personal finance review of 2012: who survived, who suffered?
The recession struck in earnest this year, but not everyone ended up worse off. We identify the winners and losers.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/26da66f1/mf.gif' border='0'/><br/><br.....

Finance workers 'earn 20pc more' than industry counterparts
Finance industry workers are paid 20pc more on average than people with the same level of education and experience in other sectors, a report reveals.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/26d9faa2/mf.gi.....

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.....