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Thursday 27 December 2012

UK Financial News on 2012-12-27

'Boxing Day record' for web retail
UK retailers recorded their busiest Boxing Day online, with analysts suggesting shoppers are also using the internet to identify bargains before heading to the High Street......

US 'heading over fiscal cliff'
The US appears to be heading over the "fiscal cliff", the Democratic US Senate leader says, as the House prepares a last-minute return to Washington......

HSBC to refund forgotten ATM cash
High Street bank HSBC is to join RBS in refunding customers who forget to take their cash from ATMs following a withdrawals......

Southend 'leads house price rises'
Southend in Essex experienced the biggest house price rise during 2012, says leading UK mortgage lender, the Halifax......

Apple's boss in massive pay cut
Tim Cook is to take home a salary that works out to 1% of the $378m (235m) he received to be Apple's boss last year......

Spanish bank has 'negative value'
Shares in Bankia drop almost 20% after Spain's bank rescue fund assigns the troubled lender a negative valuation of 4.2bn euros due to bad loans......

Tea workers burn boss to death
Hundreds of Indian tea workers surround their boss's bungalow and burn him to death after a two-week dispute, officials say......

EA forced to remove gun shop links
In the wake of the US school shootings, publisher EA removes links from video game Medal of Honor's website directing users to weapons retailers......

Toyota agrees $1bn US recall deal
Japanese carmaker Toyota agrees to pay more than $1bn in a settlement of US lawsuits dating back to the recall of millions of cars in 2009 and 2010......

US chipmaker faces huge patent fine
A jury orders hard disk chipmaker Marvell Technology to pay a university $1.17bn (723m) in damages for infringing two of its patents......

Faulty good refunds 'too slow'
A consumer charity is calling for a change in the law to ensure speedy refunds for people who are sold faulty goods......

Japan to review nuclear phase-out
Japan's new government says it will review the plan agreed after the Fukushima disaster to abandon nuclear power......

Graphene research gets 21.5m fund
Universities are encouraged to develop commercial uses for the so-called miracle material graphene, with an government investment fund of 21.5m......

Rise in numbers killed at work
The number of people killed at work in Scotland rose last year, according to Health and Safety Executive figures......

South Korea cuts growth forecast
South Korea cuts its growth forecast for this year and for 2013, underlining the effect of a slowdown in its key export markets on its growth......

Money woes 'causing family strain'
The UK's ongoing financial problems are putting an increasing strain on family relationships, a survey by the Relate charity suggests......

Tube cleaners to strike over pay
London Underground station cleaners are to strike from New Year's Eve in a dispute over pay, after a drivers' strike severely disrupted Boxing Day travel......

Boxing Day shoppers out in force
Shoppers queue overnight and flock to stores across the UK, and are predicted to spend almost 3bn at the Boxing Day sales......

Samsung seeks US ban on Ericsson
Samsung Electronics seeks a ban on the import and sales of some Ericsson products in the US which it claims infringe its patents......

VIDEO: Southend 'leads house price rises'
Southend experienced the biggest house price rise of any town or city during 2012, say one of the UK's biggest mortgage lenders the Halifax......

VIDEO: Back to basics for Post Office CEO
The new chief executive of the Post Office Paula Vennells has been spending time in branches to find out how things work at the busiest time of the year, the run up to Christmas......

VIDEO: Online returns: your rights explained
A third of the UK's biggest shopping websites are flouting laws designed to protect customers who need to return goods, according to the Office of Fair Trading......

VIDEO: Inside a Swiss gold refinery
Imogen Foulkes gained rare access to one of the world's four major gold refineries in Switzerland for a look at this highly secretive industry......

VIDEO: Shoppers hunt for Boxing Day bargains
Millions of shoppers have flocked to stores across Britain for record-breaking Boxing Day sales......

What if we jump over the US fiscal cliff?
What if we jump off the US fiscal cliff?.....

Jordan: Price rises spark anger
Rising gas prices spark anti-government demos in Jordan.....

US small businesses and the fiscal cliff
How will US firms cope with the fiscal cliff?.....

Brazil economy loses ground again
Why Brazil has slipped behind UK in economy league.....

Gold refineries - another Swiss money-spinner
Gold refining business thrives in Switzerland.....

3 Tech Trends for 2013
Dec. 27 - 2013 will bring a number of trends to the mainstream including 3D printers and a new wave of video game consoles. Bobbi Rebell reports......

U.S. Day Ahead: Buy, sell, hold or panic! No deal in sight!
Dec 27 - Expect more volatility in the markets as traders tweak portfolios and positions with no solution to the fiscal cliff and only two more trading days left in 2012......

Techquity: Apple CEO's huge pay cut, rating boost for Amazon
Dec 27 - Apple CEO Tim Cook has his compensation slashed while Amazon comes out ahead in a new survey......

DAILY DIGIT: 350,000 new jobless claims
Dec. 27 - New jobless claims fall to 350,000, could signal pickup in hiring. Jeanne Yurman reports......

Obama returns to Washington as fiscal cliff looms
Dec. 27 - U.S. President Barack Obama returns to Washington to attempt a last minute solution to avert the fiscal cliff. Rough Cut (no reporter narration)......

Trading at Noon: Wall St extends losses; volatility jumps
Dec 27 - U.S. stocks fell to session lows after Senate Majority Leader Harry Reid said we're headed over the fiscal cliff......

3XSQ: Amazon.com finishes first
Dec 27 - Survey indicates shoppers still prefer the web retailing giant......

Europe Day Ahead: Italian bonds back on radar
Dec. 27 - A look ahead at Fridays key events including more fiscal cliff deliberation, an Italian bond auction and French GDP data.....

Daily Digit: Spain's Bankia shares fall
Dec.27 - Bankia shares fall 12.5 percent after the bank rescue fund discloses the nationalised Spanish lender bank has a negative valuation of 4.2 billion euro. Joanna Partridge reports.....

Year of the Draghi, as Mario breathed fire into markets
Dec. 27 - At the start of 2012, the euro zone was staring into the abyss. But in July ECB chief Mario Draghi pulled it back, and sparked a remarkable rally across European markets. Can this continue into 2013?.....

Euro zone focus swings to Germany
Dec.27 - Greece, Spain, Italy and even France have been the focus of euro zone debt concerns this year but it's Germany which everyone will be watching in 2013. The bloc's paymaster isn't facing an economic crisis but key federal elections will mark .....

Breakingviews: Penguin M&A: creativity on ice?
Breakingviews......

Reuters Today: 'Cliffhanger' stirs Washington
Dec. 27 - President Obama heads home early from his holiday to try and prevent the U.S. economy going over a "fiscal cliff"......

Top 5 political moments rocking China in year of change
takes a look at the top five moments in Chinese politics in 2012......

U.S. Morning Call: Countdown to fiscal cliff-4 days left
Dec 27 - Efforts to prevent the U.S. economy from going over its 'fiscal cliff' resume today with less than a week to go......

Olympic glory - but was it worth it?
Dec.27 - The London 2012 Games got underway when Britain was in the midst of recession and with the official cost to the taxpayer of around 9bn pounds, its coalition government wanted the London Olympics to provide more than world records, were they .....

Market Pulse: Japan Inc ending 2012 on a high
Dec. 27 - Japanese shares ending the year on a high, and its all thanks to the tumbling yen, but no festive cheer for nationalised Spanish bank Bankia. And walnuts ... the new tulips?.....

Humbug feelings on Wall Street
Dec. 26 - Summary of business headlines: Holiday spending much less than expected, retail stocks drag U.S. stocks lower, Starbucks' message on a cup to Congress; Better than expected home prices. Carmen Roberts reports......

Ho hum holidays for retailers
Dec. 26 - Retailers' sales barely increased this holiday season, according to a preliminary estimate- a big disappointment from optimistic expectations. Bobbi Rebell reports......

DAILY DIGIT: 0.7% gain in home prices
Dec. 26 - The S&P/Case Shiller composite index of 20 metropolitan areas gained 0.7 percent in October on a seasonally adjusted basis, more than economists expected. Conway G. Gittens reports......

U.S. Day Ahead: It's back to scaling the cliff
Dec 26 - As President Obama and Congress get back to resolving the fiscal cliff, here are three likely scenarios of how a deal could be made......

Fireworks explosion sparks major fire in Lagos
Dec. 26 - An explosion rips through a fireworks warehouse in Nigeria's commercial hub Lagos. Deborah Lutterbeck reports......

Techquity: Amazon falters, cloud troubles
Dec 26 - A double whammy of bad news for Amazon which also hurts cloud computing stocks......

Trading at Noon: Retail sector drags U.S. stocks down
Dec 26 - Preliminary estimates of retail sales during the holiday season show weak growth compared to 2011......

3XSQ: Hope and change on Wall Street?
Dec 26 - Investors expressing some optimism as President Obama cuts his vacation short to deal with fiscal cliff......

Porsche wins dismissal of $1bn hedge fund lawsuit
Porsche has won the dismissal of a lawsuit by 26 hedge funds that accused the German car maker of causing more than $1bn of losses by cornering the market in Volkswagen shares.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726.....

Fiscal cliff fears grow, while consumer confidence plunges
US consumer confidence plunged to the lowest level in a year, as fears grew on Thursday night that the world's largest economy will fall over the so-called fiscal cliff in days.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/3272.....

Apple chief Tim Cook takes 99pc pay cut
Apple chief executive Tim Cook took a 99pc pay cut this year after receiving record compensation in 2011.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/26fbc9d5/mf.gif' border='0'/><br/><br/><a.....

It's time for America todo the right thing over the 'fiscal cliff'
Telegraph View: President Obama's decision to cut short his Christmas holidays shows how serious this stand-off over the 'fiscal cliff' has become<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/26fc5781/mf.gif' b.....

Things are looking up even without Mark Carney
The new Governor of the Bank of England can't wave a magic wand - but more economic honesty from politicians would help, says Jeremy Warner<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/26fc7e33/mf.gif' border='.....

Top four Greek banks need 27.5bn by May
Greece's four biggest banks need 27.5bn (22.6bn) in recapitalisation funds by the end of April, the national central bank said in a report released on Thursday.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/26fc.....

Amazon and Google popularity drops in 2012
Amazon and Google have seen their popularity drop after being accused of avoiding paying millions of pounds in tax.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/26fc7926/mf.gif' border='0'/><br/><br.....

Blue-chip index flirts with 6000 mark in thin trade
Blue-chips almost breach 6000 mark amid thin trading in London.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/26fc7929/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/1515399.....

Ladbrokes' Richard Glynn homes in on 2m jackpot
Ladbrokes chief executive Richard Glynn is closing in on the first 2m of a potential 12m bonus after steering the bookmaker's shares to a three-year high.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/26fc4c36/m.....

Spain's house prices to fall another 30pc as glut keeps growing
Spain's property slump will deepen for much of the next decade, and tracts of buildings along the Mediterannean coast will have to be demolished, the country's top consultants have warned.<img width='1' height='1' src='http://telegraph.feedsportal.....

Markets pare gains on fiscal cliff worries
Markets on both sides of the Atlantic pared their gains in afternoon trading on concerns over the US fiscal cliff and disappointing US data.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/26fbbd70/mf.gif' border=.....

SeaWorld plans $100m IPO
Theme park looks to raise up to $100m in IPO of its common shares.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/26fbea7f/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/1515.....

Mortgage approvals rise but consumers remain cautious
Mortgage approvals hit a 10-month high in November but consumers were cautious about taking on extra debt and lending to businesses fell sharply.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/26fbea84/mf.gif' bo.....

Jaguar Land Rover recalls 1,400 cars
Jaguar Land Rover will recall around 1,400 vehicles worldwide because of problems with brakes and steering boxes.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/26fbea88/mf.gif' border='0'/><br/><br/&.....

Schaeuble: Worst of euro crisis 'behind us'
Wolfgang Schaeuble said he believes the embattled eurozone is already past the peak of its three-year-long debt crisis, citing positive developments in Greece and France.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568.....

Growth fears as companies hit by weaker profits
Fears that the economy's return to growth is "unsustainable" have been heightened after a study revealed that companies experienced weakening profits and falling sales in the second half of 2012.<img width='1' height='1' src='http://telegraph.feed.....

Tax bill for giant companies falls despite surge in profits
The UK's largest companies are paying less tax than they did in 2001 - despite a huge leap in their profitability over the past 12 years.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/26fbc9d6/mf.gif' border='0'.....

Tax bill for giant companies falls despite surge in profits
The UK's largest companies are paying less tax than they did in 2001 - despite a huge leap in their profitability over the last 12 years.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/26fb8fc9/mf.gif' border='0'.....

Retailers demand halt to 2.6pc business rates rise despite Boxing Day bonanza
Retailers have issued a rallying cry to MPs to block a 2.6pc rise in business rates early next year amid warnings Britain's hard-hit high streets are in for another "tough" 12 months of trading.<img width='1' height='1' src='http://telegraph.feeds.....

FTSE 100 at 17-month high on China, fiscal cliff hopes
The FTSE 100 has risen to a 17-month high as it flirted with the psychologically important 6,000 level lifted by encouraging data from China and renewed hopes of fiscal cliff deal.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/3.....

HMRC reports 40pc surge in tax forms filed on Christmas Day
Bigger penalties for those filing late tax returns appear to being having an effect after 1,548 people completed the forms online on December 25.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/26fab29f/mf.gif' bo.....

Forgotten ATM money: Will you get a refund?
Banks to repay customers who forgot to take money from cash machine.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/26fa278b/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/15.....

Steinway takes down 'for sale' sign
Steinway Musical Instruments, the famous manufacturer of pianos, saxophones and trumpets, has decided not to sell itself following a 17-month-long exploration of strategic alternatives.<img width='1' height='1' src='http://telegraph.feedsportal.co.....

FTSE 100 rises as US resumes fiscal cliff talks
The FTSE 100 opened down before edging higher in early trading as US lawmakers prepared to resume negotiations to avoid the fiscal cliff and the yen hit a 21-month low on the prospect of drastic monetary easing.<img width='1' height='1' src='http:.....

Cautious households 'pay back debt'
Cautious households are paying back "virtually as much as they borrow", despite a pick-up in people spending money on their credit cards and taking out mortgages, a banking report revealed.<img width='1' height='1' src='http://telegraph.feedsporta.....