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Friday 28 December 2012

UK Financial News on 2012-12-28

Obama 'makes no new cliff offer'
President Obama asks US Congress to back an interim plan to avoid the "fiscal cliff" and extend tax cuts for most Americans, reports say......

Employed 'to reach 30 million'
The Chartered Institute of Personnel and Development (CIPD) says employment should grow to a record high by 2015......

Pearson invests in Nook tablets
UK publisher Pearson says it will invest in the Nook series of e-readers and tablets, buying a 5% stake in the business for $89.5m (55.5m)......

DVLA strike over office closure plan
Driving and Vehicle Licensing Agency staff stage a one-day strike over plans to close regional offices, which could see more than 1,000 job losses......

Japan data affirms weak economy
Japan reports weak economic data, underlining the challenges the new government faces in reviving growth in the world's third-largest economy......

Strike-hit mining firm CEO quits
The chief executive of mining firm Lonmin is stepping down four months after a deadly strike at its South African Marikana platinum mine......

Living wage 'would save billions'
Widespread use of a so-called living wage could save the government 2bn a year, according to two think tanks......

China tightens rules on internet
China's new leadership tightens laws on internet usage and enforces a previous rule for internet users to give their real names to service providers......

Apple gets China copyright fine
A court in China orders Apple to pay compensation to eight Chinese writers and two companies for violating their copyrights......

City set for major change in 2013
The body behind the regeneration of Dundee's riverside says more than 100m of capital projects will be started or completed in 2013......

'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 to probe Autonomy sale to HP
Hewlett-Packard's contentious purchase of UK software firm Autonomy is being investigated by the US Department of Justice......

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 withdrawal......

Japan's Tepco sued by US sailors
Tokyo Electric Power Company, owner of the crippled Fukushima Daiichi nuclear plant, is sued by eight US sailors over radiation exposure......

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......

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

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......

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......

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......

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......

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......

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......

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: O2 boss on curry and network outages
Chief executive of mobile network O2 Ronan Dunne on how he deals with issues like network outages, and how family life keeps him grounded......

VIDEO: Tata chairman steps down
Ratan Tata is stepping down as the chairman of Tata after more than two decades heading the group.....

VIDEO: Who makes your clothes hangers?
The Borders firm which believes we will all have one of their clothes hangers in our wardrobe......

AUDIO: Warren Buffett: Fiscal cliff can be solved
Today's Guest editor, Melinda Gates, who with her husband Bill, is one of the world's leading philanthropists. The sage of Omaha, Warren Buffett, talks to Mrs Gates about philanthropy in the US......

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......

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

Karl Lagerfeld: The hired gun
Fashion leader Karl Lagerfeld sees himself as an ideas machine.....

Sailing into the future of global trade?
Is the golden age of sail ripe for a return?.....

Odeon boss on the Strictly threat
Odeon boss says major threat to cinema is not DVDs.....

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?.....

Reuters Right Now: No new offer made at budget meeting
Dec. 28 - Congressional Republicans must decide whether they support Pres. Obama's plan to raise taxes and extend unemployment benefits without cutting spending, or offer a broader plan with spending cuts......

U.S. Week Ahead: Deal or no deal, the damages already done
Dec 28 - Looks like Wall Street will be working the last weekend of 2012 as the political deadlock over resolving the fiscal cliff continues......

Techquity: Facebook slips, Apple's Siri to shine in 2013?
Columnist John Abell......

Daily Digit: Pending home sales up 1.7%
Dec. 28 - Pending home sales hit two-and-a-half year high in November. Jeanne Yurman reports......

Trading at Noon: Oh Snap!Facebook falls on Instagram woes
Dec 28 - Shares of Facebook are down today on news that Instagram may have shed nearly a quarter of its daily active users......

Japan bids for early return to nuclear energy
Dec. 28 - Japan's new government announces a three-year deadline for determining whether to restart the bulk of its nuclear reactors in the wake of the 2011 Fukushima Daiichi meltdown. Lindsey Parietti reports......

Portugal privatises airport operator ANA
Dec. 28 - French group Vinci has won a privatisation tender for Portugal's airports operator ANA with a hefty bid of 3.08 billion euros, which helped debt-laden Lisbon to beat its EU/IMF asset sale goal. Joanna Partridge reports.....

3XSQ: DOJ investigates Autonomy
Dec 28 - Department of Justice looking into accounting at Autonomy which was acquired by Hewlett-Packard......

Europe Week Ahead: Fiscal cliff deadline looms
Dec. 28 - A look ahead to next weeks key events including the fiscal cliff deadline, Ireland assuming the EU presidency & European PMI......

Scottish independence could turn it green
Dec. 28 - Scotland will hold a referendum on independence from Britain in 2014 but just how realistic are its chances of success when its main income source, North Sea oil and gas, is dwindling? Ivor Bennett reports on Scotland's new green energy hop.....

Breakingviews: Draghi's 3 challenges
Dec. 28 - For ECB President Mario Draghi, 2012 was a big year. But his actions will have to speak louder than words in 2013.......

Reuters Today: Tick tock goes the fiscal clock
Dec. 28 - Last-chance budget talks at the White House to reach a deal before the New Years "fiscal cliff" deadline......

2012's worst tech ideas: Flops, fails & fiascos
tech correspondent Jon Gordon......

U.S. Morning Call: Stock futures steady; fiscal cliff eyed
Dec 28 - U.S. stock futures are pointing to a higher open as investors wait on Washington......

Entrepreneur aims to shake up currency trading
Dec. 28 - Danish entrepreneur Jannick Malling, CEO of Tradable, has created what he's calling the world's first open trading platform. It allows currency traders to customise their dealing suite by downloading apps. Analysts say the platform could in.....

Inching towards the cliff
Dec. 27 - Summary of business headlines: Wall Street holds breath over 'fiscal cliff'; Consumer confidence hits four-month low; Weekly jobless claims drop; New homes sales rebound; Toyota pays over $1b in settlement; Apple's chief takes huge paycut. .....

Market Pulse: Japan's FX intervention warning...with a twist
Dec. 28 - Japan hasn't intervened in FX markets buying yen since 1998. Is it ready to do so now? Plus, banks in the red and the "First Woman of Finance" on this day in 1967......

Obama back in town, "cliff" clock ticks
Dec. 27 - Senate Majority Leader Harry Reid fears the country will head over the fiscal cliff, with the House scheduling a Sunday session as the deadline for a deal looms. Deborah Lutterbeck reports......

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......

Markets fall amid fading hopes of last-minute fiscal cliff deal
Stock markets fell on both sides of the Atlantic as hopes faded that President Barack Obama can cut a last-ditch deal to prevent the US being hit by a blitz of tax rises and spending cuts next week.<img width='1' height='1' src='http://telegraph.f.....

FT owner Pearson to buy 5pc stake in Barnes & Noble's Nook arm for $89.5m
Financial Times owner Pearson is to buy a 5pc stake in Barnes & Noble's Nook Media unit for $89.5m.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2704f225/mf.gif' border='0'/><br/><br/><a h.....

Punch perks up as Morgan Stanley increases stake
Pub group flirts with six-month high on news of Morgan Stanley stake.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2704563e/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/1.....

Is the Coalition up to the task of helping businesses?
As we look ahead to 2013 and think about the key drivers of economic growth, there are three things that we must all keep in the forefront of our minds: scale, urgency, and delivery.<img width='1' height='1' src='http://telegraph.feedsportal.com/c.....

Goldman Sachs senior staff 'got average pay deal of 1.8m'
Goldman Sachs senior staff in the UK received an average pay deal of .18m last year, according to regulatory filings.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2703f8ae/mf.gif' border='0'/><br/><.....

Travelodge staff seek assurances over future of 49 hotels
Staff at Travelodge have raised fears over jobs after it emerged the budget hotel chain has so far offloaded only two of 49 properties marked for disposal as part of a deal to avoid administration.<img width='1' height='1' src='http://telegraph.fe.....

Debt crisis: Shares in troubled Spanish bank Bankia plunge
Shares in crisis-ridden Spanish bank Bankia plunged again as details of a public rescue exposed the extent of its problems.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/27038277/mf.gif' border='0'/><br/&g.....

Lonmin says ill chief executive to step down
Platinum miner Lonmin on Friday said chief executive Ian Farmer, off work since August owing to "serious illness", was stepping down permanently from his role at the troubled group.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/.....

EU clears Dexia's 90bn restructuring plan
The European Commission has approved the latest, 90bn restructuring plan for Dexia, a Franco-Belgian bank bailed out at the height of the financial crisis which has struggled ever since.<img width='1' height='1' src='http://telegraph.feedsportal.c.....

Irish house prices rise at fastest pace in six years
House prices in Ireland rose at the fastest pace in more than six years in November, as the country recovers from Europe's worst real estate crash.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/270374e9/mf.gif' .....

Mike Lynch accuses Hewlett Packard of changing its story
Mike Lynch, the British technology entrepreneur at loggerheads with Hewlett Packard over alleged accounting fraud at Autonomy, has accused the US computer giant of changing its story as it goes along.<img width='1' height='1' src='http://telegraph.....

French recovery weaker than estimated
The French economy grew less than initially estimated in the third quarter, falling to 0.1pc from 0.2pc previously, according to the country's national statistics institute.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/.....

Guinness 'almost dropped Irish links over IRA'
Guinness was prepared to play down its ties with Ireland in the 1980s.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/270263a7/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/.....

Britain's workforce heading for 'hard-slog year'
Britain's workforce is facing a year of "higher unemployment, longer hours and continued real pay squeeze", employment analysts have warned.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/270263a8/mf.gif' border=.....

2012: A year of CEO departures
It was a year of big-name depatures - some left of their own accord, some were forced out.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2701be5b/mf.gif' border='0'/><br/><br/><a href="http://d.....

Britain's top regulator to get 260,000 a year
Britain's top regulator, who will be responsible for overseeing the country's largest banks, can expect to pocket 260,000 a year.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2701be5c/mf.gif' border='0'/><.....

Lonmin says ill chief executive to step down
Platinum miner Lonmin on Friday said chief executive Ian Farmer, off work since August owing to "serious illness", was stepping down permanently from his role at the troubled group.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/.....

Barack Obama in last-ditch talks as fiscal cliff fears grow
Barack Obama will meet congressional leaders for last-ditch talks on a deal to avoid automatic tax rises and spending cuts as fears grew that America's economy will fall over the so-called fiscal cliff in days.<img width='1' height='1' src='http:/.....

IPOs fall to lowest level since financial crisis after Facebook
Initial public offerings have fallen to the lowest level since the 2008.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2700be94/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/.....

New year, new job? How to find the job you really want in 2013
If you are job-hunting in the new year, you could enlist the help of the National Careers Service, a free helpline and resource centre which helps you think about what it is you really want to do for a living.<img width='1' height='1' src='http://.....

What is the fiscal cliff?
US President Barack Obama will meet congressional leaders today at the White House for last-minute talks. Here we look at what at the "fiscal cliff" means.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/26ffac5d/.....

HP reveals DoJ has opened probe into Autonomy fraud claims
The US Department of Justice has opened an investigation into allegations of accounting fraud at Autonomy, the UK software maker acquired by Hewlett-Packard last year.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300.....

Alex: It's A Wonderful Crisis - part 5
<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/26ffac5f/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/153442569772/u/3/f/568300/c/32726/s/26ffac5f/a2.htm"><img src="h.....

New Balance in fight to keep footprint in America
New Balance is determined to make shoes in the US, but the challanges facing the company to keep doing so are growing.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/26ff6ea8/mf.gif' border='0'/><br/><.....

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.....