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Saturday 29 December 2012

UK Financial News on 2012-12-29

Obama 'optimistic' on cliff deal
US President Barack Obama says he is "modestly optimistic" that a deal to avoid the "fiscal cliff" is possible, after a last-ditch White House meeting......

Former City regulator knighted
A former head of the Financial Services Authority and a founding member of the Bank of England's Monetary Policy Committee are recognised in the New Year Honours......

First-time house purchases 'up 12%'
The number of house purchases by first-time buyers is up 12% this year, with about 216,000 people stepping on the property ladder, reports the Halifax......

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......

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......

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......

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......

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.....

Obama presses Congress to resolve fiscal cliff
Dec. 29 - U.S. President Obama calls for resolution to fiscal cliff talks in weekly address. Deborah Lutterbeck reports......

Fifth day of fiscal cliff fizzle
Dec. 28 - Summary of business headlines: Stocks slide for fifth day over 'fiscal cliff' stalemate; Existing home sales rise to highest in 2 1/2 years; Port strike averted for 30 days; Apple won't sue over Galaxy S III. Carmen Roberts reports......

Deal or no deal, U.S. feels pain
Dec. 28 - Whether Washington delivers a scaled-down tax and spending plan, a retroactive one or none at all, the U.S. economy will not emerge unscathed. Jeanne Yurman reports......

Obama: modestly "optimistic" fiscal cliff deal can be reached
Dec. 28 - President Obama held out hope for a last-minute agreement to avoid the "fiscal cliff" after a meeting with congressional leaders. Deborah Lutterbeck reports......

The tax man cometh to Cuba
Dec. 28 - Communist Cuba will start collecting taxes at the beginning of the year. Deborah Lutterbeck reports......

Obama says time for action on fiscal cliff is here
Dec. 28 - U.S. President Obama says the time for action on the fiscal cliff is here; but calls for back up vote if efforts fail. Rough Cut (no reporter narration)......

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......

Sunday Interview: Sir Evelyn de Rothschild: 'To be rather abrupt, I don't think there's been a great change since 2008'
City veteran says banking culture must be reformed if lenders are to regain public trust.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/270b4d8d/mf.gif' border='0'/><br/><br/><a href="http://da.....

Mansion tax is 'damaging'
The property dealer who brokers deals for multimillion-pound homes has said the Chancellor's crackdown on using offshore companies to buy residential property is "harming the golden goose".<img width='1' height='1' src='http://telegraph.feedsporta.....

HP fights back on Autonomy 'fraud'
American computer giant Hewlett-Packard fired its latest salvo in its war of words with Autonomy founder Mike Lynch when it insisted it had been "very transparent" over an alleged accounting fraud at the company it bought.<img width='1' height='1'.....

Ecclestone admits bribe case could end F1 reign
Bernie Ecclestone has spoken for the first time about how his reign as Formula One's chief executive could be threatened.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/270b4d90/mf.gif' border='0'/><br/>.....

French high flyers say bonjour to UK
Boris Johnson exorted the French to "venez a Londres, mes amis". It seems his words are being heeded.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/270b4d91/mf.gif' border='0'/><br/><br/><a hre.....

The City, the EU and a very inconvenient truth
Enoch Powell once said that the best way to keep a secret was to announce it on the floor of the House of Commons, so little notice was taken of anything that went on there.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/.....

Sweet Mandarin sisters secure sauce deal with Sainsbury's and Selfridges
They shot to fame thanks to Gordon Ramsay and Dragons' Den. Now the twin sisters who run the Sweet Mandarin restaurant have secured a major deal with Sainsbury's to sell their sauces.<img width='1' height='1' src='http://telegraph.feedsportal.com/.....

Banks fear 'risk to City' of EU exit
Some of the City's largest banks are privately warning the Treasury that moves towards Britain leaving the European Union would be a disaster for the City and would jeopardise confidence in the economic recovery.<img width='1' height='1' src='http.....

Clearnet urges investors to back LSE takeover bid
LCH.Clearnet will begin a campaign this week to persuade shareholders it has received a better takeover offer from the London Stock Exchange - even though the headline price has dropped by 21pc.<img width='1' height='1' src='http://telegraph.feeds.....

China in 900m African iron ore move
China is poised to gain control of a key iron ore supply route in Africa as the country continues to expand its dominance over the continent's natural resources.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/270.....

Business confidence is still fragile
Business confidence is still in a fragile state despite a slightly better economic outlook for 2013, according to research from the accountancy firm BDO.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/270af642/mf.....

This positive feeling for 2013 may be misplaced
An unlikely new consensus about the world economy seems to be emerging - 2013, it is now quite widely believed, is going to be quite a bit better than 2012.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/270af644.....

The US 'cliff' - one small part of a huge debt crisis
So here we are, at the turn of the year, with the global economy tottering on the edge of America's fiscal cliff.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/270aa393/mf.gif' border='0'/><br/><br/&.....

Keynes' great idea could lead us all over the edge
So here we are, at the turn of the year, with the global economy tottering on the edge of America's fiscal cliff.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/270a3c80/mf.gif' border='0'/><br/><br/&.....

Fracking has the power to transform, so all hail to the shale
Earlier this month the Government confirmed that it would allow a process called fracking to be developed - a technology used to explore for oil and gas in the UK.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2.....

Blow for Hollande as French court blocks millionaire tax
France's president Francois Hollande suffered a setback as the country's highest court ruled plans for a 75pc tax unconstitutional.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2708b2a3/mf.gif' border='0'/>&.....

Alex: It's A Wonderful Crisis - part 6
<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2707359b/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/151540021200/u/3/f/568300/c/32726/s/2707359b/a2.htm"><img src="h.....

Jessica wins 450,000 for readers in 2012
In 2012, Jessica, our tenacious financial sleuth, again took on the banks, insurers and financial institutions on your behalf - with astonishing results.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2707359c/mf.....

Banks at risk of 'perpetual' cycle of bankruptcy, warns Alix
Large banks risk getting caught in "perpetual" cycle of bankruptcy like aerospace companies and carmakers unless they radically alter the way they do business, according to a leading industry consultant.<img width='1' height='1' src='http://telegr.....

Honours list: Why Hector Sants' knighthood rings hollow
Hector Sants' career can hardly have been laugh-a-minute, but the track record of the Financial Services Authority simply does not justify knighthoods or any other official honours.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/.....

Honours list: Former FSA chief Hector Sants knighted despite regulatory failures
Hector Sants, the former Financial Services Authority chief executive criticised over regulatory failures during the financial crisis, has been knighted in the New Year Honours list.<img width='1' height='1' src='http://telegraph.feedsportal.com/c.....

Lord Heseltine to foster closer union ties in TUC speech
Lord Heseltine is to address a TUC event next month as the former deputy prime minister forges links with influential trade unionists over economic growth.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/27060e3c/.....

First-time home buyer numbers at highest since 2007
The number of first-time home buyers is at its highest since the financial crisis - with some help from the bank of mum and dad.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/27060e3f/mf.gif' border='0'/><.....

Barack Obama 'modestly optimistic' of fiscal cliff deal
President Barack Obama said he is "modestly optimistic" that a deal will be reached that prevents a blitz of tax rises and spending cuts hitting the US economy next week.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568.....

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.....