Search This Blog

Tuesday 1 January 2013

UK Financial News on 2013-01-01

US fiscal deal faces House test
A US Senate-backed deal to stave off a "fiscal cliff" of taxation and spending goes to the House, but Republican opposition casts doubt on its passage......

Commissions banned on new sales
Financial salesmen and advisers can no longer be paid commissions by the firms whose policies - such as private pensions and investments - that they are selling......

UK assumes presidency of G8 group
The UK has begun its year-long presidency of the G8 group of nations, which will include hosting a summit in Northern Ireland......

UK must stay in Europe, says CBI
The CBI says the UK needs to keep its place within the European Union to push for freer trade for its businesses......

Wall Street Market Report
Wall Street shares close up 1.3% after President Obama says that a deal to avoid the fiscal cliff is in sight......

London Market Report
London's benchmark FTSE 100 index ends the year nearly 6% higher, having fallen by 5.6% during 2011......

Portuguese prepare for tax blow
Portugal's president signs into law a controversial 2013 budget imposing big tax increases......

House owners raise stake in homes
UK homeowners' collective stake in the value of their homes rose by 8bn in the third three months of the year, figures show......

Scheme to target rogue landlords
London's Newham Council becomes the first local authority in England to target rogue landlords by imposing a compulsory registration scheme......

209 rogue claims firms shut down
More than 200 rogue claims management companies were shut down recently as part of a crackdown, according to the Ministry of Justice......

Wigan in first profit in years
Premier League football club Wigan Athletic posts its first profit in years as it trims salaries and cuts debt......

Egyptian pound in further slide
The Egyptian pound falls further against the US dollar, despite efforts by the country's financial authorities to intervene in the money markets......

Merkel warns of tough times ahead
Chancellor Angela Merkel warns Germans that the economic climate in 2013 will be "even more difficult"......

Duncan Smith condemns tax credits
The work and pensions secretary says Labour's tax credit system has resulted in "a sorry story of dependency, wasted taxpayers' money and fraud"......

Tube cleaners in strike over pay
London Underground station cleaners begin a 48-hour strike in a dispute over pay......

Deal 'closer' in US fiscal talks
US congressional leaders are said to be closing in on a deal to avoid the "fiscal cliff" of tax rises and spending cuts ahead of a midnight deadline......

VIDEO: Is 2013 a bad year to get married?
Some people might think that getting married in a year with the number 13 in the date could be unlucky - but it could actually save you money......

VIDEO: Tax warning for online sellers
Many unwanted gifts end up on auction sites like eBay, but how many items can you list before the taxman catches up with you?.....

VIDEO: Rogue landlords targeted by scheme
Newham Council in east London is becoming the first local authority in England to introduce a compulsory system of landlord registration......

AUDIO: Poltergeists: an economic phenomenon?
Might the recent economic downturn be to blame for the rise in ghost sightings?.....

VIDEO: Newsweek publishes last paper edition
Newsweek, the weekly news magazine, has published its last edition on paper......

VIDEO: Bagpipe business thrives in Pakistan
The bagpipe business is thriving in Pakistan, with the instrument proving popular to play as well as being a successful export......

VIDEO: EU faces task of creating bank union
One of the biggest tasks for the European Union in the coming year will be to deliver on its far-reaching banking union proposal......

VIDEO: New TUC boss 'to reach out'
The incoming leader of the Trade Union Congress, Frances O'Grady, has vowed to "reach out" to workers and employers to try to gauge opinions about how the organisation can make a difference......

Key issues facing Asian economies
Asian economies face regional and global challenges in 2013.....

Getting it right in 2013
We seek some slightly more reliable predictions for tech in 2013.....

House mulls over fiscal cliff deal
Jan. 1 - Washington's last-minute scramble to step back from a recession-inducing "fiscal cliff" shifted to the Republican-controlled House of Representatives on Tuesday after the Senate approved a bipartisan deal to avoid steep tax hikes and spendin.....

US reaches 'fiscal cliff' deal
Jan. 1 - The White House and congressional lawmakers agree a deal to delay harsh spending cuts. Paul Chapman reports......

Stocks end 2012 with deal in sight
Dec. 31 - Summary of Business Headlines: Stocks rally as Congress nears deal on fiscal cliff, S&P 500 gains 13% for the year, Financials are best 2012's best performers; Apple helps lift Nasdaq. Carmen Roberts reports......

Ringing in investing 2013
Dec. 31 - 2012 was a great year for stocks with the Nasdaq up 16 percent and S&P 500 gaining more than 13 percent. A look at what investors can expect in 2013. Bobbi Rebell reports......

U.S. Day Ahead: Investors look optimistic for 2013
Dec 31 - Despite the wrangling in Washington over the fiscal cliff, there seems to be a new sense of optimism going into the New Year......

Obama says deal "within sight, but it is not done"
Dec. 31 - U.S. President Obama said on Monday that a deal to avoid the U.S. "fiscal cliff," is close, but he warned that it was not yet complete. Deborah Lutterbeck reports......

Obama: Fiscal cliff deal in sight, not done yet
Dec. 31 - U.S. President Barack Obama on Monday said it appeared a deal on the "fiscal cliff" was within sight but it was not complete yet. Rough Cut (no reporter narration)......

Techquity: Liking Facebook, picking winners in 2013
Dec 31 - Two analysts raise their price targets on the social network. Plus, Greencrest Capital senior analyst Max Wolff gives us his top large-cap tech pick for 2013......

Daily Digit: $297.3 bln bond refuge
Dec. 31 - Investors put $297.3 billion into safe, but low-yielding bond funds as doomsday thinking dominated markets in 2012. Bobbi Rebell reports......

Trading at Noon: New year...Same ol' fiscal cliff
Dec 31 - Lawmakers are rushing to meet a Jan 1 deadline to avoid the fiscal cliff......

Reid: Fiscal Cliff talks continue
Dec. 31 - Senate Majority Leader Harry Reid says talks continue to avert a fiscal cliff with no resolution yet as the deadline looms. Rough Cut (no reporter narration)......

Europe awaits U.S fiscal cliff decision
Dec. 31 - Europe's export markets would suffer if the onslaught of U.S tax rises and slashes to spending come into effect, threatening the euro zone's rocky path to growth. Joanne Nicholson reports.....

Egypt pound hits record low
Dec. 31 - With economy in critical condition after nearly two years of unrest, Egypt central bank allows the pound to slip. Lindsey Parietti reports......

Daily digit: Greek retail sales slump
Dec.31 - Sales in Greece's retail sector have fallen 18.1% as deep recession and record-high unemployment take their toll on consumer spending. Sonia Legg reports.....

3XSQ: U.S. markets finish 2012 higher; Tribune rises again
Dec 31 - Global shares are steady as the 'cliff' deadline nears & Tribune emerged from bankruptcy, ending four years of Chapter 11 reorganization......

Paris' oldest bakery closes
Dec.31 - After 200 years of business, Paris' oldest boulangerie is being forced to close because the shop's landlord doubled the rent in line with rising property prices. Sonia Legg reports.....

The 2012 stumbles of tech's new class
Technology Correspondent Matt Cowan explores what lessons can be learned, and what's next for the tech sector......

Breakingviews: Fiscal cliff disaster, or not?
Breakingviews.....

Whisky maker mixes drinking and driving
Dec.31 - Millions of people around the globe will toast the new year with a glass of one of Scotland's best exports but only one traditional whisky also provides fuel for your car. Ivor Bennett reports from the Scottish distillery, Tullibardine, whic.....

Reuters Today: Still no sign of "fiscal cliff" deal
Dec. 31 - U.S. budget talks falter as the clock ticks down. Parties blame each other for failing to reach a deal on averting the fiscal cliff......

Factbox: Asia's top equity markets of 2012
Dec. 31 - Southeast Asian equities stole the limelight in 2012, but a last-minute surge in Chinese stocks may signal a taste of what's to come in the new year......

Daily Digit: Factory data highlights China's balancing act
Dec. 31 - A key reading of manufacturing activity shows recovery will remain on track in the new year, but weak export data underlines China's need to foster more domestic demand. Andrew Swift reports......

U.S. Morning Call: Washington, markets await 'fiscal' deal
Dec 31 - Investors turn to Washington as the U.S. Congress comes back today without a deal to avert the "fiscal cliff"......

Breakingviews: Predictions 2013
Dec. 31 - U.S. and emerging market equities look the best bet for investors, says Breakingviews, in their roundup of 2013 predictions......

Market Pulse: Gold headed for $1,800, cliff-pocalypse or not
Dec. 31 - The world has survived gloomy Y2K and Mayan prophecies, and is still spinning on its axis. Will that be the case if the U.S. goes over the fiscal cliff? Whatever happens, buy gold, says ETX Capital......

Fiscal cliff deal in danger of unravelling
The "fiscal cliff" deal looks in danger of unravelling after Republicans in the House rebel over the lack of spending cuts.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/271ad6f9/mf.gif' border='0'/><br/&g.....

Goldman Sachs chief Lloyds Blankfein cashes in $4m of shares
Goldman Sachs chief executive Lloyd Blankfein and departing chief financial officer David Viniar both exercised restricted stock units on New Year's Eve that delivered them $4.2m in cash apiece.<img width='1' height='1' src='http://telegraph.feeds.....

Fiscal cliff deal will add $4 trillion to US deficit, says CBO
CBO reveals the Senate-passed legislation to avert the "fiscal cliff" will add nearly $4 trillion to federal deficits over a decade.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/271ad3ab/mf.gif' border='0'/>.....

Threat over capital ratios 'holding back economy', says BCVA chief Mark Florman
Politicians and regulators are "living in the past" and are endangering the economic recovery by threatening to "go too far" on City rules, the chief executive of the British Venture Capital Association has warned.<img width='1' height='1' src='ht.....

The US can't afford more political deadlock in 2013
The past two years have turned investors into reluctant experts in the complexity of European politics.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/271acb45/mf.gif' border='0'/><br/><br/><a h.....

Mark Florman: 'We have to stop fighting the past as there's a bigger threat to come'
BVCA boss Mark Florman says we need to stop bashing the banks.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2719fdb3/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/15344269.....

Congress prepares to reverse fiscal cliff fallout
Congress prepares to reverse effects of fical cliff fall out, giving world's largest economy a temporary respite from political crisis.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2719fdb4/mf.gif' border='0'/&.....

Week ahead in business and economics: Jan 2 - 4
Households are expected to be given a little Christmas cheer this week.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2719c8ae/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r.....

Barack Obama hails fiscal cliff deal as House vote looms
Barack Obama hailed the last-ditch deal to avert the 'fiscal cliff' and called on the House of Representatives to vote for the deal as it prepared to meet on Tuesday.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/.....

Government must kickstart growth by getting building projects off the ground
Growth, or the lack of it, has been a perennial theme for this Government. So will 2013 finally be the year in which George Osborne manages to balance the deficit cuts with some tangible economic recovery?<img width='1' height='1' src='http://tele.....

UAE stops jailing expats for bounced cheques
The United Arab Emirates will stop imprisoning expatriates for writing cheques that bounce, which was previously a serious criminal offence.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2719b93c/mf.gif' border=.....

UAE stops jailing expats for cheques bouncing
The United Arab Emirates will stop imprisoning expatriates for writing cheques that bounce, which was previously a serious criminal offence.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/27194244/mf.gif' border=.....

Metro Bank billionaire to become chairman of lender
Vernon Hill, the billionaire founder of Metro Bank, has been named the start-up lender's new chairman ahead of an expected flotation of the business next year.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/27194.....

Britain takes up G8 presidency
With the ringing in of the new year, Britain has assumed its presidency of the G8, a collection of the richest nations in the world.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2718efe8/mf.gif' border='0'/>.....

Questor: Review of 2012 share tips
Questor's 2012 tips rose by an average of 10pc. FTSE 100 rose 6pc.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2718eb8b/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/1534.....

Confidence is vital for the UK in 2013
This time last year, I predicted the UK would lose its AAA credit rating in 2012. I was wrong, but only just.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2718e9e8/mf.gif' border='0'/><br/><br/>&.....

Sony stops making PlayStation 2 in Japan
Japanese electronics giant Sony said it has stopped producing its PlayStation 2 consoles in Japan, fuelling online rumours a PlayStation 4 is in the pipeline.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/271862.....

Stocks to soar as world money catches fire, Calvinst Europe left behind
Bears beware. A monetary revolution is underway.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/27185f26/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/153442686098/u/3/f/568.....

China's economy ends year on a high
China's manufacturing activity expanded in December for a third straight month, official data showed Tuesday, adding to signs the world's second largest economy is emerging from a prolonged downtrend.<img width='1' height='1' src='http://telegraph.....

Japan plans 'nationalisation' of factories to save industry
Japan's government is to take the unprecedented step of buying factories and machinery directly with taxpayer funds, the latest in a series of radical steps to lift the country out of its deep slump.<img width='1' height='1' src='http://telegraph......

Analysis: Economy would dodge bullet for now under fiscal deal
A deal worked out by U.S. Senate leaders to avoid the "fiscal cliff," was far from any "grand bargain" of deficit reduction measures.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/27184f28/mf.gif' border='0'/>.....

Key points of fiscal cliff deal
The Senate passed legislation early on New Year's Day to neutralise a fiscal cliff combination of across-the-board tax increases and spending cuts that kicked in at midnight. Here are details of the deal, according to congressional sources:<img wi.....

Blue-chips shrug off economic woes
The FTSE 100 managed to rise 5.8pc over the course of last year.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2717e1d0/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/153442.....

US Senate passes deal to avert fiscal cliff
The Senate passed legislation early on New Year's Day to neutralise a fiscal cliff combination of across-the-board tax increases and spending cuts that kicked in at midnight.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f.....

UK faces another 'hard grind' in 2013, economists warn
Britain will have to "acclimatise" to "hard grind" of another year of squeezed wages, rising unemployment and low growth, economists warned.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2717cd16/mf.gif' border=.....