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Thursday 3 January 2013

UK Financial News on 2013-01-03

Transocean agrees oil spill fine
Transocean, which owned the Deepwater Horizon oil rig, agrees a $1.4bn (867m) settlement with the US government for violating the Clean Water Act......

Start-up loans scheme expanded
The government expands its start-up loans scheme to try to encourage young people to run their own businesses, but critics say it has made a disappointing start......

Mortgage funds to rise, says Bank
The supply of mortgage funds will be increased "significantly" by the Funding for Lending Scheme, the Bank of England says......

Bond buying worries central bank
A number of senior figures at the Federal Reserve want the US central bank to slow down its bond-buying programme "well before the end of 2013"......

New US Congress re-elects Boehner
The US Congress begins a new term and re-elects John Boehner as House speaker, with partisan budget battles expected to resume......

Google avoids legal action in US
Google makes 'significant changes' to how it does business to avoid legal action from US regulator the Federal Trade Commission......

Mobile users set for price boost
Phone and internet customers may soon be allowed to escape their fixed contracts, without penalty, if the price of their deal is put up......

Everton loss widens as wages rise
Everton Football Club reports widening losses, due in part to higher wages and falling season ticket sales......

London Market Report
London shares rise as better-than-expected US private sector jobs figures raise hopes ahead of Friday's non-farm payrolls......

Skippy brand sold to Spam owner
Peanut butter brand Skippy is sold for $700m (431m) by Dutch food giant Unilever to the US company behind Spam......

US urged to tackle budget deficit
US politicians are urged to do more to sort out the country's ballooning budget deficit by the two largest credit rating agencies, Moody's and Standard & Poor's......

Al Jazeera targets US expansion
Qatar-based broadcaster Al Jazeera acquires Current TV, the cable television network founded by former US Vice President Al Gore......

Google boss to visit North Korea
Google chairman Eric Schmidt is planning a visit to North Korea, South Korean authorities say, but the reason for his trip is undisclosed......

Christmas sales increase at Next
Retailer Next forecasts full-year profits at the top end of expectations as it reports a rise in sales in the run-up to Christmas......

Means-test winter fuel benefit call
Winter fuel allowance should be means-tested to help pay for reform of elderly care, a former minister says......

Spain agrees Parador hotels cuts
The Spanish government reaches agreement with unions about job losses and closures of its chain of hotels in converted castles, mansions and monasteries......

Italy halts Vatican card payments
Italy's central bank suspends bank card payments in the Vatican, saying it has not fully implemented anti-laundering legislation, media say......

Benefit change: Public 'not unaware'
Officials say most people are aware of imminent cuts to child benefit for the better-off after reports that many of those affected have not been contacted......

Rail travellers hit by fare rises
Above-inflation rail fare increases have come into force in England, Wales and Scotland amid claims that fares are going up three times faster than average earnings......

House prices in London rise by 7%
House prices in London rose by 7% in the year to the end of October, far outstripping increases elsewhere, says the Land Registry.....

Spain sees fall in jobless total
The number of people registered unemployment in Spain fell in December, the Labour Ministry says, a rare glimmer of hope for its recession-hit economy......

Growth hopes rise on China data
China's non-manufacturing sector expands at its fastest pace in four months, adding to evidence that an economic rebound might be sustained......

Italy's Monti launches campaign
Italy's caretaker Prime Minister, Mario Monti, promises to cut labour taxes in an interview seen as the launch of his election campaign......

Starbucks to open shop in Vietnam
Starbucks, the world's biggest coffee-shop company, is set to open its first store in Vietnam next month as it continues expanding in Asia......

John Lewis' Christmas sales jump
The department store chain John Lewis said its sales in the five weeks to the end of December rose by 13%, with both stores and online doing well......

Avis buys car sharing firm Zipcar
Global car hire group Avis Budget is to get into the fast-growing car sharing market by buying Zipcar for $500m......

VIDEO: Farmers voice extreme weather fears
The increasing frequency of global extreme weather events and volatility in food price markets present serious challenges for food producers, the president of the National Farmers Union has warned......

VIDEO: Start-up loans 'filling gap in market'
David Cameron has said the Start-up Loans Company is filling a gap in the financing market, and could create thousands of businesses......

VIDEO: Steve Forbes on austerity 'mistake'
The influential publisher Steve Forbes has criticised the European response to the eurozone debt crisis......

VIDEO: Scheme 'to create thousands of jobs'
The government is expanding its start-up loans scheme, which offers young entrepreneurs loans of about 2,500 to help them start businesses. The Start-up Loans Company is chaired by James Caan who told BBC News that the scheme could create over 50,000.....

VIDEO: 'Weak confidence' holding back demand
UK house prices fell by 1% on average last year, the Nationwide says, and it predicts a similar outlook for 2013......

VIDEO: Brics nations to have 'weak 2013'
The Brics nations - Brazil, Russia, India, China and South Africa - will likely see a "relatively weak" economic picture in 2013, says Barclays economist Nigel Chalk......

VIDEO: Bid to refurbish empty homes
Lancashire has the highest rate of vacant properties in England and private investors are trying to create homes for families on council waiting lists......

VIDEO: Elderly care funding faces shake-up
The government could be considering a change in the way care for the elderly in England is paid for, with a possible limit on how much families have to pay before they receive assistance......

India bananas seek bigger share of global market
India vies for bigger share of global market.....

Robots: Brave New World moves a step closer
Robots are ready to invade our homes.....

Rain: Winners and losers
The rain effect: From damaged crops to soup sales.....

Viewpoint: The future of mobility
How technology makes mobility flexible.....

Hong Kong struggles to cut food waste
Hong Kong struggles to cut food waste.....

Can a computer out-compose Mozart?
The computer that can write billions of pieces of music.....

Why are rail fares going up again?
Why rail fares are going up regardless of the service.....

U.S. Day Ahead: If the jobs report comes under 100,000 be very worried
Jan 3 - Friday's jobs report is set to show businesses were cautious going into 2013. IFR says if hiring falls below 100,000 that won't be enough to keep a lid on unemployment......

Daily Digit: 215,000 jobs in private sector
Jan. 3 - Private sector hiring picked up pace at the end of 2012 with 215,000 new jobs created according to the December ADP report, adding to a streak of positive jobs data. Conway G. Gittens reports......

Techquity: Minor "scraping" for Google, Facebook lifted
Jan 3 - Google settles with the FTC while another analyst upgrades Facebook......

Shell raises Arctic challenges
Jan. 3 - The problems facing Shell after its oil rig ran aground in Alaska over New year has highlighted the difficulties of drilling in the Arctic. As the race to exploit one of the world's last wildernesses hots up, many wonder if the rewards are w.....

Trading at Noon: Automakers zoom ahead on Wall Street
Jan 3 - As auto sales for December filter in, we take a look at what Wall Street could learn from Detroit......

Breakingviews: Motown tune for bankers
Jan 3 - Jeffrey Goldfarb and Antony Currie discuss what the U.S. auto industry can teach Wall Street......

Wealth Strategies: S&P heading for 1,550 by year end
Jan. 3 - S&P's Alec Young says resolution to the fiscal cliff will help companies step up hiring in 2013, and points out that, while earnings estimates have been falling for Q4, firms could beat expectations......

Italy fears cost of political battles
Jan.03 - 2013 doesn't look that bright for Italy, as the country struggles with stagnant growth and as a political battle is heating up. Former Prime Minister Silvio Berlusconi has accused outgoing PM Mario Monti of breaking his word by campaigning f.....

Europe Day Ahead: Service sector in spotlight
Jan. 3 - A look at Fridays key events including service sector data, US payrolls report & Merkels first election campaign speech......

Factbox: Gartner upgrades 2013 IT spend to $3.7 tln
Jan. 3 - Global IT spending will rise to $3.7 tln in 2013, but research firm Gartner says spending in the global telecom services market will be flat in the next few years......

3XSQ: U.S. retailers see hit or miss holiday season
Jan 3 - Some major U.S. retailers had a tough December, with chains like Barnes & Noble feeling the pinch, but The Gap is an exception......

Wealth Strategies: Tech, homebuilders to lead in 2013
Jan. 3 - Markets started 2013 off on a high note, but will the momentum continue? Top fund managers see reason to be optimistic and say that the technology and housing sectors will lead the rebound......

Breakingviews: Depardieus Russian tax heaven
Jan. 3 - French actor Gerard Depardieu is to move to Belgium in protest at France's 75% tax rate. Breakingviews says he'd be happier in Russia......

Shell drill ship still floats off Alaskan coast
Jan. 3 - Unified command says the Kulluk is still aground on Sitkalidak Island in the Gulf of Alaska. Rough Cut (no reporter narration)......

The number 8 is 'No. 1' in China
Jan. 3 - Chinese authorities may frown on superstitions, but lucky numbers have made a comeback -- especially in business, where they're believed to help lure customers or turn profits. Jane Lee reports......

Reuters Today: Does the equity surge have legs?
Jan. 3 - Equities stay underpinned by positive Chinese data despite more U.S. budget battles ahead......

Reuters Breakingviews: Asia's new year party just beginning
Jan. 3 - With agreement reached on the "fiscal cliff" in Washington, Breakingviews columnist Andy Mukherjee believes the investment party in Asia is just starting......

U.S. Morning Call: Microsoft acquires start-up id8: source
Microsoft is making a move in the highly competitive tech sector with the acquisition of Blake Krikorian's id8 Group R2 Studios......

Daily digit: Spain's jobs crisis
Jan.03 - The number of people out of work in Spain fell by 1.2 percent in December, but there was still a large rise in the number of jobless people compared with a year before. Sonia Legg reports.....

Market Pulse: No Depardieu trade at French bond auction
Investors, unlike Gerard Depardieu, show no sign of pulling out of France, as Paris pays a record low yield at todays 10-yr auction. Plus, Swiss stocks jump, and Egypts pound slumps to a new low......

What's a wealthy investor to do?
Jan. 2 - Now that Congress has reached a deal to avert the fiscal cliff, what should high-income earners do now that they're facing their first major tax increase in 20 years? Sasha Salama reports......

Markets start 2013 with mighty bang
Jan. 02 - Summary of business headlines: Stocks surge a day after politicians reach 'fiscal cliff' deal; Avis Budget Group buys Zipcar for $500 b; Judge rules that Amazon can use the word "app" for its Appstore; U.S. manufacturing returns to growth; .....

U.S. Day Ahead: Holiday retail sales look very un-merry
data......

U.S. stocks join in global rally
Jan. 2 - Following the lead of other major markets around the world, U.S. stocks rallied sharply higher a day after news of a 'fiscal cliff' deal. Jeanne Yurman reports......

Daily Digit: 50.7 on ISM index
Jan. 2 - The Institute for Supply Management index rose to 50.7 showing slight expansion in national factory activity, but still not a lot of life. Jeanne Yurman reports......

BP shares jump as Transocean nears Gulf of Mexico settlement
Transocean, the world's largest oil rig company, has agreed to pay $1.4bn (870m) to US authorities over its role in the Gulf of Mexico oil spill.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2729cfa9/mf.gif' bo.....

Pedestrian lenders cannot fund the risky ambitions crucial to recovery
There is a lot more credit available to business but it's the wrong kind of credit.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/272b4e14/mf.gif' border='0'/>.....

Appetite for EU-US trade deal grows as economies stagnate
So, America's politicians just managed to steer the world's biggest economy away from the steepest part of the so-called "fiscal cliff".<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/272b44f0/mf.gif' border='0'/.....

Europe's dream of toppling dollar fades as Asian Tigers dump euro
The share of euros in the world's rising powers' reserve holdings has fallen to its lowest level since 2002, dashing hopes that the single currency will soon challenge the US dollar for global primacy.<img width='1' height='1' src='http://telegrap.....

Chemring shares buoyed by management changes
Investors are hoping for a turnaround at the defence equipment group.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/272b44f2/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/1.....

Switzerland's oldest bank Wegelin pleads guilty to helping US citizens evade tax
Wegelin, the oldest Swiss private bank, has pleaded guilty to a criminal charge of conspiracy for helping wealthy Americans to evade taxes on at least $1.2bn (743m) hidden in offshore bank accounts.<img width='1' height='1' src='http://telegraph.f.....

Leni Gas & Oil sues over Mediterranean Oil deal
Leni Gas & Oil has launched legal action against rival Mediterranean Oil and Gas (MOG), alleging it was misled into selling exploration interests off the coast of Malta at a depressed price.<img width='1' height='1' src='http://telegraph.feeds.....

Fed members split on QE
Federal Reserve policymakers expressed broad support last month for the Fed's plan to buy bonds to support the US economy. But they differed over how long to keep buying bonds to drive down long-term interest rates.<img width='1' height='1' src='h.....

Vodafone battles Ofcom over 'confusing' price hike proposals
Vodafone has waded into battle with its regulator, Ofcom, over proposals to make it easier for customers to walk away from contracts if telecoms operators increase the cost of calls.<img width='1' height='1' src='http://telegraph.feedsportal.com/c.....

UK house prices slid 1pc in 2012, says Nationwide
An average of 1,560 was wiped off house prices in 2012 and, without London's continued climb, prices would have fallen further, according to lender Nationwide.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/272ab.....

FTSE manages to climb as fiscal cliff euphoria fades
The FTSE 100 continued its relief surge in response to the US's 'fiscal cliff' deal, but rival indices lost momentum as investors anticipated more drama from Washington.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/5683.....

Google settles long-running antitrust probe
Google is agreeing to license certain patents to mobile phone rivals and stop a practice of including snippets from other websites in its search results .<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/272aab95/m.....

Gardening group hit by rainfall
Peat and horticultural product supplier William Sinclair blamed "once in a 100 years wet weather" after it fell to a full-year loss.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/272a8bf9/mf.gif' border='0'/>.....

Thomson Reuters buys Practical Law Company
Two former City lawyers are in line for multi-million pound payouts after selling their legal publishing company to Thomson Reuters, the business information giant.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/.....

Italy bans card payments in Vatican over money laundering
Complaint that Vatican had failed to bring in money laundering rules.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/272a8bff/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/1.....

Thomas Cook accused of shielding new boss at 'expense of the company'
Holiday giant Thomas Cook has been accused of flouting corporate governance rules by handing its new chief executive, Harriet Green, a two-year notice period to secure her appointment.<img width='1' height='1' src='http://telegraph.feedsportal.com.....

Small firms upbeat about 2013, but still not spending
Small companies are more confident about their trading prospects than at any time since 2009, a study has found - but the optimism is not inspiring improved hiring and investment intentions.<img width='1' height='1' src='http://telegraph.feedsport.....

Government's start-up loans scheme extended
A Government scheme to give young people access to student-style loans to help them start a business is to be extended, David Cameron has announced.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/272a5321/mf.gif'.....

Construction sector dealt blow as new orders slump to 2009 levels
Britain's construction sector dealt a blow to recovery hopes after new orders and activity in the housing market slumped to levels not seen since the depths of the recession in 2009.<img width='1' height='1' src='http://telegraph.feedsportal.com/c.....

Twitter 'worth $11bn, likely to float in 2014'
Twitter is now worth around $11bn (6.8bn), and is likely to make its market debut next year, analysts at Greencrest have claimed.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2729cfb1/mf.gif' border='0'/><.....

Twitter 'worth $11bn, likely to float in 2014'
Twitter is now worth around $11bn (6.8bn), and is likely to make its market debut next year, analysts at Greencrest have claimed.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2729cc04/mf.gif' border='0'/><.....

Fitted kitchen chains accused of confusing shoppers with 'yo-yo' pricing
Fitted-kitchen retailers have been accused of confusing shoppers in the Christmas sales by deliberately doubling the price of their kitchens in November only to drop them weeks later to claim they are 'half-price'.<img width='1' height='1' src='ht.....

Child benefit cuts: key questions answered
Can you keeep child benefit if you haven't had a warning letter? HMRC says no. We answer your questions.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2729c2ab/mf.gif' border='0'/><br/><br/><a .....

EU to check if German regulator hindering capital flow
The European Commission is examining whether Germany's bank regulator BaFin may be hindering the free movement of capital by limiting the amount of funds foreign banks can pull out of the country.<img width='1' height='1' src='http://telegraph.fee.....

Beware over-priced Chinese equities
Edward Lam of the Somerset Emerging Markets Dividend Growth Fund says China is still over-priced.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/27296155/mf.gif' border='0'/><br/><br/><a href="h.....