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Tuesday 8 January 2013

UK Financial News on 2013-01-08

Views from the top: the dangers facing the industry
As financial markets enter their sixth year of uncertainty since the start of the credit crunch, Financial News canvassed the views of top executives late last month.....

Charges in 35m HBOS loans probe
Eight people are charged in connection with business loans worth 35m made through a branch of HBOS in Reading......

Fresh safety scare for Dreamliner
A fuel leak cancels takeoff for a Boeing 787 Dreamliner at Boston's Logan airport, the second incident in as many days involving the new jet......

Pub industry adjudicator proposed
The government announces plans for an independent adjudicator in the pub industry to help landlords challenge unfair practices such as high prices and rents......

Eurozone unemployment at new high
The unemployment rate across the eurozone hit a new all-time high of 11.8% in November, official figures show......

MPs back 1% cap on benefit rises
The government wins a crucial vote in Parliament on plans for a 1% limit on annual increases in working-age benefits for the next three years......

London Market Report
Retailers are among the big fallers on the FTSE index, while a new boss at mining firm Anglo American boosts its shares......

Online boost for Christmas sales
Strong growth in online sales stopped retail sales falling in December, according to the British Retail Consortium......

Virgin Atlantic unveils new boss
Virgin Atlantic announces that American Airlines executive Craig Kreeger will be its next chief executive......

Samsung estimates record profit
Samsung Electronics expects to post a record profit for the three months to end of December, powered by growing sales of its smartphones......

Promotions boost Debenhams sales
Department store chain Debenhams reports record December sales, thanks in part to additional promotions......

Anglo American names next boss
Mining group Anglo American announces that Mark Cutifani, the current boss of AngloGold, will be its next chief executive, replaying Cynthia Carroll who resigned last year......

Boeing Dreamliner catches fire
Japan Airlines says that a fire broke out on one of its Boeing 787 Dreamliners shortly after it landed in Boston following a flight from Tokyo......

Pension deficits fell in December
The collective deficit of the UK's private sector final-salary pension schemes fell slightly in December, the Pension Protection Fund says......

Network Rail unveils 37.5bn plan
A 37.5bn plan to develop the UK's railway network over a five-year period is announced by Network Rail, including more capacity and better reliability......

Sears Holdings to get new boss
US retail giant Sears says chief executive Louis D'Ambrosio will step down in February because of family health issues......

German exports in sharp decline
German exports fell sharply in November, hit by the economic weakness in the eurozone, official figures show......

Festive sales rise at Majestic
Majestic Wine reports a rise in sales over the Christmas trading season, despite describing the period as "challenging"......

Delia no longer face of Waitrose
Delia Smith will no longer be one of the faces of food at Waitrose, after a three-year association with the supermarket chain ends in March......

Fresh vow to halt nuisance calls
The communications regulator vows to find ways to trace mystery companies that make nuisance marketing calls......

Surge in child benefit opt-outs
Some 270,000 people have opted out of receiving child benefit, owing to changes in rules affecting higher earners which are now in force......

House prices 'will change little'
UK house prices fell by 0.3% in 2012 and are likely to remain at the same level by the end of 2013, the Halifax says......

Childcare cost 'impossible' for many
It is "impossible" for some of the UK's poorest families to work their way out of poverty because of high childcare costs, children's charity Bernardo's warns......

Barroso: Threat to euro overcome
European Commission President Jose Manuel Barroso says the threat to the euro has been overcome, but warns challenges remain for the EU......

Global deal boosts bank shares
European bank shares rise following the weekend agreement on the minimum amounts of cash and easy-to-sell assets that banks have to hold......

UK car sales reach four-year high
UK new car registrations rose by 5.3% in 2012 to their highest level since 2008, car industry body SMMT says......

Bumi agrees to shareholder vote
Coal miner Bumi is facing a fresh battle for control as it agrees to a shareholder vote to decide the future of majority of its board members......

Bedminster's High Street fights back
Efforts to revive the High Street in south Bristol's Bedminster are beginning to show results......

Scottish clubs to vote on change
Scottish clubs will hold a vote on a possible new league structure before the end of January......

Potential Salford buyer revealed
Kuwait-born millionaire racehorse owner Dr Marwan Koukash is revealed as the potential new buyer of Salford City Reds......

VIDEO: Benefits cap: real people react
Working out exactly who qualifies for benefits and how much they get is a complicated business, but how might the changes affect you?.....

AUDIO: Cinema 'integral part' of leisure
The British public are still visiting cinemas in huge numbers despite the recession, says Cineworld's Philip Bowcock......

VIDEO: Eurozone unemployment at new high
The unemployment rate across the eurozone hit a new all-time high of 11.8% in November, official figures have shown......

VIDEO: MPs reject women business quota
The British Parliament has rejected an EU bid for all major companies to have at least 40% women non-executive directors by 2020......

VIDEO: Can independent shops save towns?
High Streets across the country are facing difficult times, so could an increase in independent shops revive their fortunes?.....

VIDEO: Network Rail unveils 37.5bn plan
A 37.5bn plan to develop the UK's railway network over a five-year period has been announced by Network Rail......

VIDEO: Online shopping bolsters Christmas sales
Strong growth in online shopping stopped retail sales falling in December, according to the British Retail Consortium......

VIDEO: Toyota shows off self-driving car
Toyota has chosen the technology's world annual showpiece CES event in Las Vegas as the stage to demonstrate its self-driving car......

How your benefits may be lower than expected
How your benefits face a real terms cut.....

The Totnes retailing revolution
Is Totnes the way forward for the High Street?.....

Is the mortgage freeze about to thaw?
Will it be easier to buy a home in 2013?.....

Can Japan tech firms rejuvenate?
Will hi-tech help revive Japan's electronics giants.....

Predicting technology in 2013
Toss the fortune cookie aside and listen to the tech experts instead.....

In pictures: Sporting trophy workshop
Where some of sport's biggest trophies are made.....

FACTBOX: Boeing's Dreamliner hits some bumps on the runway
Jan 8 - A fuel leak forced a Boeing Dreamliner to return to the gate at Boston's Logan International Airport Tuesday, the most recent malfunction in a long list of issues plaguing the jet......

U.S. Day Ahead: It's all about beer, revenge and talk shows
Jan. 8 Cautious investors will get the latest results from Constellation Brands, AIG votes on whether to sue the government and can Kimmel succeed against Leno and Letterman?.....

Techquity: Mobile gains for Facebook, eBay say analysts
Jan 8 - Analysts raise their price targets on Facebook and eBay in part because of improvements with their mobile services......

UK setting the trend in men's fashion
Jan. 8 - The British menswear market is set to grow by 16% by 2016 as London holds its first ever autumn fashion show for men. Ivor Bennett reports.....

Breakingviews: Chesapeake changes
Jan 8 - Jeffrey Goldfarb and Breakingviews columnists discuss how Chesapeake Energy is giving oil industry shareholders some hope that bad governance actors can turn good......

Trading at Noon: Lampert looks at Lampert to lead at Sears
Jan 8 - Sears shares fall as Chairman Eddie Lampert prepares to take over as CEO from Louis D'Ambrosio......

Power Player: New Anglo American boss
Jan. 8 - Australian gold mining executive Mark Cutifani, a one-time trainee miner, has been appointed chief executive of Anglo American, taking on what analysts and investors say is one of the toughest jobs in the business. Joanna Partridge reports.....

Europe Day Ahead: Central bank hold-back
Jan. 8 - A look at Wednesdays key events including ECB & BoE meetings, UK trade data & Hamad Karzais visit to Washington......

Spain's borrowing target up 8%
Jan. 8 - The Spanish Treasury announces its gross bond issuance target for 2013 will be 121.3 billion euros ($159 billion), 7.6 percent more than last year. Jamie McGeever reports on whether that target is realistic......

3XSQ: Technology continues shake-up of retail landscape
Jan 8 - Target said it will match the prices found on the websites of key rivals Amazon.com and Walmart, a recent example of a growing trend......

Daily Digit: Wet Xmas for UK retailers
Jan08 - British retailers suffered from lacklustre December sales as a tough economy limited consumer spending in the run-up to Christmas when many stores make most of their profits. Hayley Platt reports.....

U.S. Morning Call: Samsung to see 5th straight record profit
Jan 8 - Samsung Electronics, the world leader in mobiles and memory chips, said it likely earned a quarterly profit of $8.3 billion......

Italian youth unemployment hits 37%
Jan.08 - A record 37% of Italians aged 15-24 are now out of work, compared with a national average of 11%. Tackling youth unemployment will be one of the main challenges for whoever succeeds outgoing Prime Minister Mario Monti. Joanna Partridge repor.....

Breakingviews: Deutsche should raise capital
Jan. 8 - A rights issue U-turn would be a bitter bill for Anshu Jain and Juergen Fitschen to swallow, says Breakingviews......

Rough Cuts: The softer side of Xi Jinping
Jan. 8 - No neckties required as China's president-in-waiting sets out to show he's a man of the people......

In a Galaxy far far away, Samsung finds record profits again
Jan. 8 - Selling about 500 smartphones a minute, Samsung has convinced millions that its handhelds are indeed the droids they are looking for. And despite rising challenges, that won't change anytime soon......

Reuters Today: Galaxy sends Samsung stratospheric
Jan. 8 - 500 handset sales a minute help drive record profits at Samsung. Plus UK stores suffer a lacklustre Christmas......

Market Pulse: Slainte! Ireland poised for bond market return
Jan. 8 - Ireland sparks huge interest in planned return to the bond market, its 2.5 bln deal attracting orders of over 7 bln. Spain announces its 2013 funding plans, plus telcos, miners and Swedens krona......

Wall St cash no match for profit watch
Jan. 07 - Summary of business headlines: Stocks slide as big bank foreclosure settlements fail to undue pre-earnings angst; Bank of America pays billions to put mortgage crisis behind it; Walt Disney looking to trim Mickey Mouse's waistline -sources;.....

FACTBOX: The economics of a flu epidemic
Jan. 7 - The Center for Disease Control says this is the earliest regular flu season we've had in nearly a decade, and the economic burden from an early epidemic could really add up......

Why earnings won't be about earnings
Jan 07 - As investors prepare for fourth-quarter earnings season, likely cost cutting at Walt Disney could provide a sneak peak of the economic challenges for corporate America both in the past quarter and for the year ahead. Bobbi Rebell reports......

U.S. Day Ahead: You ready for another grim earnings season?
data. But pay special attention to what corporate America says about revenue!.....

Power Player: Brian Moynihan
Jan 07 - Bank of America CEO Brian Moynihan is trying to put the mortgage mess behind the bank, agreeing to at least $11.6 billion in settlements on Monday. Conway G. Gittens reports......

Daily Digit: $8.5 billion
Jan. 07 - 10 big U.S. banks will pay $8.5 billion to end a case-by-case review of foreclosures required by U.S. regulators. Conway G. Gittens reports......

Techquity: Amazon to shine through cloud, says analyst
Jan 7 - Analysts praise Amazon while cutting expectations for Apple......

Two main bidders for Stansted after Australasians pull out
The Australasian consortium bidding for Stansted has pulled out of the running for the Essex airport, turning the 1bn-plus bid into a likely two-horse race.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2751dd87.....

Former HBOS managers charged in 35m fraud investigation
Two former senior managers at HBOS were among eight people charged on Tuesday night in connection with an alleged 35m fraud.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2751daa4/mf.gif' border='0'/><br/&.....

Will Verizon and Vodafone grow to love each other or is it divorce?
Vodafone was created from epic deals. It may end, as an independent entity, as a result of one, too.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2751d634/mf.gif' border='0'/><br/><br/><a href.....

Virgin Atlantic hires US chief to lead fight against rival
Virgin Atlantic has passed over its chief commercial officer, Julie Southern, for the top job in favour of an American Airlines executive as it looks to compete more keenly with rival British Airways on US flights.<img width='1' height='1' src='ht.....

Irish house prices to fall another 20pc, warns Fitch
Irish house prices could fall a further 20pc and inflict stiff losses on holders of mortgage bonds, with a growing risk of property defaults across the eurozone periphery, according to Fitch Ratings.<img width='1' height='1' src='http://telegraph......

Pub giants face legal crackdown over 'greedy' tactics
Britain's biggest pub companies have been accused of "greedy" and "exploitative" behaviour towards their tenant landlords - and face fines for "unfair" treatment of the publicans.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32.....

Brussels fears 'poverty trap' for half of Europe as North-South gap widens
Unemployment in the eurozone jumped to a record high of 11.8pc in November as the region slid deeper into recession, with alarming rises across the Mediterranean that threaten extreme social distress.<img width='1' height='1' src='http://telegraph.....

Hedge fund quants lose money in 2012
Hedge funds that rely on high speed computers to make trades have lost money for the second year running due to market turmoil caused by the eurozone crisis and the US fiscal cliff.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/.....

Halfords to offer driving tests
Car parts and bicycle retailer Halfords is to start offering driving tests.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/275154d5/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.c.....

Tesco chief executive Philip Clarke defends investment in coffee chain Harris+Hoole
The chief executive of Tesco has defended the retail giant's investment in artisan coffee chain Harris+Hoole and said he plans to open the coffee shops within supermarkets.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/5.....

Multilateral trade deals are dead, says French industry minister Arnaud Montebourg
Industry minister says deals with several nations are now impossible.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/275151d6/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/1.....

Shire tops the Footsie leaderboard as it reveals Lotus Tissue Repair deal
Shire in vogue despite blue-chip index closing in negative territory.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/275151d9/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/1.....

Challenges ahead for Anglo American's new chief Mark Cutifani
Board tells Cutifani to simply 'create the world's best mining company'.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/275151df/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/.....

Investors cheer as Anglo American bags rival's CEO Mark Cutifani
Investors welcomed Anglo American's appointment of Mark Cutifani as its new chief executive as the FTSE 100 miner poached him from the world's third biggest gold company, AngloGold Ashanti.<img width='1' height='1' src='http://telegraph.feedsporta.....

Lakeland planning foray into Europe
Lakeland, the kitchenware retailer, is embarking on a major expansion to exploit the rising popularity of home baking.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/27512a02/mf.gif' border='0'/><br/><.....

Discount retailers grab record share of Christmas food market
Discount retailers such as Aldi have grabbed a record share of the Christmas food market in the UK after attracting cash-strapped consumers, according to industry data.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/56830.....

Boost for Vodafone as Verizon boss eyes mobile joint venture
Vodafone shareholders could be in line for a windfall, after the boss of US telecoms giant Verizon Communications said it may buy Vodafone out of their joint mobile business.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f.....

Abolish child benefit and give families a tax break
A sensible tax and benefit system is one in which people are always substantially better off working more, moving to a higher-paying job or being awarded a pay rise.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s.....

Debenhams reveals Christmas discounting battle on high street
The scale of discounting and competition on the high street in the run-up to Christmas has been laid bare by Debenhams, which suffered a sharp decline in its share price despite enjoying record festive sales.<img width='1' height='1' src='http://t.....

African Barrick Gold tumbles as talks with Chinese buyer collapse
African Barrick Gold was the biggest faller in the FTSE 250 on Tuesday after its Canadian parent ended talks to sell a stake in the gold miner to a Chinese buyer.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/27.....

Shell admits Arctic plans in doubt as it apologises for Kulluk rig grounding
Royal Dutch Shell has admitted it does not yet know whether it can proceed with planned oil exploration in the Arctic, as it apologised for the grounding of its Kulluk rig in the Gulf of Alaska.<img width='1' height='1' src='http://telegraph.feeds.....

Infrastructure delivery key to UK 'gold', says former Olympics chief Lord Deighton
Speeding up infrastructure delivery is critical if Britain is to "win gold" in the global economy, said Lord Deighton as he raised the prospect of planning short cuts for building projects.<img width='1' height='1' src='http://telegraph.feedsporta.....

Half of adults receive nuisance calls - Ofcom
Almost half of all adults with a landline received a nuisance call last year, figures suggest.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/274f7512/mf.gif' border='0'/><br/><br/><a href="http.....

Eurozone debt crisis: unemployment 'shockingly bad' - IoD
Eurozone unemployment is "shockingly bad" as it hits a record high of 11.8pc in November, the Institute of Directors said.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/274f061f/mf.gif' border='0'/><br/>.....

Japan to buy EU bailout bonds to ease eurozone crisis
Japan's new finance minister said Tokyo would buy bonds issued by Europe's permanent bailout fund to help soothe the eurozone's debt problems and stabilise the under-pressure yen.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32.....