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Wednesday 9 January 2013

UK Financial News on 2013-01-09

Jessops goes into administration
Troubled camera retailer Jessops goes into administration, putting 2,000 jobs at risk as administrators say store closures are "inevitable"......

M&S releases sales figures early
Marks and Spencer reports a 1.8% drop in sales over the festive period, as it releases its trading statement early following a leak......

New safety scares for Dreamliner
A fuel leak cancels takeoff for a Boeing 787 Dreamliner at Boston's Logan airport, and a brake problem causes another one to be grounded......

London Market Report
A rise in bank shares helps London's FTSE 100 index end the day up 45 points at 6,099 - its highest close since May 2008......

AIG will not sue US government
Insurer AIG says it will not join a $25bn (16bn) lawsuit against the US government, which alleges that the terms of its rescue deal were unfair......

Virgin France in bankruptcy move
Virgin France files for bankruptcy, the latest music chain to fail against a backdrop of consumers shifting to buying music online......

Inflation calculation move looms
Important changes to the way inflation is measured may be announced by the Office for National Statistics on Thursday morning......

Christmas sales up at Sainsbury's
Sainsbury's reports a small rise in sales over the key Christmas and New Year period, saying customer numbers hit a new high......

UK trade gap narrows in November
The UK's trade deficit narrowed in November, as exports rose by more than imports, official figures show......

Lew 'picked to lead US Treasury'
President Barack Obama is expected to name White House Chief of Staff Jack Lew to replace Timothy Geithner as US treasury secretary, US media report......

UBS working to 'recover honour'
Swiss bank UBS is focused on recovering its past honour after being fined $1.5bn (940m) for attempting to rig the Libor rate, an executive says......

Peugeot hit by slump in EU sales
Peugeot Citroen saw its global sales fall sharply last year, which it blamed on "the crisis affecting the European automobile market"......

PM urged not to 'risk' EU membership
Ten UK business leaders warn David Cameron not to put membership of the European Union "at risk" in negotiations over relationships with Brussels......

US oil production 'to jump 25%'
US oil production will jump by a quarter by 2014 to its highest level in 26 years, figures suggest......

Iceland in Christmas sales boost
Flintshire-based supermarket chain Iceland says it saw sales in the run-up to Christmas rise by 5%......

Domestic staff 'need protection'
Laws are needed "urgently" to address the needs of domestic workers, the International Labour Organization says......

Stand up at office 'to lose fat'
Office workers trapped behind their desks all day should push away their chairs and work standing up, recommends an exercise scientist......

Complainers 'finding their voice'
UK consumers have less reason to complain but are more likely to do so, research has suggested, with staff attitudes highest on the list of gripes......

Annuity rates 'dwindled in 2012'
Rates for annuities - products which provide an annual retirement income - have dwindled to their lowest level for years, a report says......

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......

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

IMF warns of Cambodia credit risk
The International Monetary Fund warns that a credit boom in Cambodia poses a threat to its economic growth......

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......

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......

Wet weather dampens Greggs sales
Greggs, the UK's largest bakery chain, says the recent spell of wet weather hit trading at its stores in the run-up to Christmas......

Play.com closes retail business
Online retailer Play.com is to shut down its direct retail business becoming a marketplace only company from March 2013......

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......

Green issues Rangers quit warning
Rangers will consider leaving Scottish football if plans to restructure the leagues are pushed through......

Golf row: Attwood 'unreasonable'
A lawyer for the National Trust tells the High Court that the environment minister acted unreasonably and irrationally in granting planning approval for a 100m golf resort near the Giants Causeway......

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

VIDEO: Can night life save the High Street?
With High Street shops facing difficult conditions, can night time uses step in to keep an area vibrant?.....

VIDEO: Fresh safety fears for Dreamliner 787
Two fresh setbacks have hit Boeing's 787 Dreamliner plane, days after an electrical fire broke out on board a Japan Airlines Dreamliner on Monday......

VIDEO: Up to 2,000 jobs at risk at Jessops
The high street photography shop Jessops has gone into administration, putting 2,000 jobs at risk......

VIDEO: PM warned to stop 'vanity' rail project
Actor Geoffrey Palmer claimed the HS2 rail line that would pass his home in the Chilterns would be the most expensive railway in the world, equivalent to the cost of 60 hospitals......

VIDEO: Can the Arctic bring an oil revolution?
The world's biggest oil companies are pouring billions into drilling in the Arctic but energy economist Fatih Birol believes significant production growth won't be seen in the next 20 years......

VIDEO: EU in search for entrepreneurs
The European Union's industry commissioner, Antonio Tajani, is encouraging more people to start a new business, to kick start economic growth......

AUDIO: Tinie Tempah and PM 'hit it off'
Today business presenter Justin Rowlatt speaks to rapper Tinie Tempah and actor Martin Freeman at Men's Fashion Week......

VIDEO: Sainsbury's 'winning market share'
Sainsbury's has reported a small rise in sales over the key Christmas and New Year period, saying its customer numbers hit a new high......

French mourn Virgin's 'funeral march'
French mourn the downfall of Virgin's megastores.....

Governments urged to prepare for the worst
Leaders say governments should prepare for the worst.....

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

Self-assessment deadline looms again
How to submit your tax return and avoid paying a fine.....

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?.....

U.S. Day Ahead: Herbalife brawl could get very messy
Jan. 9 - Hedge fund titans Dan Loeb and Bill Ackman will dissect every word from Herbalife CEO Michael Johnson when he speaks to shareholders on Thursday morning in New York......

Power Player: Dish's Charlie Ergen
Jan 09 - Charlie Ergen, founder and chairman of Dish Network, makes an unsolicited $2.28 billion bid for Clearwire, trumping Sprint's offer in a possible power play. Conway G. Gittens reports......

Techquity: Amazon on way to $300: analysts; Facebook at $30
Jan 9 - Two analysts raise their price targets on Amazon while Facebook crosses $30 for the first time in six months......

French shops strip back prices
Jan. 9 - The annual winter clearance sales got underway in France, at a time when consumers are watching what they spend and unemployment is at a 15-year high. Virgin Megastore France also filed for insolvency, threatening jobs of 1000 workers. Joann.....

Breakingviews: AIG thanks but no thanks?
Jan 9 - Breakingviews columnists discuss why it'll be hard for AIG to justify joining a lawsuit against the U.S. government given that shareholders are better off, not worse, from the 2008 bailout......

Trading at Noon: Dish tries to 'out-Sprint' to Clearwire
Jan 9 - Dish Network makes a $2.3 bln bid for Clearwire, trumping a $2.2 bln offer from Sprint......

UBS admits banks too arrogant
Jan. 9 - UBS investment banking chief, Andrea Orcel, has told British MPs at a hearing on industry standards that bankers have been too arrogant and that industry-wide changes to prevent further scandals. Ivor Bennett reports......

Europe Day Ahead: Central banks to hold fire
Jan. 9 - Policy decisions are due from the ECB and Bank of England, but with euro zone data picking up and inflation a worry in London, the betting is that the central banks will keep their powder dry for now......

3XSQ: GM CEO says "cautiously optimistic" about 2013
Jan 9 - General Motors CEO Dan Akerson says he sees global industry sales up 2 percent in 2013, but remains "cautiously optimistic" about this year......

Daily Digit: Peugeot deliveries slump
Jan. 9 - PSA Peugeot Citroen vehicle deliveries have slumped 16.5 percent as the struggling French automaker loses ground in its home European market and withdraws from Iran. Ivor Bennett reports......

Boeing Dreamliner aborts takeoff after fuel leak
Jan. 9 - Fuel leak forces Boeing 787 Dreamliner to abort takeoff from Boston's Logan International Airport. Travis Brecher reports......

Breakingviews: Italian elections are complicated
Jan. 9 - Italy's general election will take place on Feb 24-25. Voters will elect 945 members of parliament, everything else is up in the air, says Breakingviews......

Reuters on the Road: Central Working a real world Linkedin
Jan. 9 - Central Working CEO James Layfield takes the taxi challenge to talk about his co-working revolution......

Beware December data...and the 'China cheerleaders'
Jan. 9 - The holiday effect means the market will have to wait until April to get a clear read on China's economic recovery--which is not expected to last, says Asianomics' Jim Walker......

Reuters Today: Sainsburys Christmas Record
Jan. 9 - UK supermarket Sainsbury beats the competition at Christmas but sales growth still slows. Plus the BOJ may ease again say sources......

Sainsbury CFO John Rogers on Q3 trading statement
Jan. 9 - Sainsbury posted the largest sales rise in the run-up to Christmas among the so called "big four", according to data published on Tuesday. CFO John Rogers comments on the Q3 numbers......

China Tea Leaf Index: To gauge growth, reach for the bottle
Jan. 9 - A stumble in share prices for spirits maker Kweichow Moutai is sobering investors up. Yet this still could be good news for China's economy as a whole, according to Breakingviews' John Foley......

U.S. Morning Call: Dish makes $2.28 billion bid for Clearwire
Jan. 9 - Satellite mogul Charlie Ergen, the billionaire founder and chairman of Dish Network, made a surprise $2 billion-plus bid for Clearwire at the Consumer Electronics Show......

Sainsbury's record Xmas growth fades
about Christmas and future prospects after Britain's No. 3 supermarket met forecasts for underlying sales in the Christmas quarter, but saw slower growth from its first half. Hayley Platt reports......

Market Pulse: UBS on the naughty step, shares rally
Jan. 9 - Shares in Swiss banking giant UBS rally as contrite executives face a grilling from UK lawmakers. Plus, Egypts pound slides to a new low as the IMF urges Cairo to accept a $4.8 bln loan......

Alcoa sales dip, Boeing grounded
Jan. 08 - Summary of business headlines: Alcoa revenues fall as aluminum prices drop; Boeing 787 becoming less than a dream; Sears declines after CEO plans exit; Wall Street ends lower. Conway G. Gittens reports......

Target price match catch
Jan. 8 - Target's new year-round price match deal may do little to combat traditional retailers' biggest threat- Amazon.com. Bobbi Rebell reports......

Power Player: Sears' Edward Lampert
Jan. 8 - Sears Holding Chairman Eddie Lampert is taking over the day-to-day running of Sears, which includes discount retailer Kmart, as the mall mainstay struggles to compete with Wal-Mart and Target. Conway G. Gittens reports......

Analyst: Time to sell Bill Gross' PIMCO Total Return Fund
Jan 8 - Bills Grosss Total Return Fund is way too big to succeed according to Steven Goldberg from Tweddell Goldberg Investment Management.....

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......

Sainsbury's needs to change, but just won't admit it
If J Sainsbury is leading the supermarket race then it's slowing down with a stitch and the gap with the panting and wheezing pack behind is narrowing.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/275bce21/mf.g.....

Greggs Christmas sales fall 2.9pc
Greggs, the bakery chain, is to dramatically cut new store openings this year in an attempt to reverse a decline in like-for-like sales.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/27564fbf/mf.gif' border='0'/.....

Sainsbury's Christmas sales rise at slowest pace since 2005
Sales growth at J Sainsbury has slipped to its slowest pace for eight years as the supermarket group battles challenging market conditions and a robust recovery by rival Tesco.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726.....

Jessops collapses into administration
Jessops stores across the country could start to close by the end of this week after the struggling photographic retailer collapsed into administration, putting 2,000 jobs at risk.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/3.....

Central banks must switch off the printing presses before it's too late
Only a year to go now. Ben Bernanke, chairman of the US Federal Reserve, has let it be known that he won't be seeking a third term once his present one expires in January 2014, and few can blame him.<img width='1' height='1' src='http://telegraph......

Marks & Spencer hit by poor clothing sales over Christmas
Marks & Spencer, forced to reveal results a day early, was hit by a worse than-anticipated downturn in clothing sales in the run-up to Christmas.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/275b6431/mf.gif.....

FTSE 100 hits highest level since May 2008
The FTSE 100 closed at its highest level since May 2008 after an encouraging start to the US company earnings season put investors in London back in a buying mood.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2.....

GLG's Pierre Lagrange teams up with boyfriend designer to buy Savile Row tailor
Hedge fund manager Pierre Lagrange has teamed up with his fashion designer boyfriend to buy the Savile Row tailor Huntsman.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/275b515a/mf.gif' border='0'/><br/&g.....

Tesco bags web guru to push online sales - reports
Britain's largest supermarket chain has reportedly poached Robin Terrell from House of Fraser, where he transformed the department store's online offering.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/275ab78d/.....

Peugeot sales drop 16.5pc in European car crisis
Europe's second-biggest carmaker, PSA Peugeot Citron, has blamed the crisis affecting the European car market and the impact of sanctions on Iran for a 16.5pc slump in sales in 2012.<img width='1' height='1' src='http://telegraph.feedsportal.com/c.....

Barack Obama set to appoint Jack Lew as Treasury Secretary
President Barack Obama is set to appoint budget specialist Jack Lew as US Treasury Secretary, as the White House braces for fresh clashes with Congress over how to cut America's debt.<img width='1' height='1' src='http://telegraph.feedsportal.com/.....

Morgan Stanley to slash 1,600 staff
The City of London is bracing for fresh job cuts after Morgan Stanley became the first investment bank to swing the axe this year.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/275aafad/mf.gif' border='0'/>&l.....

Good News Britain: Galliford Try's Greg Fitzgerald explains success
Galliford Try's chief welcomes Government initiatives in his sector.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/275aafae/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/15.....

Jessops collapses into administration: timeline
Camera retailer Jessops has collapsed into administration, putting around 2,000 jobs at risk. Here is a history of the chain.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/275a78b0/mf.gif' border='0'/><br/.....

Jessops keeps 'worthless' vouchers on sale
Jessops is still offering gift vouchers for sale despite the company's administrator saying that they would no longer be accepted.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/275a78b1/mf.gif' border='0'/>&l.....

Bang & Olufsen to close 125 stores
Bang & Olufsen, the designer hi-fi brand, is closing 125 of its 859 stores and taking control of its satellite operations in China and Brazil as part of a DKr200m revamp of the business.<img width='1' height='1' src='http://telegraph.feedsport.....

Germany seen in recession on production disappointment
German industry edged back into growth mode in November, official statistics showed, but confounded any lingering hopes that the economy avoided a downturn at the end of last year.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/3.....

Battersea Power Station flats go on sale
Luxury apartments costing up to 6m will go on sale on Thursday.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2759c832/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/1515404.....

Good News Britain: Housebuilder Galliford Try reports record sales
Galliford Try expects half-year profits to beat forecasts after it sold a record number of homes at higher prices.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/275a78b3/mf.gif' border='0'/>.....

Housebuilder Galliford Try reports record sales
Galliford Try expects half-year profits to beat forecasts after it sold a record number of homes at higher prices.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2759c833/mf.gif' border='0'/><br/><br/.....

Galapagos secures milestone payment from GSK
A Belgian biopharmaceutical company said it had delivered a fifth "candidate drug" to GlaxoSmithKline, helping to secure a payout of more than 200m (163m).<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2759c21b/.....

Bang & Olufsen to shut 125 shops
Danish high-end hi-fi maker Bang & Olufsen reported on Wednesday a 47-pc plunge in second-quarter net profit and announced the closure of 125 stores.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2759bc89/mf.....

Weak German industrial production stokes recession fears
German industrial output rose less than forecast in November as the eurozone's problems spread to the core, fuelling fears the single currency's largest economy is heading into recession for the first time since 2009.<img width='1' height='1' src=.....

Jessops stops accepting vouchers
Customers of Jessops can no longer spend their gift vouchers after the camera retailer entered administration.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/275a70ac/mf.gif' border='0'/>.....

Spend your Jessops vouchers, customers told as company enters administration
Customers of Jessops are being urged to spend gift vouchers as soon as possible after the camera retailer entered administration.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/275a49c7/mf.gif' border='0'/>.....