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Thursday 10 January 2013

UK Financial News on 2013-01-10

RBS braced for hefty Libor fines
The Royal Bank of Scotland is in negotiations with UK and US regulators over fines to be paid for its Libor transgressions, the BBC has learned......

American Express cuts 5,400 jobs
Credit card provider American Express announces plans to cut 5,400 jobs from its total workforce of 63,500 by the end of 2013......

Bank refrains from new stimulus
The Bank of England decides not to increase its quantitative easing stimulus programme and keeps interest rates unchanged at 0.5%......

No change to inflation measure
The calculation of the retail prices index (RPI) inflation measure will not be changed, the UK statistics body says, avoiding cuts to future pension increases......

HMV launches month-long 25% sale
HMV, which revealed a half-year loss of 37.3m in December, announces a month-long sales promotion which will see 25% knocked off prices......

Nokia sales better than expected
Nokia shares rise sharply after the Finnish group said mobile phone sales in the fourth quarter exceeded its own expectations......

Carmaker Ford doubles dividend
US carmaker Ford doubles its quarterly dividend to 10 cents per share, citing a strong balance sheet, and sending its share price higher......

Eurozone interest rates on hold
The European Central Bank leaves eurozone interest rates unchanged at 0.75%, as had been widely expected......

London Market Report
All eyes were on Tesco and Marks and Spencer as the retail giants experienced contrasting fortunes......

Christmas sales boost for Tesco
Tesco reports 1.8% growth in underlying UK sales over the Christmas period, which it says is its fastest growth rate for three years......

Greece unemployment hits EU high
The latest unemployment rate for Greece rises to 26.8%, the highest figure recorded in the European Union......

PPI disputes create 1,000 jobs
The Financial Ombudsman Service will take on 1,000 more staff to deal with a surge in complaints about payment protection insurance (PPI) mis-selling......

MP criticises Katona loan advert
Stella Creasy says she is concerned about reality star Kerry Katona's decision to front a payday loans advert campaign......

BMW enjoys record annual sales
Carmaker BMW reports record annual sales, both for its core brand, and UK-based businesses Mini and Rolls-Royce......

Sales rise at watchmaker Swatch
Swatch Group, the world's biggest watchmaker with brands such as Breguet and Omega, reports a better-than-expected rise in sales for 2012......

Warning on energy efficiency work
A review of double glazing, insulation and solar panel installation in the UK uncovers cases of high pressure sales and shoddy work......

Hovis abandons 100% British wheat
Premier Foods, which makes Hovis bread, is to abandon its pledge to use only British wheat in its loaves, blaming poor harvests......

New five-euro note has goddess
The ancient Greek goddess Europa features on a new five-euro note unveiled by the European Central Bank......

Pension regulator in new guidance
The Pensions Regulator plans to ensure higher standards for the running of defined contribution pension schemes......

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......

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

Chinese trade surge fans optimism
China reports better-than-expected trade data, adding to hopes that growth in the world's second-largest economy may be on the rebound......

Lew picked to lead US Treasury
US President Barack Obama names White House Chief of Staff Jack Lew to lead the US treasury department, replacing Timothy Geithner......

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

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......

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......

Foxconn faces China bribery probe
Foxconn, one of the world's biggest contract electronics maker, says it is being investigated by Chinese authorities over bribery allegations......

Funding to help Games volunteers
A 500,000 fund is launched to help people who want to volunteer at the 2014 Commonwealth Games in Glasgow......

Celtic announce new shirt sponsor
Celtic agree a new three-year shirt sponsorship with Magners, starting from the 2013/14 season......

VIDEO: Why zombies are good for business
High Streets and town centres have faced tough times with shoppers moving out of town and online, but could special events tempt people back?.....

VIDEO: Can politicians control executive pay?
The pay of Britain's top executives has proved especially controversial in times of austerity......

VIDEO: ECB holds interest rates at 0.75%
The European Central Bank (ECB) has left eurozone interest rates unchanged at 0.75%, as had been widely expected......

VIDEO: No change to inflation measure
There will be no change to the way the retail prices index is calculated, the Office for National Statistics has decided......

AUDIO: Rolls Royce luxury 'is art'
The high end car manufacturer Royal Royce has announced record sales of 3,600 cars, amounting to sales of nearly 1bn.....

VIDEO: US voices UK EU referendum fears
The Obama administration has expressed concern about the UK weakening its relationship with the European Union......

VIDEO: Efficiency selling tactics criticised
High pressure sales techniques have been used by some energy efficiency companies a review by the Office of Fair Trading has found......

AUDIO: New euro design is 'step forward'
The new five euro note is "pan-European", says Sir Christopher Frayling, former chairman of the design advisory committee at the Royal Mint......

Not all zombie businesses are bad
How some zombies are reviving the High Street.....

What will be Geithner's legacy?
What will be Treasury Secretary Timothy Geithner's legacy?.....

Tokyo outlines 2020 Olympics bid
Tokyo launches 2020 Olympic Games campaign.....

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

Bournemouth shines light on night time economy
Hair of the dog bolsters coastal business.....

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.....

U.S. Day Ahead: Why the Wells wagon could hit some bumps
Jan. 10 - Wells Fargo is set to see its profits grow from last year, but could face issues with its mortgages and how much it earns from loans going forward......

Power Player: Herbalife's Johnson
Jan. 10 - Herbalife CEO Michael Johnson meets key investors in New York with his company in the crosshairs of two hedge fund titans and a report of government scrutiny. Conway G. Gittens reports......

Jessops offers snapshot of retail squeeze
Jan. 10 - British camera specialist Jessops called in administrators after customers deserted its 192 stores to seek cheaper deals online, the latest casualty in the hard-pressed sector. Matt Cowan reports.....

Techquity: Amazon goes after Apple, Microsoft downgraded
Jan. 10 - Amazon introduces a new music service while Morgan Stanley cuts Microsoft......

Shares hit high note but euro doubts remain
Jan. 10 - World shares hit an eight month high as the European Central Bank holds interest rates citing signs of stability. But there are doubts recent market optimism will last. Ivor Bennett reports......

Breakingviews: Venezuelan vacuum
Jan 10 - Jeffrey Goldfarb and Raul Gallegos discuss the mystery cloaking the health of Hugo Chavez and how it should be rattling investors......

Trading at Noon: A confident Ford doubles dividend
Jan 10 - Ford doubles its quarterly dividend to the highest in seven years, on the back of strong sales in North America......

Power Player: Rolls Royce CEO on record sales
Jan. 10 - Rolls-Royce Motor Cars CEO Torsten Mueller-Oetvoes welcomed the brand's record car sales in 2012. Demand for its luxury vehicles held up among wealthy Americans and Chinese, even though the growth rate slowed significantly. Joanna Partridge.....

Europe Day Ahead: Fuel for euro bulls
Jan. 10 - Italy is seen emulating Ireland and Spain with a strong bond auction, while UK industrial and manufacturing output is expected to head higher......

3XSQ: Apple CEO meets with China Mobile Exec
Jan 10 - Apple CEO Tim Cook met with the chairman of China Mobile today......

Breakingviews: Capital markets break cycle
Jan. 10 - This financial crisis is different for the capital markets cycle. After recoveries in investment-grade and junk issuance, IPOs should pick up but not this time according to Breakingviews......

Censors beware: a new challenge to China propaganda machine
A strike over censorship at a hard-hitting China newspaper prompts a national outpouring of support--and highlights the government's struggle to maintain its grip on the news in the Twitter age......

Reuters Today: Tesco names new leader as sales revive
Jan. 10 - Tesco names a new British MD as Xmas sales rise, China exports shock jump & ECB to hold fire on glimmers of hope......

U.S. Morning Call: Clash of the titans: Loeb vs. Ackman
Jan 10 - Activist investors Dan Loeb and Bill Ackman square off on Herbalife as the company hosts its investor day......

Tesco's strongest UK growth for three years
Jan. 10 - Britain's Tesco said its 1 billion pounds ($1.6 billion) turnaround plan for its home market was starting to work as it posted its highest sales growth in three years over the crucial Christmas period. Hayley Platt reports.....

Sports Spread: Big Rivalries on Super Sunday
Jan. 10 - A look at the weekend's key Premier League action including the big Sunday ties between Manchester United and Liverpool, and Arsenal and Manchester City......

Market Pulse: No more QE from BoE - Investec
Jan. 10 - The Bank of England is done with QE as inflation will rise above three percent in the middle of2013, says Investec Chief Economist Philip Shaw.....

FACTBOX: Loeb vs Ackman: Hedge fund hostility over Herbalife
Jan 9 - Two prominent hedge fund managers are squaring off over Herbalife, with Daniel Loeb betting the nutritional supplements company will flourish while William Ackman is betting it will falter......

Alcoa revenues give bulls a chance
Jan. 09 - Summary of business headlines: Stocks break losing streak as Alcoa earnings drop not big as feared; Morgan Stanley to cut jobs -sources; Dish goes after Clearwire; Brakes latest Boeing 787 problem; Facebook gains on media invite; GM worried.....

Ultra HD TV's could fall flat
Jan 09- Companies are promoting 4K TV's at the Consumer Electronics Show - hoping the evolution of HD TV's will spike demand. Bobbi Rebell reports......

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......

Moody's slashes Cyprus' rating by three notches
Moody's has downgraded Cyprus's government bond rating by three notches from B3 to Caa3, citing the anticipated increase in the government's debt burden.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2766c8f2/mf.....

Libor scandal: RBS executives under pressure to resign
Two of Royal Bank of Scotland's best-paid executives are under pressure to resign and hand back up to 15m in bonuses over alleged Libor-rigging at the group.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2766c62.....

Marc Bolland under pressure as M&S springs a leak
Whatever Marc Bolland might have feared, it wasn't this.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/27659c87/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/152264807427/u.....

Barack Obama: 'low-key' Jack Lew will help US cut debt
President Barack Obama has claimed that the "low-key" approach of his new Treasury Secretary, Jack Lew, will help America make progress in reducing its more than $16 trillion of debt.<img width='1' height='1' src='http://telegraph.feedsportal.com/.....

Marc Bolland is running out of time to fix M&S
Marks & Spencer is being out-Marks & Spencered by the UK high street, primarily by the John Lewis Partnership's combination of department stores and Waitrose supermarkets. Next and Primark are also doing their bit on clothing, not to mention .....

UBS Libor traders branded 'mercenaries' by former chief
UBS's former chief executive has branded the traders involved in Libor-rigging at the Swiss bank as "mercenaries" and said he wanted to see an end to the bonus culture in investment banking.<img width='1' height='1' src='http://telegraph.feedsport.....

Brussels orders Google to change way it presents results
Google will be forced to change the way it presents search results in Europe or face sanctions from Brussels for unfairly manipulating its position as the world's biggest internet search engine.<img width='1' height='1' src='http://telegraph.feeds.....

M&S boss Marc Bolland says 'nothing wrong' at retailer
The chief executive of Marks & Spencer has insisted there is "nothing wrong" at the 129-year-old retailer after the leak of disappointing sales data forced the early release of its Christmas trading update.<img width='1' height='1' src='http:/.....

Hays fees fall on Australia mining slowdown
British recruiter Hays posted a 1pc fall in second quarter group sales after lower activity in its high-margin mining industry in Western Australia led to a hiring slowdown.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/.....

Tesco's Christmas sales strongest in three years
Tesco, Britain's largest retailer, has posted its strongest growth in like-for-like sales for three years and bounced back from a disastrous Christmas last year.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/275.....

Bunzl impresses with spate of deals
Distribution group chased higher after revealing three acquisitions.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/27655bba/mf.gif' border='0'/>.....

Rolls-Royce commissions Lord Gold review amid bribery allegations
Rolls-Royce, the aircraft engine maker, has appointed veteran lawyer Lord Gold to review its anti-corruption procedures in the wake of bribery allegations in China, Indonesia, and other overseas markets.<img width='1' height='1' src='http://telegr.....

ECB rules out stimulus despite record jobless and fiscal squeeze
The European Central Bank has dashed hopes of further stimulus to pull the eurozone out of recession and fight record unemployment, deeming the economy strong enough to heal itself.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/.....

JD reports strong sales but poor performance of outdoor clothing
JD Sports has reported strong sales at the company's core sporting goods stores after a good festive period.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/276558d2/mf.gif' border='0'/><br/><br/>&l.....

Sue Douglas in talks to take over Sunday People from Trinity Mirror
The former editor of the Sunday Express, Sue Douglas, is in talks with newspaper group Trinity Mirror about taking over the Sunday People and re-styling it as a replacement for The News of The World.<img width='1' height='1' src='http://telegraph......

Sue Douglas in talks to take over Sunday People from Trinity Mirror
The former editor of the Sunday Express, Sue Douglas, is in talks with newspaper group Trinity Mirror about taking over the Sunday People and re-styling it as a replacement for The News of The World.<img width='1' height='1' src='http://telegraph......

Career coach: Can volunteering or part-time work help land a job?
If you hold out for your "ideal" job for too long, you may find it harder to get back into the labour market when you want to, writes the Telegraph's career coach Jeremy I'Anson.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/327.....

Cosalt shareholders could be left with nothing in sale
Shareholders in David Ross's oil services group Cosalt could be left empty-handed if sales of the company's operating businesses go ahead, it has emerged.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2764b26e/m.....

Former Jessops chairman blames HSBC for collapse
The former chairman of Jessops has blamed HSBC for the collapse of the electrical retailer.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2764b26f/mf.gif' border='0'/><br/><br/><a href="http://.....

Ombudsman needs 1,000 more staff for PPI complaint flood
The Financial Ombudsman Service is to hire 1,000 extra staff to handle the "unprecedented" deluge of complaints over the payment protection insurance (PPI) mis-selling scandal, as it receives 5,000 new PPI cases a week.<img width='1' height='1' sr.....

Sants sets out to change Barclays culture
The former chief of Britain's banking watchdog said he was "going to do what I do best" and drive operational change at Barclays when he assumes his role as the bank's head of compliance this month.<img width='1' height='1' src='http://telegraph.f.....

EU not to blame for austerity, says Jose Manuel Barroso
EC President says the EU did not create its current problems.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2764cdb7/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/152264804.....

IQE shares soar 21pc on Kopin Wireless deal
Shares in British technology firm IQE jumped by more than a fifth on Thursday, after it sealed a deal which will make it the world's biggest manufacturer of a material used in all wireless electronics.<img width='1' height='1' src='http://telegrap.....

The Tesco empire has struck back
Last January, Britain's largest supermarket suffered one of the darkest days in its history when it reported a 2.3pc slump in like-for-like Christmas sales and issued a profits warning.<img width='1' height='1' src='http://telegraph.feedsportal.co.....

M&S lose 270m in value after dismal Christmas
The value of Marks & Spencer shares fell by 270m at one stage on Thursday as investors reacted to dismal performance in clothing this Christmas.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2763ea79/mf.gif'.....