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Friday 11 January 2013

UK Financial News on 2013-01-11

Jessops shuts as 1,370 jobs go
High Street camera retailer Jessops has closed all of its stores, resulting in the loss of about 1,370 jobs, the administrators say......

Dreamliner plane review ordered
US regulators order a review of the 787 Dreamliner after a series of incidents put a question mark over the safety of Boeing's flagship plane......

Honda to cut 800 jobs in Swindon
Honda is planning to cut 800 of the 3,500 jobs at its plants in Swindon, blaming weak demand across Europe......

Economy 'shrank at end of 2012'
The National Institute of Economic and Social Research (NIESR) says the UK economy contracted 0.3% in the last three months of 2012......

November rise in US trade deficit
The US trade deficit unexpectedly widened in November, driven by an increase in consumer goods imports......

Japan gets $116bn stimulus boost
Japanese government approves a fresh 10.3 trillion yen ($116bn; 72bn) stimulus package in an attempt to spur a revival in its economy......

Worries over debt pursuit by RBS
A watchdog has accused RBS of being too hasty in linking customers' unpaid debts to their homes, but the bank says its policy changed some time ago......

UK production figures disappoint
Disappointing figures on industrial production and construction in November add to fears that the UK economy contracted in the last quarter of 2012......

London Market Report
The latest rally in UK stocks continues, with the FTSE 100 up 8.41 points at 6,109.92......

Ford to hire 2,200 extra US staff
Ford plans to hire 2,200 new staff in the US this year, in response to the continuing rise in American car sales......

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......

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......

Apple's China sales 'to beat US'
Apple expects China to overtake the US as its biggest sales market, the company's chief executive tells China's state news agency......

Amazon offers free copies of CDs
Free digital copies of 50,000 CDs are being offered to Amazon customers in the US via a service that stores the music in the cloud......

Broadcaster wins city TV licences
New local TV licences are awarded to broadcaster STV to provide evening broadcasting for Edinburgh and Glasgow......

US and Indonesia in trade dispute
The US files a complaint with the World Trade Organization against Indonesia's restrictions on imports of horticultural and animal products......

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......

Warner wins control of Superman
DC Comics, a division of Warner Bros, have won an important legal victory over the heirs of Jerry Siegel, the writer and co-creator of Superman.....

Do underpants chart the economy?
Sales of men's underpants indicated the health of economies, according to the former chairman of the Federal Reserve Alan Greenspan......

Gambling machine crackdown rejected
The government rules out a crackdown on high-stakes gambling machines from betting shops despite warnings by campaigners about their addictive nature......

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......

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......

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

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......

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......

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......

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......

Golf resort opposition 'is commercial'
The National Trust's legal bid to block a 100m golf resort near the Giant's Causeway amounts to a trade war by other means, the High Court has heard......

Tokyo outlines 2020 Olympics bid
Tokyo promises a well-funded, well-organised and crime-free games, should it be awarded the Olympics for 2020......

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......

AUDIO: Is signature too 'loopy' for dollars?
Americans have been expressing their dismay at Jack Lew's "ridiculous" signature, which is likely to end up on newly printed dollar bills. Emma Bache, a graphologist, says he should not change it......

VIDEO: 'Foundations for eurozone growth'
The foundations have been laid for "sustained growth" in the eurozone, the EU economics commissioner has said......

VIDEO: Honda cutting 800 jobs in Swindon
Honda is to cut 800 jobs at its Swindon plant, blaming weak demand in European markets......

VIDEO: Qatar's football investment 'more than sport'
Putting cash into football is a notoriously unreliable way to make a profit but it's not stopped Qatar and other Gulf nations buying up clubs and signing lucrative sponsorship deals......

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: Inside EU's new cybercrime unit
A growing dependence on the internet is putting Europe in increasing danger from cyber criminals, senior European detectives have warned......

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......

AUDIO: What is next for flat screen TVs?
The Today programme's business presenter Simon Jack investigates the future of the of the flat screen television market......

Qatar turns to football for fame and fans
Qatar turns to football for fame and fans.....

Can you still go from burger flipper to president?
Can you still go from burger flipper to president?.....

Policy-by-policy: Coalition record so far
How has the government done so far on business matters?.....

Q&A China's newspaper industry
A look at China's newspaper industry.....

Viewpoint: Looking for innovation further afield
Will the US and UK tech sectors collaborate more in 2013?.....

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

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

Wells Fargo's mortgage margin worries
Jan. 11 - Wells Fargo fourth-quarter profits surged 24 percent to a record high. But despite being the top home lender, its the mortgage business that has analysts worried. Bobbi Rebell reports......

U.S. Week Ahead: Banks set for big bucks, FB gets mysterious
heads to the Detroit Auto Show......

MuniLand: Michigan outlook good, despite Detroit woes
Jan 11 - Many cities in Michigan are suffering through serious financial issues, but Wells Fargo's Natalie Cohen says with new laws & automakers reinvesting in the state, Michigan deserves a positive outlook......

Saft Says: Margins near all time highs
Columnist James Saft says margins are near all time highs and the only other time that happened was in 1929 before the Great Depression, World War II and before the last financial crisis......

U.S. in Dreamliner probe
Jan. 11 - The Department of Transportation and the Federal Aviation Administration stand behind the safety of the Boeing 787 Dreamliner in a press conference, but the U.S. government is concerned and will launch a comprehensive review of the plane af.....

Techquity: Creative destruction in tech; Facebook soars
Jan. 11 - How technology continues to shake up related industries and how Facebook is soaring in 2013......

Paper-thin computer debuts at CES
Jan. 11 -The word's first flexible computer made of paper has been unveiled at the Consumer Electronics Show in Las Vegas. The device comes from developers at Queen's University in Kingston, Ontario and a company called Plastic Logic who say it repre.....

Shard suffering at sharp end of the market
Jan. 11 - Western Europe's tallest building, the Shard, has unveiled a viewing gallery that will open next month but the building is yet to confirm a single tenant for over half a million square feet of office space. Ivor Bennett reports......

Vomiting Larry goes viral in the name of science
Jan. 11 - A robot that vomits on command is the latest weapon in Britain's war on norovirus, a disease currently affecting more than a million people throughout the country. Called "Vomiting Larry" by its developer, the humanoid simulated vomiting sy.....

The Exchange: One for the Rhodes
Jeffrey Goldfarb talks to Citigroup veteran Bill Rhodes, author of "Banker to the World," about why the Euro crisis isn't over, the folly in Washington and the new regimes in China and at Citi......

Worker unrest blamed for South Africa downgrade
Jan. 11 - The rand and South African government bonds weakened on Friday after ratings agency Fitch cut the country's credit rating. It said the downgrade was due to weak growth and worker unrest. Joanna Partridge reports......

Daily Digit: Best Buy $12.8 bln shock
Jan 11 - Best Buy's total revenue slipped to $12.8 billion during the key holiday shopping season, but the drop was not as big as feared that to U.S. consumers. Conway G. Gittens reports......

Trading at Noon: Boeing's wings clipped by Dreamliner
Jan 11 - Boeing shares are down over 2 percent as the aircraft maker struggles with issues in its 787 jets......

Breakingviews: U.S. debt follies
Jan 11 - Jeffrey Goldfarb talks to Breakingviews columnists about the range of wacky ideas circulating on how to tackle the U.S. debt ceiling, from trillion-dollar coins to constitutional creativity......

Europe Week Ahead: Europes flimsy feel-good factor
Jan. 11 - Bullish rhetoric and bumper bond sales are lifting euro zone spirits, but German GDP figures and more bond auctions will test whether the feel-good factor can last through next week......

Reuters Asks: Who will stop QE first?
Jan. 11 - We ask financial professionals which major central bank will be the first to end quantitative easing......

Reuters Asks: Who will stop QE first?
Jan. 11 - We ask financial professionals which major central bank will be the first to end quantitative easing......

U.S. regulators say Boeing 787 is safe but needs review
Jan. 11 - U.S. aviation regulators will launch a comprehensive review of the Boeing 787 airplane, with a special focus on its electrical systems, following a series of recent safety incidents, the new head of the Federal Aviation Administration says......

3XSQ: U.S. regulators to review Boeing's Dreamliner issues
Jan 11 - U.S. regulators will conduct a review of the Boeing Dreamliner's critical systems after a series of problems with the plane......

Reuters Right Now: Wells Fargo posts solid results
Financial Services Editor Dan Wilchins says while Wells Fargo's fourth-quarter earnings were solid, the decline in mortgage applications and originations could be a worry in quarters to come......

Silver screen seniors are box office gold
Jan 11 - Following the success of films like "The Best Exotic Marigold Hotel" in 2012 and "The King's Speech" a year earlier, movies aimed at the older generation are winning new respect. Hayley Platt reports......

In the Boardroom: UBS - trust doesnt come cheap
Jan. 11 - UBS says its focusing on recovering its lost honour after being fined $1.5bn over the Libor scandal. Lucy Marcus argues banks need to make concrete changes to regain lost trust......

In the Boardroom: UBS - trust doesnt come cheap
Jan. 11 - UBS says its focusing on recovering its lost honour after being fined $1.5bn over the Libor scandal. Lucy Marcus argues banks need to make concrete changes to regain lost trust......

Breakingviews: RBS Libor bonus ploy second-tier
Breakingviews......

Economy 2013: Rolls-Royce CEO takes Reuters for a Ride
for a ride in his Phantom to explain why global balance is the key to luxury success......

Honda's UK boss warns Britain must stay at heart of EU as it cuts 800 jobs
EXCLUSIVE: Britain must retain a leading position within the European Union or face damaging economic consequences and risk losing valuable investment, the head of Honda in the UK has warned.<img width='1' height='1' src='http://telegraph.feedspor.....

Rio Tinto threatens to exit Madagascar after CEO is trapped by protesters
Protesters trap 200 workers and the country's CEO in a mining compound.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/27703cce/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r.....

Millions face tax rise in pensions shake-up
More than six million workers face paying hundreds of pounds more tax each year under the Coalition's plans for a new flat-rate state pension, government sources have admitted.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726.....

HMV shares slump as it starts huge sale
Entertainment retailer HMV saw its shares fall more than a fifth on Friday after it launched a massive sale in a bid to boost revenues.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/276fa891/mf.gif' border='0'/&.....

Good News Britain: Gleeson sales give boost to homebuilding revival
Housebuilder MJ Gleeson underlined that the sector is on the road to recovery, with a 53pc increase in sales of homes to private buyers.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/276fba11/mf.gif' border='0'/.....

Ending our 'gateway to Europe' status would be a big loss for Britain
Employers have, so far, been unequivocal in how they see the UK's relationship with the European Union.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/276fa037/mf.gif' border='0'/><br/><br/><a h.....

Concern for US growth as trade gap widens
Fears have been raised about the strength of the US economy's recovery after America's trade gap with the rest of the world unexpectedly grew to its widest in seven months.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/5.....

Aviva in demand on receding dividend concerns
Aviva shares are in demand on receding dividend concerns.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/276f0e72/mf.gif' border='0'/>.....

Bill Mott: The inflation-proof shares I'm buying
A high-profile fund manager explains why he's worried about inflation - and reveals the stocks he's been buying for protection.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/276f04fb/mf.gif' border='0'/><b.....

Warner Bros wins commercial control of Superman
Court rules that letter showed heirs had accepted Warner Bros' bid.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/276e0011/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/152.....

Wal-Mart bosses 'knew about bribery allegations in Mexico'
Wal-Mart's bosses knew about allegations of bribery at the retailer's Mexican operations as early as 2005, contradicting a denial the company made last month, US Congressmen have claimed.<img width='1' height='1' src='http://telegraph.feedsportal......

1,370 jobs lost as all Jessops stores close
The loss-making chain will close all its stores after failing to reach a deal with its suppliers and lenders that could have seen the company trade from administration.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/56830.....

China to overtake US as Apple's biggest market
China is set to overtake America as Apple's biggest market, the chief executive of the technology giant has claimed.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/276df9ad/mf.gif' border='0'/><br/><b.....

US to review Boeing 787 Dreamliner safety issues
The United States ordered a wide review of Boeing's latest passenger jet, the 787 Dreamliner, citing "concern" over a spate of technical problems in recent weeks.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/27.....

The best mid-cap shares and funds
We look at the prospects for mid-sized businesses.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/276d2c9f/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/152264833542/u/3/f/5.....

UK GDP shrank 0.3pc in fourth quarter, says Niesr
Britain's economy shrank 0.3pc in the final quarter of 2012, signalling output was stagnant over the whole of last year, the National Institute of Economic and Social Research forecasts.<img width='1' height='1' src='http://telegraph.feedsportal.c.....

Questor Plus share tips: profit from a falling pound
Questor editor picks his favorite shares if Sterling weakens in 2013.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/276f14e1/mf.gif' border='0'/>.....

Qustor Plus share tips: profit from a falling pound
Questor editor picks his favorite shares if Sterling weakens in 2013.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/276d2ca0/mf.gif' border='0'/>.....

Honda job cuts a 'hammer blow' to industry
Britain's biggest union has struck out at Honda's decision to slash 800 jobs in the UK, calling it a "hammer blow" to manufacturing.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/276d2904/mf.gif' border='0'/>.....

Fortnum & Mason has record-breaking Christmas
Brisk trading in advent calendars, Christmas tea towels and musical biscuit tins helped luxury department store, Fortnum & Mason, post record festive sales.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/276d.....

Greek journalists bombed over economic crisis reports
Five Greek journalists working for major media outlets have had their homes targeted by small makeshift bombs.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/276d25ed/mf.gif' border='0'/><br/><br/>.....

OFT bars RBS debt collecting that puts homes at risk
State-backed bank RBS has been ordered by the Office of Fair Trading (OFT) to stop using controversial "charging orders" to collect small debts.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/276cfa3d/mf.gif' bor.....

OFT restricts banks' methods of debt collecting
Regulator has imposed requirements on Royal Bank of Scotland's use of charging orders.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/276bf495/mf.gif' border='0'/><br/><br/><a href="http://da.fe.....

Boeing's 787 Dreamliner to undergo far-reaching review
The U.S. Federal Aviation Administration is launching a comprehensive review of the critical systems of Boeing's 787, the aircraft maker's newest and most technologically advanced plane.<img width='1' height='1' src='http://telegraph.feedsportal.c.....

Pension providers come clean on fees
Workplace pension saving schemes will disclose fees and charges upfront from 2014.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/276be37c/mf.gif' border='0'/><br/><br/><a href="http://da.feedsp.....