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Saturday 12 January 2013

UK Financial News on 2013-01-12

Warning of driving licence fines
Many drivers are facing a fine of 1,000 for failing to update their photo-card driving licences, the Driver and Vehicle Licensing Agency warns......

Flat-rate pensions plan revealed
Details of the government's plans to introduce a flat-rate pension by 2017 emerge, ahead of an official announcement next week......

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......

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......

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

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......

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......

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: 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......

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.....

Turning detective to track down lost life insurance
Turning detective to track down lost life insurance.....

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

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?.....

Wall St. digs into Wells, more coming
Jan. 11 - Summary of business headlines: Stocks stuck near five-year high as Wells Fargo sparks sector-wide earnings jitters; U.S. opens Dreamliner 787 safety probe; Best Buy bests holiday forecasts. Conway G. Gittens reports......

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......

Esso and Shell face allegations of 'predatory pricing' over fuel cost
The Office of Fair Trading is studying allegations by independent petrol station owners that oil giants Shell and Esso have engaged in "predatory pricing".<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2775f87c/.....

Branson pins US hopes on new CEO
Sitting by the pool of the five-star Taj Mahal hotel in New Delhi, outgoing Virgin Atlantic boss Steve Ridgway seemed pretty relaxed.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2775f87d/mf.gif' border='0'/>.....

Davos is warned: the west has to change
Next week the business elite gather in the Swiss Alps for the World Economic Forum. Unilever CEO, Paul Polman, who will be there, reveals the tough challenges the global economies face .<img width='1' height='1' src='http://telegraph.feedsportal.c.....

Lloyds sacks two over 'rogue trader' scam
Lloyds Banking Group has fired a "rogue trader" after the state-backed lender uncovered a scheme designed to inflate the bonus of the executive working in its investment banking arm.<img width='1' height='1' src='http://telegraph.feedsportal.com/c.....

Next boss backs PM on Europe
The chief executive of Next, Lord Wolfson, has backed the Prime Minister and said that business should have nothing to fear from a renegotiation of the UK's relationship with the European Union.<img width='1' height='1' src='http://telegraph.feeds.....

US equity firm enters the Auto Trader battle
US private equity firm Hellman & Friedman has joined the 1.8bn bidding battle for Trader Media Group despite a stalemate between the company's two shareholders.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/.....

Online? It's not really our top priority
A Danish homeware chain, Tiger, is flourishing without the internet.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/27756be2/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/15.....

Greece passes key tax increases
Greek politicians passed a new tax bill that will enable the troubled nation to continue securing aid from its international lenders.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/277566ed/mf.gif' border='0'/>.....

Rainmaker: The 'dirty' word on the City's lips
As sure as swallows fly south for the winter, so January is the time when the thoughts of the banking world turn to bonuses.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/277566ee/mf.gif' border='0'/><br/&.....

Late payment crackdown - readers response
The Sunday Telegraph has launched a campaign to tackle the "national scandal" of late and slow payment by companies to small businesses. Here readers have their say.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s.....

Be nice to your office - it pays
Who knows you best, your closest friend or a complete stranger who gets to look through your keyhole?<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/277566f9/mf.gif' border='0'/><br/><br/><a hre.....

Firms join push for late payers crackdown
The Sunday Telegraph campaign to tackle the "national scandal" of late and slow payment by companies to small businesses has seen seven FTSE 350 companies make a public commitment to their suppliers in the past week.<img width='1' height='1' src='.....

Sunday interview: Nick Tolley, chief excecutive of Harris + Hoole
Coffee chain Harris + Hoole has come under attack for being part-owned by Tesco. Its CEO tells Edwin Smith the critics are wrong and that it remains independent<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2775.....

Marc Bolland has six months to turn around M&S
Like all modern, up-to-the minute, down-with-the-kids, in-with-the-in-crowd retailers, Marks & Spencer has a Facebook page.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/27756583/mf.gif' border='0'/><b.....

At last, question time for the money printers
'Ring-fencing" and "quantitative easing". When it comes to the Western world's response to the sub-prime crisis, these two policies quickly established themselves, and remain, as the conventional wisdom.<img width='1' height='1' src='http://telegr.....

HP chief Meg Whitman receives $15.4m in pay
Ms Whitman received almost $15.4m in compensation in her first year.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/27756de0/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/15.....

HP chief Meg Whitman receives $15.4m in pay
Ms Whitman received almost $15.4m in compensation in her first year.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/27755d01/mf.gif' border='0'/>.....

Madagascar forces free 200 Rio Tinto hostages
Protestors trapped the workers and country's CEO in a mining compound.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2774a794/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/.....

A watershed moment for FTSE but does it really matter?
On Wednesday afternoon last week the FTSE 100 ticker on my computer moved above 6,091. To most normal people, this random-looking number won't mean much. To a nerd like me, however, it felt like a watershed moment.<img width='1' height='1' src='ht.....

Watershed moment for FTSE but don't take it too seriously
On Wednesday afternoon last week the FTSE 100 ticker on my computer moved above 6,091. To most normal people, this random-looking number won't mean much. To a nerd like me, however, it felt like a watershed moment.<img width='1' height='1' src='ht.....

Voice of Business - Davos could do with a dose of accountability
I was recently asked to give my predictions for the World Economic Forum taking place in Davos towards the end of this month.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2773d0dc/mf.gif' border='0'/><br/.....

Household incomes squeezed further as inflation to near 3pc
The squeeze on household incomes will tighten once again this week when inflation edges up towards 3pc - twice the level of pay rises.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2773b8cb/mf.gif' border='0'/&g.....

'My pet insurance premiums rose by 40pc'
Pet owners are seeing the cost of insuring their cats and dogs rise dramatically.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2771a70d/mf.gif' border='0'/><br/><br/><a href="http://da.feedspo.....

Annuity rates 'to rise by 25pc'
A new dawn for the global economy could improve pension prospects hugely by boosting bond yields.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2771a70e/mf.gif' border='0'/><br/><br/><a href="h.....

Should investors buy smaller stocks for bigger gains?
Medium-sized companies outperformed the big beasts of the FTSE last year.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2771a28d/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com.....