Search This Blog

Wednesday 16 January 2013

UK Financial News on 2013-01-16

Blockbuster enters administration
DVD rental firm Blockbuster becomes the latest UK High Street firm to go into administration after struggling to compete against internet-based rivals......

Japan emergency hits Dreamliners
Japan's two main airlines ground their Boeing 787 Dreamliners after one was forced to make an emergency landing because of battery problems......

US banks see profits rise sharply
Top US banks Goldman Sachs and JP Morgan report sharp rises in profits on the back of strong performance in investment banking, but JP Morgan boss Jamie Dimon sees his pay drop sharply......

US economic activity 'increasing'
The US Federal Reserve's latest report on the economy says activity has picked up slightly in the past two months......

Hard times for more UK households
A survey for the Office for National Statistics shows that 37% of people do not have enough money to pay an "unexpected financial expense"......

Retailer shares drop on sales data
Shares in French Connection and Thorntons drop after reporting sales data, while electrical retailer Dixons falls on fear of an imminent profit cut......

Oil pipeline 'safe to resume flow'
A North Sea oil pipeline which was shut down because of a leak at an offshore platform is declared safe to resume transporting supplies......

S Africa mining firm 'arrogant'
A South African minister calls the world's biggest platinum miner, Amplats, "arrogant" after it reveals plans to cut 14,000 jobs and close four shafts......

EU car sales fell 8.2% in 2012
New car registrations in the EU fell by 8.2% in 2012 and the UK was the only major market to grow, carmakers say......

Mortgage lending picks up again
Mortgage lending picked up strongly in November, boosted by a rise in lending to first-time buyers......

Construction faces 'years of woe'
The construction sector in the UK will not recover its pre-recession peak level of output until 2022, an industry study claims......

Yen concerns spark Nikkei fall
Japan's stock market suffers its biggest one-day fall in eight months after government ministers expressed concerns about the weak yen......

Alibaba boss Jack Ma to step down
One of China's best-known businessmen, Jack Ma, will quit as chief executive of Alibaba, the hugely successful e-commerce firm he founded......

Tennent's sees sales volumes fall
The drinks brand, C&C Group, says sales volumes of its Tennent's brand fell in the UK, but earnings held up......

World Bank cuts growth forecast
The World Bank cuts its 2013 global growth outlook, saying that the recovery in developed countries is slower than expected......

HMV boss 'confident of solution'
The boss of HMV says he is confident of finding a solution to the embattled retailer's troubles as the music and DVD retailer goes into administration......

Renault to cut 7,500 French jobs
Renault is to cut about 7,500 jobs in France by 2016 as the carmaker continues to struggle with falling sales and profits......

Germany brings gold reserves home
Germany's central bank will bring back some of the gold it currently holds overseas, so that half of its reserves will be in its vaults by 2020......

Mafia 'earn less than believed'
A government-funded study by the Catholic University of the Sacred Heart in Italy reveals the country's mafia makes less money than widely believed......

App charges cause anger for parents
Unsuspecting parents have found themselves with phone bills running "into the thousands" thanks to in-app purchases, a UK regulator warns......

Paying by text to launch spring 2014
A database pairing phone numbers to bank accounts will launch in the UK in spring 2014, allowing people to text money to each other......

UK inflation holds steady at 2.7%
The UK inflation rate was unchanged at 2.7% in December, figures show, with rising gas and electricity prices partially offset by a drop in fuel costs......

US retail sales beat expectations
US retail sales rose in December by more than analysts had expected as Americans spent more on cars and home furnishings, figures show......

Germany's economy slows sharply
The German economy grew by 0.7% in 2012, a sharp slowdown on the previous year, preliminary figures show......

Fitch warns on UK's AAA rating
The UK continues to risk losing its top AAA credit rating if it does not reduce its debt, a senior figure at Fitch Ratings tells the BBC......

Leak shuts up to 27 UK oil fields
A pipeline system servicing up to 27 oil fields is shut down after a leak on the Cormorant Alpha platform, north-east of Shetland......

Facebook unveils social search tools
Social networking giant Facebook unveils tools that let users search through all the information their friends have shared......

Goldman will not delay bonuses
Investment bank Goldman Sachs will not delay staff bonus payments to take advantage of a forthcoming fall in the top rate of income tax, the BBC understands......

Cycling Olympics axe 'possible'
Cycling could be dropped from the Olympics if Lance Armstrong implicates its governing body in a cover-up, says IOC member Dick Pound......

Stadium to receive 14m bail out
Coventry City Council votes to bail out the company which runs the city's Ricoh Arena with a 14m loan......

VIDEO: Jessops staff put themselves in the window
Staff at a Jessops store in Warrington put their photographs in the shop window in an attempt to find new jobs......

AUDIO: 'No reports of risk to the environment'
There are no reports of any risk to the environment after a leak on the Cormorant Alpha oil platform was found......

AUDIO: Why value of the pound is falling
Foreign Exchange strategist Jeremy Stretch told 5 live what was causing the pound sterling to weaken against the euro......

VIDEO: World Bank predicts 'difficult' 2013
The World Bank is predicating a "difficult" year ahead for the developed economies, despite an improvement in the financial markets......

VIDEO: Vote for 'more accountable' agencies
A vote to make credit rating agencies fairer and more accountable is to take place in the European Parliament in Strasbourg......

VIDEO: Dreamliner in emergency landing
A Boeing 787 aircraft operated by All Nippon Airways has made an emergency landing at Takamatsu airport after a battery malfunction......

VIDEO: Horsemeat found in beef burgers
Investigations have been launched at three meat processing plants in Yorkshire and in the Irish Republic to find out how horsemeat got into some beef burgers......

VIDEO: Why 2013 is game on for girls
In the past, playing computer games was a male dominated hobby, but it is thought that the majority of gamers could be women by the end of 2013......

Impact of Dreamliner safety concerns
The impact of the 787 Dreamliner safety concerns.....

UK and the EU: Better off out or in?
Is the UK better off in or out of the EU?.....

Bangladesh garment industry looks to revive image
Bangladesh garment industry looks to revive image.....

American manufacturers come back home
American factory jobs return from abroad.....

Facebooks Graph targets Google
Searching for the reasons behind Facebook's latest changes.....

Gridlocked world: where are the world's worst traffic jams?
BBC correspondents drive in congested cities.....

Pollution threatens Hong Kong's competitiveness
Pollution threatens Hong Kong's competitiveness.....

HMV leaves social gap in High Street
Why HMV is more than just a music chain for some.....

Profit jumps, pay cuts at JPM, Goldman
Jan. 16 - Quarterly profits nearly tripled at Goldman Sachs and net income at JP Morgan Chase jumped 53 percent, but job cuts and lower compensation are still becoming a fixture for Wall Street. Bobbi Rebell Reports......

U.S. Day Ahead: CEO Corbat may make Citi meaner & leaner
Jan. 16 - New Citi boss Michael Corbat could focus on more cost cutting when the bank reports results in the morning......

NASA says 2012 was ninth warmest year on record
Jan. 16 - According to NASA, 2012 was among the top 10 warmest years in the modern global record. Their scientists say the latest findings, when compared to records dating back more than 130 years, demonstrate a continuing long-term trend of rising g.....

Daily Digit: 24 Dreamliners grounded
Jan. 16 - Japan's two leading airlines grounded their fleets of Boeing 787s after a Dreamliner passenger jet was forced to make an emergency landing. Conway G. Gittens reports......

Washington tigers in the mood for love
Jan. 16 - Washington's Smithsonian National Zoo is playing Cupid to two Sumatran tigers in hopes they will produce offspring to offset falling numbers in the wild. The World Wildlife Fund estimates that only 400 tigers survive in the forests of Sumat.....

Techquity: Apple rebounds, Facebook slips
Jan 16 - Apple climbs back above $500, while Facebook loses ground even after several analysts express optimism over its latest product offering......

Breakingviews: Wall St. sees pay light
Jan 16 - Breakingviews editors discuss how decisions by Goldman Sachs, Morgan Stanley and JPMorgan signify early positive signs of a new compensation culture on Wall Street - finally......

UK's Cameron under pressure over EU
Jan. 16 - Britain's Prime Minister, David Cameron, is preparing for a much-trailed speech on the country's future in Europe. After the warning from the US about the dangers of leaving the EU does the rest of Europe care whether Britain is in or out? .....

Foreign trade saps German growth
Jan. 16 - Export powerhouse Germany expects foreign trade to be a drag on economic output this year as the euro zone crisis saps demand in neighbouring states, although consumers at home should support growth. Joanne Nicholson reports.....

Trading at Noon: Big banks make big profits, pay execs less
Jan 16 - JPMorgan's fourth-quarter net income jumped 53 percent, earnings for 2012 set record; Goldman Sachs profit almost triples......

Plug-ins upgraded despite slow sales
Jan 16 - Car makers roll out new luxury models of electric cars at the Detroit auto show, emphasizing that in the future the plug-in will come in all shapes and sizes, even though the financials have yet to connect. Sharon Reich reports from Detroit......

Tesco in horsemeat burger row
Jan. 16 - Horsemeat has been found in some leading supermarket beefburgers, including Tesco and at processing plants in Ireland and the UK. Hayley Platt reports......

Europe Day Ahead: Ireland another step to recovery?
Jan. 16 - A look ahead to Thursdays key events including Irelands T-bill auction, IMF chief Christine Lagardes visit to Washington and an emergency meeting on Mali.....

3XSQ: JPMorgan slashes Dimon's bonus after "Whale" trade
Jan 16 - JPMorgan Chase's board of directors cut Chief Executive Jamie Dimon's bonus in half, citing the company's $6.2 billion "London Whale" trading loss, the company said on Wednesday......

Daily Digit: European car sales plunge
Jan. 16 - Demand for new cars in Europe fell to the lowest level recorded since 1995, closing a year burdened by heavy declines in all major euro zone economies. Hayley Platt reports......

Breakingviews: UK inflation shambles
Breakingviews......

Japanese airlines ground Dreamliners
Jan. 16 - Japan's two leading airlines ground their fleets of Boeing 787s as one of the Dreamliner passenger jets make an emergency landing. Sarah Charlton reports......

Scoot CEO: "Full confidence" in Boeing Dreamliner
Jan. 16 - The CEO of Singapore Airlines' low-cost unit says concerns about the safety of Boeing's 787 Dreamliner are a "flash in the pan," as it gears up to take delivery of 20 as part of its expansion drive......

After making billions, Alibaba's chief steps back
Jan. 16 - With his Alibaba empire larger than ever and a personal $3.4 billion fortune, Jack Ma is retiring as CEO to become executive chairman. But the Chinese entrepreneur isn't done yet......

Reuters Today: Boeing's Dreamliner becomes nightmare
Jan. 16 - Japan's two major airlines ground their Boeing 787s after a series of mishaps. Spain's Rajoy urges Germany to do more to stimulate growth......

Factbox: Asia's capitals of runaway real estate
Jan. 16 - Singapore and Hong Kong not only compete for the title of Asia's financial hub, but also to set new property price records. We break down some of the eye-popping figures in both real estate markets......

Bentley' latest offering: $238,000 gets you a 200 mph ride
Bentley Motors' global sales are rising as premium car buyers return to the market, with Europe still the exception. A look at the newest car for the rich and successful, with an accent on luxury......

U.S. Morning Call: JPMorgan reports higher Q4 profits
Jan 16 - JP Morgan reports an increase in fourth-quarter profits as the biggest U.S. bank made more home loans......

Maserati wooing the American market with new sedan
Correspondent Jennifer Clark says the luxury car is a key piece of Fiat's latest strategy......

Dell talks advance; Facebook's search
Jan 15 - Summary of business headlines: Silver Lake Partners building money chest to take Dell private -sources; Facebook announces search function, but stock flops; CVS looks for Tylenol remedy. Retail sales strong in December, lifts Dow. Conway G. .....

Japanese airlines ground Boeing 787 Dreamliner fleet after emergency landing
Boeing and US regulators have dispatched investigators to Japan after an emergency landing of a 787 Dreamliner intensified scrutiny of an aircraft on which the US company has bet billions.<img width='1' height='1' src='http://telegraph.feedsportal.....

Algeria BP attack: latest
Briton killed in attack on BP oilfield in Algeria as French reports say that as several are held hostage.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/279619c6/mf.gif' border='0'/><br/><br/><a.....

Blockbuster calls in administrators
DVD and video rental company calls in administrators in latest blow to Britain's beleaguered high streets.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2794e22f/mf.gif' border='0'/><br/><br/><.....

Engineers strike $300m deal over engines for 737
Meggitt has won a contract to provide sensor components for an engine manufactured by Snecma, the French aerospace company.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/27981537/mf.gif' border='0'/>.....

Europe drawn into global currency wars as slump deepens
The world is edging closer to all out currency conflict as Europe's politicians join a chorus of policy-makers across the globe pushing for devaluations to fight for market share.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32.....

Shire climbs on bid speculation
Traders heard rumours that AstraZeneca may bid for the company.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/279746b5/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/1522652.....

Foreign investment into China drops to lowest level since 2009
Foreign direct investment in China dropped for the first time in three years amid signs that the Asian economic giant is losing out to rival emerging market economies.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300.....

French Connection warns of loss after Christmas sales fall
The fashion retailer French Connection has warned that it will lose money this year despite overhauling is strategy four months ago.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/279746b6/mf.gif' border='0'/>.....

German growth forecast axed
The German government halved its growth forecast for the year showing that the European debt crisis is continuing to drag on Europe's crucial powerhouse economy.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/279.....

Jessops, HMV and now Blockbuster - is the high street dying?
If anyone thought the failure of Comet in December was a low point for the high street, then the events of the past few days have highlighted the scale of the challenges facing the retail industry.<img width='1' height='1' src='http://telegraph.fe.....

Davos: WEF defends UBS boss as co-chair despite scandals
The founder of the World Economic Forum, Professor Klaus Schwab, has been forced to defend Axel Weber's position has co-chairman of next week's Davos conference.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/279.....

Britain should scrap IFRS accounting standards, MPs told
Britain should urgently "over-ride" the authority of the International Accounting Standards Board (IASB) to set the rules of bank reporting, a Parliamentary committee has been told.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/.....

Banks warned to drop bonuses that encourage mis-selling
Providers of financial services have been told that they should consider ending incentive schemes that could encourage staff to sell customers inappropriate products.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/.....

'Consumers forgot Blockbusters still existed'
Telegraph Retail Correspondent Graham Ruddick comments on the decline of another high-street staple, Blockbusters, after the movie rental chain went into administration.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/5683.....

TUI Travel in merger talks with German parent company
Shares in tour giant TUI Travel, owner of First Choice and Thomson, climbed 4pc after it admitted it had received an approach from its German parent company, TUI AG, about a merger.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/.....

Mooted Dell buyout may herald the return of animal spirits
For a growing body of opinion, 2013 promises to be a breakthrough year which unambiguously sets the world economy, and even many advanced economies, back on the road to recovery.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/327.....

Rolls-Royce signs contracts in China and Middle East
Rolls-Royce, the British engine maker, pushed into growth markets as it announced a $75m (47m) contract to work on the world's longest pipeline in China, as well as a deal to service the Saudi air force.<img width='1' height='1' src='http://telegr.....

EU launches search for most dangerous financial product
European Parliament member hopes his competition will lead to bans.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/27973b9d/mf.gif' border='0'/>.....

Robert Mugabe looks to 'indigenize' Barclays in Zimbabwe
Zimbabwe is now targeting Western banks, including Barclays, with operations in the country after top African conglomerate Ecobank complied with black empowerment laws of selling majority shares to locals.<img width='1' height='1' src='http://tele.....

Our visa rules for Chinese visitors do us more harm than good
The increase in Chinese tourists visiting attractions outside their borders will be one of the more significant economic phenomena of the first half of this century.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s.....

Blockbuster: no tears for the film rental giant's demise
Even at its peak, Blockbuster's sad-looking stock and large pictures of Adam Sandler rarely made a visit worthwhile, writes Robbie Collin.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/279669fd/mf.gif' border='0.....

'Briton killed' and '40 BP workers held hostage' in Algeria attack
Al Qaeda-linked militants claiming to hold 41 foreigners hostage at a gas field partly operated by British Petroleum in Algeria have reportedly threatened to blow themselves up after killing a Briton.<img width='1' height='1' src='http://telegraph.....

Austerity opera to be performed in Estonian capital
A Twitter feud in June between the Estonian president and New York Times columnist Paul Krugman who questioned the impact of Estonia's austerity measures, is being turned into an opera.<img width='1' height='1' src='http://telegraph.feedsportal.co.....

JP Morgan halves Jamie Dimon's pay over $6bn London loss
JP Morgan has halved chief executive Jamie Dimon's pay to $11.5m (7.2m) because he had "ultimate responsibility" for a multi-billion trading loss racked up in London.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/.....

Nearly a third of Brits can't afford to take a holiday
Thirty per cent of Britons unable to afford an annual holiday, says ONS.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/27956ea9/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/.....