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Thursday 17 January 2013

UK Financial News on 2013-01-17

Regulators ground all Boeing 787s
All of Boeing's flagship 787 Dreamliner planes are taken out of service following concerns about battery safety, the first major aircraft grounding since 1979......

Click-and-collect boosts Argos
Retail chain Argos reports healthy sales growth as it becomes the latest retailer to move to click-and-collect online ordering, which is increasingly popular......

Intel profits and revenues fall
Intel shares fall in after-hours trading as the computer chipmaker unveils a drop in sales and profits for the last three months of 2012......

Barclays boss: 'Behave or leave'
New chief executive Antony Jenkins tells Barclays' 140,000 staff ahead of bonus payouts to sign a code of conduct or leave the bank......

Sterling weakens against the euro
Sterling falls below 1.20 against the euro for the first time since early April last year over EU and credit rating worries......

HMV: Irish sit-in fight continues
Staff at two HMV stores in the Republic of Ireland plan to continue their sit-in protest overnight following the closure of 16 outlets in the country......

Property fraudsters sent to jail
Two men from London are sent to jail after being found guilty of defrauding two banks - Allied Irish Banks and Bank of Scotland - to the tune of 61m......

Cold weather triggers cash help
Cold weather payments - worth 25 for each seven days of freezing weather - are set to surge as a result of the conditions engulfing much of the UK......

Rio Tinto chief executive resigns
The chief executive of mining giant Rio Tinto resigns after the company writes down the value of its assets by an "unacceptable" $14bn......

Profits fall at Bank of America
Bank of America reports a big fall in quarterly profits after it had to take another financial hit on bad mortgage debt......

Greek ex-ministers face tax vote
Greek MPs are set to vote on whether to investigate high-ranking former ministers over the alleged mishandling of evidence of tax evasion......

Strong Christmas sales at Dixons
Dixons Retail, owner of Currys and PC World, reports robust sales growth over Christmas, despite competition from Comet's fire-sale......

UK car output hits four-year high
Car production in the UK hits a four-year high and car exports register a record high, despite a slump in European vehicle sales......

OFT investigates pension schemes
Pension firms that run "defined contribution" schemes for employers will be scrutinised by the Office of Fair Trading......

London Market Report
London Market Report.....

Primark sales jump by a quarter
Clothes retailer Primark says sales jumped by a quarter in the last three months, boosting profits at owner Associated British Foods......

Mothercare UK sales fall again
Mothercare reports a further decline in sales at its UK High Street stores, mitigated by double-digit growth in its international business......

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......

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"......

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

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......

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......

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......

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......

eBay shares rise as sales jump
Shares in eBay rise as the online auction site reports a jump in revenues, with more customers using smartphones to trade on the site......

SPL clubs wary of reconstruction
Scottish Premier League plans for league reconstruction are far from certain to be given the green light......

RFU agrees new deal with players
The RFU agrees a new deal with England's players and their clubs to avoid pay disputes before the 2015 World Cup......

VIDEO: UK car exports hit new record
Car production in the UK has hit a four-year high and car exports have registered a record high, despite a deep slump in European vehicle sales......

VIDEO: Joint 1bn venture for Croydon
Two developers have signed a 1bn deal to regenerate shopping centres in Croydon, promising 5,000 new jobs......

VIDEO: Why releasing data could help economy
Government agencies churn out loads of facts and figures every year and there are moves to make more of it public so that businesses can help the UK economy......

VIDEO: Man Utd deals see East meet West
Manchester United signs new sponsorship deals with two Chinese companies - soft drinks maker Wahaha and China Construction Bank......

VIDEO: Britain rises in 'friendliness' table
Research done after the London Olympics suggests Britain's reputation for friendliness has improved......

AUDIO: Greek tax scandal is 'almost comical'
The BBC Athens correspondent Mark Lowen reports that the Greek parliament is voting today on whether to investigate high-ranking ministers for allegedly mishandling the Lagarde list......

VIDEO: How Spain is coping in tough times
Katya Adler has been to visit Spanish families hit by the harsh reality of the economic chill in Europe......

VIDEO: Blockbuster goes into administration
High Street DVD rental firm Blockbuster has announced that it is to go into administration......

Why China doesn't need 8% growth
Why China doesn't need to maintain 8% annual growth.....

Viewpoints: Business leaders and Europe
UK bosses give their views on the UK's role in the EU.....

Music labels reeling at HMV woes
How are independent record labels coping with HMV's woes?.....

The different types of cash accounts on offer
Advice on how to choose a cash account that suits you......

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

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

African coffee champion takes on Uganda challenge
The Ugandan champion barista taking coffee back to its roots.....

Lagarde: US fight could be catastprophic
Jan. 17 - A prolonged fight in the U.S. over raising the debt ceiling or an outright default could send the global economy spiraling lower, warns International Monetary Fund Managing Director Christine Lagarde. Conway G. Gittens reports......

U.S. Day Ahead: Morgan's CEO Gorman may have to go further
Jan. 17 - Morgan Stanley shareholders want to see more cost cutting at the bank after boss James Gorman deferred bonuses for some of his investment bankers......

Techquity: iPad troubles?, Google's Nexus gathers steam
Jan 17 - JPMorgan expresses concerns about Apple's iPad sales while retailers see strong sales of Google's Nexus tablets......

Daily Digit: jobless data at 5-yr low
Jan. 17 - The number of Americans filing for first-time jobless benefits tumbled to a five-year low last week, a hopeful sign for the sluggish labor market. Conway G. Gittens reports......

Breakingviews: Banking laggards
Jan 17 - Richard Beales, Antony Currie and Agnes Crane explain why earnings reports from Citigroup and Bank of America underline their status as the stragglers of the sector......

Wealth Strategies: Home sellers start to get the upper hand
Jan. 17 - RealtyTrac's Daren Blomquist says home foreclosures in the U.S. have dropped to their lowest level in nearly five years, with sellers able to get close to asking prices on home sales in some areas......

Trading at Noon: Boeing's clients face 'soaring' expense
Jan 17 - Most Boeing Dreamliners grounded for battery checks, and a preview of Amazon's earnings......

No Airbus alarm over Boeing's Dreamliners
Jan.17 - The number of Boeing 787 Dreamliners stuck on the ground is swelled as Poland becomes the latest to stop them from flying and rival Airbus says it's watching developments carefully. Joel Flynn reports......

So why was Rio Tinto's CEO sacked?
Jan.17 - Global miner Rio Tinto has already appointed a new chief following colossal writedowns but it could be too soon, and it's one of many departures in the mining sector. Joanne Nicholson reports.....

Saft says: Tale of the whale also about too big to fail
Columnist James Saft says banks will remain susceptible to speculative dangers as long as they're too big to fail......

Daily Digit: Carrefour revamp paying off
Jan.17 - Price cuts and revamped product ranges have helped Carrefour deliver an improved fourth-quarter performance in its core French market, reassuring investors about new boss Georges Plassat's ability to revive Europe's largest retailer. Sonia L.....

3XSQ: Citi, BofA earnings hit by charges
Jan 17 - Citigroup's profit was plagued by $2.32 bln in charges related to layoffs and lawsuits, while Bank of America's quarterly profit dropped after taking some $5 bln of mortgage-related charges......

GCC prospects bright if policies change - First Solar
Jan. 17 - First Solar, the world's biggest thin-film panel producer, says the GCC is a major growth market but policies in the region must first change for the solar industry to really take off......

Reuters Asks: What deals are happening in renewables?
asks some of the leading professionals in the renewable energy sector what deals are happening at the World Future Energy Summit in Abu Dhabi......

Wealth Strategies: Things are picking up on the credit front
Jan 17 - Bond fund managers have become sharply more optimistic, according to the latest survey of the International Association of Credit Portfolio Managers. Executive director Som-Lok Leung gives his outlook.....

Breakingviews: Rios Rushed Reshuffle
Jan. 17 - Rio Tinto's new CEO, Sam Walsh, is experience and capable, but the decision to replace Tom Albanese immediately looks rushed, says Breakingviews......

Fast food giants brave media fire in China
Yum Brands, owner of KFC, and McDonald's are under siege in China's state-run media again over food safety concerns. But are they being unfairly singled out? Jane Lanhee Lee reports......

Dreamliners grounded as battery blamed for incident
Jan. 17 - Japan's Transport Ministry grounds all Boeing 787 Dreamliner aircraft ahead of U.S. FAA probe into the aircraft's battery system. Sarah Charlton reports......

Reuters Today: Boeing stands by Dreamliner
Jan. 17 - Global regulators tell airlines to stop flying Boeing's flagship 787 Dreamliner, but Boeing insists the plane is safe......

Saudi Arabia looks to the sun to produce water
Jan. 17 - Saudi Arabia is looking to solar energy to produce water as it aims to double its desalination capacity by 2025, says Abdulrahman Al-Ibrahim, governor of the Saline Water Conversion Corporation......

In game of chicken, both Apple & China Mobile stand to lose
' Jon Gordon......

U.S. Morning Call: FAA grounds Dreamliners indefinitely
Jan 17 - Airlines scrambled to rearrange flights as Europe, Japan & India joined the U.S in grounding Boeing's 787 Dreamliner for battery-related problems......

Sports Spread: Super Sunday Part II
Jan. 17 - The Premier League serves up a second "Super Sunday" in a row as Chelsea host Arsenal and Man Utd travel to London to face Spurs. Plus Australian Open tennis......

In the Boardroom: Tax how low can you get?
Jan. 17 - Lucy Marcus hosts a debate with journalist Tom Bergin & MP John Hemming on why Starbucks, Amazon & Google have found out the hard way that avoiding tax loses them more than customers......

Market Pulse: What's Moving Today and Why
Insider has its finger on the market pulse, analyzing and making sense of the biggest movers of the day......

Detroit motor show: the familiar economic gloom is obscuring the innovation historians will write about
The economic challenges still facing the global car industry obscure the innovation that has gone on since the financial crisis, writes Richard Blackden<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/27a297e4/mf......

Rio Tinto should stop buying and start mining
Rio Tinto needs a new strategy when it comes to acquisitions - to stop doing them would be the best one.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/27a205a8/mf.gif' border='0'/><br/><br/><a .....

Entire Boeing 787 Dreamliner fleet grounded amid safety concerns
The entire 50-strong fleet of Boeing 787 Dreamliners in service has been grounded in the wake of safety fears following problems which prompted an emergency landing outside Tokyo two days ago.<img width='1' height='1' src='http://telegraph.feedspo.....

UK car exports at all time high
British car exports hit an all-time high in 2012, defying the eurozone crisis and assisting the government in its ambition to rebalance the economy.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/27a15ced/mf.gif'.....

Financial Times touted by banks for 1bn
The Financial Times is being touted for sale by investment banks including Nomura and Bank of America Merrill Lynch for up to 1bn.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/27a15cee/mf.gif' border='0'/>&l.....

Bumi weighs claim against Nat Rothschild and banks over failed float
Bumi, the coal miner at the centre of a bitter power struggle, plans to use a law firm report into more than $2bn (1.25bn) of alleged missing funds to launch potentially explosive compensation claims.<img width='1' height='1' src='http://telegraph.....

S&P sees deeper house price falls in eurozone as slump engulfs core
Europe's housing slump is engulfing large parts of the eurozone core as recession deepens, with prices to keep sliding for another two years, Standard & Poor's has warned.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/.....

Mobile advertising to surge as companies learn to pinpoint users
The amount of money spent on advertising on mobile phones will more than double by 2016, as smartphones claim more and more of people's time and attention, new research claims.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726.....

AT&T could buy Britain's EE
American telecoms giant is seeking to buy a European mobile operator.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/27a16b27/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/1.....

TUI Travel dips on waning merger enthusiasm
The FTSE 100 company fell in a rising market.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/27a1693e/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/155984025439/u/3/f/568300.....

Rio Tinto CEO Tom Albanese out over $14bn write-down
Tom Albanese suddenly resigned as chief executive of mining giant Rio Tinto over a $14bn (9bn) write-down of its assets following bad deals, stating that "accountability" for the hit rested with him.<img width='1' height='1' src='http://telegraph......

HMV: More than 50 expressions of interest in collapsed retailer
The administrators to HMV have received more than 50 expressions of interest in the entertainment retailer, boosting hopes that the 92-year-old company can still be rescued.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/.....

Spire hospitals ushers in the return of the sale-and-lease-back era in a 700m deal
Spire, the UK's biggest private hospitals group, has completed the first major sale-and-lease-back deal since the financial crisis.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/27a16940/mf.gif' border='0'/>&.....

Why Rio Tinto chief Tom Albanese is mining's latest casualty
As Tom Albanese is forced out over $14bn of write-downs, FTSE 100 heavyweight Rio Tinto becomes the latest mining giant to look for new leadership.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/27a15342/mf.gif' .....

Good news: Industry and government must work hard to deliver a joint strategy
Plan will ensure UK can reinforce manufacturing supply chain.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/27a15343/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/155983995.....

'Pension charges eat 40pc of your money'
Alan Miller is a poacher turned gamekeeper, having made his millions running higher-cost unit trusts for New Star, but is now a convert to low-cost funds. Here, Gina Miller, his wife, and the co-founder of his firm, SCM Private, explains why this OFT.....

Primark emerges as winner on the Christmas high street
Primark has emerged as one of the winners on the high street over Christmas with a "simply stunning" 25pc rise in sales.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/27a15fe2/mf.gif' border='0'/><br/>&.....

Argos and Dixons lead fightback for the high street
Argos and Dixons have led a fightback on the high street after reporting sharp increases in Christmas sales thanks to demand for tablet devices such as the iPad Mini.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/.....

Unfair dismissal payout capped at one year's salary
The maximum payout for unfair dismissal at tribunal will be capped at one year's salary, as part of a raft of measures aimed at making it easier to dismiss underperforming staff, the Government announced.<img width='1' height='1' src='http://teleg.....

Britain has more debt than the eurozone, says Germany's Wolfgang Schaeuble
But Germany's finance minister says US problems are even worse.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/27a0515c/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/1559840.....

Three crucial steps David Cameron must take to win the right EU deal for Britain
Throughout history, political turning points have been defined by dogmatic and opposed points of view.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/27a0515d/mf.gif' border='0'/><br/><br/><a hr.....

Societe Generale analyst: markets are 'giving Boeing the benefit of the doubt' over Dreamliner glitches
While unexplained fires on onboard Boeing's innovative 787 Dreamliner are a serious concern, Zafar Khan says markets' reaction to the grounding of the aircraft by most airlines has been "fairly muted."<img width='1' height='1' src='http://telegrap.....

Ten most expensive lots sold at Christie's in 2012
<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/279f61f2/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/155983991984/u/3/f/568300/c/32726/s/279f61f2/a2.htm"><img src="h.....

Nat Rothschild hits back over Bumi email claims
Nat Rothschild has hit back over allegations from Bumi that he failed to disclose all he knew about financial wrongdoing at the company's Indonesian operations before the coal miner's float in 2010.<img width='1' height='1' src='http://telegraph.f.....

Citigroup and Bank of America profits hit as mortgage clean-up continues
Citigroup and Bank of America reported disappointing fourth quarter profits on Thursday, as the sub-prime mortgage crisis that unravelled more than five years ago continued to hinder two of the country's biggest lenders.<img width='1' height='1' s.....