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Friday 18 January 2013

UK Financial News on 2013-01-18

Stansted Airport sold for 1.5bn
London's Stansted Airport is being sold to the owner of Manchester Airport for 1.5bn, it is announced......

Fed 'underestimated 2007 crisis'
The US Federal Reserve may have underestimated the extent of the looming global financial crisis in 2007, released transcripts from that year show......

Game wants to buy some HMV stores
Retailer Game reveals that it is one of the 50 separate groups or individuals who have expressed an interest in buying all, or part of HMV......

UK retail sales fall in December
UK retail sales fell at a seasonally-adjusted rate of 0.1% in December from the month before, official figures suggest......

US joins Dreamliner Japan probe
US safety officials join an investigation into the Boeing's 787 Dreamliner plane, which has been suspended from flying due to concerns about its batteries......

Banks call for PPI time limits
The UK's banks have asked the Financial Services Authority to set a time limit for all further claims for compensation for mis-sold payment protection insurance policies......

Morgan Stanley swings to profit
US investment bank Morgan Stanley says it swung back to a profit in the fourth quarter, a turnaround that it described as a "pivot point"......

GE profits on industrial rebound
General Electric sees a 9% rise in profits as demand for the giant US conglomerate's industrial equipment from developing countries surges......

China economy shows pick up signs
China's economy, the world's second largest, is showing signs of a rebound that could help it emerge from its worst economic period in 13 years......

Sony sells New York HQ for $1.1bn
Sony agrees to sell its US headquarters in Manhattan for $1.1bn (690m) as the troubled Japanese music group seeks to raise cash......

Nokia backs 3D printing for phones
Nokia is releasing design files that will let owners use 3D printers to make their own cases for its Lumia 820 handset.....

London Market Report
Mining companies are among the biggest risers on the FTSE 100 as they benefit from the latest signs of faster growth in the Chinese economy......

'Cloud' over Algeria oil sector
The situation with oil workers taken hostage in Algeria puts a "dark cloud" over the country's production, an international energy body says......

Xstrata-Glencore merger delayed
Xstrata and Glencore push back the date again for when they expect to complete their $31bn merger to March......

Christmas 'causes missed rent'
Rent arrears hit their highest level for nearly a year in December as Christmas took its toll on tenants' finances, a survey suggests......

Toyota settles fatal crash case
Toyota settles a wrongful death lawsuit following a fatal crash involving sudden acceleration, in what could be the first of hundreds of such cases......

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......

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......

Scottish Water charges rise 2.8%
Water charges across Scotland are to rise of the first time in four years - but below the rate of inflation......

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

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......

AT&T takes $10bn pensions charge
US telecoms giant AT&T will put aside $10bn (6.25bn) in the fourth quarter to cover pension fund losses due to lower-than-expected interest rates......

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......

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......

VIDEO: Opening a mixology bar in Singapore
British expat Joel Fraser talks about starting his own mixology bar in Singapore......

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: Mary Beard: 'Life still left' in high street
Prof Mary Beard tells BBC Question Time online shopping is not the solution people think it is and shopping in real life still has its place......

VIDEO: Challenges facing China's economy
As China's pace of growth slows to 7.8% - a 13-year low - Damian Grammaticas reports from the industrial town of Wuhan on the challenges facing the economy......

VIDEO: Ex-Greek minister to face tax probe
Greek MPS have voted to launch a criminal investigation into ex-Finance Minister George Papaconstantinou......

AUDIO: Chip make Intel sees profits slump
The world's biggest maker of silicon chips, Intel, which grew by putting chips most of the world's personal computers, is now facing an erosion of that market......

VIDEO: 'Slowest growth since December 1998'
UK retail sales fell 0.1% in December from the month before, according to the Office for National Statistics......

AUDIO: Are Japan's companies 'in retreat'?
Jonathan Allum, an investment strategist who has been following Japan for 30 years, explained to Today business presenter Simon Jack that "these companies clearly are in retreat.".....

Protecting workers in dangerous places
How do oil and gas firms protect staff in dangerous foreign countries?.....

Snow difficulties and your rights
Your rights if you cannot get into work.....

Viewpoint: The hyper-individual
Technology is empowering consumers like never before.....

Why 8% may not be the magic number for China
Why 8% may not be the magic number for China's economy.....

From Remploy to profit sharing
How a failed Remploy factory embarked on a social experiment.....

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......

U.S. Week Ahead: Apple's moment of truth!
Breakingviews' Rob Cyran......

MuniLand: High-yield muni bonds still an attractive buy
Jan 18 - Invesco senior portfolio manager Mark Paris says the widening spreads in the high-yield municipal bond space, low issuance and less defaults make for a very attractive purchase for investors in 2013......

Techquity: Taxing time for Amazon, Google vs. Facebook
Jan. 18 - Study shows sales tax collection hurts sales through Amazon, while Google's CEO takes a swipe at Facebook......

Daily Digit: Morgan Stanley's $894 million
Jan 18 - Excluding an accounting charge, Morgan Stanley earned $894 million in the fourth quarter of 2012, compared with a loss a year earlier. Conway G. Gittens reports......

Breakingviews: JPM's schoolboy risk management
Jan 18 - Antony Currie and Breakingviews columnists lay out how the litany of errors that led to JPMorgan's $6.2 bln trading hit should leave risk managers everywhere worried......

Trading at Noon: Investors piling into MS after results
Jan 18 - Morgan Stanley shares are soaring after better-than-expected earnings. Intel is plummeting on disappointing sales forecasts. And new signs Apple is cutting back on iPad orders......

FACTBOX: How do stocks fare for second-term presidents?
Jan. 18 - As President Obama is inaugurated this weekend, we look at how the stock market has fared under second-term presidents......

Europe week Ahead
Jan. 18 - A look to the close of the European markets and a look ahead to the next days trading, as well as what to expect from the Asian markets next week.....

Greece's growing tax scandal
Jan.18 - Greece's parliament votes to probe former Finance Minister George Papaconstantinou for his role in a scandal over a list of potential tax evaders that has rattled the fragile ruling coalition. Ciara Sutton reports......

3XSQ: Apple cuts iPad parts orders - sources
Jan. 18 - Sharp has nearly halted production of screens for the full-sized iPad as demand shifts to the new iPad mini, according to two sources......

Existing issues could moderate level of housing recovery
Jan. 18 - Fitch's Robert Curran says 2012 was a positive year in the housing market but there are still problems that could impede the housing recovery further......

Yacht builders pin hopes on super rich
Jan 18 - The glory days of the great shipyards are long gone but an increasing appetite for superyachts from the world's wealthiest is providing vital new business for today's ship and boat builders. Hayley Platt reports......

Breakingviews: Chinas Rio squeeze
Breakingviews......

Breakingviews: Chinas Rio squeeze
Breakingviews......

World Future Energy Summit: Rejecting Renewables?
Jan. 18 - From divided opinions over renewables to powering food and water supplies, Angeline Ong rounds up the World Future Energy Summit in Abu Dhabi......

FAA officials inspect Dreamliner
Jan. 18 - Aviation officials from the U.S. inspect a Boeing 787 Dreamliner in Japan after an emergency landing prompted a worldwide grounding of the jets. Julie Noce reports......

Reuters Today: China growth defies predictions of gloom
Jan. 18 - Growth in China accelerated in the fourth quarter of 2012, but was the weakest since 1999......

Asia Week Ahead: Dawn of a new day for Bank of Japan
Japan Bureau Chief Kevin Krolicki explains what to expect from a crucial week in which Japan's central bank will decide whether to answer government calls to 'reflate' the sluggish economy......

Daily Digit: China on the rebound
Jan. 18 - Fresh data shows China's growth is bouncing back at a rate that's the envy of G7 countries -- but can the world's second largest economy wean itself off a dependency on exports? Tara Joseph reports......

Breakingviews: Alibaba still needs Jack Ma
Alibaba may be undergoing a leadership change ahead of its anticipated IPO, but the firm still needs its billionaire founder to smooth the way with Beijing, says Breakingviews' John Foley......

Alstom eyes French offshore wind phase 2 deal
Jan. 18 - Alstom, the French engineering giant, wants to strengthen its foothold in wind energy by securing the second phase of the French offshore project......

U.S. Morning Call: Morgan Stanley posts Q4 profit
Jan 18 - Morgan Stanley reported a fourth-quarter profit, beating EPS estimates by a penny. The boost driven by higher revenue at its institutional securities business......

Market Pulse: The yen and Swiss battlefronts in FX wars
Jan. 18 - Dollar/yen at 90, euro/Swiss at 1.25. A landmark day in FX, but is this irrational exuberance at play? Glenstratas nuptials are delayed again, and Scrooge pays an Xmas visit to the UK high street......

Bulls wake up; Intel guides lower
Jan. 17 - Summary of business headlines: New five-year high on Wall Street as jobless claims tumble and housing starts surge; Intel beats profit forecasts but sales match targets; Citigroup and Bank of America still haunted by the mortgage mess. Conw.....

Past still haunts BofA, Citi
Jan. 17 - Earnings are a reminder that major banks like Citigroup and Bank of America are still cleaning up the problems of their past. Bobbi Rebell reports......

Boeing suspends deliveries of Dreamliner
Boeing has halted delivery of new 787 Dreamliners until US authorities have ended the grounding of the current fleet.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/27ac685c/mf.gif' border='0'/><br/><.....

Dow closes at five-year high on debt ceiling hopes
The Dow Jones Industrial Average closed at a five-year high on Friday on Wall Street on hopes a damaging stand-off over the US debt ceiling will at least be delayed.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s.....

HSBC pays $249m to settle foreclosure claims
HSBC has agreed to pay $249m (157m) in compensation to settle claims of improper foreclosures during the US housing bust.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/27ac5b17/mf.gif' border='0'/><br/>.....

Manchester Airport buys Stansted for 1.5bn
Manchester Airport Group (MAG) has won the auction to buy Stanstead Airport from BAA for 1.5bn.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/27ac5b1a/mf.gif' border='0'/><br/><br/><a href="htt.....

HMV's most valuable stores could be sold to raise funds
The leases on some of HMV's most valuable stores could be sold off to raise funds after the administrators appointed property agents CBRE and Savills.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/27abc323/mf.gi.....

Fendi to pay for restoration of Rome's Trevi Fountain
Fashion house to pay 2.5m to restore La Dolce Vita monument.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/27abc324/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/1559840613.....

John Witherow named acting editor of The Times as News International eyes merger
News International has named The Sunday Times editor John Witherow as acting editor of The Times, as it battles to find a way to merge the two newspapers.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/27ab1e8e/m.....

Money MoT: Clydesdale's interest-only 'low start mortgage'
Our new column road-tests the latest financial products on the market to see whether they come up to scratch.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/27ab1e8f/mf.gif' border='0'/><br/><br/>&.....

Morrisons and Lakeland to launch kitchenware site
Wm Morrison has teamed up with home shopping group Lakeland to launch a kitchenware website in a bid to revive flagging sales.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/27ac5b1b/mf.gif' border='0'/>.....

Morrisons and Lakeland to launch kitchenware site
Wm Morrison has teamed up with home shopping group Lakeland to launch a kitchenware website in a bid to revive flagging sales.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/27ab1c2e/mf.gif' border='0'/><br.....

FTSE 100 climbs to new highs on China data
The benchmark index has had its best start to a year since 1989.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/27ab193f/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/155984.....

Federal Reserve missed financial crisis warning signs in 2007, documents show
Top policymakers at the US Federal Reserve felt for most of 2007 that problems in housing and banking were isolated and unlikely to tear down the economy as they ultimately did.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/3272.....

On housing, what the Bank giveth, the Bank can taketh away too
We are a zombie nation, at least when it comes to the housing market.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/27ab24a3/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/1.....

EE closes high street branches due to 'duplication'
Britain's biggest mobile operator EE is closing 78 of its 700-strong chain of shops in the UK.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/27ab24a4/mf.gif' border='0'/><br/><br/><a href="http.....

Snow heightens retail woes after December sales dip
High streets across Britain are braced for a "disastrous" slump in shopper numbers of up to a third this weekend as the snow compounds problems in the retail sector, which suffered worse-than-expected trading over Christmas.<img width='1' height='.....

John Redwood: My investment bet for 2013
MP sets out the investments he expects to perform well in 2013.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/27aa0efd/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/1559840.....

Good News Britain: Three reasons Bovis has boosted profits
Housebuilder is looking to continue to drive growth in 2013.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/27aa0eff/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/1559840585.....

Greece needs more European money to help with debts, says IMF
Greece will need additional help from its European partners as soon as next year as "the rich and self-employed continue to evade taxes on an astonishing scale", the IMF has said.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32.....

Barclays in law suit over 'mini Madoff' fraud
Investors who lost money in a Ponzi scheme run by a man dubbed the German "mini Madoff" are launching a joint suit against Barclays for selling his products to them, their lawyers said on Friday.<img width='1' height='1' src='http://telegraph.feed.....

FSA snubs banks' call for PPI deadline
The financial regulator has said that it will not put a deadline on customers who want to reclaim mis-sold payment protection insurance without a full public inquiry.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/.....

OFT probes David Montgomery's Local World plan
A plan by tabloid veteran David Montgomery to buy up the country's local newspapers has hit a setback after the Office of Fair Trading said it was considering opening a full investigation into his deal.<img width='1' height='1' src='http://telegra.....

Fixed-rate mortgage to 'fall to 1.5pc'
Mortgage experts forecast today that mortgage rates could be about to set new lows.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/27a91beb/mf.gif' border='0'/><br/><br/><a href="http://da.feeds.....

December retail sales: winners and losers
Retail sales fell 0.1pc in December, dashing hopes that Christmas shoppers would provide a last-minute lift to an economy on the verge of another contraction.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/27a91b.....

Rents fall in December in 'seasonal blip'
Rents in December fell for the second month in a row as landlords tried to avoid empty properties over Christmas.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/27a91777/mf.gif' border='0'/><br/><br/&.....

Bovis upbeat as profits beat expectations
Bovis Homes continued a run of positive news from UK housebuilders, revealing that 2012 was a better year for the company than the market predicted.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/27a91779/mf.gif'.....