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Saturday 19 January 2013

UK Financial News on 2013-01-19

Blockbuster to close 129 stores
DVD rental firm Blockbuster is to close 129 more stores after it went into administration earlier this month......

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......

New editor of the Times appointed
The editor of the Sunday Times, John Witherow, is appointed acting editor of the Times, despite opposition from the paper's independent directors......

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......

Boeing halts Dreamliner deliveries
Boeing halts deliveries of its new 787 Dreamliner - which has been suspended from flying due to concerns about its batteries - until the problem is resolved......

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......

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......

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......

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......

VIDEO: Your Money: Cash machine security
In this week's Your Money, Declan Curry looks at the next possible private pensions overhaul, cash machine security and what to do if you split up with your partner......

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

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......

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

Has chip and pin had its day?
Has the current way we use our plastic had its day?.....

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

Smartphone card payment systems seek small firms
The new way for customer to pay market traders.....

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.....

Profit glee sends stocks to 5-yr peak
Jan. 18 - Summary of business headlines: GE, Morgan Stanley power Wall Street to five-year high, but Intel dampens Nasdaq; U.S. official says 787 won't fly until "1,000 percent sure"; Sharp adds to more speculation of slowing Apple sales. Conway G. G.....

Energy powers GE profits
Jan. 18 - General Electric posts strong growth in its order backlog, a positive sign of future sales growth and don't worry about GE's engine business, says one analyst who predicts the woes over Boeings 787 jet shouldnt hurt Boeings profits. Fred Ka.....

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......

Crispin Odey backs distressed loans fund
Hedge fund manager Crispin Odey is backing a new 100m-plus property-led distressed debt fund.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/27b1fd0f/mf.gif' border='0'/><br/><br/><a href="http:.....

FSA to spend 5m on outside analysts
The Financial Services Authority (FSA) and its successors are to spend as much as 5m on hiring outside consultancies to carry out economic analysis.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/27b1fd10/mf.gif'.....

AstraZeneca: patents head for cliff edge
AstraZeneca's new CEO has little time to convince investors his global strategy can restore it to health.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/27b1f850/mf.gif' border='0'/><br/><br/><a.....

Imperial Tobacco faces investor revolt over bonus revamp
Investors in Imperial Tobacco have raised questions over planned changes to its executive compensation structure.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/27b1f851/mf.gif' border='0'/><br/><br/&.....

Riccardo Zacconi: king.com looking for growth rather than flotation
Facebook definitely 'likes' online gaming enterprise King.com, but its chief executive says he is looking for growth rather than a flotation.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/27b1f852/mf.gif' border.....

Rate swap scandal: mis-selling bill to top 1.5bn
The cost of compensating businesses for the mis-selling of complex derivative products is to double to more than 1.5bn across the UK's major banks.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/27b1f853/mf.gif' .....

The electric cars of the future
While electric cars have long been talked about as a possibly rather dull solution to the need to reduce carbon emissions, few people expected the whizzy world of motor racing to provide the thrust for their emergence into everyday life.<img width.....

Hotel Chocolat delivers sweet profits
Luxury chocolate retailer Hotel Chocolat has delivered a much-needed boost to the high street by achieving record sales and profits.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/27b1ac00/mf.gif' border='0'/>.....

Wagamama looks to expand in the US
New Wagamama chief executive Steve Easterbrook is carrying out an early review of the noodle restaurant's US operations with a view to expansion.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/27b1ac01/mf.gif' bo.....

AstraZeneca backs UK research in battle to restore drugs pipeline
The new chief executive of ailing drugs maker AstraZeneca plans to bolster UK research and development in an attempt to build a "dramatically different pipeline" by 2016, according to people close to the business.<img width='1' height='1' src='htt.....

Liberal Democrat plan tax hit on Starbucks and Amazon
Senior Liberal Democrats are drawing up plans for a new levy on Starbucks, Amazon and other global businesses that pay low levels of tax.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/27b1ac03/mf.gif' border='0'.....

Move to rescue HMV as Blockbuster jobs go
HMV's administrators say they are "hopeful" of rescuing the 92-year-old entertainment retailer as talks with potential buyers accelerate this weekend.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/27b1ac04/mf.gi.....

Magic number to decide Lloyds CEO's pay?
A year ago this week, Stephen Hester was contemplating taking a bonus of 963,000.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/27b1ac05/mf.gif' border='0'/><br/><br/><a href="http://da.feedspo.....

Pearson headhunts female executives
Pearson has appointed headhunting firm Egon Zehnder to find two female non-executive directors to join its increasingly male-dominated board.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/27b1ac06/mf.gif' border.....

Student housing investment doubles
Investment in student housing more than doubled last year as it emerged as a relative safe haven despite declining numbers of students.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/27b1ac07/mf.gif' border='0'/&.....

British Gas faces fines over targets
British Gas could be fined millions of pounds by energy regulator Ofgem after failing to meet targets for improving household energy efficiency.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/27b1ac08/mf.gif' bor.....

Iberia in 'last ditch' talks with union
Negotiations between Iberia, the Spanish airline owned by FTSE 100 constituent International Airlines Group, and its pilots over restructuring plans have threatened to stall less than two weeks before a deadline to reach an agreement.<img width='1.....

Lord Wolfson: I back the single market - but not at any cost
Like most British businessmen, I want to stay in Europe. The value of the European single market is enormous - the free movement of goods, services, capital and people create wealth and jobs.<img width='1' height='1' src='http://telegraph.feedspor.....

British taxpayers funded Ireland's 14bn bail-out
British taxpayers have provided Ireland with a backdoor bail-out of more than 14bn via the Royal Bank of Scotland and Lloyds Banking Group.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/27b1ac0b/mf.gif' border='.....

Sales concern to eclipse Apple results
Apple is expected to deliver the second strongest set of results in its history this week, with analysts forecasting that demand for the iPhone 5 catapulted profits to $12.4bn (7.8bn) in the final three months of last year.<img width='1' height='1.....

We must fix the broken Western state model
What will be the hottest topic at this week's World Economic Forum in Davos?<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/27b1a165/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal......

Tom Albanese: another mining chief bites the dust as sector negotiates different era
After a 9bn write-down forces the departure of yet another mining CEO, Rio and its rivals look to more conservative leaders to negotiate a very different era.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/27b16f.....

Davos 2013: young guns who will lift global gloom
As the Swiss business summit approaches, a new generation of business leaders is emerging.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/27b1095a/mf.gif' border='0'/><br/><br/><a href="http://d.....

Look at the differences between companies, not the similarities
I remember many years ago being struck by how many pushchairs there were on the streets of London.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/27b0c23b/mf.gif' border='0'/><br/><br/><a href=".....

Blockbuster to close 129 stores
DVD rental firm Blockbuster is to close 129 stores and make 760 members of staff redundant after going into administration.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/27aff993/mf.gif' border='0'/><br/&g.....