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Wednesday 23 January 2013

UK Financial News on 2013-01-23

UK jobless total falls to 2.49m
The number of people out of work fell by 37,000 between September and November to 2.49 million, official figures show......

Businesses divided over EU speech
Some business leaders warn David Cameron's EU referendum proposal will hurt investment, but others back the prime minister's move......

Apple revenues miss expectations
Computing giant Apple reports unchanged profits and record revenues in the last three months of 2012, but markets register disappointment......

Hilco in talks over Jessops brand
The restructuring company, Hilco, is in discussions with the administrators PricewaterhouseCoopers about acquiring the Jessops brand......

IMF: Global recovery 'weakening'
The International Monetary Fund warns again of a weakening global economic recovery, despite government efforts to stimulate growth......

US House passes debt-ceiling rise
The US House passes a bill to extend the country's debt limit until May, deferring a budget debate with the White House......

Sky wins Premier League rights
BSkyB is awarded the broadcast rights for Premier League games that are not shown live, while News International signs a deal to show clips on the internet......

'Value-seekers' boost Ikea profit
Swedish flat-pack furniture giant Ikea has reported record profits thanks to "more value conscious" consumers in the economic downturn......

US backs washing machine duties
US trade authorities approve imposing duties on washing machines from Korea and Mexico that it believes are subsidised or sold too cheaply......

Soros wants end to war on drugs
George Soros, the billionaire investor, uses the annual meeting of the world's elite in Davos, Switzerland, to call for an end to the West's "war on drugs".....

London Market Report
Consumer goods giant Unilever leads the market higher, with retail chain WH Smith also gaining......

Unilever's turnover reaches high
Anglo-Dutch food giant Unilever says it has exceeded 50bn euros (42bn) in annual turnover for the first time, helped by growth in emerging markets......

Pensioner P60 'will simplify tax'
Pensioners should receive an annual summary of their income and the tax they pay - the equivalent of a P60 - to make the system clearer, an advisory group proposes......

SSE chief executive to step down
Ian Marchant is to step down as chief executive of energy firm SSE after more than 10 years in the job......

Nations join to form 'tea cartel'
The world's biggest producers of tea agree to join forces in Sri Lanka, raising the prospect of a cartel controlling the price of the popular drink......

Sky Broadband struggles with demand
Sky says some of its users are experiencing slow download speeds after it signed up a large number of new broadband subscribers......

Emergency funds 'eroded by debt'
Families are being left financially vulnerable as interest on existing debts is eroding money set aside for emergencies, a charity warns......

House sales rose by 5% in 2012
House sales in the UK rose by 5% last year to 932,000, the highest annual sales figure since 2007, HM Revenue and Customs says......

Japan in 'aggressive' growth move
The Bank of Japan doubles its inflation target to 2% and promises open-ended asset purchases from 2014, meeting key demands of the new government......

World jobless numbers grow - UN
Global unemployment rose by 4 million in 2012 to 197 million and is expected to grow further in the coming years, the UN labour agency warns......

Bank chief calls for further action
Bank of England Governor Sir Mervyn King calls for further action to boost the UK's economy and defends its inflation target which his successor has suggested changing......

Airline Flybe plans 300 job cuts
Regional airline Flybe says it is planning to cut about 300 jobs as part of a programme to return the carrier to profitability......

Siemens' quarterly profits drop
German industrial giant Siemens reports a fall in quarterly profits, adding it expects no help this year from the weak global economy......

Google sees profits back on track
Google reports a small rise in profits despite a jump in revenues as it ploughed more money into advertising and research and development......

Spurs post 4.3m financial loss
Tottenham announce a loss of 4.3m for the 2011-12 financial year, primarily due to a lack of Champions League football......

VIDEO: UK businesses split on EU stance
The BBC's Nigel Cassidy looks at what the business community wants for Britain in the EU......

VIDEO: The Indiana Jones of economics?
BBC Radio 4 presenter Tim Harford tells the story of Bill Phillips who he argues was the Indiana Jones of economics.....

VIDEO: Call for workers' 'blacklist' inquiry
There should be a full inquiry into allegations of "shameful and insidious" blacklisting of workers on projects such as Crossrail and the Olympics......

VIDEO: 'Our never-ending search for work'
Unemployment figures show that, despite a drop in the number of people out of work, many people are still looking for a job - but there are hundreds of thousands of job vacancies......

VIDEO: UK unemployment falls to 2.49m
The number of jobless people fell by 37,000 between September and November to 2.49 million, official figures show......

AUDIO: Heathrow boss 'sorry' over snow
Colin Matthews, chief executive at Heathrow Airport Ltd, told the Today programme's Even Davis he is "really sorry for every passenger who got caught up with the disruption and the cancelations.".....

VIDEO: World Economic Form opens in Davos
The World Economic Forum is opening its doors in Davos with 2,500 business leaders and 50 heads of state attending the gathering in Switzerland......

VIDEO: Luxury yacht sales boom in China
Sales of luxury yachts are booming in China, as the country's super rich are finding a new pastime to match the status of their wealth......

Are we paying for toys that teach?
Do parents want to pay for toys that teach?.....

Davos 2013: Leaders fail to inspire trust
Can business chiefs learn from music maestros?.....

Latin America enjoys the good times
Latin American economies march to a different beat these days.....

Mortgages explained for first-time buyers
Tips for finding a home loan for the first time.....

Italy tackles mafia-owned businesses
Why Italian authorities confiscate companies.....

Israel economy back on agenda after elections
The economy was ignored, but that must change, observers say.....

Should we be recording our phone calls?
Should you be recording your phone calls?.....

Funding for Lending: Is it working yet?
Funding for Lending is helping homeowners not businesses.....

Reuters Right Now: Apple feels the sting of competition
Jan 23 -Apple's earnings were hit by low margins as it struggles to maintain its dominance with smartphones and tablets, according to Breakingviews' Rob Cyran......

U.S. Day Ahead: Get ready for a volatile Thursday after Apple earnings disappoint
Jan. 23 - Instead of buying and selling on the rumors, Apple investors finally get the facts with the tech giant's profits down from a year ago......

GAIM 2013: Don't expect too much from hedge funds -Friedberg
Jan 23 - Seed investor Charlie Friedberg of Stride Capital says it's harder to find hedge funds that pass muster, and sees more hedge funds just following the trends rather than taking contrarian positions......

Davos 2013: Lagarde urges more crisis reforms
Jan. 23 - International Monetary Fund Managing Director Christine Lagarde calls on participants at the World Economic Forum to maintain the momentum of reforms needed to climb out of the current crisis. Rough Cut (no reporter narration)......

GAIM 2013: Perkins' fund betting big on nat gas price swings
Jan 23 - Natural gas prices may be low, but former energy trader turned hedge fund manager Bill Perkins of Skylar Capital Management is making big bets on volatility swings in nat gas......

Techquity: Apple shares set for a huge swing
Jan. 23 - Traders say Apple could soar or tumble by as much as seven percent. That means Apple shares could go as high as $535 dollars or as low as $465......

Daily Digit: $4.59b McDonald's sales
Jan. 23 - McDonald's sales rise to $4.59 billion in the fourth quarter thanks to an unexpected December spike in U.S. sales. Conway G. Gittens reports......

GAIM 2013: Hentemann's 34% return fueled by mortgage debt
Jan 23 - 400 Capital's Chris Hentemann says he still sees investment opportunities in residential mortgage debt despite the housing recovery, and is increasing his exposure to commercial real estate debt......

GAIM 2013:More opportunities for activist investor-Goldstein
Jan. 23 - Speaking at the 2013 GAIM Hedge Fund Conference, activist investor Philip Goldstein feels the financial crisis created more opportunities and says small firms still have trouble finding financing......

GAIM 2013:After closing fund Zwirn can't afford mistakes
Jan 23 - Speaking at the 2013 GAIM Hedge Fund Conference, Dan Zwirn discusses getting back into business after shuttering his $4 billion hedge fund amid an SEC investigation and client withdrawals......

GAIM 2013: No investor should be in fixed income -Simon Lack
Jan 23 - SL Advisors' Simon Lack says bonds are overpriced and investors should have no fixed income in their portfolios and should instead invest in equities, particularly Berkshire, McDonald's and Coca-Cola......

Trading at Noon: Apple margins-sweet or sour?
Jan 23 - Investors gear up for results from Apple and Netflix--we highlight what you should watch for......

Penguin-cam reveals Adelie krill kill skill
A camera attached to the head of an Adelie penguin in Antarctica has revealed new information about how the species feeds and, in particular, the "stealth" tactics it employs to catch krill. A Japanese researcher has just published his findings about.....

Breakingviews: For whom Dell tolls
Jan 23 - Jeffrey Goldfarb and Robert Cyran discuss why despite a declining PC business, a Dell buyout makes sense, even if Microsoft's potential participation looks questionable......

Davos: the $5 trillion challenge
Jan. 23 - As firms struggle to grow in tough times, business leaders meeting in Davos are facing the $5 trillion challenge, according to consulting firm Accenture. Some are reforming, or looking to emerging markets. Joanna Partridge reports......

Europe Day Ahead: Davos & the euro zones first health check
Jan. 23 - Davos day 2 gets underway. The first peek at the health of the euro zone this year. Plus, will Nokia suspend its annual dividend for the first time in more than two decades?.....

Cameron shakes Europe over EU exit vote
Jan. 23 - David Cameron promised to give Britons the chance to vote on whether to stay in the European Union or leave if he wins the next election in 2015, shrugging off warnings that this could imperil Britain's diplomatic and economic prospects and.....

Cameron shakes Europe over EU exit vote
Jan. 23 - European leaders rebuke British Prime Minister David Cameron for wanting to take the 'common' out of the EU market. Sarah Sheffer reports......

3XSQ: Apple stock gets another price cut ahead of results
Jan 23 - Hours before Apple reports key earnings, another investment bank makes a bearish call on the stock. FBR is dropping its price target from $725 to $675......

Davos: Lipsky says euro zone must keep reforming
Jan. 23 - Political and economic leaders meeting at the first full day of sessions of the annual World Economic Forum (WEF) in Davos are cautiously optimistic that an end to the economic crisis is in sight. Rough Cut (no reporter narration)......

Daily Digit: Ikea's record profit
Jan. 23 - IKEA Group, the world's biggest furniture retailer, posts a record net profit for the 2011/12 year, helped by sales and market share growth as budget design enticed austerity-hit shoppers. Matt Cowan reports......

David Cameron vows to give Britons a choice on EU
Jan. 23 - Prime Minister David Cameron promised on Wednesday to give Britons a straight referendum choice on whether to stay in the European Union or leave, provided he wins an election in 2015. Rough Cut (no reporter narration)......

U.S. Morning Call: Bruised Apple set to report
Jan 23 - Nervous investors await Apple earnings; Dish scrubbing 300 Blockbuster stores......

Best of Davos Today: Russia's image problem
at the World Economic Forum in Davos include discussions with policy makers, top executives and thought leaders from around the globe. (Wednesday, Jan 23).....

DAVOS 2013: Italy needs courageous reforms to revive growth
Jan. 23 - Italy's Economy Minister Corrado Passera, says the worst is over but radical reforms are need to get Italy back on the growth track......

President of Iceland attacks Gordon Brown
Former prime minister Gordon Brown has been severely criticised by the President of Iceland over the country's treatment during the financial crisis.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/27d4e0fb/mf.gif.....

Double blow to hopes of avoiding triple dip
The Chancellor's efforts to rekindle confidence in the economy have suffered a double blow after the IMF cut its UK growth forecasts and the Bank of England said austerity was holding back recovery.<img width='1' height='1' src='http://telegraph.f.....

Britain's exit from the EU is a fifth 'grey swan' threat to business investment, warns Sir Martin Sorrell
The possibility of Britain leaving the European Union is a fifth "grey swan" threat to business investment, according to the chief executive of WPP.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/27d11f0e/mf.gif'.....

Money printing 'amounts to theft from our children'
Money printing is theft from our children and may merely be storing up problems for an even bigger crisis, top economists and investors have warned.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/27d452ba/mf.gif'.....

Banks 'ports in the storm' during crisis, says JP Morgan's Dimon
Global regulators are "overwhelmed" by their own efforts to curb financiers and have failed to realise that banks have been "ports in the storm" during financial crisis, according to Jamie Dimon.<img width='1' height='1' src='http://telegraph.feed.....

Traders hoist 'for sale' sign over housebuilders
Housebuilders failed to be lifted by the positive sentiment that drove the blue-chip index 0.3pc higher yesterday.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/27d46f9c/mf.gif' border='0'/><br/><br/.....

Heading heading heading heading
Housebuilders failed to be lifted by the positive sentiment that drove the blue-chip index 0.3pc higher yesterday.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/27d3cb57/mf.gif' border='0'/><br/><br/.....

Davos 2013: 'We are in the ante-chamber of a new global economy,' says Christine Lagarde
The eurozone is improving - and the UK is still along for the journey as Europe continues to integrate, according to Christine Lagarde, head of the International Monetary Fund.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726.....

US House passes plan to extend debt limit
The US House of Representatives has approved legislation to suspend for nearly four months the requirement for Congress to approve a higher limit on America's borrowing.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/5683.....

Olympics tourists boost Eurotunnel
Tourists from continental Europe flocking to the UK for the Olympics and Diamond Jubilee helped Eurotunnel increase its revenue by 14pc last year.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/27d44390/mf.gif' b.....

If the Bank wants growth it must set finance free
For a long time now, central banks have been regarded as the only game in town by fiscally constrained governments hoping to restore growth to their paralysed economies.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/5683.....

Business could cope with an EU exit, but could the politicians?
David Cameron delighted exactly no one here in Davos at the World Economic Forum where UK employers were left cold by his landmark speech on Europe.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/27d44396/mf.gif'.....

SSE chief Ian Marchant steps down
The chief executive of Scottish and Southern Energy, who recently complained that he was "fed up" with criticism of energy giants, is to step down after more than a decade at the helm.<img width='1' height='1' src='http://telegraph.feedsportal.com.....

Land Securities secures City lettings
Land Securities said its decision to kickstart development despite a weak economic backdrop was paying off with a number of lettings at its major developments during the third quarter.<img width='1' height='1' src='http://telegraph.feedsportal.com.....

UK factory dragged into Dreamliner investigation
A Hampshire factory has become the latest focus in an international investigation over safety fears surrounding Boeing's embattled 787 Dreamliner, it has been reported.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/56830.....

IMF cuts Britain's growth forecast to 1pc
The Chancellor suffered another setback in his efforts to rekindle confidence after the International Monetary Fund cut its UK growth forecasts and the Bank of England said austerity was holding back recovery.<img width='1' height='1' src='http://.....

WH Smith reports Christmas profits boost despite sales falling 5pc
WH Smith has enhanced its reputation as one of the high street's most resilient businesses after reporting a strong profit performance in the run-up to Christmas despite a sharp drop in sales.<img width='1' height='1' src='http://telegraph.feedspo.....

Accountants lose tax privilege fight in court
Accountants will not be able to withhold details of their clients' tax affairs under a majority ruling by the Supreme Court.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/27d3bd1f/mf.gif' border='0'/>.....

Chief fired as Cheesegrater gouges Severfield-Rowen
Severfield-Rowen has fired its chief executive after cost-overruns at London's "Cheesegrater" tower triggered a third profits warning in seven months and left the steel group in talks with its banks.<img width='1' height='1' src='http://telegraph......

Hilco 'could open Jessops concessions in HMV'
Hilco, the retail restructuring group, is leading the race to buy the brand of collapsed camera retailer Jessops.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/27d2b959/mf.gif' border='0'/><br/><br/&.....

Unilever warns of "challenging decade" in Europe
Unilever, the company behind Persil, Lynx and PG Tips, posted a rise in full-year profits, as double-digit sales growth in emerging markets offset a "sluggish" performance in Europe.<img width='1' height='1' src='http://telegraph.feedsportal.com/c.....

TUI Travel's German parent walks away amid shareholder discontent
Shareholders in UK tour giant TUI Travel have forced an end to talks with its German parent company over a nil premium merger.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/27d2b95d/mf.gif' border='0'/><br.....

Land Securities seals Google deal to combat web exodus
Britain's largest listed property company Land Securities has agreed a deal with internet search giant Google to drive business to its shopping malls.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/27d2b95f/mf.gi.....

'Mervyn King's defence of inflation target is welcome, but extraordinary'
Campaigners have expressed astonishment at the Bank of England Governor's defence of the inflation target.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/27d331f3/mf.gif' border='0'/><br/><br/><.....

Davos 2013: as it happened - January 23, 2013
As business leaders meet at the World Economic Forum, Axel Weber, the former head of Germany's central bank, says the global economic system has passed a turning point in its recovery.<img width='1' height='1' src='http://telegraph.feedsportal.com.....