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Thursday 24 January 2013

UK Financial News on 2013-01-24

Apple shares hit by growth fears
Apple shares tumble 12% as investors fret over whether the company could lose its dominance in the smartphone market......

Osborne: UK cuts must continue
Chancellor George Osborne says UK spending cuts must continue until 2017, rebuffing the IMF's advice to slow austerity measures in favour of growth.....

Cameron calls for action on tax
Countries must work together to clamp down on multinationals avoiding tax, Prime Minister David Cameron tells the World Economic Forum in Davos......

Clegg: Capital spending cut wrong
The coalition made a mistake in cutting back capital spending when it came into office, Nick Clegg says......

Windows 8 fails to lift Microsoft
Microsoft reports a fall in profits despite a boost in sales from the technology giant's new Windows 8 operating system......

London Market Report
The FTSE 100 rises above 6,264 points to its highest level since May 2008, with investors buoyed by good economic data from the US and China......

Spain young jobless rate hits 55%
Spain's unemployment rate jumped to a record 26% in the last three months of 2012, with the rate for young people out of work topping 55%......

Refund 'delays' follow ID fraud
Nearly a third of card fraud victims face waits of weeks or months before getting their money back, a consumer group's survey of members finds......

Nokia swings back into profit
Finnish mobile phone company Nokia returned to profit at the end of 2012, but will pay no shareholder dividend......

Borrowers 'still playing safe'
UK borrowers continued to play safe with the outstanding amount owed in personal loans at its lowest level for nearly 14 years, figures show......

Co-op bank to close 37 branches
The Co-operative Bank announces it will close 37 branches across the country, with the loss of 34 jobs, mainly at managerial level......

Commerzbank plans 6,000 job cuts
Germany's second-biggest lender Commerzbank is planning to cut as many as 6,000 jobs, or more than 10% of its workforce......

Easyjet predicts much lower losses
Low-frills airline Easyjet says its losses for the first half of the year will be much lower than in 2011, as revenues continue to rise......

Jaguar sees lower profit margins
Jaguar Land Rover says its profit margins will be "slightly lower" than in recent quarters, sending shares in its Indian owner lower......

Sony fined over PlayStation hack
A hack on the PlayStation Network, in which millions of users' personal information was exposed, sees Sony fined by the UK's data authority......

Hundreds more UK shops close
Hundreds of UK shops close in December, according to a new survey by the British Retail Consortium, adding to the High Street gloom......

VIDEO: Davos a 'constellation of egos'
London Mayor Boris Johnson has described the World Economic Forum as a "a constellation of egos involved in orgies of adulation"......

VIDEO: Ellen MacArthur on the 'circular economy'
Dame Ellen MacArthur has joined the scores of world and business leaders at the World Economic Forum to champion a radical solution to consumer waste......

VIDEO: 'World needs to work together to feed itself'
US food giant Cargill chief executive Greg Page says the world is producing more than enough food to feed the global population, despite challenging weather events......

VIDEO: The challenges facing China's economy
Tanya Beckett met one of China's biggest names in TV business news to discuss his country's economy......

VIDEO: Davos: UBS chairman on bank's future
The chairman of UBS has spoken about his vision for the future of the bank at the World Economic Forum in Davos......

AUDIO: Shale gas 'a game changer'
The chief executive of the middle east's oldest private oil and gas company says that shale gas is "a game changer"......

AUDIO: Would you work 10 hours for one beer?
The amount of time that people in any one country have to work in order to pay for a beer is one economic indicator that is followed closely by the world's second largest brewer, SAB Miller......

AUDIO: Lenovo 'doesn't see PCs going away anytime soon'
A senior executive at the world's second-largest PC producer has said that the company "doesn't see PCs going away anytime soon"......

No cash taken for Premium Bonds
Savers will no longer be able to buy Premium Bonds in cash over the counter at the Post Office from 1 April, as services continue to move online......

Real Madrid tops rich list again
Real Madrid tops Deloitte's football rich list for the eighth year in a row, with revenues breaking 500m euros for the first time......

Evictions warning over benefits
Changes to housing benefit later this year could lead to a rise in evictions, the National Housing Federation warns......

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......

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......

IMF: UK should rethink austerity
Chancellor George Osborne should consider toning down austerity in his budget in March, IMF chief economist Olivier Blanchard tells the BBC at the World Economic Forum in Davos......

Japan runs record trade deficit
Japan posts a record high trade deficit of 6.9tn yen ($78bn) for 2012, as exports to Europe and China continue their plunge......

China factories at two-year high
Manufacturing activity in China expands at its fastest pace in two years in January, according to preliminary survey data from HSBC......

Businesses divided over EU speech
Some business leaders warn that the prime minister's EU referendum proposal will hurt investment, but others back his move, as he heads to the Davos World Economic Forum......

Hyundai profit hit by strong won
Hyundai Motors reports a dip in profits, despite a jump in sales, as a strong South Korean won hits its overseas earnings......

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......

Olympic Stadium to stage meeting
Olympic heptathlon champion Jessica Ennis among those hoping to take part at 2013 London Grand Prix at Olympic Stadium......

Fans call for 20 away ticket cap
The Football Supporters' Federation launches a campaign to cap away ticket prices at 20......

VIDEO: Sony fined over PlayStation hack
A hack on the PlayStation Network, in which millions of users' personal information was exposed, sees Sony fined by the UK's data authority......

VIDEO: Cameron calls for tax clampdown
UK Prime Minister David Cameron has said that countries must work together to clamp down on tax avoidance......

VIDEO: Commerzbank plans 6,000 job cuts
Germany's second-biggest lender Commerzbank is planning to cut as many as 6,000 jobs, or more than 10% of its workforce......

VIDEO: Starbucks profits up despite tax row
Starbucks is expected to announce profits up by around 10% in its latest quarterly figures, as the company bucks the global economic downturn to expand its operations......

VIDEO: Plutocrats: Who are world's richest?
The super-rich are often referred to as the richest 1% of the population. But now a separate elite, the 0.1%, tower above even the multi-millionaires......

VIDEO: UK-Ireland set for turbine deal
Ministers from the UK and Ireland are set to sign a deal to take energy generated in the Irish midlands to Britain......

VIDEO: UK faces an 'uncertainty premium'
The head of US-based investor Pimco Mohamed El-Erian says Britain economically would be less well off if it left Europe......

Is it time to start talking about a depression?
Is it time to talk about depression, not recession?.....

Firms risk drowning in customer data
Why understanding customer info - not the volume of it - is key.....

Wipeout veterans create new studio
Sony Liverpool survivors set up new video games studio.....

Nations fear end of Venezuela oil deals
The countries buying oil with sugar, rice, even trousers.....

Is India losing its competitiveness?
Is India losing its competitiveness?.....

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.....

Power Player: Mary Jo White
Jan 24 - President Obama taps former federal prosecutor Mary Jo White to head SEC. Bobbi Rebell reports......

U.S. Day Ahead: P&G CEO faces new hurdle with earnings
Jan. 24 - Proctor & Gamble boss Bob McDonald's job could be on the line when the company reports earnings. Activist investor Bill Ackman has criticized him for mismanaging the company......

Techquity: Apple closer to big oil, Amazon hits new high
Jan. 24 - What Apple has in common with big oil after its latest stock decline, plus Amazon climbs after making another acquisition......

Daily Digit: 330,000 jobless claims
Jan. 24 - U.S. weekly jobless claims drop to 5-year low, a hopeful signal that the U.S. labor market healing. Bobbi Rebell reports......

Breakingviews: Apple rolls downhill
Jan 24 - Antony Currie and Breakingviews columnists discuss why the companys stock is in a slump despite decent earnings and wads of cash and whether CEO Tim Cook has anything up his sleeve to help......

Where is Canada putting its money? - Fast Forward
' Chrystia Freeland where he is looking for long-term investments. (January 24, 2013).....

Trading at Noon: 'Bite' out of Apple; fate of Microsoft
Jan 24 - Apple shares drop nearly 11 pct after disappointing results, and Microsoft reports after the bell......

Nokia shares slump after dividend axed
Jan. 24 - Finnish mobile phone maker Nokia plans to axe its annual dividend payment for the first time in over 20 years to shore up its cash position as it tries to orchestrate a turnaround. Matt Cowan reports......

Saft says: Problem is investors, not Apple
Columnist James Saft says investors are the ones who drove Apple stock way ahead of its potential. Apple is great, he says, but not as great as financial markets are making it out to be......

Europe Day Ahead: Davos Day 3, Ifo, UK GDP
Jan. 24 - Davos enters day three we speak to top guests including Israel and Nigerias central bank governors, plus watch out for Germanys Ifo index and Q4 GDP numbers from the UK......

For disabled, i-Transport rises to the occasion
Jan. 24 - The wheelchair-bound are set to receive a boost with new technology that allow them to stand upright. Invented by researchers at Taiwan's National Cheng Kung University,the robotic elevator is seen as a potentially life-changing innovation .....

Davos seeks end to short-term reforms
Jan.24 - European leaders call for more medium and long-term economic planning to get the euro zone back on track, and also discussed cracking down on tax evasion at the second full day of sessions at the WEF in Davos. Joanna Partridge reports.....

Conflicting fortunes for the euro zone
Jan.24 - New data shows mixed fortunes for the euro zone - Spain's youth unemployment hits record highs and France appears to be heading for recession but there are signs the euro zone economy elsewhere has taken a step closer to recovery. Sonia Legg.....

Davos 2013: Airbus CEO: Well learn from 787s troubles
Jan. 24 - Airbus is ready to change planes now under development depending on what investigators discover about the problems with Boeings 787. Thats according to Airbus CEO Fabrice Bregier......

3XSQ: Apple set for a big fall
Jan 24 - Apple expected to suffer big drop after falling more than $50 in the pre-market. The company reported lackluster earnings......

Davos 2013: Davos in 60 seconds
Jan. 24 - A wrap up of all Wednesday's action at the World Economic Forum in Davos crammed into 60 secs......

DAVOS 2013: Swedish PM welcomes Cameron EU speech
Jan. 24 - Fredrik Reinfeldt, Sweden's Prime Minister, says UK membership of EU is essential, and welcomes the dialogue that will keep the UK in......

Daily Digit: Commerzbank's job cuts
Jan 24 - Germany's second biggest lender, Commerzbank plans to cut up to 6,000 jobs by 2016 in a bid to slash costs and revamp its ailing retail business. Hayley Platt reports......

British PM warns companies to pay fair taxes
Jan. 24 - Britain will use its year-long presidency of the G8 group of rich nations to push for global action against tax evasion and "aggressive" tax avoidance by wealthy individuals and businesses, Prime Minister David Cameron told an audience in D.....

DAVOS 2013: ECB needs to be more like the Fed and BOJ
Jan. 24 - The ECB should start behaving like an independent central bank and do the right thing to rescue the euro zone economy.....

Breakingviews: Myners suitable for Glenstrata
Breakingviews......

Best of Davos Today: Chronic unemployment threatens recovery
Unemployed or unemployable? World leaders and the business elite answer the question in highlights of Davos Today. (Thursday, Jan 24).....

PMIs: France flounders as Germany booms
Jan. 24 - The latest Flash PMI data shows Germany's economy powering ahead at its fastest pace in a year, while France looks to be heading towards a recession......

After Hyundai's shock profit drop, brace for more bad news
' Jon Gordon explains why the pain isn't over yet......

A silver lining in China's grey skies
Jan. 24 - Chinas smog-choked cities are a threat to public health but spell opportunity for some businesses. Face masks and air purifiers are flying off the shelves as a worried public tries to arm itself against hazardous airborne particles......

Thumbs down from FTSE100 businesses to David Cameron's call for more tax disclosure
The leaders of Britain's biggest multi-national companies have warned David Cameron to abandon plans which will force them to disclose details of their businesses; tax affairs, warning that it threatens to undermine the economic recovery, The Daily T.....

Davos 2013: 'Junk rhetoric of austerity', says Boris Johnson
Boris Johnson is to demand that the Government "junks the rhetoric of austerity" and backs multi-billion pound investments in housing and transport.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/27def988/mf.gif'.....

Waitrose suspends frozen burger sales as boss hits out at "cheap" rivals
Waitrose risks being accused of hypocrisy after its managing director hit out at rivals over the horse meat scandal, despite the upmarket supermarket using one of the affected factories for all of its frozen burgers.<img width='1' height='1' src='.....

A US housing recovery with a lot of long-term question marks
Optimism is building about a recovery in the US housing market but plenty of questions remain, writes Richard Blackden.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/27def319/mf.gif' border='0'/><br/>&l.....

Secret Libor list names top Barclays executives
Senior Barclays executives including investment banking chief Rich Ricci and finance director Chris Lucas have been identified on a "shortlist" of 25 names by regulators investigating the bank's manipulation of Libor.<img width='1' height='1' src=.....

Davos 2013: do David Cameron and George Osborne really understand business?
The PM has challenged Europe to up its game, but he has to do more in Britain too, says Jeremy Warner<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/27dea4b2/mf.gif' border='0'/><br/><br/><a hre.....

FTSE 100 surges 1.1pc to fresh four-and-a-half year high,
Fresh hopes about a global economic recovery drove the blue-chip index to a new four-and-a-half year high, as it rose 1.1pc higher and encouraged traders to air bullish takeover gossip.<img width='1' height='1' src='http://telegraph.feedsportal.co.....

Davos 2013: David Cameron: Tax avoiders must 'smell the coffee'
David Cameron launched a broadside at multinational tax avoiders yesterday, warning them to "wake up and smell the coffee" as he pledged to lead the global fight against "aggressive avoidance."<img width='1' height='1' src='http://telegraph.feedsp.....

Bank of America issues `bond crash' alert on Fed tightening fears
The return of confidence and healthy growth in the US risks setting off a "bond crash" comparable to 1994 and triggering a string of upsets across the world, Bank of America has warned.<img width='1' height='1' src='http://telegraph.feedsportal.co.....

Britain must commit to building an economic future with China
Here at the World Economic Forum, George Osborne chose to highlight London's success as a centre for trading China's currency as an example of the City's continuing importance not just to the UK economy but to the world economy, too.<img width='1'.....

EnQuest offers 5.5pc income in retail bond launch
The oil firm is the latest to offer "retail bonds". Experts have urged caution.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/27de3073/mf.gif' border='0'/>.....

'Risky' Enquest offers 5.5pc income in retail bond launch
<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/27dde997/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/155984217831/u/3/f/568300/c/32726/s/27dde997/a2.htm"><img src="h.....

EU 'needs Britain', says Swedish finance minister
The European Union needs Britain to remain in the trading zone because it would not have a competitive financial centre without London, Sweden's finance minister has said.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/56.....

Davos 2013: as it happened - January 24, 2013
The second full day of the World Economic Forum in Davos saw the politicians take to the stage.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/27dde1f3/mf.gif' border='0'/><br/><br/><a href="htt.....

Saatchi picks up Flintoff agency Merlin
Advertising giant M&C Saatchi is to move into talent management with the acquisition of Merlin Elite, the company that looks after stars such as Andrew Flintoff and Denise Lewis.<img width='1' height='1' src='http://telegraph.feedsportal.com/c.....

Davos 2013: Boris says referendum will 'lance the boil' - Live
Boris Johnson says that while Britain's membership is not the number one issue for people, it has been going on for a long time, is debilitating and unnecessary and "the boil could be lanced would a referendum".<img width='1' height='1' src='http:.....

Whistleblowers assist in Boeing 787 Dreamliner safety investigation
The Boeing 787 Dreamliner safety investigation took another twist as it emerged that US authorities are talking to a number of whistleblowers over battery failures that have grounded the entire fleet of aircraft.<img width='1' height='1' src='http.....

Jaguar Land Rover warns on profit margins
Jaguar Land Rover has warned profit margins will be "slightly lower" than recent periods despite higher sales, blaming exchange rates and its sales mix.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/27dd82ad/mf......

Statistics chief fires back at Greek charges
The head of the Greek statistics agency fired back on Thursday against charges that he had deliberately swollen 2009 deficit figures, making life worse for compatriots, by saying that his numbers were respected by EU officials and criticising the Gre.....

Easyjet shares soar to record high as business travel takes off
Low cost airline easyJet's shares soared to their highest level since the carrier floated in 2000 after an increasing number of business passengers helped push revenue up more than 9pc in the first quarter.<img width='1' height='1' src='http://tel.....

Don't know if you're being hacked? Then you probably are, BT chief warns CEOs
Business leaders are leaving their companies exposed by failing to appreciate the danger posed by cyber threats, warned Ian Livingston, chief executive of BT Group.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/.....

Don't know if you're being hacked? Then you probably are, BT chief warns CEOs
Business leaders are leaving their companies exposed by failing to appreciate the danger posed by cyber threats, warned Ian Livingston, chief executive of BT Group.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/.....

Co-op Bank to close 37 branches and lose Britannia name
The Co-operative has become the latest bank to announced a programme of branch closures. It also confirmed the Britannia name will disappear from the high street.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/27.....

Apple: Should you buy the shares?
Apple shares have plunged by a third since September on worries about growth. Is now the time to buy?<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/27dd093d/mf.gif' border='0'/><br/><br/><a hre.....

George Osborne: 'we've not about to bring spending cuts programme to an end'
Chancellor of the Exchequer George Osborne discusses the challenges facing Britain, Europe and the global economy at the World Economic Forum in Davos.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/27dd82b1/mf.g.....