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Monday 28 January 2013

UK Financial News on 2013-01-28

Pension schemes slash allocations to UK equities
Quantitative easing and super-low bond yields result in a record number of final-salary closures.....

Hasenstabs huge Irish debt bet raises bond managers eyebrows
Bond managers suggest Franklin Templeton's Michael Hasenstab's large holding of Irish government bonds has moved the market.....

Gap grows between bonus haves and have-noughts
A polarisation has emerged at the biggest investment banks over the structure and distribution of bonus payouts, according to bankers and headhunters.....

Haldanes accounting cover may cost 15bn
Latest loan cover and provision estimates are in the Bank of England's latest Financial Stability Report.....

Turkish bourses star shines as Cyprus hits a wall
The Istanbul Menkul Kiymetler Borsasi was the highest growth stock market in 2012.....

Numis directors decide to waive bonuses
The heads of Numis have decided to waive their annual bonuses for a second year in a row.....

Nearly half of large UK firms foreign-owned
Data trend is good news for London as a financial centre.....

Osborne: HS2 is engine for growth
The chancellor responds to criticism of the HS2 high-speed rail network, saying it will be an "engine for growth" for the north of England and the Midlands......

Yahoo sees small rise in revenues
Yahoo shares rise in after-the-bell trading after revenues grow for the fourth quarter of 2012......

Icelandic victory on Icesave cash
A European court clears the Icelandic government of failing to guarantee minimum levels of compensation for UK and Dutch savers in the collapsed Icesave bank......

No Boeing 787 battery fault found
Safety inspectors in Japan have found no faults with the battery used on Boeing's Dreamliner aircraft, raising fears about how long the 787s will be grounded......

Tax advice call charges to be cut
Taxpayers calling the UK tax authority for advice will no longer need to use a costly 0845 number by the end of the summer, MPs are told......

London Market Report
Banking and financial shares drive the FTSE to a near five year high, before stocks slip back to close slightly ahead......

Green Deal loans scheme launched
The government offers householders in England and Wales long-term loans to help make their homes more energy efficient and reduce bills......

Carmakers agree fuel cell pact
Ford, Renault-Nissan and Daimler agree to jointly develop a hydrogen fuel cell system to try to speed up the availability of zero-emission vehicles......

Toyota reclaims number one title
Japanese carmaker Toyota regains its slot as the world's biggest vehicle maker, capping a year of a dramatic turnaround in its fortunes......

Pension scheme closures speed up
Final-salary pension schemes closed at a record rate in the private sector in 2012, says the National Association of Pension Funds......

Ryanair raises profit forecast
Ryanair lifts its full-year profit forecast to 540m euros ($725m; 460m) after a better-than-expected performance in the last three months of 2012......

Premier Foods chief steps down
Premier Foods - the firm behind brands such as Hovis, Bisto and Oxo - sees its shares fall 12% after its chief executive resigns......

Changes needed to save resources
Governments need to improve material efficiency to avoid a global resource crunch and dangerous climate change, say scientists......

Burma gets $952m in fresh loans
The Asian Development Bank (ADB) and the World Bank approve fresh loans for Burma to aid the social and economic development of the country......

VIDEO: Societe Generale boss: EU view
Societe Generale chief Frederic Oudea tells the BBC's Tanya Beckett. that governments across the eurozone need more co-ordination to ensure a strong rebound in economic growth in 2013......

Career warning about social media
Recruiters across the UK say young people are risking employment opportunities because of what they post on social media......

US ends phone unlocking amnesty
Americans now have to get permission to "unlock" their smartphone so it runs on more than one mobile network......

Starbucks rejects tax row claims
Starbucks has held a meeting with government officials, but dismisses reports it was in response to concerns it was being singled out for criticism over tax avoidance......

SPL clubs content with shake-up
Scottish Premier League clubs back proposals for two divisions of 12 and one of 18......

John Williams to be PGMOL chairman
Former Blackburn chairman John Williams is to succeed Peter Heard as chairman of Professional Game Match Officials Limited......

VIDEO: High-speed rail: Economic impact
The BBC's Hugh Pym looks at the economic arguments for and against proposals for a new high-speed rail link between London, Leeds and Manchester. The line is due to be completed by 2032......

VIDEO: A Green Deal tour of a typical home
Householders are to be offered long-term loans to help make their homes more energy efficient and cut bills under a new government scheme. Surveyor Kelly Mordecai's gives his Green Deal assessment of Joanne Tite's Essex home......

VIDEO: Ryanair forecast fare rises
Ryanair's Deputy Chief Executive, Michael Cawley, tells BBC News that the company has increased its profit forecast for the full year after a better-than-expected performance in the last three months of 2012......

VIDEO: 'Narrow economic benefits for HS2'
The next phase of the 32bn HS2 high-speed rail network has been unveiled by the government, but the Institute of Economic Affairs (IEA) says the plan is a "basic economic error"......

AUDIO: What does your coffee say about you?
Author Harry Wallop says the class system now defines people based on how they spend their money......

VIDEO: Will cities copy Newcastle cuts?
Steph McGovern investigates arts funding cuts in Newcastle and asks if they will provide a model for other British cities......

VIDEO: Is Yahoo turning its fortunes around?
There are early signs Yahoo's new CEO is turning the group's fortunes around.....

VIDEO: Food photographs banned by chefs
New York diners have been banned from taking photographs of their food, in several top restaurants......

Rural buyers fuel India luxury car boom
The Indian farmers snapping up luxury models.....

My first Davos - what I learned
How to become a social outcast at a meeting of the world's elite.....

Obesity not a problem for the rich
Why hunger and obesity are two sides of the same coin.....

Pinball tables offer new tricks
Is pinball about to stage a comeback?.....

U.S. Day Ahead: Two wildcards in Amazons earnings
Jan. 28 - When Amazon reports results, investors want more clues about costs such as Kindle sales and how much a California sales tax hurt revenues in the online giants crucial holiday season......

Memo to Microsoft: Get younger and dump Xbox
Microsoft needs a new CEO who understands the Facebook generation and will sell the company's consumer devices like the Xbox and Surface tablet, says former Microsoft executive Joachim Kempin. (January 28, 2013).....

iPad gets a set of wheels
Jan. 28 - Silicon Valley start-up, Double Robotics is taking Apple's IPad mobile. The company has developed a mobile platform it says brings a new perspective to remote interaction while helping companies cut costs. Ben Gruber reports......

Israeli FinMin: Deficit pressure could force defense cuts
Jan. 28 - Israel's defense spending could be lowered 'modestly' over two years as the country tackles a $10.5 bln budget hole, according to Israeli Finance Minister Yuval Steinitz......

Techquity: Apple sliced, Facebook liked
Jan 28 - Apple suffers another ratings cut, while Facebook rises as it receives an upgrade......

Humanoid robot to be 'born' in months
Jan. 28 - Swiss scientists are preparing to unveil a humanoid robot which they say represents a future in which automotons co-exist naturally with people. Called "Roboy", the robot has been designed to function much like a person, for use as a helper.....

Daily Digit: Caterpillar's $653.4 mln
Jan. 28 - Caterpillar's $653.4 million deal in China behind the company's 55% drop in quarterly profit. Bobbi Rebell reports......

Breakingviews: Ford and GM revving up?
Jan 28 - Jeffrey Goldfarb and Antony Currie outline three reasons why investors shouldn't be too quick to put the brakes on Ford and GM stocks......

Trading at Noon: Yahoo! investors in for a big hurrah?
Jan. 28 - Shares of Yahoo hover around 4-year highs as investors gear up for earnings after the bell......

Jane Austen's Pride and Prejudice celebrates 200th anniversary
Jan. 28 - Jane Austen published Pride and Prejudice 200 years ago. No one could have known at the time that two centuries later the novel would still occupy a solid place in popular culture, and be a confirmed money-spinner for publishers. Edward Bar.....

Spain may end short-selling ban
Jan. 28 - Spain may end its ban on short-selling stocks and bonds this week as the euro zone crisis eases, although controls could remain for bank shares. The National Securities Market Commission has until Friday to decide whether to extend the ban......

Europe Day Ahead: Philips Full-Year & FOMC
Jan. 28 - A look at Tuesdays key events including the Feds monthly meeting, Philips results and a measure of German consumer morale......

3XSQ: Toyota wins back world's top auto sales crown from GM
Jan 28 - Toyota Motors regained the crown as the world's top selling automaker in 2012, posting record-high sales and beating rivals General Motors and Volkswagen......

Toyota reclaims top auto sales crown from GM
Jan. 28 - Toyota regained its crown as the world's top-selling automaker in 2012, as it posted record-high sales and beat its rivals General Motors and Volkswagen. Joanna Partridge reports.....

Daily Digit: Ryanair's profit forecast soars
Jan. 28 - Low-cost airline Ryanair has hiked its full-year profit forecast thanks to strong demand in Northern Europe, which lifted average fares dramatically in the last three months of 2012. Ciara Sutton reports.....

U.S. Morning Call: Caterpillar quarterly profit falls 55%
Jan 28 - Caterpillar reported fourth-quarter earnings per share well under Street estimates and sees a weak start to the U.S. and world economy in 2013......

Life Lessons from Jazz Chris Washburne
Columbia music professor and celebrated trombonist Chris Washburne teaches us how jazz can stimulate creativity before performing a rousing rendition of Obsesion by Pedro Flores......

Breakingviews: ECB has upper hand over Ireland
Jan. 28 - The ECB has rejected a plan by Dublin to restructure its bank bailout. For now, low Irish bond yields give Frankfurt an advantage, says Breakingviews......

Let's hear it for the boys: China's men lift luxury market
Jan. 28 - Women, clear the aisles. China's men now account for over half the country's luxury goods market, and they're riding to the rescue of some of the West's most prestigious brands. Tara Joseph reports......

Reuters Today: Egypts Mursi declares emergency, Toyota No.1
Jan. 28 - Egyptian President Mohammed Mursi declares a month-long state of emergency in three cities. A nightclub fire in Brazil claims 233 lives. Plus, Toyota reclaims its crown as worlds top selling carmaker.....

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......

Tree climbers take conservation to new heights
Jan. 27 - Professional Israeli climbers have been drafted into action to help conserve their country's flora and fauna. For conservationists, it's a back-to-basics approach in their mission to keep the country green and Israeli bees buzzing. Jim Drur.....

Batik-maker puts green stamp on Indonesian artform
One of Indonesia's leading batik manufacturers is cleaning up her act and persuading others to do the same, by changing the way she deals with factory waste. Batik fabric is among the country's best known products, but its traditional production meth.....

FTSE 100 breaks above 6,300
Investors shrugged off Britain's economic problems on Monday to send the FTSE 100 above the 6,300 mark for the first time since May 2008.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/27fa1674/mf.gif' border='0'.....

Davos: Britain faces up to reality as Europe clings to dreams
One of the most refreshing things about going to the World Economic Forum in Davos is that it reminds you just how irrelevant to much of the rest of the world the political and economic concerns of our little island really are.<img width='1' heigh.....

Russia shuns euro bonds on North-South rift, rotates into stocks
Russia has no intention of buying any more eurozone bonds and may start to run down its holdings, warning that it is far from clear whether monetary union can hold together.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/.....

Government 'could spend more without financial risk'
The Government could fund a push for growth through infrastructure spending without damaging the public finances, a Nobel prize-winning economist has claimed.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/27fcf4.....

France 'totally bankrupt', says labour minister Michel Sapin
France's labour minister sent the country into a state of shock on Monday after he described the nation as "totally bankrupt".<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/27fcf4da/mf.gif' border='0'/><br.....

Retailers fall as FTSE 100 continues rally
The benchmark index broke above 6,300 during trading.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/27fcc941/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/155984280512/u/3/.....

Marks & Spencer 'missing Chinese sales targets'
The performance of Marks & Spencer is under fresh scrutiny after it emerged that the retailer is missing internal sales targets by as much as 30pc in China.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/27fc.....

Rupert Murdoch apologises for 'grotesque' Middle East cartoon
Rupert Murdoch has offered a "major apology" for a "grotesque" cartoon in The Sunday Times, after the newspaper was accused of anti-Semitism.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/27fcc945/mf.gif' border.....

Abel & Cole sales grow by almost a third
Sales at Abel & Cole grew by close to a third last year as demand for the group's organic fruit and vegetable boxes soared.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/27fcc946/mf.gif' border='0'/><b.....

Personal debt levels soar
UK households took on an extra 9bn of credit card and other non-mortgage debt in the two years to 2010, and the figure is expected to have since risen, putting consumers under greater strain and denting hopes for the recovery.<img width='1' height.....

Ryanair upgrades profit forecasts
Ryanair defended an 8pc rise in average fares over the winter as "commendable" given soaring aviation fuel bills, as it upgraded full-year profit forecasts.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/27fc3a2c.....

Low-cost route to European air superiority
Ryanair and easyJet are gaining ground in battle for Europe's skies.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/27fc37ec/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/15.....

Facebook offers $20m to settle class action lawsuit
Website accused of using people's photographs without permission.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/27fc37ed/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/15598.....

Lavazza prepares to take on UK high street with up to 400 new coffee shops
Italian coffee giant Lavazza is preparing to challenge the likes of Costa and Starbucks on the UK high street with ambitious plans to open as many as 400 shops over the next decade.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/.....

Bank of England is wrong on accounting rules, says Sir David Tweedie
Directors at the Bank of England have got it wrong in demanding changes to accounting regulations, Sir David Tweedie has claimed.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/27fc37ef/mf.gif' border='0'/><.....

Couple learn hard lessons from selling their business
Debbie and Andrew Keeble, who sold their food business to a bigger player, warn that giving up control of your brand can leave a bad taste in the mouth - and explain why they won't be making the same mistake again.<img width='1' height='1' src='ht.....

Swift Trade fined 8m for market abuse
Canadian financial trading house, Swift Trade, has been fined 8m for market abuse that was "as serious as might be imagined".<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/27fc2a6c/mf.gif' border='0'/><br/.....

Pension funds hold more bonds than shares for first time since 1975
Pension funds hold more of their assets in bonds than shares for the first time in almost 40 years, it has emerged.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/27fb034c/mf.gif' border='0'/><br/><br.....

Olympics companies to be allowed to use Games experience in marketing
British companies that played a key role in creating the London Olympics will be allowed to use their involvement in the Games to promote themselves under a new licensing agreement.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/.....

Iceland wins Icesave case at European court
UK taxpayers have been left more than 100m out of pocket after a European court ruled that the Icelandic government had no obligation to repay Britain and the Netherlands for rescuing depositors in failed bank Icesave.<img width='1' height='1' src.....

Travelodge to open 14 hotels and create 420 jobs
Travelodge, the budget hotel chain, is to create 420 new jobs by opening 14 hotels across the UK and Spain this year.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/27faf7ac/mf.gif' border='0'/><br/><.....

UK families feel burdened by debt
The burden of household debt increased during the recession, and is probably continuing to rise, Government figures show.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/27fa1675/mf.gif' border='0'/><br/>.....

The world's wealthy buying prime London property
Research by Knight Frank shows the world's wealthy are flocking to London with buyers from Russia, the US and France among those snapping up properties worth more than 1m.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/56.....

BBC loses race to run local TV network
The BBC will be forced to hand over 25m to the private sector after it lost the race to run the backbone of the 19 new local television stations planned for launch across Britain.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32.....

Falkland's oil discovery 'commercially viable', says explorer Borders & Southern as update boosts shares
Oil and gas explorer Borders & Southern's shares jumped more than 10pc on Monday morning after it said its Darwin discovery, to the south of the Falkland Islands, was technically and commercially viable.<img width='1' height='1' src='http://te.....