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Tuesday 29 January 2013

UK Financial News on 2013-01-29

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.....

Petrol market study due from OFT
A study into the competitiveness of the UK petrol and diesel market is due to be published by the Office of Fair Trading on Wednesday.......

BP record $4bn penalty approved
A US court approves the biggest criminal fine in US history given to British oil giant BP as part of a settlement related to the fatal 2010 Deepwater Horizon disaster......

Amazon announces lower profits
The online retailer Amazon has announced a fall in quarterly profits, despite an increase in revenues during the period......

Catalonia asks Spain for 9bn euros
The independence-minded region of Catalonia asks the Spanish central government for an extra 9bn euros (7.7bn) in bailout money......

Ford shares down on Europe losses
Shares in Ford fall, despite the US carmaker reporting strong profits for the last three months, as problems in its European business continue to mount......

IT firm goes into administration
More than 300 people are made redundant after a Berkshire-based IT firm goes into administration......

House prices 'see 2012 pick-up'
House prices in England and Wales rose by 1.7% in 2012 - driven by rising values in London, the Land Registry says......

Peugeot job cuts halted by court
A court in France suspends a restructuring plan by Peugeot Citroen involving 8,000 job cuts, saying the carmaker did not consult workers properly......

US housing recovery gains steam
The rebound in US house prices gained momentum in November, however consumer confidence in the country took a hit in January, new data suggests......

France denies state 'bankruptcy'
France's politicians defend the state of its economy after Labour Minister Michel Sapin described the state as "totally bankrupt"......

Spanish shops have weak Christmas
Spain's retail sales fall for the 30th month in a row as the nation continues to suffer a deep recession and high unemployment, official data shows......

Israel central bank chief resigns
Stanley Fischer, the governor of the Bank of Israel, is to step down on 30 June, two years before his term is due to end......

PPI complaints 'at 11,000 a week'
A record level of 11,000 complaints a week about mis-sold Payment Protection Insurance (PPI) were made to an ombudsman between October and December......

Philips to exit hi-fis and video
Dutch consumer electronics giant Philips is to sell off its home entertainment business, including hi-fis and DVD players, to Japan's Funai Electric......

Anglo American writes off $4bn
Mining group Anglo American says it is taking a $4bn (2.5bn) writedown after a review of costs at its Minas-Rio iron ore project in Brazil......

QE 'raising firms' pension costs'
Companies are having to fill pension deficits resulting from the Bank of England's policy of quantitative easing (QE) instead of growing their business, MPs are told......

London Market Report
Royal Bank of Scotland shares fall as the FTSE 100 flirts with the 6,300 level.....

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......

Call for soft-drink sugar tax
Leading medical bodies and charities are calling for a levy on sugary drinks to be included in this year's Budget......

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

'Two budgets' should end, MPs say
The Treasury should re-assert the primacy of the Budget and downgrade the significance of the Autumn Statement, MPs say......

Nursery changes 'to raise quality'
Nurseries and childminders in England are to be allowed to look after more children, in a package ministers say will improve quality and cut costs......

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......

Greek minister eyes 2014 recovery
Greece's finance minister is optimistic about his country coming out of recession by the end of 2013 and says chances of a euro exit are "very small"......

India rates cut after nine months
India cuts its main interest rate for the first time in nine months in an attempt to revive economic growth......

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......

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

Online growth boosts William Hill
Britain's biggest bookmaker William Hill predicts better-than-expected full year results after reporting strong growth in its online business......

BrewDog plans overseas expansion
Scotland's largest independent brewery, Fraserburgh-based BrewDog, unveils plans to open its first bars abroad......

MPs tell football it must reform
English football is told to introduce reforms within the next year or expect the government to bring in legislation......

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: Google funds Raspberry Pi computers
Some 15,000 Raspberry Pi microcomputers are to be donated to schools around the UK by Google as part of a push to improve computer science skills......

VIDEO: Nigella's Frome dress a hit in US
A small Somerset shop has found itself in the international spotlight thanks to television chef Nigella Lawson......

AUDIO: Breakfast cereal market 'changing'
Tony the Tiger, the character that advertised Frosties, has been around for more than 60 years but Kellogg's has not spent a penny on traditional advertising for the brand since 2010......

VIDEO: Ford shares down on Europe losses
Shares in Ford have fallen 3.9% in early Wall Street trading on the rising cost of fixing its European business......

VIDEO: 'Record rail passenger satisfaction'
Rail passengers have reported record levels of satisfaction with train services in the UK, according to Passenger Focus......

VIDEO: Can 'mindfulness' increase profits?
In amongst all the talk of boosting the global economy at the World Economic Forum in Davos, something called 'mindfulness' crept on to the programme for the first time......

VIDEO: Eden Project job cuts 'due to Olympics'
Up to 70 jobs are under threat at Cornwall's Eden Project, in part because of the Olympic's effect on tourism, its chief executive has said......

AUDIO: Austerity: has it really been tried?
Andrew Lilico, a director of the consultancy Europe Economics, questions whether there has actually been any austerity in Britain......

Chinese brands tap Hollywood in quest to go global
Chinese brands tap Hollywood in quest to go global.....

British tennis aims to serve up more aces
Selling tennis to the British public and sponsors.....

Wonga goes international
The money lender is growing abroad and at home.....

Christmas shop boom creates returns headache
Why Christmas sales can be a retailer's burden.....

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

U.S. Day Ahead: Boeing faces investors over 787 nightmare
Jan. 29 - When Boeing reports results, investors are likely to ask Chief Executive Jim McNerney about the costs of fixing the grounded Dreamliners......

Techquity: Mobile moves from Apple, Microsoft; VMware weak
Jan 29 - Apple and Microsoft announce new products while VMware gives a cautious outlook......

Daily Digit: 4% extra for charging
Jan. 29 - U.S. retailers in many states are allowed to add a surcharge of up to 4% on credit card transactions. Bobbi Rebell reports......

Breakingviews: Hess could be more
Jan 29 - When it comes to U.S. energy patch governance, Hess is the latest villain. Breakingviews columnists discuss the oil explorer's strategic blunders and cozy board, and how Elliott Management could help shake the company up......

Trading at Noon: Amazon below its 'prime' before results
Jan 29 - Shares of Amazon are falling today as the retail juggernaut braces for earnings after the bell......

French workers protest Renault job cuts
Hundreds of Renault employees blockaded a plant near Paris to protest against job cuts at the French carmaker. The walkout came as negotiations with unions resumed at Renault and Peugeot-Citroen. Joel Flynn reports.....

Europe Day Ahead: Les miserables less miserable
Jan. 29 - Euro zone sentiment indexes are forecast to head in the right direction tomorrow while still remaining at low levels. Earnings from H&M and Fiat may both show how far the recovery has to run......

Financial crisis talk puts consumer confidence at risk - Fast Forward
Consumer News editor. (January 25, 2013).....

Europe's periphery back in investment zone
Jan. 29 - Money is flowing back into the euro zone's peripheral countries, as investors believe the ECB is behind the market, and their fears about the crisis are easing. Ciara Sutton reports.....

"Sad day" as Philips exits home entertainment
Jan. 29 - Philips is getting out of the shrinking home entertainment sector, after agreeing to sell its audio and video business to Japan's Funai Electric Co for 150 million euros. The Dutch group's CEO Frans van Houten says they will focus on their .....

Wealth Strategies: Housing market not "off to the races"
Jan. 29 - Despite rising home prices and rising residential construction and sales, Yale economics professor Robert Shiller says we haven't begun another housing boom and that prices are at the right level now......

3XSQ: Apple announces new version of the 4G iPad
Jan 29 - Apple announced a 128 gigabyte version of the fourth generation tablet with Retina display......

Market Pulse: RBS Libor deal near, Philips shares jump
Libor scandal RBS is close to a 500 mln settlement with U.S. and British authorities, say the WSJ. Philips shares jump on its outlook and divestment. Anglo American takes a $4 bln writedown......

Breakingviews: Currency wars not worth It
Jan. 29 - Is monetary and fiscal stimulus a weapon for hurting rival nations? It depends who you ask, says Breakingviews......

China the promised land? Not for Goldman Sachs
Jan. 29 - Goldman has made great returns on the stake in Chinese bank ICBC it bought in 2006. But with limited market access and little prospect of change, the firm is slowly stepping back. Jon Gordon reports......

FACTBOX: China's video game industry waits for consol-ation
Jan. 29 - China's video gaming industry has thrived despite the shadow of a decade-plus government ban on consoles -- and now there's talk the restriction may be lifted......

Reuters Today: Philips ends home entertainment, Egypt flares
Jan. 29 - Philips expects sales to be slow but pick up in the second half. The Dutch electronics, lighting and health equipment giant has quit its AV business after exiting its tv business last year......

Reuters Today: Philips ends home entertainment, Egypt flares
Jan. 29 - Philips expects sales to be slow but pick up in the second half. The Dutch electronics, lighting and health equipment giant has quit its AV business after exiting its tv business last year......

ECONOMY 2013: Sad day for Philips says CEO
Jan. 29 - Philips CEO Frans van Houten says exiting its heritage audio/visual business is sad but hes happy now to focus on growth in healthcare......

ECONOMY 2013: Sad day for Philips says CEO
Philips CEO Frans van Houten says exiting its heritage audio/visual business is sad but hes happy now to focus on growth in healthcare......

U.S. Morning Call: Ford, Pfizer beat earnings expectations
Jan 29 - Ford Motors posted higher-than-expected Q4 profit on the strength of its North American operations; Pfizer also beat the Street......

Israeli tech dials up new insights on callers
Technology Correspondent Matt Cowan reports.....

Yahoo sees minor success with search
Jan 28 - Summary of business headlines: Yahoo quarterly results top forecasts as paid clicks and search revenue climb; Apple regains most valuable company status; Caterpillar takes big fraud-related charge but stock still rallies. Conway G. Gittens r.....

Better economy may not benefit retail
Jan. 28 - Different outlooks are emerging within corporate America. Optimism is increasing for most businesses, but retailers are concerned that consumers may be wary about the economy. Bobbi Rebell reports......

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......

Britain failing to address 'burdensome' Chinese visa rules
Britain is scoring an "own goal" by failing to address its "uncompetitive and burdensome" visas for Chinese visitors, which is costing the economy 1.2bn a year, it is claimed.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/.....

3i rises as activist investor eyes shares
Sherborne Investors has bought shares in the listed buy-out group.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2806e638/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/1559.....

BT misses out as FTSE 100 climbs
The telecoms group fell while the wider market advanced 0.7pc.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2806e1d0/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/15598434.....

EU exit threatens 'standard of living', says Pimco chief Mohamed El-Erian
Britain risks seeing its standard of living hit if it leaves the European Union, according to Mohamed El-Erian, the head of the world's largest bond fund.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2806e1d2/m.....

Spain's crisis strategy under fire as economy buckles again
Spain's economy has tipped into an accelerating downturn as sales data and the money supply flash serious warnings, calling into question Madrid's high-risk strategy of refusing an EU-IMF rescue.<img width='1' height='1' src='http://telegraph.feed.....

The Inland Revenue is about to get even more taxing
The Inland Revenue has picked the worst time to burden small businesses, says Philip Johnston<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2806e1d4/mf.gif' border='0'/><br/><br/><a href="http:.....

Carpetright's on a roll, but deeper problems lie in the way of recovery
Anyone looking for a spot of evidence on the ground to support this year's rip-roaring UK stock market will have latched on to Tuesday's figures from Carpetright.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/28.....

Amazon set to reveal record trading in last quarter
Amazon's popularity with shoppers in Britain surged over the Christmas period, underlining the growing threat the online retailer poses to the UK high street.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2806a7.....

Tesco protects market share as pressure increases on Morrisons
New industry data shows that Britain's biggest retailer has maintained its market share for the first time in 18 months.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2806d783/mf.gif' border='0'/><br/>&.....

The Hut buys cycling retailer probikekit.com
The cycling retail boom driven by the success of the London 2012 Olympics has continued after The Hut Group, which is backed by Sir Stuart Rose and Sir Terry Leahy, acquired accessories business probikekit.com.<img width='1' height='1' src='http:/.....

Lovefilm calls on superheroes to fight against Netflix
Lovefilm users can now access TV episodes featuring Iron Man, X-Men.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2806379d/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/15.....

The UK needs an emergency Budget full of shocks
There is no attitude more shameful and debilitating than defeatism, as Britain learnt at great cost in the 1970s, when managing decline became our crumbling establishment's default strategy.<img width='1' height='1' src='http://telegraph.feedsport.....

Firms footing a 90bn pension bill over QE, MPs told
The Bank of England's stimulus efforts have blown a 90bn hole in pension funds' finances, forcing companies to divert cash towards plugging that gap rather than growing their business, MPs were told.<img width='1' height='1' src='http://telegraph......

British Airways and Twinings launch a high altitude tea
British Airways and Twinings launch a tea with an improved flavour at 35,000 feet.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/28056258/mf.gif' border='0'/><br/><br/><a href="http://da.feedsp.....

Europe drags Ford down as losses in the region mount
Ford was dragged down by troubles in Europe last year and said 2013 would be tougher still with losses in the crisis-ridden region expected to rise to $2bn (1.3bn).<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/.....

Carpetright boosts hopes of economic recovery with sales rise
The flooring retailer Carpetright has boosted hopes of a recovery in consumer confidence in the UK after reporting a 3.2pc rise in like-for-like sales, its best performance for more than three years.<img width='1' height='1' src='http://telegraph......

Bumi chief exec warns against Nat Rothschild's plan
Vote down Nat Rothschild's plans for Bumi, the board of the troubled FTSE 250 miner urged shareholders, warning that his plan would lead to "stalemate, continued shareholder infighting and value destruction".<img width='1' height='1' src='http://t.....

Carpetright sales rise after revamp
Carpetright, Britain's biggest floor coverings retailer, posted a rise in third quarter sales in its home market as new ranges and improved stores helped trade.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2805.....

Europe mars Ford's best fourth quarter in a decade
Ford's best fourth-quarter profits in more than a decade were marred by huge losses in Europe and a warning from the carmaker that region's struggling economy could to lead to a further $2bn loss this year.<img width='1' height='1' src='http://tel.....

Terry Smith: 'We don't own bank shares and never will'
Terry Smith, the founder of Fundsmith, has told investors that his fund will "never" own shares in banks, which might be "bust" but for bail-outs from the authorities.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300.....

Terry Smith: 'We don't own banks and never will'
Terry Smith, the founder of Fundsmith, has told investors that his fund will "never" own shares in banks, which might be "bust" but for bail-outs from the authorities.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300.....

Britain will get US 'class action culture' under new compensation regime, CBI warns
Britain is at risk of falling prey to a damaging "class action" culture like America under plans to help consumers get compensation when they are ripped off, major businesses have warned.<img width='1' height='1' src='http://telegraph.feedsportal......

US house prices rise the most in six years
Case-Shiller 20-city home price index rose 5.5pc in November.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/280503f2/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/155984308.....

Anglo American takes $4bn hit over Brazil mine delay
Anglo American becomes the latest mining giant to write off billions of dollars in value, after delays at its Minas-Rio iron ore mining project in Brazil send costs soaring.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/.....

Harley-Davidson profit shy of Wall Street forecasts
Harley-Davidson reported fourth-quarter net income slightly below Wall Street estimates, as it shipped fewer motorcycles while phasing in new software control systems at its main US factories.<img width='1' height='1' src='http://telegraph.feedspo.....