Search This Blog

Thursday 31 January 2013

UK Financial News on 2013-01-31

Jessops brand sold to Peter Jones
Administrators PwC confirm that they have sold the brand of High Street photographic firm Jessops to entrepreneur Peter Jones......

Banks pay for 'swap' mis-selling
Four banks are to compensate tens of thousands of small businesses who were mis-sold complex insurance products, says the Financial Services Authority......

'Major failures' over rail deal
The collapse of the West Coast Main Line franchise deal was the result of "irresponsible decisions" and "major failures", says an MPs' report......

HMV announces 190 redundancies
Administrators for music and DVD retailer HMV announce 190 job losses, but say all outlets remain open......

Congress extends US debt limit
The US Congress extends the nation's borrowing limit until the middle of May, setting the stage for yet another fiscal fight in the spring......

Boeing defends Dreamliner battery
Boeing backs the battery used in the Dreamliner after Japanese airlines say they changed a number of them over the past few months......

US attempts to block beer merger
The US Justice Department says a planned merger of the Budweiser and Corona beer brewers would stifle competition......

Premier League signs new TV deal
The Premier League awards live audio visual broadcast rights for the 23 nation Middle East and North Africa region to media agency MP & Silva......

London Market Report
London's main stock market ends the day down, but ends the month with its strongest January performance since 1998......

Deutsche Bank reports heavy loss
Deutsche Bank reports a surprise 2.2bn-euro loss in the fourth quarter of 2012 after writing off investments and setting aside money for likely litigation......

Last-minute dash for tax deadline
More than 1.3 million tax payers have still to file their online tax returns by the end of Thursday, under the self-assessment system......

US incomes jump ahead of tax rise
US personal incomes jumped 2.6% in December, the biggest rise since 2004, official data indicates, as investors sought to beat a New Year tax rise......

Tax chiefs hit back at criticism
Tax chiefs at the Big Four accountancy firms defend themselves against claims they are behind tax avoidance schemes that damage the UK's interests......

Ryanair loses EU ash cloud case
The EU's top court says Ryanair should have fully compensated a passenger whose flight was cancelled because of the volcanic ash cloud in 2010......

German December retail sales fall
Retail sales in Germany fell sharply in December, while French consumer spending remained subdued, official data indicates......

Spanish party denies slush fund
Spain's ruling conservatives deny allegations that Prime Minister Mariano Rajoy and others benefited from secret party accounts......

SA tycoon donates half his wealth
South Africa's richest black man, mining magnate Patrice Motsepe, announces he is giving away half his wealth to improve the lives of the poor......

'Concern' over first-time buyers
A lack of first-time house buyers in the UK is a "cause for concern", the Nationwide says as it reports that prices in January were unchanged from a year earlier......

'Millions' face council tax rise
Millions of the poorest households in England face a rise in council tax from April because of benefit changes coming into force, a report says......

Annuity sales to be probed by FSA
The way annuities are sold is to be investigated by the City regulator, the Financial Services Authority......

Poland troubled by EU aid freeze
Polish officials voice dismay over an EU freeze on nearly 1bn euros (859m) of funding for Polish road projects, amid suspicions of fraud......

'No sell-off' for public forests
The government has announced that it will not sell off publicly owned forests in England......

Philippines beats growth target
The Philippines posts better-than-expected growth boosted by a strong performance of the country's services sector......

Shell profits hit by weak prices
Annual profits at oil giant Royal Dutch Shell fall, but the company says it is progressing despite "headwinds"......

Faroe strikes gas in Norwegian Sea
Aberdeen-based Faroe Petroleum uncovers a "significant" gas discovery at its Rodriguez exploration well in the Norwegian Sea......

IT firm plans 2,000 apprentices
The international IT giant, Microsoft, unveils an ambition to recruit more than 2,000 new apprentices in Scotland......

Ryder Cup plan 'unacceptable'
Plans to recruit 1,800 volunteers to work at the Ryder Cup are branded "unacceptable" by the Scottish TUC......

Cycling gets 62m funding boost
The government announces more than 60m of investment in facilities for cyclists in England......

VIDEO: Final staff leave Comet's head office
The last remaining staff have left Comet's Hull business centre, having helped administrators wind-up the company......

VIDEO: Ryanair ruling 'completely unfair'
Ryanair boss Michael O'Leary has said a European Court ruling over compensation for passengers stranded by cancelled flights is "completely unfair"......

VIDEO: 'Massive increase' in apprenticeships
More than 500,000 people started an apprenticeship in the year from 2011 to 2012 - an increase of 14% according to the government......

VIDEO: EU is 'a job destruction machine'
The business world has been debating whether David Cameron's promise to renegotiate the UK's relationship with Europe, and set a date for a referendum - is a good move for Britain......

VIDEO: Tax avoidance like 'David and Goliath'
The chairwoman of the Public Accounts Committee, Margaret Hodge, has said it is very difficult to define what is illegal tax evasion......

VIDEO: Housing market 'starting to pick-up'
UK house prices increased by 0.5% in January, with the average price of a home now 162,000 according to the Nationwide......

VIDEO: 'Millions face council tax rise'
Millions of the poorest households face council tax rises because most councils in England will pass on a 10% cut in funding from April, research suggests......

VIDEO: Banks to compensate for 'swap' mis-selling
Banks must compensate thousands of small businesses who were mis-sold complex loan insurance, the Financial Services Authority says......

Renting and sharing: The business of the future
Are we outgrowing our obsession with material goods?.....

The benefits system and you
How to claim your financial entitlements.....

Ireland presses EU for debt deal
Dublin presses EU to reduce debt owed on loans to bail out banks.....

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

Blackberry 10 underpins revival hope
Will BB10 smartphones revive RIM's fortunes?.....

What's trending for Super Bowl ads
JAn 31 - Super Bowl advertisers will have one eye on the game- and one on their second screens, monitoring Twitter and other social media to see how they score with fans at the big game. Bobbi Rebell reports......

U.S. Day Ahead: Jobs look ugly but there's a silver lining
poll. That won't be enough to put a dent in unemployment, but the economy could be reaching a tipping point......

Techquity: Zuckerberg channels Bezos, Qualcomm jumps
Jan 31 - Facebook CEO Mark Zuckerberg sounds like Amazon CEO Jeff Bezos as he focuses on firm's long-term future, while Qualcomm's shares leap higher......

Daily Digit: 2.6% income jump
Jan. 31 - U.S. personal income rose 2.6% in December, the biggest gain in eight years. Bobbi Rebell reports......

Corruption scandal turns up heat on Rajoy
Jan.31 - Spain's ruling People's Party has denied that Prime Minister Mariano Rajoy and other leaders received payments from a slush fund after a newspaper published what it said were secret party accounts. Ciara Sutton reports.....

Breakingviews: Deficits do matter
Jan 31 - Richard Beales and Agnes T. Crane discuss Illinois's budget troubles, its postponed bond issue and what the lessons are for the federal government in Washington......

Trading at Noon: U.S. DOJ files suit to halt Modelo deal
Jan. 31 - The U.S. DOJ filed suit to stop Anheuser-Busch InBev's $20 bln takeover of Grupo Modelo, saying pricing would suffer for U.S. consumers......

ECONOMY 2013: Despite weak economy, Tag CEO optimistic
Jan. 21 - Despite shrinking fourth-quarter economic growth and a drop in consumer confidence, Tag Heuer's North America CEO is optimistic about the company's double-digit sales growth in the U.S......

Europe Day Ahead: US Non-farms payrolls to rise?
Jan. 31 - A look ahead to the key events on Friday 1st February: Non-farm payrolls and PMIs, more bad news expected for euro zone jobs & earnings season continues with Spanish bank, BBVA......

Shell's surprise profit drop
Anglo-Dutch oil giant Shell's quarterly profit for the final quarter of 2012 missed expectations, as the company stuggles to replace its oil and gas reserves as it pushes ahead with plans to produce more. Andrew Potter reports.....

Deutsche Bank 2.6bln euro Q4 loss shocks
Germany's biggest lender surprised investors by posting a 2.6 billion euro ($3.5 billion) net loss in the fourth quarter of 2012, due to legal and restructuring charges. Spain's Santander saw its full year profits drop more than forecast, but investo.....

3XSQ: Facebook underwhelms, so does EA
Jan 31 - Facebook doubled its mobile advertising revenue in the fourth quarter and Electronic Arts slashes 2013 outlook as industry struggles......

Flashy clam is disco king of the ocean
Jan. 31 - Researchers at Berkeley University are trying to understand how a little-known species of clam reflects light so efficiently. The scientists say that unlocking the flashy secrets of the so-called 'disco clam' could lead to new reflective te.....

Ericsson eyes next-gen network boost
Jan. 31 - Ericsson earnings are seen heading higher as countries begin installing next-generation phone networks......

Largest Greek orphanage faces closure
Jan. 31 - Greece's oldest and largest orphanage and school for mentally disabled children fears it may have to close following drastic budget cuts. Ciara Sutton reports......

Diageo price rises offset weaker Europe
Jan. 31 - Diageo, the world's biggest spirits group, reported steady sales growth in the second half of 2012, driven by price rises and the growth in the United States of premium brands like Ketel One vodka and Bulleit Bourbon. Hayley Platt reports......

Reuters Breakingviews: Deutsche Bank's revamp yet to convince
Breakingviews.....

Economy 2013: Dividend jack up is no gamble says Shell CEO
Shell CEO Peter Voser says raising dividends despite missing earnings forecasts is not a gamble as investments are showing results......

Latin America lifts spirits for Diageo
Jan. 31 - Strong sales in Latin America are expected to boost earnings at Diageo, the world's number one distiller......

Is Japan's rally for real? 3 things investors should watch
Jan. 31 - As Japan's earnings season kicks into high gear, a few key factors will signal whether investors' recent optimism about the country's struggling corporate powerhouses is warranted. Yonggi Kang reports......

Reuters Today: Achtung investors Deutsche Bank Q4 loss
Jan. 31 - Deutsche Bank plunges to a 2.6 billion euro loss hurt by impairments. Santander and Shell miss estimates......

U.S. Morning Call: UPS posts Q4 loss, sees 2013 profit up
Jan. 31 - United Parcel Service reported a net loss in the fourth quarter after a $3 billion one-time charge from pension accounting, and forecast that 2013 earnings would rise 6 percent to 12 percent......

Sports Spread: Six Nations Preview
Jan. 31 - A look at the weekend's key sporting action including the start of rugby union's Six Nations. Plus Man City v Liverpool & Newcastle v Chelsea in the Premier League......

Facebook finds a friend in advertisers
Jan. 30 - Summary of business headlines: Ad gains lift Facebook above forecasts; BlackBerry gets new devices and name; Boeing keeps full-year target; Fed signals slowdown as economy shrinks in fourth quarter. Conway G. Gittens reports......

Market Pulse: Euro banking union? United in gloomy Q4
Jan. 31 - Markets distinctly unimpressed by Q4 results from banking giants Deutsche and Santander. Plus a bumper month for the euro and credit, and something you dont hear too often these days on Spanish bonds......

FTSE 100 returns to 1989 with strong January performance
The blue-chip index saw its strongest start to a year since 1989.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/281c4357/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/15598.....

Talvivaara falls after Goldman Sachs says 'sell'
The broker warned investors the miner will need to sell shares.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/281c1420/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/1559844.....

FTSE 100 has best January since 1989
The FTSE 100 has enjoyed its strongest start to a year in almost a quarter of a century, adding 96bn to the value of London's blue-chip companies over the course of January.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/.....

SSE: energy reform doubts are holding back investors
SSE put pressure on the Government over its progress on energy reform, warning that "uncertainty" over policy was "continuing to have an impact on investment decision making".<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/.....

We're in the Arctic for the long term, Shell insists, despite risk to 2013 drilling plans
Royal Dutch Shell is in the Arctic for the long term, insisted chief executive Peter Voser, despite casting doubt over the company's 2013 Alaskan drilling plans and warning he could not rule out further "incidents" after a series of mishaps.<img w.....

'Catastrophic' EU exit would leave City defenceless against regulatory attack
European regulators have the means to shut down key parts of London's financial centre at a stroke if Britain left the European Union and would not hesitate to do so, leading central bank experts have warned.<img width='1' height='1' src='http://t.....

It is in banks' interest to show they are prepared to reform
A "Polo mint deal" is how one swap victim described the Financial Services Authority's agreement with high street banks over the mis-selling of interest rate hedging products.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/.....

Diageo to hit target early as emerging market sales boom
Drinks giant Diageo will hit its target of generating half of its revenue from fast-growing emerging markets in 2013, two years early, amid booming sales in Africa, Asia and Latin America.<img width='1' height='1' src='http://telegraph.feedsportal.....

The British high street is already reinventing itself
HMV, a chaotic festive period for Marks & Spencer and the horsemeat scandal. While the FTSE 100 may have surged in January, the mood in the retail industry has been far more subdued.<img width='1' height='1' src='http://telegraph.feedsportal.c.....

Try to see economic opportunity in our current difficulties
Blood-curdling warnings about our financial predicament are wrong, says Jeremy Warner<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/281c1422/mf.gif' border='0'/>.....

Try to see the opportunity in our difficulty
Blood-curdling warnings about our financial predicament are wrong, says Jeremy Warner<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/281b61d8/mf.gif' border='0'/><br/><br/><a href="http://da.fee.....

Labour: Small firms need a 'British Investment Bank'
Ed Balls, the shadow chancellor, and Chuka Umunna, shadow business secretary, call for a state backed bank to boost finance to small and medium-sized businesses.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/281.....

BCC: 'Give us a bigger and bolder lender'
BCC and Labour to create a blueprint for a 'British Investment Bank'.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/281b61da/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/1.....

National Express hits out as Great Western franchise scrapped
National Express has accused the Government of "gross negligence" and wasting 10m of its shareholders' money after the bidding competition for the prestigious Great Western rail franchise was scrapped.<img width='1' height='1' src='http://telegrap.....

Seymour Pierce holds crisis talks to stave off administration
The board of Seymour Pierce held crisis talks on Thursday to try to prevent the 130-year-old broker from falling into administration.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/281aabd2/mf.gif' border='0'/>.....

Big Four accountacy firms should be excluded, says PAC
The chairman of the Public Accounts Committee (PAC) has called for the Big Four accountancy firms to be barred from working for the Government while they continue to help companies "avoid paying their fair share" of UK tax.<img width='1' height='1.....

Spanish newspaper designer Cases to open in London
One of Spain's leading design firms, Cases i Associats, is to open a London office as a hub for further international expansion.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/281aa97d/mf.gif' border='0'/><.....

HMV staffer claims responsibility for tweeting mass sacking
A former employee at HMV tonight claimed responsibility for using its official Twitter feed to "live tweet" her and others' mass firing.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/281c195b/mf.gif' border='0'/.....

HMV staff tweet their own mass sacking
Staff at HMV staged an online protest at the collapse of the retailer by using its official Twitter feed to "live tweet" their own mass firing.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2819d6ff/mf.gif' bord.....

B&Q owner Kingfisher puts Irish arm into rescue process
The owner of the DIY retailer B&Q has put its struggling Irish arm into a rescue process in a last-ditch effort to keep the business going.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/281a9cc1/mf.gif' bord.....

US Justice Department sues to block $20bn AB InBev takeover of Mexican brewer Gruope Modelo
US competition regulators have filed suit to block the $20bn (12.6bn) takeover of Mexico's Grupo Modelo by Anheuser-Busch InBev, the world's largest brewer.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2819e7c4.....

Big Four accountancy firms deny 'playing an illegitimate game' on tax and tell MPs they benefit Britain
Bosses from Britain's "Big Four" accountancy firms were accused by MPs on Thursday of "playing an illegitimate game" when it comes to advising companies on their tax affairs.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f.....

Big Four 'playing an illegitimate game' on tax advice, top accountants told in grilling by MPs
Bosses from Britain's "Big Four" accountancy firms were accused by MPs on Thursday of "playing an illegitimate game" when it comes to advising companies on their tax affairs.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f.....

German police hunt 'Cookie Monster' over theft of gold biscuit
'Cookie monster' says Bahlsen will not see golden cookie again unless it gives biscuits to hospital.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/281b61dc/mf.gif' border='0'/>.....

German biscuit firm's golden cookie held to ransom
'Cookie monster' says Bahlsen will not see golden cookie again unless it gives biscuits to hospital.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2819d6fe/mf.gif' border='0'/><br/><br/><a href.....