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Friday 1 February 2013

UK Financial News on 2013-02-01

Barclays chief to waive his bonus
The chief executive of Barclays, Antony Jenkins, is to waive his bonus of about 1m following a "difficult" year for the bank......

Pound in big fall against euro
The pound weakens further against the euro, seeing its biggest one-day falls in almost three years, on continuing signs the eurozone economy is improving......

Dow at five-year high on jobs data
The main US share index closes on Friday at a five-year high, buoyed by data showing the economy added more jobs than previously estimated at the end of 2012......

Google settles French news dispute
Google agrees to set up a fund to help French media to solve a row with news sites that demanded payment for the search giant to display their links......

Premier League clubs spend 120m
Premier League clubs spent about 120m in the January transfer window, twice the amount they spent last year, figures show......

London Market Report
London shares start February on the front foot, having enjoyed the strongest January for 24 years with the FTSE 100 rising by more than 6%......

UK factory activity edges higher
Activity in the UK's manufacturing sector edged higher in January despite falling export orders, a monthly survey suggests......

Decline in eurozone output slows
The contraction of manufacturing across the eurozone slowed in January amid signs that the worst may be over, according to the Purchasing Managers' Index......

China manufacturing growth slows
China reports a slight slowdown in manufacturing activity, underlining the challenges its new leaders face in spurring economic growth......

Personal insolvencies at new low
The number of people being declared insolvent in England and Wales fell last year to the lowest level since 2008, the Insolvency Service says......

Missed tax return figures fall
About 730,000 taxpayers have missed the deadline for filing their self-assessment tax returns, fewer than a year ago, HM Revenue and Customs says......

Glum forecasts for tech giants
Sharp and Panasonic both stick to their forecasts for massive annual losses, even as results for the latest quarter are boosted by the weak yen......

BT profit up as revenue declines
The decline in revenues at BT continued in the last three months of 2012, but cost cutting helped to boost profits, the telecom firm says......

Carlsberg announces Burma venture
Danish brewer Carlsberg signs a joint venture in Burma to brew and market its beers in the country......

Chinese firm buys LTI for 11.4m
Coventry-based black taxi manufacturer LTI is sold for 11.4m to the Chinese car maker Geely......

Wall Street Market Report
The main US share index hits five-year highs, buoyed by the latest official US job creation data......

Samsung gains tablet market share
Samsung doubles its share of the tablet PC market in the last three months of 2012 as Apple's lead narrows, according to research firm IDC......

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......

'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......

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......

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......

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......

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......

Credit Agricole hit by writedown
France's Credit Agricole is to write down the value of its assets by 2.68bn euros to reflect the weak eurozone economy and new tighter regulations......

Pinewood resubmits expansion plan
British film studio Pinewood Shepperton resubmits a plan to double the size of its historic Pinewood site over the next 15-20 years......

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......

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

VIDEO: Black taxi sale to China 'symbolic'
The Coventry based black taxi manufacturer LTI has been sold to the Chinese car maker Geely for 11.4m. LTI went into administration in October with 99 out of its 176 staff losing their jobs. David Bailey, from Coventry University Business School, wel.....

VIDEO: Osborne: Britain 'building for the future'
George Osborne has defended his handling of the economy and the government's spening on infrastructure......

VIDEO: Why is the FTSE 100 important?
The FTSE 100 is the index of the UK's largest 100 companies, and is a key indicator often referred to by financial experts.......

VIDEO: Redwood: Bigger tax rule book depressing
Clever and rich people have been able to find ways around tax rules, which has led to a bigger tax rule book and more accountants but less revenue, says John Redwood......

VIDEO: The canal with a 2 million hole
Canals across the UK are in desperate need of investment following heavy rain and icy conditions......

VIDEO: Japan eases US beef restrictions
Japan is relaxing restrictions on US-imported beef imposed almost a decade ago after the discovery of "mad cow disease" in America......

AUDIO: Why are UK pubs in decline?
Today reporter Andrew Hosken investigates news that the UK is losing 18 pubs a week, and increasingly some are ending up as supermarkets......

AUDIO: MPs grill accountancy firms over tax
The Today programme's chief political correspondent, Gary O'Donoghue, watched MPS grill the big accountancy firms who come up with tax-minimisation schemes......

Why big inventions are rarely new
Why new ideas are rarely new at all.....

Rival airports fight UK for passengers
Could UK airports lose out to international rivals?.....

How to win the Super Bowl
How the Super Bowl can influence investors.....

Decoding banks' software glitches
Why banks are set to suffer more software faults.....

South Africas hi-tech tour operator
Cape Town tour operator provides tablet computers.....

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

Dow 14,000: This rally is real -Kenny
' Conway G. Gittens about the Dow's first close above 14,000 since October 2007......

Job market keeps building
Feb 1 - A couple of big revisions to jobs data show a solid upward trend - motivating more of the out of work to start looking for jobs again. Bobbi Rebell reports......

U.S. Week Ahead: Three trip wires for Dow 14k
Feb. 1 - Three key factors that could test the recent highs of the Dow: Walt Disney results, government budget projections and a key reading of the services sector......

MuniLand: California upgrade bodes well for its bonds
Feb. 1 - Author of "Investing in Municipal Bonds" Philip Fischer says the S&P upgrade of California's GO bonds could have a positive multiplier effect for the state's debt......

Techquity: Apple tops Samsung, Google plays nice
Feb. 1 - Apple tops Samsung in the U.S. while Google works on deals with the Europeans......

Daily Digit: U.S. oil makers roll in $17 bln
Feb 1- The two biggest U.S. oil producers, Exxon Mobil and Chevron, report higher-than-expected increases in quarterly profits, pocketing a combined $17 billion in earnings. Conway G. Gittens reports......

Breakingviews: RIP hizzoner
Rob Cox and Martin Hutchinson discuss the life and times of quintessential New Yorker Ed Koch, the former city mayor who has died aged 88......

Trading at Noon: Zoetis shares rise 21 pct in debut
Feb 1 - The largest IPO since Facebook, Zoetis, jumped 21 pct in its debut on the NYSE today......

Dow at 14,000 - first time time since '07
Feb. 1 - The Dow Jones Industrial Average crossed 14,000 in intra-day trade for the first time since October 2007. Rough Cut (no reporter narration)......

Banking structural reform: "all options open" - Barnier
Feb. 1 - EU Commissioner Michel barnier says all options remain open for banking structural reform. He expects to make a proposal in the summer......

Reuters Asks: Are we in a global currency war?
Feb. 1 - A lot of talk has bubbled up once again on currency wars. But are we in one? And if so, which currencies will be the big winners and losers?.....

Wealth Strategies: No substantial improvement in job market
Feb. 1 - PIMCO's Tony Crescenzi says the increase in nonfarm payrolls in January is consistent with slow economic growth and feels there won't be an increase in rates until unemployment stays below 6.5%......

UK authorities probe Barclays Qatar loan
Feb. 1 - British authorities are investigating an allegation that Barclays loaned Qatar money to invest in the bank as part of its rescue fundraising at the height of the financial crisis. Barclays has been hit by a string of scandals, including rigg.....

3XSQ: First jobs report of 2013 shows steady economic growth
Feb 1 - Employers added 157,000 jobs to their payrolls last month, the Labor Department said on Friday. There were 127,000 more jobs created in November and December than previously reported......

Euro zone unemployment unexpectedly holds steady
Feb. 1 - Unemployment remains at a euro-era high of 11.7 percent in December, slightly lower than the 11.9 percent level expected by economists. Ciara Sutton reports......

LIGHTNING ROUND: Crude will hit $90 before it hits $100
Feb. 1 - NYMEX trader Jeff Grossman says that, despite the recent climb and increased tensions in the Mideast, oil prices are trading near the top of their range and are more likely to fall from current levels.....

Reuters Breakingviews: Basel finds double fiddling of bank ratios
Feb. 1 - The global banking watchdog has found that both banks and regulators reach vastly different conclusions about the riskiness of the same trading assets. Both must be brought into line, says Breakingviews......

Data Freak: Behind mild China data, signs rebound is intact
Jon Gordon......

Reuters Breakingviews: Baidu's smartphone challenge
Breakingviews' John Foley says the country's No. 1 search engine Baidu needs to get creative if it's to remain top dog......

Reuters Today: Chinese growth engine sputtering?
Feb. 1 - China PMIs point to continuing if tepid growth. Theres another wave of grim earnings reports from European banks, and we look ahead to US payrolls. Plus - Golden Boules?.....

U.S. Morning Call: Big oil reports, Dell deal very close
Feb 1 - Exxon Mobil and Chevron, the two largest U.S. oil companies, are expected to post stronger quarterly results; Dell's closer to a buyout deal......

A beer deal hits a rock and the stock
Jan. 31 - Summary of business headlines: DOJ moves to block Anheuser-Busch InBev total purchase of Modelo; Wall St. closes best January in 16 years on soft footing; TRI Pointe opens the door for homebuilding IPOs; Consumer income takes a December lea.....

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......

Wall Street closes in on record high as FTSE 100 surges
American stock markets came within touching distance of record highs and the FTSE 100 surged again on Friday, on renewed hopes for the global economy.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2825fb14/mf.gi.....

IMF hits Argentina with first-ever censure of a country
The International Monetary Fund has censured Argentina for failing to supply accurate economic data, the first time the global crisis lender has taken such an action against a member.<img width='1' height='1' src='http://telegraph.feedsportal.com/.....

Britons pile into shares to profit from 'great rotation'
A 10,000 investment in the Footsie has already turned a 640 profit in a month. Investors are now hoping the index - now 6347 - will charge up to 7000 points.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/282562b.....

Traders sell-off New World Oil and Gas
The shares dropped almost 42pc on news of an abandoned well.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/28255c35/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/1559844128.....

World economies need more than new year cheer to build on
It is one step forward and another back for the world's biggest economy right now.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2824f010/mf.gif' border='0'/><br/><br/><a href="http://da.feedsp.....

Iberia workers to hold five-day strike
Workers at Spanish flag carrier Iberia will hold five straight days of strike action in the second half of February after failing to come to an agreement with management over job cuts, a labour union spokesman said.<img width='1' height='1' src='h.....

UK manufacturing expands for second month
UK manufacturing had an promising start to the year, with activity expanding for a second month in a row in January and output growing at the fastest pace since September 2011 despite the snow.<img width='1' height='1' src='http://telegraph.feedsp.....

Britain is 'broadband leader' thanks to BT cash, boss Ian Livingston claims
BT's multi-billion pound investment in fibre broadband services is helping Britain become "a broadband leader in Europe", its chief executive claimed on Friday, as the telecoms giant delivered a bigger profit than expected.<img width='1' height='1.....

Britain's Truphone wins backing from Roman Abramovich
British inventor James Tagg reveals all about the 60m cash boost.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2824f012/mf.gif' border='0'/>.....

Britain's Truphone wins backing from Roman Abramovich
British inventor James Tagg tells Katherine Rushton about the 60m cash boost from Roman Abramovich which gave him an "inner smile".<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2824ee16/mf.gif' border='0'/>&.....

UK factories avoid European slowdown
British factories bucked the European slowdown to remain in growth last month, supporting hopes that the UK can avoid a triple-dip recession.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2824ee19/mf.gif' border.....

IAG to press ahead with Iberia cuts
British Airways-owner International Airlines Group is to press ahead with swingeing cuts at its Spanish carrier, Iberia, after talks with unions fell apart.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2824ee1a.....

Swap scheme 10m threshold could block billions of pounds of claims, says experts
The Financial Services Authority is under pressure after it was accused of making changes to its interest rate swaps compensation scheme that could prevent billions of pounds of claims.<img width='1' height='1' src='http://telegraph.feedsportal.co.....

'Bankruptcy lite' is up 7pc in a year
The number of people applying for Debt Relief Orders, a cheaper form of bankruptcy for those with no assets, has risen 7pc since 2011, official figures have shown.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2.....

Russia's Rosneft disappoints with fourth quarter profits of 1.2bn
Russian state-controlled oil company Rosneft, in which BP has agreed to buy a 20pc stake, disappointed markets with its fourth-quarter results on Friday.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/28249c38/mf.....

Barclays boss waives bonus amid fresh questions over Qatar
The chief executive of Barclays has waived his bonus for 2012 admitting it would be "wrong" to be rewarded after a year of scandals - as the bank was hit with more questions over Qatar's investment in 2008.<img width='1' height='1' src='http://tel.....

Barclays boss Antony Jenkins waives bonus
The chief executive of Barclays has waived his bonus for 2012 admitting it would be "wrong" to be rewarded after a year of scandals - as the bank was hit with more questions over Qatar's investment in 2008.<img width='1' height='1' src='http://tel.....

China's Geely saves London cab maker Manganese Bronze
The future of the London taxi was secured yesterday after the Chinese stepped in to buy the vehicle's troubled maker Manganese Bronze, which was forced into administration last year.<img width='1' height='1' src='http://telegraph.feedsportal.com/c.....

Rupert Murdoch to spend billions on video rights
Rupert Murdoch's newspaper and book publishing arm is to spend billions of dollars on video rights, as it seeks to turn the print business into a multi-media operation.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/56830.....

Qinetiq secures 1bn contract with the MoD
Defence company will maintain equipment, land and buildings.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/28249a70/mf.gif' border='0'/>.....

US creates more jobs than expected, eases growth fears
The American economy created more jobs than initially expected over the last three months, easing concern the recovery will struggle to bounce back from last quarter's surprise contraction.<img width='1' height='1' src='http://telegraph.feedsporta.....

40,000 cost of credit cards
Samantha Womack calculated how much interest she'd paid on credit cards. Have you worked out your bill?<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2825aef8/mf.gif' border='0'/>.....

The 40,000 cost of borrowing on credit cards
Calculate how much interest you've paid on your credit cards - the final bill could be bigger than you thought possible.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/28230eb1/mf.gif' border='0'/><br/>&.....

David Cameron given a lecture on 'debt' and 'deficit' by top statistics official
David Cameron has been taught the difference between "debt" and "deficit" by Britain's top statistics official, after he was accused of confusing the two economic terms.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/5683.....

David Cameron given a lecture on 'debt' and 'deficit' by top statistics official
David Cameron has been taught the difference between "debt" and "deficit" by Britain's top statistics official, after he was accused of confusing the two economic terms.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/5683.....