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Saturday 2 February 2013

UK Financial News on 2013-02-02

RBS must meet Libor fines - Osborne
Any fines by US authorities on Royal Bank of Scotland over the Libor scandal should be met by bankers not taxpayers, the Chancellor insists......

No married tax break in Budget
The government will not introduce a tax break for married couples in next month's Budget, it emerges......

Twitter account hack affects 250,000
A quarter of a million Twitter users have had their accounts hacked in the latest of a string of high-profile internet security breaches......

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......

Government warned over youth jobs
Attempts to cut youth unemployment in England are being hampered by excessive bureaucracy and central government control, council leaders say......

Fraud reporting change criticised
Victims of fraud across the UK will be told to contact a Home Office agency Action Fraud rather than their local force from 1 April......

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......

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......

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......

PM vows to protect OAP benefits
Universal benefits for pensioners will be protected for almost a year after the 2015 general election, Downing Street says......

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......

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......

VIDEO: Why is Southampton Polish 'magnet'?
Around one hundred different foreign languages are spoken by those living in England and Wales, according to the latest census results, and Polish is the most widely spoken......

VIDEO: Your Money: Taking on a second job
In this week's Your Money, Ramzan Karmali has been looking at how many people are earning extra cash, by working a second job from home......

VIDEO: Councils want job-creation role
Attempts to cut youth unemployment in England are being hampered by excessive bureaucracy and central government control, council leaders have claimed......

VIDEO: Spain PM denies corruption claim
Spanish Prime Minister Mariano Rajoy has strongly denied media claims that he and other members of the governing Popular Party received secret payments......

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: 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: 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.......

Do you have the write stuff?
Why authors are increasingly turning to self-publishing.....

The implications of taking a second job
Why one woman chose to take on a second job.....

Should the UK ditch the penny like Canada?
Should the UK dispense with its lowest value coin?.....

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.....

Dow wins in 14K sprint
Feb 1 - Summary of business headlines: Blue chips cross 14,000 for the first time since October 2007 as jobs and factory data show steady economic growth; ExxonMobil and Chevron top forecasts; Dell deal close -sources. Conway G. Gittens reports......

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......

Osborne in last-ditch talks over plans to split leading banks
The Chancellor is locked in last-ditch negotiations this weekend over plans for new powers to split up Britain's leading banks if proposals to "ring-fence" retail and investment divisions are deemed not to have worked.<img width='1' height='1' src.....

Prudential CEO demands Carney quit QE or risk further turmoil
The head of the UK's largest insurance company has warned incoming Bank of England Governor, Mark Carney, that Britain is at risk of fresh financial turmoil unless Mr Carney halts quantitative easing.<img width='1' height='1' src='http://telegraph.....

RBS plans branch IPO after Santander failure
The Royal Bank of Scotland plans to float the 316 branches it failed to sell to Santander after a lack of strong interest from trade bidders.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/282bd457/mf.gif' border.....

Morrisons buys clutch of Jessops shops
WM Morrison Supermarkets has bought a collection of Jessops stores as it steps up its fightback following a slump in Christmas sales.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/282c056d/mf.gif' border='0'/>.....

Sainsbury's signs up to code on late payers
Sainsbury's has signed up to the Prompt Payment Code following a campaign by The Telegraph for suppliers to have their bills settled on time.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/282c056e/mf.gif' border.....

Lloyds in push to halt false PPI claims
Antonio Horta-Osorio, the chief executive of Lloyds Banking Group, has written to the Justice Secretary demanding the ballooning costs of false payment protection insurance claims are shared by the claims management companies that are often behind th.....

BP set to post 22pc profit fall
BP is expected to report a 22pc fall in underlying profits this week as its fourth-quarter earnings suffer from the ending of the Russian joint venture TNK-BP.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/282c0.....

Sterling caught in a 'quiet crisis'
As markets bet against the pound, 2013 could be a tipping point for the currency.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/282c0214/mf.gif' border='0'/><br/><br/><a href="http://da.feedspo.....

Say it quietly, but banks are getting better in 2013
After an unsurprisingly rocky couple of years, investors have slowly begun to remember banks' vital place in the economy.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/282c0215/mf.gif' border='0'/><br/>.....

Andrew Tyrie to push Bank on accountability
The new Governor of the Bank of England is to be questioned about claims that the Bank's governance structures are too weak.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/282c021d/mf.gif' border='0'/><br/&.....

Watch out Chancellor, rock star Mark Carney is in town
The new Governor of the Bank of England arrives in the UK this week. He should take care not to upstage the resident of Number 11.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/282bc9f7/mf.gif' border='0'/>&l.....

Mark Carney plots assault on Bank of England
As the new Governor of the Bank of England prepares for his first public grilling by MPs this week, what are the key challenges facing the Canadian charged with revitalising UK growth?<img width='1' height='1' src='http://telegraph.feedsportal.com.....

Local councils 'harm' high street
One of the country's leading administrators has said the British high street is dying and blamed greedy local authorities for the demise of a retail tradition.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/282b6.....

'We are fighting in the trenches', says Blockbuster administrator
Blockbuster administrator Lee Manning explains why retailers should learn the lessons of failed high street chains if they want to flourish in 2013.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/282b6461/mf.gif'.....

Falling yen set to spark renewed currency wars
History shows currency disputes can escalate from rhetorical spats into disastrously counter-productive economic conflict.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/282aaf41/mf.gif' border='0'/><br/>.....

Spanish prime minister denies corruption allegations
The Spanish prime minister Mariano Rajoy has issued a televised denial or corruption allegations that are threatening to engulf his government and destablise the eurozone.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/56.....

This rally has legs, so ignore the naysayers and top up
Most of the conversations I am having about the markets at the moment are not to discuss how long the rally might continue but when it's going to end.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/282a9db0/mf.gi.....

There's a great story to tell of British success
Britain is a superb place to live and do business - no matter where in the world you are from or where you are trying to go.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/282a1415/mf.gif' border='0'/><br/&.....

Families still find room for a treat
Nigel Chapman tells Amy Wilson why the downturn is good for luxury breaks.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/282a11c4/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.co.....

George Osborne wants 'Royal Bank of Scotland to meet Libor fines from bonuses'
Chancellor George Osborne has insisted that any fines imposed on the Royal Bank of Scotland over the Libor scandal must be met from bankers' bonuses.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/282a0ef8/mf.gif.....

EU budget deal far from certain, says Angela Merkel
German chancellor Angela Merkel has said next week's EU budget talks will be tough and a deal was far from guaranteed.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2829b1b2/mf.gif' border='0'/><br/><.....

China the world's 'most sophisticated' hacker, says Google's Eric Schmidt
China's state-sanctioned cybercrime is a global "menace" according to Eric Schmidt, Google's executive chairman, as he predicts a revolution in the country in the coming decades in his latest book.<img width='1' height='1' src='http://telegraph.fe.....

Expert view: 'Investors might be better served by a combination of pensions and Isas'
Isas and pensions are both tax-efficient, but that is not to say they are the same, explains Steve Bee, founder and chief executive of JargonFreeBenefits.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/28278a5f/m.....

Stamp duty bills to jump by 5,000
The tax on buying a home jumps to 3pc when the price reaches 250,000 - and that means average properties will be hit.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/28278a60/mf.gif' border='0'/><br/><.....

Should you save for retirement in an Isa or pension?
Choosing how to save for a comfortable retirement is a complex decision - we break the logjam and help you get started.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/28278a61/mf.gif' border='0'/><br/>&l.....