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Wednesday 6 February 2013

UK Financial News on 2013-02-06

RBS fined 390m over Libor scandal
Royal Bank of Scotland is fined 390m ($610m) by UK and US authorities for its part in the Libor rate-fixing scandal......

News Corporation profit doubles
News Corporation has reported a more-than-doubling in profits to $2.38bn, but spent another $56m to cover costs related to the defunct News of the World......

Anglo Irish Bank 'to be liquidated'
Failed bank IBRC, formerly Anglo Irish, will reportedly be liquidated as part of a deal to ease the Dublin government's huge debt burden......

Liberty Global to buy Virgin Media
US billionaire John Malone's cable group, Liberty Global, agrees to buy the UK's Virgin Media in a cash and stock deal worth $23.3bn (15bn)......

Borrowing 'to overshoot by 64bn'
UK borrowing is likely to be 64bn higher in 2014-15 than forecast in 2010, says a closely watched report, thanks to a weaker-than-expected economy......

UK economy 'may need more stimulus'
The Bank of England should stand ready to pump more money into the economy if necessary, the OECD says......

TV fees boost Time Warner profits
Profits at US media and entertainment giant Time Warner are plumped up by rising TV subscription fees, as its magazine and film businesses lag......

Deutsche suspends trading staff
Deutsche Bank suspends traders as part of its inquiries into whether staff attempted to manipulate Libor and other interest rates......

West Ham sign Alpari as sponsor
Premier League football team West Ham United signs forex broker Alpari as the club's new principal sponsor from season 2013-14......

GlaxoSmithKline in profits fall
UK drug giant GlaxoSmithKline (GSK) reports pre-tax profits of 7.64bn for the year to 31 December 2012, down 4% on the year before......

Federal Reserve confirms hack attack
The US's central bank confirms data was stolen from its systems by hackers, but does not confirm if the incident was that claimed by Anonymous......

Most judges to avoid pension cut
Three-quarters of judges will avoid forthcoming cuts to their pensions, the government reveals......

US Saturday letter deliveries to end
The US Postal Service plans to end Saturday delivery of first-class mail by August, in its latest cost-cutting drive......

Recession 'boosts self-employment'
The number of self-employed people in the UK has increased by nearly 10% since the start of the economic crisis, an official report has found......

Supermarkets withdraw beef products
Two supermarket chains and a frozen food group withdraw some beef products from sale after concerns are raised at their French supplier......

Isa interest rates hit record low
The average interest rate being offered by a cash Isa is now just 1.74%, according to Moneyfacts......

MEPs back major EU fishing reform
The European Parliament approves a major reform of fishing to end the wasteful discarding of dead fish and help depleted stocks to recover......

'Signs of life' in housing market
UK house prices registered their first annual rise since October 2010, rising by 1.3% in January compared with a year earlier, the Halifax says......

Debate over Equitable Life payouts
A campaign group challenges a government claim that compensation being paid to Equitable Life victims is "on track"......

Legal challenge to council tax
A north London council faces a legal challenge by a resident over plans to make people on benefits pay council tax......

Household water bills up by 3.5%
Water regulator Ofwat announces that bills in England and Wales will rise by 3.5% over the next year......

Obama offers spending-cuts deal
President Obama urges Congress to pass short-term spending cuts and tax reforms to delay larger cuts next month, a plan rejected by Republicans......

Egyptian currency reserves fall
Egypt's dwindling foreign currency reserves fall 10% in a single month, renewing concerns over the economy......

Service sector economies improve
The UK's service sector returns to growth in January, while the pace of decline in the eurozone slows, a purchasing managers' survey shows......

All Nippon Airways cancels flights
Japan's All Nippon Airlines cancels an additional 368 flights in February, as problems with the Boeing 787 Dreamliner continue......

SABMiller in China expansion move
SABMiller agrees to buy China's Kingway Brewery Holdings in a 5.4bn yuan ($864m; 550m) deal......

DIY store calls in administrators
Administrators are brought into Liverpool hardware store Rapid, which has traded in the city for over 40 years......

Emirates signs Formula One deal
Emirates airline signs a five-year branding deal worth at least $10m per year with Formula One in a bid to boost its global presence......

G4S 'close to Games settlement'
The firm that failed to provide enough security guards for the Olympics is close to agreeing a compensation deal, the BBC learns......

Reds game investigated - Debrecen
Hungarian club Debrecen say their Champions League match against Liverpool in 2009 was investigated for match-fixing......

AUDIO: 'Why I became my own boss at 61'
The ONS said there has been a rise in the number of over-50s starting businesses. 5 live spoke to someone who has done it......

VIDEO: IFS paints bleak view of UK economy
Spending on public services may have to be cut by up to a third within five years and more than a million public sector jobs could be lost, according to the Institute for Fiscal Studies......

VIDEO: Vienna studio offers luxury naps
A "sleep studio" has opened in the Austrian capital, Vienna, offering tired workers and shoppers the chance for a power nap in comfortable surroundings......

AUDIO: Will Europe help 'pushed around' fishermen?
MEPs will vote today to end overfishing and ban discards of unwanted dead fish. The BBC's environment analyst Roger Harrabin reports from the sea side town of Seaton in East Devon......

VIDEO: Liberty Global to buy Virgin Media
US billionaire John Malone's cable group, Liberty Global, has agreed to buy the UK's Virgin Media in a cash and stock deal worth $23.3bn (15bn)......

VIDEO: RBS fined 390m over Libor scandal
Royal Bank of Scotland has been fined 390m ($610m) by UK and US regulators for its part in the Libor rate-fixing scandal......

VIDEO: IFS predicts need for tax rises
The Institute for Fiscal Studies has predicted that the next government will need to raise taxes to deal with the UK's debt......

VIDEO: Asia grapples with gambling growth
Gambling is big business in Asia. Casinos in Singapore and Macau are among of the world's most profitable, and betting on sporting events is increasing......

What Europe can learn from China's match-fixing scandal
What China can teach Europe about football corruption.....

Fight to fix cycling's doping culture
Entrepreneur heading campaign to clean up the sport.....

Would you stay with complete strangers?
Social networks linking tourists with home owners spark anger.....

'Unfair' laws for cohabiting couples highlighted again
'Unfair' laws for cohabiting couples highlighted again.....

Q&A: The 'bedroom tax'
How will a change in housing benefit rules work?.....

TV's white spaces connecting rural Africa
How the gaps between TV channels are connecting Africa.....

U.S. Day Ahead: Expect a key update in the Dreamliner saga
Feb. 6 - The National Transportation Safety Board is holding a news conference and says it has new information about the battery fire that lead to the grounding of 50 of Boeing's 787s......

Daily Digit: US pockets $13.4b on Citi
Feb 6 -The U.S. Treasury Department is making a $13.4 billion profit on the bailout of Citigroup as taxpayers continue to see a profit from the controversial TARP bailout. Conway G. Gittens reports......

Techquity: Zynga, Take-Two got game; Apple's Brazil problem
Feb 6 - Zynga and Take-Two show growth in the struggling gaming field while Apple encounters another trademark issue......

UK warned it may need more QE
Feb. 6 - The Bank of England should buy more bonds and the government's fiscal policy should be "flexible" if Britain's economy remains weak, the Organisation for Economic Co-operation and Development says. Ciara Sutton reports......

UK should stick to its guns: OECD's Gurria
Feb. 6 - OECD Secretary General Angel Gurria says despite economic headwinds, plan A is working and the UK government should maintain its accomodative monetary stance......

Breakingviews: Elan's possible side effects
Feb 6 - Antony Currie and Robert Cyran discuss how the tidy profit the company will reap from selling most of its stake in a top-selling drug to Biogen could make investors sick......

Colorado AG says more states may join lawsuit against S&P
Feb. 6 - Colorado State Attorney General John Suthers "wouldn't be surprised" if more states join the federal lawsuit against S&P, and feels the government's has a strong case against the ratings agency......

Trading at Noon: Ackman's bet against Herbalife
Feb 6 - We discuss why Pershing Square may be better positioned for a short squeeze in Herbalife, compared to other sellers......

Blind juggling robots bring calm to chaos
Feb. 6 - The brains controlling the next generation of interactive, walking robots may well come from a laboratory in Zurich, where scientists are testing new algorithms on juggling machines. With no sensory help in the form of cameras or microphones.....

Europe Day Ahead: EU Summit, ECB & BoE, Carney testifies
Feb. 6 - EU leaders meet to try and hammer out the blocs long-term budget for 2014 to 2020. ECB and the BoE meet but no shift in policy is expected. Incoming BoE governor Mark Carney testifies......

Factbox: Argentines world champions at having fun Badoo
Feb. 6 - Argentines are world champions at having fun. The British beat the Brazilians but are not having as much fun as the Mexicans or Germans, says a survey by Badoo.com.....

India hosts one of Asia's biggest air shows
Feb. 6 - India hosts air show as it prepares to spend around $100 billion over the next 10 years to upgrade its largely Soviet-era equipment. Rough Cut (no reporter narration)......

3XSQ: Disney beats estimates, sees stronger quarters ahead
Feb 6 - Walt Disney beat estimates in quarterly adjusted earnings on Tuesday and said it expects the next few quarters to be better on a stronger lineup of films and growing attendance at its theme parks......

Breakingviews: RBS leaves Libor danger zone
Feb. 6 - The 80-percent state owned bank is getting off lightly with a 400 million fine for its part in the Libor-rigging scandal according to Breakingviews. Plus five hard questions for Mark Carney......

The risks that shadow Indonesia's rise
Feb. 6 - Foreign investment into Southeast Asias largest economy shows few signs of slowing, but Indonesias growth run could be derailed by opportunism and corruption, warns risk expert Steve Vickers......

Reuters Today: RBS braces for rate rigging penalties
Feb. 6 - RBS CEO Stephen Hester warns of a miserable day ahead as the bank braces for a 400-500 million pound fine. And North Koreas U.S. missile attack dream scene video goes viral......

Reuters Today: RBS braces for rate rigging punishment
Feb. 6 - A miserable day at RBS warns CEO Stephen Hester as the bank braces for fines of 400-500mln. And, North Koreas U.S. missile attack dream scene video......

U.S. Morning Call: Time Warner posts higher Q4 profit
Feb. 6 - Time Warner posted higher fourth-quarter profit as growth in its cable networks offset declines in the film, TV and publishing units......

Market Pulse: Miserable day for unfit banks
Feb. 6 - RBS says it faces a miserable day after a big fine for Libor rigging, while HSBCs chief admits the bank wasnt fit for purpose before 2011......

Disney earns fall but beat forecasts
Disney stock rose in after hours trading after its earnings came in better than forecasts, even as rising costs at ESPN weighed on results. Bobbi Rebell reports......

Disney solid but stock fully valued
Feb. 5 -After Disney reported lower earnings, Morningstar analyst Michael Corty explains why he is keeping his "Hold" rating on Disney stock. Bobbi Rebell reports......

Cable trips Disney; Zynga struggles
Feb 05 - Summary of business headlines: Walt Disney beats forecast thanks to improvement in its broadcast TV networks; Zynga outlook a zinger; Dell goes private; DOJ launches $5 billion lawsuit against S&P; Stable growth in U.S. services sector. Conw.....

Reuters Right Now: Disney has to work on its studios
LA Bureau Chief Ron Grover says Disney's studio revenues do not look great and helped drag down overall profits......

U.S. Day Ahead: Investors hungry for more on News Corp. split
Feb 5 - News Corp. CEO Rupert Murdoch has already outlined the key execs for the media titans new publishing firm, but now its all about how much cash it will inherit......

Dell's next move may not be so private
Feb 5 - Combining with another hardware company, snapping up smaller component makers, or exiting the PC business altogether are some of Dell's not so secret options as the company goes private in $24.4 billion deal with help from Microsoft and priva.....

News Corp's James Murdoch shrugs off Liberty Global threat to BSkyB
News Corp executive James Murdoch has shrugged off the threat to BSkyB from this week's multi-billion pound acquisition of Virgin Media by US behemoth Liberty Global.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/.....

Flybe should be wary of Ryanair's Trojan horse
How times change. Just a few weeks ago it seemed as though it would be third time unlucky for Michael O'Leary, the colourful boss of Ryanair who has been stalking Aer Lingus since 2006.<img width='1' height='1' src='http://telegraph.feedsportal.co.....

RBS fined 390m for rigging rates for profit
Traders at Royal Bank of Scotland conspired with staff at rival banks and brokers to manipulate key global borrowing rates for profit, according to the findings of an investigation into Libor-rigging.<img width='1' height='1' src='http://telegraph.....

Traders rigged rates as the banking system collapsed
Early April 2008 was not a good time for the Royal Bank of Scotland. Rumours abounded in the markets that the world's biggest bank had run its capital levels dangerously low in its pursuit of ABN Amro a year earlier and now needed money, and lots of .....

Britain may need more QE in 'uneven' recovery - OECD
The Bank of England may need to carry out more money-printing to stimulate the economy despite rising opposition, according to the Organisation for Economic Co-operation and Development.<img width='1' height='1' src='http://telegraph.feedsportal.c.....

George Osborne has one effective growth tool left: cutting taxes
'Where's the fiscal austerity?" many have asked, with data on the public finances showing an apparently very different story from the one the Government likes to project.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568.....

Taxpayers warned of rises after Osborne borrows extra 180bn
The scale of the challenge facing George Osborne was laid bare, as the country's leading public finance think-tank warned he is set to borrow more this year than the last, leaving Britons poised for billions in tax rises after the next election.<i.....

Aer Lingus: Flybe deal with Ryanair is 'desperate' move
Aer Lingus has accused Flybe of acting out of "desperation" after the UK regional airline admitted it would receive 150m (129m) to operate 43 of the Irish carrier's short-haul routes if it is taken over by Ryanair.<img width='1' height='1' src='ht.....

Lamprell rises as traders bet on recovery
The oil-rig maker's shares climbed after announcing a new contract.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/284d87f9/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/155.....

Federal Reserve admits personal information stolen by hackers
America's central bank has confirmed that hackers have stolen personal information from its servers.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/284d87fb/mf.gif' border='0'/><br/><br/><a href.....

Personal View: what the markets want from Carney
There's a chance the new BoE chief will be more neutral than expected.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/284db86f/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/.....

Tax rises and spending cuts 'very likely' after next election, warns IFS
Director of the Institute for Fiscal Studies Paul Johnson says whoever wins the next election will have to raise taxes, cut spending or borrow more money than planned because of Britain's deficit.<img width='1' height='1' src='http://telegraph.fee.....

Supreme Court throws out $330m VTB case
Russian businessman Konstantin Malofeev has won a Supreme Court judgement dismissing a $330m claim and worldwide freezing order on his assets.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/284d0113/mf.gif' borde.....

Average Isa rate drops from 2.55pc to 1.74pc
The poor health of the Isa savings market, depressed by the government's efforts to fight the financial crisis, has been highlighed by fresh research.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/284d0114/mf.gi.....

The banking sector needs RBS to fire anyone with a link to Libor-rigging
There was never much doubt the Libor-rigging emails would be embarrassing.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/284cd4c4/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.co.....

George Osborne: OECD 'clear Britain is on the right track'
Chancellor George Osborne says the OECD finds Britain's fiscal stance remains appropriate and that the Government is right to maintain strong commitment to fiscal consolidation.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/3272.....

Timothy Geithner 'to write book on financial crisis response'
Former Treasury Secretary will reportedly publish book next year.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/284cd4c6/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/15598.....

BT launches phone to block nuisance calls
The days of "cold calls" from salesmen could be numbered, after the launch of a new handset which automatically blocks nuisance calls.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/284bf3ac/mf.gif' border='0'/&g.....

Deutsche Bank 'suspends five traders over Euribor fixing' - reports
Deutsche Bank has suspended five traders suspected of inappropriate conduct following an internal investigation into possible manipulation of the Europe Interbank Offered Rate (Euribor), according to reports.<img width='1' height='1' src='http://t.....

42m for Virgin Media boss in Liberty Global deal
More than 4,000 staff at Virgin Media will share in a major windfall after the company's sale to US cable television giant Liberty Global, including boss Neil Berkett who will take more than $65m (41.5m) off the table.<img width='1' height='1' src.....

Windall for 4,000 Virgin Media staff after Liberty Global deal
More than 4,000 staff at Virgin Media will share in a major windfall after the company's sale to US cable television giant Liberty Global, including boss Neil Berkett who will take more than $65m (41.5m) off the table.<img width='1' height='1' src.....

RBS Libor fine: what the authorities said
Royal Bank of Scotland, a tax-payer owned bank, has been fined 392m by US and UK authorities for manipulating the global interest rate Libor. We take a look at what they said.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/.....

RBS traders 'tried to fly above law' as taxpayer-owned bank hit with 392m fine
Royal Bank of Scotland traders were branded "masters of the universe" who "tried to fly above the law", as UK and US regulators fined the bank 392m for manipulating one of the world's major interest rates.<img width='1' height='1' src='http://tele.....

RBS fined 392m for Libor rigging as emails reveal traders regarded it as a 'cartel'
Royal Bank of Scotland, in tax-payer owned bank, has been fined 392m by US and UK authorities for manipulating the global interest rate Libor.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/284ad98d/mf.gif' borde.....

Top 10 car makers in January
UK new car registrations rose 11.5pc in January 2013, according to SMMT.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/284be59f/mf.gif' border='0'/>.....