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Thursday 7 February 2013

UK Financial News on 2013-02-07

Carney: 'Merit' in inflation debate
The future governor of the Bank of England, Mark Carney, does not rule out changes to the way the bank runs monetary policy......

ECB clears Anglo Irish debt deal
The European Central Bank clears a deal to liquidate former Anglo Irish Bank in a "historic step" towards economic recovery......

HMV announces 66 store closures
The administrators of HMV announce that 66 of the music and DVD retailer's stores will close over the next two months, affecting 930 staff......

Dreamliner tests 'missed fire risk'
Tests on the batteries on Boeing's 787 Dreamliner at the time they were certificated for flight failed to spot the high risk of fire, US regulators say......

Cameron demands further EU cuts
The British prime minister, at an EU summit, says he will not accept a new seven-year budget deal unless further cuts are made......

Findus lasagne beef '100% horsemeat'
The meat content of some beef lasagne products recalled by Findus contained up to 100% horsemeat, the Food Standards Agency says......

Online subscribers surge at NY Times
Profits at the New York Times triple as a surge in the newspaper's online subscriptions more than offsets weak demand for advertising space......

US firm sues Armstrong for $12m
Texas company SCA Promotions files lawsuit on Thursday to recoup $12m from disgraced cyclist Lance Armstrong......

Warner Music to buy Parlophone label
Warner Music is to buy the record label Parlophone from Universal Music for 487m ($765m), it has announced......

London Market Report
London shares slip back, with Burberry hit by the departure of its chief financial officer......

More tenants living in private homes
For the first time since the 1960s, there are more people in England renting from private landlords than from councils or housing associations......

Draghi pledges 'monitoring' of euro
Comments by European Central Bank President Mario Draghi on the euro's recent strength prompt it to fall more than a cent against the dollar......

Finance lessons in schools from 2014
School children will start learning about tax, debt and money management in lessons from September 2014, under government plans......

Anger at Rolls-Royce job cuts plan
British aerospace company Rolls-Royce is cutting 320 jobs at its Bristol and Derby plants, according to workers union, Unite......

Struggling Sony slashes losses
There are signs that Sony's recovery plan may be starting to pay dividends as the struggling electronics group cuts its quarterly losses......

UK factory output rose in December
UK industrial output rose by 1.1% in December, the Office for National Statistics says, higher than many economists had forecast......

Losses narrow at online grocer Ocado
Shares at the online supermarket Ocado jump after sales increase leads to losses narrowing last year......

Food price increases lag house costs
If food prices had risen as quickly as house prices over the past 40 years, we would now be paying more than 50 for a chicken, a charity says......

HMRC's cost-cutting 'starts well'
The UK tax authority has made a good start at cutting costs but faces a longer term battle to protect customer service, a report finds......

Postgraduates 'new social barrier'
The cost of postgraduate university courses could become an extra obstacle to social mobility, warns a study from the Sutton Trust charity......

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

Bank rejects more economic stimulus
The Bank of England chooses not to inject any more money into the economy, leaving its quantitative easing programme at 375bn, and holds interest rates at 0.5%......

India lowers growth forecast to 5%
India lowers its growth forecast for the second time in two weeks, underlining the challenges it faces in reviving its sluggish economy......

EU proposes new cybercrime rules
Net firms, banks, hospitals and other may be required to report all cyber break-ins under new EU proposals......

Credit Suisse to cut costs further
Swiss bank Credit Suisse is to cut costs further after its fourth quarter profits miss expectations......

Vodafone revenues hit in Europe
Vodafone warns of "very difficult market conditions in Europe" as the mobile operator reports a worse-than-expected fall in revenue......

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......

Rangers dispute Orlit money claim
The company which runs Rangers Football Club faces the prospect of a winding-up order over a disputed bill, despite denials from the club......

Australia sport doping 'widespread'
A year-long inquiry finds widespread use of banned drugs in Australian sport, with links to organised crime and possible match-fixing......

Premier clubs debate cost control
The 20 Premier League clubs will consider whether to introduce radical cost control plans at a meeting on Thursday......

VIDEO: Is eating lunch at work bad for you?
According to a survey carried out for BBC Breakfast, more than half of office workers regularly work through their lunch hour......

AUDIO: Banking 'not all greed and bonuses'
Alderman Roger Gifford, Lord Mayor of the City of London, says "philanthropy has always been very active in the City"......

AUDIO: Call for simpler executive pay
Radio 5 live asked Jennifer Walmsley from Hermes EOS why she was calling for executive pay deals to be made simpler......

VIDEO: EU set for crucial budget summit
European Union leaders are due to begin a two-day summit in Brussels to try to strike a deal on the next seven years of EU spending......

VIDEO: Can the 'Portas effect' spread?
The government says high streets must move with the times if they are to survive, in the wake of high-profile shops like HMV and Blockbuster going into administration......

VIDEO: Dreamliner probe result 'weeks off'
A US regulator has said it may take "weeks" for it to complete an investigation into battery problems in some of Boeing's 787 Dreamliner planes......

VIDEO: Price restrictions on starter homes?
The cost of housing in Britain has led to millions of young people priced-out of buying a home of their own with millions more hoping prices remain high to prevent a slide into negative equity......

VIDEO: Work starts on Pompeii restoration
A major project has been launched to restore and protect one of the world's greatest archaeological sites: the ruins of Pompeii......

Sochi 2014: One year countdown begins
Sochi starts countdown to 2014 Winter Olympics.....

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

VIDEO: Tech startups choose Newcastle
Newcastle's entrepreneurs square up to rivals.....

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

Would you stay with complete strangers?
Anger as social networks link tourists with home owners.....

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

U.S. Day Ahead: With or without Einhorn, Apple eyes giveaway
Feb. 7 - Keep an eye on Apple after it said it would look at David Einhorn's proposal to issue preferred stock. That sent its shares surging three percent at the close......

Daily Digit: Dreamliner's 1,671 miles
Feb 7 - One Boeing 787 Dreamliner is flying 1,671 miles for the first time since this breed of plane was grounded in January 16th and as U.S. regulators say there is a "long way ahead" in the safety investigation. Conway G. Gittens reports......

Wealth Strategies: Most new ETF money coming from cash
Feb. 7 - Schwab Vice President Beth Flynn says ETF flows indicate investors are getting off the sidelines and putting cash to work in the markets......

FACTBOX: Einhorn bites Apple
It's hedge fund Goliath vs. tech titan! Greenlight Capital's David Einhorn wants Apple to use more of its $137 B cash pile for higher yielding dividends......

Techquity: Apple's dividend battle, Google's valuation issue
Feb 7 - Greenlight Capital's David Einhorn takes on Apple over its cash pile while analysts express concerns about Google's valuation......

Ireland's "historic" debt deal with ECB
Feb. 7 - Ireland has struck a long-awaited deal to ease the burden of debts it took on to rescue its banking system in a way that will cut its budget deficit and borrowing needs and put it on track to end its reliance on EU-IMF loans this year. Sonia.....

ECB to monitor euro strength
Feb. 7 - The European Central Bank will monitor the impact of a strengthening euro on the currency bloc's economy but said it was not a policy target and showed growing confidence in the region. Sonia Legg reports.....

NTSB says found 787 battery problem
Feb 7 -National Transportation Safety Board Chairman Deborah Hersman says investigators have discovered a single battery cell caused the fire on a Boeing 787 Japan Air Lines flight in Boston last month......

Pressure on EU leaders to agree budget
Feb. 7 - European leaders have begun high-pressure talks on a long-term budget, from 2014 to 2020, which will assign nearly 1 trillion euros in spending. But the countries remain divided, with some determined to refocus spending on growth and others .....

Trading at Noon: Einhorn to Apple: Think different
Feb 7 - Greenlight Capital's David Einhorn sues Apple, saying the company should give stockholders a bigger share of its huge cash pile......

Breakingviews: Gray Lady blues
Feb 7 - Antony Currie and Breakingviews columnists discuss why the New York Times needs to halt the decline in advertising revenue as well as boosting subscriptions and why new boss Mark Thompson may not be best placed to do it......

Daily digit: Daimler's falling earnings
how poor sales in the key Chinese markets was partly to blame. Julian Satterthwaite reports.....

Pressure mounts on Spain PM Rajoy, but he's safe...for now
Feb. 7 - Spain Chief Correspondent Fiona Ortiz talks about the latest twists and turns in the alleged corruption scandal engulfing the Madrid government......

Europe Day Ahead: EU summit day 2 a deal is seen but when?
Feb. 7 - EU leaders are expected to reach a budget deal but no one knows when. German data on Friday is expected to show Europes growth engine is recovering. MAN may say Q4 operating profit fell......

Dont let reward points die with you Money clip
Chelsea Emery. But the effort is worth it. (February 7, 2012).....

3XSQ: David Einhorn sues Apple over preferred stock proposal
Feb 7 - David Einhorn's Greenlight Capital has filed suit against Apple over a proposal in Apple's proxy to eliminate preferred stock......

ECB leaves rates unchanged
Feb. 7 - We'll gauge the impact on the markets after the ECB left rates unchanged at 0.75 percent with James Shugg, chief economist at Westpac......

News Corp stock dip a buying opportunity- RBC's Bank
Feb 6 - RBC Capital Market's David Bank breaks down News Corp's earnings- and explains why he thinks the stock dip is a buying opportunity. Bobbi Rebell reports......

Time Warner picture gets clearer
Feb 6 - The strong Time Warner results underscore the fundamental health of the TV ecosystem, according to S&P Capital IQ's Tuna Amobi. Bobbi Rebell reports......

Reuters Asks: Should Central Bank abandon inflation targets?
Feb. 7 - We ask our guests if they think Central Bankers should abandon inflation targetting.....

Reuters on the Road: Forget Silicon Valley, StartUp Britain booming
taxi challenge to tell us why almost half a million entrepreneurs think now is a great time to be starting a business in the UK.....

MC10: Turning microchips into Second-skin'
Feb. 7 - Davos is a hotpot for new and innovative tech companies, including MC10 whove devised a microchip that moulds to the body like a second skin. Nigel Hilditch meets CEO, David Icke......

Economy 2013: Daimler CEO on Q4 earnings and outlook
Feb. 7 - We discuss the Daimlers fourth-quarter results and outlook with the German automakers chief executive Dieter Zetsche......

Reuters Breakingviews: Bad news for debt wannabes
Feb. 7 - Credit Suisse's Q4 results should cause alarm in a bank not in the top tier of fixed income trading says Breakingviews......

A pulse from Sony, but condition still critical
Feb. 7 - A weaker yen and aggressive cost-cutting have resuscitated Japans tech giant -- but to fully recover, it'll need to deliver new products with fatter margins. Jon Gordon reports......

Regulator questions Boeing Dreamliner tests
America's chief transport safety regulator has questioned the adequacy of tests that gave the green light for Boeing to use lithium-ion batteries on its 787 Dreamliner, casting doubt on how quickly the aircraft will return to the skies.<img width=.....

Wall St hedge fund manager tries to force Apple to share out its $137bn cash pile
One of Wall Street's biggest hedge fund managers is suing Apple in an attempt to force the iPhone maker to give more of its $137.1bn (88bn) cash pile to investors.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2.....

Peugeot reveals 4.7bn writedown
French car company blames extremely difficult European market.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/28588654/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/15598460.....

Mark Carney's willigness to try will be invaluable
Two hours into Mark Carney's grilling by MPs on Thursday - ahead of his arrival in July as Governor of the Bank of England - the Old Lady of Threadneedle St dropped a quiet little bombshell.<img width='1' height='1' src='http://telegraph.feedsport.....

Thomas Cook's turnaround plan kicks in as performance improves
An improved performance from Thomas Cook was overshadowed on Thursday by shareholders giving the tour operator's board a bloody nose over executive pay.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2857fe41/mf......

Punch faces challenge over debt restructuring
Pubs group Punch Taverns is heading for a potential bust-up with senior bondholders after unveiling the details of a long-awaited restructuring.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/28587a6f/mf.gif' bor.....

What did Bumi chairman Samin Tan know about $1bn 'irregularities'?
Bumi's directors were given a document last September showing that chairman Samin Tan was alerted to more than $1bn (637m) of alleged financial wrongdoing at the group's Indonesian assets as long ago as November 2011.<img width='1' height='1' src=.....

Bumi chairman alerted to alleged wrongdoing in 2011
Bumi's directors were given a document last September showing that chairman Samin Tan was alerted to more than $1bn (637m) of alleged financial wrongdoing at the group's Indonesian assets as long ago as November 2011.<img width='1' height='1' src=.....

The Bank steals Carney's thunder
Two hours into Mark Carney's grilling by MPs yesterday - ahead of his arrival in July as Governor of the Bank of England - the Old Lady of Threadneedle St dropped a quiet little bombshell.<img width='1' height='1' src='http://telegraph.feedsportal.....

Mark Carney sets out his stall
What exactly did we learn from Mark Carney's first performance as future Bank of England Governor.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/28587a74/mf.gif' border='0'/><br/><br/><a href=".....

National Express plans German invasion
UK transport group wins contracts to operate commuter services.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/28587a78/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/1559846.....

Mark Carney signals push for UK growth
The future Governor of the Bank of England has signalled he will go for growth when he takes over in July with a series of radical policy proposals to rescue the country from its "exceptional" economic problems.<img width='1' height='1' src='http:.....

Let's make the most of the clever Mark Carney
The new governor's arrival provides George Osborne with an opportunity he can't afford to miss, argues Jeremy Warner<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/28587dfd/mf.gif' border='0'/>.....

Let's make the most of the Bank of England's new Governor, the clever Mark Carney
Mark Carney gives George Osborne a boost which the Chancellor must use, says Jeremy Warner<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2857f7e4/mf.gif' border='0'/><br/><br/><a href="http://d.....

Bank warns on high inflation and weak economy
The Bank of England has warned that inflation will stay higher for longer while the economy will remain weak, as it departed from tradition by issuing a statement despite leaving policy on hold.<img width='1' height='1' src='http://telegraph.feeds.....

Former Baugur chairman Jon Asgeir Johannesson convicted of tax evasion
Iceland's Supreme Court has convicted the former heads of Baugur, an Icelandic group that invested heavily in British retailers and went bust after the nation's economic crash, of tax evasion.<img width='1' height='1' src='http://telegraph.feedspo.....

Ophir drops on shareholder placing
The company suffered the biggest fall on the FTSE 250.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2857f54c/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/155984572148/u/3.....

Exports and factories give reason for tentative UK cheer
A pick-up in British exports and at factories cheered the view of UK growth, prompting economists to say that the threat of a triple-dip recession is "receding".<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/285.....

Aviva chairman John McFarlane slams Andrew Moss's leadership
Aviva's new chairman has issued a damining assessment of Andrew Moss's career as the insurer's chief executive - claiming the company became risky, complex and directionless.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f.....

EU budget summit: as it happened - February 7, 2013
David Cameron has arrived at an European Union budget summit, threatening to block any deal that does not cut Brussels spending significantly.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/285765de/mf.gif' borde.....

Ocado pledges it will make a profit despite another year of losses
Chief says retailer will "make hundreds of millions of pounds".<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/285765df/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/1559845.....

Sketch: Mark 'Clooney' Carney meets the Commons fan club
Michael Deacon watches Mark Carney, the incoming Governor of the Bank of England, be interviewed by MPs.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/28575f11/mf.gif' border='0'/><br/><br/><a .....

Mark 'Clooney' Carney charms the TSC
Welcomes don't come much warmer than this. Appearances before the Treasury Select Committee normally involve a stern interrogation, but at times this one felt more like a fan-club meet-and-greet.<img width='1' height='1' src='http://telegraph.feed.....

Mark Carney under the spotlight: experts give their view
As incoming Bank of England governor Mark Carney gets his first grilling by MPs, experts from the worlds of the Bank, City, economics and body language react.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2856a2.....

EU budget summit - live
David Cameron has arrived at an European Union budget summit, threatening to block any deal that does not cut Brussels spending significantly.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/28561009/mf.gif' borde.....