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Friday 8 February 2013

UK Financial News on 2013-02-08

Firms face horsemeat 'disaster'
The latest scandal over horsemeat in processed food could be "disastrous" for the meat processing industry, retail analysts warn......

HMV chief executive made redundant
HMV chief executive Trevor Moore is among 60 people made redundant by administrators in charge of restructuring the High Street music retailer......

EU leaders agree 3% budget cut
EU leaders meeting in Brussels reach a deal on the budget for 2014-20 which involves the first-ever real-terms cut......

Boeing warns customers of 787 delays
Boeing warns customers awaiting delivery of new 787 Dreamliners to expect delays amid a continuing investigation into their safety......

US trade deficit points to growth
A narrowing in the US trade deficit during December raises hopes that the economy was stronger in the final quarter of 2012 than first estimated......

Moody's shares fall amid legal fears
Shares in the US credit rating agency Moody's fall 7.7% in trading in New York on Friday amid fears of legal action surrounding rating agencies......

Construction output revised up
Output in the construction industry grew by 0.9% in the last three months of 2012, which was more than initially thought......

London Market Report
London shares have a strong end to the week after robust trade figures from China boost mining and banking stocks......

Mortgage rates fall to new lows
Interest rates on some new mortgages fixed for five years have fallen to the lowest levels on record......

Apple sued by activist shareholder
An activist shareholder is demanding Apple share out more of its $137bn (87bn) cash pile to its investors......

French economy 'to avoid recession'
The French economy will avoid recession this year, according to the country's central bank......

US firm AOL reveals revenue growth
US internet firm AOL reports its first year-on-year revenue growth for eight years, boosted by strong advertising sales, sending its share price higher......

Tie-up plans for Crown post offices
The Post Office has announced plans to close up to 70 of its Crown branches, and re-open them in local shops......

Peugeot in 4bn-euro asset writedown
French car maker PSA Peugeot Citroen writes down the value of its assets by 4.1bn euros to reflect the worsening state of Europe's car market......

Baugur ex-head guilty of tax evasion
The former boss of failed Icelandic retail group Baugur, Jon Asgeir Johannesson, has been found guilty of tax evasion......

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......

MPs attack disability benefits tests
MPs criticise the test used to see whether disability benefit claimants are fit to work - but ministers dismiss their report as "scaremongering"......

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......

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......

Chinese exports and imports surge
China reports better-than-expected trade data, fuelling optimism that its economic growth may be rebounding from the recent slowdown......

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......

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......

Nissan profits fall on weak demand
Japanese car maker Nissan reports a big fall in third quarter profits, blaming weak demand, but keeps its full-year forecast unchanged......

Sony shares slump after losses
Shares in the Japanese electronics maker Sony slump 10% as investors respond to the firm's latest results......

LinkedIn results beat hopes again
Business-focused social networking website LinkedIn's quarterly profits were double expectations, sending shares up 10% in after hours' trading......

Uefa cuts Champions League prices
Uefa has reduced the cheapest tickets available for this year's Champions League final at Wembley to 68......

Olympic organisers made 53m loss
The organisers of London 2012 made a 53m loss in the 18-month period to the end of September last year, official accounts show......

Super Bowl power outage explained
A New Orleans power firm says the Super Bowl blackout was caused by faulty device designed to prevent failure of cables leading to the Superdome......

VIDEO: The politics of the EU red carpet
BBC political correspondent Iain Watson explains how European Union leaders know exactly which microphone to find when they arrive on the red carpet at summits......

VIDEO: What is the future of television?
With Netflix investing millions in creating its own TV shows, why Amazon and Microsoft are also joining the TV game......

VIDEO: Councils to 'grab wealth for their areas'
Councils are being encouraged to work smarter, do more for less and tap in to their revenue-generating potential to make money and "grab wealth"......

VIDEO: Who will Mark Carney try to please?
Will the next governor of the Bank of England, Canadian Mark Carney, be like his predecessor Mervyn King, or something completely different?.....

VIDEO: Tests ordered on UK beef products
Food retailers have been told to carry out tests on all processed beef products after some Findus lasagnes were found to contain 100% horsemeat......

VIDEO: EU budget summit wrestles over cuts
EU leaders are edging towards a compromise deal on the 2014-2020 budget after all-night talks, officials say......

VIDEO: Banking on craft perfumes for success
One young Asian entrepreneur tells the BBC how he looked to his forebears' perfume expertise for business inspiration......

VIDEO: MPs criticise disability work tests
The government's workplace capability assessments, designed to get more disabled people back to work, have been heavily criticised by a committee of MPs......

Rio's shanty towns spread their wings
How Rio's favelas are coming up in the world.....

Challenges for Africa's mines sector
Investors are shifting attention away from South Africa.....

The universal mobile web without walls
Building an open and universal mobile web.....

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

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

CA pension funds claim $100s of mlns in S&P suit: Treasurer
Feb. 8 - California State Treasurer Bill Lockyer says it appears that business relationship between ratings agencies and clients could led to incorrect ratings that should have been monitored......

MuniLand: California Treasurer--Investor appetite growing for GOs
Feb 8 - California Treasurer Bill Lockyer says the amount of the state's bonds sold should reach $7 billion in 2013, and still sees a robust bond market despite increased investor interest in equities......

Techquity: LinkedIn is boring but stellar
Breakingviews Columnist Rob Cyran likes LinkedIn but isn't enthralled by its products. He also gives his take on OpenTable and others tech names......

U.S. Week Ahead: Obama's goals could hit fiscal wall
Feb. 8 - Expect to hear more about climate change, energy independence and gun control in President Obama's State of the Union Address. But those could take a back seat until the debt ceiling is resolved......

EU embraces austerity for 7-year budget deal
08 Feb - European leaders reached agreement on the first ever cut in their common budget after 24 hours of intense negotiations, meeting the demands of northern European countries that wanted belt-tightening, while maintaining spending on farm subsid.....

Rust brings boost to solar energy potential: scientists
Feb. 8 - Using the power of sunlight, Swiss scientists are developing methods of extracting inexpensive, safely transportable, hydrogen fuel from iron oxide - commonly known as rust. The process essentially converts solar power into hydrogen, vastly .....

Daily Digit: $38.5 billion trade gap
Feb 8 - The U.S. trade deficit narrowed to $38.5 billion in December, suggesting the economy actually grew at the end of last year, instead of contracting. Conway G. Gittens reports......

Ireland: 5 steps back from the brink
Feb. 8 - From the brink of collapse to recovery, in just a few years. Irelands financial rehabilitation has been painful, but the scars are healing. We look at 5 key steps Dublin took on the road to recovery......

Trading at Noon: Exclusive- The 'Dell's' in the details
Feb 8 - Dell shareholder, Southeastern Asset Management says the recent buyout bid undervalues the company, adding to investor dissatisfaction......

Wealth Strategies: Sector rotation in mutual funds is a myth
Feb. 8 - Lipper's Tom Roseen says retail investors are not just shifting assets from one class or sector to another, but they're actually taking cash off the sidelines and putting it to work in the markets......

Breakingviews: USPS not delivering
Feb 8 - Richard Beales and Breakingviews columnists discuss whether subsidies for the U.S. Postal Service's $5 bln or more of annual losses could be better spent improving national broadband access......

Europe Week Ahead
Feb. 8 - A look to the close of the European markets and a look ahead to next weeks trading, as well as what to expect from the Asian markets on Monday......

Retailers fight for China's new year tourists
Feb. 8 - Retailers in austerity-hit Europe are increasingly battling to attract Asian shoppers. As the Chinese new year holiday gets into full swing just how important are foreign shoppers to struggling domestic markets? Hayley Platt reports.....

3XSQ: Trade deficit narrows sharply, points to stronger GDP
Feb 8 - The U.S. trade deficit shrank in December to its narrowest in nearly three years, suggesting the economy did much better in the fourth quarter......

California start-up brings deft touch to virtual reality
Feb.8 - Silicon Valley start-up, zSpace, has produced a virtual 3D display its founders say will revolutionize the way people interact with computers. The system gives three-dimensional form to virtual objects and allows users to manipulate those obj.....

California start-up brings deft touch to virtual reality
Feb. 8 - Silicon Valley start-up, zSpace, has produced a virtual 3D display its founders say will revolutionize the way people interact with computers. The system gives three-dimensional form to virtual objects and allows users to manipulate those ob.....

Daily Digit: Peugeot's 4.1bln euro writedown
Feb. 8 - Shares in PSA Peugeot Citroen rose almost 5 percent after the French budget minister said it would consider taking a stake in the struggling automaker following a 4.1 billion euro writedown. Ciara Sutton reports......

In the Boardroom: should CEOs sit on boards?
Feb. 8 - Lucy Marcus asks Alcatel Lucent UK & Ireland CEO, Lucy Dimes about the pros and cons of sitting on boards......

Reuters Breakingviews: Peugeot, the arthritic lion
Breakingviews, and the outlook for French carmakers outlook remains bleak. A bailout may be on the cards......

Reuters Today: Leaders close-in on EU budget deal after all-nighter
Feb. 8 - EU leaders bleary-eyed this morning after thrashing out the blocs long-term budget into the early hours & China trade surge points to recovery......

Rough Cuts: Lunar New Year puts snakes in the spotlight
Feb. 8 - The snake has a bad rep in the West, but in China people are celebrating the reptile in everything from sports shoes to chocolates and special soups as the Year of the Snake is rung in......

Asia Week Ahead: In China, new year but few new loans
Asia Economics & Markets Editor Wayne Arnold......

U.S. Morning Call: Moody's reports and may get sued
Feb 8 - The Justice Department and multiple states are discussing also suing Moody's for defrauding investors, according to people familiar with the matter......

Market Pulse: $1.40 would get euro warning from Draghi
Feb. 8 - The ECB has so far kept out of the so-called global currency war. But a euro move up to $1.40 would prompt a verbal salvo from Mario Draghi, says Morgan Stanley. Plus, the Nasdaq turns 42......

Draghi drags Wall Street
Feb 7 -Summary of business headlines: Stocks decline as ECB chief signals growth concerns; U.S. shoppers keep up despite smaller paychecks; BlackBerry says "sayonara" to Japan; Apple explores cash options after shareholder lawsuit; Dreamliner still g.....

LSE deputy chairman Paolo Scaroni dragged into bribery scandal
The London Stock Exchange has been dragged into a bribery scandal in Italy after it emerged that the bourse's deputy chairman, Paolo Scaroni, was under investigation by prosecutors.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/.....

Venezuela devalues currency
The first such change by Hugo Chavez since 2010, expected to push up prices in import-reliant economy.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2861f346/mf.gif' border='0'/><br/><br/><a hr.....

Boeing 787 crisis deepens as customers plan for the worst
Boeing's woes deepened after Britain's Thomson Airways said it was planning for the possibility that its first 787 Dreamliner will not be delivered in time to start flying passengers as planned from May.<img width='1' height='1' src='http://telegr.....

One last chance tofor growth
Telegraph View: In his next Budget, George Osborne needs to be far bolder and introduce self-financing tax cuts<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2861f34a/mf.gif' border='0'/><br/><br/>.....

Former boss of Next and JJB Sports charged
Sir David Jones, the man who turned Next into one of Britain's largest retailers, has been charged over allegations of forgery and making misleading statements to the market.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f.....

It's Britain that is in need of overseas aid
Don't stop at the Bank of England - most of our institutions could do with a foreign touch, says Matthew Norman<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2861a931/mf.gif' border='0'/><br/><br/>.....

Cantor Fitzgerald buys Seymour Pierce out of administration
One of London's oldest brokers became latest casualty of tough trading conditions.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2861a543/mf.gif' border='0'/><br/><br/><a href="http://da.feedsp.....

'Early access' pension offers face crackdown
Rip-off schemes that offer early access to pensions - before age 55 - are to face a crackdown by law enforcement agencies.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2861a544/mf.gif' border='0'/><br/>.....

Replace Bumi boss Nick von Schirnding, advises Pirc
Bumi chief executive Nick von Schirnding should be replaced by Brock Gill, a candidate proposed by financier Nat Rothschild, corporate governance adviser Pirc has declared.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/5.....

Helen Boaden offered BBC radio job
Helen Boaden, the BBC director of news who was criticised for her handling of the Jimmy Savile debacle, has been offered the job of running radio instead.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2861004b/m.....

Retailers set for Chinese shopping spree amid New Year celebrations
Retailers are bracing themselves for a stellar shopping spree next week as Chinese tourists come out in force for new year and Golden Week celebrations.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2861004c/mf......

Chinese New Year shows potential of tourist spend in Britain
There are only a few hours left until the world's biggest street party swings into gear - and it seems British retailers can't wait.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2861004d/mf.gif' border='0'/>.....

Growth in construction raises hopes
Britain's troubled construction industry grew more quickly than thought in the final three months of last year, raising hopes that the economy ended 2012 in better shape than initially estimated.<img width='1' height='1' src='http://telegraph.feed.....

EU summit: Read the conclusions in full
After intense all-night negotiations ended with EU leaders reaching an agreement on a seven-year budget, you can read their full conclusions here.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2861004f/mf.gif' b.....

EU budget summit - as it happened
Intense all-night negotiations have come to an end as EU leaders reach agreement on budget proposals for the rest of the decade.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2860d3c1/mf.gif' border='0'/><.....

BlackBerry surrenders in Japan
Troubled smartphone maker BlackBerry has run the white flag up in Japan, by effectively withdrawing from that market.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2860d3c2/mf.gif' border='0'/><br/><.....

888 and bwin.party investors bet on New Jersey
Online gambling companies 888 Holdings and bwin.party's shares hit the jackpot on Friday after a key US lawmaker in New Jersey let his poker face slip and indicated the state would soon allow internet gaming.<img width='1' height='1' src='http://t.....

EU budget summit - live
Intense all-night negotiations have come to an end as EU leaders reach agreement on budget proposals for the rest of the decade.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/285bc182/mf.gif' border='0'/><.....

Cameron claims historic victory as EU leaders agree on first-ever budget cut
David Cameron has claimed to have won a historic victory in cutting the European Union budget, urging the British people to take pride in his achievement.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2860ccc5/m.....

US settles with Macmillan in Apple e-book price-fixing case
US authorities have reached a settlement with Macmillan, the last of five publishing firms accused of colluding with Apple in an e-book price-fixing conspiracy.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2860.....

Cameron triumphs as European leaders agree on first-ever budget cut
European leaders have agreed to the first-ever reduction in the European Union's budget, in a significant diplomatic victory for David Cameron.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/285fbe6d/mf.gif' bord.....

Investors fall out of love with Cupid.com
Investors have fallen out of love with Cupid.com after a BBC radio show started investigating the company as part of a programme about the online dating world.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/285f4.....

US trade deficit narrows sharply
The US trade deficit shrank in December to its narrowest in nearly three years, suggesting the economy did much better in the fourth quarter than initially estimated.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/.....

Tax payment nightmare rolls on
Exclusive: The Telegraph disclosed how Colin Jones was one of up to a thousand people double-charged when paying tax bills last week. Now he's been double refunded.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/.....

Horse meat scandal: French lasagne supplier silent
The French food company that supplied frozen lasagne found to contain up to 100pc horsemeat to British supermarkets on Friday shut down its website and declined to answer media enquiries.<img width='1' height='1' src='http://telegraph.feedsportal......