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Saturday 9 February 2013

UK Financial News on 2013-02-09

Barclays shuts 'tax avoidance' unit
Barclays is to close down a part of its business which helped clients avoid tax, the BBC understands......

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......

Pension 'liberation' scam tops 400m
The pensions regulator says individuals have given illegal "pension liberation" schemes an estimated 400m since 2008......

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......

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......

Dell shareholder to fight buy-out
The largest independent shareholder in PC-maker Dell vows to oppose a plan by its founder, Michael Dell, to buy back the company......

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......

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"......

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......

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......

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......

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: Your Money: Switching bank accounts
In this week's Your Money, Declan Curry asks whether new plans to help you switch your current account will work, and how to save money on water bills......

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: 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.....

Isa savers frustrated by low rates
Why savers are frustrated by low interest rates.....

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.....

Real and digital collide in toy land
Feb 08 -The world's two biggest toy companies, Mattel and Hasbro, are already betting on what will be the hot toys for 2013 as the cross between physical and digital toys collide at the annual Toy Fair in New York City. Bobbi Rebell reports......

Nasdaq parties like it is year 2000
Feb 06 - Summary of business headlines: Tech-heavy Nasdaq hits 12-year closing high; Sales surge 81 percent at LinkedIn; AOL revenues growing again; Major Dell shareholder says buyout price too low; Boeing can test flight 787s. Conway G. Gittens repo.....

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......

RWE warns on UK energy policy
German energy giant RWE has warned it will significantly scale back its investment in Britain unless the Government provides "desperately needed" certainty over energy policy.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/.....

Pub company raises 10m for expansion
A new pub company co-founded by David Bruce, the architect of the Firkin and Slug and Lettuce brands, is raising 10m to build a network of local inns in traditional market towns, such as Henley-on-Thames.<img width='1' height='1' src='http://teleg.....

Pret's appetising refinancing deal
The private equity firm behind Pret a Manger could be in line for a 300m payout after shelving IPO plans in favour of a refinancing deal.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2867fbe1/mf.gif' border='0'.....

Aer Lingus chief - we're worth more
Aer Lingus could be worth more than 850m (719m) if it remains independent, the airline's chief has suggested, as European competition authorities prepare to rule on Ryanair's 694m bid for Ireland's national carrier.<img width='1' height='1' src='h.....

Aer Lingus CEO - we're worth more
Aer Lingus could be worth more than 850m (719m) if it remains independent, the airline's chief has suggested, as European competition authorities prepare to rule on Ryanair's 694m bid for Ireland's national carrier.<img width='1' height='1' src='h.....

Stelios sets sights on easyJet chairman
Sir Stelios Haji-Iaonnou is to reopen his battle with the board of easyJet as he prepares to launch another attack in the long-running war of words with the airline he founded.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726.....

JLR to invest 5bn on back of sales rise
Jaguar Land Rover will invest a total of almost 5bn this year and next in technology and product development as it reports a rise in sales and further international expansion for the third quarter.<img width='1' height='1' src='http://telegraph.fe.....

Growth targets hit again as 'big squeeze' goes on
The Bank of England will cut its growth forecasts this week and warn that the squeeze on family finances will last longer than expected in a prediction likely to douse recent hopes that the UK was heading back to recovery.<img width='1' height='1'.....

Rolls-Royce expects profits boost
Rolls-Royce is expected to report increased profits for 2012 this week after winning a series of new contracts with businesses such as Singapore Airlines and Air New Zealand.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f.....

Byron sale values chain at 120m
Byron, the hamburger chain put up for sale by owner Gondola Holdings, is worth as much as 120m, new figures reveal.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2867fbe7/mf.gif' border='0'/><br/><br.....

Witty lays out Glaxo vision with UK in lead
GlaxoSmithKline's chief executive tells Andrew Cave the future is about sales in emerging markets and why the company's Ribena and Lucozade may be sold .<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2867fbe8/mf.....

The race is on for Europe's pay-TV viewers after Virgin Media deal
Race is on now US "godfather of cable" has swooped on Virgin Media .<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2867fbe9/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/15.....

McDonald's CEO hails the 'positive force' of business
The chief executive of McDonald's UK has called for the positive role businesses play in the wider economy to be championed.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2867fbea/mf.gif' border='0'/><br/&.....

McDonald's UK chief makes sure every customer has a happy meal
Jill McDonald makes sure every customer has a happy meal.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2867fbec/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/155984625315/.....

Rainmaker: Private equity - silence is not the correct option
In 2007, the private equity industry had what many observers thought would be a watershed moment.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2867fbeb/mf.gif' border='0'/><br/><br/><a href="h.....

Think Tank: Where are the adverts for the advertising industry?
It is one of the great ironies of the advertising industry that it has never been especially good at advertising itself.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2867fbed/mf.gif' border='0'/><br/>&.....

Helping hand for growing firms
Growth Accelerator scheme aims to support small businesses.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2867fbee/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/15598462531.....

Tax compliance should be judged by rules and not morals
The episode of Starbucks and Her Majesty's Revenue & Customs is topical and very instructive.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2867fbef/mf.gif' border='0'/><br/><br/><a href="h.....

Good start Mr Carney, but we're still in a mess
Mark Carney seemed to give a convincing account of himself at the Treasury Select Committee last week.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2867fbf1/mf.gif' border='0'/><br/><br/><a hr.....

Barclays - time to hear the case for the defence
The word may have been slightly forced from his mouth, but when Antony Jenkins agreed that he wanted to "shred" the legacy of Bob Diamond, you could almost hear the coffee cup smash into the wall in New York.<img width='1' height='1' src='http://t.....

A road map for success and our commitment to real change
Barclays chief executive Antony Jenkins sets out his road map for success.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/28674d7a/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.co.....

City eagerly awaits Barclays' strategy review
Bank's CEO must persuade investors that his vision of a 'socially useful bank' can also deliver sustainable returns, reports James Quinn<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/28674d7b/mf.gif' border='0'/.....

Barclays to close tax unit
Barclays is to close its controversial tax avoidance unit as one of the landmark measures of Antony Jenkins' much anticipated strategy review designed to show that "Barclays is changing".<img width='1' height='1' src='http://telegraph.feedsportal......

Monte Paschi expected to receive state aid in 'very' short time'
Italy's troubled lender Monte dei Paschi expects to receive 3.9bn (3.3bn) in state loans in a "very short time", Chairman Alessandro Profumo said today.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2866441c/mf......

Mike Lynch raises $1bn for technology investment
Former Autonomy boss Mike Lynch has raised $1bn through his Invoke Capital fund to invest in fledgling British technology companies.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2866434c/mf.gif' border='0'/>.....