Search This Blog

Wednesday 13 February 2013

UK Financial News on 2013-02-13

Bank warns inflation 'to stay high'
UK inflation will remain above the Bank of England's target for the next two years, but a recovery is in sight, the Bank's governor says......

Republic chain enters administration
Leeds-based fashion chain Republic, which employs 2,500 staff, confirms that it has become the latest High Street name to go into administration......

Santander faces fines over advice
One of the UK's biggest banks, Santander, may be fined for breaching the City regulator's rules on giving investment advice to customers......

EU and US launch free-trade talks
The European Union and the US will begin formal talks on a free-trade agreement, paving the way for the biggest trade deal in history......

Thomson Reuters to cut 2,500 jobs
Financial news and data provider Thomson Reuters says it is to cut 2,500 jobs, or 4% of its workforce, as it reports sluggish sales growth......

Lew urges US to avoid spending cuts
The expected next US Treasury Secretary, Jack Lew, urges the country's politicians not to allow automatic spending cuts to take effect at the end of the month......

Apple loses iPhone ruling in Brazil
Brazil's trademark office rules that Apple does not have exclusive rights to the iPhone name, but the US tech giant is already appealing the decision......

Irn Bru firm merger to be reviewed
The proposed merger of Irn Bru-maker AG Barr with rival soft drinks firm Britvic is to be investigated by the Competition Commission......

Apple boss dubs cash lawsuit 'silly'
Apple boss Tim Cook calls a lawsuit brought by shareholder David Einhorn over what to do with the computer giant's cash pile a "silly sideshow"......

Blockbuster to close 164 more stores
DVD rental firm Blockbuster is to close a further 164 UK stores, with about 800 staff in the affected stores facing redundancy......

Steel firm 50m loss in three months
Tata Steel, which employs around 7,500 people in Wales, reports quarterly losses of 50m blamed on sliding demand in Europe......

UK workers earn the same as in 2003
Workers in the UK are earning no more than they were 10 years ago, according to the Office for National Statistics (ONS)......

Mobile phone sales 'go into reverse'
Sales of mobile phones declined by nearly 2% in 2012, a study suggests......

London Market Report
The pound fell sharply on the currency markets following comments from the Bank of England, while the FTSE 100 was in positive territory by lunchtime......

Russia tightens bank account control
Russia introduces fines for Russians who receive money in foreign bank accounts, in a crackdown on capital flight......

Dutch bank ING to cut 2,400 jobs
Dutch banking and insurance group ING announces a further 2,400 job cuts as it prepares to split its banking and insurance operations......

Peugeot Citroen posts record loss
French carmaker PSA Peugeot Citroen reports its biggest annual loss of 5bn euros ($6.7bn; 4.3bn) for 2012, blaming shrinking European sales......

Back-to-work schemes breached law
Judges agree with a graduate's claim unpaid back-to-work schemes are legally flawed, but the government passes new rules to allow them to continue......

Housing market shows revival signs
The UK housing market is showing signs of its first significant revival since the credit crunch nearly six years ago......

UK inflation rate unchanged at 2.7%
UK consumer price inflation remained unchanged at 2.7% for the fourth consecutive month in January, after a big rise in alcohol and tobacco prices......

Yen jumps as G7 clarifies statement
The yen jumps against major currencies after a G7 official clarifies a statement the group had made on the currency markets......

Jamaica in crisis debt-swap plan
Jamaica announces plans for its second debt swap in three years in the face of a "serious economic crisis"......

Pension deficits fall back to 211bn
The deficit of private sector, final-salary pension schemes fell back in January, according to figures from the Pension Protection Fund......

Comcast to take over NBCUniversal
US cable provider Comcast is to acquire the full ownership of TV and film company NBCUniversal for $16.7bn (10.7bn)......

US approves CNOOC takeover of Nexen
The US approves the sale of Canadian oil firm Nexen to China's state-owned CNOOC, clearing the way for the deal to be completed......

Barclays announces 3,700 job cuts
Barclays says it will cut 3,700 jobs this year following a strategic review by its new chief executive Antony Jenkins......

Pompey hearing is adjourned again
The High Court hearing to determine the future of Portsmouth Football Club is adjourned for a fourth time......

Stockport loses British funding
British Swimming cuts funding to Stockport's Intensive Training Centre but it will continue with the other four ITCs......

G4S Olympic losses increase to 70m
G4S, the firm that failed to provide enough security guards for London 2012, announces a 70m compensation deal with the Olympic organising committee......

VIDEO: Bank of England: 'Steady recovery'
Bank of England's Sir Mervyn King says the UK economy will see a "slow but steady recovery"......

VIDEO: Bank of England: 'Recovery in sight'
The UK economy has "cause for optimism", the governor of the Bank of England says, but warns that inflation will remain above target for two years......

VIDEO: Republic fashion chain: 'Weak sales'
Clothing chain Republic has confirmed widespread fears, announcing that it has called in the administrators......

VIDEO: EU and US free-trade talks explained
The BBC's Stephen Evans explains why a free-trade agreement between the European Union and the US will be difficult to reach......

VIDEO: New 185m blast furnace powers up
One of the biggest private employers in Wales has started production at its new 185m blast furnace in Port Talbot......

AUDIO: UK economy signals 'edging upwards'
CBI director general John Cridland tells Today business presenter Simon Jack that "at the moment the economy is pretty flattish, but I think there's just signs week by week that we might be edging upwards.".....

VIDEO: Government to hold horsemeat summit
Environment Secretary Owen Paterson will meet Food Standards Agency and food industry representatives later to discuss the horsemeat crisis......

VIDEO: 7,000 handset 'not just for show'
Luxury smartphone maker Vertu has launched its first Android-operated handset......

VIDEO: Real-life Dragons' Den hopefuls
The angel investors funding start-up businesses.....

When stores go bust: How to get your money or goods back
How to get your money or goods back.....

Q&A: North Korea's economy
Further sanctions loom over N Korea's shattered economy.....

Horsemeat scandal: Can brands like Findus recover?
Can Findus and the others recover their form?.....

The hackers hunting for clues about you
The hacking group which uses social networks to attack firms.....

The Italian fashion capital being led by the Chinese
Chinese firms leading the way in Italy's clothes-making heartland.....

U.S. Day Ahead: How the smart money is playing Apple
Feb. 13 - Investors will find out how hedge fund titans are betting on Apple with the release of key 13F filings. Leon Cooperman's Omega Advisors has already dumped its stake and bought Facebook......

Retinal implant brings sight to the blind
Feb. 13 - An implant attached to the retinas of people blinded by Retinitis Pigmentosa is allowing them to see, in many cases, for the first time in years. The implant is part of a technology called Argus II which creates visual signals with stimulii.....

Techquity: More iPhone concerns, Amazon goes Hollywood
Feb 13 - Apple analyst says expect a long wait for an iPhone 6, while Amazon does more entertainment deals......

FACTBOX: A look behind Obama's 20% minimum wage hike
Feb. 13 -Obama wants to increase the minimum wage from $7.25 to $9.00. Here are the facts........

Daily Digit: Deere's $7.42b revenue
Feb. 13 - Deere's total revenue rose 10 percent to $7.42 billion in the final quarter of 2012, well ahead of analysts' expectations. Conway G. Gittens reports......

Trading at Noon: Kabletown or 'Comcast' sweeps up 30 Rock
Feb 13 - Comcast buys the rest of NBC Universal from GE in a $17 bln deal; GE shares up 3 percent to highest level since 2008......

India's blacklist warning after Italian CEO arrest
Feb.13 - India has said it might blacklist Finmeccanica SpA and cancel a deal to buy 12 helicopters from the Italian defence group if allegations of bribery are proven against the company. Joanna Partridge reports.....

Wealth Strategies: State of the Union stock plays
Feb. 13 - Three market experts break down what President Obama said in his speech and explain how his initiatives could influence the companies they cover......

Saft says: Fed as "asset bubble cop"? Maybe
Columnist James Saft says comments from a Fed governor suggest the Fed may start walking the asset bubble beat to manage markets......

Breakingviews: NBCU's die is Comcast
Feb 13 - Breakingviews editors discuss the improvisational skills shown by Comcast with its accelerated $16.7 billion deal to buy the rest of NBC Universal......

Europe Day Ahead: Euro Zone GDP, earnings galore, Tobin Tax
Feb. 13 - Its euro zone GDP day with nearly all member countries reporting Q4 numbers. The earnings bonanza continues including BNP Paribas and Nestle and the EC unveils its financial transaction tax plans......

Valentine's day is bed of roses for supermarkets
looks at how supermarkets and online have changed the way we buy flowers and even what countries grow them. Hayley Platt reports......

Great Rotation no threat to core Europe ratings: S&P
Feb. 13 - Investors switching out of bonds into stocks is being factored into sovereign ratings analysis, but wont hurt core countries solvency or liquidity, says S&Ps Moritz Kraemer......

Factbox: U.S., EU push for worlds biggest free trade alliance
Feb. 13 - The United States and the EU embark on an ambitious attempt to create the worlds biggest free trade alliance. Jobs and growth are key reasons for an alliance but a key sticking point is agriculture......

Daily Digit: Peugeot defends recovery plan
Feb. 13 - French automaker PSA Peugeot Citroen posts record loss of five billion euros but promises to avoid further asset sales and government bailouts. Hayley Platt reports......

3XSQ: Global mobile phone sales fell in 2012 - Gartner
Feb. 13 - Sales of mobile phones around the world fell last year for the first time since 2009 as consumers shunned cheaper feature phones......

Valentine's day is bed of roses for supermarkets
looks at how supermarkets and online have changed the way we buy flowers and even what countries grow them. Hayley Platt reports......

U.S. Morning Call: Comcast to buy rest of NBC from GE
Feb. 13 - Comcast is set to take full control of NBC Universal from General Electric for $16.7 billion......

In the Boardroom: Top 5 Data Tips
Feb. 13 - Lucy Marcus talks to Economist Data Editor, Kenneth Cukier about how to maximise big data, from Googles world-class spellchecker to Amazons unrivalled insight into shoppers browsing habits......

Reuters Breakingviews: SocGen short of options
Breakingviews......

Reuters Today: Do Obamas sums add up?
Feb. 13 - U.S. president Barack Obama pledges $50bln on infrastructure spending, and says it wont incur a penny more in deficits. Commerzbank economist Peter Dixon says the presidents sums may not add up......

Economy 2013: ING swings the jobs axe
Feb. 13 - 2,400 more jobs to go at the Dutch bank after it missed Q4 earnings estimates, taking the total to 9% of headcount......

Economy 2013: ING swings the jobs axe
Feb. 13 - 2,400 more jobs to go at the Dutch bank after it missed Q4 earnings estimates, taking the total to 9% of headcount......

Obama challenges divided Congress to create jobs for middle class
Feb. 12 - In his State of the Union address President Obama challenges Congress to back proposals for a smarter, not bigger, government. Deborah Lutterbeck reports......

Obama focuses on economy in State of the Union
Feb. 12 - U.S. President Obama targets economy and middle class jobs in State of the Union Address. Rough Cut (no reporter narration)......

Europe and US pledge to create world's biggest trading bloc
Aim of creating world's biggest free trade area worth 86bn.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/288a06cd/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/15836432269.....

Revolution in smartphones fuels Vodafone's ambition to be a TV star
There was a time when mobile operators battled other mobile operators; television broadcasters would fight it out on screen; and landline telephone companies were something else besides.<img width='1' height='1' src='http://telegraph.feedsportal.c.....

Standard Life to buy Newton's wealth arm
Standard Life is in exclusive discussions to buy Newton Investment Management's wealth management division for up to 90m.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2889fe1b/mf.gif' border='0'/><br/>.....

Angela Merkel to launch tax haven fight from UK
Chancellor Angela Merkel has taken aim at multinational corporations that use tax rules in Europe and the US to avoid payments and said the G8 plans to fight tax havens.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/5683.....

AG Barr and Britvic merger thwarted by the Office of Fair Trading
The chairman of Britvic, Gerald Corbett, has lambasted the Office of Fair Trading and accused it of thwarting "national champions" after the company's drinks merger with AG Barr was blocked.<img width='1' height='1' src='http://telegraph.feedsport.....

Reckitt Benckiser boosted by cold and flu season in the US
The intense cold and flu season in the US boosted sales and profits for Reckitt Benckiser, the health and hygiene group that makes Nurofen pain relief tablets and Strepsils throat lozenges.<img width='1' height='1' src='http://telegraph.feedsporta.....

Eurozone must push ahead with banking union or risk recovery, says IMF
Eurozone countries must implement a planned banking union in full as backsliding could throw the economy into a tailspin, an International Monetary Fund staff paper has concluded.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32.....

Oil sector in vogue as Tullow jumps
Tullow and oil services group Petrofac were among the day's risers.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2889154b/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/158.....

Countries are using devaluation to gain an advantage - and Britain is one of the worst offenders
With his ultra-orthodox monetary views, Jens Weidmann, president of the German Bundesbank, may not be everyone's cup of tea. But when it comes to exchange rates, he talks a lot of sense.<img width='1' height='1' src='http://telegraph.feedsportal.c.....

Vodafone's flirtation with Kabel could signal TV ambitions
When Vodafone chief executive Vittorio Colao took the reins at the mobile giant, he made it clear that it was more interested in selling assets than buying them.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/288.....

Housebuilder Crest Nicholson enjoys first float of the year
Housebuilder Crest Nicholson's shares were in strong demand as the company launched London's first float of the year, further boosting sentiment around the already buoyant sector.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32.....

King talks up the recovery but leaves it to Osborne
Sir Mervyn King has been listening. To Boris Johnson, who last month accused the Bank of England Governor of crushing "the spirit of confidence" in Britain with "mutterings [that] are not the stuff to give the troops".<img width='1' height='1' src.....

Spending cuts could derail US recovery, warns Treasury secretary nominee Jack Lew
Treasury secretary nominee warns against cuts slated for March 1.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/288805fc/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/15836.....

Ros Altmann steps down as head of Saga
Ros Altmann, an advocate for pensioners and high-profile critic of the Bank of England's money printing programme, has quit as director-general of Saga.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/28880600/mf......

Kingfisher on verge of collapse as banks recall 1bn loan
Concerns over the future of Kingfisher Airlines escalated as bank lenders said they could begin calling in 85bn Rupees (1.02bn) of loans, declaring that the carrier's founder Vijay Mallya had been "given enough time to repay."<img width='1' height.....

Digital skills are as important as English and Maths
The LSE has paved the way for the brightest tech start-ups to stay in the UK.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/28875abb/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.....

FSA wins court battle with rogue 'Sky box insurers'
Two "unauthorised" satellite insurers shut down by the regulator lost their appeal at the Supreme Court today.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2887588d/mf.gif' border='0'/><br/><br/>.....

Rolls-Royce secures 800m MoD contract
Engineering giant Rolls-Royce has struck an 800m deal with the Ministry of Defence, cementing its place as supplier of nuclear propulsion technology to the military for the next decade.<img width='1' height='1' src='http://telegraph.feedsportal.co.....

Women 'will get rotten pensions for years to come', says minister
Steve Webb, the Liberal Democrat pensions minister, says Government reforms to even out payments for men and women will take a long time to work through the system.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/.....

Vodafone does the numbers on a potential 5.4bn bid for Kabel Deutschland
Vodafone is looking at a potential takeover approach of Kabel Deutschland, Germany's largest cable provider, with a market value of 6.2bn (5.4bn).<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/288649eb/mf.gif' b.....

Mervyn King warns George Osborne the BoE can't do much more as he urges reforms
The Governor of the Bank of England has piled pressure on George Osborne to deliver radical economic reforms in his Budget next month as he warned that monetary policy would not be able to buy the Chancellor much more time.<img width='1' height='1.....

Blockbuster job losses hit 2,300 as 164 more stores close
Administrators for DVD rental chain Blockbuster have announced their biggest single round of store closures since being appointed in January, putting a further 1,400 jobs at risk.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32.....

Pay rises 'outstripped by inflation'
Inflation has outstripped pay rises over the past three years, with the real value of wages last year falling back to 2003 levels, according to research.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/28852c13/mf.....

Bank of England presents Inflation Report - live
The Bank of England has warned that inflation will stay above the Bank's target of 2pc until early 2016, in its latest Inflation Report.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/288404bf/mf.gif' border='0'/.....

LSE changes rules to boost tech companies in Britain
The London Stock Exchange is to change its rules to help Britain compete with America as a centre for technology flotations, boosting the UK's chances of establishing the next Google or Facebook.<img width='1' height='1' src='http://telegraph.feed.....