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Thursday 14 February 2013

UK Financial News on 2013-02-14

Warren Buffett in $28bn Heinz deal
US billionaire Warren Buffett's investment firm Berkshire Hathaway is to buy food giant Heinz in a $28bn (18bn) deal, the biggest to date in the food industry......

American and US Airways to merge
American Airlines and US Airways confirm plans for an $11bn merger, which would form the world's biggest airlines......

Manchester United profits rise
Manchester United reports a 74% rise in profits for the second half of 2012, on the back of rising commercial revenues......

Blue-screen effects pioneer dies
The Oscar-winning visual effects pioneer Petro Vlahos - who pioneered blue and green-screen techniques used by thousands of movies - dies aged 96......

Eurozone sees recession deepen
The eurozone recession deepened in the final three months of 2012, with the area's economy contracting by 0.6%......

Self-driving car given UK test run
A system to enable a car to drive itself has been shown off at Oxford University, with a hope such technology could eventually cost just 100......

Home repossessions lowest since 2007
The number of homes repossessed in the UK fell to its lowest annual level since 2007, lenders say, with 33,900 homes seized last year......

GM profits up despite European loss
US carmaker General Motors says its fourth quarter earnings rose despite $700m of losses at its European operations......

London Market Report
European stocks fall and the euro weakens after figures showed the eurozone recession had deepened......

Whiplash claim system 'must change'
The UK's biggest insurer, Aviva, says motorists' premiums could be cut by an average of 60 a year by changing the system of whiplash claims......

EU tables financial transaction tax
The European Commission tables its financial transaction tax proposal, but there are fears it will catch non-participating countries in its net......

French firm 'mislabelled horsemeat'
French meat processing company Spanghero has its licence suspended after the government says it relabelled horsemeat as beef......

Lettings agents 'drip-feed fees'
Tenants and landlords have complained that some lettings agents "drip-feed charges" after a contract has been signed, a regulator's report says......

Google sues BT in patent battle
Google sues BT in the US and UK as a counter-attack to the British firm's existing lawsuits against the search giant......

Energy giant EDF sees profits rise
France-based gas and electricity provider EDF has announced a rise in global profits, despite a loss in UK gas and electricity......

Rolls-Royce full-year profits rise
British aerospace company Rolls-Royce reports a higher-than-expected rise in full-year profits after a strong performance at its civil aerospace division......

No public contracts for tax avoiders
Firms that fall foul of tax avoidance rules will be barred from bidding for government contracts, under new rules published by the Treasury......

Warning of pensions cash 'predators'
Consumers are being warned against "predators" who entice them to cash in their pension fund before retirement, but charge high fees......

Miliband: We'd bring back 10p tax
A Labour government would bring in a "mansion tax" to fund the return of the 10p starting rate of tax, party leader Ed Miliband says......

HMRC told to 'get a grip' on fraud
Public Accounts Committee chair Margaret Hodge tells HM Revenue and Customs to "get a grip", after it misses a target to tackle tax credit fraud and error "by a mile"......

Japanese economy worse than forecast
Japan's economy has shrunk for the third straight quarter, underlining the challenges the new government faces in reviving growth......

India inflation at three-year low
India's inflation rate dips to a three-year low, giving more room to policymakers to take steps to revive the country's sluggish economy......

Shale oil 'to boost world economy'
Shale oil production could boost the world economy by up to $2.7tn (1.7tn) by 2035, according to a report......

Miner Rio Tinto reports annual loss
Anglo-Australian mining giant Rio Tinto reports a big annual loss after writing down the value of its aluminium and coal businesses by $14bn......

Soft drink firms outline merger case
Soft drinks firms AG Barr and Britvic claim there is a "compelling rationale" for regulators to clear their proposed merger......

India halts helicopter deal payments
India says it is freezing payments for a helicopter deal to Italian aerospace firm Finmeccanica over corruption allegations......

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......

VIDEO: American Airlines 'more profitable'
American Airlines and US Airways have announced plans to merge, in a deal that would form the world's biggest airline......

VIDEO: Villagers install own fast web cables
A rural community in Lancashire has decided to fit their own cables for a better broadband connection......

VIDEO: Whiplash claim system 'must change'
The UK's biggest insurer has said that motorists' premiums could be cut by an average of 60 a year by changing the system of whiplash claims......

VIDEO: American and US Airways 'to merge'
American Airlines and US Airways plan to merge, bringing American Airlines closer in value to rival Delta Airlines, with an estimated market valuation of $11bn (7bn)......

VIDEO: Labour makes 10p tax rate pledge
Ed Miliband says Labour will re-introduce the 10 pence starting rate of tax scrapped by Gordon Brown in 2009 if it is re-elected.....

VIDEO: Europhile Tory 'voice not being heard'
Conservative MPs who are fans of Europe have decided to speak up with one claiming "we feel very strongly our voice is not being heard"......

VIDEO: 'Signs of pick up' in Japan's economy
Japan's economy slips again in the final quarter of 2012, according to preliminary data released by the cabinet office......

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......

Hollywood heads to the south-east US
Why Atlanta is giving Hollywood the shivers.....

I hired a fake Facebook girlfriend
BBC reporter Dave Lee on hiring a fake Facebook partner.....

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.....

Sky merge: AMR and U.S. Airways
Feb. 14 - AMR's $11 billion deal with U.S. Airways will likely boost the industry's profitability, but that could also mean fewer choices and higher prices for consumers. Bobbi Rebell reports......

U.S. Day Ahead: $23 B Heinz deal could shake up food biz
Feb. 14 - Expect lots of questions about potential mergers after Heinz's $23 billion buyout, when Campbell Soup and Smucker report results. Kraft is also out with a financial update......

Buffett, 3G gobble up Heinz
Feb. 14 - Berkshire Hathaway and 3G Capital agree to buy Heinz for $28 billion in a mega food buyout. Conway G. Gittens reports......

FACTBOX: Heinz food for thought
Feb 14 - Berkshire Hathaway and 3G Capital eat up a food industry powerhouse......

Techquity: No love for Apple, "Wedding Crashers" vs. Google
Feb 14 - More hedge funds dump Apple while Google prepares to take center stage later this year......

Horsemeat scandal spreads - crime suspected
Feb. 14 - Supermarkets in Sweden and Germany remove "beef" products from their shelves as the horsemeat scandal widens. A UK report into the scandal says discoveries so far are likely to be the "tip of the iceberg." Ivor Bennett reports......

Heinz taken out by Buffett
Feb. 14 - Heinz CEO William Johnson says the $23 billion deal put together by Warren Buffett and private equity firm 3G to take Heinz private will give the food company more room to expand globally. Rough Cut (no reporter narration)......

Breakingviews: Secret sauce in Heinz deal
Feb 14 - Rob Cox talks with Breakingviews columnists about the rationale and structure of the $28 billion takeover of Heinz by private equity firm 3G Capital and Warren Buffett's Berkshire Hathaway......

American, US Air fly together
Feb. 14 - American Airlines CEO Tom Horton and US Airways CEO Doug Parker speak to the media as the two air carriers join forces in an $11 billion deal. Rough Cut (no reporter narration)......

Trading at Noon: Companies tie the knot on Valentine's
Feb 14 - Berkshire and 3G Capital to buy Heinz and American Airlines and US Airways ready to merge on a busy day for M&A......

EU launches 35 billion plan to tax trading
Feb. 14 - The European Commission sets out how its financial transaction tax, aimed at making banks pay for taxpayer help they received in the financial crisis, would apply from next January. Hayley Platt reports......

Europe Day Ahead: G20 outcome? Dont count on it!
Feb. 14 - G20 talks in Moscow are likely to centre on currency wars but dont expect a quick fix or anything concrete to come out of the summit, says Andrew Kenningham from Capital Economics......

Economy 2013: Iberdrola Chairman looks for growth abroad
Feb. 14 - Iberdrola Chairman Galan says the Spanish power company is on track to meet debt targets after selling assets, and that expansion abroad and in its renewables business will drive growth......

Funds: Top three things to watch for in hedge fund filings
Correspondent Katya Wachtel says focus on any news about Apple, Herbalife and financials when hedge funds release their 13F filings......

Cost cutting at Rio Tinto after $3bln loss
Feb. 14 - Rio Tinto has reported a $3bln loss - its first ever full-year loss. But its new chief is promising to cut costs and put the world's third biggest miner back on track. Sonia Legg reports......

3XSQ: Berkshire Hathaway, 3G Capital to buy Heinz for $23bln
Feb 14 - Warren Buffett's Berkshire Hathaway and 3G Capital will buy H.J. Heinz for $72.50 a share, or $23.2 billion in cash but totaling $28 billion including debt......

Straight to the heart - wireless pacemaker on trial in Europe
Feb. 14 - In a clinical trial, sixteen patients in the Czech Republic have been given state-of-the-art pacemakers, implanted directly into the heart. The devices are smaller, lighter and more convenient than conventional pacemakers, and can be insert.....

Euro zone GDP plunges, but Q4 should mark the turning point
Feb. 14 - The euro zone economy contracted in Q4 at the fastest rate since the depths of the crisis in late 2008. Grim figures from Germany, France and Italy. But this is as bad as it gets, right?.....

Euro zone falls deeper into recession
Feb.14 - The euro zone economy contracted in Q4 at the fastest rate since the depths of the crisis in late 2008. Grim figures from Germany, France and Italy. But this is as bad as it gets, right? Jamie McGeever reports.....

Markets' Italy election plea: no Silvio, no gridlock
Feb. 14 - With a parliamentary election just days away, markets are giving Italy the benefit of the doubt, but only if there are no signs of economic gridlock or Silvio Berlusconi......

Reuters Breakingviews: Europe on the up
Feb. 14 - Poor GDP numbers for the euro zone are backward-looking. Forward-looking indicators show Europe is on the up, says Breakingviews though theres no room for complacency......

Japan's recession gives leader more ammo for growth battle
Feb. 14 - Disappointing data shows Japan remained in recession in the final quarter of 2012. But economists see that as good news for Prime Minister Shinzo Abe and his aggressive pro-growth policies......

Reuters Today: Europe's growth engines sputter
Feb. 14 - Germany and France both contracted by more than expected in Q4 but many economists believe the recovery has already begun......

Men for hire: Chinese Romeos will woo your parents
Feb. 14 - Its a grooms market in Chinas big cities, with more eligible women than men. For ladies facing pressure from parents and friends to find a mate, there is a new option -- the 'rent-a-boyfriend.'.....

Economy 2013: BNP Paribas CEO on Q4 results
Feb. 14 - BNP Paribas CEO, Jean-Laurent Bonnafe, comments on the French bank's latest earnings.....

Warren Buffett's Berkshire Hathaway and 3G Capital to buy Heinz in $28bn deal
US financial titan Warren Buffett's investment firm Berkshire Hathaway, along with 3G Capital, has agreed to buy baked beans giant Heinz for $28bn (18bn), in the food industry's largest ever acquisition.<img width='1' height='1' src='http://telegr.....

Warren Buffett's beanfeast doesn't necessarily mean an M&A bonanza
Is M&A back? It certainly looks that way, if the past few days are anything to go by.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2893bba9/mf.gif' border='0'/><br/><br/><a href="http://da.....

George Soros 'makes $1bn betting against yen'
Yen lost nearly 20pc against the dollar between November and February.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2893a4a9/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/.....

Yes to free trade with the US - no to all the other EU guff
A deal with the US would demonstrate the pointless nature of EU rules and regulations, says Jeremy Warner<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2893b281/mf.gif' border='0'/><br/><br/><a.....

A message to the Chancellor: George Osborne should cut taxes holding us back
The Chancellor's Budget next month has to be truly radical, says Graham Brady<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2893a4aa/mf.gif' border='0'/>.....

A message to the Chancellor: George Osborne should cut the taxes that are holding us back
George Osborne's March Budget has to be truly radical, says Graham Brady<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/28932437/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/.....

Avocet shares halve on funding worries
The gold miner came under heavy selling pressure on Thursday.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/28932439/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/158364489.....

Horse meat scandal could create new battleground for supermarkets
The battleground for supermarkets in 21st-century Britain has been price. Vouchers, discount own-label brands, and "three for two" promotions have become a staple of the food industry as supermarket chains have battled for market share across the UK......

Apple iPad complaints force cider shop to change name
Owner receives 24 calls a week from people needing Apple devices fixed.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/28931f79/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r.....

Britvic and AG Barr to press ahead with merger
Britvic and AG Barr will battle regulators over their proposed 1.4bn drinks merger after it was referred to the Competition Commission.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/28931f7b/mf.gif' border='0'/&.....

Profits and jobs in Britain are more important than those elsewhere
Walk into any newsagent or supermarket in the land and you will be faced with an enormous and colourful range of soft drinks from colas to cordials.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/28930c29/mf.gif'.....

Small firms need helping hand to access markets
The Government should offer radical tax breaks to help smaller companies access capital markets, according to a report supported by Vince Cable.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/28930c2c/mf.gif' bor.....

Rio Tinto CEO promises change after miner's first yearly loss
Rio Tinto's new chief executive, Sam Walsh, promised investors "no growth for growth's sake", as the mining giant posted a $2.6bn (1.7bn) annual loss, its first ever.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/.....

David Harding's Winton suffers $1bn redemptions
David Harding, one of Britain's most successful hedge fund managers, was hit by $1bn of client withdrawals amid a growing impatience about lacklustre returns across the high-rolling industry.<img width='1' height='1' src='http://telegraph.feedspor.....

EC unveils plans for 'Tobin Tax' in eleven nations
British business groups have warned that jobs and growth could be jeopardised by the controversial financial transactions tax (FTT) officially unveiled by the European Commission (EC) on Thursday.<img width='1' height='1' src='http://telegraph.fee.....

Europe's financial transactions tax could hit UK growth
British business groups have warned that jobs and growth could be jeopardised by the controversial financial transactions tax (FTT) officially unveiled by the European Commission (EC) yesterday.<img width='1' height='1' src='http://telegraph.feeds.....

Jaguar Land Rover profits plunge 25pc amid rising costs
India's biggest car maker Tata Motors has moved out of top gear as it posts a sharp drop in net profits, driven by a 25pc fall at Jaguar Land Rover.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/28920a6c/mf.gif'.....

Ben Broadbent: QE is still effective but we have other tools
Asset purchases by the Bank of England remain effective, but other options may also help boost the economy, central bank policymaker Ben Broadbent has said.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/28920a6d.....

Manchester United's profits boosted by sponsorship deals
Deals with new sponsors have put club on course to hit financial targets.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/28920a6f/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com.....

Warren Buffett buys Heinz: The Sage of Omaha's biggest deals
As Warren Buffett's investment firm, along with 3G Capital, swallows Heinz in a $28bn deal, Telegraph Finance takes a look at some of the Sage of Omaha's biggest deals.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/56830.....

OFT calls for new law to curb letting agents
The regulator is concerned about the level of complaints from tenants.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/289102a8/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/.....

The 144-year history of Heinz
As veteran investor Warren Buffet agrees to buy Heinz in the food industry's largest ever acquisition, we take a look at the company famous for its beans and ketchup.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/.....

Lover's treat Rolo helps boost Nestl group sales
Strong sales of Rolo, famously marketed as a lover's treat, helped drive group revenue at Nestl up 10pc, full-year results show.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/28903d48/mf.gif' border='0'/><.....

Gatwick Airport pleads for freedom from regulation
Gatwick Airport has pledged a better deal for passengers and airlines if it is freed from price regulation.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/28903d49/mf.gif' border='0'/><br/><br/><.....

EDF profit up 7.5pc after bills rise
Utility giant EDF fuelled questions over mammoth energy profits after it revealed 1.7bn in earnings just two months after hitting 3.7m British households with a rise in bills.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/.....