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Friday 15 February 2013

UK Financial News on 2013-02-15

Retail sales hit by heavy snowfall
UK retail sales fell 0.6% in January, hurt by heavy snowfall and weak food sales, and confounding economists' expectations for a rise......

Airbus to switch batteries on A350
Airbus says it will not use lithium-ion batteries in its forthcoming A350 plane because of problems that have grounded rival Boeing's 787 Dreamliner......

Flooding payouts broke 1bn in 2012
Insurers paid out 1.19bn for flood and storm damage in the UK in 2012 - the highest annual figure for five years, an insurance trade body says......

G20 not expected to criticise Japan
Finance ministers of the G20 nations meeting in Moscow will not criticise Japan for weakening the yen, a leaked draft communique suggests......

Jamaica agrees $750m IMF loan terms
Jamaica agrees terms with the International Monetary Fund to receive a new $750m loan, as it prepares to restructure its existing heavy debts......

Gucci owner's shares at 12-year high
Shares in the French luxury goods firm, PPR, rise to their highest level in 12 years after strong earnings, boosted by sales of Bottega Veneta handbags......

HMV signs agreements for new stock
HMV signs trading agreements with the majority of its suppliers, ensuring that new stock will continue to be on sale in stores, its administrator says......

Helicopter scandal boss steps down
The boss of Italian defence firm Finmeccanica, Giuseppe Orsi, formally resigns amid allegations that the group paid bribes to win an Indian contract......

Rental costs 'down 0.3% in January'
The cost of renting a home in England and Wales fell in January for the third month in a row, but remained higher than a year earlier, a survey suggests......

British Gas lines up new chief
The UK's biggest energy supplier British Gas says it plans to appoint Chris Weston as its new managing director......

EU Commission probed over lobbyists
The European Ombudsman probes the European Commission's links with lobbyists amid concern about alleged conflicts of interest......

Germany's Commerzbank to cut bonuses
Germany's second-largest bank, Commerzbank, slashes bonuses for 2012 as a result of "unsatisfactory net profit"......

London Market Report
London's top shares zig-zagged in Friday trading, but were in positive territory at the end of the morning, despite poor retail sales figures......

Anglo American falls to 2012 loss
Mining group Anglo American reports a $239m pre-tax loss in 2012, hit by lower commodity prices and a writedown on a key iron ore project......

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......

MPs: Lending schemes have 'failed'
Attempts to stimulate the economy with quantitative easing and lending schemes are dubbed expensive experiments by an influential group of MPs......

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......

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......

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......

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......

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

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......

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

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......

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......

Lee has 'case to answer' - WPBSA
Stephen Lee has a "case to answer" over match-fixing allegations according to governing body WPBSA......

VIDEO: EU launches wider horsemeat tests
EU member states plan to start testing immediately for horse DNA in processed beef foods and to detect an illegal medicinal drug in horsemeat......

AUDIO: Will Buffett 'squeeze value' from Heinz?
Adam Leyland, editor of The Grocer, told today business presenter Simon Jack that US billionaire Warren Buffett's Berkshire Hathaway company and private equity firm 3G have agreed to take over H.J. Heinz......

VIDEO: G20 to discuss 'currency war' concerns
The finance ministers of the G20 group of nations are meeting in Moscow amid concerns that major trading powers may be heading towards a currency war......

VIDEO: UK retail sales fall unexpectedly
UK retail sales fell 0.6% in January, hurt by high levels of snowfall, and confounding economists' expectations for a rise......

AUDIO: Canadian company finds gas near Hull
Radio 5 live Breakfast asked an oil and gas expert how significant it was for oil to be discovered in East Yorkshire......

VIDEO: Currency war a 'terrible misnomer'
The finance ministers of the G20 group of nations are meeting in Moscow amid concerns that major trading powers may be heading towards a currency war......

VIDEO: Mixed reaction to yen's sharp decline
There has been a mixed reactions to Japanese yen's decline against the US Dollar since November......

VIDEO: Singapore's Lolla in top 10 eateries
Singapore's Lolla makes it into the world's top 10 restaurant list......

Could new technology kill off cash?
Will new tech ideas empty our pockets forever?.....

Granny skills help revival of wool industry
The appeal of hand knitting in hard times is saving an industry.....

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.....

The $158 billion combo comeback
Feb. 15 - U.S. merger and acquisition activity is at its highest level since 2007, thanks to cheap cash, a soaring stock market, and economic confidence. Bobbi Rebell reports......

U.S. Week Ahead: Icahn vs. Ackman; Dell vs T. Rowe Price
Feb. 15 - Herbalife reports results for the first time since Carl Icahn and Bill Ackman began feuding over its prospects. While Dell executives face questions over its proposed buyout opposed by T. Rowe Price......

Daily Digit: $44 billion
Feb. 15 - $44 billion flew into equity funds year-to-date, according to analysis by Lipper, but it is hard to say whether retail investors are truly back. Conway G. Gittens reports......

Techquity: Apple due for something new says analyst
Feb 15 - Apple analyst says its time for company to release product update, plus why offer for Dell could rise......

G20 divided over currency
Feb.15 - Finance officials from the Group of 20 major economies meeting in Moscow are struggling to find common ground on currencies and borrowing, exposing rifts between those who advocate growth and those who support more austerity to revive the wo.....

Trading at Noon: Herbalife-a plaything for investors
Feb 15 - Herbalife shares soar 10 pct today after SEC filings show Carl Icahn bought stock in the company that Ackman opposes......

Italian business hit by scandal before elections
Feb. 15 - Italian elections are just over a week away and all sides are trying to make political capital from the string of corruption cases at defence group Finmeccanica, Monte dei Paschi bank and oil services group Saipem, which have shaken the Ita.....

Carnival CEO apologizes to passengers
Feb. 15 - Carnival's chief executive Gerry Cahill apologizes to passengers aboard the Carnival cruise ship 'Triumph' that was adrift for five days in the Gulf of Mexico after a fire knocked out power and plumbing across most of the ship. Karen Hendre.....

Breakingviews: Herbalife of the party
Feb 15 - Billionaire Carl Icahn is the latest investor to weigh in on the nutritional supplements seller Herbalife, cementing the company's spot in the pantheon of financial playthings......

FACTBOX: Could Cyprus reignite euro zone crisis?
Feb. 15 - As the first round of Cyprus' presidential election takes place on Sunday, could the island trigger a new round in the euro zone crisis?.....

Europe Week Ahead: Italian, Cyprus elections & G20 dominate
Feb. 15 - A major week ahead with Italy and Cyprus elections and the G20 summit. Watch out for key bond auctions from Germany, France, Spain and the UK plus earnings including France Telecom and Credit Agricole......

3XSQ: Where's the beef in fast-food? At Burger King
Feb 15 - Burger King Worldwide, the third-largest U.S. hamburger chain, reported fourth-quarter profit above market estimates......

UK wool returns as fashion favourite
Feb. 15 - As the fashion world looks to London Fashion Week, business is booming at Abraham Moon, England's last surviving cloth mill. Asian demand is driving a comeback for the UK wool industry, as the rising cost of overseas production encourages l.....

Apple loses Loeb, gains Einhorn in Q4
Correspondent Katya Wachtel brings us the latest from the SEC's 13-F filings on hedge fund investments......

Reuters Asks: Currency wars.what currency wars?
interviewed in Davos......

Commerzbank predicts tough 2013
Feb. 15 - Commerzbank, Germany's second biggest lender, said it would aside slightly more money for bad loans this year as the economic environment worsens. The lender received an 18 billion-euro government bailout at the height of the financial cris.....

Reuters Today: G20, FX wars, asteroid hurtles toward earth
Currency wars come to Moscow, at the G20. But if G7 cant agree on their FX position, what hope for 20? Plus, an asteroid hurtles towards Earth and south AfricaBladerunner charged with murder......

Breakingviews: Globalise Central Banks?
Breakingviews......

"Carnival Triumph" cruise ship passengers back on terra firma
Feb. 15 - A Carnival Cruise ship that lost power has safely docked in Mobile, Alabama. Julie Noce reports......

Asia Week Ahead: Japan exports a report card for 'Abenomics'
Feb. 15 - Investors will eye Japan trade data next week for confirmation a weak yen is boosting exporters, while Southeast Asia growth readings may surprise on the upside, says Breakingviews' Andy Mukherjee......

U.S. Morning Call: Hedge fund darling Apple falls from grace
Feb 15 - Some of the biggest hedge funds dumped their stake in Apple in Q4, fueling the huge plunge in the stock price......

Market Pulse: A strong euro is better than a dead euro
Feb. 15 - As FX war talk dominates G20 despite what Draghi may say profit-taking cools recent euro strength and yen weakness. Both trends could resume next week. Plus, UK retail sales slump whacks sterling......

FACTBOX: Hedge fund titans fuel Apple's plunge
Feb 14 - Some of the biggest hedge funds that helped make Apple a stock market darling lost faith and dumped their stakes in the fourth quarter......

CEOs in the mood for love
Feb. 14 - Summary of business headlines: Deal-making hits high with Berkshire Hathaway/3G taking Heinz private in mega food purchase, American Airlines and US Airways merging in an $11 billion deal, and Anheuser-Busch InBev making overtures to the DO.....

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......

Facebook attacked in 'sophisticated' hack
Announcement follows recent cyber attacks on other prominent websites.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/289e2240/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/.....

Heinz: SEC investigates possible insider trading
The US Securities and Exchange Commission is investigating suspected insider trading on the $28bn (18bn) takeover of food giant Heinz.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/289e2241/mf.gif' border='0'/&g.....

Businesses say Britain is best country for tax
Britain is to be named as the world's most competitive tax regime in an assessment that has been welcomed by George Osborne.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/289d73c1/mf.gif' border='0'/><br/&.....

The Government can go further on cutting taxes
KPMG has all but secured itself a namecheck in this year's Budget. Where political gifts are concerned, George Osborne has just been handed one right out of the top drawer.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/5.....

Senator takes embarrassed bank regulators to task
Senator Elizabeth Warren in her first public appearance as a member of the Senate Banking Committee makes federal regulators look distinctly uncomfortable for failing to take banks to court over financial abuses.<img width='1' height='1' src='http.....

Sir Philip Green eyes Dreams as he opens Topshop in LA
Sir Philip Green, the Topshop tycoon, is interested in buying the beds retailer Dreams, and opens a new flagship Topshop store in Los Angeles.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/289d7196/mf.gif' borde.....

Compass, Greencore and Whitbread caught up in horse meat scandal
Shares in Greencore slumped by 10pc on Friday after the food manufacturer became embroiled in the horse meat scandal along with Whitbread, the owner of Costa Coffee, and Compass, the world's biggest catering group.<img width='1' height='1' src='ht.....

Shell asks UK Government to help with Indian tax row
Royal Dutch Shell has asked the Government to discuss the oil major's $2.7bn (1.7bn) tax row with Indian authorities during David Cameron's trade mission to India next week.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/.....

Gold miners tarnished by Citi downgrade
Fresnillo and Randgold Resources were both heavy fallers today.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/289d01dd/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/1583645.....

Co-op bank finance chief quits
The Co-operative's attempt to buy 632 Lloyds branches is under fresh pressure as the chief financial officer of the mutual's banking arm has announced his departure.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s.....

Co-op bank finance chief quits
The Co-operative's attempt to buy 632 Lloyds branches is under fresh pressure as the chief financial officer of the mutual's banking arm has announced his departure.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s.....

Gucci growth offsets struggling Puma performance at PPR
The owner of Gucci and Bottega Veneta defied economic gloom by posting forecast-beating annual profits on Friday, adding it would stick by its struggling sports brand Puma.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/5.....

Apple bruised as Dan Loeb dumps $375m stake
US hedge fund manager sold 710,000 shares at the end of December.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/289c33fa/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/15836.....

Flooding costs insurers 1.2bn
Insurers paid out 1.19 billion for flood and storm damage across the UK during 2012 - marking the highest annual figure in five years - a trade body said on Friday.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/.....

Vatican Bank caught in row over new president's German military links
New president is also chairman of a firm making warships for Germany.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/289bd84f/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/1.....

Farmland prices 'hit record highs'
Farmland prices reached record levels during the second half of last year as farmers sought to capitalise on high commodity prices, according to research.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/289bd851/m.....

Margaret Hodge: Treasury's accounts were 'impenetrable'
Chair of the Public Accounts Committee, Margaret Hodge, has accused the Treasury of "impenetrable" book-keeping and not understanding the risks and benefits of its quantitative easing programme.<img width='1' height='1' src='http://telegraph.feeds.....

Compass and Whitbread caught up in horse meat scandal
Compass Group, the world's biggest catering firm, and Whitbread, the hotel group, are the latest companies to be dragged into the horsemeat scandal, saying equine DNA was found in products they sold as beef.<img width='1' height='1' src='http://te.....

McQueen and Stella McCartney spur PPR sales
Luxury labels including Stella McCartney and Alexander McQueen helped power annual sales at Paris-listed conglomerate PPR.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/289af4ec/mf.gif' border='0'/><br/>.....

UK jobs at risk as India acts to cancel Finmeccanica helicopter deal following bribery allegations
India's Ministry of Defence has started action to cancel its $750m (483.6m) contract with Italian defence group Finmeccanica to buy 12 helicopters following bribery allegations, putting British jobs at risk.<img width='1' height='1' src='http://te.....

Moody's downgrades S&P's parent company
Ratings agency downgrades one of its biggest rivals, McGraw Hill.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2899f5fc/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/15836.....

Anglo American posts loss after $4.6bn write-down
Anglo American became the latest mining giant to swing to a loss, as the challenges faced across the industry were compounded by the pain at its platinum arm.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2898c8.....

Fashion 'worth 21bn to Britain's economy'
As London Fashion Week kicks off, Telegraph Finance looks at the style industry by numbers.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2898c871/mf.gif' border='0'/><br/><br/><a href="http://.....

OFT urged to suspend four payday lenders
Citizens Advice has written to the Office of Fair Trading urging the regulator to use new powers to suspend the licences of four payday lenders.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2898c564/mf.gif' bor.....

Surprise fall in UK retail sales - reaction
British retail sales posted a surprise fall in January as unusually snowy weather hit small food stores hard, with food sales dropping to the lowest level in nearly nine years. Here experts give their reaction.<img width='1' height='1' src='http:/.....