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Saturday 16 February 2013

UK Financial News on 2013-02-16

G20 vows to tackle tax avoidance
G20 finance ministers meeting in Moscow pledge to crack down on tax avoidance by multinationals, and vow to abstain from "currency wars"......

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......

Germany probes Amazon warehouses
Germany demands explanations from the online retailer Amazon after a documentary showed workers being harassed by security guards......

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......

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......

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......

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......

VIDEO: Tricky task of tax for multinationals
G20 finance ministers meeting in Moscow have pledged to crack down on tax avoidance by multinational companies, but what might this mean in practice for firms operating in the UK?.....

VIDEO: Meat scandal fuels consumer concerns
The news that horsemeat was used as a substitute for beef in some products sold in the UK has made many shoppers reconsider where they buy their meat products from......

VIDEO: Bankruptcy: From riches to rags
The BBC's personal finance reporter Brian Milligan looks at how some people spend more than they earn......

VIDEO: UK tax system 'hideously complex'
G20 finance ministers meeting in Moscow have pledged to crack down on tax avoidance by multinational companies......

VIDEO: Supermarkets 'not out of woods' on meat
Justin King, the chief executive of Sainsbury's, speaks to the BBC's Newsnight about the horsemeat scandal.....

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: 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......

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......

Pistorius fall-out: Brand damage?
The fall-out for corporate sponsors of Oscar Pistorius.....

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.....

Lagarde brushes off talk of 'currency wars'
Feb. 16 - International Monetary Fund Managing Director Christine Lagarde brushes off talk of 'currency wars'. Deborah Lutterbeck reports......

Horse meat found in goulash in Germany
Feb. 16 - A canned goods producer in Germany confirms traces of horse meat in beef goulash. Deborah Lutterbeck reports......

UK, France, Germany aim at tax-hopping multis
Feb. 16 - Britain, France and Germany, at the Group of 20 nations summit, unveil plans to crack down on international firms evading taxes. Jessica Gray reports......

No "currency war", big nations say
Feb. 16 - World leaders of the G20 nations declare there will be "no currency war", as day two of their summit in Moscow gets under way. Rough Cut (no reporter narration).....

7th Heaven for S&P 500
Feb. 15 - Summary of business headlines: S&P 500 posts seventh weekly gain, Wal-Mart sinks on sales worries; Consumer sentiment up in February; Burger King tops forecasts but Europe horsemeat scandal a concern; Data point to muted economic growth. Co.....

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......

MuniLand: Big cities to dodge sequestration cuts
Feb 15 - Nuveen Asset Management's Senior Municipal Bond Research Analyst says cities from New York to San Diego will not feel the sting of sequestration because their federal revenue base is limited......

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......

Tesco calls on Cameron to aid Indian growth
Tesco is poised to make a decision on the size of a potential multi-billion pound investment in India following representations by David Cameron as part of a UK trade mission.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/.....

Treasury urges tougher action on banks in rate-swap scandal
Thousands of businesses mis-sold interest-rate hedging products by their bank should have their payments suspended, according to a senior Treasury minister.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/28a3e008.....

Sunday Interview: Heathrow boss Colin Matthews
Heathrow Airport's chief executive tells Nathalie Thomas why its planned hike in landing charges is justified and how delays to aviation policy threaten Britain's future .<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/56.....

Google looks to cut funds to illegal sites
Google is in discussions with payment companies including Visa, Mastercard and PayPal to put illegal download websites out of existence by cutting off their funding.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s.....

Horse meat scandal: Supermarkets battle to regain trust
Supermarkets fight to win back trust as scandal exposes complex supply chains.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/28a3e00c/mf.gif' border='0'/><br/><br/><a href="http://da.feedsporta.....

McLaren drives to loss as supercar burns up cash
The British racecar manufacturer made a post-tax loss of 53.9m in 2011 as it invested heavily to produce and roll out its new MP4-12C car.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/28a3e00d/mf.gif' border='0.....

Glencore 'to hire' first female director
Mining giant Glencore has vowed to hire a woman to sit on its board for the first time, as soon as its merger with Xstrata completes.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/28a3e00e/mf.gif' border='0'/>.....

BAE to beef up Vodafone cyber security
BAE Systems and Vodafone have signed a five-year pact to work together on cyber security for mobile phones and tablet devices, The Telegraph can reveal.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/28a3e00f/mf......

Bumi's future goes to the vote
Nat Rothschild's reputation is on the line as his fight with the miner's Indonesian backers enters its endgame.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/28a3e010/mf.gif' border='0'/><br/><br/>.....

BAE hit by delay on Saudi jet deal
BAE Systems is to reveal that 2012 was a weaker-than-expected year in profit terms as a result of delays in agreeing a price with Saudi Arabia for its Typhoon fighter jets.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/5.....

Google's copyright war rages on
UK creative industries want the internet giant brought to heel, writes Katherine Rushton<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/28a3e013/mf.gif' border='0'/><br/><br/><a href="http://da......

Voice of Business: PM's India visit is chance to show a bold new Britain
Lord Bilimoria, chairman of Cobra Beer, on why there are plenty of opportunities for David Cameron on his upcoming trade visit to India.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/28a3e012/mf.gif' border='0'/.....

New Premier Foods chief executive plots revamp
Gavin Darby, the new head of Premier Foods, says he can turn around the debt-laden food producer while keeping its famous brands, writes Andrew Cave<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/28a3e014/mf.gif'.....

Borrowing goal looks beyond Osborne's reach
The Chancellor will be dealt a blow this week by official figures that will make it almost impossible for him to repeat his claim that borrowing has fallen every year under the Coalition Government.<img width='1' height='1' src='http://telegraph.f.....

Buffett's Heinz deal signals resurgence of M&A market
Brazilian billionaire Jorge Paulo Lemann was pushing on an open door when he asked Warren Buffett to join him in bidding for Heinz.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/28a3dc62/mf.gif' border='0'/>&.....

We must swallow price rises to ensure quality
In the baking heat, I was surprised the shop was not busier. With fridges on every external wall, and even some in its centre aisles, the Fresh & Easy store in Los Angeles's Manhattan Beach was a haven of cool air on the morning I visited back in.....

Crisis eases, but Europe's not out of the woods yet
Recession grips the eurozone. The economy of the 17-nation bloc contracted by 0.6pc over the fourth quarter of 2012, we learnt last week, a much worse result than expected and the third consecutive quarter of real gross domestic product (GDP) decline.....

Why meat can no longer be considered a cheap commodity
Ever since Sweeney Todd became an unwanted supplier to the pie trade, customers have sought reassurance about what they are eating.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/28a3dc65/mf.gif' border='0'/>&.....

Cable demands rethink on Funding for Lending scheme
Vince Cable has called for the Bank of England to conduct a review of its flagship 80bn lending scheme over fears that it is failing to improve the flow of funding to credit-starved small companies.<img width='1' height='1' src='http://telegraph.f.....

Osborne and Obama have got it wrong
Passing down of inherited capital is important feature of modern capitalism, argues Janet Daley.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/28a315fd/mf.gif' border='0'/><br/><br/><a href="ht.....

London tapas brand Camino set to grow
Richard Bigg is growing his Camino bar and restaurant group with backing from the Business Growth Fund, reports James Hurley.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/28a3137f/mf.gif' border='0'/><br/.....

Questor share tip: Tesco awaits verdict on horse meat scandal
'Horsegate' has yet to take its toll on shares in major retailers. Questor says hold.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/28a31380/mf.gif' border='0'/><br/><br/><a href="http://da.fee.....

Questor share tip: Rio Tinto to see more from iron ore
Rio Tinto had a mixed 2012, but things are looking up. Questor says buy.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/28a31381/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/.....

Mr Hare backed by Links of London founder
A shoe designer who was inspired to start a business following a "week from hell" has won investment led by Links of London founder John Ayton.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/28a24b17/mf.gif' bord.....

Christine Lagarde plays down talk of currency wars
The threat posed by so called 'currency wars' is "overblown" according to the head of the International Monetary Fund.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/28a236eb/mf.gif' border='0'/><br/><.....