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Wednesday 20 February 2013

UK Financial News on 2013-02-20

UK unemployment total falls to 2.5m
UK unemployment fell in the three months to December, while the number in work also jumped to a new record, official figures show......

Bank chief outvoted on stimulus move
Bank of England governor Sir Mervyn King backed more action to boost the economy earlier this month, but was outvoted by his colleagues......

London Market Report
The pound falls sharply after the Bank of England's Monetary Policy Committee minutes indicate more monetary stimulus could be on the way......

4G auction raises less than forecast
Telecoms regulator Ofcom announces the winners of its 4G mobile auction, which raises a lower-than-expected 2.34bn for the Treasury......

New York Times to sell Boston Globe
The New York Times Company says it plans to sell the Boston Globe and its related assets in order to focus on its namesake newspaper......

US boss mocks French work ethic
The boss of US tyremaker Titan causes uproar in France by saying French workers only put in three hours a day......

HMV to close 37 more stores in UK
Collapsed music and DVD retailer HMV is to close a further 37 stores, affecting 464 jobs......

Mortgage lending falls in January
The amount of money lent to UK homebuyers fell last month to the lowest level in nine months, says the Council of Mortgage Lenders......

Office Depot and OfficeMax to merge
Office Depot agrees to buy its rival OfficeMax for about $1.2bn (785m) in the first move towards consolidation in the US office supplies industry......

Greece hit by fresh strike chaos
Widespread disruption hits Greece as thousands of people join the first general strike of 2013 against austerity measures......

FBI to investigate Heinz trades
The Federal Bureau of Investigation joins an investigation into suspicious share trading ahead of the Heinz takeover deal last week......

Gill to step down as Man Utd chief
David Gill is to step down as Manchester United chief executive on 30 June, the Premier League club confirms......

STV sees profits rise and debt cut
Media group STV increases it profits by 3% and cut its debt and says it has moved on from its dispute with ITV......

Carpets firm in administration talks
Axminster Carpets, one of Devon's biggest employers, applies to go into administration bringing fears for 400 workers......

AirAsia plans Indian budget carrier
Asia's largest low-cost carrier, AirAsia, plans to launch an Indian budget airline with India's Tata and a third investor, Telestra Tradeplace......

Japan posts record trade deficit
Japan's monthly trade deficit hits a record in January after its recent monetary policy stance weakened its currency sharply......

Crime writer wins $51m lawsuit
Crime writer Patricia Cornwell wins a $51m (33m) suit against her former financial managers, after a jury agrees their negligence cost her millions......

Apple computers 'hacked' in breach
Computers used by Apple employees were hacked by the same attackers who targeted Facebook, the iPhone-maker says......

'Wide differences' in child poverty
Levels of child poverty vary dramatically across the UK and within regions, according to a new map that breaks down poverty rates by area......

Lloyds fined for PPI payment delay
Lloyds Banking Group is fined 4.3m for delaying compensation payments to 140,000 customers over Payment Protection Insurance (PPI) mis-selling......

Watchdog warns of energy bill rises
Consumers face higher energy bills as the UK becomes more reliant on imports, the chief of the energy watchdog warns......

Obama warns 'cuts mean job losses'
US President Barack Obama warns that deep, across-the-board spending cuts due to take effect next month would cause job losses and must be averted......

High Street vacancies 'stabilise'
The percentage of shops lying empty in the UK's High Streets and shopping centres stabilised last year, a report says......

Debit cards 'to give way to phones'
The use of debit cards could decline within the next eight years, says the UK Payments Council, as we start to make payments by mobile phone......

Zambia seizes Chinese-owned mine
The Zambian government takes over the running of a troubled Chinese-owned coal mine after revoking its licence because of safety lapses......

BHP Billiton boss Kloppers to retire
Mining giant BHP Billiton says its chief executive Marius Kloppers will retire in May, and will be replaced by Andrew Mackenzie......

Dell sales fall ahead of buyout
Computer maker Dell reports a drop in sales but its earnings still beat expectations, in what could be its last set of results as a public company......

'Action needed' on football fixing
Football officials say countries and organisations must do more to tackle corruption, at a conference on match-fixing in Kuala Lumpur......

Sporting village plan for Belfast
Discussions are under way about transforming the Boucher Road area of south Belfast into a sporting village......

World Cup to use goal-line system
Fifa says goal-line technology will be used at the 2014 World Cup in Brazil, after successful Club World Cup trial......

VIDEO: 1,700 apply for eight Costa jobs
UK unemployment fell again in the three months to December 2012, but in many parts of the UK jobless figures remained stagnant and it is still a real struggle for jobseekers to find work......

VIDEO: 4G auction pricing 'fair' say EE
The prices paid by mobile phone operators for the UK's 4G spectrum was "fair" according to the boss of Everything Everywhere......

VIDEO: Carpet firm in administration talks
Axminster Carpets, one of Devon's biggest employers, has applied to go into administration......

VIDEO: Sony putting hopes on PS4 launch
Sony is launching its new PlayStation in an effort to recapture both a share of the market and the enthusiasm for purpose-built games consoles......

VIDEO: Young people 'struggling to find jobs'
Despite an overall fall in UK unemployment, youth unemployment has risen slightly according to official figures......

AUDIO: Bank bonus cap 'will not reduce risk'
Negotiations to introduce a bonus cap in the European Union have stalled after EU countries and the bloc's parliament clashed over how far to go in curbing pay for the industry's top earners......

VIDEO: China denies cyber attack allegations
China is denying allegations that a secretive branch of its military is responsible for cyber attacks on global companies......

AUDIO: 'Getting the price right' on oil barrels
Platts, the oil pricing agency, is proposing changes to the way it assesses the Brent oil market, in terms of the price of oil per barrel......

Sony PlayStation 4 faces challenges
What does the PlayStation 4 have in store for Sackboy and Sony's other characters?.....

Bumi's bitter boardroom battle
Business dynasties fight for control of coal firm Bumi.....

How does illegal sports betting work?
How does illegal sports betting work and what are the fears?.....

How care fee reforms may affect you
How plans for paying for long-term care affect you.....

Could we all soon own a drone?
Soon we could all have one.....

Crack in housing recovery foundation?
Feb. 20 - January housing starts were far worse than forecasts, but a closer look reveals the cracks in the housing recovery may not be that worrisome after all. Bobbi Rebell reports......

The U.S. Day Ahead: Did Wal-Mart hit a wall in Q4?
Wal-mart reports earnings tomorrow in the wake of a report quoting one executive calling February sales were "disastrous" so far. We also get earnings from Hewlett-Packard and Chesapeake Energy.....

Saft says: Despite disagreement, Fed to stay on QE course
Feb. 20 - The Fed may have to slow or stop buying bonds before seeing the pickup in hiring the program is supposed to deliver, according to minutes from its latest policy meeting......

Daily Digit: 27.4 mln iPhone 5s
Feb 20 - With 27.4 million units shipped to operators worldwide, Apple's iPhone 5 snags the world's best-selling smartphone title from Samsung's Galaxy S3. Conway G. Gittens reports......

Techquity: iPhone 5 in another Galaxy
Feb 20 - Apple's iPhone 5 takes the sales crown away from Samsung plus Yahoo's revamp and more......

Breakingviews: Digesting Heinz deal
Feb 20 - Jeffrey Goldfarb and Breakingviews columnists discuss why the $28 billion acquisition of Heinz by Berkshire Hathaway and 3G Capital could take a long time to deliver......

Trading at Noon: 'Office' romance leads to a tie-up
Feb 20 - Office Depot confirms a $1.2 bln deal to merge with OfficeMax......

Wealth Strategies: Housing market could add 0.5% to GDP
Feb 20 - PNC's Gus Faucher expects to see strong housing numbers through the spring and summer and feels the residential housing sector will contribute significantly to GDP growth in 2013.....

Italy's housing slump is key election issue
Feb.20 - Italy's housing market is sinking partly due to a painful property levy brought in by Mario Monti. As the country prepares for weekend elections the issue is becoming a key one for voters. Hayley Platt reports......

Europe Day Ahead: Euro zone edges closer to recovery?
Feb. 20 - Euro zone and German flash PMIs may show the bloc edging closer to recovery. France, UK and Spain come to market. Plus, watch out for earnings from Allianz, BAE Systems and LEGO......

Daily Digit: Credit Agricole's historic loss
Feb. 20 - Credit Agricole posts a 6.5 billion-euro ($8.68 billion) full-year loss - the worst since the French bank went public in 2001 - as taxes on the sale of its Greek unit pushed the bank deeper than expected into the red. Hayley Platt reports......

Latex laughs for Italy's election contenders
Feb. 20 - Italy's most famous satirical program mocks the country's political leaders, including Berlusconi and Monti, ahead of elections. Simon Hanna reports......

3XSQ: Garmin sees weak 2013, Q4 profit misses
Feb 20 - Garmin reported a weaker-than-expected quarterly profit as revenue in its personal navigation devices business fell 25 percent......

Suits you, sir - London's Savile Row defies downturn
Feb. 20 - Upmarket tailors on London's famous Savile Row are seeing a remarkable resurgence as a new generation of younger clientele boost business, with one shirtmaker seeing growth of 25% last year. Ivor Bennett reports......

U.S. Morning Call: Sony to unveil new PlayStation console
Feb 20 - Sony is expected to showcase a new PlayStation console on Wednesday in a pre-emptive strike against Microsoft's bid to make its Xbox the world's leading hub for household entertainment......

Match fixing tarnishes the beautiful game
Feb. 20 - Sportradar, which works with UEFA, has detected that up to one percent of soccer matches in Europe could be fixed. It also says illegal gambling could spread into other sports with costly consequences.....

Factbox: Neigh end in sight to the horsemeat scandal
Feb. 20 - As the horsemeat outrage continues apace, UK bookmaker Paddy Power is offering odds on where it will turn up next and what other animals may become embroiled in the scandal.....

Breakingviews: Hard act to follow at BHP
Feb. 20 - Outgoing BHP CEO Marius Kloppers had luck on his side, but his record as an inspirational leader was a good one according to Breakingviews. The miners new boss has a tough act to follow......

Mega-miners tighten their belts
Feb. 20 - Despite dismal results, hopes of a demand recovery in China have sold investors on miners BHP Billiton and Rio Tinto. But a volatile environment means the metals giants aren't yet ready to celebrate......

Reuters on the Road: One Elephant.. One Idea..
Feb. 20 - Elephant Branded CEO James Boon takes the taxi challenge to explain his startups mission to support education in Africa and Asia......

Reuters Today: Even Soros wouldn't sell sterling now, right?
Feb. 20 - A big day for Sterling with Bank of England minutes and UK employment figures due, while EU talks to cap bankers bonuses stall......

Market Pulse: A BoE bombshell, sterling battered again
Feb. 20 - Sterling tumbles and the FTSE hits a 5-year high after BoE minutes stun UK markets King votes for more QE, and a rate cut is discussed. Plus, gold melts below $1,600......

Apple hacked; China link unclear
Feb. 19 - Apple disclosed it has been hit by the same hackers that attacked Facebook, adding a new level of urgency to growing reports of security breaches Bobbi Rebell reports......

Wall Street sets fresh multi-year peak
Feb. 19 - Summary of business headlines: Dell sales drop 11 percent, Herbalife revenues up 20 percent; OfficeMax and Office Depot in the midst of office romance; Google tops $800 for first time; U.S. homebuilder sentiment dips; UniCredit warns of maj.....

U.S. Day Ahead: Herbalife aims to calm concerns in call
Feb. 19 - Herbalife will hold an earnings conference call tomorrow morning after the nutritional supplement-maker reported record fourth-quarter results and raised its guidance for 2013......

Bank of England split on more QE as Governor Mervyn King over-ruled
The Bank of England's fears for the health of the UK economy have been laid bare by a split among policymakers that saw the Governor over-ruled for only the fourth time after he voted for more quantitative easing.<img width='1' height='1' src='htt.....

3,000 families reassured on continuing child benefit payments
HMRC insisted payments made after the deadline were made correctly and that those families would not need to fill in a self-assessment tax form.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/28c75166/mf.gif' bor.....

More QE is a lame-duck policy, even if there's not a lame duck in charge
Is Sir Mervyn King a lame-duck Bank of England Governor?<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/28c76116/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/158919357240/u.....

Global banks shun UK Gilts on 'stagflation' risk
A clutch of global banks and funds have warned clients to steer clear of UK Gilts, fearing that the Bank of England has opened the door to "stagflation" and risks losing credibility.<img width='1' height='1' src='http://telegraph.feedsportal.com/c.....

FTSE 100 closes within touching distance of 6,400
The blue-chips finished the day at a fresh five-year high.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/28c756aa/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/158919356184.....

BHP: No drama as Scotsman Andrew Mackenzie takes top job in mining
BHP Billiton, the world's biggest mining company, hopes that a smooth change of leadership can herald new success<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/28c651d6/mf.gif' border='0'/><br/><br/&.....

BAE Systems warns 3,500 jobs at risk in US
British defence giant BAE Systems has warned it will be forced to cut 3,500 jobs in the US if the threat of Pentagon spending cuts becomes reality.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/28c66322/mf.gif' .....

Questor: avoid Rexam for the moment
Rexam's shares surged more than 5pc yesterday to hit their highest level since 2007, the height of the credit boom. So, is now really the right time to add the FTSE 100's only beverage-can maker to your portfolio?<img width='1' height='1' src='htt.....

Questor: Travis Perkins battling volatile construction markets
Travis Perkins, the builders' merchant and owner of the Wickes DIY chain, has enjoyed a good run on the stock market, despite the challenges facing the construction industry.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f.....

Budget 2013: Travis Perkins boss calls for "radical measures"
The chief executive of builders' merchant Travis Perkins has called for the Chancellor to introduce "radical measures" to kickstart the British economy.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/28c64ee5/mf......

Pound land: derelict houses in Liverpool to be sold for just one pound
Derelict houses in Liverpool will be sold off for just one pound.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/28c64a01/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/15891.....

Apple shares under pressure as supplier Foxconn stops hiring
Apple shares came under renewed pressure after a hiring freeze at its biggest manufacturer in China fuelled fears that demand for the bestselling iPhone is flagging.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s.....

4G auction: George Osborne loses out as sale leaves 1bn black hole
Chancellor George Osbourne was left facing a 1.2bn black hole yesterday, after the long-awaited sell-off of the Government's airwaves raised less than he had banked on.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/56830.....

Spain's 'head is out of the water' as deficit drops below 7pc
Mariano Rajoy has revealed that austerity efforts have pulled the budget deficit for 2012 below 7pc of GDP.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/28c647b7/mf.gif' border='0'/><br/><br/><.....

Losing our AAA rating could mean bank collapse and deflation
Like a condemned man, the British government awaits the sentence. It's ceased to be a question of whether we'll lose our AAA rating, but when.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/28c647b8/mf.gif' borde.....

Record employment 'not yet a sign of recovery'
Leading economists and industry experts refused to hail record employment figures on Wednesday as a sign of recovery, instead warning that the upturn in hiring is at odds with a weak economy.<img width='1' height='1' src='http://telegraph.feedspor.....

4G auction: Mobile operators know what to do this time
When the last auction of the Government's airwaves took place in 2000, the internet bubble had yet to burst and Britain's mobile operators were booming.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/28c57582/mf......

Ex-JP Morgan banker to take helm at Manchester United
Manchester United's executive vice chairman Ed Woodward steps up.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/28c57583/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/15891.....

RSA shares fall as dividend cut for first time in a decade
Shares in Royal & Sun Alliance (RSA) fell more than 13pc as the insurance group axed its dividend by a third - the first cut in a decade<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/28c57584/mf.gif' border=.....

Britain's 'friendless pound' could fall further as Bank mulls more QE
Britain's 'friendless' pound will fall further, analysts said on Wednesday, after three of the Bank of England's rate-setting panel, including Sir Mervyn King, voted for more money printing.<img width='1' height='1' src='http://telegraph.feedsport.....

Brit Awards rich league: Top five wealthiest nominees
We examine the wealth of the Britons shortlisted for tonight's Brit Awards.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/28c57236/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.c.....

Axminster Carpets: a history
Axminster Carpets can trace its history back 250 years, but the carpet-maker's future now hangs in the balance after calling in administrators.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/28c56e91/mf.gif' bord.....

Axminster Carpets files for administration
Axminster, the British carpet maker and supplier to the Queen, has filed for administration with the loss of up to 400 jobs.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/28c56e93/mf.gif' border='0'/><br/&.....

Workers still facing pay squeeze, employment figures show
Millions of workers are still receiving effective pay cuts because the rate of inflation is nearly double the average salary increase, employment figures show.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/28c48.....

Countrywide reveals plans for 200m float
Estate agent Countrywide is planning a 200m initial public offering, marking the UK's second flotation of the year and supporting sentiment that the property market is in recovery mode.<img width='1' height='1' src='http://telegraph.feedsportal.co.....