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Thursday 21 February 2013

UK Financial News on 2013-02-21

Drop in new homes prompts fears
The government must act now to ensure enough affordable homes are being built, campaign groups say, after figures showed an 11% fall in housing starts in England in 2012......

Tax dodgers named on HMRC list
Tax dodgers are being named on a list published by HM Revenue and Customs for the first time, as their affairs come under greater scrutiny......

Public finances in January surplus
The UK's public finances were in surplus by a better-than-expected 11.4bn in January, but economists fear it will still be difficult for the chancellor to meet borrowing targets......

Hewlett-Packard sees sales fall 6%
Hewlett-Packard sees a 6% drop in first-quarter sales as demand for PCs continues to shrink, but analysts had predicted a bigger fall......

AIG makes $4bn loss from unit sale
American International Group reports a $4bn (2.6bn) three-month loss, mainly due to the sale of its aircraft leasing business ILFC......

Rothschild loses battle over Bumi
Financier Nat Rothschild loses his bid to oust the current board of Indonesian coal miner Bumi, the company he helped to found......

Wal-Mart warns of sluggish sales
Wal-Mart says sales were slow at the start of February and warns they will remain sluggish throughout the current quarter......

Pistorius contract suspended by Nike
US sportswear giant Nike suspends its sponsorship contract with Oscar Pistorius, who is accused of murdering his girlfriend......

French blast 'ignorant' US tyre boss
A French minister responds angrily to the boss of a US tyre firm who said he would have to be "stupid" to invest in France, where he claimed staff worked three hours a day......

Libor setting 'still not clean'
The key Libor interest rate is still often "completely made up" and is not free of fraud despite banks receiving large fines, a US regulator tells the BBC......

Shares fall after US Fed comments
Global stock markets fall after comments from the US Federal Reserve suggest it may scale back its bond-buying programme ahead of schedule......

'Bedroom tax' rules re-examined
Welfare secretary Iain Duncan Smith instructs his department to "look again" at how the "bedroom tax" will affect disabled people......

Half of ECB bond holdings from Italy
The European Central Bank has revealed that Italian government bonds make up nearly half of its holdings under a bond-buying plan......

Russia 'losing billions illegally'
Russia's central bank governor Sergei Ignatiev says that $49bn (33bn), or 2.5% of GDP, left the country illegally last year......

Young jobless 'face debt challenge'
A lack of work is the most significant factor in leading under-25s into debt, a charity says, despite a dip in youth unemployment......

Weak demand hits profits at BAE
UK aerospace company BAE Systems reports a fall in full-year profits, blaming delays over a major contract with Saudi Arabia and weak global demand......

Mercedes-Benz to be fined by OFT
Mercedes-Benz and three of its commercial vehicle dealers are fined a total of 2.6m for breaching UK competition law......

Sony announces PlayStation 4 console
Sony announces the fourth generation of its PlayStation games console featuring a new controller and a "supercharged" processor......

Internet titans award science prizes
Some of the world's richest internet entrepreneurs, including Facebook boss Mark Zuckerberg, have awarded 11 disease researchers $3m (1.9m) each......

Ofgem sets out energy price plans
Energy regulator Ofgem reiterates its plans for a simpler energy tariff regime, which the government says will be backed by legislation......

Scots 'should consider own currency'
Scotland should consider its own currency in case negotiations over the pound are difficult if the country votes for independence, an economist 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......

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......

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......

Dreamliner cash lifts Qantas profits
Qantas profits have risen, boosted by compensation from Boeing after it cancelled 787 orders and amid narrowing losses on its international operations......

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......

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

'Match-fixer' with Singapore police
A man linked to a global football match-fixing ring is helping Singapore authorities with their inquiries, police say, hours after Italy makes an arrest......

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......

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

VIDEO: Tax cheat list 'a deterrent effect'
People who have been found to deliberately mislead HM Revenue and Customs are having their names published online......

AUDIO: Farmer's bank opens doors to public
AgriBank's co-founder Matthew Smart told BBC Radio 5 live what made the bank different to others on the high street......

AUDIO: UK economy 'nowhere near lift off'
Richard Lambert, formerly of the Bank of England's Monetary Policy Committee, told Today business Dominic Laurie that Mervin King is sending the signal that "we need to do more"......

AUDIO: BAE will 'adapt to international market'
UK aerospace company BAE Systems has reported a fall in full-year profits, blaming delays over a major contract with Saudi Arabia and weak global demand......

VIDEO: Facebook boss wants 'more heroes'
Some of the world's richest internet entrepreneurs, including Facebook boss Mark Zuckerberg, have awarded 11 disease researchers $3m (1.9m) each......

VIDEO: PlayStation 4 console unveiled by Sony
Mark Cerny, lead system architect for the Sony PlayStation 4, says he wants to encourage the sharing of video, as the company unveils its next-generation gaming console in New York......

VIDEO: 'Time to move on from Libor rate'
Banks need to operate on a new reference interest rate following the Libor scandal, according to US regulator Gary Gensler......

VIDEO: Two views on India and UK trade ties
David Cameron has completed a three day trip to India with the aim of boosting trade ties between the two countries, but what do English and Indian entrepreneurs make of the two countries' trade ties......

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

U.S. Day Ahead: Markets all ears for Fed speakers
Feb. 21 - U.S. markets will be listening for what Fed speakers say after growing disagreement over QE. Wynn Resort's shareholders will decide whether to kick Japanese billionaire Kazuo Okada off its board......

Techquity: Apple iWatch clues, Google gains
Feb. 21 - Drawings from Apple show a device that looks like a watch. Also, analysts raise their price targets on Google......

Rothschild loses billionaire battle for BUMI
Feb. 21 - It's a public showdown between a UK financier and his one-time partners. Nat Rothschild set up coal miner Bumi with Indonesia's politically-connected Bakrie family to bring Indonesian assets to London investors, but the partnership soured. .....

Daily Digit: Housing stock at 13-year low
Feb. 21 - The U.S. inventory of previously-owned homes up for sale now sits at 1.74 million units, a 13-year low, which is likely to push prices higher in the future. Conway G. Gittens reports......

Improving conditions could taper QE this year: Fed's Fisher
Feb. 21 - Dallas Fed President Richard Fisher says the Fed's bond buying program could begin to taper off this year if economic conditions continue to improve......

Breakingviews: BofA's A on pay
Feb 21 - Jeffrey Goldfarb and Agnes T. Crane explain why the specific financial targets that BofA boss Brian Moynihan must achieve to be paid in full make the bank something of an industry leader in this particular area......

Trading at Noon: Spotlight on Apple with Einhorn call
Feb 20 - Greenlight Capital's David Einhorn prepares to host a conference call to argue the merits of distributing preferred stock......

Anger after U.S. boss insults France's "so-called workers"
Feb. 21 - French workers have hit back at scathing comments made about them by an American tycoon. Maurice Taylor, the CEO of U.S. tire company Titan International told France's industry minister in a letter published by French media that he didn't w.....

Europe Day Ahead: Euro zone stalls, VW zooms
Feb. 21 - Ifo index numbers will be watched for further signs that the recovery is stalling after todays PMIs disappoint, but VW looks set to post record profits......

Wealth Strategies: Risks to financial system remain - Bair
Feb. 21 - Former FDIC chairman Sheila Bair and a panel of experts debate whether the biggest U.S. banks should be broken up, required to raise more capital, or simply left alone......

Euro zone downturn worsens
Feb. 21 - Hopes the euro zone might soon emerge from recession were dealt a blow as a survey showed the downturn in the region's businesses unexpectedly worsened this month, especially in France. The gap between core euro zone members, France and Ger.....

3XSQ: Wal-Mart's U.S. customers hit by payroll taxes
Feb 21 - Wal-Mart Stores said that U.S. sales weakness persisted into early February, as Americans absorbed the impact of higher payroll taxes and gasoline prices, along with slow tax refunds......

Hugo Boss dresses for success in Nigeria
Feb. 21 - German fashion house Hugo Boss has opened its first shop in Nigeria, and hopes the store commercial capital, Lagos, will attract wealthy buyers who are already familiar with the brand. Analysts say high-end firms are beginning to see great .....

In the Boardroom: Diversity drives more harm than good?
Feb. 21 - Does engineering boardroom shortlists to make them more diverse catalyse real change, or end up damaging unsuccessful candidates? Lucy Marcus grills former Equality Commission Chair, Trevor Phillips......

Economy 2013: Allianz CFO hints M&A may be path to growth
Feb. 21 - The CFO of Allianz explains why weak economic growth in core European countries could be the perfect opportunity to consolidate market position and seek out acquisition targets......

Breakingviews: Insurer dividend angst overdone
Breakingviews......

Sony shows 'super-charged' PS4 to smartphone-clinging crowds
Feb. 21 - In announcing its long-awaited Playstation 4 console, Sony impressed with new features targeting hardcore gamers. But has the smartphone and tablet boom fundamentally changed the game?.....

Euro zone PMIs to show recovery underway...right?
Feb. 21 - Flash PMIs will give us the first glimpse of how the euro zone economy fared in February, and whether the recession is ending. Or not........

Reuters Today: Fed rattles markets, euro zone PMIs in focus
Feb. 21 - Global stocks slide on worries the U.S. Federal Reserve could prematurely wind down its bond buying programme. Investors in Europe await euro zone PMIs......

FACTBOX: The anatomy of an alliance
looks at the current state of ties between the historic allies......

U.S. Morning Call: Wal-Mart profit up in key holiday quarter
Feb 21 - Wal-Mart Stores posted a higher quarterly profit and raised its dividend payout, as efforts such as extending its layaway program and matching competitors' prices attracted shoppers......

Economy 2013: LEGO CEO pins hopes on Chima & Hollywood
Feb. 21 - LEGO group CEO Jrgen Vig Knudstorp is looking to Lego game Legends of Chima and ongoing collaboration with leading movie makers around the world to spur growth.....

Economy 2013: LEGO CEO on 2012 results & outlook
Feb. 21 - LEGO Group chief executive Jrgen Vig Knudstorp discusses the Danish toy makers 2012 results and outlook.....

Bradford's history boys in fairytale League Cup Final
Feb. 21 - Can Bradford become the first fourth tier club to win a major Wembley final? Plus Chelsea v Man City and the latest Six Nations action......

Market Pulse: Gold, copper, oil down, down, down
commodities correspondent Eric Onstad says analysts are betting the selloff has further to go......

Wearable computing: why it's about much more than an Apple iWatch or Google Glasses
The latest peak at Google Glasses has thrust the emerging field of wearable computing into the spotlight.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/28d2b843/mf.gif' border='0'/><br/><br/><a.....

Big Four slammed for acting against the interests of shareholders
The 'Big Four' audit firms will on Friday be accused of a serious breach in alignment with shareholder interests as the Competition Commission reveals the findings of its landmark investigation into their dominance.<img width='1' height='1' src='h.....

Chinese motorists boost CSR sales
Motorists trying to avoid fines from Chinese traffic police drove sales at British chip-maker CSR and sent its shares soaring to a two-year high.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/28d215ba/mf.gif' bo.....

France freezes spending to hit EU targets as slump deepens
France is to freeze spending on defence, higher education and research in a frantic bid to meet European Union deficit targets this year, tightening fiscal policy yet further as the country slides into deep slump.<img width='1' height='1' src='htt.....

The Bank of England can't just go on doing down the pound
Devaluation has now become an end in itself at the Bank - but it's no panacea, says Jeremy Warner<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/28d21267/mf.gif' border='0'/><br/><br/><a href="h.....

Nat Rothschild loses bid to clear out Bumi board
Nat Rothschild has lost his high-stakes power struggle to clear out the board of beleaguered coal miner Bumi.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/28d21268/mf.gif' border='0'/><br/><br/>&.....

Nat Rothschild loses Bumi battle
Nat Rothschild has lost his high-stakes power struggle to clear out the board of beleaguered coal miner Bumi.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/28d1c3ee/mf.gif' border='0'/><br/><br/>&.....

Stock markets tumble on Fed fears
The FTSE 100 suffered its biggest one-day drop in seven months.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/28d1c3ef/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/1589193.....

Asda sales slow in final quarter of year
Asda, the UK's second largest supermarket group, has warned that sales slowed in the final quarter of 2012 as the "challenged" economy weighed on consumer spending.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/.....

Citi picks champions as blue-chips fall
The FTSE 100 tumbled amid worries over the economy.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/28d20abb/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/158919546982/u/3/f/.....

New Premier Foods chief executive pledges end to sell-offs
The new chief executive of Premier Foods has pledged to end the sell-off of its most prestigious brands, which has already seen the disposal of Branston pickle, Sarson's vinegar and Hartley's jam.<img width='1' height='1' src='http://telegraph.fee.....

BAE shrugs off revenue fall with 1bn share buyback
BAE Systems shrugged off a fall in revenue amid shrinking defence budgets and heightened uncertainty in the US to reveal a 1bn share buyback and a growing international business.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/327.....

B&Q feels squeeze on home improvement
The British DIY chain's sales slumped a worse-than-expected 6.4pc to 842m in the fourth quarter as strained households put off home improvement projects.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/28cc9277/mf.....

Sports Direct sales rise 23pc despite winter of discontent on high street
Sports Direct, the retailer founded by Newcastle United owner Mike Ashley, has avoided the tumultuous conditions on the high street and emerged as one of the retail industry's winter winners with a sharp rise in sales.<img width='1' height='1' src.....

Factories give recovery a lift
Manufacturers have given the recovery a lift by forecasting moderate growth over the coming three months.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/28d1b855/mf.gif' border='0'/><br/><br/><a.....

QE may need to be raised by 175bn, says BoE's David Miles
The Bank of England has a case for restarting its asset purchase programme, and may need to increase it by up to 175bn, senior policymaker David Miles has said.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/28d1.....

Ferrovial buys Enterprise from 3i for 385m
Private equity investor 3i has crystallised a loss of around 200m on its investment in Enterprise after Spanish company Ferrovial announced it had bought Britain's biggest street-sweeping business.<img width='1' height='1' src='http://telegraph.fe.....

Ferrovial buys Enterprise from 3i for 385m
Private equity investor 3i has crystallised a loss of around 200m on its investment in Enterprise after Spanish company Ferrovial announced it had bought Britain's biggest street-sweeping business.<img width='1' height='1' src='http://telegraph.fe.....

Japan has laid the track for UK trains to follow
Japan's high-speed lines provide valuable lessons for the UK.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/28d0fbe9/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/158919386.....

Lego builds on success as new ranges send sales soaring
Lego's revenues rose by a quarter last year as children continued to favour the traditional toy over hi-tech alternatives, helping to make the Danish company behind the building blocks the world's second-largest toy maker by sales.<img width='1' h.....

Sketch: Bumi shareholder meeting is Nat Rothschild show
With canons in the yard and guns on the wall, you couldn't have found a better setting for the climax of the Bumi battle than the City's Armoury House. After all, this was war.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726.....

The food retail industry is facing a new reality. Trust has been severely damaged
Farmers know better than most that you usually reap what you sow, but the past couple of weeks have reminded all of us just how true this can be.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/28d0f15a/mf.gif' bo.....

Financial services pays highest rate if an employee dies in service
People who work in financial services will, on average, receive the highest payout on death, according to research by Punter Southall Health & Protection Consulting. With mortality rates averaging one per 1,000, small and medium sized businesses .....

Ireland 'Europe's A student' says finance minister
The Irish finance minister hailed the country for "taking one for the team" by accepting tough reforms to receive a bailout.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/28cfc6a9/mf.gif' border='0'/><br/&.....

Ladbrokes reaps rewards of football upsets
A patchy performance from the likes of Chelsea and Arsenal might have perturbed fans, but the recent run of footballing upsets has left Ladbrokes in the money.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/28cfc.....