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Friday 22 February 2013

UK Financial News on 2013-02-22

UK loses top AAA credit rating
The UK loses its top AAA credit rating for the first time since 1978 on expectations that growth will "remain sluggish over the next few years"......

Eurozone recession 'to persist'
The eurozone recession is expected to linger longer into 2013, the European Commission says, with Spain, France and Portugal expected to miss agreed overspending targets......

Regulator raps Big Four accountants
Britain's four biggest accountancy firms are heavily criticised by the Competition Commission for being too dominant......

Boeing 'set to offer 787 fixes'
Boeing is expected to offer ways to fix the 787's battery problems at a meeting with the US Federal Aviation Administration on Friday......

Lenders getting more personal data
Growing amounts of individuals' financial data are being used to assess loans applications, and credit agencies are seeking more deals with utility firms to access customer information......

Drop in workplace pension savers
The number of workers saving in an occupational pension has continued to fall, with fewer than half in scheme, official figures show......

UK and China close to currency deal
The Bank of England is in negotiations with its Chinese counterpart on a currency-swap deal likely to boost trade between the UK and China in the yuan......

London Market Report
London's leading shares rebound in Friday morning trading after gains overnight on Asian markets......

Property sales see winter lift
Property sales in the UK were slightly higher in January than during the same month a year earlier, HM Revenue and Customs says......

Welfare-to-work scheme 'is failing'
The government's multi-billion-pound programme to help the long-term unemployed back into work is branded "extremely poor" by MPs......

Air France-KLM posts big loss
Air France-KLM sees losses widen in 2012 as fuel costs rise sharply, but revenues rise as its restructuring programme takes effect......

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......

Japanese tycoon quits Wynn board
In the latest twist to the ongoing saga at Wynn Resorts, Japanese tycoon Kazuo Okada has quit the company's board......

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......

Singapore growth exceeds estimates
Singapore's economy expands more than expected in the fourth quarter, boosted by a rebound in its manufacturing sector......

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......

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......

'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......

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......

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......

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......

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......

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......

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......

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

'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......

VIDEO: Can women plug the engineering skills gap?
Sima Kotecha reports for Newsnight on attempts to change the image of engineering as a dirty, physical job for men and get more women to choose it as a career and help solve the skills shortage in a vital part of the British economy......

VIDEO: Fuel prices 'forcing drivers off road'
The increasing cost of fuel prices is forcing drivers to travel less the AA has said......

VIDEO: 'Japan PM helped me make $300,000'
As Japan's Prime Minister Shinzo Abe prepares to meet US President Barack Obama, Rupert Wingfield-Hayes reports on his ambitious growth programme that is already being dubbed Abenomics......

VIDEO: PWC reject competition criticisms
One of Britain's biggest accountancy firms, PWC, has rejected claims that they may have too cosy a relationship with the companies they audit......

VIDEO: Welfare-to-work scheme 'abysmal'
The government's Work Programme, a multi-billion-pound scheme to help long-term unemployed people has performed "abysmally" according to Margaret Hodge......

VIDEO: Has the games console had its day?
With the rise of smart phones and tablet computers, are the days of the games console coming to an end?.....

VIDEO: What worries glam Milan's voters?
Katya Adler reports from Milan, the capital of the Lombardy region, as Italy's general election draws closer with the economy a top priority for most voters......

VIDEO: French slam 'ignorant' US tyre boss
A French minister has responded angrily to the boss of US tyremaker Titan who said he would have to be "stupid" to invest in the country......

Q&A: Why are fuel prices rising?
Why have fuel prices jumped in the past month?.....

Social tech ventures going global
Entrepreneurs take to the seas in search of riches.....

Italians demand a radical change
Forget the election, Italians just want change.....

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

The U.S. Week Ahead: Battle over budget cuts, Apple meeting
Feb. 22 - The automatic budget cuts know as the Sequester are scheduled to go into effect Friday if Congress doesn't act. Apple holds shareholder meeting after losing battle with activist investor David Einhorn.....

MuniLand: Obama's new bonds could benefit muni market
Feb 22 - Co-Director of Municipal Investments at Eaton Vance Management Thomas Metzold says President Obama's 'America Fast Forward' bonds could be positive, but issuing tax-credit bonds could prove unsuccessful......

Techquity: Apple falls to Samsung, HP soars
Feb. 22 - Samsung sells more devices than Apple while Hewlett-Packard delights investors......

Daily Digit: $2 bln blockbusters
Feb. 22 - Best Picture contenders for the Academy Award bring in a $2 billion bounty in tickets sales. Conway G. Gittens reports......

Italy election still wide open
Feb. 22 - Candidates in Italy's parliamentary elections hold their final rallies before the February 24-25 vote. Silvio Berlusconi's rebound and the rise of a comedian have thrown the election wide open. Analysts are questioning whether the poll will.....

Trading at Noon: Samsung, Apple, RIM woo corporations
Feb 22 - Samsung leads the race in sales of smart devices, according to a report from IDC, as it begins to woo corporate customers......

Euro zone to shrink further into recession
Feb. 22 - The European Commission says the euro zone will not return to growth until 2014, predicting the bloc's economy will shrink by 0.3% this year as Spain and France overshoot deficit targets. Ivor Bennett reports......

Surprise revival for horsemeat in France
Feb. 22 - Horse butchers in France notice a rise in horsemeat sales following a scandal in which horsemeat was found in products labelled as beef in countries across Europe. Sunita Rappai reports......

Breakingviews: Safety dance in debt markets
Feb 22 - Jeffrey Goldfarb talks to Agnes T. Crane about how investment-grade corporate bonds are no longer the haven they once were......

Europe Week Ahead: Italian election aftermath to dominate
Feb. 22 - A look at next weeks key events dominated by the outcome of the Italian election as well as results from RBS, Lloyds, BASF and testimony from Ben Bernanke......

Iberia workers take protest to the road
Feb. 22 - Workers from Spanish airline Iberia held the fifth day of protests over job cuts at Madrid's Barajas airport. Iberia and labour unions have agreed to the government's call to bring in an independent mediator to facilitate talks. Hayley Plat.....

3XSQ: Pistorius granted bail - magistrate
Feb 22 - A South African magistrate granted Oscar Pistorius bail in a hearing in Pretoria......

Great Rotation Fact or False Dawn?
Feb. 22 - The Great Rotation from bonds into equities has begun say some market watchers, but fund flows suggest this theory is just a myth for now......

Power Player: AirAsia sets sights on India
about his plans to launch a regional airline in India in a joint venture with the Tata group. Hayley Platt reports......

Reuters Asks: Markets back to highs. Why the complacency?
Feb. 22 - With many markets back at pre-crisis highs only a few years after the collapse of Lehman, why the sense of complacency? Why no obvious signs of concern?.....

Reuters Breakingviews: Bumi battle lessons
Feb. 22 - The Bumi debacle underlines why one should stick to standard practices when dealing with risky investments, says Breakingviews......

Reuters Today: German Ifo eyed & Italian election countdown
Feb. 22 - European investors brace for Germanys Ifo as Italian candidates make the last sprint to win voters ahead of this Sundays elections......

Asia Week Ahead: Battles of the corporate titans
' Wayne Arnold also talks about an eventful week for Japan......

Market bets China won't crash the property party
data shows investors see things differently. Tara Joseph reports......

Reuters Breakingviews:For China, better a governor who knows
Feb. 22 - He's reached the mandatory retirement age of 65, but Beijing would do well to hang on to current central bank governor Zhou Xiaochuan, according to Breakingviews' Peter Thal Larsen......

U.S. Morning Call: United removing Boeing from flight plans
Feb 22 - United Continental said it was taking Boeing's grounded 787 Dreamliner out of its flying plans through June 5th......

Market Pulse: Wall St maybe Europe, not so much
Feb. 22 - The U.S. equity rally has reasonably firm foundations, but Europes stock gains look a whole lot shakier, says BGC Partners Mike Ingram......

Economic data keep bulls in headlock
Feb 21 - Summary of business headlines: Fed official says not taking away the $85 billion a month punch bowl yet; jobs, factory, inflation data suggest Fed policy can continue; Hewlett-Packard beats forecast, guides higher; Wal-Mart sales not hurt as.....

Wal-Mart customers take a hit
Feb. 21 - Pain at the pump and a payroll pinch have consumers cutting back spending at retailers like Wal-Mart- which says sales will stall this quarter. Bobbi Rebell reports......

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......

Osborne vows to stick to Coalition's economic plan as Britain loses AAA credit rating
George Osborne vows to stick to Coalition's economic plan after Moody's downgrades Britain's cherished AAA credit rating.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/28dced10/mf.gif' border='0'/><br/>.....

Britain's credit rating downgraded from AAA to Aa1
Government's economic strategy dealt a serious blow after a leading credit ratings agency Moody's downgrades UK debt.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/28dc4c36/mf.gif' border='0'/><br/><.....

RBS to unveil 8bn US bank float
Royal Bank of Scotland will next week reveal plans to float US retail bank Citizens in deal expected to raise more than 8bn.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/28dc4c38/mf.gif' border='0'/><br/&.....

Income investors warned after RSA dividend cut
A question mark is hanging over the bumper yields offered on insurance shares. Other stocks may offer safer dividends.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/28db8525/mf.gif' border='0'/><br/><.....

Innocent's founders sell up to Coca-Cola
The American drinks giant is to take complete control of Innocent Drinks.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/28db3af4/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com.....

IQE shares fall as wider market rebounds
The wider market stabilised after Thursday's drop.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/28db3af5/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/158919415327/u/3/f/5.....

Bumi CEO asks Nat Rothschild to 'put battle behind us'
Bumi's chief executive has claimed he harbours "no animosity" towards Nat Rothschild in the wake of the financier's failed power struggle over the company.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/28db7ca1/.....

Chinese tour operators 'striking Britain from itineraries' over visa rules
Airport owners and retailers claim Chinese tour operators are "striking Britain from their itineraries" because of the UK's "cumbersome" visa system, which is costing the UK economy 1.2bn in lost tourist revenue.<img width='1' height='1' src='http.....

Boots buys stake in hearing chain
Boots has stepped up its expansion plans by buying a stake in a British business that operates hearing practices for the pharmacy and healthcare chain.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/28da8cf3/mf.g.....

John Lewis to deliver orders to petrol stations and corner shops
Customers will be able to collect or return items to convenience stores and petrol stations for free.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/28db2b89/mf.gif' border='0'/><br/><br/><a hre.....

France is a 'problem child', says Merkel ally
A leading member of German Chancellor Angela Merkel's conservatives said France was a "problem child" in the eurozone and must scrap its 35-hour work week as well as push back its retirement age.<img width='1' height='1' src='http://telegraph.feed.....

Hong Kong doubles stamp duty to cool property market
The city has unveiled its latest bid to curb rapid price rises.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/28da8507/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/1589195.....

Pound to keep falling, holidaymakers warned
Britons going to Europe and US will suffer as sterling drops to two-and-a-half-year low.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/28db7ca6/mf.gif' border='0'/>.....

Novartis chairman apologises for 'golden handshake'
The outgoing chairman of Swiss pharmaceuticals giant Novartis has acknowledged that he made "mistakes" in connection with a scandal over a massive golden handshake he finally agreed to forego.<img width='1' height='1' src='http://telegraph.feedspo.....

Eurozone to stay in recession for another year
Unemployment in Europe is "unacceptably high" and threatens "grave social consequences", the European Commission has warned as it painted a gloomy picture of the eurozone's troubled economy.<img width='1' height='1' src='http://telegraph.feedsport.....

Banks to repay 61bn in ultra-cheap loans
Banks around Europe will repay less than half the expected amount of the crisis loans they took from the European Central Bank a year ago, suggesting much of the eurozone financial system is still hooked on cheap ECB funds.<img width='1' height='1.....

New low in workers saving for retirement
The smallest number of employees are saving into pension schemes since records began, official figures show.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/28db3af8/mf.gif' border='0'/>.....

New low in workers saving for retirement
The smallest number of employees are saving into pension schemes since records began, official figures show.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/28d99929/mf.gif' border='0'/><br/><br/>&l.....

Bank of England closes in on China currency deal
BoE on brink of striking a deal with People's Bank of China which would cement UK's role as the leading G7 trade hub for the world's fastest growing currency.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/28d993.....

Dyson to create 150 jobs in UK as it invests 50m in Singapore
Dyson is to create 150 jobs at its Wiltshire headquarters as it invests 50m in a new factory in Singapore.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/28d990da/mf.gif' border='0'/><br/><br/><.....

Titan boss Maurice Taylor tells French they have 'beautiful women' but 'no idea how to run a business'
An American tyre tycoon has fired off a second virulent missive to France's industry minister, saying his country has "beautiful women and fantastic wine" but "no idea how to run a business".<img width='1' height='1' src='http://telegraph.feedspor.....

Spanish firemen and locksmiths refuse to evict homeowners
Firemen and locksmiths in Spain are refusing to help bailiffs open ruined homeowners' doors to throw them out of their homes.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/28d95866/mf.gif' border='0'/><br/.....

EDF nuclear plan risks further delays
The French utility giant's plan to build Britain's first new nuclear plants in a generation is unlikely to go ahead "before 2015 at the earliest and potentially much later" due to hurdles in winning EU state aid approval, according to rival SSE.<i.....

Big Four deny acting against shareholders
The major accountancy firms have hit back at accusations from the Competition Commission that they put the interests of management before those of shareholders in the companies they audit.<img width='1' height='1' src='http://telegraph.feedsportal.....

Schulz urges Italians not to vote for Berlusconi
German president of the European Parliament says Berlusconi has already sent Italy into a "tailspin".<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/28d73ccd/mf.gif' border='0'/><br/><br/><a hre.....