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Saturday 23 February 2013

UK Financial News on 2013-02-23

Ratings cut humiliating, says Labour
Labour attacks the government's economic policy after the UK lost its AAA credit rating, but the coalition says it is "making progress"......

Libor fines to fund forces charities
Three military charities are to share 1.3m from fines imposed on banks that had rigged interest rates, Chancellor George Osborne announces......

645m in lost bank cash returned
Up to 645m in forgotten funds in bank accounts has been returned in the past five years, a tracing service run by the financial industry says......

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......

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......

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

VIDEO: Your Money: New rules on annuities
In this week's Your Money, Declan Curry looks at what consumers can do to secure a more comfortable retirement, compares the poshest and the cheapest hotel rooms, and gets advice for those who may have money in a forgotten account......

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: Moody's cuts UK's AAA credit rating
The UK has lost its top AAA credit rating for the first time since 1978 on expectations that growth will "remain sluggish over the next few years"......

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......

Lord it like Beckham
Living on a mere 14,000 a night.....

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.....

What "Abenomics" means for the U.S.
Feb. 23 - Japanese Prime Minister Shinzo Abe make his first visit to the White House, as he shops around "Abenomics", a plan to grow his economy by weakening, but which U.S. sectors and companies are the greatest risk to that policy? Hoda Emam report.....

S&P breaks streak, Dow back in black
Feb 22 - Summary of business headlines: Dow ends higher for the week powered by Hewlett-Packard results, but S&P 500 ends winning streak; Darden, Abercrombie & Fitch guide lower; Transportation Secretary warns of sequester turbulence for airlines. Co.....

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......

Stephen Hester: the man with the toughest job in UK banking
Despite political critics doing their best to undermine the project, the CEO of RBS, Stephen Hester, is slowly turning the tanker around.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/28e2f59e/mf.gif' border='0'.....

RBS plans cuts to investment bank in push to stem losses
RBS is to reduce the size of its investment bank by as much as 30bn and cut hundreds more jobs as the taxpayer-backed lender attempts to head off growing government pressure to close down the controversial division.<img width='1' height='1' src='h.....

Britain's housebuilders get back on the ladder to a boom
As Britain's housebuilders prepare for their latest round of results, the City expects them once again to report a fresh rise in profits.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/28e2f5a0/mf.gif' border='0'.....

Even online, Britain's creative power rules
Britain's music executives faced a triple whammy of headaches on Thursday morning.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/28e2f5a1/mf.gif' border='0'/><br/><br/><a href="http://da.feedsp.....

Peacocks staff hit by pension blow
Thousands of former staff at collapsed retailer Peacocks have been dealt a further blow after the size of the company's pension deficit ballooned to 26.3m - even though the banks that backed it will receive more than 70m.<img width='1' height='1' .....

Chemring launches investigation into 'leaked' financial documents
British defence group Chemring has launched an internal investigation after sensitive financial information was leaked from within one of its business divisions to another business.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/.....

City grandees gather in Bumi battle that puts reputations on the line
When, in the spring of 2010, Nat Rothschild came up with the idea of raising money to take advantage of the continued boom in the mining sector, not even he could have predicted the outcome.<img width='1' height='1' src='http://telegraph.feedsport.....

Time to stop this tiring interfering with Britain's banks
As David Cameron vented his frustration earlier this week over the Government's underwater stakes in RBS and Lloyds, he must be looking across the Atlantic with much envy.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/56.....

Chancellor warned on inflation as rating cut sparks new sterling fears
Inflation could rise further as an indirect consequence of Moody's downgrade of the British economy on Friday, a former member of the Bank of England's Monetary Policy Committee has warned.<img width='1' height='1' src='http://telegraph.feedsporta.....

Britain's road to recovery lies in overseas trade
Every little helps - it's the slogan that took Tesco to the world, and also one of the key lessons I learned in all my years at the company.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/28e2f5a7/mf.gif' border=.....

Sony UK calls for new laws against internet piracy
The Government should push through new laws to protect the UK's growing music industry, Sony Music's UK boss has demanded.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/28e2f5a9/mf.gif' border='0'/><br/>.....

Barclays looks for 7bn to shore up balance sheet
Barclays will unveil plans within the next few weeks to strengthen its balance sheet by raising billions of pounds in "contingent capital".<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/28e2f5a8/mf.gif' border='.....

Ex-Lloyds directors face second axe on bonuses
Lloyds Banking Group is to cut a further 1m to 2m from the bonuses of former directors, including ex-chief executive Eric Daniels, as a result of its spiralling payment protection insurance (PPI) mis-selling provisions.<img width='1' height='1' sr.....

Rate swap scandal: RBS mis-selling bill may exceed 1bn
The Royal Bank of Scotland is set to announce as much as a twenty-fold increase in the size of its provision against mis-sold interest rate swaps, potentially taking the size of its compensation fund to more than 1bn from the present 50m.<img widt.....

Bumi CEO pushes for Bakries split
Nick Von Schirnding, chief executive of Bumi, is to lobby the Indonesian coal company's major institutional shareholders in a bid to receive backing for its planned separation from the Bakrie family.<img width='1' height='1' src='http://telegraph......

We need joined-up thinking now to stave off energy and resource crisis
Firm and far-reaching policies can address the world's resource and environmental stresses, but the window of opportunity is shrinking. This is what emerges from a major - and timely - new report by Shell's scenarios team.<img width='1' height='1'.....

Horse meat crisis prompts retailers' group to review food safety scrutiny
The British Retail Consortium is planning to review its accreditation process for factories and suppliers following the horse-meat crisis.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/28e2f50a/mf.gif' border='0.....

Mike Lynch: in the US they are much more used to a 'can-do' attitude
The Autonomy founder is out to find the UK's next tech giant, and explains how his new 650m venture will turn digital start-ups into global giants<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/28e2f50e/mf.gif' b.....

Budget tax cuts for business to follow loss of AAA credit rating
George Osborne has vowed not let up in his plan to cut Britain's deficit as he paved the way to cut tax for businesses in next month's Budget.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/28e2f50c/mf.gif' borde.....

Telefonica takes on Google and Apple with Mozilla deal
Telefonica, the telecoms giant which owns O2, is looking to take on Google's and Apple's domination of mobile operating systems by joining up with the Mozilla technology business.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32.....

What will Netflix do next?
The internet-only TV and film service has declared a television revolution with subscriber-led future with no schedules and multi-device viewing<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/28e2f510/mf.gif' bor.....

Mike Lynch issues immigration plea
Mike Lynch, the former chief executive of Autonomy has said highly skilled immigrants should be welcomed to Britain as they would start new businesses and create jobs.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300.....

Shell in Arctic oil risk alert
Failings identified on a Shell ship drilling in the Arctic have raised questions about the energy giant's plans to extract oil in the region.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/28e2f512/mf.gif' border.....

BP trial: Luther Strange takes legal centre stage as oil giant faces day of judgment
His name is straight out of the annals of TV crime drama. Luther Strange, Alabama's attorney general, is about to achieve global fame as the face of the prosecution in the trial of America vs BP. Watch for fireworks.<img width='1' height='1' src='.....

Moody's downgrade will stiffen George Osborne's resolve
To understand Moody's late-night Friday downgrade of the UK economy it is helpful to go back to George Osborne's Autumn Statement of 2011 and a very useful analysis by the Centre for Policy Studies.<img width='1' height='1' src='http://telegraph.f.....