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Wednesday 27 February 2013

UK Financial News on 2013-02-27

Regulators and issuers gear up for European RMBS register
Interest surges in new data warehouse promising greater collateral transparency.....

Price of Ashmore 2011 equity acquisition halves
Emerging markets manager will pay just half the maximum price of a 2011 acquisition after outflows and performance issues hit the business's value.....

BP 'egregious' for drilling well
BP is accused of disregarding evidence during drilling that the Macondo well was unstable, on the third day of a civil trial over the Gulf of Mexico oil spill......

Shell halts Arctic drilling for 2013
Royal Dutch Shell says that it will suspend its offshore drilling programme in the Arctic for the rest of 2013 in order to give time to ensure safety......

Apple boss laments share price fall
Apple's chief executive Tim Cook acknowledges shareholder unease over the technology giant's falling share price, but says the company is working on a pipeline of "great stuff"......

UK growth for 2012 revised upwards
The UK economy grew 0.2% in the whole of 2012, revised up from the estimate of zero growth, but it still contracted in the last three months of the year......

Colder weather boosts British Gas
Centrica says profits from British Gas' residential energy supply rose 11% to 606m last year, as colder weather meant people used more gas......

Airbus owner reports strong profits
Aerospace and defence group EADS reports a rise in profits and sales in 2012, boosted by a strong performance from its aircraft maker Airbus......

Farmers say 'sell more British meat'
Farming leaders call on supermarkets to stop scouring the world for the cheapest food and support British products......

New block on Ryanair Aer Lingus bid
The European Commission blocks a third attempt by Ryanair to take over rival Irish airline Aer Lingus, in which it already owns a 30% stake......

Surge in Italy's borrowing costs
Italy's borrowing costs rise sharply but the government sells all the bonds on offer, in the first test of its ability to borrow money long-term after the election......

Hidden theatre booking fees targeted
An advertising watchdog has vowed an ongoing crackdown against ticket sellers who hit customers with hidden booking fees......

US durable goods fall in January
Orders for US durable goods fell in January for the first time in five months as aircraft orders plunged, but excluding transport, orders rose steadily......

Scots newspaper sales still sliding
Big changes to the format of two of Scotland's biggest regional papers fail to reverse sliding sales, according to new figures......

Weir Group reports record profits
Engineering firm Weir Group reports record pre-tax profits of 443m, boosted by a good performance by its minerals division......

London Market Report
Leading UK shares regain some ground after falling heavily on Tuesday in the wake of the Italian election results......

Concerns over women's pension rights
Concerns have been highlighted to MPs about the rights of many women to a new "simpler" flat-rate state pension......

ITV profits boosted by studios arm
Broadcaster ITV reports a rise in profits, helped by a strong increase in revenues from its production arm......

English clubs 'can meet FFP rules'
A leading sports lawyer, who was on the Man Utd board for 28 years, says Premier League clubs can meet Uefa's Financial Fair Play rules in 2014......

EU ministers back fish dumping ban
EU fisheries ministers agree at an all-night session to end the controversial practice of dumping unwanted fish - but with exemptions......

Digital boss Lane Fox to get peerage
E-commerce pioneer and government adviser Martha Lane Fox is to join the House of Lords, it is announced......

Drinkers sue over 'watered-down' Bud
US beer lovers are suing Anheuser-Busch for allegedly watering down its Budweiser, Michelob and other popular American beer brands......

Pension options to be made clearer
A new code will ensure people approaching retirement have their pension options explained by their insurer, but some say it does not go far enough......

Negative rate 'should be considered'
Bank of England deputy governor Paul Tucker says the "extraordinary" move of introducing negative interest rates should be considered......

Warning about student 'money mules'
Fraud experts are warning that hundreds of thousands of people are in danger of being duped into laundering money for fraudsters......

India optimistic on economic outlook
India's finance ministry issues an optimistic forecast for economic growth ahead of the announcement of the country's budget on Thursday......

US shows signs of stronger recovery
The US economy registers surprisingly strong consumer confidence and new home sales data, suggesting the recovery is gathering steam......

Obama ups ante as budget axe hovers
President Obama ramps up pressure on lawmakers over looming spending cuts, which officials cite as they release hundreds of illegal immigrants......

JP Morgan to cut up to 19,000 jobs
US bank JP Morgan Chase increases its planned job cuts to 19,000 by the end of next year in its mortgage and community banking businesses......

Housing recovery boosts Home Depot
Home Depot's profits jump by a third as the US home improvements chain benefits from the housing market upturn and repairs after Storm Sandy......

Ashley sells Sports Direct stake
Newcastle United owner Mike Ashley sells a 4% chunk of his stake in the retailer he founded, Sports Direct, for 100m......

London offers Rio top transport tips
Rio receives London's top tips on how to run a smooth transport system for when it hosts the 2016 Olympic and Paralympic Games......

Maradona appeals for tax 'justice'
Argentine ex-football star Diego Maradona appeals to Italian authorities for "justice" after returning to the country to dispute a demand for unpaid taxes......

VIDEO: Tesco promises 'change' over horsemeat
The Chief Executive of Tesco, Philip Clarke, will tell the National Farmers' Union conference on Wednesday that he aims to source chicken and other meats closer to home.....

VIDEO: What would negative interest rates mean?
The Bank of England has considered setting a negative interest rate in a bid to boost the economy, but what would be the impact of such move?.....

VIDEO: Drinkers sue over 'watered-down' Bud
Beer drinkers in the US have filed a $5m (3.3m) lawsuit accusing Anheuser-Busch of watering down its beer......

VIDEO: 'Electricity error' may close pub
A Kent landlady has said she may be forced to close her pub after a mistake by her electricity supplier left her facing a 17,000 bill......

AUDIO: 'We've learned to live with petrol rises'
Neil Atkinson, head of energy research at the consultancy Datamonitor, told today presenter Simon Jack explained that people in the UK have come to accept high prices of fuel......

AUDIO: Centrica boss defends profits rise
The energy group, Centrica, has announced an increase in profits in the residential arm of British Gas. They rose 11% last year to 606m. In November British Gas increased customer bills by 6%. The chief executive of Centrica, Sam Laidlaw, said it was.....

AUDIO: Local TV 'engages with communities'
Debra Davis, chief executive of City TV in Birmingham, says local TV is an "opportunity to engage with communities, which is really important"......

VIDEO: How do you train a celebrity nanny?
Some of the most traditional nannies in the land, the uniformed Norland nannies, are updating their CVs with modern techniques for celebrity clients.....

Nepal farmers brew coffee success
Nepal's farmers turn to coffee cultivation.....

Who pays for the greening of Germany?
Consumers pay for Germany's green revolution.....

The myth of working from home
After years of predictions, why is working from home not the norm?.....

Making OATs (Old Age Technologies)
The Old Age Technologies to help us work longer.....

Can politicians save Britain's pubs?
Are politicians doing enough to save Britain's pubs?.....

U.S. Day Ahead: Oh, and about that recession?... Never mind!
Feb. 27 - Concerns of a new U.S. recession should be dispelled with the release of revised GDP data in the morning......

Vilsack-Sequester to hurt meat market as USDA budget shrinks
about the potential impact of sequestration on the meat and poultry industry......

Techquity: Apple CEO feels shareholder pain; Groupon lifted
Feb 27 - Apple CEO Tim Cook acknowledged that his shareholders were disappointed with a five-month slide of more than 30 percent; Analysts turn positive on Groupon, but the company faces longer-term challenges......

Saft says: Yep - Dimon is rich, but at what price?
Columnist James Saft says we all know JPM CEO Jamie Dimon is richer than most of us because he's running banks with high leverage under comparatively loose regulatory regimes......

Daily Digit: Target makes $961 million
Feb. 27 - Targets profit slips to $961 million in the key winter holiday quarter as it loses the discount battle to Wal-Mart. Conway G. Gittens reports......

Trading at Noon: Apple's annual pow-wow in focus
Feb 27 - Investors gear up for Apple's annual meeting in Cupertino, California......

The sequester in 60 seconds
Prepare for sequestration, those deep, across-the-board federal budget cuts scheduled to start March 1. Here is a rapid-fire look at where the cuts will fall and how they might affect you. (February 27, 2013).....

Breakingviews: Whale of a bank
Feb 27 - One of the themes of JPMorgans investor day was a defense of being big. Richard Beales and Antony Currie discuss CEO Jamie Dimons argument that the different parts of the bank work well together......

Talking on the phone is so last decade - Ericsson
Feb. 27 - Forget talking on the phone, data is the future for all telecom operators and gear makers says Ericsson CEO Hans Vestberg.....

Samsung? They dont scare us
Feb. 27 - Samsungs dominance in mobile phones is no barrier to entry for new firms, says Huawei marketing chief Shiao Yang as the Chinese firms sets out to grab a bigger share of consumer markets......

Europe Day Ahead: All roads lead to Rome
Feb. 27 - Rome looks set to hog the headlines again as the Popes official day of departure upstages wrangling over a new government for Italy......

Euro Zone Summit: Barroso urges leaders to stick to goals
Feb. 27 - European Commission President Jose Manuel Barroso says Italy's election result is not a rejection of austerity. He says the danger for the euro zone remains complacency......

FACTBOX: How states will be hit by U.S. budget cuts
Feb 27 - Find out the three biggest losers when $85 billion worth of budget cuts come into effect from March 1st......

Daily Digit: EADS shares soar on higher profit
Feb.27 - Airbus parent EADS predicts higher profit after stronger than expected 2012 earnings and a clampdown on costs but the development of its A350 jet remains a challenge, says CFO Harald Wilhelm. Hayley Platt reports.....

Daily Digit: EADS shares soar on higher profit
Feb. 27 - Airbus parent EADS predicts higher profit after stronger than expected 2012 earnings and a clampdown on costs but the development of its A350 jet remains a challenge, says CFO Harald Wilhelm, Hayley Platt reports......

Manned mission to Mars? Hedgehogs may go first
Feb. 27 - American entrepreneur Dennis Tito says he wants to launch a manned mission to Mars in January 2018, but researchers at NASA and Stanford University argue that it may be better to visit the mysterious Martian moon, Phobos first. They're deve.....

Dont be sucked in the euro zone will break up
Feb. 27 - Despite the respite offered by the ECBs bond-buying pledge and Angela Merkels shift, the euro zone is structurally flawed and is still headed for collapse. So says Capital Economics Roger Bootle......

Euro Zone Summit: Bond buying plan there to be used - C
Feb. 27 - The ECB's bond-purchase programme is "not a nuclear deterrent" and is available for use says Executive Board Member Beno......

Euro Zone Summit: Spain no nearer bailout - Finmin
Feb. 27 - Spain is no closer to seeking bond-buying help from the ECB despite the Italian election vote, according to the countrys economy minister Luis de Guindos......

Reuters Breakingviews: BOEs futile policy options
Breakingviews......

Hong Kong Exchanges seeks new windows to the world
Feb. 27 - A fresh business model for Hong Kong Exchanges including its recent $2.2 billion purchase of the London Metals Exchange may just resurrect the companys waning fortunes. Tara Joseph reports......

Reuters Today: Big Ben Calms Nerves
Feb. 27 - European shares rise after Ben Bernanke strongly defends the Fed's monetary stimulus, easing financial market worries over an early QE exit......

Investors bet on restraint in India budget
Feb. 27 - India is expected to tighten its belt this week with an austere budget, trying to avoid a sovereign ratings downgrade. Here are three reasons for foreign investors to sit up and take notice......

Experts call for action to combat hacking
Feb. 27 - As the FBI prepares to outline cyber threats to online companies, experts say a new wave of private security firms could help combat sophisticated hacking. Sarah Charlton reports......

U.S. Morning Call: Bernanke to the Hill; Apple investor appeal
Feb 27 - Federal Reserve Chairman Ben Bernanke returns to the Hill to make his QE case and mollify markets. Apple meets with investors......

Royal Dutch Shell calls time in the Arctic for another year
Series of mishaps in 2012 scuppers plans to drill for oil this summer.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2907cfc0/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/.....

Compared with the eurozone, the UK economy is not that bad
Jeremy Warner: Osborne talks tough on the deficit, but in reality he's just a wussy compared with the masochists of Europe.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/29070705/mf.gif' border='0'/><br/&g.....

Politicians must start an 'honest conversation' about our energy bills
Labour's Caroline Flint was not mincing her words.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/29070706/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/158919540038/u/3/f/5.....

Online gaming companies return to US market
Online gambling companies which beat a hasty retreat from the US seven years ago are gearing up for a potential gold rush across the Atlantic after the state of New Jersey approved a law that will legalise internet poker and casino games.<img widt.....

Tesco warns of higher prices after horse-meat scandal
Tesco has warned that the horse-meat scandal will hit profit margins and may force up prices for consumers, as Britain's biggest supermarket pledged to conduct tests on all the meat it sells.<img width='1' height='1' src='http://telegraph.feedspor.....

ITV to pay 156m special dividend
When Adam Crozier took the helm at ITV three years ago, the British broadcaster was leaking viewers and struggling to keep its head above water with more than 600m of debt.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/5.....

Regulators to give capital boost to new banks
New banks will be allowed to hold less than half the level of capital of their larger established rivals, as authorities launch bold measures to foster competition among high street lenders.<img width='1' height='1' src='http://telegraph.feedsport.....

Promethean World falls ahead of float anniversary
The shares were floated at 200p almost three years ago but closed at 18p today.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/29074958/mf.gif' border='0'/><br/><br/><a href="http://da.feedsport.....

Budget 2013: Calls for cash Isa limit to be doubled
Britain's biggest building society is urging the Government to use next month's Budget to double the amount that can be saved in an Isa.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/29074959/mf.gif' border='0'/.....

Markets relief at Italian bond test despite chaos in Rome
Italy was forced to pay higher borrowing cost as a price for its political deadlock but its success in raising 6.5bn debt at auction managed to calm markets around the world.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f.....

University bans payday loan companies
Payday loan companies have been banned from a university campus as there are fears students are turning to prostitution to pay off their debts.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/29069e8f/mf.gif' bord.....

The City's IPO revival gathers pace as Esure plans 1bn float
The revival of the City's flotation market gathered momentum on Wednesday after insurer Esure confirmed its plans for a 1bn listing on the London Stock Exchange.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/290.....

Strong profits show EADS is flying without BAE
Shares in European Aeronautic Defence and Space Company (EADS) rose to record highs on the back of a 19pc jump in net profits in 2012 - despite warnings that its A350 passenger jet programme "remains challenging".<img width='1' height='1' src='htt.....

3i chief Simon Borrows raises stake by 7.7m
Simon Borrows, the chief executive of 3i, has bought shares worth 7.7m in the quoted private equity firm over the past week.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/29064628/mf.gif' border='0'/><br/&.....

Blanchflower blocks Sentance in Twitter bust-up
Former Bank of England bigwigs Danny Blanchflower and Andrew Sentance have signalled the end of a beautiful relationship on Twitter.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/29064629/mf.gif' border='0'/>.....

Larry Ellison buys airline for his Hawaiian island
Tech billionaire snaps up Island Air, a regional carrier in the state.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2906462a/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/.....

ENRC unveils 'significant' write-down
ENRC has become the lastest miner to reveal a "significant" impairment charges.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2906462b/mf.gif' border='0'/><br/><br/><a href="http://da.feedsport.....

Growth to remain 'subdued', BoE's Charlie Bean warns
The Bank of England has no magic bullet to fix the economy and growth will "remain subdued by historical standards", according to deputy governor Charlie Bean.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2905a.....

John Lewis puts faith in bricks and mortar with 50m investment
John Lewis has announced plans to pour 50m into its stores this year, including a revamp of its Oxford Street flagship.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/29056229/mf.gif' border='0'/><br/>&l.....

ITV's hits and misses of 2012
As ITV announces a 13 per cent profits increase for 2012, Alice Vincent looks at the shows which have contributed to the channel's financial success, and those which haven't.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f.....

'Absolute return' sector gets watered-down new name in 'farcical' change
The absolute return sector is to be renamed to reflect the failure of its funds to achieve their goal of preserving investors' capital. One investor called the change an "absolute farce".<img width='1' height='1' src='http://telegraph.feedsportal......

'Absolute return' sector gets watered-down new name
The absolute return sector is to be renamed to reflect the failure of its funds to achieve their goal of preserving investors' capital.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/29046699/mf.gif' border='0'/&.....

Government must allow ailing banks to 'die' says BBA chief
Britain's ailing banks should be allowed to "die" rather than be bailed-out by the taxpayer, the chief executive of the British Bankers' Association has said.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/290461.....

Britain never had a double-dip recession, says top economist Simon Ward
Forget a triple-dip recession, there hasn't even been a double-dip in the UK onshore economy, said Henderson Global Investors' chief economist Simon Ward following the latest growth figures.<img width='1' height='1' src='http://telegraph.feedsport.....

India 'does not believe' denial of alleged bribery over AgustaWestland helicopter contract
AgustaWestland's 480m contract to supply 12 helicopters to India appeared further in doubt on Wednesday after the country's Defence Minister said it did not believe denials that bribery was involved in securing the deal.<img width='1' height='1' s.....