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Saturday 2 March 2013

UK Financial News on 2013-03-02

Ryanair makes 9% flight cut threat
Airline Ryanair says it plans to cut the number of flights from Stansted Airport by nine per cent......

Obama signs budget cuts into effect
US President Barack Obama signs into effect a wave of steep spending cuts after political leaders fail to reach a deal to avert them......

Row over Amazon 'rape' T-shirt
Internet retailer Amazon is continuing to list clothes from a US firm despite a row over a T-shirt with the slogan "keep calm and rape a lot"......

Hackers breach Evernote security
US-based online information storage firm Evernote asks all its 50 million users worldwide to reset their passwords following a security breach by hackers......

Losses at Lloyds narrow to 570m
Lloyds bank narrows its losses for 2012 to 570m, from 3.5bn the previous year, and says the loss was mainly due to provisions for PPI mis-selling......

Second leak at North Sea platform
A North Sea oil platform is partially evacuated for the second time this year after another oil leak is detected......

Shock contraction in manufacturing
Activity in the UK's manufacturing sector unexpectedly shrank in February, according to a closely watched survey......

Buffett: Sub-par year for Berkshire
The legendary investor Warren Buffett has told shareholders in his annual letter that last year was below standards for the investment guru's funds......

US judge orders cut in Apple award
A judge in the US has ordered $1bn in damages awarded to Apple last year against Samsung be cut by 40% and set a new trial......

Groupon shares regain some losses
Shares in daily deals firm Groupon rise 13% following the ousting of its founder and chief executive Andrew Mason, recovering some of the losses sustained due to falling sales......

Household appliance safety warning
Safety experts call for better traceability when consumers buy household appliances like fridges, cookers and tumble driers.....

Brazil economy grew 0.9% in 2012
The Brazilian economy grew at its slowest pace for three years in 2012, according to official figures, expanding by 0.9%......

Horsemeat found in four new products
Four beef products sold by Bird's Eye, Taco Bell and catering supplier Brakes are found to contain horse DNA, the Food Standards Agency says......

Russian ex-banker wins asylum in UK
A Russian former banker who fled to London after being accused of alleged fraud has been granted political asylum in the UK, the BBC learns......

Bertelsmann takes control of BMG
Bertelsmann, Europe's largest media company, is taking full ownership of its music rights company BMG to boost its income......

London Market Report
Lloyds and RBS are among the biggest fallers on the London stock market, but the FTSE 100 is little changed overall......

House prices 'up 0.2% in February'
UK house prices rose by 0.2% in February compared with the previous month but were the same as a year ago, the Nationwide says......

Ministers 'misrepresenting' the poor
The government is deliberately misusing evidence and statistics to misrepresent the plight of the poor, a report says......

US faces $85bn budget cuts deadline
US political leaders meet for a deadline-day summit at the White House as hopes fade for a deal to avoid $85bn (56bn) in budget cuts......

Eurozone unemployment hits 11.9%
The rate of unemployment in the eurozone rose to a fresh record high in January, climbing from 11.8% to 11.9%......

Japan consumer prices drop continues
Japan's consumer prices dip for the third straight month, underlining the challenge faced by policymakers as they try to stoke inflation......

Sky buys O2 broadband and fixed line
British Sky Broadcasting is buying the UK broadband and fixed line businesses of Spain's Telefonica, currently branded as O2 and BE......

US wins Kim Dotcom evidence appeal
New Zealand's Court of Appeal has said that US prosecutors do not need to disclose their evidence in their fight to extradite Megaupload's Kim Dotcom......

Volunteers set new Games record
A new record is set by the number of people offering to be volunteers at the 2014 Commonwealth Games in Glasgow......

VIDEO: Gulf gets a taste for luxury foods
Thousands of food producers are in the United Arab Emirates this week, looking to get their goods on supermarket shelves and restaurant menus......

VIDEO: Groupon founder ousted as shares dive
The founder and chief executive of Groupon, Andrew Mason, has been ousted......

VIDEO: Pop-up squash courts set up in shops
Empty retail spaces across the UK are being converted into temporary squash courts......

VIDEO: Hammerson's secret to success
Shopping centre landlord Hammerson has reported its annual results, with growth of 2.1% in like-for-like net rental income......

VIDEO: WPP group reports strong results
Advertising giant WPP has reported better-than-expected full-year results, recovering from stumbles earlier last year......

VIDEO: Losses at Lloyds narrow to 570m
Lloyds Banking Group has narrowed its pre-tax losses for 2012 to 570m, from 3.5bn the previous year......

VIDEO: Shock contraction in UK manufacturing
Activity in the UK's manufacturing sector unexpectedly shrank in February, according to a closely-watched survey......

VIDEO: Swiss to vote on 'fat cat' pay
Swiss voters are going to the polls this weekend to decide on measures which would strictly limit salaries for top managers, and ban golden handshakes......

Will Swiss 'fat cats' be put on diets?
Will Swiss 'fat cats' be put on diets?.....

What price loyalty to your home insurer?
How some insurers sting the customers that don't switch.....

Rehabilitating the board game geek
Rehabilitating the board game geek.....

Taiwan: Can you recycle a city?
Creating clothes from old bottles and furniture from scrap paper.....

We need ground rules for geo-information
We need rules for GPS technology.....

Obama warns about cost of sequestration
Mar. 2 - U.S. President Barack Obama says sequestration cuts "are not smart" in his weekly radio and Internet address. Deborah Lutterbeck reports......

Easier credit bringing car buyers back
Mar. 01 - Auto sales, an early indicator of consumer spending, are above a seasonally adjusted rate of 15 million for a fourth straight month, the first time since early 2008. Bobbi Rebell reports......

Factory data keep bulls working
March 01 - Summary of business headlines: Manufacturing activity and auto sales help offset sequester jitters, sending stocks higher; Is Best Buy back from the dead? Conway G. Gittens reports......

Buffett on the hunt for more big deals: Berkshire letter
Mar. 1 - In his annual letter to shareholders, Berkshire Hathaway's Warren Buffett says the company is on the hunt for more major acquisitions even after last month's $12 billion takeover of H.J. Heinz.....

U.S. Week Ahead: Despite market highs, don't dive in yet!
Mar 1 - As the Dow and S&P 500 flirt with record highs, one top analyst says it might be time to take a deep breath and not call your broker......

MuniLand: Sequester just another bump in the road for munis
Mar. 1 - With federal sequestration cuts of $85 billion likely taking effect March 1, S&P Ratings' Gabe Petek anticipates uneven credit implications throughout the state and local government sector......

Techquity: New low for Apple, Google praise, Facebook plan
Mar 1 - Apple hits 52-week low. An analyst praises Google Glass while Facebook plans another announcement......

Daily Digit: Best Buy up 41% ytd
Mar 1 - Best Buy's shares are up 41 percent year-to-date as the company is forging ahead with its turnaround plan and its founder Richard Schulze drops his bid to take the retailer private. Conway G. Gittens reports......

Obama: Spending cuts "dumb" but won't cause "apocalypse"
Mar. 1 - President Barack Obama heaped blame on Republicans on Friday for the failure to break a deadlock in efforts to avert looming automatic spending cuts and warned that a "ripple effect" would start hurting the middle class and the overall U.S. .....

Trading at Noon: Einhorn drops shareholder vote suit
March 1 - Apple shares are down after Greenlight Capital's David Einhorn dropped a shareholder vote suit......

Obama: Could be "weeks" or "months" to fix budget
Mar. 1 - U.S. President Barack Obama says it may take a couple of weeks or months for Republicans to compromise on the budget standoff. Rough Cut (no reporter narration)......

Breakingviews: CEO discounted
March 1 - Everyone wants their boss to be fun. Antony Currie and Robert Cyran discuss why wit wasnt enough for Groupon chief Andrew Mason - and why removing him won't be enough to turn around the Internet coupon sites fortunes......

"BigDog" learns a new trick
Mar. 1 - US robotics manufacturer, Boston Dynamics, has taken its now famous robotic quadruped "BigDog", to a new level of sophistication. With funding from the US Defense Department, BigDog has been given the ability to fling heavy objects long dist.....

Russia's smoking ban is all about cost
Mar.01 - Russia is to become the latest country to ban smoking in public places, a decision dividing opinion in the former Soviet country where population numbers have been falling for two decades. Ciara Sutton reports.....

Europe Week Ahead: Squabbling Italians, enigmatic bankers
Mar. 1 - No change on policy expected, but ECB and BoE policy statements will be scrutinised for clues to future moves, while Italys politicians face another week of squabbling in search of a coalition deal......

Wealth Strategies: Budget cuts could be "quite damaging"
Mar 1 - Decision Economics' Cary Leahey says the potential $20 bln in spending cuts next quarter could cut a half percent from GDP growth and that, despite a rebound in housing, recession risk still exists.....

Daily Digit: Euro zone manufacturing no closer to recovery
Mar 1 - Euro zone manufacturing activity appeared no closer to recovery last month, when a dire performance in France offset a return to growth in Germany, business surveys showed. Ciara Sutton reports......

Lloyds mis-selling hit knocks share sale hopes
Mar. 1 - British bank Lloyds made a loss last year after setting aside a further 1.5 billion pounds ($2.3 billion) to compensate customers mis-sold products. The costs of the so-called PPI scandal has now topped 14bln pounds so is it finally over? Ha.....

Breakingviews: Lloydsoperation 61p wont be easy
Lloyds CEO is incentivised to get shares up to 61p. Itll be hard to achieve, but putting conditions on Horta-Osorio1.5mln bonus will be good for the bank & quell public anger says Breakingviews......

Reuters Today: Lloyds shares lose ground after loss
Mar. 1 - Shares in state-backed Lloyds slump as Britains biggest retail bank takes another 1.9bln mis-selling hit.....

Economy 2013: WPP CEO Sorrell on FY results
Mar. 1 - WPP Chief Executive, Martin Sorrell, comments on the company's Preliminary Statement for the year ended 31 December 2012......

Reuters Breakingviews: Thumbs up for India's budget
Mar. 1 - The 16% percent hike in government spending unveiled in India's annual budget this week is largely 'good cholesterol', according to Breakingviews' Andy Mukherjee......

Asia Week Ahead: Xi takes the helm
Mar. 1 - As China's political handover takes the spotlight investors will also keep a close eye on trade data and the latest debate over monetary policy in Japan, says Tara Joseph......

U.S. Morning Call: Sequestration Day starts
Mar 1 - Sequestration Day starts with Groupon looking for a new CEO after firing ex-Boss Andrew Mason. Or as he said he's decided to spend more time with family -just kidding......

Reuters on the Road: Sooqini save time, get jobs
Mar. 1 - Sooqini co-founder Tiago Mateus takes the taxi challenge to talk about saving people time and creating jobs with his online local marketplace......

EU banker pay cap 'threatens thousands of British jobs'
The Government signalled its growing anger over EU plans to impose a cap on pay for bankers when a senior minister with close ties to the Chancellor said hundreds of thousands of British jobs were being put at risk.<img width='1' height='1' src='h.....

John Lewis eyes payout as profits hit 415m
John Lewis Partnership is set to hand its staff a bonus worth around 15pc of their annual salary on Thursday when the company reveals its annual profits.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/29232596/mf.....

How John Lewis has weathered the high street storm
It may not be on the scale of a bankers' bonus but with an anticipated pay-out of around 200m between them - about 15pc of each staff members' annual salary - John Lewis' bonus will certainly be celebrated.<img width='1' height='1' src='http://tel.....

Capping banker bonuses simply avoids facing real bank problems
To think that capping bonuses will address moral hazard against trillions of state aid, borders on the bizarre.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2923111a/mf.gif' border='0'/><br/><br/>.....

Is Europe tearing apart the City?
Following Brussels' attack on bankers' bonuses, there is a battle ahead for Britain to protect its vital industry.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2923111e/mf.gif' border='0'/><br/><br/.....

HSBC to post highest profit since crisis
HSBC is set to report a pre-tax profit of more than $23bn (15bn), the bank's best result since before the financial crisis, as it enters the final year of its turnaround plan.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/.....

Make no mistake, the EU is at war with the City
Plans for a cap on banking bonuses is just the latest salvo in a stealth war being waged by Brussels against the financial services sector .<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/29231121/mf.gif' border=.....

Aviva looks to growth as profits near 155m
Aviva is set to announce profits of 155m this week as analysts question whether the insurer will cut its dividend.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2923226b/mf.gif' border='0'/><br/><br/.....

Glenstrata to be hit by commodity prices fall
The huge mining and trading company about to be created by the tie-up of the FTSE 100's Glencore and Xstrata will be hit by falling commodity prices across the globe new figures are set to reveal this week.<img width='1' height='1' src='http://tel.....

IAG under pressure as Iberia threatens to extend strikes
International Airlines Group, the company which owns British Airways, will face fresh pressure over its Spanish business this week as unions threaten to extend proposed strikes.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/3272.....

FTSE 100 firms sign up to Prompt Payment Code
Three quarters of FTSE 100 businesses have signed up to the Prompt Payment Code, following a campaign by The Telegraph and a threat from the Government that they would "name and shame" those that did not.<img width='1' height='1' src='http://teleg.....

Evernote suffers security breach
Evernote, an online notetaking service, has asked users to reset their passwords following a security breach.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/29231c61/mf.gif' border='0'/><br/><br/>&.....

Britain looks to echo US 'shop small' campaign
Labour's shadow business secretary goes on fact-finding mission to the United States as part of campaign to launch "Small Business Saturday" in the UK.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/29231c62/mf.g.....

Workers taken off North Sea rig amid leak
More than 70 workers were taken off a North Sea oil platform on Saturday after a leak was detected.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/29228bd6/mf.gif' border='0'/><br/><br/><a href=.....

Greece reclassified to 'emerging market' from developed
A major fund manager has reclassified Greece from a developed to an emerging market, in an unprecedented move reflecting the country's "unfortunate economic tailspin".<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300.....

MPC to reject calls for more money printing
Bank of England policymakers are expected to reject calls for more quantitative easing this week in what would be seen as a snub for the outgoing Governor, Sir Mervyn King.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/5.....

Huawei plots to overtake Apple and Samsung
Technology giant Huawei is plotting to overtake Apple and Samsung in the mobile phone market. Matt Warman spoke to the firm's director of innovation about China, expansion and making great kit .<img width='1' height='1' src='http://telegraph.feeds.....

I remember the days when banking was simple
I can't help but wonder if Messrs Goldman and Sachs had the same rigorous apprenticeship, wonders Terry Wogan<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2921f5e7/mf.gif' border='0'/><br/><br/>&.....

Why the past decade is a bad measure of investment success
By focusing on shares' "lost decade" since 2000 many investors have missed out on the near doubling of the market since the more recent low in March 2009.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2921efa2/m.....

On tax, it is not the businesses to blame but the policymakers
The provisional European Union agreement secured last week that will require banks to reveal their taxes and profits on a country-by-country basis, marks a significant progression in the debate over transparency in banking.<img width='1' height='1.....

Family firms defy downturn as generation game fuels profits
Overshadowed by big corporations with their brands and easy access to finance, some have argued that family businesses have been pushed into the shade in recent years.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300.....

We must learn from values behind success of family firms
Family businesses have long been the butt of jokes, seen as old-fashioned and slow to react to change or to grasp new opportunities, but now they are having the last laugh.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/5.....

How British firms can win battle for ideas
Small businesses and entrepreneurs can deliver the innovation and solutions that big businesses need.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/29214545/mf.gif' border='0'/><br/><br/><a hre.....

China 'fully prepared' for currency war
China is "fully prepared" for a currency war, according to a top central banking official speaking in Beijing.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/29214546/mf.gif' border='0'/><br/><br/>.....

Negative interest rates - a ruse to ease QE fears?
The suggestion that the Bank of England should charge banks to hold their cash would have serious drawbacks, not least for savers<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/29211954/mf.gif' border='0'/><.....