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Friday 15 March 2013

UK Financial News on 2013-03-15

HS2 ruling 'a landmark victory'
A High Court ruling into consultations on the planned HS2 high-speed rail scheme is hailed as "a landmark victory" for the project by the rail minister - despite one being ruled unlawful......

'Dangerous' financial products named
Credit default swaps on emerging markets' sovereign debt and food speculation funds are voted Europe's most dangerous financial products......

Fund pays $614m over insider trading
A major hedge fund, SAC Capital, agrees to pay a record $614m (406m) to US regulators to settle charges of insider trading......

Boris defends bankers on French radio
Mayor of London Boris Johnson defends the City of London and bankers during a visit to Paris......

London Market Report
The pound continues to rise following comments from Bank of England governor Sir Mervyn King that sterling has fallen far enough......

Eurozone discussing Cyprus bailout
Plans to rescue Cyprus in a bailout worth up to 17bn euros ($22bn; 15bn) are being discussed by eurozone finance ministers......

Drew: JP Morgan losses not my fault
Ina Drew, a former chief investment officer at JP Morgan, says she is not to blame for trades that led to multi-billion-dollar losses......

Dreamliners to restart in 'weeks'
Boeing says it expects commercial flights of its grounded Dreamliner 787 plane to restart "within weeks"......

New tax agreement 'nearly finalised'
A new tax information agreement between the UK and Guernsey is close to being finalised, says Guernsey's Chief Minister......

Obama pitches $2bn clean energy fund
US President Barack Obama calls for pumping $2bn (1.3bn) from gas and oil royalties over a decade into clean energy research......

John Lewis defends rebate demand
John Lewis' managing director says its plan to ask for a rebate from suppliers who see an increase in sales is "absolutely fair"......

Del Monte gets banana fine reduced
Fruit producer Del Monte wins a reduction in a European Union fine over banana prices, but an appeal by Dole is rejected......

US factory output jumps in February
US manufacturing activity rebounds in February thanks to a strong increase in vehicle production, amid signs of further improvement in the economy......

Wetherspoon posts 2.7% profit drop
Pubs chain JD Wetherspoon, hurt by higher taxes and labour costs, reports a 2.7% decrease in profit......

JP Morgan accused of hiding losses
US bank JP Morgan Chase is accused by a US Senate panel of hiding its huge "London whale" trading losses, worth $6.2bn (4.1bn)......

Japan seeks to join TPP trade talks
Japan says it wants to join the talks on the Trans-Pacific Partnership (TPP), a free trade agreement currently being negotiated among 11 countries......

They have ways of making you spend
How messy shops are getting you buying more.....

Defining absinthe gives EU headache
The EU is struggling to define absinthe - a strong alcoholic drink that inspired some French poets and painters......

Rental costs 'down 0.1% in February'
The cost of renting a home in England and Wales fell by 0.1% in February, but remained higher than a year earlier, a property group says......

MPs to examine whiplash claim levels
The Commons Transport Committee is to examine the impact that claims for whiplash injuries are having on the cost of car insurance......

HMRC to close tax Enquiry Centres
The UK tax authority is to close all of its 281 Enquiry Centres which gave face-to-face help to 2.3 million people with tax queries last year......

Kuroda confirmed as BOJ governor
Japan's parliament approves as governor of the Bank of Japan Haruhiko Kuroda, who is expected to push for monetary stimulus to boost growth in the world's third-largest economy......

Detroit gets new financial manager
An emergency financial manager with wide-ranging powers is appointed for the troubled US city of Detroit as it struggles with debts of $14bn......

North Sea wages 'rising too fast'
The average wage of North Sea workers will rise by 15% from 64,000 to 73,000 over the next year, according to analysis by a recruitment firm......

Eye-tracking Samsung Galaxy unveiled
Samsung has launched its latest flagship smartphone, the Galaxy S4, which allows users to control the device with their eyes......

Fed approves most bank capital plans
The US central bank says that most major US banks have strong enough balance sheets to proceed with their plans for payouts for shareholders......

UBS banker gets $26m 'golden hello'
The new head of UBS's investment bank, Andrea Orcel, receives a $26m "golden hello" in 2012, the bank's annual report reveals......

Pars blame group for deal collapse
Dunfermline say fans' consortium The Pars Community was "unable or unwilling to demonstrate" that it had the funds to do a deal......

Cricket club sponsorship 'ruled out'
Birmingham City Council rules out sponsoring Warwickshire cricket club, in a deal which would have seen its Edgbaston ground renamed......

Coventry facing administration
Coventry face administration after the owners of their ground went to the High Court claiming 1.3m in rent is owed......

AUDIO: Shamrock-flavoured crisps big business
Irish farmer Tom Keogh had huge success with his shamrock-flavoured crisps after Tesco CEO Philip Clarke tasted them at a farmers market in Ireland and ordered over 250,000 bags for UK stores......

VIDEO: Pedlars' fears over law change
Pedlars are worried that proposed changes to laws on street trading could put them out of business.....

VIDEO: How a liquor brought down EU barriers
The EU seeks to protect one of its core principles - the single market - which aims to offer a level playing field for businesses across the continent......

VIDEO: Detroit gets new financial manager
An emergency financial manager with wide-ranging powers has been appointed for the troubled US city of Detroit, in the biggest state takeover for years......

VIDEO: Wine is overnight hit in Japan
French winemaker Leo Tordjman tells how his Chateau le Puy became an unexpected overnight success in Japan......

AUDIO: 'We provide unlicensed drugs'
Today's Friday boss is Peter George chief executive of Clinigen, a company set up to supply unlicensed medicines to UK patients in cases when a prescribing doctor thinks an unlicensed drug maybe the best option......

VIDEO: Communal living in Silicon Valley
Entrepreneurs in Silicon Valley are increasingly choosing to live communally in 'start-up houses' where you can get connections and access to workshops and investors......

AUDIO: Britons 'haven't given up eating out'
Peter Martin, director of retail consultancy Peach Factory, says restaurant takings have been "incredibly stable"......

Welsh rugby scoring on and off the field
How Welsh rugby has found a sound financial footing.....

Four teachers vie for $100,000 prize
Four professors, one class, $100,000 prize.....

Can Haruhiko Kuroda revive Japan?
Can Haruhiko Kuroda revive Japan's economy?.....

'Revolutionising' how we light our lives
Beautiful illuminations from new technology.....

Viewpoints: What the economy needs
This is what we need to grow, say businesses and entrepreneurs.....

What is the Trans-Pacific Partnership?
What is it and why does it matter?.....

'Carmakers manipulate emissions tests'
How carmakers manipulate emissions tests.....

MuniLand: New Jersey Gov's budget raises concerns--S&P analyst
S&P Ratings' John Sugden says New Jersey faces major budget issues; Lipper Award winner John Miller of Nuveen Investments says high-yield municipal credit spreads will gradually tighten in 2013......

U.S. Week Ahead: Fed set to keep its foot on the gas
' Dan Burns......

Daily Digit: 5.8 drop in consumer sentiment
March 15 - U.S. consumer sentiment plunges 5.8 point in March as shoppers express concerns about what's happening in Washington. Conway G. Gittens reports......

Battles, ballots, budgets and bailouts
March 15 - The euro zone debt crisis was been firmly back on the agenda on Friday with parliament voting in Italy, repayment extensions for Portugal and bailout plans for Cyprus. All this while EU leaders were meeting in Brussels. Joel Flynn reports .....

Techquity: Expect Google to outperform Apple, says analyst
Mar 15 - StockTwits Executive Editor Phil Pearlman sees Google continuing to outperform Apple's stock as we assess these two tech heavyweights......

Trading at Noon: Tumbling JPM takes SP index away from highs
Mar 15 - The S&P 500 is retreating from all-time highs thanks to slumping JPMorgan shares. Investors are fleeing the Wall Street titan after a scathing Senate report and criticism from the Fed......

Europe Week Ahead
Mar. 15 - A look to the close of the European markets and a look ahead to next weeks trading, as well as what to expect from the Asian markets on Monday......

Wanted: Europes most dangerous financial product
Mar. 15 - What is Europes most dangerous financial product? Green MEP Sven Giegold has been holding a competition to find out. We ask him which productt won, and what happens now......

Breakingviews: Bank shots
March 15 - Fed stress tests and a U.S. congressional hearing put pressure on JPMorgan and some other banks, but Breakingviews columnists also discuss what the events say about regulators......

Economy 2013: Inside SAP a chat with Jim Snabe (Pt III)
Mar. 15 - As the CeBit IT fair winds down, SAP CEO Jim Snabe grabs a glass of wine and shares his thoughts on running, sailing and successful leadership......

Daily Digit: H&M February sales dip
March 15 - Budget fashion retailer Hennes & Mauritz says its like for like sales were down 3% in February compared to last year, blaming the calendar affects of an extra day in 2012. Joel Flynn reports......

Bubbles: hard to spot, impossible to avoid. Are we in one?
Mar. 15 - The financial crisis has had many unintended consequences. One of them is central bank liquidity fueling asset bubbles, which many observers say could be about to burst. Again.....

Reuters Breakingviews: UKs self-perpetuating economic trap
Breakingviews. And thats what really matters......

Coronation day for Samsung's S4 in the 'Game of Phones'
Mar. 15 - It is good to be king -- and Samsung's new S4 is the undoubtedly the heir presumptive to the smartphone throne. But all is not well in the realm, as Jon Gordon explains......

Of pigs, pork...and China's stubborn food safety problem
Mar. 15 - Dead pigs keep showing up in Shanghais Huangpu River. Where are they coming from? Officials arent talking, but the media is. Jane Lanhee Lee looks into the root of China's food safety issues......

Reuters Today: EU leaders give France & Italy budget leeway
Mar. 15 - EU leaders allow France and Italy greater leeway for investment when cutting deficits. Boeing says the Dreamliner could be back in the skies in weeks. Samsung unveils its latest smartphone......

Asia Week Ahead: Policies put to the test in Japan, Malaysia
Mar. 15 - Trade data could either justify or call into question Japan's aggressive easing push, and Malaysia will grade a key reform drive just ahead of hotly contested elections. Andrew Swift reports......

FACTBOX: The numbers behind the Apple/Samsung war
Mar 14 - The clashes between Apple and Samsung have come to a head in the days leading up to Samsung's new Galaxy S4 launch, and the numbers indicate Apple faces a serious threat to its mobile market share......

U.S. Morning Call: JPM gets harsh Senate report, Fed pass
JPMorgan ignored risks, misled investors, fought with regulators and tried to work around rules as it dealt with mushrooming losses.....

Market Pulse: Sterling, King, and debunking the conspiracies
Mar. 15 - A dramatic volte-face from BoE governor Mervyn King on sterling, which rallies sharply. But conspiracy theorists out there will be disappointed just check out cable and short sterling volumes......

JPMorgan bruised but not knocked down
Breakingviews columnist Antony Currie says JPMorgan will shrug off a scathing Senate report and concerns from the Fed. It's the dividend increase investors that care about......

Dow extends longest rally in 16 years
March 14 - Summary of business headlines: Blue chips set record close for eighth day, S&P 500 two points shy of historic peak; Samsung and Apple square off in smartphone war; Amazon falls on profit growth concerns. Conway G. Gittens reports......

S&P on the edge
March 14 - Close but no cigar for the S&P 500 which failed to close at a record high, but the rise in the benchmark index to near peak levels indicates a greater confidence in the economic recovery. Bobbi Rebell reports......

U.S. Day Ahead: Senate hearing harpoons JPM Whale
Breakingviews' Antony Currie......

Daily Digit: 10 mln Galaxy S 4s
Mar 14 - Sales of Samsung's latest smartphone, the Galaxy S 4, could top 10 million units in the first month after its launch, according to analysts predictions. Conway G. Gittens reports......

Isa price war hopes as trusts slash costs
Investment trust and unit trust fund managers are squaring up in a battle over charges - with investors winning.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/299f0e57/mf.gif' border='0'/><br/><br/&g.....

SEC fines SAC Capital $614m over insider trading
The hedge fund founded by US billionaire Steven Cohen has agreed to pay a record $614m (410m) as part of a settlement over claims that two of its affliates used inside information to make trades.<img width='1' height='1' src='http://telegraph.feed.....

Budget 2013: George Osborne must call time on the beer tax escalator
Britain's drinkers are no longer propping up the bar. Instead, they appear to be propping up the Budget briefcase.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/299ef76d/mf.gif' border='0'/><br/><br/.....

JP Morgan's $6.2bn loss caused by 'deceptive conduct'
"Deceptive conduct" by JP Morgan's London staff was to blame for the $6.2bn (4.1bn) trading loss racked up last year, the former head of the division responsible told Congress.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726.....

Pubs seek cheer from Chancellor over taxes
Britain's pubs industry is under threat from "counterproductive" taxes that hand an unfair advantage to supermarkets selling cheap alcohol, major pub groups have said.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300.....

Mervyn King: There is a case for more QE
Sir Mervyn King, the Governor of the Bank of England, has said there is a case for further quantitative easing to support the UK's recovery.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/299e4d5d/mf.gif' border=.....

Sports Direct plans overhaul of Republic
Sports Direct is trying to strike a deal with landlords to keep 116 Republic fashion stores open by offering to link rental payments with turnover in each store.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/299.....

Boeing: Dreamliner flights could resume 'within weeks'
Boeing said a plan to make its 787 Dreamliner batteries safe and allow the aircraft to return to the skies could be ready "within the next few weeks".<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/299e4d61/mf.gi.....

APR Energy powers higher on contract win
The wider blue-chip index slipped back on weak US consumer data.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/299e5b6f/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/158920.....

Paul Smith: a rock star among designers
Sir Paul Smith reveals how he made his name into a successful brand.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/299e5b71/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/15.....

Carnival cuts profits forecasts as cruise mishaps dent demand
The company cut it profit and revenue forecasts blaming weak demand.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/299cb589/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/15.....

Wall Street comes off highs amid mixed signals
The US stock market rally has faltered after ten straight days of gains as investors digested a mixed bag of economic data.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/299cb58a/mf.gif' border='0'/><br/&g.....

Rio Tinto cracks down on pay with claw back plan
Rio Tinto, the world's second biggest miner, unveiled tighter controls on executive pay, allowing it to claw back rewards already paid out.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/299cc383/mf.gif' border='.....

Moving the Bank to a growth target would be 'dangerous', says Dale
Switching the Bank of England's focus from inflation fighting to growth would be "dangerous" and "irresponsible", its chief economist has warned.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/299cbce9/mf.gif' bo.....

Treasury strikes tax deal with Guernsey
Guernsey is to share information about the offshore bank accounts of British citizens to the Treasury.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/299ca75f/mf.gif' border='0'/><br/><br/><a hr.....

Low eurozone inflation piles pressure on ECB for interest rate cut
Eurozone inflation fell below the ECB target for the first time in more than two years in February, which could pave the way for more stimulus from the central bank.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s.....

Brussels summit: David Cameron wins deal to cut EU red tape
David Cameron has won a deal to cut European Union red tape that he believes is strangling small businesses.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/299bbb16/mf.gif' border='0'/>.....

Portugal gets more time on bailout goals as economy worsens
Country's creditors eased fiscal goals after economy's outlook worsened.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/299ac4d8/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/.....

Britain's economic recovery is in sight and the pound has fallen far enough, says Governor Sir Mervyn King
The recovery is now "in sight" and the pound has fallen far enough, the Governor of the Bank of England has declared, sparking a rebound in sterling.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2998b6bc/mf.gif.....

US city of Detroit in 'financial emergency'
The US city of Detroit, once one of the nation's most prosperous manufacturing centres, has been given an emergency manager to steer it out of financial ruin.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/299abf.....

Can you pass the Budget test?
Before Gorge Osborne opens his red box on March 20, test your Budget knowledge.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/299a9808/mf.gif' border='0'/><br/><br/><a href="http://da.feedsport.....

Fidelity makes it cheaper to invest in Bolton
Investors in Anthony Bolton's troubled China will see a fall in charges from April 1.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/299bc396/mf.gif' border='0'/>.....

Fidelity make it cheaper to invest in Bolton
Investors in Anthony Bolton's troubled China will see a fall in charges from April 1.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2999b66b/mf.gif' border='0'/><br/><br/><a href="http://da.fee.....

Wetherspoon pays 11 times profit in tax
Pub chain JD Wetherspoon has renewed its call for the government to raise tax on supermarket alcohol as it revealed a six-month tax bill of 273.5m, 11 times the company's profits.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32.....

O2 owner withdrawn from sale
AEG, the owner of London's O2 Arena, which has hosted acts such as Florence and The Machine, pictured, has been withdrawn from sale by billionaire Phil Anschutz.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/299.....