Report: Average House Price Up 8.8% In 2013

UK house prices climbed by an annual rate of 8.8% in January, extending the fastest pace of increase since 2010.

According to the Nationwide, values were up in January by 0.7% month-on-month, making the average home worth £176,491.

The high street lender said it was the 13th continuous monthly rise as confidence in the economy returns.

But it said prices are still around 4% beneath the peak levels of 2007.

The results come just a day after the Office for National Statistics revealed UK economic growth in 2013 reached 1.9%, with four quarters of growth.

Nationwide's chief economist Robert Gardner said: "The housing market is continuing to gather momentum on the back of further solid gains in employment, record low mortgage rates and rising confidence."

Mr Gardner said indications were that the sector is approaching pre-recession "normal levels".

HM Revenue and Customs revealed that last month a total of 103,000 house sales occurred across the country.

That figure was a rise of 30% on the same month in 2012.

The British Bankers' Association recently said that mortgage approvals hit 46,000 in December and the figure was the highest number for six years.

Mr Gardner added: "The pick-up in activity appears to be fairly broad-based, and it is encouraging that first-time buyers are a key driving factor behind the upturn."

On Tuesday, the Government said that nearly 13,000 Help To Buy scheme new build loans occurred since its launch nine months ago.

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16.02 | 0 komentar | Read More

Economy Grows At Fastest Rate Since Crash

The British gross domestic product (GDP) figure for the fourth quarter of 2013 stood at 0.7%, with growth for the full year reaching 1.9%.

Output for 2013 reached its fastest annual rate of growth for six years, according to the Office for National Statistics (ONS).

The figures were in keeping with forecasts made by economists.

The preliminary result shows the important service sector - which accounts for around three-quarters of the economy - was up 0.8%.

The ONS said construction was 0.3% down on the previous three months, due to weak figures being recorded in November.

Agriculture was up 0.5% in the October to December period, while production was up 0.7% in the same three months.

Manufacturing was up 0.9% in the quarter, which was its biggest quarter-on-quarter rise since Q3 in 2010.

ONS chief economist Joe Grice said the service sector is now above the pre-recession levels, but both production and construction are still below that level overall.

Mr Grice said: "We have now seen four successive quarters of significant growth and the economy does seem to be improving more consistently.

"Today's estimate suggests over four-fifths of the fall in GDP during the recession has been recovered, although it still remains 1.3% below the pre-recession peak."

The latest figures have given a boost to the Chancellor and come just weeks after the International Monetary Fund (IMF) did a U-turn on its forecast for the UK economy.

George Osborne told Sky News: "I think these numbers represent a real boost to the economic security of hard-working families.

"And the good news is the recovery is broadly balanced with manufacturing growing the fastest of any sector, so there's evidence that our long-term economic plan is working, but I am the first to say the job isn't done and the biggest risk to the recovery would be to come off that economic plan, and that would damage job creation and mean we don't have such bright economic prospects."

He added: "Where I have had the opportunity I have focused the effort on those on low and middle incomes.

"That's my priority, that's where my tax-cutting priorities lie becaue I want to help those hard-working families who have got more economic security because jobs are being created, but of course have had a very dififcult time because our country went through such a terrible economic period."

The IMF now forecasts growth in 2014 of 2.4%, a figure which is in line with the Office for Budget Responsibility.

The Bank of England's current forecast is for growth of 2.8% in 2014.

Shadow chancellor Ed Balls told Sky News: "This is not yet the strong and balanced recovery we need.

"It's not a recovery driven by business investment - that's still very flat - or by exports - they've been weak -  what's going on at the moment is consumers are saving less and consumer spending is picking up somewhat.

"That's happening because housing demand and house prices are going up.

"We're not building the houses we need to match that that's why construction output is still falling. There's a lot more to do."

Mr Balls added: "For working people facing a cost-of-living crisis this is still no recovery at all."

Robert Johnson, managing director of Craftsman Tools, an engineering firm in Otley, West Yorkshire told Sky News: "I think the growth is real.

"We have seen a 10% growth last year and we are predicting growth of 30% over the next three years."

But one of the biggest problems his firm faced was getting skilled workers.

Mr Johnson said: "We feel we have got to invest in advanced machinery and equipment which we can do, but getting skilled people is the hardest thing.

"We have had to start our own apprentice school two years ago, and we are training our own apprentices to fill the skills gap."

And a skills shortage risked holding the economy back, he warned.

"It's a mixture of skilled people and advanced machinery that will help us go forward," said Mr Johnson.

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16.02 | 0 komentar | Read More

Nintendo Profit Plunges 30% On Wii Woes

Japanese games manufacturer Nintendo has seen its nine-month profit plunge by 30%, prompting its boss to cut his pay in half.

The slump was blamed on poor sales of the Wii U console as gamers flock to the Microsoft Xbox One and Sony PlayStation 4.

Company president Satoru Iwata said he would slash his salary for five months to atone for the firm's woes.

He said other directors would see their pay cut by an average of 25% in the same period.

Sales falls occurred in all territories, with the biggest decline in the home Japanese market being 13% compared to the previous year.

Nintendo's announcement comes shortly after it warned of making a loss and a drastically reduced its forecast for full-year sales.

It said earnings reached £60m in the nine months to December, with revenue down 8.1% at £290m.

The company's operating loss in the period was £9.2m, down from a profit of £33m. It now expects a full-year loss of £145m.

Total hardware sales across its Wii U, DS, 3DS and Wii brands fell by 6 million units, year-on-year. No brands increased sales.

The high margin software sector saw sales fall by 21.5 million units year-on-year, with DS software down 71% and Wii down 48%.

However, it did see software growth in the Wii U of 37% and 3DS of 45%.

Nintendo owns the Donkey Kong and Super Mario brands and its shares have dropped more than 11% in a month.

The plunge started after it reassessed the Wii U sales forecast from 9 million consoles to 2.8 million for the year.

Experts have slammed the new system's limited game selection, preferring the additional features available on competitors' products.

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16.01 | 0 komentar | Read More

Lloyds Banking Group 'Sorry' Over IT Glitch

Lloyds Banking Group has apologised after customers were unable to withdraw money from cashpoints or pay for goods with their debit cards.

The group - made up of Lloyds, Halifax, Bank of Scotland and TSB - has 30 million UK account holders, and became aware of the difficulties on Sunday afternoon.

It later said the problems - which lasted for several hours and were blamed on a "server failing" - had been fixed.

A spokeswoman said: "We apologise that earlier today, between 3pm and 6pm, some customers were unable to complete their debit card transactions.

"Although the majority of transactions were unaffected, we are very sorry for the inconvenience that this will have caused.

"At the same time, some customers encountered problems at approximately half of our 7,000 ATMs.

"This was resolved by 7.30pm, and all of our ATMs are now working."

Online and telephone banking were unaffected by these issues, and customers were still able to withdraw cash from other ATMs.

TSB admits problems with its ATMs

Customers earlier used Twitter and other social media to vent their anger at the failure, which has left many stranded without cash.

TSB customer Nicky Kate said: "Really embarrassed to get my card declined while out shopping, never had any problems with lloyds then they changed my account."

Hannah Smith tweeted: "I am a TSB customer with a Lloyds card still (like everyone else). And I've been embarrassed three times today re: card declined."

Another customer, Julia Abbott, ‏said: "Lloyds bank atm and card service down. 20 mins on hold to be told this. Nothing even on website. Shoddy lloyds. ... shoddy."

Another Twitter user wrote: "This problem is also affecting Halifax debit cards as I found out trying to pay for lunch with my wife!"

And Jane Lucy Jones tweeted Halifax, saying: "Why can't I get any money out of any cashpoints, what is going on?

TSB - which has more than 630 branches across England, Scotland and Wales - said it "unreservedly apologised" for the problem.

Its chief executive Paul Pester had said in a tweet: "My apologies to TSB customers having problems with their cards.

"I'm working hard with my team now to try to fix the problems."

Lloyds customer services said the problem affected debit cards and not credit cards.

The glitch is the latest technology meltdown for the UK's high street banks.

Last month, all of RBS and NatWest's systems went down for three hours on one of the busiest shopping days of the year.

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16.02 | 0 komentar | Read More

US Giant AT&T Downs Tools On Vodafone Offer

By Mark Kleinman, City Editor

The US telecoms giant AT&T has said that it did not intend to lodge a takeover bid for Vodafone, just days after meeting European regulators to discuss the move.

In a statement issued at the request of the UK Takeover Panel, which regulates City mergers and acquisitions, AT&T said it was not planning to make an offer in the short term for the British mobile phone group.

Sky News revealed at the weekend that Randall Stephenson, AT&T's chairman and chief executive, had met the EU Telecoms Commissioner Neelie Kroes at the World Economic Forum in Davos to discuss his ambition to become a major player in the European market.

Insiders reiterated on Monday that Mr Stephenson and Ms Kroes discussed a number of issues including the Commission's receptiveness to a potential takeover bid for a major European operator such as Vodafone.

"AT&T Inc. notes the recent speculation regarding a potential transaction involving Vodafone Group Plc," the company said.

"At the request of the UK Takeover Panel, AT&T confirms that it does not intend to make an offer for Vodafone.  Accordingly, AT&T is bound by the restrictions under Rule 2.8 of the UK Takeover Code."

"For the purposes of Rule 2.8 of the Code, AT&T reserves the right to announce or participate in an offer or possible offer for Vodafone and/or to take any other action which would otherwise be restricted under Rule 2.8 of the Code within 6 months after the date of this announcement in the circumstances described in note 2 to Rule 2.8 of the Code."

Under Takeover Panel rules, AT&T would be barred from bidding for Vodafone for six months without a material change of circumstances such as the emergence of a rival bidder.

A combination of AT&T and Vodafone, which has been speculated about for months, would create a global behemoth in the telecoms sector with a market value of well over £150bn (£90bn).

The talks between Mr Stephenson and EU politicians came as Vodafone prepares to hand over a £54.3bn ($84bn) windfall to its shareholders from the sale of its stake in Verizon Wireless to Verizon Communications.

The majority of that sum will be in the form of Verizon stock and the remaining $24bn (£14.5bn) in cash.

Vodafone and Verizon will both hold shareholder meetings next Tuesday to approve the $130bn (£75bn) deal, which was the largest announced corporate transaction in the world last year.

AT&T has yet to make an approach to Vodafone but has been discussing options for financing what would be one of the world's biggest takeover deals in recent times.

Vodafone's sale of its Verizon Wireless stake is scheduled to complete on February 21. The UK company's shares will begin trading without the US mobile group's asset priced into them three days later, with investors receiving cash and shares on March 4.

Coincidentally, Mr Stephenson and Vittorio Colao, Vodafone's Italian chief executive, are both due to speak at the Mobile World Congress, a key industry conference, in Barcelona on February 24.

Mr Stephenson has spoken publicly of the 'huge opportunity' in Europe to exploit the growth of mobile broadband across the Continent.

Even after the Verizon Wireless deal closes, analysts expect Vodafone to be valued by the stock market at more than £50bn and possibly as high as £70bn, preserving its status in the ranks of the UK's ten biggest public companies.

Mr Colao has been examining strategic options for Vodafone's post-Verizon future, and he has already spent more than £6bn on the German cable company Kabel Deutschland.

He has also outlined plans for a £6bn network investment programme to take place over the next three years.

Reports have suggested that AT&T could pursue EE, the UK mobile group, as an alternative option to expand in Europe if a pursuit of Vodafone does not pay off.

Vodafone declined to comment on Monday.

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16.02 | 0 komentar | Read More

Business Bosses Slam Labour's 50p Tax Rate

A group of senior business leaders has written an open letter criticising Labour's plan to raise the top rate of tax.

Shadow chancellor Ed Balls on Saturday confirmed his party would restore the 50p tax rate if it gets into power at the next general election.

Business figures have been quick to criticise the plan, and today the heads of 24 companies warned in a letter to The Telegraph that the 50p tax rate would halt the economic recovery and cost jobs.

The letter's signatories include Ocado chairman Sir Stuart Rose, West Ham United vice chairman Karren Brady, billionaire businessman Richard Caring and Kingfisher chief executive Sir Ian Cheshire.

"We think that these higher taxes will have the effect of discouraging business investment in the UK," the letter said.

"This is a backwards step which would put the economic recovery at risk and would very quickly lead to the loss of jobs in Britain."

Sir Stuart Rose led Marks & Spencer for six years

The 50p - or 50% - "additional rate" tax, which is payable on income above £150,000, was cut to 45% on April 6 last year.

Another signatory, Pimlico Plumbers founder Charlie Mullins, told the paper that raising the tax rate to 50p would be "suicidal".

He warned it could trigger an exodus of investors, pointing to the example of France under President Francois Hollande, who raised the top rate of tax to 75 per cent.

"Business people aren't against paying tax, just not at such a punitive rate," he said.

It is not only business leaders slamming the plan. A former Labour minister has also accused the party of choosing to "kick" Britain's wealth creators in the row over the 50p tax.

Lord Digby Jones said he expected the Shadow Chancellor to increase the top rate of tax to 55p or even 60p in government - something Mr Ball has denied.

Lord Jones, now a crossbench peer, told the BBC: "In the last few months we've got, oh, if it creates wealth let's kick it - really go for energy companies, really go for house-building, bankers, this time it's going to be the high-earners.

Karren Brady is also a signatory

"Are we talking politics or are we talking what's right to create wealth and jobs as a nation?"

The head of the London Stock Exchange Group, Xavier Rolet, also raised concerns at the weekend about its potential impact.

"The right tax rate for entrepreneurs is what motivates investments," he told Sky News on Sunday.

"There are worries and certainly concerns that we do share that increasing the taxation, reversing if you want, the measures that have been taken in the last few years, could impact not only foreign but also domestic investments."

And London Mayor Boris Johnson also added to the chorus of criticism, branding Ed Balls "stupid" for planning to increase the tax rate.

In his Telegraph column, Mr Johnson urged the Government to cut the rate to 40p to establish some "clear blue water".

But Mr Balls has the backing of Alistair Darling, who introduced the 50p rate when he was chancellor.

Boris Johnson called the shadow chancellor "stupid" over the plan

He told the Sky News Murnaghan programme: "It's part of the deficit reduction plan that he set out and I thought Ed Balls delivered a very good speech yesterday."

Mr Balls defended his proposal, insisting Labour was "a pro-business party".

"This is not an anti-business agenda but it's an anti-business as usual agenda," he told BBC 1's Andrew Marr Show.

"It's absolutely not back to the 1980s or the 1990s. I was part of a government which did very many things to open up markets, make the Bank of England independent, to work closely with business but the reality is we are in very difficult circumstances and because, if I'm honest with you, George Osborne's failure in the last few years, those difficult circumstances will now last well in to the next parliament."

Announcing the 50p plan on Saturday, Mr Balls described Labour as the "party of radical economic change" and said it was "speaking up ... for working people" facing a "cost of living crisis".

He said the country is "crying out for real and lasting change" and claimed the Prime Minister and the Chancellor are "out of touch" with voters.

And Mr Balls would appear to have public opinion on his side. A Mail on Sunday poll suggests some 60% supported the move, while just 17% were opposed.

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16.02 | 0 komentar | Read More

Nestlé Chair Warns Over UK Exit From Europe

By Mark Kleinman, City Editor, in Davos

The consumer goods giant Nestle would be forced to re-evaluate the extent of its presence in the UK if Britain decided to leave the European Union, its chairman has told Sky News.

In an interview during the World Economic Forum in Davos, Peter Brabeck-Letmathe said the company was committed to its business in the UK but that he could not envisage a separation from its biggest trading partner being in the country's interest.

Nestle, which makes Nespresso coffee capsules and Kit-Kat chocolate bars, employs approximately 8,000 people in the UK and accounts for exports worth roughly £400m. Its other brands include Nescafe, Smarties and Yorkie.

"From a purely economic point of view, I can't see that the withdrawal of the UK [from the EU] would be favourable for any UK industries," Mr Brabeck-Letmathe, an Austrian, said.

"It would isolate the UK economically. Every company would be forced to re-evaluate the implications of investing in the UK. It would no doubt have an impact on its ability to supply European markets."

The warning, ahead of a likely referendum on Britain's EU membership in 2017, echoes the views of many of the multinational business leaders gathered in Davos.

Prime Minister David Cameron told Sky News on Thursday that he did not believe the Government's stance on EU membership was jeopardising inward investment, saying that companies had been "voting with their feet".

He said: "The argument I make with these business leaders is that the best thing for Britain would be to secure our place within a reformed European Union.

"Simply saying 'let's hope this issue goes away, let's hope that Europe sorts itself out', without doing anything, won't work.

"We need to get in there, change Europe, make it work better, make it more competitive, make it more flexible - help make Britain more comfortable with its membership, have that referendum and then settle this issue."

Mr Brabeck-Letmathe, who also chairs the parent company of Formula One motor racing, said the EU and its single currency had been "an incredible success".

"The EU is full of failures and weaknesses like any large institution, but its achievements are greater. We have to work to strengthen the internal market."

He suggested that the trading bloc's governing mechanisms required reforms such as shrinking the number of EU Commissioners.

"The current system is not an efficient way to run it," he said.

In addition to his corporate roles, Mr Brabeck-Letmathe has also been a leading advocate of water stewardship in large companies, and unveiled new measures this week aimed at improving global water sustainability.

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16.01 | 0 komentar | Read More

Non-EU Banks Slip Through Bonus Cap Loophole

By Mark Kleinman, City Editor in Davos

Major global banks such as Morgan Stanley and Nomura are benefiting from a loophole in new European pay rules that could leave British rivals at a big disadvantage.

Sky News understands that banks based outside the European Union (EU) are able to approve bigger bonuses for employees of their subsidiaries in the trading bloc without recourse to external shareholders.

That means Wall Street and Asian banks can instantly consent to variable pay for senior staff worth double the level of their salaries, the maximum permissible under the new EU cap.

However, Barclays, HSBC and other British banks will have to put the same measure to their annual investor meetings. Without approval, they will not be able to award bonuses worth more than 100% of salaries in any one year.

UK banks such as Barclays may be left at a disadvantage over bonuses

Sources said that banks including Bank of America Merrill Lynch and Goldman Sachs had formally discussed the issue at their group remuneration committees "to ensure appropriate corporate governance". Both had already given approval for the 200% cap, they added.

In practice, the UK banks will not be disadvantaged if shareholders back motions at this year's AGMs allowing them to pay bonuses at the higher level.

However, the fact that international rivals have already been able to give staff certainty about their pay from this year onwards was proving to be a valuable recruitment tool, bankers say.

Sky News has revealed in recent weeks the details of plans by Barclays, Goldman, HSBC and Morgan Stanley to raise base salaries through monthly or quarterly allowances for senior staff.

George Osborne, the Chancellor, is aware of the loophole benefiting non-EU banks, aides said on Friday.

Mr Osborne is fighting the ratio cap in the courts, and one senior Treasury official said that while the Government is confident that it has "a decent legal case", recent defeats to Brussels had left it only mildly optimistic about emerging victorious.

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16.01 | 0 komentar | Read More

AT&T Courts Europe Over £60bn Vodafone Bid

By Mark Kleinman, City Editor, in Davos

US telecoms giant AT&T is courting European regulators as it accelerates work on a possible £60bn takeover bid for Vodafone.

Sky News has learnt that Randall Stephenson, AT&T's chairman and chief executive, met the EU Telecoms Commissioner Neelie Kroes at the World Economic Forum in Davos to discuss his ambition to become a major player in the European market.

Insiders said that Mr Stephenson and Ms Kroes discussed a number of issues including the Commission's receptiveness to a potential takeover bid for a major European operator such as Vodafone.

The AT&T boss is also said to have held talks with Joaquin Almunia, the EU Competition Commissioner, in recent days, although an insider at the US company denied that they had "met formally" in Davos.

A combination of AT&T and Vodafone, which has been speculated about for months, would create a global behemoth in the telecoms sector with a market value of well over £150bn.

The talks between Mr Stephenson and EU politicians come as Vodafone prepares to hand over a £54.3bn ($84bn) windfall to its shareholders from the sale of its stake in Verizon Wireless to Verizon Communications.

The majority of that sum will be in the form of Verizon stock and the remaining $24bn in cash.

Vodafone and Verizon will both hold shareholder meetings next Tuesday to approve the $130bn deal, which was the largest announced corporate transaction in the world last year.

AT&T has yet to make an approach to Vodafone but has begun discussing options for financing what would be one of the world's biggest takeover deals in recent times.

City sources said that AT&T had been urged by some of its leading shareholders to delay an approach to Vodafone until after its US deal had closed.

Vodafone's sale of its Verizon Wireless stake is scheduled to complete on February 21. The UK company's shares will begin trading without the US mobile group's asset priced into them three days later, with investors receiving cash and shares on March 4.

Vodafone is to offer a free dealing facility for holders of up to 50,000 of its shares to trade their new Verizon shares.

Coincidentally, Mr Stephenson and Vittorio Colao, Vodafone's Italian chief executive, are both due to speak at the Mobile World Congress, a key industry conference, in Barcelona on February 24.

AT&T's board has not formally approved an offer for Vodafone but the regulatory, financing and legal work being undertaken by the US company suggests that an approach is likely this year.

Mr Stephenson has spoken publicly of the 'huge opportunity' in Europe to exploit the growth of mobile broadband across the Continent.

A takeover of Vodafone would give AT&T instant scale in major European markets such as the UK, Germany, Italy, Spain and Turkey.

Even after the Verizon Wireless deal closes, analysts expect Vodafone to be valued by the stock market at more than £50bn and possibly as high as £70bn, preserving its status in the ranks of the UK's ten biggest public companies.

Mr Colao has been examining strategic options for Vodafone's post-Verizon future, and he has already spent more than £6bn on the German cable company Kabel Deutschland.

He has also outlined plans for a £6bn network investment programme to take place over the next three years.

Reports have suggested that AT&T could pursue EE, the UK mobile group, as an alternative option to expand in Europe if a pursuit of Vodafone does not pay off.

AT&T declined to comment on Mr Stephenson's discussions with Commissioner Kroes, while Vodafone declined to comment.

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16.01 | 0 komentar | Read More

Nestlé Chair Warns Over UK Exit From Europe

By Mark Kleinman, City Editor, in Davos

The consumer goods giant Nestle would be forced to re-evaluate the extent of its presence in the UK if Britain decided to leave the European Union, its chairman has told Sky News.

In an interview during the World Economic Forum in Davos, Peter Brabeck-Letmathe said the company was committed to its business in the UK but that he could not envisage a separation from its biggest trading partner being in the country's interest.

Nestle, which makes Nespresso coffee capsules and Kit-Kat chocolate bars, employs approximately 8,000 people in the UK and accounts for exports worth roughly £400m. Its other brands include Nescafe, Smarties and Yorkie.

"From a purely economic point of view, I can't see that the withdrawal of the UK [from the EU] would be favourable for any UK industries," Mr Brabeck-Letmathe, an Austrian, said.

"It would isolate the UK economically. Every company would be forced to re-evaluate the implications of investing in the UK. It would no doubt have an impact on its ability to supply European markets."

The warning, ahead of a likely referendum on Britain's EU membership in 2017, echoes the views of many of the multinational business leaders gathered in Davos.

Prime Minister David Cameron told Sky News on Thursday that he did not believe the Government's stance on EU membership was jeopardising inward investment, saying that companies had been "voting with their feet".

He said: "The argument I make with these business leaders is that the best thing for Britain would be to secure our place within a reformed European Union.

"Simply saying 'let's hope this issue goes away, let's hope that Europe sorts itself out', without doing anything, won't work.

"We need to get in there, change Europe, make it work better, make it more competitive, make it more flexible - help make Britain more comfortable with its membership, have that referendum and then settle this issue."

Mr Brabeck-Letmathe, who also chairs the parent company of Formula One motor racing, said the EU and its single currency had been "an incredible success".

"The EU is full of failures and weaknesses like any large institution, but its achievements are greater. We have to work to strengthen the internal market."

He suggested that the trading bloc's governing mechanisms required reforms such as shrinking the number of EU Commissioners.

"The current system is not an efficient way to run it," he said.

In addition to his corporate roles, Mr Brabeck-Letmathe has also been a leading advocate of water stewardship in large companies, and unveiled new measures this week aimed at improving global water sustainability.

 :: Watch Sky News live on television, on Sky channel 501, Virgin Media channel 602, Freeview channel 82 and Freesat channel 202.

16.01 | 0 komentar | Read More