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Autonomy Founder Rounds On HP Accusers

Written By Unknown on Senin, 31 Desember 2012 | 23.33

Mike Lynch Statement In Full

Updated: 10:42am UK, Friday 28 December 2012

Here is the full statement released by Mike Lynch, Autonomy's founder, in response to HP's regulatory filing in the US on Thursday:

""It is extremely disappointing that HP has again failed to provide a detailed calculation of its $5 billion write-down of Autonomy, or publish any explanation of the serious allegations it has made against the former management team, in its annual report filing today.

Furthermore, it is now less clear how much of the $5 billion write-down is in fact being attributed to the alleged accounting issues, and how much to other changes in business performance and earnings projections. This appears to be a material change in HP's allegations.

Simply put, these allegations are false, and in the absence of further detail we cannot understand what HP believes to be the basis for them.

We also do not understand why HP is raising these issues now given that Autonomy reported into the HP Finance team from the day the acquisition completed in October 2011, there was an extensive due diligence process and Autonomy was audited as a public company for many years.

We would particularly make the following points:

:: HP's CFO Cathie Lesjak and her team, plus a number of outside advisors, had access to all Autonomy accounts and documents from October 2011 onwards, and raised no issues.

:: Beginning in November 2011, HP and KPMG reviewed Autonomy's closing balance sheet in detail, and Ernst & Young reviewed Deloitte's audit work papers.

:: Beginning in October 2011, HP studied in detail Autonomy's tax structure and transfer pricing as well as its revenue recognition practices (led by Paul Curtis, HP's worldwide head of revenue recognition).

:: An independent, third-party valuation of Autonomy's assets was carried out in January 2012.

:: Quarterly business reviews were held with Autonomy management, Meg Whitman and Cathie Lesjak to discuss Autonomy's financial performance.

:: HP has continued to sell and account for hardware alongside Autonomy software in the same way that Autonomy did for the year since the acquisition completed.

:: Regarding differences between IFRS and US GAAP accounting standards, which appear to have a role in some of the allegations HP has made, Autonomy's accounting policies were made clear in Autonomy's 2010 annual report.

We also note the statement in HP's annual report that it received confirmation from the U.S, Department of Justice on 21 November 2012 (the day after HP's first public statement), that the Department had opened an investigation. We can confirm that we have as yet had no contact from any regulatory authority. We will co-operate with any investigation and look forward to the opportunity to explain our position.

We continue to reject these allegations in the strongest possible terms. Autonomy's financial accounts were properly maintained id in accordance with applicable regulations, fully audited by Deloitte, and available to HP during the due diligence process.

We remain deeply concerned about how this process has been conducted, and believe it is in everyone's interest for it to be resolved as soon as possible."


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Tata Group Says 'Ta Ta' To Boss

The brains behind one of the world's most successful companies has handed over the reins of his vast business empire.

The head of India's Tata Group, Ratan Tata, used his 75th birthday to fulfil his retirement as chairman after steering the group for 21 years and transforming it into a streamlined conglomerate of more than 100 companies which include Jaguar Land Rover and Tetley Tea.

He passed the baton to 44-year old Cyrus Mistry, who brushed his way past reporters as he arrived to take the helm at Tata's headquarters in Mumbai, in a move that typically lacked any fanfare or signal of change for the company.

Mr Tata, a bachelor with no children, generated headlines as the driving force behind the creation of the Nano, billed as the world's cheapest "people's" car as well as for the 2008 purchase of prestige British car brands Jaguar and Land Rover.

From luxury cars to steel, Tata is India's largest group with total combined sales of $100bn (£60bn) in 2011-12, nearly 60% of which came from business outside India, mainly the United States and Britain.

The 1,000,000th Land Rover Discovery (Centre) arrives on stage at the Jaguar Land Rover factory on February 29, 2012 in Solihull, England. Ratan Tata took control of Jaguar Land Rover in 2008

During Ratan Tata's time at the helm, the organisation went on a global purchasing spree, acquiring major names ranging from Tetley Tea to the Anglo-Dutch steel firm Corus in 2007 for $13.7bn.

In addition, Tata Motors is India's top vehicle maker while Tata Consultancy Services is its largest software outsourcer.

The group's progress over the past two decades has coincided with the rapid economic development of India, which observers say Mr Tata played a major role in.

An editorial in the Hindustan Times read: "The Tata group has been the spearhead of India's integration with the world economy.

"The Tatas are ahead of the pack in aligning corporate governance with international practices and this serves as a springboard for a new generation of the the global Indian manager."

Pradip Shah, chairman of IndAsia Fund Advisors, said: "Tata led the group with vision, drive, tenacity and skill." He added that Mr Mistry's challenge would be "inheriting people and building teams".

Tata Nano car The Tata Nano is one of India's best-selling cars

Tata Steel is the world's seventh-largest steel producer but is now having problems with downbeat business conditions in Europe. The group's telecom, power, hotel and finance arms also face difficulties.

Mr Mistry, who was chosen as Mr Tata's successor in November last year, is the the son of Irish citizen Pallonji Mistry, whose construction firm Shapoorji Pallonji is the biggest shareholder of Tata Sons.

He successfully grew his family's construction business turnover seven-fold to almost $1.5bn since he became managing director in 1994.

Mr Tata, now "chairman emeritus" with the group, plans to remain head of the charitable trusts that own two-thirds of main holding company Tata Sons.


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UK Economy: Workers Face A 'Hard Year Of Slog'

A number of reports are warning of a tough 2013 in the jobs market, with one study predicting it will be a "hard year of slog" for even those in work.

Dr John Philpott, director of The Jobs Economist, believes workers can expect longer hours, a continued squeeze on pay and fewer jobs being created.

His analysis suggests job insecurity will remain high, with workers having to maintain a "grin and bear it" attitude.

The study forecasts that the trend in falling unemployment will come to an end with the jobless total increasing by 120,000 to 2.63 million in 2013 because growth in the workforce will exceed the number of jobs being created.

However, youth unemployment would fall below 900,000, while long-term unemployment will remain broadly the same.

The outlook also forecasts that pay deals would continue to be affected by unemployment, with increases lagging behind inflation, leading to wage cuts for workers in real terms.

He said: "Our jobs outlook for 2013 is relatively optimistic in that we expect only a modest rise in unemployment. However, the fact that this can be considered good news merely underlines the harsh reality of current economic austerity.

"GDP may grow somewhat faster but 2013 will be another year of hard slog, with longer hours for those lucky enough to have jobs and a further squeeze on living standards for workers and the jobless alike."

But a separate study painted a slightly better picture for the longer term.

A report for the Chartered Institute of Personnel and Development (CIPD) said that continued growth in employment was likely in 2013, with the number of people in work potentially reaching a historic milestone of 30 million before the next general election in 2015.

Latest figures showed there were 29.6 million people in employment in the quarter to October, an increase of almost half a million on a year earlier.

However, the study also warned that excess capacity had built up in some firms as employers held on to skilled and talented staff, which could lead to weaker employment growth even if the economy picks up.

Mark Beatson, chief economist at the CIPD, said: "The jobs enigma, of strong growth in private sector employment in the absence of sustained economic growth, has been one of the most mystifying economic features of 2012, and if 2012 proved an enigma, the labour market appears equally difficult to pin down for 2013.

"Although the flexibility of the UK labour market is an important factor, the popular focus on under-employment as a major factor in explaining rising overall employment seems overplayed.

"While there are undoubtedly significant numbers of people working fewer hours than they would like, and this is an issue that merits further investigation and consideration by policy makers and employers alike, the numbers have not increased significantly this year, making it a poor explanation on its own for the 2012 jobs enigma.

"On balance, there are likely to be further increases in employment. Rising employment alongside muted growth indicates that employers have significant reserves of skilled labour capacity on which to call to support growth."


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Hector Sants: Ex-FSA Chief Awarded Knighthood

The man tasked with regulating the City in the run-up to the near-collapse of the UK banking system has been knighted in the Queen's New Year Honours.

Former Financial Services Authority (FSA) chief executive Hector Sants has been recognised for services to financial regulation after overseeing sweeping reforms following the nationalisation of Northern Rock and the bailout of major banks.

The knighthood may be seen as a controversial decision, as it was Sir Hector who led the organisation accused by MPs of being "asleep at the wheel" in the run up to the collapse of Northern Rock.

While he was criticised for the FSA's failure to spot and prevent the credit crunch and subsequent banking meltdown, he has since won praise for cleaning up the regulator and for his role in forcing banks to beef up their balance sheets.

Sir Hector said the award was a "testament to the hard work of everyone at the FSA during the crisis, their willingness to learn lessons and to bring about the changes that were necessary".

The 56-year-old had planned to leave his role in February 2010, but was convinced by Chancellor George Osborne to stay on to see through the coalition's break-up of the FSA.

It was thought he would become a deputy governor of the Bank of England and head the Prudential Regulation Authority (PRA) - one of two new regulatory bodies that will replace the FSA as part of an overhaul in the wake of the financial crisis.

But Sir Hector unexpectedly resigned earlier this year and has courted more controversy, joining scandal-hit Barclays, where he will become the bank's first point of contact for regulators.

He is believed to be in line for a £3m pay package.

The FSA received a mauling from MPs in the wake of the banking crisis and collapse of Northern Rock.

Northern Rock had to be nationalised in 2008, with the Government also having to bail out Royal Bank of Scotland, Lloyds TSB and HBOS.

In the aftermath of the crisis, Sir Hector warned the City to "be frightened" as he pledged an era of more intrusive and direct regulation.

He also laid the blame at the door of the US and UK governments for their part in the crisis, saying authorities worldwide sought to "encourage a significant credit boom particularly for the benefit of consumers who wished to purchase housing".

Sir Hector joined the FSA wholesale markets arm from Credit Suisse in 2004. He became chief executive in 2007 - just two months before the run on Northern Rock.

It had been widely expected that Sir Hector would return to the private sector when he resigned from the FSA.

Barclays, which has had its reputation battered following this summer's rate-rigging revelations, has appointed Sir Hector to the newly-created role of head of compliance. He is due to start on January 21.

It is believed he will also play a central role in rewriting the bank's pay and bonus strategy.

Sir Hector is married with three children.


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Can China's Baijiu Take On Sake And Tequila?

By Mark Stone, China Correspondent

A British drinks company is taking a gamble by attempting to export baijiu, China's national drink, to the world.

Diageo recently bought Shui Jing Fang, a high-end brand of baijiu based in the Chinese city of Chengdu.

The problem is that while baijiu, a white spirit-based drink, may refresh diners and lubricate business meetings across China, the common perception outside the country is that it is revolting.

However, that doesn't worry Diageo's Asia-Pacific President, Gilberte Ghostine.

He told Sky News: "What you have to remember is that the baijiu expansion has only just started.

"Look at Japan's sake or Mexico's tequila. Sake is consumed in all the Japanese restaurants in the world, not only by Japanese but also by foreigners.

"And if you look at tequila; its expansion started 30 or 40 years ago and now it is being consumed in Western bars."

As a baijiu virgin, I was invited to join a group of diners at a Beijing restaurant.

It was an experience.

Sky's Mark Stone tastes Baijiu Sky's Mark Stone tastes baijiu

The flavour is hard to describe. It is sharp, potent and with a lingering, almost ammonia-like aftertaste. It burns right the way down your throat.

It is usually served at room temperature in a small shot glass and with a meal. It has an extremely high alcohol volume of between 40% and 60% proof.

Most of the encouragement from my fellow diners came from Mr Lee, who clearly loves the stuff. I reluctantly took my fourth shot from him as he explained why he thinks it is so good.

"I often go to parties and drink foreign alcohol and I get a headache afterwards," he said. "I prefer to drink baijiu because I never get a headache.

"I welcome foreigners to drink baijiu... they won't understand real happiness until they do," he insisted.

It is clear that baijiu is a culture in China, not just a drink. In buying into that culture, Diageo hopes to make money that will be pumped back into the British economy.

"When you look at the alcoholic drinks industry in China, you're talking about an industry worth £45bn. Over 50% of that is baijiu. So it is a very important category," said Mr Ghostine.

Shui Jing Fang is now available in 40 airports around the world and in eight domestic markets including the UK.


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Pig Farming Crisis To Push Up Pork Prices

By Emma Birchley, Sky News Correspondent

Supplies of British pork on shop shelves are under threat as pig farmers struggle to stay in business.

Cripplingly high feed costs caused by global wheat and soya shortages have forced many farms to close already.

The problem, according to Essex farmer Fergus Howie, is that most producers are not being paid enough by supermarkets to make a profit.

"It's unsustainable to continue farming pigs when you are losing on every single pig that you produce so pig farmers throughout the country and in Europe and America are packing up and going out of business.

"We are certainly losing about £10 a pig."

Some producers are now being offered deals that enable them to make a small profit, but many of those who are not so lucky have resorted to slaughtering more breeding sows to cut their costs.

Since mid-June an extra 15,500 sows have been slaughtered. That works out at between 3% and 4% of the total UK breeding herd.

The National Pig Association expects the result to be increased prices of bacon and sausages by the autumn.

"Because of the length of the production cycle, we won't see the impact of these numbers going out of the herd for eight to 12 months," said Zoe Davies, the NPA's general manager.

"That's when we will start to see the shortages and the prices probably creep up."

More sows are also being slaughtered across Europe which will add to the shortage of pork. And there are other changes afoot across the Channel that are likely to affect supply.

In 1999, a ban was brought in on small metal crates known as sow stalls in the UK.

Only now are similar welfare rules being brought in across EU. In theory, it should make it easier for British farmers to compete.

But Fergus Howie remains to be convinced that the law will make the difference it should.

"If is is properly implemented it will be a fair playing field but we are really worried that it won't be properly implemented and product will be coming into this country that would be illegal."

At Wicks Manor in Tolleshunt Major, the Howie family make bacon, sausages and ham from their animals and that has helped keep the farm afloat.

But for the farmers relying on a fair price for their pigs, it looks set to be another year of battling to stay in business despite prices rising on the shelves.


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First-Time Home Buyers 'Up 12% In Past Year'

The past 12 months saw 12% more first-time buyers take the plunge into the property market than in 2011, according to a report by the Halifax.

About 216,000 people got their feet onto the property ladder in 2012, the highest number since the credit crunch began.

But it is still almost half the 402,800 people who bought their first home in 2006.

The average age of a first-time buyer has increased to 30, from 29 a year ago, and the typical deposit required is now 20% - compared with the deposit of around 10% put down in 2007.

Halifax said the rise was due to more mortgages coming on the market.

The number available has increased by around a fifth since a multibillion-pound Government scheme was launched in August to kick-start lending to firms and households.

The Government also recently introduced the NewBuy scheme, which helps people to buy a new-build home with a fraction of the usual deposit.

Martin Ellis, housing economist at Halifax, said: "The number of first-time buyers has risen to a five-year high, boosted by the improvement in affordability resulting from the reductions in both house prices and mortgage rates in recent years.

"Conditions for potential first-time buyers, however, remain very difficult with problems raising the necessary deposit and concerns over the economic climate."

He also said that first-time buyers have become increasingly reliant on extra help to give them a push onto the ladder.

The Council of Mortgage Lenders (CML) recently estimated that 65% of this sector of the market had financial assistance in mid-2012, compared with 31% seven years earlier.

First-time buyers in London put down the largest average deposit, at £62,356, while those in the north put down the smallest, at £14,936.

The average deposit needed across the UK is £27,984.

The average house price paid by a first-time buyer increased slightly to £139,921 in 2012 - representing a 3% rise compared with 2011.

Related stories


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French Court Rejects 75% Tax Rate For Rich

French president Francois Hollande has suffered a fresh setback as the country's highest court threw out his plan to tax the ultra-wealthy at a 75% rate, saying it was unfair.

It had been one of the flagship campaign promises of Mr Hollande's election and the government has vowed to resubmit the measure.

But France's Constitutional Council ruled that the way the highly contentious tax was designed was unconstitutional.

The largely symbolic measure would have only affected a few thousand people who earned over €1m (£818,000) and brought in an estimated €100m to €300m (£82m to £245m).

But it has infuriated high earners in France, prompting some such as actor Gerard Depardieu to flee abroad, and has led to accusations that Mr Hollande is 'anti-business'.

Finance minister Pierre Moscovici said the rejection of the 75% tax and other minor measures could cut up to €500m in forecast tax revenues but would not hurt efforts to slash the public deficit to below a European Union ceiling of 3% of economic output next year.

"The rejected measures represent €300m to €500m. Our deficit-cutting path will not be affected," Mr Moscovici told BFM television.

France's President Francois Hollande gives a speech at the Palais des Nations in Algiers on the second day of a two-day official visit Socialist President Hollande has his sights set on the super rich

Prime Minister Jean-Marc Ayrault said in a statement that the government would resubmit the measure to take the court's concerns into account.

The court's ruling took issue not with the size of the tax, but with the way it discriminated between households depending on how incomes were distributed among its members.

A household with two earners each making just under €1m would be exempt from the tax, while one with one earner making €1.2m would have to pay.

The French government approved the tax in its most recent budget, amid criticism by some that it would do little to stem the country's mounting fiscal problems and would drive away the wealthiest citizens.

In recent weeks, Gerard Depardieu - France's most famous actor - announced his intention to turn in his French passport and move to a village in a tax-friendly Belgium.


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Norovirus Cruise: 'Outbreaks' On Two Ships

More than 400 passengers and crew have been sick with vomiting and diarrhoea as suspected norovirus hits two cruise ships sailing in the Caribbean.

Both luxury liners, the Queen Mary 2 and the Emerald Princess, reported the outbreak to the Centres for Disease Control, following guidelines that come into play when more than 2% of the passengers and crew are laid low.

The US public health agency said it was still conducting lab tests to determine the pathogen, but it said norovirus was suspected.

On Cunard's Queen Mary 2, which left New York on December 22 for a 10-day cruise, 194 passengers and 11 crew members of the more than 3,800 people were reported ill, the CDC said.

And on the Emerald Princess, owned by Princess Cruises, which returned to Fort Lauderdale on December 27, 189 passengers and 31 crew members of the more than 4,400 people on board fell sick, the CDC said.

The CDC said both liners had taken steps to stem the outbreak, including cleaning and disinfecting more often, as well as keeping passengers informed.

Inside the Queen Mary 2 Passengers were told to avoid the buffet

But Sue Hayes, from Arkansas, said she was on the Emerald Princess and her husband fell ill. She has been critical of how the crew members handled the crisis.

"It started just a couple of days into the cruise and has affected so many that the staff can't keep up with what they have to do for those who are sick," she said on Facebook.

"I have to phone to get the room cleaned because there aren't enough staff to even get clean towels and the room stewards are not allowed to come into the room.

"I have gone and got food for him because it may be a long time to get it delivered, like two hours after scheduled."

Some people who said they were on the Queen Mary 2 said on Cruise Critic that they were advised to avoid the buffet because of the sickness and that infected passengers were being kept in their rooms.

"I have never felt as sorry for the staff as I do now. They are working round the clock battling this situation," Andiamo said on the blog.

"It is serious, but in my opinion it is being handled very well.

"The festivities continue and those of us who have avoided this virus continue to enjoy the many offerings we come to expect and appreciate.

"For those passengers who have been exposed, they are confined to their cabins until declared safe to come out."

Sky News contacted both Cunard and Princess Cruises for comment but both companies said no one was available to comment.

Similar outbreaks hit two P&O luxury liners - the Azura and the Oriana - earlier this month.

Emerald Princess cruise liner More than 200 people fell ill on the Emerald Princess

The cruise ship infections come as norovirus is thought to be behind the deaths of four people in a hospital in Japan.

The patients, aged between 80 and 97, died of breathing problems and pneumonia last week after suffering vomiting and diarrhoea, said officials at Denentoshi Hospital in Yokohama.

Almost 100 other people have been infected at the hospital since Tuesday.

Norovirus has been sweeping the UK and has led to the closure of dozens of hospital wards.

The Health Protection Agency said there could have been more than a million cases in the UK this season.

The number of cases has risen earlier than expected this year, following an as-yet unexplained trend seen across Europe and other parts of the world.

Norovirus symptoms include sudden vomiting, diarrhoea, or both, a temperature, headache and stomach cramps. The bug usually goes away within a few days but can be contagious for a couple of days after vomiting has ended.


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No Deal As US Nears Fiscal Cliff Deadline

Investors are reacting nervously as the clock ticks down to the New Year deadline for a deal to prevent the US falling over the so-called 'fiscal cliff'.

A series of costly tax rises and spending cuts worth more than $500bn will come into force as 2013 begins in America, unless Congress and the White House can agree compromise measures to stop them being implemented.

The 'fiscal cliff', as it came to be known, was designed to help tackle the country's huge debt pile in the event squabbling politicians could not do a deal beforehand to ease the burden.

The fiscal cliff worries investors as economists fear the pain of implementing the measures will tip the US back into recession and therefore hit world demand and growth prospects.

In London, the FTSE 100 lost 0.5% of its value to close at 5897 in what was a shortened trading day because of the New Year holiday.

The CAC 40 in France bucked the trend as legal opposition to the country's controversial plan to tax the rich at 75%, helped add value.

While Germany's DAX is closed, the Dow Jones will be open for business on Wall Street later as Democrats and Republicans begin their final push for a deal to avert the fiscal cliff.

Dow Futures currently point to a higher opening after five days of falls despite a deal palatable to both sides remaining elusive.

US Senate Majority Leader Harry Reid said he has made a counter-offer to a Republican proposal put forward on Saturday but later admitted "serious differences" remain.

The two sides have reportedly moved closer on tax increases while Republicans have indicated they could withdraw a contentious proposal to slow the growth of social security retirement benefits.

Obama Meets With Congressional Leaders At White House To Discuss Fiscal CliffObama Meets With Congressional Leaders At White House To Discuss Fiscal Cliff Mitch McConnell and Harry Reid still heading in different directions

Senate Republican leader Mitch McConnell said he had asked Vice President Joe Biden to become involved in a last-minute effort to reach an agreement.

He added that there was no single issue blocking an agreement but that "the sticking point appears to be a willingness, an interest, or courage to close the deal."

"I'm willing to get this done, but I need a dance partner," Mr McConnell said.

Both the Senate and the House of Representatives now have little time to debate and then pass a deal that has eluded the White House and Congress for weeks.

President Obama, who called congressional leaders to the White House on Friday, addressed the crisis once more as he appeared on NBC's Sunday morning talk show Meet the Press.

The President said Republicans were unwilling to see tax rates raised for the richest taxpayers.

"They say that their biggest priority is making sure that we deal with the deficit in a serious way," Mr Obama said.

"But the way they're behaving is that their only priority is making sure that tax breaks for the wealthiest Americans are protected.

"That seems to be their only overriding, unifying theme," he added.

If a compromise can be found, the two parties will then decide whether to put it to the vote on New Year's Eve in the Senate and then the Republican-controlled House of Representatives.

President Obama has pressed lawmakers to clinch a deal, even if they must reach a compromise that lacks the significant deficit-reduction measures both sides had sought.

"I was modestly optimistic yesterday, but we don't yet see an agreement," the President told NBC in the interview recorded on Saturday. "And now the pressure's on Congress to produce."

At least one senior Republican said he was optimistic of a deal, and a "political victory" for Mr Obama.

Senator Lindsey Graham told Fox News that the odds are "exceedingly good" a deal can be done.

"I don't think people want to go over the cliff," he said.

The US is facing the fiscal cliff because tax rate cuts dating back to George W Bush's presidency expire at the end of the year.

Mr Obama originally insisted on letting the tax cuts expire on households earning more than $250k (£154k) but later upped that threshold to $400k (£246k).

The pending reductions in spending, which will hit everything from social programmes to the military, were put in place last year as an incentive to both parties to find ways to cut America's soaring deficit.


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CRB Check Rules To Be Relaxed By Home Office

Written By Unknown on Senin, 24 Desember 2012 | 23.33

Millions of employees and volunteers will no longer have to apply for a new criminal records check every time they apply for a job, the Home Office announced today.

Individuals will only need to apply once to the Disclosure and Barring Service (DBS) for a certificate and then organisations will be able to use a new online service for an instant check to find out whether the document is still valid.

Unpaid workers will be able to use the online service for free when they apply for different opportunities, while paid employees will have to pay an annual subscription fee.

Individuals who require a DBS check, which can take up to 28 days to complete, currently have to re-apply for a certificate every time they change jobs or move workplace.

The move is part of an overhaul of the criminal checks process by the Government.

The service will be managed by the DBS, which launched at the start of the month when the Criminal Records Bureau (CRB) and Independent Safeguarding Authority (ISA) were merged.

It is part of a first wave of public services to be moved online by the Government by 2015, which will also include the National Apprenticeship Service, tax self-assessment and registering intellectual property.

Moving services online will save taxpayers up to £1.2bn by 2015 and around £1.7bn a year thereafter, the Cabinet Office said.

Volunteering England (VE), which led a campaign against charging unpaid workers to use the new online criminal checks system, said making the service free for volunteers would give them a "hugely important boost".

VE chief executive Dr Justin Davis Smith said: "This is particularly significant when charities and public services are looking to sustain the enthusiasm for volunteering created by the Olympics and Paralympics."

Junior and locum doctors who need a new check every time they move hospital, agency workers registered with a multiple agencies and volunteers working with more than one organisation are among those who could use the service when it launches next spring.

Criminal information minister Lord Taylor of Holbeach said: "It is a 21st century service that will deliver real benefits to employers and volunteers without compromising on public safety."

However, Nick Pickles, director of civil liberties campaign group Big Brother Watch, said the need for reform goes "far beyond" making services available online.

He said: "Safety by database still seems to be the popular mindset across Whitehall and far more needs to be done to restore the system to a common sense balance.

"Until there are legal protections against the over-zealous use of CRB checks and proper reform so cautions and information not tested in court does not ruin people's careers, the CRB system will continue to undermine civil liberties."


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Nokia And Blackberry-Maker Agree Patent Truce

Nokia has settled all its patent disputes with Blackberry-maker Research In Motion (RIM) amid the costly legal rows still gripping the fiercely competitive smartphone industry.

While terms of the agreement were confidential, Nokia said, the deal on Wi-Fi technology licensing with RIM included a one-time payment and continuing fees.

The Finnish firm said the agreement settled all existing patent litigation between the two companies but it added that disputes with HTC Corp and ViewSonic still stood.

Its statement read: "Nokia has entered into a new patent licence agreement with RIM. The agreement will result in settlement of all existing patent litigation between the companies and withdrawal of pending actions in the US, UK and Canada related to a recent arbitration tribunal decision.

"The financial structure of the agreement includes a one-time payment and on-going payments, all from RIM to Nokia."

Paul Melin, chief intellectual property officer at Nokia added: "We are very pleased to have resolved our patent licensing issues with RIM and reached this new agreement, while maintaining Nokia's ability to protect our unique product differentiation.

"This agreement demonstrates Nokia's industry leading patent portfolio and enables us to focus on further licensing opportunities in the mobile communications market."

The development was announced just days after Samsung withdrew lawsuits which sought to ban the sale of Apple products in Europe.

While the firms' legal battles over patents were to continue, Samsung said it strongly believed companies should compete in the marketplace, not in court.

"Samsung remains committed to licensing our technologies on fair, reasonable and non-discriminatory terms," the South Korean company's statement said.

It was also confirmed on December 18 that Apple's efforts to ban the sale of several Samsung smartphone models in the US had been rejected by a judge.


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Banks Face Break-Up Over Risky Trading

By Poppy Trowbridge, Business and Economics Correspondent

British banks face break-up if they fail to follow new rules protecting high street operations from riskier trading.

The Parliamentary Commission on Banking Standards has published a report assessing Government-backed legislation that will require lenders to protect customers' banking deposits from potential losses.

While the report suggests ring-fencing will help address the damage done to culture and standards in banking, it may not be enough to stop banks taking advantage of the rules.

Commission chairman Andrew Tyrie MP said: "The legislation needs to set out a reserve power for separation - the regulator needs to know he can use it.

"Over time, the ring-fence will be tested and challenged by the banks. Politicians, too, could succumb to lobbying from banks and others, adding to pressure to put holes in the ring-fence."

MPs are looking at ways to exert pressure on lenders that fail to comply.

Shadow chancellor Ed Balls told Sky News: "I think people are really frustrated, families, businesses, that banking reform is taking so long.

"In the meantime, our economy has not been growing, small business lending is falling. We've got to get on with it and we've got to get it right.

"The commission says the proposals on the table so far from George Osborne don't go far enough, they've been watered down, and they also are going to look at the wider issues of standards and culture in the way our banks operate."

Next year, the commission will take further evidence on whether full separation of proprietary trading operations at banks is necessary.

The Government launched an inquiry into banking standards in the wake of revelations that the London Interbank Offered Rate (Libor) had been manipulated by traders.

Barclays and Swiss bank UBS have been fined by authorities for manipulating Libor.

The rate is a reference point for vast ranges of financial contracts around the world worth around £184trn.

Mr Tyrie said: "The latest revelations of collusion, corruption and market-rigging beggar belief.

"It is the clearest illustration yet that a great deal more needs to be done to restore standards in banking."


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UK Economic Growth Less Than Expected

Britain's growth figure for the third quarter has been revised to 0.9% by the Office for National Statistics.

That is down from their previous estimate of 1%.

Britain's dominant services sector posted meagre growth in October, adding to the challenge for the economy as a whole to expand in the last three months of 2012.

Third quarter GDP growth was the strongest since the third quarter of 2007, but much of that reflected a one-off boost from the London Olympics and a rebound from the second quarter when an extra public holiday dented output. 

Britain suffered its second recession since the financial crisis between late 2011 and mid-2012, and overall has recovered much more slowly since 2009 than most other big economies.

It also emerged that borrowing unexpectedly increased last month, putting more pressure on Chancellor George Osborne's plan to bring down the budget deficit.

Public sector net borrowing, excluding financial interventions such as bank bailouts, was £17.5bn in November, up £1.2bn on the same month last year.

Economists had predicted borrowing would fall slightly to around £16bn.

Public sector borrowing for the year to date is £92.7bn, excluding a one-off £28bn boost from the transfer of the Royal Mail pension fund into Treasury ownership, which is 9.9% higher than the same period last year.

George Osborne Autumn Statement The latest figures will put more pressure on Chancellor George Osborne

James Knightley, analyst at ING Bank, said the borrowing figures highlighted the weak state of the UK economy and the fact that austerity measures were failing to generate the improvement in Government finances that were hoped for.

He said: "All in all, the UK appears to be ending 2012 not in particularly great shape, and as such we suspect the Bank of England has more work to do with further policy stimulus likely in early 2013, especially if the worst fears over the US fiscal cliff materialise."

The ONS said the latest figures do not take into account the transfer of assets from the Bank of England's money printing programme into the Treasury, and the auction of bandwidth for 4G mobile broadband services, which is expected to boost the finances.

In the Chancellor's Autumn Statement earlier this month, the Office for Budget Responsibility (OBR) said it expected borrowing to be £108bn in 2012/13, compared to £119.9bn in the March estimate.

The news will put further pressure on Britain's gold-plated AAA status.

All of the three main ratings agencies have now put the UK on negative watch.

Vicky Redwood, chief UK economist at Capital Economics, said: "Although a number of temporary factors flattered the OBR's new forecast for borrowing this year, the underlying picture is that the weak economy is preventing the deficit from falling."


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Steve Jobs' £80m Super Yacht Impounded

A super yacht built for Apple's late co-founder Steve Jobs has been impounded in Amsterdam because of a dispute over an unpaid bill to designer Philippe Starck, a lawyer has said.

Mr Jobs, who died last year, never got to use the vessel, called Venus.

But he had commissioned the French designer to work on the yacht, which cost more than 100m euros (£81.3m).

A lawyer representing Mr Starck's company Ubik told reporters his client had received 6m euros out of a 9m euro commission for his work on the minimalist vessel and was now seeking to recover the rest of what he was owed.

Steve Jobbs in June 2011 Steve Jobs died in October 2011 after making his name and fortune at Apple

The yacht was impounded on Wednesday evening, the lawyer said, and will remain in Amsterdam port pending payment by lawyers representing Mr Jobs' estate.

"The project has been going since 2007 and there had been a lot of detailed talk between Jobs and Starck," said the lawyer, Roelant Klaassen.

"These guys trusted each other, so there wasn't a very detailed contract."

The lawyer representing Mr Jobs' estate could not immediately be reached for comment.

Steve Jobs' yacht The yacht is named after the Roman goddess of love

The 256ft (78-metre) vessel, built by shipbuilders Feadship, took to the water at the firm's yard in Aalsmeer, just south of Amsterdam, in October, a year after Mr Jobs' death.

According to Mr Jobs' biographer Walter Isaacson, the vessel, which is made of exceptionally long aluminium panels, was just as Mr Jobs had imagined it.

The late Apple chief is believed to have given his input in a day-long discussion with Mr Starck.


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BT Slapped With £95m Refund Bill

BT has been told it must repay almost £95m to corporate customers following a row over high speed data provision.

The regulator Ofcom ruled the company had overcharged for Ethernet services and must hand back £94.8m to communication providers BSkyB - the owner of Sky News - Talk Talk, Virgin Media, Verizon UK and Cable & Wireless.

Ethernet services are mainly used by businesses and provide dedicated broadband capacity between different locations.

Ofcom said it received the first complaint in 2010 that the charges levied by BT were "not cost orientated".

It had continued to receive related claims ahead of today's decision, the regulator stated.

BT, which said in November that its second quarter revenues had been hit by a triple whammy of recession, regulation and rain, has two months to decide if it will appeal the decision.


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Fiscal Cliff: Republican Plan Ends In Failure

House Speaker John Boehner said on Friday that he was still open to talks with President Obama - a day after being forced to scrap a vote on his back-up plan to avoid the fiscal cliff crisis.

Mr Boehner had confidently predicted on Thursday that he would muster sufficient backing for his "Plan B" proposal which would have extended Bush-era tax cuts for all Americans except those earning less than $1m (£615k).

But conservatives in the House of Representatives, who saw the plan as a tax hike for the rich, revolted.

"We had a number of our members who didn't want to be perceived as raising taxes,' Mr Boehner told reporters.

The Speaker had been hoping to use the vote as leverage in his talks with Mr Obama, in a bid to avert the automatic year-end tax hikes and spending cuts set to kick in on January 1.

On Friday, he again tried to shift the pressure for a deal to the President.

"We only run the House. The Democrats continue to run Washington," he said.

Even if it had succeeded in the House, the bill would have struggled in the Democrat-controlled Senate and the President would have then exercised his veto.

The White House said "Plan B" still offered big tax breaks to very wealthy Americans who do not need them.

U.S. President Obama gestures as he speaks to the media about the "fiscal cliff" in Washington President Obama wants higher taxes for the wealthiest

Mr Obama - who originally insisted on letting the tax cuts expire on households earning more than $250k (£154k) - has since upped that threshold to $400k (£246k) in an attempt to reach a compromise.

White House spokesman Jay Carney said a "bipartisan solution" was still possible.

"The President's main priority is to ensure that taxes don't go up on 98 percent of Americans and 97 percent of small businesses in just a few short days," he said.

Mr Obama "will work with Congress to get this done and we are hopeful that we will be able to find a bipartisan solution quickly that protects the middle class and our economy," he added.

The White House insists the two sides are not that far apart.

Both the President and Speaker have shown a willingness to compromise, and risk angering supporters of their respective parties in the process. 

Mr Boehner has said he would be satisfied with a balanced $1trn in tax revenues and $1trn in spending cuts, much of it from entitlement programmes like Medicare health care for the elderly.

The President's plan offers $1.2trn in new tax revenues, with just under $1trn in spending cuts.


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Women Drivers Face Insurance Premium Rise

By Darren McCaffrey, Sky News Reporter

Women drivers could see their insurance premiums increase by around 25% as new laws come into force that ban setting prices according to gender.

The European Court of Justice ruling follows a 10-year legal battle against the proposals by insurers.

The change is not confined to car insurance but also covers pensions and life insurance.

Women have benefited from smaller car insurance premiums due to their lower accident rates, but predictions of how they will be affected vary widely.

Some analysts believe younger women could see their premiums almost double, with average rises of around £300 a year.

Those aged between 31 and 35 are also likely to be hit with a rise of around 10%, or £53 a year, according to research from comparison website Confused.com.

Michael Ossei, personal finance expert at price comparison website uSwitch, told Sky News that women aged between 18 and 25 will be heavily affected by the change.

More than a third of the women the website had surveyed would have to cut back their living expenses to cope with higher premiums and one in 10 may end up selling their car.

Others, though, forecast the increases could be gentler than expected, provided insurers can piece together enough information about someone as a driver.

Kevin Pratt, insurance expert at the MoneySupermarket website, said he hopes insurers will place greater emphasis on factors such as job, type of car, driving record, any security measures on the car and age to make sure drivers can still get a reasonable price.

The new rules could also hit men reaching retirement, with annuities possibly decreasing by up to 13% a year. Women may see their life insurance policies increase by 16%.

Currently, men usually get a higher pension income than women because, on average, they die younger.

The Government is strongly opposed to the change.

Transport Minister Stephen Hammond told Sky News it was unnecessary and that they were working to manage the impact.

"One of the reasons we are against it (is that) the basic principles of insurance previously has been insurance based on risked rather than just gender-based."

The court ruling is an attempt to end discrimination and to bring about equality between men and women - but it is a decision that will come at a price for many.


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BAE Systems Strikes £2.5bn Deal With Oman

By Alistair Bunkall, Defence Correspondent

A deal worth £2.5bn has been completed between British defence manufacturer BAE Systems and Oman.

It will see BAE provide the Gulf state with 12 Eurofighter Typhoon aircraft and eight Hawk training jets.

As well as supplying aircraft, BAE Systems will provide in-service support to the Royal Air Force of Oman's (RAFO) operational tasks.

Work to start building the aircraft will begin in 2014, with the first jets due for delivery in 2017.

But the markets did not seem too enthusiastic about the announcement, as the BAE share price was down 2% during the early hours of trading.

More importantly for the company's future financial health is the Salam deal for 72 Typhoon jets with Saudi Arabia, worth £4.5bn.

Earlier this week, BAE warned that its 2012 earnings would suffer if no agreement was reached on this deal by February 21.

Last month, Prime Minister David Cameron visited Jordan, Saudi Arabia and the United Arab Emirates on a trade mission to promote BAE and persuade the states to buy British-made defence equipment.

David Cameron in Jordan PM David Cameron visited Jordan, Saudi Arabia and the UAE last month

It is unusual for a British prime minister to promote defence companies so openly but the Government is seeking to build closer ties with friendly Middle Eastern states in the face of what it sees as a growing threat in the region from countries like Iran.

The move also demonstrates an attempt to forge links outside of the traditional Nato countries.

The deal is not only important for BAE Systems but also for the companies that form the supply chain, many of which are based in the UK.

The deal will support BAE's assertion that it still has a strong business with a positive future after the proposed merger with EADS collapsed in October.

Cuts to defence budgets globally have resulted in a tougher and more competitive market, and BAE had hoped a merger with a company that specialises in civil aviation would lessen any effect of budget cuts.

Guy Griffiths, group managing director for BAE Systems' International business, said: "Receiving this contract is an honour and is excellent news for both BAE Systems and the Eurofighter Typhoon consortium.

"We look forward to working in partnership with Oman's Ministry of Defence, and the Royal Air Force of Oman, to ensure this is a highly successful programme that maximises the potential of both Hawk and Typhoon."

Oman becomes the seventh country in the world, and the second in the Middle East, to operate the Typhoon, joining the air forces of the United Kingdom, Germany, Italy, Spain, Austria and Saudi Arabia.

Business Secretary Vince Cable said: "This is obviously a very good day for BAE Systems, its suppliers and the broader Eurofighter supply chain.

"We, and our partners in the Eurofighter consortium are pursuing a number of opportunities at present and I hope that the decision by Oman to join the Typhoon family is followed by more of its friends and neighbours."


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House Prices Predicted To Edge Down In 2013

House prices across the country fall by 1% during 2013 as the London market shows signs of cooling, property analysts have said.

Prices fell 0.1% month-on-month in December, marking the sixth month in a row that this has happened, and average prices ended the year 0.3% lower than a year ago, Hometrack said.

It predicts that a reluctance by struggling families to take on more debt will continue to act as a drag on the housing market next year and prices will be more volatile with continued low sales.

Hometrack's monthly figures for December show prices were flat in London and East Anglia, fell 0.1% in the Midlands, the South and Yorkshire and Humberside, dropped 0.2% in the North West and Wales and by 0.3% in the North East.

One in five postcodes in England and Wales recorded price increases over the past year but prices have fallen across two-thirds of the country.

London has had strong demand from wealthy overseas buyers and consistently outperforms other regions, seeing prices rise in seven out of 10 postcodes this year. Property prices are now 10% higher than at the peak of the market in 2007.

But price growth in London, vital to keeping average prices up in the rest of the country, is predicted to slow over next year, with a 2% annual increase pencilled in.

Central London price growth looks set to slow, following the introduction of a 7% stamp duty rate placed on homes worth over £2m in March.

The Office for National Statistics recently indicated that house price increases in London could be slowing. The rate of year-on-year price growth in the city dropped from 5.2% in September to 3.4% by October.

The study regularly asks estate agents across England and Wales about achievable selling prices.

But Hometrack's predictions jar with some other recent surveys, including one from Rightmove which said increased competition among mortgage lenders and a continued shortage of homes to choose from will help to push asking prices up by 2% across England and Wales next year.

The Council of Mortgage Lenders has said it expects the housing market to "feel more stable and positive" next year, with much of the boost coming from a multibillion-pound Government scheme which has already helped to increase mortgage availability.

But the council has also said demand for mortgages could be held back by the weakness of the economy and much will hinge on the continued resilience of UK employment.

Halifax has said house prices are likely to be flat next year, with any growth likely to be strongest in London and the South East.


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EU Summit: Cameron 'Committed To Saving Euro'

Written By Unknown on Senin, 17 Desember 2012 | 23.33

The Prime Minister has made it clear he wants favours in return for signing a deal aimed at increasing economic and monetary union in the European Union.

At the seventh and final EU summit of the year, David Cameron insisted the UK was not in an uncomfortable position, despite refusing to have its banks monitored by a centralised supervisor.

"We did not stand in the way of the eurozone having a banking union ...now there are opportunities for us to seek changes in our (EU) relationship, changes that the British people will be more comfortable with," he said.

"They (the eurozone countries) want to make changes, and we can ask for changes too."

His comments come a day after European finance ministers took a major step towards full banking union by agreeing to create a single supervisor for eurozone banks.

But although the UK will not be subject to the scrutiny - continuing to monitor its own institutions - Mr Cameron insisted that Britain "remains at the heart" of decision making in Europe.

A statue depicting European unity The ECB will oversee all banks in the 17 EU countries that use the euro

"I don't think Britain is in an uncomfortable position at all," he said.

"I think we are in a position where we have opportunities to maximise what we want from our relationship with the European Union.

"The fact is we have a multi-faceted Europe, we have a Europe where countries like Britain are absolutely at the heart of decision making."

Earlier this year, Mr Cameron called for a "new settlement" between the UK and Brussels and on Thursday said his focus was now on getting a "better deal" for Britain.

The banking deal gives the European Central Bank (ECB) oversight for lenders in the 17 EU countries that use the euro - and any other country that wants to opt in.

It also paves the way for Europe's bailout fund to give direct aid to ailing banks - a measure seen as vital to helping the eurozone break free of its debt crisis.

The agreement, which follows months of negotiations, was described by the president of the European Commission, Jose Manuel Barroso, as a "deep and genuine economic and monetary union", which requires "steps towards political union".


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Fuel Poverty Warning For 300,000 More Homes

A further 300,000 people will be pushed into fuel poverty by Christmas because of the latest round of energy price hikes, an advisory body has warned.

The Fuel Poverty Advisory Group (FPAG) said the latest round of energy price rises has increased the average annual energy bill by 7%, taking it to £1,247 for direct debit customers and £1,336 for cash and cheque customers.

These increases are likely to have pushed a further 300,000 households into fuel poverty and estimates have already shown that over nine million households could be living in fuel poverty by 2016.

The FPAG urged David Cameron to take stronger action to ensure there is a more widespread and ambitious effort to tackle "spiralling" fuel poverty levels.

It said the Government should create a cross-departmental group on fuel poverty to ensure a joined-up approach as well as creating a new duty for local authorities to meet fuel poverty targets.

It also advised the Government to carry out an urgent impact assessment of welfare reforms on fuel poverty.

FPAG chairman Derek Lickorish said: "With a cold winter, welfare reforms cutting incomes, and all at a time of austerity measures and other rising household costs, the plight of the fuel poor has never been more serious.

"Millions are living in misery due to high energy bills. Yet time is running out for the Government to fuel poverty-proof the homes of those on the lowest incomes.

"A toxic cocktail of rising wholesale prices, the high cost of energy reforms and cuts in incomes for many households means fuel poverty levels are set to sky rocket without radical action."

Families are considered to be in fuel poverty when they have to spend more than 10% of their incomes on keeping their homes warm.

The FPAG said that nearly half of the UK's fuel poor households are pensioners, a third contain people with some sort of disability or illness, a fifth contain a child aged five or under and one in 10 house someone aged 75 or over.

The Government recently announced proposals to require energy firms to provide just four tariffs for each fuel and to place all customers on the cheapest price available for their chosen tariff.

But critics have warned that the plans could see an end to cheap deals, stop consumers switching suppliers, reduce competition and push up bills in the long run.


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Clegg: 'Rich Pensioners May Lose Benefits'

Nick Clegg has called for wealthy pensioners to lose free bus passes and the winter fuel allowance as he tries to revive his party's fortunes.

The Deputy Prime Minister, in a major speech on the welfare state, insisted the Government has an "absolute duty" to ensure the system is fair to all.

He said this means not paying out to "people who do not need it" and "looking again at universal benefits paid to the wealthiest pensioners".

Such a move would lead to means-testing for the winter fuel allowance, free bus travel, prescriptions and television licences.

David Cameron has committed to keeping universal benefits in place until 2015 but many Tories are keen for reform.

Following his deputy's speech, his spokesman said: "The Prime Minister made a commitment to protect those benefits and he believes in keeping his promises."

Mr Clegg admitted the benefits shake-up had been "painful and controversial" at times but he claimed the Lib Dems had ensured it was firmly anchored in the political centre ground.

"When two thirds of people think the benefits system is too generous and discourages work then it has to be changed, or we risk a total collapse in public support for welfare existing at all," he told the Centre Forum think tank.

"We need welfare protection for people who fall on hard times. Of course. But you cannot ask low income working people to pay through their taxes for people who aren't in work to live more comfortably than they do."

Mr Clegg sought to put distance between the Lib Dems and the Tories by pointing out that he blocked bids to cut housing benefit for the under 25s and to only pay child benefit for the first two children in a family.

Nick Clegg Mr Clegg's speech comes after polls put the Lib Dems in fourth place

The speech, to the Centre Forum think tank, comes on the eve of his fifth anniversary as Lib Dem leader and as the party battles a major slump in support.

He is under intense pressure as further polls show his party has been pushed into fourth place behind the UK Independence Party (Ukip). One poll had Ukip on 14%, ahead of the Lib Dems on just 8%.

Deputy leader Simon Hughes has admitted that "there is a little bit of chatter" about the leadership because of the dismal poll ratings.

Meanwhile, Mr Clegg's former director of strategy Richard Reeves has revealed the leader is attempting to win back votes by setting out the Lib Dem position well before coalition announcements are made.

In an attempt to turn the tide before local elections next May, Mr Clegg apparently wants to show the "inner workings of government" but this will inevitably strain the partnership.

Mr Reeves, writing in The Guardian, suggests the coalition could collapse before 2015 if the tactic fails.

"2013 is the year the Liberal Democrat strategy - deliver, then differentiate - will be tested," he said.

"A more assertive stance in act two of coalition should mean greater support and more votes. If not, the curtain will probably fall on the coalition before 2015."

Mr Clegg conceded that governing in difficult times had meant the party acquiring a "harder edge" but said the alternative was "a retreat to the comfort and relative irrelevance of opposition".

In his address, he suggested many Conservatives believe everyone out of work is "a scrounger" - a jibe at Chancellor George Osborne who said Government should support "strivers" not "shirkers".

"The siren voices of the Tory right who peddle this myth could have pulled a majority Conservative government in the direction of draconian welfare cuts," he said.

He declared that the Tories wanted to implement an extra £10bn in welfare cuts but were kept down to £3.8bn by the Lib Dems, branding some of the earlier plans "extreme".

Labour deputy leader Harriet Harman said: "Nick Clegg will try every trick in the book to distance himself from the record of his Government.

"But, as ever with the Lib Dems, they say one thing whilst doing another - resulting in a record of economic failure, trebled tuition fees, nurses cut,police axed and millions paying more while millionaires get a tax cut.

"Bearing this in mind, what we really should be hearing from Nick Clegg is a proper apology and a declaration that from now on he will actually stick by the promises he makes."


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Fuel Bills To Rise As Networks Get Upgraded

The energy watchdog has announced a major upgrade to Britain's gas and electricity networks that will be funded by a rise in consumer bills.

The £24.2bn investment in the UK's ageing infrastructure will see a rise in fuel bills of up to £15.10 a year on average, Ofgem said.

The total amount is more than the £22.7bn proposed by the regulator in July, but less than the £29.4bn originally requested by the industry.

Ofgem said this reduction was made to "ensure value for money for consumers".

National Grid's high voltage electricity network, high pressure gas networks and low pressure gas networks across Britain will benefit from a £15.5bn upgrade.

The company, which had accused the regulator of not going far enough to incentivise companies to carry out the necessary work, said it would take time to review the proposals before commenting on them by March.

Some 7,000 jobs will be created in the supply chain as a result of the work.

A further £7bn will be spent connecting 80,000 households to the gas network for the first time, and ensuring the connections to homes and businesses are safe and reliable. 

The cost of the projects - which also include laying undersea cables linking Scotland with England and Wales - will see tariffs rise by an average of £8.50 in 2013/14, £7.30 the following year, rising to £15.10 in 2020/21.

Ofgem's chairman Lord Mogg said the investment "provides a framework of strong incentives and penalties to stimulate the innovative and efficient operations of Britain's energy companies".

It comes amid warnings that a further 300,000 people could be pushed into fuel poverty by Christmas.

The latest round of energy price rises has increased the average annual energy bill by 7%, the Fuel Poverty Advisory Group said, adding that estimates have already shown over nine million households could be living in fuel poverty by 2016.


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Bank Eyes Plastic Money To Replace Notes

The Bank of England has made contingency plans for a changeover to plastic bank notes, Sky News has confirmed.

Tender documents for a new contract to print money have included a clause allowing for the polymer-based currency.

A source has told Sky News the printing proviso is to "future proof" the bank's supply of money.

A number of countries already use plastic money, which can be more durable than traditional cotton-based paper notes.

A woman holds her money and her racing programme as she queues to make a bet on the second day of racing at Royal Ascot in southern England A £5 note has a life expectancy of around six months

Australia, Romania, Vietnam, Mexico and Malaysia are among those to have introduced polymer money.

The Australian $5 note lasts an average of 40 months whereas an English £5 note is worn out after an estimated six months.

Between 2003 and 2011 the Bank of England received claims for bank notes destroyed through washing totalling £747,000, and £8.625m for fire or flood damage money.

It also received claims for £946,000 for notes that had been eaten or chewed.

Claims for notes deemed to be "contaminated" topped £232m in the period, with the total figure for all damaged or mutilated money reaching £263m.

In addition to greater durability the plastic money can incorporate holograms and other security devices to thwart counterfeiters.

"The Bank of England is not doing its job properly if it does not take account any new security measures it can utilise to protect the currency," the source said.

A Malaysian shows the front and back of Malaysia's five ringgit polymer notes in Kuala Lumpur. Malaysia is one country which decided to use plastic money

The new printing contract will run from 2015 to 2025 or 2028.

The bank plans for a consultation period of at least 12 months ahead of any changeover, as cash and vending machines need mechanisms recalibrated.

A Bank of England spokesperson told Sky News: "It's incumbent on the Bank, within our general research and development program to look at the pros and cons of various security features and substrates.

"No decision has been made as yet regarding printing on polymer."


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London Tube Drivers To Strike On Boxing Day

London Underground drivers are to go on strike on Boxing Day in a row over Bank Holiday pay.

Members of Aslef will are to hold three 24-hour walk-outs - on December 26, and again on January 18 and 25.

It is feared the move - which Aslef members backed by a 9-1 margin - will spark travel chaos in the capital

An Aslef spokesman said: "The ballot result shows the strength of feeling that remains on this issue.

"The union is committed to finding a solution which offers voluntary working and compensates those who do attend."

It will be the third successive Boxing Day walkout by Tube drivers in a dispute over Bank Holiday pay which dates back to an agreement in 1992.

The stoppage will disrupt Tube services on a busy day in the capital, causing big problems for shoppers, sports fans and visitors.

Talks have been held at the conciliation service Acas but the dispute remains deadlocked.

Howard Collins, London Underground's chief operating officer, said before the strike dates were announced: "We have been in discussions with the Aslef leadership to find a way to end this dispute and we made what we believed was a very fair offer.

"Unfortunately, this was not accepted and the offer has now been withdrawn so that further options to resolve the issue can be explored with the union at Acas.

"Further industrial action will not achieve anything and I would urge Aslef leadership to work with us to resolve this dispute."


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Female Directors 'Rocket Past Glass Ceiling'

More larger companies are hiring female directors, helping to boost their numbers by 240,000 over five years, a study has found.

The overall number of company directors has increased since 2007, according to information services company Experian, with more of them women than men.

The study of over 2.7 million businesses found the number of female board members was up by 24%, compared to 15% for their male counterparts.

Small companies, with between three and 10 employees, remain more likely than firms with over 250 workers to have female directors - but the gap is narrowing, Experian found.

In 2007, just 33% of larger companies had at least one female director, while in 2012 it had risen to 40%.

The number of smaller firms with at least one female executive was up from 48% in 2007 to 50% this year.

The report also found that a third of the 1.4 million businesses started since 2007 had one or more female director.

Experian's UK Managing Director said the research showed a more in-depth picture of women in the workplace across the UK than looking just at FTSE 100 companies.

"Smaller companies are clearly the driving force for female directors, but our research shows that larger companies' efforts to increase the number of female directors has made a significant difference over the past five years," Max Firth said.

"And let's not forget the contribution made by female entrepreneurs, with many starting up their own companies to manage work/life balance and fit with family commitments, without whom the number of female directors would be considerably lower."

But although the figures appear to show a step in the direction of workplace equality, Experian found little change in the industries dominated by females over the last five years.

In 2007, hairdressing, primary education and social work were the professions with the largest percentage of all female boards and this trend has increased further.

And in typically male-dominated professions, like plumbing, installation of electricity and software publishing, there were fewer all-female boards in 2012.

Mr Firth described the picture as "fairly static" when different industry sectors were compared.

"Whilst there are undoubtedly many women who are breaking new ground and overcoming stereotypes, our data shows that amongst the total population of UK companies, the industries with most female directors are pretty much the same as before the recession," he added.


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Taxpayer Faces £50m Bill For Comet Collapse

The taxpayer is facing a £50m bill for the collapse of electrical retailer Comet, a report from the administrator is set to reveal.

The report from Deloitte is likely to indicate that insufficient funds have been raised from the winding down of the chain to pay up to £24m in redundancy payments to 6,000 staff.

This means the Government will probably have to step in and ensure workers receive their payments.

The statement, expected to be published today, will also disclose that unsecured creditors - including HM Revenue and Customs - will get nothing.

The Tax Office is due some £26.1m by the firm.

Secured creditors, such as the backers of Comet's parent company Hailey Acquisitions, will get payments of just under £50m.

But according to the Sunday Telegraph, this represents a shortfall of £95m on the amount owed at the time of the collapse of the 236 store chain in early November.

The troubled Comet chain reportedly racked up losses of £95m in the year to April, followed by a further £31m in the subsequent five months as credit insurers lost confidence and withdrew support for the business.

Hailey Acquisitions was the investment vehicle put together by Henry Jackson of OpCapita, who raised the funding from unnamed investors for Comet's takeover from French retail group Darty.

Deloitte has said the last 50 stores will close for the final time tomorrow, amid speculation that the brand will be sold to an online retailer and around 20 shops picked up by rivals.

Unsecured creditors also included ITV and Google, which are owed £1.2m and £602,000 respectively for unpaid advertising bills, the newspaper said.

Meanwhile, holders of £4.7m of unclaimed Comet gift cards and vouchers are also on the list of unsecured creditors.

However, an estimated £40m of payments will be made to suppliers and £2.1m of holiday and back pay owed to staff will be paid in full.


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Ministry Of Defence Confirms Airwaves Sell-Off

The Ministry of Defence (MoD) has confirmed plans to sell part of its radio spectrum currently reserved for military purposes.

The sale of the airwaves - used to support superfast 4G mobile broadband - will be the first of its kind by a Government department.

It could bring in around £1bn for the Treasury, The Financial Times reported, although the MoD would not comment on the amount for commercial reasons.

The spectrum up for sale will be below 15 gigahertz - a valuable part of the radio spectrum because of its wide range of applications including radio, television, and data.

Around half of these airwaves are currently controlled by the Government, with the MoD holding around three quarters of this for defence purposes.

Mobile network operators are likely to bid for the spectrum, which will give them the opportunity to launch fourth-generation mobile services.

The announcement follows the Autumn Statement in which George Osborne said he planned to raise a total of £3.5bn from auctioning off other 4G spectrum.

But the Chancellor's decision to add the anticipated income to the nation's accounts was criticised for helping him avoid a rise in UK national debt.

The Minister for Defence Equipment, Support and Technology, Philip Dunne, said he welcomed the move to free-up the "much-needed" spectrum.

"We hope that the sale will help drive the roll-out of new generation networks and universal access to broadband, both of which are vital to the UK's prosperity," he added.

The auction is expected to be completed by the summer of 2014, after the Government's planned sale of other spectrum at the beginning of next year.

Last month, the telecoms regulator Ofcom set a reserve price of £1.3bn for the January sale, although the final figure could be much higher.

In 2000, the auction of 3G brought in more than £22bn for the Treasury, when the reserve price was £500m.

The then Chancellor Gordon Brown also used the proceeds to pay down national debt.

To date, EE, which owns Orange and T-Mobile, is the only mobile network to launch 4G products in the UK.

Its network, which offers speeds up to five times faster than 3G, is now available in London, Bristol, Birmingham, Cardiff, Leeds, Sheffield, Edinburgh, Glasgow, Liverpool, Southampton and Manchester.


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RBS and FSA Wrangle Over £150m Libor Fine

By Mark Kleinman, City Editor

Royal Bank of Scotland (RBS) is wrangling with the City regulator over the scale of its culpability in the Libor interest rate-rigging scandal amid fears that a settlement will leave the bank exposed to massive civil litigation.

I have learned that negotiations between lawyers acting for RBS and officials at the Financial Services Authority (FSA) have reached an impasse over efforts by the regulator to suggest that RBS employees acted as ring-leaders in an international conspiracy to manipulate benchmark rates.

Legal sources close to the FSA have told me that it has proposed that RBS pay a fine of in the region of £150m, which would be subject to a discount for early settlement.

The bank, which is majority-owned by British taxpayers, has rebuffed the terms of the proposed settlement on the basis that the available evidence demonstrates only limited culpability on the part of RBS employees.

The sources added that probes into RBS's involvement in Libor-rigging was focused principally on Yen Libor and Swiss Franc Libor, and not sterling or dollar Libor, as some reports had suggested.

One newspaper report yesterday suggested that RBS would face penalties of "at least £350m" but people close to the bank dismissed this as "guesswork". Based on recent discussions between RBS and regulators, insiders anticipate that the eventual fines will be well in excess of this figure.

An agreement between RBS and the FSA is now unlikely until the new year although it may still come before the bank's full-year results in February.

In addition to an FSA penalty, RBS is likely to have to pay hefty sums to the Commodities Futures Trading Commission and the US Department of Justice to end its involvement in the Libor-fixing scandal. Other regulators, including the state prosecutor in New York, may also levy fines.

Stephen Hester, RBS's chief executive, has been candid about the bank's involvement in Libor-related misconduct, admitting that the bank "trod on too many of the landmines out there".

Such is the convoluted nature of the investigations into Libor that RBS and other banks may not be able to reach a co-ordinated agreement with the various international regulators investigating the issue. European watchdogs are also likely to impose significant penalties on banks including RBS for breaching competition law when their traders agreed to fix interest rates.

Barclays became the first bank to settle with regulators over the Libor-rigging scandal, paying £290m in June to regulators in the UK and US. The settlement cost Barclays boss Bob Diamond his job – a bitter irony for the American banker in that he had elected to settle first because he calculated that it would be viewed as positive for Barclays' reputation.

Barclays' punishment included a £59.5m FSA fine that was reduced by 30% from £85m under the regulator's discount scheme.

The attempt to impose a fine of approximately £150m on RBS should not be viewed as evidence that its employees' transgressions were twice as bad as those of Barclays, an FSA insider said. Rather, it reflected an effort by the UK regulator to impose fines reflecting the severity of public and political concerns about the scandal.

Last week, the Serious Fraud Office announced that three City workers had been arrested as part of its probe into Libor manipulation. One of the trio, Thomas Hayes, had worked for RBS and UBS among other banks during his career.

In the next few days, UBS, the Swiss bank, is expected to pay in the region of $1.6bn to settle its Libor misconduct, a steep increase from the $1bn (£620m) reported at the end of last week.

The FSA and RBS both declined to comment.


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HMS Audacious: New Super Submarine For Navy

Written By Unknown on Senin, 10 Desember 2012 | 23.33

By Alistair Bunkall, Defence Correspondent

A £1.2bn contract has been agreed to build a new submarine for the Royal Navy.

The deal, awarded by the Ministry of Defence (MoD) to BAE Systems, will safeguard 3,000 jobs at the company's Barrow shipyard in Cumbria.

The submarine, to be called HMS Audacious, will be the fourth of seven Astute Class boats being built for the Navy. It will join Astute, Ambush and Artful in the growing fleet.

The first two submarines, Astute and Ambush, are currently undergoing sea trials to test their systems ahead of full service. These trials assess their ability to dive to deep depths and fire missiles.

A further £1.5bn has also been committed to three submarines yet to be built, which will complete the fleet. It will allow vital preliminary work to start.

Commenting on the announcement, Rear Admiral Simon Lister, the MoD's director of submarines, said: "The Astute Class will become the jewel in the crown of the Royal Navy's Submarine Service and boasts much greater firepower and more advanced sonar and communications than ever before.

HMS Astute Audacious is the fourth of seven Astute submarines being built for the Navy

"These submarines represent a huge leap forward in technology and will operate all over the world with the Royal Navy.

"These boats provide the optimum capability a submarine can offer in land strike, strategic intelligence gathering, anti-submarine and surface ship warfare, and protection of the strategic deterrent."

The Astute class submarines are powered by nuclear energy which means they never need to refuel. In theory they can stay underwater forever, only re-surfacing to take on supplies for the crew.

They are fitted with the most advanced sonar systems available and are quieter than older submarines. The sonar system has the processing power of 2,000 laptops and can spot and track ships 3,000 miles away.

At around 320ft (97m) from bow to stern they are about 50% bigger than the Royal Navy's current Trafalgar Class submarines. They carry on board a mix of Spearfish torpedoes and Tomahawk land-attack missiles.

The submarines will also make their own oxygen from seawater. 

The money is coming from a pre-allocated budget. In the Autumn Statement the Chancellor said the MoD could have more time to spend about £1bn that it has yet to use from this year's budget.

It was thought that the Treasury might request the money be returned, but George Osborne has allowed the department a period of flexibility.


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Unemployed To Get Free Bus Rides To Find Jobs

Bus companies have come together to offer free travel to the unemployed as part of a Government-backed scheme to help people find work.

Some 800,000 people across Britain who have been without a job for between three months to a year will be eligible to claim for a card, giving them free bus rides in January.

The JobCentre Plus Travel Discount Card already entitles them to half-price journeys.

Arriva, First, Go-Ahead, National Express and Stagecoach are among the operators signed up to the deal, which covers 70% of routes in England, Wales and Scotland.

Transport minister Norman Baker said: "Good bus services play a huge role in boosting economic growth by helping people to access employment and training opportunities.

"I have been encouraging bus operators to look at the fare deals they can offer to young people looking for work, so I congratulate the operators that are doing so in January and look forward to seeing other offers in the future."

The initiative was co-ordinated by Greener Journeys, a campaign group involving leading bus companies and supporters including Transport for London and the RAC Foundation.

Chief executive Claire Haigh said: "In difficult economic times, this new scheme will provide a helpful start to the New Year, enabling job hunters to travel around more easily in search of employment, to job interviews with prospective employers, and to training courses which will help them find work."

The latest official unemployment figures are released on Wednesday this week.


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Tax Row 'Helping John Lewis Online Sales'

Tax Row: Convenience Still Priority

Updated: 7:27pm UK, Sunday 09 December 2012

By Tadhg Enright, Business reporter

Recession? What recession?

So has been the mantra at John Lewis throughout the financial crisis during which sales growth consistently outperformed its high street rivals.

The recession is over but consumers are still expected to buy less, not more, this Christmas.

So could it be a bit of a stretch to suggest that stellar growth in John Lewis sales this past week has anything to do with Amazon's recent exposure as an avoider of UK corporation tax?

Speaking to Sky News, the retailer's boss Andy Street acknowledged "I can't prove it" and that it could all just be a coincidence.

While sales rose 15% over the past week compared to the same time last year, he pointed in particular to even higher (but undisclosed) growth in online sales.

But with internet shopping becoming more normal with each passing year, most online retailers are enjoying double digit growth.

And John Lewis has not been left wanting with its approach to so called "clicks and mortar" retailing.  It has been a trend leader rather than a follower so will naturally enjoy better growth than others.

Also bear in mind that John Lewis and Amazon are very different retailers and the overlap between their customer bases is thin.

Ask any business journalist and they'll tell you that John Lewis will take any chance to get a bit of free, positive publicity. Amazon has been more of a shrinking violet during the controversy over its taxes.

Business reporters who have been canvassing shoppers outside branches of Starbucks will also know that a majority of the people they speak to are oblivious to the scandal over its tax affairs.

Of those who know all about it, only a fraction are likely to avoid the tax-avoiders.

But Starbucks' u-turn shows just how serious some are taking the tax debate.

It has decided to pay £20m in corporation tax over the next two years, which, it maintains, it does not have to pay.

That wasn't enough though to prevent protesters occupying some of its cafes this weekend.

But it will be enough to convince the more nonchalant among us that it's ok to get your latte at Starbucks again.

In fact, consumer experts will also tell you that when a company puts right what once was wrong it can often enjoy a boost rather than a simple bounce-back in sales.

With 15 days to Christmas, the rush is on and many consumers simply don't have the time, energy or patience to change their habits.

Amid the chaos, shoppers are more likely than ever to put convenience before conscience.


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Twitter Fined Over UK Business Accounts Delay

By Pete Norman, Sky News Online

Social media giant Twitter has been fined after failing to file its UK corporate accounts, Sky News has learned.

The company was due to lodge its annual accounts no later than September but has still not done so, according to Companies House.

As a result Twitter UK Ltd and its secondary company, TweetDeck Ltd, have been hit with automatic penalty charges by the Cardiff-based authority.

The penalties are set to climb if the companies continue to delay filing the accounts.

The returns are used as a basis for tax filings with HM Revenue and Customs (HMRC). There is no suggestion the companies have avoided any tax liability.

A spokesman for Companies House told Sky News: "They are both currently in default on the submission of accounts to us on their respective due dates.

The website for Companies House in Cardiff The website for Companies House, based in Cardiff

"Companies House records show Twitter's accounts should have been delivered by September 30 but there is no indication this has been done.

"There is no indication at this stage when the accounts will be available but as a matter of routine we will already be in correspondence with the companies to request that they file as soon as possible."

Twitter UK and TweetDeck are wholly-owned subsidiaries of California-based Twitter Inc.

Twitter has yet to reply to Sky News with an explanation for why it has failed to lodge the accounts.

TweetDeck was started by Sheffield-educated computer programmer Iain Dodsworth in 2008 and sold to Twitter last year for an estimated £25m.

Twitter UK has three American directors, Ali Rowghani, Richard Costolo and Alexander Macgillivray, who list their address as a San Francisco office.

Mr Macgillivray is company secretary for both Twitter UK and TweetDeck. He is also general counsel for the parent firm and head of its public policy and trust department.

According to the Institute of Directors, one of the formal duties of a company secretary is to take responsibility for filing annual returns to the registrar in Cardiff.

Iain Macgillivray (r), the US-based company secretary of Twitter UK Ltd Alexander Macgillivray, the US-based company secretary of Twitter UK Ltd

The spokesman for Companies House added: "At this time they will have already attracted a late filing penalty in accordance with the tariff published on our website.

"Failure to provide accounts for the public record can, ultimately result in company strike off, however, we are some way from that at this stage.

"Our objective remains, as always, to get the companies concerned to file their account so that these can be made available for public access, which we hope will be a positive conclusion to our continuing correspondence."

Mr Macgillivray, who also holds Canadian citizenship, became TweetDeck's company secretary after services of the British incumbent - Complete Secretarial Solutions Ltd - were terminated in May, 2011.

TweetDeck's founder, Mr Dodsworth, had his role as a director terminated in July, 2011.

The social media giant's British operation was originally named Twitter Information Network Ltd. It was incorporated on June 1, last year but given a name change to Twitter UK four months later.

The management team of Twitter has recently prepared for an expansion of staff in its London and Dublin offices as it builds a multinational sales team for Europe.

Plans include increasing advertising revenue and a system to automatically translate tweet feeds into more than 28 languages.

It is also appointing a "media partnerships manager" to cultivate wider use of Twitter by celebrities including "athletes, actors, comedians, musicians etc".

Starbucks, Google and Amazon tax graphic Google, Amazon and Starbucks have all come under fire

The revelation about Twitter's filing status with Companies House comes amid increasing public furore over the tax arrangements of other US multinationals with HMRC.

MPs investigating corporate tax structures of multinational firms recently slammed Starbucks, Amazon and Google.

Last week Starbucks said it would give some £20m over two years to HMRC, even though it was not required to by law.

The move was slammed as a "gift" by critics and HMRC said: "Corporation tax is not a voluntary tax and Parliament sets out the rules and rates for businesses to follow.

"The public expects businesses to pay their fair share and HMRC will challenge, through the courts if necessary, any structures or tax payments that do not comply with the UK tax law."

Starbucks' decision followed a public outcry over its accounting procedures, whereby it paid just £8.6m in UK corporation tax despite receiving billions in revenue from more than 750 stores.

In an interview with Sky's Jeff Randall, Starbucks CEO Kris Engskov said the US coffee giant had not been profitable in the UK since it brought its brand to Britain 14 years ago.

But he admitted their 2011 US report and accounts may be wrong when they referred to the fact that the UK was making a "significant portion of the net revenue and earnings of our international operations".

It was revealed Google paid £6m in UK tax in 2011 on sales of £395m, while Amazon paid no corporation tax in the same period, despite sales of £3.3bn.


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Pizza Hut Hunts For Larger Slice Of Market

Pizza Hut is hoping to increase its slice of the home delivery market by matching the store count of its key rival.

It said it aims to open at least 100 new stores by 2014 through an investment estimated at £20m.

Pizza Hut Delivery currently has around 300 stores in England, Wales and Scotland, both company-owned and franchises but hopes to increase its number to match Domino's Pizza.

Spokesman Mark Fox said: "The long-term goal is to establish a solid base of over 700 delivery stores across the UK, with an immediate business focus of delivering an additional 100 stores."

As of September 24, Domino's had 699 stores in the UK, including one mobile unit.

The Pizza Hut expansion comes amid rapid growth in online ordering for home delivery pizzas.

Domino's recently revealed it took nearly 60% of its orders online in the second quarter.

Mr Fox added: "Our investment will increase our marketing spend, drive the outlet numbers and visibility of Pizza Hut Delivery, and create opportunities for franchisees to grow their businesses quickly."

Pizza Hut said it would offer an incentive to existing and would-be franchisees.

The expansion could help create up to 2,000 full or part-time jobs.

Yum! Brands, the US owner of Pizza Hut, KFC and Taco Bell, recently sold its 330 UK dine-in pizza restaurants as it redirected its focus towards home delivery.


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50 Shades Of Grey Is Gold For Ann Summers

As many retailers suffer the effects of the consumer spending squeeze, one chain is crediting the popularity of a book for booming sales.

Ann Summers tycoon Jacqueline Gold says the success of the saucy literary trilogy 50 Shades Of Grey has helped her chain to sell out of many of their 'racy' items.

She told Hello! magazine the books, written by EL James, had also opened up a lot of new doors on a business level.

Ann Summers boss Jacqueline Gold Anne Summers boss Jacqueline Gold joined the firm in 1979

"What 50 Shades has done is to move erotic fiction from the back of the book store to the front and suddenly everyone wants a piece.

"Attitudes have changed and rightly so because why shouldn't people be able to spice up their sex lives.

"There are a lot of quite surprising potential partnerships we're negotiating at the moment - companies who would never have thought of getting involved with Ann Summers before - four of which, excitingly, are very close to fruition."

The chain claimed that as sales had declined for the high street as a whole on last year, its own sales had grown 78%.

Sales of products featured in 50 Shades Of Grey had soared, the company said, with items such as blindfolds and handcuffs currently up 60% and 30% respectively.

Online sales had grown 50%, Ann Summers said.


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