Microsoft: Windows 9 'Will Launch In 2015'

Microsoft is reportedly on course to ditch its troubled Windows 8 operating system in 2015.

According to tech blogger Paul Thurrott, the world's biggest software maker will confirm at its Build conference in April that a project titled "Threshold" will deliver a new operating system, Windows 9.

It was scheduled, he said, to launch in April 2015 following an update to Windows 8.1 this year which would also include phone software improvements.

Microsoft released Windows 8.1 in October 2013 after being met by a flurry of complaints about the original Windows 8.

The software ditched the familiar look of previous desktop versions of Windows in favour of a new tiled layout optimised to work with touchscreen devices, such as its Surface tablet.

However, many of those who chose to use the software with a traditional mouse and keyboard found it confusing and difficult to navigate.

Windows 8 was optimised for touchscreen devices

Microsoft said it had sold more than 100 million licences for Windows 8, but the update was planned after listening to customers.

The newer version aimed to make things easier for the millions of people still spending significant time on a PC or laptop, as well as tweaking performance and visual elements.

Changes included the return of the Start button and new gesture controls for those using touch screens.

But the modifications were seen as largely failing to address many core gripes of users, who significantly lag behind the numbers using older Microsoft OS versions.

The firm - which is attempting to refocus efforts on the tablet and mobile world - is still searching for a new boss after Steve Ballmer announced his retirement.

Ford CEO Alan Mulally ruled himself out of the running last week.

Speculation surrounding possible candidates includes Microsoft's head of cloud computing Satya Nadella and former Nokia boss Stephen Elop.

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Resurgent Game Pushes Button On £300m Float

By Mark Kleinman, City Editor

The retailer Game Group will this week emerge as one of the high street's festive winners when it cements plans for a £300m flotation just a year after being bought out of administration.

Sky News has learnt that the chain, which is owned by private equity backers, is close to appointing HSBC, Canaccord Genuity and Liberum Securities to co-ordinate an initial public offering that will take place later this year.

The plans for a stock market listing cap a remarkable transformation for Game, which fell into administration in March 2012, resulting in the closure of nearly 300 stores.

It was acquired last February by a consortium of investors understood to have been led by the US-based fund Elliott Advisers and which included Henry Jackson, the controversial financier who faced criticism over the collapse of both Comet and MFI, the kitchens retailer.

Game will release a trading update on Wednesday which is understood to demonstrate the chain's recent resurgence, having shed many of its poorly-performing shops.

Analysts believe that Game enjoyed a positive Christmas after the November launch of gaming consoles including the Sony Playstation 4 and Microsoft's Xbox1. It was also buoyed by the unveiling last year of Grand Theft Auto 5, which quickly became the fastest-selling video game in history.

"The chain really outperformed the market, which should provide a solid platform for it to go public," a person close to the company said on Tuesday.

The trio of investment banks have not yet been formally hired but are expected to be in the coming days.

Game's most recent earnings figures disclosed that it made £15m in pre-tax profit in the 2012 financial year, a figure that analysts say may have more than doubled in the following 12 months.

Game is now run by Martyn Gibbs, a former HMV executive, who told The Times last month that the investors who backed the chain's buyout did not deserve much of the criticism levelled at them.

"There was a significant risk when the business was pulled out of administration. I think we get caught up in the percentages of a business that was being saved," he told the newspaper.

"But it wasn't a business that was guaranteed a future at that moment in time. So we are comfortable the business can work with those payments and continue to build the business."

Game is one of many retailers examining stock market listings as the UK economy continues its recovery, although the mixed fortunes of high street chains at Christmas suggests that executives will be cautious about going public.

DFS, House of Fraser, B&M Retail and Pets At Home are among those exploring flotations.

A spokesman for Game declined to comment.

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Inflation Hits Bank Of England Target Of 2%

Lower food prices helped inflation fall back to the Bank of England's target rate of 2% for the first time in over four years in December.

The CPI measure eased by 0.1% month-on-month, according to the Office for National Statistics (ONS), with lower meat and fruit costs the biggest contributor.

The ONS said that the collection of the data happened too early in the month to capture reported discounting by retailers in the days before Christmas.

However, there was likely to be a greater contribution to inflation from rising energy bills in the months ahead after only a minimal impact in December. 

A slight rise in fuel costs was among upward contributors to inflation

When housing costs were included, the RPI measure of inflation rose to 2.7% in December from 2.6% the previous month.

Annual inflation has exceeded the Bank's 2% target every month since December 2009, eroding the spending power of households who have seen wage growth either largely remaining stagnant or rise at a substantially lower rate.

But the sixth successive monthly drop in inflation eases pressure on the Bank of England - which would have to reconsider its flagship low interest rate policies should inflation look likely to spiral out of control.

As things stand, the Bank will only consider the possibility of raising borrowing costs when the jobless rate falls to 7%.

Air fares rose at a weaker pace in December compared with December 2012

However, with the jobless rate now tipped to reach that milestone this year, the easing of inflation makes it less likely the Bank would even contemplate a rate rise in 2014.

The return to the 2% inflation target was welcomed by Prime Minister David Cameron who tweeted: "It's welcome news that inflation is down and on target. As the economy grows and jobs are created this means more security for hard-working people."

Labour Treasury spokeswoman Catherine McKinnell said: "This small fall in the inflation rate is welcome, but with prices still rising more than twice as fast as wages the cost-of-living crisis continues.

"After three damaging years of flat-lining, working people are on average £1,600 a year worse off under the Tories."

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Sports Direct Nets 5% Stake In Debenhams

The sportswear empire of Newcastle United owner Mike Ashley has bought a 4.6% stake in Debenhams - the stuggling department store chain.

Sports Direct International said the stock market purchase of 56.8 million shares, worth around £46m, was made without the prior knowledge of the Debenhams board but it hoped the pair could work together to improve its performance.

Debenhams had a troubled Christmas period.

Its chief financial officer quit the retailer just two days after it issued a New Year's Eve profits warning.

Mike Ashley's business empire is worth billions

Simon Herrick had already been under pressure after asking suppliers for a discount on goods just eight days before Christmas Day in what was seen at the time as a 'Santa tax' - a move Debenhams insisted was not an attempt to boost fragile festive trading.

Its sales grew by just 0.1% on a like for like basis over its Christmas trading period but its share price rose by more than 5% in early trading in the wake of the investment - a move Debenhams said it was "open-minded" about.

Sports Direct has a history of buying strategic stakes in other retailers, most recently JJB Sports, and is the current owner of a near 12% holding in rival JD Sports Fashion.

It said today: "Sports Direct wishes to explore options at an operational level to work together with Debenhams to create value in the interests of both Sports Direct's and Debenhams' shareholders.

"This acquisition of shares has taken place without the prior knowledge of the Debenhams board of directors, but Sports Direct has communicated to Debenhams' board its desire to work together and its intention to be a supportive shareholder."

Debenhams has 240 stores in 29 countries. It said: "Debenhams notes that Sports Direct intends to be a supportive shareholder and that it wishes to explore options at an operational level to work together.

"Debenhams is open-minded with regard to exploring operational opportunities to improve its performance, alongside its own existing and planned initiatives, in order to create value for all Debenhams shareholders."

As well as 409 stores in the UK, Sports Direct has a portfolio of 28 internationally recognised sports, fashion and lifestyle brands including Dunlop, Slazenger, Everlast, Lonsdale and Karrimor.

Mr Ashley set up the business on leaving school in 1982 and was the sole owner until a stock market listing in March 2007 which netted him £929m.

The company joined the FTSE 100 last year as its value soared.

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Payday Loans: Default Fees 'May Be Illegal'

Some payday lenders may be imposing illegally high penalties on borrowers who default on their loans.

It is the conclusion of an investigation by Which? that found fees of up to £30 - a level the consumer group claimed was disproportionately high.

Which? accused lenders of "exploiting" borrowers, saying they risked tipping people into a debt spiral.

The warning was made at a time when consumers are most likely to be facing financial pressure.

January is, traditionally, a tough month with many struggling to pay for Christmas and deal with a six week gap between pay days.

Which? looked at the default fees charged by 17 lenders and found that Wonga, one of Britain's most high-profile payday firms, topped the table by charging customers £30.

Ten of the firms had default fees of £20 or more while four charged £25 and above.

In the consumer group's legal opinion, excessive default fees are unlawful under the Unfair Terms in Consumer Contracts Regulations 1999, which state that it is unfair for lenders to charge a disproportionately high fee if borrowers fall behind.

Wonga insisted its one-off £30 fee for late repayments reflected "the additional costs we incur in collecting these loans."

It added that the sum had been independently assessed by a business advisory service.

Its statement said: "As with all our costs, we are completely transparent about our default fee and it's clear to customers when they apply for a loan, and at least three further times before their repayment date.

"On the rare occasions where people can't repay, we always encourage them to get in touch with us so we can do everything we can to agree an affordable repayment plan, including freezing interest and charges."

But Which? claimed payday lenders were using excessive penalty fees to reduce their headline rates and lead customers to under-estimate the true cost of a loan.

The Financial Conduct Authority takes over regulation of the payday lending market from April.

It said today that it was already considering default fees as part of its work on capping the total cost of credit.

The regulator had previously announced plans to crack down on the market and the Competition Commission is due to produce a separate report on the industry later this year.

Russell Hamblin-Boone, chief executive of the Consumer Finance Association which represents short-term lenders, said its members are committed to helping struggling borrowers rather than immediately imposing default fees.

He said: "Of course, they can only do this when a customer informs them of their inability to pay due to their financial difficulty, so, although it can be hard to talk about it, the best thing customers can do is contact their lender as soon as possible to discuss their situation."

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Fracking: Cameron Offers Councils Drill Money

By Becky Johnson, North of England Correspondent

Financial rewards worth £1.7m a year will be given to councils which give permission for fracking projects in their areas.

David Cameron said the Government was "going all out for shale" as he announced the move, which campaign groups opposed to the controversial method of extracting the gas from deep underground described as bribes.

The Prime Minister has declared that shale gas exploration is part of his long-term economic plan and says local authorities that allow drilling will receive 100% of the business rates collected from the scheme - double the current 50%.

Whitehall officials estimate that could be worth £1.7m extra a year for each site a council agrees.

Shale exploration firms will also pay out £100,000 when a test well is fracked and 1% of revenues, a deal which could in total be worth up to £10m.

Anti-fracking protesters at a rally at a driling site in Salford on Sunday

However, local community representatives say this is not enough in the face of the vast profits that stand to be made by the energy firms and the damage that would be caused to local areas.

Mr Cameron's announcement comes as the French energy giant Total has announced it will invest millions with a 40% interest in two shale gas exploration licences in the UK.

Mr Cameron said: "A key part of our long-term economic plan to secure Britain's future is to back businesses with better infrastructure.

"That's why we're going all out for shale. It will mean more jobs and opportunities for people, and economic security for our country."

The protest was against an exploratory drilling site known as Barton Moss

Jackie Anderson, a teacher who lives within a mile of an exploratory drilling site at Barton Moss near Salford, was on Sunday protesting about the effects of fracking on the community.

She told Sky News: "For the local residents it's got no benefit whatsoever. More and more the businesses and the councils are going to benefit because the incentives are going to them and we're getting none of the benefits at all."

Protesters at Barton Moss today handcuffed themselves to a lorry trying to enter the site.

A Local Government Association spokesman said: "Given the significant tax breaks being proposed to drive forward the development of shale gas and the impact drilling will have on local communities, these areas should not be short-changed by fracking schemes.

"One per cent of gross revenues distributed locally is not good enough; returns should be more in line with payments across the rest of the world and be set at 10%."

Protesters handcuff themselves to a lorry at Barton Moss

Hydraulic fracturing, commonly known as fracking, is a process that involves drilling thousands of feet down into the earth to create a narrow well. Water and chemicals are then pumped in at high pressure to create fractures in the rock. Gas then flows from the cracks and is captured.

Vanessa Vine, who founded the British Anti-Fracking Action Network, said: "Concerns of local residents range from everything from heavy traffic through villages, damage to the roads, right up to triggering of earthquakes and permanent, potentially permanent contamination of the groundwater, of the aquifer, of drinking water."

The Government estimates the industry could attract £3.7bn a year in investment and support 74,000 jobs.

Last year, a study by the British Geological Survey suggested there could be enough shale gas in the north of England to supply Britain for 40 years.

It is thought there may be as much as 1,300 trillion cubic feet at the Bowland site in Lancashire alone.

Vanessa Vine, founder of the British Anti-Fracking Action Network

Energy minister Michael Fallon said he expected between 20 and 40 wells to be drilled over the next couple of years but that it was as yet unclear whether it would provide "a really good reliable source of cheap energy".

"It is only right, when there is local growth and local jobs, that the councils are able to retain more of the business rates in order to help improve or maintain local services.

"I think that is only fair that local people should see some of the direct benefit."

Lawrence Carter, from Greenpeace, said: "This is a naked attempt by the government to bribe hard-pressed councils into accepting fracking in their area.

"Cameron is effectively telling councils to ignore the risks and threat of large-scale industrialisation in exchange for cold hard cash."

Shadow energy minister Tom Greatrex said: "Gas will remain an important part of our energy mix in the future, and if shale gas can replace our rapidly depleting North Sea reserves it could help improve our energy security.

"It is right that any communities that host nationally significant energy infrastructure are able to share in its rewards.

"But the Government must get its priorities right. Only by fully addressing legitimate environmental and safety concerns about fracking with robust regulation and comprehensive monitoring, will people have confidence that the exploration and possible extraction of shale gas is a safe and reliable source that can contribute to the UK's energy mix."

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Ski Hosting Ban: British Company Leads Appeal

By Harriet Hadfield, Sky News Reporter

A British ski holiday company is leading an appeal against a ban on ski hosting in the French Alps.

The appeal comes after a court in Albertville in France said that the informal on-piste group tours led by ski reps are illegal.

The judge ruled that all future hosts must be fully qualified ski instructors certified by the notoriously tough French examining system.

Yorkshire-based Le Ski has joined forces with 12 other British tour operators to argue that the decision is in breach of European law.

Nick Morgan from Le Ski told Sky News: "I think that somebody somewhere has gone a little bit too far in the formation of the law and we are hoping that that is seen by the appeal court and if not is taken up by the European Court in Luxembourg."

In 2012 a ski rep was arrested on the piste and the company was then prosecuted for compromising safety.

Some British skiers say they miss the social side of skiing in a group

Simon Atkinson from the French Ski School says: "Even when they say they're only there to help them round the slopes, the people who are on holiday actually do think that they're responsible for them.

"So when they go on to the slopes, they put their whole confidence in that person to take them round and they follow them."

Some British skiers on holiday in Courchevel told Sky News they are missing the social side of skiing in a group this season.

Julie Tate said: "I miss the guiding more than I thought I would, it's really important to me because I come skiing by myself and skiing with a small group of people with a guide is a really good way to get to know people on the slopes."

John Willis explained: "Rather than spend all day looking at the map and planning my route, the guide used to be there and I could follow them. I'm totally lost without them."

The next step in the legal process will be an appeal heard in a French court in Chambery.

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Snow-Hit Sheep Farmers Fear Worse Is To Come

By Becky Johnson, North of England Correspondent

Farmers will have to prepare for the impact of more extreme weather on livestock and crops, according to the National Farmers Union.

The Union's deputy president has told Sky News he believes climate change may be to blame for unseasonal conditions like the damaging spring snowfall in 2013.

Meurig Raymond told Sky News: "The industry is facing the volatility of weather - maybe climate change. So feeding the world is going to be important going forward. We as farmers have to face up to that, but wake up for society as well."

His comments come as farmers say it will take years to recover financially from losses suffered during the coldest spring in 50 years.

Months on from snowfall that struck during lambing season, farmers have told Sky News their industry is still reeling from the heavy losses of livestock.

On the hills above Llanfairfechan in North Wales farmer Gareth Wyn Jones feeds the sheep that survived the heavy snow.

In March and April he spent weeks digging through feet of snow to recover the bodies of sheep and lambs that had perished.

Farmer Gareth Wyn Jones tends to his livestock in North Wales

Now, on a cold, sunny winter morning he surveys the surrounding hillsides that offer a stunning view across the Irish Sea.

He says the snow came at the worst possible time for sheep farmers. Most of the animals that died were new born lambs.

He estimates hundreds died on his farm alone.

"We lost about eighty breeding ewes and we lost a hundred ponies but we were fortunate - we dug eighty or ninety ewes out. A neighbour of ours lost half his hill flock overnight - gone," he said.

"There are some massive losses just in this little valley in North Wales."

Farmers in Northern Ireland, Scotland, Shropshire, Cumbria, Yorkshire and the Isle of Man also lost thousands of sheep and lambs.

The number of deaths forced the Welsh Assembly and Defra to temporarily relax strict EU rules that prevent farmers from burying dead animals. Usually farmers have to pay for carcasses to be removed.

Hundreds of sheep have been lost due to bad weather

Since the snowfall Defra says it has been working with farmers and  the insurance industry to ensure farmers are protected for future weather events.

They have also been working with the Met Office to publish detailed weather forecasts for farmers.

Joanne Briggs, from the National Sheep Association, told Sky News: "The time it will take for affected sheep farms to recover cannot be underestimated - it's not just the financial implications, which will take at least two or three years for business to overcome, but the loss of genetics from their flocks.

"Some bloodlines can never be replaced and that can mean a backward step of a decade or more for elite pedigrees.

"Like the animals that they care for, sheep farmers in general are incredibly resilient, but the spring of 2013 came at the end of an incredibly difficult 12 months and will leave a legacy for many years to come.

"But everyone can do their bit to support them, by making sure that when they buy lamb it is sourced from the UK."

Back on the farm in North Wales Mr Wyn Jones keeps an anxious eye on the long-term forecast.

He says he's not sure if they could cope with another spring snowfall. Most of his ewes are pregnant again and he's counting on the lambs due to be born this spring to help rebuild his livelihood.

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Jaguar Land Rover: Record Breaking World Sales

Britain's largest car manufacturer Jaguar Land Rover has reported record breaking global sales for 2013.

The iconic British brands sold 425,006 vehicles in 2013 - up 19% on 2012 - setting new sales records in 38 international markets.

It is thought sales have been doing particularly well in Germany, as well as the rapidly growing developing economies of India and China.

In the UK Jaguar sales were up 15% and Land Rover sales were up 13%.

Globally Land Rover is proving the firm favourite among customers representing the largest share of sales with 348,383 sold in 2013, an increase of 15%.

But demand for the luxury Jaguar has surged over the last 12 months, almost doubling its international sales to 76,668.

Dr Ralf Speth, chief executive of Jaguar Land Rover (JLR), said: "2013 has proven to be a very positive year for Jaguar Land Rover thanks to continuing strong demand for vehicles across the range.

"Our unrelenting focus on design, technology, innovation and quality has seen Jaguar Land Rover reach global consumers in more markets than ever before thanks to its most desirable product line-up, enriched further in 2013 by the Jaguar F-TYPE and all-new Range Rover Sport".

The glowing sales report comes just days after the car giant launched the first phase of a recruitment drive to take on employees at its new engine manufacturing centre.

Around 600 jobs will be created over the next four years at the firm's site near Wolverhampton in the West Midlands.

More than £500m is being invested in the centre, where low-emission engines will be built.

It also has design and manufacturing plants in Merseyside and Warwickshire and its head office is in Coventry.

The company said they support more than 190,000 UK jobs through the supply chain, dealer network and "wider economy".

The latest sales figures represent a major turn around for the company, which was taken over by Indian firm Tata Motors in 2008, after it went cap in hand to the Government for bailout funds during the economic slowdown.

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US Sees Weak New Job Gains In December

The US economy added 74,000 new jobs in December, a level far below analysts' expections.

The figure takes unemployment to a five-year low, but industry experts had expected the US economy to add 197,000 new jobs last month.

The job creation figure, released by the Labor Department, is watched closely as a sign of the economy's health.

Meanwhile, the unemployment rate in the world's biggest advanced economy dropped to 6.7% - because fewer people were seeking work.

Foreign currencies, such as sterling, immediately strengthened against the dollar.

Analysts played down fears that the lower than expected rate of growth was a sign that the economy is stalling.

Joel Naroff, president of Naroff Economic Advisors, said: "I don't think the Fed is going to be panicked by this."

Dan Greenhaus, chief global strategist at brokerage firm BTIG, said: "We stop short of making larger observations based on this number.

"The economy, based on any number of other indicators, has been picking up steam of late which makes today's number ... curious."

The leisure, manufacturing and services sectors all added jobs in December.

But the construction sector shed 16,000 jobs - the biggest drop in 20 months - during a month when much of the country experienced bad weather.

The overall outlook for the US economy remains positive, with recent figures for consumer spending and industrial output strong.

The economy is predicted to grow by 3% in 2014, up on 1.7% last year.

The Federal Reserve responded to recent positive signs by announcing last month that it would start "tapering" its monetary stimulus programme by $10bn, from $85bn to $75bn.

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