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Tuesday 20 December 2011

UK Financial News on 2011-12-20

Banks turn to gold for liquidity boost
The industry wants to move away from the regulatory over-reliance on sovereign debt.....

Credit Suisse reshapes investment banking department
Credit Suisse will reorganise its investment bank under a new structure in the New Year that focuses the division on three industry-based corporate finance groups.....

Words of 2011
The steady decline in the use of the phrase 'credit crunch' in articles published in recent years charts how the financial crisis has moved from the private to the public sector.....

UK pension schemes pile into hedge funds
Pension scheme money is pouring into hedge funds at a faster rate than into any other asset class, according to an annual survey by the National Association of Pension Funds.....

Semerci quits Duet to start boutique
Former Merrill Lynch banker Osman Semerci has stepped down as chief executive of alternative asset manager Duet Group to launch a merchant bank......

UBS GAM hires new UK head to spearhead revival
UBS Global Asset Management has hired Ian Barnes to take over from John Nestor as head of its business in the UK and Ireland.....

Euro crisis tops the agenda
The failure of governments to act coherently, decisively and quickly to resolve the eurozone crisis was the most worrying development of the past year, according to a Financial News poll.....

Goldman Sachs extends its lead in M&A
Goldman Sachs is on course to finish 2011 top of the global mergers and acquisitions league table.....

Iosco reorganises its executive board
Iosco is to form a new executive board and restructure its existing committees next year as it prepares to take a more prominent role in the securities markets.....

ETF growth to fall short of forecasts
Growth in the global ETF market has fallen far short of provider predictions and could end up being less than a fifth of what was forecast in January.....

2011 was a big year for
Few would disagree that 2011 has been a difficult year. In January Financial News said this would be a big year for several senior figures. We now ask whether they rose to the challenge.....

Corporate issuers rush for ratings
Would-be entrants to the corporate bond market are obtaining credit ratings in record numbers ; a possible prelude to bumper issuance in the new year.....

Stricter mortgage rules outlined
New rules to stop the resurgence of risky mortgage lending are likely to be imposed in 2013 by the financial regulator......

Osborne announces cut in RBS size
The Chancellor is announcing a big reduction in the size and scope of RBS's investment bank in a major strategy change......

HMV may sell live music section
HMV considers selling its live music division as the troubled music retailer reports a further slump in sales and profits......

Deal on health workers' pensions
An initial agreement on health workers' pensions has emerged during a day of key negotiations for public sector staff.....

Energy firms' profit margins fall
Energy companies' profitability has dipped in the last three months to 105 per customer per year, analysis by a regulator suggests......

Ocado warns profits to be lower
Shares in online grocer Ocado fall more than 11% after the company says profits will be lower than expected......

Insurer fined 2.8m by watchdog
An insurer has been fined 2.8m by the City watchdog for a "high-risk" system of pay for its sales agents, among other faults......

Statoil to step up safety efforts
A North Sea oil and gas producer announces a shake-up after a platform incident is found to have avoided disaster only "by chance"......

Bank: Incomes fall for fifth year
Disposable incomes of UK households have fallen for the fifth year in a row, research by the Bank of England suggests......

Finance Bill 'needs clarifying'
A parliamentary committee says the government must amend the draft Financial Services Bill if it is to prevent another financial crisis......

S Korea markets down on Kim death
South Korean shares decline after North Korea's state media announces the death of the country's leader Kim Jong-il......

Saab owner files for bankruptcy
Troubled Swedish carmaker Saab files for bankruptcy after failing to secure fresh funds from potential Chinese investors......

Twitter gets Saudi cash injection
Saudi billionaire Prince Alwaleed bin Talal and his Kingdom Holding Co announce a $300m investment in social media site Twitter......

China home prices ease amid curbs
House prices in most Chinese cities are falling as government policies aimed at cooling the property market start to take effect......

Cabinet approves cheap food bill
The Indian government approves a bill which will guarantee cheap food for more than half of the country's people......

Nigeria praised by IMF's Lagarde
IMF head Christine Lagarde praises Nigerian President Goodluck Jonathan's efforts to transform his country's economy during a visit to Africa......

Spain PM aims for big deficit cut
Spain's incoming conservative Prime Minister, Mariano Rajoy, promises deep public spending cuts while offering companies tax breaks......

Etihad raises stake in Air Berlin
Etihad Airways, the national airline of the United Arab Emirates, says it will increase its stake in Air Berlin to more than 29%......

Qantas reaches engineers deal
Qantas Airways says it has reached an agreement with its main engineers union, in one of three ongoing disputes between the Australian airline and its workers......

VIDEO: Osborne to announce banking split
The Chancellor, George Osborne, is expected to confirm that the government will press ahead with proposals to split up the big banks......

VIDEO: FSA to set new mortgage lending rules
Mortgage applicants to face tougher tests.....

VIDEO: German FM: 'No hidden agenda' over City
The German Foreign Minister Guido Westerwelle pledged to "build bridges" in the wake of David Cameron's summit veto......

VIDEO: Troubled Saab files for bankruptcy
Troubled Swedish car maker Saab has filed for bankruptcy after failing to secure fresh funds from potential Chinese investors......

AUDIO: Mortgage pillars 'kicked away'
Presenter of Location, Location, Location, Kirstie Allsopp and Merryn Somerset Webb, editor-in-chief of Moneyweek discuss why people are so desperate to be home owners and if this is now changing......

VIDEO: Culling transforms venison market
Many people see wild deer as an attractive addition to the countryside, but with numbers at their highest for centuries it is generally accepted that they need to be culled......

Fake goods save money but at what cost?
The risks of bargain hunting on Britain's streets.....

How to judge if changing countries will pay
How to judge if moving abroad for work will pay.....

Thea Green: Your questions answered
Entrepreneur Thea Green answers your questions.....

VIDEO: America's disappearing post offices
A love letter to America's disappearing post offices.....

Reuters Breakingviews: Kim Jong-il's death an opportunity for North Korea to open up
Breakingviews......

Polymetal eyes acquisitions after FTSE 100 debut
Dec. 19 - CEO Vitaly Nesis says Polymetal will hit the acquisition trail after shares in the Russian precious metals miner start trading on the FTSE 100 index......

Inside the News: Kim Jong-il Death Raises Instability Fears
Dec. 19 - Stocks down and the dollar up after news of the death of North Korea leader Kim Jong-il raises regional instability fears......

Sony unveils Playstation Vita amid sales doubts
Dec. 19 - Hardcore gamers snatch up the new Playstation Vita in Tokyo. But with games shifting to mobile phones, Sony's handheld gaming business faces an uncertain future. Kei Okamura reports......

Italian spreads set to keep widening - BarCap
Dec. 19 - Barclays Capital technical strategist Phil Roberts says further widening of the Italy-Germany yield spread now looks inevitable......

N Korea's Kim dies, Kospi tumbles
Dec. 19 - South Korea's Kospi tumbles 5 percent, other Asian stock markets weaken further on news Kim Jong-il is dead. Arnold Gay reports.....

The cross-asset outlook for 2012
collates a montage of expert voices on which asset classes they think will do best in the new year......

Goldman Sachs' Quarterly Earnings Will Be Less Than Half of Consensus: Nomura
In a bombshell research note that is making the rounds of Wall Street this morning, Glenn Schorr, the financial services sector analyst for Nomura, cut his estimate for Goldman&s fourth-quarter earnings to $1 per share, half of his previous $2 predic.....

Jerome Isaac Burnt Deloris Gillespie in New York Elevator for $2K Debt
New York police said Jerome Isaac, the man arrested this weekend in connection with burning to death a 73-year-old woman in Brooklyn, may have been motivated to commit the crime because of an alleged $2,000 unpaid debt. Isaac is now facing murder and.....

England Midfielder Admits Theres Nothing Better Than Playing for Liverpool
Jonjo Shelvey says he couldn&t be happier to be back at Liverpool, with the England Under 21 international being given his first start for the club since returning from a loan-spell at Blackpool at the weekend......

Immigration Minister Damien Green to Answer Questions on Foreign Criminals
Immigration Minister Damien Green has been summoned to appear in the Commons after a leaked document said that 4,238 criminals from overseas are not being detained, even though they had been earmarked for deportation......

NDAA and SOPA: Are Provisions of These Bills Already Impacting Web Users?
NDAA and SOPA aren&t even approved yet, but closures of the accounts of Twitter users who write on controversial topics such as Occupy Wall Street and the bills themselves seem to suggest that their effects may already be trickling down to the web......

Love Him or Hate Him, Bellamy has Produced the Goods
Football Focus pundit Garth Crooks believes Liverpool striker Craig Bellamy is defying his reputation and advancing years by proving to be a hugely shrewd bit of business by Kenny Dalglish......

Lindsay Lohan Leaked Playboy: The Best Celebrity Nude Leaks Of All Time
From Lindsay Lohan to Chris Brown is seems that most celebrities are getting caught out after stripping off for incriminating photos......

White House Christmas Tree 2011: First Family Trees Over the Years [PHOTOS]
The 2011 White House Christmas tree, decorated in cards from the children of U.S. military members and medals from veterans by the family of President Obama, marks nearly 150 years of First Family trees celebrated over the years. View the slideshow t.....

Kim Jong-il Dies, North Korea Mourns [Pictures]
North Koreans vent their sorrow and grief at the passing of their &Dear Leader& Kim Jong-il......

Euro zone pursues IMF lending plan
European finance ministers will pursue plans to enhance the IMF&s arsenal and press on with a drive for tighter fiscal rules in an attempt to assuage doubts they can overcome their sovereign debt crisis......

Wall Street Edges up, Led by Defensive Stocks
Stocks rose on Monday, led by consumer staples and healthcare but investors remained cautious amid concerns about possible ratings downgrade in Europe and developments in North Korea after the death of the reclusive state&s leader......

Kindle Fire vs. iPad: Will Apple Release Mini iPad to Challenge Amazon Tablet?
According to tech insider DigiTimes and analyst Richard Shim, Apple will not only launch an iPad 3 to compete with Amazon&s tablet computer in 2012 but a 7-inch mini iPad as well. As Kindle Fire sales threaten Apple&s iPad 2, analysts are already deb.....

Futures rise on EU plan
Stock index futures rose on Monday after a steep market decline last week as plans emerged to ease Europe&s debt crisis, potentially offsetting geopolitical concerns after the death of North Korea&s leader......

Savage Beating of Female Protester: Egypt's Army Declares War On The People
The Egyptian military is jeopardising its credibility and legitimacy by using brutal force to crack down on pro-reform protesters ten months after President Hosni Mubarak stepped down......

18m Liverpool Midfielder Lauds 'Fighting' Spirit
Stewart Downing has backed Liverpool to pick up maximum points over the festive season and revealed he was not put off by the abuse he received from Aston Villa fans at the weekend......

European Goldfields Sees Qatar Money as Fall-Back Option
European Goldfields, which has agreed a C$2.5 billion ($2.4 billion) takeover by Canadian group Eldorado Gold, is hoping to keep an investment deal with Qatar&s sovereign wealth fund as a fall back option......

Gold and Silver Report
Market action began to slow and participation commenced thinning out in the precious metals& space as the pre-holiday week got started this morning. Gold prices dipped under the $1,600 pivot point once again overnight and then clung to small gains ab.....

EURUSD: Bearish, Broader Risk Points To The 1.2874 Level
Having violated the 1.3144/1.3212 levels, EUR remains vulnerable to the downside with eyes on further weakness. This leaves the broader risk to the downside targeting its long term support at the 1.2874 level. This is coming on the back of the pair&s.....

GBPUSD: Pressured To The Downside, Focus Turns To The 1.5424/10 Levels (Currency Outlook)
The pair is now seen taking back some of its two-day gains following a lower weekly close the past week.This development has opened the door for more declines towards the 1.5424/10 levels where a violation will target the 1.5270 level, its Oct 2011 l.....

EURJPY: Sells Off, Attention Turns To The 100.75 Level
As EURJPY continues to hold on to its long term downtrend, it now looks to recapture its key support at the 100.75 level, representing its Oct&2011 low. A clearance of there will resume its long term downtrend towards the 100.00/99.87 levels, its Jul.....

Euro Euphoria Unravels, Sterling Outlook Turns Increasingly Bleak
The Euro bounced back from an overnight low of 1.2982 on hopes that the EU will nail out the details for a EUR 200B credit line with the International Monetary Fund, but the relief rally may taper off should European policy makers struggle to meet on.....

Technical Issues Delay Grasberg Workers Return
Striking workers at Freeport McMoRan Copper & Gold Inc&s giant Indonesian mine delayed on Saturday until next week a plan to go back to work after a three-month strike because of technical issues, a union spokesman said......

Eurozone Finance Ministers Working on 150 Contribution to IMF
In today&s session we&re looking at some follow through to the EU summit from December 8th in that euro zone finance ministers are coming together to try and finalize their newest contribution to the IMF which will be used to help facilitate any type.....

The Nemenoff Report - Bonds Lower, S&P's higher, Silver Lower
Mar. Bonds are currently 7 lower at 145&02 and the 10 Yr. Note 4 lower at 131&01. On Friday we were stopped out of a short position in the Bonds when they traded above the 145&07 level. We continue to hold the long 5 Yr. Note/ short 10 Yr. Note sprea.....

Kim Jong-Il Dies: Another Member of the Club
Is there something mystical about the number 69?.....

United 25m Brazilian Playmaker Target Rules Out Spanish Move
Manchester United target Ganso has ruled out a move to Barcelona, though the playmaker has admitted he would love to play for the Catalan giants for just one game to stand up alongside the world&s best......

Dark Knight Rises Star Tom Hardy in Homeless Charity Appeal
Tom Hardy, who will star as Bane in the new Batman film The Dark Knight Rises, has made an online appeal for 45,000 to help save a homeless charity......

Russian Oil Rig Accident Death Toll Could Be As High As 50 People
Sailors had roughly 30 minutes before freezing to death in the icy cold waters of the Sea of Okhotsk where the floating platform listed in heavy seas and sank......

'Life-threatening' Winter Storm to Hit Southwest, Blizzard Watch in Effect
A life-threatening and dangerous winter storm is expected to hammer New Mexico and the High Plains areas of far northeast Colorado, Oklahoma, Texas and Kansas until Tuesday, weather.com reported on Monday......

Kim Jong-un Succession Spells Doom for North Korean Denuclearisation
Despite widespread speculation of a fresh start for North Korea, analysts have moved to quash reports that death of Kim Jong-il will lead to denuclearisation of the rogue state......

Debt crisis: live
Talks between EU finance ministers are likely to end without agreement on 200bn of loans to the IMF to bail out eurozone nations, with reports saying both the eurozone itself and the UK not willing to pay in.<img width='1' height='1' src='http://t.....

Delay your pension and you'll be 20pc worse off when your retire
The Pensions Policy Institute has highlighted the cost of opting out of the new national pension scheme.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1b15ffae/mf.gif' border='0'/><br/><br/><a .....

'Our pension was cut by 9,000 a year'
Thousands of pensioners are suffering huge cuts in income. Is there anything they can do about it?<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1b15ffaf/mf.gif' border='0'/><br/><br/><a href=".....

ICB report: the key recommendations
Chancellor George Osborne hailed the ICB's reforms as a "decisive moment" in the drive to overhaul Britain's beleaguered financial sector.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1b15e581/mf.gif' border='0.....

Saab's famous cars - in pictures
Saab, the troubled Swedish carmaker, has filed for bankruptcy after a Chinese rescue deal was thwarted by former owner General Motors. It's future is now bleak. Here are some iconic models that have rolled off its production line over 65 years.<im.....

BT sues Google over patents
British Telecom is suing Google for billions of dollars after the web search giant's Android operating system allegedly infringed six of its key patents.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1b14b3d1/mf.....

Interactive Business Bullet: Markets, Eurozone, HMV and banks
Top stories: markets, eurozone chief speaks out, HMV and banks.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1b13e595/mf.gif' border='0'/>.....

End of the road for Saab as owners file for its bankruptcy
Saab Automobile, the troubled Swedish carmaker, has filed for bankruptcy after an attempted Chinese rescue deal was thwarted by its former owner, General Motors.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1b1.....

End of the road for Saab as owners file for bankruptcy
Saab Automobile, the troubled Swedish carmaker, has filed for bankruptcy after an attempted Chinese rescue deal was thwarted by its former owner, General Motors.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1b1.....

End of the road for Saab as owners files for bankruptcy
Saab Automobile, the troubled Swedish carmaker, has filed for bankruptcy after an attempted Chinese rescue deal was thwarted by its former owner, General Motors.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1b1.....

Asian shares slide on Kim Jong-il death
Asian stock markets dropped sharply on Monday as the death of the North Korean leader, Kim Jong Il, added to uncertainties already dogging financial markets.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1b124b3.....

Draghi warns on cost of eurozone break-up
Mario Draghi, the President of the European Central Bank, has warned that a break-up of the eurozone would mean greater economic hardship for those leaving the currency.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/5683.....

2012 predictions: what's next for the FTSE?
Financial experts predict what is in store for the FTSE 100 in 2012.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1b1193d5/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/12.....

FSA unveils shake-up of mortgage market
A shake-up of the mortgage market was unveiled by the financial services regulator today aimed at preventing the return of irresponsible lending.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1b119078/mf.gif' bo.....

George Osborne urged to rethink reforms
George Osborne's efforts to overhaul Britain's financial regulation have been dealt a severe blow after a joint committee of MPs and Lords warned his draft proposal "needs significant amendments" to be fit for purpose.<img width='1' height='1' src.....

Investors ditch equities as euro debt crisis losses hit 24bn
In the past three months investors sold 695m of their investments as trading hits six-year low.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1b13e597/mf.gif' border='0'/>.....

Investors ditch equities as euro crisis losses hit 24bn
In the past three months investors sold 695m of their investments as trading hits six-year low.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1b118553/mf.gif' border='0'/>.....

Investors run from equities as euro crisis losses hit 24bn
In the past three months investors sold 695m of their investments as trading hits six-year low.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1b113056/mf.gif' border='0'/><br/><br/><a href="htt.....

FSA scraps onerous mortgage tests
The Financial Services Authority has announced that it will scrap plans that experts had said would cripple the mortgage market.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1b112b57/mf.gif' border='0'/><.....