Search This Blog

Tuesday 3 January 2012

UK Financial News on 2012-01-03

Private sector pension 'collapse'
There has been a "seismic collapse" in private sector pensions, with nine out of 10 defined benefit schemes closed to new entrants, a report warns......

Oil price rises on economy hopes
The price of oil rises by almost 4% on optimism about prospects for the global economy and fears over tensions in the Middle East......

Bentley sales rise by 37% in 2011
Luxury carmaker Bentley, whose cars start at 133,000, reports a sharp rise in sales, claiming demand has returned to pre-recession levels......

Germany's jobless rate at new low
German unemployment falls to its lowest rate in December since 1991, official figures show......

Small decline in UK manufacturing
UK manufacturing saw a smaller-than-expected decline in December, according to the latest purchasing managers' index......

Greece warns on euro membership
Greece may have to leave the euro if it does not pass austerity measures and secure its latest bailout, a government spokesperson warns......

US manufacturers beat forecasts
US manufacturing activity hit a six-month high in December according a much-watched survey, adding to a run of positive economic indicators......

BP seeks damages from Halliburton
Oil giant BP asks its contractor Halliburton to pay all costs and damages arising from the oil spill in the Gulf of Mexico......

ECB appoints new chief economist
The European Central Bank names executive board member Peter Praet as its new chief economist, following the resignation of Juergen Stark......

UK finance chiefs 'fear for euro'
Finance chiefs at the UK's biggest firms think there is a one in three chance of at least one country leaving the euro in 2012, a report says......

Nigerians protest at fuel hikes
A man is killed as thousands of Nigerians protest around the country at the removal of a fuel subsidy, which has led petrol prices to more than double......

Asian stocks begin year with gain
Asian stocks climb on the first full day of trading in 2012 boosted by better-than-expected economic data and European gains......

Iran rial falls against US dollar
Iran's currency the rial slides 12% against the US dollar after the US imposed fresh sanctions targeting Iran's central bank......

Eurozone factory decline persists
The eurozone manufacturing sector contracted for the fifth successive month in December, but showed a slight improvement on November, a survey says......

Commuter pain as rail fares rise
Rail commuters preparing to return to work after the Christmas break face fare rises of up to 11% from Monday, watchdog Passenger Focus says......

Google revamps search home page
Google is rolling out a major change to its home page, offering its other services in pull-down menus......

Albums decline but digital rises
Album sales continue to fall despite a 24% rise in digital album downloads in 2011, against "a backdrop of chronic piracy", says the BPI......

Apps hit record high in December
More than a billion apps were downloaded during Christmas, with UK consumers proving to be big enthusiasts......

Bajaj unveils rival to Tata Nano
Indian manufacturer Bajaj Auto unveils a low-cost car expected to go up against the world's cheapest - the Tata Nano......

Save care system, say campaigners
A letter signed by leading health bodies and charities urges politicians to transform England's "failing" social care system......

150m boost for elderly home care
Ministers allocate an extra 150m for patients to get care at home......

Singapore's economic growth slows
Singapore's economic growth slows in the last quarter of 2011 as slowing demand and supply chain disruptions hurt manufacturing......

India 'may reverse' rate policy
India's central bank, which has raised interest rates 13 times in two years, tells the BBC it may ease monetary policy amid fears of a global slowdown......

China factories get New Year lift
Chinese factories get an end of year production boost as economic activity picks up around the Western and Chinese New Years......

Coke urged to abandon Swazi king
Pro-democracy activists in Swaziland call on Coca-Cola - a major investor in the country - to withdraw its support for King Msawti III......

Venezuela to pay Exxon only $255m
Venezuela says it will pay Exxon Mobil $255m in compensation for nationalised assets - less than a third of what was awarded to the oil giant......

Hyundai sees slower sales growth
Hyundai and its affiliate Kia Motors expect sales growth in 2012 to be considerably slower than 2011 due to the global economic downturn......

VIDEO: Dragon tips on starting a business
It has been claimed that January is the busiest month in the year for people starting up their own business. But the figures on firm survival rates are not good......

VIDEO: Private sector pension 'collapse'
From October next year the Government's proposed 'auto-enrolement' pension scheme will be phased in but are businesses ready for it?.....

AUDIO: Is the UK facing a 'lost decade'?
Professor Richard Werner and Jonathan Allum debate the connection between the UK's downturn and Japan's 'lost decade'.....

AUDIO: UK finance chiefs fear double dip
The Chief Economist at Deloitte told Radio 5 live why Chief Financial Officers seem occupied by economic fear......

VIDEO: Facebook expected to sell shares
Facebook is expected to start selling shares sometime soon. If the rumours are true, and it's able to raise an eye popping $10bn (6.41m), that would make it one of the biggest ever American stock offerings......

AUDIO: BP 'could face criminal case'
With less than two months to go to the start of a huge civil law action in the United States over the Gulf of Mexico oil spill, BP lawyers are trying to reach a settlement out of court. Roger Harrabin, the BBC's environment analyst, has the latest......

VIDEO: Singapore eyes China for growth
Singapore's Prime Minister has warned the city-state's economy is facing headwinds in 2012 because of the 'uncertain external environment'......

VIDEO: Can Europe match US internet firms?
The giants of the internet world, Facebook, Google, Apple and Microsoft all come from the US, so where are the European equivalents?.....

Lining up a queuing strategy
Smart thinking behind making customers stand in line.....

High prices prompt new gold rush
High prices prompt rush to open Scottish goldmine.....

Asia faces uncertainty and change
Asia faces transition, uncertainty and change.....

Digging to start on Crossrail project
How the new Crossrail link is being built.....

Redknapp: An Englishman should manage England
On modern football and the lure of managing England.....

Indian internet seeks the masses
Facing the challenge of getting 1.2 billion people online.....

Markets cheer 2012
Jan 03 - Summary of business headlines: New Year's cheer for stock markets on encouraging data; Starbucks hiking prices. Bobbi Rebell reports......

Global slump may ease food prices
Jan.03 - The United Nations' Food and Agricultural Organisation expects more people to go hungry because of the economic crisis. Ciara Sutton reports......

Europe Day Ahead
Jan. 3 - A look ahead to Wednesday's trading including EZ services PMI, Germany's Bund auction and UK retailer Next's Q4 trading update......

The rise and fall of euro zone jobs
Jan.03 - Two euro zone countries release contrasting jobs figures - unemployment in Spain increases for a fifth month while in Germany a record number of people are in employment. Sonia Legg reports.....

New year cheer for Europe markets
Jan.03 - European markets continue into 2012 on a firm footing, but the debt crisis is still casting a shadow. Ciara Sutton reports.....

U.S. Morning Call: Stock futures see higher start in 2012
he thinks gold is losing its luster......

BP sues Halliburton over oil spill bill
Jan.03 - British oil giant BP has asked its contractor Halliburton to pay for all costs and damages it incurred to clean up the 2010 Gulf of Mexico oil spill according to a U.S. court filing. Hayley Platt reports.....

Denmark aims for unity as EU president
Jan. 3 - Copenhagen is seeking consensus among the 27 members of the European Union as it takes over the rotating presidency......

2012 make or break year for the euro
Breakingviews......

Positive Chinese data boosts risk appetite
Jan. 3 - Asian shares post gains as China's official manufacturing PMI climbs above 50......

The euro is a buy, says Jim Rogers
Jim Rogers says despite his doubts over the EU, the euro is very oversold. The veteran investor says he may actually add more of the single currency to his portfolio, while shorting European stocks......

Positive Chinese data boosts risk appetite
Jan. 3 - Asian shares post gains as China's official manufacturing PMI climbs above 50......

Iran risk accounts for up to $15 of oil price: Reuters' Kemp
Jan. 3 - Oil jumps nearly 3% on rising US-Iran tension, but political risk is the only real major support for oil right now. Record bets against the euro, meanwhile, trigger a bounce back above $1.30......

China walks policy tightrope in 2012
Jan. 03 - Latest PMI numbers confirm China's factories are suffering the effects of faltering European demand, but easing fiscal policy should help the nation dodge a sharp slowdown in 2012. Tessa Dunlop reports......

S Korea allocates 44 percent of budget to Q1
Jan. 03 - South Korea will spend nearly half of its annual budget in the January to March quarter, to help cushion the impact of slowing global demand. Arnold Gay reports......

Bank of America Loses Ruling in Mortgage Suit Against Countrywide
Bank of America Corp. (NYSE:BAC) lost a key ruling against MBIA Inc. (NYSE:MBI), which granted the latter company court permission to pursue further legal action against Bank of America, Bloomberg reported Tuesday......

Gross's Bond Fund Had $1.4B in Outflows in December: Morningstar
The world&s largest bond fund had $1.4 billion in outflows in December, according to fund analytics firm Morningstar......

AT&T to Pay TiVo to Settle Litigation
AT&T Inc has agreed to pay TiVo Inc a minimum of $215 million and additional monthly licensing fees to settle a patent infringement litigations case, sending shares in TiVo up 15 percent in afterhours trade......

Dodge Charger Redline, Chrysler 200 Super S to Debut at Detroit Auto Show [PHOTOS]
Chrysler on Monday announced and released photos of the 2012 Dodge Charger Redline, which the company will debut next week at the 2012 North American Auto Show in Detroit......

Michigan - Virginia Tech: Prediction, Betting Odds, and Preview for Tuesday's Sugar Bowl
Two evenly matched teams square off in the Big Easy......

Sugar Bowl 2012: Live Streaming #11 Virginia Tech vs. #13 Michigan
Higher ranked teams were passed up for the Sugar Bowl 2012, but try telling #11 Virginia Tech and #13 Michigan they don&t belong. The Sugar Bowl committee opted to go with the two teams that give 'in the long run the best opportunity to put together .....

Micron jumps on report of DRAM consolidation
Shares of Micron Technology Inc jumped as much as 11 percent on a report that one its biggest competitors, Elpida Memory, may merge with Toshiba Corp, in a sign of consolidation in an industry hurt by cut-throat competition......

No Movement in Mideast Meeting, but Sides Agree to Keep Talking
Israeli and Palestinian negotiators made no breakthrough during their first high-level discussions in more than a year Tuesday, but agreed to hold further talks in Amman on a confidential basis, Jordan&s foreign minister said......

Forex Signals - EURUSD Uneventful Start
.....

Murder Probe After Body Is Found on Royal Estate
British police have launched a murder investigation after a woman&s body was discovered on Queen Elizabeth&s Sandringham country estate in eastern England......

HP Ultrabook will Launch at CES 2012? (VIDEO)
A teaser video about Hewlett-Packard Spectre has been leaked and it is circulating around the Internet. If a person clicks the video, he/she might find that HP&s newest laptop looking like a thin ultrabook. As a result, many people can&t help wonder.....

U.S. Stocks Will Fall 8.6% This Year: Morgan Stanley
An analysis released Tuesday by Morgan Stanley analyst Adam Parker suggesting U.S. equities will finish the year more than 8 percent lower than where they began is making those who follow the American stock market nervous. And for good reasons......

Wesley Durden and 5 Other Reality Stars Who Committed Suicide
Wesley Durden isn&t the first reality star who died by suicide. Many others have fallen under the bright light of reality television only to commit suicide after the television cameras leave......

Gold and Silver Surge in First Trading Session of 2012
It was the biggest jump for gold in 10 weeks........

Verizon CEO cancels CES appearance
The chief executive of Verizon Communications has canceled his appearance in a keynote panel at the 2012 Consumer Electronics show, the telephone company said on Tuesday......

Poppy Burge, 7, Receives 7,000 Liposuction Voucher for Christmas
Poppy Burge, 7, received a 6,000 breast implant voucher for her last birthday and a voucher for a 7,000 liposuction as a Christmas gift this year from her mother, Sarah Burge. The gifts have sparked outrage from those who view the gifts as inappropri.....

Michelle Bachmann Compared to Tim Tebow in Iowa Ad
A new advertisement supporting Republican presidential candidate compares the congresswoman&s longshot candidacy to Denver Broncos quarterback Tim Tebow&s ascension in the NFL......

Pepsi: Mountain Dew Can Dissolve Mouse Carcass into 'Jelly-Like' Goo
In a disturbing example of corporate defense strategy, Pepsi&s lawyers are denying that plaintiff Roland Ball discovered a dead mouse in his can of Mountain Dew... by claiming that the noxious chemicals in the soda would have erased any trace of it......

Top 10 Tech Companies to Work for in 2012
Every year, a company called Glassdoor does employee surveys to find out who are the best companies to work for. The surveys are anonymous, so that could work for or against a particular company, but Glassdoor has made the results public every year f.....

1/3/12 Giddy Up
Investors, traders alike wasted no time putting money to work as most stocks and commodities started the new year on a bang. We do not expect this pace to continue but perhaps the public is waking up to the fact that cash and debt will likely underpe.....

U.S. Office Market 2012 Outlook 'Sluggish,' Despite Improvements in 2011
The U.S. office market improved in 2011, but continued growth in 2012 is expected to be slow, according to two separate reports released on Tuesday......

Euro, global stocks up on data and U.S. Fed
Stocks and the euro started the year with a sharp rally on Tuesday, boosted by better-than-expected U.S. and European data and hopes the Fed could ease monetary policy further, even as crude surged on tensions between the United States and Iran......

Autochartist - Daily Commodities Update: Gold
Gold futures took a bullish turn to kick off the first trading day of 2012, opening Tuesday&s session strong and rising throughout the day. This rally comes on the heels of last week&s steady gains and hints at a possible technical breakout in the da.....

Will U.S. End Up in War With Iran in 2012?
The latest threat comes days after U.S. President Barack Obama signed into law sanctions against Iran&s central bank which processes most of the country&s oil-export payments. Obama and other leaders, including European Union foreign ministers set to.....

Wastewater Well May Have Triggered 11 Earthquakes in Youngstown, Ohio: AP
Following similar reports from the Oklahoma Geological Survey and the British Geological Survey, Ohio officials are investigating the possibility that wastewater injection wells associated with oil and gas drilling may have set off a series of seismi.....

Actress Ellen Barkin Goes on Twitter Rant After Alleged NYPD Shoving
Actress Ellen Barkin went on a Twitter rant early New Year&s Day, claiming that she had been pushed by an NYPD officer just for walking down the street to her West Village townhouse in the midst of an Occupy Wall Street protest......

Aretha Franklin Engaged: 5 Things to Know About Queen of Soul's Marriage
Legendary singer Aretha Franklin has become engaged to her long-time friend William 'Willie' Wilkerson at the age of 69, according to reports. Here are five things to know about the Queen of Soul&s third marriage......

Iowa Caucus 2012 Results: Who Will Drop Out Tomorrow?
When it comes to the Iowa caucuses, who loses is almost as important as who wins. Iowa doesn&t often vote for the eventual nominee, but it does tend to weed out non-viable candidates. Who will be weeded out tonight?......

"How Many People Are Using Facebook in San Francisco at 2.30 p.m. on a Friday?"
'How many people are using Facebook in San Francisco at 2:30 p.m. on a Friday?' Are you familiar with this question? If yes, then you must have attended the job interview at Google for the position of Vendor Relations Manager......

Major Bottom in the Precious Metals Sector
Several Wall Street firms have recently published their gold price forecasts for 2012......

Unions in plea for Petroplus workers
Unions have called on European governments to help Petroplus workers at oil refineries owned by the energy company after it had its credit lines frozen.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1b7eab95/mf......

JP Morgan in 61m mis-selling claim
JP Morgan Chase is facing a $95m (61m) lawsuit from investors who claim that Bear Stearns, which the bank bought in 2008, mis-sold mortgage-backed debt in the years running up to the financial crisis.<img width='1' height='1' src='http://telegraph.....

FTSE joins in rally as US and Asia show resilience
Strong manufacturing data out of the US and Asia ignited a stockmarket rally on hopes the global economy can weather a recession in Europe this year.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1b7ea626/mf.gif.....

Greece 'out of euro' if bail-out fails
Greece will crash out of the eurozone unless it can agree terms of a 130bn bail-out, an Athens official warns, signalling the start of another tense countdown for European leaders.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/3.....

Hedge fund manager battles to save Sears
Eddie Lampert, one of America's wealthiest hedge fund managers, is battling to save Sears after one of the country's oldest department chains saw sales plunge over Christmas.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f.....

Share tips that offer investors a glimmer of hope amid the gloom
It's time for this column to take the plunge and reveal its stock selections for 2012.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1b7e7255/mf.gif' border='0'/><br/><br/><a href="http://da.fe.....

Hormuz oil spike could spark global recession
Escalating tensions with Iran have pushed the cost of crude oil higher as fears mount that a 1970s-style jump in the oil price could send both Eastern and Western economies into recession.<img width='1' height='1' src='http://telegraph.feedsportal.....

Fiberweb appoints new finance director
Fiberweb, which makes filters and industrial textiles, has appointed a new "cheaper" finance director, following the disposal of its hygiene business.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1b7e449e/mf.gi.....

New head of Queen's portfolio faces test
The Crown Estate's history dates back to 1066, but this week marks a new era.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1b7e44a0/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.....

Victor looks for friends as private jet group takes off
Victor, the private jet-share business launched last year by entrepreneur Clive Jackson, has appointed advisers to lead an initial round of fund-raising to propel the group into Germany.<img width='1' height='1' src='http://telegraph.feedsportal.c.....

Microsoft settles 10m suit from former UK executive
Microsoft ends a long-running row over alleged poor behaviour of some of its staff by agreeing an out-of-court settlement.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1b7e40b9/mf.gif' border='0'/><br/>.....

Barclays 'risks backlash' unless tax affairs simplified
Barclays has been warned that its reputation is being "tarnished" by the persistent use of "complicated financial structures" to boost profits.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1b7e40ba/mf.gif' bord.....

Peter Dubens eyes up HMV's concert venues
Peter Dubens, the owner of Time Out listings magazine, is one of the possible bidders for HMV Live, owned by the struggling music retailer.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1b7e40bc/mf.gif' border='.....

Bentley sales jump 37pc on Chinese demand
Luxury British car brand Bentley has reported soaring sales for 2011 because of demand in China and the US.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1b7e40be/mf.gif' border='0'/><br/><br/><.....

New Crown Estate chief executive Alison Nimmo
Alison Nimmo started work as the new chief executive of the Crown Estate today.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1b7e22d8/mf.gif' border='0'/><br/><br/><a href="http://da.feedsport.....

Music service Beyond Oblivion collapses into oblivion
An ambitious digital music business, which promised to become a major competitor to Apple's iTunes and Spotify, has shut down before it was even able to launch its service.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/5.....

US shale gas frenzy heats up
The energy industry's bet on the future of shale gas in America shows no sign of slowing in 2012, as China's Sinopec and France's Total both agreed multi-billion dollar deals.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/.....

BP presses its oil spill case against Halliburton
Oil giant BP began the year with legal action pressing its case that Halliburton, its contractor on the well behind the Gulf of Mexico oil spill, should bear all the costs and damages related to the disaster.<img width='1' height='1' src='http://t.....

Northern Racing hit by bad weather
Northern Racing, the company that owns 10 racetracks around the country and is controlled by the Reuben Brothers, saw profits fall sharply in the 12 months to March last year as bad weather hit the group.<img width='1' height='1' src='http://teleg.....

Equity Red Star avoids 1m fine from Lloyd's of London
Equity Red Star has avoided a 1m fine by the Lloyd's of London insurance market following an investigation into its underwriting standards.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1b7e0e32/mf.gif' border='.....

Mark Goddard-Watts secures second fortune with Toolstation sale
Somerset-based businessman scoops his second fortune by selling hardware supplier Toolstation to Travis Perkins.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1b7e0e36/mf.gif' border='0'/><br/><br/&g.....

Air services provider Dnata buys stake in Travel Republic
Dnata, the air services provider, has acquired a 75pc stake in Travel Republic for an undisclosed fee.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1b7e0e3b/mf.gif' border='0'/><br/><br/><a hr.....

Energy giant SSE hits 1GW wind power milestone
Energy giant SSE said it now has more than one gigawatt (GW), the equivalent of 1,000 megawatts (MW), of onshore wind farm capacity in operation for the first time.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/.....

China vows to fine tune policy to support growth
China has warned that its economy may struggle in the early months of this year due to "difficult" conditions but stressed that it is ready to fine-tune monetary policy to limit any fall-out.<img width='1' height='1' src='http://telegraph.feedspor.....

US Federal Reserve to update public on interest rates
The Federal Reserve will start updating the public four times a year on how long it plans to keep short-term interest rates at record lows, according to written records from its December policy meeting.<img width='1' height='1' src='http://telegra.....