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Wednesday 11 January 2012

UK Financial News on 2012-01-11

EDF Energy to cut gas price by 5%
EDF Energy is to cut its typical gas bill for UK domestic customers by 38, or 5%, in February after raising prices by 15% in November......

Wonga backs down on student loans
Payday loan company Wonga removes pages from its website after it was branded "incredibly irresponsible" for targeting students......

German economy 'probably shrank'
The German economy is likely to have shrunk by 0.25% in the last quarter, but a strong start to 2011 meant it grew by 3% over the year......

Little Chef to close 67 outlets
Motorway restaurant group, Little Chef, says it is to close 67 of its 161 outlets and make between 500 and 600 job cuts......

Bank signs up for cloud computing
Spanish bank BBVA tells the BBC it is switching its 110,000 staff to use Google's cloud-computing software in the largest deal of its kind......

EU threatens Hungary over deficit
The European Commission threatens action against Hungary after deciding the country has taken "no effective action" to contain its budget deficit......

PCS renews pension strike threat
Leaders of the biggest civil service trade union, the PCS, have threatened more strikes over the government's changes to public sector pensions......

Sainsbury's sales hit new record
Supermarket group Sainsbury's has reported another "record breaking" Christmas as sales rose modestly on last year......

Inequality is 'top global risk'
Severe income inequalities, government debt and the "dark side of connectivity" are the top global risks, warn experts at the World Economic Forum......

UK trade gap widens in November
The UK's trade deficit widened by more than expected in November, official figures show, due largely to a drop in goods exports......

Orange juice prices hit new high
The price of orange juice on global markets hits a record high over safety concerns in Brazil and cold weather in Florida......

New retirees expect lower incomes
People about to retire expect their pensions to be lower than retirees in the previous four years, with a fifth expecting incomes of less than 10,000......

Superdry in Christmas sales boost
Superdry owner Supergroup has reported a boost in its sales during the festive period as the firm recovers from supply problems......

Greggs sees Christmas sales rise
Budget bakery chain Greggs has seen a boost in its sales over the Christmas and New Year period......

Virgin doubling broadband speed
The prime minister backs plans from Virgin Media to double the broadband speed for over four million of its customers......

Geithner in Beijing talks on Iran
US Treasury Secretary Timothy Geithner is in Beijing meeting Chinese leaders to seek support for sanctions on Iran......

Toyota eyes US as big export base
Toyota seeks to increase exports from its North American factories in a bid to cushion the impact of a strong yen......

Web domains face major overhaul
Applications are due to open for custom top-level domain names in what is the biggest change to the web address system in over two decades......

Skyscrapers 'precede every crash'
There is an "unhealthy correlation" between the building of skyscrapers and subsequent financial crashes, according to Barclays Capital......

Tough times hit maker of Twinkies
The maker of Twinkies, the well-known cream filled sponge cakes, files for bankruptcy protection in the US, citing the economic downturn......

Sub-let council tenants face jail
English council tenants who sub-let their homes will face up to two years in prison and a 50,000 fine under proposals by the government......

Unions to continue pension talks
The Unison and GMB unions are to continue negotiating with the government over changes to the local authority and NHS pension schemes......

Websites flouting EU credit rules
A sweep of websites across the EU that offer credit cards, loans and finance finds that 70% were flouting the rules......

India opens part of retail sector
India' allows single-brand foreign retailers to open stores in the country, clearing the way for companies such as Starbucks and Ikea......

Italy 'likely' to be downgraded
There is a "significant" chance that Italy will have its credit rating downgraded this month, an executive at the ratings agency Fitch says......

Greece close to bond holder deal
Greece nears a deal with private sector bond holders on a debt swap that should pave the way for a second bailout package......

Fannie Mae chief will stand down
Michael Williams, the chief executive of US mortgage giant Fannie Mae, will step down once a successor has been found, the company says......

Nissan-Renault alliance in record
The Renault-Nissan partnership's global vehicle sales increased 10% last year to a record high......

New Intel chip on Motorola phones
Chip maker Intel is to make a fresh attempt at breaking into the smartphone market with partnerships with Motorola Mobility and Lenovo......

Fifa fears deaths in match-fixing
Fifa's head of security is concerned that players could pay the "ultimate price" for becoming involved in match-fixing......

Darlington could fold by weekend
Darlington are likely to fold this week if no buyer is found, according to joint administrator Harvey Madden......

VIDEO: 'TripAdvisor ruined our business'
One couple explain how a travel website has had a detrimental effect on their business......

VIDEO: Little Chef to cut over 500 jobs
Motorway restaurant group, Little Chef, has announced it is to close 67 of its 161 outlets and make between 500 and 600 job cuts......

VIDEO: Business bites: Key stories of the day
The BBC's Aaron Heslehurst on the bad news for Germany's economy and why the cost of orange juice is going up......

VIDEO: Gin blossoms: Spirit sees sales rise
In the eighteenth century gin was popular among the poor and often called 'mother's ruin'. But now, traditional gin distilleries are make something of a comeback......

VIDEO: Sainsbury's shoppers 'are savvy'
Supermarket group Sainsbury's has reported another "record-breaking" Christmas as sales rose modestly on last year......

VIDEO: EDF Energy cuts gas prices
One of the UK's largest energy suppliers, EDF Energy, has said it is to cut its gas bills by 5% in February after raising prices by 15% in November......

VIDEO: Millions of complaints to energy firms
The consumer group Which? says the six biggest gas and electricity companies received four million complaints from customers last year......

VIDEO: Greek bailout deal 'weeks away'
Europe's Commissioner for Economic and Monetary Affairs Olli Rehn told HARDtalk's Sarah Montague an agreement for the Greek bailout would be reached in the coming weeks with Greece staying in the euro......

Round-up of retailers' Christmas
Which retailers fared best this Christmas?.....

Electric cars' future unpredictable
Firms bet on electric cars despite unpredictable future.....

Is Hong Kong really the world's freest economy?
Is Hong Kong's economy really the world's freest?.....

Is 'free banking' a good thing?
A good thing for customers or a barrier to competition?.....

Motives for investing: Profit or altruism?
Big profits or serving the community?.....

Murky politics behind fall of Swiss banker
Murky politics behind central banker's resignation.....

Tax deadline: That time of the year again
That time of the year again.........

On U.S. recovery and European debt crisis: Economist Sargent
Jan. 11 - Slightly better recovery in U.S. economy seen, but labor and financial sectors to struggle, says Thomas Sargent, Nobel laureate and economist......

U.S. Day Ahead: Retail sales could see holiday drag
Analyst Jharonne Martis chain store data for the holidays might be more so so than ho ho......

Pros and cons of U.S. mortgage relief: economist Sargent
Jan. 11 - There are pros and cons to providing a big mortgage relief program to stimulate recovery in the U.S., says economist and Nobel laureate Thomas Sargent......

Politicians undermine Fed with attacks: Nobel Laureate
Jan. 11 - The Federal Reserve's independence is challenged by politicians who attack the institution and undermine its power, says economist and Nobel laureate Thomas Sargent......

Nobel laureate Sargent on QE3 and the U.S. economy
Jan. 11 - QE3 is a sideshow for the Federal Reserve, says economist and Nobel laureate Thomas Sargent. The Fed is limited in what it can do since rates are already so low......

Does she come with the car?
Jan. 11- A behind-the-scenes look at the sleekest showroom models, then and now......

Reuters correspondent tests her driving skills
correspondent Rhonda Schaffler's racing skills to the test on a simulator designed to give the driver the real feel of the new Ford Focus ST......

Impact of Obama jobs plan on small business
Jan. 11 - Rafael Pastor, CEO of small business coaching organization Vistage, discusses the impact of President Obamas latest job creation proposals......

Montblanc opens massive store in China
Jan. 11 - High-end penmaker Montblanc opens its largest store in Beijing to cater to the surging demands in the world's biggest luxury goods market. Elly Park reports......

Fuel subsidy protests rock Nigeria
Jan. 11 - Nigerian President Goodluck Jonathans decision to scrap fuel subsidies continues to divide the nation. Nick Rowlands reports......

TV makers battle at CES
Jan 11 - The battle for the living room continues as television makers at the Consumer Electronics Show unveil thinner, bigger, and smarter flat panel TVs, with upgrades to visual technology. Conway G. Gittens reports......

Merkel praises speed of Italy's reforms
Jan. 11 - German Chancellor Angela Merkel praised Italy's new government for the speed with which it has launched reforms, as she met for the first time with Prime Minister Mario Monti since he took power......

Italy's war on tax evasion
Jan. 11 - Italy's government says it's determined to stamp out tax evasion, but Italians say the job won't be easy......

Amazon likely to miss earnings estimates: StarMine
Jan. 11 - Despite strong holiday sales and analyst optimism, StarMine analyst Sri Raman says Amazon.com is one of the companies most likely to miss earnings estimates for Q4......

Europe Day Ahead: Thursday
Jan. 11 - Fitch unsettles investors, urging the ECB to do more to solve the debt crisis. The call comes just before closely watched Spanish and Italian debt auctions.....

Germany feels debt crisis pain
Jan. 11 - Germany showed first signs of feeling the pain from the euro zone's debt crisis as the economy shrank in the last three month of 2011, despite outperforming its peers for main part of the year thanks to strong domestic demand and exports. H.....

Barista buzz keeps coffee shops growing
Jan. 11 - Despite rising coffee prices and tough economic times, independent coffee shops are continuing to grow as Europe's tastes become more sophisticated. Ciara Sutton reports......

Unicredit underwriters could be scared off
Breakingviews......

China takes Rolls Royce sales crown
The luxury automaker saw sales grow 67% in China last year, a stunning feat it's unlikely to match in 2012, says CEO Torsten Mller-s......

Remy Cointreau upbeat on 2012 prospects
Jan. 11 - The French spirits group sees strong demand for its premium cognac in Asia and a recovering market in the U.S......

Inside the News: Top stories and analysis for Wednesday
Jan. 11 - A look at the key headlines on Wednesday including Mitt Romney's win in New Hampshire, NYSE-D.Boerse lobbying to save their merger and a breakthrough for foreign retailers in India......

Will Geithner get what he wants in China?
Beijing is likely to warm to U.S. calls for yuan flexibility and Iran sanctions, but it may take more time to achieve a breakthough......

Luxury race heats up at Detroit show
Jan 10 - Dinner reservations? No problem with some of the new luxury cars unveiled at the Detroit auto show. Deborah Gembara reports from the Detroit auto show......

Ultrabook, smartphones take CES stage
Jan 10 - The world's biggest consumer electronics show puts a spotlight on razor-thin laptops, as well as faster and powerful smartphones, and thinner flat panel televisions at the annual event in Las Vegas. Conway G. Gittens reports......

U.S. Morning Call: Deutsche Boerse/NYSE union on the rocks
Jan. 11 - European antitrust regulators will recommend the $9 billion Deutsche Boerse and NYSE Euronext merger be blocked. And Republican presidential hopeful Mitt Romney sees an easy win in New Hampshire......

Off the Beaten Path 1/11/12
Over the years I&ve tried to stay informed on 50-60 different commodities and paying attention to commodities off the beaten path has provided my clients opportunities when the majors did not provide trading opportunities. For example following marke.....

Autochartist - Daily Commodities Update: Wheat
Wheat futures set up a buy signal in Wednesday&s session after following the grain complex higher. South American weather concerns remains the driving force behind the recent technical strength, increasing the prospects for major price swings in what.....

EUR/USD: Entry at 18:00 EST - Buy Signal
Date: 2012/01/11MACD Crossover at 17:00 AM EST*Confirmation at 18:00 AM EST*Potential Signal BuyAction Market Order openedStop Loss 20 Pips (2 $)Take Profit 20 Pips (2 $)Strength medium......

Bloomberg Scraps Plan to Cut Bars and Liquor Stores
Almost as quickly as it appeared in the media, Mayor Michael Bloomberg rescinded his proposal to cut the number of drinking establishments in the city......

Harper to visit China, seeking higher oil sales
Prime Minister Stephen Harper plans to visit China next month as his government looks to open new markets for oil sands crude in the wake of Washington&s decision to delay approval of a major pipeline from Alberta to Texas......

Nicolas Steno: Google Honors Geologists 374th Birthday With Doodle [VIDEO]
Nicolas Steno, the 17th century Danish father of geology, was honored Wednesday with a Google Doodle commemorating what would have been the genius& 374th birthday. Steno, whose name means 'rock' in Danish, pioneered research in both anatomy and geolo.....

Global Markets Overview - 12 January 2012
From Morrison Securities Pty. Ltd.:U.S. stocks slipped as concerns over a weakening economy in Europe prompted investors to consolidate some of the market&s recent gains......

Wall Street ends near 5-month high before Europe test
Stocks held firm near recent five-month highs on Wednesday as investors awaited key bond market tests for Europe in the next two days that could determine the direction of the euro zone crisis......

CFTC adds protections to customers' money
The futures regulator on Wednesday adopted new protections for customer collateral posted in swap trades, and said it plans a broader look into client safeguards, as the search continues for hundreds of millions of dollars in missing MF Global custom.....

Motorola Vows Less Fragmentation in 2012, Debuts Two Smartphones at CES
Motorola plans to make fewer types of smartphone this year, but it may not get the okay from U.S. carriers who could prefer to have lots of variation on their shelves. Motorola can use the opportunity to better market its existing devices rather than.....

Snooki Weight Loss: Her Best Skinny Looks to Date [PHOTOS]
Ever since Snooki achieved her weight loss and slimmed down to a skinny goal weight of 98 pounds, there seems to be this new found confidence in the already energetic and upbeat 'Jersey Shore' star. Snooki is beginning to come into her own, making be.....

Ron Paul 2012: Why do Evangelicals Still Reject Him?
In an earlier piece, I wrote how evangelicals could propel Ron Paul&s 2012 campaign to victory over frontrunner Mitt Romney in the Republican nomination race......

Bloomberg to Revive Kingsbridge Armory Redevelopment
Mayor Michael Bloomberg will announce a revived effort to redevelop the long-vacant Kingsbridge Armory in the Bronx during his State of the City speech on Thursday, Crain&s reported......

Tuscon Shooting Survivor George Morris: Giffords Makes Me "Want to Vomit"
Every time I see them on TV, Morris, a 77 former Marine, told the paper of Giffords and her husband Mark Kelly, it makes me want to vomit. He also said he was upset with how the media was celebrating the couple and finds them both worthless.......

CES 2012: Industry Pros Demand Standards for Next-Generation Internet TVs
A series of top technology professionals involved with Internet TV, including VPs of Yahoo, Cisco Systems and Western Digital, warned consumer acceptance will be impede unless industry standards are adopted......

Khloe Kardashian Adopted? Star Calls Dad's Ex-Wives 'Disgusting'
Khloe Kardashian Odom is furious with her fathers ex-wives for claiming she was adopted......

Investor Confidence in Austria Rapidly Deteriorating: Fitch
A day after re-affirming its top sovereign credit rating on Austrian government bonds, a research arm of respected French credit rating agency Fitch has issued a report noting the rapidly deteriorating level of confidence investors in the derivatives.....

People's Choice Awards 2012: Where to Watch, What to Expect
The 2012 People&s Choice Awards countdown has begun with only hours to go before the stars start walking on the red carpet. The show will be aired live on CBS at 9:00 pm (EST.).....

Tony Sparano Named Jets' Offensive Coordinator
The former Dolphins head coach takes over for Brian Shottenheimer.....

CES 2012: Wyden, Issa Decry SOPA; Mildly Hopeful for Their OPEN Bill
House Judiciary Chairman Lamar Smith (R-Texas) may have had a 'tin ear' when he proposed the controversial Stop Online Piracy Act now wending through Congress, his fellow Republican, Rep. Darrell Issa of California, says......

Cab Driver Gurmeet Singh Arrested for Rape, Expert Explains the Science Behind the Collar
A suspect accused of raping a 26-year-old from Williamsburg and 31-year-old from Harlem was nabbed Monday, but denied any wrong doing. DNA evidence helped to clinch the arrest......

U.S. Homebuilder Stocks Rise as Lennar's Orders Jump 20%
Stocks of major U.S. homebuilders rose on Wednesday after Lennar Corp. reported a 20 percent increase in home orders in the fourth quarter......

Agribusiness giant ADM to cut 1000 jobs
Agricultural processor Archer Daniels Midland Co <ADM.N> said on Wednesday it will reduce its workforce by 3 percent, making it the latest agribusiness giant to make cuts in the face of volatile global markets......

Israel Intelligence Recruiting Iranian Kurds to Sabotage Tehrans Nuclear Program: Report
Deputy Governor Safarali Baratloo said the killing was similar to previous attacks targeting Iranian nuclear scientists......

Claim deadline may illuminate MF Global "hole"
One of the hottest debates raging from Wall Street to the farm belt is destined to stretch into next month, as the trustee overseeing the bankruptcy of broker MF Global Inc collects the final claims by customers who are missing some $1.2 billion - or.....

Liverpool Edge Manchester City on Gerrard Goal
The Reds received a penalty kick goal from Steven Gerrard to earn the 1-0 victory......

Wall Street steady near 5-month high
Stocks held firm near recent five-month highs on Wednesday as investors awaited key bond market tests for Europe in the next two days that could determine the direction of the euro zone crisis......

Vermin Supreme for President: Pledges Free Ponies, Zombie Energy, Time Travel
Vermin 'Love' Supreme, a candidate for president running against incumbent President Obama, promises free ponies for every American, dental hygiene laws, time travel research and a program harnessing zombie energy. In the Democratic Party primary thi.....

CES 2012: Ford, Xerox CEOs Demand Higher Education Push for Engineers to Safeguard Technology Lead
Ford CEO Alan Mulally and Xerox CEO Ursula Burns both decried the state of U.S. higher education Wednesday and said it wasn&t producing enough engineers to ensure U.S. technology leadership......

Chelsea Handler Book: 5 Sitcoms Based in Real Life
Chelsea Handler&s new sitcom 'Are You There, Chelsea?' premieres Wednesday on NBC and is based on her three best-selling memoirs. The comedian plays the role of her older sister in the sitcom based on the 36-year-old&s life. However, Handler isn&t th.....

Government's confused priorities prevent UK trade from taking off
Britain's trade balance in visible goods worsened in November, with the deficit widening to 8.6bn from 7.9bn, compared to a forecast of 8.3bn.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1bbbf02c/mf.gif' borde.....

Facebook's share of UK social networking declines
Facebook usage in the UK has fallen by more than seven percentage points in the last year, fuelling concerns that it may have hit saturation point.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1bbbfaf5/mf.gif' .....

London Metal Exchange board split over rise in trading fees
The board of the London Metal Exchange (LME) is split over an inflammatory decision to raise trading fees, viewed as a move to make the bourse more attractive to buyers.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/5683.....

Carlyle founders scoop $402m from private equity investments
The co-founders of Carlyle Group took home more than $400m (261m) in 2011 after one of the world's largest private equity firms enjoyed a record year.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1bbbfaf7/mf.gi.....

Eurozone waters down its tough fiscal rules plan
European countries will be allowed to ignore new fiscal rules in difficult economic times, according to a draft of the region's new treaty which appears to water down plans for a tough pact.<img width='1' height='1' src='http://telegraph.feedsport.....

Christmas cheer for Britain's high street retailers
Some of the gloom on the high street lifted on Wednesday after a number of retailers posted upbeat Christmas trading figures.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1bbbb3b2/mf.gif' border='0'/><br/.....

Debt crisis: as it happened January 11, 2012
European leaders have dropped plans to alter the rules of the single market as part of a new fiscal compact in a move that signals a significant victory for Britain.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s.....

An independent Scotland would struggle for AAA rating
Ending the Union could be a bad financial decision for both Scotland and the rest of the UK.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1bbbb3b4/mf.gif' border='0'/><br/><br/><a href="http:/.....

Intel lays down smartphone challenge to Arm
"There have been so many false hopes and so many false marketing boasts, I can't take it seriously," said Tudor Brown at the end of last year.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1bbbb3b5/mf.gif' borde.....

Cyber crime a major risk to stability, warns WEF
Cyber crime and the "dark side of connectivity" is one of the biggest risks to global financial and political stability in 2012, according to a report by the World Economic Forum (WEF).<img width='1' height='1' src='http://telegraph.feedsportal.co.....

Britain could hold on to its place in the world after all
At the height of empire, Britain accounted for somewhere between 15 and 20pc of global output in manufactured goods.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1bbbb3b7/mf.gif' border='0'/><br/><b.....

UK banks told by Chancellor to slash pay to fund reforms
George Osborne has told banks to cut pay to fund regulatory reforms and warned the state-backed Royal Bank of Scotland that he will take a "keen interest" in any bonuses to bankers.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/.....

UKFI appoints fourth chairman since 2008
UK Financial Investments, the body charged with managing the taxpayer's stakes in Britain's state-backed banks, has announced its third new chief executive and fourth chairman since its establishment in 2008.<img width='1' height='1' src='http://t.....

Debt crisis: live
European leaders have dropped plans to alter the rules of the single market as part of a new fiscal compact in a move that signals a significant victory for Britain.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s.....

Derwent warns high-speed rail plans would mean record compulsory purchase for Euston site
FTSE 250 property company Derwent London says it will decide within two months whether to proceed with a major development adjacent to Euston station that faces being destroyed by the High Speed Two project.<img width='1' height='1' src='http://te.....

Galliford Try defies gloom with record house sales
Housebuilder Galliford Try gave a bullish update on trading and the wider UK housing market as it reported record sales in the face of a sluggish economy.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1bbb73d2/m.....

BlackRock investigated over UniCredit stake
Italy's financial regulator has launched an investigation into announcements made by BlackRock in connection with its shareholdings in UniCredit amid suggestions they could have hampered the bank's 7.5bn (6.2bn) capital raising.<img width='1' heig.....

Sainsbury says shoppers to cut back this year
Supermarket shoppers will continue to cut back by putting one fewer item in their basket each week, according to Justin King, the chief executive.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1bbb6d29/mf.gif' b.....

N Brown sales to be helped by lower gas bills
N Brown, the catalogue retailer, said that lower gas bills and an increase in the state pension should provide a boost to its customers this year.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1bbb6d2a/mf.gif' b.....

Michael Page sounds cautious note as profit hit by slowdown
Economic uncertainty held back growth at Michael Page in the fourth quarter, the recruitment company said today.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1bbb5674/mf.gif' border='0'/>.....

Slowing growth worries weigh on Unilever
Traders lost their taste for Magnums and Ben & Jerry's as Unilever, the blue-chip maker of ice creams as well as washing powder and shampoo, sank more than 3pc.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/.....

Supergroup says clothes prices should fall
SuperGroup insisted the supply chain problems which saw it issue a drastic profit warning last year are now over, as it posted a strong set of Christmas trading figures.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/5683.....

Moneysupermarket sales boost as comparison demand holds up
Price comparison website Moneysupermarket said it expects full-year revenues to rise 20pc after demand for its services remained strong throughout 2011.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1bbb0fd7/mf......

Heathrow passenger numbers hit record level
Heathrow airport served a record 69.4m passengers in 2011 but is now facing "damaging" constraints on its capacity - owner BAA says Britain's business transport hub is running at 99.2pc.<img width='1' height='1' src='http://telegraph.feedsportal.c.....

Wonga stops targeting students after Twitter protests
Wonga has removed pages on its website following accusations it was encouraging students to take out loans charging 4,000pc.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1bbbae54/mf.gif' border='0'/>.....