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Monday 23 January 2012

UK Financial News on 2012-01-23

Pension funds fear EU political snub
German schemes fear protests will be ignored to please the French.....

Dealers eye 100bn junk bond boost
Wave of maturing CLOs could be the making of high-yield debt market as investors reinvest.....

ABC completes Chinas UK quartet
Agricultural Bank of China appoints former senior Deutsche Bank and RBS banker as non-executive director of its UK subsidiary.....

New group considers legal action against banks
Former NAPF chairman is forming an advisory group for shareholders who feel wronged but powerless.....

London suffers from listings famine
Volumes fell 17% last year and bankers see little sign of a recovery this year.....

Nasdaq enters currency battle
US-European exchange operator plots derivatives-clearing staff hiring, ahead of new role this year.....

Rowland quits Citigroup
US bank's former head of financial sponsors in Europe has left most recent role in investment banking.....

Failed eurozone plan torpedoes funds returns
Two major hedge funds, which placed big bets last summer on a solution to the eurozone crisis, are nursing heavy losses.....

Lack of trading puts dark pool under pressure
US brokers' European platform has not conducted a trade in nearly four months sparking speculation over its future plans.....

UK pension schemes weigh currency mandates for overseas assets
Wiltshire is latest pension fund to consider currency mandate investment.....

3i ups stakes in North America
UK private equity group plots first fund including majority investments beyond Europe.....

CIOs ranked on their bang for buck
Executive search firm ranks US investment chiefs on performance relative to pay.....

GFI Group cuts broker headcount
Cuts come as US interdealer broker trims costs amid worsening conditions.....

Plans for executive pay announced
Business Secretary Vince Cable unveils plans designed to curb executive pay, including giving shareholders the power to block excessive bonuses......

Petroplus share trading suspended
Trading in Petroplus, the owner of the Coryton oil refinery in Essex, is suspended on the Swiss SIX stock exchange on Monday......

Iran dismisses EU oil imports ban
Iran says an EU ban on imports of Iranian oil is "unfair" and "doomed to fail", and will not force it to change course on its nuclear programme......

Asda to create 5,000 jobs in 2012
Asda, the UK's second biggest supermarket chain, announces plans to open 25 new stores and three depots, creating 5,000 jobs this year......

Blackberry-maker's CEOs step down
Blackberry-maker Research In Motion says co-chief executives Mike Lazaridis and Jim Balsillie have stepped down in a shake-up......

Lagarde warns of '1930s moment'
IMF chief Christine Lagarde warns the world faces an economic spiral reminiscent of the 1930s unless decisive action is taken on the eurozone crisis......

Greek focus for eurozone meeting
Eurozone finance ministers are meeting in Brussels, with the Greek debt crisis likely to dominate proceedings......

Thomas Cook summer bookings dive
Tour operator Thomas Cook sees UK summer package holiday bookings fall by almost a third in the fortnight following Christmas......

Gap between UK cities 'widening'
The gap between the economic performance of UK cities is widening, a study says, with six times more dole claimants in some areas than others......

Bonmarche fashion chain bought
Fashion chain Bonmarche, part of the Peacocks Group, is bought by a private equity group, but the deal could lead to 1,400 job cuts......

Asil Nadir 'stole nearly 150m'
Former business tycoon Asil Nadir stole nearly 150m from his Polly Peck empire for himself, his family and friends, the Old Bailey hears......

UK mortgage outlook 'uncertain'
The state of the UK mortgage market in the coming year is "difficult to call", according to the Council of Mortgage Lenders......

Power upgrade to be fast-tracked
Plans for a multi-billion pound investment in high-voltage power cabling throughout Scotland are to be fast-tracked by the energy regulator......

Bank governance plan criticised
The Bank of England's proposals to improve its governance are criticised by the Treasury Committee......

Halliburton profits jump by 50%
Profits at US oil services giant, Halliburton rise fifty percent for the three months to the end of December 2011 compared to the same period in 2010......

Cairn sells off Greenland stake
Oil explorer Cairn Energy sells off a 30% stake in one of its Greenland exploration licences to Norwegian group Statoil......

Megaupload boss seeks bail in NZ
The founder of file-sharing website Megaupload appears in a New Zealand court to seek bail, but the prosecution argue he is a flight risk......

Third of adults 'to spend less'
A growing number of people in the UK plan to cut back on their spending this year, a survey suggests......

Quicker Farepak payouts sought
An MP has urged the government to speed up the compensation process for Farepak families after it emerged 200 customers have died before receiving money......

Benefit cap suffers Lords defeat
The government is defeated in the Lords in a vote on its plans for a 26,000-a-year household benefit cap for working age families......

EU approves Iran oil imports ban
EU foreign ministers formally agree to an oil embargo against Iran, as Western powers reinforce their naval presence in the region......

Trust in government 'breaks down'
Public trust in governments is suffering a severe breakdown across the world, according to the Edelman Trust Barometer......

Olympus shares surge on TSE move
Shares of Japanese camera company Olympus jump 8%, after it was allowed to continue trading on the Tokyo Stock Exchange (TSE)......

Hitachi to end TV manufacturing
Japanese electronics giant Hitachi is to stop making televisions from the end of September, but will continue to sell the Wooo brand......

Manpower firm clinches 100m deal
Engineering manpower provider Orion Group clinches 100m worth of business with a Canadian energy firm over five years......

Redknapp 'avoided tax on bungs'
Tottenham Hotspur manager Harry Redknapp received $295,000 which he had no intention of declaring for tax purposes, a court hears......

VIDEO: Is it RIP for DIY?
Steph McGovern reports from the Interiors UK exhibition in Birmingham to find out if people are still spending money on DIY......

VIDEO: Raging against the power firm machines
The 'big six' energy companies received more than four million complaints last year, but what can be done to protest against the prices and services?.....

VIDEO: Will sanctions affect price of oil?
The prospect of tighter sanctions against Iran from Europe and America has pushed up the price of oil......

VIDEO: RIM bosses step down
Blackberry-maker Research In Motion (RIM) has said its co-chief executives Mike Lazaridis and Jim Balsillie have stepped down in a shake-up......

VIDEO: 'Older workers not in way of young'
David Cameron has said the key to getting young people into work while also keeping older workers employed is to make the UK a country people want to come and invest in......

AUDIO: What makes a city thrive?
The BBC's Sanchia Berg reports from Milton Keynes and Newport in South Wales as a study by the think tank Centre for Cities says that the gap between the economic performance of cities across the UK is widening......

VIDEO: There is a light that never goes out
Half of London Underground's Tube stations have no light switches that means the lights can never go out......

VIDEO: Lagarde calls for more competition
The head of the International Monetary Fund, Christine Lagarde, says the eurozone needs stronger economic growth......

Freedom to move: Older professionals in new life abroad
Why older workers thrive when moving abroad.....

EU plans embargo on Iranian oil
What impact would an EU ban on imports of Iranian oil have?.....

Q&A: World Economic Forum Davos 2012
Does the annual meeting of the WEF still have a purpose?.....

'Free trade' prospect for whisky
The Scotch whisky industry could be in for a pleasant surprise.....

Dragon babies spark spending spree
The Year of the Dragon pushes up costs of child birth.....

A tale of two cities, 2012 style
An economic journey across the UK.....

U.S. Day Ahead: Economy to top State of the Union speech
Jan. 23 - President Barack Obama is expected to repeat calls for higher taxes on the wealthy and steps to aid the anemic housing sector in Tuesday's State of the Union address......

U.S. and Israel praise EU deal to ban Iran crude
The United States and Israel welcome the European Union move to ban imports of Iranian oil. Iran calls the sanctions "psychological warfare." Katharine Jackson reports......

BlackBerry bosses step down
Jan. 23 - Research in Motion's co-CEOs bow to investor pressure and resign as the maker of BlackBerry struggles to regain momentum in the ultra-competitive smartphone market it once dominated. Andrew Potter reports......

Factbox: EU imposes new sanctions on Iran
Jan. 23 - Weeks after tensions flared over Iran's possible closure of the Strait of Hormuz, the EU imposes sanctions on Iran's vital oil industry......

Historic shift set for Fed's policy meeting
Fed Correspondent Pedro Da Costa says investors may get to hear about the central bank's new targets after its January 24th / 25th meeting. He adds focus will also be on any mention of QE3......

YouTube hits 4 billion daily streams
Jan 23 - Summary of business headlines: Google's YouTube streams 4 billion online videos a day, according to company; RIM shares crumble with investors less than impressed with CEO shake up. Conway G. Gittens reports......

Apple earnings the bright spot in tech sector: StarMine
Jan. 23 - StarMine's Sri Raman says Apple will likely beat estimates when the company reports fiscal Q1 earnings after the bell on Tuesday......

Trading at Noon: Wall St. stalls after big run
Jan. 23 - U.S. stocks were little changed in early trading after equities posted their best week in a month as the euro zone debt crisis and the U.S. economy showed signs of stabilizing......

EU's Barnier says will stick to bank capital plan
Jan. 23 - Michel Barnier, European Commissioner in charge of financial regulation, says he will stick to a timetable already agreed for implementing stricter Basel III bank capital requirements......

Greece dominates EU financial meeting
European finance ministers meet in Brussels, where they're due to decide on what terms of a Greek debt restructuring they are ready to accept as part of a second rescue package for Athens......

Europe Day Ahead
Jan. 23 - A look to the close of the EMEA markets and ahead to the next day's trading, as well as what to expect from the Asian markets overnight......

BlackBerry bosses step down
Jan. 23 - Research in Motion's Mike Lazaridis and Jim Balsillie have bowed to investor pressure and resigned as co-CEOs as the maker of BlackBerry struggles to regain momentum in the ultra-competitive smartphone market it once dominated. Andrew Potte.....

Morning Briefing: Limelight on Lampert's investment in Sears
Jan. 23 - With Sears stock seeing major ups and downs, the Wall Street Journal reports on Eddie Lampert's investment in the retail chain and its impact on Goldman Sachs......

U.S. Morning Call: RIM co-CEOs make way for new head
Jan. 23 - Research In Motion's Mike Lazaridis and Jim Balsillie are resigning as co-CEOs, handing the top job to insider Thorsten Heins......

EU shouldn't expect world to bail It out
Breakingviews.....

Reuters Today: Crunch day for Greece
Jan. 23 - Euro zone finance ministers meet today to decide whether to accept the nation's debt restructuring plans. Much of Asia is closed for the lunar new year holiday......

Megaupload founder held in custody
Jan 23 - A New Zealand court orders the founder of file sharing website Megaupload to be held in custody. Travis Brecher reports......

Little glitter for gold in Syria
Jan. 22 - Gold price hike devastates gold market in protest-hit Syria. Deborah Lutterbeck reports......

Debt crisis: Live
European stocks edge higher and the euro rises to a three-week high against the US dollar on hopes that a Greek debt deal is possible and investors await news from a meeting of European finance ministers.<img width='1' height='1' src='http://teleg.....

Recession and job security fears see UK stress rise
Recession, austerity and worries about job security have pushed the UK to the top of a six-nation league table measuring stress in the workplace.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c12b983/mf.gif' bo.....

Executive pay to be linked to rank-and-file salaries
Executives' pay should be set partly according to how much they pay their rank-and-file staff under new government proposals.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c127df1/mf.gif' border='0'/><br/.....

European markets rise on hopes for Greek debt deal success
European markets rose on hopes that attempts to address the latest phase of the Greek debt crisis would be successful.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c127df2/mf.gif' border='0'/><br/><.....

RIM chiefs step down as BlackBerry attempts comeback
The two men who made BlackBerry the must-have smartphone for almost a decade have stepped down as co-chief executives of its maker, Research in Motion, after failing to reverse the company's decline.<img width='1' height='1' src='http://telegraph......

UK mortgage market faces tough 2012, CML says
Mortgage lending increased for the fifth month running in December but the housing market faces a weak first half of 2012 as demand from buyers wanes and lenders raise rates, a leading trade body has warned.<img width='1' height='1' src='http://te.....

BlackBerry's problems began with Apple's success
It won Presidential approval in the 2008 US election; it has been credited with breaking up more marriages than Elizabeth Taylor; and for a short while it created the largest listed company in its native Canada.<img width='1' height='1' src='http:.....

London Metal Exchange starts new metal price swaps trade
The London Metal Exchange, the largest industrial metals bourse, has launched a new hedging product on to the market, in what it said was a world first for the metal trade.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/5.....

RSM Tenon shares plunge 29pc on profits warning
Troubled auditor RSM Tenon faces a crisis after a profit warning drove its shares down 29pc - leaving investors calling for an emergency rights issue.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c11e591/mf.gi.....

Nat Rothschild seeks 'very substantial' damages over newspaper claims
One of Britain's wealthiest men has launched a High Court action after he was accused of being the "puppet-master" behind a controversial deal involving Lord Mandelson and the Russian oligarch Oleg Deripaska.<img width='1' height='1' src='http://t.....

Eastern promise points Pru in right direction
Like Fry's Turkish Delight, Prudential is full of eastern promise.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c119aa9/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/1239.....

'One-size-fits-all' approach holding small caps back
How changes to market regulation and tax policy could unleash growth and job creation among small quoted companies.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c1197ea/mf.gif' border='0'/><br/><br.....

Spanish central bank warns of double dip recession
The Spanish economy shrank by 0.3pc in the fourth quarter of 2011, the country's central bank said, reflecting falling domestic demand and slowing exports.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c0e1a6f/.....

Tesco tailors deals to suit affluence of area
Tesco is to tailor its price promotions and ranges to reflect the wealth of families who live near its stores.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c0e6647/mf.gif' border='0'/><br/><br/>.....

Government's response to late payment questioned
The Government has responded to calls for a crackdown on a corporate late payment culture by reforming a "late payment working group" which has been dismissed as a "talking shop" by former members.<img width='1' height='1' src='http://telegraph.fe.....

Ocado finance chief Bracey resigns to join Michael Page
Ocado's chief financial officer, Andrew Bracey, has resigned from the online food retailer to join recruiter Michael Page.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c0cd48f/mf.gif' border='0'/><br/>.....

Vince Cable: there is no magic bullet on executive pay
The Business Secretary outlines a series of measures being introduced to halt the "clear market failure" over executive pay.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c1120bb/mf.gif' border='0'/><br/&.....

Cable wants binding shareholder vote on executive pay
Business Secretary Vince Cable said the Government wanted shareholders to hold binding votes over executive pay.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c1120bd/mf.gif' border='0'/>.....

Vince Cable: shareholders should hold binding votes on executive pay
Business Secretary says shareholders should be given a binding vote over how large companies manage executive pay.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c10d9dd/mf.gif' border='0'/><br/><br/.....

Sir Fred Goodwin's knighthood is an irrelevant bauble. The rewards for failure are the real issue
Who cares if Sir Fred Goodwin loses his knighthood? It's his huge taxpayer-funded pension that grates, says Mark Field.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c10d564/mf.gif' border='0'/><br/>&l.....

Chancellor urged to revive corporate venturing scheme
George Osborne is being urged to bring back a tax break scheme scrapped by the last Labour Government to provide a funding link between big and small businesses.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c1.....

QCA: encourage pension funds to back small caps
Pension funds should be mandated to publish their investment policy towards small caps, according to the Quoted Companies Alliance (QCA).<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c10cfbf/mf.gif' border='0'.....

RIM shares fall as Blackberry shake-up unsettles investors
Research in Motion shares dropped sharply after Jim Balsillie and Mike Lazaridis stepped down as co-chief executives of the Blackberry maker to be replaced by a little-known German executive, triggering takeover rumours.<img width='1' height='1' s.....

Younger workers to retire with company pensions worth just a third of those paid to their parents
New research has highlighted the stark gap between the pensions of the baby-boomers and the younger generation.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c10a776/mf.gif' border='0'/><br/><br/>.....

News International 'planning to launch Sunday edition of Sun in April', claims MP Tom Watson
Speculation that News International may introduce a Sunday edition of the Sun newspaper was rekindled today after Tom Watson MP cited a source saying the company was working towards an April launch.<img width='1' height='1' src='http://telegraph.f.....