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Tuesday 24 January 2012

UK Financial News on 2012-01-24

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.....

Global economy 'in danger zone'
The International Monetary Fund says the world's economy is "deeply into the danger zone", with the eurozone crisis requiring urgent action......

UK recovery will be arduous: King
Bank of England governor Mervyn King says the path to economic recovery in the UK will be long, arduous and uneven......

Markets down as debt talks falter
Stock markets lose ground as eurozone ministers put pressure on Greece's private creditors to accept a lower interest rate on their loans......

Government debt at record of 1tn
Government debt has risen above 1tn for the first time, although monthly borrowing fell by 2.2bn in December to 13.7bn......

Apple in record $13.06bn profits
Apple reports record-breaking $13.06bn profits for the three months to 31 December 2011, up 118% from the same period last year......

Zambia seizes back telecoms firm
Zambia's president seizes control of the country's biggest telecoms company - sold to a Libyan investor two years ago by the previous government......

Global bosses gloomy about future
Companies are gloomy about the economic future, according to a global survey of chief executives by accounting firm PwC......

Petroplus to file for insolvency
Petroplus, which owns a major oil refinery in Essex, says it will file for insolvency after failing to reach a deal with creditors over loan repayments......

UK house sales down by 1% in 2011
House sales in the UK fell by just 1% last year to just 869,000, one of the smallest totals on record, HMRC figures show......

Nadir 'stole to inflate shares'
Tycoon Asil Nadir used millions of pounds he stole from his Polly Peck empire to bolster its share price, the Old Bailey hears......

Labour market outlook 'worsens'
The outlook for the global labour market has worsened from last year, the International Labour Organization says......

Carphone sees pre-pay market dive
Carphone Warehouse says the UK pre-pay phone market is down by 35-40%, but stronger contract sales mean it will meet targets......

Cairn withdraws chairman payout
Cairn Energy scraps a plan to grant 3.5m of special payments to its chairman, Sir Bill Gammell, under pressure from shareholders......

Debt crisis takes toll on Siemens
German industrial giant Siemens reports a sharp fall in profits after the eurozone debt crisis forced customers to delay certain projects......

Management buys Hawkin's Bazaar
Toy and novelty gift chain Hawkin's Bazaar is sold in a management buy-out, a month after falling into administration......

Eurozone urges deal on Greek debt
Eurozone finance ministers call on Greece to reach a deal with its private sector creditors after rejecting an offer from lenders......

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......

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......

Japan PM Noda in tax reform call
Japan's prime minister vows to push for controversial tax reform to help tackle debt, as he convenes a new session of parliament......

Indian interest rates held steady
India's central bank leaves interest rates unchanged but moves to increase liquidity as it battles high inflation and weaker growth......

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......

McDonald's sees 11% income jump
McDonald's plans further expansion after net income rose in the final three months of last year to $1.38bn......

Western Digital profits fall 36%
Profits at hard drive maker Western Digital fall 36% in the three months to the end of December 2011 compared to the same period in 2010.....

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......

Redknapp 'kept account a secret'
Harry Redknapp did not tell his accountant or bank about an offshore account for years, prosecutors claim......

VIDEO: Greece has the 'best civil servant'
Greek civil servant Panayiotis Karkatsoulis has won an award from the American Society for Public Administration in a country where public servants do not enjoy the best reputations......

VIDEO: Changing face of tourism in Egypt
The revolution in Egypt has triggered a rise in the power of hardline Islamists, who have strong views about what kind of tourism the country should offer......

VIDEO: What to expect from Davos in 2012
As business and political leaders start to arrive at the Swiss resort of Davos for the World Economic Forum, Tanya Beckett looks at some of the themes they will be discussing......

VIDEO: McDonald's sees 11% profits rise
McDonald's UK chief executive Jill McDonald says a programme of investment and providing ''affordable treats'' for people has helped boost profits by 11% in the last three months of last year......

AUDIO: Horlick: Executive pay is 'out of kilter'
CEO of Bramdean Asset Management Nicola Horlick reflects on government plans to curb excessive boardroom pay which includes allowing shareholders to veto big bonuses......

VIDEO: Fears for 1,000 oil refinery jobs
Swiss oil refiner Petroplus has said it will file for insolvency after failing to reach an agreement with creditors to extend deadlines for loan repayments......

VIDEO: Global economy 'in danger zone'
The world's economy is "deeply into the danger zone" because of risks from the eurozone, the International Monetary Fund has said......

AUDIO: How to fill in online tax forms
Radio 5 live found out the best ways to fill in the online self-assessment tax forms that are due at the end of January......

Are GDP forecasts too optimistic?
Are we being too optimistic about the economy?.....

Davos debates future of capitalism
Davos debates the future of capitalism.....

Small firms urged to be brave and bold
The hi-fi boss who says small firms need to be unique.....

VIDEO: Do the super-rich pay their way?
Are really rich people good for the rest of us?.....

Can shipping go green?
Can the power of the sun revolutionise shipping?.....

Swedes cheer economic prosperity
Sweden's finance minister is praised by the people.....

Look up to the balcony for State of the Union clues
White House Correspondent Jeff Mason says if you want to know what President Barack Obama is going to say in the State of the Union address, look to the First Lady Michelle and Warren Buffett's secretray......

U.S. Day Ahead: Fed on target for transparency
Jan. 24 - The Fed is expected to announce new targets when it concludes its two-day policy meeting. But Brown Brothers Harriman's Marc Chandler says better communication does not equal better forecasts......

Romney's tax returns force debate about tax code
Tax Columnist David Cay Johnston says that Romney revealing his tax details could prompt the other Republican presidential candidates - and the nation - to debate the "separate but unequal" U.S. tax code......

UK teen's app creates stir
Jan. 24 - London student Nick D'Aloisio has been thrust into the global spotlight after his iPhone app won the backing of an investment company controlled by Hong Kong billionaire Li Ka-shing. Technology correspondent Matt Cowan reports......

Greek creditors urge quick deal
Jan. 24 - Greece's private creditors have pleaded with European officials who rejected their bond swap offer to hammer together a deal before Athens tumbles into a chaotic default. Andy Potter reports......

McDonald's big pay off
Jan. 24 - Summary of business headines: McDonalds' investments pay off; Coach proves luxury still sells; Dupont's revenue miss; Verizon pays the price for iPhone success. Bobbi Rebell reports......

Trading at Noon: Stocks pull back on Greece, technicals
Jan. 24 - U.S. stocks pull back with equities struggling after a 5-day rally, and investors cautious on the Greek debt crisis......

Davos delegates greeted by protest
Jan. 24 - The Occupy movement has created an igloo camp at the Swiss ski resort of Davos to bring its argument with the super-rich "1 percent" to the World Economic Forum. Sonia Legg reports from Davos......

Occupying Davos
Jan. 24 - Occupy Davos activists put the finishing touches to their 'Igloo Camp' and say that they will try to disrupt the annual gathering of the rich and powerful in Switzerland. Julian Satterthwaite reports......

Morning Briefing: Romney's special tax deals, Martha sued
Jan. 24 - How Mitt Romney keeps his tax bill low, why Martha Stewart Living was sued and more in our U.S. Morning Briefing......

Fine French wine can deliver greater returns than S&P
Jan. 24 - French stock markets are down, its sovereign credit rating has been cut. Rhonda Schaffler takes a look at how wine could be the most lucrative way to get exposure to the country......

U.S. Morning Call: Romney vs. Gingrich, tax records revealed
Jan. 24 - As U.S. presidential hopefuls battle it out in the Republican primaries, records show that Mitt Romney had an effective tax rate of less than half of Gingrich, on a higher income......

Reuters Today: Still no deal on Greece
Jan. 24 - EU ministers meeting in Brussels turned down creditors' demands for a 4% coupon on new longer-dated bonds......

Euro zone crisis hurts Siemens
Jan. 24 - Europe's biggest engineering conglomerate Siemens has posted an unexpectedly sharp fall in core profits, seeing a six-quarter streak of rising orders come to an end as the euro zone's debt woes hit corporate spending and investment. Andrew .....

Market Pulse: What's Moving Today And Why
Insider has its finger on the market pulse, analyzing and making sense of the biggest movers of the day......

EU bans Iran oil, prices rise
Jan 23 - Summary of business headlines: Oil jumps as Europe bans Iranian oil imports; Wall Street little changed; Occupy protesters set up igloo camp at World Economic Forum; YouTube streams hit 4 billion a day; BlackBerry maker stock sinks after CEO.....

BlackBerry- turnaround or takeover?
Jan 23 - Research in Motion's new management is faced with big decisions including whether to fight to turnaround the maker of BlackBerry devices or start talking to partners about a deal. Bobbi Rebell reports......

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......

Apple earnings beat forecasts by a mile
Apple's first-quarter results surpassed Wall Street expectations, fueled by robust Christmas sales of iPhones and iPads.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c1acd40/mf.gif' border='0'/><br/>&.....

Cairn drops 2.5m share award for Sir Bill Gammell
Cairn Energy has given in to shareholder pressure and dropped its plan to give chairman and former chief executive Sir Bill Gammell a 3.5m one-off reward package.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c.....

Petroplus insolvency risks 900 UK jobs amid petrol shortage fears
More than 900 jobs at Petroplus's Coryton oil refinery in Essex and storage site in Teesside hung in the balance on Tuesday after the Swiss company defaulted on $1.75bn (1.12bn) of debt and filed for insolvency.<img width='1' height='1' src='http:.....

Tainted former EC president Jacques Santer to raise money for EU bail-outs
Jacques Santer, the head of the European Commission forced to resign en masse over a corruption scandal, is the new head of a key eurozone rescue tool - named the SPIV.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/56830.....

Boost for campaign to strip Sir Fred of knighthood
The campaign to strip the ex-RBS chief of his knighthood gathered fresh momentum after a member of the panel overseeing last year's inquiry into the bank's collapse said the report amounted to a regulatory "censure".<img width='1' height='1' src='.....

Credit Agricole and Societe Generale downgraded by S&P
Two of France's largest banks have been downgraded by Standard & Poor's as the ratings agency followed up on its earlier downgrade of the country's sovereign rating.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/5683.....

EU ratchets up pressure with Greek default threat
European Union officials have stepped up pressure on Greece and its creditor banks in a complex game of three-way brinkmanship, signalling that they will allow a Greek default to run its course unless both sides accept more pain.<img width='1' hei.....

Davos should address how the EU can reconnect with its population
Europe is in crisis. The world's largest trading area needs a fix that covers more than dealing with sovereign debt issues and the eurozone financial upheaval.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c1a9.....

UK could save 4bn a year on EU regional aid
Britain could save over 4bn a year by taking back control from the European Union funding policy for the country's poorest regions.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c1a7ba6/mf.gif' border='0'/>&.....

Debt crisis: live
Global markets slide as IMF announces that it expects a eurozone recession and cuts its world growth outlook to 3.3pc for 2012, down from 4pc in September.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c1479b5/.....

New Land Securities boss to step up pace as Francis Salway departs
The new chief executive of Land Securities says he wants to inject "more pace through the business" after being named as the replacement for Francis Salway.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c1a62a5.....

Francis Salway leaves a clear legacy at Land Securities
One New Change in the City, Cabot Circus in Bristol, and the biggest development on Oxford Street for a generation - not many chief executives leave a visible legacy of their time in charge, but Francis Salway has.<img width='1' height='1' src='ht.....

McDonald's serves 1.3bn UK diners
McDonald's served 1.3bn customers in the UK last year, the company said, as it unveiled a record set of global results.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c1a62a7/mf.gif' border='0'/>.....

IMF cuts growth forecasts as euro crisis deepens
The eurozone debt crisis is escalating and dragging down the world economy, the International Monetary Fund said, as it sharply cut its outlook for global growth and called for policies to restore confidence.<img width='1' height='1' src='http://t.....

Davos can't work miracles but it may see the start of one
It's Davos week, and despite a programme packed with distractions for the elite of world finance, business and public policy, there's only one thing participants really want to talk about - the eurozone debt crisis.<img width='1' height='1' src='h.....

Weir motors as scribes say sell-off overdone
Having been severely squeezed in recent days, Weir Group, the maker of pumps and valves, managed to stage something of a turnaround.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c19f7d2/mf.gif' border='0'/>.....

Ageing Japan faces 'chronic' trade deficit after Fukushima
Japan has racked up its first trade deficit in 31 years as the country's ageing crisis hits home and the Fukushima nuclear disaster raises dependence on imported fuel.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300.....

FTSE 100: Financials lead large-caps lower
High street banks were amongst the sharpest fallers on the benchmark index on Tuesday morning as Greek debt talks looked set to go to the wire.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c164289/mf.gif' bord.....

PZ Cussons shares slide on drop in profits
Olive oil-to-hair oil company PZ Cussons saw its shares slip 4.8pc to 296p as it unveiled a sharp drop in profits.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c19af00/mf.gif' border='0'/>.....

Davos 2012: confidence among Europe's business leaders crumbles
The fallout from the ongoing sovereign debt crisis also appears to have damaged confidence outside of the eurozone, with nearly half of the chief executives polled for PricewaterhouseCoopers' global confidence survey warning that they expected to see.....

Small businesses are the 'real Internet companies' not Google, says exec
Matt Brittin, Google's vice president of sales and operations for northern and central Europe, has claimed the web search giant is "not a real internet company' and hailed small to medium enterprises (SMEs) as the "real internet businesses".<img w.....

Google is 'not a real internet company' says exec
Matt Brittin, Google's vice president of sales and operations for northern and central Europe, has claimed the web search giant is "not a real internet company' and hailed small to medium enterprises (SMEs) as the "real internet businesses".<img w.....

Eurozone debt crisis hits Siemens
Engineering group Siemens has suffered an unexpected fall in quarterly profits after the European debt crisis squeezed its margins.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c17e891/mf.gif' border='0'/>&.....

How the Government collects our money and where it is spent
Have you ever felt that you are paying ever larger amounts of your hard earned money to the Government?<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c1976ed/mf.gif' border='0'/>.....

Graphic: UK debt passes 1 trillion for the first time
Public sector net debt, the total financial liabilities of the public sector, has reached 1 trillion for the first time.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c1909b6/mf.gif' border='0'/><br/>&.....