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Thursday 26 January 2012

UK Financial News on 2012-01-26

RBS chief to get 963,000 bonus
Royal Bank of Scotland boss Stephen Hester is to receive a bonus of almost 1m for his work at the bank, which is 82% owned by the taxpayer......

Cameron urges Europe to be bolder
David Cameron tells EU leaders they must be "bolder" if they want to shake off their economic troubles, saying "tinkering won't cut it any more"......

Key Greece debt talks to continue
Key talks between Athens and its private creditors are to resume on Friday to try to agree a debt write-off that could free up bailout funds......

Davos tackles 'lost generation'
Preventing a "lost generation" of workers unable to get jobs is one of the world economy's biggest problems, according to delegates at Davos......

African leaders urge co-operation
At Davos, Africa's leaders say closer co-operation on infrastructure and trade is crucial for the continent's growth......

French bank boss says eurozone crisis has peaked
Chairman of the French bank BNP Paribas, one of Europe's largest and strongest banks, lashes out at plans to introduce a European financial transactions tax - but says that the eurozone is past the worst of its crisis......

Davos 2012: Setting the gloom level to 11
There's a gloomy mood at this year's meeting of the WEF.....

The rich, worried about inequality?
The UK is not alone in debating whether the widening gap between the super-haves and the have-littles is an altogether good thing. It is the talk of the World Economic Forum in Davos. But is it just talk?.....

Kiddicare buys 10 Best Buy stores
Kiddicare owner Morrisons is buying 10 former Best Buy megastores to expand the childrens' care specialists chain......

Speed up tax changes, urges Clegg
Nick Clegg says he wants the coalition government to go "further and faster" in raising the level at which people start paying income tax......

Nokia hit by falling mobile sales
Mobile phone giant Nokia reports a loss for the final three months of last year, as sales of mobile devices fell sharply......

AT&T posts $6.7bn quarterly loss
US phone network AT&T reports a $6.7bn (4.3bn) net loss for the three months to the end of December 2011......

Retail sales 'falling in January'
Retail sales fell in January as shoppers reined in their spending at the start of the year, the CBI says......

US durable goods orders rise 3%
Orders for durable goods rose 3% in the US in December, according to official figures from the Commerce Department......

Loss-making NEC cuts 10,000 jobs
Japanese electronics firm NEC is cutting 10,000 jobs as it announces losses of 97.5bn yen ($1.25bn; 800m) in nine months......

PPI payouts 'hit monthly record'
Some 379m was paid in compensation in November to people who were mis-sold payment protection insurance - the highest total of any month......

Android tablet market share jumps
The Android operating system's share of the global tablet computer market rises sharply at the expense of Apple's iOS, research suggests......

'Huge interest' in Peacocks chain
Administrators of clothing retailer Peacocks say there is "huge interest" in buying the chain......

Rail fare 'dissatisfaction' grows
There is a growing feeling that train tickets across the UK do not represent value for money, a survey of rail passengers suggests......

Subway to expand with 6,000 jobs
Sandwich chain Subway says it will open 600 new branches in the UK and Republic of Ireland and create 6,000 jobs over the next three years......

Strong yen adds to Nintendo loss
Japanese gaming giant Nintendo announces heavy losses, blaming the strong yen and poor sales of its key 3DS console......

Bill Gates school mystery speaker
When a south London secondary school asked for an inspiring guest speaker to talk to their pupils, they didn't expect Bill Gates to turn up......

Lagerfeld launches online range
Karl Lagerfeld is the latest designer to launch a collection online, taking advantage of growing internet fashion sales......

Tax deadline put back by strike
No fines will be handed out to anyone who submits their self-assessment tax returns online in the first two days of February......

Graduate pay 'will go up by 4%'
Graduate pay will rise by 4% this year - the first increase since 2009, the Association of Graduate Recruiters has estimated......

Deadline shift for pension reform
Full implementation of a scheme to automatically enrol workers into a pension scheme will be in place three years later than first planned......

Fed not to raise rates until 2014
The Federal Reserve says it does not now expect to raise interest rates in the US until late 2014, sending the dollar lower......

Merkel says 'big rethink needed'
Germany's Chancellor Angela Merkel tells the World Economic Forum that a "big rethink" is needed in the eurozone within the global economy......

UK economic activity shrinks 0.2%
UK economic activity fell by 0.2% in the last three months of last year, according to official government figures......

All Bar One owner sees sales rise
The pubs group Mitchells & Butlers said sales over the Christmas and New Year period were 4.4% higher than a year ago......

Higher costs hit profits at H&M
H&M reports a fall in profits as input costs rise and the tough economic environment takes its toll......

Hyundai Motors profits rise 38%
South Korea's Hyundai Motors posts a 38% rise in profits for the fourth quarter, as sales domestically and in key markets surged......

Uefa warns clubs about spending
Clubs which fail to comply with Uefa's financial fair play regulations could face player bans and points deductions, European football's governing body warns......

2012 security recruitment begins
More than 10,000 security staff for London 2012 have begun to be recruited at a centre near the Olympic Park......

Stobart to sponsor Super League
Trucking giant Eddie Stobart is the new sponsor of Super League after agreeing a three-year deal......

VIDEO: Tupperware boss gives Davos advice
Davos veteran Rick Goings, boss of Tupperware, offers "dos and don'ts" for first-time visitors to the World Economic Forum......

AUDIO: Subway boss: US tax rates are screwed up
Founder and president of the fast food chain Subway, Fred De Luca, talks the the Today programme's Simon Jack about the success of franchising, calories and the inequalities of the tax system......

VIDEO: Soros: Germany 'tough task master'
The billionaire investor George Soros has said that Germany has become Europe's "task master" imposing "tough fiscal discipline", filling a role traditionally played by the International Monetary Fund......

VIDEO: Taxing times for air travellers
Britain's Air Passenger Duty is set to rise by 8% in April and there are concerns it is discouraging people from visiting the UK......

VIDEO: Should interns pay for work experience?
Young people looking for work can find it just as hard to get work experience - and some employers want paying to pass on their tricks of the trade......

VIDEO: Does diesel fuel get you further?
As the difference in price between diesel and petrol hits a three-year high Newsbeat asks, is buying diesel worth it?.....

VIDEO: Nokia reports loss for end of 2011
The mobile phone giant Nokia will be releasing its year-end results on Thursday......

VIDEO: Cameron urges Europe to be bolder
David Cameron has told EU leaders at the World Economic Forum in Davos that they must be "bolder" if they want to shake off their economic troubles......

Davos 2012: Who's afraid of China?
Davos comes to terms with a new global power.....

Inflation-beating investment options
What investments can help you beat inflation?.....

Financial risks: Danger or opportunity?
Does a financial crisis pose danger or opportunity?.....

How Peacocks ran up 750m debts
How Peacocks collapsed under a mountain of debt.....

How to build an empire out of a bikini
How do you start your own swimsuit company?.....

Salmond's rate of exchange
What currency would an independent Scotland use?.....

How the toy market is going for gold
The toy manufacturers hoping for their own golden moment.....

The U.S. Day Ahead: Analysts see Q4 GDP at 3%
Jan. 26 - The advance reading of GDP will be out at 8:30. The 3% forecast far exceeds the final third-quarter reading of 1.8 percent. Consumer spending is seen as key......

FACTBOX: Apple earnings send stock, expectations soaring
Jan. 26 - Apple's stunning results for Q1 pushed its stock up and its market cap to $416 billion......

Trading at Noon: Banks, tech shares drag Wall Street lower
Jan. 26 - U.S. stocks pared gains on Thursday, with the S&P 500 and Nasdaq Composite negative in morning trading as bank and technology sector shares weighed......

Android tablets moving in on iPad
Jan 26 - Summary of business headlines: Tablets powered by Google Android software gaining ground on iPad; 3M posts higher sales and profits; Caterpillar earnings surge 58 percent thanks to better global demand. Conway G. Gittens reports......

Davos: Rehn wants Greece deal completed
Jan. 26 - The European Union's top economic official Olli Rehn says he'd like to see a deal between private creditors and the Greek government done before the end of January, and says euro zone countries need even great fiscal discipline to overcome .....

Gates injects $750m into AIDS fund
Bill Gates marks the 10th anniversary of the Global Fund to Fight AIDS, Tuberculosis and Malaria at the World Economic Forum in Davos with a pledge of a further 750 million U.S. dollars in funding......

London Olympics visits Davos
Jan. 26 - London mayor Boris Johnson has visited the World Economic Forum in Davos to help promote the UK's capital to potential investors ahead of the Olympic games later this year. Julian Satterthwaite reports from Davos......

Cameron urges EU to look beyond Doha
Jan. 26 - British Prime Minister David Cameron used a speech in Davos to bypass attempts to complete the Doha world trade talks and let the European Union negotiate an alternative deal. Sonia Legg reports from Davos......

Europe Day Ahead: Friday
Jan. 26 - Markets focus on U.S. GDP data after the Fed signals more QE is on the cards......

Police arrest breast implant boss
The owner of what was once the world's third largest breast implant firm is awaiting questioning on possible charges of involuntary manslaughter. Sarah Wali reports......

Police arrest breast implant boss
Jan. 26 - The owner of what was once the world's third largest breast implant firm is awaiting questioning on possible charges of involuntary manslaughter. Sarah Wali reports......

Morning Briefing: Caterpillar profit surges; AT&T posts loss
Jan. 26 - Caterpillar reported a 58 percent rise in quarterly earnings, far exceeding Wall Street expectations, and AT&T posted a massive loss due to a break-up fee for its failed T-Mobile USA merger......

EasyJet avoids industry turbulence
Jan. 26 - An upsurge in business travellers has helped European low-cost airline EasyJet post strong growth in its latest quarterly revenue. Andrew Potter reports......

Nokia profits dive
Jan. 26 - Nokia reported a 73 percent fall in fourth-quarter earnings as sales of its new Windows handsets failed to dent the dominance of Apple's iPhone. Hayley Platt reports......

Slovaks enjoy Hungary shopping spree
Jan. 26 - Slovaks, the euro zone's second poorest members, are driving across the border to shop in neighbouring Hungary to take advantage of that country's weak currency. Hayley Platt reports......

Europe to pick up tab for boosting firewall: Reuters Breakingviews
Breakingviews......

The dark side of connectivity
With over 5 billion things now connected by the Internet, the WEF says the world is vulnerable to a devastating cyber attack......

Greece's youngest MP says new generation is optimistic
Jan. 26 - Greek MP Dionysia-Theodora Avgerinopoulou says she feels positive about private sector support for the Euro Zone......

Italian industry chief urges Monti to cap public spending
Jan. 26 - President of Confederation of Italian Industries, Emma Marcegaglia, says Italy needs to improve growth, infrastructure, research and innovation and cap public spending......

Davos Today: Euro crisis hits Korean growth
Jan. 26 - Central Bank of Korea Governor, Choong-Soo Kim, says contagion from Europe has affected Korea's export trade, but the country is diversifying......

Hong Kong braces for dragon babies
Jan. 26 - Hospitals have switched into high gear to handle a surge in babies from local and mainland mothers in this Year of the Dragon, hoping a little of the luck will rub off on their offspring. Lisa Yuriko Thomas reports......

Indonesia's roof riders face new risk
Jan. 26 - Indonesia's train roof riders in a new faceoff with rail operators, who are determined to get them off carriage roofs. Arnold Gay reports......

U.S. Morning Call: BofA bonuses; Einhorn fined
Jan. 26 - WSJ says Bank of America is paying 75% of the cash portion of bonuses above $100,000 in company stock, and UK's financial regulator imposed a 7.2 mln pounds fine on hedge fund owner David Einhorn......

Japan's Tepco may get $13 bln bailout
Jan. 26 - Nuclear power plant owner, Tokyo Electric Power, reportedly agrees to $13 billion takeover by the Japanese government. Arnold Gay reports......

FOMC: low rates will continue
Jan 25 - The Federal Reserve announced plans to keep interest rates near zero until the latter part of 2014 and revealed an inflation target of 2 percent in hopes of being more transparent about Fed policy. Bobbi Rebell reports......

Investors fear mounting losses in Portugal as second rescue looms
Portugal is fighting a losing battle to contain its public debt and may be forced to impose haircuts of up to 50pc on private creditors, according to a top German institute.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/.....

Davos 2012: David Cameron hits out at EU over euro failings
David Cameron has launched an attack on Europe for failing to deal with its "perilous" financial crisis, as he warned the euro doesn't have the qualities of a successful single currency.<img width='1' height='1' src='http://telegraph.feedsportal.c.....

US growth expectations cemented by company spending
An increase in spending by US companies last month has cemented expectations that the world's largest economy accelerated in the final quarter of 2011.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c2af989/mf.g.....

Davos 2012: Degrees should be more connected to the world of work
Labour market reforms aside, governments across the globe are being urged to consider other strategies to boost growth, apart from traditional demand management ideas.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300.....

Chancellor George Osborne to unveil new powers to rein in the banks
The Treasury will on Friday publish plans for a radical overhaul of financial regulation that will hand the Chancellor new powers to take charge in a crisis, rein in the might of the Bank of England, and provide extra protection for consumers.<img.....

A minimum wage can be beneficial ... as long as it's set at the right level
So is Tidjane Thiam right about minimum wage rules? The chief executive of the Prudential was outspoken in his criticism of minimum wage legislation at a high profile debate at the World Economic Forum in Davos.<img width='1' height='1' src='http:.....

Debt crisis: live
State-backed lender Royal Bank of Scotland has awarded chief executive Stephen Hester an annual bonus of 3.6m shares, worth 996,000 at today's closing price.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c24681.....

FSA ready to fine broker over Greenlight insider trading
The Financial Services Authority is preparing to fine a second financier connected to the Greenlight Capital insider-dealing case.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c2a97eb/mf.gif' border='0'/>&l.....

Cameron is pandering tothe mob over Sir Fred
Telegraph View: Politicians have allowed base populism to overcome both their judgment and their sense.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c2a93a6/mf.gif' border='0'/><br/><br/><a h.....

Davos 2012: Can the Germans stop being German?
Angela Merkel will eventually be forced to accept the inevitable, says Jeremy Warner.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c2afc1f/mf.gif' border='0'/>.....

Capital Shopping Centres deal sparks backlash
Capital Shopping Centre's agreement to buy land from its biggest shareholder Peel Group is "confusing", according to City analysts.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c2a78c9/mf.gif' border='0'/>&.....

Davos 2012: Cameron calls for new and ambitious ideas on trade after Doha 'failure'
Europe should seek separate trade agreements with the US, Africa and other willing parties following the "failure" of the Doha talks, David Cameron said.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c29e043/mf.....

Davos 2012: China calls for forbearance over its image problem
Chinese investment overseas will trigger "political problems" domestically and abroad unless the country rectifies a reputation as new colonists, intellectual property fraudsters and resource grabbers, a powerful panel agreed at Davos.<img width='.....

EADS appoints Trichet to board, names Enders as CEO
EADS has named Airbus head Tom Enders as its CEO when Louis Gallois steps down later this year, and also appointed Jean-Claude Trichet, the former head of the ECB, to its board.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/3272.....

Pre-pack administration overhaul dropped
The Government has dropped proposals to overhaul controversial pre-pack administrations, claiming it is "not convinced" of the benefits of new rules.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c2a47af/mf.gif.....

Olympic Games will hit hit transport and energy projects
Companies report that the demands of the Olympics is forcing them to put investment plans on hold, says the Bank of England<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c2a0404/mf.gif' border='0'/><br/&g.....

Entrepreneur help made more visible
A list of business events, courses, workshops and networking drinks is published to pull together the large number of individual private initiatives<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c2a2342/mf.gif'.....

Polymetal shines as market recovers lustre
Miners came to the fore with Polymetal International, one of the benchmark index's newest entrants, in strong contention for the gold medal.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c2a2343/mf.gif' border=.....

Coryton refinery administrators seek crude oil supplies
Coryton refinery's administrators were tonight attempting to secure supplies of crude oil, after resuming deliveries of fuels to customers this morning.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c2a2344/mf......

FSA seeks to stop 'back-door' listings in London
The City regulator has proposed a stricter set of rules for reverse takeovers and ignited a debate on whether to tighten requirements for premium listings in a move aimed at improving investor protection in the UK.<img width='1' height='1' src='ht.....

Davos 2012: China and Africa to be centre of world trade
Stephen King, group economist at HSBC, has predicted a return to the world economy of 1,000 years ago - with the centre of world trade centred on China, India, Indonesia, and the east coast of Africa.<img width='1' height='1' src='http://telegraph.....

Retail sales suffer biggest fall in three years
Retail sales fell by their largest annual amount in three years during January, according to the latest gloomy set of economic figures.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c273045/mf.gif' border='0'/&.....

Davos 2012: Gates calls on G20 not to ignore the hungry
Bill Gates, the billionaire founder of Microsoft turned philanthropist, urged the G20 to keep world hunger on the agenda despite the financial crisis, as he pledged $750m to the global Aids fund.<img width='1' height='1' src='http://telegraph.feed.....

Davos 2012: Prudential chief Tidjane Thiam says minimum wage is a 'machine to destroy jobs'
Tidjane Thiam, chief executive of Prudential, has branded minimum wage legislation across Europe an "enemy" of young people and a "machine to destroy jobs".<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c27c6d4.....

Cameron calls for new and ambitious ideas on trade after Doha 'failure'
David Cameron used his keynote address to the World Economic Forum in Davos to call for a new approach to world trade.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c29d6dc/mf.gif' border='0'/>.....