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Saturday 28 January 2012

UK Financial News on 2012-01-28

RBS chairman rejects 1.4m bonus
The Royal Bank of Scotland chairman, Sir Philip Hampton, has given up a 1.4m shares reward he was due later this year......

IMF issues austerity cuts warning
Inappropriate spending cuts could "strangle" growth, so austerity measures should be tailor-made by each country, the head of the IMF warns......

Fines threat for credit messages
Firms face raids and fines of up to 500,000 for sending unsolicited text messages about credit or compensation......

US says trade anxieties worsening
US trade representative, Ron Kirk, has warned the US public increasingly feels global trade costs jobs, making it hard to sell any new world deal......

Davos 2012: Where to invest this year?
'Gambling' with some of the world's top investors.....

Bank scraps charity credit cards
Halifax and Bank of Scotland charity credit cards which have helped to raise millions of pounds will be withdrawn, Lloyds Banking Group announces.....

US economic growth rate picks up
The pace of US economic growth quickened to a 2.8% annualised rate in the three months to December, the Commerce Department says......

Greece debt talks 'close to deal'
Greece could reach a deal with its creditors over the weekend, according to the EU's Economic Commissioner, Olli Rehn......

Osborne unveils UK financial bill
The Chancellor George Osborne has revealed details about the new Financial Services Bill that will overhaul regulation of the sector......

Fitch downgrades Italy and Spain
Five eurozone economies, including Italy and Spain, are downgraded by rating agency Fitch, citing financial weakness during the debt crisis......

Spain jobless passes five million
Spain's unemployment figure rose above the five million mark in the last quarter of 2011, official figures show......

Carmaker Ford's profits increase
US carmaker Ford has reported a surge in profits in 2011, fuelled by a one-off payment and strong sales in its home country......

Hundreds of jobs to go at Serco
Outsourcing group Serco announces it is to cut 500 jobs in the UK, mostly at the company's head office in Hampshire......

Top Euro MP quits in piracy row
A European Parliament rapporteur has stood down in protest as a controversial anti-piracy agreement is signed by several countries......

Web economy 'to double by 2016'
With half the world online by 2016, the web economy in the G20 countries is set to nearly double in size to $4.2tn (2.7tn), research suggests......

Mortgage rates 'to be volatile'
Brokers are telling new borrowers to expect mortgage rates to see-saw in the coming months, owing to economic uncertainty......

Toy maker Hornby warns on profits
Model train and Scalextric maker Hornby issues a profits warning after sales of its train and slot-car racing sets were hit in the run up to Christmas......

BP ordered to share spill damages
BP must cover some but not all of oil rig owner Transocean's liabilities for the 2010 oil spill in the Gulf of Mexico, a US judge rules......

Lenders face tougher regulation
Payday lenders and other providers of short-term credit will face much tougher regulation when a new watchdog starts work......

Italian cruise firm offers payout
The Italian firm that owns the stricken cruise ship Costa Concordia reaches an agreement on compensation with several Italian consumer groups......

Call for IMF funds from UK and US
The US and UK should provide more cash to the IMF, the European Union's Economic Commissioner, Olli Rehn, says......

Draghi warns on eurozone credit
The head of the European Central Bank says the situation in the eurozone has improved since its intervention, but credit remains "seriously impaired"......

Samsung in year end sales boost
South Korea's Samsung Electronics announces a 17% rise in profits in the last three months of 2011, as smartphone sales boosted earnings......

Marston's sees 'strong' trading
The pubs chain and brewer Marston's reports "strong" trading over the Christmas period, with higher sales of food and drink......

Redknapp: 'I don't fiddle taxes'
Harry Redknapp told police he has paid "fortunes in income tax" and did not "fiddle anybody", a court hears......

Olympic Village site handed over
London 2012 organisers take control of the Olympic Village site in a ceremony to mark six months until the Games begin......

VIDEO: Crackdown on spam text messaging
Companies who send out spam texts are being warned that investigating them is a high priority.....

VIDEO: Struggle for opportunities in Egypt
Key to Egypt's economic success is getting its millions of young people into jobs......

VIDEO: Your Money: To buy or not to buy?
In this week's Your Money, Declan Curry asks is it cheaper to buy or rent and gets advice on how to make your savings work harder - if interest rates stay low......

AUDIO: 'Cautious optimism' in Davos
The prevailing mood at the World Economic Forum in Davos this week has been one of measured optimism, but there are still questions over whether EU leaders will agree the terms of a new fiscal pact and bail-out fund when they meet in Brussels on Mond.....

VIDEO: Cave diving in New Zealand
Brandy Yanchyk goes after adventure at the Waitomo Caves in New Zealand, experiencing the steepest abseil in the world into the black abyss of an underwater river......

VIDEO: Soros warns of 'lost decade' for EU
Speaking from Davos, financier George Soros has warned that Europe is likely to face a "lost decade" and is concerned that the EU may be destroyed by austerity measures......

VIDEO: Hemel Hempstead economic forum
Newsnight's economic forum in Hemel Hempstead......

VIDEO: Ellen MacArthur on sustainable economy
Dame Ellen MacArthur is in Davos to promote a new sustainable approach for the economy......

Davos: Youth unemployment 'disaster'
Why ending the lost generation 'disaster' matters.....

What has Stephen Hester achieved?
What has RBS boss Stephen Hester achieved?.....

Is Pakistan's economy facing potential collapse?
Is Pakistan's economy in danger of potential collapse?.....

Facebook IPO almost ready -WSJ
Jan 27 - Summary of business headlines: Facebook may file for IPO next week, says report; Twitter to block tweets in some countries; Geithner urges bigger euro zone firewall; U.S. stocks mixed, European stocks fall. Carmen Roberts reports......

Facebook set for $10b IPO - WSJ
Jan 27 - Facebook, the leading social network, is expected to file for an initial public offering as early as Wednesday, February 1, the Wall Street Journal reported. Conway G. Gittens reports......

U.S. Week Ahead: Jobs growth trend could continue
Economics Editor Stella Dawson says although we may see a slight gain in non-farm payrolls on Friday, the unemployment rate may also tick up......

Geithner: Challenge ahead for recovery
Jan 27 - New data show the U.S. economy grew at its fastest pace in 1-1/2 years at the end of 2011, but Treasury Secretary Timothy Geithner says the recovery is still at risk. Conway G. Gittens reports......

Draghi: ECB cash averts credit crunch
Jan 27 - The European Central Bank's loans to banks have averted a major credit crunch, ECB President Mario Draghi has told the World Economic Forum in Davos. Sonia Legg reports from Davos......

Ford earnings disappoint investors
JAN 27 - Summary of business headlines: U.S. earnings season continues; Ford profit weaker than expected; P&G profit plunges 49%; Honeywell tops earnings estimates. Carmen Roberts reports......

Davos 2012: OECD Secretary General Gurria
Jan. 27 - OECD Secretary General Angel Gurria speaks to Insider at Davos 2012.....

Davos 2012: Bank of Israel Governor Fischer
Jan. 27 - Bank of Israel Governor, Stanley Fischer, speaks to Insider at Davos 2012.....

Trading at Noon: Wall St. lower at open after GDP data
Jan. 27 - U.S. stocks are down on weak economic data, earnings from Ford and continued caution over Europe's debt crisis......

Davos 2012: Shell CEO Voser
Royal Dutch Shell CEO Peter Voser speaks to Insider at Davos 2012......

Greek debt deal seen as "very close"
Jan. 27 - A deal between Greece and its private creditors is seen as "very close" says EU economic and monetary affairs chief Olli Rehn, as the EU and IMF push Athens to implement more reforms to get its second bailout package. Joanna Partridge repor.....

Davos 2012: Finnish Prime Minister Katainen
Finland's Prime Minister Jyrki Tapani Katainen speaks to Insider at Davos 2012......

Davos 2012: EU Commissioner Ollie Rehn
EU Commissioner Ollie Rehn speaks to Insider at Davos 2012......

Davos 2012: South African Finance Minister Gordhan
South African Finance Minister, Pravin Gordhan, speaks to Insider at Davos 2012.....

Davos 2012: Nigerian Central Bank Governor Sanusi
Insider speaks to Sanusi Lamido Sanusi, Nigeria's central bank governor......

Companies will put cash to work, up dividends: O'Shaughnessy
Jan. 27 - O'Shaughnessy Asset Managment Chairman and CEO Jim O'Shaughnessy says companies with significant stockpiles of cash will likely raise dividends or start paying one out for the first time......

Counting cost of Costa Concordia disaster
Jan. 27 - An agreement made with several Italian consumer groups to pay passengers on the capsized cruise ship Costa Concordia about 11 thousand euros each is facing criticism in some quarters as insufficient. Matt Cowan reports......

Geithner favours bigger Europe firewall
Jan. 27 - U.S. Treasury Secretary Timothy Geithner has pressed Europe to boost its bailout funds, saying the euro zone debt crisis and oil prices were the two main factors influencing the pace of the US economic upturn. Sonia Legg reports from Davos......

Morning Briefing: U.S. GDP disappoints; Chevron profits fall
Jan. 27 - U.S. GDP for the fourth quarter was slightly below Wall Street expectations, and Chevron reported lower earnings due to rising spending on oil and gas projects and losses at its refinery business......

Spain's jobless rate soars
Jan. 27 - Spain ended 2011 with almost a quarter of its working population unemployed, according to new figures. Joanna Partridge reports.....

Reuters Breakingviews: Commentary on Today's News
Breakingviews at the World Economic Forum in Davos looks at what the ECB can do to help Greece......

Major quake may hit Tokyo sooner-than-expected
Jan 27 - Tokyo University study shows 70 percent probability of Tokyo earthquake in the next four years versus government estimate of 30 years. Arnold Gay reports......

Can foreign stars reboot China soccer?
Will superstars like former Chelsea striker Nicolas Anelka give China's corrupted game a free kick at redemption? Critics say no......

LIVE: Davos 2012 Friday
Jan. 27 - Live interviews and analysis from Davos 2012 including Finland's Prime Minister, the head of the International Labour Organization and South Africa's Minister of Finance, Pravin Gordhan......

U.S. Morning Call: Eastman Chemical expands, BP battles on
Jan. 27 - Eastman Chemical is set to buy specialty chemical maker Solutia for about $3.38 billion in cash and stock, and BP loses its attempt to shift over $15 billion in oil spill costs onto Transocean......

Cambridge's Trinity College buys 50pc stake in Tesco stores
The richest college at the University of Cambridge, Trinity, has invested in the UK's largest retailer by acquiring a 50pc stake in a portfolio of Tesco stores worth 440m.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/56.....

RBS chairman Sir Philip Hampton turned down 1.4m bonus before Stephen Hester was awarded 1m
Sir Philip Hampton, the chairman of the Royal Bank of Scotland, offered to cede a potential 1.4m 'golden hello' before Stephen Hester was awarded a near 1m bonus.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c.....

IMF tells Greece it will lose control of budget in return for bail-out
The International Monetary Fund has signalled that Greece will have to give up autonomy over its budget if it is to receive the full backing of the international community for its second 130bn bail-out.<img width='1' height='1' src='http://telegra.....

GHG takes cut in Bupa fees to ward off vulture funds
Britain's biggest private hospital operator - General Healthcare Group (GHG) - has been forced to accept a cut in fees from Bupa of as much as 6pc, putting further strain on its attempts to fend off vulture funds preying on its 2.3bn debts.<img wi.....

JLR tells banks about future plans to help UK suppliers get loans
Jaguar Land Rover (JLR) is taking the unusual step of giving banks detailed briefings about its expansion plans to ensure its UK suppliers receive a favourable hearing when seeking loans to buy new machinery.<img width='1' height='1' src='http://t.....

British Gas pays Thames Water to promote free insulation
British Gas is to pay Thames Water to promote free insulation to its customers, ahead of the December deadline for energy companies to meet government carbon emissions reductions targets.<img width='1' height='1' src='http://telegraph.feedsportal......

Debenhams signs deal to sell Nautica clothing brand
Nautica, the American casual clothing brand, is to re-enter the British market, after Debenhams signed a deal with the company.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c37ef19/mf.gif' border='0'/><b.....

EU leaders holding up vital Greek debt deal
Pressure from European Union leaders for more fundamental reforms in Greece is holding up the vital debt deal that would mean private creditors to the country taking losses of as much as 70pc.<img width='1' height='1' src='http://telegraph.feedspo.....

UK banks 'hiding extra costs' in cheap loans
The UK's largest banks stand accused of "cross subsidising" cheap loans by overcharging for extra services - prompting corporate treasurers to warn that competition is being stifled.<img width='1' height='1' src='http://telegraph.feedsportal.com/c.....

Davos 2012: London Mayor Boris Johnson reveals investor's 10bn investment offer
Boris Johnson, the Mayor of London, has revealed offers of up to 10bn for investment in London infrastructure after he met business leaders and investment funds at the World Economic Forum in Davos.<img width='1' height='1' src='http://telegraph.f.....

Wipro boss Azim Premji to train UK students in Bangalore
Azim Premji, the billionaire boss of Indian software group Wipro, is close to signing a deal with the Government to train British students in IT, engineering and software development - in Bangalore.<img width='1' height='1' src='http://telegraph.f.....

Chancellor George Osborne was right to give RBS chief Stephen Hester a bonus
Here's a parlour game you can play with your friends called "You the Pay Committee".<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c37eda0/mf.gif' border='0'/><br/><br/><a href="http://da.feed.....

Liam Halligan: At last, a politician who dares to admit that we need 'full disclosure' from banks
It's easy to criticise Mitt Romney. The former Massachusetts governor and erstwhile runaway leader in the Republican nomination race has had a bad two weeks.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c37eda.....

Credit Suisse's Canary Wharf HQ sold to Qatar Investment Authority
Qatar's sovereign wealth fund has agreed to buy Credit Suisse's Canary Wharf headquarters as it expands further into London commercial property.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c37eda3/mf.gif' bor.....

Intermediate Capital Group looks to bypass bank funding
Europe's largest buy-out debt provider Intermediate Capital Group (ICG) is planning to cut out the banks by raising a senior debt fund directly from institutional investors.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/.....

Nicola Horlick gets back down to business with Rockpool
Putting the Madoff disaster behind her, the one-time City "superwoman" Nicola Horlick has reinvented herself as a financier, writes James Quinn.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c37eda6/mf.gif' bor.....

Davos 2012: Now it's the West's turn to listen to wise words from the East
In the '90s, crisis-hit Asia was told to act swifty - the tables have turned.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c37eda7/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.....

Davos 2012: Euro divisions set to continue during EU summit
Crackling tension in Davos is set to spill over into a charged EU summit<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c37eda8/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/.....

Could supermarkets' race for shop space backfire?
Supermarkets' obsession with ever bigger shops could backfire.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c37eda9/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/12399672.....

Wipro's Azim Premji: 'The global economy is not that badly broken. But we do need change'
Wipro chairman Azim Premji says the downturn has provided his company with major opportunities, but argues that businesses have to become more philanthropic.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c37eda.....

Britain's healthcare companies look as sick as their patients
OFT inquiry into price fixing adds to problems of private healthcare firms.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c37edab/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.c.....

Absent Joe Lewis casts a shadow at M&B
Birmingham's International Convention Centre may not hold the charm of a Nicholson's pub or an All Bar One, but it was here that shareholders in Mitchells & Butlers met last week to discuss the company's past year.<img width='1' height='1' src.....

Think Tank: Impressions of fairness can be key to motivation
Fair is in the air. Vince Cable rails against excessive executive pay, bishops oppose plans to put a ceiling on benefits, and the general secretary of the NUT called Michael Gove's more rigorous performance management of teachers a "bullies' charter".....

Weaning companies off the 'Kool-Aid' of bank funding
Britain's businesses are being urged to unhook themselves from bank debt and make more use of alternative sources of finance.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c37edaf/mf.gif' border='0'/><br/.....

Glass half-full again as investors take cheer from 'January Effect'
Since the New Year, Mr Market's mood has picked up dramatically and the price he is quoting us today is not far off last year's peak.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c37edb0/mf.gif' border='0'/>.....