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Sunday 29 January 2012

UK Financial News on 2012-01-29

RBS boss Hester rejects 1m bonus
Royal Bank of Scotland chief executive Stephen Hester will not take his near-1m bonus, the BBC has learned......

Greece budget veto 'impossible'
Athens rejects outright German proposals for an EU power of veto over the Greek budget, with a minister threatening to quit over the issue......

Facebook 'prepares to go public'
Facebook will begin the process of becoming a publicly-listed company this week, valuing the social networking site at between $75bn and $100bn, reports suggest......

Davos ends with economic doubts
The eurozone crisis could be under control at last, according to the leaders at the World Economic Forum, but there is plenty of uncertainty ahead......

Bangladesh signs India power deal
India and Bangladesh sign a deal to build a plant to address Bangladesh's power shortages, despite opposition from environmentalists......

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......

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Halifax and Bank of Scotland charity credit cards which have helped to raise millions of pounds will be withdrawn, Lloyds Banking Group announces.....

'Chaos' warning over bonus veto
There would have been "chaos" if ministers had overruled the board of RBS over a 963,000 share bonus for its chief executive, says Cabinet Minister Iain Duncan Smith......

VIDEO: People favour cap on bosses' pay
A poll by the High Pay Centre suggests most people favour a cap on bosses' pay......

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.....

Protest and power: Alternative voices at Davos
Alternative views on how to fix the world economy.....

Home comforts can be hard to find for the expat
Coming home can be the hardest posting for roaming professionals.....

What drives US entrepreneurship?
What drives American entrepreneurship?.....

Tech is key to Philips' healing
Healing technology aids financial health.....

Ask the expert: Your debt questions
Are you worried about the amount of debt you owe?.....

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

RBS to pay investment bankers 1.5bn settlement
Royal Bank of Scotland, the lender at the centre of a storm over its chief executive's bonus, is to pay out as much as 1.5bn to City bankers as it counts the cost of its disastrous foray into investment banking.<img width='1' height='1' src='http:.....

We're on the brink, warns Greece ahead of summit
Greece faces "the spectre of bankruptcy and all the dire consequences that entails", the Greek prime minister warned.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c3c78f7/mf.gif' border='0'/><br/><.....

French president Nicolas Sarkozy to bring in 0.1pc Financial Transaction Tax in August
France has added some more rocket fuel to Monday's already volatile summit of EU leaders by pledging to introduce a 0.1pc tax on financial transactions in August.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c.....

Financial Stability Board to 'name and shame' countries over financial security
The Financial Stability Board is to 'name and shame' countries which are putting national interests ahead of global financial security in an audit of the implementation of new regulations, according to banking sources.<img width='1' height='1' src.....

Agent Provocateur sales boosted by US First Lady Michelle Obama
Agent Provocateur saw sales jump by more than 12pc, helped by US First Lady Michelle Obama spending $50,000 (31,794) in one shopping spree.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c3c70da/mf.gif' border='.....

AstraZeneca to announce $3bn share buy-back extension
Pharmaceutical giant AstraZeneca is expected to announce a $3bn (2bn) extension to its share buy-back scheme on Thursday.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c3c70db/mf.gif' border='0'/><br/>.....

Rank in talks to buy rival Gala's casinos
Rank, the gaming group at the centre of a controversial 586m takeover last year, is in talks to acquire the casino wing of debt-laden rival Gala Coral in a deal worth up to 250m.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/327.....

The questions MPs need to ask FSA's Hector Sants and Lord Turner over RBS
Despite report there are still issues on which to challenge the regulator.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c3c3f5d/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.co.....

Premier Foods chief Mike Clarke wants a sugar rush for his profits
Chief Mike Clarke is confident he can resuscitate the troubled food giant.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c3c3c2a/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.co.....

Acas warns new tribunal rules will lead to more staff disputes
Fewer companies will bother trying to resolve staff disputes in future as they hedge their bets that workers cannot afford to bring a claim to tribunal under new rules, according to the Government's official mediation body.<img width='1' height='1.....

Goldman Sachs' top City banker Michael Sherwood given 1.6m bonus
Goldman Sachs' top London-based banker has received a share award worth $2.5m (1.6m), according to a US regulatory filing.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c3c25fa/mf.gif' border='0'/><br/>.....

Commerzbank chief Martin Blessing due in court over staff bonus dispute
Martin Blessing, the chief executive of Commerzbank, will give evidence on Monday at the High Court in London as the bank defends its decision not to pay bonuses of more than 50m.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32.....

Is the bell tolling for the current London Metal Exchange?
A new owner may mean the end of Europe's last 'open outcry' exchange.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c3c1e51/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/1.....

Britain should be preparing to make the most of the euro break-up
The week when Alex Salmond firmed up the details of the coming referendum in Scotland about breaking up the UK was a strange time for the Prime Minister to be singing the praises of the UK's monetary union and berating the eurozone as structurally fl.....

Mario Draghi, the Latin Bloc's monetarist avenger
The eurozone money supply is contracting at an accelerating pace on all fronts. The broad M3 gauge has fallen for the last three months in a row. A slump is already baked in the pie.<img width='1' height='1' src='http://telegraph.feedsportal.com/c.....

The Petroplus failure is just the tip of the iceberg in the oil sector
Oil refiners are in the spotlight after Swiss giant went to the wall.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c3bc386/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/1.....

IMF pushes Greece over budget
The International Monetary Fund has signalled that Greece will have to give up autonomy over its budget as desperate last-minute negotiations continue to agree the country's second 130bn bail-out.<img width='1' height='1' src='http://telegraph.fee.....

Blocking RBS bonus 'would cause chaos', Iain Duncan Smith warns
Work and pensions secretary says Government would welcome it if RBS chief Stephen Hester turned down his 963,000 bonus, but in "reality" bank's board "takes the decision on this".<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32.....

MF Global to return 778m to clients
MF Global's administrators are to kick-start the process of handing back an estimated $1.2bn (778m) worth of client assets frozen at the failed broker.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c390fd0/mf.g.....

Ocado set for price war with Tesco
Ocado is to cut its prices on a range of products in a bid to steal a march on rivals such as Tesco in the battle for online supermarket delivery customers.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c390fd1.....

ITV delays roll-out of chief Adam Crozier's payment service
ITV has delayed the roll-out of its long-awaited micropayments system - one of the cornerstones of chief executive Adam Crozier's five-year turnaround plan.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c390fd2.....

Serbia's detention of British businessman Nick Djivanovic raises questions on EU suitability
The case of Nick Djivanovic, a British businessman awaiting trial in a Serbian prison, could raise questions about the country's accession to the European Union.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c3.....

Lloyds director Truett Tate to lose role in chief executive Antonio Horta-Osorio's shake-up
Truett Tate is believed to be the biggest casualty of the pending shake-up of senior management at Lloyds Banking Group, led by returned chief executive Antonio Horta-Osorio.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f.....

Buy some rock and roll history after the Isle of Wight Festival valued at 12 million
The Isle of Wight Festival could be up for sale after the owner received a number of offers to buy the event.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c38bd96/mf.gif' border='0'/><br/><br/>&.....

The great EU conjuring trick
The original players behind the single currency claim astonishing sleights of hand have brought the euro to its knees, says Allan Little and Jane Beresford<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c38fe27/.....