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Tuesday 31 January 2012

UK Financial News on 2012-01-31

RAB Capital loses chief executive following delisting
Charles Kirwan-Taylor has left the firm in the latest development marking the gradual decline of a once-great hedge fund manager.....

Living wills delay brings frustration
Experts warn inconsistencies in resolution regimes across Europe may increase contagion.....

Top ex-3i executives drop plans for fund
Philip Yea, former chief executive at private equity firm 3i Group and senior business adviser to Prince Andrew, Duke of York, has dropped plans to raise a £200m energy-focused fund.....

Sidecar refreshes Duke Street fundraising
UK mid-market buyout firm Duke Street, which has taken longer than expected to hold the first close of its current €850m fundraiser, has launched a sidecar fund for selected investors.....

Are National Grid shares set for pensions bounce?
National Grid has agreed to stump up an extra £705m over the next 15 years to fix the deficit in its £14bn pension scheme.....

Bankers adapt to new M&A market
The mergers and acquisitions departments of investment banks are changing how they work and the services they offer in the hope of stealing a march on rivals ahead of a hoped for resurgence in activity.....

Banks push SSA clients for collateral
Banks are stepping up their efforts to restructure transactions that require them, but not their sovereign counterparties, to post collateral.....

Anger at EUs confusion over securitisation
Bankers have reacted angrily to misleading language in an EU document that suggested asset-backed securities could be approved for use in banks' liquidity buffers.....

Anti-bribery standards vary between managers
Reporting thresholds on gifts and entertainment for fund managers ranging from £25 up to £500 could potentially creating an uneven playing field across the sector, according to Ernst & Young.....

CME eyes second-half launch for rates clearing
.....

State shares sales hit near-20-year low
Last year was the worst for worldwide privatisations since records began 17 years ago, as countries recoiled from volatile markets and investor appetite weakened.....

Goodwin stripped of knighthood
Former Royal Bank of Scotland chief executive Fred Goodwin, heavily criticised over the bank's near collapse, loses his knighthood......

Gym contracts under investigation
Gym membership contracts are to be put under the spotlight by the fair trading regulator, following customer complaints......

Amazon warns on falling profits
Online retail giant Amazon announces a sharp fall in profits and warns about worse than expected results this year......

Record fall in personal borrowing
The amount of non-mortgage borrowing held by consumers fell in December by the largest amount on record, 377m, the Bank of England says......

US home prices continue to drop
Single-family home prices in the US dropped by 0.7% in November, amid weaker consumer confidence......

Tesco market share dips below 30%
Tesco's share of the UK grocery market dips below 30% for the first time in nearly seven years, figures show......

200,000 homes 'at flooding risk'
The Association of British Insurers estimates that up to 200,000 flood-prone homes could face insurance problems next year......

Euro unemployment hits new record
The unemployment rate in the eurozone hit a record high of 10.4% at the end of last year, the Eurostat agency says......

Arm Holdings profits up over 40%
Arm Holdings, which designs chips used in iPhones, sees its profits rise after successfully agreeing more deals to licence its designs......

Exxon profits rise on oil prices
The world's largest public company, Exxon Mobil, has seen its profits rise despite producing less oil due to the higher price......

Pension change 'will save little'
The government's latest public sector pension changes will make "little or no difference" to their long-term cost, a think tank says......

Package deals boost Sky profits
BSkyB profits increase due to sales of its broadband, telephone and TV packages to its existing customers......

Dixons Retail chief joins Apple
The chief executive of Dixons Retail, John Browett, is leaving the electrical goods firm to join technology giant Apple......

Ocado posts 2.4m loss for 2011
Online grocer, Ocado, which mostly sells Waitrose goods, jump by a third after a jump in sales during 2011......

French close in on India jet deal
French firm Dassault emerges as preferred bidder for a $10bn contract to supply jet fighters to India, in a major setback for Eurofighter......

Average water bills to rise 5.7%
Water and sewerage bills in England and Wales will rise on average by 5.7% to 376 from April, with some customers paying 8.2% more......

Sainsbury's rebrands tiger bread
Sainsbury's is renaming its tiger bread after a letter a three-year-old girl wrote to the company, saying the bread looked more like a giraffe, went viral......

West End ticket sales hit 528m
London's Theatreland enjoyed record box office sales in 2011 for an eighth consecutive year, according to figures released by the Society of London Theatre......

House prices fell by 1.3% in 2011
House prices in England and Wales fell by 1.3% last year, to an average of 160,000, according to figures from the Land Registry......

Teaching union backs pension deal
The ATL teachers' union backs the government's revised deal on pensions in a ballot......

Elderly 'hit as social care cut'
Spending on social care for the elderly is falling this year - despite the assurances of ministers, an analysis by campaigners suggests......

Czechs and UK refuse EU agreement
Twenty-five of the 27 EU states agree to sign a fiscal pact for stricter rules to try to prevent future debt crises, with the UK and Czech Republic refusing......

China loses WTO appeal on exports
The World Trade Organization's appeals panel upholds a ruling that China broke trade rules by restricting exports of some raw materials......

Japan industrial output rebounds
Japan's industrial output rises more than expected in December as manufacturers recover from the floods in Thailand......

Honda sees sharp drop in profit
Honda, announces a 41% drop in quarterly profit, as it continues to feel the impact of Japan's natural disasters and the floods in Thailand......

Japan firms to pay antitrust fine
Japan's Yazaki Corporation and Denso Corporation agree to plead guilty for fixing prices of auto parts supplied to US manufacturers......

Spain property woes hit Santander
Santander reveals a 35% fall in annual profits after the group took extra provisions for deteriorating real estate assets in Spain......

Sportsday Live - Transfer Deadline Day
Bobby Zamora completes his 4m move to QPR and Tottenham sign Everton striker Louis Saha before the January transfer window closes......

ECB renews BSkyB television deal
The ECB announces a new broadcasting agreement with Sky Sports running from 2014 until 2017, with an option to extend until 2019......

Pompey fail to pay players' wages
Portsmouth fail to pay their players' wages for January, the club have announced in a statement......

AUDIO: Jackie Stewart defends Goodwin
Former Royal Bank of Scotland chief executive Fred Goodwin, heavily criticised over the bank's near collapse, has lost his knighthood......

VIDEO: Goodwin stripped of knighthood
Former Royal Bank of Scotland boss Fred Goodwin has had his knighthood removed......

VIDEO: Goodwin will feel 'scapegoated'
Former Royal Bank of Scotland chief executive Fred Goodwin, heavily criticised over the bank's near collapse, has been stripped of his knighthood......

VIDEO: Saving High Street shops
Giles Dilnot looked at plans to save the High Street and spoke to retail analyst Natalie Berg and Conservative MP Zac Goldsmith......

VIDEO: Tax deadline extended by two days
HM Revenue and Customs has decided not to issue penalty fines to anyone missing Tuesday's deadline for self-assessment returns - because tax office workers are striking......

VIDEO: Wedding shop with too many dresses
Businesswoman Alex Polizzi attempts to turn around a family wedding business in Kettering, and has to deal with lack of financial knowledge and rowing siblings......

VIDEO: Amazon expects low growth for late 2011
Amazon has been pushing into new markets with products like the Kindle e-book, but investors are worried that the expansion is coming at the expense of profits......

AUDIO: Apple's UK chip firm 'not worried' about Intel threat
Warren East chief executive of ARM Holdings whose technology powers Apple's widely popular iPhone and iPad speaks to the Today programme's Simon Jack as his company reports a rise in profits by 37% for last year......

Why Greece won't go away
A Greek debt deal won't resolve the country's real problems.....

India's richest shrine goes green
India's richest shrine goes into the carbon credit trade.....

Unilever to face more pension action
Union leaders plan next step in Unilever pension battle.....

How do countries run their state banks?
How do other countries run their state banks?.....

Brics catch quickfire trade habit
Ultra-fast share trading is catching on in emerging markets.....

Davos 2012: A year of worries
The mood, parties, optimism and doubts at Davos 2012.....

The Chinese challengers to Sotheby's and Christie's
Sotheby's and Christie's face new Chinese rivals.....

The U.S. Day Ahead: Perhaps a peak at Facebook IPO details
Jan. 31 - Details of the long-awaited Facebook IPO could be revealed on Wednesday as the social media giant is expected to submit documents to the SEC......

Facebook's Zuckerberg could be next Gates, Jobs: Weber says
West Coast bureau chief Jonathan Weber says the difference between Facebook and tech IPOs of the 1990s is that Facebook already has substantial revenue and profit. He believes interest in the IPO will be high......

Trading at Noon: Wall St. flat after weak data, earnings
Jan. 31 - U.S. stocks turned flat after mixed earnings and weaker-than-expected data on Midwest business activity and consumer confidence......

Hungary's airline Malev runs out of cash
Jan. 31 - Budapest Airport could lose 40% of its traffic if Hungarian airline Malev goes bankrupt. Ciara Sutton reports......

Europe Day Ahead: Wednesday
Jan. 31 - A look at the day ahead on Wednesday including euro zone debt crisis, Merkel in China, Portugal bond auction and Fiat Q4 results......

Samsung loses ground in patent spat
Jan.31 - As a German court refuses to overturn a ruling to barring Samsung from selling its Galaxy 10.1 tablets in Europe's largest economy, EU regulators launch a probe into whether it breached antitrust rules. Matt Cowan reports.....

Morning Briefing: Facebook divide, Oracle-HP legal spat
Jan. 31 - Two views on the expected IPO filing of Facebook, Oracle loses a legal fight against HP, and more in our U.S. Morning Briefing......

Markets rise on Greek debt talks
Jan.31 - Greek Prime Minister Lucas Papademos says negotiators have made "significant progress" towards striking a restructuring deal for Greek government debt. Ciara Sutton reports.....

U.S. Morning Call: Facebook nears a status update
Jan. 31 - It's all about prestige not profit as investors clamor for a piece of Facebook, as the social network prepares to go public......

London braces for Olympic traffic
Jan.31 - Concerns are rising about the ability of London's transport network to cope with traffic during the Olympics. London Mayor Boris Johnson is urging Olympic dignitaries to take public transport instead of chauffeur-driven limousines to help av.....

'Occupy DC' defy camping ban
Jan. 31 - Anti-Wall Street demonstrators remain in their tents at two Washington D.C. parks, as a deadline for them to leave passes without incident. Travis Brecher reports......

Reuters Breakingviews: Austerity wont save Greece & Portugal
Breakingviews.....

Inside the News: Top stories and analysis
Jan. 31 - A look at the early action in the European markets and the day's hot stocks, as well as a final wrap-up of Asia trading......

EU signs up to tighter fiscal rules
Jan 31 - All but two of the European Union's 27 member states sign up to a treaty that threatens sanctions for breaches of budget deficit limits. Paul Chapman reports......

Shanghai pushes yuan plan
Jan. 31 - Shanghai has bold plans to become a massive yuan trading hub by 2015, but its inability to reform quickly means Hong Kong will hold its crown as the top yuan trading hub. Tessa Dunlop reports......

Honda sees 65 percent slide in full year earnings
Jan. 31 - Honda posts sharp fall in quarterly earnings, forecasts worse-than-estimated drop in full year operating profit to 200 billion yen ($2.6 billion). Arnold Gay reports......

Facebook under the microscope
Jan 30 - Speculation of a Facebook initial public offering has put the leading social network under the microscope, especially when it comes to estimates the company could be initially valued at up to $100 billion. Conway G. Gittens reports......

Santander's property hangover
Jan.31 - The euro zone's biggest bank Santander has reported a sharp drop in annual profit after it set aside money to cover foreclosed Spanish property, anticipating government demands for lenders to recognise losses in the sector. Sonia Legg report.....

Market Pulse: Precious metals close storming month on a high
Jan. 31 - Gold and platinum gain more than 10% in January on U.S. growth worries......

Occupy protesters hold ground in Washington, D.C.
Jan. 30 - Occupy protesters in Washington hold their ground as a police deadline to remove bedding from their camps passes without incident. Deborah Lutterbeck reports......

Cruise crash dents Carnival profits
Jan 30 - Summary of business headlines: Carnival and Wendy's cut forecasts; stocks slip on Greece worries; U.S. incomes rise, but so do savings. Bobbi Rebell reports......

Colombia still bets on Valentine's Day roses
Jan. 30 - Colombia fears bad weather and global economic problems will affect Valentine's Day flower exports. Deborah Lutterbeck reports.....

U.S. Day Ahead: Amazon's 2012 outlook will be key
Tech Reporter Alistair Barr says Wall Street will focus on Amazon's 2012 outlook when the online retail giant reports fourth-quarter results after the close......

EU leaders agree on bailout fund
EU leaders have reached an agreement at a summit on the introduction of a permanent euro zone bailout mechanism from July 2012. Sonia Legg reports.....

Stocks shake as Greek talk stall
Jan 30 - Summary of business headlines: Wall Street starts lower on tough talk between Germany and Greece; ABB buying Thomas Betts; U.S. consumer spending flat in December. Conway G. Gittens reports......

German jobs miracle as Latin unemployment soars
Germany is enjoying the greatest jobs boom in 20 years even as unemployment rises to post-EMU highs across southern Europe, stretching the euro's North-South divide ever closer to breaking point.<img width='1' height='1' src='http://telegraph.feed.....

Apple picks Dixons' boss John Browett as new head of retail
Dixons' shares tumbled on Monday after US technology giant Apple crowned John Browett, the boss of the UK electricals chain, as its new head of retail.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c4d443a/mf.g.....

London Mayor says 'bonjour' to banks fleeing French tax
Britain should welcome with "open arms" French banks that want to move business from Paris to London to escape France's new financial transaction tax, according to the Mayor of London and Britain's top bank lobbyist.<img width='1' height='1' src='.....

France's Dassault beats BAE Systems to clinch Indian government fighter jet contract
Britain has suffered a major industrial setback after the Indian government chose French manufacturer Dassault as its preferred partner for an $11bn (7bn) contract to supply fighter jets.<img width='1' height='1' src='http://telegraph.feedsportal......

Santander UK hit by PPI mis-selling provisions
Profits at the UK arm of Spanish banking group Santander fell 40pc last year to less than 1bn, as it was hit by the cost of setting aside money to pay compensation claims to customers who were mis-sold payment protection insurance.<img width='1' h.....

BSkyB unveils new online TV service as profits jump but growth in customer base slows
BSkyB is to launch an online television service and invest heavily in customer care to help combat a sharp slowdown in the growth of its customer base.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c47efbf/mf.g.....

Debt crisis: as it happened - January 31, 2011
Prime Minister tells Parliament he will use legal action if the new treaty being agreed between 25 states threatens the country's national interests and rejects suggestions that the fiscal pact creates a new 'inner group" within the EU.<img width=.....

SSE sees increased profits as energy usage falls
Gas and electricity demand plummeted as consumers turned down their heating during the mild months at the end of last year, energy utility SSE said on Tuesday, but it still expects profits to grow.<img width='1' height='1' src='http://telegraph.fe.....

EasyJet chairman hits back Sir Stelios' claims
EasyJet chairman Sir Mike Rake has delivered his strongest rebuttal yet to what he termed the "numerous inaccuracies and attacks on individuals" from the airline's founder Sir Stelios Haji-Ioannou.<img width='1' height='1' src='http://telegraph.fe.....

ARM profits leap on soaring smartphone sales
Shares in ARM Holdings jumped 2pc to 609.5p on Tuesday after strong sales of smartphones and tablets helped it deliver a record finish to the year.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c4d09cb/mf.gif' .....

Coryton receives enough crude for 'a number of days'
Coryton refinery has received a cargo of crude oil to enable production to continue for "a number of days", as its administrators warned that they were "living from hand to mouth" and could make no guarantees about the plant's future.<img width='1.....

Debt crisis: live
Prime Minister tells Parliament he will use legal action if the new treaty being agreed between 25 states threatens the country's national interests and rejects suggestions that the fiscal pact creates a new 'inner group" within the EU.<img width=.....

BP suffers setback on Gulf of Mexico spill costs
BP suffered another setback in its attempts to share the costs of the Gulf of Mexico disaster, as a US court ruled it must shield its contractor Halliburton from some damage claims.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/.....

Fred Goodwin is shredded: former RBS boss stripped of knighthood
Disgraced former bank boss brought honours system into disrepute says Cabinet Office, as Cameron hails "right decision".<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c4d069b/mf.gif' border='0'/>.....

George Osborne: RBS under chief executive Fred Goodwin symbolised 'everything that went wrong' with British economy
George Osborne says it is right that the former RBS boss is stripped of his knighthood due to his mishandling of the bank.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c4ca981/mf.gif' border='0'/><br/>.....

Stobart property sale opposed by shareholder body PIRC
Influential shareholder group PIRC has urged investors not to back a controversial 100m property transaction planned by transport group Stobart.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c4c81b6/mf.gif' bor.....

Warning of post-Christmas hangover for pubs
While the market bubbled up, pub companies experienced varying fortunes as City scribblers cautioned that after the Christmas party, a headache could hit the sector.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s.....

North Sea oil leak halts 15pc of BP's UK production
BP expects its Foinaven oilfield off northern Scotland, which accounts for 15pc of its UK production, to remain shut for weeks while it investigates a "small" oil leak.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/56830.....

Agent Provocateur gets its knickers in a twist
Oh Oh. Am I in trouble. Writing about sexy underwear is dangerous enough, without ruffling the White House's feathers.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c4c9fb8/mf.gif' border='0'/><br/><.....

Italians smuggle cash into San Marino to beat tax crackdown
Italians desperate to beat the taxman are smuggling undeclared cash into the tiny republic of San Marino in their underwear and shoes.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c4c9ae1/mf.gif' border='0'/&g.....

FTSE 100: Oil majors fuel blue-chip rebound
Oil explorers and producers helped to haul the large-caps back into positive territory as investors were heartened by robust results from a clutch of blue-chip players.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/56830.....

Almost one in four apprentices drop out
Almost a quarter of apprentices drop out of the taxpayer-backed training scheme, with little sign of improvement year-on-year, official figures revealed today.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c4c9.....

Former RBS chief executive Fred Goodwin stripped of his knighthood
Disgraced former RBS boss degraded honours system says Cabinet Office, as David Cameron claims it was "right decision".<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c4c9ae5/mf.gif' border='0'/>.....

Household debt purge hit Christmas retail
Britain's retailers suffered at Christmas because cash-strapped households chose to pay down their debt rather than borrow in December for the first time on record.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/.....

Misery for 750,000 as Standard Life cuts bonus rates
Around 750,000 Standard Life with-profits policyholders have suffered bonus cuts of half a percentage point.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c4b9076/mf.gif' border='0'/>.....