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Wednesday 1 February 2012

UK Financial News on 2012-02-01

Facebook unveils plans to float
The world's largest social networking site, Facebook, confirms plans to issue shares raising $5bn (3.16bn, 3.8bn euros)......

Criticism over Goodwin 'hysteria'
Figures from the business world hit out at a decision to strip former Royal Bank of Scotland boss Fred Goodwin of his knighthood......

Case for tax cuts 'is stronger'
The argument for the chancellor to cut taxes to boost the economy is stronger than it was a year ago, the Institute for Fiscal Studies says......

UK manufacturing activity expands
The UK's manufacturing sector returned to growth in January, a survey indicates, with activity at its highest level for eight months......

EU blocks merger of NYSE-Deutsche
NYSE Euronext's proposed merger with Deutsche Boerse is blocked by the EU on competition grounds......

Sony chief executive stands down
Sony announces that chief executive Sir Howard Stringer is to step down on 1 April, to be replaced by vice president Kazuo Hirai......

Football spending sees sharp fall
English Premier League football clubs spent about 70% less in the January transfer window than they did last year, according to Deloitte......

BAA loses Stansted sale appeal
Airport operator BAA loses its latest challenge against a competition ruling that it must sell Stansted airport......

TripAdvisor rebuked for publicity
The travel review website is told to make changes to its adverts and stop implying that all its reviews are honest and trusted......

Ash claims finally given go-ahead
Some 300 travellers with insurance claims resulting from the ash cloud disruption in May 2010 will finally have their cases resolved......

Winter freeze for UK house prices
UK house prices started the new year with a slight decline - falling by 0.2% in January compared with the previous month, the Nationwide says......

Manufacturing data boosts markets
Promising figures for manufacturing output in economies throughout the world boost stock markets......

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

Pension scheme availability drops
The proportion of final-salary pension schemes still open to new recruits in the private sector fell last year from 18% to just 16%, figures show......

China data shows slowing demand
The demand for Chinese exports falls as global economic uncertainty continues to hurt consumer confidence......

Hong Kong unveils relief measures
Hong Kong unveils measures worth nearly $10bn (6.5bn) to help local residents and businesses prepare for a "difficult year......

Disney acquires Indian media firm
Disney's expansion plans in India receive a big boost as it agrees to acquire a controlling stake in media firm UTV......

UK workers 'richer but stressed'
Britons are richer and more stressed than when the Queen came to the throne, a report by the Chartered Institute of Personnel and Development has found......

Petitioners want 'ethical iPhone'
An online petition calls on Apple to address growing concerns about the conditions of its Chinese factory workers......

MPs reverse Lords welfare defeats
MPs overturn a series of defeats inflicted on the government's welfare reform bill by peers, voting to reinstate child benefit into the proposed 26,000 total cap on payments......

Plans for fewer MOTs are dropped
The government has given up its plans to reduce the frequency of MOT tests......

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

China 'subsidising' part makers
A US trade group accuses China of providing "illegal" subsidies to car part manufacturers, a practise it says is hurting US firms......

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......

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......

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

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......

'Nothing signed' in India jet bid
A union leader at BAE Systems Warton says he is "not overly worried" that France is the lowest bidder for a huge export deal with India......

Transfer Deadline Day as it happened
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......

VIDEO: Facebook set for the stock market
Social media giant Facebook is expected to offer itself for stock market flotation in the United States with a valuation of around 60bn......

VIDEO: Bus boss gives staff $16m sale share
Australian Ken Grenda may have sold his bus company, but his staff of almost 2,000 are smiling......

AUDIO: Work study: Longer hours but more stress
Dr John Philpott, chief economic adviser at the CIPD, and Professor Harriet Bradley, sociologist at Bristol University, discuss how working life has changed over the last 60 years......

VIDEO: Toll bridge tax haven gets new owners
A Herefordshire toll bridge that offers a tax-free income has been bought by two entrepreneurs......

VIDEO: Era of greed 'has to end'
Stephen Sackur talks to senior figures in the financial industry - Ken Costa, Nicola Horlick and Richard Newby. Is it the end of an era of greed?.....

VIDEO: Goodwin "a scapegoat" says Stewart
Former Formula One champion Sir Jackie Stewart, a close friend of Fred Goodwin, says the former RBS boss is being made a "scapegoat" for the financial crisis......

AUDIO: 'Lynch-mob mentality' over Goodwin
Former trade minister Lord Digby Jones speaks to the Today programme's Simon Jack about the decision to strip Fred Goodwin, former chair of RBS, of his knighthood......

VIDEO: Indonesia's super rich help the poor
Indonesia has one of Asia's fastest growing population of high net worth individuals, some of them are coming out to help the less fortunate......

Facebooks IPO - its up to you
What will be on sale is you, the user, and your 800 million friends.....

Egyptian mothers take to the internet
Egypt's mothers take to the internet for help and advice.....

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.....

U.S. Day Ahead: U.S. lawmakers to press Bernanke on economy
Correspondent Pedro Da Costa says expect Fed Chair Ben Bernanke to face tough questions when he testifies before a House panel on the economy......

Facebook might look for deals after IPO, analyst says
Feb. 1 - M&A Analyst Sachin Shah of Tullett Prebon says that Facebook might look to acquire Yahoo's American assets for their advertising or BlackBerry maker Research in Motion for its patents......

Factbox: Super PACs by the numbers
Feb. 1 - A look at how much supporters of the U.S. presidential contenders have raised for Super PACs and how they are spending the money according to data from the Federal Election Commission......

Romney has Wall Street support, Gingrich more grass roots
Feb. 1 - Bill Allison of the Sunlight Foundation breaks down super PAC contributions to the 2012 Presidential candidates. Filings show Mitt Romney has raised $30.2 mln through the Restore our Future committee......

Blocked NYSE sparks mixed feelings
Feb. 1 - New Yorkers working in the Wall Street area did not seem upset with a European decision to kill a planned merger between Deutsche Boerse and NYSE Euronext. Conway G. Gittens reports......

The value of the Facebook effect
TV in Shanghai about reports the company is set to file papers that will set the stage for an initial public offering......

Nasdaq, CBOE might look to do deals, analyst says
Feb. 1 - After the EU blocked the merger of NYSE and Deutsche Boerse, Sachin Shah of Tullett Prebon says exchanges like the Nasdaq and the CBOE might look to get their own deals done......

Trading at Noon: Wall St. jumps on overseas optimism
Feb. 1 - U.S. stocks rallied as upbeat economic data out of China and Germany eased concerns about the global economy and Greece neared a long-delayed deal on a debt swap......

EU blocks D. Boerse-NYSE exchange merger
Feb. 1 - European Union regulators block the planned merger of exchange operators Deutsche Boerse and NYSE Euronext, saying it would have led to a "near monopoly" and made it hard for new players to compete. Joanna Partridge reports.....

Europe Day Ahead: Thursday
Feb. 1 - It's Groundhog Day on Thursday as we look ahead to Greek debt talks, Merkel in China, Spanish bond auction and Shell earnings......

U.S. Morning Call: Facebook IPO and wealth effect
Feb. 1 - Facebook's proposed IPO could triple the wealth effect started by four big tech IPOs sold in the last year. Candidate Romney rakes in the money and a win in Florida......

Morning Briefing: Facebook expected to file IPO today
Feb. 1 - All eyes are on Facebook ahead of an expected IPO filing today, and Mitt Romney wins primaries and high-powered supporters......

Ex RBS boss has knighthood shredded
Feb. 1 - Britain has stripped the former head of Royal Bank of Scotland of his knighthood, putting a banker reviled by tabloids as "Fred the Shred" alongside Zimbabwe's Robert Mugabe and Romania's Nicolae Ceausescu as those who lost the high honour. .....

Portugal's bond sale relief
Feb. 1 - Portugal's t-bill auction goes for lower yield, calming investors about the country's ability to raise short term funds leading to the possibility of an another bailout. Ciara Sutton reports......

Amazon shares slide on spending spree
Feb. 1 - Amazon has warned of a possible operating loss in the first quarter following a sharp drop in fourth-quarter profit, a sign that the online retailer will keep spending heavily on expansion at the expense of short-term returns. Ciara Sutton r.....

Bentley hopes new V8 will drive sales
Feb. 1 - After its sales rose by 37% in 2011, Bentley is launching the new Continental GT V8 in London. The luxury car maker hopes its most fuel-efficient model yet will attract new customers and drive 2012 sales. Joanna Partridge reports.....

Sharp expects record full year losses
Feb. 1 - Japan's Sharp in surprise quarterly loss, forecasts record net loss of $3.8 billion for the year to March. Arnold Gay reports......

Reuters Breakingviews: Title Claw Back Undermines Value
Breakingviews......

Reuters Today: Facebook to "friend" market with $5 bln IPO
that Facebook is set to file for its $5 bln IPO as early as Wednesday......

Dude, you bought a Samsung?
Feb. 1 - In the great mobile phone wars, it seems like Apple still has the cool creds in Asia... for now. Jon Gordon reports......

China's factories improve
Feb. 1 - Chinese manufacturing activity improves in January; economists see gradual policy easing to spur growth. Arnold Gay reports......

China's Sany buys Germany's Putzmeister
Feb. 1 - Chinese construction machinery maker Sany Heavy will pay $473 million for concrete pump maker Putzmeister. Arnold Gay reports......

Market Pulse: Global PMI numbers lift equities
Feb. 1 - Financials lead European equities higher after PMI numbers from Germany, the UK and China all beat expectations......

East meets West in a bun
Jan. 31 - Japadog opened its first New York restaurant in January, providing curious New Yorkers a taste of hot dogs with a Japanese flair, with ingredients like seaweed and Kobe beef. Kyoko Gasha reports......

Best Wall St. month since Oct.
Jan 31 - Summary of business headlines: 2012 off to positive start; Amazon revenues rise, but profits hurt by spending; UPS, Exxon Mobil results top forecasts; Housing, consumer confidence spark concerns. Conway G. Gittens reports......

Facebook: 10 fascinating facts
Facebook has set the wheels in motion for an IPO that could value the social network at $100 billion. Here we list ten fascinating facts about the website.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c544028/.....

Facebook files for IPO
Facebook has filed for an initial public offering, and revealed it made $1bn (631m) profit on $3.7bn of revenues last year, as it powered up what is expected to be the biggest ever stock market flotation by an internet company.<img width='1' heigh.....

How the biggest tech companies have performed for shareholders
Facebook filed for a stock market listing today - here are how the other biggest technology companies have performed for investors.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c5391d2/mf.gif' border='0'/>.....

Go West, young man, and East too
Good news on exports and manufacturing for the British economy on Wednesday. Or at least the British part of the world economy.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c54af6d/mf.gif' border='0'/>.....

If it proves itself to be a stayer, odds on Facebook's float will be a winner
Zynga, an online gaming business spawned on Facebook, has had a dull start to life as a public company. Its shares are up 4.3pc since its December debut, having underperformed the market by eight percentage points.<img width='1' height='1' src='ht.....

Backlash fear as Sir Victor Blank pressed over knighthood
The head of the civil service has been asked to strip former Lloyds chairman Sir Victor Blank of his knighthood, as concerns grow about a rising "anti-business hysteria".<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568.....

Does Britain despise the idea of making money?
Telegraph View: The political class, led by a Conservative Prime Minister, has shown an unhealthy enthusiasm for playing to the mob in the Fred Goodwin affair.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c545.....

What has the Government done for British business?
A knighthood stripped, a bonus given up, a punitive tax regime, and excessive regulation. Jeremy Warner reports.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c545bf7/mf.gif' border='0'/><br/><br/&g.....

Debt crisis: as it happened - February 1, 2012
The Institute for Fiscal Studies has urged the Government to consider a 20bn fiscal stimulus in the event of the eurozone break-up, saying a possible plan B should be outlined in the Budget.<img width='1' height='1' src='http://telegraph.feedsport.....

UK faces a two-year recession if euro fails, IFS warns
A eurozone meltdown would plunge Britain back into a two-year recession and send unemployment soaring above 10pc, the Institute for Fiscal Studies (IFS) has warned.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/.....

TPG buys hedge fund company GlobeOp in 508m deal
Private equity firm TPG has beaten rivals to buy UK-listed hedge fund firm GlobeOp in a 508m deal.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c545bfb/mf.gif' border='0'/><br/><br/><a href=".....

At last, some justice forTestosterone Fred
We are fed up with the 'unrepentant demeanour' of Fred Goodwin and his ilk, argues Allison Pearson.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c545bfc/mf.gif' border='0'/><br/><br/><a href=.....

Debt crisis: live
The Institute for Fiscal Studies has urged the Government to consider a 20bn fiscal stimulus in the event of the eurozone break-up, saying a possible plan B should be outlined in the Budget.<img width='1' height='1' src='http://telegraph.feedsport.....

Replacing a broken boiler could trigger compulsory energy-saving work, under government plans
Homeowners who have to replace a broken boiler could be required to carry out energy-saving work such as installing loft insulation, under government proposals.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c53.....

Greece nears debt deal with banks but EU clash looms
Greece was on the brink of a deal with private creditors on Wednesday night after weeks of brinkmanship.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c53f634/mf.gif' border='0'/><br/><br/><a .....

BAE and Rolls motor on as FTSE accelerates
As the market moved up a gear, aerospace engineers BAE Systems and Rolls-Royce were both in the ascendant.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c53dc3f/mf.gif' border='0'/><br/><br/><.....

Bank account protection sought for large deposits
The deputy governor of the Bank of England has called for the creation of specialist bank accounts to protect people with temporary large deposits in the event of a bank's failure.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/3.....

BAE Systems pays Tanzania compensation after two years
It's not just small companies that have problems getting paid on time, small countries do too.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c53d92b/mf.gif' border='0'/><br/><br/><a href="http.....

Bundesbank sinks deeper into debt saving Europe
Germany's Bundesbank has entirely exhausted its stock of private assets and run up a quarter of a trillion euros in liabilities propping up the eurozone system, testing the political limits of EMU solidarity in Germany.<img width='1' height='1' sr.....

EU blocks NYSE Euronext merger with Deutsche Borse
The European Commission has blocked a 6.3bn merger between Deutsche Boerse and NYSE Euronext that would have created the world's largest exchange.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c5106d5/mf.gif' b.....

UK manufacturing defies gloom with growth in January
Britain's manufacturing sector enjoyed a better-than-expected start to 2012, growing in January for the first time in four months, but economists said it was too early to rule out another recession.<img width='1' height='1' src='http://telegraph.f.....

Tesco moves exec who sold shares
The Tesco executive who controversially sold 50,000 shares in the supermarket just days before the company issued its first profit warning in more than 20 years has been moved out of his old role.<img width='1' height='1' src='http://telegraph.fee.....

Business is still a force for good, public says
A majority of Britons still believe that businesses are a force for good, despite the anti-corporate sentiment stoked by bankers' bonuses, according to the British Chambers of Commerce.<img width='1' height='1' src='http://telegraph.feedsportal.co.....

ICAP shares jump on confidence over profits
ICAP saw its shares rise 26p - 7.7pc - to 362p, after the interdealer broker said its full-year profits would hit the top of analysts expectations.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c511449/mf.gif' .....

China's finance minister warns of pressure on growth
China's finance minister warned of weakening prospects for the economy as data showed the country's manufacturing sector shrank for a third month in January.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c5391c.....