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Saturday 4 February 2012

UK Financial News on 2012-02-04

US job numbers show strong growth
The US economy created 243,000 jobs in January, while the unemployment rate fell to 8.3%, official figures show......

Work programme on track: Grayling
Around 20% of unemployed people who have been on the government's main welfare-to-work scheme, the Work Programme, for at least 6 months have been found a job, the BBC has learnt......

New Virgin staff pay for checks
Virgin Atlantic is forcing successful job applicants to pay for their own criminal record checks, Radio 4's Money Box reveals......

High Streets bid for 1m funding
The government is looking for 12 run down High Streets in England to share 1m as a part of plans proposed by TV retail guru Mary Portas......

Annuity sales 'unfair and opaque'
The way annuities are sold is costing half a million retirees each year as much as 1bn in future pension income, the National Association of Pension Funds says......

RBS boss calls for pay correction
The chairman of 82% taxpayer-owned Royal Bank of Scotland (RBS) says banker pay has been "high for too long" and needs to be corrected......

Europe hit by Russia gas shortage
Freezing weather sweeping across Europe is causing a shortage of vital Russian gas supplies to several countries, officials say......

BT vow fibre optic 'game changer'
Fibre optic broadband connections to at speeds of 300 Mbps will be available 'on demand' in the UK next year, BT says......

Apple overturns Motorola's ban
Apple is granted a suspension of a sales ban imposed on some of its iPads and iPhones in Germany......

Service sector sees strong growth
The UK's service sector grew at its fastest rate since March 2011 in January, according to a closely watched survey......

1.1 million face 100 tax fines
Just over one million taxpayers face a penalty of 100 for failing to submit their self-assessment tax returns on time, HM Revenue and Customs says......

Personal insolvencies 'down 11%'
Fewer people were declared insolvent in 2011 in England and Wales than in 2010, but the number of companies going bust increased......

BT cuts costs to increase profits
Telecoms group BT reports a sharp rise in profits, thanks largely to a jump in the number of broadband users......

UK recession looms, says report
The UK will enter recession in the first half of the year as households continue to cut back, says the National Institute of Economic and Social Research......

Score draw in TV football case
The Premier League and the importers of foreign satellite TV decoder boxes and cards are both claiming victory after their latest court battle.....

Game shares soar on lending deal
Shares in video game retailer Game Group soar by 40% after lenders revise the firm's banking arrangements......

Eurozone service sector growing
The eurozone's service sector grows for the first time in four months, although Spain and Italy continue to struggle......

'Sale and rent back' closed down
The sale and rent back industry has been almost completely closed down, says the Financial Services Authority......

Mobility aid sellers in spotlight
Action has been taken against mobility aids traders following a warning from the regulator over sales of the products......

Uganda signs oil production deal
Oil production is set to start in Uganda after a deal is signed between the government and London-based Tullow oil, which also draws in Chinese and French firms......

Hungarian airline Malev collapses
Hungarian airline Malev ceases trading after 66 years after being ordered by the EU to repay state aid it has received......

Panasonic predicts a record loss
Japanese electronics giant Panasonic forecasts a record net annual loss of $10bn for the year to March......

Pilkington to close one UK line
The owner of the glass manufacturer Pilkington says it will close one of its three UK production lines as it cuts costs......

Redknapp lies 'extremely telling'
Harry Redknapp's admission of lying to a News of the World reporter is "extremely telling", a court is told......

VIDEO: Your Money: Tips on money management
In this week's Your Money, Declan Curry looks problems with pensions, considers the benefits of credit unions and gets some top tips on how to manage your money......

VIDEO: RBS boss: Banker pay too high
RBS chairman Sir Philip Hampton says chief executive Stephen Hester was 'entitled' to a near-1million share bonus, which he later turned down......

VIDEO: Can Germany teach UK about banking?
Shadow business secretary Chuka Umunna explained why Labour was looking at international lessons of good practice in finance......

AUDIO: UK share of exports to India 'below Italy'
Just how good is the state of UK-India trade?.....

VIDEO: RBS chairman: 'Bankers' pay too high'
The chairman of Royal Bank of Scotland has admitted that bankers' salaries are too high and need to come down......

AUDIO: BGL's Winslow talks meerkats and management
Simon Jack hears from Peter Winslow, chief executive of BGL Group - the company behind compare the market.com among other businesses......

VIDEO: Tett: Don't blame just the bankers
The woman credited with foreseeing the financial crash claimed people love to bash the bankers but they were not the only ones to blame......

VIDEO: RBS chairman defends Hester bonus
The chairman of the Royal Bank of Scotland (RBS), Sir Philip Hampton, has defended his decision to award a bonus to chief executive Stephen Hester......

VIDEO: Do the super-rich pay their way?
Do the super-rich pay their way?.....

Credit unions hoping to widen net
Credit unions hope a new law will boost membership numbers.....

Test cricket on sticky wicket in Middle East
Why is the England-Pakistan Test match not bowling fans over?.....

The internet's secret black market
Out of reach of regular internet searches is a secret online world.....

Giving an invasive water pest the bullet
Wrestling one of the UK's most invasive pests.....

Police begin clearing Occupy DC protest site
Feb. 4 - Police removed bedding and some tents at an "Occupy" protest site justblocks from the White House, enforcing a no-camping rule. Rough Cut (no reporter narration).....

Obama calls on Congress to come to the aid of homeowners.
Feb. 4 - U.S. President Barack Obama urges Congress to pass his proposal to provide up to $10 billion in aid to struggling homeowners. Deborah Lutterbeck reports......

Job hunters face technical glitch
Feb 3 - New York-Presbyterian Hospital is one of a growing number of employers using a computer tracking system to catalog and sort resumes in hopes of finding the best candidates, as job applicants far outnumber vacant positions. Jill Bennett report.....

Jobs data put Wall Street bulls back to work
Feb 3 - Summary of business headlines: Nasdaq hits 11-year high amid stock surge after surprisingly strong U.S. jobs data; Advertisers gear up for Super Bowl after paying an average $3.5 million for each 30-second spot. Conway G. Gittens reports......

U.S. Week Ahead: Fed Chair Bernanke to tackle housing woes
Correspondent Pedro Da Costa says Fed Chair Ben Bernanke will address his concerns for housing before an industry meeting on Friday......

Giants win could mean big returns for the market: S&P
Feb. 3 - An analysis of the last 45 Super Bowls finds that total return on the S&P 500 for the year is usually positive when the NFC champion wins the Vince Lombardi Trophy......

Templeton's Mobius sees opportunities in Myanmar, Thailand
Feb. 3 - Franklin Templeton's executive director of emerging markets Mark Mobius applauds efforts by Myanmar to open its market to the outside world and like the energy and banking sector in Thailand......

U.S. unemployment tumbles in January
Feb 3 - The U.S. unemployment rate dropped to a near three-year low in January and payroll creation was the strongest in nine months in a report that is boosting the chances of a stronger economy. Conway G. Gittens reports......

Trading at Noon: Wall St. gains 1 percent on jobs jump
Feb. 3 - U.S. stocks rallied more than 1 percent after a report showed U.S. job growth surged in January......

Panasonic heads for record $10 bln loss
Japan's Panasonic is forecasting a record annual net loss of $10.2 billion U.S. dollars in the year to March, joining beleaguered rivals Sony and Sharp in a sea of red ink. Matt Cowan reports......

The economic chill of Europe's big freeze
Feb. 3 - Europe is in the grip of a cold snap with record low temperatures in some countries, driving up demand for gas but posing challenges too. Joanna Partridge reports......

Greece struggles on reform
Athens is under pressure to wrap up talks on a bond swap and a 130-billion-euro bailout to avert a chaotic default. Ciara Sutton reports.....

Obama to Congress: "Don't muck up" recovery
Feb. 3 - Jobs figures released on Friday show the U.S. economy is growing and healing, President Barack Obama said, calling on Congress to pass a payroll tax extension and avoid sabotaging the recovery. Rough Cut (no reporter narration)......

Europe Week Ahead: Monday
Feb. 3 - Hopes for a Greek debt deal get put back again as euro zone finance ministers postpone a meeting originally set for Monday......

Republican presidential hopefuls place bets in Nevada
Feb. 3 - The distressed housing market casts a shadow over the Nevada Republican caucus. Deborah Lutterbeck reports......

Krueger: U.S. jobs market healing
Feb. 3 - Alan Krueger, Chairman of the White House Council of Economic Advisers, says it is important to continue the momentum of job creation in 2012 and calls on Congress to extend a payroll tax cut......

Jobs report is a "watershed" moment for economy: Hoffman
Feb. 3 - PNC's Stuart Hoffman says the surprising increase in January payrolls could signal a big shift to economic recovery, and Moody's John Lonski says the jobless rate could fall to 7.5 - 8.0% by November......

Morning Briefing: Jump in jobs, fake Facebook shares & more
Feb. 3 - January U.S. nonfarm payrolls jump, the woman who sold fake Facebook shares and a Hello Kitty haircut you have to see in our U.S. Morning Briefing......

Mattel ditches Merkel for footballer's wife
Axel Threlfall talks to Mattel CEO Bryan Stockton......

Hungary's Malev airline grounded
Feb. 3 - Hungarian flag-carrier Malev ceased operating early on Friday morning after 66 years of almost continuous service, after its planes were held overseas for unpaid debts. Ciara Sutton reports......

If $50 billion leaves Russia in 2012, no problem: Ulyukayev
it doesn't bother him......

French farmers protest EU reforms
Feb. 03 - A group of French farmers dumped tonnes of earth and straw on a Paris street in protest over what they see as excessive regulation in their industry. Hayley Platt reports......

UK's Miliband says banks face isolation
Feb. 3 - UK opposition leader Ed Miliband says he will step up his attacks on extravagant bankers' bonuses, warning that banks face intense public anger and isolation unless they change their ways. (No reporter narration).....

Reuters Breakingviews: Glenstrata deal is mining sideshow
Breakingviews......

We are already in new great depression: Paul Krugman
in an exclusive interview......

Sir David Michels: 'No question executive pay has got too large. But what's enough?'
M&S deputy chairman and one of corporate Britain's best-known figures, Sir David Michels, has just bought a company and he's scared stiff.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c66f877/mf.gif' borde.....

Sir Martin Sorrell: stop bashing business
One of Britain's most successful chief executives, Sir Martin Sorrell, has called for an end to "business bashing" and said that if politicians keep up their attacks on the private sector, successful companies will move abroad.<img width='1' heigh.....

BP chief Bob Dudley out of the fire?
Bob Dudley, the BP chief executive, has proved much more careful with his words than his foot-in-the-mouth predecessor, Tony Hayward. But he must hope one phrase does not return to haunt him.<img width='1' height='1' src='http://telegraph.feedspor.....

Bank of England to print further 50 billion
Britain's weak economic recovery is expected to lead the Bank of England to print 50bn more money in the coming weeks.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c66ecd7/mf.gif' border='0'/><br/><.....

David Webster to exit from hotel giant InterContinental
David Webster is to stand down as the chairman of InterContinental Hotels Group after eight years.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c66ecd8/mf.gif' border='0'/><br/><br/><a href=".....

Greek debt talks flounder over labour laws
Greece's international creditors and the Greek government have failed to reach a debt deal for a third weekend in succession.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c66ecd9/mf.gif' border='0'/><br/.....

Warning over Facebook structure
Mark Zuckerberg's iron grip on Facebook will put a drag on its share price and store up potentially "devastating" trouble for the future, two of America's leading corporate governance experts have warned.<img width='1' height='1' src='http://teleg.....

Blue-chip investors push for Treasury rethink
A group of leading blue-chip investors has lobbied the Treasury to demand a key clause over international competitiveness be included in legislation which will shape the face of future City regulation.<img width='1' height='1' src='http://telegrap.....

Olive branch from Nat Rothschild in Bumi feud
Nat Rothschild to extend an olive branch to Bumi chairman in an attempt to end the feud which threatens to oust the scion of the European banking dynasty from company's board.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/.....

All3Media chief set to give up control
All3Media chief executive Steve Morrison is under pressure to step down after the television production group's failed attempt to sell last year.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c66ecdd/mf.gif' bo.....

Chiefs at risk in Xstrata merger talks
Sir John Bond and Mick Davis risk being voted off the board of Xstrata after being accused of negotiating a "cosy stitch-up" as the two companies continue 50bn merger talks.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/.....

Kate Bleasdale near brink of bankruptcy
Kate Bleasdale, the recruitment entrepreneur once feted for her success in business, is teetering on the brink of bankruptcy.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c66ecdf/mf.gif' border='0'/><br/.....

Reckitt Benckiser to cut profit reports
The household consumer giant Reckitt Benckiser is set to ditch quarterly reporting of profits amid fears that the long-term growth of the company is under threat.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c.....

Barclays' profit set for 6bn
Barclays to attempt to turn the tide on "banker bashing" as it announces it exceeded Government-set lending targets and made profits of 6bn in 2011 despite tough conditions.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/.....

Sir Martin Sorrell: we should be proud of success
The danger of too much "banker bashing" is that we risk treating everyone the same way.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c669930/mf.gif' border='0'/><br/><br/><a href="http://da.f.....

Vestey Foods Group hooks Royal butcher for 30m
Vestey Foods Group, the 115-year-old family-owned food production conglomerate, has bought Royal butcher Donald Russell for a price in the region of 30m. The move takes Vestey into online retailing for the first time.<img width='1' height='1' src=.....

Citizen Bob Diamond plays it positive on Barclays
When Bob Diamond delivered the inaugural BBC Today business lecture before an audience in Broadcasting House last August, he was in a contemplative mood.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c669932/mf.....

Pears' brothers see profits rise 1,000pc
The three brothers behind the secretive Pears family's 6bn property empire shared pay and dividends of 9m last year as their main holding company saw profits increase ten-fold.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726.....

Equity markets sing a different tune from IMF
Global investor sentiment is now not only split down the middle, but the split is getting deeper and wider. The optimists and pessimists are further apart than ever.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s.....

Rainmaker: Sleepless nights for Ivan over Xstrata?
I'm not sure Ivan Glasenberg, chief executive of Glencore, is a man who has many sleepless nights. After all, why should he, given his 15.7pc stake in the commodities giant is worth 5.2bn?<img width='1' height='1' src='http://telegraph.feedsportal.....

Why Glenstrata puts Facebook on its mettle for investors
Well, thank goodness for that - it's been a week in which investors have been given the excuse to focus on something other than Europe or macro-economics.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c669936/m.....

IBM chief will lead postgraduate training review
IBM technology chief Graham Spittle is to lead a Parliamentary review of postgraduate training in the UK to help develop the advanced skills industry needs to compete internationally.<img width='1' height='1' src='http://telegraph.feedsportal.com/.....

Think Tank: Sale of the century for anyone prepared to back business
Investors should add the Seed Enterprise Investment Scheme to their portfolios.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c669661/mf.gif' border='0'/><br/><br/><a href="http://da.feedsport.....

America's Clinton throws weight behind euro as Greek debt deal edges closer
Hilary Clinton and Angela Merkel have voiced confidence that Europe can solve its financial crisis, as Greece's international creditors entered crunch talks in Athens.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300.....

The Chancellor and RBS: Osborne's failure to get a grip
Don't blame Hester or Goodwin. The complacency of our part-time Chancellor is at the heart of the banking crisis, says Peter Oborne.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c63db53/mf.gif' border='0'/>.....