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Monday 6 February 2012

UK Financial News on 2012-02-06

Staffing levels sink to seven-year low
Job cuts have taken their toll but equity analysts remain in demand in the City.....

Pensions a millstone for UK manufacturing
The future of the UK's once-dominant manufacturing industry is being held back by its pension debts.....

Bain backs private equitys image clean up
Bain Capital, former employer of US prospective Republican Party presidential candidate Mitt Romney, is among the firms backing an international move to improve the image of private equity......

Acer fast-tracks new insider dealing guidelines
The European energy market regulator has been forced to accelerate detailed guidelines of new rules covering market abuse and insider dealing amid a furore from the physical energy trading markets.....

Bfinance snares ex-funds chief investment officer
Investment consultant bfinance has hired Chris Jones, the chief investment officer of funds-of-funds firm Key Asset Management.....

Europeans flock to US private bond market for funding
Record numbers of European companies are tapping into the US private placement market for funding, as eurozone banks cut back on lending.....

Calls for the return of ABS as safe havens
Bankers and investors are calling for asset-backed securities ; regarded as the scourge of the financial crisis ; to be included in the asset cushion banks will need to retain against disaster under the Basel III rules.....

Asia promise for Loomis Sayles
Loomis Sayles, the US bond manager, which is part of the giant French asset management group Natixis, is to open in Singapore.....

Buyside raises clearing concerns
Buyside traders are worried by uncertainty regarding new rules that will force asset managers to clear derivatives for the first time.....

Europe lags in ready cash rankings
European companies have much smaller reserves of cash to cope with a future funding squeeze than their global rivals.....

Network Rail boss forgoes bonus
Network Rail bosses, including chief executive Sir David Higgins, say they will not accept bonuses this year amid growing political pressure......

Greece says lender talks 'tough'
Greece holds further talks with its international lenders, as the debate on more austerity measures continues......

Gas price rises as freeze bites
The price of gas in the UK hits its highest level for five years as below-freezing temperatures lead to a surge in demand across Europe......

Borrowers 'shunning credit cards'
Demand for credit cards is "feeling the strain" as UK borrowers turn to other forms of finance, a report suggests......

Tesco Bank delays account launch
Tesco Bank is not expected to launch its current account until next year in order to take advantage of new rules......

P45 tax form is given a reprieve
The P45 has been given a reprieve by the UK tax authority after employers said they did not want to see it go......

Brazil sells control of airports
The Brazilian government privatises operations at three airports as part of moves to upgrade transport links ahead of the World Cup......

Scots 'locked out' on procurement
Scottish firms are being "locked out" of public procurement contracts worth hundreds of millions of pounds, a think-tank claims......

House prices 'up 0.6% in January'
UK house prices increased by 0.6% in January, according to the latest survey from the Halifax......

Final bids for retailer Peacocks
Six serious bidders remain in contention to take over the Cardiff-based clothing retail firm Peacocks, struggling with 750m debts, BBC Wales understands......

HTC profits up but outlook poor
Taiwan smartphone maker HTC reports a 57% jump in annual profits, but it predicts a downbeat start to trading this year......

Ofcom wants Openreach price cut
Telecoms regulator Ofcom tells BT Group to cut the wholesale prices it charges for use of its lines.....

China in EU carbon scheme 'ban'
China tells its airlines not to pay charges to the EU's Emissions Trading Scheme, aimed at cutting carbon emissions......

Bank lending 'to shrink' in 2012
UK bank lending is set to shrink this year for the first time since 2009, according to the Ernst & Young Item Club......

Businesses 'cautious' on future
UK firms plan to cut back on capital investment and hiring as the UK economic outlook remains gloomy, a report suggests......

India telecom ruling 'harms' firm
Telecoms firm Uninor says it has been "unfairly harmed" by an Indian court ruling cancelling licences issued in 2008......

Mitsubishi to close Europe plant
Japanese car maker Mitsubishi Motors says it is to end production at its only plant in Western Europe......

Euro crisis 'could damage China'
A eurozone recession could almost halve Chinese growth this year, according to a report by the International Monetary Fund......

Work contacts 'cut dropout rate'
The more young people come into contact with employers the less likely they are to drop out of school and become unemployed, research suggests......

PM urged to cut wind farm subsidy
More than 100 Conservatives are among MPs who have written to the prime minister calling on him to slash subsidies for onshore wind turbines......

Web firms remove India material
Facebook and Google tell a court in India they have complied with an order to remove "objectionable" material, amid ongoing legal moves on censorship......

Gers Whyte may have lied to court
BBC Scotland uncovers evidence which suggests Rangers owner Craig Whyte may have lied in court......

Redknapp 'one half of Odd Couple'
Harry Redknapp and former Portsmouth FC chairman Milan Mandaric were like "The Odd Couple", a court hears......

VIDEO: Greece restarts debt crisis talks
The BBC's Aaron Heslehurst on the resumption of Greece's debt crisis talks and China's refusal to pay a new EU airline tax......

AUDIO: 'Unemployment emergency' in UK
David Miliband: A "deep structural problem" is breeding youth unemployment in Britain.....

VIDEO: Chinese airlines 'to shun EU tax'
Beijing has banned Chinese airlines from taking part in the EU's Emissions Trading Scheme (ETS), aimed at cutting carbon emissions......

VIDEO: Why payday loans are on the up
Total bank lending in Britain is set to shrink for the first time since 2009 and the lack of credit from mainstream banks could help payday loan firms grow further......

AUDIO: Life as a manufacturing apprentice
Apprentices at a missile manufacturing firm told Radio 5 live what they like about the schemes and what they would change......

VIDEO: Heathrow flights hit by weather
The Independent's Simon Calder explains why Heathrow airport was so badly affected by the severe weather on Sunday......

Bristol launches its own currency
Keeping it within the local economy.....

Credit where it's due
Would Scotland inherit the UK's triple-A rating?.....

Tales of woe from the roaming professionals
When working in a new country can prove unlucky.....

China loosens grip on yuan
Foreigners allowed to invest directly using yuans.....

Snow difficulties and your rights
Your rights if you are unable to reach work owing to snow and ice.....

People problems plague Gulf start-ups
Staffing issues plague Gulf start-ups.....

Debt questions answered by an expert
A consumer expert answers readers' questions.....

U.S. Day Ahead: Fed Chair to be hit by housing questions
Correspondent Pedro Da Costa says Fed Chairman Ben Bernanke could face Republican opposition over his housing policies when he testifies before a Senate panel......

New trouble for Boeing Dreamliner
Feb 6 - Boeing has a new problem with the newly launched 787 Dreamliner involving the main body of the super jumbo jet, but the airplane maker says there is no safety risk. Conway G. Gittens reports......

Trading at Noon: Wall St. eases as investors eye Greece
Feb. 6 - U.S. stocks edged lower after a five-week rally on concerns Greece may be unable to avoid a chaotic default......

Sarkozy, Merkel demand Greek action
Feb.06 - The French and German leaders told Greece time was running out as it attempts to get a deal on a debt restructuring plan, and warned Athens it would only get its second bailout if it delivers on its promise of more economic reforms. Joanna P.....

Europe Day Ahead: Tuesday
Feb. 6 - Athens again fails to strike a deal with bondholders, but says the real deadline for an agreement is any time before a meeting of euro zone finance minsters expected to take place later this week......

Crunch time in Greek bailout talks
Feb. 6 - Greek ministers continue austerity reform negotiations with the EU and IMF to try to reach a compromise that will qualify them for a second bailout of 130bn euros. Joanne Nicholson reports......

Morning Briefing: Facebook mobile plan, Blankfein's push
Feb. 6 - Facebook is set to begin showing advertisements to users on mobile devices, and Goldman Sachs' Lloyd Blankfein joins a national media campaign in support of same-sex marriage......

ECB bond buying analysis
Feb. 6 - Achilleas Georgolopoulos, interest rates strategist with Lloyds, analyses the ECB's activity in the market for the previous week......

Brazil key to world sugar prospects
Feb. 6 - Brazil's recovery from a production setback will be a key driver for the world sugar market......

Markets fall on critical Greece
Feb.06 - European stocks slipped from a six-month high on Monday in response to renewed concerns about debt-troubled Greece which prompted investors to book some profits. Sonia Legg reports.....

2012 may not be sweet for the sugar industry - Reuters Poll
poll shows the global sugar surplus halving and prices easing......

A whiff of the lynch mob: Reuters Breakingviews
Breakingviews......

Reuters Breakingviews: Shareholders Glenxstrata fears
Breakingviews......

Reuters Today: China defends Syria resolution veto
Feb. 6 - State-run media defend the government's veto over a U.N. resolution on Syria - saying it has grave doubts about the west's intentions towards the country......

Super bowl Sunday? Try Breakfast Bowl Monday!
Bloody Marys at 6 AM - it's the Superbowl in Asia. Bleary-eyed but gung-ho American football fans flock to Hong Kongs bars at the crack of dawn to watch their big game far from home......

U.S. Morning Call: Facebook plans ad boost, Humana profit up
Feb. 6 - Facebook will likely start showing ads on mobile devices next month according to the Financial Times, Humana reports a jump in income and more in our U.S. Morning Call......

Market Pulse: Euro assets slide as Greek uncertainty grows
Feb. 6 - Euro assets start the week on the defensive as the prospect of a Greek default looms larger. The euro falls, while safety flows boost German bonds......

Police sweep second Occupy DC site
Feb. 5 - U.S. Park Police conduct a compliance check on a second Occupy D.C. site. Rough Cut (no reporter narration)......

Stalemate in talks on Greek austerity measures
Greek politicians refused to yield to the austerity demands of their "troika" paymasters despite a stark warning from German chancellor Angela Merkel that the stand-off threatened the "entire eurozone".<img width='1' height='1' src='http://telegra.....

Civil servants have much to learn from business
Lord Browne, the former BP chief executive and now lead non-executive director for the Government, reckons a new training programme for senior civil servants responsible for major projects will save the taxpayer up to 10bn a year.<img width='1' he.....

The UK's global success story is already evident, if politicians would only look
David Cameron has heard from business leaders dismayed at Westminster's anti-business rhetoric. On Tuesday that rhetoric will ratchet up once more when MPs are invited to vent their ire over pay and bonuses in banking.<img width='1' height='1' src.....

Why the 'Glenstrata' alliance should not be allowed to stand
"People of the same trade seldom meet together, even for merriment and diversion, but the conversation ends in a conspiracy against the public, or in some contrivance to raise prices." Adam Smith, The Wealth of Nations, 1776.<img width='1' height=.....

Stagecoach founders take fight over Levene losses to lawyers
Stagecoach founder Sir Brian Souter and his sister Ann Gloag are to take their fight over losses they suffered at the hands of former City financier Nicolas "Beano" Levene to the lawyers that handled the transactions.<img width='1' height='1' src=.....

Debt crisis and Greek debt talks: as it happened February 6, 2012
Lucas Papademos requests document on "consequences" of a Greek default as France and Germany insist there will be no 130bn bailout unless the country agrees harsh new austerity terms.<img width='1' height='1' src='http://telegraph.feedsportal.com/.....

Big companies accused of 'tokenism' over women on boards
A big jump in the number of women being hired as non-executive directors on boards, rather than for executive posts, suggests FTSE 100 chairmen are succumbing to "tokenism" during recruitment, a leading headhunter has warned.<img width='1' height=.....

Shanghai shipping slump as IMF warns China on euro slump
Shanghai shipping volumes contracted sharply in January as Europe's debt crisis curbed demand for Asian goods, stoking fresh doubts about the strength of the Chinese economy.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f.....

UK house prices rise in January, Halifax says
House prices in the UK rose 0.6pc in January according to Halifax, supported by low interest rates and providing further evidence the economy had a better start to 2012 than economists had feared.<img width='1' height='1' src='http://telegraph.fee.....

UK new car sales rise marginally in January
New car sales in the UK rose marginally in January despite the uncertain economy and the industry bracing itself for a challenging 2012.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c6e49d9/mf.gif' border='0'/.....

Costa Concordia 'to cut Carnival profits by $155m'
Carnival, the cruise operator behind last month's Costa Concordia disaster, has suffered a downgrade by broker Charles Stanley amid concerns that the incident will have a long-term "material impact" on revenues this year and next.<img width='1' he.....

Randgold profits soar on new gold projects
Gold mining group Randgold Resources has doubled its dividend after profits jumped by 234pc in the year to December.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c71a26c/mf.gif' border='0'/><br/><b.....

Debt crisis and Greek debt talks: live
Lucas Papademos requests document on "consequences" of a Greek default as France and Germany insist there will be no 130bn bailout unless the country agrees harsh new austerity terms.<img width='1' height='1' src='http://telegraph.feedsportal.com/.....

48,000 empty shops blight UK high streets
Britain's high streets are blighted by 48,000 vacant shops, according to the latest figures to highlight the problems afflicting the retail sector.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c7136a7/mf.gif' .....

Avanti to raise 75m to fund broadband satellite
Avanti, the UK's only-listed satellite operator, is to raise 75m to fund the launch of its third orbiter, HYLAS 3.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c712fd1/mf.gif' border='0'/><br/><br/.....

Admiral sails into into choppy waters
Blue-chip motor insurer Admiral has been navigating choppy waters of late.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c712fd3/mf.gif' border='0'/>.....

Qatar, UAE and Norway hold key to UK bonuses
David Cameron today hears from business leaders dismayed at Westminster's anti-business rhetoric.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c708dc5/mf.gif' border='0'/>.....

FTSE 100 set to miss women on boards targets
FTSE 100 companies will fail to meet Lord Davies' targets for getting more women on boards, almost one year after they were introduced, a headhunter has warned.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c70.....

Virgin's no-fly by night sleepover trial
Fifty of Virgin Atlantic's most frequent flyers have been holding a sleepover at the airline's Crawley headquarters to test the next generation of beds.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c7025aa/mf......

Broadband prices set to tumble under Ofcom plan to cap BT fees
The prices consumers pay for broadband and landline telephone services are expected to fall, after Ofcom outlined plans to cut the amount BT can charge other providers for access to its network.<img width='1' height='1' src='http://telegraph.feeds.....

Bristol to have its own currency
Bristol is the latest area to plan its own currency, with citizens being encouraged to design a new bank note.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c7040d4/mf.gif' border='0'/>.....

Germay, France and EC increase pressure on Greece
Germany and France have told Greece there will be no 130bn bailout unless it agrees harsh new austerity cuts and reforms, while the European Commission warned the deadline for a deal "has already passed".<img width='1' height='1' src='http://teleg.....

Downturn catches up with easyJet
EasyJet has suffered its first decline in passenger numbers since flights were disrupted by the Icelandic volcanic ash cloud in April 2010.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c6fd02b/mf.gif' border='.....

Spending cuts plunge RM into red
Public sector spending cuts and an ambitious overseas expansion programme have plunged education service group RM into the red, forced a dividend cut and re-financing moves.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/.....

Shop! Mary Portas at Avoca
Mary Portas has an uplifting experience at Avoca in Ireland<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c6fca78/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/12399738471.....