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Tuesday 7 February 2012

UK Financial News on 2012-02-07

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.....

Profits decline at BHP Billiton
Falling prices of iron ore and coal push down profits at the world's biggest mining company, BHP Billiton......

RBS boss: 'Prove critics wrong'
RBS boss Stephen Hester breaks his silence on the controversy surrounding his bonus, saying the attention had been "discomforting, to say the least"......

Euro 'could survive Greece exit'
Pressure is rising as Greece's government once more postponed a crucial meeting to agree tough reforms, as Europe's leaders openly discuss Greece leaving the euro......

Yahoo board in another shake-up
Yahoo's chairman and three other board members step down as the tumult at the US web portal continues......

Brazil's Itau has record profits
Itau Unibanco posts 14.6bn reais ($8.5bn, 5.3bn) of net profit in 2011, the highest ever for a bank from Brazil......

Clydesdale Bank owner could sell
The Australian owner of the Clydesdale Bank and Yorkshire Bank is looking for options to sell or radically reform the businesses......

Lloyds Group to shed 1,000 jobs
Lloyds Banking Group announces it is to shed nearly 1,000 jobs and close three of its administration sites......

Stores offer warranty concessions
Dixons, Comet and Argos have pledged to improve the way extended warranties for electrical goods are sold, the Office for Fair Trading says......

Empty shop numbers 'set to rise'
The number of empty shops on the UK's high streets is set to increase this year, a survey says, as economic conditions get tougher......

Profits surge at GlaxoSmithKline
UK drugmaker GlaxoSmithKline announces profits of 1.9bn for the three months to the end of December, up from a 193m loss a year previously......

Tax deal brings out 2,000 evaders
Some 2,000 people from the UK with money invested in Liechtenstein have come forward after the tax haven was put under the spotlight......

India growth 'to fall below 7%'
India's economic growth is likely to dip below 7% for the 2011-12 financial year, new government statistics show......

BP ups dividend as profits rise
BP announces sharply higher profits and increases its dividend to shareholders for the first time since the 2010 Deepwater Horizon oil disaster......

Toyota increases profits forecast
Carmaker Toyota raises its profits forecast, saying its recovery is on track after the Japanese tsunami, Thai floods and the strong yen......

UBS profits down on weak business
Profits at Swiss bank UBS slump by three-quarters and the outlook remains tough as the eurozone crisis saps business......

Loss at steel maker ArcelorMittal
Steel maker ArcelorMittal reports a loss for the final three months of last year, but forecasts better times ahead......

Dutch car plant in '1-euro' offer
A Mitsubishi Motors boss offers to sell its Dutch factory for one euro, a day after the Japanese car-maker said it was halting production there......

Budget political broadcasts axed
Budget Day political broadcasts have been axed, under new BBC rules......

EMA replacement 'failing young'
A report suggests poor young students are dropping out of college because the government's bursary scheme is "inadequate"......

Pension costs 'may rise faster'
The mortality rate in England and Wales improved in 2011, which could have a knock-on effect on pensions, actuaries say......

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

'Gobsmacking' tax and NHS costs
Estimates showing 10.9bn in unpaid tax was written off and medical negligence could cost 15.7bn are examined by the Commons spending watchdog......

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

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......

Glencore-Xstrata in $90bn merger
Anglo-Swiss mining group Xstrata unveils a $90bn merger with commodity trader Glencore, a move opposed by some major shareholders......

UK bookings boost for Tui Travel
Europe's biggest travel group Tui Travel says its UK bookings have performed better than the overall market in recent months......

US firm to print Olympics tickets
A US firm has been handed the multi-million-pound contract to print the tickets for the London Olympics, sparking criticism from a British firm......

Redknapp tax trial jury sent home
The jury in the Harry Redknapp tax evasion trial is sent home for the day with deliberations to continue on Wednesday......

2012 venue naming rights for sale
The Olympic Park Legacy Company has launched a process to recruit sponsors of venues beyond London 2012......

Hearts face action over tax bill
Heart of Midlothian Football Club is given eight days by tax officials to pay an outstanding bill or face liquidation......

VIDEO: Empty shops rate hits 14%
One in every seven shops on the UK's High Streets stood empty at the end of 2011......

AUDIO: 'We should stop using the word bonus'
Labour leader Ed Miliband, who has called for a tax on bankers' bonuses, is to lead a House of Commons vote on the issue. Peter Hahn, of the Cass Business School, and John Cridland, of the CBI, discuss whether executive pay is falling......

VIDEO: Can Greece take more austerity?
In Greece, the government is said to be close to agreement on new austerity measures to qualify for more bailout funds......

VIDEO: Merger will create mining giant
News of a merger between mining firm Xstrata and commodities trader Glencore has been met with a mixed reception by investors......

AUDIO: Extended warranty deals 'not good value'
The Office of Fair Trading has concluded that extended warranties on items such as washing machines are not a good deal......

AUDIO: Europe must do 'real' business
Malaysia's former Prime Minister Mahathir bin Mohamad says Europe needs to produce 'real' goods and services, not rely on the financial sector.....

VIDEO: Connecting the future of business travel
As almost any road warrior will tell you, wi-fi connectivity is becoming more and more important and necessary......

What the Dickens is the author worth?
Valuing the author's brand, 200 years after his birth.....

'Europe is poor so should live within its means'
Time to learn from Asia and cut the cloth accordingly?.....

Road warriors struggle to get connected
Road warriors struggle to get connected.....

Arab Spring hits India mango trade
Indias mango industry hit by Arab Spring.....

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

Making money in war time
Making money in war time.....

The U.S. Day Ahead: Investors await Groupon results
Tech Reporter......

Dickens legacy endures
Feb 7 - On the 200th anniversary of Charles Dickens' birth, celebrations take place in London demonstrating the author's enduring value is more than just literary. Joanne Nicholson reports......

Bernanke downplays jobs upturn
Feb 7 - Federal Reserve Chairman Ben Bernanke sticks to the script when testifying before the Senate Finance Committee, despite signs of a strengthening economy, leading to further talk of a Federal Reserve that is behind the curve. Conway G. Gittens.....

Facebook governance "troubling": corporate governance expert
Feb. 7 - Prof. Charles Elson, U. of Delaware, discusses the Calif. State Teachers Retirement System's concern about Facebooks governance. CalSTRS has some of its $145 billion invested in the social network......

The Exchange: Guns, Strippers and Money
Rob Cox talks to Paul Barrett about his new book "Glock: The Rise of America's Gun.".....

Trading at Noon: Wall St. higher as Greek deal advances
Feb. 7 - U.S. stocks traded higher as investors awaited the outcome of discussions on a bailout package for Greece......

Breakingviews: Facebooks Old Media governance
Breakingviews columnists discuss Mark Zuckerbergs control of the social network and its similarities with forerunners in the media industry......

EUROPE DAY AHEAD: World awaits Greek deal
Feb. 7 - Euro zone sentiment gets a lift on reports that a draft debt deal will be presented to Greek political leaders tonight......

GlaxoSmithKline CFO
about the drug company's fourth quarter and plans for the future......

Morning Briefing: Zuckerberg's control, Paulson's performance
Feb. 7 - A California pension fund expresses concern over Mark Zuckerberg's iron-clad control of Facebook, and John Paulson's Advantage Plus Fund rises 5 percent in January......

Glencore Xstrata merger deal agreed
Feb. 7 - The commodities and mining companies have agreed a $41 billion all-share merger that would see the biggest ever deal in the mining sector. Joanne Nicholson reports......

U.S. Morning Call: Facebook's governance, UBS to cut bonuses
Feb. 7 - Pension fund, California State Teachers Retirement System, is taking issue with the corporate governance of Facebook, and UBS employees brace for major cuts to their bonuses......

Sweetness goes out of the global sugar market - Poll
poll shows the global sugar surplus halving and prices easing.....

Reuters Breakingviews: Glenstrata facing shareholder threats
Breakingviews......

Reuters Today: New mining giant forged
Feb. 7 - Glencore and Xstrata announce a 'merger of equals' in a deal worth $90 bln......

Nikon captures 'big picture' with D800
Feb. 7 - After disasters in Japan and Thailand set back production of new camera models in 2011, Japan's Nikon has been announcing new cameras at a torrid pace so far this year including its latest DSLR called the Nikon D800 which boasts 36.3 megapix.....

Market Pulse: Aussie on a roll as RBA stands pat
Feb. 7 - Australia's currency rises to a six month high after the Reserve Bank unexpectedly keeps rates on hold......

Yum feeds hungry forecast; Stocks dip
Feb. 6 - Summary of business headlines: Wall Street ends lower; Yum Brands exceeds Wall Street's appetite; Boeing discovers 787 problem; Google, Facebook face Indian censorship. Conway G. Gittens reports......

Super Bowl sparks GM, Ford ad fight
Feb. 6 - The Super Bowl ads were the co-stars of the show, with car companies as the lead players and a lot of drama that continues well after the big game. Bobbi Rebell reports......

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. 6 - 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......

Glencore-Xstrata merger faces mounting opposition
Ask billionaire trader Ivan Glasenberg how he will cope being number two to Xstrata's "Big" Mick Davis if their two companies' $86bn (54bn) mega-merger goes ahead, and he laughs.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/327.....

BP raises dividend and defends plans to drill deeper
BP has raised its dividend for the first time in a year as it continues to recover from the Deepwater Horizon disaster - and defended its ambitions to drill deeper wells than ever before.<img width='1' height='1' src='http://telegraph.feedsportal......

Pressure on News Corp mounts as FBI steps up bribery probe
Rupert Murdoch's News Corporation is under intensifying pressure in the US after American authorities stepped up their investigations into allegations of criminal activity.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/5.....

RBS chief Stephen Hester tells bank staff to prove critics wrong
Stephen Hester has urged staff at Royal Bank of Scotland to "prove the critics wrong" after describing the furore surrounding his near 1m bonus and Fred Goodwin's knighthood as "discomforting".<img width='1' height='1' src='http://telegraph.feedsp.....

Greek crisis deepens as austerity talks falter
Greek prime minister Lucas Papademos was struggling to maintain international credibility on Tuesday night, after missing a third deadline in a week to deliver an austerity agreement needed to release a 130bn (108bn) bail-out package for his country .....

Taxman to target firms who avoid debts using pre-pack administrations
Tax officials have been given new powers to tackle rogue directors who avoid Crown debts by using controversial pre-pack administrations.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c797185/mf.gif' border='0'.....

Debt crisis and Greek debt talks: as it happened - February 7, 2012
French Finance Minister Francois Baroin claims that Austria, Belgium, Finland, France, Germany, Greece, Italy, Portugal and Spain are all ready to introduce a financial transaction tax.<img width='1' height='1' src='http://telegraph.feedsportal.co.....

Unpalatable jobless figures for the young give us all food for thought
Getting a foot on the first rung of the employment ladder has never been more important. But it is proving difficult.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c795993/mf.gif' border='0'/><br/><.....

UK seeks funds to get ahead in the space race
For Britons, space has always been the final frontier.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c795994/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/126178898998/u/3.....

Debt crisis and Greek debt talks: live
French Finance Minister Francois Baroin claims that Austria, Belgium, Finland, France, Germany, Greece, Italy, Portugal and Spain are all ready to introduce a financial transaction tax.<img width='1' height='1' src='http://telegraph.feedsportal.co.....

Industry chiefs demand 'vision' for UK economy in 2030
Britain faces further decline compared with its international peers if the Government does not act to set out its priorities for industry, leaders from the sector have warned.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/.....

Anglo American has shareholder support in row with Codelco, CEO says
Anglo American's chief executive Cynthia Carroll insisted her shareholders are proving "very supportive" as the mining giant wages a drawn-out legal battle against rival Codelco.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/327.....

Our politicians should be called to account
Telegraph View: Westminster leaders not Whitehall mandarins are responsible for our public finances.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c78fd68/mf.gif' border='0'/><br/><br/><a href.....

Greek trump card fails as stronger Europe shrugs off break-up threat
Europe's dominant powers and institutions are for the first time willing to risk a Greek default and ejection from the euro if Athens refuses to comply with austerity demands, calculating that the eurozone system is now strong enough to withstand a c.....

Shire's shot in the arm fails to rouse FTSE
While the market retreated to a darkened room as the interminable Greek debt talks dragged on, drug-maker Shire was on perkier form.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c78f167/mf.gif' border='0'/>.....

FTSE 100: Miners drag on blue-chips as traders eye Greece
Xstrata was amongst the sharpest fallers on a weaker benchmark index after its merger with Glencore received a mixed reaction.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c75cedb/mf.gif' border='0'/><br.....

Bumi shareholders confident of ousting Nat Rothschild as CEO
Shareholders owning almost one-third of Indonesian coal group Bumi are confident that they will oust Nat Rothschild as its chief executive, although they still regard him as a partner.<img width='1' height='1' src='http://telegraph.feedsportal.com.....

Wolfson losses widen as consumers cut spending
Beleaguered British chipmaker Wolfson Microelectronics saw losses widen in the fourth quarter as consumers reined in spending on expensive hi-fis and televisions.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c.....

The Man from the Pru is back
Prudential is to bring back the Man from the Pru in a bid to target 200,000 customers.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c77debd/mf.gif' border='0'/><br/><br/><a href="http://da.fe.....

We need protection from terrorists not bankers
MPs are more worried about scoring cheap shots against bankers than opposing a EU court decision over a man described as Osama bin Laden's "right hand man in Europe".<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/.....

Tax relief boost for 'armchair' investors in small firms
'Armchair Dragons' may soon be able to benefit from tax breaks that are normally reserved for wealthy investors.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c77915b/mf.gif' border='0'/><br/><br/&g.....

TUI gains from Thomas Cook's woes
TUI Travel's controversial advertising campaign capitalising on the plight of rival Thomas Cook has paid off as the world's biggest tour operator significantly outperformed the rest of the market last month.<img width='1' height='1' src='http://te.....

St Modwen lifted by focus on residential
St Modwen shares rose sharply after property company redeveloping MG Rover's former plant at Longbridge reported a 34pc increase in profits.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c773419/mf.gif' border=.....

Glencore and Xstrata unveil $90bn merger
Miner Xstrata and trading house Glencore have unveiled a $90bn (56.9bn) all-share merger to create the world's fourth largest natural resources company.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c746d7d/mf......

Bellway cautious on housing market despite sales rise
Housebuilder Bellway says the housing market "remains resilient" despite the UK economy teetering on the brink of another recession.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c77341a/mf.gif' border='0'/>.....