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Thursday 9 February 2012

UK Financial News on 2012-02-09

Bank injects 50bn into economy
The Bank of England agrees to extend its quantitative easing programme by 50bn to give a further boost to the UK economy......

Greek austerity plans 'not ready'
More work needs to be done on Greece's austerity proposals before a 130bn euro bailout can be handed over, say eurozone ministers......

US banks in mortgage settlement
Five of the biggest US banks agree to provide $25bn in assistance to homeowners to settle claims over improper foreclosure practices......

UK trade gap smallest since 2003
The UK's trade deficit fell to 1.1bn in December, its lowest monthly level for more than eight years......

Bombardier gives jobs guarantee
Derby trainmaker Bombardier announces it has secured enough work to guarantee its short-term future in the city......

Pensioners miss weather payments
Up to 1.6 million pensioners are failing to claim benefits they are entitled to - including financial help during the cold snap......

NHS faces second pension strike
The Unite trade union says it may hold a fresh strike ballot of its 100,000 members in the NHS over their continuing pension dispute......

Real still top football rich list
Real Madrid head the list of the richest football clubs in the world for the seventh year in a row, says a Deloitte report......

PepsiCo to cut 8,700 global jobs
Soft drinks maker PepsiCo is set to cut 8,700 jobs as part of a plan to save $1.5bn over three years......

Kodak exits digital camera market
Eastman Kodak, a name synonymous with photography, is to stop making digital and video cameras......

UK to cut solar subsidies in half
The UK government confirms plans to cut subsidies for solar panels on home by half......

ECB leaves euro rates unchanged
The European Central Bank leaves its benchmark interest rate unchanged at 1.0% saying there are signs of stabilisation.....

Repossessions 'lowest since 2007'
A total of 36,200 UK homes were repossessed in 2011 - the lowest annual total since 2007, mortgage lenders say......

Rolls-Royce makes record profits
Aircraft engine maker Rolls-Royce has reported orders, sales and profits at record levels thanks to airline expansion......

Diageo half-year profits rise 15%
Drinks group Diageo reports a rise in half-year profits as demand for its global brands continues to grow in emerging markets......

Vodafone hit by eurozone crisis
Mobile phone operator Vodafone's revenue growth is held back by weak trading in some eurozone countries......

Holiday protection to be expanded
Up to six million UK holidaymakers will get extra protection from 30 April if an operator collapses......

Ofcom targets switching slammers
Ofcom proposed new measures to prevent consumers being switched from one phone or broadband service to another without their consent......

Women 'facing pensions lock-out'
Low-earning women could be frozen out of a scheme to automatically enrol workers into a pension scheme, the TUC warns......

China's inflation rate up to 4.5%
China's rate of inflation accelerated to 4.5% in January after consumers increased their spending around Chinese New Year......

Ribadu welcomes Nigeria oil post
Nigeria's ex-corruption chief Nuhu Ribadu says he views his appointment as chair of a new task force to police the oil sector as a national calling......

Jobs boost for economy in January
Employers added permanent jobs for the first time in four months in January, says the Recruitment and Employment Confederation......

Credit Suisse tumbles into loss
Switzerland's second largest bank, Credit Suisse, reports a fourth quarter loss of 637m Swiss francs ($698m; 440m)......

Daimler achieves record results
German car and truck maker Daimler posts record sales and profits in 2011, with the promise of more to come......

Rio Tinto reports 59% profit fall
Rio Tinto chief to forgo bonus as miner reports a 59% dip in profit after writing down the value of its Alcan aluminium business by $8.9bn......

Pompey braced for administration
Portsmouth boss Michael Appleton is braced for administration and urges potential buyers to "put their money where their mouth is"......

Offers are received for Pittodrie
Aberdeen FC's move to a new stadium has moved a step closer with the announcement that several offers have been received for Pittodrie......

Redknapp cleared of tax evasion
Harry Redknapp says his "nightmare" is over after being cleared of tax evasion along with Milan Mandaric......

VIDEO: QE 'will hit annuities'
The Bank of England's decision to extend its quantitative easing programme by 50bn is bad news for people who are about to buy an annuity, according to Saga's Ros Altman......

AUDIO: 'Lack of part-time jobs for mums'
Mothers are being forced into badly paid, low-skilled positions because there are so few part-time jobs available in Britain, according to a new report......

VIDEO: Rental property danger claim
The housing charity, Shelter, is calling for greater protection for tenants after more than 80,000 complained about private landlords last year.....

AUDIO: Do quotas for women on boards work?
Maggie Pagano, former business editor of the Independent newspaper, and Karima Serageldin, director at Ariadne Capital, discuss whether board room quotas work......

VIDEO: Cost of church wedding going up
The cost of a Church of England wedding is rising after church members voted to put up the fee for getting married from 296 to 415......

VIDEO: Guinness maker announces profit rise
The world's biggest drinks maker Diageo has announced a 15% rise in half year profits......

VIDEO: RBS boss considered resigning
The chief executive of the Royal Bank of Scotland, Stephen Hester, says he considered resigning during the recent uproar about his bonus......

VIDEO: How does quantitative easing work?
How the Bank of England pumps money into the economy.....

CEO pay not linked to performance
Why chief executives are paid so much.....

Brazil oil giant Petrobras gets new chief
Meet the woman running Brazil's oil giant.....

Small firms: Your questions answered
Your questions answered.....

Annuities: Making it easier to buy the best one
Making it easier to buy the best one.....

Cambodia faces rising wage demand
Are Cambodian workers falling out of love with garment-making?.....

Would you vote for a 13.5% pay cut?
Would you vote for a 13.5% cut in your salary?.....

Obama: U.S. will do what it can to help euro zone
Feb. 9 - U.S. President Barack Obama assured Italian Prime Minister Mario Monti that the U.S. will do whatever it can to help stabilize the euro zone. Rough Cut (no reporter narration)......

The U.S. Day Ahead: Fed's Bernanke on U.S. housing market
Feb. 9 - Fed Chairman Ben Bernanke will talk about the housing market in transition before the 2012 National Association of Home Builders in Orlando, Florida......

Breakingviews: Analyzing the American Dream
Feb 9 - Breakingviews columnists discuss the $25 bln U.S. mortgage settlement and how renters should start flexing some muscle in the housing debate......

Trading at Noon: Wall St. higher, Greece enthusiasm fades
Feb. 9 - U.S. stocks turned higher though initial enthusiasm faded over a long-stalled Greek deal......

Analyst says Romney seen as a "hollow" conservative
Feb. 9 - Ahead of a key conservative conference in DC, KBW's head of Washington research Brian Gardner says Mitt Romney is going to have a tough time convincing the religious right he's the man for the GOP......

Greeks finally clinch bailout deal
Feb. 9 - Greek leaders finally agreed a long-awaited deal on reforms and austerity measures needed to secure a second, 130 billion euro bailout to prevent a chaotic default. Joanna Partridge reports......

Europe Day Ahead: Friday
Feb. 9 - News of a Greek debt deal lifts sentiment, but optimism is tempered after ECB president Mario Draghi says European growth prospects remain uncertain......

Draghi keeps market guessing on "unique" Greece
Feb. 9 - ECB president Mario Draghi says he won't be drawn on the bank's plans for its Greek bondholdings, saying the country and its problems pose a "unique" conundrum......

Morning Briefing: Greek deal, U.S. jobless claims fall
Feb. 9 - Sources say Greek leaders have reached a deal on fiscal reforms with the EU and the IMF in a bid to secure a fresh bailout, and U.S. jobless claims brighten the labor market picture......

Daimler sees record profits
Feb. 9 - The German auto-maker announced profits jumped by over half in the fourth quarter but says they predict less in 2012. Joanne Nicholson reports......

Canada PM visits China
Feb. 9 - Canadian Prime Minister Stephen Harper meets Chinese President Hu Jintao in Beijing in an effort to boost bilateral trade. Simon Hanna reports......

Credit Suisse reports surprise loss
Feb. 9 - The Swiss bank Credit Suisse has posted a surprise fourth-quarter net loss after taking almost $1.1 billion of charges to speed cost cutting and offload risky assets to meet stiffer capital rules. Hayley Platt reports......

U.S. Morning Call: U.S. mortgage deal close, bank bonus cuts
Feb. 9 - California and New York are expected to join more than 40 other states in a $25 billion mortgage settlement with banks, and Credit Suisse says its total bonus pool will drop 41 percent......

Daimler's Zetsche says 2012 a 'transition year' for Mercedes
Feb. 9 - Daimler CEO says massive investment is planned to help lift the flagging Mercedes marque, which will take its toll on profitability......

No pain and still no gain for Credit Suisse: Breakingviews
Feb. 9 - The upfront pain of restructuring at Credit Suisse will only pay off if business picks up this year......

Reuters Today: Greece heads to Brussels empty-handed
Feb. 9 - Greek Finance Minister Evangelos Venizelos goes to Brussels with no deal in his pocket to secure the funding required to avoid a default......

"Disappointing" Q4 but stronger 2012: Credit Suisse CEO
Feb. 9 - The CEO of Credit Suisse, Brady Dougan, says the Q4 restructuring charge of almost one billion Swiss francs has helped put the bank in a stronger position for 2012......

Full Interview: Asian girl band Blush hunts for U.S. fans
Feb. 9 - In American show business, it's never been easy for Asian talent to get air time. That may be changing, with girl band Blush topping the billboard charts and building a loyal U.S. following......

Asian girl band kicks open door to U.S.
Feb. 9 - Once virtually shut to Asian acts, the U.S. music industry is starting to open up to Far East talent like rising girl band Blush. Jon Gordon reports......

The $20-billion dogfight for India
Feb. 9 - A $20-billion dogfight is taking place as Britain's defense company BAE Systems looks at all options to win back a fighter jet tender with the Indian air force. India announced last week it favored a bid from France's Dassault aviation. Joel.....

Growth, risk hope lift pound as BoE prints billions more QE
Neal Kimberley. Growth, risk and EZ strife to outweigh extra liquidity wave......

Ugly secrets of fashion business
Feb. 8 - Runway models say the beautiful world of fashion comes with ugly labor conditions, prompting the creation of a workers' rights group ahead of New York Fashion Week. Bobbi Rebell reports......

Flash mob puts Groupon on sale
Feb. 8 - Summary of business headlines: Groupon sells-off after surprise quarterly loss; Cisco Systems beats, News Corp hits revenue forecasts; Details of Greek talks start to leak; Caesar hits small jackpot with IPO; Greece keeps Wall Street in hold.....

U.S. Day Ahead: Activision Blizzard needs to WoW
Tech Correspondent Liana Baker says investors want to see if subscribers are sticking to World of Warcraft when Activision Blizzard reports results after the close......

Wealth Managment: SEC's money-market plans raise concerns
Feb. 9 - Jefferies & Co. economist Tom Simons says that the SEC's plans to add regulation to the money market funds could be "kiss of death" for that industry......

Bank of England injects 50bn into economy
Rate setters expected to unveil a further 50bn of QE and hold rates.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c85633d/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/12.....

Let's not do lunch, RBS tells pensioners
Pensioners of Royal Bank of Scotland have become the latest victims of the state-backed lender's push to cut costs after being informed the annual lunch programme for former staff had been cancelled.<img width='1' height='1' src='http://telegraph......

US banks to pay $25bn fine for foreclosures
Five of the largest US banks are set to pay $26bn (15.8bn) to settle charges brought by the US authorities over claims they used abusive methods to foreclose on homeowners hit by the bursting of the country's property bubble.<img width='1' height=.....

Greeks approve 'tombstone' austerity deal with troika
Politicians in Athens surrendered a four-day stand-off and approved a tough austerity package in a bid to avoid bankruptcy - despite warnings it was the "tombstone of Greek society."<img width='1' height='1' src='http://telegraph.feedsportal.com/c.....

Rio Tinto chief Tom Albanese waives bonus after profits drop on aluminium hit
The chief executive of mining giant Rio Tinto said he will not take an annual bonus after the company posted an $8.9bn (5.6bn) writedown on the value of aluminium assets bought under his oversight.<img width='1' height='1' src='http://telegraph.fe.....

Debt crisis and Greek talks: as it happened - February 9, 2012
German finance minister Wolfgang Schuble warns ahead of a eurozone meeting in Brussels that spending cuts agreed by the Greek coalition leaders do not appear to fulfill bail-out conditions.<img width='1' height='1' src='http://telegraph.feedsporta.....

Esure reshuffles board ahead of IPO
Motor insurance group Esure has unveiled a boardroom shake-up ahead of a planned stock market flotation.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c88ab33/mf.gif' border='0'/>.....

Xstrata 'needs to sell merger' with Glencore to investors
A charm offensive to win support for the planned 54bn Glencore-Xstrata mega-merger is falling short of the mark, investors warn.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c88ab34/mf.gif' border='0'/>.....

Rebalancing the financial transactions tax debate
It is time to banish the myths surrounding the European Commission's proposal for a financial transactions tax (FTT).<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c88ab36/mf.gif' border='0'/>.....

Barclays wins role in Glencore-Xstrata merger
Last-minute lobbying by Barclays has secured it a role advising on the mega-merger of trading giant Glencore and miner Xstrata after originally being left off the advisory roster for the 54bn deal.<img width='1' height='1' src='http://telegraph.fe.....

Quantitative easing: Pensioners are paying the price for Sir Mervyn's 'funny money'
Mr Osborne should come clean about the long-term effects of quantitative easing, says Fraser Nelson.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c88a5a2/mf.gif' border='0'/><br/><br/><a href.....

Debt crisis and Greek talks: live
German finance minister Wolfgang Schuble warns ahead of a eurozone meeting in Brussels that spending cuts agreed by the Greek coalition leaders do not appear to fulfill bail-out conditions.<img width='1' height='1' src='http://telegraph.feedsporta.....

Euro crisis averted? Don't believe a word of it
Greece may be clinging on, but the eurozone's real problems remain resolutely unaddressed, says Jeremy Warner.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c885aba/mf.gif' border='0'/>.....

Reuters in the red after $3bn charge
Thomson Reuters lurched to a loss in the fourth quarter, after booking a $3bn (1.89bn) charge related to its troubled financial services business.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c884a8a/mf.gif' b.....

Credit Suisse cuts bonus pay-outs by 57pc
Credit Suisse cut its executive bonus pool by 57pc last year, as the eurozone debt crisis impacted its profitability.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c87ff7f/mf.gif' border='0'/><br/><.....

Diageo boss warns bonus bashing is repelling business away from UK
Diageo's chief executive has weighed into the row over the growing "anti-business" sentiment in Britain, warning the Coalition to be "very mindful" about the mixed messages it is sending out to industry.<img width='1' height='1' src='http://telegr.....

Oxford Instruments climbs on nano hopes
As scribblers put Oxford Instruments under the microscope, the maker of high-tech tools jumped to a record high.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c87ff82/mf.gif' border='0'/><br/><br/&g.....

ECB's Draghi shuns rate cuts, boosts bank bazooka
The European Central Bank has held interest rates at 1pc and doused hopes of further cuts despite a credit contraction over the winter and falls in the M3 money supply.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/56830.....

British Land sees slowdown in property values growth
Growth in the value of British Land's commercial property portfolio has slowed sharply as the uncertain economy affects shopping centres.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c87dbe5/mf.gif' border='0'.....

FTSE 100: Energy stocks fuel large-cap recovery
Consumer goods giant, Reckitt Benckiser, put in a polished performance as the FTSE 100 recovered its poise despite continued uncertainty over a Greek debt deal.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c85.....

BG Group profits soar despite tax hit on North Sea
High energy prices helped BG Group's profits soar by 32pc in 2011, despite underperformance in the oil and gas major's UK production and a hit on earnings due to the North Sea tax increase.<img width='1' height='1' src='http://telegraph.feedsporta.....

Groupon rattles market with surprise fourth-quarter loss
Shares in Groupon plunged more than 10pc on Thursday after the controversial online discounter surprised analysts with a fourth-quarter loss.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c84e74d/mf.gif' border.....

Tate & Lyle faces $40m proft hit on ethanol tax
Tate & Lyle could suffer a hit of as much as a $40m (25.2m) to its annual profits from the removal of US tax breaks given to ethanol manufacturers.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c879873/mf.g.....

Questor: Dig deep for profit
Questor Plus: Garry White's trenchant view on 'GlenStrata' and his favourite miner.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c87787e/mf.gif' border='0'/>.....

Hugo Boss fashions record results
Fashion house Hugo Boss benefited from continued strength in the luxury products market, turning in record figures in 2011.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c86e703/mf.gif' border='0'/>.....