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Saturday 11 February 2012

UK Financial News on 2012-02-11

Greek cabinet approves new cuts
Greece's cabinet approves a draft bill committing to austerity reforms required to get new bailout funds, amid warnings of "chaos" if parliament fails to ratify......

New deals as stamp duty holiday ends
Buyers are being urged not to rush into hasty property transactions just to benefit from the stamp duty holiday which is due to end next month......

Barclays' profits fall to 5.9bn
Barclays reports a 3% fall in annual profits to 5.9bn, and cuts the bonus pool at its investment banking division by 32%......

Small business loan target missed
The five main UK banks missed their Project Merlin target for lending to smaller firms, but exceeded the overall lending target, BBA figures show......

Downgrade for most Italian banks
The credit ratings agency Standard and Poor's has downgraded its assessment of almost all of Italy's major banks......

Producer prices rise in January
UK producer prices rose by 0.5% in January from December as the cost of alcohol, fuel and clothes rose, official data shows......

Imports increase US trade deficit
Record imports contributed to a 3.7% increase in the US trade deficit in December, official figures show......

Network Rail pay chief to stay
Network Rail dismisses calls for the chairman of its remuneration committee to step down following the controversy over executive bonuses......

'More help needed' for BAE staff
BAE Systems needs to do more to help workers facing redundancy, a new report says......

De Beers annual profits jump 62%
Diamond producer De Beers has announced a surge in annual profits as Chinese and US shoppers snapped-up its gems......

China's exports and imports fall
China's exports and imports fell in January, raising fresh concerns about the impact of a global economic slowdown on its economy......

Shock loss for India's Tata Steel
Tata Steel, the largest producer in India, unexpectedly reports a loss of 6.03bn rupees ($122m; 77m), hit by weak demand......

BA and Virgin escape Nigeria fine
Nigerian authorities have thrown out fines totalling $235m against British Airways and Virgin Atlantic......

German inflation rate at 2.1%
Rising energy prices kept German inflation high at 2.1% in January 2012, according to official figures from Destatis......

Oil price lifts profits at Total
French oil firm Total reports a 7% rise in quarterly profits, driven mainly by higher oil prices......

NYSE Euronext hit by failed deal
Profits at NYSE Euronext have been hit by the collapse of its planned merger with Deutsche Boerse......

'Energy literacy' to be examined
The "energy literacy" of gas and electricity billpayers will be tested during an inquiry by MPs to see if more education is needed from the industry......

Alcatel jumps on profit outlook
Shares in Alcatel Lucent jump 20% after the telecoms equipment maker reports an annual profit of 1bn euros and targets better profit margins......

Sainsbury's relaxes freeze advice
Sainsbury's is removing advice to freeze food "on day of purchase" from its labels and informing customers it can be done up until the use-by date......

Tribe sues beer makers for $500m
South Dakota's Oglala Sioux tribe has sued major beer makers for $500m for fuelling chronic alcohol abuse in one of the poorest communities in the US......

Bank's system 'risks house sales'
House sales could fall through under a new mortgage system being used by a high street bank, the Law Society of Scotland warns......

'Progress' on EU-India free trade
EU and Indian leaders say they have made "substantial progress" towards a free trade agreement at a key Delhi summit......

Pompey to meet HMRC over tax bill
Portsmouth will meet with HM Revenue and Customs on Friday to discuss their unpaid tax bill, now believed to be 1.9m......

Redknapp trial cost 1.3m so far
HM Revenue & Customs says that rumours it spent 8m on trials into alleged tax dodging, one of which cleared Harry Redknapp, are "nonsense"......

VIDEO: Your Money: Heating bills, tax breaks and insurance
In this week's Your Money, Declan Curry looks at pensioners who are not claiming enough help with their heating bills, tax breaks ending for first time buyers, and home insurance claims......

VIDEO: My Bottom Line: Michael Spencer
My Bottom Line: Michael Spencer, founder and chief executive of ICAP, says the best managers recognise mistakes, admit them and then act on them......

VIDEO: Stamp duty holiday ends
First-time buyers are being urged not to rush into hasty property transactions just to benefit from the stamp duty holiday which is due to end next month......

VIDEO: Civil disquiet hits Bahrain's economy
Pro-democracy calls in Bahrain failed to grow into the type of uprising that saw several leaders ousted in the Arab Spring, yet civil disquiet still appears to be having a negative impact on the tiny gulf state's economy......

VIDEO: 'Don't forget tax from bonuses'
Each million paid in bonuses is worth over 600,000 in taxes, says Michael Spencer, head of financial services company ICAP and former fundraiser for the Conservatives. He tells Evan Davis why the British taxpayer should be careful what they wish for .....

AUDIO: What are cold weather payments?
A benefit and tax credit entitlement advisor told Radio 5 live Wake Up To Money how cold weather payments work......

VIDEO: Greek cabinet agree austerity plan
The Prime Minister of Greece, Lucas Papademos, has insisted his country must do "whatever it takes" to avoid bankruptcy and catastrophe......

AUDIO: Camra accolade for Welsh pub
A pub in Wales has been awarded the Campaign For Real Ale's National Pub of the Year award......

RFU and O2 ring up new sponsorship deal
Why RFU rugby bosses and O2 rang up new deal.....

Viewpoint: The changing nature of work
Slogging 24/7 - is this the future of work?.....

Economics explained: Plan A vs Plan B
Evan Davis on the arguments over austerity and spending.....

Obama budget to show drop in deficit
Summary of Business Headlines: Obama's 2013 budget to show sharp drop in funding shortfall, Fed Chairman Bernanke issues call to action to save housing, LinkedIn soars 17%; U.S. stocks snap five-week winning streak. Carmen Roberts reports......

Tech toys take the spotlight
Feb 10 - Digital toys and mobile apps may be the hottest toys for the 2012 holiday season. Even iconic Barbie has a digital camera this year. Jill Bennett reports......

The Week Ahead: GM earnings, Obama budget, retail sales
Feb. 10 - How much of a loss investors expect from GM's Europe unit, what President Obama's budget may contain, and a preview of retail sales in our U.S. Week Ahead......

Greek anger causes Wall St. jitters
Feb 10 - Summary of Business Headlines: Wall Street dives as Greece talks stall; U.S. trade deficit with China soars to record, Americans less optimistic, Znyga and Hasbro team up for toys. Carmen Roberts reports......

Alcatel-Lucent shares jump
Feb. 10 - The Franco-American telecom equipment maker has reported profit for the first time since its merger and announced an intellectual property deal, estimated to be worth 1 billion euros. Joanne Nicholson reports.....

Trading at Noon: Wall St. drops 1% as Greek talks stall
Feb. 10 - U.S. stocks dropped on the most recent flare-up in Greek negotiations for a financial bailout package......

Breakingviews: Thermospat
Feb. 10 - Breakingviews columnists discuss a patent dispute between Honeywell and Nest Labs over the iPod of thermostats......

Europe week ahead
Feb. 10 - All eyes are on Athens as Greek lawmakers prepare for a Sunday vote on the country's debt deal and euro zone leaders warn that planned austerity measures don't go far enough......

Morning Briefing: Violence in Greece, Linkedin rises
Feb. 10 - Violence erupts in Greece over the latest austerity plan, and shares of LinkedIn are moving higher after the networking service's outlook for the current quarter surpassed expectations......

A whip-round for Greece....(sorry, quotes not cash)
Feb. 10 - Soundbites from prominent European figures on whether Greece can stay in the euro and avoid a messy default......

EU demands more from Greece
Feb. 10 - Greece's deal on economic reforms designed to help it secure a second EU bailout has sparked protests on the streets of Athens, but euro zone finance ministers are demanding further action before the aid is released. Joanne Nicholson report.....

U.S. Morning Call: Stock futures fall, focus on data
/University of Michigan consumer sentiment survey......

Economy 2012: Small businesses still cautious, banker says
Feb. 10 - Cullen/Frost Bankers CEO says small businesses are still cautious and that, while there may not be an immediate spike in jobs growth, increasing efficiency will be a big benefit in the long run......

Investment bank hurts Barclays, cuts bonuses
Feb. 10 - British bank Barclays ended 2011 with its worst quarter for three years as a sharp fall at its investment banking arm dragged down its annual profit. The bank cut bonuses across the group but CEO Bob Diamond wouldn't reveal what he received.....

Portugal sees boost in textiles
Feb. 10 - Portugal's textile industry has been getting itself back on track despite years of competition from cheaper Asian countries. Industry players say innovation has helped turn the tide. Joel Flynn reports......

IEA cuts global oil demand forecast
Feb. 10 - The International Energy Agency lowers oil demand growth forecast to 800,000 barrels a day after cutting its estimate of global economic growth......

Breakingviews: Results stoke Barclays bonus dispute
Feb. 10 - Barclays' disappointing results undermine the case for defiance on bonuses; Glexstrata deal lacks gatecrashers; and, Draghi smacks down Deutsche Bank head......

Asia week ahead: Japan poised to stem the yen
Feb. 10 - Bank of Japan meets as bad Q4 economic news expected, while in China a possible spike in loans to cushion slower growth, and a watch on the yuan as VP Xi Jinping visits the U.S......

Reuters Today: EU snubs Greece reform plan
Feb. 10 - European finance ministers reject Greece's attempt to reform the economy and get the bailout funds required to avoid a default......

Fools rush in but China's Xi Jinping won't
Feb. 9 - He's tipped to lead but China expert Fraser Howie says don't expect bold reforms to boost domestic consumption, close the wealth gap or anything else - at least not straight away......

FACTBOX: China's ailing trade
Feb. 10 - China's slump in export and import growth for January highlights weaker global and domestic demand, while a shrinking trade surplus points to an economic rebalancing......

Jack & Suzy Welch: IPO hangover may change Facebook forever
Columnists Jack and Suzy Welch say Facebook runs the risk of losing its winning culture after a multi-billion dollar IPO......

Barclays results in focus
Feb. 10 - Barclays CEO Bob Diamond refuses to comment on his bonus as the bank warns it may miss its profit goal......

Looking rich on the runway
Feb. 9 - Mercedes-Benz Fashion Week in New York is officially underway, and designers are expected to show off rich luxurious looks now that the US economy is showing clear signs of improvement. Bobbi Rebell reports......

Market Pulse: Greece rebuff sends stocks, euro lower
Feb. 10 - Final approval for a long-awaited Greek debt deal remains elusive, keeping alive the threat of a messy sovereign default......

Blocking the web is the wrong way to help creative industries
The internet economy is one of the fastest growing sectors in the UK. It already represents 7pc of GDP and that number is growing rapidly.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c93ea40/mf.gif' border='0.....

CyDen signs 250m hair remover deal with P&G
A cosmetic technology company backed by Sir Nigel Rudd and early Betfair investor Richard Koch has signed a partnership deal with consumer products giant Procter & Gamble believed to be worth in the region of 250m.<img width='1' height='1' src.....

Think Tank: Brands still need words to get the message across
Laurence Green: Slogans can animate a company and its employees.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c93c36e/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/126179.....

EasyJet investors back board in pay battle
EasyJet's board has won the support of its three largest institutional shareholders in its increasingly bitter battle with founder Sir Stelios Haji-Ioannou over executive pay.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/.....

ITV warns Apple not to brand smart television 'iTV'
ITV has written to Apple to warn the Silicon Valley technology giant off using its three-letter name for its long-awaited, "iTV" smart television.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c93c371/mf.gif' b.....

Bumi deal to see Nat Rothschild remain on board
Nat Rothschild is poised to remain on the board of Bumi, the Indonesian mining giant, despite rival shareholders attempting to vote him off.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c93c372/mf.gif' border=.....

Interview Dyson CEO Max Conze: 'Our lifeblood is inventing. That is where we spend all of our money.'
New Dyson CEO says future lies in recruiting the brightest graduates.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c93c374/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/1.....

Inflation Report set to show sharp fall in inflation
Inflation is set to fall sharply this week to 3.6pc, providing some relief for consumers, as the Bank of England prepares to signal more monetary stimulus.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c93c375/.....

Beware of investors who can rock boat
When is a minority shareholder not a minority shareholder? When the company is Bumi, Nat Rothschild's Indonesian coal mining venture, that's when.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c93c377/mf.gif' b.....

Dyson to create UK jobs as turnover tops 1bn
The British engineering firm Dyson has broken through the 1bn turnover figure for the first time and is to pledge to create 500 new skilled jobs in the UK.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c93c379/.....

Anti-business talk harms economy, CBI warns Cameron
David Cameron was facing a fresh backlash from business leaders this weekend as technology executives and the president of the Confederation of British Industry said they feared that the "anti-business" rhetoric of politicians was damaging growth.<.....

Falklands oilfields could yield $176bn tax windfall
The Falkland Islands stand to benefit from an enormous $176bn (111.7bn) tax windfall from oil and gas exploration, according to a major new report.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c93c37d/mf.gif' .....

GIP and 3i frontrunners to buy Edinburgh Airport
Global Infrastructure Partners, 3i and a consortium backed by US private equity giant Carlyle Group are due to take an early lead in the race for Edinburgh Airport as the deadline for first-round bids expires this week.<img width='1' height='1' sr.....

Wall Street banks trump British rivals with big bonuses
British banks stand to fall behind their US counterparts as major Wall Street banks continue to pay large cash bonuses to London-based staff.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c93c381/mf.gif' border.....

Why music is still good business
Despite a revolution in record deals, there's still cash to be made.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c93dd8c/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/12.....

Britain's extreme QE is dangerously counter-productive
This weekend, with the Greek Parliament staging a dramatic "make-or-break" vote on monetary union, it would be easy to lose sight of what's happening in the UK.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c93.....

RBS staff held in tax fraud investigation
Royal Bank of Scotland has been drawn into a criminal tax fraud investigation as five current and former employees of its investment banking arm have been arrested as part of a wider probe into film finance.<img width='1' height='1' src='http://te.....

Merkel has herself to blame if Greece defaults
If Sunday's vote in Athens is a vote on Greek bankruptcy and the future of eurozone, it's down to German Chancellor Angela Merkel.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c92a592/mf.gif' border='0'/>&l.....

How to make the most of your savings habit
We want to save more, but struggle to hold on to money tucked away.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c9130ae/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/126.....

Debt crisis: as it happened, February 10, 2012
The Greek Government heads for a reshuffle as five cabinet members resign and cast doubt over the implementation of tough austerity measures required to secure a 130bn bailout package, while PM Lucas Papademos warns default would be "uncontrolled cha.....

Debt crisis: live
The Greek Government heads for a reshuffle as five cabinet members resign and cast doubt over the implementation of tough austerity measures required to secure a 130bn bailout package, while PM Lucas Papademos warns default would be "uncontrolled cha.....

Citizen Bob misses his opportunity to accrue some bonus points
Well, that was predictable. Bob Diamond ducked questions on his own bonus on Friday on the grounds that, if he'd 'fessed up to what he'd trousered, that's all anybody would talk about.<img width='1' height='1' src='http://telegraph.feedsportal.com.....

UK banks expected to miss small business lending target
Britain's largest banks are likely to have fallen just short of their small business lending target agreed with the Government last year, according to figures from the British Bankers' Association.<img width='1' height='1' src='http://telegraph.fe.....

Barclays attacked over pay despite cutting bonuses
Leading shareholder groups have attacked Barclays over the level of bonuses paid by the bank to staff in its investment banking arm.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c8fd439/mf.gif' border='0'/>.....

Barclays criticised over accounting practices
Barclays' bonus pool is not the only part of its results that has riled investors: the bank's accounting practices have caused controversy too.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c8fd43a/mf.gif' bord.....