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Monday 13 February 2012

UK Financial News on 2012-02-13

Standard Life fuels debate over bank fees
Asset manager says investment banks should be paid on a deferred basis to protect clients.....

GIC and Caisse lead race for Axa Private Equity
Canadian investor and Singapore wealth fund in pole position to acquire European buyout firm.....

Russian banks eye expansion on a new front
Sberbank, VTB Capital and Otkritie have international as well as domestic aspirations.....

Bankers fear bonus sting from ECB lending
Bankers are shunning cheap money on offer over concerns it could be viewed by regulators as state aid.....

Greater risk-taking pays for US banks
Goldman Sachs and JP Morgan are likely to have benefited after raising their risk appetite late last year.....

Former TCI and Citadel duo start hedge fund
Hedge fund venture has already lined up at least $75m in funding.....

Afme voices cost fears over EU rating rules
Top European financial trade body warns of soaring cost of regulatory capital.....

AllianceBernstein heals its Lehman wounds
Well-known value investor that was Wall Street bank's biggest shareholder when it collapsed is more focused in fixed-income now.....

GXG Markets mulls bid for Plus
Danish-regulated SME stock market operator emerges as possible bidder for UK junior market.....

Knowles retires from Towers Watson (again)
Well-known manager research specialist will retire this month after 15 years in asset management.....

Bankers accept new reality on cash payouts
Step change in remuneration leaves bankers with little choice but to accept it, but some may seek pastures new, pay experts say.....

Brussels praises Greek cuts vote
The European Commission welcomes Greece's approval of tough austerity measures, needed for a huge bailout package, which sparked riots......

Bank lending fell for all of 2011
Bank of England figures show that net lending from the UK's five largest banks fell every quarter last year, as the Project Merlin commitments come to an end......

First-time buyer numbers pick up
The number of mortgages agreed for first-time house buyers picked up at the end of 2011, the Council of Mortgage Lenders (CML) said......

Go-ahead for Google Motorola bid
US regulators approve Google's $12.5bn (7.9bn) bid for phone maker Motorola Mobility, hours after it wins clearance from European authorities......

Rangers makes administration move
Rangers Football Club lodges legal papers signalling its intention to go into administration......

Apple stock price surpasses $500
Shares in Apple cross $500 a share for the first time - capping a remarkable turnaround for the maker of the iPhone and iPad......

Obama budget plan to tax the rich
US President Obama unveils a $3.8 trillion budget, with plans to raise taxes on the wealthy, prompting an election year fiscal fight with Republicans......

UK economy 'to avoid double-dip'
The UK will avoid a double dip recession, the employers organisation the CBI says, but two surveys suggest the economy may worsen......

EU 'risks trade war' over carbon
The European Union's carbon trading scheme may spark a trade war, according to one of the world's biggest planemakers......

Nigerians living in poverty rise
Poverty rises in Nigeria, with almost 100 million people living on less than a $1 a day, despite strong economic growth, statistics show......

Celtic announces big profits fall
Celtic Football Club announces a big fall in pre-tax profits for the second half of 2011, making only 180,000......

Printers vote for 13.5% pay cut
Workers at the Goodhead Group, one of the UK's biggest magazine printing firms, have voted to accept a 13.5% cut in their basic pay rates......

Cable & Wireless up on bid hopes
Share in telecoms company Cable & Wireless Worldwide (CWW) jump 29% on Monday after Vodafone says it is considering bidding for the firm......

China vice president on US visit
The man likely to become China's next leader, Vice-President Xi Jinping, begins a closely watched visit to the United States......

Italian short-term debt cost dips
Italy successfully sells 12bn euros (10bn) of short-term Treasury bills at a lower price than in a similar auction in January......

'Worthless' car warranty warning
A car warranties firm has collapsed leaving some customers with worthless policies, a BBC Wales investigation finds......

Japan economy worse than forecast
Japan's economy shrinks more than expected between October and December as a rising yen and floods in Thailand hurt businesses......

Boeing eyes Asia-Pacific growth
Boeing predicts that Asia-Pacific airlines will lead expansion in the aviation industry as the region's economies continue to grow......

Olympus reports a 33bn-yen loss
Cameramaker Olympus reports a loss for the nine months to the end of December 2011 as the company battles an accounting scandal......

Dyson intends to create 300 jobs
The engineering firm Dyson says it has made 1bn turnover for the first time and will create 300 skilled jobs......

VIDEO: Merlin targets 'failed' says FSB
The five main UK banks have missed their Project Merlin target for lending to smaller firms, but exceeded the overall lending targets......

VIDEO: Greek MPs vote in austerity plan
The Greek parliament has approved a crucial austerity plan designed to secure a bailout from the European Union......

VIDEO: India's airlines face struggle
High fuel costs and cut-throat competition is taking its toll on India's aviation sector, with many airlines struggling to stay in business......

What if Greece had to get a new currency?
What if Greece has to get a new currency?.....

Singapore Airshow sets 'big' aims
Singapore Airshow aims big despite global uncertainty.....

Africa's land of business opportunities
Challenges and rewards for the continent's entrepreneurs.....

Bianco: Europe won't see Lehman-like event
Feb. 13 - Bianco Research president Jim Bianco says markets are betting that there won't be a Lehman-like banking collapse in the euro zone, but points out "financial alchemy" is holding the region together......

U.S. Day Ahead: China's Xi begins diplomatic tour
Asia Correspondent Paul Eckert says don't expect any immediate breakthroughs when U.S. President Barack Obama meets with Chinese leader-in-waiting Xi Jinping......

Trading at Noon: U.S. stocks up on Greece, Apple on a roll
Feb.13 - U.S. stocks are rising as Greece's parliament approved strict financial reforms, and analysts rush to recommend Apple as shares crack the $500 level for the first time ever......

Nigeria, Algeria hold opportunity for frontier investors
Feb. 13 - Auerbach Grayson managing director Jonathan Auerbach says political change and capital market developments have made investments in African nations like Nigeria, Algeria & Libya attractive......

Morning Briefing: Athens burns, marketing Whitney Houston
Feb. 13 - Protesters set fires in Athens to express opposition to the latest reforms, and Sony executives mull over marketing strategies for Whitney Houston's music, following her untimely death......

U.S. Morning Call: Stock futures up, violence grips Greece
Feb. 13 - U.S. stock futures are pointing to a higher open on Wall Street as Greece takes steps to secure another bailout, but violence overnight in Athens offers a glimpse into the challenges that lay ahead......

FACTBOX: Apple shares cross $500 mark
Feb. 13 - Shares of Apple, the largest stock in the S&P 500 by market cap, hit a milestone Monday morning, but average analyst price targets suggest there is more upside for the stock......

3 Questions Obama should ask China's next leader
Asia Correspondent Paul Eckert discuss the 3 questions President Obama should ask China's leader-in-waiting including market reforms and cyber-security.....

Obama unveils big spending election-year budget
Feb. 13 - U.S. President Barack Obama calls for aggressive spending to boost growth and for higher taxes on the rich as budget is unveiled. Deborah Lutterbeck reports......

Apple of their eye at $500 a share
Feb 13 - Apple shares hit a record high rising over $500 a share- as a new poll finds its got the best image of any American company. Bobbi Rebell reports......

Greek riots hurt business
Feb. 13 - After a night of rioting, small businesses and unions warn of further consequences for the economy, including closures and strikes. Joanne Nicholson reports......

Breakingviews: Empire State of mind
Breakingviews columnists discuss whether an IPO of the Empire State Building provides as good a view of the bottom line as it does from the iconic landmark's observation deck......

European Close: Investors cheer prospect of another bailout
Feb. 13 - Athens has still to convince sceptical partners that it can stick to the terms of a multi-billion euro rescue package......

Sun arrests pile pressure on Murdoch
Feb. 13 - News Corp boss Rupert Murdoch is due to fly to London later this week under pressure over his Sun tabloid after the arrests of several senior staff in a corruption probe. Joanne Nicholson reports......

Singles turn to love online
Feb. 13 - With the stigma of 'meeting on the net' crumbling away, partly thanks to the growth of social networking, online dating is becoming a valuable source of income with more an more firms cashing in on the trend. Hayley Platt reports......

Greek vote fails to convince Europe
Feb. 13 - The Greek government has come under pressure to convince a sceptical euro zone that it would stick to the terms of a multi-billion euro rescue package endorsed by lawmakers despite violent protests. Hayley Platt reports......

ECB bond-buying program tailing off
Feb. 13 - Market focus switches away from the ECB's purchases of government bonds to its cheap loans for banks, says Alessandro Tentori of BNP Paribas......

Greek austerity vote lifts shares
Feb. 13 - European shares were higher on Monday and the euro also rose, thanks to the Greek government's approval of a deeply unpopular new austerity package, which brings Athens closer to receiving new bailout funds. Joanna Partridge reports......

Airlines want U.N. to mediate in carbon tax dispute
Feb. 13 - Global airlines seek U.N. help in carbon emissions tax dispute between China and EU. Arnold Gay reports......

Breakingviews: Greek violence is Europe's problem too
Breakingviews......

Jilted by U.S., Canada courts China
Feb. 13 - The U.S. political fight over the Keystone XL pipeline rages on. But Canadian PM Stephen Harper isn't waiting patiently at the alter. He's got his eyes on China. Jon Gordon reports......

Reuters Today: Greece backs bill as Athens burns
Feb. 13 - Reaction to overnight violence in Greece as parliament passes a new austerity bill. Plus a surprise slowdown for Japan's economy......

Greece backs bailout as Athens burns
Feb. 13 - The Greek parliament approves a controversial bailout package against a backdrop of rioting. Paul Chapman reports......

Market Pulse: Greek vote optimism to fizzle quickly
Feb. 13 - The bounce in risk assets such as the Aussie dollar and financial stocks post-vote in Athens will quickly fade, says Nick Parsons at NAB......

C-1 motorcycle car seeks traction as commuting alternative
Feb. 13 - A start-up company in San Francisco is developing a new hybrid vehicle its says will have all the comforts and safety features of a car with the fun factor of a motorcycle. Small, speedy and safe according to its developers, the vehicle is .....

Debt crisis and Greek bailout: live
German leader Angela Merkel states that there won't be any changes to Greek rescue measures despite riots in the debt-stricken country, as Barack Obama unveils his Budget for 2013.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/3.....

Cable & Wireless Worldwide tie-up with Vodafone looks beneficial from both ends of the line
Now Cable & Wireless Worldwide is on to its third chief executive in eight months, why stop there? Number four could just be a phone call away - assuming Vodafone boss Vittorio Colao picks up his handset.<img width='1' height='1' src='http://t.....

Fibre networks are the jewel in Cable & Wireless Worldwide's crown
Mobile phone giant Vodafone confirmed it is considering making a takeover offer for Cable & Wireless Worldwide.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c9f4f4c/mf.gif' border='0'/><br/><br.....

Goodbye to Russia as Barrick to exit Roman Abramovich gold venture
Barrick Gold, the world's biggest gold producer, has put its stake in a Russian miner backed by Chelsea owner Roman Abramovich up for sale - a move seen as marking its exit from the region.<img width='1' height='1' src='http://telegraph.feedsporta.....

Investor groups issue warning on CSC land deal
Two of the largest UK shareholder representative groups have issued warnings about Capital Shopping Centre's controversial deal to buy land from its biggest shareholder.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/5683.....

Debt crisis: markets rally as Greece accepts austerity budget
European markets rose with relief that Greece had chosen its austerity budget over bankruptcy - despite an admission from Greek politicians that the agreement could be scrapped after elections in April.<img width='1' height='1' src='http://telegra.....

Facebook boss Mark Zuckerberg accused of 'hubris' over float
Facebook founder Mark Zuckerberg has been accused of "hubris" in a strongly worded attack by one of America's leading shareholder groups on the social network's plans for a multi-billion dollar flotation.<img width='1' height='1' src='http://teleg.....

Osborne is a superb cook, but the Budget cupboard is bare
The Chancellor has limited ingredients with which to create the feast demanded of him, says Bruce Anderson.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c9ef718/mf.gif' border='0'/>.....

George Osborne is a superb cook, but the Budget cupboard is bare
The Chancellor has limited ingredients with which to create the feast demanded of him, says Bruce Anderson.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c9ee0ba/mf.gif' border='0'/>.....

Ernst & Young warns lending to business to contract in 2012
British banks missed their small business lending target of 76bn by 1.1bn, figures released by the Bank of England this morning confirmed.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c9ee0bb/mf.gif' border='0.....

Vodafone confirms it is weighing up bid for Cable & Wireless Worldwide
Shares in Cable & Wireless Worldwide (CWW) shot up almost 45pc on Monday, after Vodafone reluctantly confirmed it is weighing up a bid for the ailing telecoms business.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/5.....

Britain must end the income tax anomaly that discourages extra effort
There has been major debate about the 50pc income tax rate (in reality, the top tax rate is 52pc, including the Labour Government's uncapped National Insurance payment).<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/5683.....

Greece won't see a cent of the great bail-out
MPs in Athens may have voted for austerity, but the reality is that default is looming, says Andrew Lilico.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c9e8793/mf.gif' border='0'/>.....

Greece faces death by a thousand cuts unless it leaves the euro
Lucas Papademos was suitably apocalyptic. If the terms of the second Greek bailout were not approved, the Greek prime minister warned over the weekend, there would be a "disorderly bankruptcy that would create conditions of economic chaos and social .....

Bail-out row as Japan's economy shrinks
Japan's trade minister has threatened to block a state bail-out of Tepco, the nuclear power generator crippled by last year's tsunami, unless the government secures a controlling stake in the company.<img width='1' height='1' src='http://telegraph.....

Appetite for risk as Greece prepares to accept bitter pill
As Greece prepared to swallow the bitter pill prescribed by the troika to secure its bail-out, investors regained their appetite for risk and sent markets to a six-month high.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/.....

OECD sees signs of world economy picking up
Early signs are emerging that the worst of the economic gloom has passed and the world's major economies are beginning to turn the corner.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c9d600f/mf.gif' border='0.....

UK traders less distracted than German counterparts during World Cup
England may be famous as the home of football, but when there's a big match on, English stockmarket traders appear to get far less distracted than financial professionals in other countries.<img width='1' height='1' src='http://telegraph.feedsport.....

Kuwait's central bank boss Sheikh Salem Abdulaziz Al Sabah quits after criticising state
The governor of the Central Bank of Kuwait has quit after more than 25 years in his post amid apparent disagreements with the government's spending policies.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c9e307.....

Entertainment One scraps sale plans and seeks targets
Entertainment One, the media business that distributes the Twilight films in the UK, has been linked to a possible bid for Canadian company Alliance Films after scrapping plans to put itself up for sale.<img width='1' height='1' src='http://telegr.....

GE invests half a billion dollars in jet-engine business
General Electric plans to invest more than half a billion dollars to expand its jet-engine business in America, the latest shot in the arm for the country's manufacturing sector.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/327.....

UK household finances improve in 2012
Household finances are showing the first signs of recovery, with 244,000 fewer saying they were "struggling" to pay bills now than at the end of 2011.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c9dd7a2/mf.gi.....

Heathrow owners warn of 'capacity crunch'
The owners of Heathrow have issued a new warning about the future of the airport after air traffic to China fell during January despite the Asian economy's rapid growth.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/5683.....

Rate Alert: Halifax offering 6pc on junior Isas
Halifax has upped the ante in the children's savings market, but the high rates comes with a catch.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c9d6010/mf.gif' border='0'/>.....

Apple investigates 'sweat shop' factories following suicide threat
Team of inspectors from charity organisation begins investigation into working conditions at Chinese factories, after 150 Foxconn employees threatened to commit suicide over pay and work environment.<img width='1' height='1' src='http://telegraph......