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Tuesday 14 February 2012

UK Financial News on 2012-02-14

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.....

Eurozone Greece talks 'cancelled'
The head of the Eurozone countries downgrades an EU finance ministers meeting on Wednesday, saying Greece has not yet given the necessary assurances about its austerity plan......

Rangers FC enters administration
Rangers Football Club enters administration - meaning the club will be docked an immediate 10 points in the Scottish Premier League......

UK inflation slows on VAT effect
Prices rose at an annual rate of 3.6% in January, official figures show, slower than the 4.2% rate recorded the month earlier......

Chancellor: 'Can't waver' on cuts
Chancellor George Osborne defends continued spending cuts following a warning that the country's top credit rating may be downgraded......

Jaguar sales boost Tata profits
Booming sales of Jaguar and Land Rover cars help Indian parent firm Tata Motors to a huge rise in profits, the firm announces......

Greek recession deepens in 2011
The deterioration of the Greek economy accelerated in the final three months of last year, when it contracted at an annual rate of 7%......

Home sales 'expected to increase'
Sales of homes in England and Wales are expected to rise in the final weeks of a stamp duty holiday, surveyors say......

Samsung chairman sued by brother
The chairman of electronics giant Samsung is being sued by his brother over a multi-million dollar inheritance of company shares......

Apple in China iPad name dispute
A dispute over the ownership of the iPad name could have repercussions for sales beyond China......

Home ownership continues decline
The decline of home ownership in England continued last year, according to figures from the latest English Housing Survey......

Iran sanctions won't work: Lamont
Former Chancellor of the Exchequer Lord Lamont says sanctions against Iran will not work and are hurting British business interests......

China vows eurozone co-operation
China vows to help resolve the eurozone debt crisis, during talks with the EU in Beijing, but falls short of pledging investment in a bailout fund......

Japan gets $130bn stimulus boost
The Bank of Japan expands its stimulus measures in a bid to boost growth as Japan's economy continues to struggle......

Pledge to cut car whiplash claims
As he hosts insurance industry officials at No 10, David Cameron vows to tackle "trivial claims" that are driving the cost of premiums up......

Pension deficit dips below record
The collective deficit of the UK's private sector final-salary pension schemes has shrunk slightly from a record high......

BHP and Rio in $4.5bn Chile move
BHP Billiton and Rio Tinto announce plans to expand the Escondida mine in Chile in a bid to boost their copper output......

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......

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......

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

Indian inflation at two-year low
India's main inflation rate falls to the lowest level in more than two years, helped by cheaper food prices......

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......

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

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......

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......

Rome 2020 Olympics bid scuppered
Italy will not fund Rome's bid to host the 2020 Olympics because it would be "irresponsible" in the current financial climate, PM Mario Monti announces......

Turkish match-fixing trial starts
Top names in Turkish football are set to face judges as nearly 100 people go on trial accused of match-fixing......

Portsmouth chief vows to fight on
Portsmouth chief executive David Lampitt says the club will fight on and promises fans he will not give up in the battle to save it......

VIDEO: Inflation: Family 'cutting back on meat'
The rising cost of living has slowed to 3.6% but prices are increasing at almost twice the rate that wages are, leaving many people struggling with the cost of living......

VIDEO: Spoof poem to energy firms
The energy ombudsman has created a spoof Valentine message to energy companies telling them they need to change the way they treat customers......

AUDIO: 'The idea that I've abandoned growth is nonsense'
Chancellor George Osborne reacts to a credit agency's warning about prospects for the UK economy.....

AUDIO: Balls: Osborne making mistakes of 1930s
Shadow chancellor Ed Balls responds to the decision of the Moody's credit rating agency to place the UK on a "negative outlook"......

VIDEO: CV top tips: How to get the job
Show Me the Money looks at how to make your CV stand out......

AUDIO: Are bookies a high street blight?
The Chief Executive of the Association of British Bookmakers told Radio 5 live that betting shops are good for local economies......

VIDEO: Moody's cuts Europe credit ratings
The BBC's Juliette Foster on why Moody's has lowered Italy, Spain and Portugal's credit ratings - and EU leaders head to Beijing for investment......

VIDEO: Why car insurance costs are so high
The prime minister is holding a summit at Downing Street today, to discuss ways of bringing down the rising cost of insurance, particularly for cars......

BYOD: End of the road for the work PC?
How long till you can kiss your work PC goodbye?.....

UN body at centre of ETS storm
Searching for a solution to the emissions dispute.....

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

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

Biden raises currency, Xi acknowledges human rights issues
Feb. 14 - At a State Department luncheon, U.S. Vice President Joe Biden raises the issue of China's currency, as Chinese Vice President Xi Jinping says more can always be done on human rights. Deborah Lutterbeck reports......

U.S. Day Ahead: FOMC minutes offer insight on stimulus
Manufacturing Editor, John Stoll, says investors will closely watch Deere results......

Trading at Noon: Wall St. falls after retail sales data
Feb. 14 - The S&P 500 index retreated from near a seven-month high after weaker-than-expected January U.S. retail sales data......

Steady hands at U.S. malls
Feb 14 - Americans continued to spend in January, but total spending was not as robust as hoped as car buying slowed at the start of the year. Conway G. Gittens reports......

Obama: With China's increased power comes increased responsibility
Feb. 14 -U.S. President Barack Obama, as he meets with China's leader-in-waiting Xi Jinping, praises China's rise as a world power. Deborah Lutterbeck reports......

HSBC: Time for investors to take more risk
Feb. 14 - Improving global growth and deeply discounted risk-asset valuations suggest investors should be adding risk to their portfolios......

Breakingviews: Volcker on Volcker
Breakingviews columnists discuss Paul Volcker's letter to the Fed commenting on his eponymous rule......

Morning Briefing: Apple's iPad plans, Martha Stewart's dog
Feb. 14 - WSJ reports that Apple plans to announce a 4G version of the iPad in the first week of March, and our power player of the day is Genghis Khan... not the famous warrior......

Cheap ECB loans supporting demand for government bonds
Feb. 14 - Athens is coming under growing pressure as European leaders prepare for a make or break meeting on Greece......

USS Abraham Lincoln patrols near Iran
Feb. 14 - U.S. commander says voyage on the Strait of Hormuz is routine and nothing to do with tensions with Iran. Nick Rowlands reports......

French rush to cash in old francs
Feb. 14 - Hundreds of French residents who still have the country's old French franc, line up to exchange their notes for euros before the February 17 deadline. Hayley Platt reports......

Moody's UK downgrade threat - does it matter?
Feb. 14 - London finance sector workers share their thoughts on Moody's UK downgrade warning......

Rating cut warning for UK and France
Feb. 14 - Rating agency, Moody's, has downgraded six European nations including Spain and Italy, and put three others on a watch list. It's the first threat triple A-rated UK has had to face. Joanne Nicholson reports......

Biden: U.S.-China relationship one of the most important in the world
Feb. 14 - Biden begins meetings with China's leader-in-waiting Xi Jinping saying U.S.-China relationship one of most important in the world. Rough Cut (no reporter narration)......

Elderly protest as Greece discusses more cuts
Feb.14 - Pensioners take to the streets in Athens as Greece tries to find an extra 325m euros in savings before Wednesday's European finance ministers meeting in Brussels which is due to sign off a second bailout package. Sonia Legg reports.....

Moody's shows UK no love
Feb. 14 - With a less-than-rosy economic outlook, Moody's Valentine's Day warning is a sign the ratings agency will be a thorn in the UK's side for some time......

Barton Biggs likes oil services, tech stocks in U.S.
Feb. 14 - Traxis Partners' Barton Biggs says U.S. stocks are undervalued relative to interest rates and is positive on the oil services sector as well as both old and new technology......

Biggs: Europe contagion won't hit U.S. banks
Feb. 14 - Legendary investor Barton Biggs says there will be some contagion from the euro zone's debt crisis on the U.S., but thinks there are pockets of opportunity......

Biggs buying "cheap" Italian stocks
Feb. 14 - Traxis Partners' Barton Biggs says there is a one-in-four chance the euro zone will dissolve if Greece's debt concerns are not resolved, but likes investments in Italy......

Biggs: Investment oppotunities in Syria are lost
Feb. 14 - Hedge fund manager Barton Biggs says the latest developments in Syria will make investing in the area a problem for the next three to five years......

The Olympic costs of coaching
Feb.14 - Financing the Olympic dream has always been a struggle but while most athletes manage to secure sponsorship deals many coaches are often unpaid volunteers who struggle to make ends meet. Hayley Platt reports.....

U.S. Morning Call: Moody's may cut UK, France
Feb. 14 - U.S. stock futures are firm as Moody's downgrades several European countries and warns UK, France and Austria of possible downgrades......

Nigeria, Algeria hold opportunity for frontier investors
Feb. 14 - Auerbach Grayson managing director Jonathan Auerbach says political change and capital market developments have made investments in African nations like Nigeria, Algeria & Libya attractive......

MAN warns of 2012 profit dip
Feb. 14 - German truckmaker MAN warns 2012 profitability will slip on the back of new emission standards in Brazil and reiterates that the VW tie-up is progressing as planned......

Moody's threat shows UK must keep cutting -Breakingviews
Breakingviews. Also a look at how the World Cup may affect liquidity trading......

Direct Line Group gears up for 4bn flotation in 2012
Royal Bank of Scotland's insurance businesses have been renamed after one of the company's best-known brands ahead of a potential 4bn-5bn stock market flotation later this year.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/3272.....

Ministers step up fight to protect City from EU trading shake-up
The UK Government is to step up its battle to protect the financial service industry against what it feels are illegal challenges from the European Central Bank.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1ca.....

Sarah leads, but Moody's decides by committee
Few know what it's like to stand in judgment on one economy. So spare a thought for Sarah Carlson, the senior analyst at the sovereign risk group of Moody's Investors Service.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/.....

Cable & Wireless Worldwide chief Gavin Darby set for 600,000 sale windfall
Cable & Wireless Worldwide's new chief executive, Gavin Darby, stands to make more than 600,000 from the sale of the company to Vodafone, after less than three months' work.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/3272.....

European markets shrug off Moody's rating blow
European markets demonstrated their resilience following a series of sovereign debt downgrades by Moody's, reassured by a jump in German investor confidence and other upbeat data.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32.....

Relaxed markets remain one step ahead of Moody's move
Fervent followers of the markets could be forgiven for feeling confused on Tuesday.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1ca66ce7/mf.gif' border='0'/><br/><br/><a href="http://da.feeds.....

Row over Luton airport expansion plans
Luton Borough Council has been threatened with a 300m legal bill if it tries to ditch the operator of its airport.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1ca66ce9/mf.gif' border='0'/><br/><br/.....

Banks need certainty to safeguard economic growth
Britain faces years of "lost" economic growth if the government does not provide banks and their investors with more certainty that industry reform is "substantially complete", according to UBS.<img width='1' height='1' src='http://telegraph.feeds.....

Nat Rothschild keeps seat on Bumi board after crisis talks
Nat Rothschild will stay on the board of his mining venture Bumi, after rival shareholders performed an about turn on plans to oust him in a shareholder vote.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1ca66c.....

MP warns against investing in Russia
A former minister for Europe has urged the Government to attach "health and safety" warnings to promotional material that encourages businesses to invest in Russia.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/.....

Courts the only route after Anglo American talks failed, says Codelco chief
Secret talks between mining giant Anglo American and its Chilean rival Codelco over disputed copper assets have broken down, according to the head of Codelco.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1ca667.....

Glencore mega-merger 'bad timing for Xstrata'
The planned 52bn merger of trading giant Glencore and miner Xstrata represents "bad timing" on the latter's part, analysts have warned, fuelling demands that Glencore pay more.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726.....

Debt crisis: live
Tomorrow's meeting to discuss the second Greek bail-out has been called off amid accusations that a top politician in the debt-stricken country has failed to sign off agreed austerity measures.<img width='1' height='1' src='http://telegraph.feedsp.....

James Murdoch name tied to News Corp scandal
James Murdoch's name is "inextricably linked" with News Corporation's failure to deal properly with phone hacking at News International, an influential shareholder group has claimed, adding that the arrests at the Sun signalled a "new phase" in the g.....

Whitehall goodwill is running dry in the City
Mumblings, if not rumblings, of discontent reach me from the board rooms of our Government departments.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1ca6238c/mf.gif' border='0'/><br/><br/><a h.....

Moody's rating decision backs the Coalition's path of fiscal consolidation
Moody's decision to place the UK on "negative outlook" was leapt upon by critics of the Coalition's economic policies as a sign that the Treasury had got it wrong and it was time to reverse ferret, open the rusted credit taps and spend.<img width=.....

Greek economy spirals down as EU forces final catharsis
A Greek default and traumatic ejection from the euro moved a step closer last night after eurozone finance ministers cancelled a crucial meeting, accusing Athens of failing to flesh out austerity cuts.<img width='1' height='1' src='http://telegrap.....

UK's three largest mobile operators score own goal in termination rates row
Britain's three largest mobile operators have scored an effective own goal after their attempt to overturn an Ofcom ruling on so-called mobile termination rates (MTRs) resulted in a more damaging verdict.<img width='1' height='1' src='http://teleg.....

Yell shares fall as print revenues disappoint
Shares in Yell Group tumbled more than 17pc on Tuesday after the troubled business reported a sharper drop in print revenues than expected.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1ca61a70/mf.gif' border='.....

Capita wins the battle, but not yet the war
The battle for the British Army's recruitment contract ended in victory for Capita yesterday, as it fought off a charge from a coalition of Serco and Logica to be declared preferred bidder.<img width='1' height='1' src='http://telegraph.feedsporta.....

Jaguar Land Rover makes 559m in three months
Jaguar Land Rover (JLR) made record pre-tax profits of 559m in the final three months of 2011 as demand for its premium cars soared in Asia.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1ca3f6d4/mf.gif' border=.....

Britain named an economy 'at risk' by EU
Indebted mortgage holders, high property prices and shrinking global exports represent "risky and harmful" imbalances in the British economy, the EU warned on Tuesday.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300.....

Lloyd's of London puts Thai flood costs at $2.2bn
Lloyd's of London has warned that last year's Thai floods are likely to cost it about $2.2bn (1.4bn), making it the third-largest claim the market has faced after hurricane Katrina in 2005 and the September 11 attacks in New York.<img width='1' he.....

Apple threatened with China iPad ban
A Hong Kong-listed maker of computer displays has asked customs officials to stop Apple exporting iPads from China in an escalation of the spat between the two companies.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568.....

BP facing oil spill claims from US investors
BP's American investors have scored a legal victory after a US judge ruled that the oil company must face fraud allegations over the Gulf of Mexico oil spill.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1ca2f8.....