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Wednesday 15 February 2012

UK Financial News on 2012-02-15

'Progress' in Greek bailout talks
Greece makes progress in convincing eurozone nations it should get fresh bailout funds but a decision may not be made until early next week, it is told......

Unemployment continues to edge up
UK unemployment rose by 48,000 to 2.67 million in the three months to December, the smallest increase for almost a year......

Europe struck by growth slowdown
Italy and the Netherlands fall into recession and Germany contracts, but France shows surprise fourth quarter growth......

UK economy 'to zigzag' this year
The UK economy will "zigzag" this year, dipping in and out of growth, but avoid recession, says Bank of England governor Sir Mervyn King......

Zoellick to leave World Bank role
World Bank president Robert Zoellick is to step down from his role at the institution when his five-year term comes to an end on 30 June......

Challenge to Microsoft Skype deal
Microsoft's takeover of video calling service Skype is to be challenged by Cisco at the European Commission......

Kellogg pays $2.7bn for Pringles
Kellogg to expand in the snacks business by agreeing to buy Pringles from Procter & Gamble for $2.7bn......

Airports group considers takeover
Manchester Airports Group, which includes East Midlands and Bournemouth, says it is looking into buying another UK airport to expand the company......

Mobile costs 'to be cut sooner'
The fees levied by mobile firms on calls from landlines need to come down more quickly, says the Competition Commission......

Airbus inquiry into wing cracks
The head of Airbus orders an internal investigation into how wing cracks developed on its flagship A380 aircraft but insists it is "absolutely safe to fly"......

US manufacturing lifted by autos
US manufacturing grew 0.7% in January following a surge in output by the auto industry, but industrial production was flat......

Eurozone states 'want Greece out'
Some eurozone countries want Greece to leave, the country's finance minister says, as he scrambles to finalise an EU bailout deal......

Virgin needs 500 new cabin crew
Airline Virgin Atlantic is to employ 500 new cabin crew under plans to expand its network and fleet for 2012......

Thorntons' half-year profits dive
Half-year profits at chocolate maker Thorntons fall sharply after poor trading and high exceptional charges......

'Good progress' made over Rangers
The administrators of Rangers FC say they have made "very good progress" within the first 24 hours of running the club......

Profits climb at Domino's Pizza
The UK's biggest pizza delivery firm, Domino's Pizza, reports rising annual profits with online sales seeing rapid growth......

Obama talks tough on China trade
US President Barack Obama says China needs to follow fair trade practices as it plays an increasingly important global role......

'Last bank' adverts 'misleading'
The advertising watchdog upholds complaints against Royal Bank of Scotland for making "misleading" promises to be the "last bank in town"......

Ryanair in 'sexist ads' criticism
Two advertisements for the budget airline Ryanair are banned by the UK's advertising watchdog after complaints that they were sexist......

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......

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......

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......

Iran denies ending EU oil exports
Iran's oil ministry denies state media reports saying it had stopped oil exports to six European countries in retaliation for the EU's oil embargo......

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......

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......

Italy cuts F-35 combat jet order
Italy is cutting an order for combat jets by more than 30% as part of the country's austerity measures......

Yahoo Japan dips 5% on swap talks
Yahoo Japan falls 5% on the Tokyo Stock Exchange on reports that talks regarding the swap of its Asian assets have stalled......

Samsung mulls LCD unit spin-off
Samsung Electronics says it is mulling spinning-off its Liquid Crystal Display (LCD) unit in a bid to streamline its business......

Portsmouth want Andronikou again
Andrew Andronikou confirms to BBC Radio Solent his firm has been recommended by Portsmouth to handle their proposed administration......

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......

VIDEO: Unemployed teacher: 'I feel humiliated'
Radio 5 Live hosted a debate with an audience of 200 unemployed people in Salford who were given the opportunity to talk directly to the Government. Audience member, Michael, a qualified teacher says he feels humiliated......

VIDEO: Cameron: Growth is key for jobs
UK unemployment rose by 48,000 to 2.67 million in the three months to December, according to official figures......

VIDEO: Virgin Atlantic to create 500 jobs
Virgin Atlantic has announced a recruitment drive for 500 cabin crew in new plans to expand the airline's fleet for 2012......

VIDEO: Trading collies: Sheepdog price rise
Sheepdog trading is proving a lucrative business for some as border collies are in demand from shepherds and farmers around the world......

VIDEO: Tweak your chi before you fly
San Francisco International Airport opens a yoga room for stressed travellers looking for an oasis of calm.....

VIDEO: UK economy to 'zig-zag', says King
The Bank of England says the UK is unlikely to enter recession this year and believes growth will be around 1.2%......

AUDIO: Are communists better capitalists?
A financial expert told Radio 5 live that the crisis could spell the end of western free market capitalism......

VIDEO: Landline to mobile costs may fall
The Competition Appeal tribunal has ruled that the charges mobile phone companies pay each other for carrying their customers' calls should be reduced, but there may be an appeal against the decision......

My Business: Ticket to ride on India's buses
How friends set up India's first bus ticket service.....

Germany: Reasons to be cheerful
How Germany's long-term bet on China paid off.....

'I wouldn't wish this on anyone'
'My confidence is nil' - life after three years without work.....

Mixed bag of 'with profits' funds
The success - or otherwise - of 'with profits' investments.....

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.....

U.S. Day Ahead: Analysts expect rise in jobless claims
reporter Deepa Seetharaman says General Motors is going to face tough questions about opel and pensions tomorrow......

Designers eye "Fashion-visas" for sales
Feb 15 - Fashion designers showing their creations at Mercedes Benz Fashion Week in New York City are setting their sights on "Fashion-visas", growing middle class tourists from Brazil and China who are coming to the U.S. to shop. Conway G. Gittens r.....

Romney's facts wrong in criticism of auto bailout: Ingrassia
deputy editor-in-chief Paul Ingrassia says GOP Presidential hopeful Mitt Romney is wrong in criticizing the $81 bln auto bailout and that GM and Chrysler would have collapsed without it......

Trading at Noon: S&P reaches 7-m high before hitting wall
Feb. 15 - The S&P 500 index hit a fresh 7-month high before giving up some gains after mixed data on the U.S. economy and news of a possible delay in Greece's bailout......

The Exchange: Gene Simmons talks money, politics and rock
Legendary KISS frontman Gene Simmons talks to Rob Cox about his business ventures and the state of the music industry......

Apple to pay "huge amount" for iPad settlement -China Lawyer
Feb. 15 - Backed into a corner, Proview's Shenzhen subsidiary is swinging for the fences in its iPad trademark dispute vs Apple. Jon Gordon reports from what's left of the Shenzhen firms' R&D headquarters......

Breakingviews: More Froot, less nuts
Crunchy lessons from Procter & Gamble's Pringles deal......

Euro zone economic train hopes to recouple
Feb. 15 - The euro zone economy shrank at the end of last year, despite a surprisingly solid showing from Germany and France. The hope is the weaker "periphery" can soon converge......

Europe Day Ahead: officials mull delay to Greek bailout
Feb. 15 - Fears are easing over the depth of any recession in Europe thanks to resilience in France and Germany......

iPhone sales fuel smartphone surge
Feb. 15 - Apple became the world's largest smartphone vendor in the fourth quarter of 2011 in a bumper season for higher margin phones, according to the market research firm Gartner. Matt Cowan reports......

Heineken profits inch higher
Feb. 15 - The world's third-largest brewer Heineken beat analyst expectations with a 9 percent profit increase in 2011, after recovering from a damp European summer that kept a lid on drinking, and launched a new drive to cut costs. Hayley Platt repo.....

Morning Briefing: Goldman probe, Whitney's sales soar
Feb. 15 - The WSJ reports a Goldman tech analyst is under scrutiny for leaking inside information to hedge funds, and Whitney Houston's album sales get a posthumous bump......

Greece looks to salvage bailout
Feb. 15 - Greece's conservative party leader Antonis Samaras who is widely tipped to be the country's next prime minister pledged that if elected he would stick to an agreed programme of welfare and job cuts, in hopes of salvaging a new 130-billion-e.....

BNP Paribas bucks banking view
Feb. 15 - BNP Paribas, France's biggest listed bank, posted better than expected results for its fourth quarter net profit and unlike many of its rivals has a positive view for 2012. Joanna Partridge reports......

U.S. Morning Call: Goldman Sachs analyst under investigation
that talks of a Yahoo-Alibaba deal are falling apart......

Global Greeks bet on property and prayers
Feb. 15 - Buy a London property, bank your cash somewhere safe, or just say a prayer: Greek overseas communities are finding different ways to prepare for the worst, as Julian Satterthwaite reports......

Alibaba and Yahoo need to rebuild trust - Breakingviews
Feb. 15 - Talks on Yahoo's Asian assets hit a snag, adding more strain to its relationship with Alibaba.....

China: will keep buying euro zone bonds
Feb. 15 - Beijing says it will keep investing in euro zone government bonds, but only when the time is right. Arnold Gay reports......

Reuters Today: Greece blows quick bailout chance
Feb. 15 - Euro zone finance ministers demand more commitment from Athens, French and German GDP surprises to the upside and a Chinese tech firm claims it owns the iPad trademark......

Dial 1-800-Philippines
Often ignored as an economic laggard, the Philippines has beaten India to win the top spot for offshore call center outsourcing. That's amid fresh grumbles in the U.S. over sending jobs abroad......

Massive skills shortage slows down U.S. firms in China
Feb. 15 - High labour costs and lack of qualified staff are among the biggest bumps in the road for U.S. companies doing business in China, the latest AMCHAM Shanghai business survey reports......

Apple shouldn't pay investors a dividend: Michael Moe
Feb. 15 - Tech investor Michael Moe of GSV Asset management says Apple still has more upside after hitting $500 a share, but he hopes the company doesn't start paying a dividend as that could dilute value......

Market Pulse: Glimmer of hope from euro zone GDP
Feb. 15 - Financials lead equity markets higher as the euro zone economy contracts but markets see signs that the worst could be over......

Greek austerity gets another backer
Feb. 14 - Summary of business headlines: Greek conservative leader set to back austerity-fueled bailout; Apple iPad faces Chinese legal challenge; Zynga beats revenue forecast but posts quarterly loss; Dow, Nasdaq creep higher on Greek austerity/bail.....

Beauty and the bark
Feb. 14 - Getting dogs ready for the carpet at the Westminster Kennel Club Dog Show can be a costly venture with preparations ranging from a simple haircut to a visit with a pet psychic. Bobbi Rebell reports......

Hedge fund boss whose explosive emails finally caught up with him
"Poor souls, working past cookie and milk time...for once in your lives, you can work like real men and do a proper day's work. (You really are a bunch of women of the first order)."<img width='1' height='1' src='http://telegraph.feedsportal.com/c.....

Tory hedge fund donor fined $80m in the US
A UK hedge fund run by a close ally of David Cameron and a donor to the Conservative Party has been ordered to pay $76.8m (48.9m) after being found guilty of market abuse in the US.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/.....

Evangelos Venizelos warns Germany is 'playing with fire' on Greece
Greek finance minister Evangelos Venizelos accused European leaders of "playing with fire" by trying to oust the beleaguered country from the eurozone amid fears they want to delay releasing the 130bn bail-out until after elections.<img width='1' .....

We're destroying jobs and value with myopic employment rules
Johnson Matthey, one of our most successful companies, would have hired about 10 specialist academics from abroad last year for its research and development efforts in the UK. In the end it got visa authorisations for a grand total of one.<img wid.....

Westfield sells stakes in three UK centres
Shopping centre owner Westfield has exited three of its UK assets as part of plans to focus investment on iconic projects, potentially including a third London centre.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300.....

Single currency's struggle takes its toll on Europe
The diverse nature of the 17 countries brought together in monetary union has never been so apparent.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1cadd406/mf.gif' border='0'/><br/><br/><a hre.....

Britain out of the woods? Unwise to bet on that
There was no doubt about it. The mood has very definitely improved, with a growing sense of moving in the right direction and even the worst being behind us.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1cadd40.....

Petroplus's founder throws lifeline to Coryton refinery
Petroplus's founder has thrown a lifeline to the Coryton refinery, owned by his insolvent former company, in an eleventh-hour deal to keep the Essex site running for at least three months.<img width='1' height='1' src='http://telegraph.feedsportal.....

Debt crisis and Greek talks: live
Jean-Claude Juncker, head of the Euro Group, is confident a decision on a second Greek bail-out can be made on Monday, as the debt-stricken country's finance minister says a further 325m of cuts has been agreed.<img width='1' height='1' src='http:.....

Mukhtar Ablyazov to hear on prison sentence in 3bn fraud case
Mukhtar Ablyazov, the former chairman of BTA Bank who is currently fighting lawsuits totalling 3bn, faces imprisonment on Thursay if he is found to be in contempt of court.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/5.....

Euro Group chief Jean-Claude Juncker expects Greek bail-out decisison within days
Eurozone finance ministers will be set to take 'all the necessary decisions' on Greece Monday after Athens met conditions for a bailout, the Eurogroup chief has said.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/.....

Older workers 'on jobs scrapheap' as crisis deepens
Almost half of unemployed people aged 50 or over have been out of work for a year or more, in a "disturbing" sign that older jobseekers are being consigned to the unemployment scrapheap, experts said.<img width='1' height='1' src='http://telegraph.....

Goldman Sachs caught up in federal probe
A technology industry analyst at Goldman Sachs is being investigated amid allegations that insider information was leaked to hedge funds.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1cadbdd7/mf.gif' border='0'.....

Airbus boss orders internal inquiry over A380 cracks
The chief executive of Airbus has ordered an internal investigation and admitted the aeroplane manufacturer "made a mistake" after the discovery of cracks on the wings of the A380 superjumbo fleet.<img width='1' height='1' src='http://telegraph.fe.....

Canada latest to join Libor inquiry
Canadian regulators are the latest to join the global investigation into claims banks manipulated borrowing rates during the financial crisis.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1cad6297/mf.gif' borde.....

Fed member: US banks must be broken up for stability
The largest US banks remain too big to fail and should be broken up, according to a senior US financial regulator.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1cad6298/mf.gif' border='0'/>.....

Hillary Clinton tipped for World Bank job as Robert Zoellick steps down
Hillary Clinton, the US Secretary of State, is reportedly in talks over becoming the new president of the World Bank, after Robert Zoellick confirmed he is to step down.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/5683.....

BNP Paribas slashes bonuses as profits halve
Profits at France's largest bank, BNP Paribas, halved in the final three months of last year as the lender was forced to write-down its holdings of Greek government debt to a quarter of their face value.<img width='1' height='1' src='http://telegr.....

US industry stagnated in January
American industry made a disappointing start to the year, as it failed to boost output in January.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1cad1653/mf.gif' border='0'/>.....

Thornton's dividend melts as profits tumble 92pc
Discounts and promotions eat into chocolate retailer's first-half profits.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1cacfafa/mf.gif' border='0'/>.....

Land Securities finds partner for Victoria
Land Securities has agreed a deal with the Canada Pension Plan Investment Board to fund a 1bn redevelopment of 5.5 acres in the West End of London.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1cacafe2/mf.gif' .....

Margaret Cole to step down from FSA
Margaret Cole, Financial Services Authority board member and interim managing director of the Conduct Business Unit, is to step down from the City watchdog.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1cac52bb.....

World Bank President Robert Zoellick to step down in June
World Bank president Robert Zoellick will leave the job at the end of his five-year term on June 30, the Bank announced Wednesday.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1cac0e84/mf.gif' border='0'/>.....

Interest-only mortgages: Lloyds and Halifax tighten lending criteria
Lloyds Banking Group has become the latest lender to tighten its rules on interest-only mortgages.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1cac14bd/mf.gif' border='0'/>.....

Budget: Government eyes pension annual allowance cut
Wealthy savers are being urged to maximise pensions contributions ahead of this year's Budget on March 21.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1cabe1b4/mf.gif' border='0'/><br/><br/><.....