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Thursday 16 February 2012

UK Financial News on 2012-02-16

GM unveils record profit for 2011
US carmaker General Motors makes record profits in 2011 but unveils huge losses in its European operations......

Wall Street hits pre-crisis high
Shares in New York hit levels not seen since before the 2008 financial crisis on Thursday after positive jobs market news......

Apple wins 'slide-to-unlock' case
Apple has won a "significant" patent dispute over Motorola Mobility surrounding a "slide-to-unlock" feature on smartphones......

Eurozone calls for Greek scrutiny
Eurozone finance ministers say they need more oversight of Greece's economy, after Athens reaffirms its commitment to austerity measures......

Spain sees its economy contract
Spain's economy shrinks for the first time in two years, increasing fears the country could be heading for a recession......

Change or be changed, banks told
The Office of Fair Trading has told banks they must do better for personal account customers or face an enforced shake-up......

Moody's may cut 17 banks' ratings
Moody's warns that it may cut the credit ratings of 17 banks and financial services firms that it is currently reviewing......

US home building up in January
US new home building rose 1.5% in January to an annualised rate of 699,000, the US Commerce Department says......

EU court blocks net-filtering bid
A social network cannot be required to install an anti-piracy filtering system, the top EU court rules......

BAE annual revenues drop by 14%
UK defence group BAE Systems reports a drop in sales as defence orders fall off, and warns that sales growth is unlikely this year......

Warning over cashless payments
Criminals could make fake versions of smartphone instant payment systems to steal money, warn internet experts......

Former Olympus chairman arrested
The ex-chairman of Japanese camera manufacturer Olympus and two other former executives are arrested as part of an inquiry into the firm......

Nestle cautious on sales in 2012
Nestle reports annual profits up 8.1% on the previous year, but keeps a cautious outlook for sales in 2012......

Qantas to cut jobs as profit dips
Qantas says it will close some international routes and cut jobs after its profits were hit by strikes and rising fuel costs......

Carmaker Renault sees sales rise
France's second largest car maker Renault reports a 9% rise in annual sales, helped by increasing business outside Europe......

FSA urged to probe Rangers deal
The former chairman of the Westminster treasury select committee calls for the financial regulator to probe Craig Whyte's takeover of Rangers......

'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......

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......

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......

Whitehall 'must end tax breaks'
The leader of the union representing senior civil servants urges ministers to end arrangements under which employees avoid paying some income tax......

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......

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......

JJB 'still committed' to Rangers
One of Rangers' biggest commercial partners says it will continue to work with the club in administration......

Setback for big Congo hydro dam
A hydroelectric scheme in DR Congo is dealt a blow by a mining firms decision to not build a smelter, which would have been a major user of its electricity......

SocGen profits hit by Greek costs
Societe Generale reports a big drop in fourth quarter profits after writing off 662m euros (516m; $808m) in Greek government debt......

Rangers' 'invisible' 24m probed
The administrators running Rangers say they do not know the whereabouts of 24m which was lent to the club......

Call for 2012 ticket transparency
Unnecessary secrecy risks jeopardising public confidence in the ticketing arrangements for the 2012 Olympics, warns the London Assembly......

Top China football referee jailed
Lu Jun, the man who was once China's top football referee, is sentenced to five-and-a-half years in jail for taking bribes to fix matches......

VIDEO: Transferring your money by mobile
A High Street bank has launched a service that allows you to transfer money simply by using a mobile phone......

VIDEO: Transaction tax 'would kill City'
As head of leading financial transactions company ICAP with a multi-billion pound turnover, Michael Spencer is no fan of a financial transaction tax. He tells Evan Davis that such a tax would force him to move his company out of the UK......

AUDIO: Economy 'crucial' to Scotland debate
John Curtice, professor of politics at Strathclyde University, looks at where the debate on Scottish independence will go following a speech by David Cameron later on today......

AUDIO: 'Russia not the same as ten years ago'
The Russian billionaire oligarch Viktor Vekselberg spoke to the Today programme's Simon Jack about a new project akin to Silicon Valley which hopes to forge business links with Britain......

AUDIO: 'No idea' about Olympic ticket sales
Baroness Dee Doocey says that "if they have nothing to hide" then Locog should release details of Olympic ticket sales......

VIDEO: The loan sharks on Britain's estates
As credit becomes harder than ever to get for those on a low income, the BBC investigates the loan sharks who are terrorising Britain's estates.....

AUDIO: Humans 'an ultra-social' species
It is wrong to think that the findings of evolutionary science support the idea that humans are by nature selfish, according to evolutionary biologist David Sloane Wilson......

VIDEO: Charles's 'cunning plan' for youth
Prince Charles has spoken of the importance of investing in the future, as he launched a Prince's Trust initiative to recruit 300 young people to be job ambassadors......

Drone-makers target Asia for growth
Demand for unmanned spy planes is booming in Asia.....

Small firms: How to win customers
Your latest start-up questions answered by our panel of experts.....

Chinese and American leaders stick to script
Chinese and American leaders stick to script.....

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

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

'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.....

Apple iPads yanked off China shelves over patent dispute
Feb. 16 - A battle with China's Proview Technology caused some store owners to pull iPads off shelves in China, but the potential of a multi-billion dollar settlement hasn't affected analyst sentiment......

Trading at Noon: Wall St. adds gains on Greek deal
Feb. 16 - U.S. stocks hit session highs in late-morning trading after sources said euro zone central banks agreed on a Greek bond swap as part of a deal to help the debt-laden nation......

U.S. growing despite Europe woes
Feb 16 - There is fresh evidence the U.S. economy is getting stronger despite risk of contagion from Europe's debt crisis and economic slowdown. Conway G. Gittens reports......

Morning Briefing: Labor market improvement, GM weakness
Feb. 16 - U.S. jobless claims declined to 348,000 for the prior week, and bailed out automaker GM posts a lower-than-expected profit......

Designing the color of profit
The colors of Fall 2012 are no accident- designers are tuned in to what colors will sell their clothing to consumers as the improving economy could lead more-confident shoppers to finally refresh their wardrobes......

Greece tensions escalate
Feb. 16 - Greece's president has hit out at the German finance minister's talk of a bottomless pit. Joanne Nicholson reports.....

Breakingviews: Googlomerate
Breakingviews columnists discuss how Google's acquisition of Motorola Mobility has Wall Street analyzing the company like a conglomerate......

Ex-CEO reacts to arrests in Olympus saga
Feb. 16 - Four months after one of Japan's biggest corporate scandals, police and prosecutors arrested seven men, including the former president of Olympus and ex-bankers, over their role in a $1.7 billion accounting fraud at the medical equipment an.....

Time running out for Greece as aid decision delayed
Feb. 16 - Time is running out for Greece, says Commerzbank's Peter Dixon, after the euro zone delays a decision on aid until Monday......

Olympus arrests prove Japan needs corp cleanup, Woodford says
Feb. 16 - As Tokyo prosecutors arrest seven men linked to fraud at Olympus, ousted company boss Michael Woodford says corporate Japan as a whole needs to put its house in order......

French election battle heats up as Sarkozy throws hat in ring
Feb. 16 - French President Nicolas Sarkozy launches his re-election campaign with a pledge to listen to voters......

Greek writedowns decimate SocGen Q4 profits
Feb. 16 - French bank Socirale sees a volatile 2012, after fourth-quarter profits plunge 89% on hefty Greek writedowns and toxic assets......

Bomb-proof bins for London streets
Feb. 16 - London-based business Renew has reinvented the rubbish bin by building bomb-proof recycling points complete with LCD screens which show top news headlines, travel information and stock market data. Joanna Partridge reports.....

Nestle results sweet; outlook cautious
Feb. 16 - Nestle echoes the cautious 2012 tone of other global food makers after it posted forecast-beating 2011 sales growth. Hayley Platt reports......

Chocolate, cheese and the Swiss Franc
Feb. 16 - The strength of the Swiss Franc is making it too expensive for customers overseas, sparking a drop in exports of some of Switzerland's most famous products. Joanne Nicholson reports......

U.S. Morning Call: Moody's may cut big banks, Xi charms Iowa
Feb. 16 - Moody's warns it may downgrade Morgan Stanley, Goldman Sachs, Bank of America and more than 100 other financial firms globally, and China's leader-in-waiting Xi Jinping visits Iowa......

Olympus arrests welcomed by sacked ex-boss Woodford
Feb. 16 - Former Olympus chief executive Michael Woodford says he has been vindicated by the arrests of seven men, including the former company president and ex-bankers over their alleged role in a $1.7 billion accounting fraud. Rough Cut (no reporte.....

Lights, camera...corporate video?
Multi-million dollar budgets and Cannes-award winning crews - is corporate video ditching its dull image? Amy Gardner reports......

French banks face bank-bashing new president - Breakingviews
Feb. 16 - Breakingviews assistant editor Chris Hughes argues that BNP Paribas and SocGen face the double threat of an economic slowdown and a bank-bashing new president in 2012......

Reuters Today: Greeks hope for Monday bailout deal
Feb. 16 - In spite of fraying tempers, Athens is hoping its EU partners will agree to a second bailout for Greece when finance ministers meet in Brussels next week......

Open wider, EU trade chief tells China
Karel De Gucht says the EU needs better access to Chinese markets, and by the way, China shouldn't expect automatic market economy status for helping bail out Europe......

Designing the color of profit
Feb. 15 - The colors of Fall 2012 are no accident - designers are tuned in to what colors will sell their clothing to consumers as the improving economy could lead more-confident shoppers to finally refresh their wardrobes. Bobbi Rebell reports......

Lion Air's Kirana: Indonesia needs 1,000 planes
Feb. 16 - Indonesian low cost carrier Lion Air orders another 27 planes, shrugs off concerns over saturation in the domestic aviation market. Arnold Gay reports......

Ex-Olympus executives arrested
Feb. 16 - Japanese prosecutors swoop in on three former executives of Japan's disgraced Olympus Corp. Rough cut (no reporter narration).....

Market Pulse: Greek saga drags on but auctions cheer
Feb. 16 - Well received bond auctions in France and Spain show government bonds are still supported by cheap ECB bank loans......

A cool move by Iceland founder Malcolm Walker
The iceman cometh back. Malcolm Walker is on the verge of regaining control of Iceland, the food retailer he began in 1970.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1cb5b3cb/mf.gif' border='0'/><br/&g.....

Dubai group to back Malcolm Walker's Iceland bid
The owners of food retailer Iceland have confirmed they are in exclusive talks to sell the chain to a management team led by the company's founder, Malcolm Walker.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1.....

Euro leaders must embrace democracy and allow Greece to decide its fate
If Greece staggers to the line again and Europe hands over cash to meet its debts falling due in March, nothing will have changed. The country will continue insolvent, relying on a euro credit drip for its survival.<img width='1' height='1' src='h.....

Greece tries deeper cuts to meet European demands
The Greek government offered deeper cuts to public sector salaries and defence spending in a bid to axe 325m from its budget as the options to stave off bankruptcy narrowed.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/.....

Leave us out of the EU tax experiment
EU tax commissioner Algirdas Semeta is trying to convince citizens in countries like Sweden and the UK that paying taxes to Brussels is in their own interest.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1cb579.....

Financial transaction tax would raise 10bn
Introducing a financial transaction tax would cause minimal disruption and would raise additional taxes worth 10bn (8.4bn) for the British government, according to the European Union official in charge of tax policy.<img width='1' height='1' src='.....

OFT review lifts Yell Group
Yell Group may be allowed to significantly raise the price of placing an advert in the Yellow Pages, after the Office of Fair Trading (OFT) launched a review of an earlier decision to cap the charges.<img width='1' height='1' src='http://telegraph.....

Debt crisis and Greek talks: live
Finance ministers will consider fresh measures to bring Greece's debt to GDP ratio down to their 120pc target after eurozone officials reveal the expected bail-out won't be enough.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/3.....

Just as Greece complies at last, Europe pulls the plug
Officials from the EU and the International Monetary Fund made two grave errors when they swooped into Greece in mid-2010 and dictated the now hated "Memorandum".<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c.....

B&Q boss Ian Cheshire in line for 7.8m windfall
B&Q-owner Kingfisher is on track for a 20pc jump in annual profit, as chief executive Ian Cheshire's long-term bonus plan puts him in line for a bumper windfall worth as much as 7.8m.<img width='1' height='1' src='http://telegraph.feedsportal......

Gavin Darby turns up but leaves swagger at home
If it weren't for Gavin Darby's whopping 3.3m pay package, you could almost feel sorry for him.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1cb51c9c/mf.gif' border='0'/><br/><br/><a href="htt.....

Weir's Danish rival Down Under ups offer
Weir Group is facing a battle to acquire Australian mining equipment company Ludowici after Danish group FLSmidth trumped its bid.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1cb51ca1/mf.gif' border='0'/>&l.....

Glencore aluminium head Gary Fegel worth $1bn
Glencore's head of aluminium has a stake in the company worth around $1bn (630m), the commodity trading giant disclosed, fuelling fears as to how well its management team will mesh with their Xstrata counterparts under their planned "merger of equals.....

Smokes and snacks help calm traders' nerves
Nervous traders turned to cigarettes and comfort food amid economic uncertainty yesterday, before better news helped markets to regain their composure.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1cb51920/mf.g.....

African Barrick Gold shares plunge
Shares in African Barrick Gold (ABG) dropped more than 13pc after the precious metal miner reported falling production and warned of rising costs.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1cb4dbca/mf.gif' b.....

BAE Systems hit by US and UK defence cuts
The chief executive of BAE Systems has defended the company's strategy and job cuts in the UK after government spending cuts dragged down sales 14pc to 19.2bn<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1cb0ba.....

Mukhtar Ablyazov given 22 months for contempt
Warrants have been issued for the arrest and imprisonment of banker Mukhtar Ablyazov, former chairman of BTA Bank, in connection to an alleged "fraud on epic scale"<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/.....

Chinese goldbugs to overtake India as world's biggest gold consumers
China will this year topple India as the world's biggest gold consumer, as demand for the metal as both a "safe haven" and to use for jewellery keeps growing, according to the World Gold Council.<img width='1' height='1' src='http://telegraph.feed.....

Olympus executives arrested in accounting investigation
The accounting scandal engulfing Japanese electronics giant Olympus has seen its first arrests with individuals including former chairman Tsuyoshi Kikukawa detained by the police.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32.....

Amid the chaos Greece faces a Herculean task
For ancient Greeks "chaos" was the empty void that existed before the creation of the world and civilisation.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1cb46deb/mf.gif' border='0'/>.....

No sell-off for Reed Elsevier
Reed Elsevier has ruled out making any major disposals after every one of its five business units grew in 2011 - the first time this has happened in four years.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1cb4.....

General Motors working 'rapidly and decisively' to solve European woes
General Motors says the $747m (473m) lost by its European operations last year is "simply unacceptable" and it is working "rapidly and decisively" to lower the break-even rate.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726.....

Europe car sales slump amid debt crisis
New car sales slumped in Europe last month as the eurozone debt crisis weighed on consumer spending.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1cb45fbe/mf.gif' border='0'/><br/><br/><a href.....

Societe Generale chief says trader bonuses will halve after profit fall
France's second biggest bank, Societe Generale, is to follow the example set yesterday by its larger rival, BNP Paribas, and halve bonuses paid to traders working in its investment banking arm.<img width='1' height='1' src='http://telegraph.feedsp.....

Average retirement age rises to 65
Figures from ONS reveal average retirement age for men has risen.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1cb41931/mf.gif' border='0'/>.....