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Saturday 18 February 2012

UK Financial News on 2012-02-18

Surprise jump in UK retail sales
UK retail sales rose by a stronger-than-expected 0.9% in January, according to the latest figures from the Office for National Statistics......

UK and France sign nuclear deal
The UK signs a deal with France to strengthen co-operation on civil nuclear energy as a Franco-British summit is held in Paris......

Few areas avoid house price slump
Average house prices have risen in just two local authority areas since the UK's property boom peaked in 2007, research by the Halifax bank suggests......

Matalan reviews job scheme role
The fashion chain, Matalan, becomes the latest employer to withdraw from a controversial government-backed work experience scheme......

Diesel price 'at new record high'
The price of diesel has hit a new high, at 143.05 pence a litre, figures suggest......

Fake bonds worth trillions seized
Italian prosecutors have arrested eight people and seized $6 trillion in fake bonds found in a Swiss warehouse......

Facebook hacking student jailed
A software development student from York who hacked into Facebook is jailed for eight months......

US Congress backs payroll tax cut
The Republican-led US House of Representatives passes a bill to renew the payroll tax cut, ending months of partisan debate on the issue......

Iceland debt 'now safe to invest'
Iceland is safe to invest in again, according to Fitch, which upgraded its credit rating three years after its economy spectacularly collapsed......

Murdoch to launch Sun on Sunday
Rupert Murdoch is to launch new weekend tabloid the Sun on Sunday "very soon" and lifts all staff suspensions......

US prices climb 0.2% in January
US consumer prices rose by 0.2% in January, driven by rising costs of clothes and petrol, the Labor Department says......

Anglo American sees robust demand
Mining giant Anglo American expects demand for commodities to remain "robust", after reporting record operating profits in 2011......

Virgin makes air merger complaint
Passengers face higher fares and reduced services if BA takes over rivals BMI, Virgin Atlantic claims......

Japan's cabinet approves tax rise
The Japanese cabinet approves a plan to double sales taxes in an attempt to control the soaring costs of public debts......

Vatican to lose tax-exempt status
Italy's Catholic Church faces an annual multi-million euro bill over government plans to strip it of its tax-exempt status......

Nazi fakes 'hit pound confidence'
Nazi counterfeiting "destroyed" confidence in British bank notes in Europe by the end of World War II, according to MI5......

Rent costs 'increase in January'
The cost of renting a home in England and Wales increased in January, a survey indicates......

Bailiff industry changes proposed
Changes to laws governing bailiffs in England and Wales, such as the creation of a code of conduct, are being proposed by the Ministry of Justice......

Asian shares rise on US jobs data
Asian markets rise as US shares hit a near four-year high after the world's biggest economy reported better-than-expected jobs data......

Advertising boosts Baidu profits
China's largest search engine, Baidu, reports a 77% surge in profit between October to December as advertising revenue grows......

Portsmouth given 10-point penalty
Portsmouth are docked 10 points after entering administration for the second time in three seasons......

Billabong surges on takeover bid
Billabong shares surge more than 60% as the company announces a restructuring plan after a takeover bid from TPG Capital......

Whyte: 'I have nothing to fear'
Rangers chairman Craig Whyte says "every penny" that has come in and gone out of the club has been "properly accounted for"......

Spot-bet scam cricketer is jailed
A former Essex county cricketer has been jailed for four months after admitting a corruption charge relating to a 40-over game against Durham......

VIDEO: Can Morocco kick start its economy?
Although Morocco avoided a revolution last year, its economy is fragile. So what can the authorities do to give it a boost?.....

VIDEO: Can Bahrain still entice F1?
During last year's unrest Formula 1 withdrew its race in Bahrain. But will it go ahead during the next racing season?.....

VIDEO: Retailer pledges industry help
As London Fashion Week gets under way, Topshop boss Sir Philip Green has pledged to continue helping more young people get ahead in the industry......

VIDEO: PM on nuclear job creation
David Cameron has signed an agreement on nuclear energy that will pave the way for new jobs in the UK......

VIDEO: 'We need a cap on charity shops'
UK retail sales rose 0.9% in January compared with December, but one retailer in Rochdale outlines the problems he still faces......

AUDIO: How much is Scottish oil worth?
John Busby, a retired engineer who has studied the future of oil, and Stewart Hosie, treasury spokesman for the SNP, discuss the future of Scottish oil revenue......

AUDIO: Has Poundland affected the high street?
Some high street shops have blamed Poundland for taking their customers away. However, its chief executive told BBC Radio 5 live Breakfast that amid tough economic times, shops need to respond to what people want......

Inside the high-end housing market
How the super rich buy their homes.....

Interest-only loans harder to get
Mortgage firms make it harder to take out interest-only loans.....

Greeks losing belief in the state
Struggling Greeks losing belief in the state.....

More feel airline failure fallout
Feb 18 - Passengers stranded in Hawaii by the collapse of Air Australia scramble to find a way home. Paul Chapman reports......

U.S. payroll tax holiday lives on
Feb 17 - Summary of business headlines: American lawmakers approved the extension of a payroll tax holiday until the end of the year; Consumer prices rise swiftly in January; Oil closes at 9-month high; Fake U.S. government bonds found in Switzerland.....

Warm weather helping local budgets
Feb 17 - The city of Yonkers, New York, reeling with budget cuts and shortfalls, is able to save some money this year as warm weather replaces last year's pricey snow blizzards. Jill Bennett reports......

Xi says no hard landing for Chinese economy.
Feb. 17 - Chinese Vice President Xi Jinping says there will be no hard landing for the Chinese economy. Deborah Lutterbeck reports......

U.S. Week Ahead: Kraft's earnings, possible updates on split
Correspondent Martinne Geller says investors are looking for any update on its plans to split into two companies......

British and French leaders reconcile
Feb 17 - France and Britain agree to jointly work to develop next-generation unmanned drones as part of their military cooperation as their leaders reconciled after an acrimonious clash over Europe last year. Matt Cowan reoprts......

Italy police seize $6 trillion of fake U.S. T-bonds
Feb. 17 - Italian police have seized fake U.S. Treasury bonds worth more than a third of U.S. national debt that were held in three large trunks. Deborah Lutterbeck reports......

Clash of the Athenians
Feb 17 - A scuffle breaks out between student protesters in Athens and police as demonstrators voice outrage at government austerity measures. Conway G. Gittens reports......

Trading at Noon: Wall St. up on Greece, but gains limited
Feb. 17 - U.S. stocks are up slightly, but investors are wary of making big bets heading into a holiday weekend when Greece's bailout plan is expected to be approved......

Italy police seize $6 trillion of fake U.S. T-bonds
Feb. 17 - Italian police have seized fake U.S. Treasury bonds worth more than a third of U.S. national debt from a Swiss company where they were held in three large trunks. Rough Cut (no reporter narration)......

Breakingviews: Defrauding Uncle Sam
Breakingviews columnists discuss the latest twists in the U.S. mortgage mess involving Citigroup and Bank of America......

Fashion brings billions to British economy
Feb. 17 - As London Fashion Week takes place in the UK capital, with many in the industry predicting it will be bigger than ever, the British Fashion Council say fashion is worth almost 21 billion pounds to the UK economy. Joanna Partridge reports.....

Protesting students clash with Athens police
Feb. 17 - Scuffles break out between police and students at an anti-austerity protest in front of the Greek parliament. Rough Cut (no reporter narration)......

Europe week ahead: Greek debt deal on Monday, honest
Feb. 17 - Markets get a lift on hopes that, after weeks of disappointment, Monday really will see a deal on Greek debt......

Market valuations support Dow 15,000: Siegel
Feb. 17 - Despite ongoing concerns in Europe and a sluggish economic recovery, Wharton professor Jeremy Siegel says valuations and earnings growth suggest the Dow could hit 15,000 within two years......

Morning Briefing: Google tracking Safari users: WSJ
Feb. 17 - Google and other advertising companies are reportedly tracking web browsing habits of millions of people using a coding trick in Safari......

New 'pop up mall' is boxing clever
Feb. 17 - A new 'pop up mall' concept called BoxPark has turned a once scruffy stretch of east London into an eye-catching retail complex, composed of converted shipping containers. Hayley Platt reports......

ECB Greek bond dodge will rile bondholders - Breakingviews
Dodging losses on Greek bonds is bad news for countries whose debt the ECB holds and may make bond buying difficult in future. Changes to risk-weighting on SME funding could erode market confidence......

Travellers stuck in airline crisis
Feb. 17 - Air Australia's collapse into voluntary administration leaves passengers stuck in foreign locations or out of pocket. Paul Chapman reports......

Asia Week Ahead: Exporters pray for market relief
Embattled Japan and Asia exporters hope for recovery signs, while in China property concerns rise and the battle for iPad looms, and in Hong Kong a deal for Alibaba.com in the spotlight......

Thailand's river of gold
Feb. 17 - Thai villagers in Wang Nuea district head for the Wang River for their annual gold dig. Arnold Gay reports......

U.S. Morning Call: iPhones losing lure in China
Feb. 17 - Apple has reportedly lost market share for its iPhone in China, the largest smartphone market in the world......

Chelsea aim to nullify Napoli
Feb. 17 - Chelsea host a resurgent Napoli in the Champions League plus a look at the other key last 16 ties......

U.S. Day Ahead: Campbell's results may be in the soup
Correspondent Martinne Geller says Campbell Soup may not be able to convince Wall street it's back on a solid footing when it reports before the market open......

Market Pulse: UK spending binge boosts sterling
Feb. 17 - Sterling finds support across the board after January retail sales come in much stronger than expected......

Mobile phone giants set to miss Olympics goal for joint payment service
Britain's three biggest mobile operators are poised to make their submission to the European Commission (EC) for their controversial mobile payments joint venture - but may have already missed the boat for an Olympic launch.<img width='1' height='.....

Royal Exchange put up for sale by Anglo Irish
One of the City of London's most prominent and historic buildings is set to be put up for sale as part of the unwinding of Ireland's troubled property debts.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1cc1371.....

British Airways in talks over OFT price-fixing fine
British Airways is locked in talks with the Office of Fair Trading (OFT) over a 121.5m price-fixing fine levelled five years ago against the airline.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1cc14037/mf.gif.....

Billionaire Ron Burkle takes stake in Independent Talent
American billionaire Ron Burkle has taken a minority stake in London-based talent agency Independent Talent in a deal which is thought to value it in excess of 20m.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/.....

Flybe targets European contracts
Under-pressure airline Flybe, which has issued four profit warnings since its flotation 14 months ago, is in talks with several major European carriers to take over their regional businesses on a contract basis.<img width='1' height='1' src='http:.....

Uncertainty is the biggest issue for UK banks
Like it or not, financial services is one of the few industries in which the UK retains a leadership position .<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1cc1403a/mf.gif' border='0'/><br/><br/>.....

HSBC to snub Chancellor's 20bn loan plan
HSBC is considering walking away from George Osborne's plans to inject 20bn into the UK economy in what could prove to be a major blow to the Chancellor's hopes of reviving growth.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/3.....

News Corp can't ignore calls for change, says US shareholder
Rupert Murdoch can no longer ignore calls for change at News Corp after a week when the company's problems spread to The Sun newspaper, a leading US shareholder warned.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/56830.....

Helping Britain's smaller companies to go global
It's a familiar story. The UK economy is stagnant but emerging markets, particularly the "BRIC" economies of Brazil, Russia, India and China, continue to produce enviable annual growth.<img width='1' height='1' src='http://telegraph.feedsportal.co.....

The 11 all-male boards in the FTSE 100
A year after Lord Davies' report into why there are so few women on the boards of Britain's largest companies, there are still 11 boards in the FTSE 100 with no female members at all:<img width='1' height='1' src='http://telegraph.feedsportal.com/.....

Lord Davies shakes-up Britain's boardrooms
Lord Davies explains how his study is helping seat women at the top table.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1cc0d7ca/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.co.....

London's 'bread basket' wrestles to keep costs down as even foodies cut back
As food inflation continues to run ahead of wage rises, the Sunday Telegraph visits the capital's 'bread basket' to see how Britain's food industry is faring.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1cc0d7.....

Budget 2012: Business calls on George Osborne to make growth the top priority
With a little over a month to go before the 2012 Budget, George Osborne faces his biggest challenge yet as Chancellor. The threat of an imminent return to recession is very real, yet the public purse is empty.<img width='1' height='1' src='http://.....

It's hard to disagree with Buffett's enthusiasm for America
Looking at the Berkshire Hathaway website this week to find out when Warren Buffett's next letter to shareholders is due (at the end of the month, as it happens), I dipped into last February's missive. It was a good reminder of why he is one of the w.....

As Athens riots, global markets say 'so what?'
So what if it's totally unclear whether or not a second Greek bail-out will be agreed on Monday? So what if, after a week of particularly nasty rioting, parts of Athens now resemble a Mad Max film set?<img width='1' height='1' src='http://telegrap.....

BP oil spill partner MOEX Offshore first to settle with US
MOEX Offhsore, a minority partner in BP's ill-fated Macondo well has become the first company involved in the disaster to settle with the US government.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1cc0ccb3/mf......

Greek rescue 'threatens eurozone structure'
Greece's pending debt rescue could fundamentally change the financial mechanics of the eurozone and result in tighter fiscal union, a leading economic think tank has warned.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/.....

Why 'Made in Britain' is the most fashionable label this season
As a jam-packed London Fashion Week schedule gets under way, Lisa Armstrong looks at its impressive value to the UK economy.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1cbe7add/mf.gif' border='0'/><br/&.....

Five bank branches to close each week by 2018, group warns
Five bank branches will close each week over the next six years, leaving millions of people without easy access to their cash and leading to further degradation of Britain's struggling market towns, experts have warned.<img width='1' height='1' sr.....

Five bank branches to close each week by 2018, group warns
Five bank branches will close each week over the next six years, leaving millions of people without easy access to their cash and leading to further degradation of Britain's struggling market towns, experts have warned.<img width='1' height='1' sr.....

Debt crisis: as it happened February 17, 2012
Bank of England's Adam Posen warns that the UK economy isn't safe from the eurozone debt crisis, as Germany's finance minister seeks to reassure Europe ahead of key Greek bailout talks on Monday.<img width='1' height='1' src='http://telegraph.feed.....

Rangers 24m payment not an 'invisible loan', says ticket business
Money paid to Rangers for forward sale of tickets was handed over through the proper channels according to the company behind the deal.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1cbd13da/mf.gif' border='0'/&.....

Lisa Tchenguiz in 100m divorce battle
The divorce has been described as the most expensive in Britain, with the total pay-out sought by Lisa Tchenguiz in her long-running divorce from Vivian Imerman could be as much as 100m.<img width='1' height='1' src='http://telegraph.feedsportal.c.....

Anglo American chief Cynthia Carroll speaks out over Chile row
Anglo American's chief executive Cynthia Carroll mounted a defence of her handling of a legal row with the world's biggest copper producer, Codelco.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1cbcfe9f/mf.gif'.....

Investors rebel over CSC land deals with Peel
A controversial deal by Capital Shopping Centres (CSC) to buy land from its biggest shareholder has survived despite a shareholder rebellion.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1cbcfea0/mf.gif' border.....