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Monday 20 February 2012

UK Financial News on 2012-02-20

City rents back at 25-year lows
Prime rents in the City of London are now lower than they were 25 years ago, when Big Bang ushered in American and European investment banks with a seemingly limitless appetite for office space.....

Industry gives 2.4m to MPs over two years
Donations and payments by finance firms ranged from first-class flights to football tickets.....

Bankers pocket three times pre-tax profits
Figures over the past six years raise fresh question over the division of rewards between staff and shareholders.....

Bank of China gets UK commodities boost
Lender gains FSA approval and is set to become first Chinese member of London Metal Exchange.....

Grosvenor launches seeding initiative
Fund-of-fund managers has raised $400m as it goes up against rival Blackstone in the seeding stakes.....

New disclosure rule threat to small caps
European regulatory moves could harm small companies' access to capital markets.....

High-speed trading standards set for launch
Standards that will help bring greater transparency to the murky world of sub-second trading are due to be rolled out next month.....

Custodians sweep cash from eurozone to London
Measures aimed at safeguarding clients' assets against eurozone fallout.....

Huge plunge in demand for UK investments
Move to globally diversified portfolios hits demand for UK investments.....

Buyout chiefs plead poverty over fundraising
Private equity executives are turning to banks to cover commitments to their own funds.....

Former Sloane Robinson manager plans new fund
Rupert Dyson is to launch a European long/short fund.....

Lloyds cuts back bosses' bonuses
Lloyds confirms it is reducing bonuses paid to executives by 2m in the wake of the mis-selling of payment protection insurance......

Stocks up on Greek bailout hopes
European stock markets finish higher before a meeting of eurozone finance ministers that many hope will finalise a new bailout for Greece......

Oil price hits eight-month high
The price of oil reaches its highest level since June due to tensions in Iran, pushing up the cost of fuel......

Sun on Sunday to launch next week
The Sun on Sunday is to publish for the first time next weekend, News International has announced......

Mortgage lending up on a year ago
UK mortgage lending picked up in January compared with the same month a year earlier, lenders' figures show......

UK High Streets 'bleak' says BRC
Conditions on High Streets are bleak as customer numbers fall, says the British Retail Consortium......

ECB halts purchases of euro bonds
The European Central Bank says it made no purchases of eurozone government bonds last week for the first time since August......

World Bank top job 'needs change'
The World Bank should consider appointing a non-American as its next president, a leading voice from the developing world tells the BBC......

South Sudan slashes state budget
South Sudan halves state spending on everything but salaries after halting oil production due to a row with Sudan......

Stagecoach invests in new buses
Stagecoach says it will spend 60m building almost 400 new buses in the UK to comply with European emission standards......

Santander fined 1.5m by watchdog
Santander is fined 1.5m for being too slow to explain to customers whether investments were covered by a financial safety net......

Fewer facing late tax return fine
Some 850,000 people will receive penalty notices for failing to submit their tax returns on time - 550,000 fewer than a year ago......

Pension inflation move challenged
Unions representing public sector workers are appealing against a legal decision about how pensions are protected against inflation......

Japan trade deficit hits new high
Japan's trade deficit surges to a record high as a strong yen hurts exports and fuel imports rise in the wake of its nuclear crisis......

Samsung nears LCD unit spin-off
Samsung Electronics moves a step closer to spinning off its LCD unit after its board of directors approve the plan......

App helps blind people send texts
An app designed to help blind people send text messages could have many uses for fully-sighted people too, researchers say......

China moves to boost bank lending
China's central bank cuts the amount of money banks must keep in reserve, in an effort to boost lending and sustain economic growth......

Thai economy shrinks 9% on floods
Thailand's economy contracts sharply in the last three months of 2011 after some of the worst flooding on record disrupted manufacturing......

Euro area 'built with no exits'
Speaking ahead of a key eurozone summit in Brussels, Foreign Secretary William Hague warns of the difficulties involved in Greece leaving the euro......

Carlsberg to buy up Russian unit
Danish brewer Carlsberg says it plans to buy up the remaining 15% of its Russian division Baltika in 2012......

Robotics firm in expansion plan
Employee-owned robotic handling equipment maker Clansman Dynamics is set to announce plans for further expansion......

Call centre firm creates 600 jobs
An American call centre company is creating 600 jobs in the centre of Cardiff......

Whyte resigns from director posts
Rangers chairman Craig Whyte resigns from three director posts in other companies so he can focus on the club's future......

Boxer admits prolonging a fight
The former WBC Super Middleweight champion Carl Froch admits he prolonged a title fight to enable some members of his family to benefit financially......

Portsmouth woes 'crazy' - Birch
Financially troubled Portsmouth's problems are labelled "crazy" and "ugly" by administrator Trevor Birch......

VIDEO: UK fashion industry boosted by 'Kate effect'
As London Fashion Week takes place, British designers say the Duchess of Cambridge is boosting their industry......

AUDIO: 'Big change' after Lloyds bonus payback
Business editor Robert Peston reports on Lloyds bank is taking back bonuses worth up to 2m awarded to ten of its directors after mis-selling payment protection insurance......

VIDEO: Lloyds cuts back bosses' bonuses
Lloyds Banking Group has confirmed it is cutting 2m from bonuses paid to 13 executives, including the former chief executive Eric Daniels......

AUDIO: Union appeals government pensions
Unions representing millions of public sector workers are appealing the government's decision to change the way pension rises are calculated......

VIDEO: I'll buy SoS 'to see what it's like'
A former Liberal Democrat MP - and now Hacked Off campaign spokesman - said he would buy the new Sun on Sunday newspaper to see that it was like......

AUDIO: 'Capitalists must solve capitalism crisis'
Terry Smith, chief executive of Tullett Pre-Bon, explains why he believes the capitalist philosophy has been lost and needs to be restored by those people at the heart of it......

VIDEO: Gang wars threaten Mexican resort
Crowds have gathered on the cliff tops of Acapulco since the 1930s to watch the world-renowned cliff divers, but now their future is uncertain as tourists stay away from the resort......

Asia debates more rights for domestic workers
Asia split on more rights for domestic workers.....

Why does pay not rise with profits?
Why do wages and salaries fall behind economic growth?.....

Singapore pushes 'entrepreneurial nation'
Singapore pushes itself as an entrepreneurial nation.....

In pictures: Singapore Airshow
Images of the Singapore Airshow 2012.....

Alibaba and Yahoo's valuation hurdle
Alibaba and Yahoo deal said to have hit valuation hurdle.....

Greeks urged to not buy German/Dutch
Feb. 20 - A Greek consumer organization is calling for a boycott of German and Dutch products in Greece to protest against harsh economic austerity demands from the country's European partners. Sonia Legg reports......

Greece awaits European bailout approval
Feb. 20 - Euro zone finance ministers meeting in Brussels are expected to approve a second bailout for Greece, which should prevent Athens going bankrupt, help it restructure its massive debts and keep it in the euro, although there is some work to d.....

"Death bounce" boosts Whitney sales
Nigel Hilditch discovers, the sales surge after an artist dies is driven more by consumer emotion than cynical marketing......

Greece awaits European bailout approval
Feb.20 - Euro zone finance ministers meeting in Brussels are expected to approve a second bailout for Greece, which should prevent Athens going bankrupt, help it restructure its massive debts and keep it in the euro, although there is some work to do.....

Europe Day Ahead: Decision Day for Greece
Feb. 20 - A look at key events on Tuesday including market reaction to any overnight deal on Greece, TNT Express results, Yemen elections, UN nuclear talks with Iran and the BRIT Awards......

Greek gloom on decision day
Feb. 20 - Greeks overwhelmed by austerity measures say they cannot see a solution to the country's problems even if euro zone finance ministers sign off on 130 billion euro bailout. Ciara Sutton reports......

Brent crude soars on Iran oil ban
Feb. 20 - Iran's decision to stop selling oil to British and French companies helped send Brent crude prices soaring above a $120 dollars a barrel. Hayley Platt reports......

How to help the Syrians - Breakingviews
Feb. 20 - Ahead of this week's summit in Tunis, Breakingviews editor Hugo Dixon argues that non-violent struggle and economic sanctions are the most palatable, if unlikely, tactics to topple Assad......

Lloyds bonus clawback limited - Breakingviews
Feb. 20 - Breakingviews assistant editor Chris Hughes argues that any arbitrary application of the bonus clawback principle would be problematic......

Reuters Today: High noon in Brussels, again
Feb. 20 - The euro rises as Greek Prime Minister Lucas Papademos flies into Brussels for talks expected to seal a second bailout......

Greek gloom on decision day
Feb. 20 - Greeks overwhelmed by austerity measures say they cannot see a solution to the country's problems even if euro zone finance ministers sign off on 130 billion euro bailout. Ciara Sutton reports......

Market Pulse: Oil on a tear; exclusive FX volume data
Feb. 20 - Oil's rally shows no sign of slowing, although positioning may be getting stretched. Interesting volume trends behind the current surge in Norwegian and NZ currencies......

Protesters and police clash in Athens
Feb. 19 - Scuffles erupt outside the Greek parliament after demonstrators attack police with stones and forces respond with tear gas. Rough Cut (no reporter narration).....

France's Sarkozy plays up crisis in campaign rally
Feb. 19 - President Nicolas Sarkozy told an election rally on Sunday his policies had saved France from economic ruin. Deborah Lutterbeck reports......

Iran stops oil sales to British, French companies.
Feb. 19 - Iran has stopped selling crude to British and French companies in a retaliatory measure against fresh EU sanctions. Deborah Lutterbeck reports......

Students in Greek anti-cuts demo
Feb 19 - Students protest over Greek austerity measures as the cabinet agrees a debt-swap for private creditors. Paul Chapman reports......

Debt crisis and Greek bail-out: live
European finance ministers continue talks to decide on Greece's second bail-out, while the Dutch finance minister demands a permanent troika presence in Athens and a report shows that Greece will miss debt reduction targets.<img width='1' height='.....

David Cameron signs up Spain and Italy to tackle 'crisis of growth'
David Cameron has enlisted Italy and Spain to join a British-led crusade for free market measures to tackle the European Union's "crisis of growth".<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1ccc3720/mf.gif'.....

Global growth plummets to just 0.1pc, says OECD
Growth among the world's leading nations fell sharply to just 0.1pc in the final three months of last year as the eurozone crisis triggered fears of a second credit crunch, according to the Organisation for Economic Co-operation & Development (OE.....

Eurozone leaders battle to secure Greek deal
European powers struggled to agree a Greek rescue deal on Monday night as politicians doggedly refused to either lower Athens' debt targets or boost the 130bn (108bn) bail-out fund.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/.....

Time for the experts to make EMI work
Lucian Grainge is a punk. At least at heart. But as the (respectable) boss of Universal Music he has to repress the urge to pogo these days.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1ccbfdda/mf.gif' border=.....

Lloyds chief Antonio Horta-Osorio should do the right thing and hand back some of his pay
The first thing to say about Lloyds Banking Group's clawback is that it's not a clawback.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1ccc2c33/mf.gif' border='0'/>.....

US proves that the brutality of hire and fire really does work
Ed Balls, the shadow Chancellor, has called for a 12bn tax cut in next month's Budget.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1ccbf6cb/mf.gif' border='0'/>.....

Five worst UK cities to find a job: in pictures
The five worst cities have remained in the bottom five for the second year in a row.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1ccbd6a9/mf.gif' border='0'/>.....

Hopes for gene analysis device lift IP Group
Prospects for a DNA sequencing device that is the size of a USB memory stick sent IP Group hurtling up 12, or 11.9pc, to 113p - almost a four-year high.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1ccbd6ab/mf......

Vista Equity rivals Temenos for Misys deal
Misys shares rose more than 6pc on Monday, after Vista Equity Partners emerged as a rival to Temenos to take over the banking software group.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1ccb9baf/mf.gif' border.....

Travelodge pulled down by 100m debt finance bill
The debt pile of Travelodge is costing the budget hotel group 100m a year in finance costs and dragging it deep into the red, according to company accounts.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1ccb9bb0.....

Q&A: claiming tax relief from home work
Our expert tackles the tax issues of running a business and voluntary activities from a room at home<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1ccb9bb1/mf.gif' border='0'/>.....

Worst cities to find a job
Hull, Stoke-on-Trent and Sunderland are among the worst cities to find a job, with up to 80 unemployed claimants chasing every vacancy, a new analysis shows.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1ccb9bb.....

FTSE 100: Miners haul up large-caps
Heavyweight miners led the index higher on Monday morning after China cut banks' reserve requirements to fuel growth.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1cc8bdac/mf.gif' border='0'/><br/><.....

Kingfisher Airlines blames Indian taxman for flight cuts
Airline owned by drinks tycoon Vijay Mallya blames Indian tax authorities for crisis that has forced it to cut 13pc of its flights.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1ccb91c2/mf.gif' border='0'/>.....

Shares in UK microchip maker CSR jump 20pc on $50m share buy back
British chip-maker CSR's shares jumped more than 20pc on Monday as the company announced a $50m (31.5m) share buy-back.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1ccb70d1/mf.gif' border='0'/><br/>&l.....

Mortgage lending jumps as stamp duty holiday nears end
Mortgage lending jumped 10pc in January compared with the same month last year as first-time buyers rushed to complete deals before the end of a stamp duty amnesty next month.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/.....

Tesco launches Thai property fund in bid to raise 370m
Tesco has launched its Thai property fund in a bid to raise 370m to help it fund expansion and the refurbishment of its British shops.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1ccb696b/mf.gif' border='0'/&g.....

Carlsberg looks to take control of Russia's Baltika as profits fall
Carlsberg, the world's fourth largest brewer, has launched a bid to take full control of its Russian subsidiary, Baltika, as it warned its own profits would falter again this year.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/3.....

Oil price hits eight-month high on Iran sanctions
Oil prices reached their highest level for eight months at one stage on Monday as the market reacted to sanctions imposed by Iran on shipments to Britain and France.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s.....

Eurogroup meeting on Greek bail-out: key quotes
Eurozone finance ministers and officials arrived on Monday to discuss a second bailout package for Greece. Here are some of the key comments by ministers and officials ahead of the talks:<img width='1' height='1' src='http://telegraph.feedsportal......

The best fixed-rate savings accounts
Savers need to be quick - many best-buy accounts sell out within a week.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1ccb06a2/mf.gif' border='0'/>.....

Segro sells five estates for 80m
Property company Segro has agreed a deal to sell five industrial estates in Southern England for 80.2m.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1ccac288/mf.gif' border='0'/><br/><br/><a h.....

Centrica seeks clarification ahead of plans for closer nuclear ties with France
Centrica is seeking clarification from the Government on key financing issues before making decisions about whether to continue its nuclear power partnership with EDF and build four new nuclear plants in Britain.<img width='1' height='1' src='http.....

Mario Monti warns Europe must act quickly to resolve Greece's 'dangerous flash point'
Europe must act quickly to resolve the "dangerous flash point" in Greece, Italian Prime Minister Mario Monti has warned, as leaders including David Cameron sent a letter to Brussels pushing for a "growth plan".<img width='1' height='1' src='http:/.....