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Tuesday 21 February 2012

UK Financial News on 2012-02-21

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.....

Markets mixed on Greece bailout
The Dow Jones briefly tops the 13,000 mark in the US, while European markets dip after eurozone finance ministers agree to another bailout deal for Greece......

Public sector finances in surplus
The government took in more money than it spent in January, leaving it with its highest monthly surplus in four years, figures show......

Man Utd cut debt and lift revenue
Man Utd says revenues for the last six months of 2011 increased by 18.5m on the year before to 175m, while debt was cut......

Stamp price rise plans challenged
MPs challenge a regulator about plans to remove price caps on first-class stamps and raise the price limit on second class to as much as 55p......

Stores air work scheme concerns
Stores including Tesco and Argos express concerns over a government work placement scheme which has been derided by critics as "slave labour"......

China carmaker opens Europe plant
Great Wall Motor becomes the first Chinese carmaker to open an assembly plant in Europe as it aims to lift sales in the region......

Oil price highest for nine months
The price of oil reaches its highest level since May 2011 on rising tensions over Iran's nuclear programme......

Wal-Mart reports stronger profits
The world's biggest retailer, Wal-Mart, owner of the UK's Asda, reports healthy quarterly profits after a strong holiday season in its home market......

Directors 'cautious on recession'
One in three company directors sees a high or very high risk of the UK falling into recession this year, a survey suggests, while 53% see a moderate risk......

New West African oil discoveries
New oil finds off the coasts of Liberia and Sierra Leone raise hopes for rapid growth in the countries, still recovering from civil wars......

Countries oppose CO2 tax on jets
China, the US and other countries opposed to a new EU carbon tax on airlines meet in Moscow to consider possible retaliation......

Text apps 'lost networks $13.9bn'
Report suggests use of social messaging apps like Whatsapp instead of traditional SMS lost networks $13.9bn (8.8bn) last year......

New year drop in property sales
Home sales recorded their typical new year dip, but transactions in the first month of the year were higher than any January since 2008, figures show......

Firms paid to help jobless teens
Firms and charities are to be offered a payment-by-results scheme to try to get 55,000 teenagers in England into work, education or training......

Cash offer for insulation 'help'
British Gas is offering 50 to anyone who can pass on the name of an elderly person or a family on benefits who needs to have their home insulated......

Alibaba profits hit by export dip
Chinese e-commerce firm Alibaba sees a fall in fourth-quarter profits, the first in two years as the world economic downturn hits exports......

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......

MPs back welfare 'bedroom tax'
MPs have again overturned peers' calls for changes to the controversial Welfare Reform Bill......

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......

Oil sector 'needs tax stability'
Scotland's offshore oil and gas industry needs tax stability, First Minister Alex Salmond tells industry experts at an Edinburgh conference......

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......

Green light for 100m golf resort
Plans for a 100m golf resort on Northern Ireland's north coast are given the go-ahead......

Dell forecasts decline in sales
Dell reports an 18% drop in fourth-quarter profit and forecasts a fall in sales in the current quarter, sending it shares down in after-hours trading......

Kingfisher vow to restore service
India's loss-making Kingfisher Airlines tells the aviation authorities that it hopes to restore flight schedules in the next five to seven days......

Everything Everywhere users grow
Everything Everywhere, the phone group formed by the merger of Orange and T-Mobile, has a record number of users on contract......

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......

Jones warns of 'massive' pay cuts
"Massive" pay cuts are on the way in Welsh rugby, warns ex-national team captain Gwyn Jones amid a crisis in the professional game......

Row over Ashton Vale town green
A row erupts over green space earmarked for a new Bristol City football stadium with protesters contradicting a council's claim a legal case has been dropped......

VIDEO: Inside Apple's factory in China
ABC presenter Bill Weir has been granted exclusive access to a factory in China run by Foxconn, one of the biggest suppliers for software giant Apple......

VIDEO: How smaller firms survive the recession
Many British manufacturers have been hit by the recession, but other areas such as car production appear to be growing well......

VIDEO: Cameron: Eurozone needs 'firewall'
British Prime Minister David Cameron has said that it is now important to build "a firewall large enough to prevent contagion", after a new deal was agreed to help Greece tackle its debt crisis......

VIDEO: Rewards offered for insulation tip-offs
Energy companies are falling so far short of government insulation targets, they are now offering rewards for the names of the neediest householders......

AUDIO: Farming body meets to discuss CAP
The chief economist at the National Farmers' Union told BBC Radio 5 live about the agriculture industry's health......

VIDEO: Teenagers have 'massive skills gap'
One third of businesses feel that schools do not teach young people the skills they need to enter the jobs market, says a new report......

AUDIO: How valuable is work experience?
Mark Dunk, spokesperson for the Right to Work Campaign and Iain Irving who was successfully placed on a work experience scheme debate the value of work experience programmes after complaints were made for placing people in retailers such as Tesco and.....

VIDEO: Osborne: Greece deal 'significant'
Eurozone ministers and officials from the IMF have agreed a second big bailout of the Greek economy......

Finding the office of the future
Where do you see your office in future?.....

Pensions tax relief: How much can be saved?
How much can be saved by cutting pensions tax relief?.....

Electric van grant scheme: A good deal?
Will new subsidy boost the electric vehicle market?.....

Philippines in fresh tourism push
The Philippines woo tourists with new slogan.....

Anti-mafia revolt takes hold in Naples
Businesses in Naples begin to refuse to pay protection.....

Why are social enterprises thriving?
Why are social enterprises thriving in the UK?.....

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

U.S. Day Ahead: Expect uptick in U.S. existing homes sales
are expecting existing homes sales to climb 1.9 percent, to 4.65 million units, which would mark the third straight monthly increase......

Wal-Mart's low price dilemma
Feb. 21 - The retail giant missed profit forecasts but won back some consumers during the holidays in a sign cut-throat pricing means part of the American population is still penny-pinching to make ends meet. Bobbi Rebell reports......

Retail re-charge
Feb. 21 - It is a big week for earnings from the retail sector, and the numbers give clues on how much the consumer spent during the holidays and how well retailers executed during that crucial time of the year. Conway G. Gittens reports......

Trading at Noon: Dow rises above 13,000
Feb. 21 - The Dow industrial average crossed the 13,000 level for the first time in nearly four years on signs of improvement in the economy and stabilization of Europe's debt crisis......

Breakingviews: House always Wynn's?
Breakingviews columnists discuss the escalating casino battle royale between Steve Wynn and his longtime partner Kazuo Okada......

Europe day ahead: doubts remain after new Greek bailout
Feb. 21 - The 130 bln rescue package averts a chaotic default next month but there's no jubilation on the streets of Athens......

Morning Briefing: Wal-Mart disappoints, Greek bailout latest
Feb. 21 - Wal-mart, the world's largest retailer reporting same-store sales gains below forecasts for the fourth-quarter, and Greece finally secures a second bailout to resolve its immediate financing needs......

Whitney's sales boom
Feb. 21 - Whitney Houston may have only just been buried but sales of her music and videos are booming and back in the charts as a result of the so-called "death bounce." Ciara Sutton reports.....

Morning Briefing: Wal-Mart disappoints, Greek bailout latest
Feb. 21 - Wal-Mart, the world's largest retailer reporting same-store sales gains below forecasts for the fourth-quarter, and Greece finally secures a second bailout to resolve its immediate financing needs......

EU needs bigger firewall to stop contagion -- OECD's Gurria
Feb. 21 - The Greek debt deal is better than nothing, but Europe still needs to build a 1 trillion firewall if it's to be sure of preventing contagion, says OECD secretary general Angel Gurria......

Europe hopeful on Greek bailout
Feb.21 - Euro zone finance ministers reconvene after securing a second rescue package for Greece to avoid a disorderly default. Ciara Sutton reports......

Greek deal fails to impress markets
Feb.21 - Financial markets welcomed a second bailout for Greece but shares remained largely unchanged with many analysts concerned whether growth will return to this battered economy. Hayley Platt reports......

Greek anger despite loan deal
Feb.21 - Greeks burdened by austerity measures remain angry after finance ministers signed off a new financial bailout to keep the country from default. Sonia Legg reports......

U.S. Morning Call: Stock futures up, fundraising race begins
Feb. 21 - U.S. stock index futures are pointing to a flat to higher open after Greece seals another bailout, and Mitt Romney leads his fellow Republican contenders in fundraising......

IEA: Europe prepared for Iranian oil halt
Feb. 21 - Europe will cope with the ban on Iranian oil shipments, but the International Energy Agency stands ready to act if there is an unexpected disruption to supply......

Greek bailout defuses wider blow-up - Breakingviews
Feb. 21 - The Greek bail-out makes the best of a bad job, and it is better to have a deal, even if Greece will try to wriggle out of it later, than to have a blow-up in Athens next month say Breakingviews......

Reuters Today: Doubts linger over Greek debt deal
Feb. 21 - The euro zone agrees a 130 billion bailout for Greece after marathon overnight talks, but analysts say more bailouts are likely to lie ahead......

Olympus top executive found dead
Feb. 21 - A top executive of Japan's sandal-ridden Olympus Corp is found dead in a park outside New Delhi. Sophia Soo reports......

Market Pulse: Euro stumbles as Greek deal euphoria wanes
Feb. 21 - Europe seals a new bailout to prevent a disorderly default in Greece, but there's no jubilation on the streets of Athens......

U.S. and Mexico sign deep water oil deal
Feb. 20 - The United States and Mexico sign an energy exploration agreement to exploit deep water oil resources in the Gulf of Mexico. Rough cut (no reporter narration)......

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......

Listerine maker Johnson & Johnson's chief Bill Weldon to retire
The chief executive of healthcare giant Johnson & Johnson's (J&J) is to retire in April following an embarrassing string of product recalls over more than two years that has cost the health care giant hundreds of millions of dollars and consu.....

Dow Jones breaks through 13,000
The Dow Jones Industrial Average has broken through the 13,000 point barrier for the first time since the financial crisis erupted in 2008.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1cd26516/mf.gif' border='.....

Greek farmers clash with police
Austerity measures cause dairy farmers to scuffle with police in a northern Greek town, highlighting public anger.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1cd3dd3b/mf.gif' border='0'/><br/><br/.....

Debt crisis and Greek bailout deal: live
Evangelos Venizelos says bailout agreement has prevented a "nightmare" scenario unfolding in Greece, as Chancellor George Osborne describes deal as "good for Britain".<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300.....

Greek debt accord hostage to political passions
Eurozone leaders have put off the day of reckoning for a few more months but the latest 130bn rescue package for Greece offers no path out of the crisis and is hostage to explosive political passions.<img width='1' height='1' src='http://telegraph.....

BP settles with injured Deepwater Horizon cook as trial looms
BP has agreed a settlement with a worker injured in the Gulf of Mexico disaster, in a move further raising hopes the oil giant could yet settle other claims and avert a trial due to begin on Monday.<img width='1' height='1' src='http://telegraph.f.....

Just the job
Telegraph View: Giving unemployed people work placements will help break the spiral of hopelessness.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1cd3e20d/mf.gif' border='0'/><br/><br/><a href.....

This euro deal is a recipe for revolution
Telegraph View: The austerity measures imposed on Greece could actually increase its debts.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1cd3cc48/mf.gif' border='0'/><br/><br/><a href="http://.....

Battle over EU financial firewall threatens to derail Greek bailout
A battle over an increased eurozone bail-out fund and International Monetary Fund support for the European Union's single currency threatens to derail the latest Greek bailout.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726.....

HSBC sells its shares to pay banker bonuses
HSBC is preparing to issue and sell new shares in itself to fund the bonuses of its highest-paid staff working in the UK.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1cd35cc6/mf.gif' border='0'/><br/>.....

Bank of England deputy Governor Charlie Bean downplays QE effect on pensioners
Pensioners have not been hit as hard as they claim by quantitative easing and should accept that they must bear the burden of the downturn alongside working households, according to the Bank of England's deputy Governor.<img width='1' height='1' s.....

ECB's 800bn bank lending facility fails to boost credit to businesses
The European Central Bank's lending of more than 800bn (667bn) to eurozone banks has done little to stop them cutting back on lending to businesses, according to Standard & Poor's.<img width='1' height='1' src='http://telegraph.feedsportal.com.....

Market Report: Morrisons left on the shelf as blue-chips retreat
Supermarket chain Wm Morrison was left on the shelf on Tuesday after scribblers at Goldman Sachs sounded the alarm over its expansion plans.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1cd32a24/mf.gif' border=.....

Asda cuts back on promotions as customers rein in spending
Asda said it was cutting back on the number of so-called "multi-buy" promotions in response to unprecedented budgeting by its customers.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1cd30373/mf.gif' border='0'/.....

Starters orders for Great Britain show
Inventors have less than two months to submit their prototypes for the Great Britain exhibition, which will take place at the Science Museum during the Olympics and Paralympics.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/3272.....

FTSE 100: Large-caps retreat from seven-month peak
After Eurozone finance ministers finally decided on a second Greek bailout, the FTSE 100 retreated as oil explorers took a turn for the worse.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1cd01634/mf.gif' borde.....

France and Germany to 'harmonise' corporate tax rates
Germany and France moved closer to full fiscal union by announcing they will be 'harmonising' their corporate tax rates - a move that raises the prospect of an EU-wide enforced tax rate that the UK has heavily opposed.<img width='1' height='1' src.....

Sales efforts hindered by lack of lead analysis
Telegraph 1000 business intelligence company Phocas wants to help firms identify easy sales<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1cd32189/mf.gif' border='0'/>.....

Macy's and Home Depot shine as Wal-Mart disappoints
Department store Macy's and DIY chain Home Depot proved the big retail winners on Wall Street after both reported better-than-expected profits, while Wal-Mart's earnings fell.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/.....

Drax calls for higher Government subsidies to transform plant
Drax has cancelled plans for a dedicated biomass plant next to its coal-fired power station and said it needs higher government subsidies if it is to invest 450m to convert its existing plant to run mostly on biomass.<img width='1' height='1' src=.....

Yorkshire engineer rises to challenge
Huddersfield-based VTL Group sets out blueprint for engineering success in the UK<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1cd2f8d5/mf.gif' border='0'/>.....

British Gas says free service can save firms thousands
Energy supplier's new Business Energy Insight software tracks consumption every half and hour and is available to all business customers with smart meters<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1cd2f8d6/m.....

Tarmac-Lafarge deal questioned by competition authorities
The Competition Commission has threatened to block the 3bn merger of Tarmac and cement maker Lafarge UK.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1ccf0eba/mf.gif' border='0'/><br/><br/><a .....

What happens when your figurehead suddenly dies?
Dalton Strategic Partnership faced such an unwelcome scenario last April when its charismatic and widely-respected managing partner, Andrew Dalton, 61, suffered a massive and unexpected heart attack on Easter Sunday.<img width='1' height='1' src='.....

Kingfisher Airlines in rescue funding talks after tax probe causes flight cancellations
Kingfisher, the budget airline controlled by brewing billionaire Vijay Mallya, is negotiating a rescue funding as it struggles with cancelled flights and an investigation by tax authorities.<img width='1' height='1' src='http://telegraph.feedsport.....