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Wednesday 22 February 2012

UK Financial News on 2012-02-22

CBI seeking 'targeted' tax cuts
The CBI calls on the government to give a 500m boost to business in the Budget through a series of "targeted and modest" tax cuts......

Peugeot boosted by alliance talks
Peugeot shares jump 12% after the carmaker confirms it is in talks about possible "co-operations and alliances"......

HP sales fall short of forecasts
Computer firm Hewlett-Packard sees a drop in first-quarter sales, as it attempts to turn itself around under new chief executive Meg Whitman......

Peacocks sold but 3,100 jobs lost
Fashion retailer Peacocks is sold out of administration to Edinburgh Woollen Mill, saving 6,000 jobs, but 3,100 staff will be made redundant......

Bank members voted for 75bn QE
Minutes show two of the Bank of England's Monetary Policy Committee wanted more money pumped into the economy, sending sterling down on the currency markets......

Obama seeks US corporate tax cut
US President Barack Obama proposes a cut in corporate tax and an end to tax loopholes, as part of his election-year strategy on the economy......

Hotels chain to create 3,000 jobs
Intercontinental hotels, which owns the Holiday Inn and Crown Plaza hotel brands, says it will create 3,000 jobs in the UK......

Greek MPs consider bailout laws
Protests take place outside parliament in Greece, as MPs consider emergency laws after a 130bn-euro bailout deal......

Air Asia hit by high fuel costs
Malaysian budget airline Air Asia reports a 56% fall in fourth-quarter profit, hurt by higher fuel costs......

South Korea wins Navy tanker deal
The Royal Navy selects South Korean firm Daewoo for a 452m deal to build four new fuel tankers......

PPI payments 'hit 1.9bn in 2011'
Banks paid out 1.9bn in compensation in 2011 for the mis-selling of payment protection insurance, a watchdog says......

Travis Perkins profits jump 37%
Travis Perkins, the owner of Wickes, reports a jump in profits thanks to a strong performance in the building trade, but warned that the retail DIY market remains tough......

EU court to rule on Acta legality
A controversial anti-piracy agreement is to be referred to the EU's highest court due to concerns surrounding internet freedoms......

New targets for tax inspectors
Tax inspectors will target the motor trade, market stallholders and clothing sellers as they extend their campaign against tax dodgers......

Indian call centres 'in US fraud'
Indian call centres were used to swindle millions of dollars out of Americans in a debt collection fraud, say US federal officials......

Nigeria rig 'may burn for months'
A gas-fuelled fire, with flames as high as 5m, may burn for months in waters off the Niger Delta in south-east Nigeria, a Chevron spokesperson tells the BBC......

Eurozone service sector shrinks
The eurozone's service sector shrinks unexpectedly in February, a survey suggests, increasing fears of a recession......

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......

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......

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......

UK business confidence 'growing'
The number of UK businesses planning to increase their spending on marketing has risen sharply from last year, a survey suggests......

Hungary may lose EU aid over debt
The European Commission plans to freeze 495m euros of funding for Hungary, lamenting the country's excessive budget deficit......

W Australia seeks own wealth fund
Western Australia says it is planning to launch a sovereign wealth fund to invest earnings from its mining boom......

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......

Heathrow passengers reach record
The number of passengers using BAA's Heathrow airport reached a record last year while losses for the company narrowed, the airport operator says......

Megaupload founder granted bail
The founder of shut down file-sharing website Megaupload, Kim Dotcom, is granted bail by a New Zealand court......

Rangers 'treated fairly' over tax
The tax authorities deny claims that Rangers Football Club is being treated unfairly over its tax debts......

Clarke & IMG settle legal dispute
England & Wales Cricket Board chairman Giles Clarke and media giant IMG have settled their legal dispute out of court......

Fans' trust plan to buy Blackburn
The group director of a key Blackburn Rovers sponsor is leading plans to buy the club from Venky's through a supporters' trust......

VIDEO: PPI claim 'a lot of hard work'
The Financial Services Authority has revealed that compensation to borrowers who were mis-sold Payment Protection Insurance reached nearly 2bn last year......

AUDIO: The economic tide 'is coming in'
Economist Geoffrey Dicks speaks to the Today programme's Lesley Curwen about the positive indicators of the UK's "real economy"......

VIDEO: British shoe company flourishing
As Budget day looms Steph McGovern asks Peter Taylor the Managing Director of Hotter Shoes, what he would like to see the Chancellor do to help UK PLC......

VIDEO: Could business help free schools?
Newsnight's political editor Allegra Stratton discusses the politics of putting children's education into the hands of profit-making companies......

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: CBI calls for 'targeted' tax cuts
The CBI is calling on the government to give a 500m boost to business in the Budget through a series of "targeted and modest" tax cuts......

AUDIO: Work experience is 'slave labour'
Estelle Cooch from the Right To Work protest group says the government's work experience scheme is 'slave labour'......

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......

Biosensors measure sporting success
The new technologies changing sport performance.....

US turns up heat on China solar subsidies
China and US in spat over solar subsidies.....

Mobile money: Using your phone to transfer cash
Using your mobile phone to transfer cash.....

Analysis: Land grab or development opportunity?
Could leasing land to foreign firms help reduce African poverty?.....

Evolve and fight for sales or die
Serial entrepreneur gives his top tips for business survival.....

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

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

Small businesses preparing for future growth: Cullen/Frost
Feb. 22 - Dick Evans, CEO of regional bank Cullen/Frost, says increasing loan commitments at small businesses suggest they are preparing for future growth in their businesses......

U.S. Day Ahead: Obama to address economy, gas prices
Feb. 22 - U.S. President Barack Obama will address the economy on Thursday, focusing energy and rising gas prices in a speech in Florida......

Housing optimism springs to life
Feb 22 - Sales of previously owned U.S. homes jumped to a 1-1/2 year high in January in a promising sign a turnaround is starting to take hold. Conway G. Gittens reports......

Trading at Noon: Wall St flat; S&P near key level
Feb. 22 - U.S. stocks were little changed as an encouraging U.S. housing report offset soft euro zone data, while the S&P 500 struggled to break through a high not seen since last May......

Breakingviews: Ally's $26 bln crossroads
Feb. 22 - Breakingviews columnists discuss the IPO and sale prospects for the former GM lending arm......

Peugeot, GM discuss production deal - sources
Feb.22 - PSA Peugeot Citroen, Europe's second-largest car maker, and General Motors are in talks about a broad manufacturing alliance to cut losses and reduce costs, according to sources with knowledge of the matter. Joanna Partridge reports......

Strauss-Kahn sex scandal defence "plausible"
Feb. 22 - A media lawyer says the former IMF chief makes a credible claim that one cannot always tell the difference between a nude prostitute and a nude lady......

Morning Briefing: More competition for Netflix, tax plan
Feb. 22 - Comcast becomes the latest major name to take on Netflix with plans for an online video service, and American CEO's may have to kiss their tax loopholes goodbye......

EU row over Canada's "dirty oil"
Feb.22 - Canada says it will take the European Union to the World Trade Organization in protest if it labels oil sands as highly polluting in a key vote on Thursday. Ciara Sutton reports......

Global risks have deeper effect on market than ever-Glassman
Feb. 22 - Jim Glassman, who once predicted the Dow would reach 36,000, says market volatility makes predictions on where major equity indexes will go more dangerous than ever......

LIGHTNING ROUND: Dow 15,000 a buy, says Glassman
Feb. 22 - Jim Glassman, author of the book "Dow 36,000", says that General Electric will be the stock leading the Dow to 15,000 and believes that even at that level investors should get in the market......

Mine dispute hits platinum supplies
Feb.22 - South Africa's biggest unions urge striking miners to go back to work at the world's second largest platinum producer in an effort to end a violent labour dispute which has left two people dead and wiped out some local businesses. Hayley Pla.....

Hedge fund profits don't go to clients, investor says
Feb. 21 - Simon Lack, author of "The Hedge Fund Mirage", says overcapitalized hedge funds with high fees can generate big profits for their managers, but not for those who invest in the funds......

U.S. Morning Call: Obama to propose cuts to corp. tax rate
Feb. 22 - President Obama will propose cutting the top corporate tax rate from 35 to 28 percent today as part of a tax reform plan, according to WSJ......

Jim Rogers happy to sit out equity bull run
Feb. 22 - Jim Rogers argues that stocks could well go even higher due to central bank stimulus, but he refuses to buy into it......

Jim Rogers: I own an iPad but don't use it
Feb. 22 - Jim Rogers does own an iPad, but doesn't use it or hold shares in Apple......

Happy stocks belie bondholder pain - Breakingviews
Feb. 22 - Breakingviews assistant editor Chris Hughes argues that any arbitrary application of the bonus clawback principle would be problematic......

Apple faces Shanghai Noon in iPad showdown
Feb. 22 - Apple's in a Shanghai court hearing to decide if it can sell iPads in the city. But that's just the start of the company's trademark legal woes in China......

Reuters Today: 9 Days to Save Greece
Feb. 22 - Greece has just nine days to get its house in order and to start receiving its 130 bln euro bail out......

India losing out on Myanmar rebirth
Feb 22 - Indian states bordering Myanmar are losing out to China in the race to develop trade ties in one of Asia's great historic crossroads. Paul Chapman reports......

China's milk a menace to public health, exports
Feb. 22 - A health crisis is festering in Chinas milk industry - domestic and export product safety is nearly impossible to guarantee and the consequences are potentially deadly......

NZ marks quake anniversary
Feb 22 - The New Zealand city of Christchurch marks the first anniversary of last year's quake that killed 185 and destroyed its Central Business District. Paul Chapman reports......

Jim Rogers: Greece deal is a sham
Feb. 22 - Jim Rogers argues that the 130 bln Greek bailout is an artificial feel-good factor ahead of the French, U.S. and German elections......

Market Pulse: PMIs stoke euro zone recession fears
Feb. 22 - The euro zone manufacturing and services sectors are contracting. Investors get a fright, but Chris Williamson, chief economist at Markit, says there are still encouraging signs......

Dow flips, then trips over 13,000 mark
Feb. 21 - Summary of business headlines: Blue chips touch 13,000 for first time since Lehman crisis; Retailers posting profit gains but Wal-Mart disappoints; Barnes and Noble intros Nook tablet; Oil nears $106. Conway Gittens reports......

Debt crisis: live
Ratings agency Fitch says Greek debt write-off will constitute a "rating default," as the country's main unions prepare to hold anti-austerity protests later today.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/.....

ECB's Mario Draghi magic corrupts bond markets
The European Central Bank's blitz of measures to stave off a credit crunch and shore up EMU states are profoundly distorting debt markets and may ultimately do more harm than good.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/3.....

Spain appeals to Brussels for easier deficit reduction targets
Spain has appealed to Brussels for softer deficit-reduction targets, raising fears that Europe's rescue strategies are unworkable in the bigger eurozone economies and not just Greece.<img width='1' height='1' src='http://telegraph.feedsportal.com/.....

Shell makes 992m bid for Cove Energy
Royal Dutch Shell has made a 992.4m takeover bid for Mozambique-focused Cove Energy, to expand its business in East Africa where it sees "significant potential" for gas production.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/3.....

Tchenguiz fraud case could collapse after SFO admits to evidence mistakes
The Serious Fraud Office is fighting to stop its case against the Tchenguiz brothers collapsing after admitting to a catalogue of mistakes in evidence used against the businessmen.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/3.....

Stock markets show there are signs of optimism amid the gloom
Reasons abound for continued gloom about the world economy - the apparently intractable eurozone crisis, extreme imbalances at the heart of the Chinese economy, the possibility of another oil price shock, I could go on - but for the moment at least, .....

RBS freezes senior staff pay amid '1bn loss'
Royal Bank of Scotland has frozen the pay of its 10,000 most senior staff as the state-backed lender prepares to report a loss for 2011.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1cdb28fb/mf.gif' border='0'/.....

Don't get your hopes up, the UK economy will turn sour again
Are we over the worst? That's what economists are asking.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1cdb1310/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/126179947240/.....

St James's Place raises dividend by 33pc
Wealth manager St James's Place has raised its full-year dividend by 33pc after increasing the number of assets under its control.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1cdb1029/mf.gif' border='0'/>&l.....

Tesco's huge stores are a big issue for investors
High street heavyweights dragged on the benchmark index, with Tesco, Next and Marks & Spencer under pressure.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1cdb102a/mf.gif' border='0'/>.....

Budget 2012: Travis Perkins chief Geoff Cooper calls on Government to boost housing
The building materials supplier Travis Perkins, which owns Wickes, has called on the Government to boost infrastructure investment and the housing market ahead of the Budget.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f.....

UK housing market heading for 'lost decade', warns Collins Stewart
Britain's housing market is heading for a 'lost decade' and Government aid to support the industry is based on 'bunkum' projections of a property shortage in the UK.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s.....

FTSE 100: Rexam rises as puts personal care business up for sale
Rexam ticked higher as the maker of drinks cans put its personal care business up for sale, but the benchmark index retreated amid scepticism over the Greek bailout.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s.....

British Gas owner Centrica buys 246m North Sea oil and gas assets from France's Total
British Gas owner buys 246m of oil and gas assets from France's Total.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1cda88b9/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/.....

US house sales at strongest level in nine months but miss estimates
Fresh figures from America's housing market failed to dent the gathering optimism about the outlook for the US economy this year.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1cda88ba/mf.gif' border='0'/><.....

US President Barack Obama's plan to slash corporate tax rate sparks political battle
President sparks political battle after cutting corporation tax to 28pc.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1cda8491/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/.....

Logica profits slump but 2012 'a touch better'
Technology company Logica's shares rose nearly 7pc on Wednesday, after it said it was faring "just a touch better" in 2012, after its annus horribilis the year before.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300.....

Ex-Threadneedle trader investigated by police over $150m trading fraud
City of London Police are investigating a suspected attempt by a trader at Threadneedle Asset Management to process a rogue trade.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1cda299b/mf.gif' border='0'/>&l.....

Rexam tops FTSE leaderboard after putting personal care business up for sale
Rexam jumped to the top of the FTSE leaderboard on Wednesday, rising 7.4pc after the maker of drinks cans put its personal care business up for sale.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1cda31fc/mf.gif.....

Hays profits rise despite eurozone debt crisis
Recruitment specialist Hays shrugged off the impact of the eurozone debt crisis to post a 24pc rise in first-half profits.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1cda41b4/mf.gif' border='0'/><br/>.....

Review: Actinic Online goes mobile
This software helps small companies sell to customers across PCs, smart phones and tablets<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1cdaa319/mf.gif' border='0'/>.....

Review: Actinic One goes mobile
This software helps small companies sell to customers across PCs, smart phones and tablets<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1cd9cc42/mf.gif' border='0'/><br/><br/><a href="http://d.....

Review: Vodafone Sure Signal
This little device boosts your mobile signal without melting your head<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1cd9da73/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/.....

Threadneedle investigated by police over $150m trading fraud
City of London Police are investigating a suspected attempt by a trader at Threadneedle Asset Management to process a rogue trade.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1cd46fb5/mf.gif' border='0'/>&l.....

Halifax offers more 100,000 prizes
Savers will have a better chance of winning 100,000 from Halifax in the spring.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1cd96be1/mf.gif' border='0'/><br/><br/><a href="http://da.feedsport.....