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Friday 24 February 2012

UK Financial News on 2012-02-24

Lloyds makes 3.5bn annual loss
Part-nationalised Lloyds Banking Group makes a loss of 3.5bn in 2011 after setting aside 3.2bn to cover PPI claims......

Figures confirm UK GDP fell 0.2%
A second official estimate of GDP confirms that the UK economy shrank by 0.2% in the last three months of 2011......

Pub landlady wins TV court case
A pub landlady has won her court fight with the English Premier League over using a Greek TV decoder to screen games......

Greece submits its debt cut offer
Greece submits its debt write-down offer to private creditors, a key part of its bailout agreement with the EU and IMF......

Royal Mail misses delivery target
Royal Mail just missed its delivery target for first-class post in the run-up to Christmas, new figures show......

Apple investors get bigger role
Apple shareholders win a greater say in selecting the firm's board of directors after the company concedes to pressure over governance......

'Days to fix' Dreamliner glitch
Boeing says a repair to its flagship new plane, the 787 Dreamliner, will take days, not months to carry out......

Volkswagen annual profits double
Volkswagen profits double to 15.8bn euros in 2011 after the company delivers a record 8.2 million vehicles......

Payday lenders to be investigated
Payday lenders are to be investigated by the Office of Fair Trading amid concerns that customers are not being treated fairly......

Pension scheme membership drops
Fewer than half of all employees are now in a workplace pension scheme, official figures show......

Fiat boss warns over Italy plants
Fiat's boss, Sergio Marchionne, says two plants in Italy may have to close if they cannot export to the United States......

CPP faces 15m bill from review
Credit card insurer CPP says it faces a bill of 15m after agreeing with the City watchdog to review its past sales......

More older staff 'working unpaid'
A quarter of a million more people aged in their late 50s and early 60s are now working unpaid overtime than were a decade ago, a report says......

Japan halts fund amid loss fears
Japan's financial watchdog tells an investment firm to halt operations over worries it has lost most of the $2.3bn funds it manages......

O2 owner Telefonica profits halve
Profits halve at Telefonica, owner of UK mobile network operator O2, as conditions deteriorate in Spanish telecoms market......

Work scheme campaign 'is false'
The employment minister claims a small number of activists are trying to "destabilise" firms involved in a controversial work experience scheme......

Airline's dialysis machine charge
Easyjet refunds a man 50 after charging him to take his dialysis machine aboard a flight to France......

Student loan penalty is dropped
There will be no extra charge on students who want to pay back their loans early after they graduate, Business Secretary Vince Cable has confirmed......

Billions in benefits go unclaimed
Benefits worth billions of pounds - ranging from pension credit to jobseeker's allowance - go unclaimed each year, new figures show......

US freezes Japan gangster funds
The US targets organised crime by freezing the financial assets of two groups - Japan's Yamaguchi-gumi yakuza group and Russia's Brothers' Circle......

EU sees 'mild' eurozone recession
The European Commission predicts that the eurozone economy will contract by 0.3% in 2012, having previously forecast 0.5% growth......

Farmland prices above UK average
Welsh farmland is among the UK's most expensive, and has doubled in value in five years, according to a survey......

Wynn Macau ousts co-founder Okada
Casino company Wynn Macau removes co-founder Kazuo Okada in the latest twist to a long-running internal battle......

RBS bank's loss doubles in 2011
Royal Bank of Scotland reports a loss of 2bn in 2011, its fourth year of losses since the bank's bailout in 2008......

AIG profit boosted by tax benefit
US insurance giant AIG reports a big increase in fourth-quarter profit, thanks to a $17.7bn (11.2bn) tax benefit......

Gers' tax bill 'greater than 9m'
Rangers' tax bill is much greater than the 9m that forced the club into administration, BBC Scotland understands......

Pompey 'struggling to end season'
Portsmouth administrator Trevor Birch admits the club may not have enough money to see out the season......

Bahrain GP definite - Ecclestone
Formula 1 boss Bernie Ecclestone says he is "100% sure" that the Bahrain Grand Prix will go ahead this year......

VIDEO: Young 'would rather be sat on benefits'
Michel Roux Jr said young people want instant success and do not want to stack shelves, preferring to sit on benefits......

AUDIO: Peston analyses Lloyds losses
Business editor Robert Peston gives his analysis of Lloyds' bank results......

VIDEO: Volkswagen annual profits double
Profits have more than doubled at Volkswagen after the company delivered a record number of vehicles last year......

VIDEO: 'Unpaid overtime must be give and take'
More people in their late 50s and early 60s are working unpaid overtime than they were a decade ago......

VIDEO: Minister stumped over back-to-work
Ed Vaizey, the Communications Minister was unaware of a "mandatory work activity" process for getting some unemployed people back to work......

AUDIO: 'Strong argument' for property tax
Stephen Greenhalgh, leader of Hammersmith and Fulham Council, and Conservative MP Mark Reckless debate whether taxes should be raised on high-end property......

AUDIO: 'Taint' of Sun on Sunday
Media advertising experts told BBC Radio 5 live if they would be advising their clients to buy space in the Sun on Sunday......

VIDEO: What deals are on G20 table?
The BBC's Juliette Foster on what will come out of the G20 meeting in Mexico - and huge losses for Lloyds......

Italy's cuts may threaten Venice
Could rescuing Italy's economy sink Venice?.....

Development is key to recovery
City centre regeneration will help Coventry, says council chief.....

Companies and cool tools and technologies
New and shiny is not always best.....

In pictures: Land leasing or land grabbing?
Do local people benefit from African land deals?.....

What can rap lyrics teach us about business?
What can business learn from rap artists?.....

Regulation key to save fish stocks
Regulation key to save global fish stocks.....

Journey around the public sector
Public sector casualty seeks private sector job.....

Dow may hit 15K, but it won't be a straight line there
Feb. 24 - Wharton professor Jeremy Siegel says there's a good chance the Dow Industrials will hit 15,000 within two years, but experts say investors shouldn't fixate on such predictions......

U.S. Week Ahead: GDP, Conference Board's consumer confidence
Reporter Leah Schnurr says economists expect the Conference Board's consumer confidence index to increase on Tuesday......

The Exchange: Confidence Game
Rob Cox is joined by "Confidence Game" director Nick Verbitsky to discuss his movie's significance four years after the collapse of Bear Sterns......

Consumers upbeat despite gas surge
Feb 24 - The mood of the American consumer brightened a bit in February even in the face of new concerns about the impact of higher gasoline prices. Conway G. Gittens reports......

Trading at Noon: U.S. stocks flat, energy shares gain
Feb. 24 - U.S. stocks are little changed, hovering around highs not seen since June 2008, while energy shares gain alongside crude oil prices......

Breakingviews: Goldman Sachs and governance
Feb 24 - Breakingviews columnists discuss the firms leadership and possible split of chairman and CEO roles......

U.N.'s Amos desperately seeks permission to visit Syria
Feb. 24 - The U.N. humanitarian chief Valerie Amos urges Russia and China to persuade the Syrian authorities to allow her to visit Damascus to secure access for aid workers to deliver vital emergency relief......

Morning Briefing: Apple's U.S headache, Wynn's feud
Feb. 24 - Apple prepares to defend itself in its use of the iPad name in the U.S., and casino mogul Steve Wynn dumps friend-turned-foe Kazuo Okada......

Europe Week Ahead: EU summit and LTRO
Feb. 24 - A busy week ahead: Germany's Bundestag votes on the Greek bailout package on Monday, the ECB may lend half a trillion euros to banks on Wednesday and EU leaders meet in Brussels on Thursday......

UK family firm behind Oscar hits
Feb. 24 - Business is booming for the UK's family run costumiers Angels, after four of the five movies they supplied costumes to are nominated in the Best Costume Design category at this year's Oscars, including Martin Scorsese's Hugo and Madonna's d.....

Hiring picking up, but challenges remain: Manpower CEO
Feb. 24 - Manpower CEO Jeffrey Joerres says there are signs of a pick up in U.S. hiring, but points out that faster emerging market growth and increased productivity might keep some strains on the labor market......

Investors may want to eye IMAX over media conglomerates
media editor-in-charge Peter Lauria says a slate of 3D movie releases over the summer could keep IMAX theater attendance up......

U.S. Morning Call: iPad battle spreads from China to U.S.
Feb. 24 - A Chinese firm trying to stop Apple from using the iPad name in China has launched a legal attack in California......

"Once, twice...three times a recovery?"
Feb. 24 - The early signs in 2012 point to economic recovery. But they did the same in 2010 and 2011 before quickly fizzling out......

Football could be heading for its "Lehman" moment
Feb. 24 - Huge debts and an unsustainable business model. Like the banks, European football could be at risk of systemic financial breakdown. Jamie McGeever reports......

Breakingviews - Beware distorted markets
Breakingviews......

Rising oil prices biggest threat to growth - BASF CEO
Feb. 24 - The world's biggest selling chemical company BASF surprises with an upbeat outlook for 2012.....

Reuters Today: "Friends of Syria" to demand a ceasefire
Feb. 24 - A major conference begins in Tunis, but three major players in Syria's crisis will not be there - Russia, China and President Assad......

Asia Week Ahead: Apple fights for 'iPad' name in China
Feb. 24 - Slowdown expected in China's PMI numbers as Europe's crisis spreads, while court battle resumes over Apple's 'iPad' trademark and Japan awaits factory data......

Whalen: The case for investing in small & midcap bank stocks
Feb. 24 - Senior managing director at Tangent Capital Partners, Christopher Whalen who is starting a new bank fund recommends Bryn Mawr, Cullen Frost, SunTrust and CIT......

Lloyds losses delay turnaround targets
Feb. 24 - Part state-owned British bank Lloyds has pushed back key targets of its turnaround plan and warned a tough economic outlook will hit revenues this year after it plunged to a 3.5 billion pound loss in 2011. Ciara Sutton reports......

Apple shareholders greeted with human rights protest
Feb. 23 - Protesters gather outside Apple headquarters before its annual shareholders meeting to decry the workplace conditions of the company's outsourcing factories. Rough Cut (no reporter narration)......

You Wynn some, you lose some
Feb. 24 - Once close friends and business partners, casino billionaires Steve Wynn and Kazuo Okada are now playing against each other in a high-stakes game for Okada's stake in the company itself......

Cash rules at Apple
Feb. 23 - Apple was mum at an annual shareholder meeting regarding plans for almost $100 billion dollars in cash, only acknowledging that the company is considering its options. Bobbi Rebell reports......

U.S. job prospects brightening
Feb. 23 - Summary of business headlines: Jobless claims hint at better days ahead for job seekers, Wall Street buys into the optimism; Target, Kohl's impact by race to lowest price; Apple shareholders get more iPower. Conway G. Gittens reports......

Oil price rises above $125 a barrel
Oil prices have surged above $125 a barrel on Friday, as worries over Iran and signs of a brightening US economy put the price on track for its fifth week of gains.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/.....

Lloyds considers borrowing money from ECB's emergency fund
Lloyds Banking Group has become the first British bank to confirm it is looking at borrowing money from an emergency facility put in place by the European Central Bank to prevent a fresh banking crisis.<img width='1' height='1' src='http://telegra.....

Debt crisis: live
Athens launches its bond swap with private investors to slash 107bn of debt, while the German finance minister warns that Greece may need further financial help.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1ce.....

Greek bond swap begins as Germany voices doubts over bailout
Athens has launched the biggest sovereign bond restructuring in history to cut its debt by 107bn - amid warnings from Germany that even if it were successful, there were 'no guarantees' Greece could be rescued.<img width='1' height='1' src='http:/.....

Banker Mukhtar Ablyazov 'fled to France on coach'
Mukhtar Ablyazov, the millionaire banker sentenced to 22 months in prison for contempt of court, has fled the UK and is understood to be hiding in France, a court heard.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/5683.....

Thailand's 1.12bn bid for Cove trumps Shell's offer
Thailand's largest oil and gas company has launched a 1.12bn counter-bid to Royal Dutch Shell's offer for AIM-listed Cove Energy.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1cea6919/mf.gif' border='0'/><.....

ONS figures show confidence is the key to UK growth
How much is confidence worth? Half a point of GDP, it seems, if the Office for National Statistics is anything to go by.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1cea6270/mf.gif' border='0'/>.....

We need OFT inquiry to stop a 'payday loan' generation
Credit crunch? What credit crunch? Log on to Wonga.com and you're just six minutes away from borrowing 400 - apparently.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1cea426d/mf.gif' border='0'/><br/>&.....

SSE warns Scotland over independence
Energy giant warns that Scotland's bid for independence has heightened the risk of investing in projects north of the Border.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1cea0e97/mf.gif' border='0'/>.....

Rightmove profits rise as househunters move online
Estate agents are likely to spend more advertising online in 2012 than they do in local papers, the boss of Rightmove has claimed, as the property website posted a 23pc surge in profits to 62.7m.<img width='1' height='1' src='http://telegraph.feed.....

Greek statement on bond swap: in full
Athens has launched a bond swap with private investors to slash 107bn of the country's debt. Here is the Greek statement in full.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1cea0ba2/mf.gif' border='0'/><.....

P&G competition concerns take a toll on Unilever
Unilever lost weight as the maker of Marmite and Magnums was left on the shelf amid concerns over stiffer competition from rival, Procter & Gamble.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1cea076b/mf.g.....

Government must 'sort out' RBS relationship, says TSC chairman Andrew Tyrie
The Government must 'sort out' its relationship with Royal Bank Scotland if the taxpayer is ever to be repaid the 45bn pumped into the lender, according to Treasury Select Committee chairman Andrew Tyrie.<img width='1' height='1' src='http://teleg.....

Government must 'sort out' RBS relationship, says TSC chairman Andrew TyrieCall to 'sort out' RBS policy
The Government must 'sort out' its relationship with Royal Bank Scotland if the taxpayer is ever to be repaid the 45bn pumped into the lender, according to Treasury Select Committee chairman Andrew Tyrie.<img width='1' height='1' src='http://teleg.....

William Hill to decide future of Playtech joint-venture within months
William Hill said it will decide the future of its tumultuous online joint venture with Playtech by the end of the summer after unveiling a 6pc jump in annual revenue on Friday.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/3272.....

Hammerson eyes shopping centre deal after quitting London property market
FTSE 100 property company to exit London portfolio in a historic move designed to increase its focus on retail.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1cea03d7/mf.gif' border='0'/><br/><br/>.....

Business dragged economy down in fourth quarter
Business dragged Britain down in the final three months of last year by failing to invest, according to official figures.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1ce7f186/mf.gif' border='0'/><br/>.....

Eurogroup statement on Greek debt crisis: in full
Athens is preparing to launch a bond swap with private investors to slash 107bn of the country's debt. Here is the Eurogroup's statement in full.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1ce9ad55/mf.gif' bo.....

Oil price rises above $124 a barrel
Oil prices have surged above $124 a barrel on Friday, as worries over Iran and signs of a brightening US economy put the price on track for its fifth week of gains.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/.....

Dominique Strauss-Kahn: timeline
The Cambridge Union has been criticised by women's groups after inviting Dominique Stauss-Kahn to address students. Here is a timeline of the controversy.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1ce98859/m.....

Anger over Dominique Strauss-Kahn's invitation to address Cambridge Union
The Cambridge Union has been criticised by women's groups after inviting Dominique Stauss-Kahn to address students despite an ongoing investigation into an alleged prostitution ring.<img width='1' height='1' src='http://telegraph.feedsportal.com/c.....

UK economy shrinks 0.2pc: economists' reaction
The UK economy shrank by 0.2pc in the fourth quarter, revised figures from the Office for National Statistics showed, as businesses cut back on spending. This is how economists viewed the figures:<img width='1' height='1' src='http://telegraph.fee.....

Questor: The most profitable sector in the past decade
Questor Plus: Garry White on protecting your wealth and health.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1ce7f184/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/1276976.....

Hammerson quits London property market
FTSE 100 property company to exit London portfolio in a historic move designed to increase its focus on retail.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1ce727e9/mf.gif' border='0'/><br/><br/>.....

Analyst reaction: Lloyds Banking Group posts 3.5bn loss
Lloyds' shares fell 1.6pc in morning trading on Friday as the market took umbrage at its 3.5bn annual loss. Here is how analysts viewed the results:<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1ce6fca8/mf.gif'.....