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Saturday 25 February 2012

UK Financial News on 2012-02-25

First Sun on Sunday goes to press
Sun owner Rupert Murdoch arrives at a printers in Hertfordshire to oversee production of the first edition of the Sun on Sunday......

Watchdogs warn on pension release
Strong warnings have been issued about the dangers of trying to take out money from your pension fund before you are 55 years old.....

Payday lender 'threats' apology
The payday lender MiniCredit apologises to customers who received emails threatening to contact their employers if they did not settle their debts......

Apple cuts push email in Germany
Apple has been forced to suspend push email for iCloud and MobileMe users on iOS devices following a German court ruling......

Burger King leaves jobless scheme
Burger King becomes the latest firm to pull out of the government's controversial work experience scheme for jobless people......

Treasure haul arrives in Spain
A haul of coins from a sunken Spanish galleon arrives in Spain after five years of legal wrangling with a US firm over who owned the treasure......

A4e chairman Harrison steps down
Emma Harrison steps down as chairman of welfare-to-work firm A4e, which handles millions of pounds worth of government contracts......

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......

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......

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

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

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......

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......

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......

VIDEO: Your Money: Pay day loan pain
In this week's Your Money Declan Curry looks at the growing controversy over pay day loans and the problems that can pop up when buying second-hand cars......

VIDEO: Pitfalls of being a movie extra
Ahead of the Oscars on Sunday, a look at how some people get a taste of the Hollywood life by working as extras......

VIDEO: Firms 'should show more backbone'
A Conservative MP has spoken out in support of the government's controversial work experience scheme for jobless people, after Burger King became the latest firm to pull out of the project......

VIDEO: Sceptical savers stash cash at home
More than 5.6bn pounds in cash is being stashed away in homes across the UK, according to the Financial Services Compensation Scheme......

AUDIO: Will the Sun shine on Sunday?
The Sun on Sunday hits news stands this weekend......

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......

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......

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

Extras, extras, read all about 'em....
How much money can you make being a background actor?.....

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?.....

Michigan primary puts focus on Detroit's economic recovery
Feb. 25 - Detroit's economy now shows glimmers of hope, after an auto-industry bailout opposed by the Republican presidential candidates sparked a turnaround. Deborah Gembara reports......

Nike at top of its game
Feb. 24 - Nike adds more punch to its line-up with new galactic glow in the dark footwear and additions to its Nike+ tech sneakers, as it ramps up marketing and its fan base ahead of the Summer Games. Jill Bennett reports......

Oil gush: crude nears $110
Feb. 24 - Summary of business headlines: Oil nears $110 on IAEA's Iran report; J.C. Penney swings to quarterly loss due to weak sales; Job prospects lift U.S. consumer sentiment; S&P 500 and Nasdaq gain territory. Conway G. Gittens reports......

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)......

Andy Haste in frame for RBS's Direct Line
Andy Haste, the former chief executive of RSA Group, is being considered as a possible chairman for the Royal Bank of Scotland's newly rebranded Direct Line Group.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1.....

John Fingleton: I'm not sure if companies are more compliant or just more devious
John Fingleton is under the weather. The day after the chief executive of the Office of Fair Trading announced his resignation he is at home nursing a chest infection.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300.....

Sir John Rose joins intelligence specialist Hakluyt
Sir John Rose, the former chief executive of Rolls-Royce, has joined the board of Hakluyt & Co, the business intelligence firm started by former MI6 officers.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c.....

BP Gulf of Mexico trial: a timeline
As the "trial of the century" gets under way in New Orleans, with BP and some of its suppliers in the dock over its Gulf of Mexico oil spill, here are the key dates that have led to the monster court case.<img width='1' height='1' src='http://tele.....

Carlyle hires Chris Woodhouse for RAC
Private equity firm Carlyle Group has recruited Chris Woodhouse, the former finance director of Debenhams, to run RAC, the roadside assistance business.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1cef7b04/mf......

Oxford Nanopore considers flotation within 18 months
Oxford Nanopore, the business that has developed a DNA sequencing device the size of a computer memory stick, could consider a possible $1bn (630m) flotation within 18 months.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/.....

3i appoints UBS to review its ailing Enterprise arm
Private equity company, 3i, has appointed UBS to carry out a strategic review of its beleaguered parks maintenance company Enterprise.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1cef7b05/mf.gif' border='0'/&g.....

Bob Dudley: after an accident like the Gulf of Mexico you have to change
As BP prepares to face charges in a New Orleans court, chief executive Bob Dudley tells Kamal Ahmed how the oil giant has fared since the Gulf of Mexico disaster.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1c.....

Dashwood: spinner and agency line up for the Next factor
Who's going to win the final of the Next factor? The two contenders are spinner Alistair MacKinnon-Musson and communications agency Hudson Sandler.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1cef7b07/mf.gif' .....

Bob Dudley: BP Gulf of Mexico trial could last until 2014
The chief executive of BP has revealed that the oil giant is prepared for the multi-billion dollar legal case into the Deepwater Horizon rig disaster to last until 2014.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/5683.....

Mehmet Dalman cleared to shake up ENRC
Mehmet Dalman, the new chairman of ENRC, has been given a mandate to refresh and revive the company's board after last summer's boardroom row which saw two non-executive directors ejected from the board.<img width='1' height='1' src='http://telegr.....

HSBC's results are about far more than Stuart Gulliver's bonus
When HSBC publishes its results for the 2011 financial year on Monday morning, not everyone will focus on the profit and loss account or the consolidated group cash flow statement.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/3.....

Sir Anthony Bamford: cut tax on UK manufacturing
A Number 10 commissioned report by one of Britain's leading industrialists has called on the Government to become champions of manufacturing and cut business taxes to support a renaissance in engineering.<img width='1' height='1' src='http://teleg.....

Vedanta plans 9bn merger
Vedanta plans to merge two of its largest subsidiaries in a near-$14bn (8.8bn) deal designed to simplify its corporate structure and save at least $200m a year.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1cef.....

HSBC to refocus on Asia as 14bn profit looms
HSBC is expected to outline a renewed push into its Asian heartlands on Monday when it announces profits of up to 14bn and a 3m bonus for its chief executive.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1cef96.....

IAG's Willie Walsh targets emerging markets
Willie Walsh's plans to expand International Airlines Group (IAG) into lucrative emerging markets, such as Latin America, will dominate the carrier's annual results this week as it announces a doubling of operating profits.<img width='1' height='1.....

At last, a call to arms for UK manufacturing
The value of machine tools used every year by the People's Republic of China may not seem of immediate relevance to Britain's manufacturing future. Until, that is, you compare it to the value used in Britain.<img width='1' height='1' src='http://t.....

Timothy Geithner: Europe must put in place 'stronger and more credible firewall'
US Treasury Secretary Timothy Geithner has urged European leaders not to rest on the recent progress they've made in tackling a crisis that remains "deeply consequential" to the prospects of a global economic recovery.<img width='1' height='1' src.....

German cabinet minister calls for Greek euro exit
Germany's interior minister called for Greece to leave the eurozone on Saturday as hopes that the world's richest countries would stump up more cash to help the International Monetary Fund fight Europe's debt crisis faded.<img width='1' height='1'.....

Soaring oil prices will dwarf the Greek drama
Since last week's eurozone "grand summit", the headlines have been positive and, in the official photos anyway, the main players appear to be smiling. As such, the global equity rally goes on.<img width='1' height='1' src='http://telegraph.feedspo.....

Time to swim against the tide and dip into Europe again
'Follow the money" was Deep Throat's famous advice to Bernstein and Woodward as the Washington Post reporters tried to stand up the Watergate story.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1cee506a/mf.gif'.....

World Bank chief Robert Zoellick: Greece's 130bn bailout merely buys it time
Outgoing World Bank chief Robert Zoellick has warned that Greece's latest bailout would merely buy it time, adding that a European recession would hamper crucial reforms needed to lift the area out of the crisis.<img width='1' height='1' src='http.....

Citywire's Isa selection: Let income funds sweeten the pill
Fed up with low interest rates? This week Citywire looks at funds that focus on income<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1cecd362/mf.gif' border='0'/><br/><br/><a href="http://da.fe.....

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'/><br/.....

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.....