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Thursday 1 March 2012

UK Financial News on 2012-03-01

Eurozone jobless rate at new high
The unemployment rate in the eurozone continued to rise in January, hitting a new record of 10.7%, the Eurostat agency says......

High oil prices hinder UK output
UK manufacturing was held back by rising oil costs, which drove up prices at their fastest rate in 19 years, says a survey......

House price rise 'is temporary'
UK house prices rose slightly in February but the lift in values may not last through the summer, according to the Nationwide......

Gap shares soar on strong sales
Shares in Gap jump 7% after the company joins other big US retailers in reporting strong February sales growth......

Mobile phone 'bill shock' tackled
UK mobile phone companies are told by the regulator Ofcom to let their contract customers restrict how much they spend......

Computer glitch hits Post Office
Postal services across the UK were hit by a computer failure affecting the Post Office, although the problem has since been resolved......

Eurotunnel swings back to profit
Eurotunnel, the operator of the Channel Tunnel, returned to profit in 2011 with a record 19 million passengers......

US factories sluggish in February
The expansion of US manufacturing slowed in February and consumer spending was flat, official figures show......

WPP profits reach record in 2011
Advertising giant WPP reports record profits and says major events such as the Olympics should boost trading in the coming year......

Football match copyright rejected
Football authorities in England and Scotland have a European court claim to copyright over match fixture lists rejected......

C&W Worldwide shares in new leap
Shares in Cable & Wireless Worldwide (CWW) jump sharply for the second time in three weeks on hopes of a takeover battle......

Center Parcs set for new resort
Holiday village operator Center Parcs is set to build a fifth UK resort in Bedfordshire, after securing 250m in funding......

Dump 50p tax rate, say businesses
More than 500 business leaders have signed a letter calling for the 50p top rate of tax to be scrapped in next month's Budget......

Google change 'breaches EU law'
Changes made to Google's privacy policy are in breach of European law, the EU's justice commissioner tells the BBC......

Kraft opens 17m research centre
A new research and development facility is officially opened at Cadbury's Birmingham home by owners Kraft......

Job losses confirmed at BAE site
More than 800 jobs are to be lost after defence giant BAE Systems confirms it is ending manufacturing at its Brough site......

Surprise growth in Swiss economy
Switzerland's economy grew 0.1% in the last three months of 2011, fuelled by exports despite the soaring Swiss franc......

Credit card write-offs hit 3.6bn
UK credit card companies wrote off 3.64bn in bad debts on their customers' cards in 2011, the Bank of England says......

Council tax freeze plan 'flouted'
More than 40% of households in England are facing a council tax rise from April despite the government funding a freeze on bills, a survey suggests......

Mortgage approvals up in January
UK mortgage approvals hit a two-year high in January, Bank of England figures show, suggesting property sales could rise in the coming months......

Chinese manufacturing sees growth
China's manufacturing expanded in February, a survey suggests, easing concerns about a slowdown in its economy......

Japan car sales jump in February
Japanese car sales, including those of 660cc mini vehicles, rise as consumers cash in on government subsidies for energy-efficient cars......

Gold tumbles 5% as US fears ease
The price of gold drops sharply as comments by the US Fed chairman raise hopes about the US economic recovery......

Malaysia Airlines dips after loss
Shares in Malaysia Airlines dip as the carrier says it is in a "crisis" after reporting a loss for the last financial year......

Apple's market value tops $500bn
Apple's stock market valuation rises above $500bn joining only six other companies to have reached that mark......

Vivendi: No growth for two years
Vivendi, Europe's largest telecoms and entertainment group, forecasts no profit growth until 2014, sending its shares down 7%......

Gaydamak to get Pompey payments
Portsmouth administrator Trevor Birch reveals the next four parachute payments will go to ex-owner Sacha Gaydamak......

Brazil football chief to stay on
Ricardo Teixeira is to remain in his role as head of Brazilian football and the 2014 World Cup organising committee......

Wages shortfall hits Dunfermline
Dunfermline players and staff are not paid in full as the club await gate money owed by administration-hit Rangers......

VIDEO: Center Parcs to create new jobs
Holiday firm Center Parcs has confirmed it will press ahead with plans to build its fifth UK resort in a move set to create 2,700 jobs......

VIDEO: Christine Lagarde: Passing the cap
The International Monetary Fund boss, Christine Lagarde, has been crossing the globe to drum up $500 bn worth of fiscal support for the eurozone. But can she convince world leaders to dig deep?.....

VIDEO: Barber: 50p tax plea is 'unattractive'
More than 500 business leaders have called for the 50p top rate of tax to be scrapped in next month's Budget......

AUDIO: Should the 50p tax rate go?
The director of Canterbury Care told BBC Radio 5 live Morning Reports that the 50% tax rate was bad for business......

VIDEO: 50p tax 'losing the UK 500m a year'
Charlie Mullins, Pimlico Plumbers founder, said the 50p tax rate was stopping firms from expanding and had seen the government lose 500m in the amount of tax collected......

VIDEO: Google privacy row: Storm in a teacup?
Internet company Google has gone ahead with its new privacy policy despite warnings from the EU that it might violate European law......

VIDEO: Rugged waterproof mobiles on show
Rory Cellan-Jones went on the hunt for a phone that stands out from the crowd at the Mobile World Congress in Barcelona......

AUDIO: Sorrell: WPP London return likely
CEO of advertising firm WPP Sir Martin Sorrell talks to the Today programme's Simon Jack about entering the digital market and a return to the UK......

Small business questions answered
Our experts give advice on how to set-up and run a business.....

Christine Lagarde's mission to save the global economy
Christine Lagarde's mission to save the global economy.....

Dow Jones breaks 13,000
Charting the main US stock index's journey back to 13,000.....

If Britain were Greece...
If UK were like Greece, how bad would it be?.....

U.S. Day Ahead: More Fed clues to QE
March 1- Markets may get direction when two key Fed officials speak on monetary policy and the economy post financial crisis......

Energy could tire recovery -Bernanke
Mar 1 - Federal Reserve Chairman Ben Bernanke in a question-and-answer period with Senators said high energy costs and housing could derail the fragile economic recovery. Conway G. Gittens reports......

Trading at Noon: Wall St. rises after claims data
March 1 - U.S. stocks rose extending this year's near-uninterrupted rally as investors jumped on recent momentum......

Breakingviews: Yelp IPO
March 1 - Rob Cox and Breakingviews columnists review today's Yelp IPO and discuss why the internet company gets only 2 stars out of 5......

Shopping and sushi in Putin's Russia
Mar.01 - Living standards have risen in Russia during Vladimir Putin's 12-year reign but will the economy continue to grow as fast as during the sushi-years. Joanna Partridge reports.....

Focus on Greece at EU summit
Mar.01 - Euro zone finance ministers and officials gather in Brussels to discuss Greece's private sector bond exchange and implementation of the Greek authorities' commitments to economic and structural reforms. Ciara Sutton reports.....

Europe Day Ahead: Friday
Mar. 1 - The boost to sentiment from the ECB's cheap loans to banks continues to lift equities, but some analysts bet it won't be long before market stresses return......

TD Ameritrade a top pick, but low rates a burden: Repetto
Mar. 1 - Sandler O'Neill's Richard Repetto says that while low interest rates and low volumes will be a headwind to online brokers, companies like TD Ameritrade are evolving to the current market environment......

Girls are the building blocks for Lego growth
Mar. 1 - Denmark's Lego launches a new building-based toy range aimed at girls featuring softer colours and new figures......

Morning Briefing: Labor market improvement, retail sales
Mar. 1 - New U.S. claims for unemployment benefits edged down last week, and U.S. same-store sales data for February shows that Americans are continuing to hit the malls and auto showrooms to spend......

U.S. Morning Call: Gold rebound, new fees for BofA customers
Mar. 1 - Gold prices are on the mend after suffering their biggest daily decline in three years, and the WSJ reports that checking account users at BofA may face a new set of fees......

WPP profit up, Olympics boost ahead
Mar.01 - WPP, the world's largest ad group, posted a better-than-expected 19 percent rise in 2011 profit, and reaffirmed its targets for 2012, when it will benefit from the Olympics, European Soccer Championships and the U.S. presidential election. C.....

China boom drives record profits for Audi
Mar. 1 - With more than than one in four of its luxury cars sold in China, VW's premium brand says its annual earnings should again top 5 billion euros this year......

Breakingviews: A Murdoch still has firm grip on UK papers
Breakingviews......

Facebook finds friends in China
Mar. 1 - Recent cracks in China's internet firewalls show pent up interest among some of the country's tech-savvy students for Facebook. But that's no guarantee for success in China......

Reuters Today: Carbon tensions threaten Airbus order
Mar. 1 - Hong Kong Airlines may cancel a 3.8 billion order for 10 Airbus A380 aircraft after China banned its carriers from taking part in the EU emissions trading scheme......

Breakingviews: China's legislators wake up
Mar. 1 - Every year Chinese legislators amass on Beijing for the two top annual political meets, but it's usually a one-way conversation. This year the audience may talk back, says Breakingviews' Wei Gu......

Asia welcomes N. Korea-U.S. deal
Mar. 1 - South Koreans, Japanese and Chinese react to North Korea's nuclear breakthrough. Sophia Soo reports......

Facebook raises ad stakes
Feb 29 - Facebook is making it easier for businesses to promote products on the world's leading social media website as it prepares to face more scrutiny as a soon-to-be publicly traded company. Jill Bennett reports......

Fed sees growth but jobs still slow
Feb 29 - Summary of business headlines: U.S. economy growing but Chief Bernanke still worried; British media analyst says James Murdoch resignation means he won't take over for daddy Rupert; Stocks fall without talk of new stimulus. Conway G. Gittens.....

U.S. Day Ahead: Consumers make store sales rosy
Retail Analyst Jharonne Martis says shoppers are getting back on form with same store sales expected to punch through a key level......

Bill Gross' PIMCO Total Return ETF could transform industry
Feb. 29 - Bill Gross' PIMCO Total Return ETF launches March 1st. Analysts say it could convince a wave of mutual fund managers to launch ETF versions of their funds and lead to lower fees for investors......

Windows 8 gets public test drive
Feb 29 - Microsoft unveils the first widely available test version of Windows 8, giving the public the first chance to try out the slick, new-look operating system it hopes will restore the company's fading tech supremacy. Conway G. Gittens reports......

LIGHTNING ROUND: Munis will have good year - Nuveen's Miller
Feb. 29 - John Miller of Nuveen Asset Management answers rapid-fire questions on the municipal bond market and says growing state and local government revenues will give support to the securities.....

Romney faces Super Tuesday threat: Sabato
Feb. 29 - UVA political analyst Larry Sabato says GOP Presidential hopeful Mitt Romney may see a bounce after his Michigan victory, but is still likely to lose half of the ten states on Super Tuesday......

Debt crisis and EU summit: live
European markets close up as eurozone finance ministers delay decision on second Greek bailout until bondholders agree to take large haircut on investments.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1d0e5978.....

Printing more money will leave pensioenrs worse off, admits Bank
The Bank of England's decision to effectively print more money has left some pensioners "worse off" but without this policy "many more people would be much worse off", a senior Bank figure has admitted.<img width='1' height='1' src='http://telegra.....

Google technology allows Toyota car to drive itself
Forget the information superhighway, Google has its sights on something more concrete.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1d13e10e/mf.gif' border='0'/><br/><br/><a href="http://da.fe.....

China cuts back on buying US dollar securities
China is cutting back its purchases of US securities as it seeks to diversify away from the dollar, data suggest.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1d13e10d/mf.gif' border='0'/><br/><br/&.....

China claims world's biggest shale gas reserves
China is planning an investment blitz to unlock its vast reserves of shale gas, convinced it can match the energy revolution under way in the US and meet a significant part of its fast-growing fuel needs.<img width='1' height='1' src='http://teleg.....

EU finance chiefs give Greece $58bn but stoke fears of default after delaying bail-out decision
European powers approved the release of funds for Greece's international creditors but delayed the decision to bail out Athens until March 12 - perilously close to the country's default deadline.<img width='1' height='1' src='http://telegraph.feed.....

Man Group shares jump as outflows fall
Shares in Man Group jumped 12.7pc as the hedge fund manager said outflows had fallen and it had seen a "positive start" to 2012.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1d136d03/mf.gif' border='0'/><.....

US consumer spending slows but jobs market improves
US consumer spending grew less quickly than hoped in January, suggesting that a recovery in the labour market has yet to encourage Americans to open their wallets any wider.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/.....

Eurozone unemployment hits record high of 10.7pc
The eurozone's unemployment rate rose to a record high of 10.7pc in January, reaching levels of extreme social distress across large parts of Southern Europe.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1d132a.....

The UK will only be a business capital when our Government starts helping companies
The Cambridge Union has seen some colourful debates of late, none more so than January's Amazonian battle between Rachel Johnson, editor of The Lady, and Katie Price, once known as the model, Jordan.<img width='1' height='1' src='http://telegraph......

Investec puts a stop to Thomas Cook holiday
Clouds began to gather again over Thomas Cook, after a strong run that had seen the travel operator's shares put on 50pc this week.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1d132390/mf.gif' border='0'/>.....

Tata considers offer for Cable & Wireless Worldwide
Cable & Wireless Worldwide (C&WW) could find itself at the centre of a billion pound takeover battle after the Indian telecoms giant Tata Communications said it was weighing up a cash bid for the beleaguered British business.<img width='1'.....

Lego builds on growth despite downturn
Toy maker posts eighth year of growth, with UK sales jumping 21pc.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1d132005/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/1276.....

Oil price reporting may need Government intervention
Governments may need to intervene in the reporting of oil prices to avoid market manipulation, according to global regulators.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1d12b7c4/mf.gif' border='0'/>.....

Cadbury owner Kraft spends 17m on research and development in UK
Two years after its controversial takeover of Cadbury, Kraft has invested 17m in research and development in the UK as part of a charm offensive to win the backing of disgruntled politicians.<img width='1' height='1' src='http://telegraph.feedspor.....

Cadbury owner Kraft spends 17m on research and development centre at Bournville
Two years after its controversial takeover of Cadbury, Kraft has invested 17m in a new research and development centre at Bournville as part of a charm offensive to win the backing of disgruntled politicians.<img width='1' height='1' src='http://t.....

Ford's Lewis Booth admits European car market will be 'tougher' than feared
Ford admits car market will be more difficult than it feared in January.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1d128b70/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/.....

German prosecutors raid 86 properties across Europe in insider trader probe
German prosecutors have launched 86 raids on properties across Europe as part of an investigation into insider trading and market manipulation.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1d128b71/mf.gif' bord.....

AstraZeneca picks former Volvo boss Leif Johansson as next chairman
The former boss of Volvo is poised to become the next chairman of Britain's second-biggest pharmaceutical company, AstraZeneca.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1d12acb9/mf.gif' border='0'/><b.....

Howden Joinery resumes dividend after four-year break
Howden Joinery, the kitchen supplier previously called Galiform, has resumed its dividend after a four-year hiatus as it continued to grow revenue despite households proving reluctant to spend on "big ticket" items.<img width='1' height='1' src='h.....

RSM Tenon to axe 300 jobs after 84m loss
RSM Tenon, the crisis-hit audit firm that issued a profit warning last month, delivered a miserable set of results that included a 60.7m impairment charge, an 84m loss and a 12m accounting restatement.<img width='1' height='1' src='http://telegrap.....

WPP profits rise above 1bn for first time
World's biggest advertising group posted record full-year profits of 1bn and said it expects to benefit from the UEFA Football Championships, the Summer Olympics and the US Presidential elections .<img width='1' height='1' src='http://telegraph.fe.....

US construction spending slips 0.1pc in January
A sharp drop in commercial building projects caused a slight decline in US construction spending in January. But the dip comes after previous figures were revised much higher.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/.....

UK's top gold fund manager: 'I would buy gold at almost any price'
Leading gold fund manager Evy Hambro on why he doesn't expect the bullion price to fall.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1d11f76a/mf.gif' border='0'/>.....

'I would buy gold at almost any price'
Leading gold fund manager Evy Hambro on why he doesn't expect the bullion price to fall.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1d1192ce/mf.gif' border='0'/>.....