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Friday 2 March 2012

UK Financial News on 2012-03-02

Petrol price reaches record high
The average price of unleaded petrol reaches a new high of 137.44p per litre, according to industry analysts Experian Catalist......

EU leaders sign new fiscal treaty
All but two of the EU's 27 leaders sign a new treaty to enforce budget discipline within the bloc and rein in debts......

Northern Rock repays 2bn in 2011
Northern Rock Asset Management, the so-called "bad bank" that manages Northern Rock's mortgage book, repaid 2bn of the government's loan in 2011......

Yelp shares surge 64% on debut
Shares in San Francisco-based consumer review website Yelp jump 63.9% on their trading debut in New York......

Spanish 'to miss deficit target'
Spain Prime Minister Mariano Rajoy says his country will miss its budget deficit target this year, as EU leaders agree a new treaty on budget discipline......

MPs back rise in price of stamps
A committee of MPs has given its backing to a planned rise in the price of stamps, despite raising concerns about the cost to vulnerable people......

Apple and Samsung cases dismissed
Apple and Samsung both have their patent lawsuits - over the "slide-to-unlock" feature - thrown out by a German court......

Barclays taps ECB for 8.2bn euros
Barclays confirms that it borrowed 8.2bn euros (6.7bn) from the European Central Bank in low-interest three-year loans......

UK construction shows strength
A survey of the construction sector suggests surprising strength in February......

Oil price dips from fresh highs
Oil prices dip after hitting their highest level since July 2008 after Saudi Arabia denies reports of a pipeline explosion......

East Africa port project launched
Construction begins on a multi-billion dollar port project in Kenya which will also see an oil pipeline, railway and motorway built to South Sudan and Ethiopia......

Bank attacks use of teaser rates
The use of "teaser" rates for new tax-free Isa accounts of banks and building societies has been attacked by Metro Bank......

RFU announces four-year kit deal
The Rugby Football Union signs a four-year kit deal with rugby clothing specialists Canterbury......

Poor numeracy 'is ruining lives'
Poor numeracy is hitting Britain's economic performance and ruining lives, according to a new charity launched to champion better maths skills......

Germany retail sales slide back
German retail sales fell unexpectedly in January by 1.6%, the biggest drop since May last year, official figures show......

Italy's debts increased in 2011
Italy's government debt rose during 2011 while its economy struggled to grow, official figures show......

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......

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......

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

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......

ONGC share sale short of target
The Indian government's attempt to sell a 5% stake in oil firm ONGC falls just short amid concerns the shares were over-priced......

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......

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......

Rangers delay player cut decision
Rangers' administrators will not announce staff cuts until next week after a failure to find a consensus among players......

Council seeks Vale administration
Stoke-on-Trent City Council wants to place Port Vale in administration, in order for the club to avoid liquidation......

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

VIDEO: Ikea 'paid for police files'
A French newspaper claims that Swedish furniture giant Ikea has paid for illegal access to police files on its staff and customers......

AUDIO: Does finance make good fiction?
Author Aifric Campbell and Professor John Sutherland discuss whether money markets and the economic crisis make a good subject for novels......

VIDEO: Poor numeracy 'blighting economy'
Poor numeracy is blighting Britain's economic performance and ruining lives, says a new charity launched to champion better maths skills......

AUDIO: What future for Northern Rock?
The toxic part of Northern Rock has repaid 2bn of its government loan. Is it on track to pay it all back?.....

VIDEO: Petrol prices hit record high
The average price of unleaded petrol has reached a new high of 137.44p per litre, according to industry analysts Experian Catalist......

VIDEO: Growth and jobs 'ultimate objective'
All but two of the EU's 27 leaders have signed a new treaty to enforce budget discipline within the bloc......

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......

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......

'Halo cars' crucial for luxury firms' image
The family cars at home on the racetrack.....

Small businesses take on cloud computing
How small business is harnessing the power of cloud computing.....

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

The Exchange: An Independent President?
Buddy Roemer talks to Rob Cox about what's wrong with Washington and Wall Street - and how he'd change both as president......

Bond investors must prepare now for future inflation: Fuss
Mar. 2 - Dan Fuss, vice chairman of Loomis Sayles, says an improving economy suggests investors need to position themselves for increasing inflation, but points out that TIPS are currently overpriced......

Good reviews for Yelp IPO
Mar 2 - Shares of online review website Yelp soared in their market debut, as the latest Internet company to go public amid strong demand for the sector. Conway G. Gittens reports......

EU leaders sign fiscal treaty
Mar. 2 - Leaders of 25 of 27 EU states signed a fiscal treaty during a two-day summit in Brussels, but they said they would decide before the end of March whether to increase its debt crisis firewall. Joanna Partridge reports.....

Trading at Noon: Wall Street dips, eyes on oil prices
March 2 - U.S. stocks ticked lower in a light day on the economic calendar. Energy shares were the largest weight on the market......

Breakingviews: Brazils Goldman?
March 2 - Jeffrey Goldfarb and Antony Currie discuss whether the planned IPO of BTG Pactual by hotshot banker Andr Esteves can command the same heady valuation multiple as Goldman Sachs did in 1999......

Europe Week Ahead
Mar. 2 - Thursday is the big day for Europe next week with the deadline for a decision by private creditors on the Greek bond swap and policy decisions from the ECB and Bank of England......

Google's privacy policy upset
Mar. 2 - Data protection agencies in European countries have concluded that Google's new privacy policy breaches EU law. Hayley Platt reports......

New retirement plan proposals aim for guaranteed income
Mar. 2 - Anne Arvia, SVP of Retirement Plans for Nationwide, discusses the Treasury's proposals to guarantee retirement income for a longer period of time, but says it will take time for the new rules to pass......

"Obamacare" won't impact hiring plans: Health care CEO
Mar. 2 - Stanley Bergman, CEO of health care product provider Henry Schein expects to hire workers across the globe in 2012 and says that the current health care legislation won't impact his business......

The trendy new mobile made from a tree
Mar. 2 - A London-based university student is set to launch the world's first smartphone made out of wood aimed at the high-end fashionable set. Hayley Platt reports......

Breakingviews: Barclays bonus headache
Mar. 2 - Barclays says benefits of ECB loans wont be used for bonuses. However the loans are designed to encourage trading where bonuses are earned making it hard to decide what qualifies as a benefit say Breakingviews......

Boom and bust in UK retail
Mar. 2 - Rents at the top end of London's retail sector are soaring, while elsewhere in the industry shopkeepers are struggling to stay afloat......

Reuters Today: Europe seeks to balance austerity and growth
Mar. 2 - EU leaders attending the first summit in two years not dominated by the debt crisis prepare to sign a debt reduction treaty......

Megaupload founder insists he will fight piracy charges
Mar. 2 - Kim Dotcom speaks for the first time since his arrest in January over alleged Internet piracy. Arnold Gay reports......

Asia Week Ahead: China may be getting a grip on inflation
Mar. 2 - Easing inflation numbers expected out of China next week, say analysts. That's as Beijing plays host to a key annual legislative meeting......

Jobless Greek in shooting drama
Mar 2 - Siege ends at Greek factory after two men were wounded and another two held hostage by a man who had lost his job . Rough cut (no reporter narration)......

U.S. Morning Call: Facebook seeks bigger credit line
say that Facebook plans to increase its $2.5 billion credit line to help cover a major tax hit, shortly after it goes public......

Putin feels the lure of the dark side
Mar. 2 - WIth Vladimir Putin looking certain to win Russia's presidential election on Sunday, voters are asking whether he will embrace reform, or give in to the temptation to crack down on dissent......

Market Pulse: Euro's ECB cheap money boost runs out of steam
Mar. 2 - Euphoria fades in the wake of the half trillion euro injection into Europe's banking system earlier this week.....

Spring fling for retailers
Mar 1 - Mild weather helped entice consumers to buy spring clothing in February, boosting sales at top U.S. chain stores. Bobbi Rebell reports......

Google hits go on privacy change
Mar 01- Summary of business headlines: Google's new privacy policy under scrutiny; Retailers and auto dealers see solid February U.S. gains, but factories slow; Stocks rally on Wall Street and in Europe. Conway G. Gittens reports......

EU leaders joke amid tough talk
Mar 1 - European leaders break from two-day talks in Belgium as the group tries to find a balance between austerity and economic revival amid a two-year debt crisis. Rough cut. No reporter narration......

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......

Debt crisis: live
Britain secured a number of key demands at the summit to boost jobs and growth, the Prime Minister said as 25 EU states - with the exception of the UK and Czech Republic - signed a new fiscal pact.<img width='1' height='1' src='http://telegraph.fe.....

It's not too late to pull Heathrow and the UK out of a nosedive
I confess that the Airports Council International Passenger Figures are not the most compelling way to start the weekend.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1d1ab775/mf.gif' border='0'/>.....

GKN slips as it moves closer to1bn acquisition
GKN was under pressure as it emerged the business is on the verge of winning the 1bn (800m) auction for Volvo's aircraft engine division.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1d1ac281/mf.gif' border='0'.....

GKN slips as it moves closer to 1bn acquisition
GKN was under pressure as it emerged the business is on the verge of winning the 1bn (800m) auction for Volvo's aircraft engine division.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1d1ab777/mf.gif' border='0'.....

Cove Energy shares fall on Mozambique capital gains tax threat
Shares in takeover target Cove Energy dropped 8.1pc on concerns authorities in Mozambique may impose a tax that could derail any sale of the Africa-focused oil explorer.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/5683.....

Weir and FLSmidth's fight over Ludowici heads back to regulator
The battle to buy mining equipment manufacturer Ludowici has taken a fresh twist with suitors Weir and FLSmidth launching regulatory counter-claims attempting to block sweetened bids for the Australian company.<img width='1' height='1' src='http:/.....

City Link giving Rentokil Initial boss Alan Brown 'sleepless nights'
Rentokil Initial boss Alan Brown has admitted the company's 'problem child' City Link parcels business causes him 'sleepless nights' after it pushed the group into the red last year.<img width='1' height='1' src='http://telegraph.feedsportal.com/c.....

British banks borrow 22bn from ECB's emergency programme
British banks have disclosed borrowing of more than 22bn from an emergency programme established by the ECB last year to prevent the region's financial system from collapsing.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/.....

UK construction rebounds strongly
Activity in Britain's construction industry rebounded strongly last month on the back of the fastest rise in new work for nearly two years.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1d1a5205/mf.gif' border='.....

Nike loses England rugby shirt deal to Canterbury
Nike has supplied England with shirts for the past 29 years and the move confirms Canterbury, which is owned by the retail chain JD Sports, as the biggest supplier of rugby kit to national teams.<img width='1' height='1' src='http://telegraph.feed.....

Oil price rise a bigger threat to global economy than Greece, says HSBC
The runaway oil price has overtaken fears of a Greek sovereign debt default as the biggest threat to the global economy, according to HSBC.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1d1a0d6b/mf.gif' border='.....

Spain planning to breach EU budget targets, warns prime minister Mariano Rajoy
Spain is already planning to breach its budgetary targets, defying European leaders on the day they signed their historic fiscal pact.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1d1a4a85/mf.gif' border='0'/&g.....

Tim Geithner blasts Wall St for 'amnesia' over financial crisis
US Treasury Secretary hits back at criticism of financial reform.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1d19f519/mf.gif' border='0'/>.....

'Your bills are low', British Gas boss Phil Bentley tells customers
Profits of 522m, but British Gas boss says his company is being squeezed, too.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1d19ec2a/mf.gif' border='0'/><br/><br/><a href="http://da.feedsporta.....

Plans to give Office of Rail Regulation power over train operators 'deeply flawed'
Plans to give the Office of Rail Regulation (ORR) power over train operators were described as "deeply flawed" by their trade body.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1d19aa71/mf.gif' border='0'/>.....

Glencore to be grilled by MPs over tax affairs
Glencore is set to be grilled by MPs over its tax affairs just as it kicks off a charm offensive for its $90bn (56bn) merger with Xstrata.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1d17c969/mf.gif' border='0.....

IMI beats forecasts with strong acquisitions gains
Engineer IMI has beaten forecasts by reporting revenues 12pc higher at 2.1bn, driven by strong performances at its two largest divisions and acquisitions.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1d19a1e5/m.....

Diary of a Private Investor: 'My portfolio is up 15pc this year'
Which shares have delivered the goods for James Bartholomew?<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1d18eff6/mf.gif' border='0'/>.....

Accidental landlords return as home owners struggle to sell their homes
Increasing numbers of home owners who cannot sell their properties are becoming "accidental landlords".<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1d18b395/mf.gif' border='0'/><br/><br/><a h.....

Allen & Overy's David Benton: the man who decides if Greece has defaulted
David Benton is probably the most important man you have never heard of.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1d157e07/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/.....

Britain's 'voice was heard' at EU summit, says David Cameron
Britain secured a number of key demands at the European Union to boost jobs and growth across the continent, Prime Minister David Cameron said on Friday.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1d183795/mf.....

Taxpayers' 'bad bank' repossesses nearly 9,000 homes
Britain's taxpayer-backed "bad bank" repossessed nearly 9,000 homes in 2011 as its profits more than doubled, allowing it to repay 2.1bn in loans to the government.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/.....

Questor's tips on oil, gold and silver
Questor podcast: Garry White on a crude spike and precious metals.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1d18379d/mf.gif' border='0'/>.....

Questor's tips on oil, gold and silver
Telegraph tipster on a crude spike and precious metals<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1d180932/mf.gif' border='0'/>.....

All EU states but UK and Czech Republic sign fiscal pact
All but two European Union countries signed a fiscal pact to tighten budget discipline on Friday, marking a coup for Germany that pushed for the accord to prevent a repeat of the loose spending that led to economic crisis.<img width='1' height='1'.....