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Saturday 3 March 2012

UK Financial News on 2012-03-03

Halifax 'to raise' mortgage rate
The UK's biggest mortgage lender, the Halifax, is raising its standard variable mortgage rate from 1 May, to 3.99% from 3.5%......

BP reaches $7.8bn oil spill deal
BP says it has reached a $7.8bn (4.9bn) deal with the largest group of plaintiffs suing it over the 2010 Deepwater Horizon spill in the Gulf of Mexico......

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......

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......

Moody's downgrades Greece again
Moody's cuts Greece's credit rating again to "C", the lowest level on its scale, warning of default despite a recent debt write-off deal......

Logbook loans brand active again
The BBC has learned that Britain's largest logbook loan brand is active again just days after the firm that owned it went into administration......

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......

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......

Gers near decision on player cuts
Rangers' administrators say they are "hopeful" an agreement on cuts to the playing squad can be delivered on Monday......

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

VIDEO: Talking cash machines for blind people?
A leading charity for blind people is calling on banks to make cash machines easier to use for people with sight loss......

VIDEO: Your Money: Interest rates and account fees
In this week's Your Money Declan Curry looks at increasing interest rates for some mortgages, help for first time buyers trying to buy newly-built properties and the bank current accounts that charge a monthly fee......

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......

Father and son debate low rates
The father and son with different views on the merits of low rates.....

$325 mln counterfeit ring busted
Mar 2 - Summary of business headlines: U.S. authorities break up one of the biggest counterfeit rings; AT&T goes after high data smartphone users; Yelp finds good reviews with IPO; Wall Street ends Friday trade lower, but posts mixed results for the .....

Wall St. sentiment lost on Main St.
Mar 2 - The major U.S. stock averages are back to where they were at 2008 levels, before the collapse of Lehman Brothers, but investors remain wary of jumping back in after so much volatility. Jill Bennett reports......

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.....

Car insurance in the UK is a dysfunctional market, claims RSA boss Simon Lee
RSA chief Simon Lee on the curse of referral fees.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1d1fc5c3/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/127698314372/u/3/f/5.....

US to press on with $18bn BP lawsuit despite settlement
The US government vowed to press ahead with its $18bn (11bn) legal action against BP despite the oil giant's $7.8bn settlement with 110,000 Gulf of Mexico businesses and individuals over the Deepwater Horizon oil spill.<img width='1' height='1' sr.....

Tesco sales improve as discounts draw in shoppers
Tesco has seen a resurgence in sales after the beleaguered supermarket chain encouraged more customers to visit its shops with heavy discounting.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1d1fc5c5/mf.gif' bo.....

Millions face higher mortgage bills as Santander joins NatWest and Halifax to raise rates
Millons of mortgage holders are set to face higher bills after Santander announced that it is joining National Westminster Bank and Halifax in raising interest rates on mortgages despite BoE base rate at record lows.<img width='1' height='1' src='.....

EU regulatory reforms to cut retirement income 20pc
European politicians are plotting regulatory reforms that will penalise UK insurance companies and cut retirement incomes by up to 20pc, senior industry sources have warned.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/.....

Questor share tip: Essar Energy's Indian woes may drag on
Essar Energy: Questor says avoid at 113.8p<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1d1fc5c9/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/127698314367/u/3/f/568300/c/.....

MPs to investigate retrospective tax after government avoidance crackdown at Barclays
The Treasury Select Committee is to investigate moves to retrospectively tax institutions accused of avoidance after HMRC forced Barclays to shut two schemes and pay 500m.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/56.....

UK regulation cuts 18bn off HSBC's value, says Gulliver
The full impact of the UK's regulatory regime on banks is revealed today with the chief executive of HSBC saying that his bank is "permanently" under-valued by as much $28bn (18bn) because of the rules in force in Britain.<img width='1' height='1'.....

Think tank: Intelligent Energy makes fuel cell breakthrough, but being first doesn't make you a winner
Intelligent Energy is to start mass producing its fuel cells but must beware imitators<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1d1fc5cb/mf.gif' border='0'/><br/><br/><a href="http://da.fe.....

Guarded welcome for BP's $7.8bn settlement
Hoteliers in New Orleans have been enjoying an off-season boom. The city has been crawling with armies of lawyers who have descended on the City to clash over BP's Gulf of Mexico oil spill.<img width='1' height='1' src='http://telegraph.feedsporta.....

Gulliver's travels and the transformation of HSBC
Stuart Gulliver says his work is just beginning at Britain's biggest bank.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1d1fc5cd/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.co.....

Greek default looms as voluntary debt deal looks set to fail
European leaders are braced for the eurozone's first ever sovereign default this week as Greece's efforts to secure a 206bn (172bn) "voluntary" bond swap looks increasingly unlikely.<img width='1' height='1' src='http://telegraph.feedsportal.com/c.....

'Big society' bank to leverage 600m investment
Big Society Capital, the Government's "big society" bank aimed at boosting social investment, is looking to multiply its initial 600m funding base through private investment.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f.....

John Lovering to chair hair straighener-maker GHD
John Lovering, the former chairman of Debenhams, is to take on the same role at the company that makes GHD hair straighteners as part of a boardroom shake-up.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1d1fc5.....

Acer lodges fraud complaint against former chief Lanci
The computer giant Acer has declared war on its former chief executive Gianfranco Lanci, lodging a criminal complaint alleging fraud and embezzlement.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1d1fc5d5/mf.gi.....

Glasenberg stands firm on terms of 50bn Xstrata tie-up
Glencore chief executive Ivan Glasenberg is expected to signal the trading giant will refuse to pay more for its planned 50bn merger with Xstrata, despite investor demands.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/5.....

Heathrow in crisis: letter in full
Here is the letter from nearly 70 business leaders, representatives of chambers and commerce and union heads talk of the need to support Heathrow, promote competition and find a solution to this country's aviation crisis.<img width='1' height='1' .....

Co-op's Lloyds deal at risk after FSA orders reforms
The Financial Services Authority has ordered the Co-op to overhaul the way it runs its business or face the possibility of losing the right to buy 630 Lloyds Banking Group branches.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/.....

Why Heathrow is a test of the Prime Minister's leadership
Like Basil Fawlty not mentioning the war ("I think I said it once, but I got away with it"), the third runway at Heathrow has become a "non-subject" in polite society.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300.....

Moshi Monsters signs Sony Music record deal
Popular children's gaming website to release series of albums.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1d1fc5dc/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/12769831.....

British business is a land of the living dead
The country's 5,000 "zombie" firms are a drag on recovery.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1d1fc5de/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/127698314348.....

Cameron urged to back Heathrow expansion
Nearly 70 business leaders and groups representing hundreds of others have demanded that the debate about building a third runway at Heathrow is re-opened after the Government ruled out the option before the last election.<img width='1' height='1'.....

Restaurant owner Tragus in talks with its banks
Tragus, the owner of high street restaurant chains Cafe Rouge and Strada, is in crisis talks with its lenders to avert a looming covenant breach.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1d1fc5df/mf.gif' bo.....

Questor share tip: Engineer IMI benefits from its sweet spots
Questor made engineering group IMI a buy last October, but now rates it as a hold at 991p.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1d1fc5e0/mf.gif' border='0'/><br/><br/><a href="http://d.....

Rainmaker: Chancellor should heed LSE's plea for a cut in stamp duty to help small business
As George Osborne puts together his final thoughts on how best to eventually balance the books, various interested parties have come to the fore to suggest what he should do for the best.<img width='1' height='1' src='http://telegraph.feedsportal......