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Monday 5 March 2012

UK Financial News on 2012-03-05

Buyout firms execute changes at the top
Senior figures at three firms to switch role or leave as generational shift continues.....

European issuers eye initial public offerings in the US
The number of companies considering a US listing is on the rise, as market depth and stability outweighs stringent reporting rules.....

Hedge funds discover Solvency II lifeline
Alternative investment firms have discovered a way to avoid being penalised by new Solvency II reserve requirements, which many are concerned would threaten their business.....

Sun sets on becalmed green energy drive
Pain intensifies in clean energy sector as firms' earnings dive.....

BTGs London founder exits ahead of $15bn float
Founding partner leaves Brazilian group in 'friendly separation' just months ahead of high-profile IPO.....

Cinven moves to Guernsey tax haven
Former investment arm of UK coal miners' pension fund is shifting its management vehicle offshore.....

Fresh EU shake-up over bank solvency rules
Liquidity rules could allow much-maligned residential mortgage-backed securities to count in banks' solvency ratios.....

FSA raises concerns over EU commodity rules
UK regulator warns that proposed rules to rein in commodities traders could leave consumers paying the price.....

Bob Greifelds Nasdaq options reach $15m
Stock options were granted to the CEO of Nasdaq OMX when he joined the exchange operator in 2003.....

Evolution stung by client losses
UK group loses nine broking clients in almost as many weeks.....

Funds vie for 1bn small business cash
Twenty-five managers set to fight over UK's Business Finance Partnership.....

Changing of the guard at Greenhill Europe
Departure of European corporate advisory co-head means more than a quarter of the adviser's European partners have left.....

SIX x-clear eyes collateral swaps market
Swiss-owned clearer weighing opportunities in sector that is seeing greater demand as a collateral crunch looms.....

Cable admits Vauxhall 'concerns'
Vince Cable tells the BBC he has "concerns" about the future of Vauxhall's Ellesmere Port plant, but that he is also "positive" it will stay open......

Tesco plans to create 20,000 jobs
Supermarket giant Tesco says it is to create 20,000 new jobs in the UK in what the prime minister is calling a massive confidence boost to the economy......

UK services growth slows slightly
The UK's dominant service sector grew in February, but not as quickly as had been expected, according to a closely-watched survey......

'No review' of BMI airline sale
The OFT will not review BA-owner International Airline Group's deal to buy BMI, leaving it to European competition authorities......

US services see 'big expansion'
The US service sector expanded at its fastest rate in a year in February, lifted by a rise in new orders, a survey indicates.....

China cuts growth target to 7.5%
China says it is expecting economic growth of 7.5% this year as it looks for more sustainable expansion......

Eurozone's retail sales increase
Retail sales across the eurozone rose unexpectedly in January, figures show, but a separate survey indicates economic activity remains weak......

Two men convicted over Ponzi scam
Two men are convicted of taking part in a "Ponzi" scheme......

Mobiles boost Paddy Power profits
Bookmaker Paddy Power reports a 16% rise in annual profits, helped by a big increase in bets being placed via mobile phones......

EU calls for more women managers
The EU considers legislating to get more women into top management jobs in Europe, arguing that firms are too slow to act......

India cotton: all exports banned
India bans cotton exports with immediate effect, as a boom in exports and lower-than-expected production has local mill owners worried about rising prices......

Broadcaster reaches new TV deal
Broadcasters, STV and ITV have reached a deal over the future of the Channel 3 network which could affect schedules......

Parents facing financial squeeze
People aged in their late 30s or who have children aged under 16 are facing the greatest squeeze on their finances, a report suggests......

HK traders face shorter lunch
Hong Kong extends trading hours despite protests from some brokers and traders, who say they need a long lunch break to meet clients......

Business group cuts UK forecast
The UK will avoid a double-dip recession but growth this year will be slower than previously forecast, the British Chambers of Commerce says......

New annuity sales code launched
People approaching retirement should be given more guidance when choosing an annuity as the insurance industry adopts a new code of conduct......

Child benefit axe 'very popular'
A Treasury source says plans to axe child benefit for higher-rate taxpayers are backed by most people, as Nick Clegg confirms changes are being considered......

Halifax to increase 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%......

Glencore profits from commodities
Commodities trading giant Glencore reports a sharp rise in revenues on the back of higher prices for raw materials......

AIG sells shares in HK-based AIA
Bailed out US insurance giant AIG is selling shares worth $6bn (3.8bn) in Hong-Kong based AIA, to help repay the US government......

US government to continue BP case
The US government says it will continue its case against BP over the Deepwater Horizon oil spill, despite a deal reached by BP with other claimants......

SPL investigate Rangers payments
The Scottish Premier League are to investigate the alleged non-disclosure of payments made to players by Rangers......

VIDEO: Tesco to create 20,000 jobs
The supermarket giant Tesco has pledged to create 20,000 permanent jobs in the UK over the next two years......

VIDEO: Could Treasury win from fuel duty cut?
This week the cost of petrol kept rising and hit 1.37 for unleaded fuel, but some argue a duty cut in next month's Budget could bring in more money to the Treasury......

AUDIO: Will Olympic 'staycation' discount work?
Lisa Minot, travel editor of The Sun, and David Weston, chief executive of Bed and Breakfast Association and editor of Hospitality Today, discuss whether Britons will be convinced to holiday at home this summer as the government launches a campaign t.....

VIDEO: Subsidy loophole costs millions
Millions of pounds of public money, earmarked to help struggling farmers, is being paid to some of Britain's richest landowners......

VIDEO: Three years of 0.5% interest rate
It has been exactly three years since the Bank of England slashed interest rates to 0.5%. How has it affected customers?.....

VIDEO: German 'Robin Hood' mystery donor
An anonymous donor is giving away mysterious wads of money in the German town of Braunschweig......

VIDEO: Airport expansion 'needed for growth'
Around 70 senior figures have written to the Sunday Telegraph, calling on the government to support airport expansion, and not to rule out Heathrow......

Carmakers show their sharing side
Why carmakers are increasingly using each other's components.....

Business turns to ants and algorithms in search for profit
How ants are teaching the world's biggest companies how to behave.....

Ask the expert
Ask an expert about how to claim for mis-sold PPI.....

Three years of record-low rates
The effect of three years of record low interest rates on you.....

Car factory closures loom in Europe
Weak sales spark fears that factories might close.....

BP settlement raises hopes
BP: the long and costly attempt to return to normal.....

Farm subsidy's six-figure winners
Rich landowners get six-figure subsidies designed to help struggling farmers.....

NYC hotel courts gay clientele
Mar 5 - New York City gets its first gay, straight-friendly urban resort as it tries to get a bigger piece of the multi-billion same-sex travel and tourism industry. Conway G. Gittens reports......

Oil prices range-bound in near term: NYMEX trader
Mar. 5 - GRZ Energy's Anthony Grisanti says oil will trade in a range of $105 - $110 a barrel in the short term, but any news out of Iran could send prices to new highs above $150/barrel......

Gold sees downward pressure in short-term: NYMEX broker
Mar. 5 - Anthony Neglia, a floor broker at the NYMEX, says gold prices faces near-term downward pressure, but will break through all-time highs by August......

Trading at Noon: Wall St. off on economy concerns
Mar. 5 - U.S. stocks eased after a decline in European private sector activity last month and a reduced target for China growth......

Breakingviews: Two heads wins
March 5 - After 16 years on Citi's board, Richard Parsons will step down next month. Breakingviews editors discuss his legacy at the bank and why keeping the chairman and CEO separated makes sense......

Europe Day Ahead: Tuesday
Mar. 5 - Australia's central bank kicks off a busy week for policy makers world-wide. Economists will be watching revised euro zone growth data for any further signs of weakness......

3XSQ: Apple, Google to face another probe
Mar. 5 - U.S. Senator Chuck Schumer is asking the FTC to probe Apple and Google's apps for possible privacy violations......

ECB bond buying data analysis
Mar. 5 - Alessandro Tentori of BNP Paribas joins Insider to analyse the latest ECB bond buying data......

Debt crisis drives Greek car sales down
Mar. 5 - Greek car sales have slumped by more than 50 percent, as time runs out for the country's private bondholders to accept a crucial swap deal. Andrew Potter reports......

Ex-PM on trial over Iceland bank crisis
Mar. 5 - Iceland's former prime minister goes on trial. He is the first world leader charged over the 2008 financial crisis that left nations on the edge of fiscal disaster. Sonia Legg reports......

U.S. Morning Call: Stock futures lower, AIA sale
Mar. 5 - U.S. stock futures are down after China cut its growth forecast and EU's private sector posted a decline in February. Also, AIG is looking to raise about $6 bln by selling some of its stake in AIA......

CTAs provide market-beating returns: Agecroft's Steinbrugge
Mar. 5 - Donald Steinbrugge of Agecroft Partners says the quantitative analysis employed by Commodity Trading Advisers, or CTAs, has allowed the funds to beat the broad market and deliver positive returns......

Breakingviews: ECB's cheap loans a necessary evil
Breakingviews editor Hugo Dixon......

Breakingviews: BP's Deepwater settlement is mostly good news
Breakingviews......

Reuters Today: China cuts 2012 GDP growth forecast to 7.5%
Mar. 5 - China cuts 2012 GDP target to 7.5%, the lowest in over 20 years. Putin storms to Russian election win, global app sales top 25 billion......

China's outgoing leaders stress reform over growth
Mar. 5 - The nation's annual parliamentary session opens with talk of less growth as top leaders rush to make good on promises of economic reform before stepping down. Nick Edwards reports from Beijing......

Data Freak: HSBC may beat StanChart in Asia dominance
Mar. 5 - HSBC and Standard Chartered are outshining rivals thanks to their strong Asia focus. But the charts suggest HSBC may take the top spot......

Market Pulse: Bund at new high as euro zone PMIs disappoint
Mar. 5 - The euro zone service sector shrinks more than expected in February, hitting European markets. Stocks, financials, gold all down but Bunds hit a new high......

European Commission warns Spain deficit slippage is 'serious' and 'grave'
Spain risks being fined under new EU rules for a "grave" breach of budget limits, the European Commission warned on Monday, despite Jose Manuel Barroso stating that he was confident the country would fulfil its commitments.<img width='1' height='1.....

World number one Rory McIlroy teams up with Santander to boost your cash Isa
Cash Isa savers will get a bonus if Rory McIlroy, the new world number one golfer, wins a major this year.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1d28cf65/mf.gif' border='0'/><br/><br/><.....

'Poundland boss Jim McCarthy: 'We survived on beans on toast'
Poundland boss Jim McCarthy on how he became a millionaire.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1d28cf66/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/12769840308.....

Ocado sales rise hands investors much-needed cheer
The online retailer cheered investors as it showed signs of finally resolving operational issues that have hammered its share price over the last year with sales and orders rising.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/3.....

Natural disasters push Amlin to 194m loss
The largest insurer operating in the 324-year-old Lloyd's of London market slips into the red following heavy losses from natural disasters, including the Japan earthquake and Thai floods.<img width='1' height='1' src='http://telegraph.feedsportal.....

EU to consider quotas for women in the boardroom
The European Union is to consider plans to force companies to put more women in their boardrooms on Monday.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1d28cf69/mf.gif' border='0'/><br/><br/><.....

Amex card at Poundland? That'll do nicely
Poundland is to start accepting American Express credit cards in the latest sign that Britain's hard-pressed middle classes are increasingly frequenting discount retail shops.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/.....

UK services slows: reaction
Britain's dominant service sector expanded at a slower pace in February than in the previous month, a survey showed on Monday. This is how economists reacted<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1d28cf6.....

UK economy picks up despite slower services growth
Britain's dominant services sector grew less than expected in February, but still indicated the economy is picking up after a slump late last year.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1d28cf6b/mf.gif' .....

China, Debt defaults, Glencore and Russia investments
Top stories: China, Debt defaults, Glencore and Russia investments.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1d28cf6c/mf.gif' border='0'/>.....

John Timpson: six reasons not to take a flight into space
Straight-talking, common sense from the front line on space flight, shares for employees and birthdays off.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1d267dfc/mf.gif' border='0'/><br/><br/><.....

Debt crisis: live
Investors in Greek debt have just four days to sign up to the largest debt restructuring in history and save the country from default, with German reports warning that Greece will need a third bailout.<img width='1' height='1' src='http://telegrap.....

China cuts growth target to 7.5pc
Chinese Premier Wen Jiabao cut his nation's growth target to 7.5pc for 2012 to give the economy more room to slow down if needed while the government carries out promised economic and welfare reforms ahead of a looming leadership transition.<img w.....

Facebook shareholder looks to sell ahead of $100bn float
A leading Facebook shareholder is looking to sell 1pc of the social networking site to major private equity firms for just $35 (22) a share.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1d25b92f/mf.gif' border=.....

Pensioners hit by rising cost of travel insurance
Pensioners holidaying abroad this summer face being hit by annual increases of up to 90 per cent in the cost of their travel insurance, in what age charities have called a "shocking" example of age discrimination.<img width='1' height='1' src='htt.....

A billion reasons to close the stamp duty loophole
Stamp duty avoidance by the super-rich is a scandal that is costing the country a fortune, notes Boris Johnson.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1d25c407/mf.gif' border='0'/><br/><br/>.....

Glencore chief Glasenberg banks $109m dividend
Glencore reported full-year profits of $4bn and announced a 10 cents-a-share final dividend that will give chief executive Ivan Glasenberg $109m (69m).<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1d2690ae/mf.g.....

Withdrawals from 'bank of mum and dad' hit record highs
Withdrawals from the 'bank of mum and dad' have hit record highs, with the average set of parents loaning or giving almost 13,000 to other members of their family, new research shows.<img width='1' height='1' src='http://telegraph.feedsportal.com/.....

Withdrawals from 'bank of mum and dad' hit record highs
Withdrawals from the 'bank of mum and dad' have hit record highs, with the average set of parents loaning or giving almost 13,000 to other members of their family, new research shows.<img width='1' height='1' src='http://telegraph.feedsportal.com/.....

Olympics chief urges City bosses to hire disabled staff
City bosses should be held accountable for the number of disabled staff they recruit as much as they are for their financial performance, according to the chief executive of the London 2012 Olympic and Paralympic Games.<img width='1' height='1' sr.....

Barclays chief Bob Diamond to face new bonus row
Barclays is expected to incur the wrath of investors and politicians this week when it reveals the bonus it plans to pay chief executive Bob Diamond.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1d25c09d/mf.gif.....

Cadbury sweet facts: in pictures
As Kraft unveils its new research and development centre in Bournville, we look at some weird and wonderful facts about Cadbury's confectionery.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1d25c09e/mf.gif' bor.....

Budget: Life science industry urges 'citizen funds'
The life sciences industry wants the Government to create "citizens' innovation funds" to promote investment in the sector and help bridge the "valley of death".<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1d2.....

Glencore and Xstrata to present united front
Glencore founder Ivan Glasenberg is to join forces with Xstrata boss Mick Davis to present a united front to investors as they look to push through a controversial 50bn merger of the two mining giants.<img width='1' height='1' src='http://telegrap.....

Betfair to hijack rivals' websites with its own odds
Betfair, the online gambling exchange that once fancied itself as the next Facebook or Google, will court further controversy on Monday when it launches a product that will hijack competitors' websites with its own odds.<img width='1' height='1' s.....