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Tuesday 6 March 2012

UK Financial News on 2012-03-06

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 calls for RBS to be split
Vince Cable says he would like to see Royal Bank of Scotland turned into a new bank for British businesses, a leaked letter shows......

Stocks down on Greek swap fears
Stock markets decline sharply on concerns ahead of a key deadline to secure Greece's future in the euro......

Brazil 'overtakes UK's economy'
Brazil has become the sixth-biggest economy in the world, overtaking the UK, the country's finance minister says......

Lehman Brothers exits bankruptcy
Lehman Brothers, the US investment bank that collapsed in 2008, exits bankruptcy protection to sell its remaining assets......

Nissan to build new model in UK
Carmaker Nissan is to build a new model at its Sunderland factory, with investment of 125m, which it says will create 2,000 jobs......

Stanford convicted of $7bn fraud
Financier and cricket mogul Allen Stanford is found guilty by a court in Houston, Texas, of running a $7bn Ponzi scheme......

Petrol prices set official record
The average price of unleaded petrol in the UK has hit a record high, according to government figures......

Millions to receive PPI letters
Banks are starting to write to millions of customers explaining that they might have been mis-sold payment protection insurance (PPI)......

UK property prices 'fall by 0.5%'
UK house prices fell by 0.5% in February compared with the previous month, according to the latest survey from the Halifax......

Call for simpler tax for over-65s
The tax system should be made much simpler for pensioners, the Office of Tax Simplification tells the government......

Cable confirms 50p tax rate talks
Business Secretary Vince Cable says replacing the 50p tax rate with some form of wealth tax is among a "complex set of negotiations" within the coalition ahead of the Budget......

Range Rover shows convertible 4x4
Jaguar Land Rover unveils a convertible Range Rover Evoque design study at the Geneva motor show, while Mini shows off a new vehicle, the Clubvan......

Bentley showcases offroad luxury
Luxury car company Bentley has unveiled an SUV, or sports utility vehicle, at the Geneva motor show......

Banks hit by debit card problems
Some Yorkshire Bank and Clydesdale Bank customers were unable to use their debit cards twice in three days following computer problems......

February new car sales fall 2.5%
The number of new UK cars registered in February came in at 61,868, down 2.5% from the same month last year......

Swiss eye tax rise for foreigners
Switzerland moves closer towards enforcing a higher rate of income tax on the country's 5,000 wealthiest foreign residents......

UN meets drinking water target
The UN's Millennium Development Goal for access to clean water has been reached, ahead of the target date of 2015......

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......

Student's image 'used by Tesco'
An Aberdeenshire student says she was shocked to find her image on children's clothing being sold by Tesco......

Firms paid to employ ex-prisoners
Companies will get 5,600 each time they get an ex-prisoner into work and keep them on for more than two years, the government announces......

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......

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......

Senate votes to keep China duties
The US Senate votes to uphold Washington's ability to impose duties on subsidised goods from China and Vietnam......

Miliband pushes 'Made in Britain'
Labour leader Ed Miliband calls for more "patriotism" in manufacturing policy to boost British industry......

India PM asked to lift cotton ban
India's Agriculture Minister Sharad Pawar asks Prime Minister Manmohan Singh to lift a ban on cotton exports announced on Monday......

Supply problems hit Pace profits
Set-top box manufacturer Pace says its profits halved in 2011 after natural disasters hit its supply chain......

Goldman Sachs posts loss in Asia
US investment bank Goldman Sachs posts a loss in Asia, the first since 2008, following declines in the Chinese stock market.....

UK ISPs lose file-sharing appeal
BT and Talk Talk have lost an appeal against government plans to curb the spread of illegal file-sharing......

Fifa official in Brazil apology
Senior Fifa executive Jerome Valcke apologises to Brazil for his criticism of the country's World Cup 2014 preparations......

Club chairman defends 11m payout
The chairman of Blackpool FC Karl Oyston rejects fans' complaints over an 11m payout to a company owned by his father Owen......

NFL probes 'pay for pain' bonuses
The NFL is investigating claims that players were given bonuses for deliberately injuring their opponents......

VIDEO: 'I'm a petrol millionaire'
A businessman from Herefordshire says he has become a "petrol millionaire" after spending more than a million pounds on fuel over the past year......

VIDEO: PPI payout letters 'must be sent'
Banks are starting to write to millions of customers explaining that they might have been mis-sold payment protection insurance (PPI)......

VIDEO: 'Nissan growing significantly in Europe'
Nissan is to build a new model at its Sunderland factory, a move that will create 2,000 jobs......

VIDEO: Peston on Cable's leaked letter
The Business Secretary, Vince Cable, has accused the government of failing to have "a compelling vision of where the country is heading beyond sorting out the fiscal mess"......

VIDEO: Tax controversies ahead of Budget
The Liberal Democrats have taken the unusual step of going public about one of the key choices at the heart of the government's budget - what to do about the 50p top rate of income tax......

VIDEO: Rangers players could lose jobs
Administrators called in by Rangers Football Club have rejected a proposal from the players that their wages could be deferred, instead of being cut......

AUDIO: Government 'getting behind' industry
Business Secretary Vince Cable has said that the government does have a role in supporting industry, but not in "just splashing around money"......

AUDIO: Industry policy 'creating brain drain'
Richard Wilson, CEO of TIGA, the body which represents the games industry, reflects on how the UKs industry policy does nothing to help the games industry......

Employment tribunals facing change
Why workers may have to pay to get their stories heard.....

Infiniti unveils UK-made supercar
Nissan's luxury brand Infiniti unveils British supercar.....

All at sea: Small businesses and technology
When should small businesses take the plunge into new technology?.....

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

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

HUD Secretary: Congress needs to help homeowners too
Mar. 6 - HUD Secretary Shaun Donovan says Congress should help underwater homeowners after President Obama announced new plans to reduce mortgage costs. He adds he expects it to act within a few weeks......

U.S. Day Ahead: iPad 3 could be game changer
Correspondent Poornima Gupta says the new 4G iPad set to be unveiled on Wednesday, could change the dynamics in the telecom industry......

Oreo stays fresh at 100 years old
Mar 6 - The familiar cookie sandwich turns 100 years old with planned celebrations around the world and a special birthday cake flavor. Conway G. Gittens reports......

Apple still a "buy" regardless of announcement: Analyst
Mar. 6 - S&P Capital IQ analyst Scott Kessler sees signficant upside to Apple regardless of what the company unveils at its latest news conference......

Mobile money nearing its moment
Technology Correspondent looks at the future of near-field communications in the near-term......

Geneva Auto show's winners and losers
Mar. 06 - The international car show opens in Geneva with Europe's car industry adopting a "small is beautiful" approach at a time of austerity. Japanese carmaker Nissan announces plans to invest $200 million in a new compact vehicle, creating thousa.....

Breakingviews: Conflicting interests
March 6 - Rob Cox and Reynolds Holding discuss conflicts of interest and shareholder lawsuits, subjects near and dear to the Wall St lawyers and bankers heading to their annual confab in New Orleans......

London property boom: 25m house for sale
House hunting with the super rich - one London house is on the market for 25 million or $39 million. With London's status a safe haven for investing, many foreign buyers are looking at prime property in the city's top locations......

Trading at Noon: Greece, economy worries hit Wall Street
Mar. 6 - Wall Street fell on concerns that Greece and private bondholders may not meet a looming deadline to complete a debt swap......

Europe Day Ahead: Wednesday
Mar. 6 - Investor jitters mount as clock ticks on Greek debt swap deal, sending stocks to a near two week low......

3XSQ: Buffett access restricted, Greek default cost
Mar. 6 - Berkshire Hathaway's Warren Buffett opts against hosting his annual press conference and a group representing bondholders estimates $1.3 trillion of damage to the euro zone if Greece defaults......

U.S. Morning Call: Libor lending rate under scrutiny-FT
Mar. 6 - The Treasury department, Bank of England and others are meeting with the British Bankers Association to review Libor amid allegations of manipulation......

Investors should allocate 30-40% to stocks: Columbia's Moore
Mar. 6 - Colin Moore, chief investment officer at Columbia Asset Management, says investors should plan portfolio around a specific goal such as retirement or a large expenditure and not aim to maximize return.....

Ford: small is big, in India
March 6 - Ford admits it made a mistake in India and will now focus on the small car market to try to make the country a manufacturing hub for Asia Pacific and Africa. Arnold Gay reports......

Breakingviews: Peugeot discount share sale no failure
Breakingviews' Peter Thal Larsen......

HK's traders take stock, as new lunch hour kicks in
March 6 - Brokers protest as Hong Kong brings its trading hours in line with regional competitors. Arnold Gay reports......

Israel's Netanyahu cranks up Iran rhetoric
Mar. 6 - Israeli PM Benjamin Netanyahu says a nuclear armed Iran must be stopped. Plus ECB preview, S.Korea simulates attack and the wacky world of Tim Burton......

Mobile apps for business will be 4-way battle - SAP
Mar. 6 - No one company will dominate the growing battle for business applications on mobile devices, says SAP co-CEO Jim Hagemann Snabe......

The lure of the Lorax
Mar 5 - The big screen version of the kids classic Dr. Seuss' The Lorax had the biggest box office opening so far this year- far exceeding expectations. Bobbi Rebell reports......

Market Pulse: What's moving the markets and why
Insider analysts and specialists......

Wall St. spooked by China forecast
Mar 5 - Summary of business headlines: Wall Street falls as China cuts annual economic growth forecasts, overshadowing U.S. non-manufacturing strength; Yahoo working on big restructuring, job cuts -blog. Conway G. Gittens reports......

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......

Wood Group eyes engineering acquisitions
Wood Group is eyeing acquisitions for its engineering division, its chairman has said, as the oil industry services group reported a leap in profits due to last year's $2.8bn sale of its Well Support business.<img width='1' height='1' src='http://.....

Vince Cable's letter to David Cameron fails to think outside the envelope for business
"Odd and emotional" was how Sir Richard Lambert, the then director general of the CBI, described our Business Secretary less than 18 months ago after Vince Cable's infamous anti-business tirade at the Lib Dem conference.<img width='1' height='1' s.....

Debt crisis: as it happened - March 6, 2012
Stock markets slide on worries over slowing growth in China and Europe, amid increasing tensions in the eurozone in Spain and the Netherlands and a warning that a disorderly Greek default will cost the eurozone 1trillion.<img width='1' height='1' .....

BP gives chief Bob Dudley $6.8m pay package
BP has awarded its chief executive Bob Dudley a pay package worth up to $6.8m (4.3m) for 2011, as the oil major defiantly returns to paying bonuses after suspending them in the wake of the 2010 Gulf of Mexico disaster.<img width='1' height='1' src.....

European markets plunge as Greece threatens to default
European stockmarkets plunged as Greece threatened its international creditors with a default.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1d34debf/mf.gif' border='0'/><br/><br/><a href="http.....

Allen Stanford guilty of setting up $7bn Ponzi scheme
US jury finds him guilty of running a $7bn Ponzi scheme.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1d343a4e/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/128642791004/u.....

Citigroup to use smartest computer ever built to improve customer service
Watson to help world's third-largest bank improve its customer service.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1d34dec0/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r.....

Iceland blames financial collapse on UK's 'unreasonable demands'
Senior members of Iceland's former government have accused the UK of making 'unreasonable demands' in the run-up to the financial crisis that doomed attempts to rescue one of the country's biggest banks.<img width='1' height='1' src='http://telegr.....

Lehman Brothers to pay $10bn to creditors after exiting bankruptcy
Lehman Brothers will make its first multi-billion dollar payment to creditors next month after the US investment bank officially completed its long haul out of bankruptcy.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/56.....

Russia's CBOSS kicked out of telecoms trade show over escorts
CBOSS offered delegates 'romantic dinners' with young female escorts.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1d34dec4/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/1.....

Meggitt profits soar as airlines switch to 'greener' planes
Aircraft parts supplier Meggitt saw profits soar 31pc, last year, aided by significant work for airlines switching to more fuel-efficient planes.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1d34dec5/mf.gif' bo.....

Olympus faces criminal sanctions
Japanese electronics giant Olympus faces criminal sanctions after the country's national securities regulator said it was to file criminal complaints against the company along with former executives.<img width='1' height='1' src='http://telegraph......

RWE denies UK arm npower is up for sale, as profits soar
German utility giant RWE said its British business, RWE npower, was not for sale, as the group's UK energy arm reported a 34pc jump in profits to 313m for 2011.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1d34.....

Falling metal prices take shine off miners
Precious metal miners lost their lustre as London's leading shares chalked up their worst daily slide in almost three months.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1d34dec8/mf.gif' border='0'/><br/.....

Hundreds of jobs to go as Rio Tinto closes UK aluminium plant
More than 500 people will lose their jobs after Rio Tinto announced it will close its Lynemouth aluminium smelter at the end of the month.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1d34dec9/mf.gif' border='0.....

FTSE 100: Miners and oil stocks drag down FTSE for a third day
Britain's top share index began its third day in the red as concern about the health of the global economy weighed on oil explorers and miners.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1d313510/mf.gif' bord.....

Matalan profits slump on high street slowdown and large debts
Matalan has suffered a slump in profits, becoming the latest privately-owned retailer to be hit by a slowdown on the high street and large debts.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1d34deca/mf.gif' bo.....

Debt crisis: live
Stock markets slide on worries over slowing growth in China and Europe, amid increasing tensions in the eurozone in Spain and the Netherlands and a warning that a disorderly Greek default will cost the eurozone 1trillion.<img width='1' height='1' .....

Brazil overtakes UK to become world's sixth-largest economy
Brazil's economic growth slowed more than expected in 2011 but it still managed to overtake the UK as the world's sixth-largest economy.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1d343a4f/mf.gif' border='0'/.....

Jaguar Land Rover considers expanding Halewood plant
The chief executive of Jaguar Land Rover, Ralf Speth, says the car maker's three UK plants are "maxed out" and admitted it is considering an expansion of its Halewood plant in Merseyside.<img width='1' height='1' src='http://telegraph.feedsportal......

Jaguar Land Rover eyes China with 1.7bn Chery joint-venture
Jaguar Land Rover is making a new attempt to start production in China with a 17.5m yuan (1.7bn) joint-venture with local car maker Chery Automobile.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1d343a51/mf.gif.....

Michael Page's job market optimism not shared by investors
White-collar recruitment firm Michael Page insisted the UK jobs market is stabilising as its share price tumbled following full-year results.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1d343a52/mf.gif' border.....

HSBC paid directors 64pc more than previously announced
HSBC has quietly revealed it paid the directors of its UK retail bank a total of 64pc more in 2010 than it disclosed in its accounts at the time.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1d343a53/mf.gif' bo.....

MPs mount campaign to ban Russian visas over Sergei Magnitsky death
Backbench MPs will on Wednesday pile pressure on the Government to ban a number of senior Russian officials from entering the UK by demanding action against those allegedly linked to the death of Sergei Magnitsky.<img width='1' height='1' src='htt.....

Apple could hit the jackpot in China
Apple's 25 billionth app was downloaded in China. Is it a sign?<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1d343a56/mf.gif' border='0'/>.....