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Wednesday 7 March 2012

UK Financial News on 2012-03-07

Cable in fresh criticism of banks
Business Secretary Vince Cable launches a fresh attack on the UK's banks, accusing them of "imperilling" the UK's economic recovery......

Remploy planning factory closures
Remploy - which provides work for people with disabilities - is planning to close 36 of its 54 factories, putting more than 1,700 jobs at risk......

Thousands face mortgage rate rise
The Bank of Ireland is to raise the standard variable rate (SVR) on its mortgages to 4.49% from 2.99%, affecting 100,000 UK customers......

Apple unveils high-def iPad
Apple unveils the third version of its best-selling tablet computer with a "retina display" screen and a chip offering improved graphics......

Carlos Slim tops Forbes rich list
Mexican tycoon Carlos Slim once again comes top of Forbes magazine's annual list of the world's richest billionaires......

More sign up for Greek debt swap
More private sector lenders sign up to a Greek debt swap deal that may determine whether or not the country can remain in the euro......

Staff bonuses cut by John Lewis
The John Lewis Partnership reports a fall in annual profits and cuts its staff bonus for the first time in three years......

Card fraud falls to 11-year low
The amount of money lost due to fraud on credit and debit cards fell last year by 7% to 341m - its lowest level for 11 years......

Lufthansa pushed into loss by BMI
German airline Lufthansa reports an annual loss of 13m euros as a result of losses and disposal costs at its BMI subsidiary......

New twist in 'energy saving' scam
Victims of an "energy saving" device scam are being targeted for a second time with bogus offers of compensation......

Former RBS boss against break-up
Former Royal Bank of Scotland chief executive Sir George Mathewson says plans to break up the bank are "totally inappropriate"......

Indian airline suspended by Iata
India's Kingfisher Airlines is suspended from the International Air Transport Association's clearing house because of non-payment......

Loan companies 'poorly regulated'
Parts of the credit industry are "opaque and poorly regulated" and require swift action from the government, MPs say......

Japan charges Olympus executives
Tokyo prosecutors charge Japanese camera-maker Olympus and three former executives in connection with a $1.7bn accounting scandal......

Adidas sees record profit in 2011
Sportswear firm Adidas unveils its best-ever annual profits, as hopes rise this year's Olympics will help it break more records......

Admiral's record pre-tax profits
Insurance group Admiral announces record pre-tax profits for 2011 of nearly 300m, an increase of 13%......

Australian growth below forecast
Australia's economy expands by less than expected in the fourth quarter of 2011, sending the dollar to a six-week low......

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......

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)......

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......

US challenges India poultry ban
The US drags India to the World Trade Organization challenging Delhi's ban on imports of American poultry goods......

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......

HSBC sells insurance businesses
HSBC and its subsidiary Hang Seng Bank strike a deal to sell its insurance businesses in Asia and Latin America for $914m......

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......

War of words on Gers liquidation
Rangers director Dave King fears liquidation of the club is "inevitable", a view not shared by owner Craig Whyte or former director Paul Murray......

UK ticket limits for 100m final
About half the tickets available for the men's 100m final at the 2012 Games will be sold to the British public, Locog says......

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......

VIDEO: 'Market conditions were really tough'
John Lewis reports a loss in yearly profits and has cut staff bonuses to 14%......

VIDEO: Remploy: GMB call closures "a disgrace"
Remploy which provides work for people with disabilities, is planning to close 36 of its 54 factories, putting more than 1,700 jobs at risk......

VIDEO: Adidas sees record profits for 2011
Sportswear firm Adidas has unveiled its best-ever annual profits, as hopes rise that this year's Olympics will help it break more records......

VIDEO: Celebrity Twitter adverts cleared
A marketing campaign by the confectionary company Mars has been cleared by the Advertising Standards Authority in its first investigation involving Twitter......

VIDEO: People 'in favour of reducing benefits'
Polls back the 50p tax and reducing the benefit bill, but inheritance tax is not popular even though few people pay it, polls suggest......

AUDIO: Credit card fraud losses down
Credit and debit card fraud losses have fallen to their lowest level in 11 years according to Financial Fraud Action UK......

AUDIO: Cable's business bank 'spot on'
Steve Brittan, managing director of BSA machine tools and vice-president of the Birmingham Chamber of Commerce, reacts to Business Secretary Vince Cable's leaked letter in which he says the government lacks "a compelling vision" to sort out the econo.....

VIDEO: British urged to take holiday in UK
Travel writer Laura Goulden and Chief Executive of VisitEngland James Berresford debate the 'staycation' as England's tourist board launches a 5m campaign to try and persuade Britons to take their holidays in the UK......

In pictures: Geneva motor show 2012
The 2012 Geneva motor show.....

China plans to ban government officials buying foreign cars
Beijing plans to ban public officials buying foreign cars.....

Using the internet to buy a home
How phone apps can help home buyers.....

Bundesbank bites back amid euro fears
The German central bank is reasserting its authority.....

Lexus enjoys European sales boom
Japanese luxury carmaker Lexus enjoys European sales boom.....

Greek minister blames EU for not averting debt crisis
Athens blames the EU for not averting the country's debt crisis.....

Brazil: No longer 'country of the future'
Brazil is no longer a country for the future.....

U.S. Day Ahead: Geithner thinking FinReg
Mar. 7 - We may get more clues on the future of financial regulation when Treasury Secretary Timothy Geithner talks in Dallas on Wednesday......

Connecticut likely to sign off on NSTAR-Northeast deal: Gov.
Mar. 7 - Connecticut Governor Dannel Malloy expects regulators to give their approval to merger of utilities NSTAR and Northeast to create a $17 bln company......

Private sector hiring picks up
Mar 7 - Job creation in the U.S. private sector picked up in February, according to payroll company ADP, adding to hopes the labor market is moving into a healthier phase. Conway G. Gittens reports......

U.S. JOBS PREVIEW: Rising unemployment an urban legend?
Mar. 7 - Ahead of the jobs report, Dean Maki at Barclays Capital says expect unemployment to fall thanks to retirees. Meantime, former GOP adviser, Taylor Griffin says Republicans have to retool their message......

The touching tech of CeBIT
Mar.07 - The world's largest computer trade fair CeBIT is underway in the northern German city of Hannover, with new applications of touch technology taking centre stage. Matt Cowan reports.....

Concept cars shine in Geneva
Mar.07 - The industry's finest showed off their latest designs and technologies at the Geneva Auto show amid a backdrop of sagging sales in Europe. Hayley Platt reports.....

Breakingviews: The people who make the iPad 3
With Apple unveiling its latest iPad, Jeffrey Goldfarb and Breakingviews columnists consider criticism of working conditions at the tech icons suppliers in China......

Trading at Noon: Wall Street rises after jobs report
Mar. 7 - U.S. stocks edged higher a day after Wall Street suffered its worst selloff in three months......

Bonus time for UK shop workers
Mar.07 - Britain's biggest department store group John Lewis saw its profits drop by almost 4% in 2011, leading to the same cut in their staff bonus to 14%. But amid tough trading conditions, the employee-owned company is one of the few paying their .....

Debt village's cannabis plan
Mar.07 - A tiny village in Catalonia wants to battle the financial crisis by renting out land for cannabis cultivation in order to wipe out its 1.3 million euro debt. Andrew Potter reports.....

EMEA Day Ahead: Thursday
Mar. 7 - Greece has markets on tenterhooks again, but hopes for a bond swap deal rise after major banks and pension funds throw their weight behind it......

Wells Fargo/Gallup poll finds investor optimism surging
Mar. 7 - John Papadopulos, head of Wells Fargo Retirement, says U.S. investor optimism is at its highest in a year and points out that the majority of Americans see "plenty" of opportunity for improvement......

3XSQ: 'Joint' proposal for debt woes, Netflix looks at cable
Mar. 7 - A town in Spain is planning to pay off its debt by growing cannabis, and Netflix CEO Reed Hastings is meeting with cable companies to possibly make the streaming service available to their customers......

The business defying the Greek crisis
March 7 - Just a stone's throw away from the Greek parliament a small restaurant has defied the odds to spring up in the midst of the worst economic crisis ever faced by Greece. Andrew Potter reports......

Topless Lamborghini proves less is more
Mar. 7 - Lamborghini's latest supercar comes without a roof or windshield, but the Italian carmaker isn't struggling to sell a car with a 2.1mln price tag......

President Obama real victor on Super Tuesday; GOP strategist
Mar. 7 - Republican strategist Ford O'Connell says President Barack Obama will reap the rewards of a GOP race that looks set to drag out......

U.S. Morning Call: Netflix may tie-up with cable, Apple sued
exclusively that Netflix is in talks with cable companies to discuss adding the streaming service to their lineups, and Samsung files a fresh lawsuit against Apple in S.Korea......

Breakingviews: Greek debt threat won't trigger Armageddon
Breakingviews......

China: U.S. trade bill not compliant with WTO rules
March 7 - Beijing says new U.S. trade bill goes against international trade rules, will not adjust yuan to compensate for U.S. failure to fix trade deficit. Arnold Gay reports......

Villagers in homes protest
Mar 7 - Cambodian villagers protest over the loss of their homes to the site of a gambling resort being built by a Chinese company in Botum Sakor national park. Paul Chapman reports......

Reuters Today: Romney scrapes a win in Ohio primary
Mar. 7 - The race for the Republican candidate in the U.S. Presidential race is wide open, after Mitt Romney failed to land a knockout blow in the Super Tuesday primaries......

Diet craze boost for mango growers
March 7 - African mango is the key ingredient of a slimming pill which has been branded a wonder drug by its makers in the United States, leading to increased sales in Cameroon. Andrew Potter reports......

Market Pulse: Jitters ahead of Greek deadline
Mar. 7 - Markets claw back some of Tuesday's heavy losses, but investors still nervous as Greek debt swap deadline looms......

iPad fever: cashing in to trade up
Mar 6 - Anticipating the unveiling of Apples iPad 3, owners of current models are ready to trade up and are cashing in current tablets on websites like Gazelle and retail outlets such as Tekserve in New York City. Bobbi Rebell reports......

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......

Debt crisis: as it happened - March 7, 2012
Royal Bank of Scotland and HSBC confirm they will participate in the 206bn Greek debt swap, joining a list of 30 banks holding 39.3pc of the bonds as markets steady ahead of 'default' deadline.<img width='1' height='1' src='http://telegraph.feedsp.....

Greece on brink of default as bond deal falters
Less than half of Greece's international creditors had agreed to a vital 206bn (172bn) bond swap on Wednesday night, leaving Athens dangerously exposed to default.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1.....

Triple trouble in Europe, US and China brings out the bears
The blistering asset rally of 2012 has run ahead of economic realities in Europe, America and China. It is exhibiting symptoms of a schizophrenic market, with technical indicators flashing signs of exhaustion.<img width='1' height='1' src='http://.....

Don't tax pensions, George Osborne told
More than five million middle-class retired people could be freed from paying income tax on their state pensions, Treasury's tax advisers suggest in report that condemns over-complex tax rule.<img width='1' height='1' src='http://telegraph.feedspo.....

Germany's Bild newspaper says 'nein' to Greek bond haircut
Germans are famous for their mullet haircuts. So no wonder the nation's Bild newspaper is bristling at the No1 variety being meted out by the Greek government.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1d3de.....

Costain's move away from construction 'on track'
Costain, the engineering and construction group that worked on the Channel Tunnel and London's St Pancras station, said sales fell last year but insisted it is on track with plans to move away from hard-hit construction.<img width='1' height='1' s.....

Apple's new iPad must 'shatter records' if shares are to keep rising
Apple's newest version of the iPad must 'shatter records' if the shares in the Californian company are going to sustain their surge, analysts have warned.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1d3de43c/m.....

John Lewis is one big (almost) happy family
In 2007 Waitrose's operating profit was 170.6m, while John Lewis department stores, owned by the same eponymous partnership, generated 169.3m. Barely a crumpled voile thickness between them.<img width='1' height='1' src='http://telegraph.feedsport.....

Melrose 'benefited from failed Charter takeover'
Manufacturing buy-out group Melrose claimed it had benefited from its failed tilt at engineering group Charter International with the publicity leading to an increase in opportunities for future acquisitions.<img width='1' height='1' src='http://t.....

Antofagasta chief Marcelo Awad makes shock exit after Esperanza delays
Marcelo Awad, the chief executive of FTSE 100 copper miner Antofagasta, has stepped down in a surprise move after delays to a key mining project.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1d3d39b5/mf.gif' bo.....

Ratings agencies Moody's and Standard & Poor's refuse to apologise to MPs for financial crisis
The two biggest rating agencies refused to say sorry for their role in the financial crisis that began in 2007-08, instead telling MPs that investors should not pay too much attention to what they say.<img width='1' height='1' src='http://telegrap.....

Ladbrokes boss Richard Glynn handed 491,000 bonus despite profits fall
Ladbrokes' chief executive Richard Glynn was handed a 491,000 bonus last year as part of his total 1.22m pay despite a fall in profits and another failed attempt to buy an online gambling company.<img width='1' height='1' src='http://telegraph.fee.....

Just what we didn't need - the return of rising mortgage rates
Government hopes of falling inflation and a consequent return by the end of the year to real terms income growth are being threatened by a potent combination of rising oil prices and increased mortgage costs.<img width='1' height='1' src='http://t.....

Debt crisis: Live
Royal Bank of Scotland and HSBC confirm they will participate in the 206bn Greek debt swap, joining a list of 30 banks holding 39.3pc of the bonds as markets steady ahead of 'default' deadline.<img width='1' height='1' src='http://telegraph.feedsp.....

John Lewis chairman Charlie Mayfield sees UK growth in 2012
Charlie Mayfield, the chairman of John Lewis Partnership, promised that there was light at the end of the tunnel for consumers, after the retailer reported a fall in profits and its all-important staff bonus.<img width='1' height='1' src='http://t.....

Lack of debt financing a bigger threat than eurozone crisis, says property agent CBRE
The European property industry believes a lack of debt financing is a greater threat to the market than a break-up of the eurozone, according to a new survey.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1d3d2a.....

Analysts urge new Argos boss to close stores
Last month, Argos's new chief executive acknowledged that he may have to close some of the embattled retailer's 700 shops.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1d3d099f/mf.gif' border='0'/><br/>.....

US defence strategy 'favours Cobham' despite sales fall
Aerospace and defence systems company Cobham said it was well-placed to ride out US defence budget cuts, despite a fall in sales.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1d3d050d/mf.gif' border='0'/><.....

World's 10 richest people: in pictures
The 25th anniversary of Forbes' rich list features a record 1,226 tycoons.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1d3d0510/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.co.....

Italy pledges investigation after BG gives up on Puglia project tied up in red tape for 11 years
The Italian government has pledged to investigate how a BG Group project in the south of the country was held up for 11 years by a nightmare of bureaucratic red tape.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/.....

Greece could default within hours
After three years of drama, the EU is staring at its first sovereign default.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1d3cac1c/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.....

Roger Carr: Four ways to get more women in boardrooms and make British business better
On International Women's Day, it is worth reflecting on the progress being made to increase the number of women on company boards.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1d3c6ba1/mf.gif' border='0'/>&l.....

Who will succeed Sir Mervyn King to become the next Governor of the Bank of England?
Author Dan Conaghan: the front runners to head the Bank of England.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1d3c36fe/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/128.....

Italy pledges investigation after British Gas gives up on Puglia project tied up in red tape for 11 years
Italian government to investigate 11-year red tape nightmare.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1d3c3700/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/128642861.....

Admiral shares jump on record profits
Admiral Group has admitted that 2011 had been "the best of times and the worst of times" after reporting its eighth consecutive year of record profits.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1d3a482d/mf.g.....