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Thursday 8 March 2012

UK Financial News on 2012-03-08

Greece 'to secure debt swap deal'
The Greek government indicates that it has secured sufficient backing for a debt swap deal that will enable it to avoid defaulting on its debts......

US to seize Allen Stanford assets
US authorities can seize $330m (208m) linked to Allen Stanford, who was convicted of running a multi-billion dollar Ponzi scheme, a jury rules......

UK interest rates remain at 0.5%
UK interest rates are kept at 0.5% by the Bank of England, marking three years since they were first cut to the record low......

Fender to sell shares in the firm
Fender Musical Instruments, the maker of guitars used by music greats from Jimi Hendrix to Pink Floyd's David Gilmour, announces plans for an initial share flotation......

Record deliveries at Airbus owner
European aerospace giant EADS reports higher annual profits as it delivers a record amount of its Airbus aircraft to customers......

Allied Irish to shed 2,500 jobs
Allied Irish Banks, the parent company of First Trust in Northern Ireland, confirms that it is cutting its workforce across the UK and Ireland by 2,500......

Newcastle United reduces losses
Newcastle United reports an operating loss of 3.9m for the financial year ending June 2011......

Morrisons sees profits rise by 8%
The UK's fourth largest supermarket chain, Morrisons, reports an 8% rise in profits saying it was helped by bargain-hunting "professional shoppers"......

Yes Loans is stripped of licence
One of the UK's biggest brokers of loans, Yes Loans, could be put out of business after a regulator finds that it conducted "deceitful" practices......

Man jailed for biggest Ponzi scam
A corrupt businessman who masterminded the UK's biggest Ponzi scam is jailed for more than 14 years......

BMW sees its profits accelerate
German carmaker BMW says it made a record profit margin in its core car business last year, helped by strong demand from China......

Smart cards for trains extended
Rail smart cards, like those already used in London, are to be rolled out across the country under plans announced by the transport secretary......

Fall in gripes about energy firms
The number of complaints about the UK's major energy suppliers fell by 4% in the final three months of 2011, a watchdog says......

Edinburgh chosen as green bank HQ
The UK's Green Investment Bank is to have its headquarters in Edinburgh after it beat off competition from 31 other bids......

Foreign visitors boost Eurostar
Eurostar says passenger numbers rose 2% to 9.7 million last year, with business helped by a rise in visitors from outside the EU......

ECB leaves rates unchanged at 1%
The European Central Bank leaves its benchmark interest rate unchanged at 1% for the third month......

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......

QE knocks 90bn off pension funds
Quantitative easing has knocked another 90bn off the value of final-salary pension schemes, says the National Association of Pension Funds......

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......

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......

Energy imports hit Japan deficit
Japan reports a record current account deficit because of rising energy imports, as the country's economic recovery remains fragile......

UK 'must plan for euro collapse'
Ministers should draw up security plans to deal with a break-up of the eurozone "as a matter of urgency", a committee of MPs and peers warns......

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......

Toyota to recall 681,500 vehicles
Toyota recalls 681,500 vehicles in the US, dealing a blow its efforts to rebuild its image after a number of safety issues......

Retailer Carrefour in profit fall
Net profits at French supermarket group Carrefour, the world's second-biggest retailer by revenue, fell by 14% in 2011......

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......

Whyte 'not fit and proper person'
The Scottish FA says its inquiry has found Rangers owner Craig Whyte not to be a "fit and proper person" to hold such a position......

Powell faces funding heartbreak
Oxfordshire racing driver Alice Powell says she is facing up to life away from the track as her funding crisis threatens her future in the sport......

Tube staff offered 850 Games pay
A union says its members working for London Underground will consider the firm's new offer of a 850 bonus for working during the Olympics......

VIDEO: Offal-y good: sales of cheap cuts up
Recent figures show that sales of cheaper cuts of meat like offal have risen in the last five years......

VIDEO: Bra factory needs younger staff
A Northamptonshire lingerie company says it needs younger staff to learn the skills of corsetry......

AUDIO: How to overpay a mortgage
Martin Lewis told BBC Radio 5 live that with interest rates still low, it could be worth overpaying your mortgage each month......

VIDEO: Would you pay 'peak peak' fares?
Plans to cut billions of pounds from the cost of running Britain's railway network are to be announced by the government......

AUDIO: Is Apple too big for markets?
Last week Apple became only the sixth company in US history to be worth $500bn. But is the tremendous growth in its share price sustainable?.....

AUDIO: 17 year-old girl opens Devon shop
Lucie Balchin told Radio 5 live about buying the lease on a shop next to a place her mother owns when she was doing her A-levels......

VIDEO: China bans officials from buying foreign
China may be about to issue an order to stop officials spending taxpayers' money on foreign-branded cars, forcing them to buy Chinese models instead......

VIDEO: German mittelstand lessons for UK?
Germans use the word "mittelstand" for middle-sized companies, and some in Britain reckon the model could teach UK industries a few lessons......

Allen Stanford: Antigua feels the fallout
Allen Stanford's downfall leaves Antigua in a spin.....

A Red Knight considers the Blue model
Another side of foreign investment across the Manchester divide.....

Hungary turns cash to ash
Hungary burns old banknotes to provide heating to the needy.....

Is the Fed reading your tweets?
Central bankers eye the possibilities of social media.....

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

Nissan prepares major model roll-out
The big ambitions at the Japanese carmaker.....

U.S. Day Ahead: Third month of U.S. payroll gains possible
' Stella Dawson says there may not be any improvement in unemployment rate before the November election......

Job seekers finding mixed signals
Mar 08 - Optimism ahead of Friday's monthly U.S. jobs report continued to grow despite slightly longer unemployment lines and uptick in layoffs compared to a year ago. Conway G. Gittens reports......

The Exchange: The Financial Crash in Fiction
Cristina Alger discusses her first novel, "The Darlings," about a privileged New York family brought low by a Ponzi scheme......

Trading at Noon: Wall St. up as Greek deal seen near
Mar. 8 - U.S. stocks rose as Greece moved closer to concluding a bond swap with private creditors that is needed to stave off a messy default......

ECB's Draghi lowers growth forecast
Mar. 08 - The European Central Bank has lowered its euro zone growth forecast after holding interest rates at record lows, and says things would have been much worse without its dramatic action to pump a trillion euros into the banking system. Andrew.....

Regulators, wealth managers navigate social media's role
Mar. 8 - Schwab Active Trader's Kelli Keough discusses how the use of social media and trader communities is changing the landscape for retail traders and says regulators will watch the industry......

Breakingviews: iPadding growth
March 8 - Jeffrey Goldfarb and Robert Cyran discuss how Apples latest tablet iteration should be enough of an advancement to keep its market value hurtling toward $1 trillion......

Europe Ahead: Friday
Mar. 8 - Markets look forward to a Greek bond swap deal but industrial output data may point to further gloom in Italy......

Optimism over Greece debt swap deal
Mar.08 - Major banks and pension funds threw their weight behind Greece's bond swap offer to private creditors, making it increasingly likely the deal will pass and clear the way for a bailout package to avert an immediate default. Andrew Potter repo.....

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......

Carrefour changes tracks
Mar.08 - Europe's top retailer Carrefour slashes its dividend and capital spending, and puts its flagship plan to revive its hypermarkets on hold, in anticipation of another tough year. Matt Cowan reports.....

3XSQ: Getting 'Jobbed', Facebook adds underwriters
Mar. 8 - The WSJ reports the U.S. DOJ is going after Apple and 5 other publishers over e-book price hikes, and Facebook adds 25 banks as underwriters for its IPO......

U.S. Morning Call: Stock futures up, Apple lawsuit looms
Mar. 8 - U.S. stock futures are pointing to a higher open after optimism that Greece's bond swap offer will succeed. Also, the WSJ reports that the U.S. Justice Department may sue Apple on e-book pricing......

EADS profits take off on cost cuts
Mar. 8 - Strong demand and cost cuts on the A380 super-jumbo programme sent EADS profits soaring by 38% in 2011......

Forbes unveils billionaires list
March 8 - Mexican tycoon Carlos Slim retains his position atop Forbes magazine's annual list of the world's billionaires, with an estimated worth of $69 billion (USD), placing him ahead of Bill Gates and Warren Buffett. Sonia Legg reports......

Breakingviews: risk management nous crucial at Deutsche Bank
Breakingviews......

Africa pays off for Standard Bank
Mar. 8 - South Africa's largest bank reports a 21% boost in full year profits, boosted by its renewed focus on expansion in sub-saharan Africa......

Forget stocks, buy fish
March 8 - Malaysian firm offers six percent annual return on arowana fish breeding project. Arnold Gay reports......

Can quotas help women pry open boardroom doors?
Mar. 8 - The EU is considering forcing companies to bring more female directors on board. But quotas aren't the answer, says Mervyn Davies, who authored a UK inquiry on women on boards......

Reuters Today: iPad tune-up packs just enough punch
Mar. 8 - Apple's new iPad may prove enough to keep rivals at bay. Plus Syria's oil minister defects, Carlos Slim tops Forbes rich list and Lionel Messi scores five for Barcelona......

Continental in Concorde appeal
March 8 - An appeal by Continental Airlines against its conviction over the July 2000 Concorde crash is due to get underway in France. Paul Chapman reports......

Apple unveils newest iPad
March 7 - Apple rolls out a 4G iPad designed to hook lovers of video and high speed web access, but some wonder if the upgrades are enough to lure in current iPad users and new customers. Jill Bennett reports......

Job hopes lead to Wall St. recovery
March 7 - Summary of business headlines: Stocks rebounded on Wednesday after private employers added jobs in February; Apple unveils faster new iPad; Netflix in talks with U.S. cable companies on service deal -sources. Conway G. Gittens reports......

Market Pulse: ECB to hold fire as critics pipe up
Mar. 8 - After the Bank of England leaves policy unchanged, the ECB is likely to follow suit, concerned about potential splits within the governing council......

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......

Shale and deepwater boost Hunting profit
Oil services group Hunting saw profits jump 18pc, aided by the US shale boom and the recovery of deepwater drilling in the Gulf of Mexico following the 2010 BP disaster.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/5683.....

German industry grows in January
Germany's troubled industrial sector rebounded in January, reducing the immediate risk of recession in Europe's largest economy.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1d4607c4/mf.gif' border='0'/><.....

Morrisons chief delivers as fresh approach points the way ahead
Dalton Philips has been a busy man in his first two years as chief executive of Morrisons.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1d45c212/mf.gif' border='0'/><br/><br/><a href="http://d.....

Fund manager Schroders announces shake-up
Blue-chip fund manager Schroders has announced a boardroom shake-up after assets under management fell in 2011.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1d45bf1d/mf.gif' border='0'/><br/><br/>.....

Vimto still fizzing up sales at Nichols
The enduring popularity of Vimto both in Britain and abroad has once again taken the City by surprise as Nichols, the manufacturer behind the iconic purple drink, today reported forecast-beating sales for 2011.<img width='1' height='1' src='http:/.....

Ofcom steps up pressure on Murdochs over BSkyB
Rupert Murdoch faces a fresh attack on his UK media assets after it emerged that communications regulator Ofcom has stepped up its investigation into News Corporation's holding in BSkyB.<img width='1' height='1' src='http://telegraph.feedsportal.c.....

UK gas price risk over LNG supplies
Gas prices could soar next winter when Britain risks being cut off from liquefied natural gas supplies, as cargoes divert to Asia.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1d45bbef/mf.gif' border='0'/>&l.....

Thomson Reuters probe at 'critical' stage
The European Commission has warned Thomson Reuters that its investigation into whether the company has engaged in anti-competitive behaviour in the supply of data to financial markets has reached a "critical stage."<img width='1' height='1' src='h.....

Green Investment Bank bid to defuse Scottish independence
Vince Cable said the Green Investment Bank (GIB) will be headquartered in Edinburgh with an office in London - in a blatant move to unite the capitals over Alex Salmond's key policy.<img width='1' height='1' src='http://telegraph.feedsportal.com/c.....

Ryanair could sue over EC 'bias' against budget airlines
Ryanair boss Michael O'Leary has threatened to sue the European Commission for damages amid claims its official travel agency discriminates against low-cost carriers.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/.....

BMW hits record as China buys Mini and Rolls-Royces
Luxury car maker BMW has posted record profits and sales for 2011 following surging demand for its cars in Asia and the start of an economic recovery in North America.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300.....

Kingsnorth power plant to close in a year as EU rules hit
Kingsnorth power station in Kent is to be shut in March 2013 with the loss of 123 jobs, energy giant E.ON announced.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1d45bbf4/mf.gif' border='0'/><br/><b.....

Germany's monetary doyen slams ECB's 'shocking' balance sheet
Doyen of German monetarism denounces stimulus policies of the ECB as a dangerous leap into the unknown, giving voice to growing misgivings among policy elite.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1d45bb.....

MWB shareholder attacks outgoing chief executive
One of the largest shareholders in MWB Group has welcomed the resignation of chief executive Richard Balfour-Lynn saying he oversaw a "massive and unacceptable" destruction of shareholder value.<img width='1' height='1' src='http://telegraph.feeds.....

Bank urged to take action as rates held for third year
Economists marked the third anniversary of record low interest rates in Britain by calling for radical action from the Bank of England to unblock lending to small businesses and help homeowners.<img width='1' height='1' src='http://telegraph.feeds.....

Emerging markets lift Spirax-Sarco Engineering
Shares in Spirax-Sarco Engineering were boosted after the Cheltenham-based company shrugged off a weak economic backdrop to report a healthy rise in profits and sales in 2011.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/.....

Ken Livingstone's Tube promises would cripple London
His plan to cut Tube fares by 7 per cent is business madness, say Ralph Silva and David Buik.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1d45bbfd/mf.gif' border='0'/><br/><br/><a href="http:.....

Balfour Beatty eyes growth in face of tough conditions
Balfour Beatty, the FTSE 250 construction and infrastructure group, warned that conditions in 2012 will "not be any easier" than 2011.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1d45bc00/mf.gif' border='0'/&g.....

Morrisons joins the race for corner shops
Morrisons, Britain's fourth biggest supermarket group, announced a push into convenience stores, as it attempts to catch up market share with its rivals.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1d45bc02/mf.....

Aviva eases fears over capital
Aviva has eased fears that its capital position is being eroded by the eurozone debt crisis and dismissed suggestions it could move its corporate headquarters outside of the UK.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/3272.....

Allied Irish Banks cuts 500 more jobs
Nationalised Irish lender Allied Irish Banks is to cut more jobs as it looks to slash costs.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1d45bc06/mf.gif' border='0'/><br/><br/><a href="http:/.....

RBS' Dutch investment banking arm returns to ABN Amro
Four and a half years on from its disastrous acquisition of ABN Amro, Royal Bank of Scotland has "sold" back to the Dutch lender parts of its businesses originally acquired in 2007.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/.....

Train operators face strike threat over rail reform savings
Train operating companies are on a collision course with trade unions after the Government today told the rail industry it must make cost savings of 3.5bn a year by 2019.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568.....

Aerospace giant EADS attacks German meddling
Aerospace giant EADS has taken aim at interference from Germany and EU as it unveiled a strong set of annual results.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1d45bc09/mf.gif' border='0'/><br/><.....

Three on Veuve Clicquot business award short-list
Fashion designer Anya Hindmarch, investment manager Helena Morrissey and restaurateur Ruth Rogers have been named as the three finalists for this year's Veuve Clicquot Business Woman Award.<img width='1' height='1' src='http://telegraph.feedsporta.....