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Saturday, 10 March 2012

UK Financial News on 2012-03-10

Greece 'meets bailout conditions'
Greece is inching closer to its second bailout after it managed to win a crucial debt swap, European leaders say......

RBS bailout 'needed UK approach'
An independent Scotland would have relied on UK government cash to save Royal Bank of Scotland from collapse, the deputy first minister says......

Barclays chief 'not top earner'
Barclays boss Bob Diamond was not the bank's top earner in 2011, while RBS and Lloyds also reveal how much their highest-paid employees have made......

Expert witnesses accused of lying
About 20,000 court cases may have to be re-heard after allegations emerge claiming that expert witnesses employed by insurance firms lied in court......

Carnival loss from Costa disaster
Carnival loses $139m in the first quarter and says profits could be wiped out this year due to the Costa Concordia sinking......

Bank guilty of serious misconduct
The city watchdog, the Financial Services Authority (FSA) finds the Bank of Scotland guilty of serious misconduct......

EDF agrees to pay a 4.5m 'fine'
Energy supplier EDF agrees to pay a package worth 4.5m imposed by the regulator Ofgem, including 3.5m to its "most vulnerable customers"......

Post Office to get 1.3bn revamp
More than 6,000 branches of the Post Office are to be revamped by the UK government in the next three years......

Spain unions call general strike
Spanish unions call for a general strike on 29 March to protest against changes to labour laws which make it easier to fire staff......

Pensions talks have 'concluded'
The government pushes ahead with a final plan for public sector pensions as talks with unions come to an end......

Iceland founder buys back company
The founder of food chain Iceland successfully leads a 1.55bn management buy-out of the company......

US economy adds jobs in February
The US economy created 227,000 jobs in February, while the unemployment rate stayed at 8.3%, official figures show......

Lenders to raise mortgage costs
Clydesdale and Yorkshire Banks announce a planned rise in the standard variable rate mortgage, joining rivals Halifax and the Bank of Ireland......

MPs demand even-handed tax deals
Tax disputes with big companies should be dealt with in exactly the same way as other taxpayers, a committee of MPs says......

Wider BSkyB 'fit and proper' test
An inquiry into whether BSkyB is a "fit and proper" owner of a broadcasting licence has been broadened by media regulator Ofcom......

Emirates seeks A380 compensation
Emirates Airlines seeks compensation from Airbus, saying it will lose $90m over the grounding of A380 superjumbos affected by hairline cracks......

Coke and Pepsi alter ingredient
Coca-Cola and Pepsi change how they make an ingredient in their drinks in the United States to avoid having to put a cancer warning label on the bottle......

China inflation at 20-month low
Consumer price inflation in China falls to a 20-month low as food price rises ease, giving policymakers room to stimulate growth......

Wetherspoon cuts expansion plans
Pubs chain JD Wetherspoon cuts its expansion plans, announcing a fall in second-half sales as it blames the UK's tax regime......

ABN Amro takes large Greek loss
Dutch bank ABN Amro says its underlying net profit for 2011 was undermined by bad debt charges, including 880m euros for Greece......

MPs' concern over Olympic budget
MPs raise concerns the London Olympics may go over budget and say it is "staggering" initial estimates about security costs were so wrong......

AUDIO: Is a mansion tax fair?
Richard Murphy from Tax Research UK and Matthew Sinclair of the Taxpayers' Alliance debate whether a mansion tax would be a good deal for taxpayers......

VIDEO: Your Money: Can you avoid mortgage hikes?
In this week's Your Money, Declan Curry looks at increasing interest mortgage bills, scam websites targeting heating oil customers, and how to keep credit card fraudsters at bay......

VIDEO: Greece to receive 'historic' bailout
Greece looks certain to receive its second enormous bailout, after a decision by private investors to accept losses of more than half the value of their holdings of Greek government debt......

VIDEO: Wanted: More women in the boardroom
Only 5.7% of the executive, board-level directors of FTSE 150 companies are women - so how can they be encouraged to take up more high-level roles?.....

AUDIO: 'Shareholders are absentee landlords'
Two senior staff at Barclays each earned more than 6.5m last year, according to the company's latest accounts......

VIDEO: How much are Barclays execs paid?
Barclays has revealed how much its top earners were paid last year......

VIDEO: Barclays chief 'not top earner'
Barclays chief executive Bob Diamond earned 6.3m in pay and bonuses in 2011, but was not the bank's top earner, according to the bank's annual report......

VIDEO: Cut taxes 'to bring in more money'
Nightclub owner Peter Stringfellow claimed the 50p tax rate must go if the government wants to motivate people to strive for a better life......

Cheap tech helps small business grow
Technology helps small companies become big.....

When football clubs go bust
When football clubs go bust.....

Home move sparks car cover cancellation
Why your car insurance might not move house with you......

PPI questions answered by an expert
Our expert answers questions about mis-sold PPI.....

Bakery cooks up recipe for new jobs
Mar 9 - New York City based Magnolia Bakery is expanding around the country and boosting employment in the process, an example of a small business feeling confident enough in the economic recovery to add to the work force. Jill Bennett reports......

Nasdaq, S&P 500 erase week's loss
Mar 9 - Summary of business headlines: Wall Street shed losses for the week helped by stronger-than-expected February job gains; Coke, Pepsi to alter caramel color ingredients; Carnival cuts outlook; Greece triggers bond insurance payout. Conway G. G.....

Question to Fed: How to exit without losing credibility?
Mar. 9 - Fed has to decide how to exit big balance sheet without raising interest rates and destroying its credibility, says Mark Thoma, professor of economics at the University of Oregon......

U.S. Week Ahead: QE3 on the bench but not out of play
Correspondent Mark Felsenthal says the Fed is likely to put further easing on the back burner when it issues its policy decision and statement on Tuesday at 1415 EDT......

U.S. faces "new normal" on jobless rate: professor
Mar. 9 - University of Oregon economics professor and blogger Mark Thoma says U.S. may face a "new normal" on rate of unemployment......

Breakingviews: Bankers gone wild
March 9 - Jeffrey Goldfarb and Antony Currie discuss the difficulty of assessing and managing the risk of unsavory off-the-clock behavior......

2012 Lipper Awards: "Selective" opportunities in equities
Mar. 9 - PIMCO's Charles Lahr says the tremendous rally in risk assets has left only selective opportunities in stocks, but likes pharmaceuticals like Pfizer and specialty insurer Lancashire Holdings......

Trading at Noon: Stocks up on positive U.S. jobs data
Mar. 9 - U.S. stocks rose, adding to their best two-day run in nearly three months, after a report showed the U.S. economy added more jobs than expected in February......

Job growth picks up; jobless rate flat
Mar 9 - The U.S. economy added more than 200,000 jobs for the third month in a row and the unemployment rate stayed at 8.3 percent in a sign the economic recovery is gathering pace. Conway G. Gittens reports......

EMEA Week Ahead
Mar. 9 - Euro zone finance ministers look set to approve Greece's second bailout on Monday, but analysts say that doesn't mean Athens is out of the woods......

Greece avoids default with bond success
Mar. 09 - Greece has averted the immediate risk of an uncontrolled default by winning strong acceptance from its private creditors for a bond swap deal which will eat into its mountainous public debt and clear the way for a new international bailout......

3XSQ: No 'Labor' pains; Coffee competition
forecast, and Starbucks announces plans to make its own single-cup coffee maker to compete with Green Mountain......

London's home for global buyers
Mar. 9 - Foreign buyers are flocking to London, attracted by the city's solid property market and safe haven status. Savills estate agents say the euro zone crisis has led to increased activity from Greeks and Italians. Joanna Partridge reports......

Mystery donor keeps German town guessing
Mar. 9 - Residents of the small German city of Braunschweig are baffled by a number of envelopes stuffed with cash which have been left at various charities around town, sparking talk of a modern day Robin Hood. Hayley Platt reports......

U.S. Morning Call: Markets await jobs report, Google Wallet
poll estimates that 210,000 jobs were added in February in the U.S., and Google pressures developers to use Google Wallet to pay for apps......

Insider Asks: Will the recovery be choked by oil prices?
Mar. 9 - What price would oil need to reach to risk choking the global recovery? A selection of top strategists give their opinion on the current oil price rise and if it will affect the global recovery......

Breakingviews: no cheer for euro zone's first default
Breakingviews......

A year after the quake: Japan stocks resurrected
Mar. 9 - A look back at a roller-coaster year for Japan's Nikkei 225 that may be seeing a light at the end of a volatile and painful year......

Curtain falls on Act 1 of Greek drama
Mar. 9 - Greece has successfully closed a bond swap offer aimed at reducing its colossal debt pile and averting a disorderly default......

Asia Week Ahead: World remembers Japan quake one year on
Mar. 9 - Japan will pay tribute to the victims of the March 11 natural and nuclear disasters one year on, while Chinese trade figures for February are expected to post a sharp rebound......

Hard landing for China despite soft inflation: Asianomics
Mar. 9 - Easing inflation in China is little reason for optimism, as the world's second largest economy is in the middle of a hard landing, says Jim Walker of Asianomics......

Market Pulse: New Greek bonds to trade above Portugal
Mar. 9 - Greece's new bonds will trade at higher yields than Portugal, indicating just how much work Athens has to do, says Lloyds Bank Corporate Markets interest rates strategist Achilleas Georgolopoulos......

Think Tank: Facebook - from social to commercial
The web giant is courting advertisers, but research shows it may not be the best place for brands to grow, writes Laurence Green.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1d52d403/mf.gif' border='0'/><.....

Prudential prepares to gain foothold in Brazil
Prudential is attempting to push into Brazil for the first time as it looks set to this week surpass the 2bn operating profit mark.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1d52aa96/mf.gif' border='0'/>&.....

NatWest Three: timeline
The key dates in the story of the NatWest Three.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1d52aa97/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/128643090299/u/3/f/568.....

Sir Richard Branson: Heathrow decision was 'purely political and incredibly damaging'
Sir Richard Branson talks about his frustrations about the third runway at Heathrow and how Britain can become a home for entrepreneurs.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1d52aa99/mf.gif' border='0'/.....

Starwood plans to expand W hotel chain
US hotels group Starwood is planning a major expansion of its boutique "W" chain following the success of its first UK branch in central London.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1d52aa98/mf.gif' bor.....

George Osborne sweetens 20bn credit easing deal for banks
The Treasury is to offer a sweetener to banks to boost its 20bn credit easing scheme as it seeks to make more money available to small businesses.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1d52aa9b/mf.gif' b.....

UK shopping centres attract foreign bids
Two of the biggest shopping centres in the UK are poised to fall into the hands of foreign owners in separate deals that value the assets at almost 2bn.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1d52aa9c/mf......

NatWest Three: 'I should have walked away'
Exclusive: David Bermingham on how he became embroiled in huge fraud case.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1d52aa9e/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.co.....

Rothschild hired ahead of 1bn air traffic control sale
Rothschild has been appointed to advise the seven airlines which hold a 42pc stake in NATS, the National Air Traffic Services, in a move which brings the proposed 1bn sale of part of the Government's 48.9pc stake a step closer.<img width='1' heigh.....

'This product was not right for my business'
Two examples of small business owners who took out interest rate swaps with their banks.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1d52aaa1/mf.gif' border='0'/><br/><br/><a href="http://da......

Sir Richard Branson: Virgin expansion finished in UK
Sir Richard Branson has revealed that Virgin Atlantic would invest up to 5bn in the UK if the Government reversed its "incredibly damaging" block on any expansion at Heathrow.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/.....

Bank mis-selling victims: from the chippy to the small hotel
High street banks stand accused of exploiting small businesses by selling them costly and complex financial products that made huge profits for banks while crippling once sound firms<img width='1' height='1' src='http://telegraph.feedsportal.com/c.....

Why Prudential's Thiam was right on AIA deal
When Tidjane Thiam made his first public appearance since the Prudential chief executive walked away from his planned $35.5bn (22.6bn) takeover of Asian insurance giant AIA, he was careful not to say too much.<img width='1' height='1' src='http://.....

How the derivatives sold by the banks work
At its most basic, banks offered clients what is called an interest rate swap. The bank would offer the right to fix the base rate on a loan at a certain level to ensure a rise in interest rates would not lead to a company's borrowing costs rising to.....

NatWest Three: FSA inquiries into the case found no unlawful acts committed
In this exclusive extract from his book, David Bermingham candidly details how he and two colleagues became embroiled in one of the biggest ever financial fraud cases and why the FSA cleared the deal.<img width='1' height='1' src='http://telegraph.....

Glencore in 3.5bn bid for Canadian grain giant Viterra
Glencore has made what is believed to be a 3.5bn approach for Canadian grain giant Viterra in an attempt to bolster its agricultural business in North America.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1d52a.....

The banks must be more Jekyll and less Hyde
I don't know how many of our banking community have read Dr Jekyll and Mr Hyde, but it might be worth a few of them scraping together what's left of their multi-million pound bonuses and purchasing the 1886 work by Robert Louis Stevenson.<img widt.....

British banks hit by new mis-selling scandal
Britain's leading banks are facing new allegations of mis-selling complex financial products to hundreds of small businesses despite them having little knowledge of what they were buying, a Sunday Telegraph investigation shows.<img width='1' heigh.....

Childcare cost is biggest barrier to women reaching board level
A new report will reveal this week that mothers are being held back from top jobs.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1d5279a7/mf.gif' border='0'/><br/><br/><a href="http://da.feedsp.....

Cautious optimism for Japan a year on from earthquake
Sunday is a grim anniversary for Japan - a year to the day since a powerful earthquake swept a wall of sea water many miles inland.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1d524d4c/mf.gif' border='0'/>&.....

Forget 'economic spring' - Greek outlook is stormy
While last week's debt swap was obviously important, there is still a very real danger of Greece needing yet another bail-out quite soon and eventually leaving the euro.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/5683.....

Greece is 'likely to need third bail-out'
A third bail-out for Greece cannot be ruled out, a senior European Central Bank (ECB) official said, as the country's troika of lenders prepared to rubber-stamp its 130bn (109bn) second financial rescue.<img width='1' height='1' src='http://telegr.....

Are you sitting on a pension gold mine?
Some policies contain guarantees in the small print that could double your income in retirement.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1d4fcce6/mf.gif' border='0'/><br/><br/><a href="ht.....

Debt crisis and Greek bond swap: as it happened - March 9, 2012
ISDA ruling means debt insurance payouts can begin, as Greek PM Lucas Papademos releases statement hailing the efforts of the Greek people to move the country away from 'quicksand'.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/.....

The HBOS horror story is a grim read
Britain's financial crisis was really a tale of two banks - RBS and HBOS.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1d4dc28e/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com.....