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Thursday 15 March 2012

UK Financial News on 2012-03-15

Tesco's UK chief executive quits
Tesco's UK chief executive, Richard Brasher, resigns after the supermarket chain sees disappointing sales and falling market share......

Fuel poverty 'to rise to 8.5m'
Fuel poverty is likely to worsen, affecting 8.5 million people in England by 2016, a government adviser warns, despite measures to eradicate it......

Ten millionth .uk site registered
The group responsible for managing the .uk top-level domain name reveals who landed its "landmark" 10 millionth address......

Iran cut off from global commerce
The body that handles global banking transactions says it will cut Iran's banks out of the system on Saturday to enforce EU sanctions......

New incapacity tests reject 37%
More than a third of incapacity benefits claimants being reassessed for the new Employment and Support Allowance have been deemed fit to work......

Argentina targets Falklands oil
Argentina says it will take legal action against firms involved in oil exploration in Falkland waters - the latest bid to assert its claim to sovereignty......

Islands lose VAT exemption case
Legal challenges against the scrapping of a tax loophole that allowed the Channel Islands to sell low value goods VAT-free fail......

RBS sale 'better for everyone'
The chief executive of RBS says selling the government's stake will be "better for everyone" as he defends his bank's lending record......

IMF rubber stamps Greece bailout
The IMF has agreed to pay 28bn euros towards Greece's second bailout of 130bn euros after last week's private debt swap......

BAE in Tanzania education payout
BAE Systems is to pay at least 29.5m towards educational projects in Tanzania following an agreement with the Serious Fraud Office......

PM and Obama consider oil release
David Cameron and Barack Obama discussed the possibility of releasing emergency oil reserves in an effort to dampen soaring prices, the BBC learns......

UK's NDS bought for $5bn by Cisco
US technology giant Cisco buys British digital video firm NDS, currently owned by a private equity firm and media giant News Corp, for $5bn (3.2bn)......

Ovo reverses cut in fuel tariffs
The small energy supplier Ovo is putting up some its tariffs in response to higher wholesale gas prices......

UK aviation policy 'unholy mess'
One of the UK's top businessmen launches an attack on the government's growth and transport policies, saying they "lack ambition" and are costing jobs......

UK AAA rating on new credit watch
The Fitch credit ratings agency has joined Moody's and put the UK's top AAA rating on "negative outlook"......

London 'top city for investment'
London remains the top city in the world for foreign investment, according to a report that reflects the rise of emerging economies......

Spanish home sales see sharp fall
Spanish home sales fall in the fourth quarter to their lowest level since 2007 as the nation continues to struggle with recession......

Improve pension scheme, MPs say
The rules of the new National Employment Savings Trust (Nest) pension scheme should be relaxed to make it more attractive, MPs says......

Zara sorry for Harris Tweed claim
The Harris Tweed Authority forces the internet trading arm of fashion retailer Zara to stop misusing its name......

VIDEO: Those Quit My Job Goldman Sachs Blues
The BBC's Newsnight commissioned blues musicians John Warwick and Del Mandell to reflect on why Goldman Sachs executive Greg Smith quit his job......

Thames Water retracts leaks claim
Thames Water is taking months to repair leaks despite claiming an average repair time of five days, a BBC investigation finds......

E-traders face tax investigations
People who trade on the internet are being targeted in HM Revenue and Customs' latest focus on unpaid tax......

Letting agency complaints up 26%
The lettings industry urgently needs to be reformed and regulated, says the Property Ombudsman, after a big jump in complaints......

Yen hits an 11-month dollar low
The Japanese yen hits an 11-month low against the dollar as the US currency strengthens on hopes of a recovery in the US economy......

India keeps interest rates stable
India keeps its interest rates unchanged, saying inflation remains a risk despite a slowdown in the economy......

UK unemployment rises by 28,000
UK unemployment has risen by 28,000 to 2.67 million, according to latest figures, which the government says show signs of "stabilising"......

Rail firm fined 1m after deaths
Network Rail is fined 1m for health and safety breaches over the deaths of two teenage girls at a level crossing in Essex in 2005......

Administrators challenge Ticketus
The administrators of Rangers FC launch a legal bid which could allow the club to escape from the 24.4m finance deal with Ticketus......

Argos reports 7.7% fall in sales
Argos sales fall 7.7% for the eight weeks to 25 February, hit by weak demand for consumer electronics......

Fifa investigations 'unsatisfactory'
Lord Goldsmith says he is 'concerned' at the level of investigation by Fifa over allegations of vote rigging and misconduct in the 2018 and 2022 World Cup campaigns......

Football stadium nears completion
Rotherham United's new 17m stadium nears completion and once open will help the town "tremendously", the club's chairman says......

VIDEO: Who would be a banker?
A look at a new West End play called 'Toxic Bankers' and what it says about the public's perception of the banking profession......

VIDEO: School Report explains the Budget
The Chancellor's Budget explained by School Reporters at Newcastle School for Boys.....

VIDEO: Two years without a job and counting
With unemployment in the UK at its highest level for 16 years, many people up and down the country face a tough battle to find work......

VIDEO: Life after Goldman's for one banker
In the wake of Goldman Sachs Vice-President Greg Smith's resignation, BBC News spoke to one of his former colleagues, Peter Kizenko, who left to set up a Russian spa......

VIDEO: Mervyn King goes back to basics
Sir Mervyn King tells School Reporters about his role as the Governor at the Bank of England and why the financial crisis started......

VIDEO: What should Osborne do in Budget?
Blogger Tim Montgomerie defended his list of ideas for the chancellor ahead of next Wednesday's Budget......

AUDIO: Goldman Sachs man's feisty exit
The Today programme's Simon Jack reports on the extraordinary resignation letter penned by an employee at Goldman Sachs......

AUDIO: 100-year bonds to 'lock in' low interest rates
Bill Blain, senior director in special situations at NewEdge Group, analyses the chancellor's plans to issue 100-year bonds......

Kia grows in shrinking EU market
Kia eyes growth in shrinking Europe.....

Man or muppet? How to resign in style
How to resign in style - and dream that things will change.....

Car start-up targets tech firms
The electric car start-up being test driven by Google and Microsoft.....

Quantitative easing for beginners
School children extract admissions from Bank governor.....

Do kids want to code in class?
The controversy over plans to focus on software design in class.....

South Korea embraces free trade as US deal kicks in
Will new trade deal benefit South Korean consumers?.....

Chunks of data to calculate inflation
How the pineapple will be used to calculate the cost of living.....

Facing a child benefits dilemma
What the changes planned for next year will mean for you.....

U.S. Day Ahead: Apple's new iPad hits stores across U.S.
Retail Analyst Jharonne Martis says the biggest fear is whether the company can meet demand......

Fed's bank stress tests were flawed, Whalen says
March 15 - Tangent Capital Partners' Christopher Whalen says the Federal Reserve was too backwards-looking in its stress tests and point out that the central bank should have also tested for litigation losses......

New commodity-based MLP ETF could offer 8.7% yield
Mar. 15 - Darren Schuringa, portfolio manager at Yorkville ETF Advisors, says the newly-launched Yorkville High-Income MLP ETF tracks an index with 8.7% yield, higher than competing products......

Jobless claims back to 4-year low
Mar 15 - U.S. jobless claims fall back to a four-year low as the economic recovery continues to gather momentum. Conway G. Gittens reports......

Trading at Noon: Stocks up on positive economic data
Mr. 15 - U.S. stocks are climbing as a round of economic data pointed to a slowly improving economy......

Goldman banker's "toxic" accusations
Mar. 15 - After departing Goldman Sachs employee Greg Smith called it a "toxic" place, the investment bank issued a statement. Industry analysts wonder if the allegations will damage the Wall Street giant's reputation. Joanna Partridge reports.....

EMEA Day Ahead: traders pocket profits, U.S data eyed
Mar. 15 - Equities stumble, closing almost exactly where they opened as bullish momentum fades. Traders await further evidence on Friday of the state of the U.S. economy......

Breakingviews: Worst of Times
March 15 - Rob Cox and Breakingviews editors discuss how bonuses for top executives at the publisher of the New York Times newspaper reward sub-standard performance......

3XSQ: Dimon passes on Goldman target; Madoff and the Mets
Mar. 15 - JP Morgan's CEO Jamie Dimon tells employees in a memo not to take advantage of alleged issues at Goldman Sachs, and the Mets see some action in the courtroom......

Tesco UK head to quit
March 15 - The world's third biggest retailer says the head of its biggest market is to quit just two months after a profit warning. Joanne Nicholson reports......

Steelworkers scuffle with French police outside Sarkozy's campaign HQ
March 15 - Workers from an eastern French steel mill that faces closure scuffle with police outside the campaign headquarters of President Nicolas Sarkozy. Rough Cut (no reporter narration)......

Myanmar's real-estate sector sizzles
Mar. 15 - Investors flock to Myanmar's real estate sector ahead of promised reforms, but Cube Capital warns of risks and speculative bubbles. Arnold Gay reports......

Boardroom guru lifts lid on "Black Box" huddles
& Klout 50 Most Influential Execs on the Web" member, navigates the thee and thou language of the boardroom......

Breakingviews: Take guesswork out of Libor
Breakingviews......

Ex-Goldman trader starts condom revolution
Mar. 15 - Former Goldman trader Joe Nelson is on a one-man moral mission to kit men out with custom-fit condoms......

ECB's Nowotny says central bank has done its part
Mar. 15 - The ECB Governing Council member says there's not much more the bank can do to alleviate the fiscal crisis. It's now up to others to play their parts......

China's politics biggest risk to its economy: SOHO CEO
Mar. 15 - Real estate mogul Zhang Xin says China's cooling measures have "frozen" the nations residential real estate market, and pushed up commercial property prices......

Reuters Today: Goldman bubbles, Fitch warns, Camilla gasps
Mar. 15 - Fitch warns on the UK's credit rating, Goldman Sachs licks its wounds and it's a tough day at the races for a British royal......

China sacks leadership contender Bo Xilai
March 15 - Ambitious Communist Party chief Bo Xilai sacked, effectively ending his promotion and top leadership prospects. Arnold Gay reports......

U.S. Morning Call: Dimon's response to Goldman's scandal
JP Morgan's CEO Jamie Dimon responds with an internal memo to an op-ed, by a former Goldman Sachs employee, that tarnishes the bank's reputation......

The rise of the floor-cleaning robot
March 15 - U.S. based robotics company iRobot is betting people are increasingly willing to have robots in their homes to perform household chores, and is using military technology to help its robots do a thorough job. Matt Cowan reports......

The book with 11 different endings
Mar. 15 - A new digital novel goes on sale on the internet on March 19 which for the first time offers readers the choice of 11 different endings. We meet the UK author behind the unique project. Hayley Platt reports......

Market Pulse: The stars align for Uncle Sam
FX analyst, Neal Kimberley......

One more way to cut the cable cord
March 14 - Online television service, Aereo, launches in New York City as the latest threat to cable. Analysts say it's a good option for viewing programs but not yet a replacement for live TV. Jeanne Yurman reports......

Dow on a six-day winning streak
Mar 13 - Summary of business headlines: The Dow rises for sixth straight session while the Nasdaq holds above 3,000; Former Goldman employee calls firm 'toxic'; Senate passes transportation bill; Fitch changes outlook on U.K. to 'negative'. Bobbi Reb.....

Regulator to examine Trinity Mirror pension move
The Pension Regulator is to examine a decision by newspaper group Trinity Mirror to slash payments designed to tackle its pension deficit.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1d7af615/mf.gif' border='0.....

Golf club owners bemoan below par derivative swap performance
Ambitious golf club owners are among the growing ranks of small businesses claiming to have been mis-sold derivatives by high street banks.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1d7af617/mf.gif' border='.....

Hobson's choice for Tesco's UK chief
Phil Clarke, Tesco chief executive, says it was Richard Brasher's choice to leave the company. It was actually Hobson's choice.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1d7af61b/mf.gif' border='0'/><b.....

We're edging to victory on extradition - but thank Vince, not Dave
It was six years ago, almost to the day, that we launched our campaign "Fair Trials for British Business", which aimed to persuade the Labour government to reform the Extradition Act 2003 governing arrangements between the UK and the US.<img width.....

Shell bosses see pay double in 2011
Directors and senior management at Anglo-Dutch oil giant Royal Dutch Shell saw their total pay more than double to $85.7m (54.7m) last year.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1d7ab711/mf.gif' border=.....

Tesco UK boss Richard Brasher quits
Tesco chief executive Philip Clarke has tightened his grip on the retail giant after Richard Brasher, head of its ailing UK business, today fell on his own sword after only a year in the job.<img width='1' height='1' src='http://telegraph.feedspor.....

VAT loophole blocked in High Court decision
A VAT loophole used by companies operating out of the Channel Islands is to be closed after a last minute legal challenge was thrown out by the High Court.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1d7ab716/.....

Agreement on Solvency II insurance rules moves a step closer
European politicians have moved closer to an agreement on a key part of Solvency II - controversial new capital rules set to govern the insurance industry from 2014.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s.....

SFO to contact BP on fraud allegations
The Serious Fraud Office is to contact oil giant BP in connection with a "serious case of bribery and corruption" revealed by a whistleblower.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1d7ab71c/mf.gif' borde.....

Budget 2012: UK business chiefs attack Government growth plans
Two of Britain's leading businessmen have raised serious questions over the Government's growth plans just as ministers gear up to deliver next week's Budget.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1d7ab7.....

Moving Costa Concordia cruise liner 'could cost 100m'
Refloating the stricken Costa Concordia cruise liner will cost "far beyond" 100m (83m), according to a dredging and maritime services company bidding for the task.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1.....

GlaxoSmithKline sells OTC drugs for 391m
GlaxoSmithKline further slimmed down its consumer health portfolio today, selling a number of products for 470m (391m).<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1d7aa1d6/mf.gif' border='0'/><br/>&l.....

Metro Bank seeks 150m for expansion
Metro Bank has met with a series of hedge funds about doubling its capital base and raising an extra 150m of new capital.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1d7aa1d9/mf.gif' border='0'/><br/>.....

Cafe Rouge owner Tragus wins reprieve
Tragus, the owner of High Street restaurant chains Cafe Rouge and Strada, has agreed new lending terms with its banks after a week of crisis talks aimed at averting a looming covenant breach.<img width='1' height='1' src='http://telegraph.feedspor.....

Why Philip Clarke took control of Tesco UK
Richard Brasher should be waking up tomorrow morning with a sore head.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1d7aa1db/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/.....

Britons didn't 'borrow too much', MPC member says
It is not clear that Britons "borrowed too much" in the run up to the financial crisis, a Bank of England policymaker has claimed, playing down the role of household debt during the crisis and subsequent recovery.<img width='1' height='1' src='htt.....

What would Kermit make of such muppetry?
Goldman Sachs needn't fear copyright lawyers, just their clients, says Allan Massie.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1d7a9e5f/mf.gif' border='0'/><br/><br/><a href="http://da.feed.....

Argos owner calls for tax cut to help Britons
Britain's hard-pressed consumers should be given a fillip in next week's Budget, the owner of Argos and Homebase urged as it reported trading worsened in recent weeks.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300.....

Argentina 'to sue' Falklands oil explorers and investors
Argentina has claimed it will take legal action against British companies involved in exploring for oil and gas off the Falkland Islands.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1d7a9e65/mf.gif' border='0'.....

CBI wants dismissal change for all firms
All companies should be allowed to pay-off workers in return for them never bringing a tribunal claim - not just those with fewer than 10 people, business group the CBI has said.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/327.....

Debt crisis: as it happened - March 15, 2012
Brent crude price falls on reports that Britain and America will co-operate in an effort to prevent high fuel prices derailing economic growth in the run-up to the US election.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726.....

Lloyds penalises former directors over HBOS deal
Eric Daniels and a trio of fellow former directors at Lloyds Banking Group have missed out on a 2m payday after being further penalised for their stewardship of the state-backed lender.<img width='1' height='1' src='http://telegraph.feedsportal.co.....

Anglo American chief gets 38pc pay rise to 2.17m
Cynthia Carroll, chief executive of FTSE 100 miner Anglo American, was handed a 38pc increase in pay last year, with a total package worth 2.17m.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1d7a9b47/mf.gif' bo.....

Debt crisis: live
Brent crude price falls on reports that Britain and America will co-operate in an effort to prevent high fuel prices derailing economic growth in the run-up to the US election.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726.....

Apple shares hit $600 for the first time
Apple shares broke through the $600 level today for the first time as Wall Street looked forward to consumers lining up today to snap up the latest iPad.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1d7a2ae9/mf.....