Search This Blog

Friday 16 March 2012

UK Financial News on 2012-03-16

Groupon given deadline to improve
Voucher company Groupon has been given three months to improve the way it operates in the UK following "widespread" rule breaches......

Ministers 'mull top rate tax cut'
Chancellor George Osborne is considering cutting the 50p top rate of income tax in next week's Budget, Whitehall sources have told the BBC......

Hector Sants to resign from FSA
The chief executive of the Financial Services Authority (FSA), Hector Sants, resigns and says he will not now head up a new regulatory body next year......

Sachs letter 'could change bank'
A letter calling Goldman Sachs "toxic" could prompt the US investment bank to take more care of clients, a senior executive tells the BBC......

Civil servants reject pension bid
Civil servants have signalled a fresh round of industrial action after rejecting the government's latest plans for public sector pensions......

Warning of business funding gap
A government-appointed committee says access to finance for businesses needs to be improved and warns of a 190bn funding gap by 2016......

Apple factory radio show 'lied'
The producers of a hit US radio show that criticised working conditions at Apple's Chinese suppliers admit the show contained fabrications......

SSE loses appeal on mis-selling
SSE has lost an appeal into a conviction for tricking potential customers into switching from their existing energy firm......

Failed Icelandic bank to pay out
More than 50 local authorities in the UK are set to be paid back funds lost when the Icelandic bank Glitnir failed in 2008......

Fiat plants shut over fuel strike
Italian carmaker Fiat halts production at all five of its plants in its home country, as it struggles to cope with a transport strike......

Greece recovers more in lost tax
Greece has collected almost 1bn euros ($1.3bn; 830m) in back taxes, still a fraction of the amount outstanding, a European official says......

US production and prices increase
US factory production rose 0.3% in February, the third monthly increase in a row, while rising petrol costs pushed up consumer prices......

UK Coal guilty over miner's death
UK Coal pleads guilty to health and safety breaches over the death of a miner at a North Yorkshire colliery.....

Miliband pledges 'jobs guarantee'
Ed Miliband pledges to "conquer" youth unemployment as he said Labour would guarantee six months' work for 18-24 year olds, if they won power......

India budget is upbeat on economy
India's Finance Minister Pranab Mukherjee unveils the country's annual budget, saying that the economy is turning around......

Air Berlin losses widen in 2011
Germany's second largest airline, Air Berlin, reports worse-than-expected losses for 2011 as it continues its efforts to downsize......

UK hits back over Falklands oil
The UK criticises Argentina's threats of court action over Falkland Islands oil exploration, calling its behaviour "illegal intimidation"......

Private rent inflation eases off
Rental inflation eased off in February, according to the lettings and estate agency group LSL Property Services......

Paypal unveils credit card reader
The online payments unit for eBay launches a credit card reading device which plugs into smartphones......

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......

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......

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

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......

Fiat's future in Italy questioned
Hit by strikes at home, Fiat makes it clear that conditions must be right for it to keep its factories open......

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......

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......

Three parties submit Rangers bids
The former Rangers director Paul Murray and Sale Sharks owner Brian Kennedy are among three parties to have made bids for Rangers......

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: Weaker beer to save on tax
A number of leading brewers have started weakening their beers to save on tax, ahead of a duty rise in next week's budget......

VIDEO: Where can you store valuables?
There is concern that people are being forced to store valuables at home because banks are no longer offering safety deposit boxes......

VIDEO: Fiat assembly line grinds to halt
Fiat's car assembly lines have ground to a halt as lorry drivers blockade its factories in Italy, as part of an ongoing protest by trade unions against changes to pay and conditions by the motor giant......

VIDEO: Should tories and unions make peace?
The miners' strike of 1984-85 highlighted the divide between government and unions, as some say it is now time for them to build better links nearly 30 years on......

AUDIO: Battle lines drawn over 50p tax rate
Chief economics correspondent Hugh Pym gauges the debate about taxing the very rich......

VIDEO: Youth unemployment risks civil unrest
Janet Street-Porter has said that if we do not tackle the issue of youth unemployment, there could be a risk of civil unrest......

VIDEO: M&S archive returns to city roots
The corporate archive of one of the biggest names on the British High Street has been moved from London to a site at the University of Leeds......

VIDEO: Uniqlo moves upmarket in Japan
The Japanese clothing chain Uniqlo is giving itself a makeover by moving into Tokyo's upmarket shopping district......

UK economy: Jobs
Tracking the UK economy as the Budget looms.....

Will weaker beers help the brewing industry?
Will weaker beers help the brewing industry?.....

Taxing the rich: Is it worth it?
Is it really worth taxing the rich at a higher rate?.....

Fix or twist decision on mortgages
The mortgage decision facing at least a million households.....

The real cost of doping in sport
Why drug scandals hurt the health and wealth of sport.....

Hot mobile trends for SMEs
Small businesses learn big tricks for mobile technology.....

Death of the safety deposit box
Death of the bank safety deposit box.....

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

Why Apple customers turn a blind eye
Mar 16 - Loyal Apple fans are largely seen as environmentally-conscious, socially-aware citizens of the world, but long lines for the new iPad suggest deep emotional ties to a brand can be difficult to break, even when questionable labor practices ar.....

U.S. Week Ahead: Housing data to reveal strength of recovery
Mar. 16 - As the economy continues its recovery, housing data coming out next week will show how strong the trend really is......

A sneak peek at Star Wars Kinect
Rock musicians, rappers and reality TV stars mingle with R2D2 and C3PO at a special party in London to preview the new video game 'Star Wars Kinect' ahead of its worldwide launch. Matt Cowan reports......

Goldman allays fears over "muppet" letter
Mar 16 - Goldman Sachs Chairman of Asset Management says they have legal obligations to their clients, following a damning resignation letter from a former employee. Rough cut. No reporter narration......

European stocks at 8-month high
Mar. 16 - Stocks hit their highest level since before the market's slump in July as fears over sovereign debt lift. Hayley Platt reports.....

Trading at Noon: Stocks flat on mixed economic data
Mar. . 16 - U.S. stocks are flat as data showed inflation remained in check last month but consumer sentiment slipped......

Dell defiant on new iPad launch day
Mar. 16 - Dell's President & COO, Steve Felice, says he's not concerned by the success of Apple's new iPad, because the two companies are chasing different clients. However Dell will introduce its own tablet......

Breakingviews: Milton Friedman in jeopardy
March 16 - Richard Beales and Breakingviews columnists wonder whether the lack of inflation in the United States means the Nobel prize-winning economist was wrong......

Apple iPad debuts reaches U.S.
Mar 16 - Summary of business headlines: Apple debuts the new iPad to scores of fans; High gas prices push consumer prices and knock sentiment; U.S. Treasury Secretary Timothy Geithner warns confidence remains fragile. Jill Bennett reports......

EMEA week ahead: Monday
Mar. 16 - The bull run in the equity markets is likely to continue, says ING Investment Management's Patrick Moonen. The health of the euro zone economy will be tested by flash PMI data......

Apple shares hit high as iPad launches
Mar. 16 - As the new iPad goes on sale in 10 countries, Apple shares hit a new record high, reaching $600 for the first time. Joanne Nicholson reports.....

Assad regime defiant one year on
Mar. 16 - A year into the Syrian uprising, President Bashar al-Assad remains defiant and looks set to cling to power in 2012......

3XSQ: Apple iPad launch propels stock
Mar. 16 - Apple's stock touched a record high of $600 as investors awaited the release of iPad3, but analysts say it could go much higher......

Breakingviews: Lloyds bonus rules smack of double standards
Mar. 16 - Blocking payouts to former bosses, including ex-CEO Eric Daniels, lacks consistency. Plus - why Spain should get an additional seat at the ECB......

New iPad: will you, won't you?
Mar. 16 - The CEO of Hugo Boss, the UK employment minister and the ECB's Ewald Nowotny among the guests and analysts telling Insider whether they'll be camping out in queues to buy the latest Apple iPad......

Reuters Today: Get in line for iPad launch day
Mar. 16 - The world waits in line for a new iPad, while the U.S. and UK join forces to push for cheaper oil......

Apple's new iPad sales still run hot
Mar. 16 - Apple's latest iPad launch in Hong Kong was a more subdued affair, with customers ordering online. But the product has proved to be a red hot-seller at stores across Asia......

Dominating Asia's wardrobes
Mar. 16 - Asia - with your billions of consumers, why are Western firms like H&M and Zara dressing you? Japan's retailing giant Uniqlo has big plans to change that......

Asia Week Ahead: Are China's factory lines slowing down?
Mar. 16 - Preliminary PMI figures from HSBC will show how China's economy is performing, along with earnings results from big firms like China Construction Bank and Foxconn......

Citi needs a CEO who understands credit, Whalen says
Mar. 16 - Tangent Capital Partners' Chris Whalen says Vikram Pandit doesn't understand the core issues with Citigroup, whose credit card portfolio suggests it's more of a subprime lender than other big banks......

U.S. Morning Call: Google in new privacy probes -WSJ
Mar. 16 - Regulators are looking into whether Google's effort to bypass privacy settings of Apple's Safari web browser users violates previous settlements, says the WSJ......

Rugby 6-nations, FA Cup and F1 season preview
Mar. 16 - Crunch time in the 6 Nations, FA Cup quarter-final weekend plus the start of the F1 season and the latest odds on the Cheltenham Gold Cup -- we have the weekend's big bets......

Market Pulse: Opening pumps won't drive down oil price - CMC
Mar. 16 - The plan by the U.S. and UK to release strategic oil reserves is unlikely to have much impact on prices, says Michael Hewson of CMC Markets......

S&P500 up to levels unseen since '08
Mar 15 - Summary of business headlines: Dow rallies, S&P 500 tops 1,400 amid growing economy; Australians first to buy new iPad; Oil volatile on U.K.-U.S. oil reserve talk. Conway G. Gittens reports......

UK's Cameron looking at oil reserves
Mar 15 - British Prime Minister David Cameron, on a visit to the U.S., says he would consider releasing strategic oil reserves to quell soaring fuel prices. Sasha Salama reports......

Santander UK boss pockets 4m in pay
Santander's UK chief executive was paid 4m in 2011 despite the Spanish-owned bank seeing profit plunge 40pc.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1d83783c/mf.gif' border='0'/><br/><br/>&l.....

Budget 2012: North Sea tax plan to boost 20bn investment
North Sea oil companies will win a major concession in next week's Budget with a permanent lock-in on tax reliefs that could trigger at least 20bn of investment in the oilfield.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/3272.....

26.6bn 'sweetener' paid to Greek bondholders
The eurozone's temporary bailout fund has paid out a 26.6bn (22.1bn) sweetener for Greek bondholders involved in the stricken country's debt swap.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1d83750e/mf.gif' b.....

UK house price rise put in shade by soaring India
British house prices have risen by 50pc since 2001, ranking the UK 13th in a Lloyds TSB table of the best-performing international housing markets.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1d83269b/mf.gif' .....

Debt crisis: as it happened - March 16, 2012
Greece would face a disorderly and very costly exit from the euro zone without financial support from Europe, the International Monetary Fund and European Central Bank, the IMF said in a staff report.<img width='1' height='1' src='http://telegraph.....

Debt crisis: live
Greece would face a disorderly and very costly exit from the euro zone without financial support from Europe, the International Monetary Fund and European Central Bank, the IMF said in a staff report.<img width='1' height='1' src='http://telegraph.....

Saints and sinners in the story of Hector's surprise departure
Resignations rocked both God and Mammon today with the institutions of faith and money left reeling.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1d83269d/mf.gif' border='0'/><br/><br/><a href.....

FTSE 100 to double to record high in next decade
The FTSE 100 will double in value over the next decade to an all-time high, according to a new research note from Citigroup.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1d83269e/mf.gif' border='0'/><br/&.....

WorldSpreads shares suspended over 'irregularities'
Trading in the shares of WorldSpreads was halted at 37p, valuing the City spreadbetting company at around 15m, as it revealed a discovery which hit it "like a sledgehammer".<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/.....

Bullish brokers bolster RBS as blue-chips tick up
Royal Bank of Scotland rebounded thanks to two brokers turning bullish on the state-backed lender.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1d82a463/mf.gif' border='0'/><br/><br/><a href=".....

SVG Capital faces a shareholder revolt
Exclusive: SVG - one of the oldest listed private equity firms - is facing a bitter shareholder revolt that could spark a hostile battle for control of the FTSE250 company.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/5.....

Jump in US underlines threat of petrol prices
US inflation jumped the most in almost a year last month, offering a reminder of the threat that rising petrol prices pose to America's economic recovery.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1d81e8f0/m.....

National Hunt legend Bob Champion refused travel cover
When National Hunt jockey Bob Champion tried to get travel insurance this year, he was amazed to be turned down by older people's expert Saga.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1d812b22/mf.gif' borde.....

Merkel wants Schuble to head Eurogroup - report
German Chancellor Angela Merkel has tipped finance minister Wolfgang Schuble to take over as head of the Eurogroup of eurozone finance ministers, a newspaper reported on Friday.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/3272.....

Rusal's Cheung to be new chairman after oligarch quit
The board of Rusal, the world's largest aluminium firm, elects Barry Cheung of the Hong Kong Mercantile Exchange as new chairman after Viktor Vekselberg quit this week.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/56830.....

Tim Breedon's alternative finance recommendations
The 11 recommendations made by a Government-backed task force, led by Legal & General chief executive Tim Breedon, on how to stimulate alternatives to bank finance for small and medium-sized companies.<img width='1' height='1' src='http://tele.....

Hector Sants in his own words
Hector Sants has unexpectedly stepped down as chief executive of the Financial Services Authority (FSA), leaving a leadership gap in the Government's overhaul of financial regulation. Here are some of his views:<img width='1' height='1' src='http:.....

Alternatives to banks needed to close 191bn credit hole
Pressure on banks to reduce risk will lead to a "significant funding shortfall" unless non-bank finance channels are opened up to small and medium-sized companies, a report led by L&G chief Tim Breedon finds.<img width='1' height='1' src='http.....

Questor's update on gold
Questor podcast: Tipster Garry White on which companies he's backing.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1d7fe83b/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/1.....

Thomas Cook spurns 400m funding deal
Shares in Thomas Cook were up 3pc this morning after it was revealed the tour operator rejected a 400m funding deal championed by two industry veterans.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1d7f99d3/mf......

Hector Sants' timing leaves something to be desired
Timing is everything. When Hector Sants last resigned from the Financial Services Authority two years ago, he got his timing wrong. With the Coalition still pushing through its redesign of the financial regulator he was asked by the Chancellor to rec.....

Hector Sants' departure from FSA leaves regulators in disarray
Government's overhaul of financial regulation has been thrown into disarray by FSA chief executive's surprise departure.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1d7f99d7/mf.gif' border='0'/><br/>&.....

FTSE 100: Rebounding miners push blue-chips higher
A rally from the heavyweight diggers put London's leading shares on a more steady footing, as strategists at Citigroup suggested that the benchmark index could double in a decade.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32.....

Business Bullet: US economy, Budget tax cuts, gold, Cheltenham Festival and the week ahead
Top stories: Markets, the Budget, gold update and next week's events.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1d7f258b/mf.gif' border='0'/>.....

Business Bullet on market valuations and the US economy, what Budget tax cuts business really needs, Gold update, Cheltenham Festival tip and the week ahead
Top stories: Markets, the Budget, gold update and next week's events.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1d7ecb2e/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/1.....