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Friday, 23 March 2012

UK Financial News on 2012-03-23

Surprise US World Bank candidate
President Obama nominates Korean-born US academic Jim Yong Kim as his surprise candidate to be the next president of the World Bank......

Petrol price reaches record high
The average price of unleaded petrol reaches a new high of 140.20p per litre, according to industry analysts Experian Catalist......

EMI in Europe competition probe
The European Commission launches a probe into whether the sale of UK music firm EMI - home to the Beatles, Pink Floyd and Coldplay - breaks competition rules......

Solar tariff loss for government
The government fails to get permission to appeal to the Supreme Court over its plan to cut subsidies for solar panels on homes......

BT pays 2bn into pension scheme
BT says it will pay 2bn into its pension scheme under a new nine year plan to wipe out the scheme's deficit......

British banks need fresh capital
The Bank of England says British banks need to raise fresh capital as early as feasible, as concerns remain over the stability of the global financial system......

Fall in sales of 2m-plus homes
The number of homes sold for more than 2m - now subject to a higher stamp duty rate - fell at the end of last year, figures show......

Cable to review business red tape
Business Secretary Vince Cable says the government will launch a review of how business regulation is enforced......

Empty shops rate hits new record
The proportion of shops in Britain lying empty hit a new record, a further sign of a difficult start to the year for retailers......

Facebook purchases IBM patents
The social network confirms it has bought intellectual property rights from IBM. The move may help it in a patent dispute with Yahoo......

Credit Suisse halves pay for boss
Credit Suisse says it cut the total compensation for its chief executive, Brady Dougan, by 55% in 2011 after the bank's profit slumped......

Minimum price for alcohol planned
The government proposes a minimum price of about 40p per unit of alcohol in England and Wales - but is warned it could face a legal challenge......

Turbine plant 'to bring 800 jobs'
The port of Leith is chosen by Spanish company Gamesa for the site of a new offshore wind turbine plant, creating hundreds of jobs......

BAE's 150m fighter plant opens
Defence company BAE Systems officially opens a new 150m site in Lancashire to build part of the F-35 US fighter jet......

India boycotts EU carbon charge
Indian airlines will not comply with the European Union's (EU) carbon charging scheme, according to civil aviation minister Ajit Singh......

Cautious consumers 'pay off debt'
Cautious consumers' repayments on credit cards, loans and overdrafts outstripped new borrowing by 305m in February, figures show......

Cashing in on online Ponzi scams
Investors are using web-based tracker tools to put their money into online scams in the hope of cashing out before the schemes collapse, research suggests......

Web shopping prompts law review
Rapid changes in electronic technology prompt a major review of Scottish contract law to ensure consumers and businesses remain protected......

Higher rate tax 'for 5m by 2014'
More and more people on "relatively modest salaries" are being dragged into becoming higher-rate taxpayers, Budget analysis suggests......

Job woes hit consumer confidence
Consumer confidence fell in February amid worries over jobs and the wider the economy, according to the the latest survey from Nationwide......

Row over tax 'raid' on pensioners
The government defend plans in the Budget to change tax allowances for the elderly, amid claims they amount to a raid on pensioners' incomes......

Sharp decline in UK retail sales
UK retail sales volumes fell by 0.8% in February compared with the previous month, official figures show, a sharper decline than expected......

BP given 'Shetland drill' consent
Oil giant BP is given consent to drill a controversial deep-water well - called North Uist - west of Shetland......

Japan's AIJ sees offices searched
Japanese investigators search the offices of AIJ, as the scandal-hit money manager also loses its operating license......

Asia's big three close in on deal
Japan, China and South Korea move closer to inking a trilateral investment agreement that may pave the way for a free-trade deal......

West Ham bid for Olympic Stadium
West Ham United are among four bidders seeking to become tenants at the Olympic Stadium after the London 2012 Games......

No ruling on Rangers ticket deal
A judge has declined to rule on whether Rangers can rip up season-ticket deal with Ticketus, which it emerges was worth more than 30m......

Clubs reach deal with Fifa & Uefa
Europe's leading clubs sign a six-year peace deal with Fifa and Uefa at the latter's annual congress in Istanbul......

VIDEO: Petrol prices hit record high
Petrol prices have hit a record average high of 140.20 pence per litre of unleaded, according to industry analysts Experian Catalist......

AUDIO: Peacocks boss vows to reopen stores
The new chief executive of Peacocks says he is working hard to ensure more of the clothing chain's closed stores reopen......

VIDEO: The Economist's predictions for 2050
Nick Higham meets Daniel Franklin, who has published a book of essays about the future of the world......

AUDIO: Evans boss: It's about buying the right bikes
Nick Wilkinson, chief executive officer of Evans Cycles Evans Cycles, speaks to the Today programme's Simon Jack about how the current economic climate is helping and hindering them......

VIDEO: Obama nominates Jim Yong Kim
President Obama nominates the Korean-born US academic Jim Yong Kim to be the next president of the World Bank......

VIDEO: World Bank head nominees line up
The US is expected to announce its candidate for the next president of the World Bank as the deadline for nominations approaches......

VIDEO: Consumer confidence slips in February
After showing signs of cautious optimism at the start of the year, consumer confidence slipped back in February, mainly because people are worried about their jobs.....

VIDEO: New evidence of A4e alleged fraud
New evidence has emerged about allegations of fraud at the jobs and training agency A4e.....

Budget calculator 2012
How will the chancellor's Budget affect you?.....

No fun at the fair for Cable in Scarborough
Vince Cable gets a rough ride at conference in Scarborough.....

War for water in Chile's desert
How Chile's miners and vineyards fight over water rights.....

Technology for small businesses - on your terms
Tech takes the strain for small business on their terms.....

Budget's impact on smaller firms
What the Budget did - and did not - do for small firms.....

Q&A: Pensioner allowances explained
The facts behind the changes dubbed the 'granny tax'.....

Farewell, 50p tax rate
Why the 50p tax rate has not worked.....

Economy 2012: Keystone could be built by 2013, MT Gov.
Mar. 23 - Montana Governor Brian Schweitzer expects the Keystone XL Pipeline to be operation by early 2013......

New World Bank nominee has the time of his life
Mar. 23 - President Obama has nominated Dr. Jim Yong Kim, the president of Dartmouth College, for president of the World Bank......

U.S. Week Ahead: Obama healthcare law under scrutiny
Legal Affairs Editor Joan Biskupic says congressional limits are at the heart of the debate......

Breakingviews: Justifying Facebook's IPO valuation
Mar. 23 - Antony Currie and Breakingviews columnists discuss a new interactive calculator that tells you what the social network is worth......

New home price hits 8-month high
Mar 23 - Summary of business headlines: Median home price climbs in February, but sales fall; Bank of America tests owner-to-renter foreclosure program; Fans of "The Hunger Games" get early meal. Conway G. Gittens reports......

Boeing backs rival in EU row
Mar.23 - Boeing is backing Airbus in a dispute over European Union airline emissions, even as it refused to negotiate a settlement in a separate dispute with its arch-rival over aircraft subsidies. Ciara Sutton reports......

Trading at Noon: Housing market still concern for investors
Mar. 23 - The housing sector is still a concern for investors after new home sales declined in February, leading stocks lower......

EMEA Week Ahead
Mar. 23 - Spain stokes euro zone worries again as Madrid draws up a new budget and unions call a general strike in protest at austerity......

Inside Equities: Chinese retailer Vipshop sputters on launch
Mar. 23 The CFO of discount Chinese retailer Vipshop, Donghao Yang, is shrugging off a weak debut on the NYSE; saying the company can turn profitable in the 'near-term' future......

World Bank race heats up as deadline looms
March 23 - Angola, Nigeria and South Africa have endorsed the nomination of Nigerian Finance Minister Ngozi Okonjo-Iweala, a respected economist and diplomat, as a candidate to take over the bank when Robert Zoellick steps down in June. Ciara Sutton .....

No re-run of 1994 treasury market carnage
Mar. 23 - A '1994-style' bond market rout is unlikely this year, but market analysts aren't ruling out a quick change in sentiment......

Obama nominates public health expert for World Bank
March 23 - U.S. President Barack Obama has nominated Dartmouth College President Jim Yong Kim, a public health expert of South Korean origin, to head the World Bank. Rough Cut (no reporter narration)......

3XSQ: Own to rent, Pincus profits
Mar. 23 - Bank of America tests a new home foreclosure program, and Zynga's CEO Mark Pincus is set to make $227 million as shareholders sell 43 million shares......

Falkland Islanders grow their own food
Mar. 23 - Falkland Islanders are taking measures to protect themselves from food shortages, as new shipping controls disrupt supplies to the remote South Atlantic archipelago. Hayley Platt reports......

Breakingviews:BT gets better side of pension fund deal
Breakingviews......

Microbreweries put fizz into flat beer trade
March 23 - The UK's 'craft beer' sector is flourishing, winning drinkers over with stronger pints and cult appeal. Amy Gardner reports......

Sports spread: "squeeky bum" time arrives in Manchester
Mar. 23 - Manchester will be celebrating when the Premier League climaxes in May but will it be City or United who take top honours? Plus, a look at the Malaysian Grand Prix on Sunday......

Spain not same as Greece - Economy Minister
Mar. 23 - The Spanish economy minister Luis de Guindos says comparisons between Greece and Spain are "total nonsense.".....

Four commodity winners in 2012
Mar. 23 - We take a look at the resources that will stand out in 2012 despite China's cooling economy......

Three reasons why China's economy will have a soft landing
Mar. 23 - Standard Chartered's Stephen Green says China's economy still has plenty going for it, and should avoid a hard landing in 2012......

U.S. Morning Call: Facebook buys 750 patents from IBM
that social networking giant Facebook has bought 750 patents from IBM. The move comes after Yahoo sued Facebook claiming it infringed Yahoo's patents......

World Bank race heats up as deadline looms
Mar.23 - Angola, Nigeria and South Africa have endorsed the nomination of Nigerian Finance Minister Ngozi Okonjo-Iweala, a respected economist and diplomat, as a candidate to take over the bank when Robert Zoellick steps down in June. Ciara Sutton re.....

Market Pulse: Dollar sinks to three-week lows
Mar. 23 - The dollar index tumbles below its 100-day moving average, triggering losses for the greenback against major currencies......

Number crunching "The Hunger Games"
Mar 22- On the eve of the much anticipated opening of The Hunger Games movie, Hollywood is already doing the math- and likes what it sees. Bobbi Rebell reports......

Global worries drag down morale
Mar 22 - Summary of business headlines: Factory slowdown in Germany, China weigh on Wall Street, offsetting drop in U.S. jobless claims; Nike beats, FedEx warns, McDonald's head retires; President Obama continues to push energy strategy. Conway G. Gi.....

Olympics headache for forecasters
The Queen's Diamond Jubilee and the Olympics will leave economic forecasting in disarray according to one of the UK's most senior policymakers.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1dbb90ca/mf.gif' bord.....

Mears chairman Bob Holt sells shares
The long-standing chairman of Mears has raised eyebrows after selling his entire shareholding in the social housing maintenance company.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1dbb90cb/mf.gif' border='0'/.....

James Murdoch severs final NI ties
James Murdoch has finally severed all ties with News International, quitting the boards of Times Newspapers Holdings and two other holdings companies associated with the troubled newspaper group.<img width='1' height='1' src='http://telegraph.feed.....

Manipulation claim over Indian Rafale jet deal
A leading Indian MP has accused government officials of "manipulation" in awarding a $20bn (12.6bn) contract to buy France's Rafale jets instead of the Eurofighter Typhoon.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/5.....

Global trade war threat as India rejects EU plan
The threat of a global trade war over a European Union scheme to control airlines' carbon emissions has been ratcheted up by India refusing to comply with the plan.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/.....

Banks urged to raise fresh capital
The taxpayer could be asked to stump up yet more cash to support Britain's banks after the Bank of England's new risk watchdog urged them to raise more capital.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1dbb.....

Cider makers attack lack of consultation on minimum pricing
Minimum pricing on alcoholic drinks will not tackle problem drinking and has been proposed without consultation, according to Britain's cider makers.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1dbba6dc/mf.gif.....

Sales increase at Telegraph Media Group
Sales at Telegraph Media Group (TMG) rose last year to hit 331m while market share for both advertising and circulation rose, despite the challenge of tough economic conditions.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/3272.....

FTSE 100 takes biggest weekly fall of year
Britain's biggest listed companies had their worst weekly performance of the year as shares were rocked by poor economic data and renewed fears about the European debt crisis.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/.....

Apple shares sent tumbling after trading glitch
A glitch on a minor stock exchange sent shares in Apple, the world's biggest company, tumbling 9pc today, forcing a suspension in trading.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1dbb24a6/mf.gif' border='0.....

Forecasting is just voodoo economics
Martin Weale has been getting his excuses in early, as any canny forecaster should.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1dbb2173/mf.gif' border='0'/><br/><br/><a href="http://da.feeds.....

BarCap picks a baker's dozen of UK bid targets
As the City basked in spring sunshine, punters thoughts turned to cold beers, barbecues, and a spot of M&A.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1dbab753/mf.gif' border='0'/><br/><br/>.....

Jim Yong Kim raps in Dartmouth show
Jim Yong Kim, US nomination for the presidency of the World Bank, shows that he has a good sense of humour by performing a rap and dance at a Dartmouth College talent competition.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32.....

BT shares jump after 2bn payment halves pension deficit
BT was the biggest riser in the FTSE 100 today, after the telecoms giant said it would plough 2bn into its pension fund - thought to be one of the biggest corporate injections of its type.<img width='1' height='1' src='http://telegraph.feedsportal.....

Trading in Apple shares halted after shock 9pc fall
Trading in Apple shares were briefly halted on Friday after a shock 9pc fall, which some reports said was the result of a "fat-finger error" and others put down to an embarrassing systems glitch.<img width='1' height='1' src='http://telegraph.feed.....

President Obama names Jim Yong Kim for presidency of World Bank
President Obama picks an expert in public health born in South Korea as his nominee to run the World Bank, a surprise choice that will weaken the hand of his rivals for the position.<img width='1' height='1' src='http://telegraph.feedsportal.com/c.....

Questor's speculative tips outside the FTSE 100
Questor podcast: Tipster Garry White picks two companies as good speculative buys.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1db9a1b5/mf.gif' border='0'/><br/><br/><a href="http://da.feedsp.....

Water bills 'double' in ten years
Every one of Britain's water companies has increased bills for householders faster than the rate of inflation for the last ten years, new figures have shown.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1db9a1b.....

TalkTalk complaints keep coming
Any progress TalkTalk Group was making in improving its customer service appears to have ground to a halt, according to new Ofcom data.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1db99b41/mf.gif' border='0'/&.....

President Obama nominates Dartmouth College president Jim Yong Kim as World Bank chief
President Barack Obama has nominated Jim Yong Kim, the president of the Dartmouth College and a global-health expert, as the new president of the World Bank.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1db92b5.....

World Bank president: Who is Jim Yong Kim?
US President Barack Obama has nominated Jim Yong Kim to be the next head of the World Bank. We look at who is he and what's on his CV.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1db92b50/mf.gif' border='0'/&g.....

Five facts about Jim Yong Kim
US President Barack Obama has nominated Dartmouth College President Jim Yong Kim to head the World Bank.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1db92b53/mf.gif' border='0'/><br/><br/><a .....

BoE's Weale predicts tricky time for UK forecasters
The British economy is likely to grow in the first quarter, avoiding a return to recession, but how the economy will perform during the rest of year is anyone's guess, according to one of the country's most senior economic policymakers.<img width=.....

President Obama to nominate Dartmouth College president Jim Yong Kim as World Bank chief
President Barack Obama is expected to nominate Jim Yong Kim, the president of the Dartmouth College and a global-health expert, as the new president of the World Bank.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300.....

How the World Bank differs from the IMF
The World Bank will apppint a new chief today, but how does the organisation differ from that other global financial institution, the IMF? We find out.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1db8bf65/mf.g.....