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Thursday 28 February 2013

UK Financial News on 2013-02-28

EU banker bonus cap 'self-defeating'
The EU's proposed cap on banker bonuses will drive business away from London, says Boris Johnson, the mayor of Europe's biggest financial centre......

RBS lost 5.2bn in 'chastening' year
Royal Bank of Scotland (RBS) has reported its fifth year of losses since it was bailed out by the government in 2008, hit by fines and mis-selling charges......

BP oil spill probe 'had limitations'
A BP executive admits that the scope of an internal investigation into the Gulf of Mexico oil disaster that he led did not include budget pressures from top management......

Revision takes US economy to growth
The performance of the US economy in the last three months of 2012 is revised from a 0.1% contraction to 0.1% growth by the Commerce Department......

Sports Direct buys Republic chain
The Republic fashion chain has been bought by Sports Direct for an undisclosed sum, which administrators say will safeguard more than 2,100 jobs......

HMV administrators sell Asia shops
The administrators of HMV sell its six shops in Hong Kong and two in Singapore to private equity firm Aid Partners......

Samsung loses Japan iPhone battle
Samsung has failed in its latest patent challenge against Apple, but is being aided by a former UK judge in a separate battle......

Union agrees Opel's restructure plan
German trade union IG Metall agrees to Opel's plan to restructure its German operations......

Thousands face mortgage rate rise
Thousands of mortgage borrowers with Bank of Ireland and subsidiary Bristol and West will see the cost of their home loan nearly double, despite steady interest rates......

Spain's Bankia loses 19.2bn euros
Spain's troubled Bankia - formed of the merger of seven savings banks - has made a record loss despite being bailed out with 18bn euros......

Sale prompts windfall for investors
Mutual annuity provider MGM Advantage is selling its name and any new business to a private equity firm - prompting a windfall for thousands of customers......

Iberia and fuel costs hit IAG profit
Restructuring charges at Iberia and fuel costs have hit results at International Airlines Group (IAG), which owns both the Spanish flag-carrier and British Airways......

Eurozone inflation drops back to 2%
The average rate of inflation across the eurozone has fallen from 2.2% to 2% in January, according to official figures......

Capital plan to boost new banks
Customers could get more choice over where to bank on the High Street after the regulator announced a potential boost for new entrants to the market......

Sony sells 'holy land' building
Sony has sold one of its landmark Tokyo buildings for $1.2bn - its second high-profile property deal this year......

Debate over 'jargon' for investors
Renaming a sector for certain types of investments will make the risks clearer to consumers, a trade body says, but there has been criticism of the move......

Council tax up despite incentives
More than 40% of councils in England are planning to increase council tax this year, despite being offered cash incentives to freeze bills......

Whisky galore flushed down drain
Thousands of litres of whisky are flushed down the drain by accident at a bottling plant in Dumbarton......

All-time high for Bitcoin currency
Online currency Bitcoin reached an all-time high price of more than $32 (21), a sign the virtual money fortunes have reversed......

Rising costs 'add to divorce misery'
Spiralling costs and poor quality legal services are adding to the misery of divorce, the Legal Ombudsman for England and Wales says......

Hidden theatre booking fees targeted
An advertising watchdog has vowed an ongoing crackdown against ticket sellers who hit customers with hidden booking fees......

Colder weather boosts British Gas
Centrica says profits from British Gas' residential energy supply rose 11% to 606m last year, as colder weather meant people used more gas......

India eyes growth with spending rise
India's finance minister announces an unexpected rise in public spending for the next financial year in an attempt to revive its sluggish economy......

US durable goods fall in January
Orders for US durable goods fell in January for the first time in five months as aircraft orders plunged, but excluding transport, orders rose steadily......

Surge in Italy's borrowing costs
Italy's borrowing costs rise sharply but the government sells all the bonds on offer, in the first test of its ability to borrow money long-term after the election......

Apple boss laments share price fall
Apple's chief executive Tim Cook acknowledges shareholder unease over the technology giant's falling share price, but says the company is working on a pipeline of "great stuff"......

BP 'egregious' for drilling well
BP is accused of disregarding evidence during drilling that the Macondo well was unstable, on the third day of a civil trial over the Gulf of Mexico oil spill......

Shell halts Arctic drilling for 2013
Royal Dutch Shell says that it will suspend its offshore drilling programme in the Arctic for the rest of 2013 in order to give time to ensure safety......

Lancs' Old Trafford home renamed
Lancashire's Old Trafford ground is renamed as part of a 10-year partnership with airline firm Emirates......

Work on golf resort 'by autumn'
The developer behind the 100m golf and hotel resort near the Giant's Causeway in County Antrim says he hopes work will start this autumn......

Gers will not lose league titles
The commission appointed by the SPL to investigate alleged undisclosed payments by Rangers will not strip the club of any league titles......

VIDEO: RBS: 'Digging our way out of mess'
Royal Bank of Scotland has "defused an economic time bomb", despite reporting losses of 5.17bn, its chief executive has said......

VIDEO: High street store closures soar
The number of stores closed by retail chains in Britain has soared over the past 12 months, according to research......

VIDEO: Smart phone becomes 'smart wallet'
Rory Cellan-Jones takes a look at NFC technology to see how it could turn the smart phone into a "smart wallet"......

VIDEO: High Street store closures 'soar'
The number of shops closed by retail chains in Britain has soared over the past 12 months, according to research......

AUDIO: 200m 'boost' for supply chains
Lorraine Holmes, of the Manufacturing Advisory Service, says the joint government and industry commitment to put 200m into supply chains will boost the economy......

VIDEO: 'My divorce costs rose out of control'
Divorcee Sam Feely speaks to the BBC about the legal costs she incurred through her divorce......

VIDEO: Airbus gears up for A350 launch
Airbus, the European planemaker owned by EADS, is getting ready to launch its A350, a rival to Boeing's grounded Dreamliner aircraft......

VIDEO: India budget comes as economy slows
Indian business wants a budget for growth, but the government could be tempted to go for populist spending measures......

How horsemeat made ready meals cheap
How horse meat has kept ready meal prices low.....

End of the line for online passwords
Why this could be the end for online passwords.....

Open window gave restaurant lift-off
How an open window was best advert for new restaurant.....

Nepal farmers brew coffee success
Nepal's farmers turn to coffee cultivation.....

Can motorway services boost economy?
Can motorway service stations boost the economy?.....

Who pays for the greening of Germany?
Consumers pay for Germany's green revolution.....

The myth of working from home
After years of predictions, why is working from home not the norm?.....

Can politicians save Britain's pubs?
Are politicians doing enough to save Britain's pubs?.....

Reuters Right Now: Groupon CEO departure won't save the firm
Breakingviews' Rob Cyran......

U.S. economy is sluggish, not moribund
Feb. 28 - GDP data show the U.S. economy barely budged in the fourth quarter, but economists remain optimistic about the current quarter, despite looming spending cuts. Bobbi Rebell reports......

U.S. Day Ahead: What's Buffett's next big deal?
Feb. 28 - We could get more clues when the billionaire investor releases his latest annual letter to Berkshire shareholders, fresh from that $23 billion dollar Heinz deal......

Housing improving on surface, but problems linger below
Fwb. 28 - RealtyTracs Vice President Daren Blomquist says signs such as increasing home prices, sales and demand create an imbalance in the distressed housing market......

Techquity: Narrowing niche for Nook, Facebook falling
Fed 28 - Tech giants pressuring Barnes & Noble's Nook sales while Facebook hits a 2013 low......

Trading at Noon: The 'ok', the bad & the ugly in retail
Feb 28 - We discuss earnings from the retail realm--from iconic Sears to newbie Groupon......

Underwater phone wows mobile show
Feb.28 - A bath-proof phone and a GPS walking cane are just some of the more whacky designs to hit this year's Mobile World Congress in Barcelona. Ciara Sutton reports......

Breakingviews: Always be paranoid
Feb 28 - Antony Currie and Breakingviews columnists discuss why Intel should be wary of overdoing its push to make semiconductors for rivals......

Europe Day Ahead: Red ink, bank blues
Feb. 28 - After big losses from RBS and Bankia today analysts are on alert for numbers from Lloyds tomorrow. Euro zone PMIs may not offer much cheer either......

Wealth Strategies: Stocks will hit all-time high over & over
Feb 28 - LPL Financial's Jeff Kleintop says that, while U.S. stocks are at all-time highs, valuations are still at the lows hit during the 2008-2009 bear market and feels the secular bear market may be over......

NY Comptroller - Sequestration set to be more "severe" than expected
Feb. 28 - The White House is actually underestimating the impact of Friday's $85 billion budget cuts on state and local finances, according to NY State Comptroller Thomas DiNapoli......

Horsemeat, now donkey - what next?
Feb. 28 - The meat scandal spreads to South Africa as donkey, water buffalo and goat is found in sausages and burgers, raising questions about where next and when will this scandal end? Hayley Platt reports......

Euro Zone Summit: Austerity not Germany's fault - Schaeuble
Feb. 28 - German Finance Minister Wolfgang Schaeuble says don't blame Germany for the post election instability in Italy. He also describes how he hopes to have a deal on Cyprus before Easter......

Rat brains linked to create "biological computer"
Feb. 28 - Duke University neurobiologist Miguel Nicoleilis says it might one day be possible for animals to communicate and collaborate with each other, using only their thoughts. Dr Nicoleilis has already developed interface technology connecting an.....

Daily Digit: Bankia's 19.2 billion euro loss
Feb. 28 - Spanish lender Bankia posts the country's biggest ever corporate loss of 19.2 billion euros for 2012, but the troubled lender insists it's on track for a recover in 2013. Ciara Sutton reports......

Reuters Breakingviews: EU warns banks to behave - or face consequences
Breakingviews. The banks should comply with the spirit of the proposed regulation......

The yen: how low can it go?
Feb. 28 - Prime Minister Shinzo Abes call for monetary easing is music to the ears of the nations exporters, but can the yen sink to the 100 per dollar mark? Yonggi Kang asks market watchers......

Reuters Today: Chastened RBS reports yet another loss
Feb. 28 - RBS reports its fifth annual loss since being bailed out by the British government. Plus banker bonus bashing by the EU......

Reuters Today: Chastened RBS reports yet another loss
Feb. 28 - RBS reports its fifth annual loss since being bailed out by the British government. Plus banker bonus bashing by the EU......

China's small cities gear up for big spenders
Feb. 28 - China's new growth engine is its small cities, far inland from the prosperous east coast. Migrant workers who once fled poverty at home are flocking back as entrepreneurs to ride a new spending wave......

U.S. Morning Call: Biggest Losers: JCPenney & Groupon
Feb 28 - JCPenney and Groupon are tanking in the premarket today, after posting disappointing results......

Market Pulse: What's Moving Today and Why
Insider has its finger on the market pulse, analyzing and making sense of the biggest movers of the day......

Apple keeps purse strings tight
Feb. 27 - Apple is holding on to its cash for now. The tech giant declined to offer any new ways to distribute its $137 billion cash pile at its annual shareholders meeting. Bobbi Rebell reports......

NY Comptroller: 1/3rd of Wall St. jobs unlikely to return
Feb. 27- Expect more job losses on Wall Street thanks to cost cutting and new technology according to the NY State Comptroller Thomas DiNapoli......

Bull bonanza on Wall Street
Feb. 27 - Summary of business headlines: Blue chips less than 100 points away from an all-time high as data point to business spending pick-up, Bernanke signals all-clear on QE3 and investors gobble up Italian debt. Losses, however, deepen at J.C. Pe.....

Groupon replaces chief Andrew Mason: his leaving letter
Groupon has replaced chief executive Andrew Mason. Here is his leaving letter in full.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2912ab0d/mf.gif' border='0'/><br/><br/><a href="http://da.fe.....

Groupon replaces chief Andrew Mason after dismal results
Dealy deals firm battling falling shares and ailing European business.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2912ab0e/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/.....

Groupon sacks chief Andrew Mason after dismal results
Dealy deals firm battling falling shares and ailing European business.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/29129e21/mf.gif' border='0'/>.....

O2 customers rise but profits fall
More than a million new customers switched to O2 contracts last year, but the mobile giant's sales still plummeted as people cut their spending.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/29118f8a/mf.gif' bor.....

The Government could use its RBS stake to support our growing businesses
Royal Bank of Scotland chief executive Stephen Hester believes the "light at the end of the tunnel" is fast approaching for the lender, but the market appears to have drawn the opposite conclusion.<img width='1' height='1' src='http://telegraph.fe.....

Ryanair cuts capacity at Stansted by one million passengers
Ryanair will cut capacity at Stansted by 9pc on the day the airport came under new ownership, in response to 'unjustified' increase of landing charges.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/29119dc2/mf.g.....

Profit has become a dirty word when it comes to fuel and banks
Britain will pay for its war on the energy companies and banks, says Jeremy Warner<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/29118f90/mf.gif' border='0'/>.....

We can't afford to make profit a dirty word
Britain will pay for its war on the energy companies and banks, says Jeremy Warner<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/29118a52/mf.gif' border='0'/><br/><br/><a href="http://da.feedsp.....

RBS: Stephen Hester has a tough year ahead of him
Royal Bank of Scotland chief executive, Stephen Hester, has a huge job ahead of him in the next year to achieve his aim of turning the lender into a 'normal' bank.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2.....

British American Tobacco to buy back 1.5bn of shares
British American Tobacco cheered the market by announcing a 1.5bn share buyback programme, as price rises and smokers trading up to premium brands helped the cigarette maker overcome falling sales.<img width='1' height='1' src='http://telegraph.fe.....

ITV rebounds as FTSE 100 caps off positive month
The broadcaster was one of the biggest risers on the FTSE 100.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/291197c8/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/15891973.....

National Express investors push for exit from UK rail
National Express is under pressure from shareholders to exit Britain's troubled rail industry in the wake of the West Coast Main Line scandal, it emerged on Thursday.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/.....

UK anger as Europe agrees toughest pay rules in the world
European officials agreed the first ever legal curb on bank bonuses in a move that the City warned could backfire and produce bigger salaries, riskier banks and fewer jobs.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/5.....

Domino's Pizza directors make 39m from selling shares
Domino's Pizza directors have cashed in on the delivery company's success by selling 39m of shares.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2911909a/mf.gif' border='0'/><br/><br/><a href=.....

House hunters surge to their highest level in five years in January
The number of house hunters surged to their highest level in more than five years in January, boosting hopes that 2013 will be a better year for the residential property market.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/3272.....

Man Group unveils 491m loss
Man Group capped a disastrous year as the hedge fund group unveiled a $745m (491m) loss and confirmed that one of its employees had been arrested on suspicion of insider trading.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/327.....

Bonus cuts see luxury home cash buyers fall
Cash buyers account for 49pc of all deals, compared with 74pc in 2011.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/291190a6/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/.....

Apple named Fortune's 'most admired company' for sixth year
Apple has topped Fortune's most admired companies list for the sixth consecutive year, with Google second and Amazon third.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2910dde1/mf.gif' border='0'/><br/&g.....

If the Coalition wants to save the high street it must rethink business rates
Ever since the days when the Tudors ran the country, governments have used a tax on property - either residential or commercial - to pay for local services.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2910dde3.....

Tony Hayward to return to offshore drilling in 2013 as Genel eyes expansion
Tony Hayward plans to return to offshore oil drilling this year for the first time since leaving BP in the wake of the Gulf of Mexico disaster, as he plots expansion in Africa with Genel Energy.<img width='1' height='1' src='http://telegraph.feeds.....

Lloyds Banking Group chief promises to lend 5bn to small business as mis-selling bill rises to 6.7bn
Lloyds Banking chief has promised to lend at least 5bn to its one million small business customers as it prepares to unveil results that are expected to show mis-selling provisions rising to 6.7bn.<img width='1' height='1' src='http://telegraph.fe.....

Britain must not 'undo' EU by leaving, says Olli Rehn
Britain is better off inside the European Union, commissioner Olli Rehn has said, as he urged the UK to support the rebuilding of the 27-nation bloc rather than seek to "undo our Community" by heading for the exit.<img width='1' height='1' src='ht.....

RBS boss Stephen Hester defends bankers' bonuses in face of losses
RBS chief executive Stephen Hester defends bankers' bonuses, saying the country should want "good, motivated people" working in the bank as there's "a lot of money at stake".<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f.....

Sports Direct buys Republic fashion chain
Sports Direct has swooped on collapsed fashion chain Republic, buying 116 of its shops from administrators.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/290d83c4/mf.gif' border='0'/><br/><br/><.....

New Crossrail images show tunnelling marathon under the streets of London
New Crossrail images show tunnelling marathon under London.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/290fc1b8/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/15891972527.....