Press Round-up – February 28

February 28, 2012

Data show ECB loan spur for bond rally
Italian and Spanish banks accelerated their sovereign debt purchases by a record monthly amount in January, underlining how the use of cheap funding from the European Central Bank has contributed to a bond rally among peripheral euro zone countries.   (FT)

Prudential pays small sum to UK taxman
Prudential, the UK insurer which on Sunday confirmed it is considering moving its headquarters to Hong Kong, has paid just 234 million pounds in UK tax over the last five years.  (Telegraph)

Top firms pay highest UK taxes since 2008
Britain’s biggest companies last year generated their largest collective tax receipt in three years, as a combination of rising profits and hikes in VAT and income tax saw a 14 percent jump in contributions. (Independent)
Moreno exit adds to Lloyds woes
Glen Moreno has resigned as deputy chairman of Lloyds Banking Group, adding further to the disruption at the part-nationalised lender. (FT)

HSBC falls short of SME lending goal
HSBC  fell short of a goal to provide 12.9 billion pound of loans to small and medium-sized enterprises in the UK last year, blaming muted demand from these borrowers.   (FT)

Crossrail tender favours UK
British ministers will on Tuesday launch the tender for a 1 billion pound contract to supply trains for the Crossrail project with the government aiming to “level the playing field” for UK-based manufacturers. (FT)

KKR chiefs take home $94 million each
Henry Kravis and George Roberts each took home a pay-out of around $94 million last year from KKR , the private equity group they helped to found, the latest sign of the riches available to industry executives at a sensitive time in the U.S. presidential election. (FT)

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