Payday lenders to create database
After repeatedly saying that it was impossible to create a database for payday loans the UK’s largest payday lenders are clubbing together to set one up. Wonga, Quick Quid, Mr Lender and ThinkFinance have all signed up to provide information to a real time credit-reporting system run by Callcredit, one of the country’s largest credit reference agencies.
EU opens up £450bn procurement
The EU has ratified rules on public sector procurement which will open up the £450bn a year market to smaller contractors. The regulations will allow governments to outsource services such as healthcare, social care and education more quickly.
No clear relationship between bad weather and poor retail sales
If in doubt blame the weather. It is the retail sector’s favourite mantra when confronted with poor sales figures and disappointed shareholders. But the UK’s official statisticians are not convinced.
Obama safeguards foreigner’s data
Barack Obama is planning to give foreigners some of the safeguards now afforded to Americans when their personal data are caught in electronic surveillance operations.
No 10 never received Tory rebel letter
A letter to David Cameron from Tory MPs that blew apart the party’s unity on Europe was never received by Downing Street, it can be revealed.
New credit ratings agency ARC
A new credit ratings agency preparing to take on the established trio of Standard & Poor’s, Moody’s and Fitch will dispense with the terms “investment grade” and “junk” to provide what it claims is a much-needed shake-up of the industry. ARC, which has its headquarters in Lisbon but plans to relocate to London, believes it’s time for a new approach.
The Daily Telegraph
Fracking fears over landowner claims
Fears that landowners could use ancient rights to allow fracking under people’s homes have been raised following the disclosure on Wednesday that more than 73,000 claims to manorial rights have been received by the Land Registry.
Hector Sants to lead Church taskforce
Sir Hector Sants, who resigned from Barclays just two months ago due to stress and exhaustion, is being lined up by the Archbishop of Canterbury to lead a new financial taskforce. The Most Rev Justin Welby has approached Sir Hector to drive payday lenders such as Wonga out of business and create a new way of thinking about finance.
THE WALL STREET JOURNAL
Demand for emerging-market bonds
Emerging-market governments around the globe are selling bonds at the fastest pace on record, highlighting that demand for such debt remains strong despite a turbulent six months that left many investors scampering for the exits.
Russia facing stagflation official says
Russia is suffering from stagflation—a worrisome combination of stubbornly high inflation and flat economic growth—a top Russian central banker said Wednesday, the first time a senior official has used the term to describe the country's economy in recent years.