World’s bank watchdogs told to deal with weak lenders fast June 18, 2014 REGULATORS across the world must be able to intrusively monitor banks permanently, not just in the wake of the crisis, international watchdog the Basel Committee said yesterday. Each country’s authorities must be able to identify weak banks rapidly, by constantly monitoring key figures such as capital and liquidity posit-ions, it said in a consultation paper. [...]
World Gold Council summit set to reform shaky gold fix process June 18, 2014 Gold industry experts will meet next month to discuss reforms to the gold fix, after a series of setbacks for London’s historical price-setting organisation. The World Gold Council announced the sector’s summit yesterday, with a first meeting scheduled for 7 July. The group said that bullion banks, refiners, central banks, exchange-traded fund and miners would [...]
Credit card borrowing shoots up June 18, 2014 CREDIT card borrowing has been rising at the fastest level since the boom years, figures from the British Bankers’ Association (BBA) showed yesterday. Lending shot up 5.5 per cent in the 12 months to April, a rate of growth last seen in 2008. And the total amount outstanding in credit cards stands at £57.7bn, up £1.5bn [...]
ABN Amro hikes pay to dodge EU’s cap on bankers’ bonuses June 18, 2014 THE TOP 100 bosses at Dutch bank ABN Amro would receive a 20 per cent pay hike to get around Europe’s bonus rules, the lender said yesterday. New EU rules will cap bonuses at 100 per cent of salary, or 200 per cent if shareholders agree. And ABN Amro is preparing to but bonuses to as little [...]
RBS cuts branch managers in London in latest efficiency drive June 18, 2014 NATWEST has cut more than 200 branch managers across England, Wales and London in a bid to drive costs. The RBS brand previously had five grades of branch manager and has reorganised them into just two grades – those who run big branches and those in charge of smaller sites. It is cutting 361 positions, then [...]
McDonald’s to serve up 8,000 UK jobs by 2017 June 18, 2014 MCDONALD’S will cook up 8,000 new roles in the UK over the next three years, expanding its already sizeable workforce by 8.5 per cent. The fast food chain, which celebrates 40 years in the UK this year, said two in every three of the jobs would go to first-time employees under the age of 25. [...]
Kasabian bemoan a lack of stock and roll June 18, 2014 WHEN Kasabian’s Tom Meighan rocked up at Aviate Global’s London HQ yesterday for a light spot of trading, he was expecting something a bit different than the serenity and relative calm of the trading floor. “I was expecting Wolf of Wall Street,” he told Aviate founder Gary Paulin, much to Paulin’s amusement. The Glastonbury headliners [...]
Just Eat gobbles up tech gongs June 18, 2014 TAKEAWAY tech star Just Eat cleaned up at the inaugural Digital Masters Awards at One Mayfair last night. Its chief financial and marketing officers picked up awards in their categories with CEO David Buttress just (pun intended) missing out on the top chief gong to King co-founder Riccardo Zacconi. Also just pipped to the top [...]
London gets its first renminbi clearing bank June 18, 2014 BRITISH businesses and traders will get more access to Chinese markets after the China Construction Bank (CCB) was yesterday appointed the UK’s first renminbi (RMB) clearing bank. The Bank of England signed the deal with CCB, meaning that firms in Britain would be able to clear currency trades through a bank in the UK. It is [...]
Rolls-Royce to collaborate with Chinese nuclear reactor vendors June 18, 2014 UK engineering giant Rolls-Royce yesterday signed a memorandum of understanding with CGN, the Chinese nuclear reactor vendor. The Rolls-Royce-CGN deal will open the way to collaboration in nuclear engineering support, the supply of emergency diesel generators and supply chain management, and comes just a day after Rolls-Royce inked a deal with CGN’s rival, SNPTC. China [...]