Asian markets fall as Bank of Japan holds back on stimulus May 21, 2014 Asian markets have fallen for the fourth day after the Bank of Japan (BoJ) decided against injecting further monetary stimulus. The BoJ will continue to expand the monetary base by 60 to 70 trillion yen per year. The decision was widely expected. London-based consultancy Capital Economics suggest the BoJ's optimistic tone means the chance of [...]
Lloyds caps mortgages May 20, 2014 LLOYDS Bank yesterday announced a shock clampdown on home lending designed to tackle the London housing boom, saying applications for mortgages worth over £500,000 would now be subject to a new income test. Borrowers will now only be able to get their hands on over half a million pounds from the UK’s biggest mortgage lender [...]
Google takes a bite out of Apple as world’s most valuable brand May 20, 2014 GOOGLE has dethroned Apple as the world’s most valuable brand, as its total value soared to nearly $160bn (£95bn) this year, according to new global research. The online search giant’s rise is due to its booming financial performance – Google’s revenues last quarter grew nearly 20 per cent to $15.42bn – and Apple’s lack of [...]
Osborne: Labour and Ukip will drag UK into decline May 20, 2014 THE CHANCELLOR George Osborne will deliver a stinging attack on Labour and Ukip in a speech later today, warning of job losses, falling wages and price rises if the parties’ anti-business agendas are allowed to win out in 2015. Addressing the Confederation of British Industry, Osborne is expected to take aim at Ed Miliband’s economic [...]
Inflation jumps as later Easter pressures prices May 20, 2014 INFLATION rose in April, according to official statistics released yesterday, as the effect of a late Easter sent air fares spiking upwards. The consumer price index (CPI) ticked upwards to 1.8 per cent last month, from 1.6 per cent in March. A slightly smaller increase had been expected. In the transport portion of the inflation [...]
Ex-Deloitte risk officer banned May 20, 2014 A FORMER chief risk officer at Deloitte has been suspended from acting as an auditor for public companies for two years as part of a settlement with US authorities on claims he accepted gambling credit while advising on the audit of a casino company. James T Adams agreed to settle the civil charges from the [...]
What the other papers say this morning – 21 May 2014 May 20, 2014 FINANCIAL TIMES Tougher rules close payday lenders Britain’s crackdown on payday lending is forcing a mass exodus from the quick credit market, with up to half the lenders pulling out in the past 18 months. A Financial Times analysis of data from the Financial Conduct Authority found that at least a third of the UK’s [...]
HSBC among big banks facing EU fixing charges May 20, 2014 THE EUROPEAN Commission levelled charges of market manipulation against three banks yesterday, alleging that the groups acted to rig a major inter-bank lending rate. HSBC, JP Morgan and Credit Agricole were named by the Commission, which said in a statement it believes that the banks were involved in fixing Euribor. The institutions held out last [...]
City institutions split over Astra bid rejection as pressure mounts May 20, 2014 HEAVYWEIGHT City stockpickers were split last night over the impending collapse of Astrazeneca’s takeover, with FTSE 100 giant Schroders and the UK’s best known manager Neil Woodford divided over the deal. Woodford, one of Astrazeneca’s most influential shareholders, said he believed the business would prosper without a takeover by US drug firm Pfizer. He backed [...]
Coroner rules death of JP Morgan exec Gabriel Magee was suicide May 20, 2014 A CORONER has ruled that the death of JP Morgan IT executive Gabriel Magee was suicide. US-born Magee jumped from the 32nd floor of the company’s Canary Wharf offices and was discovered at 8am on 28 January on a protruding roof on the ninth floor of the building. Coroner Mary Hassel said she was satisfied [...]