Handelsbanken seizing more of market as UK deposits double April 30, 2014 CHALLENGER bank Handelsbanken more than doubled its depositors base in the UK in the year to March, its latest financial report showed yesterday. Cash saved in the Swedish bank’s British accounts soared by 126 per cent to £6.4bn by the end of the first quarter of the year. At the same time UK lending increased [...]
Cyprus becomes third euro state to return to bond sales in April April 30, 2014 THE GOVERNMENT of Cyprus yesterday became the third on the Eurozone’s troubled periphery to return to bond markets this month. The country’s finance ministry said it had raised €100m (£82.5m) from the debt sale, conducted as a private placement on the London stock exchange. The six year bonds will yield 6.5 per cent interest. The [...]
BNP Paribas’ shares tumble on US fine fears April 30, 2014 BNP PARIBAS profits dipped in the first quarter as it set more money aside to cover legal bills, and its Italian business disappointed, the bank reported yesterday. Pre-tax profits fell 3.7 per cent on the year to €2.5bn. Revenues slid 0.6 per cent to €9.9bn while operating expenses fell 1.4 per cent to €6.4bn. But [...]
Tube peace talks resume tomorrow April 30, 2014 THE RMT union will meet with London Underground executives tomorrow in an attempt to avoid a second week of strike action, following the conclusion of a 48-hour walkout last night. Neither the union nor the Tube have offered to alter their stance on ticket office closures.
Standard Life reports 50 per cent drop in annuity sales post Budget April 30, 2014 PENSIONS and savings provider Standard Life has reported a 50 per cent drop in sales of annuities in the UK since the chancellor announced an overhaul of the industry in his Budget in March. George Osborne’s scrapping of compulsory annuities took the insurance world by surprise. Despite this, David Nish, chief executive of Standard Life, [...]
Inflation crisis for Venezuela April 30, 2014 THE VENEZUELAN government is set to increase the country’s minimum wage and pension payments by 30 per cent, reacting to the country’s surging inflation. President Nicholas Maduro said yesterday that the hiked rate would come in on 1 May, following a 10 per cent increase at the beginning of the year. While the official Venezuelan [...]
Santander UK chair to step down April 30, 2014 Terry Burns is stepping down as chairman of Santander’s British business, the firm confirmed yesterday. Santander intends to have his replacement in place by the end of the year, as the UK business prepares for a stock market listing. Lord Burns left the bank’s Spanish board earlier this year. The firm is still awaiting the [...]
ICE wins mandate for ISDAFIX April 30, 2014 ICE has won a fresh benchmark mandate to go with its new responsibilities for Libor. The International Swaps and Derivatives Association said yesterday it has selected ICE Benchmark Administration (IBA) to run its ISDAFIX benchmark, which is being investigated over alleged rigging. IBA is part of the ICE exchanges group that owns NYSE Euronext. The [...]
Eurozone inflation inches higher April 30, 2014 Inflation in the Eurozone rose an annualised 0.7 per cent in April, reducing chances the European Central Bank will act soon to ward off deflation, but the pace of price rises was below forecast and still within the ECB’s danger zone of under one per cent. Eurostat said inflation in the currency bloc is running [...]
Bookies lifted by relief over gaming curbs April 30, 2014 INVESTORS in high street bookmakers breathed a sigh of relief yesterday after new measures to curb gambling did not go as far as expected. Shares in William Hill and Ladbrokes rose after the government unveiled plans to let local authorities block new betting shops opening up on high streets and forcing bookmakers to keep track [...]