Clegg and Farage to battle it out over Europe March 5, 2014 LIBERAL Democrat leader Nick Clegg and Ukip frontman Nigel Farage are to battle it out in a live TV debate about membership of the European Union. Keen politicos will want to block out the diary for 2 April at 7pm when the two leaders will grace TV screens on BBC2 for an hour long debate. [...]
Banks speed up compensation for small firms March 5, 2014 BRITAIN’S biggest banks have accelerated their compensation payments to small firms who were mis-sold interest rate products, the City watchdog said yesterday. It comes as the Financial Conduct Authority’s (FCA) May deadline for repaying the businesses looms. All of the small businesses who are thought to have been affected and have been deemed to be unsophisticated [...]
UK’s new payments watchdog to launch by start of April 2015 March 5, 2014 A BODY to regulate the UK’s huge payments industry will be fully operational by the beginning of April 2015, according to the Financial Conduct Authority (FCA). The FCA says that the sector processes seven billion transactions each year, collectively worth over £75 trillion. The regulator also says that the new body will be focusing on competition, [...]
Bank of America picks Fleming to lead UK equities March 5, 2014 PROFILE: JAMES FLEMING Bank of America Merrill Lynch (BAML), which has been playing a leading role in some of the biggest transactions in the London market so far this year, is relocating James Fleming from its Hong Kong office to become head of UK Equity Capital Markets (ECM). Fleming, who has 15 years’ experience in [...]
Baked spuds to baby eating: Odd analogies March 5, 2014 THERE must have been something in the air yesterday, not one but two business leaders made baffling analogies in their statements to the press. Perhaps it was an attempt to enamour us by beating tedium and referencing food but Admiral chief executive Henry Engelhardt described the insurance giant’s last 365 days as “the year of [...]
David Mayhew Jr joins Barclays March 5, 2014 EVERYONE from the City’s gossips to its financial historians have been treated with an exciting news titbit. Robert Mayhew, progeny of City veteran David Mayhew, has joined Barclays’ corporate broking team in a senior role, bringing years of experience from Credit Suisse with him. Mayhew junior may not yet have the kind of cachet his [...]
China sticks to growth target as bears gather March 5, 2014 THE CHINESE authorities yesterday said they would stick to their target of 7.5 per cent growth for the current year, despite concerns that the economy could slow down further. Premier Li Keqiang, making his debut appearance at the National People’s Congress, also said the state would maintain its inflation target of around 3.5 per cent. [...]
The Co-operative to double food convenience shops in five years March 5, 2014 THE CO-OPERATIVE Group is to double the number of convenience stores to around 4,000 in the next five years as it fights back against growing competition from other major rivals piling into the convenience sector. The expansion push forms part of retail chief executive Steve Murrells’ plans to turn around the Co-op’s beleaguered food business, [...]
Homeowners told to switch to fixed deals ahead of rate rise March 5, 2014 THE BANK of England is almost certain to keep interest rates at their historic low of 0.5 per cent today – yet with lenders increasingly expecting a rise to come within the next year, rates on mortgages and credit card are creeping upwards. The average credit card annual percentage rate (APR) has climbed to 18.17 per cent [...]
City A.M. Shadow MPC holds, despite growth March 5, 2014 ALLISTER HEATH | CITY A.M.“The collapse of forward guidance is just the latest evidence that a tightening of monetary policy is long overdue. Significant capacity constraints are already emerging and will worsen as the economy returns to a normal growth rate. Bank rate should immediately be raised to one per cent.” JAMES SPROULE | INSTITUTE [...]