Rouble slips on Ukraine crisis February 26, 2014 THE rouble sank to a five-year low yesterday as investors reacted nervously to Russia’s government flexing its muscles over Ukraine. President Vladimir Putin ordered military drills near the border to Ukraine, where protests have sparked widespread violence. US secretary of state John Kerry said Washington was considering $1bn in loan guarantees for Ukraine. The greenback [...]
Scottish bank plans snubbed February 26, 2014 DEPUTY Bank of England governor Andrew Bailey became the latest in a line of critics to cast doubt on plans for Scottish independence yesterday. Speaking to the Scottish Affairs Select Committee yesterday as head of the Prudential Regulation Authority, Bailey said the plans for regulation in an independent Scotland were not “operating in any other [...]
House owning drops to 25-year low in England February 26, 2014 HOME ownership dropped once again last year, falling to the lowest level in a quarter of a century, according to shocking official figures released yesterday. The level of home ownership has now been falling for a decade. In 2012-13, 65.2 per cent of English homes were owner-occupied, down from 70.7 per cent in 2003, to [...]
What the other papers say this morning – 27 February 2014 February 26, 2014 FINANCIAL TIMES Hester to shore up RSA with £1.5bn Stephen Hester is finalising plans to shore up RSA’s balance sheet by as much as £1.5bn with one of the biggest equity raisings by a UK insurer, said people with knowledge of the matter. The former Royal Bank of Scotland chief, drafted in to run RSA [...]
Pre-nups head for shake-up as new laws loom February 26, 2014 COUPLES could be given the chance to draw up their own legally binding pre-nups under new plans proposed by the government today. In a report this morning the Law Commission recommends the introduction of new legally binding contracts – known as qualifying nuptial agreements – that could not be disregarded by the courts, as some [...]
Cameron and Merkel gear up for showdown over EU treaty change February 26, 2014 DAVID Cameron is being urged to confront the tricky topic of EU negotiation in a clash with German chancellor Angela Merkel today, as the two politicians meet in London. Merkel will address parliament today before joining the Prime Minister for lunch, where she is expected to insist that while reform in Brussels is necessary, the EU [...]
Minimum wage set to jump to £6.50 per hour February 26, 2014 THE MINIMUM wage is set to rise by three per cent to £6.50 per hour, after the Low Pay Commission yesterday recommended the increase in a long-awaited report to the government. The report advises ministers that despite increases in the minimum wage over recent years its value has fallen due to inflation, but stops short [...]
Credit Suisse on the defensive in US tax probe February 26, 2014 CREDIT Suisse’s top bosses defended the bank’s record on tax evasion, claiming they had fought the practices vigorously since 2008, in a hearing yesterday with US senators. A damning report from the lawmakers found evidence that staff at the Swiss bank had schemed to avoid being caught by the US authorities when helping American clients [...]
Ofgem to keep letting firms sell to themselves February 26, 2014 OFGEM yesterday said it had ruled out the possibility of putting self-supply restrictions on the big six energy firms, despite calls from Labour and independent suppliers to limit the practice. A spokesperson from the energy regulator told City A.M. that it had no plans to prevent the big six firms – which have both generation [...]
Inside Track: Essar deal could hurt JP Morgan February 26, 2014 IN the ultra-polite language of the City, even the biggest failures among departing bosses often leave with good wishes and gratitude for their contribution ringing in their ears. So when blue-chip fund managers dispense with pleasantries and bandy words such as “cynical” around, it’s clear that somebody is seriously unhappy. Having bought Essar Energy shares [...]