Firms look to offload pension liabilities as burden intensifies February 18, 2010 ALMOST two fifths of UK firms plan to offload some of their dangerously bloated pension scheme liabilities within the next three years, paying a massive premium to insurance companies to take them off their books. One in ten expect to completely shift their pension pots to an insurance firm by 2013, according to the research [...]
Fears deficit rivals Greece February 18, 2010 THE dire state of Britain’s public finances was thrown into sharp relief yesterday after official statistics revealed that the government was forced to be a net borrower in January – the first time this has happened since records began in 1993 – as tax revenue plunged in a month that is usually a bumper one [...]
Money supply growing again February 18, 2010 THE supply of broad money (M4) in the UK economy grew 0.6 per cent last month but lending remained flat, provisional data from the Bank of England showed yesterday. M4 lending grew just 0.1 per cent in January and lending excluding the effects of securitisations stagnated. The annual growth rate of broad money lending fell [...]
CITY VIEWS: IS THE UK GOVERNMENT DOING ENOUGH TO REDUCE THE DEFICIT? February 18, 2010 DANNY STUFARD | THOMAS EXCHANGE “Yes, I’d say so. It’s going to take a while to recoup and adjust to what’s happened. They are doing everything they can and there is not going to be an improvement overnight. I wouldn’t cut costs in the public sector, we need to keep as many people employed as [...]
Mortgage lending at a 10-year low February 18, 2010 GROSS mortgage lending fell to its lowest level in nearly 10 years last month as buyers rushed to complete purchases before the stamp duty holiday ended, the Council for Mortgage Lenders (CML) said yesterday. Total mortgage lending fell 32 per cent to £9.1bn from £13.4bn in December and down 21 per cent on January 2009. [...]
Court: Stanford must stay in jail February 18, 2010 A US appeals court denied for the second time a bid by accused swindler Allen Stanford to be released from jail pending trial. The US Fifth Circuit Court of Appeals in New Orleans said in a ruling that Stanford’s lawyers presented “no new circumstances” in their second effort to win his release. His lawyers had [...]
ITV sale of Friends is cleared February 18, 2010 The Competition Commission has cleared ITV’s sale of FriendsReunited to Brightsolid. The competition concerns are over Brightsolid’s ownership of findmypast.com and the 1911 census site while FriendsReunited runs Genes reunited. But the regulator said that the deal could improve competition by forcing ancestry.co.uk to up its game in the face of rejuvenated competition.
Hedge funds to stick to Mayfair February 18, 2010 Hedge funds are unlikely to exit the UK because of tax, a report suggested yesterday. Property consultancy Cushman & Wakefield found 10 per cent of UK firms now consider taxation a crucial factor in deciding where to headquarter their business, up from 5 per cent three years ago. Around 18 hedge funds are contemplating overseas [...]
Swiss Re records a net profit for 2009 February 18, 2010 SWISS Re, the world’s second largest re-insurer, has turned around its fortunes and recorded a profit for 2009 following a dismal set of results in 2008. Annual net profit stands at SFr506m (£300.6m), up from the heavy 864m loss in 2008. The company’s core businesses have maintained strong earnings resulting in a improved balance sheet [...]
New directors on board at Pearl as it heads for UK float February 18, 2010 FUND management and insurance group Pearl yesterday said it was pressing ahead with a London stock market flotation despite its well-publicised wrangle with bondholders. The company, which is being renamed as Phoenix, is not raising any new capital at the time of its listing. Shareholders Liberty Acquisitions and Hugh Osmond, the group’s founder, do not [...]