Policy makers are set to delay first rate hike October 22, 2014 A COOLING housing market, low inflation, and a troubled Eurozone made for more dovish tones at this months meeting of the monetary policy committee. The meeting was held on the 7 and 8 October but the minutes were made available yesterday. As in the previous three meetings the vote to hold rates was won by [...]
US inflation up on food costs October 22, 2014 US CONSUMER prices rose marginally in September, painting a weak inflation picture that should give the Federal Reserve ample room to keep interest rates low for a while. The Labor Department said yesterday its Consumer Price Index edged up 0.1 per cent last month as a rise in food and shelter costs offset a decline [...]
Lloyds to chop 9,000 staff to save more costs October 22, 2014 LLOYDS Bank is planning to cut another 9,000 jobs, on top of the 15,000 the lender has chopped since 2011, it emerged last night. The new round of cost cutting will hit another 10 per cent of the workforce, according to Sky News. Analysts believe the bank has far too many branches to be efficient. [...]
Roman Abramovich aide Marina Granovskaia on the rise at Chelsea as chief executive Ron Gourlay quits October 22, 2014 She is the former PA who has risen to a key role in the boardroom of one of Europe’s biggest football clubs, and now Marina Granovskaia’s influence at Chelsea is about to grow even further. The Russian-Canadian, a long-time associate of Blues owner Roman Abramovich, is to take on greater responsibility for the running of [...]
MPs take aim at regulators on Co-op Bank October 22, 2014 EX-CITY regulator the Financial Services Authority (FSA) should be probed as part of the investigation into the near-collapse of the Co-op Bank and the failed attempt to sell it TSB, MPs said in a report today. The Treasury Select Committee also wants the whole process of auditing banks to be investigated by the Financial Reporting Council, which [...]
Homebase set to close one in four of its shops October 22, 2014 HOME Retail Group said yesterday it planned to shut a quarter of Homebase’s 323 branches, blaming excess retail space and the rise of a generation that had fallen out of love with DIY. Chief executive John Walden said the rise of online and growing competition had left the DIY market “over-spaced” while an increasing number [...]
Retail jobs declining as pressure mounts on supermarket sector October 22, 2014 The number of staff per store on the high street slumped to a record low in the third quarter of the year, as troubled supermarkets overhauled their management structures to reverse sliding sales. The equivalent number of full-time jobs fell by 1.3 per cent between July and September, even as the number of stores increased [...]
HSBC unfairly sold loans to small firms October 22, 2014 HSBC and First Trust Bank broke competition rules by wrongly indicating that small businesses had to have an account with them if they wanted a loan, the Competition and Markets Authority (CMA) said yesterday. Former regulator the Office of Fair Trading (OFT) began the investigation, last year telling HSBC to review its sales process. In response, [...]
Euan Sutherland relaxes into SuperGroup’s clothing after taking on chief exec role October 22, 2014 Euan Sutherland looked relaxed and rested yesterday as he announced his new role as chief executive of high street fashion retailer SuperGroup. As if to prove his unswerving loyalty to the cult brand, the soft-spoken 6ft 6in Scotsman is dressed head-to-toe in Superdry clothing, including a navy blue pea coat, which he enthuses is “absolutely [...]
Volatility index calms down as panic subsides October 22, 2014 DON’T panic, as the cover of the Hitchhiker’s Guide to the Galaxy by the late Douglas Adams exhorted. After surging to a 28-month high last week, the Chicago Board Options Exchange Volatility Index (Vix) has fallen at least a point a day since 16 October, reflecting a dissipation of investor concern that hasn’t occurred in [...]