Flint: Heavy regulations are crushing growth October 21, 2014 EXCESSIVE regulations risk squeezing growth out of the global economy, HSBC’s chairman Douglas Flint told a House of Lords committee yesterday. He fears regulators are so focused on stability that they are stopping banks taking the risks they need to lend to firms, creating jobs and growth. “It seems to me that all too often [...]
Instant $84m Karma for Microsoft boss October 21, 2014 MICROSOFT just revealed how much it is paying its new chief executive, Satya Nadella. All told for the first year, it’s a $84m (£52m) package. Just 11 days ago, he urged women in technology not to ask for pay raises but trust in “karma” to get a fair salary.
Risk of mega-fines holds back RBS privatisation October 21, 2014 Bailed-out bank RBS is almost ready to be privatised, but the risk of major fines is stopping a large scale share sale, UK Financial Investments’ (UKFI) bosses told MPs yesterday. The government still owns 80 per cent of the bank and has yet to begin selling up – in contrast with Lloyds, where it has [...]
Top banks fined after Libor manipulation October 21, 2014 THREE banks were yesterday fined after traders tried to manipulate Swiss franc derivatives and Libor, the European Commission announced. It is not thought that any customers were actually harmed by the attempts to rig the market. UBS was fined €12.65m (£10m), JP Morgan €10.53m and Credit Suisse €9.17m over claims traders attempted to manipulate the [...]
UK manufacturing stays strong despite decline in job numbers October 21, 2014 MANUFACTURING output in the UK is now higher than it was in the late 1970s, according to the Office for National Statistics (ONS), scotching perceptions that Britain has lost its manufacturing prowess. Manufacturing output had managed to increase despite a decline in its share of the economy and falling job numbers, the statistics agency said [...]
Tesco suffers worst decline in grocery sector October 21, 2014 TESCO emerged as the biggest loser in the grocery sector over the past three months, despite sales showing signs of recovery, as the supermarket price war and fierce competition continued to take its toll on the troubled retailer. The company, which stunned the City last month with revelations of a £250m black hole in its [...]
Supermarket woes deepen over price wars October 21, 2014 THE UK food industry’s troubles were laid bare today after a report revealed the sector had suffered the sharpest rise in financial distress compared with other UK industries. According to Begbies Traynor’s latest Red Flag update, which monitors the health of UK companies, levels of “significant” financial distress among UK food retailers rose by 11 [...]
Corporate bonds are the target as ECB makes move October 21, 2014 THE EUROPEAN Central Bank is considering buying corporate bonds on the secondary market and may decide on the matter as soon as December with a view to begin purchases early next year, several sources familiar with the situation have told Reuters. European shares rallied on the news, led by banks and shares in peripheral countries. [...]
Biggest banks pay the most for the Eurozone’s resolution fund October 21, 2014 EUROPE’S biggest banks will pay a disproportionately large amount towards the new fund designed to cover the costs of any future bank collapse and resolution, Brussels said yesterday. The €55bn (£43.4bn) fund will amount to one per cent of the banking sector’s liabilities, and will be paid by banks in relation to their size. But the [...]
Permanent job hirings in UK slowing down October 21, 2014 The number of permanent hirings by British companies carried out through recruitment firms rose at the slowest pace in 10 months in September – and growth in starting salaries also weakened, a survey from the Recruitment and Employment Confederation (REC) showed yesterday. But pay for temporary workers rose at the fastest pace in seven years.