RBS says review of its lending was a tough read but accepts recommendations November 25, 2013 RBS has called the review it commissioned into its lending to small and medium-sized businesses a "tough read". In a letter sent to the leader of the review, Sir Andrew Large, from the bank's chief executive Ross McEwan (pictured), the bank also confirmed that it has asked law firm Clifford Chance to investigate the treatment [...]
Analysts say US Fed is like a virus which learns and adapts November 25, 2013 Ashmore analysts have likened the US Federal Reserve to a virus, which will try its hand at harder medicine after markets ignored chairman Ben Bernanke's verbal guidance in May. They expect the Fed to attempt to begin tapering of QE – a reduction in the rate of expansion of the monetary base – in early [...]
Regulator’s more transparent rules on commission for investment managers November 25, 2013 The Financial Conduct Authority (FCA) has put forward improvements to the rules on how investment managers use client commissions. The changes will make sure that charges paid by consumers for the executing of trades and other related services, known as dealing commission, are "fairer and more transparent". The proposals are designed to ensure investment managers [...]
Financial Transaction Tax may reduce GDP by 0.3 per cent November 25, 2013 The proposal by the European Commission for a Financial Transaction Tax (FTT) may reduce GDP by as much as 0.3 per cent, according to a study by PwC. The tax may also fail to address the issue of systemic risk in the financial sector, one of the central aims of the proposal. The report noted [...]
Boris pledges £1bn to support London housebuilding November 25, 2013 London mayor Boris Johnson has acknowledged that the dearth of London housing supply has become the biggest challenge facing the capital's economic development. Boris announced that "for over 30 years, regardless of boom and bust, governments of every hue have failed to build enough homes". London's minimum target for home building stands at 42,000 for [...]
Quintain sees £8m profit as customers flock to new Wembley outlet village November 25, 2013 Quintain has reported half year pre-tax profits of £8.0m, from a loss of £25.2m last year. The designer outlet village at Wembley saw 350,000 visitors in its first month of opening, and the developer reported that AEG has been appointed to manage the Wembley arena. In its first phase of development, 21 per cent of [...]
UK mortgage approvals see shock fall in October November 25, 2013 Mortgage approvals have fallen by around 1,400 in October, despite economists forecasting that they would rise by 2,200 in the month. BBA data shows approvals down from 43,000 to 42,800 (45,200 expected). In the year to date, mortgage approvals have climbed by 33.4 per cent. Adrian Anderson, director of mortgage broker Anderson Harris, says that [...]
Petrofac and Daelim awarded $2.1bn refinery contract November 25, 2013 Gas and Petroleum companies Petrofac and Daelim have been awarded a $2.1bn (£1.3bn) contract by Oman Oil Refineries and Petroleum Industries Company (ORPIC). The deal is a 50/50 joint venture between the companies. The contract is for engineering, procurement, construction and start-up commissioning services at the Sohar refinery, located 230km north west of Muscat. The [...]
Chemring shares rocket as trading remains in line with expectations November 25, 2013 UK defence group Chemring has seen shares soar over 14 per cent this morning after trading in its final quarter remained in line with the guidance issued on 11 October. The group reported a 24 per cent drop in revenue in its final quarter to £185m. For the year to 31 October, revenue was around £625m from [...]
Less than two months ago regulators warned against a payday loan cap November 25, 2013 It's not been two months since the Financial Conduct Authority (FCA) released its consultation on payday lending – and recommended against a cap – and now politicians are attempting to bring one in. The FCA called such a proposal a "very intrusive proposition". In October the FCA's "Detailed proposals for the FCA regime for consumer [...]