New scheme set to make bank switching easier September 10, 2013 Liam Ward-Proud looks at the accounts offered by the bigger challenger banks FROM Monday, the Payments Council’s new seven-day switch guarantee scheme is set to make moving your bank account easier. It will ensure that bank account changes are completed smoothly and within a week, with transferring direct debits and incoming payments now the responsibility [...]
£459m deal for high voltage transmission link to London Array secured by favoured consortium September 10, 2013 The consortium Blue Transmission London Array – comprising Barclays infrastructure Funds Management and a UK subsidy of Mitsubishi Corporation – has been named by Ofgem as the owners and operators of the new £459m high voltage link to the London Array offshore wind farm, after a sell off by the London Array joint venture. We [...]
ECB’s Asmussen stresses importance of publishing minutes that could help or hinder forward guidance policy September 10, 2013 The European Central Bank's (ECB) Jorg Asmussen has that the central bank is ready to act if conditions deterioriate, but that it is too early for an exit from accomodative monetary policy. Asmussen said that forward guidance is intended to reduce market volatility and overreactions. That makes sense, as it's essentially a promise by central [...]
Goldman, Nike and Visa to join Dow Jones as leading US index is shaken up September 10, 2013 It's all change in the leading US index, the Dow Jones Industrial Average. The Dow says that the changes made are based on the shift in industry representations and the low stock values of departing companies. Breaking: Goldman Sachs, Nike, Visa to be added to Dow Jones Industrials. $GS $NKE $V — Carl Quintanilla (@carlquintanilla) [...]
UK slides 4 places in World Happiness Report September 10, 2013 This year's World Happiness Report has ranked the UK 22nd in 2012 out of 156 nations studied, a fall from 18th place in 2011. Published by the United Nations Sustainable Development Solutions Network, the study presents the widest body of data available on happiness and its causes. Denmark took first place, as with last [...]
Tokyo 2020 likely to be economic non-event September 10, 2013 Economic confidence in Japan has seen a boost from the announcement that Tokyo will host the Olympic Games in 2020. That enthusiasm could be misplaced, according to Capital Economics. Marcel Thieliant, Capital Economics: Tokyo’s hosting of the 2020 Olympic Games is unlikely to provide any material contribution to economic growth in Japan. Overall spending on [...]
TSB’s lending decisions aren’t that local after all September 10, 2013 The boss of Lloyds spin-off TSB says that the new project will "bring local banking back to Britain". All money put with a local branch is intended only to support a local loan or mortgage. Decisions over how that borrowing is issued isn't as decentralised as that may imply. Paul Pester, chief executive office, TSB: [...]
Polymer in your pocket? September 10, 2013 The Bank of England has announced a public consultation programme on new banknotes: a switch from cotton to polymer. Deputy Governor of the Bank of England, Charles Bean, said : Polymer banknotes are cleaner, more secure and more durable than paper notes. They are also cheaper and more environmentally friendly. However, the Bank of [...]
EU transaction tax could be killed by incompatibility with existing treaties September 10, 2013 A planned European Union (EU) Financial Transaction Tax (FTT) may be killed on legal grounds, according to legal services for EU member states. In a document they stated that the plan "exceeds member states' jurisdiction for taxation under the norms of international customary law". The plan is not compatible" with the EU treaty "as it [...]
Gross new lending hits record high as Help to Buy kicks in September 10, 2013 Figures published today by the Bank of England (BoE) and Financial Conduct Authority (FCA) show new high for gross new lending and interest rates on gross new lending for the second quarter, since the start of the series in 2007. Mortgage lenders and administrator statistics show record levels; at 1.6 percentage points higher than [...]