FCA completes reform of supervision department with four new directors August 7, 2013 The UK financial regulator the Financial Conduct Authority has appointed four new directors to its supervision division, concluding the structural reform of that unit started in April this year. The FCA says the new structure better aligns its function with the markets it oversees and the products consumers buy. The appointments are: Karina McTeague as [...]
Inflation report look ahead: What the analysts are expecting from Carney August 7, 2013 All eyes on the Bank of England at 10.30 this morning, as the Inflation Report is unveiled. Several analysts are predicting that the central bank could adopt a Fed-style unemployment target. UK unemployment was at 7.8 per cent in the three months to May. Emily Nicol, Daiwa Capital Markets: The main policy event today will [...]
Earnings per share in Old Mutual more than halve in first six months but investors are still buying August 7, 2013 Savings and investment group Old Mutual has reported an 11 per cent increase in pre-tax profits to £805m for the first half of the year, but a 54 per cent fall in basic earnings per share to 8.9p from 19.2p (release). The group said adjusting operating profit increased by 14 per cent to £801m, in [...]
£70m project will see Kier replace nine of London’s oldest fire stations August 7, 2013 Construction company Kier has announced that a £70m project to revamp London's fire stations will go ahead. The Blue 3 consortium including Kier and DIF Infrastructure II will replace nine stations with £52m of government funding (release). Stations at Purley, Dockhead, Old Kent Road, Mitcham, Dagenham, Leytonstone, Plaistow, Orpington and Shadwell will replace the current [...]
Before the open – 07/08 August 7, 2013 London's leading index, the FTSE, is expected to open down following US and Asian markets. Morning all. It's been a while! #FTSE called 18-20 lower this morning. Carney front and centre I guess. — FuturesTechs Updates (@FuturesTechs) August 7, 2013 Morning ftse -16, Dow -40, Dax -42, S&P1692.5, Nikkei -500, H/s -120, crude 105.25 Gold [...]
TUI Travel moves closer to profit as bookings fall August 7, 2013 Holiday company TUI travel has seen its losses moderate in the nine months to 30 June, as pre-tax losses drop from £454m to £369m (release). Bookings declined in Germany and France during the period, by five per cent and 22 per cent respectively. These drags saw total mainstream bookings fall by two per cent. Peter [...]
Investment Comment: Taking Aim with your Isa investments August 6, 2013 AT THE beginning of this week, the government removed an unpopular restriction on Individual Savings Accounts (Isas). Now, for the first time, investors with the confidence to select individual shares for their stocks and shares Isa are able to invest in companies listed on the junior Alternative Investment Market (Aim). Preventing investors from putting Aim [...]
New reforms highlight pressing need to plan for childcare August 6, 2013 Saving early can help parents prepare for the pitter patter of tiny feet, says Liam Ward-Proud THE CHANCELLOR’S proposed reforms to the childcare voucher system this week are welcome news for families with both parents working. Parents earning less than £150,000 a year each will effectively be able to claim up to £1,200 back on [...]
UBS agrees $50m settlement with US regulators over CDO fraud allegations August 6, 2013 UBS has agreed to pay $49.8m (£32.45m) to settle charges it misled investors in relation to a mortgage bond transaction structured in 2007 before the financial crisis (release). The US Securities and Exchange Commission (SEC) said the Swiss Bank was charged with violating securities laws while structuring and marketing a collateralised debt obligation (CDO) by [...]
Osborne urged to begin selling off Lloyds stake – but insiders say don’t expect action soon August 6, 2013 Part of the government stake in Lloyds Banking Group could be sold off imminently thanks to the recent surge in share prices, UK Financial Investments (UKFI) has told chancellor George Osborne. UKFI is the agency charged with managing the taxpayer stake in Lloyds Banking Group. Sky News, who first reported the story, cited sources in [...]