Japan just joined Britain in the “noflation” club March 27, 2015 Core consumer inflation in Japan stalled in February, meaning it has joined now Britain in the "noflation" club. The government said that its key inflation gauge, which strips out the effect of last year's sales tax hike, was flat from a year earlier. This means it has moved further away from the Bank of Japan's target [...]
RBS confirms plans to sell Queen’s bank Coutts to Swiss Union Bancaire Privée March 27, 2015 After much fevered speculation, RBS has finally confirmed plans to sell private banking arm Coutts International – famously the Queen's bank – to the Swiss Union Bancaire Privée. RBS said under the terms of the deal, the sale comprises client relationships outside the UK – "relationships managed from Switzerland, Monaco, UAE, Qatar, Singapore and Hong Kong". [...]
Barratt chief executive Mark Clare to step down in July March 27, 2015 Barratt Developments has announced David Thomas, the group's finance director, will replace Mark Clare as chief executive from 1 July 2015. Mark Clare will step down after nine years with Barratt to focus on his non-executive career, the housebuilder said. The board decided to appoint David Thomas after a review that included external advisers. Barratt [...]
MPs tell FCA to sharpen up after insurance fiasco March 26, 2015 The City watchdog has not learned its lessons from the bungled insurance announcement which rocked insurance firms’ shares last year, an influential group of MPs said in a hard-hitting report today. Sloppy communications between the Financial Conduct Authority (FCA) and a newspaper led to a report that the watchdog was planning a probe into millions [...]
Lean premiums ebb earnings at Lloyd’s of London March 26, 2015 Lloyd’s of London profits dipped slightly last year after gross premiums written at the iconic institution fell. Pre-tax profits fell by £44m to £3.2bn for the year ending 2014, after premiums fell to £25.3bn from £25.6bn in the previous year. Overall profitability measures at the group also weakened, rising to a combined ratio of 88.1 [...]
Cenkos: A British banking model makes a comeback March 26, 2015 A boardroom chat between an Oxbridge-educated dealermaker who grew up on a Liverpool council estate and the former head of a scrap metal firm from Scotland is a scene only imagineable in a City of London boardroom. But the meeting between Avril Palmer-Baunack, former head of Universal Salvage, and Jim Durkin, chief executive of Cenkos [...]
British Gas owner Centrica warns political uncertainty could hit investment March 26, 2015 British Gas owner Centrica yesterday warned that the run-up to the 7 May election would have a knock-on effect on investment in the UK energy sector. “The UK market faces potential pressure in both the run-up to the UK General Election and in the policy decisions taken by the next government,” Centrica said in its [...]
Housing shortage hits first-time buyers despite government help March 26, 2015 The UK’s chronic housing shortage is forcing first-time buyers to accept lower quality properties. Natural light was cited as not being vital by 51 per cent of prospective buyers, survey figures released today by estate agents Your Move and Reeds Rains show. Additionally, 63 per cent would go without a bath while 11 per cent [...]
This map shows why airstrikes in Yemen are pushing up oil prices March 26, 2015 Yemen doesn't actually produce that much oil compared to some other Middle East nations. But news that it been hit by air strikes from Saudi Arabia and its Gulf allies sent global oil prices berserk today. Nervous investors helped push Brent crude, the global benchmark, as high as $59.78 per barrel, or a two-and-a-half week high. But [...]
These are the four biggest threats to financial stability, according to the Bank of England March 26, 2015 The financial policy committee (FPC) which looks after financial stability over at the Bank of England, has outlined the areas it intends to keep a closer eye on in its quarterly assessment released today. 1. Geopolitical turmoil Eurozone turmoil could pose a threat to future financial stability. There have been some encouraging signs recently but [...]