Sir John Vickers warns Bank of England “too big to fail” bank buffers are not enough February 14, 2016 New requirements for banks to hold enough capital to prevent them from going under in the event of another financial crisis have been questioned by Sir John Vickers. In a stark warning Vickers, the author of 2011's Independent Commission on Banking (ICB) report in the wake of the financial crisis and subsequent bailouts, has called the wisdom of the BoE's [...]
Oil price rout gets Opec members cooperating, says Nigerian oil minister Emmanuel Ibe Kachiwku February 14, 2016 The world's biggest oil producers are cooperating more after the prolonged rout which has left oil prices languishing around the $30 per barrel mark. The Organisation of Petroleum Exporting Countries (Opec) are closer to cooperating, indicated Nigerian oil minister Emmanuel Ibe Kachiwku in an interview with Reuters. "There's increased conversation going on. I think when we met in December … [...]
PPI claims: Ministry of Justice clamps down on claims management companies responsible for pesky PPI calls February 14, 2016 Ministers are cracking down on companies handling claims for payment protection insurance (PPI) refunds by capping their charges. The Ministry of Justice announced today that it would be limiting the fees charged by claims management companies (CMCs), many of which are claiming more than one-third of consumers' financial claims for themselves. "We want to do all we can [...]
China’s central bank governor plays down fears over currency regime February 14, 2016 The governor of China’s central bank has downplayed fears over the country's dwindling level of foreign exchange reserves, saying there is no reason for them to fall to dangerously low levels. Zhou Xiaochuan, governor of the People’s Bank of China, blamed “speculative forces” for attacking the value of the yuan. China's stock market will open tomorrow after closing [...]
Human drivers will be obsolete by 2050 as driverless technology takes over, say researchers Moshe Vardi and Bart Selman February 14, 2016 Cars driven by humans will become obsolete with the rise of driverless car technology, leading researchers have predicted, and it could happen as soon as 2050. "You cannot ride a horse in downtown Houston anymore. If you like horse riding, you have to go to horse ranches. The same is likely to happen with cars," said Moshe Vardi, [...]
Reduce red tape for self-employed, Cambridge Satchel Company entrepreneur Julie Deane tells David Cameron February 14, 2016 The self-employed should have the burden of red tape reduced, one of the UK's top entrepreneurs has said. Julie Deane, founder of the Cambridge Satchel Company, has recommended the regulatory burden on those who are self employed should be addressed among other suggestions in a review of self-employment commissioned by David Cameron. She has also called for [...]
Brexit would cause flight costs to soar, travel bosses Carolyn McCall of EasyJet and TUI’s former chief Peter Long warn February 14, 2016 The cost of flights would go up if Britain left the EU, two top travel bosses have warned. EasyJet chief executive Dame Carolyn McCall said the EU was behind the fall in air fares across Europe over the past two decades, and that before its creation air travel was "reserved for the elite". Writing in the Sunday Times, [...]
EU referendum: The five Labour heavyweights backing David Cameron on EU deal renegotiations February 14, 2016 Five Labour heavyweights have backed the Prime Minister in his attempts to renegotiate Britain's membership of the European Union. Neil Kinnock, Margaret Beckett, David Blunkett, Jack Straw and Hilary Benn have signed a letter in support of the Britain Stronger in Europe cross-party campaign group. The five supported Britain leaving Europe in the referendum of 1975. [...]
Home ownership is becoming a pipe dream for younger workers, think tank warns February 13, 2016 Owning a home is set to become a pipe dream for young workers on modest incomes, according to new research. Data from the Resolution Foundation found it is becoming increasingly difficult for young people on modest incomes to get onto the housing ladder, with just one in 10 set to be a homeowner by 2025. [...]