What the other papers say this morning – 13 November 2013 November 12, 2013 FINANCIAL TIMES Forex probe widens to 15 banks The global probe into foreign exchange manipulation has widened to include 15 of the world’s biggest banks and some of the most actively traded currencies, as lenders scramble to help authorities in exchange for leniency. The UK’s Financial Conduct Authority – one of seven regulators handling the [...]
Housing market heat continued into September November 12, 2013 HOUSE buyers were shelling out considerably more in September than they did a year ago, with the capital seeing the largest jump in prices by some distance. The house price index calculated by the Office for National Statistics (ONS), released yesterday, shows prices were up 3.8 per cent on the same month in 2012, despite a [...]
Aberdeen hit by fears of bid battle for SWIP November 12, 2013 SHARES in Aberdeen Asset Management tumbled 4.51 per cent yesterday as investors worried the group might get caught up in an expensive bidding war for Lloyds Bank’s fund management business, Scottish Widows Investment Partnership (SWIP). Australia’s largest investment bank Macquarie is trying to trump Aberdeen’s part cash part share offer, reportedly with an all cash [...]
Vodafone set to boost network spend by £7bn November 12, 2013 VODAFONE has earmarked £7bn as part of a new investment in its network, after it reported yesterday that organic service revenue – the measure of its ongoing network business – fell 4.9 per cent in the second quarter. The record fall was due to weaker economic conditions in Europe that the network said had made [...]
Osborne’s bonus plans raised fears for talent of top RBS staff November 12, 2013 GEORGE Osborne wanted to slash bonuses even further at RBS, but was stopped by advisers who feared the bank would no longer be able to hire the best staff, UK Financial Investments’ (UKFI) chairman revealed yesterday. Robin Budenberg, who runs UKFI (a unit of the Treasury), told MPs on the Treasury Select Committee: “There were [...]
Pets at Home groomed for market debut November 12, 2013 FINANCE firm KKR has fired the starting gun on a £1.5bn stock market listing of UK pet store Pets at Home. The Wall Street group, which took over Pets at Home in 2010, has asked Goldman Sachs, Bank of America Merrill Lynch and Nomura to draw up plans to sell its stake in the company [...]
Review: Lender is right to fight its corner November 12, 2013 PEOPLE of my generation, born during Margaret Thatcher’s time in Number 10, are often dubbed “Maggie’s children” – yet in some ways we’re more like siblings of Naomi Klein, the author who has railed and rallied against corporations and the markets they operate in since the start of the millennium. While globalisation is no longer [...]
Damelin now Wonga chair in board reshuffle November 12, 2013 WONGA founder Errol Damelin became chairman of the online payday lender yesterday, moving up from his position as chief executive. He said the move will let him focus on the long-term direction of the firm, rather than the day to day management of the business. Damelin will be replaced as chief executive by Niall Wass, [...]
London-based ratings agency to compete against big three November 12, 2013 A NEW credit rating agency, billed as a challenger to the biggest three groups, is set to launch in London next week. Five existing agencies have set out to break into the global market, which is currently dominated by Moody’s, Standard & Poor’s, and Fitch Group. Brazil’s SR Rating, Malaysia’s MARC, India’s CARE, South Africa’s [...]
Walkie Scorchie owner says ray is almost fixed November 12, 2013 LAND Securities’ chief executive said yesterday that the developer is close to fixing problems with the Walkie Talkie and that the skyscraper’s ultra-bright reflective rays had not put off potential tenants. The building, a joint venture with Canary Wharf Group, was dubbed the Walkie Scorchie after it began reflecting a beam of light this summer [...]