Carney hails recovery as unemployment falls November 13, 2013 INTEREST rates could rise as soon as early 2015 – a year earlier than previously planned – thanks to plunging unemployment and a strong start to the recovery, the Bank of England said yesterday. Just three months ago the Bank thought it would take until 2016 before unemployment falls below seven per cent, its threshold [...]
What the other papers say this morning – 14 November 2013 November 13, 2013 FINANCIAL TIMES Cameron calls for cuts in phone bills David Cameron is urging mobile phone companies to give customers a better deal as the prime minister fights to win ground in the battle over the rising cost of living. Downing Street has instructed Maria Miller and her officials in the Department for Culture, Media and [...]
Sants leaves Barclays after just 10 months November 13, 2013 FORMER top regulator Sir Hector Sants yesterday resigned from Barclays, a month after going on sick leave. The ex-Financial Services Authority (FSA) boss joined Barclays 10 months ago as head of compliance and government and regulatory relations. But he went on leave last month suffering from stress and exhaustion, and has since decided to leave [...]
Brussels to put the spotlight on German current account surplus November 13, 2013 THE EUROPEAN Union is launching an inquiry into the size of Germany’s current account surplus, following claims that the country’s strong exports may be causing imbalances across the continent. Germany could potentially face a fine of 0.1 per cent of GDP – around €2.5bn (£2.1bn) – if the study finds that the surplus is excessive, and if [...]
Aberdeen said to rule out big change in bid November 13, 2013 ABERDEEN Asset Management has ruled out making a cash offer for Scottish Widows Investment Partnership (SWIP) even if that means losing out in a bid battle for the investment business currently owned by Lloyds Banking Group, sources close to the talks said last night. Last month the group, whose chief executive is Martin Gilbert, announced [...]
Union mulls strike over cap on Lloyds pension contributions November 13, 2013 LLOYDS Banking Group could have a strike on its hands as unions consult thousands of staff on a new cap to pension contributions. Up to 35,000 workers are still contributing to final salary schemes – closed to new entrants more than a decade ago – and the bank is taking action to try to limit [...]
RAC scotches imminent market float with debt refinancing November 13, 2013 THE OWNER of UK breakdown service RAC has ruled out floating the company on the stock market after refinancing some of its debt instead. Carlyle Group, the US buyout giant, is taking out a new £86m loan to help fund a so-called dividend recapitalisation, which allows buyout groups to extract money from a company they [...]
Sainsbury’s has sales boom to outpace rivals November 13, 2013 SHARES in Sainsbury’s rose three per cent yesterday, making it the biggest riser in the FTSE 100, after the supermarket chain posted a surge in half-year sales and profits. Sainsbury’s is the only one of the big four supermarkets to be growing its market share, with data from Nielsen last month confirming that it had [...]
Bottom Line: Christmas comes early for King November 13, 2013 THEY say good things come to those who wait. Yesterday, almost a week after rival retailers Marks & Spencer, John Lewis and Morrisons released their Christmas adverts, the UK’s fastest growing supermarket revealed its own tear-jerker – a three-and-a-half minute mini-film that aired during last night’s Coronation Street. The film, which shows clips of ordinary [...]
Regulation costs hold down bank pay despite economic recovery November 13, 2013 BONUSES and pay are set to rise again for some bankers thanks to rising stock markets, according to a report out yesterday from consultancy Options Group. But they will fall in some areas and be constrained in others by increasing regulatory costs. Equities workers should see an average pay rise of 12 per cent this [...]