Barclays set to fight bonus cap October 23, 2013 TOP BANKERS could receive a different pay packet every month under a new scheme that Barclays is considering to side-step Europe’s bonus cap, it emerged yesterday. Sources at Barclays think they have found a way around the rule, topping up salaries with a monthly cash payment based on performance. They hope it may avoid the [...]
Cameron risks coalition split on green taxes October 23, 2013 THE RIFT in the Coalition widened yesterday, after Conservative Prime Minister David Cameron pledged to “roll back” the green energy levies strongly supported by the Liberal Democrats. His coalition partners dismissed the announcement as a panicky policy that had been “made up on the hoof…by a party getting cold feet on the environment”. According to [...]
Prince George is christened at St James’s Palace Chapel Royal October 23, 2013 PRINCE George was christened yesterday in a service attended by just 21 guests at St James’s Palace. Prince William and his wife Catherine, the Duchess of Cambridge, invited only very close family and godparents to the ceremony, which gave the public the first glimpse of the baby – third-in-line to the throne – since his [...]
Bullish Bank minutes raise chance of earlier rate hike October 23, 2013 THE BANK of England’s interest rate-setting panel said yesterday that slack in the labour market is eroding faster than expected, with the UK economy continuing to improve. Minutes from the latest meeting of the Bank’s monetary policy committee (MPC) raise the prospect of rates being lifted sooner than late 2016 – the point at which its forecasts [...]
Bank of America found liable for fraud at US trial October 23, 2013 BANK of America was found liable for fraud at trial yesterday, as part of a case over its Countrywide arm’s sale of defective mortgages dating back to the financial crisis. A New York jury found that Countrywide, which was bought by Bank of America in 2008, was liable for one charge of civil fraud. The [...]
Output boost again for UK’s car factories October 23, 2013 CAR MANUFACTURERS saw another bumper month in September, with production up by over 12,000 units, 9.9 per cent higher than the same month last year. Figures released today by the Society of Motor Manufacturers and Traders (SMMT) show the dramatic improvement in the industry. The UK’s factories churned out 140,88 cars last month, pushing the [...]
What the other papers say this morning – 24 October 2013 October 23, 2013 FINANCIAL TIMES Brevan Howard moving out of UK Brevan Howard, the world’s third-largest hedge fund, has moved most of its operations out of the UK, shifting dozens of jobs to the Channel Islands, Switzerland, Asia and the US to escape EU regulation and grow internationally. Three years after opening a satellite office in Geneva, Brevan [...]
EU bank shares dive on tough stress test plan October 23, 2013 BANKS across Europe took a beating from investors yesterday as the authorities announced a higher than expected capital target for lenders. Even British banking stocks tumbled, despite this round of tests not being applied to UK institutions. The European Central Bank (ECB) is testing the biggest 130 banks in the Eurozone to study the quality of [...]
Q and A: What are the bank stress tests? October 23, 2013 Q Why are banks being stress tested by the European authorities? A In the crisis a lot of banks failed, in part because they did not have big enough capital buffers to absorb their losses. This test will see if they have increased those buffers enough. Q Will it work? A Tests have been done [...]
Ineos shuts the Grangemouth chemical plant October 23, 2013 INEOS has permanently shut the petrochemical plant at Grangemouth and threatened to keep the loss-making oil refinery closed, putting at least 1,400 jobs and a key source of fuel in jeopardy. Politicians in Scotland and Westminster hit out at the decision, which follows a week of negotiations with Unite the union that failed to persuade [...]