Family lending up in finance squeeze March 4, 2012 ALMOST one-third of Britons are not currently saving and increasing numbers of young people are relying on loans from their parents, according to a finance survey published today. Family lending has jumped by over one-third in the last five years, according to Scottish Widows’ annual savings and investments report, and the average amount loaned to [...]
Mining deals surge with China gaining traction in market March 4, 2012 CHINA is snapping up fast-growing miners in new markets while Western firms “play it safe”, according to figures from PwC out today. Mining titans in the US, Canada and Australia still make up the lion’s share of the takeover market, representing 53 per cent of buy-side activity by value in 2011. But firms in developed [...]
Audit watchdog to cut fees after making savings March 4, 2012 THE spending watchdog for England’s local authorities has said today it will cut audit fees by 40 per cent. The Audit Commission, which will be abolished this year, said outsourcing and internal cost-savings meant audit fees for most local public bodies will fall by £250m over five years. The savings will come in part from [...]
PIPPA COMPLETES CHARITY SKI MARATHON March 4, 2012 PIPPA Middleton, the sister of the Duchess of Cambridge, yesterday completed the annual Vasaloppet cross country ski race in Sweden – clocking up a time of seven hours, 13 minutes and 36 seconds on the 56-mile course. Middleton and her brother James were raising money for Magic Breakfast, a charity that delivers free breakfasts to [...]
BACK IN THE SADDLE FOR PROPERTY’S EPIC CYCLE March 4, 2012 AS MEMBERS of the property world flock into Cannes today for a week of networking at the industry’s MIPIM conference, 86 of their peers are taking a slower route through the French countryside by taking part in the six-day Aedas Cycle to Cannes charity ride. Executives from firms including Land Securities, Capital and Counties, and [...]
WHERE IS BARNABUS? WIN tickets to the Gaucho International Polo March 4, 2012 The Gaucho International Polo (www.gauchopolo.com) will take place on 21 March and will be a unique event which will bring an Argentine festival to London, uniting high-octane polo interspersed with the music of one of Latin America’s most acclaimed bands, Bajafondo, a tasting of the country’s finest wines and a glamorous afterparty. Every day this [...]
Boris: Britain must resist EU red tape March 4, 2012 BORIS Johnson has called on the government to boost transport spending, launch a crackdown on people dodging stamp duty and for Britain to pay less attention to EU rules. The London Mayor said economic growth “revolves around” improving the transport system, despite the pressure on public spending, and called on the Treasury to tackle the [...]
Regulations cost us $28bn – HSBC chief March 4, 2012 THE chief executive of HSBC has attacked Britain’s red tape culture and claimed it has knocked up to $28bn (£17.68bn) from the value of the bank. Stuart Gulliver (pictured) said HSBC is “permanently” under-valued and admitted he has raised his concern over the cost of the banking levy with the Treasury. His comments came just [...]
Co-op addresses governance issues in FSA talks over Lloyds branches March 4, 2012 THE Co-op yesterday said that its talks with Lloyds Bank over the purchase of 630 branches were going according to plan, though sources said it might strengthen its board in order to satisfy regulators. The mutual, which is in exclusive talks with Lloyds, said last night: “As part of a thorough due diligence process we [...]
BEST OF THE BROKERS March 4, 2012 RSA Citi rates the insurance group “neutral” and has trimmed its target price by 2p to 113p following the firm’s results last Thursday. The broker remains cautious about the firm, despite some positive action from management, thanks to a continued fall in reserve releases and low interest rates dampening investment yields. XCHANGING JP Morgan rates [...]