Adviser fees to be revised June 25, 2009 FINANCIAL advisers could be barred from charging commission on the products they sell, under proposals unveiled by the Financial Services Authority yesterday. The City watchdog, led by chief executive Hector Sants, said in its Retail Distribution Review (RDR) that financial advisers should charge customers an up-front fee, rather than taking commission from the companies whose [...]
JP MORGAN REPORTS BUMPER EARNINGS July 16, 2009 JP MORGAN Chase, the investment banking giant, said earnings soared 36 per cent in the second-quarter, boosting hopes of a recession-defying earnings season for Wall Street. The bank unveiled bumper revenues yesterday of $27.7bn (£16.9bn) in the three months to the end of June, thanks in part to strong investment banking revenues. Earnings rose to [...]
Majestic profits hit as City champagne spending loses fizz June 15, 2009 WINE warehouse chain Majestic Wine saw its profits tumble last year as the recession took its toll, with champagne sales to the business world performing performing particularly badly. Majestic said yesterday its core pre-tax profit fell 22.3 per cent to £12.7m over the year to end of March, while sales grew 2.4 per cent to [...]
ABI: there is still faith in City bosses June 8, 2009 PUBLIC fury over the financial crisis and “fat cat” bonuses has failed to derail confidence in bosses at the City’s major companies, the Association of British Insurers (ABI) will claim today at its biennial conference. The ABI will unveil the results of a major national survey on economic sentiment suggesting that the majority of people [...]
CITY VIEWS: IS THE WORST NOW OVER FOR THE BRITISH HOUSING MARKET? May 21, 2009 DAVID THOMSON CHARTERED INSURANCE INSTITUTE“Small shifts in mortgage and house price data is just a blip. The housing market won’t return in terms of volume for several months. Consumers need to feel that there’s an upturn, and buyers need to know they can return to the market with confidence.” GRAHAM RIVERS WIN PLC“Easter always brings an [...]
INFLATION NO THREAT TO THE DOLLAR June 2, 2009 BORIS SCHLOSSBERGDIRECTOR OF CURRENCY RESEARCH, GFT OVER the past two weeks, the US dollar has been battered from all sides, hitting yearly lows against the euro, pound and all Commonwealth currencies. Economic data has shown steady improvement, giving investors more confidence to move their capital into higher-yielding, riskier currencies. But the growing fear that US [...]
INFLATION NO THREAT TO THE DOLLAR June 2, 2009 BORIS SCHLOSSBERGDIRECTOR OF CURRENCY RESEARCH, GFT OVER the past two weeks, the US dollar has been battered from all sides, hitting yearly lows against the euro, pound and all Commonwealth currencies. Economic data has shown steady improvement, giving investors more confidence to move their capital into higher-yielding, riskier currencies. But the growing fear that US [...]
INFLATION FEARS STILL ON THE CARDS July 5, 2009 JANE FOLEYRESEARCH DIRECTOR, FOREX.COMLAST week brought confirmation that prices actually fell in the Eurozone in June. The consumer prices index (CPI) fell 0.1 per cent year-on-year, in sharp contrast to the European Central Bank’s (ECB) mandate which directs it to keep inflation at, or a little below, 2.0 per cent year-on-year. The complete absence of [...]
The FSA’s enforcement Queen says she will not stop fighting big cases July 21, 2009 IT is never easy to focus on the task at hand when the future of your organisation is in doubt – so even the Financial Services Authority’s (FSA) sternest critics should spare a thought for the beleaguered watchdog’s staff, who are all wondering what will happen to them over the next 12 months. But many [...]
The FSA’s enforcement Queen says she will not stop fighting big cases July 21, 2009 IT is never easy to focus on the task at hand when the future of your organisation is in doubt – so even the Financial Services Authority’s (FSA) sternest critics should spare a thought for the beleaguered watchdog’s staff, who are all wondering what will happen to them over the next 12 months. But many [...]