Government gets tough on credit cards October 27, 2009 GOVERNMENT plans designed to help consumers pay off debt faster met a mixed reaction yesterday. Revealing the government’s intention to reduce the amount of overall interest paid, consumer minister Kevin Brennan said it is time credit and store card firms “get their act together”. He added: “My opinion is clear, the current relationship between card [...]
Boris stands firm on Crossrail October 27, 2009 LONDON Mayor Boris Johnson yesterday secured the support of business organisation London First as he continued to insist investing in Crossrail and London’s transport network was essential for the Capital’s economic prosperity. Attending the launch of a report published by London First into the benefits of maintaining investment in transport, Johnson said his commitment to [...]
FSA warns over 24bn of risky investment products October 27, 2009 RETAIL investors may have been sold up to £24bn of structured investment products that were more risky than their sellers admitted, a probe by the City watchdog Financial Services Authority (FSA) found yesterday. The FSA said a review of these products, backed by now collapsed Lehman Brothers, found the sales advice was “unsuitable” or “unclear” [...]
EURO HAS HIT ITS TOP, FOR NOW AT LEAST October 27, 2009 BORIS SCHLOSSBERGDIRECTOR OF CURRENCY RESEARCH, GFT LAST week, after dramatic moves and countermoves in the currency market, the euro-US dollar pair finally broke through the critical 1.50 barrier. Business media ran a series of stories about the collapse of the dollar and everyone prepared for further declines. Yet despite all the hand-wringing, the dollar remained [...]
Pawnbroker H&T cashes in on surge in gold prices October 26, 2009 PAWNBROKER H&T cheered the market yesterday after revealing its rapid roll out of gold buying stores boosted trading “well ahead of expectations”. Investors responded favourably – sending its shares up five per cent to close at 300p. Since April the group has aggressively developed its gold-buying business, called Gold Bar stores, and has opened 56 [...]
Banks agree new FSA code for reporting October 26, 2009 THE MAJOR UK-based banks have agreed to implement a new code for financial reporting which aims to address investor concerns over the disclosure of complex, risky products. The Financial Services Authority (FSA) yesterday confirmed that the institutions – including bailed-out banks Lloyds Banking Group and Royal Bank of Scotland – have agreed to apply the [...]
BSI to launch ‘kitemarks’ for UK financial services October 26, 2009 NATIONAL standards body BSI has developed a voluntary standard of ‘kitemarks’ for compliance teams working within retail and wholesale financial services firms. The body consulted with members of the industry to set out a common methodology and good practice standard, which can be used to complement existing regulation. It aims to help reduce the risk [...]
Investors feel more confident about equities October 26, 2009 INVESTOR confidence in the stock market has reached a three-and-a-half -year high, according to a survey by the Association of Investment Companies (AIC). It found confidence among active investors is at its highest level since February 2006. Nearly two thirds of investors expect equities to outperform property, and 52 per cent plan to increase their [...]
Economic downturns can lead to more innovation October 26, 2009 IT’S A well-known fact that an economic downturn corresponds with an innovation upturn. Change means winners and losers. Are you going to sit at the dinner or be the duck which is served? It comes largely down to your attitude, to whether you are going to embrace the change or resist it. Henry Ford said [...]
Hedgies set for recovery October 26, 2009 THE HEDGE fund industry is close to recouping the losses it suffered during the financial crisis, according to data from Hedge Fund Research (HFR). HFR’s indexes show that the average fund needs to gain just two per cent to reach the high water mark – or its value on 30 June 2007, the height of [...]
