UK banks face tough tests to prove their resilience April 29, 2014 BRITAIN’S biggest banks must be able to cope with a housing crash of the type seen in the 1980s, under a trial set up by the Bank of England to make sure the system is strong and safe. The fictional crisis scenario would see the economy shrink by 3.5 per cent, unemployment soar to nearly [...]
Problems remain but the British economy is growing again April 29, 2014 ANY discussion of the latest economic growth statistics must always be prefaced by a health warning. These are early estimates which are often revised, sometimes drastically. Citigroup calculates that between1999 and 2010, the year on year growth in British GDP was revised up by 0.5 per cent on average, more than in any other G7 [...]
What the other papers say this morning – 30 April 2014 April 29, 2014 FINANCIAL TIMES Borrowers driven to shadow banks A US regulatory crackdown on the $600bn leveraged loan market is driving borrowers to alternative lenders known as “shadow banks”, according to market participants. Bankers said the Federal Reserve and Office of the Comptroller of the Currency had stepped up their policing of the market, which provides financing [...]
Pfizer chief flies in to meet with UK government April 29, 2014 PFIZER chief executive Ian Read flew to the UK yesterday for a string of high-profile meetings with senior government figures, in a bid to garner support for the AstraZeneca takeover deal. Read met with chancellor George Osborne, science minister David Willets and cabinet secretary Jeremy Heywood yesterday, after business secretary Vince Cable warned on Monday [...]
Twitter growth disappoints as shares take hit April 29, 2014 SHARES in social network Twitter tanked nearly 10 per cent in after-hours trading after the company posted disappointing results. The site made a net loss of $132m (£78m) in the first quarter of 2014 it said last night. Revenue for the first three months of the year hit $250m however, with $226m made through advertising. [...]
UK nears best GDP ever after growth figures April 29, 2014 THE BRITISH economy is back within touching distance of its pre-recession record size, as official figures yesterday confirmed a 0.8 per cent expansion at the start of 2014, driven by manufacturing and services. It came as figures from Nielsen showed UK job confidence hit its highest level in six and a half years. The economic [...]
Co-op director quits due to board leaks April 29, 2014 BOARD director Stuart Ramsay resigned his position at the Co-operative Group last night after an investigation into leaks of confidential board information. Ramsay’s exit is the latest in a string of embarrassing revelations for the embattled mutual business, and comes ahead of another report into the governance failings which led to the near-collapse of the [...]
Saga ready for £3bn flotation April 29, 2014 INSURER Saga is expected to unveil its plans to list on the London stock market as soon as this morning, with the firm due to join the market’s insurance sector rather than the leisure portion of the exchange. Concerns had been raised it would seek to be classified as a leisure business to get a [...]
Bond markets take bite out of Deutsche profit April 29, 2014 DEUTSCHE Bank joined the list of lenders hit by weak bond market profits in the first quarter, the lender said yesterday as it reported a fall in profits. However, markets welcomed the earnings numbers as they were less bad than investors had feared. Pre-tax profits came in at €1.7bn (£1.4bn) for the three-month period, down [...]
Santander UK results lifted by resurgence of mortgage market April 29, 2014 SANTANDER UK’s profits jumped in the first quarter of the year, increasing by nearly half as the housing market recovery pumps mortgage lending upwards. Profits before tax rose to £416m between January and March, according to results released yesterday. The earnings mark a 48 per cent increase from the same period in 2013. The significant [...]
