All change at the Bank March 18, 2014 DIFFERENT units across the Bank of England will be forced to work together rather than fighting their own corners, Mark Carney said last night, unveiling a radical array of reforms. The governor and the Treasury made a series of major hires, including new deputy governor Nemat Shafik, to cope with the hugely expanded powers to [...]
Osborne: Wave goodbye to the old pound coin March 18, 2014 THE CHANCELLOR George Osborne will announce a historic change to UK currency in his Budget today: a new pound coin. The new pound will have 12-sides and is modelled on the old threepenny bit. It will be composed of two different coloured metals, like the £2 coin, and feature the Queen’s head on one side [...]
Stocks rally after Putin speech despite Crimea tensions March 18, 2014 RUSSIAN markets rallied after a speech by President Vladimir Putin yesterday, bouncing back as he signalled an end to military aggression in Ukrainian territories. Putin signed a draft bill in Russia’s parliament to officially annex Crimea, saying that the peninsula was an integral part of Russia, but that he had no desire to further divide [...]
Budget 2014: What to watch out for today March 18, 2014 WHO: GEORGE OSBORNEWHEN: 12.30PM TODAYWHERE: HOUSE OF COMMONS WHAT WE ALREADY KNOWA facelift for the pound coinOsborne will announce plans to give the £1 coin a facelift in his Budget today. This will see a new two-coloured 12-sided coin introduced in 2017 after a consultation. Help to buy extended to 2020The equity loan scheme set up to [...]
Carney’s reforms are welcome but won’t prevent another crisis March 18, 2014 GOOD on Mark Carney. The Bank of England he inherited was in urgent need of a shake-up, and he has now delivered on the comprehensive reorganisation he promised. Some of the jargon that accompanied his presentation yesterday was a tad irritating, but it is good to see private sector management techniques being applied to the [...]
What the other papers say this morning – 19 March 2014 March 18, 2014 FINANCIAL TIMES Labour pledges power to Scotland The Labour party has pledged more powers for Scotland in an attempt to bolster pro-union support six months before September’s referendum on independence. The prospects for devolution have become a battleground between pro-union campaigners and nationalists who argue that only independence would let Scotland decide its economic destiny. [...]
EU tries to stop banks swerving bonus cap rules March 18, 2014 THE EUROPEAN Union banking regulator is preparing to clamp down on a system of allowances, paid to bankers to get around tight new bonus rules. Michel Barnier, the EU financial services commissioner, said banks that pay employees monthly allowances in order to boost their take-home pay without directly contravening the bonus cap will be examined by [...]
Samsung, Motorola and LG join Google’s smartwatch platform March 18, 2014 GOOGLE last night unveiled a version of its Android smartphone software designed specifically for smartwatches and wearables. Motorola, LG and Samsung are among the consumer hardware manufacturers that have signed up to use the new software which Google is calling Android Wear. LG’s G smartwatch running Android Wear is due to arrive next quarter with [...]
Berlusconi hit with two year election ban March 18, 2014 FORMER Italian Prime Minister Silvio Berlusconi has been hit with a two-year ban preventing him from running for public office. The Court of Cassation, Italy’s highest appeals court, has upheld a judgement against him by the appeals court in Milan, following a conviction for tax fraud. Berlusconi was said by his lawyer to be “disappointed” [...]
Total overhaul of Carney’s top level executives March 18, 2014 MORE than a dozen top staff at the Bank of England will be reshuffled into new or radically changed jobs this summer, the Bank said yesterday, with around 10 more senior positions still to be filled. A new deputy governor has been appointed for markets and banking, a position which did not exist previously and comes [...]
