Cautious China sucks liquidity from markets February 18, 2014 CHINA’S central bank yesterday sucked liquidity from the markets in a surprise move which underlines the authorities’ fears about the rate of credit growth. It withdrew 48bn yuan (£4.7bn) from the money markets with two-week repurchase agreements (repos), after data showed a surge in credit volumes late last week. The aim is for banks and [...]
Bank of Japan doubles pot for bank lending after GDP wobble February 18, 2014 THE BANK of Japan acted yesterday, after below-consensus GDP figures came out at the beginning of the week, extending the ability of banks to borrow at ultra-low rates. The size of a facility designed to stimulate lending by banks is being increased from ¥3.5 trillion (£20.45bn) to ¥7 trillion, and increasing the amount individual banks [...]
Pollution keeps London low in city rankings February 18, 2014 LONDON has been named the 38th best city in the world for quality of life, kept out of the higher rankings by air pollution and heavy traffic. The research by Mercer found that London was world-class for recreation, shopping and education, but fared worse than others on environmental issues. Vienna was judged to offer the [...]
InterContinental upbeat despite slump in shares February 18, 2014 IMPROVING conditions in Europe and rising US demand helped InterContinental Hotels Group (IHG) deliver full-year profits ahead of forecasts, despite shares sliding more than three per cent yesterday. The owner of Crowne Plaza, Holiday Inn, and InterContinental said pre-tax profits rose 10 per cent to $600m (£359.3m) in the year to 31 December, ahead of [...]
Analyst Views: Did IHG’s results yesterday justify the slide in share price? February 18, 2014 WYN ELLIS | NUMISThe numbers themselves are fine and are slightly above consensus estimates. IHG talked about some headwinds in profit terms and increased capital expenditure, which was a bit disappointing and some were expecting a return of cash to shareholders but this is something that is likely to be announced later on in the [...]
Green light for Paragon to join banking market February 18, 2014 RADICAL new rules to bring more competition into the banking market paid off yesterday as Paragon Bank became the first lender to get a new licence under the system. It is only the second new licence to be awarded in more than 100 years – the first was Metro Bank in 2010. Paragon Bank will [...]
Brand Index: New banks on the block will find it tough to win custom February 18, 2014 NOT LONG ago, the British retail banking sector was dominated by just a few big brands. That is undeniably starting to change, and yet our research shows that people may say they have a fairly low opinion of the traditional players, but there is also a strong preference for the devil they know. According to [...]
Credit Suisse extends scheme to pay top staff bonuses in cocos February 18, 2014 CREDIT Suisse has changed the way it offers bonuses to top staff in a new bid to make employees take on risk, in a way which meets the wave of new regulations. Part of the awards will be given in contingent convertible (coco) bonds. The bank is unwilling simply to offer cash or shares and instead [...]
Ferrari keeps a lid on sales but profit still soars February 18, 2014 FERRARI’S plan to cut the number of cars it sells in order to maintain its exclusive image has paid off, with revenue and profits both rising in 2013. The Italian marque sold 6,922 of its high-end cars last year, down 5.4 per cent. However, rising revenues from custom-made vehicles and Ferrari-branded souvenirs helped push turnover [...]
Doosan Babcock signs deal to support EDF’s UK nuclear plants February 18, 2014 ENERGY services company Doosan Babcock yesterday said it has secured a deal with EDF to support the operations of seven of its nuclear power stations in the UK, securing around 1,000 jobs. The agreement will come to an end when the last of the seven power stations ceases power generation, with Doosan Babcock calling it [...]
