US Treasury’s new securities January 23, 2014 The US Treasury is launching its first new type of security in over 15 years at the end of the month, revealing a type of bond that pays varying interest as market interest rates rise or fall. The US government revealed that $15bn (£9.02bn) of the new floating rate notes (FRN) will be auctioned next [...]
What the other papers say this morning – 24 January 2014 January 23, 2014 FINANCIAL TIMES China is top gold consumer for 2013 China has overtaken India as the world’s largest gold consumer thanks to soaring purchases of jewellery, minted Panda coins and small gold bars. According to the Thomson Reuters GFMS gold survey, Chinese demand reached 1,189.8 tonnes last year, a 32 per cent year-on-year jump and a [...]
Privatisation on the cards for UK Land Registry January 23, 2014 THE FUTURE of the Land Registry was put under the spotlight yesterday, as the government announced the start of a consultation on ensuring the agency delivers “more efficient and modern services”. The Department of Business, Innovation and Skills (BIS) said that the government was considering “measures to enable the business of land registration to be [...]
House of Fraser plans London listing after Lafayette talks end January 23, 2014 HOUSE OF Fraser is planning to float on the London Stock Exchange after talks with French rival Galeries Lafayette failed to secure a sale. A source close the negotiations, said the owners of the department store chain felt they could get a better price for the company by floating on the open market. The float [...]
Bank salaries jump to cancel out bonus cap January 23, 2014 EUROPE’S bank bonus cap will not bring down payment to staff, as lenders will simply increase fixed salaries to compensate, ratings agency Fitch said yesterday. Instead the bigger effect of the raft of incoming regulations will be to drive up banks’ costs overall, forcing them out of low-margin businesses. “Compensation costs of five large European [...]
Dimon says settlements unfair January 23, 2014 JP MORGAN chief executive Jamie Dimon has said legal settlements against the firm were not fair. Speaking at The World Economic Forum in Davos, Dimon told the US network CNBC: “I think a lot of it was unfair, but I am not going to go into the details,” adding that court battles could have taken [...]
Pearson shares suffer as firm’s US sales slump January 23, 2014 PEARSON yesterday warned that 2013 earnings will miss expectations due to poor demand in North America and restructuring costs, causing the publisher’s share price to fall 8.2 per cent. In a trading update it said it expects earnings per share after restructuring charges to be around 70p, compared with forecasts of around 76p. “With trading [...]
Retiring Lloyds chairman to join the Financial Reporting Council January 23, 2014 THE OUTGOING chairman of Lloyds Banking Group has been picked to chair the Financial Reporting Council (FRC), the accounting regulator said yesterday. Sir Win Bischoff, who retires from Lloyds in April, will replace Baroness Hogg at the FRC on 1 May. He was chosen for the job after an eight-month search for Hogg’s replacement, conducted [...]
SSE earnings to rise 8.8pc after energy bill hike January 23, 2014 BIG SIX energy supplier SSE yesterday said it expects profits to rise to £1.54bn this year, just two months after increasing bills by 8.2 per cent. This equates to an 8.8 per cent jump in pre-tax profits, despite SSE losing 250,000 customers in the last nine months of 2013. The FTSE 100 firm raised its [...]
Metro Bank cuts losses as it plots stock flotation January 23, 2014 METRO Bank reported growing loans and falling losses in the final quarter of 2013, as the new lender begins looking to float on the stock market. The bank, which was established in 2010, lost £10.8m in the three-month period, it revealed yesterday. The losses are down from a loss of £11.5m in the previous quarter. [...]
