Welfare row as Osborne says cuts are needed December 12, 2013 THE NEXT government will need to cut billions of pounds more off the welfare budget if other services are not to suffer, George Osborne told MPs yesterday. His warning runs directly counter to his deputy, Liberal Democrat Danny Alexander who has reassured his party he does not want “ideologically driven” spending cuts. “I think the next government will [...]
2013 sees mortage lending rise by a quarter as market warms December 12, 2013 MORTGAGE lending rose by nearly a quarter in the 12 months to October, as prices and activity in the housing market begin to climb again for the first time since the financial crisis. According to figures released by the Council for Mortgage Lenders (CML) yesterday, lending for house purchases rose 24 per cent in the [...]
EU consumer protection laws come into force December 12, 2013 CONSUMERS will no longer face hefty surcharges on card payments and pre-ticked boxes on websites will be banned under a raft of new measures brought in by the European Commission today. The consumer rights directive, which must be implemented by June 2014, will force all retailers across the EU member states selling goods online or [...]
Record revenue at KPMG as firms start spending December 12, 2013 GLOBAL fee income at accountancy firm KPMG have hit a record high of $23.4bn this year – 3.7 per cent higher than in 2012. The firm said that businesses’ renewed confidence had led to an uptick in demand for its advisory and audit services, with emerging markets showing particularly strong growth. Revenues in India grew [...]
British accounting watchdog to review bookkeeping at banks December 12, 2013 THE UK’S accounting watchdog will begin reviewing bookkeeping at banks in the second quarter of 2014 to find out why the lessons of the financial crisis are being applied so slowly. Since several banks were bailed out by taxpayers during the 2007-09 crisis, politicians have been asking why auditors gave the lenders a clean bill of [...]
Brits expecting inflation to stay above target December 12, 2013 PEOPLE in countries throughout the world expect inflation to rise again in both the short and medium term, according to an economic survey released yesterday. In the UK inflation is expected to move further away from the two per cent target to reach 2.8 per cent in a year’s time, the survey from M&G and [...]
Inside Track: Bank of America Merrill Lynch closes 2013 with a flurry December 12, 2013 THE timing appeared so impeccable, you almost felt it must have been staged. Just as Bank of America Merrill Lynch’s head of equity capital markets was running through a presentation on how the bank has gained market share over the year, one of the mobiles on the desk in front of him rang. With that [...]
Capita wins tag contracts from G4S and Serco December 12, 2013 OUTSOURCING firm Capita has been chosen to take over the prisoner tagging contracts currently held by G4S and Serco, the Ministry of Justice (MoJ) said yesterday. G4S and Serco are under investigation by the Serious Fraud Office (SFO) in relation to the contracts, on allegations that they charged for tagging criminals who were either dead, [...]
Airline body raises global profit forecasts for the next two years December 12, 2013 AIRLINES lobby group Iata has raised its forecast for airline profits this year by 10 per cent and predicted passenger numbers topping 3bn for the first time, reflecting lower jet fuel costs, improved efficiency and global economic growth. The International Air Transport Association (Iata) said yesterday it expected total airline profits to reach $12.9bn (£7.8bn) [...]
Rescue plan for Eurozone banks to hurt creditors December 12, 2013 FINANCE firms yesterday welcomed European Union plans to avoid further taxpayer bailouts of troubled lenders by ensuring shareholders and bond holders suffer the biggest hit. Each Eurozone state will build up a pot worth one per cent of deposits in a bid to make sure failed banks’ savers can be protected using lenders’ funds. And [...]
