Britain set to boom as global economy slows November 19, 2013 THE UK will defy the weak global economic trend next year as the recovery takes hold in Britain, analysts at the Organisation for Economic Co-operation and Development (OECD) predicted yesterday. The world’s economy will only grow by 2.7 per cent this year and 3.6 per cent next year, the think-tank said – slashing 0.4 percentage [...]
How the $13bn JP Morgan settlement will be divided November 19, 2013 Of the $13bn (£8.07bn) agreement, $9bn will be extended in cash. This will be split into a $2bn civil fine, while $7bn will be accounted for by compensatory payments to organisations and states. The other $4bn will be extended in borrower relief, through principal reduction and forbearance, which will be paid by 2017. Payments include: [...]
What the other papers say this morning – 20 November 2013 November 19, 2013 FINANCIAL TIMES Investors attack BoA settlement Bank of America’s plan to pay $8.5bn to compensate 22 institutional investors for soured mortgage-backed securities is a “Frankenstein settlement”, and should be rejected, a lawyer for a dissenting group of investors told a New York judge Tuesday. The claim came as lawyers for investors locked in combat over [...]
Political row grows over bank scandal November 19, 2013 Political knock-on effects of the scandal surrounding former Co-op Bank boss Paul Flowers became clearer yesterday, with figures from both major political parties assigning blame for misconduct. The former chair of the influential Treasury Select Committee, Lord McFall, told BBC’s Newsnight that he was “gobsmacked” at the revelations, saying that lessons had not been learned [...]
Co-op chairman quits in Crystal Methodist crisis November 19, 2013 CO-OP Group chairman Len Wardle yesterday resigned ahead of schedule in the wake of the drugs scandal surrounding former Co-op Bank chair Reverend Paul Flowers, who he helped appoint. Flowers quit the bank in the summer when the lender’s £1.5bn capital hole became evident, and was this week revealed to have taken drugs including crystal [...]
Government turns down G4S’s £24m offer for lag tag errors November 19, 2013 G4S HAS apologised and offered to give the government a credit note for £24.1m after mistakenly charging for electronic tags on criminals who were released years before, or already in jail, or dead. However, the Ministry of Justice has so far spurned the offer, and is taking advice from lawyers and auditors to try and [...]
Payday lenders lobby banks to ease off on credit punishment November 19, 2013 PAYDAY lenders are pushing for banks to treat their borrowers more fairly when they apply for mortgages, City A.M. has learned, arguing some users of the short term loans are unfairly treated. Some lenders will not give mortgages to anyone who has recently used a payday loan as they fear the borrower is often short [...]
Revenues up at Allen & Overy November 19, 2013 TURNOVER at magic circle law firm Allen & Overy rose by 7.5 per cent year-on-year in the first half of 2013, as strong performances in its London and Asia offices led growth. Revenues were £608m from 1 May to 31 October 2013, up from £566m in the same period last year. In the past six months [...]
EasyJet gives investors £175m as profits surge November 19, 2013 EASYJET shareholders welcomed a £175m special dividend yesterday after the budget airline’s move into allocated seating helped push profits up a whopping 51 per cent. The FTSE 100 firm said revenues per seat were up seven per cent, surpassing a four per cent rise in passengers, as reserved seats and other add-ons proved popular. Boss [...]
Brand Index: Allocated seating pays off for mild-mannered McCall November 19, 2013 EASYJET was the one of the big stories in business yesterday, with the budget airline reporting higher profits than arch rival Ryanair for the first time in its history. It saw a 51 per cent rise in yearly pre-tax profits to £478m, and its shares also rose significantly, boosted by the company’s plans to hand [...]
