Carney rate rise comments sends sterling stumbling March 12, 2015 BANK of England governor Mark Carney yesterday said that low inflation outside of the UK, as well as a strong sterling, could cause the central bank to push back a rate hike. Sterling dropped on the comments – it fell by 0.5 per cent against the dollar yesterday to a low of $1.4850. It marks [...]
The echo-gnomics of Terry Pratchett – Editor’s Letter March 12, 2015 A flat earth. Beneath: a turtle ten thousand miles long. Above, wandering the surface of this world and mirror of worlds: zombie lawyers; a sinister clown running a bank where the chairman is a small dog; a tourist openly carrying a bag of gold, blissfully unaware of the prevailing exchange rate. The loss of Sir [...]
Pensions shake-up: George Osborne mulls further change to annuity rules March 12, 2015 Chancellor George Osborne is considering including a further shake-up of pensions rules in his crucial pre-election Budget next week, to allow pensioners to sell their existing annuities for cash. From next month those over 55 years old will be able to cash in their pension pot instead of buying an annuity to be paid out [...]
Stunning snaps go underground March 12, 2015 THERE are only six months to go until 24-hour Tubes become a reality, and Westminster station is exhibiting lovely photographs by the likes of Sam Taylor Johnson, Nick Knight, Juergen Teller and Rankin until 12 April, to celebrate the capital’s rich cultural heritage.
Spanish bank’s £1.7bn bid for TSB boosts other challengers March 12, 2015 CHALLENGER banks’ shares rose yesterday as the sector got a boost from Spanish bank Sabadell’s bid to acquire TSB. Sabadell is in talks to buy TSB for 340p a share, valuing the bank at £1.7bn, compared with a float price of 260p and a trading price before the announcement of 264p. TSB’s shares rocketed to [...]
Goldman Sachs and buyout firm launch $980m sell down of ISS March 12, 2015 GOLDMAN Sachs and Swedish buyout firm EQT will sell their remaining stake in services giant ISS after launching a sale of about $980m of stock yesterday. The two companies, which were majority owners of ISS from 2005 until last year, will completely exit the business, which they listed on the Copenhagen stock exchange. Goldman Sachs, [...]
Bonus at John Lewis drops on Waitrose sales March 12, 2015 JOHN Lewis Partnership slashed staff bonuses to 11 per cent of pay, the lowest level for 12 years, after profits fell at its grocery chain Waitrose. The partnership’s 93,800 employees will receive a total pay out of £156.2m, which is equivalent to nearly six weeks’ salary. The supermarket price war, a deflationary market and a significantly [...]
Economists split on US June rate hike after retail sales disappoint March 12, 2015 US retail sales have dropped for a third consecutive month, new figures show. Retail sales declined by 0.6 per cent on the month in February, with economists split on the impact it will have on interest rates. “A 0.6 per cent deterioration in sales in February was possibly due to severe weather affecting many parts [...]
US banks bounce bank to be the S&P’s top dividend payers March 12, 2015 FINANCIAL stocks are the biggest payers of dividends in the US’ S&P 500 index of major firms, a new analysis announced yesterday. Banks and other finance firms are set to pay $56.7bn (£38.2bn) over the next 12 months, up 3.9 per cent from $54.6bn in the past year, according to data from Howard Silverblatt, a senior [...]
Lloyds to bank £1.5bn if TSB sale to Banco Sabadell goes ahead March 12, 2015 Lloyds is set to receive a final total of £1.5bn for TSB if the Banco Sabadell sale goes ahead – twice the £750m for which it had previously agreed to sell the lender to the Co-op Bank. The giant bank was forced to sell off TSB under the terms of its 2008 bailout. The [...]
