OakNorth Bank joins ranks of challengers taking on the giants February 19, 2015 OAKNORTH yesterday launched itself on to the small business banking scene, pledging to “kickstart” lending to starved firms. If the bank receives its licence as planned, it aims to offer savings products to retail customers and a range of loans to small- and medium-sized enterprises (SMEs). This will range from short-term working capital facilities, to [...]
Official economist persuaded Europe to start asset purchases February 19, 2015 THE FIRST ever set of timely minutes from the European Central Bank (ECB) reveal a divide among the rate-setters that was partly overcome by the ECB’s chief economist. The minutes of the meeting – during which it was decided that the ECB would undertake a programme of quantitative easing – show how Peter Praet recalled the commitments [...]
Bonuses down despite strong year for Britain’s biggest banks February 19, 2015 Payouts for top bankers have taken a tumble so far this year, according to industry data seen by City A.M., as the bonus cap combined with investor and political pressure takes its toll. Preliminary data from pay benchmarking site Emolument.com shows bonuses for front office staff falling precipitously this year compared with last year’s pay [...]
Young Britons squeezed out of owning homes as low rates drive up UK house prices February 19, 2015 Brits in their 20s are half as likely as the previous generation to own their own home, a study from the Institute for Fiscal Studies showed yesterday, as low interest rates and a lack of construction have driven up prices. Only 20 per cent of 25-year-olds own their home now, compared with 45 per cent 20 [...]
UK house prices expected to slow but will stay at elevated levels February 19, 2015 Expectations of house prices dropped to an 18-month low this month, new figures show today. The Future House Price Index produced by estate agents Knight Frank and Markit fell to a score of 68.2, down from January’s 69.5. Any figure over 50 indicates prices are rising, and the higher the figure, the steeper the increase. [...]
More houses needed to keep rents affordable February 19, 2015 FAR MORE homes need to be built for rents to become dramatically more affordable and to reduce the sky-high profits of landlords, an estate agent has said today. Rents are now 16.3 per cent higher than five years ago, according to figures released by Your Move and Reeds Rains. Average monthly residential rent in England and [...]
Allan Leighton confirmed as Co-op chairman February 19, 2015 ALLAN Leighton has no qualms about taking the toughest jobs in business. The self-style pluralist has experienced several, including Leeds United (where he organised a rescue takeover) and Asda (which he turned around after near-bankruptcy) to name a couple. The boardroom veteran added another to his list yesterday after the Co-operative Group confirmed the appointment [...]
Chief lender backs Sapinda in gold miner’s refinancing battle February 19, 2015 RUSSIAN financial services giant VTB has reportedly come out in support of Sapinda’s bid to persuade Russia-focused gold miner Petropavlovsk to renegotiate its mooted refinancing plan. In the latest twist in this enduring tug of war between Sapinda and the gold miner’s board. VTB – one of Petropavlovsk’s senior lenders – yesterday privately backed Sapinda’s [...]
Apple faces poaching suit February 19, 2015 Electric car battery maker A123 Systems has launched legal action against Apple, alleging that it had poached its engineers to build a large-scale battery division. Analysts believe Apple is looking to design an electric car of its own. A123 is a pioneering industrial lithium-ion battery maker, backed by a $249m (£169m) US federal grant. It [...]
Rathbone Brothers slows in wake of FTSE stock weakness February 19, 2015 Wealth manager Rathbone Brothers hiked its full-year dividend yesterday despite a slowdown in underlying sales growth last year. The FTSE 250 firm, the biggest wealth manager in the UK behind rival St James’s Place, said the underlying rate of organic growth fell to four per cent during 2014, compared with 5.4 per cent in the [...]
