Annuities hit by record fall January 9, 2013 ANNUITY incomes suffered their biggest fall in 14 years during 2012, according to data from Moneyfacts. The average annuity crashed 11.5 per cent during 2012, the data showed, the biggest fall since 1998, when annuities collapsed 13.7 per cent. Fall after fall throughout the intervening 14 years means the average annuity income is now around [...]
Bank forecast to hold rates January 9, 2013 THE BANK of England will resist calls to boost the monetary base even further with more quantitative easing (QE) in January, analysts predicted yesterday. “Most monetary policy committee (MPC) members seemingly believe there is not a compelling case for more QE, given recent inflation risks and signs the Funding for Lending Scheme may be starting to [...]
City A.M. | Our MPC votes 7-2 against new policy January 9, 2013 ALLISTER HEATH | CITY A.M. “No change – there is enough money in the economy, and liquidity measures are increasing. The recent dip in sterling will merely import more inflation into the UK, won’t bolster exports and mustn’t be helped along by even loser monetary policy. The economy is stagnating but ultra-loose money is part [...]
ARM chip deal raises worries for Imagination January 9, 2013 THE WORTH of Imagination Technologies’ $100m (£62m) acquisition of US technology firm MIPS was thrown into doubt yesterday as one of MIPS’ biggest customers signed a deal with British microchip designer ARM Holdings. ARM announced the deal with Silicon Valley chipmaker Broadcom on Tuesday night, unveiling a tie-up that will see Broadcom use ARM’s technology [...]
EU chiefs hatch plans to limit Facebook and Google data use January 9, 2013 EU leaders are plotting a crackdown on internet companies such as Google and Facebook over how they gather personal data. The proposals – put forward by German MEP Philipp Albrecht – would impose strict conditions on companies that want to use this data to target adverts. The measures are opposed by Google and Facebook, which [...]
City Views | Are you worried about data online firms collect on you? January 9, 2013 RUSS HOLLINGTON AMOR GROUP No, not really. Allegedly they know a lot about us, but I am not really concerned. Of course it is annoying to get stuff unwillingly, but that is a part of the deal, I guess.” RYAN TATE BANK OF ENGLAND It is concerning, I think. Google tracks a lot of data [...]
Play.com shuts core business January 9, 2013 PLAY.COM, the Jersey-based online CD, DVD and game retailer, has announced plans to close its core operation after tax changes made its business model unsustainable. The website rose to prominence in the early 2000s, able to offer cut-price products since it did not have to pay VAT on items under £18, as they were imported [...]
Tulchan hit by tough market January 9, 2013 EXECUTIVE pay at City PR firm Tulchan was hit by worse trading conditions in the 11 months to March 2012. Accounts filed by the firm – whose clients include Lloyds and security firm G4S – showed that agency founder Andrew Grant’s pay fell by more than half. Grant’s pay packet during the period was £700,000, [...]
First Quantum takes Inmet bid to shareholders January 9, 2013 CANADIAN mining giant First Quantum Minerals has taken its bid for fellow miner Inmet hostile, as it yesterday sent takeover documents for its C$5.1bn (£3.2bn) offer directly to Inmet shareholders. Vancouver-based First Quantum, which has assets in Africa, Australia, South America and Europe, last month sweetened its offer for Canadian miner Inmet, offering C$72 in [...]
Property investor Welpic set to raise £100m in London markets January 9, 2013 A WEST END investment company will become one of the first firms to raise cash through a London listing this year. The newly-formed firm, named West End of London Property Investment Company (Welpic), yesterday said it plans to raise more than £100m and gain a listing on the Alternative Investment Market. The company hopes to [...]
