Osborne: safe haven status saves £21.5bn November 28, 2011 GEORGE Osborne, the chancellor, will today claim to have saved the taxpayer some £21.5bn in debt interest payments, arguing his deficit reduction plan has kept yields on government bonds at record lows. Osborne is expected to announce the so-called “safe haven dividend” when he delivers his Autumn Statement to the House of Commons this afternoon. It is [...]
EXPECTED ANNOUNCEMENTS November 28, 2011 ● EXTENSION OF FREE CHILDCARE The chancellor is expected to announce £380m a year by 2014-15 to increase the number of two-year-olds eligible for free childcare. Currently, 130,000 two-year-olds are entitled to 15 hours of free childcare a week, but this will increase to 260,000 within four years, equivalent to 60 per cent of two-year-olds from the poorest [...]
Chancellor to unveil £250m to help energy-intensive industry November 28, 2011 THE government will today announce a package of reliefs worth £250m to help offset the crippling impact of its green policies on energy intensive companies. The package, which was first revealed in City A.M. last month, will help those firms who use large amounts of energy such as steelmaker Tata and chemicals specialist Ineos. There will [...]
Credit Suisse: banks to get liquidity aid November 28, 2011 THE BANK of England will need to restart and extend its liquidity support schemes for the UK’s biggest domestic banks as they face a wall of £76bn in maturing debt next year, according to research by Credit Suisse. Analysts led by Carla Antunes da Silva suggest that the UK’s “relatively safe haven status” could prompt [...]
City veteran Mayhew to step down as chairman of Cazenove November 28, 2011 DAVID Mayhew, one of the City’s best-connected bankers, is to step down as chairman of JP Morgan Cazenove after 42 years with the blue-chip firm. Mayhew’s name has become synonymous with the Queen’s stockbroker, which sold itself to US banking giant JP Morgan in 2009, and his resignation will draw the curtain on an era [...]
Euro banks need to deleverage November 28, 2011 EUROZONE banks must de-leverage to the tune of €2-3 trillion even if ministers get past the hurdles of arranging euro-bonds and liquidity support, UBS analysts said yesterday in a note to investors. If correct, the estimate means that Europe faces a severe credit crunch even if its political elites agree to issue jointly guaranteed bonds [...]
Swedish plans liquidity rules November 28, 2011 SWEDEN plans to impose tough bank liquidity rules on its top four domestic lenders from 2012, three years ahead of the anticipated global phase-in, a senior regulator said yesterday. “We hope to move forward with a liquidity coverage ratio (LCR) for the big banks. We are working on it for the four big ones,” Lars [...]
TM Lewin’s global spread lifts revenue November 28, 2011 Business clothing company TM Lewin’s sales revenue hit the £100m mark for the first time ever in the year ending 26 February, due to its expanding international market. The firm’s sales revenue jumped 20 per cent to £100.4m, of which 87 per cent came from UK stores and 13 per cent from overseas. Earnings before [...]
A tale of two retailers November 28, 2011 ANOTHER day, another tale of high street woe. Jacques Vert, the “quintessentially British” dressmaker, warned on profits after sales were hit by poor consumer confidence and the late onset of winter. Although it has a stronger balance sheet, we think it shares the same basic problems as Alexon, which fell into administration in September: an ageing [...]
Jacques Vert says the warmer weather brings a chill to sales November 28, 2011 Women’s fashion retailer Jacques Vert yesterday warned that its pre-tax profits are likely to be lower than expected due to the recent warm weather. Although sales for the first 29 weeks of this financial year are 0.8 per cent per cent higher than last year, like-for-like sales have decreased by 0.3 per cent. The group [...]
