Aviation one of five sectors set to suffer in 2013 January 16, 2013 FIVE struggling sectors of the economy could face more woe in 2013, says a report released yesterday. Aviation, care homes, farming, local authorities and NHS trusts are the five most likely sectors to come in for financial distress over the coming year, according to forecasts from Begbies Traynor, due to funding and demand squeezes. Airlines face a [...]
Vickers claims tough ring fence will boost City competitiveness January 16, 2013 RING-FENCING retail banking operations to separate them from investment banking are the best way to reform the sector and will in fact increase London’s competitiveness in the long run, the author of the plans insisted yesterday. Sir John Vickers even argued that MPs’ and peers’ proposals to electrify the ring fence with the threat of [...]
FSA clamps down harder on misselling January 16, 2013 FINANCE firms must change their sales practices immediately to make sure they no longer incentivise staff to mis-sell retail products, the Financial Services Authority (FSA) said yesterday. Any who have not already must undertake an extensive review of incentive schemes, review their controls and change bad practices. If they discover more consumers who have been [...]
Arbuthnot says results on track January 16, 2013 ARBUTHNOT Banking Group traded well during the fourth quarter and expects to report pre-tax profits in line with market forecasts. In a trading update yesterday, it said Secure Trust Bank P continued to see strong demand for lending across all of its portfolios and following the successful completion of its equity placing, the business remains [...]
eBay beats the street as sales jump upwards January 16, 2013 EBAY yesterday reported quarterly results that just beat Wall Street expectations, but the e-commerce giant also gave a cautious forecast for the year ahead. Fourth-quarter revenue jumped 18 per cent to $3.99bn (£2.49bn). Profit came in at $927m, or 70 cents a share in the period. That compares with profit of $789m, or 60 cents [...]
Fed’s Beige Book says economy is improving at moderate pace January 16, 2013 ECONOMIC activity across the US expanded at either a moderate or modest pace in recent weeks with consumer spending picking up, the Federal Reserve said last night, suggesting little change in terms of the recovery’s strength. The US central bank painted a cautiously positive picture of an economy gathering steam across its 12 districts, although [...]
Ex-Legal & General worker to plead guilty on insider trading January 16, 2013 A FORMER trader at Legal & General Investment Management charged under the Financial Service Authority’s (FSA) high profile Operation Tabernula investigation yesterday told magistrates he intended to plead guilty to one count of insider trading. Paul Milsom, who traded equities at the investment arm of the insurer, told Westminster Magistrates Court that he would enter [...]
US to become self-reliant for energy needs January 16, 2013 THE US will become 99 per cent self-sufficient in its energy needs by 2030, with the shale gas revolution set to reinvigorate its economy, according to oil giant BP. According to its Energy Outlook 2030 report yesterday, growing production and moderating demand will result in the US becoming almost completely self-sufficient in 17 years’ time. [...]
Telefonica says it has no plans for a UK float of O2 January 16, 2013 THE parent company of mobile network O2 has ruled out the possibility of floating the company in the UK. Spanish telecoms giant Telefonica, which recently took its O2 Germany unit public, has been tipped to launch a UK initial public offering (IPO) in order to pay down its €56bn (£46.5bn) of debt. However, the firm’s [...]
Sadiq Khan to lead Labour in London January 16, 2013 SADIQ Khan has been appointed Labour’s shadow minister for London, leaving him well placed to seek the party’s nomination for the 2016 mayoral election. The Tooting MP replaces Tessa Jowell, who stepped down following the Olympics.
