FSA hits back at Prudential claims March 25, 2012 The City watchdog has hit back after claims in a leaked Prudential email that FSA policies are “ludicrous” and “horrendous”. The Financial Services Authority said many of the complaints made in the email should be directed at Brussels or Westminster, as they were responsible for many of the regulations. The FSA defended itself after Barry [...]
GM to expand in low-cost areas March 25, 2012 General Motors may expand production capacity in low-cost countries while closing its Bochum plant in Germany and Ellesmere Port site in Britain, a German magazine said, citing an internal strategy document. If vehicle sales rise, GM would build the additional cars in countries such as Poland, Russia, China, India, Mexico and Brazil, Der Spiegel said, [...]
Army could deliver fuel if drivers strike March 25, 2012 ARMY drivers are on standby to deliver fuel to petrol stations if tanker drivers vote today to strike over Easter. The Unite union will this afternoon announce the decision of 2,000 drivers – responsible for 90 per cent of forecourt deliveries – on whether to take industrial action, starting 3 April. But Cabinet Office minister [...]
Government sector jobs set to drop below 5m by 2017 March 25, 2012 OFFICIAL government employment is set to fall to a modern-era low as a proportion of total UK employment, if the coalition’s plans are carried through until 2017. General government employment is forecast to decline to 4.9m – down from its current level of 5.7m – by the start of 2017, according to the Office for [...]
Santander plans closure of 56 bank branches to reduce overlap March 25, 2012 SANTANDER is understood to be closing 56 of its branches to reduce the overlap that has been created following the mergers of Abbey National, Alliance & Leicester and Bradford & Bingley. The move comes as the Spanish bank continues to negotiate the takeover of 318 Royal Bank of Scotland branches which is due to be [...]
NBNK set for comeback on Lloyds sell-off March 25, 2012 THE bank buyout vehicle run by Lord Levene is about to make another approach for the 632 Lloyds branches put up for sale as it appears a deal with the Co-operative Group could falter. NBNK is planning an improved £1.5bn offer for the Project Verde assets, the future of which appears uncertain after Lloyds last [...]
Co-op mulls Sunwin sale to beef up branches bid March 25, 2012 THE Co-operative group is considering a sale of its cash handling business as it tries to raise cash for its deal to buy 632 branches of Lloyds bank. The mutual has reportedly hired Buckingham Corporate Finance to handle the sale of Sunwin Services, which could raise £30m or £40m. Sunwin provides secure transport of cash [...]
GE plots quick launch of online bank in Britain March 25, 2012 ENGINEERING and financial services giant General Electric is to open an online retail bank in Britain. The American group’s GE Capital UK arm won approval for its banking licence from the Financial Services Authority last week and is expected to launch in mid-April. The new bank will be called GE Capital Direct and aims to [...]
Bonuses set for delay as tax cut looms March 25, 2012 BANKERS are set to try to delay the receipt of bonuses to take advantage of the abolition of the 50p top rate of tax. City workers could increase by tens of thousands of pounds the net value of their awards for this year’s performance by deferring payment by a few months from the start of [...]
China’s CCB posts rise in 2011 profit March 25, 2012 CHINA Construction Bank, the world’s second biggest lender by market value, reported a 25 per cent rise in 2011 net profit, missing expectations as lending curbs on the real estate sector hit earnings. Net profit in 2011 rose to 169.3bn yuan (£16.9bn) from 135bn yuan the year before, according to a filing to the Hong [...]
