Markit says decline in family finances is easing September 18, 2011 HOUSEHOLDS’ finances are still getting worse – but the decline has slowed since August, according to research released today by Markit. The household finance index (HFI) rose to 35.1 in September, up from 33.2 in August. Any number below 50 shows a decline over that month. The figures are still grim, however, as 37 per [...]
Targeted charity could save cash September 18, 2011 Huge social issues blighting Britain can best be solved by well-targeted philanthropy, claims study out today from Barclays Wealth and think-tank New Philanthropy Capital (NPC). The report identifies three categories of social problem costing the taxpayer £100bn per year: children with conduct problems and the crimes they commit in later life; adults out of work [...]
Vickers sidelined in Bank resolution regime plans September 18, 2011 THE BANK of England is working on plans to carve up failing banks into “good” and “bad” banks, but has so far shown little interest in the concept of a ringfence dividing wholesale and retail activities, as proposed by Sir John Vickers’ Independent Commission on Banking (ICB). The Bank’s quarterly report provides an update on [...]
ANALYSTS’ VIEWS: IS THE BANK OF ENGLAND LEANING TOWARDS MORE QE? September 18, 2011 PHILIP SHAW | INVESTEC “We envisage the MPC restarting QE and see little reason to wait until November’s forecasting round. Expect the go ahead next month.” SAMUEL TOMBS | CAPITAL ECONOMICS “This week’s public debt figures should show the fiscal consolidation process being hampered by weak growth. That underlines the need for QE.” PHILIP RUSH [...]
Bank: asset bubbles may have skewed GDP figures September 18, 2011 THE HOUSING boom and other changes in asset prices could have led statisticians to overestimate the contribution of financial services to GDP, according to the Bank of England’s quarterly bulletin, out today. As the sector grew twice as fast as the economy as a whole, its position as a driver of growth is not in [...]
New takeover rules set to test the City September 18, 2011 ALMOST two years after Kraft’s unsolicited bid for Cadbury, changes are being introduced today designed to strengthen the hand of companies that find themselves the subject of unwanted advances. But critics fear the changes will further damage the UK’s stalled M&A market, proving onerous for bidders and diverting investment away from the UK economy. Shortly [...]
Strauss-Kahn says sorry for moral error September 18, 2011 FORMER head of the IMF Dominique Strauss-Kahn apologised to his country last night for a sexual encounter with a hotel maid he said was a “moral error” he would regret all his life, and vowed to stay out of the Socialist Party’s 2012 election campaign in France. In his first interview since a New York [...]
Jaguar picks Midlands for engine plant September 18, 2011 LUXURY carmaker Jaguar Land Rover (JLR) is today set to confirm a newly-formed enterprise zone in Wolverhampton as the site of its new engine plant. Jaguar Land Rover, owned by Indian conglomerate Tata, is expected to confirm the development at an event today with business secretary Vince Cable. It is estimated that the plant will [...]
For how long can JLR commit? September 18, 2011 JAGUAR Land Rover’s commitment to the Midlands has appeared wavering at best recently – something the carmaker hopes to improve by spending up to £400m on a new engine plant, aided by government investment via its enterprise zone scheme. JLR’s parent company Tata has a complicated relationship with UK industry – as ongoing job cuts [...]
Cinven mulls sale of insurer Partnership September 18, 2011 PRIVATE equity house Cinven could sell Partnership Assurance for around £750m – but a deal is unlikely to be struck soon. Sources have indicated a deal is possible in 2013, but not certain, after Cinven received a number of approaches for the insurer. The buyout group acquired Partnership, which provides pension plans, long-term care plans [...]
