Threadneedle Street needs a human touch November 20, 2012 THE NEXT governor of the Bank of England must speak to his own staff more often than Sir Mervyn King has, to include a wider range of views in policymaking and to understand the development of the Bank’s future leaders, City grandee Bill Winters said yesterday. Winters wrote a review of the Bank’s liquidity operations [...]
Bank of England’s Weale warns high inflation means end of QE November 20, 2012 INFLATION will be too high for the next two years, ruling out any more quantitative easing (QE), top Bank official Martin Weale said yesterday. But he defended the policy from complaints that it hurts pensioners, and said that in future it may be possible to argue QE actually reduces inflation by raising productivity. Under QE [...]
Bond and share issuance jump on improved market conditions November 20, 2012 BANKS and finance firms increased their fundraising through bonds, shares and commercial paper in October, according to Bank of England data published yesterday, as improving financial market conditions allowed firms to tap up more investors. Gross share issuance hit its highest level in more than a year at £1.3bn in the month, up from £0.2bn [...]
Payday lenders in trouble over customer care November 20, 2012 PAYDAY lenders must do more to check borrowers can afford their loans, delay more foreclosures and moderate their debt collection practices, the Office of Fair Trading (OFT) warned yesterday as it announced investigations into several lenders. But the body’s new report also found most customers of payday lenders are satisfied with the service they receive, [...]
Banks are pressing the BBA to consider a trade group merger November 20, 2012 SEVERAL UK banks want their trade association to consider merging with other industry groups as part of a radical re-think of the British Bankers’ Association’s (BBA) structure and finances. The BBA used to be able to charge for the use of Libor data, but the association has lost that multi-million pound revenue stream since the [...]
Secure Trust raises £20m November 20, 2012 SECURE Trust Bank, a subsidiary of Arbuthnot Banking Group, yesterday defied tough fundraising conditions to place £20m of shares with new and existing investors. The bank, which is majority owned by Arbuthnot Banking, said it would use the funds to support future growth and potential acquisitions. It will also be used to repay its existing [...]
Plans to restore audit reputation November 20, 2012 THE FINANCIAL reporting watchdog has kicked off a project to try and help auditors to rebuild trust in their profession. On the same day that auditors for Autonomy came under scrutiny following Hewlett-Packard’s $8.8bn (£5.5bn) post-acquisition writedown, the Financial Reporting Council said it wants to examine the skills and responsibilities needed to publish useful audits. [...]
Draghi warned his loose policy worsens crisis November 20, 2012 INVESTORS fear the Eurozone crisis is not going away, despite European Central Bank boss Mario Draghi’s assurances that he will do everything to help, according to a Fitch study published yesterday. And analysts from Swiss bank UBS warned Draghi’s policies may be making the crisis worse in the long run by reducing the pressure for [...]
Google is spared the public’s anger over UK tax spat November 20, 2012 LAST week executives from Amazon, Google and Starbucks appeared before the House of Commons public accounts committee to discuss the issue of tax avoidance, which led to some calls for consumers to boycott big brands that are accused of not paying their fair share. But how is brand perception actually impacted by these sort of [...]
Spain enjoys bond success but rescue fund hit by France woe November 20, 2012 SPAIN successfully shifted €5bn (£4.02bn) worth of short-term debt yesterday, but a bond sale for the Eurozone rescue fund was delayed by France’s Monday night downgrade. The Spanish treasury sold €4.2bn worth of 12-month debt at a yield of 2.797 per cent, down from 2.823 per cent at the last auction, but €713m of 18-month [...]
