US traders are poised to hear election result November 4, 2012 REGARDLESS of the results of tomorrow’s US presidential election, the next four years will be a tough act to follow from Wall Street’s standpoint. The benchmark Standard & Poor’s 500 Index has rallied 66 per cent since President Barack Obama took office – one of the most impressive runs ever for stocks under a single [...]
Give yourself a bit of credit November 4, 2012 OVER £12.6bn was spent on credit cards in September 2012 alone. They’re a convenient way to manage your expenses — you can spread the cost of large purchases, give yourself an extra layer of protection against fraud, and they could help you build up a good credit history if used sensibly. But given the size [...]
Retail banks have changed – but don’t blame investment banking November 4, 2012 AT A recent debate, the Bank of England’s Andy Haldane called for a culture change in retail banking. He claimed that a structural separation of retail banking from investment banking would end damaging cross-contamination. Retail banking could return to its roots in relationship management and judgement, based on local knowledge. But Haldane’s comments were based [...]
The City’s high standing remains undiminished in spite of recent troubles November 4, 2012 WHEN I took over as lord mayor 361 days ago, I half-jokingly said that my background as an oarsman would help me steer a course through the choppy waters facing the City. As it happens, the past 12 months have proved a real test of City fortitude. The financial services industry has had to navigate [...]
US energy policy is thriving despite a quiet campaign November 4, 2012 HOW do free market economies respond to scarcity? They innovate. And while the presidential candidates haven’t said anything particulary interesting about energy policy – despite mayor of New York Michael Bloomberg’s endorsement of Barack Obama for his climate policies – US businesses have been showing us just how it is done. State governments have been [...]
As RBS again raises its PPI liabilities, are there reasons for concern about the claims system? November 4, 2012 YES Stephen Gilchrist Lloyds now claims that its liability against payment protection insurance (PPI) misselling will hit £5.3bn, and has set aside a further £1bn, while RBS is expected to confirm that its total bill will increase by £400m to reach £1.7bn. Have world-ranking financial institutions grossly underestimated the scale of their original faults, or [...]
Rapid responses November 4, 2012 Risky business [Re: Financial regulation is worsening Europe’s demographic time bomb, Thursday] Bruno Pfister’s argument that financial regulation makes things worse is one that too often gets forgotten in the current discourse of “too big to fail” orthodoxy. This discourse has now effectively become “businesses must not take any risk they cannot afford” in the [...]
How financial advice regulation will affect all UK retail investors November 4, 2012 THE Retail Distribution Review (RDR), which comes into effect on 31 December this year, will transform retail investment. The Financial Services Authority (FSA) introduced RDR to better protect consumers. It aims to help investors understand the costs associated with financial advice, and to improve its quality. However, it will require investors to be more proactive [...]
Introducing the FSA’s new investment rules November 4, 2012 EXECUTIVE CHAIRMAN, GEKKO JUST over six years ago, the Financial Services Authority (FSA) announced a review of retail investment, with the aim of identifying and addressing the root cause of problems that continued to emerge in the market. Called the Retail Distribution Review (RDR), it’s a key part of the FSA’s consumer protection strategy. But [...]
Thrill seekers put one foot in La Grave November 4, 2012 I am teetering on the edge of a cliff at the top station of Les Deux Alpes. I normally feel confident on my carving skis but this feels like no ordinary black run. Around me are some of the most spectacular views of the French Alps known to man, but all I can do is [...]
