RBS set for a miserable day as FSA readies Libor fine February 5, 2013 TAXPAYER backed Royal Bank of Scotland is expected to be hit with a fine of around £390m by the City watchdog and US regulators today over its role in the Libor rigging scandal, piling further political pressure on the bank. RBS, which is 82 per cent owned by the state, is to announce a settlement [...]
UK service sector swings back into output growth February 5, 2013 THE BIGGEST sector in the UK economy swung back into growth in January, banishing fears of a triple-dip recession. Markit’s purchasing managers’ index (PMI) for services jumped from 48.9 in December to 51.5 in the first month of 2013, indicating a rebound from slight decline to moderate improvement. With the January improvement in manufacturing activity, [...]
We will have to save far more as investment returns dwindle February 5, 2013 IF you have savings, which asset class you choose to allocate your wealth to is one of the most important decisions you will ever make. It is vital to look at very long-term returns, and there is no better place to find this information than Credit Suisse’s global investment returns yearbook, published today. Over the [...]
What the other papers say this morning February 5, 2013 FINANCIAL TIMES Turner defends permanent printing Lord Turner, outgoing chairman of the Financial Services Authority, has launched an impassioned defence of financing government spending by printing money, arguing that within limits it “absolutelym definitely [does] not lead to inflation. Speaking ahead of a valedictory speech in London today, Lord Turner, who applied to be the [...]
MPs back gay marriage but Cameron defied February 5, 2013 THE HOUSE of Commons backed gay marriage overwhelmingly last night, although more Tory MPs voted against David Cameron than with him. 136 Conservative MPs opposed the bill, which will allow same sex marriage for the first time in Britain, while 127 backed it and 40 abstained. 12 Tory ministers, including Owen Paterson, the environment secretary, [...]
Japan bank chief to leave early February 5, 2013 Japanese markets are expected to rise today, helped by a sharp fall in the yen after central bank governor Masaaki Shirakawa decided to step down three weeks earlier than expected, possibly bringing forward an anticipated shift to a more aggressive monetary policy. Prime Minister Shinzo Abe has made it clear he wants someone in the [...]
Huhne ex-wife sought revenge February 5, 2013 Vicky Pryce, the ex-wife of former energy secretary Chris Huhne, attempted to destroy his career in revenge for ending their marriage, a court heard yesterday. Pryce has pleaded not guilty to perverting the course of justice regarding allegations she took speeding points on her driving licence instead of Huhne. Having previously professed his innocence, Huhne [...]
BlackBerry reports high demand February 5, 2013 BlackBerry has said that sales of its new smartphones, released in the UK last week, have beaten expectations, selling out in some stores. Phones running new BlackBerry 10 software have been made available in the UK before anywhere else. The release of the new handsets is seen as a make or break moment. “The response [...]
Crest Nicholson flotation gets a firm following February 5, 2013 FINANCIAL advisers for the housebuilder Crest Nicholson have managed to attract sufficient demand for the upcoming IPO a week ahead of schedule. The demand for the offer has been achieved despite the nervousness in the financial markets on Monday and despite the paucity of new issues in the London markets over the past couple of [...]
Ex-JP Morgan chief says cutting state aid for banks will aid City February 5, 2013 SCRAPPING the implicit subsidy for banks and making sure they will be allowed to fail when they get into trouble should reduce public hatred for the sector and benefit the City in the long run, JP Morgan’s former investment banking head said yesterday. Bill Winters argued US banks have benefited from state support and a [...]
