TSB’s lending decisions aren’t that local after all September 10, 2013 The boss of Lloyds spin-off TSB says that the new project will "bring local banking back to Britain". All money put with a local branch is intended only to support a local loan or mortgage. Decisions over how that borrowing is issued isn't as decentralised as that may imply. Paul Pester, chief executive office, TSB: [...]
Polymer in your pocket? September 10, 2013 The Bank of England has announced a public consultation programme on new banknotes: a switch from cotton to polymer. Deputy Governor of the Bank of England, Charles Bean, said : Polymer banknotes are cleaner, more secure and more durable than paper notes. They are also cheaper and more environmentally friendly. However, the Bank of [...]
EU transaction tax could be killed by incompatibility with existing treaties September 10, 2013 A planned European Union (EU) Financial Transaction Tax (FTT) may be killed on legal grounds, according to legal services for EU member states. In a document they stated that the plan "exceeds member states' jurisdiction for taxation under the norms of international customary law". The plan is not compatible" with the EU treaty "as it [...]
Gross new lending hits record high as Help to Buy kicks in September 10, 2013 Figures published today by the Bank of England (BoE) and Financial Conduct Authority (FCA) show new high for gross new lending and interest rates on gross new lending for the second quarter, since the start of the series in 2007. Mortgage lenders and administrator statistics show record levels; at 1.6 percentage points higher than [...]
Chief regulator thinks interest swaps compensation should be complete by April 2014 September 10, 2013 Compensation for interest rate swap mis-selling should be complete by April 2014, according to the chief executive of the Finacial Conduct Authority (FCA). So far only £500,000 has been paid out for just 10 cases. Banks have taken on 2,800 staff to deal with more than 30,000 cases. FCA boss Martin Wheatley said that "nobody [...]
Is this the new(er) normal? Government faces higher borrowing costs as bond yields rise September 10, 2013 (Tradeweb) Most economic data has bounced since Mark Carney arrived at Threadneedle Street, but since the Bank of England's adoption of forward guidance, so have government borrowing costs. After hitting July 2011 highs of three per cent last Friday, the yields on gilts have now moved back above three per cent today (pictured). These 10 [...]
Italy left behind as second quarter contraction exceeds estimates September 10, 2013 Revisions to Italian GDP have seen the economy shrink faster than expected, decreasing by 0.3 per cent in the second quarter. Italy is continuing to feel the effects of a two-year long recession, now lasting eight quarters. Analysts expected no change from the flash estimate put out on the 6th August which predicted a 0.2 per [...]
Glencore Xstrata leads index on better than expected synergies September 10, 2013 Glencore Xstrata shares are leading the FTSE 100 this morning on news that the miner is gaining better than expected synergies from its recent merger (release). At least $2 billion of synergies estimated for 2014, materially exceeding the initial merger guidance of $500 million;$450 million to come from marketing synergies as forecast, $175 million from [...]
Rolls Royce wins £111m contract to power Kazakhstan oil pipeline September 10, 2013 Good news for Rolls Royce – They've won a $175m (£111m) contract to power a pipeline running through Kazakhstan's Line C gas pipeline (release). Rolls-Royce will supply AGP, a joint venture between Kazakhstan's KazMunaiGaz and China's National Petroleum Corporation (CNPC), with twelve RB211 gas turbine driven pipeline compressor units which will operate at four compressor [...]
Surprise contraction for French industrial output in July September 10, 2013 Disappointing figures from France this morning as industrial output shrinks from July. Analysts have been hoping for the sector to return to growth. A decrease of -0.6 per cent from July's figure of -1.4 per cent failed to hit market predictions of a 0.6 per cent increase. July saw a significant slump in the [...]
