What the other papers say this morning – 18 July 2013 July 17, 2013 FINANCIAL TIMES Higher salaries to offset bonus cap Four out of five European banks plan to raise executive base salaries to counter regulation-driven bonus cuts next year, potentially undermining the effectiveness of the planned variable pay cap in bringing down pay. An EU-wide bonus cap will from 2014 limit variable pay to up to twice [...]
IMF warns China as Osborne gets backing on cuts July 17, 2013 CHINA needs to take “decisive measures” to ensure its economy continues to grow amid growing domestic problems, the International Monetary Fund (IMF) said yesterday. IMF officials said in a report that the world’s second biggest economy has grown too reliant on debt and investment driven by exports. “A package of reforms is needed to contain the [...]
Money printing set to continue July 17, 2013 US MONEY printing could continue apace into next year after Fed chairman Ben Bernanke last night hinted that he might wait longer than previously expected before slowing down the pace of its quantitative easing programme. Markets rose gently on the speech, as The Fed boss tried to calm traders. “A highly accommodative monetary policy will [...]
Santander cuts paid accounts July 17, 2013 BANKING giant Santander yesterday said it would scrap packaged deals on paid-for current accounts, in a move that will affect hundreds of thousands of customers. Packaged accounts offer add-ons such as phone insurance for a fee that can hit £20 a month. Santander will scrap all such accounts from 19 October, citing a desire to [...]
Carney unites Bank against more stimulus July 17, 2013 THE BANK of England’s rate-setting monetary policy committee (MPC) voted unanimously to reject more QE earlier this month, according to minutes released yesterday. Interest rates were also unchanged during the July meeting, which was Mark Carney’s first as the new governor. Nine MPC members voted for no increase in the Bank’s quantitative easing programme, while [...]
GlaxoSmithKline finance exec prevented from leaving China July 17, 2013 PHARMACEUTICALS company GlaxoSmithKline’s head of finance for China has been prevented from leaving the country, it emerged yesterday. Steve Nechelput has been under travel restrictions since the end of June, although he has not been detained or arrested, said a GSK spokesperson. Chinese authorities have accused the FTSE 100 company of being the ringleader in a [...]
Serious Fraud Office sees costs rise and conviction rates drop July 17, 2013 THE SERIOUS Fraud Office (SFO) yesterday admitted that its costs have risen even as the number of successful prosecutions continues to fall. The troubled watchdog’s annual report shows it brought 12 cases involving 20 defendants to trial during 2012-13, with a conviction rate of 70 per cent. This is down on the 19 cases the SFO brought to [...]
BNY Mellon shares leap as asset management book grows again July 17, 2013 PROFITS increased 78.8 per cent at BNY Mellon, the bank said yesterday, as it gained from improved market conditions in the second quarter. The custodian bank saw fee revenues rise 13 per cent on the year to $3.2bn (£2.1bn) on improved market performance, and net interest revenues edge up 3.1 per cent to $757m. That [...]
BAML earnings soar on tough job cutting plan July 17, 2013 BANK of America Merrill Lynch (BAML) reported a 70 per cent jump in profits for the second quarter yesterday as the recovery pushed volumes up. And the figure was further bolstered by the lender keeping a tight rein on costs, most notably by cutting 18,300 staff over the last year, a 6.6 per cent fall [...]
Fitch cuts French banks’ ratings after downgrading the country July 17, 2013 FRENCH banks including Societe Generale, BNP Paribas and Credit Agricole were hit by credit rating downgrades yesterday in the wake of the country’s rating cut. Fitch said it had lowered the status of the banks from A+ to A, following its decision to lower France’s credit score from AAA to A+ last week. “The downgrade [...]
