Insurance deals may become mobile in case of firms’ failure February 11, 2013 INSURANCE contracts could become transferable between providers in the event of a major insurer going bust, top regulator Andrew Bailey argued yesterday, calling for the watchdog to be given more powers over resolution. Insurers do not face the same risk of a run that banks do, because customers cannot simply move to another firm. Instead, [...]
Regulators fear loan insurance may be at risk February 11, 2013 TOUGHER rules are needed to make sure mortgage insurers are up to the job of protecting banks, the Basel Committee on Banking Supervision said yesterday, calling for closer supervision of the insurers. The group called for insurers to build up bigger capital buffers against potential losses as well as extra reserves to keep them safe [...]
Fallon demands banks publish local personal loan data weekly February 11, 2013 BANKS are being urged to publish mortgage lending and consumer credit decisions by region, according to a letter from business minister Michael Fallon, made public yesterday. He is following the lead from business secretary Vince Cable who last week called on banks to publish small business lending levels by constituency on a weekly basis. The [...]
OECD indicator points to firmer UK economy in middle of 2013 February 11, 2013 SIGNS from the UK economy suggest that it will recover mildly over 2013, according to the Organisation for Economic Co-operation and Development (OECD). The OECD’s latest composite leading indicator (CLI), predicting economic conditions six months from last December again increased, but this time by only 0.09 points. This follows on the heels of stronger injections [...]
City Moves for 12 February 2013 | Who’s switching jobs February 11, 2013 UBS The bank’s global asset management division has appointed Gavin Lewis business development director. Lewis has over 11 years’ experience in the investment industry. He joins from Russell Investments, where he was responsible for relationship management. MN The fiduciary management firm has announced three new appointments. Christy Jesudasan joins as senior account manager after 14 [...]
Best of the Brokers February 11, 2013 GALLIFORD TRY Panmure Gordon has raised its target price for Galliford Try from 770p to 800p and maintained a “hold” rating on the stock. The housebuilder and construction firm is set to report half-year results this month. Panmure said it expects these will show stable year-on-year sales rates. The broker said as a result it [...]
FTSE pauses for breath beneath the 6,300 mark February 11, 2013 BRITAIN’S FTSE 100 was lifted yesterday by strength in energy stocks and food retailers, but the index was still struggling to break through the four-and-a-half year highs hit at the start of February. London’s blue chip index gained 13.13 points, or 0.2 per cent at 6,277.06, holding within the 70-point range of the last five [...]
US markets are quiet after six weeks of gains February 11, 2013 US stocks ended a quiet session with slight moves yesterday as investors found few reasons to keep pushing shares higher following a six-week advance, though the longer-term trend was still viewed as positive. The benchmark index is up more 6.4 per cent in 2013, putting both the S&P 500 and Dow industrials near multi-year highs. [...]
Retail banks aren’t safe: Politicians fool themselves to think otherwise February 11, 2013 YESTERDAY, RBS’s chief executive Stephen Hester appeared before the Parliamentary Commission on Banking Standards, just days after his bank’s £390m fine for involvement in Libor manipulation. In the face of scandals like these, the political debate about structural banking reform has intensified. Last week, George Osborne committed to forcibly breaking up banks if they do [...]
Runaway inflation makes Mark Carney’s flexible target largely redundant February 11, 2013 AT THE Treasury Select Committee last week, the incoming Bank of England governor Mark Carney re-iterated his desire for a more “flexible” inflation targeting regime for the UK. The Bank of England’s current remit is to keep consumer price index inflation at 2 per cent, within a band of 1 percentage point each way. But [...]
