City banks must not be harmed September 4, 2011 THE latest heated exchange of words between Vince Cable and senior industry figures has focused attention on the impending publication of the Independent Commission on Banking’s final report next week. This promises to be a defining moment for the industry and it is understandably provoking strong emotions on both sides. It is, therefore, worth taking [...]
City: Osborne should delay Vickers decision September 4, 2011 Well over half of people think George Osborne should delay the Independent Commission on Banking recommendation that banks should ringfence their retail arms from their investment operations, according to our poll of influential City figures. Of the 412 polled, 57 per cent said he should delay ringfencing in the face of the European debt crisis, [...]
Britannia customers offered current accounts, Co-op says September 4, 2011 THE Co-op’s Britannia branches are to be transformed so that customers can open current accounts. The 245 branches will also allow account holders to pay bills and carry out balance inquiries as part of their integration into the Co-op stable after a merger in 2009. Previously the Britannia only dealt with savings accounts and mortgage [...]
Aldermore to offer 100pc mortgages September 4, 2011 PRIVATE equity-backed Aldermore is set to be the first national lender to offer 100 per cent mortgages since the onset of the financial crisis. The mortgages, which were discarded for being too risky, will rely on certain stipulations, such as being partially guaranteed by a parent. Aldermore, which is owned by AnaCap, will offer the [...]
Lagarde calls for fiscal stimulus in US and EU September 4, 2011 INTERNATIONAL monetary fund (IMF) chief Christine Lagarde is urging US and EU leaders to counter the confidence crisis hitting their economies. “Looking at Europe, we recommend countries adjust their austerity programmes to a changed situation and consider measures to drive growth,” she told German magazine Der Spiegel yesterday. She suggested that countries like Germany, with [...]
DSK BACK ON HOME SOIL September 4, 2011 Dominique Strauss-Kahn, his presidential hopes shattered by a sex assault scandal that rocked his homeland, returned yesterday to France. The former IMF chief arrived with his wife Anne Sinclair. Smartly dressed and smiling. Strauss-Kahn pulled up at his Parisian apartment in the chic Place des Vosges. He waved but made no comment as he pushed [...]
Manufacturers are upbeat on outlook September 4, 2011 MANUFACTURING in the UK remains healthy despite the weak economic outlook, according to a survey published today — appearing to contrast with business surveys that have recently painted a bleak picture for the UK’s factories. Industry bodies EEF and the BDO say output and orders are still rising across all sectors. The study covers the [...]
Shops bounce back in August despite effect of the riots September 4, 2011 SHOPS across London have bounced back despite last month’s riots, according to a survey released today. While footfall across the UK fell by 1.5 per cent in August, this was the most modest year on year decline for the month since August 2007. And London’s consumers defied the riots, with footfall in the capital increasing [...]
Chinese Consortium buys part of CCB stake sold by Bank of America September 4, 2011 A CHINESE consortium has emerged as the biggest buyer of the China Construction Bank stake that Bank of America sold last month, according to reports this weekend. It is understood that the State Administration of Foreign Exchange, which manages most of China’s $3,200bn in foreign reserves, the National Social Security Fund, and Citic Securities bought [...]
Markets on look out for Federal Reserve easing September 4, 2011 STUBBORN unemployment is expected to prompt US Federal Reserve chief Ben Bernanke into taking further action to stimulate the economy later this month – which might include a further round of quantitative easing. In the weakest payroll stats since last September, August’s figures showed no fall in unemployment, with July’s job creation numbers revised down [...]
