Pensions minister attacks EU plan November 20, 2012 New capital rules for final salary pension schemes would add £150bn to UK firms’ costs, pensions minister Steve Webb warned yesterday. The European Commission plans to regulate pensions in the same way as insurers, making funds hold more capital against adverse events. But critics say the two are not comparable, as insurers pay out on [...]
Mortgage loans see Funding for Lending boost November 20, 2012 MORTGAGE lending climbed to an 11-month high in October, according to data out yesterday, as the Funding for Lending Scheme (FLS) entered its third full month of activity. Gross mortgage loans hit £12.9bn in October, data from the Council of Mortgage Lenders (CML) showed, up 13.3 per cent on September, and up 4.2 per cent [...]
Bank of Japan hits out at critics of its hard-won independence November 20, 2012 THE BANK of Japan yesterday stood resolute against calls to flood the economy with money in order to achieve its inflation target, stressing the importance of its political independence. It kept its asset buying programme steady after last month’s increase to 91 trillion yen (£0.7 trillion), dismissing calls for unlimited quantitative easing from the Bank [...]
Fed’s Lacker pours cold water on monetary policy thresholds plan November 20, 2012 A TOP Federal Reserve official yesterday challenged an idea that is gaining traction at the US central bank, arguing that adopting so-called thresholds to guide policy would be a risky move that fails to take account of broader economic conditions. Richmond Fed president Jeffrey Lacker also floated the idea that legislation might be necessary to [...]
UK firms hike R&D spend in export sectors November 20, 2012 BUSINESS research and development boomed in the UK between 2010 and 2011, according to data out yesterday, despite the country’s slide back into recession by the end of the year. Total business R&D spending was £17.4bn in 2011, eight per cent higher in cash terms than in 2010, and six per cent higher in real [...]
US housing market continues to bounce back from collapse November 20, 2012 BUILDING permits, housing starts and housing completions in the United States grew rapidly into October, according to statistics out yesterday, signalling continued recovery in the US housing market. Permits were up 29.8 per cent in the year to October, the data from the US Housing Department and Census Bureau showed, even after a 2.7 per [...]
Germany and France to hold 12.5pc in EADS November 20, 2012 GERMANY and France have reached an agreement under which each government will hold a 12 per cent stake in aerospace and defence group EADS, a German newspaper reported yesterday. Citing government sources, Handelsblatt said that the agreement would mean governments, including Spain which owns 5.5 per cent, would in the future hold roughly 30 per [...]
Halma hikes its dividend November 20, 2012 TECHNOLOGY group Halma hiked its dividend seven per cent yesterday, marking the 34th consecutive year it has raised the shareholder payout by more than five per cent. The group reported a six per cent jump of adjusted pre-tax to £60.8m for the six months to September, on revenues up six per cent to £298.1m. FTSE [...]
Renold hires a new chief November 20, 2012 INDUSTRIAL chain supplier Renold yesterday appointed a new chief executive as it reported falling revenue and profits. Robert Purcell will take the role of chief executive from 1 May, following the retirement of Bob Davies at the end of the year. Underlying revenue fell six per cent to £96.7m over the six months to September, [...]
Olam battles Muddy Waters accounting claim November 20, 2012 SINGAPORE commodities trader Olam International yesterday defended its accounting practices after attacks by short-seller Muddy Waters. “We are dismayed at the nature and lack of substance of these assertions and opinions about Olam’s financial position, particularly as we were not contacted in advance by Carson Block or anyone else from Muddy Waters,” Olam, led by [...]
