Expectations of inflation at 2.5 year high March 17, 2011 INFLATION expectations have risen to their highest level since August 2008, increasing the likelihood that price pressures are seeping through into second round effects. Britons expect inflation of four per cent over the coming year, according to the latest Bank of England survey released yesterday. Expectations rose from the 3.9 per cent level, recorded in [...]
Turner in bid to up bank ratios to 20pc March 16, 2011 MAJOR banks should maintain capital ratios of 15-20 per cent of their risk-weighted assets (RWAs), according to FSA chairman Adair Turner. Speaking at Cass Business School last night, Turner said: “If global regulators were benevolent dictators… they would be wise to choose capital ratios far above even Basel III levels, something more like 15-20 per [...]
WHAT THE OTHER PAPERS SAY THIS MORNING March 16, 2011 FINANCIAL TIMES BANKS SERVED LIBOR SUBPOENAS Regulators probing alleged manipulation of a key interbank lending rate have focused their demands for information and interviews on five global banks, according to people familiar with the investigation. UBS, Bank of America, Citigroup and Barclays have received subpoenas from US regulators probing the setting of the London interbank [...]
Savers should utilise ISAs to beat inflation March 16, 2011 5 APRIL will be the last day this tax year to shelter your savings under an ISA. With stagnant wages and inflation biting into savings, holding savings in cash is not a good idea. Mervyn King will likely be sending letters to George Osborne apologising for high inflation for a while to come. The 2 [...]
Taking a Sipp for greater control March 16, 2011 WHETHER it’s fine wine or a pension, you need to be a connoisseur to get the most from taking a sip. But while almost everyone will get some benefit from a sip of wine, the same cannot be said about self-invested personal pensions (Sipps). Much like an investment ISA, a Sipp offers a tax-free wrap [...]
Disaster fears batter markets March 16, 2011 Fears of another nuclear explosion in Japan have been compounded by a revival in eurozone debt worries and an upscaling in violence against pro-democracy protesters in the Middle East to leave markets lower again. The FTSE 100 closed down 1.7 per cent at 5,598.23 after a plunge in mid-afternoon caused by EU energy minister Gunther [...]
Firms pull out staff and close Tokyo offices March 15, 2011 FIRMS began pulling employees out of Tokyo amid fears of spreading nuclear contamination yesterday. Banks, legal firms and manufacturers closed Tokyo offices, offered to evacuate staff to unaffected parts of Japan and sent expatriates to Hong Kong and Singapore after explosions and fires at a Fukushima Daiichi reactor yesterday sent a cloud of radioactive material [...]
Barclays in rush to exit Protium March 15, 2011 REGULATORS could try to force Barclays to shift a raft of toxic assets back onto its balance sheet, the bank’s annual report revealed yesterday. In a section regarding the special purpose vehicle (SPV) Protium, which Barclays created last year for accounting purposes, the bank said: “The ongoing review of Barclays financial statements by regulators includes [...]
High street brands popular for legal advice March 15, 2011 WITH the implementation of the “Tesco law” looming, a new report from YouGov into the legal services sector provides positive news for big brands looking to diversify into this sector. It reveals that consumer willingness to seek legal advice from retailers or high street brands is high; 60 per cent of consumers would consider using [...]
CITY MOVES | WHO’S SWITCHING JOBS March 15, 2011 Jeffrey Green Russell The full service commercial law firm has promoted Kamran Rehman as partner to its banking and finance litigation team. With expertise in all core legal fields, the firm also boasts a number of leading industry-specific teams. Rehman’s work includes banking and commercial disputes including professional negligence claims and mortgage fraud claims. He [...]