Japan exodus goes on March 17, 2011 THE corporate exodus from Japan’s capital Tokyo continued yesterday, with real estate agent Savills among major firms closing their offices there. In a sign of growing nervousness at the threat of a nuclear meltdown at the Fukushima Daiichi power station, the UK joined others in offering charter flights out of Tokyo’s Narita airport for British [...]
RBS reveals five highest paid bankers earn total of £20m March 17, 2011 RBS’ highest-paid bankers were named yesterday as it revealed it paid five top-ranking employees a total of more than £20m last year. RBS originally published its biggest pay awards anonymously as part of the Project Merlin deal with the government but staff members could be identified from analysis of its stock market filings. RBS said [...]
US doles out Libor subpoenas March 17, 2011 AMERICAN authorities have issued subpoenas to several international banks as part of an investigation into “manipulation” of the London interbank offered rate (Libor) during the financial crisis. The investigation came to light as part of a disclosure made by UBS in its annual report saying it had been subpoenaed by the US Securities and Exchange [...]
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 [...]