12 times as many bankers earning €1m in Britain than any other European country November 29, 2013 The European Banking Authority has produced figures that show Britain has 12 times as many bankers earning over €1m (£856,000) than any other country in Europe. More than 3,500 bankers in Europe earned €1m or more last year, up 11 per cent from 2011. Britain accounted for 2,714 of the figure with the next highest, [...]
Europe’s banks told they have €280bn hole November 28, 2013 EUROPE’S banks have a capital hole of €280bn (£233bn) and will have to issue €180bn in new equity to plug the gap, analysts at PwC estimated yesterday. The tide of new rules and clarifications around capital requirements, leverage rules and risk weightings is expected to push the requirements to the top of lenders’ agendas. And [...]
Two charged as British FBI probe match fixing claims November 28, 2013 TWO men were charged with conspiracy to defraud and remanded in custody last night in connection with a high-level investigation into alleged match-fixing in English football. Singaporean Chann Sankaran, 33, and Krishna Sanjey Ganeshan, 43, who has dual British and Singaporean nationality, are due to appear before magistrates in Cannock, Staffordshire, today. Five more men [...]
Coalition caps payday lenders November 25, 2013 CHANCELLOR George Osborne announced a surprise cap on payday loan costs yesterday, turning the government’s previous policy towards the short-term lending firms on its head. In the face of growing pressure from both the Labour party and an influential group of peers including the Archbishop of Canterbury Justin Welby, Osborne now plans to amend the [...]
We must help those in financial crisis – but loan caps won’t work November 25, 2013 SOMETIMES I really do wonder who is in power in this country. Is it a Tory-Lib Dem coalition, dedicated to ensuring the UK is open to business, or is it the Labour party? Whenever the opposition starts to campaign on an issue, especially one with cost of living or emotional undertones, the coalition eventually caves [...]
Barclays to pay monthly top up to account for EU’s bonus cap November 25, 2013 HUNDREDS of Barclays’ highest paid staff are in line for extra payments to top up their salaries and replace the income lost by the EU’s incoming bonus cap, the bank has told workers. The level of the monthly payment, known as Role Based Pay according to an email to staff seen by City A.M., will [...]
RBS referred to City watchdog by Vince Cable November 24, 2013 TAXPAYER-backed bank RBS has been referred to the Financial Conduct Authority (FCA) by the business secretary Vince Cable over claims in a report out today from Lawrence Tomlinson, enterprise adviser to the Department for Business. Tomlinson claims RBS has forced good businesses into difficulties purely to strip their assets and gain more profit for the [...]
TSB draws up prospectus ahead of 2014 stock market flotation November 24, 2013 LLOYDS’ spin-off TSB bank has drawn up the first drafts of its prospectus to investors ahead of its initial public offering, as it prepares to float on the stock market next year. The lender was established as a standalone entity in September and says it has benefitted from the seven day switching scheme which allows [...]
Sport Comment: BT and Sky TV wars boost English sides in Euro competition November 21, 2013 Concerns that main effect will be to polarise Premier League are misguided, argues Soccernomics author in our exclusive article BT SPORT’S mammoth bid for Champions League and Europa League rights in Britain is more than double the amount paid in the previous round – Sky and ITV paid a combined sum of around £135m per [...]
University has become an arms race: We must give students an alternative November 20, 2013 THESE are not great times to graduate from university. Against the backdrop of a declining graduate premium (the difference between the earnings of graduates and non-graduates), university fees have shot up, and both the graduate unemployment rate and the share of graduates who have ended up in non-graduate jobs have increased (from 37 per cent [...]