What the other papers say this morning November 18, 2012 FINANCIAL TIMES EU makes budget plans without UK EU officials have begun work on a plan to create a long-term budget without the UK in a move that reflects mounting frustration that Britain’s demand for a spending freeze cannot be reconciled with the rest of the bloc. EU officials and national diplomats have been studying [...]
Why Metro Bank is flourishing in the low growth banking business November 13, 2012 WHEN we first opened Metro Bank’s doors in 2010, the prevailing response was that we were a little crazy. “How can you expect to drop into London and do something nobody’s done in more than 100 years: create a differentiated new bank model? It can’t be done!” But we knew that the UK banking market [...]
It is still not clear whether China’s new leaders will advance economic reform November 12, 2012 JUST days after the re-election of Barack Obama in the world’s biggest economy, China is deciding who will run the world’s second largest. For investors looking to put their money into this fast-growing market, understanding both the views and backgrounds of China’s new leaders is of the utmost importance. Hopes are high that this leadership [...]
MPs told new banks are not short-term fix November 6, 2012 THE GROWTH of challenger banks is not a solution to the current shortage of lending to small firms, City grandee John Griffith-Jones said yesterday, arguing that only unblocking lending from big banks can help in the short run. The former KPMG boss and incoming chairman of the Financial Conduct Authority also told MPs that banks [...]
Monetary union is clipping the wings of regions outside the dynamic South November 6, 2012 LORD Heseltine’s recent report into economic growth has attracted a great deal of comment – almost all of which suggests that he longs for the old Regional Development Agencies and the state-planned decades of the 60s and 70s. But the report does, at least, outline a list of possible policy actions to deal with a [...]
Introducing the FSA’s new investment rules November 4, 2012 EXECUTIVE CHAIRMAN, GEKKO JUST over six years ago, the Financial Services Authority (FSA) announced a review of retail investment, with the aim of identifying and addressing the root cause of problems that continued to emerge in the market. Called the Retail Distribution Review (RDR), it’s a key part of the FSA’s consumer protection strategy. But [...]
Vodafone bags Kiwi telecoms firm after regulator clears deal October 31, 2012 VODAFONE yesterday won approval for its NZ$840m (£429m) takeover of struggling telecoms company TelstraClear, as part of a bid to take on the dominant Telecom New Zealand. The country’s competition authorities gave Vodafone the green light for the deal yesterday. In New Zealand, as in the UK, Vodafone runs a mobile phone network. But is [...]
Virgin Atlantic eyes airline alliance October 26, 2012 Virgin Atlantic is close to joining an alliance with other airlines, marking a turning point after 30 years of fierce independence, according to founder Sir Richard Branson. The tycoon told reporters in India that “we may finally give up and become part of a bigger alliance”, with further details expected in the next three to [...]
Higher spenders would be better than a new strategy October 24, 2012 WHAT does the future of retail look like? Clicks-and-mortar is the buzzword of the moment (Tesco calls its version Clicks and Bricks), a Frankenstein-like stitching together of physical retail locations with online, anytime ordering. When Home Retail Group (HRG) announced its strategy to turn around Argos yesterday that’s very much what it had in mind, [...]
Small lenders fear new rules only aid giants October 22, 2012 FINANCIAL regulators are failing to promote competition in the banking sector and perpetuating the “too big to fail” problem, a small bank claimed yesterday, by favouring big lenders under new capital requirements. Paul Lynam, chief executive of Secure Trust Bank, pointed to Sir John Vickers’ proposals allowing a large bank to risk-weight mortgages at five [...]