Italy’s €5bn bailout fund for ailing banks has failed to prevent further share sell offs April 12, 2016 Italy’s most sound financial institutions have poured cash into a €5bn (£4bn) bailout fund for the country's vulnerable lenders in an attempt to calm investor fears over the stability of the beleaguered sector. Shares in two of Italy’s most troubled banks bounced today however, with Monte dei Paschi di Siene and Banco Popolare shares climbing by 10 [...]
Premier Foods boss should keep bidders hungry April 1, 2016 Rival international bidders, restive shareholders and conflicting pension deficit assumptions: like all chefs, Gavin Darby is juggling an eclectic mix of ingredients. His company, Premier Foods, home to Mr Kipling, Bisto and Sharwoods, looks tastier than it has for years. A fresh offer from McCormick of the US, worth 65p-a-share, has rightly prompted Darby and his [...]
The mortgage market is helping to fuel a new credit boom March 31, 2016 Lending in the UK is recovering strongly. The annual growth rate of total lending hit 4.8 per cent in February, according to figures released by the Bank of England this morning. It is the highest growth rate since 2009 when lending was plummeting. Here's what is helping to drive it: Mortgage lending Borrowing is bouncing back in [...]
Former Prudential boss Tidjane Thiam earned £1m a month last year before jumping ship to Credit Suisse March 31, 2016 Former Prudential boss Tidjane Thiam took home £5m in 2015, despite only being in the job until the end of May before taking the helm at Credit Suisse. The majority of the pay packet came from £3.7m from a long-term incentive scheme, according to the British insurer’s annual report. This basic salary for the first five months [...]
Complaints to financial services firms dropped in second half of 2015 March 30, 2016 People were much happier with their financial products in the latter half of last year, or, at the very least, they were quieter about any problems they had. The number of complaints to financial services firms inched down in the last six months of 2015, mainly driven by a drop in grievances over savings accounts, figures [...]
Moody’s: Conduct litigation charges for Lloyds, HSBC, Barclays, RBS and Santander UK rose 40 per cent to £15bn last year March 22, 2016 Legal fees and remediation costs for conduct issues will continue to pose downside risks for Britain's biggest banks, Moody's Investors Service is warning today. In a new report out this morning, the credit rating giant said conduct charges are on the rise – and will continue to constrain profitability at the UK's five largest lenders for years [...]
Chancellor George Osborne to borrow £33bn more than expected over next five years despite boost from cheap debt March 16, 2016 Chancellor George Osborne will borrow an extra £33bn over the next five years as he ruled out making cuts to make up for a tax receipts shortfall. Weaker economic growth left Osborne with a £49bn tax receipts hole over the rest of the current parliament and £69bn gap over the next five years. Lower incomes alone will lead to a [...]
Budget 2016: George Osborne’s speech in full March 16, 2016 George Osborne has just revealed the Budget for 2016. There was good news for businesses with corporation tax being sliced and business rates being reformed – but bad news for smokers and students who hate maths. Mr Deputy Speaker, Today I report on an economy set to grow faster than any other major advanced economy in [...]
George Osborne must liberate business from burdensome red tape if he wants to bolster UK growth March 16, 2016 The rumour mill is churning. Will George Osborne ease up on businesses in today’s Budget? Companies have shouldered a lot of responsibility for his plans so far. The chancellor justified giveaways in the last Autumn Statement with better-than-expected economic growth and, crucially, a series of levies on firms. A raft of new measures have been announced [...]
Budget 2016: It’s time for the Treasury and George Osborne to find elusive cuts, not introduce stealth taxes March 14, 2016 A guaranteed way of keeping someone on your side is to print a bigger number at the bottom of their monthly pay slip – a fact recognised by employers and politicians alike. George Osborne is expected to lift the personal allowance again during Wednesday’s Budget (a commendable continuation of the Liberal Democrats’ longstanding policy) and [...]