February 2013 Archive
RBS unveils 2012 losses of £5.2 billionThe Royal Bank of Scotland made an operating profit of £3.4bn but there follows a litany of severe banking errors that RBS has had to pay for in 2012, ending in a £5.2bn loss. |
Sterling falls again and is worst performing currency of 2013Sterling hit a 30-month low against the dollar and a 16-month low against the euro as speculators sell sterling amid concerns that the currency is overvalued. |
Osborne vows to stick with austerity despite AAA ratings cutThe loss of the UK's AAA rating from Moody's will add to pressure on sterling but economic impacts may be limited. However, the political pressure on the Chancellor will intensify. |
Osborne boost as Treasury set to receive £25bn Oil windfallInvestment in North Sea oil and gas production is rising and will provide extra jobs and a £100 billion economic boost and a £25 billion windfall for the government. |
RBS plans share sale before next electionThe coalition government is considering offering taxpayers a £300 – £400 share windfall from the taxpayer-owned bank aherad of the next General Election. |
Osborne calls on G20 to work together to combat tax avoidanceThe G20 group of countries has pledged to work together to ensure that global companies pay the right levels of tax to the countries they have earned the profits in. |
MPs slam Treasury accounts as "impenetrable"The Public Accounts Committee (PAC) has warned the Treasury that it is putting taxpayer funds at risk by providing an indemnity for QE and FLS funds. |
Barclays chief wields axe and signals end to global expansionBarclays is to reduce the size of its investment bank as new chief executive Antony Jenkins wields the axe and cuts failing parts of the business. |
CIIA issues new auditor rules to reduce City scandalsThe Chartered Institute of Internal Auditors has published a new consultation document that aims to improve the ability of auditors to do their job effectively and reduce banking scandals. |
RBS bosses Hester and Hampton testify to MPs on Libor and paySir Philip Hampton and Stephen Hester are to appear before MPs at the banking standards commission today as new questions are raised about Hester's 2013 bonus. |
EU agrees deal to cut budget for first time in 56 yearsAfter 25 hours of negotiations the European Union has agreed a deal to cut its annual budget for the first time in its 56-year history. |
Mark Carney appears before MPs at Treasury Select CommitteeThe next governor of the Bank of England, Mark Carney, is appearing before MPs at a Treasury Select Committee to answer questions on his views on monetary policy. |
RBS agrees £391m Libor settlementThe Royal Bank of Scotland has agreed a £391 million settlement with US and Uk regulators over the manipulation of the Libor interbank lending rate. |
Service sector growth leaps in Jan to likely swerve triple-dipActivity in the UK service sector increased in January with the PMI rising from 48.9 to 51.5 to add to the likelihood that the UK economy will avoid a triple-dip recession. |
NIESR: UK economy won't reach 2008 levels until 2018In its latest estimates for the UK economy the National Institute of Economic and Social Research says GDP won't recover to 2008 levels until 2018. |
Osborne insists RBS bankers must pay for US Libor fineThe Royal Bank of Scotland (RBS) is considering clawing back a proportion of bonuses paid to many top executives to help pay the Libor fine it is likely to receive. |
UK shareholders received record dividend payouts in 2012Capita reports that total dividend payouts to UK shareholders reached a record £80 billion in 2012 and predicts that equities will perform better than bonds in 2013. |
Rise in business confidence should help UK avoid triple-dipA new business survey from ICAEW/Grant Thornton suggests that the UK will avoid a triple-dip recession as exports improve but a lack of investment is still a concern. |
Barclays boss Jenkins waives bonus amid new Qatari claimsThe Chief Executive of Barclays, Antony Jenkins has waived his bonus for 2012 saying that he does not want "unnecessary public debate" on the subject. |
UK manufacturing growth eases triple-dip recession concernsAccording to the latest purchasing managers index from Markit for January, manufacturing activity grew again taking activity in the sector to a 16-month high. |
US manufacturing at 9-month high as 157,000 jobs added in JanThe United States economy added 157,000 jobs in January, and manufacturing activity reached a nine month high as the US economy started 2013 on a positive note. |
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