February 2013 Archive

RBS unveils 2012 losses of £5.2 billion

Stephen Hester says RBS is making "good progress"

The 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 2013

Sterling fell to a 15-month low against the euro

Sterling 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 cut

The impact of the AAA ratings downgrade may impact the pound more than the wider economy

The 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 windfall

Investment in North Sea oil and gas is set to help the economy

Investment 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 election

The coalition is considering offering taxpayers a pre-election sweetener

The 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 avoidance

The G20 pledges corporate tax crackdown

The 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"

Margaret Hodge, Chair of The Public Accounts Committee

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 expansion

Barclays announces its financial results on Tuesday

Barclays 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 scandals

A new document aims to help reduce banking scandals

The 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 pay

Stephen Hester will answer questions from MPs today

Sir 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 years

The European Union has agreed budget cuts for first time in its history

After 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 Committee

Mark Carney will become the first foreign governor of the Bank of England

The 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 settlement

Vince Cable believed RBS should be fully nationalised

The 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-dip

There was a jump in service sector activity in January

Activity 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 2018

NIESR warns that underlying growth in the UK economy remains weak

In 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 fine

RBS may reclaim an element of staff bonuses to help pay its Libor fine

The 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 2012

UK shareholders received record dividend payouts in 2012

Capita 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-dip

UK business enters 2013 confidently

A 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 claims

Barclays boss Antony Jenkins has waived his bonus for 2012

The 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 concerns

Manufacturing activity grew in January 2013

According 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 Jan

Good news for the US today on jobs and manufacturing output

The 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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