June 2013 Archive

UK government begins sale of bailed-out banks RBS & Lloyds

The government is preparing to return RBS and Lloyds to the private sector

The government has tasked UK Financial Investments, the body responsible for the taxpayer's interest in bailed-out banks to look for a buyer for RBS and Lloyds.

Bank of England lays the ground for future interest rate rise

The Bank of England has warned of the dangers of a steep rise in interest rates

In its bi-annual Financial Stability Report, the Bank of England has warned of the risk of a sharp rise in interest rates to both banks and borrowers.

Central banks must push recovery policies back to governments

The BIS wants central banks to follow the lead of the Fed headed by Ben Bernanke

The Bank for International Settlements, known as the "central banks central bank" warns that artificial stimulus needs to come to an end and governments take charge of reforms.

Osborne's mixed messages on RBS upsets investors

George Osborne: Mixed messages on RBS future

George Osborne has been accused of incompetence over his handling of RBS and his apparent u-turn on returning the bank to the private sector has been criticised by investors.

PRA warns UK banks need to hold £27bn more capital

RBS has been advised to put £13.6 billion aside for security

Bank lenders in Britain must boost the levels of capital they hold if they want to avoid another financial crisis, says the Prudential Regulatory Authority.

Irresponsible bankers could face jail and 10-year bonus delay

The Parliamentary Commission on Banking Standards has published its report

The Parliamentary Commission on Banking Standards recommends that senior bankers and regulators should face possible jail sentences if they repeat the mistakes of the past.

Osborne denies pushing Hester out of RBS

George Osborne said he was consulted over the decision

The Chancellor, George Osborne has denied that he was involved in pushing out RBS chief executive Stephen Hester from his job, saying he was consulted but the decision was made by the bank's board.

Osborne to outline Lloyds privatisation plan at Mansion House

Details of the sale of Lloyds shares could emerge this week

The chancellor, George Osborne, is expected to use the Mansion House speech to the City on Wednesday to set out initial plans on the re-privatisation of Lloyds Banking Group.

Hester reveals his thoughts on leaving RBS

Stephen Hester reveals his thoughts on his imminent departure from RBS

The chief executive of the Royal Bank of Scotland reveals that he is happy with his unexpected departure from the bailed-out bank.

Bermuda says no to tax agreement putting G8 consensus at risk

David Cameron chairs the G8 summit next week

One of the UK's overseas tax territories, Bermuda, is refusing to sign a multilateral tax agreement, undermining David Cameron's aim of reaching a cross-border agreement on the sharing of tax information.

Hester pushed out as RBS boss ahead of public share offering

Stephen Hester: Time to go

Stephen Hester, the man flown in to save RBS after it required a £45bn bailout has been forced out of his post as the government tries to get the bank ready for re-privatisation.

PAC criticises Google for avoiding tax payments

PAC criticises Google for avoiding tax payments

The PAC has criticised internet giant Google for trying to avoid to pay its fair share of tax

UK economy grew by 0.6% in last three months

The UK recession may be over, according to the NIESR

The UK economy grew by 0.6 per cent in the three months leading to May

Industrial output rises again in April, says new ONS figures

Industrial output in Britain rose for a third month in a row

Industrial output in Britain rose for a third month in a row, lower than the last two months but up by 0.8 per cent on a quarterly basis.

Policy Exchange recommends £34bn RBS & Lloyds share giveaway

Lloyds shares could be given away by the government by 2015

The Policy Exchange has recommended that the government give away part of its stake in the two bailed-out banks Lloyds and RBS.

MPs question independence of Bank of England's FPC

MPs are questioning the independence of the Bank of England's FPC

MPs have expressed concern that new bodies being set up by the Bank of England in the wake of the financial crisis are independent.

Vodafone use tax breaks to pay no UK corporation tax

Vodafone has paid no UK tax for the second year running

Mobile phone giant Vodafone has paid no corporation tax for the second year in a row. It says its investment and interest payments wiped out any tax due on £5bn turnover.

MPs set to announce bankers face 10-year delay on bonuses

City pay is under the microscope again

A parliamentary commission recommends that banker bonuses be deferred for 10 years to ensure that bankers think about the long-term impact of their actions.

Falling trade deficit caps good week for UK economy

UK exports to the EU fell in April

The UK's trade deficit narrowed in April, raising hopes that net trade will provide a positive contribution to GDP figures for the second quarter.

Mixed US jobs data means more QE remains an option

Ben Bernanke: More QE remains an option for the Federal Reserve

The US added 175,000 new jobs in May but the unemployment rate edged up to 7.6 per cent. The mixed data means that more quantitative easing is still an option.

Trading the non-farms payroll report

A new model for trading the US non-farms payroll report is being launched by GFF

Vital US jobs data is out today and a new system for predicting the non-farms payroll report is being rolled out by forex firm Global Futures and Forex Ltd for the first time today.

May PMI's point to uptick in UK economy

The UK services sector grew strongly in May

The UK economy is on a "firmer footing", according to economists as the vital services sector grew at the fastest pace for 14 months and new business came in at the highest rate for 3 years.

EU wants to move Libor supervision to ESMA from UK

The Libor system may be moved to Paris

The European Union is attempting to move the supervision of the Libor interbank lending rate from the UK to ESMA in Paris.

The top five reasons you should consider spread betting

There are a number of reasons why you should consider spread betting

Whether you are an experienced investor or looking to get into the stock market for the first time, there are a number of reasons as to why you might wish to consider learning to spread bet as an alternative to traditional stock purchases.

BCC raises GDP forecast and urges Osborne to go for growth

The BCC believes the UK economy will grow by 0.9% in 2013

The British Chamber of Commerce has upgraded its GDP growth forecast for the UK economy for each of the next three years but warns risks to the economy are ongoing.

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