March 2013 Archive
Tucker hails Bank of England's "historic mission' on stabilityThe Business Secretary, Vince Cable, has warned that the extra capital UK banks are required to have by the Bank of England could hinder the recovery and lending. |
"Big five" UK banks pay 771 staff £1m as profits wiped outA new report from KPMG says the "big five" UK banks have improved core performance but profits have been wiped out by the "cost of past mistakes". |
Fitch expected to downgrade UK AAA rating in AprilCredit ratings agency Fitch has put the UK's AAA rating on negative watch after the OBR cut growth forecasts and said it will take longer for the UK to cut government borrowing. |
Barclays tries to hide £40m banker bonuses on budget dayBarclays released news of £40 million worth of bonuses to top executives on budget day and is now facing criticism that it tried to hide the news. |
UK banks bonus policies weaken argument against EU bonus-capThe chief executive of the Institute of Directors says that £1m+ banker bonus deals are helping to give capitalism a bad name. |
UK heading for triple dip recession as industrial output fallsUK industrial output fell by 1.2 per cent catching analysts by surprise and putting more pressure on sterling as the UK heads for a triple-dip recession. |
Will gold sparkle in 2013?With the global economy still struggling and with serious threats to the economy still ongoing, 2013 could see further increases in the value of gold. |
10-year-olds in top 15% at maths earn an extra £2,100 by 30New research conducted by the Institute of Fiscal Studies (IFS) reveals that 10-year-olds in the top 15% of maths will earn on average 7.3% more by the time they are 30. |
Barclays and RBS pay 523 staff over £1m despite Libor finesBarclays and RBS have paid 523 staff more than £1 million in 2012 despite being found guilty of the rigging of Libor and receiving combined fine of nearly £700m. |
Sterling recovers after central bank postpones further QESterling fell against the dollar and the euro ahead of the eagerly awaited decision of the Bank of England as to whether to add to the £375bn QE programme. |
BCC cuts UK growth forecast and calls for radical budgetThe British Chamber of Commerce says the UK economy will only grow by 0.6 per cent this year and calls for the Chancellor George Osborne to deliver a radical budget. |
FSA admits not responding "rapidly" enough to Libor cluesIn an internal audit report the Financial Services Authority has admitted that it was slow to respond to clear signals that the Libor system was not working properly. |
HSBC's Gulliver gets £2m bonus despite US money-laundering fineHSBC announced a six per cent fall in profits for 2012, down to $20.6 billion but has announced that it will increase its dividend payments for 2013 by 10 per cent. |
FTSE 100 directors pay rises at 4x rate of average workerThe pay of non-executive directors on FTSE 100 forms rose by an average of six per cent in 2012, compared to the salary rise of the average worker which was 1.4 per cent. |
PM says City will be unfairly hit by EU plans to cap bonusesThe Prime Minister, David Cameron and the Mayor of London, Boris Johnson have condemned EU plans to limit banker bonuses to 2x annual salary, saying the UK will be unfairly hit. |
Pound hits 30-month low against dollar after manufacturing PMIThere was a surprise fall in the manufacturing PMI in February, down from 50.5 to 47.9 as the new orders and employment fell in the sector, raising the prospect of a triple-dip recession. |
Lloyds loss cut but PPI bill hits £6.8bnLloyds Banking Group reduced its losses from £3.5 billion to £570 million in 2012 as underlying profits improved. However, the huge PPI bill dragged down its results. |
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