March 2013 Archive

Tucker hails Bank of England's "historic mission' on stability

Vince Cable has warned that raising bank capital levels may hit lending

The 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 out

Bank profits fell due to fines and compensation payments

A 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 April

Fitch is likely to strip the UK of its AAA rating in April

Credit 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 day

Barclays is accused of trying to bury bad news on budget day

Barclays 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-cap

City pay is helping to give capitalism a bad name

The 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 falls

Industrial output fell by 1.5% in January

UK 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?

Gold: Will it continue to rise in value 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 30

Children who are good at maths go on to earn more, according to a new study

New 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 fines

Bob Diamond: Still being paid by Barclays

Barclays 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 QE

The pound fell against the dollar

Sterling 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 budget

The BCC urges Osborne to deliver on his promises in the forthcoming budget

The 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 clues

Adair Turner: Admits the regulator was slow to respond to Libor concerns

In 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 fine

HSBC announced profits of $20.7bn for 2012

HSBC 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 worker

FTSE 100 non-executive chairmen received bumper pay awards in 2012

The 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 bonuses

David Cameron has criticised EU banking reforms

The 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 PMI

Manufacturing shrank in the UK economy in February 2013

There 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 £6.8bn

Lloyds unveils improved financial results for 2012

Lloyds 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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