Bankers' pay cuts hit luxury homes market

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Bankers’ pay cuts hit luxury homes market

Bankers’ pay cuts hit luxury homes market
Fewer prime central London properties are being bought outright with cash as cuts in bankers’ bonuses have begun to feed through to the market, according to new research.
The Daily Telegraph Business, p. 5

Growing pension deficit casts cloud
Focus on how Royal Bank of Scotland’s £30bn defined benefit pension scheme has ballooned.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 19

Hopes for property sales comeback as house hunters reach five-year high
The number of house hunters surged to their highest level in more than five years in January, raising hopes that 2013 will be a better year for the residential property market.
The Daily Telegraph Business, p. 3

Shock rate rise for Bank of Ireland customers
Mortgage costs of thousands of Bank of Ireland and Bristol & West customers in the UK are expected to triple after the terms of their base rate tracker deals were changed.
The Guardian, p. 34

Mortgage rates triple for thousands of borrowers with tracker mortgages
Thousands of borrowers will see their tracker-mortgage rates triple even though their deals are supposed to be pegged to the official interest rate, which remains at a record low.
The Times, p. 12-13
Also appeared in : The Times, p.1

We rate the latest reports from the property market, from doom-laden to optimistic
Anne Ashworth rates the latest reports from the property market. New figures from the Council of Mortgage Lenders show that 37,500 first-time buyers climbed onto the property ladder in London in 2012, an increase of 15 per cent over the previous year.
The Times Bricks and Mortar, p. 3

‘Chastening’ year for RBS – rounded off by £679m in bonuses
Royal Bank of Scotland yesterday sparked a fresh row over bonuses as posted an annual loss of more than £5bn as it declared it was now on track for a partial privatisation next year.
The Guardian, p. 32-33
Also appeared in : Independent i, p.4, The Daily Telegraph Business, p.1, The Daily Telegraph, p.2, International Herald
Tribune, p.23, Financial Times Companies and Markets, p.19, Financial Times, p.1, Financial Times, p.16, International Herald
Tribune, p.18, The Daily Telegraph Business, p.5, The Independent, p.12, The Times, p.47, The Times, p.46, Independent i,
p.4, The Guardian, p.32-33

Specialists to review report into failure of HBOS
The official report into the 2008 failure of HBOS will be reviewed by a former Treasury official and two financial services executives before its release to ensure that it is fair and balanced.
This abstract from the Financial Times was produced by Kantar Media
Financial Times, p. 4

Lloyds hopes new mis-selling hit is final
Lloyds Banking Group will Friday take one of its highest quarterly charges to cover the mis-selling of payment protection insurance, with a £1.4bn provision.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 18

Lloyds in pledge to lend billions to small businessesthis year
Lloyds Banking Group chief executive António Horta-Osório has promised to lend at least £5bn to its 1m small business customers this year as part of a pledge to give them “all the support they need”.
The Daily Telegraph Business, p. 5

Lloyds adds £1bn to payout fund
The cost of the payment protection insurance (PPI) scandal to the banking industry is likely to rise again as Lloyds Banking Group is expected to announce it has put aside at least another £1bn for handling claims.
The Guardian, p. 33

RBS considered combining its spun-off branches with Verde
Royal Bank of Scotland has considered combining its 300 branches being spun off as Williams & Glyn’s with Lloyds Banking Group’s Verde, it emerged yesterday.
The Independent, p. 51

Phantom losses that wipe out tax bills
Emile Woolf, a forensic accountant, claims that billions of pounds of profits from Britain’s biggest banks are to be kept out of reach of the taxman. The Treasury, which spent £65 billion bailing out the banks, will lose out under a loophole in accounting rules which allows successful banks to post a phantom loss on their accounts, even though they are making huge profits.
The Times, p. 7

Osborne scrambles to weaken bonus cap
George Osborne was yesterday scrambling to launch a rearguard action after the EU provisionally agreed a banking 1:1 bonus-to-salary ratio, which could raise to 2:1 with the approval of a supermajority of shareholders.
This abstract from the Financial Times was produced by Kantar Media
Financial Times, p. 1
Also appeared in : Financial Times, p.5, Financial Times, p.5, Financial Times, p.16, Financial Times, p.12, Financial Times
Companies and Markets, p.18, The Daily Telegraph, p.1, The Daily Telegraph, p.25, The Daily Telegraph Business, p.1-5, The
Guardian, p.40, The Times, p.1-6-7, The Times, p.28, The Independent, p.14

Banks fear storm of protest over how little tax they pay
British banks will be forced by Brussels to disclose how much tax they pay in every country in which they operate in what is seen as a further blow to the industry.
The Times, p. 6-7

City fears exodus as tough curbs on bonuses are agreed
The City of London could be hit by an exodus of workers to New York, Hong Kong and Singapore, experts have warned, after politicians agreed to cap bankers’ bonuses across Europe.
The Independent, p. 51

Labour attacks Osborne on bank shake-up
The chancellor George Osborne was yesterday accused by Labour of “continuing to duck radical banking reform”, as MPs prepare to vote in May on a bill to shake up financial services regulation.
This abstract from the Financial Times was produced by Kantar Media
Financial Times, p. 4

Direct Line rings up £460m profits
Direct Line has beaten expectations by posting a 9.3 per cent jump in operating profits to £461.2m. Pre-tax profit, meanwhile, took a hit from a £148.9m bill related to separating Direct Line from RBS in the run up to the insurer’s float, and fell 27pc to £249.1m. Paul Geddes, chief executive, said he was pleased with the performance of the group, which has been pursuing higher profits by shunning high-risk drivers and pushing up prices.
The Daily Telegraph Business, p. 5
Also appeared in : Financial Times Companies and Markets, p.22, The Independent, p.54, The Times, p.47

Big banks set to win changes on US derivatives proposals
US regulator, the Commodity Futures Trading Commission, is poised to water down rules for derivatives trading that critics argue will allow global banks to preserve their dominance of the market.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 32

Man blames loss on GLG write-down
Man Group yesterday unveiled a $745m (£491m) loss and confirmed that one of its employees had been arrested on suspicion of insider trading.
The Daily Telegraph Business, p. 5
Also appeared in : The Independent, p.52

BANKIA REPORTS €19.2 BILLION LOSS, BIGGEST EVER IN SPANISH HISTORY
Bankia, the real estate lender bailed out by the government, posted Thursday a net loss of €19.2 billion for last year, the biggest loss ever for a Spanish company.
International Herald Tribune, p. 22

The above articles appeared on 01/03/13 reproduced with the kind permission of Kantar Media UK. All rights reserved.
Charterbridge Private Financial Planning, Independent Financial Advice, Thornbury, Bristol.