200,000 face missing out on Equitable payout

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200,000 face missing out on Equitable payout

200,000 face missing out on Equitable payout
More than 200,000 people who lost money from the collapse of Equitable Life face missing out on compensation because of basic failings in the Government’s reimbursement scheme, a scathing report by a Westminster spending watchdog warned today.
Independent i, p. 7

PRAY DAY LOANS
Justin Welby has pledged to wreak vengeance on payday lenders Wonga by urging the needy to use credit unions instead.
The Sun, p. 4-5

Ageing population pushes welfare bill to crisis point
Britain’s rapidly ageing population threatens to push the NHS and state pension system to the brink of collapse, according to a new study that found almost a quarter of the UK economy is consumed by social welfare.
The Daily Telegraph, p. 1-2

Church pension fund admits links to Wonga after archbishop’s attack
A day after the Archbishop of Canterbury revealed his plans to take on Wonga which he described as “morally wrong”, the Church of England’s pension fund has admitted it invests in one of the payday lender’s key financial backers.
This abstract from the Financial Times was produced by Kantar Media
Financial Times, p. 1

Investment arm leads profits up at Credit Suisse
Wealth management profits have slipped at Credit Suisse, but a revival in investment banking revenues saw group profits jump in the second quarter, the bank said yesterday.
City AM London, p. 5

Lazard makes big gains in spite of doldrums in M&A markets
The US investment bank Lazard announced that it squeezed healthy growth out of a weak mergers and acquisitions market by capitalising on its mid-market specialisms yesterday.
City AM London, p. 5

Yorkshire earnings dip as it kicks off £250m investment splurge
The Yorkshire Building Society has embarked on a £250m programme to integrate its newlymerged lenders and revamp branches, the mutual said yesterday.
City AM London, p. 7

IMF forecasts no recovery in eurozone until 2014
The International Monetary Fund said yesterday that the European Central Bank may have to cut interest rates and launch a fresh round of unconventional monetary easing to help boost the eurozone economy, which is still weighed down by spending cuts.
This abstract from the Financial Times was produced by Kantar Media
Financial Times, p. 6

China approves HSBC for onshore currency investing
HSBC’s asset management arm said yesterday that it has received approval from mainland Chinese regulators to invest renminbi onshore, the latest step in opening up China’s financial markets to overseas funds.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 28

US presses banks on toxic debt
It is reported that Bank of America, JPMorgan Chase and Royal Bank of Scotland are allegedly being pressed for multibillion-dollar payments to the US government over toxic mortgage-backed securities.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 15

Investment arm boosts Credit Suisse profits
A more than doubling of profits from its investment banking business based in Canary Wharf helped Credit Suisse increase profits by more than a third in the second quarter.
Independent i, p. 48

Fifth of paid-for bank account.s ‘mis-sold’
A YouGov SixthSense has found that a fifth of people with paid-for “packaged” current accounts believe they were mis-sold.
The Daily Telegraph, p. 2

Bank of England tells lenders to detail their financial health
The Bank of England has written to Britain’s biggest banks demanding further disclosures about their financial health.
The Daily Telegraph Business, p. 5

Barclays risk deadline looms
Barclays is preparing to announce that it will need to raise more capital to meet a demand by the Bank of England that it reduces the risks it is running in its business.
The Guardian, p. 28

Credit Suisse earns reward for refusing to follow herd
Credit Suisse’s decision to stick with its investment bank has been vindicated with the division driving up profits by a third in the second quarter. Pre-tax profit at Credit Suisse’s private banking and wealth management division rose 4pc on the quarter but fell 6pc year on year, reflecting a SwFr100m charge to cover a deal between the British and Swiss governments aimed at sweeping Swiss banks clean of undeclared money held in accounts belonging to British clients.
The Times, p. 45

BRITAIN is on the mend
Britain is on the mend with GDP growing at 0.6 per cent and although the recovery remains fragile it is the envy of our neighbours in the eurozone. The IMF yesterday warned that the European Central Bank might have to cut interest rates again to help boost the economy and avoid the risk of stagnation.
Daily Express, p. 66

Mindful of bubbles past, Japanese investors shun stocks
Mika Tanabe is a new investor in Tokyo’s stock market, and she has been on a roller-coaster ride.
International Herald Tribune, p. 17

A definite recovery, a debt-led debacle or a managed long-term decline.?
Economic recovery may yet turn out to be better than it currently looks. Unrounded, growth was 0.62pc, so if the Office for National Statistics (ONS) finds just 0.03pc of extra output as it collects more data, the official rate will rise to 0.7pc.
The Daily Telegraph Business, p. 5

The above articles appeared on 26/07/13 reproduced with the kind permission of Kantar Media UK. All rights reserved.

Charterbridge Private Financial Planning, Independent Financial Advice, Thornbury, Bristol.