'Bank of gran and grandad' comes to rescue of students

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‘Bank of gran and grandad’ comes to rescue of students

‘Bank of gran and grandad’ comes to rescue of students
A report from Key Retirement Solutions suggests that seven out of ten grandparents expect to use their savings to help to pay for their grandchildren’s university fees. An estimated 364,000 grandparents have already contributed towards students’ tuition fees or living costs at university, according to the equity release group.
The Times, p. 6
Also appeared in : The Times, p.6

Goldman Sachs equity arm takes 50pc stake in Hastings car insurers
The private equity arm of Goldman Sachs has taken a 50 per cent stake in Hastings Insurance in a deal that values the company at £700m.
The Daily Telegraph Business, p. 3
Also appeared in : The Guardian, p.31

Banks to lose out on Royal Mail sale
Institutional investors could be prevented from buying Royal Mail shares, as the government plans to hold back shares for the public. Michael Fallon has said that he is committed to making sure smaller investors benefit from the sell-off. UBS, Goldman Sachs, IG Index, Facebook, BT, British Gas and British Airways are mentioned.
The Guardian, p. 25

More banks sign up for Help to Buy
HSBC and Virgin Money have joined the line-up of banks offering people mortgages with a deposit of as little as 5 per cent under the Government’s Help to Buy scheme. The state-backed lenders RBS and Lloyds, as well as Aldermore, have already signed up to offer the mortgages under the second phase.
The Times, p. 8
Also appeared in : Evening Standard London, p.13, The Guardian, p.4, Financial Times, p.3, The Daily Telegraph Business, p.5

Banking &finance
Banks taking part in the Government’s scheme will not be forced to set aside capital to cover the state-backed portion of mortgages they offer, the Bank of England said.
The Times, p. 42

Help to Buy offers prospect of £1bn stamp duty windfall
Economists have estimated that the Government’s Help to Buy mortgage scheme will increase tax revenues by more than £1bn before the next election through stamp duty,
The Daily Telegraph Business, p. 3

IMF forced to upgrade UK growth forecasts
The International Monetary Fund yesterday upgraded its growth forecasts for the UK, and it now expects British GDP to grow by 1.4% this year, double the rate projected in April. The IMF now expects Britain to end the year with the second-fastest growth rate of the G7 group of leading nations. At 2.3%, the annualised pace of growth in the three months to December will be better than the US’s 1.9% and only slower than Japan’s stimulus-fuelled 3.5%.
The Daily Telegraph Business, p. 1
Also appeared in : The Daily Telegraph Business, p.5, Financial Times, p.1, Metro London, p.45, The Independent, p.2, The Times, p.41

Clearing houses ‘pose risk in financial crisis’
Outgoing Bank of England deputy governor Paul Tucker has warned that the clearing houses that act as the processing centres for trillions of dollars of global trading, known as central counterparty (CCP) clearers, could pose the biggest risk to the world’s financial system in a future crisis. Giving evidence to MPs on the Treasury Select Committee, Mr Tucker warned that world leaders had made clearers “too important to fail” and said he was concerned at the lack of oversight of their operations by regulators.
The Daily Telegraph Business, p. 5
Also appeared in : The Guardian, p.29, The Times, p.47, The Times, p.41

Government to extend Equitable Life scheme
The Government has extended its Equitable Life Payments Scheme to mid-2015 after the Government admitted that it did not have contact addresses for 400,000 policyholders.
The Daily Telegraph Business, p. 3

Paragon pays £13.5m for bad HSBC loan book
Specialist lender Paragon has announced that it has bought a portfolio of bad loans from HSBC.
City AM London, p. 17

City work hours face scrutiny at intern’s inquest
The culture of long hours worked by City interns will come under scrutiny after a coroner ordered an inquest into the death of a student who collapsed after allegedly working non-stop for 72 hours. Moritz Erhardt, 21, was found dead at his flat as he neared the end of a 7-week internship at the London offices of Bank of America Merrill Lynch.
The Times, p. 23

Yakuza: we knew, say bank chiefs
Mizuho Financial Froup, Japan’s second-biggest bank, has finally admitted that its senior management knew that it was making loans to members of the Yakuza. The yakuza crime syndicates are said to make much of their money from running casinos.
The Times, p. 46
Also appeared in : Independent i, p.41

Yellen to be nominated as Fed’s first female chief
President Obama is set to announce formally the nomination of Janet Yellen as the next head of the US Federal Reserve Bank.
The Times, p. 41

The above articles appeared on 09/10/13 reproduced with the kind permission of Kantar Media UK. All rights reserved.

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