Cash? It's time to put it all on plastic, says new Bank of England governor

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Cash? It’s time to put it all on plastic, says new Bank of England governor

Cash? It’s time to put it all on plastic, says new Bank of England governor
Plastic bank notes could soon replace paper money in Britons’ wallets, Mark Carney, the incoming governor of the Bank of England has hinted. When asked by Canada’s CTV news programme if Britain could expect to enjoy the benefits of the plastic five or ten pound notes, Mr Carney replied: “The Bank of England is exploring a variety of options for their next currency, yes.” Addressing the criticisms of polymer notes, Mr Carney added: “They last longer, they’re cleaner and greener, good value for taxpayers and better for the environment.”
The Independent, p. 10
Also appeared in : Daily Express, p.20, Independent i, p.3, Independent i, p.40 Ireland snaps up £270m of Seymour Pierce

wealth assets
WH Ireland yesterday announced it had swooped on the remnants of bankrupt broker Seymour Pierce and snapped up its wealth management business for just £25,000.
City AM London, p. 12
Also appeared in : Financial Times Companies and Markets, p.20, Independent i, p.42, Financial Times Companies and Markets, p.20

UBS fund managers go passive
UBS Global Asset Management is to push into the passive management space for the first time, it announced yesterday.
City AM London, p. 12

UK fights bank bonus reforms
European proposals to curb bank bonuses will lead to higher salaries and a less stable financial system, Britain has argued, in a last-ditch attempt to water down rules that threaten the City. The European proposals are based on a package passed by the European Parliament in May that stipulate a 1:1 ratio of bonuses to pay. In the face of opposition, led by Britain, a compromise was agreed to allow a higher ratio of 2:1. However, the deal was delayed, along with the wider financial reforms, CRD4. Sources said an impatience to advance the regulations had now led to some countries dropping their opposition to the pay rules.
The Daily Telegraph Business, p. 1
Also appeared in : The Independent, p.54-55, The Times, p.31, The Times, p.32, City AM London, p.1, Independent i, p.42, Financial Times, p.10, City AM London, p.2, Evening Standard London, p.42

Cameron wants RBS to speed up sell-off plans
David Cameron yesterday publicly urged RBS to “accelerate” preparations towards allowing a sell-off of the state-owned bank, adding that the government was examining an “interesting” idea that would involve shares in the bank initially distributed to taxpayers for free.
The Guardian, p. 4
Also appeared in : The Sun, p.38, The Daily Telegraph Business, p.3, Daily Mail, p.64, Financial Times, p.1, Financial Times Companies and Markets, p.16, Daily Mirror, p.49

Natixis shares up on dividend plan
French investment bank Natixis has seen its shares leap 22.47pc after announcements it will pay higher dividends to investors.
City AM London, p. 16
Also appeared in : International Herald Tribune, p.20, Financial Times Companies and Markets, p.32

Edmond de Rothschild to set up private merchant bank in London
Edmond de Rothschild is setting up a merchant banking business in London.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 15
Also appeared in : City AM London, p.12

Spain to take over small lender
The Spanish authorities will take a majority stake of 65 per cent in small, unlisted lender BMN after a cash injection and the conversion of shares into capital, a source said yesterday. In a statement to the Spanish stock exchange regulator released earlier on Monday, BMN had said the country”s bank restructuring fund would convert €915m (£788.7m) in preference shares into capital as well as fully subscribe a capital increase of €730m
City AM London, p. 2

Dublin faces lawsuits over IBRC liquidation
Ireland faces a raft of potential lawsuits and a possible constitutional challenge over its decision to liquidate Irish Bank Resolution Corporation.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 15

New York Fed’s secret deal to help a bank
Many people became rightfully upset about bailouts given to big banks during the US mortgage crisis. But it turns out that the aid is still going on, if more quietly, through the back door. The existence of one such secret deal, struck in July between the Federal Reserve Bank of New York and Bank of America, came to light just last week in court filings.
International Herald Tribune, p. 18

Banks told to give loan scheme shot in the arm
The government has demanded that banks revitalise a flagship lending scheme for small firms after research suggested its ability to power growth and job creation is at odds with lenders’ dwindling desire to access it. Michael Fallon, the Business Minister, promised to “hold banks to account” until lending levels under the Enterprise Finance Guarantee improve.
The Daily Telegraph Business, p. 8

CLIENTS OF SAC REPORTEDLY SEEKING TO PULL $1.7 BILLION FROM FUND
Customers of SAC Capital Advisors have asked to withdraw $1.7 billion from the hedge fund as the U.S. government’s inquiry intensifies into insider trading, according to people briefed on the matter.
International Herald Tribune, p. 19

Draghi seeks to quiet talk of a global currency war
The President of the European Central Bank sought Monday to ease fears that countries including Japan were deliberately weakening their currencies and that European exporters were threatened by a round of competitive devaluations among the world’s major economies.
International Herald Tribune, p. 1

Confident Germany ‘will avoid recession’
Germany will avoid the recession that has engulfed the eurozone and return to growth in the first quarter of this year, the Bundesbank said yesterday.
The Times, p. 32

Clues from Bank insider trigger fall in pound
Sterling sank against the dollar and the euro after Martin Weale, of the Bank’s Monetary Policy Committee, argued over the weekend that more declines may be necessary to help to tackle Britain’s current account deficit.
The Times, p. 34

Investor sells Bumi stake days before big vote
Nat Rothschild’s bid to seize back control of Bumi now looks less likely, after a major investor sold his shareholding shortly before a crucial vote on the direction of the firm.
The Guardian, p. 23

Good news for some
Suggestions made by a member of the Bank of England’s Monetary Policy Committee that sterling weakness would be welcome led to the pound falling against the dollar and euro.
The Times, p. 29

Draghi warns currency war may hurt European growth this year
The strength of the euro risks harming economic growth and pulling down inflation too far, European Central Bank boss Mario Draghi told European parliamentarians yesterday.
City AM London, p. 16

Barclays’ £17m bonus bonanza
Five top bosses at Barclays are set to share a jackpot worth up to £17m despite being tainted by a string of scandals.
Daily Mail, p. 64

The above articles appeared on 19/02/13 reproduced with the kind permission of Kantar Media UK. All rights reserved.

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