City is asked to create new schemes to cover care costs


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City is asked to create new schemes to cover care costs

City is asked to create new schemes to cover care costs
People’s pension pots could be used to meet the cost of paying their care home bills under plans being developed between ministers and the City.
The Times, p. 15

Santander cuts paid accounts
Santander yesterday said it would scrap packaged deals on paid-for current accounts, in a move that will affect hundreds of thousands of customers. Packaged accounts offer add-ons such as phone insurance for a fee that can hit £20 a month.
City AM London, p. 2
Also appeared in : The Daily Telegraph Business, p.1

Barclays to fight US claim it manipulated electricity price
Barclays yesterday pledged to fight a $470m (£300m) penalty for allegedly manipulating electricity prices in California by taking the case through the US judicial system.
The Guardian, p. 24
Also appeared in : The Times, p.39, The Guardian, p.25, The Independent, p.58, The Independent, p.57, Metro London, p.4, Financial Times, p.14, International Herald Tribune, p.18, The Daily Telegraph Business, p.5, Daily Mail, p.73, Evening Standard London, p.34

Carney unites Bank against more stimulus
The Bank of England’s rate-setting monetary policy committee (MPC) voted unanimously to reject more QE earlier this month, according to minutes released yesterday.
City AM London, p. 3
Also appeared in : Daily Express, p.50, Daily Mail, p.72, The Times, p.37, The Independent, p.55, The Daily Telegraph Business, p.1

Regulator attacked over Co-op rescue
The Prudential Regulatory Authority (PRA) has been accused of hurting savers by by ordering the Co-operative Bank to suspend £7m of interest payments to bondholders last week. Mark Taber, who is representing a group of 15,000 small savers and pensioners with £65m in the bank, said in a letter to the PRA’s chief executive Andrew Bailey that he was “causing duress and financial distress for thousands of pensioners”. Mr Taber claimed the deferral of the 13% coupon payments, “on which thousands of pensioners rely”, was “harsh and unnecessary”.
The Daily Telegraph Business, p. 1

JC Flowers to buy half Rock loans
An American private equity company is set to buy £450 million of Northern Rock loans from the Government in one of the biggest deals of its type. The sale has been organised by UK Asset Resolution, which is in charge of winding down Northern Rock’s “bad” bank and Bradford & Bingley, which was also nationalised. Northern Rock’s “good” bank was sold to Virgin Money in 2011.
The Times, p. 36

Bank Of America profits surge
The revival of Wall Street’s financial heavyweights was underlined by Bank of America yesterday when it reported a surge in profits for the second quarter. The bank, which owns the Merrill Lynch brokerage, said that investment and broking income had boosted its performance, along with record revenues from wealth and asset management.
The Times, p. 41

BNY Mellon shares leap as asset management book grows again
Profits increased 78. 8 per cent at BNY Mellon, the bank said yesterday, as it gained from improved market conditions in the second quarter.
City AM London, p. 4

Treasury clamps down on bank to bank lending
Ring-fenced banks will not be allowed to lend to other banks in future, the Treasury announced yesterday, as part of a drive to stop institutions becoming entangled.
City AM London, p. 7

Handelsbanken profits rise as it plans 12 more branches in the UK
British operations of Nordic lender Handelsbanken expanded rapidly again in the first half of the year, the group reported yesterday.
City AM London, p. 8

Amex sees its earnings rise on higher fees
Credit card company American Express reported a five per cent increase in quarterly profit as it charged higher fees and earned more commissions on its cards.
City AM London, p. 8

Four traders sue Deutsche Bank over sackings in Euribor probe
Four former Deutsche Bank traders have sued Germany’s largest lender for wrongful dismissal.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 15

Strategy switch at Bank of England
In the minutes of the July Monetary Policy Committee meeting released yesterday, the Bank of England retreated from its flagship quantitative easing programme as a means of stimulating the economy.
This abstract from the Financial Times was produced by Kantar Media
Financial Times, p. 1

Sterling climbs on QE vote
Currency reports, Sterling climbed after minutes from the Bank of England’s July monetary policy meeting revealed all members of the nine-strong committee voted for no additional stimulus.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 30

The above articles appeared on 18/07/13 reproduced with the kind permission of Kantar Media UK. All rights reserved.

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