Commercial property bounces back

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Commercial property bounces back

Mortgages & Residential Property

Commercial property bounces back
The commercial property market in Britain has begun to boom over the past year, with the value of investment flowing in more than doubling year on year to a level only just below that seen before the 2008 economic downturn.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 23

Pensions & Life Assurance

Cap on pension scheme charges to be delayed for a year
Ministers are expected to announce that the Government is to delay plans to introduce a cap on pension scheme charges for a year. An Office of Fair Trading investigation into the industry earlier concluded that millions of people are being short-changed by retirement schemes that charge up to 18 different hidden fees.
The Daily Telegraph, p. 2

‘Make workplace pensions compulsory’
The think-tank, Policy Exchange has said that Britain should make workplace pension schemes compulsory to stop millions of people living in poverty when they retire.
The Independent, p. 58

Unit & Investment Trusts and OEICS

Fidelity raises the bar with low base fees
Fidelity, the American-owned asset management group, has plunged into the fund management price war by undercutting Hargreaves Lansdown on the base fees that it will charge customers to invest through its funds platform.
The Times, p. 40

Retail Banking

Cash point
Totallymoney.com has predicted that credit card spending will rise to £86billion this year.
Daily Mirror, p. 58

Santander Consumer USA in $1.8bn offering
Santander Consumer USA, a provider of car loans, has raised $1.8bn from an IPO amid a recovery in US car sales and strong investor interest in high yielding loans sold by consumer finance companies.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 20

RBS accused of treating some of its small businesses roughly
Sir Andrew Large said yesterday that RBS treats some small business customers “roughly” and can worry others by passing them around from department to department. The former deputy governor of the Bank of England told MPs the bank was poorly structured to encourage small business lending, and could give the perception that it cared only about making money from those businesses.
City AM London, p. 9
Also appeared in : The Daily Telegraph Business, p.3, Daily Mail, p.66, The Independent, p.56

UBS chief fears Europe’s banks are still in danger
Yesterday Davos delegates found themselves at loggerheads over the health of the banking system. Speaking at the World Economic Forum, Douglas Flint, the chairman of HSBC, insisted the system was now considerably less risky than before the 2008 global financial crisis. “I don’t think there is any doubt that the system is safer,” he said, adding that “50 to 80 per cent” of his board’s time is spent grappling with new regulation.
The Independent, p. 59

Round Up

Let the poor set the agenda on inequality
An Oxfam report has revealed that the wealth of the 85 richest people in the world is equal to that of the 3.5 billion poorest people in the world. Richard Godwin notes that inequality has worked well for the financial elite in the recent past, but this has to change as soon the world population will be too poor to exploit.
Evening Standard London, p. 15

Business investment recovery at ‘early stages’
The UK is in the “very early stages” of a business investment recovery that should make the economy’s growth spurt more sustainable, a Bank of England rate-setter has said.
This abstract from the Financial Times was produced by Kantar Media
Financial Times, p. 4

US bank raises trade alarm over euroscepticism
The US bank, JPMorgan, has warned that Britain could lose its clout in transatlantic trade and regulatory disputes if it exits the European Union.
This abstract from the Financial Times was produced by Kantar Media
Financial Times, p. 4

Raiffeisen to raise up to €2.9bn of fresh equity
Raiffeisen Bank International became the latest European lender to bolster its balance sheet with a plan to raise as much as €2.9bn in fresh equity.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 18

Heard the Goldman gossip? Tweeting banker has book deal
The Goldman Sachs banker behind the @GSElevator Twitter profile has agreed a deal to turn his allegedly insider observations into a tell-all book about life at the bank. Tentatively titled Straight to Hell: True Tales of Deviance and Excess in the World of Investment Banking, the book is due for an October publication.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 19

Banks pitch potential bond offers for Puerto Rico
Banks including Barclays are pitching potential bond offerings for Puerto Rico as the debt-laden US commonwealth seeks to raise funds and avoid a credit-rating downgrade.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 32

Public borrowing falls by £2.1bn after tax receipts soar
Britain’s tax receipts in December hit the highest level recorded for the month in at least three years, helping to push down Government borrowing, according to figures released yesterday by the Office for National Statistics.
The Daily Telegraph Business, p. 4

Jobless rate closes in on Carney’s 7pc target
Unemployment has fallen at its fastest rate in 17 years to a more than four-year low of 7.1pc – just above the level at which the Bank of England will start to consider raising interest rates.
The Daily Telegraph Business, p. 1

Small firms told to borrow more to grow
Banks are back on the front foot this morning with a new campaign aimed at encouraging small firms to grow. After years of being told they are not lending freely enough, banks are now arguing small firms need to be more confident in applying for credit. The British Bankers’ Association’s (BBA) campaign argues 270,000 businesses could get a boost if only they applied for funding.
City AM London, p. 6

The Scottish Widow has returned
Feature on Scottish Widows launching a new advertising campaign fronted by model Amber Martinez, who has also appeared in campaigns for M&S, Boots and Simple Skincare.
City AM London, p. 10

Euro was a ‘giant historic mistake
Speaking at the Davos conference, Axel Weber, chairman of UBS and former head of the Bundesbank, warned that the eurozone faces a fresh wave of panic over the results of the results of recent financial health checks. Menawhile, Sir Martin Sorrell, chief executive of WPP, said that while Germany and the UK are recovering, ‘France is still in the downturn’ and ‘Italy is bumping along the bottom’.
Daily Mail, p. 66

‘Much work to be done on safeguarding banks’
The global market will not be fully safeguarded against a repeat of the global financial crisis until the end of the decade, warned Barclays chief executive Antony Jenkins, as he cautioned that banks were not the only threat to the system.
The Daily Telegraph Business, p. 5

Bank of England sends signal on interest rates as jobless figure nears 7% threshold
The Bank of England yesterday signalled it has no immediate plans to raise interest rates, despite reporting a decline in unemployment to a figure close to the 7% level at which governor Mark Carney has said a rate rise would be considered.
The Guardian, p. 10
Also appeared in : The Independent, p.6

Death threats for British banker who Joked about smell of Singapore’s poor
Anton Casey, a British banker based in Singapore has been forced into issuing a public apology after provoking a storm of protest by calling commuters “poor”, complaining about the “stench” of public transport and labelling a local cabbie “a retard” on his Facebook page.
The Times, p. 3
Also appeared in : Daily Mail, p.7

The above articles appeared on 23.01.2014. Reproduced with the kind permission of Kantar Media UK. All rights reserved.

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