Confusion mars Kodak pensions

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Confusion mars Kodak pensions

Confusion mars Kodak pensions
The UK pension fund of Eastman Kodak is scrambling to collect votes from members to approve a new pension scheme during what has become an increasingly confused balloting process.
This abstract from the Financial Times was produced by Kantar Media
Financial Times FT fm, p. 2

£30m pension blunder
Health bosses have handed out £30million in NHS pensions to ex-workers who have died.
Daily Star, p. 2

Cable warns of Help to Buy house price bubble
Vince Cable has warned that the Help to Buy mortgage guarantee scheme could produce another house price bubble.
This abstract from the Financial Times was produced by Kantar Media
Financial Times, p. 2
Also appeared in : Daily Mail, p.62, Daily Mirror, p.2, The Daily Telegraph, p.2, The Times, p.14

First-time buyers rise by 20% as banks show faith
First-time buyer numbers have soared to their highest levels in six years, a report shows.
Metro London, p. 5

Barclays to seek cash as £7bn capital hole looms
The UK banks’ second-quarter reporting season starts this week with Barclays, Lloyds Banking Group and the Royal Bank of Scotland all reporting. Barclays pre-tax profits are predicted to have fallen by £600m to £3.7bn, with PPI provision rising by £800m. The bank has also been in talks with investors about the launch of a £4bn rights issue to meet the accelerated implementation of the new leverage ratio requirement of 3%. Lloyds is expected to report a pre-tax profit of more than £3bn, compared with a similar loss for the same period last year. The profitability of the bank has raised the prospect of the Government selling some of its 39% stake within the next month for around £5bn. RBS results, forecast to amount to a £910m pre-tax profit will probably be subordinated to the announcement of an incoming chief executive.
The Daily Telegraph Business, p. 1
Also appeared in : Metro London, p.47, City AM London, p.6

Mo Farah calls for Barclays to change mind on payment firms
Barclays has rejected calls from Olympic champion Mo Farah to keep working with up to 250 payments firms, including four who send payments to Somalia.
City AM London, p. 6

Bank lending and alternative credit to boom as UK recovers
The Ernst and Young Item Club has forecast that peer to peer lending is set to grow five-fold in the coming three years thanks to small firms seeking more credit to expand.
City AM London, p. 1
Also appeared in : Daily Express, p.46, Daily Mail, p.6

SFO set for £2m boost to Barclays probe
In a sign of the agency’s escalating probe into the bank, the UK Treasury is expected to pledge special “blockbuster” funding to the cash-strapped Serious Fraud Office to back its investigation into Barclays’ emergency fundraising five years ago.
This abstract from the Financial Times was produced by Kantar Media
Financial Times, p. 1

Risk management change has been small, says study
A new global Deloitte survey has found that banks, insurers and asset managers have made only incremental progress toward tying pay to risk and improving their data so that they can spot looming dangers.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 16

Bank of Cyprus close to agreeing depositor deal
The terms of losses for Bank of Cyprus depositors are close to being finalised.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 16

Central banks likely to hold firm on rates
Three of the world’s leading central banks are likely this week to reaffirm their determination to keep a lid on interest rates for a long time to come, despite signs that their economies are slowly on the mend. The Federal Reserve, the European Central Bank and the Bank of England are all expected to repeat or refine their ”forward guidance” that borrowing costs will remain extraordinarily low as long as growth is subpar and inflation is not a threat.
International Herald Tribune, p. 17

Cable: Coalition will support Welby’s plan for credit unions
Vince Cable is to support the Archbishop of Canterbury’s drive to build up credit unions so that fewer people with financial problems turn to payday lenders like Wonga.
The Independent, p. 2

SME lending data throws up more questions than answers
Britain’s banks have just published detailed statistics on lending to small and medium-sized enterprises in 120 postcodes around the country, including data on how much cash these SMEs have on deposit in the banks. The British Bankers’ Association (BBA) hopes the data will convince people that its members genuinely are lending to SMEs, despite the widespread scepticism prompted by the disappointing figures from schemes such as Funding for Lending.
The Independent, p. 49

Barclays eyes CoCo sale
Barclays’ planned capital raising is expected to involve the sale of contingent convertible (“CoCo”) bonds.
The Times, p. 31

Lenders turn backs on low-risk companies
Banks have pulled back from lending to small and medium-sized enterprises across the board since the financial crisis struck, and not only the riskiest borrowers, according to new research by the National Institute of Economic and Social Research.
The Times, p. 31

Banking & finance
Thousands of RBS shareholders who claim they were deceived into investing in a £12 billion cash call ahead of the bank’s near-collapse will have their first day in court tomorrow.
The Times, p. 32

The above articles appeared on 29/07/13 reproduced with the kind permission of Kantar Media UK. All rights reserved.

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