Final salary pensions in 'meltdown'

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Final salary pensions in ‘meltdown’

Final salary pensions in ‘meltdown’
Millions of Britons could see the value of their pension payouts plunge after warnings that final salary schemes could close within a year.
Daily Express, p. 13

3i chief Borrows left baffled by raider Bramson’s motivation
Simon Borrows, the chief executive of the UK’s oldest private equity company 3i, yesterday said he was mystified about a latent bid by vulture fund Sherborne Investors to wrest control of the firm.
City AM London, p. 12

Blackstone courts bold trades for fund
Blackstone is reportedly preparing to launch a “super” hedge fund to cherry-pick the best trades from the hundreds of third-party hedge funds it invests with.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 19

FCA to gather mortgage data
The Financial Conduct Authority will collect information from mortgage borrowers and share it with the Bank of England and Prudential Regulation Authority.
The Daily Telegraph Business, p. 8

Banks set to make a good account
The Consumers’ Association was upset yesterday when the Office of Fair Trading decided not to refer the personal current account market to the Competition Commission.
Evening Standard London, p. 50

RBS to shed 1,400 more jobs with an eye to privatisation
Royal Bank of Scotland is to cut 1,400 more jobs in London and Edinburgh as part of its drive to reduce costs. Including the cuts announced on Wednesday, RBS has made 38,900 staff redundant since the financial crisis, when it received a £45.5 billion bailout to stave off its collapse.
The Times, p. 45
Also appeared in : The Daily Telegraph Business, p.1, The Independent, p.52, The Daily Telegraph Business, p.4, The Guardian, p.32, Daily Star, p.2, Metro London, p.62, The Times, p.41, The Sun, p.42, Daily Express, p.11, City AM London, p.4, Daily Mirror, p.2, Financial Times Companies and Markets, p.20, Independent i, p.49, The Times, p.41

High Court backs HMRC deal with Goldman Sachs
The High Court ruled that HMRC’s £20m “sweetheart” tax deal with Goldman Sachs was not a “glorious episode in the history of the Revenue” but it was legal.
The Daily Telegraph Business, p. 4
Also appeared in : Financial Times, p.2, City AM London, p.6, The Independent, p.4, The Independent, p.14, Independent i, p.7

Lloyds privatisation gets closer as share price soars
Lloyds should make a profit this year, its first since the bank collapsed and was bailed out at the height of the financial crisis, the group’s chief told shareholders in Edinburgh yesterday.
City AM London, p. 2
Also appeared in : Daily Express, p.59, Financial Times, p.3, The Daily Telegraph Business, p.2

Lloyds boss defends bank under fire from shareholders
The outgoing chairman of Lloyds, Sir Win Bischoff, was forced on to the defensive today as a succession of angry shareholders derided the “greed” of senior bankers, the pay levels of senior executives and scandals which have beset the bank in recent years.
Independent i, p. 49
Also appeared in : Evening Standard London, p.48, The Independent, p.52

Citi bans messages on Bloomberg
Citigroup has banned its foreign exchange traders from using Bloomberg’s messaging system in an attempt to improve security and control access to client information. The bank Goldman Sachs is rumoured to be developing its own messaging system and there have been suggestions that the major banks could collectively pool information on trades and prices in order to cut out Bloomberg.
The Times, p. 43
Also appeared in : Financial Times Companies and Markets, p.15, Financial Times Companies and Markets, p.15

US regulators yield to Wall Street pressure and soften rules on derivatives trading
Under pressure from Wall Street lobbyists, US regulators have agreed to soften a rule intended to rein in the banking industry’s domination of a risky market.
International Herald Tribune, p. 17
Also appeared in : Financial Times Companies and Markets, p.30

Lloyds chief pledges to pull out of tax havens
Lloyds Banking Group’s chief executive António Horta-Osório has committed his institution to pulling out of tax havens where the bank is not conducting genuine business.
The Guardian, p. 32

BNP Paribas veteran left US unit after trading hit
One of BNP Paribas’ most senior US traders left the French bank last year after his department caused a multimillion dollar trading loss.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 15

Judge presses trading house CF Partners over its claim against Barclays
CF Partners, which is bringing a €164m (£140m) damages claim against Barclays, was immediately put on the spot by a judge yesterday and asked to define exactly how it had allegedly been wronged by the bank.
The Daily Telegraph Business, p. 5

Pandit to take stake in JM Financial
Vikram Pandit, the former Citigroup chief executive who was ousted last year, has returned to banking.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 19

The above articles appeared on 17/05/13 reproduced with the kind permission of Kantar Media UK. All rights reserved.

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