Low interest rates trigger rethink over company pension deficits

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Low interest rates trigger rethink over company pension deficits

Low interest rates trigger rethink over company pension deficits
Under pressure from UK businesses, it is believed that the chancellor will use his Autumn Statement to open a review of the methods companies use to assess the financial health of retirement schemes.
This abstract from the Financial Times was produced by Kantar Media
Financial Times, p. 1

Former HBOS chairman accused of ‘living in cloud cuckoo land’
Lord Stevenson was accused yesterday of “living in cloud cuckoo land” after it emerged that he assured the City watchdog that HBOS was “as secure” as it could be – a mere six months before it collapsed.
This abstract from the Financial Times was produced by Kantar Media
Financial Times, p. 1
Also appeared in : The Daily Telegraph Business, p.3, The Guardian, p.27, The Independent, p.53, The Times, p.51, The Times, p.51, Independent i, p.43

Banks cut liquid assets to lowest level since 2010
According to the minutes of the UK stability regulator’s recent meeting, big banks have trimmed stocks of liquid assets to the lowest level since at least 2010 as they heeded regulatory admonitions to stop holding “buffers on buffers”.
This abstract from the Financial Times was produced by Kantar Media
Financial Times, p. 4

Osborne to announce bank tax and cuts in Whitehall
George Osborne is expected to announce today that he will raise taxes on banks as he prepares to warn that there are “no miracle cures” for Britain’s economic malaise. The Chancellor will set out a new round of cuts in his Autumn Statement, ordering Whitehall departments to cut another £5billion from public spending. He is expected to force banks to hand over a higher proportion in tax, the fifth time the levy has been raised.
The Daily Telegraph, p. 4
Also appeared in : The Times, p.1-8

Banking union dealt fresh blow amid fears for City
Talks to create a banking union within the eurozone stalled yesterday amid warnings that the plan would marginalise the City of London. At a meeting of European finance ministers, divisions between France, Germany, Sweden and Britain were on display.
The Times, p. 50
Also appeared in : Financial Times, p.8, The Daily Telegraph Business, p.4, Independent i, p.24, International Herald Tribune, p.17, Financial Times Companies and Markets, p.19

‘Scrap the short-term gain in bonus culture’
Banks should ensure that they can claw back bonuses years after they have been awarded to tie workers into the long-term health of the lender, the Bank of England said yesterday.
The Times, p. 50

German prosecutor backs use of confidential tax data
A prosecutor in Germany has defended the practice of obtaining confidential client data from Swiss banks by alleging that German account holders at UBS, the Swiss bank, evaded about €204m in taxes.
This abstract from the Financial Times was produced by Kantar Media
Financial Times, p. 8

US push for more long-term debt financing
US bank regulators are examining proposals to force the largest and most complex financial institutions to fund themselves with more long-term debt, in a move it is hopes would instill greater confidence among market participants.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 21

GERMANS EVADED MILLIONS IN TAXES, OFFICIALS SAY, CITING DATA ON DISK
German clients of UBS evaded around €204 million in taxes, the prosecutors’ office in Bochum said Tuesday.
International Herald Tribune, p. 20

DEXIA, CONTINUING DRIVE TO DIVEST, ENTERS TALKS WITH HONG KONG FIRM
Dexia, the Franco-Belgian financial group, said Tuesday that it had entered into exclusive talks with GCS Capital, an investment firm based in Hong Kong, for the sale of Dexia Asset Management.
International Herald Tribune, p. 20

U.S. BANKS REGISTER BEST QUARTER IN 6 YEARS AS EARNINGS SURGE
U. S. banks earned more from July through September than in any other quarter over the past six years, the Federal Deposit Insurance Corp.
International Herald Tribune, p. 20

AUSTRALIA CUTS KEY LENDING RATE AMID FEARS OF SLOWDOWN IN MINING
The Australian central bank cut its benchmark interest rate to a level that matched record lows on Tuesday, stepping up efforts to safeguard one of the most resilient developed economies from the risk of recession as a mining boom peaks.
International Herald Tribune, p. 20

Scotland’s financial sector is […]
Scotland’s financial sector is not seen as a big supporter of independence, given Westminster’s £45 billion bailout of Royal Bank of Scotland in 2008.
The Times, p. 54

BoE urged to back renminbi trade
The Bank of England is facing calls to support renminbi trading in London, as bankers meet this week to discuss how to boost the market in China’s currency.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 32

The above articles appeared on 05/12/12 reproduced with the kind permission of Kantar Media UK. All rights reserved.

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