Hard-pressed to build savings


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Hard-pressed to build savings

Hard-pressed to build savings
Lloyds TSB’s UK savings index shows that a third of savers plan to reduce or stop saving in the next year.
The Daily Telegraph Business, p. 4

Internet brides add to cost of state pensions drawn by foreigners
Men who move abroad to marry “Thai brides” they meet online are adding to the cost of state pensions for foreigners who have never lived in Britain, government sources have suggested. The growth of internet romances may be partly behind the rise in foreign women taking state pensions despite never paying tax in Britain, it was claimed.
The Daily Telegraph, p. 6

Reforms open door to performance-linked pensions
A feature on pensions granted to top bankers which suggests that future bonuses could be made as retractable pensions contributions to create incentives for the ultra-long term.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 16

Foreign buyers behind half of £2m+ home sales in London
New research by Knight Frank indicates that overseas buyers outnumbered Britons purchasing London properties worth more than £2m in the 12 months to April 2013.
The Guardian, p. 21

HSBC is boosted as the banks ‘reform’
Laura Chester reports that after a lengthy stint in the stocks, the big banks have started to edge back into favour last week. Barclays, Royal Bank of Scotland and Lloyds revealed some signs of recovery, with a less brash and more boring way of doing business. Today it is HSBC’s turn. Banking expert Ian Gordon at Investec thinks HSBC is “finally about to get serious on costs” and he said he feels “uncharacteristically positive ahead of firstquarter results”.
The Independent, p. 48
Also appeared in : Independent i, p.41

Super market
Sainsbury’s has stated that it is in “advanced negotiations” to take full control of its banking joint venture with Lloyds Banking Group, but Times business commentator Patrick Hosking claimed that it will be difficult for the firm to make a success of the venture.
The Times, p. 39

The line of fire
The Times’ business commentator, Patrick Hosking, discusses the position of Skipton chair Mike Ellis, who was HBOS finance director from 2001 to 2004 and therefore the subject of calls for sanction against him due to his role as James Crosby’s “henchman”.
The Times, p. 39

The stamp of ideology
The Guardian leader writer discusses the public ownership of RBS and Lloyds, claiming that putting the firms back in the private sector will “fire the starter’s pistol for another crisis down the track”, unless they are broken down into smaller entities first.
The Guardian, p. 28

Can banks realise their true value in this crowded market?
A feature on the difficulty UK banks face in disposing of businesses. Recent failures include the Co-op takeover of 632 Lloyds TSB branches.
The Daily Telegraph Business, p. 4

Overseas enforcers seek more City help
The Financial Services Authority received 857 requests for international assistance last year, with 248 coming from the US and 152 from France.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 21

Investors put RSA and Aviva on notice
Institutional Shareholder Services (ISS) has reduced the threat of shareholder rebellions at RSA and Aviva, recommending voting in favour of motions at the AGMs. ISS remains concerned about executive pay, particularly the termination plan for Trevor Matthews.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 16

BofA to pay bond insurer $1.7bn
Bank of America has agreed to pay $1. 7bn to bond insurer MBIA in a dispute over insurance payouts on failed mortgages. On the same day UBS and Assured Guaranty agreed a deal to settle claims about faulty residential mortgage-backed securities.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 16

Banish the threat from zombie banks in Europe
Comment on Europe’s failure to recapitalise its biggest banks following the financial crisis of 2007-09 and the need to avoid a proliferation of Japanese-style zombie banks.
This abstract from the Financial Times was produced by Kantar Media
Financial Times, p. 11

Risk group is target in JPMORGAN vote
An influential shareholder advisory firm has recommended that investors withhold their support for three JPMorgan Chase directors, citing ”material failures of stewardship and risk oversight” after a big trading loss last year.
International Herald Tribune, p. 17

Mis-selling order to administrators
The Insolvency Service is to produce new guidance that calls on administrators of bankrupt companies to assist in the bringing of mis-selling claims over interest rate swaps against their banks.
The Times, p. 37

City hiring again after shock of Cyprus crisis
The Square Mile is hiring again as the City breathes a sigh of relief over the limited fallout from Cyprus’s bailout crisis, a leading financial recruiter has claimed. City companies created 2,600 new jobs in April, a 19pc rise on the previous month and contrasting with a 15pc slide in March, when Cyprus veered close to pulling out of the euro before being bailed out, according to Astbury Marsden.
The Independent, p. 46

The above articles appeared on 07/05/13 reproduced with the kind permission of Kantar Media UK. All rights reserved.

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