ISA investments endure first fall


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ISA investments endure first fall

ISA investments endure first fall
It has emerged that Britons struggling to pay their household bills do not have spare cash to squirrel away in Isas – the level of savings in the tax-free accounts has fallen for the first time in the tax year to 2012.
The Independent, p. 46-47

Partnership Assurance targets £1bn float
It has emerged that a business that specialises in giving better pensions to people who are ill is set to join the stock market, a sign of good health for the London equity market at least. Partnership Assurance Group, the private-equity backed insurer, is aiming for a float later this year that could value the business at more than £1bn. Cinven, the majority owner with 80 per cent, plans to sell at least a 25 per cent stake at a price to be confirmed later in a deal that will mean windfalls of millions for managers – not least the chief executive, Steve Groves, who owns around 5 per cent of the stock.
The Independent, p. 45
Also appeared in : Independent i, p.43

Corporate scheme deficits top £100bn in April
According to Mercer, pension schemes run by some of Britain’s biggest companies are sitting on a cumulative funding gap of more than £100bn, as low bond yields crimp returns and send liabilities to record highs. The consultant’s latest Pensions Risk Survey reported the aggregate deficit for defined benefit schemes stood at £108bn at 30 April, compared with £89bn at end-March.
The Independent, p. 46

Second-rate pensioners
Letter from a reader who claims that the new pension being introduced in 2016 is grossly unfair, noting that there will be ten million “second-class pensioners” who will be be paid significantly lower than the planned £144 a week.
Daily Mail, p. 50

Buyers see extra help and return to housing market
The Royal Institution of Chartered Surveyors has reported that the number of people considering buying a home has hit its highest level in more than three years.
The Times, p. 35
Also appeared in : The Sun, p.38, City AM London, p.14, Daily Express, p.10

Share Dealing Services
Co-op bondholders may be hit as shortfalls grow
Junior bondholders in the Cooperative Bank could take a hit if the bank struggles to fill its capital hole, analysts at Barclays warned yesterday, heightening the pressure on the mutual to take action.
City AM London, p. 2

Lloyds may appoint woman as next chairman
Yesterday the starting pistol was fired on the race to find the next chairman of Lloyds Banking Group as the current chairman, Sir Win Bischoff, 72, said he wanted to retire no later than next year’s annual meeting. Sir Win was drafted into the taxpayer-rescued bank in July 2009, and took over from Sir Victor Blank later that year. Possible candidates include Paul Tucker, a deputy governor of the Bank of England, and Bill Winters, a former JP Morgan banker and member of the Independent Commission on Banking.
The Independent, p. 43
Also appeared in : The Times, p.39, The Times, p.34, The Daily Telegraph Business, p.2, Metro London, p.40, The Independent, p.43, The Daily Telegraph Business, p.5, The Daily Telegraph Business, p.1, Daily Express, p.50, City AM London, p.6, Evening Standard London, p.41, Evening Standard London, p.41

Lloyds boss fears best and brightest students will shun a career in banks
The “best and the brightest” students are being put off a career in banking because of the stigma attached to the industry, António Horta-Osório, the boss of Lloyds Banking Group warned yesterday.
The Guardian, p. 23
Also appeared in : The Sun, p.38, The Independent, p.43, Daily Mail, p.20

Fears over Co-op Bank cash gap
Uncertainty about the size of the capital shortfall at the Co-operative Bank emerged yesterday after one forecast put the gap, in a worst case scenario, at £1.8bn.
The Guardian, p. 23
Also appeared in : International Herald Tribune, p.20, The Times, p.36, Daily Express, p.50

Eurozone finance ministers in banking union showdown
Last night Eurozone finance ministers were squabbling in Brussels over the timetable for a banking union, with some states pushing for faster progress and Germany stressing the need for caution. The German Finance Minister, Wolfgang Schäuble, argued that an amendment to European Union treaties might be necessary to safeguard the interests of taxpayers in stronger states, while Spain’s Prime Minister, Mariano Rajoy, urged the eurozone to press ahead with a collective depositor guarantee.
The Independent, p. 43
Also appeared in : International Herald Tribune, p.1, International Herald Tribune, p.16-19

Debt warning hits Standard Chartered
Standard Chartered saw nearly £750m wiped off its market value yesterday after US activist investment group Muddy Waters warned there was a growing risk of bad debts at the Asia focused bank.
The Guardian, p. 24
Also appeared in : The Times, p.39

RBS calculates fresh bonus round
Royal Bank of Scotland could be poised to release potentially lucrative bonuses to a handful of top bankers from a share-based scheme put in place three years ago.
The Guardian, p. 23

EU bank proposals ‘risk domino sequence of failures’
George Osborne is to warn of the “domino effect” risk posed by EU legislation governing how losses are imposed on creditors when banks fail today.
The Daily Telegraph Business, p. 1-5

On trail of biker banker
The Coutts banker detained in the US last month has been named as Pierre-Yves Roten, a senior member of the private bank’s Central and Eastern European team in Switzerland.
The Times, p. 36

HSBC’s Gulliver plans new cost cutting drive
HSBC intends to cut costs and automate more services tomorrow as it updates shareholders on the bank’s most recent internal reforms.
City AM London, p. 9

The above articles appeared on 14/05/13 reproduced with the kind permission of Kantar Media UK. All rights reserved.

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