Little progress made on company pension deficits

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Little progress made on company pension deficits

Little progress made on company pension deficits
Britain’s biggest companies have made little progress in cutting their pension deficits, according to a survey, from PwC, the professional services group.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 24

Pension saving is ‘a losing game’
The European Federation of Financial Services Users claims that saving for retirement is “a losing game” for hundreds of millions of European citizens as high charges and taxes destroy the value of pensions.
This abstract from the Financial Times was produced by Kantar Media
Financial Times FT fm, p. 2

Nationwide plans to meet shortfall with £500m buffer
Nationwide is expected to raise around £500m of new capital in the next few weeks as part of efforts to fill a hole identified by the regulator.
The Daily Telegraph Business, p. 3
Also appeared in : Independent i, p.42, City AM London, p.9

Barclays to sell on data from savers and track mobile phones
Barclays has told its savers it is to start selling their data to other companies. The move by Barclays has been laid out in changes to terms and conditions, sent to customers around the country, that take effect from the start of October.
The Daily Telegraph Business, p. 3

Levene claims Lloyds turned blind eye to Co-op failings
Sir Win Bischoff, the chairman of Lloyds Banking Group ignored warnings that the decision to sell 632 branches to the Co-operative Bank had “a high risk of failing”, it was claimed last night.
The Times, p. 35

High bond yields flash warning of fresh crisis
The Bank for International Settlements has warned that rising global bond yields threaten trillions of dollars in losses for investors and a fresh financial crisis unless banks are braced for the shock. The institution said losses on US Treasury securities alone will reach $1trillion (£648bn) if average yields rise by 300 basis points, with even greater damage in a string of other countries. The loss could range from 15 per cent to 35 per cent of GDP in France, Italy, Japan and the UK. The warning comes after the US Federal Reserve set off the most dramatic spike in US borrowing costs for a decade last week, with talk of an early exit from quantitative easing (QE) sending tremors through the world. The yield on 10-year Treasuries has jumped 80 basis points since the Fed began to talk tough two months ago, closing at 2.51 per cent on Friday.
The Daily Telegraph Business, p. 1
Also appeared in : The Guardian, p.21, The Times, p.37, City AM London, p.1

Bank bailout talks to continue
EU countries will meet again on Wednesday to thrash out an agreement on how to conduct bank bailouts after talks collapsed last week.
Independent i, p. 42
Also appeared in : Financial Times, p.6

Pay of top Europe and US bankers drops 10%
Average pay of top bankers in Europe and the US has dropped by a tenth last year after banks bowed to investor and regulatory pressure.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 19

Move on deposits riles EU banks
European banks have warned that impending regulatory changes affecting bank deposits, will lead to higher funding costs and more expensive credit for customers.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 20

Bank redress advice
A small business lobby group fighting for compensation for mis-sold interest rate swaps is holding an open meeting on June 30 to help potential victims to get redress from their banks.
The Times, p. 41

Banks to borrow less
Less than a quarter of Europe’s banks are planning to tap central banks for more funds, while almost 40 per cent plan to pay back such borrowings in the next six months, according to Ernst &Young.
The Times, p. 35

The Co-op Bank is running a big risk by hitting pensioners
The Co-op Bank’s reputation is on the line, and not just for financial stability – its hard earned name as the all-round good egg of banking is at risk. The reason is the make up of its investor base. The mutually-owned bank has long attracted loyal, elderly customers, and the bonds involved in the bail-in rescue deal were a great deal for pensioners.involved in the bail-in rescue deal were a great deal for pensioners.
City AM London, p. 6

Co-op bondholders in fight for better deal
Small investors in the Co-operative Bank have banded together to fight for a better deal out of the banks rescue plan.
City AM London, p. 3

The above articles appeared on 24/06/13 reproduced with the kind permission of Kantar Media UK. All rights reserved.

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