Miners' lifeboat scheme


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Miners’ lifeboat scheme

Miners’ lifeboat scheme
The Pension Protection Fund, the lifeboat scheme for distressed pension funds, could take ownership of the remains of the British coal industry to preserve 2,000 miners’ jobs and prevent UK Coal Mine Holdings, the successor body to UK Coal, going into liquidation.
The Times, p. 33

Paragon’s virtue in buy-to-let
The buy-to-let mortgage group Paragon is applying for a banking licence in order to kick-start its consumer lending business.
Independent i, p. 42

THE Bank of Ireland has […]
The Bank of Ireland has partially backtracked on its move to increase mortgage rates for customers who thought their repayments were fixed for life.
Metro London, p. 47

Gross mortgage lending increased by 4 per cent between March and April to £12.1 billion, according to the Council of Mortgage Lenders, barely half the average 2003-04 level.
The Times, p. 34

Carney tells Europe it must follow Japan’s lead
Mark Carney has warned that Europe could face a decade of stagnation unless it takes the kind of bold measures seen in Japan. The incoming Bank of England Governor praised Japan’s “bold policy experiment” to boost dramatically its own quantitative easing programme, in words that will fuel speculation that he will try to QE when he arrives in the UK. He said: “Europe can draw lessons from Japan on the dangers of half measures? Europe remains in recession. Deep challenges persist in its financial system. Without sustained and significant reforms, a decade of stagnation threatens.”
The Daily Telegraph Business, p. 1
Also appeared in : City AM London, p.3

JPMORGAN shareholders keep faith in Dimon despite scrutiny Shareholders give backing to JPMORGAN
Jamie Dimon, the most powerful banker in the United States, can hold onto his title of chairman after JPMorgan Chase’s shareholders decisively defeated a proposal to split the two top jobs on Tuesday.
International Herald Tribune, p. 1-18
Also appeared in : City AM London, p.3, Independent i, p.41, The Independent, p.51

IMF tells Osborne to sell bank shares and look for growth
The International Monetary Fund will urge the Government today to prioritise the sale of its shareholdings in Royal Bank of Scotland and Lloyds. A team from the IMF has spent a week interviewing top figures across the Treasury and the Bank of England as part of its Article IV inspection.
The Times, p. 6
Also appeared in : City AM London, p.2, Independent i, p.4, The Guardian, p.21, The Independent, p.15

Fall in cost of living ‘only temporary’
Official figures from the Bank of England have indicated that inflation has been down to its lowest level in seven months. Though inflation was below the City’s expectations of 2.6 per cent and less than half the peak in 2011, it remained stubbornly above the Bank of England’s official target of 2 per cent.
The Times, p. 38
Also appeared in : Evening Standard London, p.42

DBS allowed to buy 40% of Danamon
DBS, is buying up to 40 per cent of Bank Danamon, Indonesia’s sixth-largest bank.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 20

Bloomberg rivals’ chat plans more than just talk
Banks including Deutsche Bank and Goldman Sachs are talking to Thomson Reuters and Markit to develop a rival to the Bloomberg service.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 19

Taxman to gain access to accounts overseas
HMRC could gain access to overseas bank accounts of all Britons to check they are not hiding money from the tax office under a Europe-wide agreement to be set out by David Cameron today.
The Daily Telegraph Business, p. 8

Off target by £5bn
A £5bn hole in the public purse has been caused by the failure of HM Revenue and Customs to clamp down effectively on fraud and error, MPs warn today.
The Guardian, p. 2

Failure to spot losses ‘not fault of risk committee’, say bank chiefs
JP Morgan chiefs have claimed the bank’s risk committee could not be blamed for failing to spot the London Whale scandal, which cost it $6.2bn (£4.1bn) last year.
The Daily Telegraph Business, p. 4

Bank was involved in EU bonus cap decision
Report on the controversial EU bonus cap system involving the Bank of England. The schemes is being opposed by the Chancellor. The European Banking Authority has confirmed its intention to extend the cap beyond ‘code staff’.
The Times, p. 39

High street ambition
Paragon plans to set up a banking division to capitalise on the Financial Conduct Authority’s desire to promote competition on the high street. Paragon had planned to move into consumer finance by buying the National Counties Building Society, but had dropped that plan to set up a division itself.
The Times, p. 38

The above articles appeared on 22/05/13 reproduced with the kind permission of Kantar Media UK. All rights reserved.

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