Mortgage aid schemes help housebuilder Bellway grow

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Mortgage aid schemes help housebuilder Bellway grow

Mortgage aid schemes help housebuilder Bellway grow
Bellway the housebuilder said yesterday demand for its properties is rising, helped by new sales outlets and the government’s NewBuy mortgage scheme for first-time buyers.
City AM London, p. 20

Home loan boom lifts prices but fails to raise ownership
According to data released yesterday by the Department for Communities and Local Government, the mortgage lending boom that began to gather pace in the late 1990s has had little or no impact on home ownership rates in England.
This abstract from the Financial Times was produced by Kantar Media
Financial Times, p. 4

Borrow low and get high returns
Buy-to-let deals are at their best rates for years and rental yields keep rising, says Leah Milner. Noting that Skipton Building Society have a five-year fixed rate at 4.29pc up to 70pc LTV, £999 fee.
The Times Bricks and Mortar, p. 14

Barclays’ investment bankers wait to hear their fate
When Barclays chief executive Antony Jenkins speaks about shredding Bob Diamond’s legacy, as he did the other day, many of his group’s rivals are hoping he is talking about doing away with an actual part of the bank, rather than a cultural construct.
City AM London, p. 5

Lazard’s losses beat forecasts
Lazard has reported quarterly results that beat analysts’ estimates as revenue from its advisory business rose 19pc. The investment bank reported a net loss of $5.3m (£3.4m), compared to a net loss of $4.8m a year earlier. Operating revenue rose 22pc to $574m. Advisory business revenue was $309m.
City AM London, p. 4

New governor vows to shake up central bank
Mark Carney has promised to shake up weak economic forecasting, work out how to unwind quantitative easing (QE) and reorganise the Bank to make sure its vast new powers over banks can be used properly.
City AM London, p. 3

Bank rolls over QE while Draghi hints at rate cut
The Bank of England has announced it would reinvest maturing assets in the gilt market, to keep its asset portfolio in line with its £375bn target.
City AM London, p. 2

Senior Barclays staff delay pay
Managing directors in Barclays’ investment bank will not get an upfront bonus for 2012, instead receiving the payouts – half cash and half shares – over the next 3 years.
City AM London, p. 2

I’m worth £874k pay deal, new Bank boss tells MPs
New Bank of England boss Mark Carney defended his bumper pay package yesterday when he appeared before MPs.
Daily Express, p. 19

MORNING MEETING
Mark Carney may be more familiar with ice hockey than cricket but in his first public appearance since his appointment, he showed himself to be as skilled as outgoing governor Sir Mervyn King, a big cricket fan, in playing a straight bat.
Daily Express, p. 66

Jail rogue traders, says RBS chairman
The RBS chairman Sir Philip Hampton warned of the ‘dangerous’ consequences if rogue traders involved in fiddling interest rates are not locked up.
Daily Mail, p. 67

Let’s turn anger at the banks into a force for change
In the wake of yesterday’s £390 million fines for RBS’s rigging of Libor, banking needs a whole new culture.
Evening Standard London, p. 14

Anglo Irish Bank to be liquidated
The failed Anglo Irish Bank is to be liquidated after emergency laws were rushed through both houses of Ireland’s parliament last night.
Evening Standard London, p. 46

The Geithner doctrine lives on in the Libor scandal
Comment on the Libor scandal from Neil Barofsky, the former special inspector-general of the troubled asset relief programme and is currently a senior fellow at NYU School of Law.
This abstract from the Financial Times was produced by Kantar Media
Financial Times, p. 11

Dublin hails ‘historic step’ with bank debts deal
Enda Kenny, Ireland’s prime minister, has said that the deal with the ECB meant his government had met its pledge to cut the €64bn cost of bailing out its banks during the financial crisis.
This abstract from the Financial Times was produced by Kantar Media
Financial Times, p. 7

MPS seeks to draw line under scandal
The new management of Monte dei Paschi di Siena, the Tuscan bank at the centre of a widening derivatives scandal, has sought to draw a line under the episode despite finding evidence of “clear errors” in the accounting of those transactions.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 15

ICAP promise over rate-rigging
News analysis looks at ICAP which said that it would take action against employees found to be involved in Libor rate-rigging.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 17

Credit Suisse deepens cuts again
Credit Suisse has increased its cost-cutting targets for the third time in seven months after full-year profits missed market expectations.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 17

RBS staff at centre of Libor tactics
Regulatory documents from the investigation into Libor show that JPMorgan, UBS, Citigroup and ICAP had employees who originated at Royal Bank of Scotland and brought their manipulating tactics with them.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 16

BofA boosts commercial bank
Bank of America has announced that it is lifting investment in its commercial bank, which provides credit and advice to US companies with revenues of $50m to $2bn, after several years of decline.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 17

Bank signals that monetary policy will remain loose
The Bank of England said it was braced for a “slow but sustained” recovery but persistently high in-flation as it maintained the scale of its money-printing programme at £375bn yesterday.
Independent i, p. 48

The Bank of England held […]
The Bank of England held rates at their record low of 0. 5 per cent yesterday and kept its quantitative easing programme at £375billion.
Metro London, p. 59

Carney wants Bank action on lending and growth
Mark Carney, the man who will soon be Governor of the Bank of England, yesterday appeared before the House of Commons’ Treasury Select Committee, where he said he favoured a policy adopted in Canada and more recently by the US central bank that involved making a commitment to keep interest rates low for a fixed period or until an agreed target is reached. However, he denied favouring dramatic changes in policy, for instance replacing the bank’s inflation target with a target that focused purely on achieving a rise in GDP.
The Guardian, p. 2

Eurozone cheer
Tthe European Central Bank President said that the eurozone economy should pick up in the second half of the year as he announced that interest rates would be kept at 0.75 per cent.
The Times, p. 44

Billions pulled out of Swiss accounts as tax veil is lifted
The chief executive of Credit Suisse, estimated yesterday that western Europeans will take SwFr 6 billion (£4.8 billion) out of its private bank this year, with the trend likely to continue in 2014 as the secret Swiss bank account is falling out of favour.
The Times, p. 44

US stocks drop on fears over euro’s outlook
US stocks have declined in value yesterday, taking a step back from their recent advance, prompted by comments by the ECB president on the euro and Europe’s outlook.
City AM London, p. 21

Finance holds fast to tooth fairy faith
New York Notebook column looks at how the DoJ alleges that S&P ignored its own standards as part of a strategy to win more assignments to rate securities.
This abstract from the Financial Times was produced by Kantar Media
Financial Times, p. 10

Fund sees no rush to sell properties
In an interview with the Financial Times, Bob Sulentic, chief executive of CBRE, has warned that the expected wave of distressed sales, for which tens of billions of dollars have been raised, will not materialise.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 21

Whither the Bank of England?
Financial Times Billed by the Chancellor as “quite simply the best, most experienced and most qualified person in the world to do the job”, Mark Carney is seen as the rock-star central banker coming to Britain to sort out its economy.
Independent i, p. 12

For S.&P., echoes of a fallen giant
They were gatekeepers with a clear conflict of interest: The people they were supposed to check up on were also the ones who hired and paid them.
International Herald Tribune, p. 18

Euro drops in wake of remarks by E.C.B. chief
The president of the European Central Bank on Thursday cited the rising value of the euro as a possible threat to the region’s economic recovery, comments that immediately sent the euro down sharply against the dollar and yen.
International Herald Tribune, p. 14

The above articles appeared on 08/02/13 reproduced with the kind permission of Kantar Media UK. All rights reserved.

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