Mortgage rates 'to fall further' amid housing market pick-up


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Mortgage rates ‘to fall further’ amid housing market pick-up

Mortgage rates ‘to fall further’ amid housing market pick-up
The Bank of England claims that banks and building societies are ready to make further cuts to mortgage rates in a fresh sign that the housing market is flickering back to life.
The Times, p. 41

Prudential invests £100m in ‘generation rent’
Prudential has stated its intention to purchase approximately 500 houses and flats to let in London and the south of England.
The Guardian, p. 29

More than half of the mortgage debt accumulated during the credit bubble has now been paid back, figures out yesterday revealed.
City AM London, p. 1

Barclays accused of ‘win at all costs’ attitude in post-Libor scandal review
Barclays bankers were engulfed in a culture of “edginess” and had a “winning at all costs” attitude which raised tensions with regulators and damaged its reputation, according to a review into its ethics and practices conducted by lawyer-turned-banker Anthony Salz.
The Guardian, p. 27
Also appeared in : Daily Star, p.31, The Times, p.45, Financial Times Companies and Markets, p.18, The Times, p.41, Daily Mirror, p.58, The Daily Telegraph Business, p.1, The Daily Telegraph Business, p.5, The Times, p.45, The Independent, p.50, Evening Standard London, p.2, Financial Times, p.10, Daily Mail, p.10, City AM London, p.4, City AM London, p.4, City AM London, p.4

Former RBS bosses face lawsuit over 2008 cash call
RBS and a number of former senior executives, including Fred Goodwin, are the subject of litigation by thousands of private shareholders, with £4bn damages being sought.
The Guardian, p. 27
Also appeared in : The Sun, p.42-43, The Daily Telegraph Business, p.5, Financial Times Companies and Markets, p.16, Daily Star, p.2, Evening Standard London, p.37, The Independent, p.51, Independent i, p.41, The Times, p.44, Metro London, p.59, City AM London, p.5, City AM London, p.7

Ex-Goldman trader admits fraud charge
Matthew Taylor, who worked at Goldman Sachs in New York from 2005 to late 2007 has pleaded guilty in New York to defrauding the Wall Street investment bank. In November, the Commodity Futures Trading Commission [CFTC] accused Mr Taylor of concealing an $8.3bn position in the S&P 500 futures market that left Goldman nursing an $118m loss.
The Daily Telegraph Business, p. 4
Also appeared in : City AM London, p.3

Report slams bosses in HBOS crisis for ‘accident waiting to happen’
The banking standards commission is to publish its report into HBOS tomorrow. It is expected to include criticism of senior management and their handling of the bank in the run-up to its rescue by Lloyds and subsequent state bauilout. The commission accused Lord Stevenson, the chairman at the time of the rescue, of being “delusional” and living in “cloud cuckoo land”, and during its hearings forced Sir James Crosby, a former HBOS chief executive, to concede that he was “incompetent”.
The Guardian, p. 27
Also appeared in : Daily Mirror, p.58

Early victory for JP Morgan in Dexia case
JP Morgan Chase has won the dismissal of nearly all of a lawsuit accusing it of misleading the Belgian-French bank Dexia SA into buying more than $1.6bn (£1.1bn) of troubled mortgage debt.
City AM London, p. 12

Tight decision likely to go against fresh easing
A knife edge rate-setting decision is likely to go against any expansion in accommodative monetary policy, analysts said yesterday. The Bank of England’s monetary policy committee (MPC) are likely to decide not to re-start the quantitative easing (QE) money printing scheme when they vote today, commentators said, though the decision would be tight.
City AM London, p. 13

HSBC sells Singapore insurance units
HSBC yesterday announced plans to offload part of its Singapore insurance business to AXA in a deal worth $19.3m (£12.75m).
City AM London, p. 9

European tax on transactions ‘would cost UK £4bn on debt’
A study commissioned by the City of London Corporation has suggested that an EU tax on securities transactions will add billions of pounds to the cost of issuing debt in Britain, hitting the finances of companies and government, even though the country will not impose the levy.
The Daily Telegraph Business, p. 4

Bundesbank starts new probe of Deutsche Bank crisis accounting
Investigators from Germany’s Bundesbank will partake in next week’s inquiry into allegations that misvaluing credit derivatives allowed Deutsche Bank to hide up to $12bn in losses.
This abstract from the Financial Times was produced by Kantar Media
Financial Times, p. 1

Cyprus pledges it will stick with the programme
Cypriot ministers have promised to stick by the conditions of the state’s bailout package. The International Monetary Fund (IMF) had revealed a €10bn (£8.5bn) rescue package to be provided by the troika – the IMF, the European Union and European Central Bank (ECB).
City AM London, p. 6

Public unaware of reforms to state pension
The government must do more to explain the new state pension to the public, according to a report released today by MPs who fear workers could lose out if they are not warned about the forthcoming changes.
City AM London, p. 12

EU watchdog to consult banks on pay cap rule
European bank regulators are to launch a consultation this summer to determine who will be hit by a controversial EU law capping bonuses.
City AM London, p. 2

The above articles appeared on 04/04/13 reproduced with the kind permission of Kantar Media UK. All rights reserved.

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