Pensioners suffer again from money printing programme

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Pensioners suffer again from money printing programme

Pensioners suffer again from money printing programme
Annuity rates have plunged 29 per cent since the introduction of quantitative easing in 2009, Axa Life Europe reported yesterday.
City AM London, p. 17

Society maps its way out of pension crisis
The Royal Geographical Society has been forced to auction part of its collection to plug a £2.5 million hole in its pension fund.
The Daily Telegraph, p. 13

Directors back Balls’ plan to cap pensions
Business leaders have backed Labour’s plan to cap the amount spent on the state pension.
The Daily Telegraph, p. 6

House sales soar to highest for three years
Chartered surveyors polled by industry body Rics handled an average of 17.9 sales during the three months to May, the highest figure reported since January 2010. While still low by historical standards, the latest survey adds to the picture of rising activity. The update came as the Organisation for Economic Co-operation and Development (OECD) confirmed the UK economy remains in growth mode, supporting hopes that a wider recovery is gathering strength.
The Daily Telegraph Business, p. 4

Investec steps up property exposure
Investec Wealth & Investment, said yesterday it has boosted its investment into UK commercial property by £500m as it bets on a recovery in property values outside London.
City AM London, p. 12

‘Build to let’ scheme in disarray
Report on how proposals to provide a state-backed guarantee to help finance house building are in disarray.
This abstract from the Financial Times was produced by Kantar Media
Financial Times, p. 4

New guarantee for seven-day switch of banks
The Payments Council, the body which oversees banking payment systems, today launched a new symbol which will guarantee customers can switch bank accounts within seven working days.
City AM London, p. 17

Mobile number could be bank ID
Research suggests that bank customers could use their mobile phone number as a portable account identification in future.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 23

Bank stakes ‘can be sold at lower prices’
The Chancellor is being advised by Senior Whitehall figures to lower the sale prices for Lloyds Banking Group and Royal Bank of Scotland in an attempt to speed up a disposal.
The Times, p. 41
Also appeared in : International Herald Tribune, p.20, Financial Times, p.1, The Times, p.26, The Independent, p.14, Financial
Times, p.4, Financial Times, p.16, The Times, p.35, The Times, p.1-9, The Guardian, p.24

Labour plans a white-collar crime blitz
In a crackdown on white-collar crime to be announced by Labour, UK banks and businesses could face multimillion pound fines for defrauding their customers. Under plans to be unveiled later this week, companies whose staff mis-sell products such a payment protection insurance or engage in financial manipulation such as the Libor-rigging scandal could be prosecuted even if the fraud was not directly authorised by senior management. UK authorities have come under increasing criticism in the wake of financial crises for their lax attitude towards white-collar crime. In the US, Barclays was fined $360m by the US authorities but only £60m by the Financial Services Authority.
The Independent, p. 23
Also appeared in : Independent i, p.10

Eurozone banks cut back foreign bond investment
Eurozone banks have severely cut cross-border holdings of government and corporate bonds.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 17
Also appeared in : Financial Times Companies and Markets, p.33

Court to consider legality of ECB policy that saved the eurozone
Today a feud at the heart of European fiscal policy is due to be played out in Germany’s highest court, to determine whether the European Central Bank acted illegally when it vowed to save the euro last year. The ECB floated an unlimited bond-buying programme as an emergency means of rescuing stricken eurozone countries last year. The policy was unveiled at the height of the eurozone crisis last September by ECB President Mario Draghi, who promised to do “whatever it takes” to save the single currency.
The Independent, p. 30
Also appeared in : City AM London, p.6

City warns 10-year bonus delay plan will backfire
Recruiters, lawyers and bankers have announced their opposition to a proposal by the Parliamentary Commission on Banking Standards to extend industry bonus payouts to 10 years.
City AM London, p. 2

HSBC overtakes Deutsche to be the largest bank in Europe
HSBC the UK banking giant has leapt ahead of German rival Deutsche Bank to top a list of Europe’s biggest banking institutions. The Canary Wharf-based company rose from third to first, knocking Deutsche off its perch into second and pushing French bank BNP Paribas from second to fourth spot in this year’s SNL poll.
City AM London, p. 3

Battle of the central bankers transfers to German court
The German Constitutional Court will today hear arguments on the legality of outright monetary transactions, which were proposed by Mario Draghi, the head of the European Central Bank, but opposed by Jens Weidmann, head of the Bundesbank.
The Guardian, p. 29

Osborne to be pulled into Bank of England row
George Osborne could have to face MPs to answer questions on the independence of the Bank of England’s new financial policy committee (FPC), City A.M. can reveal.
City AM London, p. 2

Bundesbank battle
European Central Bank executive Joerg Asmussen has warned of “substantial consequences” if Germany’s highest court rules that its “big bazooka” bond programme is unconstitutional.
The Daily Telegraph Business, p. 4

Bank of America scoops awards
Bank of America Merrill Lynch won the prize as top pan-European equity brokerage at the Thomson Reuters Extel Awards.
Independent i, p. 42

Japan volatile in wake of supply-side details
While the OECD upgraded Japan’s growth forecast for the year from 0.7 per cent to 1.6 per cent, it warned that, unless the country maps out a credible fiscal rehabilitation plan soon, monetary policy could not prevent an erosion of credibility in Japan’s bonds or prevent a spike in longterm interest rates.
City AM London, p. 22

Santander backs iZettle to promote paying by card
Santander has invested €5m in Swedish start-up iZettle, to encourage small businesses to accept card payments.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 18

Deutsche opens Singapore gold vault for wealthy investors
Deutsche Bank has opened a safe deposit in Singapore capable of holding up to 200 tonnes of gold to meet storage demand in Asia.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 32

Tobin tax
The Guardian’s business analysis columnist today discusses the state of proposals for a Tobin tax, claiming that “reports of the death of the FTT look exaggerated”, following comments by Europe’s tax commissioner, Algirdas Semeta that there had been no changes as yet to the plans for the FTT and that the financial sector – “probably the most powerful lobby in the world” – should expect to pay its share.
The Guardian, p. 28

A bank built on old-style Greek ways of business
Not long ago, Michael Sallas, the chairman of Piraeus Bank in Greece, had a dream: to make his bank too big to fail.
International Herald Tribune, p. 1-17
The above articles appeared on 11/06/13 reproduced with the kind permission of Kantar Media UK. All rights reserved.

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