Raise age of retirement again to avoid crisis, inquiry finds

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Raise age of retirement again to avoid crisis, inquiry finds

Raise age of retirement again to avoid crisis, inquiry finds
Britain is “woefully under-prepared” to cope with an expected explosion of older people and ministers need to respond by raising the retirement age and tackle the costs by reviewing pensioner benefits, a House of Lords inquiry concluded.
The Guardian, p. 4
Also appeared in : The Daily Telegraph, p.1, The Times, p.22, Financial Times, p.4

Pension funds bypass middlemen
Pension funds are reportedly cutting out the middlemen by bidding for companies directly rather than leaving it to the private equity groups in which they have invested.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 20

Home in on funding for SMEs, says bank chief
The Bank of England should abandon a scheme that lowers the cost of mortgages in order to boost lending to small business instead, according to Steve Pateman, head of banking at Santander UK.
The Times, p. 47
Also appeared in : The Times, p.44

BoE’s Bailey hints at Lloyds and RBS capital shortfall
Incoming Bank of England deputy governor Andrew Bailey has warned that some of Britain’s banks still need to reinforce their balance sheets to achieve financial stability. Questioned by the Treasury Select Committee during his appointment hearing, he hinted that bailed-out banks Lloyds Banking Group and Royal Bank of Scotland might need to raise more money.
The Daily Telegraph Business, p. 4
Also appeared in : The Guardian, p.27

Lloyds to cut another 550 banking jobs
Lloyds Banking Group is to cut a further 550 jobs as part of a major review which has already shed 8,000 staff. The job losses are part of a major overhaul launched in 2011, aimed at strengthening the bank’s capital base, partly through cutting 15,000 jobs by 2014. The announcement brings the total casualties to 8,550 and closely follows January’s 940 job losses.
The Daily Telegraph Business, p. 4
Also appeared in : The Times, p.49

Paying with your smartphone? That’ll do nicely, sir
A new banking app that will enable millions of customers to send money to friends, family and businesses using their smartphone has been launched by Royal Bank of Scotland. It will also be able to be used to settle utility bills or pay off credit card debts.
The Daily Telegraph Business, p. 3
Also appeared in : The Daily Telegraph, p.17

Growth in Asia eludes big banks
According to a Financial Times analysis of company reports, only HSBC and Standard Chartered have seen profits from corporate and investment banking grow consistently in Asia over the past three years.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 17

Taxpayers face £8bn bill from QE, admits Bank
Quantitative easing could cost the taxpayer £8bn, the Bank of England has warned in its first admission that the “money printing” programme may be unprofitable.
The Daily Telegraph Business, p. 1
Also appeared in : The Independent, p.51, Financial Times, p.4, The Times, p.47

Institute of Directors criticises bankers’ pay levels
Simon Walker, director¬ general of the Institute of Directors, has attacked the level of bankers’ pay, describing the number of £1m-¬plus packages at Barclays and Royal Bank of Scotland as “unacceptable”.
This abstract from the Financial Times was produced by Kantar Media
Financial Times, p. 3
Also appeared in : The Guardian, p.27, Independent i, p.46, The Independent, p.50, The Times, p.41

Prudential profit leap brings calls for break-up
Prudential has played down calls for a break-up of its business after reporting a 25 per cent rise in year-on-year operating profits to £2.53bn.
The Daily Telegraph Business, p. 1-5
Also appeared in : The Times, p.44, Financial Times Companies and Markets, p.22, The Times, p.46

Miliband to propose German-style regional banking system
Ed Miliband will today make his firmest commitment to a regional-based economic policy by proposing a network of banks around the country responsible for providing capital to businesses in their locality.
The Guardian, p. 13
Also appeared in : Financial Times, p.3, Independent i, p.6, The Independent, p.10

Private equity debt of £32bn ‘putting recovery at risk’
The Bank of England has warned that the economy faces a £32bn threat over the next two years from private equity firms that overloaded UK companies with debt before the financial crisis. The issue will come to a head in 2014 and 2015, when £32bn of LBO debt has to be refinanced – putting companies at risk of insolvency and banks in danger of new losses. Another £41bn of LBO debt will mature over the following three years.
The Daily Telegraph Business, p. 4
Also appeared in : The Guardian, p.27, The Times, p.47

Watchdog warns on bonus cap
Andrew Bailey, the UK’s top banking supervisor, warned yesterday that the European Union’s planned bonus cap is likely to drive up fixed salary costs at the big UK banks by £500m annually.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 17

German lender to boost capital
Germany’s second-largest bank by assets, Commerzbank, plans to take a decisive step away from state support through a €2.5bn capital increase that will remove the German government’s blocking minority stake.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 21
Also appeared in : International Herald Tribune, p.18, International Herald Tribune, p.14

Mis-selling compensation scheme may be widened
The Government and regulators are exploring a major expansion of the compensation scheme for small businesses mis-sold interest-rate swaps as they consider the inclusion of fixed-rate loans. Vince Cable, the Business Secretary, is set to take up the issue directly with the FSA and told The Telegraph he was aware that the problem of fixed-rate loans could be “akin to swaps mis-selling”.
The Daily Telegraph Business, p. 4

City jitters at possible inquiry into gold price-fixing
London’s financial sector was last night bracing itself for another official investigation into alleged price-fixing following reports that a US regulator is considering launching an inquiry into the City’s gold and silver markets.
The Guardian, p. 27

Drew to testify before Senate on $6bn JPMorgan loss
Ina Drew, the former JPMorgan chief investment officer, will break her yearlong silence when she appears among current and former bank executives at tomorrow’s US Senate panel investigating the bank’s $6bn trading loss.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 20

The above articles appeared on 14/03/13 reproduced with the kind permission of Kantar Media UK. All rights reserved.

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