Savers face hit in plan for negative interest rate

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Savers face hit in plan for negative interest rate

Savers face hit in plan for negative interest rate
Savers cut to be hit by negative interest rates under radical plans by the Bank of England to kick-start the economy. Paul Tucker, Deputy Governor of the Bank, claimed that it would help to solve the credit crisis by encouraging high street banks to lend money to struggling companies.
The Times, p. 1-5
Also appeared in : Independent i, p.4, The Independent, p.1-7

Hard-up workers to resist offer of company pensions
Millions of workers will reject the offer of a company pension scheme, a new report has revealed. John Lawson, Aviva’s head of policy for corporate benefits, said. “They are feeling squeezed. Their pay rises have not been matching inflation or their expectations.”
The Times, p. 34
Also appeared in : The Times, p.29, The Times, p.32

INSURERS VOW MORE ASSISTANCE TO GET BEST DEALS ON PENSIONS
British insurers have pledged to help pension savers find the best deal for their retirement, following criticism that they have not always done so in the past.
International Herald Tribune, p. 18

MPs get reprieve on cost of their pensions
Plans to increase how much MPs pay towards their pension scheme have been suspended this year despite rises for nearly all public sector workers.
The Guardian, p. 14

Buyers count cost of falling prices
Four in 10 of the buyers who ventured into the housing market after the start of 2007 and subsequently resold their properties did so at a loss, according to data from the Financial Services Authority.
This abstract from the Financial Times was produced by Kantar Media
Financial Times, p. 2

Redrow chief calls for extension of ‘successful’ funding for lending scheme
Redrow, the housebuilder, has called for an extension of the government’s scheme to make more cheap mortgages available.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 20

Co-op rejects fears over funding for Lloyds deal
The Co-op Bank has insisted that its deal to buy hundreds of Lloyds branches remains on track despite reports that it faces a shortfall of up to £1 billion. A spokesman for the bank said that it was impossible to give a full picture of the bank’s balance sheet because the Coop was in its closed period before results at the end of next month.
The Times, p. 33
Also appeared in : The Daily Telegraph Business, p.1, Financial Times, p.1, Financial Times Companies and Markets, p.20

PPI mis-selling complaints at Lloyds total 1.4 million
Lloyds Banking Group admitted yesterday that it received almost 1 4 million complaints about mis-sold payment protection insurance in 2012.
The Independent, p. 51
Also appeared in : Independent i, p.42

Barclays to reveal pay rates – with up to 600 staff earning over £1m
Barclays is expected to reveal next week that as many as 600 of its staff are paid more than £1m, in the most detailed disclosure yet about how much its 140,000 employees take home each year.
The Guardian, p. 21
Also appeared in : The Independent, p.28, Financial Times Companies and Markets, p.21

Few at BoE support option of negative interest rates
Paul Tucker, deputy governor of the Bank of England, caused excitement by discussing “negative interest rates” in evidence to MPs yesterday, feature examines the policy.
This abstract from the Financial Times was produced by Kantar Media
Financial Times, p. 4
Also appeared in : Financial Times, p.1, Independent i, p.1, The Daily Telegraph Business, p.1, The Guardian, p.21

Banks rocked by instability fears
Report looks at how investor jitters about Italy’s election hit the banking sector yesterday as shares in the largest lenders fell on concerns about their vast exposure to Italian sovereign debt and fears about the wider economy.
This abstract from the Financial Times was produced by Kantar Media
Financial Times, p. 6

JP Morgan to shed 19,000 jobs
JP Morgan is to cut up to 19,000 jobs by the end of 2014 and slash $1bn (£660m) of expenses in a bid to boost profits at its branches.
The Daily Telegraph Business, p. 5
Also appeared in : Financial Times Companies and Markets, p.15, Financial Times, p.1, The Times, p.35

Not bad for a year’s work: Hedge fund top five pocket more than $1bn each
According to Forbes magazine’s latest Rich List for the industry, five of the $2trillion (£1.3trn) hedge fund industry’s biggest names each took home more than $1bn last year. SAC Capital Advisors posted returns of about 25 per cent last year, even though a number of the hedge fund’s traders are being investigated for alleged involvement in insider trading, which has prompted an exodus of outside investors.
The Independent, p. 48
Also appeared in : Independent i, p.41, The Daily Telegraph Business, p.5

Britain leads rebellion over EC’s hedge fund rules
Britain has been joined by 11 other countries in a rebellion against the European Commission’s “opaque” handling of controversial hedge fund rules. The 12 states claim that the EC ignored technical advice from European and national regulators – “without explanation” – and passed the Alternative Investment Managers Directive in its own way.
The Daily Telegraph Business, p. 1

Lending/Profit on cards for Provident Financial
Vanquis, the credit-card business of Provident Financial, saw a surge in profits last year, up by 61 per cent to £71m.
The Independent, p. 52
Also appeared in : Independent i, p.42, The Independent, p.51

Bank may pump more cash into economy
A top Bank of England policymaker hinted yesterday that he and most other members of the monetary policy committee (MPC) were prepared to inject further funds into the economy through the central bank’s policy of quantitative easing (QE).
The Guardian, p. 21
Also appeared in : The Independent, p.49, Independent i, p.41

Rabobank facing £290m fine for Libor rigging
Rabobank faces a fine of more than $440m (£290m) for alleged Libor rigging, according to reports.
The Daily Telegraph Business, p. 4
Also appeared in : The Times, p.35

Ireland to end its blanket bank guarantee scheme
Ireland is to end the blanket bank guarantee it introduced at the start of its financial crisis from late next month amid signs Ireland’s banking sector is stabilising.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 16

4 MORE SPANISH LENDERS TRANSFER ASSETS TO GOVERNMENT ‘BAD BANK’
Four midsize Spanish lenders this week are to transfer soured real estate assets to a government-backed ”bad bank,” which on Tuesday issued bonds worth €14 billion, or $18.5 billion.
International Herald Tribune, p. 18

China to tighten shadow banking rules
Banks in China will have to provide greater disclosure about their off-balance sheet activities, under new rules.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 19

The above articles appeared on 27/02/13 reproduced with the kind permission of Kantar Media UK. All rights reserved.

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