Savers' rates cut as banks' make billions

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Savers’ rates cut as banks’ make billions

Savers’ rates cut as banks’ make billions
Banks and building societies have axed their savings’ rates, slicing almost £850 million off the annual interest paid to savers. The cuts, details of which are contained in a Bank of England report, affected customers who hold easy-access savings accounts.
The Times, p. 19

House prices ‘have room to climb even higher’
Britain did not experience the plunge in house prices that the United States, Ireland and Spain suffered, as values in many areas were propped up by the Bank of England’s super-low interest rates and thin supply. The Chancellor has waded in with his Help to Buy scheme, in which the Government subsidises high loan-to-value mortgages.
The Times, p. 33

BBVA profits double on LatAm sales
Spanish bank BBVA saw second quarter profits increase 90. 8 per cent on the year to €2.88bn.
City AM London, p. 4

Loan provisions weigh on BNP profit
The French bank BNP Paribas said Wednesday that second-quarter profit fell 5 percent as it made additional provisions to cover potential losses in the face of a struggling European economy.
International Herald Tribune, p. 16
Also appeared in : City AM London, p.4

RBS branch bidder to list on AIM to raise funds for purchase effort
A group called W&G Investments interested in setting up a new high street bank has revealed plans to list on the alternative investments bank.
City AM London, p. 4

Banks hold talks on remittances
The British Bankers’ Association and the government yesterday held talks on the problems faced by remittance services.
City AM London, p. 4

Barclays tries to avoid shocking markets again
Barclays is considering changing the way it reports capital and leverage ratios to match regulators’ calculations more.
City AM London, p. 2

Fed remains cautious despite signs of recovery
The Federal Reserve tempered its optimism about the pace of growth in the world’s largest economy yesterday, keeping its stimulus measures in place, even as new figures showed that the US had expanded at a faster than expected rate in recent months.
Independent i, p. 40
Also appeared in : Financial Times, p.1

Bernanke keeps America’s money taps turned on full
The US Federal Reserve vowed to stick with its money-printing programme last night as it seeks to nurture signs of revival in the world’s biggest economy. The announcement is likely to take some pressure off the Bank of England and European Central Bank, which announce their latest policy decisions today.
The Times, p. 33

Banks ‘punishing’ SMEs with charges to maximise returns
Government-commissioner research has found evidence of misconduct among banks in their dealings with small- and medium-sized businesses. Government adviser Lawrence Tomlinson, who produced the research, said he had “exposed activity which flies in the face of the Government’s growth agenda”. Activities which “impede lending” include alleged malpractice in banks’ restructuring divisions. Mr Tomlinson accused banks of loading punitive charges on struggling companies to maximise returns and bonuses and of “making directors passengers in their own businesses”.
The Daily Telegraph Business, p. 4

The above articles appeared on 01/08/13 reproduced with the kind permission of Kantar Media UK. All rights reserved.

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