Savings don't have to be a matter of little interest

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Savings don’t have to be a matter of little interest

Savings don’t have to be a matter of little interest
Londoners are saving more cash than households in any other part of Britain, according to National Savings & Investments. With rates at an all-time low, the race is now on to find the most lucrative place to store money, writes Lucy Tobin.
Evening Standard London, p. 48-49

Mortgage interest rates plunge to new low during February
Mortgage interest rates have continued to fall in February, with many fixed rates plummeting to their lowest ever levels. The average quoted rate for a two year 75pc loan-to-value (LTV) mortgage was 2.87pc in February, the Bank of England (BoE) revealed yesterday, down from 3.07pc the month before.
City AM London, p. 5
Also appeared in : Metro London, p.46, The Sun, p.36-37, Daily Express, p.51

Britain ‘must keep its eyes open’ to risk from mortgage guarantees
Cliff Rossi, a former senior executive at Freddie Mac and Fannie Mae and now a professor of finance at the University of Maryland, has warned the government that it must ensure that its Help to Buy scheme does not leave UK taxpayers having to absorb significant losses. George Osborne’s £130bn plan to guarantee mortgages and offer interest-free loans to homebuyers, introduced in the Budget, proved the most controversial of a series of measures designed to reignite the economy. The Help to Buy scheme carries echoes of the push by two successive American presidents to encourage home ownership in the US, where two government-backed companies were used to support the country’s housing market.
The Daily Telegraph Business, p. 8
Also appeared in : Daily Mail, p.64

Fannie Mae makes milestone profit
Fannie Mae earned a record net income of $17.2bn in 2012.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 16

Five-year fixes hit a record low
Yorkshire Building Society has reduced the interest rate on its five-year mortgage deal.
Daily Mail, p. 46

Regulator rescues UK accounts of Cypriot bank
The Prudential Regulation Authority, Britain’s new banking watchdog, is to rescue 15,000 savers’ deposits held by ailing Cypriot lender Laiki by transferring them to the UK.
The Daily Telegraph Business, p. 1
Also appeared in : Financial Times, p.4, Daily Mail, p.30, The Sun, p.36-37, Evening Standard London, p.41, Metro London, p.47, Daily Mail, p.44, International Herald Tribune, p.20, Evening Standard London, p.16, City AM London, p.4, City AM London, p.19, Daily Mirror, p.40, Daily Mail, p.65

Standard Life pays £12m to three directors
Standard Life paid almost £12m in total pay to three boardroom directors in 2012, as part of a long-term bonus plan. David Nish, the chief executive, was handed £5m compared with £2.6m in the previous year, whilst finance director Jackie Hunt got £2.5m and Keith Skeoch, who runs the fund management arm, was paid £4.2m. Rival insurer Royal & Sun Alliance also published its annual report yesterday, which revealed that its finance director Richard Houghton received a bonus of £255,000 after taking up his post halfway through 2012.
The Guardian, p. 27
Also appeared in : The Times, p.35, Daily Express, p.51, The Independent, p.51, The Daily Telegraph Business, p.3, Independent i, p.40, Financial Times Companies and Markets, p.20, Daily Mail, p.63, Evening Standard London, p.42

Tyrie demands limit to props
The Bank of England’s new banking watchdog has been asked by Andrew Tyrie, Chairman of the Parliamentary Commission on Banking Standards, to explain how it intends to limit proprietary trading profiting from trading stocks and bonds with a bank’s money rather than its customers’ funds.
The Times, p. 38
Also appeared in : City AM London, p.3, The Guardian, p.26, Independent i, p.43

HBOS report to attack bosses over £30bn bail-out
The management of HBOS will be severely criticised by MPs this week when they publish a report which puts the cost of bailing out the bank at around £30bn. The Parliamentary Commission on Banking Standards’ report into the implosion of HBOS in 2008, due to be published on Thursday, is thought to detail massive governance failures and huge weaknesses in the lender’s risk control functions.
The Daily Telegraph Business, p. 1
Also appeared in : The Times, p.35, Financial Times, p.1

Bank chief signals bold stimulus
Bank of Japan’s new governor Haruhiko Kuroda has promised to use all options available to achieve its 2 per cent inflation target.
The Independent, p. 54-55
Also appeared in : Independent i, p.42

JP Morgan tops dealmaking league table for start of 2013
JP Morgan topped the M&A league tables for the first quarter of 2013 after working on deals worth $124.2bn (£82.2bn) during the period, according to figures released yesterday by Mergermarket.
City AM London, p. 6

Libor comes under closer City scrutiny
Libor has come under statutory regulation for the first time; from July, the rates banks submit to the Libor panel will be published with a three-month delay, in line with a recommendation by Martin Wheatley, head of the new Financial Conduct Authority.
The Guardian, p. 28

There is no time to waste, Bank told
The Bank of England needs to use new tools awarded to it at the Budget “immediately” to boost the economy, according to a member of The Times’s Shadow Monetary Policy Committee.
The Times, p. 36

Australia holds interest rates as high dollar bites
Australia’s central bank kept interest rates on hold at 3pc, saying global downside risks had eased but domestic pressures were lingering.
The Daily Telegraph Business, p. 8

ICBC to take a 20% stake in Taiwan’s Bank SinoPac
China’s ICBC bank has unveiled plans to buy a 20 per cent stake in Taiwan’s Bank SinoPac.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 16

Goodwin to be served in £4bn lawsuit
Today Fred Goodwin and his former entourage at Royal Bank of Scotland are expecting to be served with a £4bn lawsuit by shareholders. Herbert Smith – the law firm representing both the bank and former directors, including Goodwin – is likely to receive court papers marking the beginning of a civil suit today, well-placed sources said.
Daily Mail, p. 63

£80bn fund, but big banks still won’t lend to small firms
More than seven months after the launch of the Government’s £80billion attempt to end the lending crisis it has been revealed that Britain’s banking giants are continuing to starve small firms of cash. Net lending to small and medium-sized firms is plunging at a rate described by one expert as ‘alarming’, according to figures published yesterday by the Bank of England. Between August and February, net loans to small and medium-sized firms were negative every single month, falling by a total of £2.8billion.
Daily Mail, p. 12

Finance hopefuls will have to pass ethics test
The Chartered Institute of Securities & Investment (CISI) is forcing new entrants to the wealth management and capital markets industries to put their morals to the test. Candidates for its entry-level customer-facing examinations will have to pass the CISI’s “Integrity Matters” online test. The chief executive of the new Financial Conduct Authority, Martin Wheatley, said he was “genuinely pleased” by the move.
Evening Standard London, p. 45

The above articles appeared on 03/04/13 reproduced with the kind permission of Kantar Media UK. All rights reserved.

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