Sterling sent into free fall after King's shock call to print money


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Sterling sent into free fall after King’s shock call to print money

Sterling sent into free fall after King’s shock call to print money
A surprise vote by the Bank of England’s Sir Mervyn King in favour of more money-printing sent the pound cascading downwards on currency markets yesterday, with sterling touching its lowest levels against the dollar since 2010.
The Times, p. 37
Also appeared in : The Independent, p.13, The Times, p.40, The Sun, p.46, The Independent, p.53, The Times, p.49, The Daily Telegraph Business, p.2, City AM London, p.1, The Daily Telegraph Business, p.1, International Herald Tribune, p.20, Independent i, p.5, The Guardian, p.28, Daily Express, p.57, Daily Mail, p.67, Financial Times, p.2, Financial Times, p.12, Financial Times, p.1, The Guardian, p.28, Evening Standard London, p.35, Daily Mail, p.65, City AM London, p.24

Rathbone stays the course despite dip in fund growth
Wealth manager Rathbone Brothers says its organic fund growth saw a small fall last year due to people withdrawing funds to maintain their standard of living.
City AM London, p. 20

Mortgage rates fall to new low with state aid
Mortgage interest rates dropped to their lowest level ever in February, new figures showed yesterday, six months after the Bank of England started offering banks cheap funding in an effort to boost lending to the private sector. The average five-year fixed mortgage costs just 4.14 per cent, according to finance research site MoneyFacts. That is down half a percentage point from 4.64 per cent a year ago and represents an enormous plunge from 5.41 per cent in the same month of 2011.
City AM London, p. 12
Also appeared in : Metro London, p.54, The Sun, p.46, Daily Mail, p.24, The Daily Telegraph Business, p.5

Fixed rates drop to record low – but lending falls too
Figures from the Council of Mortgage Lenders have found that lending to homebuyers unexpectedly fell in January despite the fact that a number of mortgage rates now stand at their lowest level since 1989.
The Times, p. 42

Watchdog warns of bonus cap dangers
A plan passed by the European Parliament and the European Commission to cap bonuses will make banks less stable, Andrew Bailey, the newly appointed bank regulator has said.
The Times, p. 40
Also appeared in : Financial Times, p.12, Financial Times, p.12, Evening Standard London, p.38, Financial Times, p.13

Santander chief gains despite sliding profits
Ana Botín, the chief executive of Santander UK enjoyed a payrise last year, despite disappointing results and a looming fine from the Financial Services Authority for giving customers bad advice.
The Times, p. 47
Also appeared in : The Times, p.40, City AM London, p.3

Credit Agricole in the red again with record loss
Credit Agricole reported record losses yesterday after a hefty tax bill on the disposal of its Greek arm sent costs soaring. The bank lost €3.98bn (£3.47bn) in the fourth quarter of 2012 and €6.47bn in the year as a whole, its worst performance since going public 11 years ago. But shares rose as investors welcomed the bank’s plan to cut costs over the next three years.
City AM London, p. 14
Also appeared in : Financial Times Companies and Markets, p.18, Daily Mail, p.66

FSA to publish report on Libor-fixing
Britain’s financial regulator is expected to publish its report into the Libor-fixing scandal early next month, it emerged yesterday.
The Independent, p. 54
Also appeared in : International Herald Tribune, p.18

HSBC has become the […]
HSBC has become the latest bank to scrap sales targets for its UK branch and call centre staff, saying that bonuses will instead be based on customer satisfaction and teamwork.
The Times, p. 40
Also appeared in : Daily Mail, p.66

FSA denies it was slow on Libor scandal
The Financial Services Authority has challenged accusations that it was slow to launch an investigation into Libor manipulation and failed to pick up warning signs about rate-rigging, pointing to its early co-operation with US regulators.
This abstract from the Financial Times was produced by Kantar Media
Financial Times, p. 2

Watchdog backs Libor fine cuts
Barclays deserved a multi-million pound reduction in its Libor manipulation fine because it worked hard to cooperate with the investigation, the Financial Service Authority insisted today.
City AM London, p. 4

JP Morgan ‘must split Dimon’s roles’
JP Morgan has been called by a group of pension funds to split the roles of chairman and chief executive.
The Daily Telegraph Business, p. 4

FSA finds ‘potential fraud’ at Barclays
The Financial Services Authority will today reveal that it found evidence of “potential fraudulent misconduct” at Barclays during its investigation into alleged Libor-rigging .
The Times, p. 41

Push for Fortis trial
Belgian prosecutors have recommended that seven former directors of the defunct bank Fortis should face trial for allegedly misleading investors.
The Times, p. 44

The Federal Reserve surprised […]
The Federal Reserve surprised Wall Street last night when minutes revealed that several officials at the central bank are worried about the risks linked to its open-ended programme of asset purchases.
The Times, p. 37

Payout cut sees £680m wiped off RSA’s stock
More than £680m was wiped off RSA’s market capitalisation yesterday as investors took flight following the company’s decision to slash its dividend by a third.
City AM London, p. 9

Pressure to split top job after JP Morgan $6bn bungle
Jamie Dimon is under pressure to relinquish one of his roles as chairman and chief executive of JP Morgan Chase after the bank lost $6 billion last year through a bungled trading strategy.
The Times, p. 40

Global banks shun UK gilt markets as fears of ‘stagflation’ increase
Clients of a number of global banks and funds have been warned to steer clear of UK gilts after concerns were raised that the Bank of England has generated “stagflation” and risks losing credibility.
The Daily Telegraph Business, p. 5

Fine errant banks more, say MPs
The Treasury Select Committee has recommended much higher fines on banks if they “fail” to co-operate with investigations into their misbehaviour.
The Daily Telegraph Business, p. 5

£1bn shortfall in 4G auction raises deficit
Government borrowing has been predicted to fall by a mere £540m this year after the auction of the 4G mobile spectrum failed to raise the full £3.5bn predicted by the Office for Budget Responsibility. The OBR raised its borrowing forecast of £119.9bn in December to £121.06bn, close to the Office for National Statistics’ most recent estimate of borrowing for the 2011-2012 financial year, of £121.6bn.
The Daily Telegraph Business, p. 3

Banks fear EU rules will hit firms’ hedging
Banking groups have warned that banks will be put at a huge competitive disadvantage when trying to sell hedging products to EU firms, if damaging incoming rules are not amended quickly.
City AM London, p. 3

French bank posts record loss but sees silver lining
Crédit Agricole, one of the biggest French lenders, said Wednesday that an unanticipated tax bite had added to the largest annual loss in its history, but that it had begun to move beyond the problems in Greece and Italy that have hobbled its recent results.
International Herald Tribune, p. 16

Russian illegal capital flight put at $49bn
Sergei Ignatiev, Russia’s central bank chief, has lifted the lid on $49bn in illegal capital flight last year.
This abstract from the Financial Times was produced by Kantar Media
Financial Times, p. 8

Whistleblowers should be paid, claim MPs
The House of Commons’ Treasury Select Committee has called on the FSA to impose bigger fines and consider paying whistleblowers to encourage them to expose malfeasance.
Daily Mail, p. 66

The above articles appeared on 21/02/13 reproduced with the kind permission of Kantar Media UK. All rights reserved.

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