These fat cats are sitting pretty with their pensions


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These fat cats are sitting pretty with their pensions

These fat cats are sitting pretty with their pensions
With the inflated salaries and perks that top union officials reportedly receive, I think double standards are rearing their ugly heads over pension pots (“Union fury as average fat cat pension pot grows to £4.7m”, September 5).
Daily Express, p. 18

Mass flood of capital ‘could tip insurers into bank-like crisis’
Lloyd’s of London bosses have warned that floods of capital from investors such as hedge funds and pension funds could send the insurance industry into a crisis similar to that suffered by the banks.
Evening Standard London, p. 50

Securitisation boost for jumbo loans
Analysts are predicting that securitisation of “jumbo” mortgages in the US is set to outstrip expectations this year, helping to increase the availability and lower the cost of loans on the country’s most expensive properties.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 26

Bank of Japan governor hints at more easing
The monetary policies of the Bank of Japan may be pushed even further if Prime Minister Shinzo Abe’s tax hike impacts demand.
City AM London, p. 12

Banks in a flap as Zapp’s app sparks a scrap
Bankers have launched a complaint against upcoming rival mobile payments app Zapp, accusing the platform of unfairly presenting its position as an industry-backed development, it has emerged. The Payments Council has commissioned VocaLink, which administers systems like the BACS transfer process, to create a database of bank customers.
City AM London, p. 10

Rival banks were a tad amused yesterday by a research note from Morgan Stanley banking analyst Chris Manners re-rating Lloyds Bank’s target price from 93p to 100p.
City AM London, p. 14

Icap closes in on deal to end probe over Libor allegations
Icap is believed to be in advanced discussions with US and British regulators over a deal to end an investigation into its alleged role in the manipulation of benchmark interest rates.
City AM London, p. 11

Draghi warns of inflation risk from Syria chaos
Instability in the Middle East could cause volatility in markets and push up prices in Europe, European Central Bank (ECB) boss Mario Draghi warned yesterday.
City AM London, p. 2

AFLURRY of data this […]
A flurry of data this week has shown that economic recovery is gaining traction – but that should not affect Mark Carney’s pledge to keep interest rates low until 2016. The Bank left rates on hold again yesterday as did the European Central Bank, whose president Mario Draghi gave a reminder that despite increasing optimism economic conditions remain weak and volatile.
Daily Express, p. 48

Investors question Carney over rates
Government borrowing costs rose yesterday, as the Bank of England once again maintained interest rates at 0.5 per cent.
Daily Mail, p. 74

Markets bet on rate rise two years before BoE
In a further sign of the positive mood in markets, investors have become so confident in the apparent momentum of the economy that they now expect the first rise in interest rates to come earlier than the Bank of England indicated last month.
This abstract from the Financial Times was produced by Kantar Media
Financial Times, p. 1

Rupee rallies as bank unveils measures to reverse outf lows
India’s rupee and the country’s equities rallied yesterday as investors welcomed measures by the new chief of the country’s central bank to reverse an outflow of capital and liberalise the banking system.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 26

Trying to stoke fragile recovery, Britain keeps rates low
The Bank of England on Thursday made good on its pledge to keep interest rates low, amid signs that Britain’s economic recovery was picking up steam.
International Herald Tribune, p. 16

THE Bank of England yesterday […]
The Bank of England yesterday kept interest rates on hold at a record low.
Metro London, p. 57

American banks stalk leading UK companies
Investment banks are circling some of Britain’s biggest corporate names, as they set their sights on brokering $3.1trn (£1.98trn) of global deals this year, writes Katherine Rushton. According to Dealogic research commissioned by the Telegraph, $1.92trn of M&A transactions have gone through so far this year, up from $1.66trn by the same point the year before. If deal-making continues at the same clip, global M&A in 2013 is on track to hit $3.11 billion. The up-tick is likely to buoy stock markets, already at record levels in Britain and America, benefiting shareholders and pension funds invested in UK PLC. Corporate giants such as BP, ITV, Vodafone and AstraZeneca are all talked-about targets, alongside smaller companies including water companies Severn Trent and United Utilities, the accountancy firm RSM Tenon Group, or pharmaceuticals business Shire.
The Daily Telegraph Business, p. 5

Markets heap pressure on Carney’s guidance
Markets have continued to pile the pressure on Mark Carney, the Bank of England Governor, by moving further against his interest rate guidance after the central bank left monetary policy unchanged this month. Both government borrowing costs and sterling spiked after the Bank held rates at 0.5 per cent, maintained the quantitative easing (QE) programme at £375bn and decided against issuing a statement to try to bring markets into line.
The Daily Telegraph Business, p. 4

Bank con pair jailed
Two bank managers who swindled Barclays by moving £77,250 into an illegal immigrant’s dormant account were each jailed for two years yesterday.
The Sun, p. 16

Customers’ no to bank that likes to say yes
Four thousand Lloyds Banking Group customers assigned to its carved-out bank TSB, which officially launches on Monday, have asked to stay with Lloyds. TSB will become Britain’s eighth-biggest high street bank when it is relaunched on Monday. Over 4.6 million personal customers at 631 Lloyds TSB and Cheltenham & Gloucester branches are being transferred to the revived TSB brand.
The Times, p. 47

Mario Draghi, the president […]
Attempting to counter recent rises in market interest rates, Mario Draghi, the president of the European Central Bank, warned that the shoots of recovery were “very, very green” in the eurozone.
The Times, p. 47

Carney snubbed as UK debt cost soar
The cost of the British government’s ten-year debt spiked to a 2-year high yesterday, as markets read into fresh signs from the US and UK that easy money could start drying up sooner than expected.
City AM London, p. 1

The above articles appeared on 06/09/13 reproduced with the kind permission of Kantar Media UK. All rights reserved.

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