It’s not practical for an independent Scotland to keep the pound, says George Soros March 12, 2014 Billionaire George Soros has said this morning that it wouldn’t be “practical” for an independent Scotland to keep sterling, but that a separate currency is “potentially dangerous”. Speaking to ITV's Richard Edgar, Soros said Scotland should seek membership with the European Central Bank – i.e. join the euro – because sticking with the Bank of [...]
35,000 customers switch banks in first week of new scheme September 26, 2013 According to reports, around 35,000 Britons have moved their current accounts during the first week of a new industry switching scheme aimed at promoting greater competition in the banking sector. Last week the Payments Council announced the launch of the Current Account Switching Service, which involves 33 banks and building societies, including Halifax, Barclays, Bank [...]
Chesnara buys closed life fund from Direct Line October 8, 2013 INSURANCE-focused takeover specialist Chesnara said it would buy Direct Line’s domestic closed life insurance business for about £39.3m in cash. Chesnara, which has been looking to acquire life insurance funds in Western Europe for the past year, said the deal would be partly financed by a new loan facility of £73.8m from the Royal Bank [...]
Lambert wants US banks to join standards body September 22, 2013 RICHARD Lambert, former director general of the Confederation of British Industry, who was appointed by Britain’s biggest banks to set up a new independent banking standards body on Thursday, is calling for the big US banks to sign up. The body will be independent from the banking industry, and has been initiated following a recommendation [...]
Scottish budget would depend on oil after exit March 24, 2014 THE SCOTTISH government would be too dependent on volatile oil and gas revenues if the country became independent, according to two reports released today. Research published by the Centre for Public Policy for Regions (CPPR), an arm of Glasgow University, shows the reliance of the country on tax revenues from offshore energy. Another report by [...]
Financial services complaints fall by 500,000 in six months as Barclays receives over 370,000 October 16, 2013 Consumer complaints to the financial conduct authority (FCA) have dropped by 500,000 between the second half of 2012 and the first half of 2013. Ian McConnell, financial services partner at PwC, says that the fall is "encouraging" and shows "that the issues faced by the financial services industry are being dealt with." McConnell says the [...]
What the other papers say this morning – 28 May 2014 May 27, 2014 FINANCIAL TIMES Pilgrim’s Pride bid disrupts deal Poultry company Pilgrim’s Pride has offered to buy Hillshire Brands for $6.4bn (£3.8bn) including debt, in a deal meant to head off Hillshire’s recent bid for Pinnacle Foods and create one of the US’s largest meat producers. Pilgrim’s offer of $45 a share – a roughly 22 per [...]
From Melrose to Hong Kong and now Rio May 5, 2014 1883: Sevens rugby was first played at Melrose rugby club in the Scottish Borders, thanks to a creative fundraising ploy by Ned Haig, a local butcher and player 1921: Buenos Aires becomes the first sevens tournament outside of Scotland, followed by one south of the border at Percy Park in North Shields 1968: Hong Kong [...]
Redrow signs £250m loan as it sets sights on further expansion September 11, 2013 REDROW announced yesterday it has agreed on a new and larger £250m loan with its banks, in a further sign of growing confidence in the housing market. The housebuilder said the four and a half year credit facility, which expires in March 2018, was £50m bigger than the existing facility it replaces, while costs were [...]
What the other papers say this morning – 11 November 2013 November 11, 2013 FINANCIAL TIMES Fears over abuses in metals markets Britain’s parliamentary financial watchdog has urged regulators to probe potential abuses in metals markets as deeply as they are investigating the scandals over foreign exchange and Libor benchmark interest rates. Andrew Tyrie, chairman of the Treasury select committee, told the Financial Times that MPs were conscious of [...]