Welfare state needs reform to avoid a long-term fiscal crisis July 17, 2013 THERE is no better way to get depressed than to study the Office for Budget Responsibility’s long-term forecasts for the British economy. I’m sorry to have to write about this on such a beautiful summer’s day, but it’s a disturbing and crucially important story. The biggest danger is that our ageing population will push up [...]
Unemployment down but more time spent jobless July 17, 2013 THE NUMBER of people without jobs who are looking for work fell by 57,000 between March and May, against the previous three months, the Office for National Statistics (ONS) revealed yesterday. Yet the number of people who are unemployed for more than a year or two is on the rise. In the same space of [...]
What the other papers say this morning – 18 July 2013 July 17, 2013 FINANCIAL TIMES Higher salaries to offset bonus cap Four out of five European banks plan to raise executive base salaries to counter regulation-driven bonus cuts next year, potentially undermining the effectiveness of the planned variable pay cap in bringing down pay. An EU-wide bonus cap will from 2014 limit variable pay to up to twice [...]
IMF warns China as Osborne gets backing on cuts July 17, 2013 CHINA needs to take “decisive measures” to ensure its economy continues to grow amid growing domestic problems, the International Monetary Fund (IMF) said yesterday. IMF officials said in a report that the world’s second biggest economy has grown too reliant on debt and investment driven by exports. “A package of reforms is needed to contain the [...]
Money printing set to continue July 17, 2013 US MONEY printing could continue apace into next year after Fed chairman Ben Bernanke last night hinted that he might wait longer than previously expected before slowing down the pace of its quantitative easing programme. Markets rose gently on the speech, as The Fed boss tried to calm traders. “A highly accommodative monetary policy will [...]
Santander cuts paid accounts July 17, 2013 BANKING giant Santander yesterday said it would scrap packaged deals on paid-for current accounts, in a move that will affect hundreds of thousands of customers. Packaged accounts offer add-ons such as phone insurance for a fee that can hit £20 a month. Santander will scrap all such accounts from 19 October, citing a desire to [...]
Carney unites Bank against more stimulus July 17, 2013 THE BANK of England’s rate-setting monetary policy committee (MPC) voted unanimously to reject more QE earlier this month, according to minutes released yesterday. Interest rates were also unchanged during the July meeting, which was Mark Carney’s first as the new governor. Nine MPC members voted for no increase in the Bank’s quantitative easing programme, while [...]
GlaxoSmithKline finance exec prevented from leaving China July 17, 2013 PHARMACEUTICALS company GlaxoSmithKline’s head of finance for China has been prevented from leaving the country, it emerged yesterday. Steve Nechelput has been under travel restrictions since the end of June, although he has not been detained or arrested, said a GSK spokesperson. Chinese authorities have accused the FTSE 100 company of being the ringleader in a [...]
Serious Fraud Office sees costs rise and conviction rates drop July 17, 2013 THE SERIOUS Fraud Office (SFO) yesterday admitted that its costs have risen even as the number of successful prosecutions continues to fall. The troubled watchdog’s annual report shows it brought 12 cases involving 20 defendants to trial during 2012-13, with a conviction rate of 70 per cent. This is down on the 19 cases the SFO brought to [...]
BNY Mellon shares leap as asset management book grows again July 17, 2013 PROFITS increased 78.8 per cent at BNY Mellon, the bank said yesterday, as it gained from improved market conditions in the second quarter. The custodian bank saw fee revenues rise 13 per cent on the year to $3.2bn (£2.1bn) on improved market performance, and net interest revenues edge up 3.1 per cent to $757m. That [...]
