Diberdayakan oleh Blogger.

Popular Posts Today

Bank Of England Reveals New Lender Stress Test

Written By Unknown on Senin, 30 Maret 2015 | 23.33

The UK's biggest banks will have to show how they would cope with a 1930s-style global economic slump under a new doomsday scenario.

The second annual stress test of the financial system set by the Bank of England (BoE) aims to act as a health check on Britain's seven biggest lenders.

This year's test will focus on international risks rather than the most recent assessment in December, which had a more domestic focus.

It includes a dramatic slump in Chinese growth and a eurozone recession.

The test will assess the impact on the banks' balance sheets and resilience in the face of severe economic stress.

The lenders to come under the spotlight are Standard Chartered, HSBC, Barclays, Lloyds, Nationwide, Royal Bank of Scotland, and Santander UK.

The Co-operative Bank, which failed last year's test and has been taking remedial steps by speeding up the sale of its loan book, will not be included.

The BoE said the Co-operative is now smaller and its status was unlikely to have a "material impact on the resilience of the financial system".

BoE Governor Mark Carney said: "Last year's tests demonstrated how much stronger the core of the UK financial system has become since the financial crisis.

"The results showed that the post-crisis reforms have put the UK banking system on a stronger footing and made it better able to support the real economy even in the face of a major domestic shock.

"This year's test will have a different focus and is equally important.

"By assessing the resilience of the UK banking system against a major external shock, we will improve further our ability to identify vulnerabilities and we will ensure that banks have plans in place to address a wider range of possible stresses."

Those lenders found not to have a big enough capital to loan margin will be required to bolster their financial position.

Results of the stress test will be published in December.

The Bank stressed the scenario it set out was not a forecast of expected conditions in the UK or other markets.

While only the Co-op failed last year's test, concerns were also raised about state-backed Lloyds and RBS.

However, improvements and changes to their plans during 2014 meant they passed the check-up.


23.33 | 0 komentar | Read More

Stamp Price Rise: Royal Mail Increases Cost

The price of both first and second class stamps has increased.

The cost for first and second class stamps has risen by 1p to 63p and 54p respectively.

Sending a large letter has increased by 2p to 95p for first class and by 1p to 74p for second class.

Despite the increase, Royal Mail has insisted the prices still represent among the best value in Europe.

The firm has pointed out the European average for first class letters is 72p and 62p second class.

Announcing the price increase last month, Royal Mail said in a statement: "We have thought carefully about the impact on our customers and our own business before deciding to increase our stamped letter prices.

"We recognise how difficult it has been for householders and businesses in the recent tough economic conditions."

The privatised mail service is in a battle with commercial delivery firms and increased use of electronic communications.

Royal Mail has questioned the sustainability of the company's Universal Service Obligation (USO) under which it must deliver letters to each UK address.

It has accused rivals of "cherry-picking" - concentrating their operations in urban areas - to save on cost though the industry regulator has said it sees no reason to re-examine the obligation.


23.33 | 0 komentar | Read More

Gulf Keystone Investors Push To Remove Murray

By Mark Kleinman, City Editor

Investors in a controversial London-listed oil company are demanding that it begins hunting a successor to its chairman in return for backing a £30m fundraising.

Sky News has learnt that several major City institutions have told Gulf Keystone Petroleum that they want to see a replacement identified for Simon Murray, who took over as chairman less than two years ago.

The ultimatum comes amid discussions between Gulf Keystone, which operates in the Kurdistan region of Iraq, and prospective buyers of its assets or the whole company.

Payments to oil exporters have faced protracted delays as the Kurdistan Regional Government (KRG) has been distracted by ongoing unrest in Iraq and the need to devote resources to countering incursions by Islamic State insurgents.

Although Gulf Keystone and other foreign oil companies have begun to receive some multimillion dollar payments, the company's indebtedness has left it facing a financial crunch.

Last month, Gulf Keystone confirmed a Sky News report that it was in talks with prospective buyers, while it has also been pursuing a share placing to raise roughly £30m as an alternative option to secure its future.

Leading City institutions which have fought a long-running battle with the company over pay and governance are now calling on Mr Murray to depart.

A former French Legionnaire and ex-chairman of Glencore, the giant commodities trader, Mr Murray was drafted in as Gulf Keystone's chairman in July 2013 after a protracted fight led by Capital Group and M&G Investments.

The company's former chief executive, Todd Kozel, finally stepped down from the role last year following hints of a further revolt, but the change has failed to appease investors.

A number of independent board members elected as part of a peace deal in 2013 have since been forced out.

Shares in Gulf Keystone have slumped by more than 63% during the last year, valuing it at just £330m, while it continues to carry debts of nearly £400m.

It is unclear whether Gulf Keystone will agree to expedite a succession plan for Mr Murray or whether potential successors have been identified.

The fundraising may yet be a necessity, since a sale of Gulf Keystone is by no means certain.

Exxon Mobil is said to be among the prospective buyers.

In a statement earlier this month, Gulf Keystone said: "Stakeholders are advised that these discussions (with potential buyers) are preliminary and, as such, there can be no certainty that any offers will be received and any transaction concluded, or any certainty as to the terms on which any offer might be made.

"Concurrently, and in view of strategic discussions and its current liquidity position, and with the intention of meeting its existing debt payment obligations, the Company is undertaking a review of its financing options and in that context will engage in discussions with its key stakeholders."

London-listed companies have been hit hard by the fall in the price of crude oil, with Afren among those facing urgent restructurings as they buckle under the financial strain.

Another Kurdistan-focused group, Genel Energy, which is run by Tony Hayward, the former BP chief executive, has also been impacted by the payments delay involving the KRG, although it has a much stronger balance sheet.

The investment banks Deutsche Bank and Perella Weinberg Partners are advising the company on its options.

A Gulf Keystone spokesman declined to comment on Sunday.


23.33 | 0 komentar | Read More

UK Airlines Bring In New Cockpit Safety Rules

By Charlotte Lomas-Farley, Sky News Correspondent

New safety rules have been introduced in the UK after 150 people on board the Germanwings Airbus A320 were killed when it crashed in the French Alps.

The UK's aviation regulator, the UK Civil Aviation Authority, has contacted all British airlines to get them to review all relevant procedures.

Here is a breakdown of how the safety rules affect different airlines:

:: Thomas Cook, Thomson and easyJet - from Friday, all three are changing their safety procedures to ensure that two crew members are in the cockpit at all times.

:: Virgin Atlantic and Monarch - both airlines say that while a two crew policy has always been common practice, they are in the process of making this formal policy.

If a pilot or co-pilot needs to leave the cockpit for any reason then a cabin crew member will stand in.

:: Jet2 and Flybe - both carriers already implement a two people in the cockpit at all times policy, as does Ryanair.

:: British Airways - the airline has refused to comment on the policy of its cockpit manning levels. The airline has insisted it does not discuss security issues.


23.33 | 0 komentar | Read More

Google Can Be Sued In The UK Over Web Tracking

Google has lost a Court of Appeal battle to stop British consumers from suing it in the UK.

A group called Safari Users Against Google's Secret Tracking accuse Google of bypassing security settings on Apple's browser to track their online browsing and to target them with personalised advertisements.

On Friday three appeal judges dismissed Google's appeal over a High Court ruling against it, and ruled claims for damages can be brought over allegations of misuse of private information.

The ruling is a victory for the group of Safari users who have complained about the "clandestine" tracking of their internet use between summer 2011 and early 2012.

The group says Google collected private information without their knowledge using cookies - the text saved on computers and other devices to identify a user to Google.

Dan Tench, a partner at law firm Olswang, which represents the group, said the case decides "whether British consumers actually have any right to hold Google to account in this country".

The appeal judges unanimously ruled that misuse of private information was a civil wrong, enabling legal action to go ahead.

The judgement said: "On the face of it, these claims raise serious issues which merit a trial.

"They concern what is alleged to have been the secret and blanket tracking and  collation of information, often of an extremely private nature... about and associated with the claimants' internet use, and the subsequent use of that information for about nine months.

"The case relates to the anxiety and distress this intrusion upon autonomy has caused."


23.33 | 0 komentar | Read More

Woman Loses Silicon Valley Gender Bias Claim

By Sky News US Team

A technology chief executive has lost her claim of sex discrimination in a $16m lawsuit against a Silicon Valley venture capital firm.

Gender was not a substantial reason that Ellen Pao lost her job at Kleiner Perkins Caufield & Byers, found the six men and six women of the San Francisco jury.

Jurors also rejected a claim that Kleiner retaliated against Ms Pao by firing her after she sued in 2012.

The result came after more than two days of deliberation and over four weeks of testimony in the closely watched case against a firm that was an early backer of the likes of Google and Amazon.

The 45-year-old plaintiff, now interim chief executive of social news website Reddit, testified she and other women were passed over for advancement and endured harassment in a male-dominated culture at Kleiner.

Ms Pao, who has a law degree and MBA from Harvard, said male senior partners took the credit for her work on successful investments.

But Kleiner said she was fired from her $560,000-a-year job in October 2012 because she lacked leadership and interpersonal skills.

She alleged the discrimination began after she complained about harassment from married male colleague Ajit Nazre, with whom she says she was pressured into having an affair in 2006.

Ms Pao, who joined Kleiner in 2005, testified during five days on the witness stand that she and other women were barred from work trips on private jets and ski resorts.

One juror asked her if it was "professional to enter into an affair with a married partner?"

Ms Pao also said she was not invited to an important Kleiner dinner with former US Vice President Al Gore.

She is married to Alphonse "Buddy" Fletcher, a Wall Street financier who is embroiled in his own discrimination lawsuit.

Mr Fletcher, who is African American, sued Manhattan's exclusive Dakota building in 2011, alleging its management was racist in questioning his ability to pay for a fourth unit in the complex.

But the Upper West Side landmark, outside of which former Beatle John Lennon was shot dead in 1980, says it refused to sell him another apartment purely over concerns about his finances.

Mr Fletcher's hedge fund is bankrupt.


23.33 | 0 komentar | Read More

Pension Data Sales Claims Trigger Inquiry

An investigation has been launched by the data watchdog into claims that details of milllions of people's pensions are being sold to cold-calling firms and fraudsters.

The Information Commissioner's Office (ICO) has described the revelations as "very worrying" and said it would be speaking to regulators and police.

The allegations have reinforced concerns about an upsurge in fraud as changes are introduced giving people access to their entire pension pots.

From 6 April, people can cash in their pension savings when they retire, rather than purchase an annuity.

Details of people's salaries, the value of their investments and the size of their pensions are being sold for as little as 5p without their consent, according to the Daily Mail.

The paper said its undercover reporters were sold information about the pensions of 15,000 people without any checks being made on who they were and what they would do with the data.

The ICO has already warned the pension reforms being brought in could lead to more people being scammed.

Steve Eckersley, the head of enforcement at the ICO, said: "It suggests a frequent disregard of laws that are in place specifically to protect consumers. We will be launching an investigation immediately.

"We're aware of allegations raised against several companies involved in the cold-calling sector, and will be making inquiries to establish whether there have been any breaches of the Data Protection Act or Privacy and Electronic Communications Regulations."

The ICO has the power to slap companies with fines of up to £500,000 for the most serious breaches of the Data Protection Act and can pursue criminal prosecutions around unlawfully obtaining or accessing personal data.

Mr Eckersley added: "The information we've been shown supports the work we've been doing to target the shady industry that operates behind the nuisance of cold calls and spam texts.

"We're already aware of the potential for a huge spike in the number of scam texts and calls linked to pensions when the law changes in April, and have already taken action against a company that was sending out misleading messages.

"What we've seen here confirms those fears. Personal data is such a valuable asset, particularly financial information.

"The worst case scenario here is this information getting into the wrong hands and being used to target individuals at a critical point in their financial lives."


23.33 | 0 komentar | Read More

Kingfisher Abandons Takeover Of Mr Bricolage

A planned £200m deal by the owner of B&Q to buy the French DIY chain Mr Bricolage has collapsed.

The market responded positively to the development with shares in Kingfisher rising by 2% or 8.6p to 366.4p.

The home improvement giant confirmed it had abandoned the planned takeover of its smaller French rival after a major shareholder in Mr Bricolage signalled its opposition to the move.

ANPF, an organisation controlled by Mr Bricolage franchisees that holds almost 42% of the retailer's shares, had raised concerns over store closures resulting from the deal.

Kingfisher had set a deadline of 31 March for regulatory approval of the takeover, although an extension could have been agreed with all-party approval.

However, this had been rejected by ANPF.

Kingfisher said in a statement: "Therefore, notwithstanding Kingfisher's efforts to pursue the completion of the transaction, and in light of the positions expressed to date by the ANPF and Mr Bricolage, the anti-trust clearance will not be obtained by 31 March, 2015 and therefore the July 2014 agreement will lapse on that date.

"Consequently the transaction will not proceed. Kingfisher is considering all of its options."

It is understood this could include legal action.

Mr Bricolage declined to comment.

Kingfisher had been looking to strengthen its position in France, where it already owns Castorama and Brico Depot.

The collapse of the deal comes as Kingfisher is due to report its full year results with the firm expected to post a 9% drop in pre-tax profit.


23.33 | 0 komentar | Read More

Windsor Castle Staff Threaten Action On Pay

Staff at Windsor Castle are threatening industrial action in a dispute over 'scandalous' pay.

Around 120 members of the Public and Commercial Services union who work for the royal attraction's visitor services, including guides and kitchen staff, are to be balloted over protest action.

If they back it, non-strike action would start at the end of April.

Windsor Castle, which is open to the public, is the Queen's official residence where she spends most of her private weekends.

PCS general secretary Mark Serwotka said: "These workers are loyal to their employer and absolutely committed to ensuring visitors are given the royal treatment.

"It is scandalous that staff are so appallingly paid and expected to do work for free that brings in money for the Royal Family."

Wardens are employed by the Royal Collection Trust.

A trust spokesperson said: "Warden staff are offered voluntary opportunities to receive training and develop skills to lead guided tours for visitors as part of their working day and to administer first aid, as well as to use their language skills.

"These are not compulsory aspects of their role, and it is the choice of the individual whether they wish to take part. 

"Wardens at Windsor Castle are paid above market median based upon the Regional Living Wage and receive a range of benefits, including a 15% non-contributory pension and a free lunch.

"Royal Collection Trust continues to award wardens an annual performance-related pay increase of up to 2.5%, in addition to the cost of living increase (in line with treasury guidelines), as well as one-off payments to those who have reached the top of their pay scale.

"We don't anticipate any interruption to the running of tours for visitors to the Castle."


23.33 | 0 komentar | Read More

Labour Business Launch Overshadowed By Row

By Sophy Ridge, Political Correspondent

Ed Miliband's business manifesto launch has been overshadowed by a row over Labour's use of business leaders' quotes in an advert for the party's stance on the EU.

The Labour leader faced a backlash over the advertisement in the Financial Times, published on the morning Mr Miliband warned voters that leaving the European Union was a "clear and present danger" to British business.

In a full-page advert under the Labour message: "The biggest risk to British business is the threat of an EU exit. Labour will put the national interest first. We will deliver reform not exit" were a number of quotes from the business leaders about Europe.

Company spokesmen were swift to issue statements making clear that they were not linked to Labour.

A spokesman said: "Siemens has profound concerns about a possible UK exit from the EU. We are also on record of expressing our concern about the uncertainty that a referendum would create - particularly as it is not clear what options would be presented.

"We are however very clear that a referendum might be called, and if it is, we will support efforts to get a better deal and stay in the EU. We do not, however, endorse any political party."

A statement from Kellogg's said the quote used by Labour in the advert was made over a year ago by its UK managing director.

It added: "What he was expressing was a concern about the insecurity which comes from the uncertainty about Britain's position in the EU – nothing more. Kellogg's is strictly non-partisan and does not endorse any political party."  

However, SCM Direct founding partner Gina Miller said she was happy for her comments to be used and added: "I'm clearly aware of it because they told me it was happening last week."

:: For full coverage of General Election 2015 click here.

Mr Miliband said all the comments on the advert were made in public and the party was entitled to use them.

He said: "We've simply quoted public statements by these businesses about the place of Britain in the European Union.

"And I think lots of businesses all around this country are not necessarily going to be supporting Labour or the Conservatives but they do have a very strong view about our place in the EU."

With 38 days to go until the General Election, Mr Miliband was in the City of London setting out his pitch to business leaders with the launch of the first of the party's "mini manifestos".

He said: "There could be nothing worse for our country or for our great exporting businesses than playing political games with our membership of the EU. David Cameron used to understand that. But in the past five years our place in the European Union has become less and less secure.

"He used to say he would campaign to keep Britain in Europe. But now he won't rule out campaigning to leave."

David Cameron has promised a referendum by 2017 if he wins the election - something that Mr Miliband described as "a recipe for two years of uncertainty".

Lib Dem leader Nick Clegg joined in with the criticism of Mr Cameron's stance by saying he would never "play footsie" with Britain's membership of the EU.

Labour's 22-page A Better Plan For Business is an attempt to fight back against concerns that Mr Miliband would put the economic recovery at risk.

Business insiders have told Sky News they are faced with a difficult choice between a Conservative Party who would put Britain's EU membership at risk and a Labour Party perceived as anti-business. 

Mr Miliband was sharply criticised by the Boots boss Stefano Pessina earlier this year, who warned a Labour government would be a "catastrophe" for Britain.

In an interview with The Daily Telegraph on Monday, Dr Assem Allam - who has donated £400,000 to the Labour Party - described the Conservatives as "the best party in Europe" to manage the economy.

He criticised Mr Miliband for wanting to "penalise" wealth creators with a mansion tax and a rise in the top rate of tax.

Speaking on Good Morning Britain, UKIP's Nigel Farage said Mr Cameron had been "forced into" promising a 2017 referendum on Britain's membership of the UK and that his party's job was to "hold his feet to the fire to make sure that the referendum is not a stitch-up".

He added: "I don't want this to be kicked into the long grass until the end of 2017. I think it should be before the end of this year."

It comes as Mr Cameron has visited the Queen to ask for Parliament to be dissolved.


23.33 | 0 komentar | Read More
techieblogger.com Techie Blogger Techie Blogger