PPI Scandal: Lenders To Re-Open 2.5m Claims

The City regulator says banks and other lenders are to reassess more than 2.5 million payment protection insurance (PPI) complaints.

The Financial Conduct Authority (FCA) says the claims, which were made in 2012 and 2013, may have either been unfairly rejected or paid too little.

It intervened after investigating falling 'uphold' rates in relation to complaint volumes.

The scandal has resulted in 13 million complaints in total since 2007 - with victims receiving more than £16bn in redress since the FCA started tracking payments in 2011.

The sum is widely tipped to have risen above £20bn.

Lloyds has set aside more than £10bn for PPI compensation

The FCA added that seven-in-ten claims had been upheld in the consumer's favour since the scandal broke.

Martin Wheatley, its chief executive, said: "Making sure anybody previously mis-sold PPI is treated fairly now, and paid redress where its due, is an important step in rebuilding trust in financial institutions.

"In around two-and-a-half million complaints this was not necessarily the case so, at our request, firms will be looking at these complaints again.

"The process is now working well; in just over three years £16bn has been put back into the pocket of the consumer - that is unprecedented.

"Given the enormity of this exercise it is no surprise that there have been some issues along the way but our approach is delivering a good result for consumers."

The FCA issued its update as the Financial Ombudsman Service remains jammed with complaints about PPI.

It has received over one million complaints from people unhappy with the response from their provider, equal to about a quarter of all rejected complaints.

The cash which has found its way back to PPI mis-selling victims has been credited with boosting the UK's economic recovery - particularly the car and property markets - but also wider consumer spending.

:: In a separate announcement Coutts, the private bank that counts the Queen among its clients, has set aside £110m to compensate thousands of customers who may have been sold unsuitable investments.

Its review of advice to clients dated back as far as 1950.

Coutts confirmed the news days after its parent firm, Royal Bank of Scotland, was fined £14.5m for "serious failings" in its advice to mortgage customers from June 2011 to March 2013.

14.47 | 0 komentar | Read More

Tesco Shares Slump As Trading Woes Deepen

Tesco's share price took its biggest one-day hammering in more than two years on Friday after it slashed its profit forecast following a sales slump.

The supermarket chain, which has seen its position as the UK's market leader slowly eroded amid a price war with rivals, underlined the sense of internal crisis by announcing that its new chief executive Dave Lewis would now start work on Monday September 1 - a month early.

He replaces Philip Clarke who paid the price for a string of problems with the company's UK offering.

Tesco, which now issued three profit warnings this year, said Mr Lewis would review all aspects of the business and Mr Clarke would be available to him as a source of information though he would relinquish his position on Friday.

The chain now expected trading profit for 2014/15 to be in the range of £2.4bn to £2.5bn, compared with an analyst forecast of around £2.8bn.

Dave Lewis will review Tesco's business

The group also cut its interim dividend by 75% to 1.16p-per share - a move that will hit many pension funds - and confirmed that its store refresh programme which was ordered by Mr Clarke as part of efforts to improve Tesco's customer appeal, would be slowed.

It said the move would hold back £400m from its planned annual capital expenditure.

Tesco said: "The combination of challenging trading conditions and ongoing investment in our customer offer has continued to impact the expected financial performance of the group."

Chairman Sir Richard Broadbent added: "The board's priority is to improve the performance of the group.

"We have taken prudent and decisive action solely to that end."

Tesco's shares opened almost 9% lower at one stage before recovering some of that ground - while those of its rivals also suffered when the FTSE 100 opened for business.

Sainsbury's lost more than 5% while Morrisons' value slipped by 3.5%.

Hard discounters are challenging the dominance of the 'Big Four'

Asda is owned by US retailer Walmart and not listed in London.

The problems at Tesco underline a big challenge for the so-called 'Big Four' from hard discounters.

According to industry figures by Kantar Worldpanel released earlier this week, Tesco sales declined 4% in the 12 weeks to August 17 compared to the same period last year.

Kantar estimated the drop in sales cost Tesco £300m.

Tesco's turnaround efforts have included a new fuel offer

Morrisons has also been suffering in the battle with Aldi and Lidl, with Asda the only member of the Big Four to be growing its share.

Analysts have speculated that the savings Tesco is planning could allow it to cut prices further to tackle the discount threat.

Nicla Di Palma of Brewin Dolphin told Sky News: "Refreshing the stores and cutting costs are the two priorities. They need to get customers in."

Mike Dennis of Cantor Fitzgerald believed it could go further: "Tesco's investment in margin and recovery plan could easily wipe-out the majority of its main competitors' trading margins, forcing them to reduce their dividends and capital expenditure and also forcing the discounters back to a loss making position, as they were in 2009".

14.47 | 0 komentar | Read More

Lib Dems Promise Six Weeks' Paternity Leave

The Liberal Democrats will promise fathers an extra four weeks' paternity leave under new manifesto plans due to be announced.

The policy would extend the total parental leave to 58 weeks by extending fathers' current entitlement of two weeks to six.

Under the plans, the law would be amended to provide parental rights to cover six weeks reserved for working fathers and six weeks for working mothers.

The remaining time would be available to share between partners.

For same-sex couples, each partner would be entitled to six weeks' reserved leave, with the rest available to share.

The policy goes further than the Coalition's introduction of shared parental leave from next April.

Business and Equalities Minister Jo Swinson said shared paternal leave plays an essential part in building a stronger economy and a fairer society.

"It allows couples to choose how to split time off work to look after their new baby," she said.

"Extending paternity leave is an important next step to encouraging new dads to spend more time with their child in those vital early weeks and months after birth.

"When parents share caring responsibilities, more equality in the workplace will follow.

"It is a nonsense to think it is only the mother's job to look after children. Parenting is a shared responsibility."

A Lib Dem spokeswoman said the policy would also encourage fathers to spend more time with their children.

"It's very important to us. We have done lots in government so far to make sure fathers get more rights," she said.

"This is just the extra step in encouraging them to spend more time with their children."

14.47 | 0 komentar | Read More

Annual House Price Growth Hits 11% Says Report

The slowdown in house price growth of recent months could have been short-lived, with home costs accelerating in August.

The Nationwide study calculated growth of 0.8% - the sixteenth successive monthly price rise - leaving the annual pace of house price growth up to 11% from 10.6% in July.

The report said that while the figures highlighted a growing gulf between housing costs and wage rises - most recently measured at -0.2% - affordability was not stretched by historic standards.

Robert Gardner, Nationwide's chief economist, said: "The outlook for the housing market remains highly uncertain.

"The number of mortgage approvals fell by almost 20% between January and May, suggesting that activity was cooling.

"However, there was a modest rebound in June and it is unclear how much of the slowdown was due to the introduction of Mortgage Market Review rather than an underlying loss of momentum.

"Surveyors report that new buyer enquiries have moderated somewhat in recent months, and the prospect of interest rate increases together with subdued wage growth may temper demand in the quarters ahead.

"However, the brightening economic outlook is likely to provide ongoing support for housing demand.

"Consumer sentiment remains buoyant thanks to declining inflation and sustained increases in employment."

He also pointed to the continuing weak supply of homes on the market as a factor likely to support price growth.

But separate research released by property analyst Hometrack has found the gap between house sellers' asking prices and the amounts that buyers are willing to pay is widening.

Hometrack said this pointed to the pace of house price increases slowing in the coming months.

14.47 | 0 komentar | Read More

Malaysia Airlines Shake-up After Planes Lost

The impact on Malaysian Airlines from the disappearance of MH370 and shooting down of MH17 has forced it to cut 6,000 jobs.

More follows...

14.47 | 0 komentar | Read More

Tesco Shares Slump As Trading Woes Deepen

Tesco's share price has taken a hammering after it confirmed it was slashing its trading profit forecast after a slump in sales.

The supermarket chain, which has seen its position as the UK's market leader slowly eroded amid a price war with rivals, said its new chief executive Dave Lewis would now start work on September 1 - a month early.

He replaces Philip Clarke who paid the price for a string of problems with the company's UK offering.

Tesco, which issued a profit warning in July, said Mr Lewis would review all aspects of the business.

It now expected trading profit for 2014/15 to be in the range of £2.4bn to £2.5bn, compared with an analyst forecast of around £2.8bn.

Dave Lewis will review Tesco's business

The group also cut its interim dividend by 75% to 1.16p-per share - a move that will hit many pension funds and confirmed its store refresh programme - ordered by Mr Clarke as part of efforts to improve Tesco's customer appeal - would be slowed.

It said the move would hold back £400m from its planned annual capital expenditure.

Tesco said: "The combination of challenging trading conditions and ongoing investment in our customer offer has continued to impact the expected financial performance of the group."

Chairman Sir Richard Broadbent added: "The board's priority is to improve the performance of the group.

"We have taken prudent and decisive action solely to that end."

Tesco's shares opened almost 9% lower - while those of its rivals also suffered when the FTSE 100 opened for business.

Sainsbury's lost more than 5% while Morrisons' value slipped by 3.5%.

Asda is owned by US retailer Walmart and not listed in London.

The problems at Tesco underline a big challenge for the so-called 'Big Four' from hard discounters.

According to industry figures by Kantar Worldpanel released earlier this week, Tesco sales declined 4% in the 12 weeks to August 17 compared to the same period last year.

Kantar estimated the drop in sales lost Tesco £300m.

Morrisons has also been suffering in the battle with Aldi and Lidl with Asda the only member of the Big Four to be growing its share.

More follows...

14.47 | 0 komentar | Read More

PM: UK Trade Supports A Million Scottish Jobs

David Cameron is expected to say that UK trade supports one million Scottish jobs as he argues against an independent Scotland.

The Prime Minister will address the business organisation CBI Scotland's annual dinner in Glasgow tonight.

He will use the trip north to make the case for Scotland remaining in the UK by hailing long-standing trade ties.

"Scotland does twice as much trade with the rest of the UK than with the rest of the world put together ... trade that helps to support one million Scottish jobs," Mr Cameron is expected to say.

"For some industries, the proportion of trade with the rest of the UK is even higher - 90% of Scottish financial services' customers are in England, Wales and Northern Ireland.

"Then there's the world-famous gaming industry, cutting-edge sub-sea technology and life-saving biomedicine - all selling far more outside Scotland than inside."

Mr Cameron's comments come with just three weeks to go until the independence referendum.

They also follow an open letter signed by 130 business leaders in Scotland which declared that the case for leaving the UK "has not been made".

Scottish First Minister Alex Salmond has challenged Mr Cameron to use his visit to explain what extra powers would come to Scotland if a No vote is successful.

"As we approach September 18, people and business leaders are waking up to the opportunities of independence.

"With full control over economic powers, we have the opportunity to tailor economic policy to our needs, which means a jobs policy that puts the interests of Scotland first."

14.47 | 0 komentar | Read More

Parents 'Cut Back On Food To Pay For Homes'

By Rachel Younger, Sky News Correspondent

Three million working parents in England are being forced to cut back on food so they can afford to pay for their homes.

A YouGov poll of working families has found that rising housing costs mean more and more of our wages are needed to keep a roof over our heads.

The problem has got so bad that more than one in 10 parents - over 750,000 people - admit to skipping meals rather than risk losing their home.

Recent figures from the government's English Housing Survey show households are spending 28% of their weekly income on housing costs alone - and that rises to 40% for private renters.

With rent or the mortgage swallowing so much of the monthly budget, many ordinary families are finding that regardless of how hard they work, any sudden drop in income from an unexpected job loss or illness can quickly put their homes at serious risk.

The poll found parents are facing tough choices. Some 13% say they have put off buying their children new shoes, with one in 10 delaying buying new school uniforms over the past year.

Now charities like Shelter are calling on the Government to provide a safety net strong enough to catch families who fall on hard times.

"This is a really terrible situation for many, many parents across the country," said the CEO of Shelter, Campbell Robb.

"What we're seeing is that people are just struggling to keep up their costs. Housing has gone up ... but other costs have gone up too.

"Generally speaking it's not about people being in places they can't afford. It's the places they're in becoming unaffordable."

14.47 | 0 komentar | Read More

Business Leaders Back Scottish Independence

An open letter signed by more than 200 business figures in support of Scottish independence has been published, 24 hours after opponents made a similar pitch.

The document, printed in the Herald newspaper, argues a split from the UK is in Scotland's economic interest as the biggest threat to business was a possible exit from the EU amid fierce debate in Westminster.

Signatories include Sir George Mathewson - the ex-chair of Royal Bank of Scotland - Stagecoach chairman Sir Brian Souter, former William Hill boss Ralph Topping and Jim McColl - the chairman of Clyde Blowers.

The publication aimed to counter an open letter sent to the Scotsman a day earlier by 130 business figures which warned of substantial risks of casting a Yes vote on September 18, saying the business case had not been made.

Their argument will be supported by the Prime Minister in a speech to a CBI Scotland business dinner in Glasgow on Thursday night in which he will point to the value of UK trade.

Debate over the economy has largely dominated the independence campaign.

The latest spat between the warring camps emerged at an event organised by the Federation of Small Businesses in Edinburgh.

Labour's finance spokesman Iain Gray slammed SNP proposals to cut corporation tax, warning it could turn an independent Scotland into a tax haven for large multinational companies.

He said: "If you deliberately set your corporation tax, not at what you think is right, but less than the country next door to you, what you're doing is you're trying to create yourself as a tax haven.

"The example we're often given about how great a policy this would be is Ireland, who significantly cut their corporation tax rate.

"And what happens there of course is that multinational companies like Google and Microsoft set up in Ireland, move their money through Ireland but don't employ people there, they simply use it as a conduit in order to pay less tax.

"I don't think that's what we should be looking to build Scotland's future on."

But Finance Secretary John Swinney pledged that multinationals would pay their fair share in the event of a Yes vote, saying it would make Scotland a more competitive place to do business and create an incentive for growth.

He said he had already taken steps on tax avoidance with the Revenue Scotland and Tax Powers Bill which includes an anti-avoidance rule.

Mr Swinney added: "We have got to make sure that those who've got tax responsibility to pay, they pay, they pay in full and they do it effectively to support our public finances.

"That's the commitment that I will give you in an independent Scotland."

14.47 | 0 komentar | Read More

Tax Fugitives Brought To Justice By HMRC

Five of the UK's top tax fugitives have been brought back to the UK to face justice following a global HM Revenue and Customs (HMRC) initiative, the organisation has said.

HMRC said it is "excellent news for all honest taxpayers" and released images of a further five people it wants to track down.

These are: Ahmed Salim Khezri, Norbert Dombo, Mohammed Kasim Farook (aka Mohammed Kasim), Paul Edwards and Murugasan Natarajan (aka Murucasan Natarajan and Raj Natarajan).

The five fugitives HMRC wants to apprehend

Those who have been apprehended in the last year are:

:: John Sabin, who fled to Spain after being convicted for his role in smuggling more than 150 million illicit cigarettes into the UK

:: Malcolm McGowan, who also fled to Spain before he could be sentenced for smuggling more than 28 million cigarettes

:: Magdalena Ferkova, returned from the Czech Republic after being found guilty of tax credit and child benefit fraud

:: Michael Voudouri, who fled to northern Cyprus prior to sentencing after being found guilty of an £11.6m money laundering scam

:: Michael Fearon, who fled to the Republic of Ireland while on trial for his part in smuggling more than 8 million cigarettes

Malcolm McGowan, one of those who has been caught in the last year

Jennie Granger, HMRC's Director General of Enforcement and Compliance, said: "This is down to the determination of our people with the help and support of the general public.

"We would like to thank the public for that help, and ask them to look at the 2014 list and help us to bring back the rest.

"These fugitives were involved in frauds that have collectively cost the UK more than  £844 million but the success of our campaign means those on the run should know that HMRC will relentlessly pursue them."

HMRC said it had also received "important information" on the location of five other people on its "most wanted" list.

It is two years since HMRC first published images of its top tax fraud absconders, and since then the pictures have been viewed three million times, leading to the capture of some of the fugitives.

There is also a map showing where HMRC believes the remaining people on the list to be.

HMRC says that, where legally possible, it will seek extraditions with the help of the Crown Prosecution Service and other partners in the UK and abroad to ensure they are brought back to the UK. 

:: Anyone with information should contact the Tax Evasion Hotline on 0800 788 887 or email via the HMRC website. Alternatively, contact Crimestoppers anonymously on 0800 555 111.

14.47 | 0 komentar | Read More

Scottish Business Leaders Reject Independence

The Open Letter And Who Signed

Updated: 7:25am UK, Wednesday 27 August 2014

The full text of the open letter from business leaders sent to the Scotsman newspaper:

The outcome of the referendum on 18 September will affect our generation and the generations to come.

Much is at stake.

Our economic ties inside the United Kingdom are very close and support almost one million Scottish jobs. The rest of the UK is Scotland's biggest market by far.

As job creators, we have looked carefully at the arguments made by both sides of the debate.

Our conclusion is that the business case for independence has not been made. 

Uncertainty surrounds a number of vital issues including currency, regulation, tax, pensions, EU membership and support for our exports around the world; and uncertainty is bad for business.

Today Scotland's economy is growing. We are attracting record investment and the employment rate is high.

We should be proud that Scotland is a great place to build businesses and create jobs – success that has been achieved as an integral part of the United Kingdom.

The United Kingdom gives business the strong platform we must have to invest in jobs and industry. By all continuing to work together, we can keep Scotland flourishing.

Signed in a personal capacity by the following:

:: Pauline Alexander, founder, Star Equestrian and Farm Camp Limited

:: John Allan, chairman, WorldPay

:: Martin Allan, director, Bon Accord Glass Ltd.

:: William M. Allan, executive chairman, ASCO Group Limited

:: Lord Allen CBE, chairman of ISS, Global Group and 2 Sisters Food Group

:: Robert Anderson, chief executive, Tomatin Distillery Ltd.

:: Hugh Andrew, managing director, Birlinn Limited

:: Ian P. Bankier, executive chairman, Glenkeir Whiskies Limited

:: Audrey Baxter, executive chairman, Baxters Food Group

:: Graeme Belch, managing director, JBD Tritec Limited

:: Archie Bethel CBE, divisional chief executive, Babcock International Group Plc

:: Niall Booker, chief executive officer, The Co-operative Bank

:: Ronnie Bowie, senior partner, Hymans Robertson LLP

:: Gilpin Bradley, managing director, Wester Ross Fisheries Ltd.

:: Jimmy Buchan, skipper and owner, Amity Fish Company Ltd.

:: Esther Cameron, director, Hair Kapers Ltd.

:: John Campbell, managing director, James Walker (Leith) Ltd.

:: Austin Carey, managing director, Blue Machinery (Scotland) Ltd.

:: Alexander Catto, director, Scotlog Sales Ltd.

:: Victor Chavez, chief executive, Thales UK

::  Angus Cockburn, interim chief executive, Aggreko plc

:: Keith Cochrane, chief executive, The Weir Group PLC

:: Sandy Cooper ARB RIBA FRIAS

:: Ian Curle, chief executive, Edrington

:: Nicholas G. Cunningham, chairman, Malcolm, Ogilvie & Co. Ltd.

:: A. Stuart Dalziel, managing director, Dalziel Ltd.

:: John Denholm, chairman, J&J Denholm Ltd.

:: Robert J. S. Doig, director, Caithness Potatoes Ltd.

:: Daniel Dunko, managing director, Thomas Hancock & Co.

:: Gerard Eadie, chairman, CR Smith

:: Keith Elgin, proprietor, Keith Elgin Motor Engineers

:: James England, managing director, BlueSky Experiences

:: James Espey, owner and managing director, The Last Drop Distillers Ltd.

:: Keith Falconer, chairman, Adelphi Distillery

:: Douglas Ferrans, former chief executive, Scottish Amicable Investment Management Ltd.

:: Frank Ferris, chief executive, TFC Cable Assemblies Ltd.

:: Douglas Flint, group chairman, HSBC Holdings plc

:: Vincent Fusaro, director and co-owner, Luvians

:: John Gillespie, proprietor, John Gillespie Hairdressing

:: Peter Gordon, director, William Grant & Sons Distillers Ltd.

:: Sir John Grant, executive vice-president, policy and corporate affairs, BG Group plc

:: Hamish Grossart, chairman, Artemis Investment Management

:: Eric Hagman CBE, chairman, Matthew Algie Ltd.

:: Kevin Hague, managing director, M8 Group Ltd.

:: Ronald S. Hamilton, executive chairman and founder, Daysoft Limited

:: Dr. Tessa Hartmann, managing director, Hartmann Media Ltd.

:: Amanda Harvie, managing director, The Harvie Consultancy Ltd. and former CEO, Scottish Financial Enterprise

:: Lord William Haughey, chairman, City Refrigeration Holdings (UK) Ltd.

:: Gavin Hewitt, former chief executive, The Scotch Whisky Association

:: Alan Hill, financial director, Browns Food Group

:: Dr. Peter T. Hughes, former chairman, Glencast Ltd.

:: Marcus Kneen, chief executive, IndigoVision

:: Alastair Lamond, managing director, Lamond and Murray Ltd.

:: Dr. Brian Lang, former principal, University of St Andrews

:: John Langlands, chief executive, British Polythene Industries PLC

:: Brian H. Lemond, managing director, Oakenash Group Limited

:: Ken Lemond, gallery owner

:: James F. Lithgow, chairman, Lithgows Ltd.

:: Alasdair Locke, entrepreneur

:: Andrew Mackenzie, chief executive, BHP Billiton Plc

:: Ian Angus MacKenzie, chief executive, Harris Tweed Hebrides

:: Martin MacLeod, managing director, Hebridean Seaweed Company

:: Alastair MacMillan, managing director, White House Products Ltd.

:: Shonaig Macpherson, non-executive director

:: Angus MacSween, chief executive, Iomart Group plc

:: Bill McFarlan, broadcaster and managing director, The Broadcasting Business

:: Alan McFarlane, senior partner, Dundas Partners LLP

:: Jim McFarlane, managing director, Endura Ltd.

:: Robert McFarlane, group chairman and chief operating officer, NPL Group

:: Brian McGhee, chairman, G1 Group

:: Dougie McGilvray, chief executive, Weldex (International) Offshore Ltd.

:: John McGuire, chairman and chief executive, Phoenix Car Company

:: Cameron McLatchie, chairman, British Polythene Industries PLC

:: Robert McNaughton, managing director, Hillhouse Quarry Group Limited

:: Neil McNicol, chairman, McCurrach Investments

:: Malcolm McPherson, senior partner, HBJ Gateley

:: Neil Manchester, managing director, Landcatch Natural Selection Ltd.

:: Ian Marchant, energy businessman

:: John Michie, managing director, Charles Michies Pharmacy

:: Bruce Mickel, chairman, Mactaggart & Mickel Group

:: Dr. James S. Milne, chairman and managing director, Balmoral Group Holdings Ltd.

:: Nosheena Mobarik, chief executive, M Computer Technologies

:: Jamie Moffat, former managing director, A.T. Mays

:: George Morris, chairman, Morris and Spottiswood Ltd.

:: Derek Morrison, partner, Wm. Morrison Coachworks

:: James Mortimer, entrepreneur

:: Ian Murgitroyd, chairman, Murgitroyd and Company Limited

:: Iain Napier, chairman, John Menzies plc

:: Robin Nicolson, managing director, Nicolson Maps Ltd.

:: Bill Nixon, managing partner, Maven Capital Partners UK LLP

:: Peter Page, chief executive, Devro plc

:: Chris R. Parker, managing director, London and Scottish International Ltd.

:: Jack Perry, chairman, ICG-Longbow Senior Debt Limited

:: Coralie Pickering, managing director, CCL Property Ltd.

:: Richard G. S. Prenter, chairman, MacTaggart, Scott & Co. Ltd.

:: Will Ramsay, chief executive, Affordable Art Fair

:: Jeremy Richardson, chief executive, Cornelian Asset Managers

:: Charles Buchan Ritchie, chairman, Score Group plc

:: David Ross, a founding partner of Aberforth Partners

:: Mike Ross, non-executive director, former chief executive of Scottish Widows

:: Leonard Russell, managing director, Ian Macleod Distillers Ltd.

:: Alastair Salvesen, chairman, Dawnfresh Seafoods Ltd.

:: David Sands, managing director, Alligin Properties Ltd.

:: Alan Savage, chairman, Orion Group

:: Lord Damian Scott, director, Buccleuch

:: Barry E. Sealey, business angel

:: Peter Shakeshaft, business adviser

:: Steven Shear, commercial property developer/landlord

:: David Sibbald, software entrepreneur

:: Archie Smith, managing director, FiFe Fabrications Limited

:: Drew McKenzie Smith, managing director, The Lindores Distillery Company Ltd.

:: Eric N. Smith D.A.

:: Graham Stevenson, managing director, Inver House Distillers Ltd.

:: Bill Stewart, managing director, McDonald Engineers

:: Sir Brian Stewart, former chairman of Standard Life plc, Scottish and Newcastle plc and he Miller Group

:: Peter Taylor, chairman, The Town House Collection

:: Mark Tennant, chairman, F&C Private Equity Trust plc

:: Richard Tester, managing director, Glycologic Limited

:: John G. Thom, chairman, Miller Hendry solicitors

:: Simon Thomson, chief executive, Cairn Energy PLC

:: Alan Thornton, managing director, Caledonian Industries Ltd.

:: Fraser Thornton, managing director, Burn Stewart Distillers Ltd.

:: Judith Thorpe and Karen Molloy, directors, Thorpe Molloy Recruitment Ltd.

:: Marcus Tiefenbrun, chairman, Castle Precision Engineering Ltd.

:: A. B. Tunnock CBE

:: David Warnock, non-executive director

:: Neville Washington, proprietor, Washington Consulting

:: Colin I. Welsh, chief executive officer, Simmons & Company International Limited

:: Lesley Wiggins, managing director, Milne Management Limited

:: Donald Wilson, investor

:: Timothy Wright, chief executive, Edinburgh University Press

14.47 | 0 komentar | Read More

RBS Fined £14.5m For Mortgage Advice Failures

The City regulator has imposed a £14.5m fine on Royal Bank of Scotland and NatWest for "serious failings" in mortgage advice.

News of the penalty - first revealed by Sky News on Tuesday evening - was released by the Financial Conduct Authority (FCA) following reviews of the banks' sales processes carried out in 2012.

Problems included affordability assessments failing to consider the full extent of a customer's budget when making a recommendation and not advising customers what mortgage term was appropriate for them.

The FCA said only two of the 164 sales it reviewed were considered to meet the standard required - with some advisers even giving personal views on the future movement of interest rates, an action the regulator described as "highly inappropriate".

It said such views may have resulted in the borrower being sold the wrong type of mortgage and the banks did not adequately address the failings when concerns were first raised.

Tracey McDermott, director of enforcement and financial crime at the FCA said: "Taking out a mortgage is one of the most important financial decisions we can make.

"Poor advice could cost someone their home so it's vital that the advice process is fit for purpose.

"We made our concerns clear to the firms in November 2011 but it was almost a year later before the firms started to take proper steps to put things right.

"The firms have agreed to contact around 30,000 consumers who received mortgage advice in the relevant period, to allow them to raise any concerns they have about the advice they received."

Ross McEwan, RBS and NatWest Chief Executive, said in response to the penalty: "Taking out a mortgage is one of the biggest moments in our lives, and our customers have every right to expect the very best service when making this decision.

"It is clear that in the past the bank just didn't get this right, this was unacceptable and should never have happened.

"We have worked hard to put things right. When I joined the bank we completely overhauled our processes, and took all our mortgage advisers off the front line for an extensive period of time to get the training required.

"As a result we are now helping more customers than ever before to buy their new home, providing them with the very best support and advice when taking out their mortgage.

"Today's notice shows that we still have challenges to face, but we are determined to take the steps needed to earn back our customers' trust."

Last month, Mr McEwan and Group chairman Sir Philip Hampton identified ongoing litigation risks as among the most significant threats to RBS's continuing recovery, which saw it bring forward its half-year results announcement because the underlying figures were better than the City had been expecting.

A settlement with the FCA's enforcement division over an IT systems failure in 2012 is expected within months, while huge fines for manipulating foreign exchange markets could hit RBS and other banks before the end of the year.

14.47 | 0 komentar | Read More

Leaders Clash Over Currency In Scotland Debate

First Minister Alex Salmond and Better Together leader Alistair Darling have clashed on using the pound in a fiery final debate on Scottish independence.

The 90-minute debate, held in front of an audience of 200 at Glasgow's Kelvingrove Museum and Art Gallery, offered both men a key opportunity to appeal to voters ahead of the referendum on September 18.

North Sea oil, the National Health Service, welfare reform and Trident nuclear missile submarines at Faslane were also at the centre of the BBC-hosted face-off.

Mr Salmond ventures out from behind his rostrum to make a point

Answering questions on the currency union, Mr Salmond said: "No one can stop us using the pound sterling, it's an internationally tradeable currency.

"I'm seeking the best option for Scotland, so our prosperous economy keeps the pound sterling."

Mr Darling replied: "You are taking a huge risk if you think it is just all going to fall into place.

"I think the currency union would be bad for Scotland because our budget would have to be approved not by us, but what would then be a foreign country."

Mr Darling attacked his opponent as having "no plan B" on currency union

Both men also clashed over a "plan B" if a currency union failed, with Mr Salmond claiming he had three alternative options, including a Scottish currency, a flexible currency union and a fixed exchange rate, and also hinting at a refusal to meet debt obligations if a formal agreement could not be reached.

Mr Darling also admitted Scotland could still use sterling, even if an agreement failed.

During the debate, Mr Salmond used the tactic of walking out from behind his rostrum to answer questions put by members of the audience.

Sky News Political Editor Faisal Islam tweeted: "The first minister has gone walkies, abandoning the rostrum, whilst riffing on currency union... Sensational!"

North Sea oil was at the centre of the debate again

Mr Darling questioned North Sea oil revenue figures provided by the Yes campaign, and said: "You are promising all sorts of things on the basis of a revenue that is very volatile.

"To rely so much on something ... it is gambling our children's future which is totally unacceptable."

Both men had promised to create a fairer Scotland in their opening statements at the start of the debate.

Mr Salmond said: "We are a rich nation, a resourceful people. We can create a prosperous nations and a fairer society, a real vision for the people of Scotland.

"This is our time, it's our moment, let us do it now."

Polls put the Better Together campaign in the lead ahead of the referendum

The former Chancellor replied: "I know people want change, but they also want security on jobs, on pensions, on their children's future.

"A good line is not always a good answer, it's answers now we need."

He had questioned Mr Salmond on currency plans for an independent Scotland in the first TV debate on August 5.

Mr Salmond also targeted his opponent's links to the Westminster establishment, accusing the life-long Labour politician of being "in bed with the Tory party".

Mr Darling drew on his experience as Chancellor to warn of the risks of going it alone - including over-reliance on unpredictable oil revenues and vulnerability to economic turmoil like that of the 2008 global financial crisis.

Voters have to register to cast postal ballots by September 3, meaning some could cast their votes within days.

After the debate, a Sky News poll carried out on Twitter saw more than 2,000 retweets for a Salmond win, compared to under 500 claiming Darling had topped the debate.

A Guardian/ICM poll gave the debate to Mr Salmond with 71% of the vote.

Mr Darling was widely judged to have won the first.

A poll of polls, carried out by Sky News before the debate, put 39% in favour of Scottish independence, with 50% against and another 11% undecided.

14.47 | 0 komentar | Read More

Burger King Faces US Tax Backlash On Takeover

Burger King's plans to buy a Canadian coffee and doughnut chain and shift its tax base there have been met with boycott threats among some US customers.

While investors in both Burger King and Tim Hortons showed great appetite for the deal - with shares in both firms rising more than 20% on Monday - some of the burger chain's US customers found the so-called tax inversion aspect - the shifting of a firm's tax base to another country - hard to swallow.

While a tie-up would create the world's third-largest fast food restaurant firm with 18,000 restaurants in 100 countries and about $22bn in sales, it would also significantly cut Burger King's tax burden.

A recent report by KPMG found that total tax costs in Canada are 46.4% lower than in the United States.

President Barack Obama and Congress have criticised inversions because they mean a loss of tax revenue for the US government.

Facebook users took to Burger King's page to vent their fury

White House spokesman Josh Earnest wouldn't comment on Burger King's announcement on Monday, but said the president generally believed it was unfair for companies to pursue a tax inversion merely to pay less in taxes.

By Tuesday morning, Burger King's Facebook page had more than 3,000 mostly negative comments about the potential deal.

One customer, Monica Marsh, wrote:  "I eat at Burger King about twice a month or so, but if you buy Tim Horton's and move your headquarters to Canada to reduce how much you pay in American corporate taxes, I will reduce how much I spend of my American dollars and find a new burger joint to frequent."

A representative for Burger King, Miguel Piedra, said the comments on Burger King's Facebook page represented a small fraction of the company's more than 7 million followers on the social media site.

Burger King isn't the first company to face fallout over a tax inversion.

Pharmaceutical firm AbbiVie and Valeant Pharmaceuticals have recently pursued such deals to cut their costs.

Earlier this month, Walgreen abandoned plans to pursue a tax inversion after negative publicity about the planned move.

14.47 | 0 komentar | Read More

Scotland Debate: The Facts Behind The Arguments

Full Fact - an independent fact checking organisation - checks the statements made by both sides during the second Scottish referendum debate.

CURRENCY:

Alex Salmond: "No-one can stop us using the pound sterling, it's an internationally tradeable currency."

Full Fact: He is not wrong - an independent Scotland could continue to use the pound without the agreement of the UK government. Salmond would prefer to keep it in a formal currency union, aiming to give the Scottish government some influence over interest and exchange rates. That would require the agreement of the UK government, something that's been ruled out by all main UK parties. If there is no agreement, Scotland is left with three other options: it could keep the pound informally without agreement, adopt the euro or introduce a new Scottish currency.

PENSIONS:

Full Fact: Scottish government proposals mean the new state pension could be more generous in an independent Scotland. It would keep some pension benefits that are being stopped and may not increase pension age to 67 as soon as in rest of the UK. The new state pension level would initially be as high or higher than the UK amount and would have the potential to increase by more each year than in the UK.

One reason they think this could be affordable is that pensioners in Scotland have a lower life expectancy than those in the rest of the UK. Nevertheless, it all costs money and it could be more because Scotland's population is ageing faster than in the rest of the UK.

TAXES:

Full Fact: In terms of taxes generated per person, Scotland either generates just under the UK average or significantly over the UK average, depending on the oil and gas division.

Spending per person in Scotland is also higher than the UK average.

That is because it runs at a deficit which means it spends more than it generates in taxes - much like the UK does and like 26 other countries in the OECD did in 2013.

REPRESENTATION:

Full Fact: Alex Salmond signed off by saying it was an opportunity for people in Scotland finally to get the government they voted for. He has a point: if you look at Scotland alone, Labour's won every general election since 1959. Meanwhile in Westminster the Conservatives and Labour divided the spoils evenly, winning six elections each, and two hung Parliaments.

TRUST:

Full Fact: We asked Ipsos MORI Scotland how easy or difficult people were finding it to get trustworthy information about the referendum. They polled 1,006 Scots between July 28 and August 3. The reaction to these results on twitter suggests the debate didn't solve the problem.

14.47 | 0 komentar | Read More

Draghi: ECB Ready To Spur On Euro Economy

The boss of the European Central Bank (ECB) has revealed it is ready to do more to boost a shaky recovery in Europe.

But Mario Draghi warned EU member governments they must still join in efforts to reduce unemployment, which remains stubbornly high.

Mr Draghi said: "I am confident that the package of measures we announced in June will indeed provide the intended boost to demand, and we stand ready to adjust our policy stance further."

So far the ECB has cut interest rates, offered cheap loans to banks and is weighing up asset purchases to help stimulate the 18-member eurozone.

The ECB has already pumped unprecedented amounts of liquidity into the banking system back in 2011 and 2012, but instead of lending the money on to businesses banks tended to park the cash with the ECB instead.

In June, the ECB created a negative interest rate to encourage banks to lend more.

Mr Draghi also said certain longstanding practices in some countries are helping to keep unemployment high.

He said freer wage adjustments and workforce levels would encourage companies to hire.

Mr Draghi made the comments as part of his speech at the US Federal Reserve conference in Jackson Hole, Wyoming.

Meanwhile, US shares eased on Friday after the Jackson Hole speech by Fed boss Janet Yellen left investors unsure on the possibility of a rate rise in coming months.

She said the financial crash complicated the Fed's ability to assess the US job market and made it harder to determine when to adjust interest rates.

Ms Yellen's remarks failed to offer strong signs that indicate she is moving away from the view of support through ultra-low interest rates.

The timing of a Fed rate increase remains unclear, though many economists foresee an increase by mid-2015.

14.47 | 0 komentar | Read More

Current Account Exodus At Troubled Co-op Bank

The troubled Co-op Bank has revealed it lost almost 30,000 current account customers in the first half of its financial year.

The bank, which was forced to raise almost £2bn to plug a capital black hole last year, reported significantly lower losses of £75.8m for the period compared to the same time during 2013 and said its wider financial position was improving despite "deep-rooted" problems remaining.

It shed 13% of its permanent staff, closed 46 branches over the six month period and said it lost 28,199 current account holders, although its net customer number losses has since slowed, it said.

It blamed "negative publicity and significant competitor activity" for the near-2% fall.

Sky News reported on Thursday night that the bank was facing demands from some of its biggest shareholders to accelerate an overhaul of its operations and commercial strategy - as losses were expected to continue for two years.

But in its results statement, chief executive Niall Booker said Co-op Bank had made progress since its rescue from near-collapse - a deal that saw the supposedly ethical bank give up control to US hedge funds.

The bank said its capital position had been strengthened following a £400m capital-raising.

Mr Booker said: "Considering the scale of the challenge we faced a year ago, we are encouraged by the progress made to ensure the stability of the bank.

"The core bank continues to remain stable. In the first half of the year more people switched into the bank than in the second half of 2013.

"Although we have also seen an increase in the number of people switching out of the bank, the net numbers remain small relative to our total number of current account customers whose continuing loyalty is deeply appreciated.

"Recent trends suggest this net outflow of retail customers has slowed."

The bank's problems have been at the centre of a wider crisis for the Co-operative Group, which reported a £2.5bn loss for 2013 as its exposure to the bank hit earnings.

A report on the bank's near collapse and subsequent rescue, which saw the group's stake reduced to just 20%, pinned the blame on toxic loans inherited from its disastrous merger with the Britannia building society in 2009 amid a series of management and cultural failures.

In May, the Co-op Group's members backed radical plans by the former City minister Lord Myners to sweep away its existing 20-strong board and replace it with a more plc-style structure, staffed by professionally-trained directors.

14.47 | 0 komentar | Read More

Ecclestone Return Heralds New F1 Board Revamp

By Mark Kleinman, City Editor

Formula One (F1) motor racing is preparing for further governance changes as the sport's boss, Bernie Ecclestone, retakes his boardroom seat following a £60m bribery trial settlement.

Sky News understands that Lehman Brothers Holdings Inc, which administers the estate of the bankrupt Wall Street investment bank and is F1's third-largest shareholder, is poised to name Sean Mahoney as its board representative.

Mr Mahoney, a former Goldman Sachs and Deutsche Bank executive, is expected to join the board of Delta Topco ahead of the next scheduled meeting of directors in September.

His arrival will follow a change of the director nominated by Waddell & Reed, a US-based fund manager, which recently named Michael Avery to represent its substantial minority stake in F1.

A director of Delphi Automotive, Mr Mahoney will replace Peter Sherratt, a former Lehman executive, at an important time for F1's ownership.

The Lehman estate is keen to sell its roughly 15% stake in F1, and has been approached by the US media groups Discovery Communications and Liberty Global about a possible deal.

Mr Ecclestone, who stood down from the Delta Topco board earlier this year pending the outcome of his bribery trial in Germany, will resume his place on the board after settling with prosecutors.

Speaking at Belgium's Spa-Francorchamps circuit on Friday ahead of this weekend's Grand Prix, Mr Ecclestone said he hoped to continue running F1 for as long as possible, adding that being reinstated to the board would make "no difference".

CVC Capital Partners, the private equity firm which took control of F1 in 2005, still owns approximately 35% of the sport but is likely to sell that stake or mount a renewed attempt to float the company in the next 12 months.

Last month, Delta Topco's board approved a £585m dividend payout financed through a renegotiation of the company's borrowing arrangements.

Another of F1's minority shareholders, Norway's vast sovereign wealth fund, has faced domestic criticism over its investment in the sport because of its mandate to own shares only in public companies or those which have concrete intentions to list on a stock exchange.

CVC declined to comment on Friday while Mr Mahoney could not be reached.

14.47 | 0 komentar | Read More

Current Account Exodus At Troubled Co-op Bank

The troubled Co-op Bank has revealed it lost almost 30,000 current account customers in the first half of its financial year.

The bank, which was forced to raise almost £2bn to plug a capital black hole last year, reported significantly lower losses of £75.8m for the period compared to the same time during 2013 and said its wider financial position was improving despite "deep-rooted" problems remaining.

It shed 13% of its permanent staff, closed 46 branches over the six month period and said it lost 28,199 current account holders, although its net customer number losses has since slowed, it said.

It blamed "negative publicity and significant competitor activity" for the near-2% fall.

Sky News reported on Thursday night that the bank was facing demands from some of its biggest shareholders to accelerate an overhaul of its operations and commercial strategy - as losses were expected to continue for two years.

But in its results statement, chief executive Niall Booker said Co-op Bank had made progress since its rescue from near-collapse - a deal that saw the supposedly ethical bank give up control to US hedge funds.

The bank said its capital position had been strengthened following a £400m capital-raising.

Mr Booker said: "Considering the scale of the challenge we faced a year ago, we are encouraged by the progress made to ensure the stability of the bank.

"The core bank continues to remain stable. In the first half of the year more people switched into the bank than in the second half of 2013.

"Although we have also seen an increase in the number of people switching out of the bank, the net numbers remain small relative to our total number of current account customers whose continuing loyalty is deeply appreciated.

"Recent trends suggest this net outflow of retail customers has slowed."

The bank's problems have been at the centre of a wider crisis for the Co-operative Group, which reported a £2.5bn loss for 2013 as its exposure to the bank hit earnings.

A report on the bank's near collapse and subsequent rescue, which saw the group's stake reduced to just 20%, pinned the blame on toxic loans inherited from its disastrous merger with the Britannia building society in 2009 amid a series of management and cultural failures.

In May, the Co-op Group's members backed radical plans by the former City minister Lord Myners to sweep away its existing 20-strong board and replace it with a more plc-style structure, staffed by professionally-trained directors.

14.47 | 0 komentar | Read More

Draghi: ECB Ready To Spur On Euro Economy

The boss of the European Central Bank (ECB) has revealed it is ready to do more to boost a shaky recovery in Europe.

But Mario Draghi warned EU member governments they must still join in efforts to reduce unemployment, which remains stubbornly high.

Mr Draghi said: "I am confident that the package of measures we announced in June will indeed provide the intended boost to demand, and we stand ready to adjust our policy stance further."

So far the ECB has cut interest rates, offered cheap loans to banks and is weighing up asset purchases to help stimulate the 18-member eurozone.

The ECB has already pumped unprecedented amounts of liquidity into the banking system back in 2011 and 2012, but instead of lending the money on to businesses banks tended to park the cash with the ECB instead.

In June, the ECB created a negative interest rate to encourage banks to lend more.

Mr Draghi also said certain longstanding practices in some countries are helping to keep unemployment high.

He said freer wage adjustments and workforce levels would encourage companies to hire.

Mr Draghi made the comments as part of his speech at the US Federal Reserve conference in Jackson Hole, Wyoming.

Meanwhile, US shares eased on Friday after the Jackson Hole speech by Fed boss Janet Yellen left investors unsure on the possibility of a rate rise in coming months.

She said the financial crash complicated the Fed's ability to assess the US job market and made it harder to determine when to adjust interest rates.

Ms Yellen's remarks failed to offer strong signs that indicate she is moving away from the view of support through ultra-low interest rates.

The timing of a Fed rate increase remains unclear, though many economists foresee an increase by mid-2015.

14.47 | 0 komentar | Read More

Ecclestone Return Heralds New F1 Board Revamp

By Mark Kleinman, City Editor

Formula One (F1) motor racing is preparing for further governance changes as the sport's boss, Bernie Ecclestone, retakes his boardroom seat following a £60m bribery trial settlement.

Sky News understands that Lehman Brothers Holdings Inc, which administers the estate of the bankrupt Wall Street investment bank and is F1's third-largest shareholder, is poised to name Sean Mahoney as its board representative.

Mr Mahoney, a former Goldman Sachs and Deutsche Bank executive, is expected to join the board of Delta Topco ahead of the next scheduled meeting of directors in September.

His arrival will follow a change of the director nominated by Waddell & Reed, a US-based fund manager, which recently named Michael Avery to represent its substantial minority stake in F1.

A director of Delphi Automotive, Mr Mahoney will replace Peter Sherratt, a former Lehman executive, at an important time for F1's ownership.

The Lehman estate is keen to sell its roughly 15% stake in F1, and has been approached by the US media groups Discovery Communications and Liberty Global about a possible deal.

Mr Ecclestone, who stood down from the Delta Topco board earlier this year pending the outcome of his bribery trial in Germany, will resume his place on the board after settling with prosecutors.

Speaking at Belgium's Spa-Francorchamps circuit on Friday ahead of this weekend's Grand Prix, Mr Ecclestone said he hoped to continue running F1 for as long as possible, adding that being reinstated to the board would make "no difference".

CVC Capital Partners, the private equity firm which took control of F1 in 2005, still owns approximately 35% of the sport but is likely to sell that stake or mount a renewed attempt to float the company in the next 12 months.

Last month, Delta Topco's board approved a £585m dividend payout financed through a renegotiation of the company's borrowing arrangements.

Another of F1's minority shareholders, Norway's vast sovereign wealth fund, has faced domestic criticism over its investment in the sport because of its mandate to own shares only in public companies or those which have concrete intentions to list on a stock exchange.

CVC declined to comment on Friday while Mr Mahoney could not be reached.

14.47 | 0 komentar | Read More