Written By Unknown on Sabtu, 10 Januari 2015 | 14.47
The US jobless rate has tumbled to 5.6% - its lowest level since June 2008 - in a futher indication economic recovery remains on track despite weakness elsewhere.
The economy added 252,000 net new jobs last month on top of an upwardly revised jump of 353,000 in November, the Labor Department said.
The unemployment rate fell 0.2 percentage points though some of the decline reflected people leaving the labor force.
December marked the 11th straight month of payroll increases above 200,000, the longest stretch since 1994.
The data - which followed positive third quarter GDP numbers and solid industrial production and retail reports for November - suggested the economy was weathering turbulence in Europe, Japan, China and some emerging markets.
However, average hourly earnings fell 5 cents.
Wage reports have been a key factor for the Federal Reserve as it weighs the timing for an interest rate increase.
The central bank has kept its short-term interest rate near zero since December 2008.
Most economists expect that to change in June, with the outlook for wages improving at a time when gas costs are plummeting because of the dive in world oil costs.
It is hoped that more dollars in consumers' pockets will find their way into the economy.
The job figures meant that the unemployment rate fell by 1.1% across 2014 - with wider surveys suggesting that job growth was at its highest level since 1999.
Each sector saw employment growth in December - with construction jobs rising 48,000.
A shortage of skills could mean the job hunter "finally becomes king" this year, with pay levels soaring for staff placed by employment agencies.
The finding, in a monthly report on the job market by the Recruitment and Employment Confederation (REC) and professional services group KPMG, was put down to shortfalls in availability - particularly among temporary workers.
The study suggested candidates were becoming choosy about which jobs to take and pay for temporary staff had risen at its strongest rate for three months.
Pay rises until recently had lagged behind the rate of inflation, which left families with a six-year squeeze on their budgets.
Pay levels were held down by the effects of the financial crisis and wider employment landscape.
Bernard Brown, of KPMG, said of the current situation: "A strong year for the UK jobs market finished with a flourish as temporary roles saw an upswing in popularity.
"More than one in three recruiters suggest that employees looking for short-term roles are being increasingly spoilt for choice as organisations search for help in an effort to fulfil customer orders.
"Good news for candidates also extends into the pay packet. Once again, a shortage of skills in key areas has led to a rise in the starting salaries on offer.
"It could mean that 2015 becomes the year in which the candidate finally becomes king."
The report warned that the improved power being enjoyed by job hunters could be short-lived.
Kevin Green, the chief executive of the REC, said: "As we enter 2015 the jobs market continues its strong performance.
"Recruiters are helping an increasing number of businesses find new permanent employees, and skills shortages in most areas of the economy mean that competition for quality candidates is driving up starting salaries.
"Economic growth for 2015 looks sustainable, however the concern now is that political uncertainty could spook the market as we approach a General Election.
"The prospect of increased government intervention in the labour market as promised by the left, questions around Britain's position in the EU which are being posed by the right, and the potential for protracted negotiations around a hung parliament come May could affect business confidence and hence future hiring."
The agency which represents taxpayers' stakes in Britain's bailed-out lenders is in talks with Royal Bank of Scotland (RBS) about a £2bn capital-raising which could eventually dilute the Government's shareholding.
Sky News has learnt that UK Financial Investments (UKFI) is discussing with RBS the terms of an additional Tier 1 (AT1) capital buffer which the bank said it would seek from investors last month.
RBS said when it passed a stress test run by the Bank of England in December that the £2bn AT1 issuance would take place during the course of this year, and would see the instrument convert to shares in RBS if its capital buffer fell to 7%.
However, sources said on Friday that the £2bn capital-raising was being complicated by a clause in RBS's taxpayer bail-out which prevents taxpayers' shareholding being diluted through the launch of such convertible securities.
The issue relates to B-shares held in RBS by UKFI, which were created at the time of its bail-out by taxpayers in 2009.
The bank remains roughly-80% owned by the Government, with apparently little possibility of a substantial share sale at a profit for several more years.
RBS has 51 billion B-shares in issue, which do not carry voting rights but can be converted at a rate of ten-for-one into ordinary shares.
In a prospectus issued in 2009 outlining the structure of these B-shares, RBS said they would include rights which would prevent taxpayers' stake being artificially reduced.
The potential obstacle to the new capital-raising, which was an important element of the PRA's decision to approve RBS's current capital plan, was highlighted last month in a previously unreported research note by Autonomous, a leading analyst of financial institutions.
"As part of the capital plans it had to present as a result of the poor stress test result, RBS signalled that it will issue £2bn AT1s next year," Autonomous said.
"We have previously argued that there are legal obstacles to AT1 issuance by RBS, which we continue to see as a problem.
"However, if the PRA is prepared to accept AT1 issuance as part of RBS's remedial plan, we assume regulators must have sufficient clarity that a legal solution to RBS's AT1 problem can be found."
One source said that RBS, UKFI and the PRA were confident that the issue could be resolved, and pointed out that at the time the B-shares were devised, convertible securities such as AT1s were not conceived as a potentially important part of a bank's capital structure.
Insiders insisted that the taxpayer's interests would be fully protected in any AT1 capital-raising and that they would in any event not face being diluted at the point of issuance.
Written By Unknown on Kamis, 08 Januari 2015 | 14.47
Tesco has confirmed it is to close 43 unprofitable UK stores and halt construction on almost 50 others as part of a plan to revive its fortunes.
In the wake of the accounting scandal which saw group chief executive Dave Lewis take charge of the UK business, Tesco said it had enjoyed a good Christmas with like-for-like sales falling just 0.3% in the six weeks over Christmas - better than analysts predicted.
Like-for-like sales in its third quarter were down 2.9%.
But Tesco's sales woes - a result of a lack of focus on its core store offering in the past and the strong challenge from discounters - are only part of the problem for Mr Lewis.
He used the trading update to confirm a number of changes in order to ensure no repeat of the £263m profit over-statement - including new guidelines for supplier negotiations - and streamline the business.
Its head office in Cheshunt is to close in 2016 while it confirmed the sale of Tesco Broadband and Blinkbox video steaming service to TalkTalk.
Changes to store management and working-hour flexibility structures would deliver savings of £230m annually but result in a one-off cost of £300m.
It plans to close the company defined benefit pension scheme to staff but it said colleagues would soon be offered turnaround-based bonuses.
Tesco also confirmed it had poached Halfords boss Matt Davies to run the UK business but he would not be able to start work until 1 June.
Strong smartphone competition is set to push annual profits down for the first time in three years at Samsung Electronics.
The South Korean firm forecast a 32% fall in operating profit to $22.6bn (£15bn), ahead of the publication of its financial results later this month when it will also give a breakdown on the performance.
Fourth quarter profits were expected to drop 37% from a year earlier - with analysts suggesting the figure could have been worse but for strong demand for memory chips within its semiconductor division.
Total quarterly sales dropped 12%.
Samsung is hunting new revenue streams from the so-called Internet of Things - connectivity with everyday electronic items - to reduce its recent reliance on smartphones.
It had previously pledged that by 2017 all Samsung televisions would be Internet connected and that within five years all Samsung hardware products would be ready for the Internet of Things.
The company is taking its software, which is designed to challenge Google's Android operating system, to television sets.
Samsung said its all-new internet-connected televisions this year will run on Tizen, its own operating system.
Its Galaxy smartphones led the market in 2012 and 2013, pushing past Nokia, Motorola and Apple in terms of sales volume.
But that growth ground to a halt last year as its new models disappointed and it was squeezed on price in the low and mid-end phone markets by Chinese smartphone makers such as Xiaomi, which overtook Samsung in China and India.
Samsung responded by saying it was to reduce the number of models it produces to lower costs and help boost innovation.
Marks and Spencer has revealed a sharp drop in clothing, gifts and homewear over Christmas, partly blamed on delivery woes.
The retailer also blamed an unseasonably warm autumn for a weak clothing performance as it outlined a 5.8% slump in like-for-like sales in its general merchandise division during the 13 weeks to 27 December.
M&S, which insisted its winter clothing range was well received, said disruption at its Castle Donington distribution centre hurt its performance in December.
Its food division - which has been a consistant performer - delivered record sales growth of 17% over Christmas week.
Written By Unknown on Rabu, 07 Januari 2015 | 14.47
Sainsbury's and Asda have announced details of price cuts as their rival Tesco prepares to unveil its turnaround plan.
Asda was first to confirm it was making £300m in customer savings during the first three months of the year, saying it was part of a previously announced £1bn drive to help it close the gap with hard discounters which have been eating away at the dominance of the 'Big Four' chains.
Asda, which reported its worst quarterly sales performance in nearly a decade in November, said the cost of 2,500 "essentials" would fall.
Sainsbury's later said it was to implement price cuts on 1,000 of its most popular products, costing it £150m, and customers would see more than 700 new regular prices in supermarkets this week.
Both chains, along with market leader Tesco and Morrisons, have seen customers drip away to the likes of Aldi and Lidl at the lower end of the price spectrum while Waitrose has captured some of the better off.
Asda's chief merchandising officer for food, Barry Williams, said: "After a great Christmas with the family, January is the month we all start looking at the size of our waists and our wallets.
"We're going further than ever before, rolling back those every day, can't live without items at a bigger percentage than we've ever been able to do previously.
"With hundreds of products at 50p, and even more at 15% less than normal, we're aiming to make a big difference for families in their weekly shop."
Sainsbury's chief executive Mike Coupe said: "We are investing £150m per year for the next three years in some of our customers' most popular purchases, with a total of 1,000 prices cut since we announced this investment in November.
"This will come as welcome news to customers who might be feeling the pinch after Christmas.
"These lower everyday prices are a part of our ongoing commitment to offering our customers great quality products at great prices."
The announcements were made less than 48-hours before Tesco's chief executive was expected to outline a recovery plan for its UK business.
While its supermarkets remain the dominant force in the grocery market, Tesco was slow to counter the discount threat and it has since lost further market value as a result of its £263m profits overstatement, which remains the subject of several investigations.
The energy industry has insisted it is passing on to consumers sharp falls in wholesale oil and gas costs after the Government said firms were being watched "like hawks."
The body representing household suppliers spoke up after the Chancellor confirmed a review of pricing in areas such as motor fuel, air fares and utilities.
A Treasury spokesman said: "The Government is conducting studies of industries like the utilities and the airlines.
"We are examining if any action needs to be taken."
The cost of a barrel of Brent crude is currently hovering slightly above $50 - a fall of more than 50% on just three months ago.
While George Osborne welcomed further recent falls in fuel pump costs, he said it was vital that the slump in the oil price was passed on to households.
Energy UK, which represents the so-called 'Big Six' household firms including British Gas, insisted families were benefiting in full.
Its chief executive Lawrence Slade said: "Energy suppliers are passing on price cuts to customers.
"When people shop around they can easily find deals that are over £100 cheaper than this time last year and in line with cuts in wholesale energy prices."
Firms have argued that because they have to buy raw energy up to three years in advance, they can not simply cut bills by 50%.
They point out that the wholesale cost now makes up less than half of the total bill - with other network charges rising sharply in recent years.
But the energy secretary Ed Davey said: "The Government will be watching energy companies like hawks to ensure falls in wholesale gas prices are passed on as quickly as possible to consumers."
The sector is already the subject of an investigation by the Competition and Markets Authority which could decide to break up firms which both produce energy and supply it to homes.
Labour insisted the Government was to blame for the lack of clarity on bills.
Shadow energy secretary Caroline Flint said: "The Tories have had five years to deal with the problem of energy companies not passing on reductions in wholesale costs and have done absolutely nothing about it.
"Labour has consistently said that the regulator should have the power to force energy companies to cut their prices when wholesale costs fall.
"We need action, not another inquiry. If this Government won't put an end to rip-off energy bills and give the regulator the power to cut prices, then the next Labour Government will."
Sainsbury's has reported a 1.7% fall in like-for-like sales over its Christmas quarter - the worst performance for a decade.
The chain, which like its main 'Big Four' competitors has been losing business to hard discounters at the bottom and Waitrose at the top end, said like-for-like sales were down 3.9% when the effects of fuel sales were included.
Total sales fell by just 0.4% - reflecting the impact of its growing convenience store network in the past 12 months.
But the company warned that the outlook remained challenging, given the squeeze on the middle market, with the fall in food prices likely to continue.
The supermarket chain had confirmed on Monday that it was implementing cuts on 700 products this week to help counter the discount threat.
Sainsbury's said it enjoyed a record-breaking week before Christmas with 29.5 million customer transactions.
Chief executive Mike Coupe said: "Sainsbury's has provided a great Christmas for our customers.
"Food price deflation and falling fuel prices have enabled our customers to treat themselves over the festive period."
The chain said its Taste the Difference range grew by five per cent year-on-year in the period with sales of its Conegliano Prosecco rising by more than 30%.
It sold over 57 million mince pies and over 550,000 turkeys, up 8% on last year.
Written By Unknown on Selasa, 06 Januari 2015 | 14.47
Rolls-Royce sold more cars than ever before last year.
The company delivered 4,063 cars in 2014 - its highest total in 111 years.
A 12% increase on 2013 means sales have now risen five-fold since 2009.
In 2014 sales rose 13% in the UK, 75% in Australia, 60% in Japan, 40% in Europe as a whole, 30% in the USA and 20% in the Middle East.
The best-selling dealership was in Abu Dhabi - though the US remains the company's biggest market, followed by mainland China.
Sales were boosted by orders for the Ghost Series II launched in November. The Wraith also enjoyed its first full year on the market.
The company has created 200 permanent jobs in 18 months, meaning more than 1,500 people now work at its Goodwood headquarters in West Sussex.
Business Secretary Vince Cable said: "Rolls-Royce motor cars are famous throughout the world with increasing numbers now exported abroad. The skill and dedication of its workers here in Britain has led to another very successful year.
The US remains the company's biggest market, followed by mainland China
"The UK's automotive industry is thriving with a new car rolling off the production line every 20 seconds, and increasing levels of investment that's helping to secure local jobs.
"Through our industrial strategy we are backing companies like Rolls-Royce as they go from strength to strength, giving them the right environment to invest with confidence and create high-skilled jobs."
The Rolls-Royce figures precede statistics from the Society of Motor Manufacturers and Traders that are expected to show new-car sales in the UK reached a 10-year high of 2.46 million in 2014.
Rolls-Royce Motor Cars chief executive Torsten Muller-Otvos said: "This fifth consecutive record year saw Rolls-Royce Motor Cars break through the 4,000 car sales level for the first time in its history.
"The result confirms that our strategy of balanced, sustainable and profitable growth is delivering and that Rolls-Royce remains the world's leading luxury goods brand."
The number of people buying a home for the first time surged to a seven-year high last year, despite prices rising by an average of 9%.
The Halifax First Time Buyer Review charted a 22% increase in those purchasing their first property, hitting 326,500 in 2014.
It marked the highest level since before the financial crisis as average prices rose to £172,000, Halifax said.
However, the report noted that the average cost of a deposit for first-time buyers fell 7% in 2014 to £29,218 - helped by record-low interest rates and an improvement in competition for mortgages.
House prices grew in the first half of the year, spurred by initiatives such as the Government's Help to Buy scheme.
Video:Dec: Osborne's Boost For Buyers
But in the second half of the year fears of a housing bubble saw the Bank of England impose stricter lending limits on borrowers in a bid to cool the market.
Halifax mortgages director Craig McKinlay said: "First-time buyers are vital for a properly functioning housing market.
"Improving economic conditions and rising employment levels have boosted confidence among those thinking about getting on to the housing ladder for the first time, contributing to the significant increase in the number of first-time buyers in the past two years."
It is believed a pick-up in construction of new homes and a recovery of wage growth versus inflation will help stimulate the market in 2015.
Video:Aug: First-Time Buyers Hits High
The report also stated that Chancellor George Osborne's changes to stamp duty last month reduced the average first-time buyer's tax bill by £781.
The average age of a new purchaser rose to 30 from 29 in 2013, while the region with the oldest average age was London at 32, the report found.
The Government said that its Help to Buy schemes had supported more than 71,000 home-buyers.
Rangers has rejected an American financier's £18m bid to take a controlling interest in the club, on value grounds, as it seeks to avoid financial collapse.
Robert Sarver, behind the Phoenix Suns basketball team, had offered an additional sum to buy out existing shareholders should a deal have been agreed.
The Scottish Championship club added that its directors did not believe it was necessary to hold a general meeting, as Mr Sarver had proposed, to discuss the offer.
Its statement to the stock exchange said: "The Board of Rangers has considered the possible offer from Robert Sarver.
"The proposal by Mr Sarver comprises a placing of 100 million shares at 18p ("Placing") which, if approved by shareholders at a general meeting, would be immediately followed by an unconditional offer at 18p pursuant to Rule 9 of the Code.
"The Placing would give Mr Sarver control of Rangers.
While the Directors welcome Mr Sarver's approach, they believe that, notwithstanding the current financial difficulties, the proposal does not adequately value a controlling interest in the Company and accordingly the resolution to approve the placing is unlikely to achieve the 75% majority required.
"The Directors do not intend to hold the General Meeting which would be necessary to implement the proposal.
The Company is managing its cash resources carefully and will require further funding before the end of January.
"The Directors are in discussions with Rangers' significant stakeholders with a view to arranging finance for the Club.
"This is likely to comprise loans in the short term and possibly equity in the medium term.
"The board has invited Mr Sarver to consider participating in a similar discussion alongside other supportive shareholders."
Rangers, demoted to the fourth tier of Scottish football in 2012 because of financial difficulties, has struggled ever since to return to financial strength despite the team recovering to a current second in the Championship.
Only yesterday the club accepted an emergency loan of £500,000 from its chairman Sandy Easdale to remain afloat.
Other major shareholders include Sports Direct founder and Newcastle United owner Mike Ashley, who has already provided sizeable loans, but his interests in the club remain subject to strict rules on dual-ownership.
Written By Unknown on Senin, 05 Januari 2015 | 14.47
By Jon Craig, Chief Political Correspondent
Five Tory Cabinet ministers led by Chancellor George Osborne are to launch an assault on Labour spending plans they claim will be based on costings carried out by the Treasury.
Mr Osborne, Theresa May, William Hague, Nicky Morgan and Sajid Javid will claim Labour's commitments for its first year in office alone total many billions of pounds.
The Conservative attack will coincide with Ed Miliband launching Labour's General Election campaign, claiming the election will be a once in a generation fight about who the country works for.
Ed Miliband will launch Labour's election campaign
"It is a choice between a Tory plan where only a few at the top can succeed and our public services are threatened - or a Labour plan that puts working people first, deals with the deficit and protects our NHS," he will say.
:: Click here for the In The Margins console
Video:In The Margins: 150 Key Seats
The clash will come on what is effectively day one of the general election campaign, in which the Conservatives want the economy to dominate the agenda and Labour the National Health Service.
The Conservatives claim their analysis of Labour spending is based on official HM Treasury Opposition Policy Costings and other reliable sources.
They say Labour's unfunded commitments for the year 2015-16 total some £20.7bn.
"When we took office four and a half years ago, we were left a note by the Labour Party saying simply: 'there's no money left'," said a Conservative spokesman.
"The mess we were left behind by Labour threatened this country's economic security and the economic security of everyone living here.
"But the evidence we will produce shows that Labour have not demonstrated the fiscal discipline or economic competence that earns an opposition the credibility to form a government.
"The chaos of unfunded spending promises, higher taxes and more borrowing offered by Labour is a risk to economic recovery. Competence or chaos. That is the choice for the British people at the election."
Video:David Cameron's New Year Message
But Labour's Shadow Chief Secretary Chris Leslie has already hit back, saying: "It is David Cameron and George Osborne who have made over £7bn of unfunded tax promises.
"These could only be paid for by another Tory VAT rise, even deeper cuts to public services or both.
"Labour has made no unfunded commitments. In fact the Institute for Fiscal Studies said last month that we had the most cautious approach and, unlike the parties, had promised no net giveaways."
Speaking to a rally in Manchester, Mr Miliband will urge activists and supporters to mobilise for an unprecedented four million doorstep conversations with voters in the next four months.
"We will offer hope, not falsehood," he will say. "We know the depths of our values matter more than the depth of our opponents' pockets. We will win this election, not by buying up thousands of poster sites, but by having millions of conversations."
Attacking the Tories on the economy, the Labour leader will say: "It's the first time since the 1920s that working people will be worse off at the end of a parliament than they were at the beginning.
"At a time when education and training are critical to the chances of earning a decent wage, tuition fees have trebled and apprenticeships for young people are falling.
Video:Ed Miliband's New Year Message
"And think what has happened to our NHS: longer to wait to see your GP, longer to wait in A & E, longer to wait for your operation - an NHS without time to care. The Tories have damaged the NHS in these five years. Give them five more and the NHS, as we know it, just won't be there."
The Liberal Democrat leader Nick Clegg will attack both the major parties on the economy.
On Ed Balls' claim that Labour is now in the centre ground of politics, he will say: "It's like waking up to find a late night voicemail from an ex saying that they've changed and it will all be different if only you give them one more chance."
And on the Conservatives' boasts about economic recovery, Mr Clegg will say: "It's a con. It's like a mobile phone salesman offering to renew your existing contract and then cutting the amount of calls you can make."
:: Follow Sky News presenters and correspondents from 6am on Monday as we launch our multi-media project In The Margins - examining 150 key marginal constituencies across the country. Watch live on Sky News, skynews.com and our mobile apps - channels Sky 501, Virgin Media 602, Freesat 202, Freeview 132.
Vince Cable has summoned Britain's biggest banks for fresh talks about branch closures after their bosses refused to renew a promise not to close hundreds of rural outlets.
Sky News has learnt that the Business Secretary has asked executives from the five largest high street lenders to attend a meeting later this month following initial discussions in December.
Mr Cable wants the banks, including Barclays, Lloyds Banking Group and Royal Bank of Scotland (RBS), to make a binding commitment not to close branches when they are the last one remaining in a local community.
However, letters from senior bankers make it clear that rapid technological changes, with customers now performing billions of transactions remotely each year, have rendered such a pledge obsolete.
A sign in the window of a shut bank branch
Figures compiled by community banking campaigners suggest that half of the UK's bank branches have shut since 1989.
Lloyds alone has said that it will close 200 branches during the next three years, although this will be partly offset by 50 new sites to be opened by the taxpayer-backed bank.
Instead, insiders said the banks have agreed to draw up a framework covering circumstances in which they could close a community's last branch.
This would include better information for customers about alternative banking arrangements in their area.
A broader partnership with the Post Office to utilise its 11,500-strong network, as well as the concept of shared branches, are also under discussion.
Mr Cable says communities must not be cut off from basic banking services
Speaking to Sky News, Mr Cable said: "There are a lot of people who are not connected who also need to do basic banking functions, and we mustn't be in a position where large numbers of villages and other small communities are effectively being cut off from banking.
"If the banks cannot perform that service we need an adequate substitute, and they've got a responsibility to help provide it."
In his letter to the banks, he added that they should "think about… how to address any additional financial and operational burdens on the Post Office", implying that they could face a substantial bill.
Last month's meeting convened by Mr Cable included representatives from consumer groups, the Competition and Markets Authority and the British Bankers' Association (BBA).
In a response to Mr Cable, Antony Jenkins, Barclays' chief executive, said the bank "aimed to leave no community without the ability to transact - meaning that, if we do choose to close a branch, we work closely with the local community to determine if there are other ways to support its day-to-day banking needs".
Ross McEwan, chief executive of RBS, said the bank had seen a 30% decline in branch usage since 2010, adding that it would be spending £1bn to improve physical and digital banking infrastructure for customers.
The acceleration of branch closures fits against a broader backdrop of financial inclusion, with major banks under political pressure to continue serving unprofitable customers even as regulators demand that they hold more capital to protect them in the event of another industry crisis.
Last month, the nine biggest high street lenders said they would launch fee-free basic bank accounts as part of an agreement engineered by the Treasury.
The Anglo-South African financial services group Investec has joined a cluster of international banks eyeing bids for the international arm of Coutts, the wealth manager whose customers include Her Majesty The Queen.
Sky News understands that Investec is among at least half a dozen parties to have expressed interest in buying Coutts International, which has been put up for sale by its owner, Royal Bank of Scotland (RBS).
Coutts International is expected to change hands during the course of 2015, having been identified as non-core by Ross McEwan, RBS' chief executive.
The sale will form part of a wider retrenchment from the global empire-building which became the hallmark of Fred Goodwin, the former RBS boss who took the Coutts brand to mainland China in an attempt to tap demand from the country's fast-growing middle classes.
It is unclear exactly how much the Coutts International business is worth, although analysts have speculated that it could fetch between £500m and £650m.
Video:Coutts CIO On European economy
A sale will not include a licence to use the famous wealth management brand, which will remain attached to Coutts' UK operations.
RBS is retaining the domestic franchise, which is among the world's oldest private banks, with a heritage dating back to the late 17th century.
Investec, which is understood to have hired advisers to help it plot a takeover, has been expanding its wealth management activities rapidly in recent years, with profits rising sharply as a result.
It will face stiff competition for the Coutts International unit, however.
The Singaporean bank DBS and French lender Societe Generale are in talks to team up to buy the business and carve it up along geographical lines.
Other bidders are said to include Intesa Sanpaolo, the Italian bank, Brazil's BTG Pactual, and Julius Baer, the Swiss private bank.
Goldman Sachs, the investment bank, is overseeing the auction.
Written By Unknown on Minggu, 04 Januari 2015 | 14.47
A lawsuit has been filed against Apple, accusing the technology giant of promising more available storage space than it actually delivers in its iPhones, iPads, and iPod touch devices.
The plaintiffs argue that while Apple advertises 16 gigabytes of digital storage on lower price models of gadgets such as iPhones, about a fifth of that is eaten up by the latest operating software.
The percentage of space touted as available for digital content such as photos, video, or music shrinks further on Apple gadgets built with eight gigabytes of storage, it is claimed.
Apple's latest operating system, iOS 8, which was beset with problems when it launched in September, takes up as much as 23.1% of storage capacity on some devices.
The lawsuit is being brought on behalf of two men from Florida, Paul Orshan and Christopher Endara, in a District Court in Northern California.
They also complain that once Apple gadget owners reach limits to data storage, they are prompted to pay monthly fees for digital locker space online at the Californian based-firm's iCloud service.
The lawsuit says: "Using these sharp business tactics, (Apple) gives less storage capacity than advertised, only to offer to sell that capacity in a desperate moment, eg when a consumer is trying to record or take photos at a child or grandchild's recital, basketball game or wedding.
"Each gigabyte of storage Apple shortchanges its customers amounts to approximately 400-500 high resolution photographs."
Lawyers behind the suit are seeking class action status along with punishments that include Apple turning over all profits from sales of gadgets at issue in the case.
Apple has so far declined to comment to the media on the matter.
Apple has been embroiled in countless lawsuits with tech rival Samsung over recent years. The smartphone and tablet makers have accused each other of infringing patents in intellectual property battles around the world.
Vince Cable has summoned Britain's biggest banks for fresh talks about branch closures after their bosses refused to renew a promise not to close hundreds of rural outlets.
Sky News has learnt that the Business Secretary has asked executives from the five largest high street lenders to attend a meeting later this month following initial discussions in December.
Mr Cable wants the banks, including Barclays, Lloyds Banking Group and Royal Bank of Scotland (RBS), to make a binding commitment not to close branches when they are the last one remaining in a local community.
However, letters from senior bankers make it clear that rapid technological changes, with customers now performing billions of transactions remotely each year, have rendered such a pledge obsolete.
A sign in the window of a shut bank branch
Figures compiled by community banking campaigners suggest that half of the UK's bank branches have shut since 1989.
Lloyds alone has said that it will close 200 branches during the next three years, although this will be partly offset by 50 new sites to be opened by the taxpayer-backed bank.
Instead, insiders said the banks have agreed to draw up a framework covering circumstances in which they could close a community's last branch.
This would include better information for customers about alternative banking arrangements in their area.
A broader partnership with the Post Office to utilise its 11,500-strong network, as well as the concept of shared branches, are also under discussion.
Mr Cable says communities must not be cut off from basic banking services
Speaking to Sky News, Mr Cable said: "There are a lot of people who are not connected who also need to do basic banking functions, and we mustn't be in a position where large numbers of villages and other small communities are effectively being cut off from banking.
"If the banks cannot perform that service we need an adequate substitute, and they've got a responsibility to help provide it."
In his letter to the banks, he added that they should "think about… how to address any additional financial and operational burdens on the Post Office", implying that they could face a substantial bill.
Last month's meeting convened by Mr Cable included representatives from consumer groups, the Competition and Markets Authority and the British Bankers' Association (BBA).
In a response to Mr Cable, Antony Jenkins, Barclays' chief executive, said the bank "aimed to leave no community without the ability to transact - meaning that, if we do choose to close a branch, we work closely with the local community to determine if there are other ways to support its day-to-day banking needs".
Ross McEwan, chief executive of RBS, said the bank had seen a 30% decline in branch usage since 2010, adding that it would be spending £1bn to improve physical and digital banking infrastructure for customers.
The acceleration of branch closures fits against a broader backdrop of financial inclusion, with major banks under political pressure to continue serving unprofitable customers even as regulators demand that they hold more capital to protect them in the event of another industry crisis.
Last month, the nine biggest high street lenders said they would launch fee-free basic bank accounts as part of an agreement engineered by the Treasury.
We use cookies to give you the best experience. If you do nothing we'll assume that it's ok.
Video:Cap Pledge On Public Sector Payouts
A cap would be introduced to curb hefty six-figure redundancy pay-offs for public sector bosses the Tories have promised, if they are returned to office in May.
The party will pledge in its election manifesto to impose a £95,000 limit on payments in the public sector, according to Conservative Treasury Minister Priti Patel.
The move comes in the wake of a string of controversial taxpayer-funded golden goodbyes.
These include severance payments of more than £450,000 in the Civil Service, £500,000 in the NHS, and £1m in the BBC.
Latest figures show the national average redundancy payout is £13,396.
1/9
Gallery: Big Public Sector Payouts
George Entwistle, former director general of the BBC Paid £475,000 after just 54 days in the job
Mark Byford, former deputy director-general of the BBC Pay-off of £949,000
]]>
Caroline Thomson, ex-chief BBC operating officer Paid £670,000
]]>
Katherine Kerswell, former managing director of Kent Council Paid £420,000 and later given civil service job
]]>
Michael Lockwood, chief executive of Harrow Council Given £168,000 when role made redundant, then rehired to same position
]]>
Under the Conservative plan, public sector staff earning less than £27,000 will be exempt from the cap in order to protect the small number of low-paid, long-serving public servants who might otherwise have been hit.
Latest figures show the average redundancy payout is £13,396.
Ms Patel told Sky News: "This is a clear commitment by the Conservative Party, for our next manifesto, to bring an end to this culture where people who are highly paid in the public sector receive these automatic redundancy payments that are extremely high, compensation payments and pensions pots, that are funded by hard-working taxpayers."
The Minister said the cap would not apply to MPs losing their seat at the next election, as they were regulated under a different system operated by the parliamentary watchdog.
Members failing to be re-elected at the May poll will receive a resettlement grant based on length of service, up to a maximum of six months salary - £33,530 based on current pay.
Video:Tory Redundancy Cap Plan Criticised
Labour's Shadow Health Minister Jamie Reed argued the Conservatives should have acted sooner to tackle the issue of redundancy payouts
He said: "David Cameron can't get away from the fact that this horse has already bolted.
"He wasted £1.6bn on redundancy payouts to NHS managers as part of his reckless reorganisation.
"Frontline NHS staff found it galling that 4,000 managers who received pay-offs are now back in NHS jobs."
And unions point out the proposed cap will not apply retrospectively, meaning that those who have already received pay-offs will be able to keep them.
Recommended by Outbrain Recommended by Outbrain
Top Stories
Breaking News: Crew Rescued After Car Carrier Runs Aground
Fears For Eight As Vessel Overturns Off Scotland
Second Palace Denial Over Andrew Sex Claims
Breaking News: Man Stabbed To Death In Manchester
British Ebola Nurse Now Critical In Hospital
Tory Vow To End Hefty Taxpayer-Funded Payouts
We use cookies to give you the best experience. If you do nothing we'll assume that it's ok.
Video:Cap Pledge On Public Sector Payouts
A cap would be introduced to curb hefty six-figure redundancy pay-offs for public sector bosses the Tories have promised, if they are returned to office in May.
The party will pledge in its election manifesto to impose a £95,000 limit on payments in the public sector, according to Conservative Treasury Minister Priti Patel.
The move comes in the wake of a string of controversial taxpayer-funded golden goodbyes.
These include severance payments of more than £450,000 in the Civil Service, £500,000 in the NHS, and £1m in the BBC.
Latest figures show the national average redundancy payout is £13,396.
1/9
Gallery: Big Public Sector Payouts
George Entwistle, former director general of the BBC Paid £475,000 after just 54 days in the job
Mark Byford, former deputy director-general of the BBC Pay-off of £949,000
]]>
Caroline Thomson, ex-chief BBC operating officer Paid £670,000
]]>
Katherine Kerswell, former managing director of Kent Council Paid £420,000 and later given civil service job
]]>
Michael Lockwood, chief executive of Harrow Council Given £168,000 when role made redundant, then rehired to same position
]]>
Under the Conservative plan, public sector staff earning less than £27,000 will be exempt from the cap in order to protect the small number of low-paid, long-serving public servants who might otherwise have been hit.
Latest figures show the average redundancy payout is £13,396.
Ms Patel told Sky News: "This is a clear commitment by the Conservative Party, for our next manifesto, to bring an end to this culture where people who are highly paid in the public sector receive these automatic redundancy payments that are extremely high, compensation payments and pensions pots, that are funded by hard-working taxpayers."
The Minister said the cap would not apply to MPs losing their seat at the next election, as they were regulated under a different system operated by the parliamentary watchdog.
Members failing to be re-elected at the May poll will receive a resettlement grant based on length of service, up to a maximum of six months salary - £33,530 based on current pay.
Video:Tory Redundancy Cap Plan Criticised
Labour's Shadow Health Minister Jamie Reed argued the Conservatives should have acted sooner to tackle the issue of redundancy payouts
He said: "David Cameron can't get away from the fact that this horse has already bolted.
"He wasted £1.6bn on redundancy payouts to NHS managers as part of his reckless reorganisation.
"Frontline NHS staff found it galling that 4,000 managers who received pay-offs are now back in NHS jobs."
And unions point out the proposed cap will not apply retrospectively, meaning that those who have already received pay-offs will be able to keep them.
Recommended by Outbrain Recommended by Outbrain
Top Stories
Breaking News: Crew Rescued After Car Carrier Runs Aground
