|Lloyds Banking Group plc slams 'fraudulent' PPI mis-selling claims as profits rise|
|Thursday, 03 May 2012 08:36|
News round up: Lloyds Banking Group, Bank of England, Recovery, Carlyle Group and Basel III.
Bank of England
More than a million people may have lost their jobs unnecessarily because the Labour Government failed to act on warnings from the Bank of England which could have prevented the recession, Sir Mervyn King claims. The Bank governor claimed that action by Gordon Brown’s administration had been "too late" to prevent the banking crisis causing a recession, which led to the sharp increase in unemployment.
Britain’s economy is likely to resume growth in the summer with the recovery gaining pace next year, the CBI today forecast. In its latest quarterly outlook, the business lobby group also sees interest rates remaining at their record low of 0.5% until the final quarter of 2013, when it expects a rise.
For a firm that prides itself on fattening companies up for a stock market listing, Carlyle Group has had a surprising struggle with its own flotation. The rivate equity group will begin trading on the Nasdaq exchange in New York today at a market valuation that is nearly $1bn (£620m) lower than it had hoped.
George Osborne has warned the European Union that Britain will refuse to sign up to "idiotic" proposals that would water down tough international rules on bank capital requirements. During angry exchanges, the Chancellor told a meeting of Europe’s finance ministers on Wednesday night that EU measures to implement "Basel III" bank rules would be ridiculed by financial markets and the banking sector because it so clearly failed to enforce clear and tough rules. "We are not implementing the Basel agreement as anyone who will look at this text will be able to tell you.
Newer news items:
Older news items:
Follow @theSMExpert on Twitter
Latest From SME Web
- Halfords Group plc planning three-year turnaround
- Sony considers giving up part of entertainment arm
- SSE plc's rise in profits angers customers
- Marks and Spencer Group plc looking to turn around clothing sales with new autumn and winter collection
- Yahoo! Inc's acquisition of Tumblr shows that the digital media company "means business"
- Majority of UK business owners would set out on their own again despite difficulties