|Facebook Inc hit by growth slowdown in its main market of the US|
|Wednesday, 13 June 2012 08:21|
News round up: Facebook, Lloyds Banking Group, European Banking Union, Bank of England, Taxes, Company pension schemes.
Lloyds Banking Group
Lloyds Banking Group may claw back some of the £375m in bonuses paid out to top bosses last year after it was forced to set aside £3.57bn over mis-sold payment protection insurance. Anthony Watson, the bank’s senior independent director and chairman of the remuneration committee, told the Treasury select committee that no decision had been taken, "but of course we have to consider it" as the provision had triggered a £3bn-plus loss for the year. "I can assure you it will be part of our deliberations," Watson said.
European Banking Union
Germany's central bank has shot down EU proposals for a European banking union, warning categorically that eurozone liabilities cannot be shared without a fundamental shift towards fiscal and political union. Andreas Dombret, a key board member of the Bundesbank, said the grand plan by Brussels is premature and unworkable as constructed.
Bank of England
Banks must strengthen their capital positions now in order to protect the UK against a potential economic collapse in the future, a leading policy maker has warned. Paul Tucker, deputy governor of the Bank of England, said weak growth in bank lending remained a "serious" concern because households and small and medium-sized businesses relied on bank loans. With the "worst still possibly ahead of us", banks should take what opportunities they can to build their resources now, he added in a speech last night, The Telegraph writes.
Business must shout louder for the merits of lower taxes or the Government will be unable to cut the top rate of income tax to 40p, George Osborne warned yesterday. The Chancellor said that Britain was vulnerable to a return to the "politics of envy" and that anti-business sentiment was on the rise. Mr Osborne accepted that the Budget had caused "lots of bad headlines”, but he chastised bosses for the “near silence" with which they had greeted his politically tough decision to lower the top rate of tax from 50p to 45p.
Company pension schemes
The retirement crisis was thrown into sharp relief yesterday as official figures showed that the collective shortfall in company pension schemes had ballooned to a record £312.1bn last month. It marked the highest deficit in final-salary pension schemes since records began in May 2003, according to the Pension Protection Fund, the lifeboat for stricken schemes.
Newer news items:
Older news items:
Latest From SME Web
- Third of UK financial services still shun WiFi due to security reasons
- How to ruin your chances of referrals
- Employers miss commercial value of health programmes
- SMEs put larger businesses security at risk owing to lack data protection protocols
- FCA bans and issues largest ever fine of nearly £1m on a retail sole trader
- Lloyds Banking Group plc and Royal Bank of Scotland Group plc set to be sold off by George Osborne before election