|FSA: Barclays plc not unfairly victimised but was "aggressive" with regulators for "years"|
|Wednesday, 11 July 2012 08:41|
News round up: Barclays, Annuity Rates, Iglo Group, German Constitutional Court, Spanish Banks and House of Lords.
Annuity rates fell 2.13% between March and June, piling further pressure on cash-strapped retirees. Aston Goodey, distribution and marketing director of MGM Advantage, said that rates could fall further still because of triple blow of new solvency rules requiring insurers to hold more capital, the impact of the Bank of England’s quantitative easing policy on gilt yields and the European Union’s gender ruling, which requires insurers to offer equal rates to both genders from December, writes The Times.
Private equity group Permira has shelved plans to both refinance and sell Iglo Group, the frozen food business which owns Birds Eye. Permira had been expected to announce a €500m (£395m) refinancing of Iglo this week after sale talks with two rival private equity houses broke down. Sources said on Tuesday that the terms of the proposed bond issue were “not attractive enough” to warrant raising the cash - a large chunk of which would have been returned to investors.
German Constitutional Court
The German Constitutional Court may take up to three months to rule on an injunction by private citizens and Left-wing lawmakers aimed at blocking the Eurozone bailout machinery, leaving markets hanging in suspense as the Eurozone debt crisis eats at confidence. Chief justice Andreas Vosskuhle said the court in Karlsruhe must be allowed a “constitutionally reasonable” period to weigh matters of great public significance, brushing aside warnings that any further delay by the Eurozone’s key creditor power would set off a disastrous chain of events.
Under the deal to bailout Spain's stricken banks, the Government must come up with a roadmap of structural reforms by the end of July. Spain has pledged to clean up the Spanish financial system and put its economy on the road to recovery after Eurozone finance ministers agreed a rescue deal for its banks.
House of Lords
Government plans to reform the House of Lords were in disarray on Tuesday night, after the coalition was forced into a climbdown by the threat of rebellion from up to 100 Conservative MPs. The MPs had been expected to defy the government and oppose its plan to limit the time available for debating proposals for a mainly elected second chamber of parliament.
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