PRESS DIGEST-British Business - Jan 16
Jan 16 (Reuters) - The following are the top stories on the business pages of British newspapers. Reuters has not verified these stories and does not vouch for their accuracy.
MARK CARNEY REJECTS ED MILIBAND'S BANK SHAKE-UP PLAN
The Governor of the Bank of England has rejected Ed Miliband's plans to shake up the UK banking industry. In a blow to the Opposition leader's attempt to appear tough on big business, Mark Carney dismissed plans to break up the UK's biggest banks and questioned whether caps on bonuses were the right to way control pay.
HECTOR SANTS LINED UP TO LEAD CHURCH OF ENGLAND TASKFORCE
Sir Hector Sants, who resigned from his role at Barclays just two months ago due to stress and exhaustion, is being lined up by the Archbishop of Canterbury with a view to drive payday lenders such as Wonga out of business and create a new way of thinking about finance.
BANK OF AMERICA PROFIT BEATS FORECAST AS MORTGAGE LOSSES EASE
Bank of America Corp, the No. 2 U.S. bank, reported a stronger-than-expected quarterly profit, driven by a steep fall in mortgage losses and provisions to cover bad loans.
EU MOVES TO CURB FOOD PRICE BETS BY TRADERS
The European Union has voted through rules to limit the ability of banks and hedge funds to bet on food prices. Arlene McCarthy, a Labour MEP for the north-west, said the new rules, known as Mifid, would "curb speculation and help decrease price volatility and inflation" which had a "devastating impact on poor and food dependent countries".
FOREX INQUIRY GATHERS PACE AS U.S. INVESTIGATORS FLY IN
America has stepped up its investigation into the market-rigging scandal engulfing the banking sector by sending a team to London to question bankers over the alleged manipulation of foreign exchange benchmarks.
HOUSE PRICES 'WILL RISE FOR TWO MORE YEARS'
The Bank of England expects house prices to rise by about 10 percent over the next two years before the market cools. Although the Bank does not publish its housing projections, Mark Carney, the Governor, revealed to MPs on the Treasury Select Committee that it expected prices to continue rising at their present pace until late next year, before moderating in 2016.
BURBERRY SHARES JUMP 6 PCT AS BRITISH LUXURY RETAILER SEES STRONG GROWTH IN CHINA
Burberry shares jumped more than 6 percent as the 158 year old British luxury brand posted 14 percent rise in third quarter sales with Chinese sales growth back in double digits, allaying fears that the region is experiencing difficulties.
TAYLOR WIMPEY BOSS PETE REDFERN WARNS AGAINST 'HELP TO BUY' EXTENSION
Taylor Wimpey chief Pete Redfern has warned against any long-term extension to the Government's Help to Buy scheme, currently fattening sales and profits across the housebuilding sector.