Jan 16 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
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
TAYLOR WIMPEY BOSS PETE REDFERN WARNS AGAINST 'HELP TO BUY'
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