Young Scots may flee south of the border to take advantage of the plans announced yesterday to provide cheaper housing to first time buyers, The Scotsman says today.
The threat is seen as very real given John Prescott’s department will only apply the 5-year housing action plan to England and Wales, while house price rises in some parts of Scotland continue to remain among the biggest nationwide.
Drawing young educated Scots south could also spark another type of brain drain, the paper warns, especially considering figures now suggesting the average age of the first time buyer in Scotland has hit 37.
CITYGROUP, the world’s biggest financial services group, has become embroiled in another scandal, this time concerning the actions of its traders in the market for German government bonds.
The FT reports that country’s financial markets regulator BaFin has reported evidence of criminal wrongdoing and asked prosecutors to start a case against the company.
Investigations by BaFin and other regulators across Europe have focused on the actions of a number of traders who dumped 11bn euros of bonds on the market in the space of two minutes, only to buy 4bn euros worth back at a lower price soon after.
Citigroup netted some 17m euros from the action, which forced EuroMTS, the provider of the platform on which the bonds are traded, to introduce trading limits to restrict the volatility unleashed by the bank’s actions.
SWISS RE IS set to follow Friends Provident, Barclays Life and NPI in securitising a large chunk of its closed life book, the FT says.
The company has been buying up other closed life funds through its Admin Re subsidiary, including Life Assurance Holding Company and the closed book of Zurich Life in the UK, and others in the US, the paper writes.
Swiss Re is expected to issue three tranches of securities, paying an average coupon of 6.96% over periods of between six to 11 years, freeing up some $210m to fund growth.
Admin Re is still on the lookout for more deals, with the FT noting Banco Santander Central Hispano’s closed funds Scottish Mutual and Scottish Provident are set to be sold once its takeover of Abbey is complete.
ACCOUNTANTS ARE SHEDDING their passive image to come out fighting against plans to merge the industry’s three main professional associations, reports The Daily Telegraph
A majority of members of the Institute of Chartered Accountants in England & Wales (ICAEW), the Chartered Institute of Management Accountants (CIMA) and the Chartered Institute of Public Finance & Accountancy (CIPFA), have rejected a merger in a poll just published.
The said, a spokesperson for the ICAEW says the three are “wedded to the principle of consolidation. The issue is one of detail,” the paper reports.
If combined, the single association would have some 200,000 members and 80,000 students.IFAonline
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