The UK’s gold exports have surged nearly tenfold this year as investor selling drives the bullion out of London vaults into the hands of Asian consumers, reports the Financial Times.
UK gold exports to Switzerland, the hub of the gold refining industry, leapt to 798 tonnes in the first six months of the year, up from just 83 tonnes in the first half of 2012, according to data from Eurostat, the European Union’s statistics office.
Asia markets plummet as investors turn back to West
Shares and currencies suffered heavy losses across a range of emerging markets yesterday amid fears about sputtering growth and the impact of tighter American monetary policy, reports The Times.
India was one of the principal casualties as the rupee crashed to a record low against the dollar, driven down by investors’ concerns about the country’s yawning current account deficit and rapidly weakening economy.
Bank of Spain figures show ‘bad bank’ loans rise to new high
Spain’s bad bank loans hit a fresh high in June, according to Bank of Spain figures that underscore the continued fallout from the country’s property crash, reports the Guardian.
Bad loans as a proportion of total credit rose to a record 11.6 per cent or €176.4bn (£150.5bn) in June, Bank of Spain data showed on Monday.
Men’s bonuses more than twice size of women’s: Male managers take home £140,000 more in a lifetime
Men receive bonuses more than twice as large as those of their female counterparts, meaning they each earn nearly £150,000 more over their working lives, reports the Independent.
The “shocking” disparity in bonuses compounds the fact that male salaries are nearly 25 per cent higher than those of females, said the Chartered Management Institute (CMI).
Financial services companies lift salaries to beat bonus cap
Almost two-thirds of the UK’s financial services companies have increased salaries for key staff this year in anticipation of an incoming cap on bonuses, according to a survey highlighting how the EU-wide regulation is pushing up base pay, reports the Financial Times.
The cap will from next year limit bonuses by up to twice the level of salary, prompting some bankers to warn it will weaken links between performance and pay.
JPMorgan probed on US power markets
US prosecutors are investigating whether JPMorgan Chase manipulated US energy markets, people familiar with the matter said, in another sign that authorities have increased scrutiny over the embattled bank, reports the Financial Times.
The investigation follows a civil settlement JPMorgan reached last month with the Federal Energy Regulatory Commission over allegations the bank manipulated power markets in California and the Midwest.