Saturday 20 January 2018

Bank of England official wants rates to rise

Martin Weale who has previously voted in favour of rate hikes
Martin Weale who has previously voted in favour of rate hikes

The Bank of England will need to start raising interest rates sooner than investors expect as inflation recovers from current low levels, said a policymaker at the central bank.

Martin Weale said the Bank expected inflation to rise above its target of 2pc by mid-2017 and it would need to raise rates gradually in response. "In my view, rates will also have to rise somewhat earlier than market participants expect," he said.

Companies paid bills quicker than in 2013

Irish businesses paid their bills more than three days faster in the fourth quarter of 2014 compared to the same period in the previous year, according to the latest figures from global information services company Experian.

Invoices were settled an average of 20.32 days beyond terms in the fourth quarter of last year, improving from the 23.13 days during the corresponding months in 2013. The improvement is even greater when compared to the fourth quarter of 2012, when Irish businesses took an average of 26.62 days beyond terms to pay bills.

Businesses in Donegal are paying their bills the fastest, while Carlow firms are the slowest.

HSBC apologises over tax practices

HSBC has apologised to customers and investors for past practices at its Swiss private bank after allegations that it helped hundreds of clients to dodge taxes.

Europe's largest bank said in full-page advertisements in British newspapers that recent media coverage that focused on the Swiss operation and financial affairs of some of its clients had been a painful experience and that standards in place today "were not universally in place" in the past.

"We therefore offer our sincerest apologies," the advertisement said. It is addressed to customers, shareholders and colleagues and is signed by chief executive Stuart Gulliver. (Reuters)

Irish Independent

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