Image Caption

Kenneth joins the PPF from Morgan Stanley, where he is managing director and head of UK fixed income institutional and pensions coverage. PPF’s executive director of financial risk, Martin Clarke, said: “Our investment portfolio has become increasingly sophisticated and has received considerable industry recognition for its innovation and performance. We believe that Barry will bring to the PPF the expert knowledge and extensive experience needed to build on that success. “Barry will have a crucial part to play in developing PPF’s investment function, to help make sure we continue to pay compensation to our members for as long as they need it and achieve the PPF’s target of securing financial self-sufficiency by 2030.” Kenneth said: “I am looking forward to contributing to the organisation’s further success while playing an important part in providing real security to millions of pension scheme members. At present, Weir is the head of corporate insolvency at Barclays Corporate. Favier will be stepping down in July 2013. Nearly, 1.4bn in recoveries has been alloted by PPF, since it commenced in 2005. Clarke said: “This is a complex and important part of our business which is aimed at minimising the impact on levy payers of schemes entering the PPF. “Favier, who has been with us since the beginning, has played a crucial role in the success of the organisation and we wish him well for the future. We believe that Weir is the ideal replacement, bringing the right level of expertise, knowledge and experience to the role. We look forward to him joining us.” Favier said: “My time at the PPF has been busy, interesting and challenging, to say the least. It was a difficult decision to stand down from my role here but I am sure that Weir will continue the good work. The PPF is an important organisation and it has been a real privilege to play a small part in providing vital protection for PPF members.” (c) 2013 Euclid Infotech Pvt.

Assetz Capital Charges into Peer to Peer Lending Space in United Kingdom

Keywords: By LANANH NGUYEN & LAURA HURST LONDON (Bloomberg) — Ineos Group Holdings is shutting the 210,000 bpd Grangemouth oil refinery and petrochemical site before a strike this weekend that could halt 45 % of the United Kingdoms crude production. The company is progressively stopping units before a 48- hour industrial action planned by Unite union workers, scheduled to begin on October 20. Were currently going through a safe shutdown of the site, Richard Longden, a spokesman for Ineos, said by phone from London. The units will be brought to a cold status by the time the strike action starts. Grangemouth workers held a two-day strike in April 2008 that cut North Sea oil output and disrupted fuel supplies across Scotland. The site supplies power and steam to BP’s neighboring Kinneil processing plant, which handles oil from the companys Forties Pipeline System gathered from more than 80 offshore fields. FPS is scheduled to load 387,000 bpd of crude in October, according to a shipping program obtained by Bloomberg news. Union representatives and Ineos will meet for talks mediated by the United Kingdoms Advisory, Conciliation and Arbitration Service after discussions ended without resolution, Unite said in a statement. The discussions are scheduled in Glasgow, Scotland, according to the United Kingdom Department of Energy and Climate Change. Forties Output Were in touch with Ineos to establish the possible impact of the shutdown, Robert Wine, a London-based spokesman for BP, said by phone. Operations at the Kinneil plant will depend on the outcome of negotiations between Ineos and the union, he said. Forties output averaged 382,000 bpd this year, according to loading programs obtained by Bloomberg News. The United Kingdoms average crude production was 850,000 bpd this year, data from the International Energy Agency show.

Ineos shutting Scottish refinery; may cut 45% of United Kingdom oil output

You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts. Any opinions, news, research, analyses, prices or other information contained on this story, by FXstreet.com, its employees, partners or contributors, is provided as general market commentary and does not constitute investment advice. FXstreet.com will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information. Big News! FXBeat: Beat the Market with FXstreet , the new news and opinion feed by Jamie Coleman and Gerry Davies! Related Content Blog Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement . Please read our privacy policy and legal disclaimer . Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose.

United Kingdom September DCLG House Price Index (YoY) improves to 3.8% vs 3.3%

Andrew Holgate: Around 90% has some form of property as security for the loan. However we have taken charges on other assets such as boats as well as plant and machinery. KV: With an average annual interest rate of 10.3% this appears to be very high compared to traditional loans. Andrew Holgate: Banks currently lend at around 5%-7%. Our rates are higher for a number of reasons. Banks currently are risk-averse meaning they have very tight lending criteria. They may turn down a loan that is affordable and has lots of security simply because it doesnt match their criteria. This doesnt make it a bad loan but with the risk being higher than conventional bank debt, the interest rate is higher. Also, banks use leverage. This means for every 1 they have in deposits they will make 5 of loans. For every 1 our lenders have, we make 1 in loans. This means the banks can charge less for the loans as they can do more lending on a pound for pound basis. This makes them cheaper. I dont think I need to explain why this is a potential problem for banks! We also live in times where base rate is very low at 0.5%. This has led to a feeling that 10%+ is expensive. Yet only 15 years ago we saw base rate at 5%-7% and lending rates at 10%+. We are not too far away from traditional rates. KV: How many loans have failed and how do you manage the process of the debt holders collecting on the Asset? Andrew Holgate: So far, no loans have failed. We have the most senior lending team in UK P2P lending and go to great lengths to ensure that the businesses we lend to are creditworthy, and believe that were among the best equipped to minimise and deal with defaults. More detail is given is available on our web site but in short the team has over 50 years experience in default management and insolvency. Having tangible security on each loan gives us a big advantage: in the event of a default, well be able to use this to ensure that were able to recoup as much of the original investment as possible in order to protect our lenders we estimate that our default rate will be around 2%, but that our actual loss rate will be substantially lower than 1%. This wouldnt be possible if we relied only on personal guarantees from directors. If a business does struggle to repay a loan, we will act on the first missed payment we have an in-house insolvency expert and well do everything possible to help businesses repay their loans, using the advice of well-established firms such as Grant Thornton to manage the process, and doing everything possible to help businesses to repay their loans.