Uk’s Royal Mail Soars On Stock Market Debut
Indian woman in UK forced to carry dead fetus in womb for two days
But the opposition Labour Party argues that the gains prove the government shortchanged taxpayers and could have gotten more than the 1.72 billion pounds ($2.75 billion) it received from the sale. “The government has a lot of explaining to do,” the Labour Party’s business spokesman, Chuka Umunna, wrote on Twitter. The privatization is symbolic for the Conservative Party, the main party in the coalition government. Much of its electoral success in the 1980s under Prime Minister Margaret Thatcher was due to the sale at the time of state assets such as British Gas and British Airways. Business Secretary Vince Cable, who is a member of the Liberal Democrats, the junior party in government, dismissed claims the sale had been undervalued, telling BBC Radio that the sharp price rise was no more than “froth and speculation.” Big financial institutions, such as pension funds and sovereign wealth funds, are trading the shares Friday in what is known as conditional trading. Smaller shareholders who tended for only 750 pounds ($1,200) and bought through brokers were able to trade, too. Those who bought shares directly, including postal workers who got free stock, will get their chance to trade on Tuesday. Following Friday’s surge, the company is now valued at nearly 4.5 billion pounds ($7.2 billion), which means it is easily in the top 100 British companies by market capitalization. As a result, it could be listed on the FTSE 100, Britain’s main stock index, when the index is revised in December that would attract further investor interest. Analysts, however, say the company’s share price could be weighed down by the possibility of industrial action by unions unhappy with the privatization and an unclear growth strategy. Billy Hayes, general secretary of the Communication Workers Union, described the sale as “a tragedy” and said that despite the free shares for employees, a ballot next week was likely to back industrial action. “Vince Cable, one of the cleverest men in British politics, has made one of the stupidest decisions he is ever likely to make as a politician,” he told the BBC. SHARE 12 CONNECT 23 TWEET 1 COMMENTEMAILMORE Copyright 2013 The Associated Press. All rights reserved.
RPT-Fitch: Help-to-Buy Positive for UK RMBS, Risks Need Monitoring
Niranjana Kumaresan, a 33-year-old woman hailing from Chennai, filed a complaint with UK’s National Health Service (NHS) alleging that doctors and staff at Barnet and Chase Farm hospital in north London ignored her plea for help even after she repeatedly told them she had stopped feeling the baby’s movement and doctors themselves confirmed the baby’s heart beats were not detected. “I first felt the baby had become still on September 18, three days after my due date. The previous day I felt my water had broken and reported to the hospital with intense pain. The midwife examined the baby’s heart and felt its head position before sending me back home,” Niranjana told TOI over phone from their house in Middlesex. Doctors say considering Niranjana’s fetus was in oblique position and she underwent a caesarean for her first child, the delay risked not just the baby’s life, but the mother’s as well. “When a patient with history of C-section with oblique transverse lie comes with pain, show and leak, an emergency C-section should be done to save the baby and the mother,” said noted obstetrician-gynaecologist Dr Kamala Selvaraj. When Niranjana reported she couldn’t feel the baby’s movement, doctors allegedly tried to allay her fears saying it was because of the fever she had overnight. “She was advised to take a paracetamol without any examination,” said Niranjana’s husband Karthikeyan Kumaresan, a software engineer. Twelve hours later the couple called for the antenatal team which found traces of blood in her urine. “We were moved to a ward, but Niranjana wasn’t examined until three hours later,” said Karthikeyan, who along with Niranjana moved to the UK from Chennai six years ago. The midwife who came to examine Niranjana couldn’t detect the baby’s heart beat with the hospital’s mobile scan and the couple were asked to return the next morning. “We were so hassled and upset by then. They so casually asked us to return the next day even after realising the baby’s heart beat was missing. They tried downplaying our fear stating that the scan had probably stopped working which is why it failed to pick up the heart beat,” said Niranjana, who has a 6-year-old daughter.
Over the longer-term, an unsustainable rise in house prices and an increase in riskier lending could damage UK mortgage performance, and these risks need to be monitored. But a number of provisions in the scheme, combined with generally improved underwriting standards since the financial crisis, will help offset these risks. If it succeeds in getting a range of lenders comfortable with high loan to value (LTV) lending, the scheme could increase prepayment rates in UK RMBS transactions as it becomes cheaper to refinance existing high LTV borrowing with another lender. Data from Fitch-rated UK RMBS transactions show that annual prepayment rates fell to 5%-15% in 2009-2010, and remain below the range of about 20%-40% before the financial crisis. However, while they might increase, we would not expect prepayment rates to recover to pre-crisis levels, as total exposure of RMBS pools to high LTV loans would probably be relatively low, due to the presence of seasoned loans. Rising house prices and increased turnover in the property market would also be modestly positive for existing UK RMBS transactions. The Royal Institution of Chartered Surveyors (RICS) said Tuesday that the balance of surveyors reporting an increase in house prices last month had hit its highest level since June 2002. Borrowers who struggled to make payments would be more inclined to try and resume repayments if they were not in negative equity, and could potentially sell their house to repay their loan. The post-crisis rise in UK mortgage arrears stabilised in 2010 when house prices bottomed out, suggesting a connection between prices and arrears levels. Similarly, banks selling repossessed properties would recover more of their original advance in a rising and busier market, not just because prices are higher but because forced sale discounts would be lower. By increasing the availability and lowering the cost of high LTV lending, the government mortgage guarantee scheme arguably poses risks to the longer-term performance of the UK mortgage market, by encouraging riskier lending. However, we think these risks are mitigated by certain provisions in the scheme. These include affordability tests, the limited duration of the scheme, which will last for three years, and the fact that lenders are still exposed to some losses, and that once a lender provides a guaranteed mortgage product at a particular LTV, all of its lending at that LTV has to be guaranteed, limiting adverse selection. Nor can borrowers use the guarantee to re-mortgage with the same lender or to finance second homes or buy-to-let properties. In addition, the scheme is going to be monitored by the Financial Policy Committee at the Bank of England for its potential of raising systemic risk.
UK breaks ground on $65 million expansion of business college (Video)
The project is part of UKs overall capital improvement plan , which was approved earlier this year by the Kentucky General Assembly and signed by Kentucky Gov. Steve Beshear. No state tax dollars will be used in any of the UK construction projects, which also include a new science building and improvements to UKs football facilities and Commonwealth Stadium. The Gatton College expansion and renovation calls for an increase in space for educational programs, as well as technology enhancements to classrooms and laboratories. Beshear joined UK president Eli Capilouto and Gatton College Dean David Blackwell at todays groundbreaking, according to a news release. The project is slated for completion by spring 2016. Highlights include: Expanding the footprint of the college by 40 percent to 210,000 square feet; Adding a 500-seat auditorium designed for special events and large lectures; Creating 20 new classrooms and 40 collaborative study or breakout rooms; Building a special events hall with audio-visual components to accommodate dinners and lectures seating between 75 and 200 people. John R. Karman III covers these beats: Economic development and government, commercial real estate, transportation, utilities, sports business, lottery, tourism/conventions, higher education, nonprofits, Jeffersontown, Downtown, Central Area. Industries: