Mervyn King turns on the bankers
Mervyn King, the governor of the Bank of England, yesterday hit back at the UK banking profession and admitted that UK regulators missed an opportunity to clamp down on excessive bonuses and remuneration packages during the depths of recession. As we covered in one of our earlier articles, Mervyn King was most certainly in apologetic mood yesterday and appeared to be attempting to curry favor with the unions.
Despite the fact that a number of union representatives turned their backs on the Mervyn King and walked out of during his speech he was given a far better reception than many had expected. When the governor of the Bank of England turns on the UK banking community then we know that the sector is most certainly public enemy number one. Quite why Mervyn King has taken this particular stance at this particular moment in time is something which is slightly puzzling.
However, the bottom line seems to be that the UK banking arena has been cut adrift more than ever before and historic friends that have defended the sector now appear to be turning against it. Whether the introduction of Mervyn King to the mix will make the UK banking arena think again is something which many people will be considering.
European Union meddles in accounting sector
Over the last few months there have been growing hopes of an agreement between international accountancy regulators regarding a convergence of accountancy practices. However, just as this worldwide convergence appeared possible the European Union has now stepped in with one of the most blatant power grabs by Brussels of late. Michael Barnier, the European Union's new internal market Commissio...Read More
The FTSE 100 comes under pressure
The UK stock market, after an encouraging start to 2010, is today under pressure amid concerns that the UK economy may well slip back into recession in the short term. After hitting a peak of just under 5500 in mid-January the market now stand at around 5275 with some investors concerned about the short-term outlook for UK stocks and shares. Whether this is just a short-term correction after a...Read More
Kraft Foods looking to sell two Cadbury offshoots
The ongoing sale of the Romanian and the Polish operations of Cadbury were demanded by the European Union as a condition upon clearance for the acquisition of Cadbury. The sale of the two operations will raise around EUR500 million and are not exactly integral parts of the main Cadbury business. However, the takeover of Cadbury by Kraft Foods has been one of the more controversial in the UK of lat...Read More
Marks & Spencer shareholders turn against Stuart Rose
Sir Stuart Rose, seen as the darling of the retail sector, is set to encounter a serious period of investor turbulence over the coming weeks and months. This is not the first time that Marks & Spencer investors have suggested that Stuart Rose has too much power at the company and too much of a free rein. However, contrary to popular corporate governance guidelines Sir Stuart Rose currently holds t...Read More
Barclays investors fear for the future
It has been revealed that a number of banking research analysts have expressed concern at the additional cost which Barclays bank has taken on to accommodate the Middle East multibillion pound refinancing. Initially there had been some cheer that the bank had organised the refinancing with such strong investment partners but the disclosure of the cost of raising the finance compared to the UK gove...Read More