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.
Barclays Bank in a spot of bother regarding recent fundraising
It has been revealed that Barclays Bank has been unsuccessful in its attempt to persuade Middle East investors to soften their price which was agreed only a couple weeks ago. The move comes as Barclays investors back in the UK threaten to scupper the deal because of the fact the company is giving away nearly one third of the shares when the UK banking sector has never been so depressed.
With Zoom Down Who Will Be Next?
As news filters through that Zoom airline is now dead and buried, leaving thousands of passengers out of pocket and many stranded, the guessing game goes on as to who will be next to feel the heat. While Zoom join a list which includes MaxJet, Eos and Silverjet many believe that this is just the start of the action and many more will fold as the price of oils continues to remain relatively high.<...Read More
Setanta back up and running
Satellite TV company Setanta is this evening taking subscriptions again after apparently securing a last-minute reprieve. The company has been in discussions with a number of interested parties with regards to a rescue package which would see SPL and Premier League Football games continue to be beamed live in the UK. The company had apparently died a death just last week but funding initiatives ar...Read More
BAA Sues Ryanair For Unpaid Landing Fees
News that BAA is suing Ryanair for unpaid landing fees accumulated at the groups Stansted airport is probably the last bit of news the company would want in the public eye at the moment. While there is no suggestion whatsoever that the group is not able to pay the fees, the headlines in the press could easily be misinterpreted.
The argument goes back to April this year when BAA dec...
Woolworths rises from the ashes
In a move which has stunned many in the retail sector it has been revealed that Woolworths has been acquired by online retailer Shop Direct and will be reborn as an online entity. Shop Direct is the owner of Littlewoods and is looking to relaunch the Woolworth's brand name in the virtual arena over the next few weeks.
Unfortunately for the 30,000+ former Woolworths employees the fac...