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.
Is Ferrero still sweet on Cadbury?
Ferrero, the famous Italian chocolate group, is still said to be sweet on UK confectionery giant Cadbury despite the company being fairly quiet over the last few weeks. While the speculation of late has been on Kraft foods, which has tabled a £10 billion offer, and US outfit Hershey, it would appear that Ferrero is making noises in the market to suggest it is not yet out of the running. So what n...Read More
Barclays bank under pressure regarding remuneration packages
Bob Diamond and John Varley, the two top men at Barclays bank, are today the centre of press focus after the company revealed future remuneration packages for the two. Bob Diamond, the head of Barclays capital, will be on a basic salary of £384,000 a year although with various perks and share entitlements this could multiply by around 150 times! It was only last year that Bob Diamond earned ju...Read More
Are We Entering The New Ethical Investment Age?
While so called ethical investing is not new to the UK financial markets it seems that many teenagers, who are potential investors of the future, are asking their parents to consider ethical investing for both their childrenÃ¢â‚¬â„¢s future investments and their own. It seems that the young of today have very much grabbed the ethical trend of recent years and look likely to take it to t...Read More
When will the UK government give up control of Royal Bank of Scotland and Lloyds bank?
Despite talk just a few weeks ago that the UK government was looking towards a sale of share stakes in Lloyds bank and Royal Bank of Scotland it would appear that taxpayers will have a significant exposure some time to come. A mixture of disappointing figures and reduced liquidity in the market place appears to have placed Lloyds bank and Royal Bank of Scotland at the bottom of the recovery curve....Read More
Standard Chartered announces £3.3 billion rights issue
Standard Chartered, the UK-based banking operation with major exposure to the Far East, has today announced a £3.3 billion rights issue which will boost the company's core tier 1 capital ratio. This is the measure of financial strength in the worldwide banking sector and the additional funding is required to comply with forthcoming Basel III rule changes on capital adequacy. This comes despite th...Read More