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.
Are there problems in the US banking system?
After news that the Financial Services Authority has fined a third Morgan Stanley dealer for alleged trading violations there are serious concerns about regulatory and monitoring systems within many of the world's largest banking companies. While the headlines today and tomorrow will centre on Morgan Stanley and the new fine issued by the FSA there are concerns that the worldwide financial system...Read More
Concern and confusion over National Express
Reports in the weekend press suggested that the Cosmen family, the largest single investors in National Express, were so disturbed by the developments at the company that the chairman Jorge Cosmen was in fact looking to resign. The family has today issued a statement suggesting that no resignation is imminent although it is well-known that the family would rather the company reopened negotiations...Read More
When will the banks help small UK businesses?
While the UK banks have already signed up to a new charter, as part of the rescue package, promising to assist both larger and smaller UK businesses we have yet to see any meaningful change in packages and rates on offer. The last week has seen the government place some pressure on the sector to help out small businesses but some people believe this is too little too late for many.
Investors 'moving from energy, into financials'
Fund managers are moving into bank shares - and out of oil and other energy stocks, the Guardian reports.According to a new survey from Merrill Lynch, investment professionals overweight in oil and gas fell in July from 52 per cent to 11 per cent, the Guardian reports.This reflected continuing falls in crude oil from this year's peak of $147.Currently, it is trading at around $120, despite the con...Read More
Airline industry suffers another blow
The ongoing impact of the worldwide recession is being felt in the air industry with private jet company Air Partner forced to place its PJ Operating Company into administration due to a large drop-off in demand. This is yet the latest piece of negative news for the airline industry which has been suffering from a number of factors which include high fuel prices, lower passenger numbers and an eve...Read More