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.
Worldwide stock markets under pressure
There is concern and anguish on the face of many investors today as worldwide stock markets continue to head south amid signs that the US economy is under pressure and the rising value of the yen, which hit a 15 year high against the dollar and a nine year high against the euro, is beginning to impact upon Japanese exports. The yen is seen by many as safe haven during troubled times and the ver...Read More
Glossary of Investment Terms (K)
The following are useful investment terms beginning with ‘K’ Key Features Document A document that contains key information on a financial product, such as: 1. An explanation of the purpose, commitment and risks involved, as well as answers to some of the most commonly asked questions. 2. Details of what the policy might be worth in future years. 3. Details and exp...Read More
HBOS Funding Raising Under Pressure
While the new shorting disclose rules were introduced to try and create a transparent market the plan seems to have backfired somewhat on the HBOS share price. The shares came under severe pressure after investment bank UBS issued a research note suggesting that the company would see mortgage arrears rise substantially throughout 2008, putting yet more strain on the group’s balance sheet.
Business and Enterprise Minister thinks outside of the box
Mark Prisk, the UK government's business and enterprise Minister, has today introduced a very interesting topic into the small business arena. As the liquidity crisis continues in the UK financial arena he believes that some small businesses should be looking to swap equity for additional funding in the short to medium term. While this is commonplace in the property sector it is not something that...Read More
Did Merrill Lynch benefit from the Lehman Brothers collapse?
As the timeline for the collapse of Lehman Brothers continues to unfold there is a feeling that Merrill Lynch may well have benefited from insider knowledge that the company was going under. Rumours have been rife for days that Merrill Lynch was struggling to stay afloat and the onset of last ditch talks to avert the collapse of Lehman Brothers seems to have alerted others in the market to act so...Read More