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.
British Airways To Ground Part Of Their Fleet
In a move which has never been seen in recent history, British Airways will be grounding part of their fleet in order to reduce the soaring fuel bill which the company is experiencing. As the price of oil moves higher, hitting $128 on Friday, it seems that the time has come to cut back on flights, and try to fill as many planes as possible. This is an extraordinary move when you consider the c...Read More
HBOS in talks with Lloyds Bank about a merger
News is breaking, unofficially, that HBOS is in advanced talks with Lloyds Bank about merging the operations of the two UK giants. While the HBOS share price continues to fall - hitting a sub-£1 level earlier today - it seems as though things may be happening behind the scenes. A takeout price of £3 a share is being mooted but whether this price is still 'good to go' after the recent fall rema...Read More
Investors 'sticking with shares'
Almost nine in ten Britons remain shareholders, a new report has shown.TD Waterhouse's latest Investor Confidence Index also found that many investment products have actually increased in popularity over the past 12 months, despite the volatility on the financial markets.For example, stocks and shares ISAs were now held by 58 per cent, over 2007's total of 48 per cent.Sipp volumes had also increas...Read More
Making the most of your tax-free investment vehicles
While the UK government's budget received significant criticism after the initial excitement died down it is worth remembering that the amount which you can invest into Individual Savings Accounts (ISAs) has been increased from £7,200 to £10,200. For those in a position to look longer term with regards their investments and their savings the option to place more of your assets under a tax-free "...Read More
NestlÃ© announcement plays into the hands of Kraft Foods
US giant Kraft Foods is today in prime position with regards to a potential takeover of UK chocolate manufacturer Cadbury. Despite speculation that NestlÃ© was about to enter the bidding the company has today confirmed it will neither bid on its own or as part of a consortium. This announcement puts more pressure on US outfit Hershey which was seen by many as a potential consortium partner with...Read More