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.
IMF transfers $400 million to Zimbabwe
The IMF (International Monetary Fund) has today confirmed that $400 million has been transferred to the IMF account of Zimbabwe which can be drawn down at any time for any reason. A further $102 million of international aid has been held in a suspended account until the Zimbabwe clears its $140 million debt with the IMF. Despite the fact that Zimbabwe itself is in the grip of a damaging political...Read More
Mike Ashley struggling to sell Newcastle United
The love hate relationship which Mike Ashley enjoys with the Newcastle United faithful looks set to go on for some time yet with news that no buyers have come forward for the troubled football club. However, news from Mike Ashley's Sports Direct International company is a little better with earnings for the first half of 2008 showing a 7.4% increase. This is in direct contrast to the likes of JD s...Read More
Sir Stuart Rose and his £2.8 million leaving present
Sir Stuart Rose, who many believe was the brains behind the recovery in Marks & Spencer, will see his salary boosted to £4.3 million after he received a £2.8 million bonus made up of shares and additional payments. It seems as though Marks & Spencer is waving goodbye to a whole host of directors who came in under the stewardship of Sir Stuart Rose as Marc Bolland seems intent on clearing the dec...Read More
Cadbury takeover turns nasty
This weekend has seen a stinging attack on Cadbury directors by the chairman and chief executive of Kraft Foods, Irene Rosenfeld. In a move which is almost certainly premeditated, she has accused the Cadbury board of directors of "not doing the maths" amid signs that this potential takeover is becoming more and more acrimonious. The fact that Cadbury directors appear more interested in keeping the...Read More
Wealthy investors concerned about cost of investing
Research by the Royal Bank of Scotland has today highlighted the fact that many wealthy investors in UK, indeed 40% of those questioned, believe that their investment returns are being materially impacted upon by fees and other charges. This has long been a problem for the high net worth individual market were perhaps more time and more focus is given to tax efficient investing within the current...Read More