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.
Lloyds bank set to confirm fund-raising details
Lloyds bank will this week confirm details of a record-breaking £13.5 billion fund-raising which will see UK taxpayers pumping in almost £6 billion of extra capital in exchange for shares. The additional funds in question will come from ordinary shareholders and bondholders who are also being brought into the fold with regards to this massive reorganisation of the Lloyds bank balance sheet. I...Read More
Royal Bank of Scotland to announce £7 billion loss for 2009
Royal Bank of Scotland is on the verge of announcing a loss of £7 billion for 2009 while at the same time looking for Treasury approval regarding a £1.3 billion bonus pot which will be paid to the company's investment bankers. The company, despite being 84% owned by UK taxpayers, appears determined to push through these massive bonus payments at a time when public anger is mounting at the ever g...Read More
Skandia Investment Group announces 5 new US funds
At a time when more and more investors are nervous about the short and medium term future of the US economy, Skandia Investment Group has announced the launch of 5 new funds to take advantage of long term opportunities in the market place. The funds include the Skandia US all cap value, Skandia US capital growth, Skandia US large cap value, Skandia US value and the Skandia US large cap growth fun...Read More
Is confidence leaving European markets?
Over the last couple of weeks we have seen a gradual deterioration in confidence in European and worldwide stock markets amid concerns that the Greek sovereign debt crisis could bring down the European Union. As we have mentioned on numerous occasions, confidence is a major element of any investment market and without it there are problems. So is confidence leaving European markets? There is no...Read More
JJB set to secure deal from landlords
JJB Sports has today revealed details of a vital rental agreement between the company and landlords who own their shopping premises. The deal will effectively see JJB Sports rip-up the current rental arrangements and revert to a pay monthly basis which should help the company keep tighter control of costs. The company has also revealed a £25 million short-term loan from Barclays Bank and a £25 m...Read More