European Union set to discuss bankers bonuses
In yet another sign of the times, the European Union will today meet ahead of the G20 summit to discuss the ongoing saga of banker's bonuses. Despite the fact that many people believe it is impossible to regulate banking remuneration packages it seems that the EU, the UK, the US and many other governments and leading bodies around the world are determined to push through tighter regulation.
However, on the eve of this meeting between EU leaders the revelation that Barclays bank has transferred management of its toxic debt to an overseas company in the Cayman Islands is something of a setback. Barclays has agreed to pay the company, which will consist of 45 Barclays bank staff, a $40 million management fee per year which equates to a $400 million payment over the ten-year life of the arrangement. There is also concern that this $400 million arrangement is a worst-case scenario with further payments expected on top if the toxic debt pile "turns good".
It seems that whatever threats various governments and associations around the world aim at the UK banking sector, and indeed the worldwide banking sector, it looks as though it is very much business as usual.
Share this..
Related stories
Russian authorities on the verge of devaluing the rouble
News that the Russian authorities are on the verge of devaluing their currency the rouble is perhaps the most serious repercussion yet of the ongoing worldwide economic slowdown. This devaluation of the Russian currency marks a low point for both Russia and the worldwide economy and could be the first of a number of devaluations over the next few months.
Despite having masses of nat...
What Is The MPC?
The MPC (otherwise known as the Monetary Policy Committee) is a Bank of England committee which meets each month to discuss potential changes in the base rates on the UK, i.e. interest rates. The MPC consists of 9 members from the following areas of business :-
The governor of the Bank of England
The two deputy governors of the Bank
The chief economist of the Bank of...
Is Gordon Brown set to call a summer election?
As the rumours about a possible summer 2009 election continue to circulate throughout Parliament there is speculation that a rogue element within the Labour Party is trying to force the hand of Gordon Brown. Markedly, the comments about the general election date are anonymous and none have been attributed to any of Gordon Brown's inner circle or close friends. This leads many to believe there will...
Read MoreDavid Cameron to get personal with attack on Labour leader
David Cameron will this week light the blue touch paper for the forthcoming UK election with a highly personal attack on Gordon Brown and his "secretive, power hoarding, controlling character". In what is sure to be one of the most personal attacks ever released by the Conservative party leader he will list a number of U-turns and "cynical attempts to save his own skin" which he believes will show...
Read MoreShoppers seem to be attracted to value
While we have seen many shoppers attracted to cheaper food produce across the supermarket sector it would appear that this particular trend is being repeated on the high street. Privately owned fashion group Peacocks has confirmed a 15.2% increase in sales in the fourth quarter of 2008 at a time when the vast majority of the UK retail sector were struggling. Peacocks is one of the leading value le...
Read More