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 sell advertising space
In a move which smacks of desperation, British Airways has today announced a move which will see the company sell advertising space on boarding cards. While there are potentially two ways to look at this, one, that it is a very useful and potentially lucrative way of using space on the company's boarding cards, or two, that the company is so desperate for cash that it will do anything.
Greek debt sold off by investors
Only days after an agreement had been reached between the European Union, IMF and the Greek authorities it seems that investors are still concerned about the short to medium-term outlook over Greek government finances. Today we have seen interest rates on Greek debt rise to record highs as investors become concerned that the authorities have still not drawn down any of the emergency funding made a...Read More
Lloyds bank finally reveals terms of rights issue
Lloyds bank has today revealed the terms of its record £13.5 billion rights issue with the new shares being offered a discount of 59.5% to the prevailing share price. The rights issue shares will be priced at 37p compared to a price of 91p in the marketplace. This is a reflection of the enormity of the rights issue and the concessions which the company has been forced to give in order to receive...Read More
Broker faces jail over £3 million share gamble
Jonathan Bunn, a former broker with Lewis Charles Securities, is this week facing a potential jail sentence after he admitted falsifying documents to conceal massive unauthorized trades in HSBC shares. The broker admits it to shorting HSBC shares between 22 July and 30 July 2009 and falsifying dealing slips to give the impression his trades were matched against those of clients. In effect Mr Bu...Read More
HBOS Tries To Woe Shareholders
In a move which is designed to make it as easy as possible for shareholders to trade their rights shares in the forthcoming £4 billion fund raising, HBOS has announced plans to offer a free dealing service. The bank seem to be covering as many angles as possible to ensure that shareholders have as fewer reasons as possible not to seriously considering taking up their entitlement. The move comes...Read More