Monday Digest: Manufacturing soars, HSBC is sore
1 Mar 2010 [0 Comments | 151 views]
The UK economy may have only limped out of recession during the final quarter, but if the latest data from CIPS/Markit is any guide, manufacturing is positively booming. The latest Purchasing Managers Index – which is one of the most closely watched of all economic indicators – stayed firm in February, scoring 56.6. Okay, it [...]
UK not the only basket case. ONS stats mislead, and so does RBS profit figures
1 Mar 2010 [1 Comment | 222 views]
Everything seemed to go back to front over the weekend
On Friday, legendary investor Jim Rogers was reported as saying the UK was a basket case. The ONS revised its estimate of the UK’s GDP upwards, and RBS made profits of £5.7 billion.
That Monday morning feeling has bitten deep. For it appears that just about everything [...]
Can bankers’ bonuses be justified?
25 Feb 2010 [3 Comments | 237 views]
It seems bankers are about as popular as Lord Voldermort at the moment. And bankers’ bonuses are being greeted as if they were a curse from the dark realm.
RBS is on the front line. It made a £3.6 billion loss last year, and as you will also recall had £53 billion of taxpayers’ money pumped [...]
Will Goldman Sachs be the next Toyota?
23 Feb 2010 [3 Comments | 279 views]
Have you noticed a certain anti-Goldman Sachs feeling creeping in at the moment?
It is of course making money like a queen ant making babies. And it is paying out bonuses like… well, like an ant colony crawling through the jungle.
The bank is caught up in the Greek debt crisis. In the US there are hints [...]
Brown pushes for global bank tax
11 Feb 2010 [0 Comments | 169 views]
Gordy has been at it again. Our leader has spoken up for a global tax on banks. Maybe he is right.
The trouble with taxing banks is that if one country does it, the banks simply move their head offices elsewhere.
James Tobin, an economist of no mean repute, came up with the idea of tax on [...]
Obama hits bankers, but is he right?
25 Jan 2010 [1 Comment | 164 views]
The great and the good of the banking world will descend on London today. Under discussion will be no less a topic than how do we stop it all from happening again.
Meanwhile, in the US, Barack Obama has already laid down his plan for making the banks behave in future.
So is the most popular man [...]
Sir Fred has got a job and the news has been greeted with fury
18 Jan 2010 [0 Comments | 258 views]
The man who rules over RBS during the boom, and saw the bank brought to its knees while enjoying massive bonuses and a huge pension as part of his severance package, has been described as the worlds’ worst banker.
And now he has got himself a job working for an Architects practice in Edinburgh.
On the news [...]
City set to boom says one report, City set to crash says another
18 Jan 2010 [0 Comments | 214 views]
Ahhh, economists.
The City is in big trouble says one expert on the economy. The City is set to boom, like never before says another. Who is right?
The Telegraph, as is its want focused on the negative. As you know, any story reporting the UK to be in a mess is like manna from heaven to the [...]
Obama goes for banks’ jugular
13 Jan 2010 [1 Comment | 314 views]
“Why, oh why, oh why,” asks a Mr Obama from Washington. “We bailed the banks out,” he moaned, “why can’t they give us something back in return?”
Now Uncle Barack has come up with a cunning plan.
He wants to charge a banking fee. The money from this fee will then be used to repay some of [...]
Why Iceland is right to stand up to its bullies
8 Jan 2010 [2 Comments | 235 views]
There is no shortage of media coverage slamming Iceland for its decisions not to honour the debts its banks built up.
If you get into debt then you have an obligation to repay it, goes the argument. If you refuse, then you lose credibility, and suffer a loss of trust. Countries that default are relegated to [...]
