Want a more equal society? Be careful what you wish for February 14, 2017 Consider this thought experiment. You have been transported back to 1912 and have the power to change the course of history. You foresee a century ravaged by the effects of two catastrophic World Wars, with a resulting 100m casualties. You also know the effects of violent communist revolution and rule, with a death toll almost [...]
As the Co-Op Bank goes on sale, is now the time to buy UK banks? February 14, 2017 It wasn't hard to spot the irony when Paul Flowers, chairman of the avowedly ethical Co-Operative Bank and a methodist minister, was arrested for drug possession in 2013. In the same year, the mutual Co-operative Group ceded control of the ailing lender to its bondholders, after a massive £1.5bn hole was discovered in its balance [...]
Older people must shoulder their share of government spending cuts February 14, 2017 Given general improvements in technology and prosperity, younger generations should, in theory, always be better off than their parents. But with pensioner households now earning more than their working age equivalents, according to a new report from the Resolution Foundation, this can no longer be taken for granted. It is of course good news that older [...]
As it puts itself up for sale, is the Co-op Bank now essentially worthless? February 14, 2017 Frances Coppola, a former banker who blogs at coppolacomment.blogspot.co.uk, says Yes. The Co-Op Bank is reaching the end of the road. Yesterday’s announcement that it is putting itself up for sale follows on from disclosure last month that it was facing a full-year loss for the third year running, and would fail to meet Prudential Regulation [...]
Steven Mnuchin confirmed as US treasury secretary February 14, 2017 Donald Trump’s pick for US treasury secretary has been approved by the Senate Finance Committee in a vote that divided strictly along party lines. Mnuchin’s nomination was beset by attacks from Democrats and centred on the foreclosure record of OneWest, a bank where Mnuchin acted as CEO. The Democratic senator, Elizabeth Warren, accused Mnuchin of [...]
Philip Hammond wants the “best and brightest” of the private sector to work with Britain’s cyber spooks February 14, 2017 Chancellor Philip Hammond is to call on the private sector to help Britain's spooks battle cyber attacks. Speaking at the launch of the UK's new National Cyber Security Centre, Hammond will unveil a new scheme inviting industry to dispatch their “best and brightest” personnel to be embedded in the anti-hacking operation to collaborate in tackling [...]
Steve Mnuchin confirmed as US treasury secretary February 14, 2017 Donald Trump’s pick for US treasury secretary has been approved by the Senate in a vote that divided largely along party lines. Steve Mnuchin’s nomination was confirmed in a 53-47 vote. Mnuchin’s nomination was beset by attacks from Democrats and centred on the foreclosure record of OneWest, a bank where Mnuchin acted as CEO. The [...]
EasyJet and Founders Factory announce Flio and LuckyTrip as the first travel startups for their accelerator programme February 14, 2017 EasyJet has announced the first startups chosen to be part of its Travel Tech accelerator programme with London-based startup accelerator and incubator Founders Factory. The successful startups are Flio, the global airport app and LuckyTrip app. As part of the programme the firms will receive hands on support from both Founders Factory and EasyJet for six months [...]
Glencore in $960m deal with Fleurette for copper and cobalt in Democratic Republic of Congo February 13, 2017 Commodities company Glencore has bought up the remaining stake in Fleurette's Mutanda mine in the Democratic Republic of Congo and has increased its stake in Katanga Mining Limited for a total $960m (£766m). The assets are key sites for the production of copper and cobalt, two commodities which are performing particularly strongly due to the global demand for electricals. [...]
Many City bosses disapprove of Trump’s presidency, but would be happy to see Dodd-Frank reformed February 13, 2017 President Donald Trump has finally appointed a Treasury Secretary, with former Goldman Sachs banker Steven Mnuchin confirmed by the Senate last night. Mnuchin joins former Goldman Sachs number two Gary Cohn who has been filling the vacuum since becoming Trump’s head of the National Economic Council, and is believed to have already exerted broad influence [...]