Barclays isn’t the only one engaged in the manipulation of interest rates July 9, 2012 IT HAS recently emerged that a UK bank has been manipulating a key interest rate. The only disappointment I have is that people are wasting so much energy on the wrong bank and the wrong interest rate. The Bank of England has far more influence over the banking system than Barclays – it is, after [...]
Regime defectors are the best hope for peace in Syria July 9, 2012 THE ONGOING conflict in Syria is an acute counterweight to the optimism unleashed by the Arab Spring. Gloomy forecasts of this protracted conflict, not to mention all too frequent pictures of brutally massacred civilians, are creating an ever-growing scrapbook of the chaotic descent of the Syrian nation into endless civil war. Syria’s President Bashar al [...]
Should MPs vote in favour of the proposed reforms to the House of Lords later today? July 9, 2012 YES Peter Facey The House of Lords Reform Bill is a major step forward for democracy, but it’s clear the government needs to be more flexible if it is going to get it through the Commons. Unlock Democracy has proposed several changes. In our view the government needs to review its policy of 15-year non-renewable [...]
RAPID RESPONSES July 9, 2012 Banking on choice [Re: Why it must be made much easier to switch bank accounts, yesterday] It should certainly be made easier for customers to change bank accounts. But such a policy will only be worthwhile if it’s combined with measures that encourage banks to differentiate their offering. Transparent pricing structures would be a good [...]
Profit from the race to get America working July 9, 2012 WITH the US continuing to produce lackluster macro data and the presidential elections now less than four months away, eyes are on America’s two most powerful politicians – President Barack Obama and Federal Reserve Chairman Ben Bernanke – for signs of any moves to give the economy a boost. POOR QUALITY LABOUR Obama will today [...]
RATE CUTS AREN’T ENOUGH TO SOLVE ECONOMIC GLOOM July 9, 2012 FX360 LAST Thursday brought rate cuts from the European Central Bank (ECB), the People’s Bank of China (PBOC), and the Danish and Kenyan central banks. On top of this, the Bank of England’s Monetary Policy Committee (MPC) raised its asset purchase facility by a further £50bn. Whether coordinated or not, these actions represented substantial monetary [...]
THE TIPSTER | Female fashion fails on attractiveness July 9, 2012 HIGH street retailer Marks and Spencer’s is today expected to announce its worst performance since the first quarter of 2009. Despite attempts to revitalise its female clothing arm through celebrity advertising, this area is clearly struggling and weighs on its non-food sector. Given that women’s clothing makes up 60 per cent of M&S’s general merchandise, [...]
China’s thirst is beginning to quell July 9, 2012 CHINESE domestic demand isn’t keeping pace with its industrial production. According to figures released at the weekend, Chinese June consumer price index-based inflation figures (CPI) fell to 2.2 per cent year on year, down from 3 per cent in May. Chinese macro statistics are notoriously unreliable, with suspicions that the communist government smoothes figures by [...]
Analyst picks for 9 July 2012 July 9, 2012 CURRENCY STRATEGIST CHRIS VECCHIO My pick: Short Aussie-dollar, long dollar-yen, short euro-yen Expertise: Fundamental and technical analysis Average time frame of trades: A few hours to a few days Our bearish risk case continues to build, and we now have some compelling technical cases for a further flight to safety ahead. Mainly, we look at [...]
Emails reveal Tucker contact with Barclays July 9, 2012 Bank of England deputy governor Paul Tucker (pictured) contacted Barclays ex-chief executive Bob Diamond several times in October 2008, newly released emails show, and on one occasion directly remarked on the high level of the price of a bond. “Struck that your govt gnteed bond was issued at around 140 over gilts,” the subject line [...]
