Which warns banks not to start charging for current accounts August 13, 2012 CONSUMER groups yesterday warned that banks’ customers could be badly ripped off if the popular “free banking” model of current accounts is scrapped. Incoming Barclays chairman Sir David Walker revealed he “in principle” favours charging customers for current accounts, joining FSA boss Lord Turner who believes the system prevents new banks entering the market. Providing [...]
Barclays hits back at care home critics August 13, 2012 THE WAR of words between Barclays and Guardian Care Homes (GCH) intensified yesterday as the firm accused the bank of “intimidation” in its legal wrangling. Barclays is accused of mis-selling interest rate swaps to GCH – a claim it staunchly denies, arguing the firm is large and sophisticated, and understood exactly what it did. “This [...]
Sir David Walker plans to stop rewards for failure at Barclays August 12, 2012 NEW BARCLAYS chairman Sir David Walker is already working on finding a new chief executive for the beleaguered bank, it emerged over the weekend, and hopes to make his choice within the next six weeks – well before he formally takes up the position in November. The incoming boss also said he wants to clamp [...]
WHAT THE OTHER PAPERS SAY THIS MORNING August 12, 2012 FINANCIAL TIMES Posen in parting shot at King An outgoing member of the Bank of England’s Monetary Policy Committee has challenged the governor Sir Mervyn King for his insistence that central banks should buy only government bonds in quantitative easing programmes to stimulate growth. G20 plans response to rising food prices G20 countries are to [...]
Stelios plans fresh pressure on easyJet to sack chair Sir Michael August 12, 2012 EASYJET founder Sir Stelios Haji-Ioannou is today expected to lose a vote to oust chairman Sir Michael Rake – but he plans to continue in his efforts to remove him. The tycoon will not attend the shareholder meeting he called, but is understood to have drawn up a list of questions for the board on [...]
Success and failure: The line is very fine August 12, 2012 THE road to success is not only long and winding, but it can also be rather rocky. There are always obstacles to trip you up along the way – and many are outside of your control. Consider the example of London businesses selling bicycles. When the Mayor of London launched his eponymous Boris bikes with [...]
FSA’s Wheatley says no deadline for commodities review August 10, 2012 Any reform of how benchmarks for oil, gold and other commodity prices are set would be handled at the global level, Britain’s Financial Services Authority (FSA) said today. FSA managing director Martin Wheatley has been tasked by the UK government to reform the interest rate Libor after Barclays was fined for rigging it. He published [...]
China trade data weighs on FTSE August 10, 2012 Britain’s top share index dipped this morning, weighed down by weakness in mining stocks and demand concerns following poor trade data from China. The FTSE 100 was down 0.1 per cent following weak trade figures and a nine-month low in crude oil imports which painted a picture of a slowing economy. Meanwhile, disappointing economic data [...]
FSA launches Libor rate overhaul August 10, 2012 Libor benchmark interest rates are no longer “fit for purpose” and must be changed or replaced, Britain’s regulator said today as he set out proposals to restore their credibility. The initial review by the Financial Services Authority (FSA) is the first concrete step to reforming Libor after a rigging scandal that has dragged in global [...]
72-year-old Walker set to chair Barclays August 9, 2012 BARCLAYS has chosen veteran Sir David Walker as its non-executive chairman, replacing Marcus Agius as it picks up the pieces from the Libor-rigging scandal. Sir David, 72, is a fixture in the British banking establishment, having led a 2009 government inquiry into banking regulation. He also spent part of his 50-year career at the Bank [...]