StanChart Chief Steps up Attack on Proposed Banking Reforms
Standard Chartered chief executive—Peter Sands, has stepped up his attack on proposed regulatory reform for the global banking industry, dismissing some key ideas for changes.
He supported measures to make banks hold more high-quality captital and improve their liquidity, but felt other aspects of proposed reform, including the prospect of banks pre-funding compensation schemes, were bad ideas.
GM to Invest £1.7bn in European Operation
The US giant—General Motors is to investment £1.7bn in its European car-making operations, including Vauxhall in the UK.
the US company unveiled the package that more than trebles a previous investment pledge. GM will fund new models and products manufacuring for the future five years and it aims to break even within two years.
Persimmon Recovers
Persimmon has swung back into the black, recording a £78 million profit last year after making a £780 million loss in 2008. The housebuilder indicated that the rebounds in demand and in prices in the second half of 2009 were responsible for the improvement to its full-year figures.
Forward sales of homes were equal to £900 million, which was a 29% increase on its 2008 value. It added that sales and prices had continued to rise in the first eight weeks of 2008.
Bailed Bank to Pay Boss £10m Reward Package
Lloyds is set to pay its chief executive close to £10 million despite being bailed out by taxpayers. The banking giant has begun talks on a bumper pay and bonus deal for boss Eric Daniels.
Source now claim that Mr. Daniels’ new package, given for work done in the previous year, could total nearly £10 million, given the progress made in restruction. Speculation will reignite the furious row over bank rewards.
MPs’ Bar Bill Fiasco
After politicians complained, the details of MPs’ unpaid food and drink bills have been delayed. Hundreds are thought to owe money for subsidised meals and refreshments in the House of Commons. The amount they owed stood at £138046 last summer.
Information watchdogs want to know why details have not been released and the MPs named and shamed.
Sales Hit by Snow
Shops in London suffered their worst January sales for five years. Turnover rose by 3.5%, the weakest growth ever since 2005, as snow kept the capital’s shoppers at home.
The British Retail Consortium said that there were also far fewer discounts on offer. Director general Sthen Robertson said that the customers are becoming cautious again about spending when they don’t have to.
Pound is Jobsaver
According to a new report, it is said that Scrapping the Pound would have sent the unemployment soaring to 15% instead of the current 7.8%.
The Centre for Econimics and Business Research claims millions more people would be on the dole and inflation would be higher.
Boss Douglas McWilliams said that the Government deserves credit for preventing Tony Blair taking us into the Euro.
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