Sunday 4 November 2007

Sunday Business Round Up - Princely Effort


Unsurprisingly to those who read this blog, the credit crunch rumbles on and in fact seems to be getting a little worse again this week. How all the politicians would wish this all away, as would many of the Banks senior management.

So we start with a big story:

Citigroup CEO to resign - This is the biggest bank in the world and one of the best performing too. Chuck Prince is going to go which means more bad news will be leaked out in this coming week. All in all a sorry state of affairs.

The price of whistle-blowing
- Looking at the analyst who saw the problems in Citi's balance sheet. She really is married to Death Mask? What a strange world it can be....

Another CEO gone too - Kingfisher, otherwise known as B&Q in this country, lost its CEO this week too. A very poor few years in charge for Gerry Murphy who is a top executive. It perhaps illustrates just how much leaders ride whatever the waves are throwing at them rather than being able to change the world.

And Another Branson Float - This time Virgin Active, which has recently bought a chain of Private Equity gyms, now wants to raise money in the market. The Investment bankers' will be happy with this merry-go-round!

Badger - Alistair Darling to retreat further on tax 'reforms.' Brown clearly likes humiliating this rare species.

What to do with UK interest rates - it seems business, economists and journalists are all heading towards demanding cuts. I don;t think we should follow the US into suicide myself, but it would help my mortgage payments in the short term....

Northern Rock - Following on from my post on Friday, another example of just how bizarre this saga has become. It may well end in full nationalisation as the options run out in the new year...

Is Jersey one of the best tax havens?
- Interesting piece from the Sunday Observer.

Comment of the week - Wall street nightmare to continue, by Katherine Griffiths in the Telegraph.


14 comments:

Nick Drew said...

Didn't take long on google to answer my own question on Tim Congdon (see earlier post). The blogosphere seems to agree with the view that he looks like a man with an agenda, and indeed he is (= an NR shareholder, which in current circumstances would seem to mean a man taking a punt). (Other terms used by various commenters to describe TC's performance on Newsnight: emotional; anxious; sweating; tearful; nervous; shifty)

Except, that is, for John Redwood, who holds the opposite view, that far from looking out of it, Congdon in fact prevailed in the debate on Newsnight; that Vince Cable should apologise to NR; and that BoE should continue to bail out NR / cut interest rates etc (a position he has promoted from the start of the crisis)

Very odd

Anonymous said...

Some Day Your Prince Will Go.

CityUnslicker said...

ND - maybe Redwood wants to encourage the Government meltdown on this issue...perhaps playing the long game politically!

Dearime - Quite correct, today even!

Anonymous said...

There are almost no nude photos in these articles.....

CityUnslicker said...

Given the people mentioned Mutley; this is surely a good thing?

Nick Drew said...

Mutt - well several of them are in pretty exposed positions

and about to be stuffed

(sorry)

Old BE said...

Won't cutting rates just delay and exacerbate the stagflation which we are no doubt due?

I would rather my mortgage went up if it meant rates could fall properly in a couple of years rather than go down prematurely only to have to be whacked up later on.

Perhaps we will just have a hold for a few more months.

Anonymous said...

Strictly speaking the BoE can't cut interest rates because interest rates are determined by the response to inflation. With commodity prices rising rapidly the BoE is under technical pressure to RAISE interest rates. However, since the inflation target is set by the government, watch out while the UK government follows the lead of the US government and starts fudging the inflation target in unbelievable ways....

CityUnslicker said...

Ed - inflation pressures may well have changed a bit since we had 5 rate rises. Still it seems incredible that they should really cut rates before xmas...does not mean they won't.

CityUnslicker said...

anon - I am finding it very hard to see what commodity prices are really doing. With the fall in the dollar it makes it difficult to see if prices really are continuing to go through the roof or whether they reflect the future view of where the dollar is going to go....

Anonymous said...

Cowrie shells: wherever are my boyhood cowrie shells?

Old BE said...

Inflation in my own personal "basket" is still quite strong and with the figures so cooked it's difficult to see what inflation's actually doing!

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