Sunday 13 April 2008

Sunday Business Round Up - 13 April


CU is back and a little refreshed from a short break. Glad to see Mr BQ kept a very good set of posts up here in my abscence.

Back to work tomorrow so makes sense to catch-up on what glories I have missed being away. My rare access to BBC World whilst abroad afforded me too much information on domestic politics in Zimbabwe and some eco-warbling on a gigantic scale!

Here are the best 10 stories in the papers today:

L&G joins Rock legal action - The long-running saga about orthern Rock continues, as shareholders seek some redress from the Government nationalisation.

Brown to save the day - Illustrious PM Gordon Brown is to meet with bank leaders to resolve all their issues. Time fir taxpayers to hide...

Swedes to get in on British Energy
- With our government gauranteeing all the clean up costs, unsurprisingly everyone else wants in on the act...

..but Centrica frozen out - RWe and EDF not set to include them in any bid for British Energy.

G7 falis to make agreement - Global finace ministers fail to reach any useful agreement to cure the credit crunch. Given that non one knows the answers that are cost-free, this is not all that surprising..

Citigroup and others face balance sheet woes - Banks still have a lot of bad debt to won up to.

GE profits slide - US bellweather suffers in finance and healthcare, even as its industrials group powers ahead.

BT stomps feet over new network - Market leader does not want to support its customers when it moves to build a new work. Csutomers service has never really been in its mantra has it!

Soros advice to prospective new US presidents - A thoughtful piece of commentary.

Can interest rate cuts help - Following on from Schadenfreude and others comment this week, a longer article on the subject in the Indy.

9 comments:

Anonymous said...

BT customer service is almost an oxymoron. They are in a downward competition with British Gas.

Old BE said...

I agree about BT being a shower, but haven't they got a point about being forced to provide services by statute? In terms of providing a basic service, many mobile operators are competitive with BT on price and why should BT be forced to invest in wires to homes that will never be interested in 100 megabit broadband? It's not as is anyone in the UK is too poor to get a cheap PAYG phone these days.

James Higham said...

Brown to save the day - Illustrious PM Gordon Brown is to meet with bank leaders to resolve all their issues. Time fir taxpayers to hide...

He wants to sell gold again.

CityUnslicker said...

LT - I have always disliked them, even with the more agreeable Verwayhen in charge. the new CEO Livingston is back to the old mould.

Blue Eyes - Not really IMHO. They were given the network paid for by the state, that is part of the deal - a la the post office. You are right re mobiles. but if people move away from all fixed line access then BT would not have to build its network....

SM - He will have to tried hard now to go one better and beat his litany of mistakes...

Old BE said...

But they are talking about the new network of fibre to the doorstep are they not? Why should they have to provide that to every home whether that home wants it or not?

CityUnslicker said...

BE - they cloud the issue in their favour. If you live in in the countryside BT will have little incentive to invest in this network on your behalf as it is unprofitable compared to wiring a city.

However, the huge profit BT gets from being effectivley the sole provider of infrastructure domestically could be used to provide for the network.

BT wants to keep its monoploy on infrastructure and is against a break up of the company into seperate units (a la Centrica/ British Gas); but wants to be able to maximise its profits by failing to provide universal service.

I am sure if I were a shareholder I would be on the side of management, however I am not and in this case BT want to have their cake and eat it.

Old BE said...

I am not keen on BT having a monopoly on the "local loop" but then again maybe you are right and that's the tradeoff: monopoly in return for universal provision. Ideally I would switch to cable because apparently their broadband is sweet but there are no wires in my block.

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