Sunday, 20 April 2008
Sunday Business Round Up - 20th April
20th April, Hitler's birthday as I like to remind my two close friends who have today as their birthday! ( and also Carmen Electra's)
Not the most auspicious week in terms of the world of business. However, the politician's will be loving the banks going cap in hand to them and will no doubt be dreaming of the extra interference they will be able to generate in the future. Some other stories make the news too in places....the usual linkfest is below:
RBS writedowns - RBS is to write down £7 billion in assets, that is 3x what it has admitted to so far. As much as it gets the hit for this, the interesting numbers will be from its less cash generative brethren like HBOS for example.
Others to follow - Indeed the Observer has the other banks as needing £30 billion to shore up their balance sheets.
BoE to save the day - However, the consensus in the media is that the action of the BoE will finally end the credit crunch and save the economy from recession. No one seems to want to think about a 4th spike in the LIBOR.
Tax enough - Another story about firms having had enough of the UK's higher taxes. This is getting serious now - too much public spending needing too much funding will destroy the private sector like the 70's and 80's again.
Building trouble - A story from earlier in the week really, building firms have been accused of cartel behaviour by the OFT.
UK Coal - Company back in favour as times change.
London & Continental shuffle - Some Law Lords have spotted the Government's aims here; to make as much money now as possible!
Biofules powered on - Despite the power of logic, politically driven biofuels continue to gain financial backers.
Olympian funding - As expected, more cost increases.
and finally, The City - A lot of the City is made up of the tier two brokers, here is an interesting article describing how things are going for a number of them.
Posted by CityUnslicker