Austerity tragedy and weekend economy roundup.

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Austerity tragedy and weekend economy roundup.

AUSTERITY TRAGEDY
The Greek Parliament did what it had to do on Thursday. Lawmakers narrowly approved a $23 billion package of austerity measures, including further spending cuts to social services, pensions and public salaries, as well as tax increases demanded by Greece’s European lenders.
International Herald Tribune,  p. 8
Third hit of the year
HSBC was last night still trying to establish the extent of the damage caused when a current or former employee leaked client information to the Daily Telegraph.
This abstract from the Financial Times was produced by Kantar Media
Financial Times,  p. 19

Also appeared in : The Daily Telegraph,  p.4-5, International Herald Tribune, p.11, International Herald Tribune,  p.1, The Daily Telegraph,  p.5, The Daily Telegraph,  p.5, The Daily Telegraph,  p.1-4, The Daily Telegraph,  p.5, The Guardian,  p.32, The Times,  p.50, The Independent,  p.11, The Times,  p.3,The Daily Telegraph,  p.4

Barclays faces new investigation in US
Barclays is facing yet another investigation into its conduct from US prosecutors, this time over payments to win a banking licence in Saudi Arabia.
The Times,  p. 53

Also appeared in : Financial Times,  p.1, The Daily Telegraph,  p.37

Charities ‘being short-changed’ by savings rates
According to Moneyfacts.co.uk, Banks have been responsible for short changing charities by offering abysmal savings rates on accounts aimed at not-for-profit organisations.
The Times,  p. 72
Libor investigators poised to make first arrests
The Serious Fraud Office and City of London Police are poised to make the first arrests in the investigation into Libor manipulation within the next four weeks, with former traders at UBS and Royal Bank of Scotland expected to be among the first to be charged.
The Daily Telegraph,  p. 40

Also appeared in : The Guardian,  p.34, The Times,  p.53

Osborne will use £35bn of QE money to reduce deficit
The Treasury and the Bank of England agreed yesterday that £35bn from the quantitative easing programme will be handed to the Government to shore up its finances. In a deal announced yesterday, that money will now be transferred from the Bank to the Treasury, allowing ministers to reduce the deficit.
The Daily Telegraph,  p. 37

Also appeared in : Financial Times,  p.1, International Herald Tribune,  p.14,The Times,  p.51, The Times,  p.48, The Independent,  p.54, The Guardian, p.2, The Independent,  p.11

UBS trader ‘used rapist’s defence to avoid blame’
Kweku Adoboli, the former UBS trader accused of losing $2. 3 billion was no different from a paedophile, murderer or rapist in seeking to blame his victim, a prosecuting lawyer has claimed.
The Times,  p. 52
Black days for Old King Coal
UK Coal wants to split its ailing mining operation from the property arm and hand more control of the company to its pension scheme and workforce. It has a pension deficit of £430m and debts of about £170m – huge sums for a business that has a market value of just £13.5m. More than 90% of UK Coal’s annual output is sold to British power companies, such as Drax in north Yorkshire, which generates about 7% of the country’s electricity requirements.
The Sunday Times Business,  p. 8
Hedge fund gang bets that Ocado shares will plummet
A group of US hedge funds have placed multi-million-pound bets that shares in Ocado, the online grocer, will slump. The financiers, whose names can be revealed for the first time, have rounded on Ocado amid fears that it may breach its banking agreements, or be forced to ask shareholders for more money. The company, which is close to completing a distribution centre in Dordon, Warwickshire, insists neither is likely.
The Sunday Times Business,  p. 1
Branch staff to suffer as City bankers are reined in
HSBC’s chairman Douglas Flint told MPs on the Parliamentary Inquiry into Banking last week that the events of the past five years will change the industry for the next 40 years. Unions and consumer groups, however, are still asking when this change will take place.
The Independent on Sunday,  p. 88-89
RBS beings branch sale
Royal Bank of Scotland has started the process to dispose of the 316-branch business rejected by Santander, formally appointing investment bank UBS to run the sale.
The Sunday Telegraph Business,  p. 2
The above articles appeared on 10 and 11\11\12 reproduced with the kind permission of Kantar Media UK . All rights reserved.