End of the line for Barclays' tax avoidance factory 'run on fear and macho excess'

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End of the line for Barclays’ tax avoidance factory ‘run on fear and macho excess’

End of the line for Barclays’ tax avoidance factory ‘run on fear and macho excess’
As much as £1bn a year of Barclays’ annual profits in the years leading up to the banking crisis is believed to have come not from clever investments or banking services but from the prolific and secretive tax avoidance factory at the heart of Barclays’ investment banking arm.
The Guardian, p. 23

Covered bond to test risk appetite
Germany’s Commerzbank is reportedly poised to test market appetite for a new style of covered bond backed by loans from small and medium-sized enterprises rather than mortgages or public sector loans.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 32

Mortgage rates tumble and hopes rise for housing market recovery
The figures suggest that the Bank of England’s £80 billion Funding for Lending Scheme is beginning to help first-time buyers and other individuals with small deposits after the banking crash led to a lending freeze.
The Times, p. 32-33

Therapeutics plans to raise £40m
E-Therapeutics, a drug discovery and development company focused on cancer and disorders of the nervous system, plans to raise £40m through a share issue to existing and new institutional investors.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 22

Bundesbank head warns against EU leaders talking down the euro
Jens Weidmann, the head of Germany’s Bundesbank, warned eurozone politicians to stay away from talking down the euro yesterday, arguing that any policy to weaken the currency would lead to higher inflation.
This abstract from the Financial Times was produced by Kantar Media
Financial Times, p. 1

R.B.S. called to account in scandal over rate-rigging
British politicians questioned present and former senior executives of Royal Bank of Scotland on Monday about alleged management lapses at the firm that allowed it to contribute to an industry scandal over rigged interest rates.
International Herald Tribune, p. 15

RBS under pressure to force out executives
British politicians called on senior managers of Royal Bank of Scotland to force more top executives to resign yesterday, days after the bank announced a settlement with regulators over Libor.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 17

RBS chief underpaid, says chairman
Sir Philip Hampton, chairman of the Royal Bank of Scotland, yesterday described the pay of the bailed out bank’s chief executive Stephen Hester as “modest”, amid fresh scrutiny in the wake of the £390m Libor fine. Sir Hampton was speaking during a lengthy session of the banking standards commission in Westminster, in which a senior RBS colleague admitted the bank had believed Libor rigging was “a mathematical impossibility”.
The Guardian, p. 23

Eurozone/Struggling Cyprus set to receive bailout by March
Cyprus is likely to receive its long-awaited eurozone bailout by the end of March, according to the European Central Bank executive Jörg Asmussen.
The Independent, p. 48

The above articles appeared on 12/02/13 reproduced with the kind permission of Kantar Media UK. All rights reserved.

Charterbridge Private Financial Planning, Independent Financial Advice, Thornbury, Bristol.