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Sunday, 30 June 2013

Mark Carney, The 'George Clooney Of Banking', Set To Take Over At The Bank Of England

As George Osborne`s favoured BOE Governor takes over and #austerity is still rife in the UK it is decided to pay him a mere £874,000 per anuum, including a £5,000 per week housing allowance!! Of course looking at his track record and involvement with banks, we all wish had failed, back in 2008,namely Goldman Sachs, he must have learned a thing or two in his 13 years! My feeling is that it was better the devil we knew, and not the devil we do not, as this person at present is a new broom, {that usually sweeps clean} and the only thing l know about the name Carney, is what we have been told by the powers that be!

This is as follows:

On November 26, 2012, the British Chancellor of the Exchequer, George Osborne, announced the appointment of Carney as the next Governor of the Bank of England. Carney is expected to assume the position on July 1, 2013 for what is officially an eight-year term, though he has already indicated that he will step down after five.

So l wait with baited breath for the revelations that l am sure will follow as he gets his feet under the table!
Read the Article at HuffingtonPost

Saturday, 29 June 2013

Here's Why There Will Be No Criminal Charges In The MF Global Case

The US works on the simple basis of risk and reward, in simple terms the greater the risk the higher the reward! In the mansion house speech recently by George Osborne he made reference to " These banks must stop being so cautious and relate risk to their lending policies" meaning of course without lending to people, this country cannot get out of the mess we are in! Of course looking back to 2008 we now know that reckless lenders and their blatant disregard for looking at the bigger picture of "What If" people cannot afford their lending, allowed an eventually global recession!

Of course every government denied it, as to admit it would mean their lending policies, vis'e ve their overall economic strategy of borrowing or lending was indeed wrong! The sheer fact that we live in a world of unless we increase consumer spending, we cannot grow or survive has in my eyes always seemed the wrong strategy to adopt! Of course many billions if not trillions of $ have been made by this method, reason why people are now the latest commodity.

But this latest MF Global debacle really takes it too another 2008 reason to see that "Banks" are not to big to fail, but cannot be stopped! If you can steal clients money to pay your debts and get away with it, what hope is their for change!
Read the Article at HuffingtonPost

Thursday, 27 June 2013

European Council Meeting: Are Young People as Important as the Banks?

The need for any country, is they need to create jobs, that provide long-term employment, for people! The problem is that the US and UK to name but two, provide all their GDP in the country through financial services, and not directly through manufacturing goods! These countries rely on exporting goods and these are limited by design, so they outsource their services but in a limited way, given that these are based on supply and demand, in a very competitive `dog eat dog` environment! All profits for these businesses is held in the outsourced countries, and never reaches the shores of the country of origin! Thus when it comes to the Euro-zone, to make a decision to provide jobs for the young that provide long-term secure employment, firstly they need to look at manufacturing good quality, well made goods! Secondly they need an education system that is based less on making money and more on prosperity for their country! This way they would have less unemployment, less welfare burden and more prosperity for their future!
Read the Article at HuffingtonPost

Friday, 21 June 2013

GCHQ Secretly Accessed Fibre-Optic Cables For Phone And Internet Spying, Whistleblower Edward Snowden Claims

The deeper you dig into any story the more you uncover, but only when you least expect it do you eventually find the truth! The reason given in this case by Edward Snowden needs deeper scrutiny and as more facts about his Icelandic trip come to light, maybe we should all begin to wonder about his connection to Wiki-leaks and beyond! Always remember everything leaked had to come from a number of sources and what better way than to have access to files, than that have someone inside! The sheer fact that maybe your source is disillusioned with the provider of the the information ,aids and assists even the most ardent whistle-blower!

So maybe just maybe it is worth thinking about!
Read the Article at HuffingtonPost

The Dark Side of Marketing Healthy Food to Children

This is a bug bear of mine using children to sell products on adverts! These young minds are so easily led to follow a cuddly bear, that speaks and tells them that the product that contains extortionate amounts of sugar or even worst saccharin, is good for them, and it will make them healthy and strong! Of course some even go so far as to tell these youngsters to get strong bones and teeth they need to drink strawberry milk or eat cheese straws [made of processed cheese products or similar}! The fact that when l was young l drank milk from a cow and ate bread and cheese sandwiches, and it did me no harm at all!

The companies of today are more interested in "Profit before People and the fact that all these products cause children to become addicted to such an extent, that when in a supermarket as l witnessed the other day, the little boy picks up the drink with his favourite Disney character and says Mum l want this one l saw it on the TV last night! He was aged at no more than 7 years of age, so unless we stop this type of blatant advertising, l really fear for this world!
Read the Article at HuffingtonPost

Morocco's Disappearing Mediterranean Diet

Anyone who has ever eaten a Moroccan meal will recall tables laden with colourful salads: carrots seasoned with paprika and cumin, orange slices and onions steeped in rose water. A long-simmered tagine of meat and vegetables is placed at the centre, with home-made bread for dipping. The main lunchtime meal (ideally followed by a siesta) is capped off with seasonal fruit. At this time of year, stalls at the local markets are overflowing with honeydew, cantaloupe, and watermelon.
Read the Article at HuffingtonPost

Small Businesses: Uncle Sam's Calling on You

The real problem with small businesses in this world is they decided back in the 1980's to sack all people aged 55 and above! These were the people who learned their trade in the correct manner ,with hard work and time honoured apprenticeships, and they learned from their mentor's! The then employer's decided they could get two people at a lower cost for the price of one, so they were asked to leave with healthy redundancy payments in droves! They were to be replaced by the so-called young whizz kids with an eye for a main chance and a risk engendered back ground!

This killed our manufacturing industry and these whizz kids saw the lure of money and eventually moved into the service industry, and changed our lives ,to such an extent we cannot get rid of their banks, as they are too big to fail, and they can manipulate other peoples lives, just by sitting in front of a computer screen!

So l wish any politician the best of luck in promoting small businesses, but we need "mentor's who are capable of changing our world not for the worst scenario, based on risk and reward, but based on common sense and good training schemes!

The problem is where do you start recruiting people with the need to heal not harm!!
Read the Article at HuffingtonPost

Tuesday, 18 June 2013

Why the UK Should Avoid Arming the Syrian Rebels

The arming of the rebels to fight against tyranny is laudable, as any government intervention will be fool hardy, as weapons provided to the rebels, will end up in other countries that border Syria and will in the end turn a simple battle into a full scale war!
Read the Article at HuffingtonPost

Mehdi's Morning Memo: Want To Know How To 'Wreck The Economy'?

If we tell people enough times that we need to save money! We believe we need to save money, under the guise of #austerity! So when we pre-suppose that we need to leave the EU or follow Boris, we do! We have become so indoctrinated, we follow like sheep, into the pen of lies and deceipt and get shorn every time! You see we want to believe in what these politicians are telling us, we want the truth and the problem is we are let down every time! In the end we will eventually become so disillusioned with our world we will turn inward and look for a lie in every thing any politician tells us!
Read the Article at HuffingtonPost

Denying MPs A Vote On Syria 'Undemocratic', Says John Bercow

This could light the blue touch paper and will inflame the whole of the countries surrounding Syria! Whatever Cameron does he should not arm the rebels who travel backwards and forwards across the border to Turkey, when the heat gets too much! My personal worry is that Cameron can be easily be led, to follow the US into a war, that no country could win! Say no to #arming-rebels
Read the Article at HuffingtonPost

McDonald's Franchise Forced Fee-Heavy Debit Cards Onto Employees: Lawsuit

When you pay any employee it should not contain fees, clauses or any other form of making money out of their hard work! The reason why you employ any one should be to provide a safe environment, good working and pay conditions, and nothing related to making money out of their wages!
Read the Article at HuffingtonPost

Edward Snowden: I'm Not A Spy For The Chinese

If you want to discredit him, then the best way is provide a smear campaign ,which he had already anticipated. The fact he chose a country like China does not help his overall credibility as regards, his sincerity! My personal view is he needs to choose a country that will not make him look interested in selling his secrets to the highest bidder!
Read the Article at HuffingtonPost

FBI Looks For Leaks At Foreign Intelligence Surveillance Court

Protecting the USA has become a top priority government and they will go to any ends to achieve their aim, all under the guise of protecting people against terrorism! So when these stories come to light and their security is breached it is never a surprise, as many countries want to get behind the fire-wall of the US Security Systems!
Read the Article at HuffingtonPost

Monday, 3 June 2013

Co-op Bank crisis claims two more directors in this debacle.

Two more senior Co-operative Group directors have been shown the door in the wake of the disastrous performance of the mutual's banking division.

Steve Hume's, finance director of the supermarkets-to-funerals group, is to step down following the series of disasters that forced the mutual to deny it needed a taxpayer bail-out and have left it with a potential £1bn-£1.5bn capital hole. Jim Slack, chief information officer at Co-op Bank, has recently left, it can be revealed.
The changes are believed to part of a comprehensive review by Euan Sutherland, the group’s new chief executive. He will update the Co-op’s 20-strong board on Friday about the bank’s capital problems, which have forced it to stop lending to new business customers, and pledge to have a solution in place by June.
Investment bank UBS and lawyers Allen & Overy are working on the strategic review, which could result in the sale of a part of the core business – such as the funerals service.
Mr Hume's and Mr Slack are the latest senior directors to leave the group amid concerns about problems in Co-op Bank. Brian Tootell, the bank’s boss, quit after Moody’s slashed the division’s credit rating to “junk” earlier this month and suggested it might need state support. In February, James Mack, his finance director, left to join another financial services company.
Mr Sutherland, who only took the helm earlier this month, is believed to be close to making a string of senior appointments already, including replacements for Mr Hume's and Mr Slack.
Mr Hume's, who will step down shortly, has been group finance director since 2011, having previously held the same role in the food division. He joined the Co-op in 2000. Mr Slack, chief information officer of the Co-op Bank, left the business last month for “personal reasons”.

Mr Slack was a key member of the team responsible for the disastrous computer system upgrade for the banking operation that cost the mutual more than £200m. The new IT platform, known as Finacle, was meant to combine the computer systems of the Co-op Bank and Britannia Building Society following the Co-op’s 2009 acquisition of the rival mutual.

The Co-op spent £250m on Finacle but has since had to write off the cost due to problems with the system, adding to the capital shortfall that led Moody’s downgrade. Co-op Bank’s spending on the system was counted as capital expenditure and was therefore not taken through its profit and loss account.
However, taking these costs into account means the business would not have made a profit since 2009.

For instance, in 2010 the bank reported a pre-tax profit of £48.9m, but once the cost of its annual IT expenditure is factored in the business made a loss of £20.1m. Similarly in 2011 a £54.2m profit becomes a £16.9m loss once the cost spending on the computer system is deducted from the bank’s earnings.
The dramatic change to the bank’s profits shows the huge amounts the Co-op Bank was spending on the system.

Co-op Bank had until April been in the process of buying 632 branches from Loyd's Banking Group, which would have come complete with a brand new IT platform to which the lender could have transferred its entire business.
However, the acquisition of the so-called 'Project Verde’ business collapsed last month around the same time Mr Slack left the bank. Responsibility for Co-op Bank’s IT systems has now passed to Andy Haywood, a former senior IT manager at HBOS and the head of IT at the Co-op. Mr Haywood worked for Boots before joining Co-op in January 2012.

The posts and articles provided by our news desk are not always representative of our personal views of the story.Tweet at #AceBusinessNews or email to News & Views Thank you, Ian [Editor]