The biggest news stories of the week include:
Chinese banks seek capital after lending binge - The Times
The Progress of Migration to SEPA, a keynote address by Gertrude Tumpel-Gugerell, Member of the Executive Board of the ECB at the British Bankers’ Association
Cheques to be bounced into history - The Times
LSE profits fall 37 per cent amid tough competition - The Times
LSE comes under fire after glitch halts trading for three hours - The Telegraph
Britain's bankers win double victory on bonuses and charges - The Times
£62bn mission to save banking sector within hours of collapse - The Times
Britain's bank bailout may have broken world trade rules - The Telegraph
Goldman takes too narrow a view to be doing God’s work - Chris Blackhurst, the Evening Standard
And our biggest stories of the week include:
People have talked about an L-shaped, U-shaped, V-shaped or even LUV-shaped recessions, but don’t believe them. This is not a LUVerly recession, it’s a nasty one as demonstrated yesterday by the news that Dubai is deeply in distress. The UAE's news will make this the www.recession.
Interesting film made last year about America's debt ... and now, according to the New York Times, it's come true.
End of the cheque: open outcry!
The Daily Wail, Britain’s second largest daily newspaper after
the Pun, has just heard the new about the imminent demise of the cheque
in the UK, as discussed here the other week. This is because the banks
vote soon as to whether 2018 is the year of its removal or not. In their article, they have some good bits, such as some great facts
and over 280 reader's comments, as well as a lot of whinging.
After previous references
to the cheque being phased out by 2018 in the UK, the Cheque Clearing
& Credit Company has just released a nice explanation of the 2-4-6
rules, which is 2 days to clear and earn interest, 4 days to be
available for spending and 6 days to be irrevocable for any cheque
payment.
Russia's nerves creates massive volatility
After
my meetings in Moscow last week, I’m wondering whether there is a
Russian model of investing that could work with our Anglo-Saxon world
of trading and meeting one of the key guys at MICEX, the Moscow International Currency Exchange (nothing to do with one’s gender), gave me a different view of Russia’s position.
Chi-X exploits LSE's weaknesses further
There’s
plenty of innovation in banking right now, from investment through
commercial to retail banking. This is no better illustrated than the announcement of the London Stock Exchange (LSE) with their 37% drop in profits when the FTSE almost doubled in value during the same period. This
is a strong indication of how innovators are disrupting, such as BATS
Europe and Chi-X.
I recently discovered that friends were killing me. Literally ripping me to shreds with a chainsaw. And it hurt. I was mad. In fact, I was steaming. Then I found Spare Change. A new form of money. And, before you knew it, I had killed all my friends several times over.
Techcrunch analysed the views of 549 company founders to see what made them successful. After “experience” and “management team”, “good fortune” was the third most important factor. But the bit that intrigued was the way these guys started their businesses and what finances they used.
The story of the month has to be the scandal mentioned two weeks ago regarding the Hedge Fund Manager and the Prostitutes.
Chris M Skinner
Chris Skinner is best known as an independent commentator on the financial markets through his blog, TheFinanser.com, as author of the bestselling book Digital Bank, and Chair of the European networking forum the Financial Services Club. He has been voted one of the most influential people in banking by The Financial Brand (as well as one of the best blogs), a FinTech Titan (Next Bank), one of the Fintech Leaders you need to follow (City AM, Deluxe and Jax Finance), as well as one of the Top 40 most influential people in financial technology by the Wall Street Journal's Financial News. To learn more click here...
