The biggest news stories of the week include …
- S&P puts LCH.Clearnet rating 'on creditwatch' –
- Goldman to do deal with US regulator over Abacus affair
– The Independent
- Morgan Stanley shares slide on reports of SEC
investigation – The Telegraph
- Standard Chartered considers return to South Africa
with majority stake in Nedbank – The Times
- ICBC edges closer to £6bn equity offer – The Telegraph
- City watchdog FSA to survive in shock coalition
compromise – The Telegraph
- EU agrees euro stability package – BBC
- 'No one cause' for US share dive – BBC
- US banks may have 'misled ratings agencies' – The Telegraph
- Exemption sought to OTC derivatives rules – Financial Times
- Banks receive two million complaints in six months –
And our biggest stories of the week are …
Robert Prior-Wandesforde, Senior Asia Economist with HSBC, gave the
opening speech: Asia – aren’t you glad to be here? Here
are my brief notes and note the conclusion: China will outstrip the USA by 2035 (or sooner) to become the world's largest economy.
After writing earlier this week about the bullish views of HSBC on
China and Asia as a whole, I was interested to hear the views of
Damian Glendinning and David Blair. Damian Glendinning is
Vice President & Treasurer with Lenovo and David Blair is Treasurer
the Chinese telecoms firm. Both guys had previously held senior
jobs at Western firms and so, if anybody can explain the
world of China, it’s these guys.
Inspired by three events this week, I focused on why financial iPhone
(and iPad) apps are revolutionary for banking now and, more importantly,
how the mobile internet will change banking in the future. Unsurprisingly, I got shot down in flames for talking bollards. Regardless, here are the events, the logic, the proposal and why it got
shot down … and why the nay-sayers are wrong.
In a dialogue the other day about payments infrastructures, a colleague
stated that it was over-egging the case to say that all the old
infrastructures needed to be destroyed and rebuilt. They
likened it more to a City that has been built over time. You
don’t destroy the City because it has old buildings. You just
build anew where needed, renovate where necessary, repair if required
and destroy only if you have to. Now I’m of a slightly
different world as my Banking City should be more like
Las Vegas than Rome.
With the general frustration folks appear to have with bank fees – not
sure why as banking has to cost something, doesn't it? – I just got wind
of the new Currency Exchange for P2P transactions. It's like Zopa, but
for foreign exchange.
After Tiger Wood’s disastrous PR with golf clubs wrapped around teeth,
Accenture had to rapidly come up with a new campaign to reignite their
brand So I arrive at Heathrow this morning and here it is. Brilliant. Inspired. Bodacious. Not.
I'm an irregular reader of Prospect
Magazine, a UK publication that focuses on political and economic
essays on current affairs. One of the best things in the mag is its A-list cartoonists. As a
monthly they pick only the best and funniest, and this month's really
had me chuckling.
This is so politically incorrect that I almost didn't post it …
but then I did to show how cultures are different and sensitivities are
not the same. As I left Singapore, I saw this and felt quite offended.
Only in Melbourne could they come up with the idea of getting six
comedians to debate whether money is the root of all evil … but it's very funny.
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