Our biggest stories of the week are …
I interviewed good friend Brett King last week, author of Bank 2.0, and here’s a podcast that some Finanser readers might enjoy …
Jane wakes to the sound of Michael Bublé on her wristband communicator (a 4G broadband videostrap). She washes and has breakfast, before skipping out of the house and onto the metro with her communicator paying by a transfer of credits from her Facefeed account.
Last year, we performed a major survey in anticipation of the
implementation of the PSD and SEPA Direct Debits, to see how the world
viewed these areas.This year, we're doing it again. Click here to take survey
That's the new refrain reverberating along the tweets of the
twitterati, after Mark Webber's celebrations were marred by the
unfortunate placement of the sponsor's logo …
I know Barclays have some imaginative marketing ideas – for example, the excellent game 56 Sage Street, where teenagers are encouraged to play a game to earn money, rewards and responsibilities, but did they really have to sponsor London Mayor Boris Johnston?
I popped down to the launch party for Metro Bank last night, as the
bank opens its doors for business this morning. The party was filled
with the great and good of financial services, with a veritable who's
who of banking …
Here’s a shocker. We all love Facebook, with 500
million people in their community. We love to twitter via
tweetdecks 24*7 on our iPhones and Androids. We Google, Amazon and
PayPal. The internet is pervasive. Yes, it’s the 21st
century. Then I visit my bank. Oh dear.
Having spent much of the weekend absorbing the European bank stress
test results, I’ve got to ask why they bothered. Bearing in
mind that the stress tests were called to fix the loss of confidence in
the system, due to the worry over a sovereign default in Greece or
Spain, the fact that the tests left out that specific scenario is
ridiculous. But then these tests were fixed.
I will not spend much more time on this, but was irritated by the CEBS
stress tests last week and so one more quick note. The reason
CEBS, the European Commission and European Central Bank gave for not
including the scenario of a sovereign default in the stress tests is
that they just don’t think it’s going to happen.
But the reason they gave is because French and German citizens will bail
The major general news stories of the week include …
Metro: first bank for 100 years opens its doors – The Telegraph
Metro Bank has promised to revolutionise the British banking experience.
Europe's €30 trillion funding headache – The Telegraph
European banks face a serious funding threat over the next two years as authorities withdraw emergency support, S&P says.
King condemns banks' treatment of customers – The Independent
The Governor of the Bank of England, Mervyn King, has described as "heart breaking" the way some banks are treating business clients who had been customers for many decades.
Banks grow into global giants to cash in on implicit taxpayer guarantees rather than capture any economies of scale, the world's financial regulator says in a report today.
Virgin Money delays bank debut – Financial Times
The financial services arm of Sir Richard Branson's Virgin Group has postponed its launch into mainstream banking, marking a setback to hopes for more retail banking competition
Apollo exploits loophole to create new bank – Financial Times
Private equity group Apollo Management will establish a new bank under an obscure provision buried in the US financial regulations signed into law last week.
Basel committee agrees new bank capital rules – The Telegraph
New banking rules to prevent a repeat of the financial crisis will not come fully into force for seven and a half years, as part of a "broad accord" struck by global regulators.
The Bank of England will have to keep interest rates at their record low of 0.5% until 2014, a leading economic forecaster says.
Bank stress tests 'too little, too late' says City – The Telegraph
Markets delivered a clear thumbs down to the EU bank stress tests after just 7 out of 91 failed.
Gordon Brown says he wished his government had spotted the UK's financial crisis earlier, in his first interview since leaving Downing Street.
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