Credit crisis diary: 29/11/2008
Saturday 29 November 2008
A victory cheer that was a little premature
Standard Chartered Bank no doubt pays Finsbury a healthy retainer for its services, but the City PR firm does its best to earn its money. As the market closed on Thursday, when Standard Chartered's shares went ex-rights, Finsbury emailed contacts to crow about the 11 per cent gain the stock had racked up over the day. Sadly, come the end of the closing auction a few minutes later, the gain had turned into a 2 per cent loss. Still, you can't fault Finsbury for its efforts in getting even the briefest bit of good news out there for its clients.
Green gain for Gore
The reinvention of Al Gore, right, as a champion of environmental issues has not been an entirely altruistic act – it has also landed him the chairmanship of Generation Investment Management, the boutique fund manager that specialises in green investment. And Generation is proving a smart bet. Yesterday it picked up yet another big mandate, the contract to run £150m worth of funds on behalf of the the Church of England's Commissioners' Fund.
Time off to say a little prayer of thanks
With Thursday's full day off and only a half-day session yesterday, Wall Street traders have been enjoying the Thanksgiving holiday. Still, as one wag points out, they have plenty to give thanks for – the $800m Tarp bailout, for example, plus hundreds of billions more in loans to keep the banking system afloat.
Do the maths
Some handy advice from the British Retail Consortium for shoppers claiming they're being cheated when next week's VAT cut comes into force. The 2.5 percentage point duty cut translates into a price cut of only 2.1 per cent or so, the BRC points out. Before everyone shouts greedy retailer, it's just how the maths works – it's the tax that's falling, not the price of a good. So a £1 item costs £1.175 right now, falling to £1.15 from Monday. That's only 2.1 per cent less.
Don't do what last year's winner did
Congratulations to BNP Paribas, declared bank of the year by The Banker magazine. But let's hope the fate of last year's winner is no guide of what BNP might expect in the next 12 months. Our French friends inherited the title from Royal Bank of Scotland, which has not had the best 2008.
By performing as African Americans or Indians, white people get to play act a kind of 'imaginary liberation', writes Michael Mark Cohen
New essay by JK Rowling went live on Pottermore site this morning
New UK station Russia Today gives a very bizarre view of Britain
Top Gear presenter is no stranger to foot-in-mouth controversy
- 1 Canadian actor punched in face after 'Islamophobia' experiment goes wrong in wake of Ottawa shooting
- 2 Topshop at centre of row over body image as 'shocking' skinny mannequin photo goes viral
- 3 Woman blinded as a child can see again after hitting her head on a coffee table
- 4 Top Gear presenter Jeremy Clarkson criticised for beer tweet
- 5 The bubble bursts for Sodastream
'Nasa Confirms Six Days of Darkness in December': No, they don't - it's a hoax
Woman blinded as a child can see again after hitting her head on a coffee table
Top Gear presenter Jeremy Clarkson criticised for beer tweet
The bubble bursts for Sodastream
Russian politician says Apple CEO Tim Cook should be 'banned' from country after coming out as gay
Pope Francis declares evolution and Big Bang theory are real and God is not 'a magician with a magic wand'
Huge surge in Ukip support after EU funding row, according to new poll
Ukip ‘exploiting grooming scandal’ to secure party’s first police chief
Nigel Farage: 'There’s nothing wrong with white people blacking up'
Maureen Lipman says 'she can't vote Labour while Ed Miliband is leader'
Muslims, immigration and teenage pregnancy: British people are ignorant about almost everything
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