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.
Poveglia: 'World's most haunted island' up for sale...is anyone brave enough to buy it?
South Korea ferry passengers who were told to stay put 'got trapped' aboard sinking ship
Are beards attractive? Ryan Gosling says yes, but science says no. Take the A-list facial hair challenge and find out who's right
Oscar Pistorius trial: Defence witness 'unqualified' to testify
Andre Johnson: Wu-Tang Clan-discovered rapper severed his penis and jumped from LA building
The food poverty scandal that shames Britain: Nearly 1m people rely on handouts to eat – and benefit reforms may be to blame
US Navy christens huge $3 billion destroyer ship USS Zumwalt that appears as a fishing boat on enemy radar
Scottish independence: It is the English who should be on their knees, begging the Scots to vote ‘No’
Nigel Farage fatigue? Half of voters ‘immune’ to Ukip’s appeal
Nigel Farage on Have I Got News For You: Ukip leader ridiculed over expenses and party 'fruitcakes'
Nigel Farage: I’m taking on the status quo, and the Establishment’s fighting back
- 1 Poveglia: 'World's most haunted island' up for sale...is anyone brave enough to buy it?
- 2 Big Bang Theory to get special Star Wars episode with help from Lucasfilm
- 3 Babies cry at night to stop mothers procreating, scientists claim
- 4 Pharrell Williams 'Happy': British Muslims dance to song in video
- 5 24 people applied for the 'world's toughest job', here are their interviews
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