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.
- 2 Rarest Beanie Baby of them all could be sold for £62,500 on eBay
- 3 Professional big game hunter Ian Gibson crushed to death by elephant during hunt
- 4 Farmer told to tear down mock-Tudor castle after hiding construction behind hay bales
Migrants crossing the Mediterranean: Pope Francis joins calls for EU action on boat refugees
Yemen crisis: Meet the child soldiers who have forsaken books for Kalashnikovs
Alan Rickman admits editing 'terrible' script with friends in Pizza Hut behind backs of writers on Robin Hood: Prince of Thieves
Rarest Beanie Baby of them all could be sold for £62,500 on eBay
Isis in Afghanistan: Group claims responsibility for Jalalabad suicide bombing that killed 35
The only black face in the Ukip manifesto is on the page about overseas aid
If I’m being racially abused I don’t need a stranger with a saviour complex to rescue me
Ukip is the only main political party to not address LGBT rights in its manifesto
Food banks: One million Britons will soon be using them, according to Trussell Trust
BBC election debate: The one photo that summed up the whole 90-minute leaders debate
Religion isn't growing, it is becoming vigorous in its demise, says philosopher AC Grayling
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