Rogue Trader: The week ahead
Sunday 13 June 1999
City caught on the hop by further interest rate cut to bolster the euro. Banks and building societies refuse to pass on lower rates to customers. A spokesman says: "This is a golden opportunity for us to make an absolute fortune and we'd be silly, really, not to milk the situation for all it's worth."
Euro continues to plummet. EU finance ministers meet to unveil euro currency promotion campaign, including plan for special, introductory "two-for- the-price-of-one" exchange rate offer; girls in mini-skirts giving away free samples at supermarket delicatessens. All to no avail. Finals from Avesco who make those giant Wizard of Oz video screens which politicians and CEOs use when they intimidate meetings by appearing in front of nightmarish 100ft-high movies of themselves, as predicted by George Orwell.
As the pound continues to soar against the euro, Norman Lamont is brought out of semi-retirement and asked to "do a Black Thursday in reverse". Holders of sterling to be charged 30 per cent interest. Plan backfires when dealers see through the ruse as "as an empty and obvious show of weakness and ineptitude". Exchange rate moves ahead 300 per cent. George Soros cleans up.
In a last-ditch attempt to bolster the euro, holding the pound or any other "Class A currency" is made illegal with on-the-spot fines for possession and 10-year jail sentences for dealing. Finals from Lord Wolfson's Great Universal Stores. Last year GUS paid the best part of pounds 2bn for Argos in an entertaining takeover battle which saw Wolfson slagging off ex-Argos chief Sir Richard Lloyd for playing dirty. Last time profits tripled to pounds 624m, but the cost of buying and sorting out Argos will make it a hard act to follow.
Euro continues to plummet. National Vegetarian Week ends. Wedding of Prince Edward and Griff Rhys-Jones.
- 1 Enrique Iglesias injured trying to catch a drone mid concert
- 2 Caitlyn Jenner, formerly Bruce Jenner, reveals new look on Annie Leibovitz shot Vanity Fair cover
- 3 Arsenal players boo chief-executive Ivan Gazidis after being told they would not get bonus for FA Cup triumph
- 4 Man on naked bike ride gets ejected after becoming aroused
- 5 UK weather: Temperatures set to soar making parts of Britain hotter than parts of the Mediterranean
Migrants in Kos: Photos show real tragedy after Brits abroad complain of 'awkward' holidays
British tourists complain that impoverished boat migrants are making holidays 'awkward' in Kos
Michael Gove determined to scrap the Human Rights Act – even if Scotland retains it
Thousands of teenage girls enduring debilitating illnesses after routine school cancer vaccination
Threat to scrap Human Rights Act could see UK follow Nazi example, warns UN official
Why this year's general election was the most unfair in Britain's history
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