Credit Crisis Diary: 25/04/2009

Saturday 25 April 2009 00:00
Comments

A speedy U-turn from retailer Alexon

Goodness, 48 hours is a long time in the world of retail. On Wednesday, Bay Trading's parent company, Alexon, sounded confident in its latest trading statement: "New high fashion lines have been well received by customers and the fashion press and a revitalised image has been designed for Bay Trading reflecting its more fashionable proposition". So fashionable, in fact, that Alexon put the company into administration yesterday morning.

I'm Miles but you can call me Simon

Lord Taverne, and Miles Templeton enjoyed a spirited debate on yesterday's Today programme on Radio 4. Mr Templeton, director general of the Institute of Directors, got crosser and crosser as Lord Taverne explained why he is supporting moves to force companies to declare the difference between their best and worst-paid employees. It wasn't so much the argument that irritated the IoD man, but the fact that Lord Taverne kept addressing him as Simon.

The Post Office knows how to send bad news

A helpful missive from the Post Office arrives concerning its phone service. Entitled "We've been listening to what you've been saying", it explains in great detail a range of new services now on offer to customers. It's not until you get to the final paragraph of all the junk that the Post Office remembers to confess it is also whacking up charges by close to 10 per cent. Let's hope that what customers say next is they're not keen on higher bills being sneaked past them in this way.

The Bank of Essex opens its doors

We should – and do – support communities banding together to step in where the mega financial services companies have let them down. But with the best will in the world, it's difficult to suppress a smile when the triumphant announcement of the launch of the Bank of Essex arrives. Good luck to them.

A masterclass for would-be fat cats

Say what you like about the Americans, they do things properly. Chesapeake, the gas company, is facing a shareholder backlash after paying its chief executive a little over $100m last year. He also sold Chesapeake art he owned for $12m, has free use of its private jet service and the company spent $200,000 with a catering company he partly owns. Chesapeake even spends $3.5m a year sponsoring a basketball team in which he has a 20 per cent stake. Sir Fred Goodwin got a bum deal by comparison.

Register for free to continue reading

Registration is a free and easy way to support our truly independent journalism

By registering, you will also enjoy limited access to Premium articles, exclusive newsletters, commenting, and virtual events with our leading journalists

Please enter a valid email
Please enter a valid email
Must be at least 6 characters, include an upper and lower case character and a number
Must be at least 6 characters, include an upper and lower case character and a number
Must be at least 6 characters, include an upper and lower case character and a number
Please enter your first name
Special characters aren’t allowed
Please enter a name between 1 and 40 characters
Please enter your last name
Special characters aren’t allowed
Please enter a name between 1 and 40 characters
You must be over 18 years old to register
You must be over 18 years old to register
Opt-out-policy
You can opt-out at any time by signing in to your account to manage your preferences. Each email has a link to unsubscribe.

Already have an account? sign in

By clicking ‘Register’ you confirm that your data has been entered correctly and you have read and agree to our Terms of use, Cookie policy and Privacy notice.

This site is protected by reCAPTCHA and the Google Privacy policy and Terms of service apply.

Join our new commenting forum

Join thought-provoking conversations, follow other Independent readers and see their replies

Comments

Thank you for registering

Please refresh the page or navigate to another page on the site to be automatically logged in