ECB Cuts Off Funding to Four Greek Banks
So many Greeks have withdrawn savings from banks since Monday that on Wednesday the ECB cut off funding to four Greek banks that it did not consider solvent.
U.K. in Double-Dip Recession
For the first time since the 1970s, the U.K. is in a double-dip recession. A construction slump added to a fall in GDP in Q1.
Myanmar Sanctions to Be Suspended by E.U.
Myanmar is about to be rewarded for its many political and economic reforms as the E.U. voted to suspend sanctions in recognition of its efforts.
Gilts Drop on Austerity
While yields are still near record lows and support lingers for austerity policies in some sectors, those policies are backfiring on the bond market in the U.K., with gilts losing 1.92% in Q1.
U.K. Unemployment Higher Than Expected
The rise in the rate of claims may push criticism that cuts in government spending by Prime Minister David Cameron are too aggressive as he attempts to reduce Britain’s deficit. Consumer confidence is sagging, based in part on fears of job loss, and the country’s economy contracted in Q4 of...
EU May Legislate More Women on Boards
A year after European Union justice chief Viviane Reding warned European companies that the level of representation by women on their boards was unacceptable, she may press for legislation to compel action. She said that she was disappointed in their lack of progress.
Former RBS Chief Stripped of Knighthood
Former Royal Bank of Scotland Group CEO Fred Goodwin is now also a former knight of the realm. Goodwin, on the advice of the Honors Forfeiture Committee in Britain, was stripped of his knighthood.
Barclays, HSBC Chiefs Might Keep Bonuses
It is unlikely that Robert Diamond and Stuart Gulliver, of Barclays and HSBC Holdings, respectively, will be forced to waive their bonuses. Their banks, along with Standard Chartered, unlike RBS, did not receive public funds.
Under Pressure, RBS CEO Waives Bonus
The CEO of Royal Bank of Scotland Group has decided to waive his bonus of 963,000 pounds ($1.5 million), but it wasn’t an entirely altruistic gesture. He reached that decision after the Labour Party said it would ask Parliament to vote on the matter.
Britain’s Cameron Promises to ‘Tackle’ Level of Finance Pay
In his New Year speech, British Prime Minister David Cameron sought to offer encouragement to those having a difficult time getting by, and warned those who apparently were getting by too well in the financial industry that he would “tackle excess in the City.”