Chillin' out till it needs to be funded
Apart from ex CEO Bob diamond’s testimony as Diamond and COO Jimmie del Missier left the bank yesterday in face of the Liborgate scandal. The BoE has also suggested that the rumored government hand Paul Tucker was engaged in supporting the rate fixing as per the rumours be asked to testify before Parliament. Mervyn King, soon leaving BoE apparently would like to clear the slur on Bank Street as he leaves. Bob Diamond’s pay package which Barclays now claims to be $10 m against the $32 M news was turned down by 27% of the shareholders at the AGM and a majority of the retail investors present at the AGM voted against such pay for senior executives.
Meanwhile the Fourth of July Holiday did not stop Manchester United from tapping the Big Board, making its announcement for a smaller $100 M salutory IPO on NYSE . Its current owners do live in the United States but the likely motive for them. Man U and football apart , even Corporate Boardrooms seem to avoid female participation as a recent McKinsey study in 10 Asian markets found their participation in boards at 6%, Europe apparently highest at 17% and US 15%. the figures in Executive Committees are much better for Asia comparatively. AUD is still moving up after yesterday’s RBA announcement The Brazilian Real made a big move yesterday from 2.08 levels to the Dollar to 1.97 but has recovered half the move today while the Rupee cut the USD move back and kept half the gains of the day as well. The yuan has started moving back from its low6.36 levels starting back to appreciate against the US currency this week. Of course if there is liquidity released into the system there will be more recovery against the Dollar and a Brent of $100 as has come back this week may seem ready for another chop before that as for Gold
China’s HSBC survey for Services PMI understated the health of the Services sector at 52.3 , a ten month low, increasing the contrast with Official data while UK reported a smaller down-tick in Services PMI at 51.3 . The Euro was slightly stronger against the Yen but apparently in a move long past due , is still strengthening against the Pound sterling from 1.24 levels instead of moving to weaker ground
However Asia’s century coincides with the Facebook age and it could be that Cars , Football and Advertising soon be unimportant but it seems unlikely. The digital book breakthrough may also not convert more than 10-20% of the world population when it celebrates a decade of its own, while the Fourth of July celebration was hara-kiri for Dollar in Asia esp after the Eurozone liquidity terms looked set to roll and ECB rate cuts are due tomorrow.
European service PMIs are better at 49.3 for Eurozone, 43.1 for Italy and a similarly improved data for Germany ( which still mirror’s the entire EZ data) Bob Diamond’s testimony is live on the Bloomberg feed (advantages.us/bloomberg-tv, advantages.us/bloomberg-us-feed)
In snippets, Barclays seems to note that a small group of individuals was responsible for the reprehensible behaviour and that may be folloed by more internal inquiries and job losses in the Department with claback as it effectively deflects from direct revie of the rate fixing int he testimony..
The bank rightly claims first mover disadvantage though in the Liborgate penalty mania to follow.
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