There is something special about Sunday morning, the Sunday Times, hot croissants with honey and butter, excellent.
Headlines – Murray’s £100m prize if he wins Wimbledon – the headline. Also excellent. A twenty million audience, British acclaim and lucrative sponsorship awaits and maybe a smile from Ivan Lendl, perhaps. Spare a thought for Fred Perry who got ten quid and a tie, for his winning feat in 1936. NIce tie.
This week, the LIBOR scandal rumbles on, Marcus Agius Chairman of Barclays, fell on his sword but tripped up by not clearing the matter with the Governor first. According to Harry Wilson in the Telegraph, the King was displeased and summoned the honorable Agius to Threadneedle Street first thing Monday.
Historically it is enough for the governor to raise an eyebrow but on this occasion, Mervyn raised a machete to indicate Bob Diamond’s status as a “fit and proper person to work in the city” could be withdrawn. Exact words unknown but “HMD, on yer Barclays Bike” may have featured in a later tweet.
David Smith suggests the lights have gone out at the Bank as the Black Clouds of gloom descend. So good luck to Ian MacCafferty, currently the Chief Economic Advisor at the CBI and the latest appointment to the MPC, replacing the charismatic Adam Posen. External members of the MPC are placed in an isolation ward, until assimilated by the Black Cloud collective. Some never were and paid a price.
The bank is gloomy because ill conceived policies relating to hopes for Sterling depreciation, export growth, net trade surge, manufacturing renaissance and investment led growth have not worked. For those who never thought they would, (and I am one) 2% growth and 2.5% inflation would not be so bad as DS explains.
Dominic Lawson – suggest the Bank is behind the real city scam, – the myth surrounding QE. This week the MPC announced a further £50 billion round of gilt purchases. Dominic suggests, QE has pushed pensioners into penury and some companies into bankruptcy. Andrew Cave from the Federation of Small Business rightly states, there is no material evidence that QE has worked. Nice to include in the article my April quotes on debt monetization. As Lawson explains “As a form of self dealing, this monumentally eclipses the claimed manipulation of LIBOR” .
Economics news this week, – manufacturing prices fall, pushing retail inflation towards target, more water thrown on the drowning by the Black Cloud Gang as a further round of QE is announced and Christine Lagarde says the world must work together in a great big melting pot of economic policy.
Check out the Saturday Economist for more economics and the latest discussion papers. Spare a thought for the SFO called into the LIBOR debacle. Heads must roll, people jailed, oil the wheels of the tumbrils, hand out the knitting needles in Canary Wharf, someone has tampered with a rate of which most people have never heard, and everyone else, including The Black Cloud dons, want to trade 30 – 50 basis points over base. Where is the crime in that?
Back to the day job, Monday, team meeting in the morning then off to the MEN to meet up with the MD and editorial team as we discuss the media partnership for the SME club page in Business Week Magazine. Useful exchange of views for the future.
Tuesday, early start with the Business Leadership Council meeting, Mike Emmerich presents the growth plan for Greater Manchester, providing the basis for much lively debate. Later Maggie McArthy from Winning Pitch TV is in the office with some great ideas for video development. In the afternoon, it is the Business Growth Hub – Access to Finance launch, with presentations from Sir Howard and the new chair of Business Finance Solutions, Simon Allport. Clive Memmott anchors.
Wednesday, another early start it is the Deloitte retail seminar on multichannel retailing. Excellent content with great presentations from the Deloitte team also featuring Alice Rackley, the new channel development manager at Marks and Spencer. Alice later sends the M&S video to use at the ISM conference on Friday. Really cool. I sit next to Jeremy Scholes and Phil Jones from Brother UK.
Later a lengthy meeting with Sir Howard to introduce the new pro.manchester Chairman Paul Johnson, this week announced as head of Manchester Office Cobbetts. Good session.
Thursday, pre board meeting with Paul Johnson as Chairman and later video filming at Creative Collective. New material for SME club and the web sites. The rest of the day finalising my presentations for tomorrow’s conference, finally delivered at 7:30 pm, not bad!
Friday, the Integrating Social Media Conference is a huge success. Thanks to all the pro.manchester team, Journey9, the great speakers, all who attended and a special thanks to Chris Salt and the RBS sponsors for their support. Let’s do it again soon!
Saturday, working in the morning, the day starts as usual with tea, the FT, and the Economist app. The Economist leads with “Banksters”, how Britain’s rate fixing scandal might spread – and what to do about it. The LIBOR scandal, the rotten heart of finance goes global.
In the afternoon, tennis, it is a 1 – 6 setback. Nothing to say, I was playing with a new racquet with a dampener but Mary played too well.
Hope all is well, more news next week,
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