|Kim Jong Un - New North Korean Leader|
However the deputy prime-minister, Nick Clegg, was nowhere to be found, presumably still sulking over Cameron not following their agreed negotiating strategy and because he was, according to this great Mirror headline, “left looking like a political pygmy”. And what’s going to happen to the Euro? Your guess is as good as mine, but it is looking pretty messy at the moment.
Ah. Back to the Lloyds.. The ship didn't sink, yet, and Antonio is back to preside over the divestment of the assets that the EU is forcing them to sell because of irregularities in relation to the acquisition of HBOS. Immediately before announcing the return of Antonio, Lloyds also announced that the preferred bidder for the assets will be the Co-op bank, the Co-op shortly after released a press statement of their own essentially saying, thank you but they are not sure they want to buy it :) well played!! Assuming all sorts of things, the Co-op does seem like a good buyer and could become a real player in the future.
|Antonio Horta-Osório Lloyds CEO|
Then the financial services "authority" announced... drum roll please.. a recommendation to not approve too risky loans. A recommendation so therefore nothing they plan to in any way enforce. The reaction from the lenders could best be summarized as "would you just fuck off". They are struggling to find anybody worthy of lending to (in particular first time borrowers) as it stands, and are very worried about existing homeowners being unable to move from their current property, if they introduce rules that mean people can't get another mortgage. To which the FSA suggested to waive their recommendation under those circumstances (which are all the risky borrowers). I would think it's time to go back to the drawing board guys!
And finally the government continues to chip away at the John Vickers independent banking commission’s recommendations. Latest by agreeing with HSBC that “ring-fencing” of retail and investment banking would only concern the UK part of the bank. I would be surprised if any of recommendations will actually be realised in a convincing form and they definitely won’t, as Vince Cable oddly still believe, “implement Vickers in full”.
So how is business you ask? Well people like me feed on the fallen fruit, and some disruption is therefore not always the worst for us. When people decide to change, they need help to actually do it. However at the moment it’s a bit like standing in the middle of a tornado and you don’t really know if you are coming or going, but, the uprooted apple tree might have just landed on my lap.