Welcome to another sunny week, with our waterlogged country at last appearing to be drying out. And it’s the week that the 2012 Olympics begins, back in Britain for the first time in over 60 years! With the opening ceremony on Friday the 27th set to be a spectacular event, millions of us will be watching, with the UK government perhaps hoping that the continuing recession might be forgotten about for at least a couple of weeks.
Europe to take action over Libor
The European Commission is to take action following the rate fixing Libor scandal. The EC has made amendments to several proposals which would make any rate fixing of Libor or Euribor (the European equivalent) a criminal offence.
‘Shock’ 0.7% drop in UK output
Official figures have shown that the UK’s economic output shrank for the 3rd quarter in a row, confirming that the UK is in the middle of the longest double dip recession since the 1950s. Output fell by 0.7%.
Payday lenders ordered to freeze interest rates
Payday lenders have been told they must freeze interest rates for borrowers who are struggling. Four trade associations have drawn up a charter which includes a variety of measures including clear information about how a loan works and no pressure for customers to take out more loans.
Former Barclays chief to get £8.75 million payout
Jerry Del Missier, Barclays Bank’s former Chief Operating Officer, will receive a payout of £8.75 million after he resigned from the bank following the Libor scandal.
Nationwide error means accounts debited twice
Customers of Nationwide who used their Visa debit cards have found that their accounts have been debited twice – on the 24th July and the 25th July – leading many to go overdrawn. Nationwide blamed the incident on human error.
British Gas Owner Centrica sees profits rise
Centrica, who owns British Gas, reported a first-half rise in profits of 15%. Their operating profits rose to £1.45 billion. Their residential energy division, British Gas, increased profits by 23% to £345 million.
Source: BBC News
European Central Bank will do ‘whatever it takes’ to save Euro
Mario Draghi, the president of the European Central Bank (ECB), vowed at a London investment conference to do ‘whatever it takes’ to stop the collapse of the Eurozone due to the weight of soaring government borrowing costs.