Welcome to the first week of July, and happy Independence Day to all our US readers! The big news of the week is, of course, the continuing Libor scandal which has engulfed Barclays, taking Chief Executive Bob Diamond with it at the start of the week. More details below.
Barclays’ Bob quits over Libor row
Bob Diamond, the Chief Executive of Barclays bank resigned his post on Tuesday 3rd July after coming under pressure to do so from politicians and public alike. Following this, he appeared before a select committee of MPs on the 4th July.
Airlines banned from ‘surprise’ debit card charges
Airlines have been told they are not allowed to ‘surprise’ customers with hidden debit card charges by the Office of Fair Trading (OFT). The OFT has allowed that credit card charges can continue. 12 airlines will now include charges in their headline price by the 1st August 2012
UK house prices move on up
House prices in the UK have risen, slightly. According to the Halifax, they rose by 1% in June 2012; however, over the year, they are down by 0.5%, with fluctuations every month.
More economic stimulus from the central banks
Banks around the world have announced further measures to try and stimulate the economy. The Bank of England has announced a further £50 billion of Quantitative Easing and interest rates have been cut in China and by the European Central Bank.
Owners of Manchester United seek $100 million
The Glazer family, owners of Manchester United Football Club are seeking to raise $100 million in a US Initial Public Offering (IPO).