31May2012
Employment Law – Employment Contracts
An employer will need to provide an employment contract or statement of terms within two months of the employees start date. The statement of terms is the absolute bare minimum requirement, as it does not protect the employers properly from any disputes that may arise. It is more essential to draw up an employment contract, as it is generally better for both parties. The contract allows the emplo
Read More31May2012
Foreign aid works – it saves lives
Data shows that aid-supported healthcare programmes have played a key role in cutting death rates in many poor countriesThe critics of foreign aid are wrong. A growing flood of data shows that death rates in many poor countries are falling sharply, and that aid-supported programmes for healthcare delivery have played a key role. Aid works; it saves lives.One of the newest studies, by Gabriel Demom
Read More31May2012
Eurozone crisis live: Spanish crisis sends euro sliding – as it happened
• Euro hits 22-month low below $1.25• Spanish retail sales slump• Some markets rally, but not Spain's• EC: 'plague of tax fraud' in Greece must end• Commentators fear Spain will need bailout• De La Rue silent on drachma rumours6.07pm: Time to wind up the blog for the day.Hopefully we'll see more progress in resolving the eurozone crisis tomorrow. But for now, here's a quick closing sum
Read More30May2012
Why merging Spain’s troubled banks won’t fix the country’s debt crisis
Ibercaja looks set to 'rescue' Liberbank and Caja3 – but Mariano Rajoy needs only to look at the UK to see why it won't workBank mergers solve the debt crisis. At least that is the strongly held view in Madrid, where Spanish prime minister Mariano Rajoy is considering yet another rescue, this time involving a possible merger of Ibercaja with rivals Liberbank and Caja3.It follows a longstanding p
Read More30May2012
What price financial stability?
Estimates of how much is at stake through the implicit guarantee of the entire financial system vary widelyUnprecedented sums of taxpayer funds have been pumped into the banking system to keep it afloat since the 2008 banking crisis. But while some of the sums involved are not the subject of controversy – the £65bn used to buy shares in Royal Bank of Scotland and Lloyds Banking Group for instan
Read More29May2012
Eurozone crisis live: Markets rally, but Spain and Italy under pressure
• David Cameron to discuss euro crisis with Bank governor Sir Mervyn King, and FSA's Lord Turner at Number 10• Spanish 10-year bond yields hit 6.5%• Alarm as Italian auction costs rise• FTSE 100 jumps 50 points...• Bankia shares down 27%• Christine Lagarde under fire over tax comments5.51pm: And with that, it's time to close the blog up for another day.There were more worries about Spa
Read More28May2012
Eurozone crisis live: ‘Battle lines’ drawn over eurobonds
• Shares in Bankia suspended• European stock markets open higher, bank shares rebound• Consumer confidence steady in Germany, improving in France5.47pm: One last thing... our man in Madrid, Giles Tremlett, was at the briefing with Catalan leader Artur Mas that has caused such a fuss today. He writes:Reuters did certainly not quote Artur Mas wrongly or out of context. Some people, however, se
Read More27May2012
Eurozone crisis live: EU summit leaves France and Germany divided
• UK recession deeper than first thought: ONS• Sources: Hollande and Merkel split over eurobonds• Analysts unimpressed• Weak data from France...and Germany• Today's agenda6.00pm: OK, we're shutting the blog down now (as I seem to have been rather distracted since getting back to the office). And events seem to be over.Personal note - thanks for kind wishes in the comments below (kizbot,
Read More26May2012
Why would fees stop banks mis-selling?
The idea that banks making customers pay through overdrafts instead of upfront fees encourages mis-selling is mystifyingSharks are lean, mean hunting machines with one aim in life: to ensure the survival of the species. Banks have proved slightly less efficient at ensuring their own survival, but they do seem to hunt customers with one fervorous aim: to maximise profits for shareholders.So I am su
Read More26May2012
Even in a Recession, UK Cardholders Paying on Time
Even as figures show the UK stretching out its recession, cardholders have clearly learned the importance of keeping their card payments timely. Today FICO released data on Q1 card payments that show one-cycle delinquent balances, as a percentage of all balances, falling to less than 5 percent, the lowest point in two years. Also down were the percentages of accounts that are 30 days delinquent an
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