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One Response to “Financial News 8/30/12 – Barclay’s New CEO Antony Jenkins, NAM Summit Controversy”

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   30. Aug, 2012

   After Chief Executive Bob Dimond’s explosive exit from leadership of the company that was kicked off the LIBOR scandal match, we finally have a winner for his replacement .Retail Banker Antony Jenkins, has been chosen to lead the firm into salvation. Jenkins, started as a graduate trainee at Barclays in 1983. He returned six years ago to turn around Barclay’s credit card business and transitioned into leading all its retail banking. The media likes to paint a strong contrast in personalities between Bob Dimond and Jenkins, who graduated Oxford College and prefers to keep a low profile. Jenkins’ three priorities are to stabilize the bank, deliver sustainable returns for investors, and to set out a long-term plan to make Barclays the “go to” bank for customers. Well good luck to you Mr. Jenkins…with a current criminal probe into Barclay’s dealings with Qatar in 2008, just two months after Barclays was fined over 450 million dollars for manipulating Libor interest rates, Jenkins will be inheriting a nice little box of crap to deal with.
   The U.N. chief, Ban Ki-moon, and Egypt’s president, Mohammed Mursi, stirred up some sand in Iran today, delivering stinging speeches at a summit of the Non-Aligned Movement of developing nations, damaging the host country’s quest for global prestige and support for its nuclear program and its policy on Syria. Ban Ki-moon denounced Iran for wanting Israel’s destruction and for denying the Holocaust ever happened…by the way interesting fact, in numerous European countries the denial of the Holocaust is illegal, thought you’d all like to know…anyhoo, Mohamed Mursi, the first Egyptian leader to visit Iran since the 1979 Islamic revolution, urged Non-Aligned Movement members to back Syrians, trying to topple President Bashar al-Assad, Tehran’s closest Arab ally. I am assuming the people in Iran would have been very upset about these comments from a fellow Islamist, but not to worry President Mahmoud Ahmadinejad, always has a trump card up his sleeve, apparently one Iranian state TV channel mistranslated Mr Mursi’s words into Persian, giving the impression that he was actually speaking in support of the Syrian government.
   China to the rescue! China pledged to continue to buy European bonds, in a bid to help the euro zone resolve its debt crisis, said Chinese Premier Wen Jiabao, after meeting with visiting German Chancellor Angela Merkel, highlighting Europe’s growing importance to the Chinese economy. But Mr. Wen stopped short of concrete pledges, and noted that China’s purchases would require “fully evaluating risk,” suggesting that meaningful aid still can’t be assured. He pointed to uncertainty over whether Greece will leave the euro zone and whether Italy and Spain will takethe right rescue measures, including budget cuts. With Europe’s crisis still flourishing, China increasingly sees Germany—its largest European trading partner—as a vital player in pulling the continent out of its slump. European officials, have expressed hope that China will deploy significant amounts of its mammoth foreign-exchange reserves—currently at $3.2 trillion—to invest in the EU’s bailout fund.