Thursday 4 October 2012

Thursday, October 04, 2012 Posted by Hari No comments Labels:
Posted by Hari on Thursday, October 04, 2012 with No comments | Labels:

RBS trader sent mocking messages as he tried to rig Libor, court told
The Libor determines interest rates on $350 trillion globally, from home loans to credit cards. Online chats between colleagues contained boasts such as 'our six-month fixing moved the entire fixing hahahah'. The evidence also shows an RBS trader describing Libor as a "cartel" and claiming that hedge funds would be "kissing" a colleague if the rate was reduced. GUARDIAN
(RBS emails saying "let's all do an honest day's work" and "stop rigging these rates, we've all made enough money already" were dismissed as obvious fabrications by the court.)

Families face sharp rise in winter energy bills

Profits from each household will rise from £45 to £65 by Christmas, prompting claims that large energy companies are profiteering. Up to 300,000 businesses could be forced to fold if energy prices continue to rise. But energy supplier SSE said “Our margin is equivalent to most other essential commodity providers like food and water, and substantially less than things like mobile phones, Sky and others.” TELEGRAPH
("But substantially more than six massive energy firms operating in a properly functioning and competitive market," they didn't add.)

Payment Protection Insurance complaints soar to 2.2 million. Overall, Barclays is the worst
Barclays Bank received more customer complaints than any other UK financial institution in the first half of 2012, with 442,266 disputes recorded. Barclays said that if PPI complaints were stripped out of its figures, overall complaints would have fallen by 9%. MSN NEWS
("And if rampant mis-selling were stripped out of our core strategy, we'd be out of business completely," they didn't add.)

Ryanair boss bemoans own airline's baggage fees
Michael O’Leary, Ryanair’s famously opinionated chief executive, has dismissed holidays as “a waste of time” and says flying with his own airline costs him "a fortune in excess baggage”. TELEGRAPH
(A spokesman for the Union of Satirists said "Michael O'Leary's latest statement shows he is a ruthless man who will not rest until every satirist is out of a job.")

Car insurance industry to face Competition Commission investigation
Insurers are inflating costs for repairs and hire vehicles by £225m a year. A large part of the premiums motorists pay is down to insurers inflating the costs of providing replacement vehicles to not-at-fault drivers following an accident. In some cases the cost of these is more than £1,000 above the going rate. But insurers denied the accusation, insisting that lower premiums may mean not-at-fault drivers will have to "catch a bus." GUARDIAN
("Or hire a cab with the money we've saved, you thieving crooks," said tens of millions of helpless car owners.)

Co-op Bank ditches sales targets for customer service bonuses
The Co-operative Bank, which bought hundreds of Lloyds Bank branches, will focus employees’ attention on helping their customers by linking bonuses to customer service and not sales targets. The financial services sector scooped a third of the UK's entire £37bn bonus pool in 2011/12, even though just 4% of all employees work in that sector. Banks offer massive bonuses "as the only way to ensure this vital part of the nation's economy hires the right sort of people." WORKPLACE SAVINGS & BENEFITS MAGAZINE
(...otherwise known to the nation in question as "the wrong sort of people.")

Virgin Media's 'bye-bye to buffering' ad nuked by watchdog - AGAIN
The Advertising Standards Authority upheld complaints, questioning whether a TV ad featuring ex-Doctor Who star David Tennant had exaggerated Virgin's service by suggesting that buffering was entirely absent. The actor was shown destroying the "buffering" symbol on screen with a baseball bat. THE REGISTER

Sainsbury's "Brand Match" campaign is misleading, says watchdog
Advertising Standards Authority blocks new Sainsburys adverts. As is typical with supermarket promotions, there are reams of small print. You have to spend a minimum of £20 and your basket must include at least one item that is identical (same size, flavour etc.) to one available in Asda or Tesco. Coupons must be redeemed within two weeks and the maximum you can get back is £10. Online shopping is not covered, nor are smaller Sainsbury's Central and Local stores. Electrical products and clothing are also not included. GUARDIAN
("Look. It's a very simple calculation only an idiot would not understand," said a supermarket insider. "Can we run the ads for long enough to rip off customers before the ASA stop us. The answer is always yes.")


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