Word: britishers
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...troubles at Northern Rock jar with the cachet the bank has enjoyed in recent years. Its low cost base, loyal customers and slick operation helped it outperform every other British banking stock in 2006. The lender - not yet 50 years old - "was a darling of the stock market," says Howard Wheeldon, senior strategist at BGC Partners in London. "It was perceived as a good growth stock with a good model." Its approach: a limited branch network meant savings chipped in by its own customers amounted to a smaller chunk of the funds it could lend in the form of mortgages...
...market will make it more difficult for Northern Rock to finance new mortgages at competitive rates. And with its share price still in tatters, it could soon find itself bought out by rivals. (Its stock slumped again on Sept. 19, amid rumors of an imminent takeover bid.) Are other British banks similarly vulnerable? Less so, since they never relied on the credit markets to the degree Northern Rock did. Even so, "we'll see a slow pull back" in their reliance on other banks for cash, reckons BGC Partners' Wheeldon. Looking at the consequences of Northern Rock's over-reliance...
...have crashed. The dollar is doing a disappearing act. Alan Greenspan, after years of artful obfuscation, has suddenly discovered a terrifying gift for clarity, warning that inflation will rise and house prices will tumble. Stock market volatility has surged. And now, feeding fears that the contagion is spreading, the British bank Northern Rock has suffered a near-death experience...
...their new book, Multi-nationals in their Communities, two British academics look at well-run CSR projects and how they help the communities where they operate. Ian W. Jones, a management lecturer at Oxford University, and Michael G. Pollitt, a reader in business economics at Cambridge University, co-direct the Ethics, Regulation and Globalisation project at Cambridge's Centre for Business Research. Time talked to them about the challenges and benefits of good corporate citizenship...
WELL, MOST OF THEM Despite repeated requests by the Greek government, the British Museum hasn't returned the Parthenon's marble frieze...