subject: Turning the clock back [print this page] Turning the clock back Turning the clock back
As we enter the month of March and prepare to enter Spring, it's a good time to reflect on what's going on around us in the financial world of CapitalFortune. The clocks go back this month, the days get longer and hopefully warmer. As a Company, and as mere human beings, we can't fail to notice, the heat increasing around the world. The turmoil in Tunisia, Egypt and Libya and uncertainty throughout the area has led to a huge spike in the oil price, (as of today$112 a barrel) and this will filter through to the forecourt, stretching the already stretched and further impacting on inflationary pressures. It feels we've been here before. The predicted rate rises over the next few months, appear even more inevitable and this appears to be getting priced in to the available fixed rate mortgages available on any mortgage search.
The Bank reporting season has started in full earnest for our erstwhile British Banks. Lloyds has recently announced it has returned finally returned back to the black and it's difficulties, particularly those associated with the takeover of Halifax Bank of Scotland in September 2008, HSBC the giant amongst pygmies which is bigger than all the 4 leading UK banks put together, has reported 12 billion profits, up 4.4 billion. The markets however reacted adversely expecting more and its share price slipped on the announcement by over 4%. And of course, not forgetting Barclays who have reported a staggering 6.08 billion. A Freedom of Information request appears to have indicated that Barclay's corporation tax bill based on last year equates to just 1% of this total profit which has angered many consumer groups. This coupled with recent Bank pledges on staff bonuses, indicate that perhaps it's not only the clocks going backwards.
