Manufacturing, retailing and mining gained.įor the manufacturing sector, the 0.6-per-cent gain it marked the third straight month of growth. Most of the trouble was in the energy sector, where oil and gas production slipped by 2.5 per cent, though partly due to maintenance shutdowns. Economists had expected the economy to expand in November, by 0.2 per cent, and the stage is now set for a weak fourth-quarter reading. That followed gains from June through September. Having registered a flat October, gross domestic product contracted by 0.1 per cent in November, Statistics Canada said today. And real estate agents were still riding high before what's expected to be a cooling market. strips knighthood from ex-RBS bossĮconomy stalls Canada's economy stalled again in November, for the second month in a row, but manufacturers continued to make strides. Sir Frederick had been a star in his day, leading RBS to world fame and expansion, and the massive 2000 takeover of NatWest, and was knighted in 2004.
Hester said Sunday he would forego the 2011 bonus of almost £1-million. Not only was Sir Frederick the subject of controversy over his own pension, according to The Financial Times, but RBS has been embroiled in a fight over the bonus that was awarded to Stephen Hester, who succeeded him. "In reaching this decision, it was recognized that widespread concern about Fred Goodwin's decisions meant that the retention of a Knighthood for 'services to banking' could not be sustained.
Fred Goodwin was the dominant decision maker at RBS at the time. since the Second World War and imposed significant direct costs on British taxpayers and businesses. They are clear that the failure of RBS played an important role in the financial crisis of 2008-9 which, together with other macroeconomic factors, triggered the worst recession in the U.K. "Both the Financial Services Authority and the Treasury Select Committee have investigated the reasons for this failure and its consequences.
Subsequent increases in government capital have brought the total necessary injection of taxpayers' money in RBS to £45.5-billion. "In 2008 the government had to provide £20-billion of new equity to recapitalize RBS and ensure its survival and prevent the collapse of confidence in the British banking and payments system. "The scale and severity of the impact of his actions as CEO of RBS made this an exceptional case. "This decision, not normally publicized in advance, was taken on the advice of the Forfeiture Committee, which advised that Fred Goodwin had brought the honours system into disrepute. "It will soon be announced in the London Gazette that the Knighthood conferred upon Fred Goodwin as a Knight Bachelor has been cancelled and annulled.
Today's statement from the Cabinet Office is stunning in what it says about the post-crisis era: In an extraordinary act today, Britain said it would annul the knighthood of Sir Frederick Anderson Goodwin, the former chief of Royal Bank of Scotland, the poster child of the British meltdown, which just happens to be embroiled in a bonus controversy that has dogged the government.Īnd, ouch, as The Financial Times notes, that puts Sir Frederick in loss-of-knighthood league with Anthony Blunt, the famous spy, and Nicolae Ceausescu, the infamous dictator.
0 kommentar(er)
