July 17th, 2012
06:17 PM GMT
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London (CNN) – The links between Barclays former chief executive Bob Diamond and the Bank of England’s deputy governor Paul Tucker - central to the Libor rates-rigging inquiry - was further spotlighted Tuesday with the release of email correspondence showing the duo’s chatty relationship with each other.

Tucker, whose promotion to his current role was announced on 10 December 2008, received an email the next day from Diamond.

Diamond’s email says: "Paul, Congratulations Well done, man. I am really, really proud of you. Talk soon. Bob." In reply Tucker writes: "Thanks so much Bob. You've been an absolute brick through this. Paul."

The emails were released in response to a request from Labour MP John Mann, who is on the Treasury Select Committee grilling banking executives on the Libor rates-rigging scandal which cost Diamond his job as Barclays chief executive.

Read: Letter to MP John Mann (PDF document)

A conversation between Tucker and Diamond - notes of which were released by Barclays - has become central to the investigation.

The notes suggest the Bank of England leaned on Barclays to lower its Libor rates submissions. Executives including Tucker, Diamond and his former right hand man Jerry del Missier have all given their differing versions of the call.

Email trail (PDF document)

The furore could derail Tucker's previously expected elevation to be next Bank of England governor.

Clarity around the meaning of the phone call remains elusive. But one thing is perhaps more obvious: Back-slapping and "absolute brick" references between these two apparent one-time buddies are likely a thing of the past.

Filed under: Business


July 17th, 2012
05:26 PM GMT
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Editor’s note: Outlook is CNN's in-depth look at business climates around the world. To August 12, 2012, we’re focusing on Singapore.

Singapore (CNN) – Singapore may rock when economic crises hit Europe or the U.S., but it is well placed to come through turbulent times, Piyush Gupta, CEO of DBS bank, told Richard Quest.

“Singapore gets buffeted quite widely,” he said, as its economy is closely correlated with the fortunes of the U.S., Europe and, to a degree, China.

The CEO of the Singapore-based bank since 2009, Gupta believes that the way the Singaporean government guides industry makes the city state more resilient than many.

“You try and build resiliency so that the ups and downs, while they are sharp on an average cycle, keep Singapore progressing well,” he said.

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Filed under: Outlook Singapore


July 17th, 2012
05:19 PM GMT
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Editor’s note: The Millennials are a generation that are constantly plugged in and moving fast to make their mark on the world. CNN’s Quest Means Business is tracking four of them. Here, CNN contributor and Millennial David Lloyd, with Jos van der Bij, a Dutch student doing an internship in London, write on the risks of mass unemployment.

(CNN) –  Youth unemployment in the 1930s destabilized Germany and radicalized a resentful youth, propelling support for extremist parties.

The consequences are well known. Now, with European unemployment rising, we should be drawing on lessons from the past. It is nothing short of a tragedy that youth unemployment in both Greece and Spain has surged above the 50% mark.

To prevent a generation of young people being unable to find jobs and set themselves up with a secure future, it is essential to act now. The policy maker who does not heed the lessons of history is guilty of negligence on a massive scale.

Just like in the 1930s, when the Great Depression caused youth unemployment to hit the 50% levels in Germany, the current financial crisis is wreaking havoc on young people.
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July 17th, 2012
02:14 PM GMT
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London (CNN) –Thirty years on from designing his first Formula 1 car, Red Bull’s chief designer Adrian Newey still refuses to do his drawings on a computer. He draws by hand, first sketching and then moving to a drawing board. He says it helps him to develop his ideas, that he views drawing as a language. But this self-confessed “last dinosaur” of the industry is still at the top of his game.

 

This week’s Make, Create, Innovate gets to the heart of his design process, and the cars that have brought him so much success.

 

Filed under: Quest Means Business


July 17th, 2012
01:55 PM GMT
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London (CNN) – Even in this high-tech world, slow and steady still wins the race. It's estimated world bicycle production overtook car production in the 1960s - and now two wheels outstrip four by more than two to one.

This week's Make, Create, Innovate takes you into the world of a bicycle that has sought to revolutionise commuting.  The Brompton bicycle was developed in the 1970s by an engineer working as a landscape gardener.

Since then they have developed a cult following, with a retro look and the ability to fold up small enough to take on the bus. Around 27,000 bikes are built each year at the factory in West London with each bike taking around six hours to build and test by hand.

Filed under: Quest Means Business


About Business 360

CNN International's business anchors and correspondents get to grips with the issues affecting world business, and they want your questions and feedback.

 
 
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