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UKSA calls for backing to block Rock share terms

The UK Shareholders Association is calling on disgruntled Northern Rock shareholders to back its court battle to block the government’s valuation of shares in the nationalised bank.

It claims that what was a £6,000 investment a year ago for anyone holding 500 shares when NR was demutualised will be reduced to a value of just £25.

UKSA says the proposed way of valuing the shares is unfair and means shareholders will lose out.

It claims that over 16,000 individuals in the North West will consequently see little or no compensation if the Government is allowed to pursue its unfair valuation terms and calling for the support and help of other angry and disgruntled shareholders.

Chris Hulme, a North West businessman and shareholder in Northern Rock, “Northern Rock was and still is a solvent bank as its assets exceed its liabilities.

“That means the shares have a value greater than the 5p per share that
it looks like we will get. Northern Rock’s problems were not unique as the
Government has now conceded and tax payers’ money has never been at risk as
the Government alleges.

“I feel as if the government has acted just like a robber baron. I don’t
think the Government should hide behind its own failings and then make a
handsome profit from ripping off the shareholders.

“Not being one to sit idly by while the Government rigs the valuation
process, I am volunteering to help other Northern Rock Shareholders who live
in the North West. They now have someone to fight their corner.”


MAB sees remortgaging rise 27%

The Mortgage Advice Bureau has seen its amount of remortgaging business rise 27% in Q1 2008 compared to Q1 last year.

Bailout may not be enough to save PM

How many more redundancies will it take before Prime Minister Gordon Brown realises he needs to help the mortgage industry? The loss of 50-plus jobs at edeus last week is another hammer blow to the market and a sure sign, if one were needed, that the worst is yet to come.

Norwich Union beefs up LTV rates

The equity release provider is enhancing its lifetime mortgage product range by increasing its LTV on all fixed rate and providing cash reserve option.

Japan Economic Insight

James Dowey, Chief Economist, and Paul Caruana-Galizia, Economist

The conventional wisdom is that following a roughly 50 per cent rise in the stock market in 2013 in Yen terms, the Japan trade is over and done*. So the story goes, those big gains were due to a one-off boost from quantitative easing (QE) and a depreciation of the Yen — policies that one should think of as a palliative to Japan’s economic weakness, but not a cure. Rather the cure, and by implication the necessary condition for a longer-term investment case, is deep structural reforms — a painstaking re-weaving of Japan’s economic and social fabric, no less. The story continues: this is a much tougher test than launching a blast of QE, and one that prime minister Shinzo Abe, although well intentioned and well supported by the public thus far, is likely to fail. Stick a fork in Japan, it’s done…continue reading


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