The holidays are almost over. Children are getting ready for school and, public transport is getting crowded again, and most of us are preparing to get our heads back down to work for the four-month slog up to the Christmas and New Year holidays.
Analysts today applauded Royal Bank of Scotland’s choice of three high-profile new non-executive directors to broaden the banking experience of its board, but warned the bank still faces tough times ahead.
Pimco, the giant US bond fund manager, is to substantially increase its investment exposure to the stricken mortgage-backed securities market, targeting an opportunity to buy and manage up to $5bn (€3.4bn) worth of these bonds at deeply discounted prices.