Sweet train
A mixed bag, from the macabre to the subliminal
This week the 25th France Télécom employee committed suicide. A 48-year-old engineer hanged himself, following a shocking spate of deaths at the group over the past 18 months. There have been controversies over management methods promting calls for strikes, and an overwhelming amount of stress for employees. Didier Lombard's spokesman describes the chief executive as "profoundly affected", and the former state monopoly have been forced to review working practices following the introduction of what they describe as "control tools" used to supervise staff. The firm was privatised in 2004 and performance targets, tough management and workplace mobility programmes have been touted as reasons for this awful tragedy.
So this week, we're looking further across
Europe for more answers, beginning with our old foe, the euro. It's just
rallied to a six-and-a-half month high against the pound, not particularly
surprising in the light of the falling pound. Will the euro break above 95
pence? This week's low so far, saw the pound fall to 91.43 versus the euro
before coming back in at 91.60 pence, and analysts expect it to fall further
before it starts to rise again.
Germany has been warned of a disaster waiting to happen, following the out-of-place pressure put on banks to raise capital ratios amidst a downturn. While at present everything looks healthy, the danger is of a credit crunch in 2010. Rollover debt for small firms forms the crux of the problem, alongside growing unemployment numbers and above that, a reluctance to admit to the seriousness of the situation.
And back to home territory, Lloyds Banking Groups is considering selling assets, namely its Bank of Scotland portfolio management service, to Rathbone Brothers. This is in line with its exit strategy, as it seeks to cut reliance on government aid. The European Commission is set to take a proactive role in demanding banks shrink their businesses in order to repay government aid, and this move fits in nicely. But just who's playing boss?


