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The Co-op Bank has wasted money on an epic scale&
On Thursday, as the bank revealed half-year losses of ?559m, having written off ?496 of bad loans, he was not slow to point out the unintended irony of its logo.
It’s hard not to feel at least a modicum of sympathy for Euan Sutherland, the former Kingfisher boss who took over as chief executive of the Co-op three months ago. Since then there has been nothing but bad news to deliver. Nothing he experienced in his 18 years as a retailer can have prepared him for this.
On Thursday, Mr Sutherland apologised for the problems at the bank. “We are sorry, but we are a new team and we are grasping the nettle ... we believe people want values not just value for money,” he said.
Mr Sutherland was trying to make the case for why the mutual’s struggling lending business deserved to survive. He is not the first to have done so, but if it is “values” you want from the provider of your banking services, is the Co-op really so superior to its rivals?
The bank has been involved in the three major mis-selling scandals we already know about – PPI, interest swaps and credit and identity-theft products. Thursday’s results showed provisions of ?25m, ?10m and ?26m respectively for each of these episodes.
Those numbers might sound small compared with the hundreds of millions put aside by major high street banks but, given the Co-op’s relative size, they are far from tiny. Mis-selling of financial products clearly took place at the Co-op just as it did elsewhere.
The bank’s loan impairments make even worse reading. Of the ?496m written off in the first half of the year, ?165.5m related to its “core” business and ?330.5m to the “non-core” division. Of the non-core impairment charge, Co-op said the writedowns largely related to a “change in the work-out approach on a significant number of assets” and “improving the data on which impairment assessments are made”.
What this means in non-financial speak is that the bank’s previous management, either deliberately or through sheer incompetence, failed to notice a catastrophic deterioration in the value of the lending book for nearly five years after the greatest financial crisis in more than a generation.
When the wildfire of the banking crisis hit the industry and burnt down many of its rivals’ houses, the Co-op appears to have believed not only that it had emerged unscathed but that it was a fine time to build a nice extension.
It is telling that the mutual’s senior management will not vouch for the rectitude of the bank’s post-crisis accounts as an accurate statement of the business’s actual performance. While the Co-op’s new management team is comfortable with the unit’s 2012 numbers, an inquiry is currently under way into the years before.
For all the failings at Britain’s largest banks, there is simply no comparison in terms of the potential cover-up of large losses for a period of several years.
On top of these failings, the Co-op Bank has also wasted money on an epic scale. The bank has written off the best part of ?300m on a computer system it will never even use – echoes of the billions wasted by Whitehall on IT projects.
There is also the issue of the bank’s challenger status. The cancellation of the new computer system has been justified on the basis that it is “inconsistent” with the new strategy, which, in essence, is likely to make it a smaller institution than it is today.
From an investor point of view, this is hardly a compelling story and that’s without even taking into account the haircut bondholders are being asked to take to save the bank from going bust.
“There is no plan B,” warned Mr Sutherland, as he pleaded with them to approve a ?1bn raising of fresh capital, and, in case anyone had failed to get the message, the bank’s chairman Richard Pym added that, without the new capital, “we will not be a going concern”.
As Mr Sutherland said, “values” should be just as important as “value” to customers.
The new management has an unenviable job on its hands trying to prove not only that it can live up to these high standards but that the bank has a viable future.
Vodafone may be aiming to take Liberty
For fans of Tottenham Hotspur or Manchester United, the summer has been characterised by drawn-out transfer speculation over their biggest stars, Gareth Bale and Wayne Rooney respectively. But that’s nothing compared with the agonies Vodafone shareholders have experienced over the transfer of their prized asset – the 45pc stake in US mobile network Verizon Wireless.
However, just as the transfer window – and all the interminable speculation that accompanies it – is about to come to an end, so the summer’s most drawn-out corporate saga appears to be nearing a conclusion.
Vodafone announced for the first time on Thursday that it is in active talks over a sale of its US interests, in a deal which could cost buyer Verizon Communications up to $130bn (?84bn).
Vodafone chief executive Vittorio Colao has played it cool amid the endless questioning, continually insisting that he was relaxed about the situation and not ideologically wedded to holding on to the business.
He appears to have played his hand perfectly. The sums now being attached to Verizon Wireless are more than three times the $33bn mooted in 2010. Knowing that Lowell McAdam’s Verizon Communications has to raise phenomenal sums of debt to fund the purchase, and that the clock is ticking before the cost of borrowing rises, Mr Colao is in a strong position.
If, as appears likely, a deal is done, the question that remains is how to spend it. Shareholders are, naturally, salivating at the prospect of a hefty payday, although with a ?25bn debt pile to deal with and a recently agreed ?9bn deal for German cable company Kabel Deutschland, the sums paid out may not be as great as some predict.
More likely, as Mr Colao has repeatedly hinted, is a series of acquisitions across Europe as the company seeks growth outside its mobile business. Kabel Deutschland offered a foretaste of this strategy but Vodafone may have its eye on a much bigger prize – Liberty Global, the European cable giant controlled by US billionaire John Malone.
Buying big in cable would hand Vodafone a nice growth story and, after selling its most valuable asset, it will certainly need one.
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Advertisement& 【DOTA2】重生的界面设置还阔以
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性别男&UID500490&帖子197&主题7&精华0&龙晶0 &龙威0 &积分2&阅读权限70&好友0&注册时间&最后登录&
精华0&龙威0 &积分2&好友0&注册时间&
本帖最后由 baka才是本我 于
14:59 编辑
可是老是显示offline啊！！连本地人机我都打不了啊！！！！RPG都不能玩啊！！！！！！！这妮让我玩奶子啊！！！！！！！
虽然人机能打了，可是RPG选完人就闪退......
....能玩钩肥，不过好像10个人进去只能留5个人（其他人被开出来），还有一个塔防游戏（survival co-op）也能完，不过卡炸.....fate another在那个游戏房里全球玩家表示都没有成功游戏过的.............等V社慢慢完善吧
天地大劫，神圣皆如草芥！
性别男&UID719502&帖子848&主题41&精华0&龙晶0 &龙威0 &积分1&阅读权限50&好友0&注册时间&最后登录&
精华0&龙威0 &积分1&好友0&注册时间&
今天更新的吗，晚上回家试试看
禽兽？还是禽兽不如？这是一个问题！《建议前往创世观看》
性别男&UID485572&帖子92&主题0&精华0&龙晶0 &龙威0 &积分2&阅读权限70&好友0&注册时间&最后登录&
精华0&龙威0 &积分2&好友0&注册时间&
验证文件完整性啊，兄弟！
日更1W字，太监死全家！（和他人无关，仅针对自己。）
性别男&UID500490&帖子197&主题7&精华0&龙晶0 &龙威0 &积分2&阅读权限70&好友0&注册时间&最后登录&
精华0&龙威0 &积分2&好友0&注册时间&
验证文件完整性啊，兄弟！
卜卜卜，是我那段时间太卡了貌似.........RPG去了
天地大劫，神圣皆如草芥！
性别男&UID437437&帖子3152&主题22&精华0&龙晶-1 &龙威0 &积分3&阅读权限70&好友2&注册时间&最后登录&
精华0&龙威0 &积分3&好友2&注册时间&
BAKA终于有了新的玩点，要来群里玩日屁股么
欢迎来到丧尸世界
性别男&UID500490&帖子197&主题7&精华0&龙晶0 &龙威0 &积分2&阅读权限70&好友0&注册时间&最后登录&
精华0&龙威0 &积分2&好友0&注册时间&
BAKA终于有了新的玩点，要来群里玩日屁股么
等能真正日屁股再说.........我一局都没进去过，要么连接失败，要么闪退
欢迎来到丧尸世界
性别男&UID635475&帖子161&主题16&精华0&龙晶0 &龙威0 &积分2&阅读权限70&好友0&注册时间&最后登录&
精华0&龙威0 &积分2&好友0&注册时间&
我要玩fate another从群里的人找自信
禽兽？还是禽兽不如？这是一个问题！《建议前往创世观看》
性别男&UID671281&帖子1117&主题19&精华0&龙晶0 &龙威0 &积分1&阅读权限50&好友0&注册时间&最后登录&
精华0&龙威0 &积分1&好友0&注册时间&
我去今天更新了吗？
日更1W字，太监死全家！（和他人无关，仅针对自己。）
性别男&UID657396&帖子1629&主题5&精华0&龙晶1 &龙威0 &积分4&阅读权限70&好友0&注册时间&最后登录&
精华0&龙威0 &积分4&好友0&注册时间&
等能真正日屁股再说.........我一局都没进去过，要么连接失败，要么闪退好像单机成功进去一次，联机就肯定能进？--
日更1W字，太监死全家！（和他人无关，仅针对自己。）
性别男&UID500490&帖子197&主题7&精华0&龙晶0 &龙威0 &积分2&阅读权限70&好友0&注册时间&最后登录&
精华0&龙威0 &积分2&好友0&注册时间&
我要玩fate another从群里的人找自信
暂时不能了联机...
欢迎来到丧尸世界
性别男&UID500490&帖子197&主题7&精华0&龙晶0 &龙威0 &积分2&阅读权限70&好友0&注册时间&最后登录&
精华0&龙威0 &积分2&好友0&注册时间&
好像单机成功进去一次，联机就肯定能进？--正在使用龙的天空APP V2 　　设备:L-01F
有些联机是能进的比如钩肥，但是有些是没人连进去过....比如fate another
一个网管利用游戏修仙，并将仙侠世界变成大网吧的故事。
性别男&UID500490&帖子197&主题7&精华0&龙晶0 &龙威0 &积分2&阅读权限70&好友0&注册时间&最后登录&
精华0&龙威0 &积分2&好友0&注册时间&
我去今天更新了吗？
嗯....大更新
禽兽？还是禽兽不如？这是一个问题！《建议前往创世观看》
性别男&UID437437&帖子3152&主题22&精华0&龙晶-1 &龙威0 &积分3&阅读权限70&好友2&注册时间&最后登录&
精华0&龙威0 &积分3&好友2&注册时间&
嗯....大更新
能玩了，群里今晚海战
禽兽？还是禽兽不如？这是一个问题！《建议前往创世观看》
性别男&UID500490&帖子197&主题7&精华0&龙晶0 &龙威0 &积分2&阅读权限70&好友0&注册时间&最后登录&
精华0&龙威0 &积分2&好友0&注册时间&
能玩了，群里今晚海战
海战，那我晚上加回去
日更1W字，太监死全家！（和他人无关，仅针对自己。）
性别男&UID746059&帖子1541&主题30&精华2&龙晶5 &龙威0 &积分22&阅读权限100&好友0&注册时间&最后登录&
精华2&龙威0 &积分22&好友0&注册时间&
妮们都不看ESL，全部跑去海战了吗？？！！
日更1W字，太监死全家！（和他人无关，仅针对自己。）
性别男&UID713426&帖子615&主题3&精华0&龙晶0 &龙威0 &积分1&阅读权限50&好友0&注册时间&最后登录&
精华0&龙威0 &积分1&好友0&注册时间&
最关键的是RPG啊
一个网管利用游戏修仙，并将仙侠世界变成大网吧的故事。
性别男&UID642482&帖子1760&主题103&精华1&龙晶4 &龙威0 &积分16&阅读权限100&好友0&注册时间&最后登录&
精华1&龙威0 &积分16&好友0&注册时间&
妮们都不看ESL，全部跑去海战了吗？？！！ 等nb ti5海战插旗啊--
禽兽？还是禽兽不如？这是一个问题！《建议前往创世观看》
性别男&UID555107&帖子2590&主题195&精华0&龙晶20 &龙威0 &积分44&阅读权限100&好友0&注册时间&最后登录&
精华0&龙威0 &积分44&好友0&注册时间&
其实需要的是地图编辑器公布就OK
天地大劫，神圣皆如草芥！
性别男&UID500490&帖子197&主题7&精华0&龙晶0 &龙威0 &积分2&阅读权限70&好友0&注册时间&最后登录&
精华0&龙威0 &积分2&好友0&注册时间&
其实需要的是地图编辑器公布就OK
那个不是早就公布了吗.....
欢迎来到丧尸世界
性别男&UID500490&帖子197&主题7&精华0&龙晶0 &龙威0 &积分2&阅读权限70&好友0&注册时间&最后登录&
精华0&龙威0 &积分2&好友0&注册时间&
能玩了，群里今晚海战
妮骗我！哪里有海战
禽兽？还是禽兽不如？这是一个问题！《建议前往创世观看》
龙空站务公告
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Post by Eorl @ 08:56am 25/09/14 |
A new trailer released today for Call of Duty: Advanced Warfare focuses on both the game's explosive campaign (featuring the one and only Kevin Spacey) and also the very action-packed multiplayer typical of a Call of Duty game.
While the story itself plays a bit of a backseat in this trailer, we do get a glimpse at the movie-quality backdrops players will be running through. Alongside some single-player footage we get to see the new Exo Survival co-op mode, where teams of four compete against other teams of four in what can only be described as survival of the fittest.
"Power changes everything in Call of Duty: Advanced Warfare, from the Private Military Corporation-driven storyline in the single-player Campaign to the innovative exoskeleton movements in Multiplayer. Take a look at what makes Call of Duty: Advanced Warfare the total gaming package, including the world premiere of the four-player co-op mode: Exo Survival."
Developed by Sledgehammer Games, Call of Duty: Advanced Warfare will be released on PC, PlayStation 4, PlayStation 3, Xbox One and Xbox 360 on November 4th.Co-op games on Steam