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03/10/2007

NORTHERN ROCK shares recovered by around 10% in early morning trading on the back of reports that private equity group JC Flowers was interested in buying the bank for £15bn. With takeover rumours buzzing around the now tarnished company, observers are keeping a sharp eye on developments. Maybe Roman Abramovic might be interested if his love affair with Chelsea FC is ending, although he may have to take out a loan to afford the price tag.

ID FRAUD victims are so blasé about being conned a second time that two-thirds of them do not take any steps to prevent a recurrence, according to life assistance firm CPP. Spokesperson Danny Harrison said: “It’s worrying that many victims have not put simple measures in place to stop it happening again.” It’s also human nature, Danny.

THE GOVERNMENT’S scheme to protect savers’ funds if banks get into trouble has been expanded by the Chancellor to cover the first £35,000-worth of savings. The British Bankers’ Association (BBA) said that further reforms would be hard to achieve and it did not understand why the “regulatory framework” hadn’t prevented the scenes of panic outside Northern Rock branches. I guess they don’t understand much about anything then.

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