Tuesday, July 31, 2012

The Never Ending Story

Whilst the world sits "agog" watching the Olympics (apart from in India where their power system has crashed), Greece is just about to run out of money again!

Monday, July 30, 2012

Secret Bankers' Meeting

Apparently, last Tuesday, there was a secret meeting of the CEO's and Chairmen of some the UK's leading banks.

The purpose of the meeting was to address the reputational damage from the industry's ongoing spate of scandals.

Mark Kleinman of Sky News reports that the meeting at HSBC's head office discussed Liborgate, as well as the payment protection insurance and interest rate swaps mis-selling.

It is regrettable that it has taken the banks so long to start to try to address issues that have been in the public domain, and the source of much public contempt, for such a long period of time.

The meeting also discussed the appointment of a successor (an outsider) to Marcus Agius as chairman of the British Bankers' Association (BBA).

Given the BBA's dismal reputation it would be better that they simply shut it down and set a new organisation up.

Friday, July 27, 2012

Bundesbank Shoots Draghi's Fox

Yesterday Mario Draghi, head of the ECB, was making all sorts of rash promises about the ECB doing whatever was needed to prop up the Euro etc.

I noted:
"Draghi then reverted to type, and promised that the ECB will "do whatever it takes to preserve the euro".

This of course is patently untrue
Today the Bundesbank has verified my conclusion, by stating that it remains opposed to further bond buying by the ECB.

Whatever Draghi might like to do, the Bundesbank won't allow him to do it; ie they have shot his fox.

Thursday, July 26, 2012

NatWest Online Crashed

NatWest online has just crashed, and apparently NatWest debit cards are not working either!

As per NatWest site:
"We're sorry but online banking is temporarily unavailable. Please try again later.

If you continue to experience this situation please contact the online banking helpdesk for further assistance.

For a list of helpdesk numbers, please see our page of contact numbers
They fail to mention that their debit cards don't work either!

Oddly enough, Nationwide are also experiencing problems.

Mario Draghi On Euro Break Up

Mario Draghi, the head of the ECB, has spoken about the possibility of a euro break-up
"When people talk about the fragility of the euro, very often non-euro members underestimate the political capital that has been invested."
Ironically, for once, he was speaking more or less truthfully. In the sense that because so many politicians have a vested interest in maintaining the Euro in its present form, they will fight tooth and nail to keep it.

Sadly, for countries such as Greece, this means that their economies, democracies and social order will be sacrificed to appease the politicains' vanity and egos.

Draghi then reverted to type, and promised that the ECB will "do whatever it takes to preserve the euro".

This of course is patently untrue.

Greece will exit, and the politicians will scramble to preserve the Euro in another form.

Wednesday, July 25, 2012

Like that ...

                                                                                             CLICK TO SEE MORE

                                                                                              sandals: zara,
                                                                                              jeans: zara,
                                                                                              shirt: thanks to Romwe (here),
                                                                                              sunglasses: ray ban,
                                                                                              watch: michael kors,
                                                                                              ph. Maja

Quick late night post before my offline vacation ... ;)
I picked my ultimate summer piece, ripped baggy jeans, then i added some sequins, matched sandals with this shirt, and took a black strapless bra, cause im that kind of person! Rule breaker! ;)
Just to mention, that i want be able to reply on your questions and emails in next couple days (it will wait for me to come back), but be sure to follow me on the Instagram (@vanjaam), Twitter or on Facebook page, which will try to update!
Enjoy in July! 

p.s. huge thanks to my beloved sister Maja for making these photos!

UK In Double Dip Recession

UK GDP has contracted by 0.7% in the second quarter of 2012, thus bringing the UK into a double dip recession.

However, this figure needs to be taken with a pinch of salt, ONS figures are out of date and are invariably wrong.

Tuesday, July 24, 2012

Summer jam ...

                                                                                              CLICK TO SEE MORE

                                                                                              sneakers: h&m,
                                                                                              shorts: primark,
                                                                                              t-shirt: zara,
                                                                                              shirt: new yorker,
                                                                                              bag: marc by marc jacobs,
                                                                                              hat: h&m,
                                                                                              necklace: swarovski,
                                                                                              watch: thanks to Urban watch,
                                                                                              ph. Maja

One sunny post on a rainy day in July  (i gotta admit, it feels good to be cool down by this rain in the middle of summer). Turquoise shorts, mixed with plaid shirt and cotton sneakers, perfect for a whole day city rush!
Do you like it?

Monday, July 23, 2012

Week(s) through Instagram 4 ...

                                                                                             CLICK TO SEE MORE

Perfect time for one quick instagram post! You know how much i love these snap shoots from everyday life!
So, shall we start? 

1. collage - Tiramisu at Comunale restaurant; details from the outfit post; home made American pancakes;
               - long legs for a one day; almost like Jersey shore ;) (fair); berries with ice cream at Coffee dream.

2. - One of my dearest friends (my camera) and I at Square Nine hotel. ;)

3. collage - Rainy day in June; makeup from the photoshoot; The Cathedral of Saint Sava;
               - Chocolate ice cream cone; leopard sneakers pull&bear and h&m; my favorite flower hydrangea in the garden at my grandparent`s house.

4. collage - Raspberries at the afternoon; morning ride with my pimped bike; b-day cake for my sister;
               - cocktails at the bloggers night out in Soho Republic; home made creamy coffee; lemon/lime ice tea at Coffee dream.

5. - My heart and my soul, my beautiful sister at her prom night ♥

6. collage - Ripped jeans and arm swag; strawberry ice cream cone; Coca-cola addict;
               - addict II; bloggers at British residence with Elle fashion editor; home made focaccia.

7. - My fluffy love is tanning.

8. collage - Look of the day; fair in Po┼żarevac (we celebrated there sister`s b-day); addict III;
               - cotton candy; look of the day; sunset in Belgrade.

Happy Monday people!

IMF Cuts Greece Adrift

Ahead of this week's visit to Greece by the Troika, the IMF has signalled that it will stop paying further rescue aid to Greece; ie they want Greece to leave the Euro, and have given the Europeans the opportunity to push Greece out if it does not go of its own accord.

Greece is due to make a Euro3.1BN bond payment in August, it is not clear how this can occur though.

The BBA Tries To Rewrite History

Zero Hedge have revealed that the hopeless, hapless and despised British Bankers' Association (BBA) has attempted to rewrite history, and is trying to pretend that it had no regulatory role wrt Libor.

Specifically, as per Zero Hedge, here is an extract of the BBA's current governance documentation:
"There is a named individual at each bank responsible for submitting the daily bbalibor rates to Thomson Reuters and this will be the person responsible for the bank's cash - usually their title is 'treasurer' or similar. There is written guidance on what information that person should take into account when calculating that day's rates for his or her bank. As all contributor banks are regulated, they are responsible to their regulators, rather than BBA LIBOR Ltd. or the FX&MM Committee, for maintaining appropriate procedures for contributing, including the maintenance of internal chinese walls."
This is the "same" paragraph a few weeks ago:
"BBA LIBOR Ltd. receives the fixings and underlying contributor data at the same time as all other live data recipients and monitors all submissions into the fixing process. Any anomalous rates are queried with the submitting bank, and a log of these queries is kept and given to the FX&MM Committee on a periodic basis, who may choose at their discretion to follow up these queries in line with established governance and scrutiny procedures."
Now that the arrest warrants are being prepared, the BBA is doing everything it can to distance itself from Liborgate.

Too little too late!

Sunday, July 22, 2012

Fine by me ...

                                                                                                CLICK TO SEE MORE

                                                                                             sandals: non branded (old),
                                                                                             dress: thanks to Queen`s wardrobe (here),
                                                                                             jacket: zara,
                                                                                             bag: marc by marc jacobs,
                                                                                             rings: non branded, custom made,
                                                                                             sunglasses: thanks to Queen`s wardrobe,
                                                                                             ph. Maja

Couple years ago i fell in love with these peep toe plaid sandals, and i immediately knew that they will be mine! ;) And today, here they are for the first time on my blog ... I paired it with the simple white dress, which i got thanks to the Queen˙s wardrobe online store  (already wore it Here and Here) but this time i added a denim jacket, cause it was a windy day. Coral nails and lipstick, bunch of rings on my fingers and new white/cream sunglasses. It works for me! ;)
Tell me, do you like it?

Saturday, July 21, 2012

Pink summer ...

                                                                                             CLICK TO SEE MORE

                                                                                              sandals: zara,
                                                                                              belt: vintage,
                                                                                              bag: aldo,
                                                                                              dress: thanks to Quenn`s Wardrobe (here),
                                                                                              sunglasses: ray ban,
                                                                                              ring: Lovely (here),
                                                                                              ph. Maja

Hot summer in pink.
Favorite lipstick on my lips, comfy dress and killer high heels. Song on repeat in my head ( press PLAY).  Ocean on my mind. Nothing else.
What are your thoughts on days like this? ;)

Friday, July 20, 2012

Bank of England Releases Libor Emails

The Bank of England has released further information and correspondence in relation to the BBA Libor Review in 2008.

As per the Bank of England's website:
"At the hearing on Tuesday 17 July, the Treasury Committee requested papers relevant to the Bank of England’s interaction with the US Federal Reserve and with the British Bankers’ Association (BBA) Libor Review in 2008. To allow the Treasury Committee to see the full context, this submission contains all papers relevant to the BBA Review. It provides a brief commentary and timeline of the events around the BBA Review in 2008, together with the supporting documents.

In 2008, the Bank of England worked closely with the Federal Reserve Bank of New York (FRBNY) and the Financial Services Authority to input into the BBA Review of the Libor system.  The Bank of England and other central banks were concerned to influence the outcome of the BBA Review. 

Because the Libor system was, and is, a private sector arrangement and was not subject to financial regulation, it was not appropriate for the public authorities to endorse or determine the outcome of the BBA Review. When the amended proposals were adopted in December 2008, the Bank was not aware of any dissenting views expressed by the official or private sectors.

In reading these documents, it is important to distinguish between three issues. First, allegations of wrongful behaviour by Libor panel banks. Second, concerns about the operation of the Libor process in times of market stress. Third, the need for any system based on self-reporting to be alert to the possibility of “accidental or deliberate misreporting”, as referred to in the Geithner memorandum.

The Geithner memorandum contains no allegation of wrongful behaviour and relates to the second and third of these issues. At no point did the FRBNY draw the attention of the Bank to evidence of wrongdoing in the setting of BBA Libor. Indeed, with the exception of the memorandum sent by Mr Geithner to the Bank in early June 2008, none of the other documents published on 13 June 2012 by the FRBNY had been shared with the Bank.

The attached timeline gives a detailed account of the interaction between the Bank and the Federal Reserve and the BBA.  The broad outline of events is as follows:
  • From May 2008, the Bank of England encourages the BBA to conduct a global review of Libor and banks to engage with the review at a sufficiently senior level.  It also begins to discuss these issues with the FRBNY.
  • The Bank considers the points in the Geithner memorandum and ensures that those points are taken on by the BBA.
  •  The Bank and the Federal Reserve work closely together behind the scenes to influence the consultation paper issued by the BBA on 10 June 2008.
  • The Bank also continues to work on influencing the outcomes after the consultation paper is published until the BBA publishes its final report on 18 December 2008." 

The relevant documents can be viewed here.

Greece Spiralling Downwards

Costas Mitropoulos, the chief executive of Greece's privatisation agency, resigned on July 19.
In an open letter to Finance Minister Yannis Stournaras he notes that the new government has not given him/the agency the support needed:
"In order to accelerate privatization and to carry out the projected result, the government must provide full support for the administration of the Hellenic Republic Asset Development Fund (HRADF), facilitate all actions, and promote privatization as planned. This will give a message of reliability, professionalism and commitment to those looking to invest in Greece. The newly elected government has not given the support needed... 

Instead, they have indirectly yet systematically reduced the prestige and credibility in the eyes of potential investors. 

Furthermore, no set date has been given to the Chairman of the Board to resume meetings and indeed accelerate the privatization program. 

In these conditions I can no longer work professionally and effectively in my role as CEO entrusted by the state in July 2011."
Given that privatisation is key rebuilding the Greek economy and to ensuring that it honours its bailout commitments, the lack of progress indicates that Greece will not meet its commitments and that the economy will continue to spiral downwards.

Making of ...

                                                                                            CLICK TO SEE MORE

                                                                                               sandals, blazer, blouse, pants: mango,
                                                                                               hat: accessorize,
                                                                                               bracelet: mango, accessorize, ringeraja,
                                                                                               watch: michael kors

                                                                                                shoes: jeffrey campbell,
                                                                                                shorts: bershka,
                                                                                                shirt: koton,
                                                                                                necklace: accessorize,
                                                                                                bracelets: accessorize

                                                                                             shoes: jeffrey campbell,
                                                                                             pants: zara,
                                                                                             shirt: zara,
                                                                                             vest: custom made,
                                                                                             necklace: karim rashid

                                                                                              sandals: new yorker,
                                                                                              suknja: liu jo,
                                                                                              blazer: zara,
                                                                                              top: mango
                                                                                         Anastasija: koton dress, new yorker sandals,
                                                                                         Me: new yorker dress, shoe box sandals,
                                                                                         Zorana: koton dress, shoe box sandals,
                                                                                         Madlena: new yorker dress, shoe box sandals
                                                                        make up: Srdjan Petkovic (hair and make up studio Minibar)
                                                                        hair: Ana Spasojevic (hair and make up studio Minibar)
                                                                        fashion editor and stylist: Vanja Pantin
                                                                        photo: Andreja Damnjanovic
Guilty as charged!
Photos arrived on Wednesday, but i had so many things to do, so i took a short, three days offline vacation!
But i`m ready on Friday for a new post! ;)
Now, you have a chance to see the "making of" photos, and how much fun we had! I also added the original photos, and i tagged all the clothes for those who didn`t get their copy, or live abroad, but still wanted to know what we were wearing on that day.
Let`s talk about my outfit now: it was an instant love, it could be called love at the first sight. I found the whole combination at Mango store in less than five minutes. Something between harem and regular pants in print, electric blue loose shirt, and gorgeous coral linen blazer as a perfect summer piece for a chilly nights, windy days or for a strict company dress code as a smart twist to get away from a boring rules and black&blue clothes (some women still needs to cover their hands during the summer). Cherry on top was definitely dark blue hat and my favorite Michael Kors watch. At the beginning we started with a braid on my head (i love how it looks like ), but it didn`t match to the outfit so we decided to ruin it, and make a messy hair look! ;) I`m really glad that you like it, and i wanna thank you for your lovely comments that you left! Hoping we will be able to repeat something similar in the near future and try to be even more creative.

These four ladies were stars for a one day, and it couldn`t be possible without all the people behind this project, so huge thanks to Vanja, Andreja, Srdjan and Ana! ;)

p.s. the Romwe giveaway winner is email:  laurapferre@hotmail.com , congrats!
p.p.s. new outfit post will be up tomorrow!

Thursday, July 19, 2012

Cameron's 2020 Vision - Austerity Until 2020

It appears that the world will be mired in recession until 2020.

That at least is the view of David Cameron, who says that he now expects the crisis in the eurozone to drag on for years.

When asked by The Telegraph as to whether the austerity programme would now last a decade until 2020, the Prime Minister replied:
I think it’s going to be...this is a period for all countries, not just in Europe but I think you will see it in America too, where we have to deal with our deficits and we have to have sustainable debts. I can’t see any time soon when…the pressure will be off. 
I don’t see a time when difficult spending choices are going to go away.”
That kind of talk will not help the economy, as consumer economies are underpinned by hope/expectations of growth and prosperity.

Tuesday, July 17, 2012

King Denies Fed Warning

In the understatement of the decade, Mervyn King (Governor of The Bank of England) has told the Treasury Committee that there needs to be change of culture at Barclays.
"Barclays has to create a new bank with a new culture to take it forward."
He also denied that the Fed had warned the Bank of England that Libor was being manipulated:
"If the Fed had regulatory concerns they would have shared that with the regulator, [not the Bank of England].

They didn't pass any information to us that Libor was being manipulated.

The Fed could have shared that with us and they did not, all we would have done was pass it on. The Fed is a regulator, we were not; the Fed asked us for advice on how to interact with the BBA."
This denial is rather odd given the following:
"Writing to the head of the Bank of England, among others, Geithner made six recommendations, which included eliminating incentives that could encourage banks to manipulate the rate and establishing a “credible reporting procedure.” 
Not least the fact that King responded and thanked him for his recommendations.

Notwithstanding that apparent conflict between what King said and reality, his statement that the Bank of England was not the regulator may well be technically correct given the appalling tripartite system set up by Brown. However, it surely had more than a passing interest in what was going on with the banking system and, now that it will have "beefed up" powers, most certainly has an even greater "interest".

Monday, July 16, 2012

Del Missier Drops Diamond In It

As per Robert Peston:
"Del Missier is very clear he remembers Diamond telling him Bank of England wanted Barclays to understate submission to LIBOR committees."
Jerry del Missier has dropped Bob Diamond well and truly in it!

Featured in ...

                                                                                                CLICK TO SEE MORE

                                                                                           me, Zorana, Madlena and Stasha

Okay, and here is a promised post about last week`s photoshooting!
Serbian weekly magazine about celebrities "Svet" has a new fashion section called "Svet style" and they wanted from blogger girls to show their summer outfits as a right fashion advice for women, what to wear these days ...
Soon as i get the original photos, i will make a new post also with the "making of" part, and i will tell you all about my outfit but also from the other girls, about our hair and make up, fashion editor, photographer etc ...
Can`t wait to hear your opinion!

Happy Monday people!