Cable snubbed over Green role

first_img whatsapp Thursday 12 August 2010 8:30 pm Share Show Comments ▼ BUSINESS secretary Vince Cable, a vociferous opponent of tax avoidance, was not consulted over the appointment of Sir Philip Green to lead a review into government efficiency, City A.M. has learned. In the past, Sir Philip has been associated with sophisticated tax planning arrangements in the UK and offshore locations to produce tax savings on behalf of non-resident members of his family. Cable, who is one of the government’s lead contacts for the business community, yesterday reacted with surprise on learning that the Top Shop tycoon had been asked to help the coalition root out waste in Whitehall. “There’s a lot I could say on this, but I’d better miss this one out,” he told City A.M. “I’m tempted to comment, but I think I’d better not.” Prime Minister David Cameron has appointed Sir Philip to lead an external efficiency review into government spending. He is being asked to examine government spending over the last three years and to identify potential savings, before reporting his findings to the cabinet office ahead of the comprehensive spending review in the autumn. Francis Maude, minister for the cabinet office, said the coalition was “extremely fortunate” to have Sir Philip on board, thanks to “his commercial experience and… his fantastic track record of managing large organisations”. A spokeswoman for Cable insisted it was perfectly normal for the government to appoint a high profile businessman without consulting the business secretary. “Sir Philip hasn’t been recruited to advise Vince. If they consulted him on every appointment, they’d never get anything done.” But other Whitehall sources said there were “obvious contradictions” due to the Liberal Democrat position on tax avoidance. City A.M. understands that some Lib Dem MPs are considering voicing their opposition to the appointment today. Sir Philip, the tycoon behind Top- shop owner Arcadia, has in the past drawn criticism for his tax arrangements. Arcadia’s biggest shareholder is Taveta Investments, a UK-incorporated company that is controlled by Sir Philip’s wife, a Monaco resident. In 2005, his family saved a significant amount of tax relating to the payment of a £1.14bn dividend through a series of complex arrangements. Yesterday, Sir Philip dismissed questions over his tax arrangements, telling City A.M: “What difference does it make if I live on the moon – the real question is whether I’m qualified to do the job.”Sir Philip was knighted for services to the retail industry in 2006, when the Labour government was in power, and is well-known for donating significant amounts to charity. A spokeswoman for Topshop owner Arcadia said: “It is fully disclosed who Arcadia’s largest shareholder is and has been known in the public domain since 2002. There were no dividends paid last year. The company pays UK corporation tax and Sir Philip Green is a UK tax payer.” by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailNoteabley25 Funny Notes Written By StrangersNoteableyCrowdy FanShe Didn’t Know Why Everyone Was Staring At Her Hilarious T-ShirtCrowdy FanBetterBe20 Stunning Female AthletesBetterBeautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comAtlantic MirrorA Kilimanjaro Discovery Has Proved This About The BibleAtlantic MirrorTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastElite HeraldKate Middleton Dropped An Unexpected Baby BombshellElite HeraldTrading BlvdThis Picture of Prince Harry & Father at The Same Age Will Shock YouTrading Blvd center_img whatsapp Cable snubbed over Green role KCS-content More From Our Partners Brave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comConnecticut man dies after crashing Harley into live bearnypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comBill Gates reportedly hoped Jeffrey Epstein would help him win a Nobelnypost.comFeds seized 18 devices from Rudy Giuliani and his employees in April raidnypost.comKamala Harris keeps list of reporters who don’t ‘understand’ her: reportnypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.com Tags: NULLlast_img read more

Fears of fresh dip see a race for safe assets

first_img Show Comments ▼ Share Tuesday 24 August 2010 8:43 pm by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeNoteabley25 Funny Notes Written By StrangersNoteableyMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailZen HeraldThe Truth About Why ’40s Actor John Wayne Didn’t Serve In WWII Has Come To LightZen HeraldBetterBe20 Stunning Female AthletesBetterBeCrowdy FanShe Didn’t Know Why Everyone Was Staring At Her Hilarious T-ShirtCrowdy Fanautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comAtlantic MirrorA Kilimanjaro Discovery Has Proved This About The BibleAtlantic MirrorTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastElite HeraldKate Middleton Dropped An Unexpected Baby BombshellElite Herald FEARS of a double-dip recession on both sides of the Atlantic intensified yesterday sending rattled investors rushing into the relative safety of the government debt market. In the UK, yields on 10-year government debt fell to 2.876 per cent – the lowest level on record and below the level of March 2009 when the Bank of England first announced that it would buy billions in gilts under its quantitative easing scheme. In Germany 10-year yields fell to 2.15 per cent – also a record low – while the yield on US 10-year Treasury notes plummeted to 2.47 per cent – the lowest since January 2009 at the height of the financial crisis. The scramble for less risky assets came after a raft of negative data, with sluggish mortgage numbers for July indicating the pressure household finances remain under, and underlining new Monetary Policy Committee member Martin Weale’s warning that the UK faces a “significant” risk of a fresh slump into recession.The gloom was exacerbated by existing US housing sales data for July which saw sales plummet 27.2 per cent to their lowest level in 15 years heightening fears that a glut of unsold homes will force house prices down again, hurting bank balance sheets as well as consumer confidence. The rush for perceived safe-haven assets saw shares crash with the FTSE 100 closing 78.89 points lower at 5,155.95 and the Dow ended the day 1.3 per cent lower at 10,040.45. “Global growth is undoubtedly faltering and the outlooks for the major advanced economies are pretty poor,” said Capital Economics’ Julian Jessop. Fears of fresh dip see a race for safe assets whatsappcenter_img KCS-content whatsapp Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofTortilla Mango Cups: Recipes Worth CookingFamily ProofWhat to Know About ‘Loki’ Ahead of Disney+ Premier on June 9Family ProofCheese Crostini: Delicious Recipes Worth CookingFamily Proof Tags: NULLlast_img read more

BHP bid to hit investor vote hurdle

first_img More From Our Partners Native American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comConnecticut man dies after crashing Harley into live bearnypost.comFeds seized 18 devices from Rudy Giuliani and his employees in April raidnypost.comBill Gates reportedly hoped Jeffrey Epstein would help him win a Nobelnypost.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.com Tags: NULL BHP bid to hit investor vote hurdle BHP BILLITON will be forced to put its hostile bid for PotashCorp to a shareholder vote if it increases its original $40bn (£25.5bn) offer in order to win over the Canadian company’s investors.According to Financial Services Authority rules, BHP will have to put its proposed takeover of PotashCorp in the hands of its own shareholders if its offer for the fertiliser company exceeds 25 per cent of its market value. Under the rules, BHP would have to seek approval from its shareholders if it ups its bid to $150 a share. PotashCorp’s investors have suggested that BHP would need to raise its offer price to between $150 and $160 per share in order to win over the group’s board. And BHP analysts have suggested that the group can afford as much as $180 per share. PotashCorp’s shares yesterday traded 16 per cent higher than BHP’s $130-a-share bid at around $150, suggesting the bid will need to be increased to be successful.The mining giant’s current $130 a share offer does not require shareholder approval, and BHP yesterdaydeclined to comment on whether it will raise its bid. A spokesperson for BHP said that the original offer still stood.PotashCorp confirmed on Monday that it was in talks with a number of possible “white knight” partners in a bid to block BHP’s hostile offer, which was made last week. by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailBetterBe20 Stunning Female AthletesBetterBeCrowdy FanShe Didn’t Know Why Everyone Was Staring At Her Hilarious T-ShirtCrowdy Fanautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comAtlantic MirrorA Kilimanjaro Discovery Has Proved This About The BibleAtlantic MirrorTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastTrading BlvdThis Picture of Prince Harry & Father at The Same Age Will Shock YouTrading BlvdTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island Farmmoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.com whatsapp Sharecenter_img Show Comments ▼ Tuesday 24 August 2010 8:44 pm whatsapp KCS-content last_img read more

City fears new listing rules

first_img GOVERNMENT proposals to place the UK Listing Authority (UKLA) under the control of the Financial Reporting Council (FRC) rather than the Consumer Protection and Markets Authority (CMPA) are causing concern in the City, with some warning that the new system will make London less competitive.The London Stock Exchange (LSE) is believed to be lobbying for a change to the proposals, published at the end of July as part of the Treasury’s consultation for a new regulatory structure for the City. The LSE has already published a briefing note, seen by City A.M., which makes the case for the UKLA to be part of the CPMA. Among the concerns outlined is a fear that the FRC will be unable to influence the newly created European Securities and Markets Authority (ESMA). Each European member state is allocated a single seat on the regulatory body, which will have responsibility for regulating listed markets across the EU. There are also fears that putting the UKLA into the FRC will create conflicting rules for primary and secondary markets.One City insider suggested the proposals would lead to a more complex regulatory structure than the existing one potentially damaging London’s competitiveness as a financial capital. James Palmer, head of global corporate markets at Herbert Smith, said the proposals were creating widespread concern. “While we see some areas of connection between the FRC and UKLA, the overwhelmingly stronger connections are between the UKLA and its role as primary market regulator and the CPMA,” he said. City fears new listing rules Sunday 12 September 2010 11:19 pm KCS-content Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofTortilla Mango Cups: Recipes Worth CookingFamily ProofWhat to Know About ‘Loki’ Ahead of Disney+ Premier on June 9Family ProofCheese Crostini: Delicious Recipes Worth CookingFamily Proof Show Comments ▼center_img Share by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastNoteabley25 Funny Notes Written By StrangersNoteableyMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBetterBe20 Stunning Female AthletesBetterBemoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comElite HeraldExperts Discover Girl Born From Two Different SpeciesElite Heraldautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comZen HeraldThe Truth About Why ’40s Actor John Wayne Didn’t Serve In WWII Has Come To LightZen Herald whatsapp whatsapp Tags: NULLlast_img read more

Kentz signs new Qatar deal

first_img KCS-content Tags: NULL More From Our Partners Florida woman allegedly crashes children’s birthday party, rapes teennypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgMark Eaton, former NBA All-Star, dead at 64nypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comConnecticut man dies after crashing Harley into live bearnypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comWhy people are finding dryer sheets in their mailboxesnypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.com Sunday 12 September 2010 10:27 pm whatsapp whatsapp Kentz signs new Qatar deal KENTZ, the Irish engineering company, has signed a $36m (£23.4m) deal with Qatar Petroleum at its remote Halul island facility off the coast of Qatar.The deal will see Kentz provide Qatar Petroleum with telecoms and security systems for the company’s export and storage oil and gas facility.Under the contract, Kentz will install CCTV, perimeter intruder detection, public address and general alarm systems at the site within the next two years.Kentz chief executive Hugh O’Donnell said the project was part of a long line of work the group has done on the Halul island within the last nine years. Meanwhile, Kentz is to publish its annual results this morning with the group maintaining a positive outlook on the year to come.O’Donnell said: “We have a very good outlook. Our business is about international diversity and although there are concerns about [the] economy, we are seeing that oil and gas, [especially] long term liquefied natural gas projects, is growing.” Show Comments ▼ Sharelast_img read more

Part time jobs fuel surge in employment

first_img THE NUMBER of people in employment grew at the fastest rate since records began in the three months to July, official figures revealed yesterday – boosted by a surge in part-time workers as employers cut back on working hours. Employment for the quarter rose by 286,000 to 29.16m, representing a 0.4 per cent rise in the rate to 70.7 per cent. This is the biggest quarterly rise since 1971, according to the Office for National Statistics (ONS).However, the figure was boosted by 166,000 part-time jobs, continuing a trend during the year for employers to rely increasingly on part-time workers. Part-time workers now account for 27.2 per cent of total employment, up from 25.4 per cent as of mid-2008.Despite the rise in employment, the number of Britons claiming jobless benefits in August rose for the first time since December 2009.Overall, the claimant count rose by 2,300 last month, taking the total to 1.466m, and ending seven consecutive months of a decline in those claiming Job Seeker’s Allowance. This increase was entirely borne by women, the figures showed. The mixed picture painted by yesterday’s data, especially the more recent claimant count figures, disappointed economists. “The jump in part-time employment indicates that many companies are reluctant to add full-time workers amid serious concerns over the sustainability and longer-term strength of the recovery,” said economist Howard Archer at IHS Global Insight.Although earnings growth picked up, it still remained subdued. Headline average weekly earnings rose 1.5 per cent in the three months to July up from 1.1 per cent in the quarter to June. But stripping out the more volatile bonus component, core earnings growth rose to 1.8 per cent in July , a little stronger than expected. Part time jobs fuel surge in employment by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastPeople TodayNewborn’s Strange Behavior Troubles Mom, 40 Years Later She Finds The Reason Behind ItPeople TodayNoteabley25 Funny Notes Written By StrangersNoteableyMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBetterBe20 Stunning Female AthletesBetterBemoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comElite HeraldExperts Discover Girl Born From Two Different SpeciesElite Herald whatsapp Show Comments ▼ whatsappcenter_img KCS-content Share More From Our Partners Russell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comKiller drone ‘hunted down a human target’ without being told tonypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.org980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.org Wednesday 15 September 2010 8:44 pm Tags: NULLlast_img read more

TFL HANDS OUT £320M IN TUBE REPAIR JOBS

first_img More From Our Partners Astounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgMark Eaton, former NBA All-Star, dead at 64nypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.com Tags: NULL TFL named the 17 companies it had chosen to make £320m worth of repairs to the Tube network yesterday. The work includes new plumbing, fire prevention and an upgrade to the communications system. Companies that have won three-year contracts include Siemens, Atkins and MJ Quinn, which will focus on the stations previously maintained by Metronet. Monday 27 September 2010 8:01 pm KCS-content Sharecenter_img TFL HANDS OUT £320M IN TUBE REPAIR JOBS Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryUndoTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastUndoNoteabley25 Funny Notes Written By StrangersNoteableyUndoMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailUndoSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesUndoBrake For ItThe Most Worthless Cars Ever MadeBrake For ItUndoBetterBe20 Stunning Female AthletesBetterBeUndomoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comUndoautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comUndo Show Comments ▼ whatsapp whatsapplast_img read more

Never trust UK economic statistics

first_img whatsapp by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastNoteabley25 Funny Notes Written By StrangersNoteableyMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBemoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.com Share IT is becoming impossible to decipher what is happening to the economy, for one simple reason: the data is of terrible quality. Take yesterday’s revised second quarter GDP figures, unchanged at 1.2 per cent growth. But their composition has been completely revamped from when the first edition of the figures were released a few weeks ago; they now paint a far better picture of the recovery’s sustainability, as I suspected they would. The reams of analysis produced by the City and the media have, once again, turned out to be worthless. The original story was that the growth spike was due to unsustainable stock-building and government spending, and that investment was collapsing. The new story is rather different. Rather than collapsing 2.4 per cent, investment surged 1.2 per cent. Instead of contributing one percentage point of the growth, stock building accounted for a sensible 0.4 percentage points. It was not all good news: because real income is falling, and consumer spending rose 0.7 per cent, the household savings ratio fell substantially. But the morality of the tale is simple: don’t take data at face value. It keeps getting revised, often drastically so. Rely instead on gut instinct, surveys and multiple data sources. The sceptics are always right. A FEW DO GET ITONE of the many myths of the recession is that finance was entirely unregulated prior to the crisis. Ed Miliband claimed as much yesterday in his inaugural speech as Labour party leader; the overwhelming majority of the population would undoubtedly agree. Yet that is a blatant falsification of history. There was an explosion in rules, regulations and regulators covering financial services over the past 15 years, many of them global – but the regulations addressed the wrong areas, were obsessed with box ticking, missed the real risks and actually encouraged banks to engage in dangerous practices while discouraging safe ones. Some parts of the financial world were largely unregulated; other parts were hyper-regulated; the whole architecture was backed by the implicit guarantee of the state and taxpayer, meaning that it was a rigged, rather than a truly free, market. Miliband, who has an MSc in economics from the London School of Economics, should know better.While the Tory establishment failed to oppose Gordon Brown’s destructive reforms, some individual parliamentarians saw the writing on the wall early on. John Redwood, the Tory MP, was one of the few who spotted the flaws in Brown’s system of misregulation; as he put it yesterday, the City was more (but worse) regulated in 2007 than it was in 1997. He deserves to be quoted in full: “Brown set up an independent banking regulator, kept the Bank of England involved, and made the chancellor the chief regulator of the whole structure. He introduced extensive mortgage regulation which regulated the wrong things….and failed to stop the worst mortgage crisis in history… All his regulators, far greater in number and better paid than in the 1990s, got the main judgment call wrong. They did not control cash and capital sensibly, and allowed a boom. They then controlled money too fiercely, and brought on a bigger bust.” There are others in the Tory party who understand this well and yet are not in government, including Sajid Javid, Andrea Leadsom, Steve Baker, Michael Fallon and others. They deserve a bigger [email protected] whatsapp Never trust UK economic statistics Show Comments ▼ Tuesday 28 September 2010 11:34 pm Tags: NULL KCS-content last_img read more

Yahoo on alert over £13bn bid

first_img Video Carousel – cityam_native_carousel – 426 00:00/00:50 LIVERead More Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryUndoTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastUndoThe Sports DropForgotten College Basketball Stars: Where Are They Now?The Sports DropUndoBrilliant TravelerHe Was The Smartest Man Who Ever Lived – But He Led A Miserable LifeBrilliant TravelerUndoBetterBe20 Stunning Female AthletesBetterBeUndomoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comUndoMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailUndoTaco RelishOnly People With An IQ Of 130 Can Name These ItemsTaco RelishUndoMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan TimesUndo whatsapp More From Our Partners Police Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comMark Eaton, former NBA All-Star, dead at 64nypost.comPuffer fish snaps a selfie with lucky divernypost.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.com‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comConnecticut man dies after crashing Harley into live bearnypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.com KCS-content Yahoo on alert over £13bn bid Show Comments ▼ STRUGGLING internet giant Yahoo is preparing itself for a possible $21bn (£13bn) takeover bid from a private equity-backed AOL.Yahoo has retained Goldman Sachs to advise it on a bid as market speculation reached fever pitch last night.Any deal would be one of the most significant in the online world in the last decade.Sources close the matter say Silver Lake Partners is in early discussions with AOL about a takeover, which analysts say could give both flagging online firms a base from which to compete with Google and Microsoft.Blackstone has also been suggested as a possible backer of a bid but a source close to the firm last night distanced the US private equity giant from a deal. The source added a deal could also be struck between a private equity vehicle and media giant News Corp if AOL talks break down.Discussions with AOL are said to have commenced about two weeks ago and intensified in recent days, but Yahoo has not yet been approached.A bid is understood to rely on Yahoo selling its prized Asian assets, including a 40 per cent stake in China’s Alibaba Group and 34.5 per cent of Yahoo Japan. Yahoo shares rose 9.5 per cent on the speculation.Yahoo became a potential target after failing to revive its sales. It has been overshadowed by Google and its market value is now little more than a tenth of its rival at $20.56bn (£12.83bn).Analyst Ian Maude of Enders Analysis told City A.M.: “This could give AOL and Yahoo the scale to compete with the big industry players. It would also have obvious synergistic advantages, with both firms offering similar email, messaging and content services.”Maude added: “But crucially, there seems to be little strategic advantage. It gives no direct route into the key mobile market, which is where the real battleground lies.”Speculation of private equity interest in Yahoo, which is struggling to stem an exodus of senior executives to rivals, has been growing in recent months.Its controversial chief executive Carol Bartz has come under particular fire and would almost certainly be replaced should a deal be struck.Yahoo posted nearly flat second quarter revenue yesterday after taking a hit from the fall off in web advertising spend. It said its revenue in the three months to 30 June was $1.6bn, compared with $1.57bn in the same quarter last year, disappointing the market center_img Share Thursday 14 October 2010 9:50 pm whatsapp Tags: NULLlast_img read more

Weir hikes its profit target

first_img KCS-content Monday 1 November 2010 9:18 pm by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryZen HeraldThe Truth About Why ’40s Actor John Wayne Didn’t Serve In WWII Has Come To LightZen HeraldTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island FarmAdventure CrunchHere Are the Most Famous Pro Wrestlers From the Past TodayAdventure CrunchFinance BLVDThis Star from ‘Gilligan’s Island’ is 101 & lives a humble life nowFinance BLVDArticles StoneLittle Boy Brings $2 Painting To Antiques Road Show, Not Realizing Its WorthArticles Stonethedelite.comNetflix Cancellations And Renewals: 2021 Updatethedelite.comReporter CenterBrenda Lee: What Is She Doing Now At 76 Years of Age?Reporter Center Read This NextRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe WrapNewsmax Rejected Matt Gaetz When Congressman ‘Reached Out’ for a JobThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe Wrap’Sex and the City’ Sequel Series at HBO Max Adds 4 More ReturningThe Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The Wrap whatsapp whatsapp center_img Tags: NULL Weir hikes its profit target Share Show Comments ▼ engineer Weir Group yesterday raised its forecast for full-year profits after oil company appetite for pumps spiked in the third quarter.The maker of pumps and valves said order input from customers operating in the upstream oil and gas space rose 232 per cent in the 39 weeks to the beginning of October, compared to a rise of 166 per cent in the first half of the year.Chief executive Keith Cochrane said Weir, whose products are also used by mining and power generation companies, had seen “an exceptional third-quarter spike” in its oil and gas business. “We do recognise that is not something that’s going to occur every quarter at that sort of level. I wouldn’t expect the same level of input in the fourth quarter of this year,” he said.Weir said the surge in orders from oil and gas companies would help it enter 2011 with a strong order book given the lag time between orders being converted to revenues.Strengthening demand for Weir’s equipment was fuelled by customers in the North American shale market, where its pumps are used in fraccing – forcing sand and chemicals into rock formations to push out gas and oil.Weir is expected to post a full-year pre-tax profit of £278m. The company which joined the FTSE 100 index in September said the strong performance of both oil and gas and mining offset weakening demand from the power and industrials sectors. last_img read more

BEST OF THE BROKERS

first_img whatsapp Share KCS-content Read This NextRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe WrapNewsmax Rejected Matt Gaetz When Congressman ‘Reached Out’ for a JobThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe Wrap’Sex and the City’ Sequel Series at HBO Max Adds 4 More ReturningThe Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The Wrap 888 HOLDINGSExecution Noble rates the online gambling group a “hold” with a fair value price of 42p. The broker is encouraged by the firm’s quarterly update, with the slowdown in revenue decline a particular highlight. However, 888’s lack of scale or unique features in any of its areas of operation puts the firm at a disadvantage, the broker adds, making peers PartyGaming and Playtech more attractive picks.JOHN WOOD GROUPNumis has raised its rating for the oil and gas support services group to “add” from “hold”, with a target price of 501p. A recent flurry of contract awards and increased visibility has caused the broker to take a more optimistic view of the firm. It has upgraded its 2010 earnings forecast by eight per cent, and by nine per cent for 2011, bringing the broker close to consensus estimates.CAPITAL SHOPPING CENTRESSeymour Pierce rates the retail real estate firm a “sell” with a target price of 305p. The broker notes that Capital Shopping Centre’s recent interim management statement was positive, and that occupancy and footfall have edged higher in the last quarter. However, the broker adds that uncertainty in the sector means the stock does not represent good value, and that the group would be better placed if it raised equity Show Comments ▼ center_img by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastMoneyPailShe Was Famous, Now She Works In {State}MoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStorymoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island FarmAlphaCute30 Rules That All “Hells Angels” Have To FollowAlphaCuteDirect HealthyKate Silverton’s PartnerDirect Healthythedelite.comNetflix Cancellations And Renewals: The Full List For 2021thedelite.com whatsapp BEST OF THE BROKERS Wednesday 3 November 2010 9:02 pm Tags: NULLlast_img read more

CITY VIEWS: WILL WE SEE MORE VIOLENCE AT PROTESTS AGAINST THE CUTS?

first_img Show Comments ▼ Tags: NULL KCS-content whatsapp GARY FRICKER | ELECTRICAL CONTRACTORS INSURANCE“It’s an absolute shame that instead of talking about tuition fees, we’re all talking about the violence yesterday. I think everybody’s angry and we will see a lot more from all those who have lost out in the cuts.”ODETTE MEDDEMMEN | RAB INTERNATIONAL“I was shocked by the violence on Wednesday. The next couple of months will probably be full of protests, but the police will be a lot more prepared – they know there is a group of people who will get involved just to cause trouble.”JON MOORE | MBA IT“The protestors need to make sure their campaigns are peaceful, otherwise the message gets lost. If the government backs down, however, more people will start to think smashing things up works.” Read This NextRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe Wrap’Sex and the City’ Sequel Series at HBO Max Adds 4 More ReturningThe WrapNewsmax Rejected Matt Gaetz When Congressman ‘Reached Out’ for a JobThe Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The Wrapcenter_img CITY VIEWS: WILL WE SEE MORE VIOLENCE AT PROTESTS AGAINST THE CUTS? whatsapp Share Thursday 11 November 2010 8:26 pm by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity Timesmoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island FarmAlphaCute30 Rules That All “Hells Angels” Have To FollowAlphaCutethedelite.comNetflix Cancellations And Renewals: The Full List For 2021thedelite.comReporter CenterBrenda Lee: What Is She Doing Now At 76 Years of Age?Reporter CenterMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryBlood Pressure Solution4 Worst Blood Pressure MedsBlood Pressure Solutionlast_img read more