Historic deal to fuel bank frenzy

first_imgSunday 12 September 2010 11:41 pm Share A GLOBAL flurry of bank rights issues, asset disposals and other realignments could be on the cards in the wake of the new Basel III rules that were revealed last night. Global regulators thrashed out a deal to impose a seven per cent capital holding on all banks to cushion them from future market shocks.The panel of banking heads in Switzerland yesterday raised the minimum core Tier 1 capital level from two to 4.5 per cent, with an extra 2.5 per cent required as a conservation buffer against financial headwinds. Lenders that fail to meet the second rule will be stopped from paying dividends, though not forced to raise cash.Jean-Claude Trichet, president of the European Central Bank and chairman of the Basel supervisory panel, said the new rules are “a fundamental strengthening of global capital standards” that will give substantial support to long-term stability. The large British banks already meet these benchmarks comfortably, with Tier 1 capital ratios already above nine per cent, but others could be forced to take drastic steps before the full rules are enforced in 2019. The Basel Committee said: “Large banks will need, in the aggregate, a significant amount of additional capital to meet these new requirements.”Deutsche Bank is already working on plans to raise €9.8bn (£8.1bn), in part to pay for the new rules, and Germany’s banking association estimated its ten biggest banks may need €105bn (£86.9bn) of extra capital.This is despite Germany winning a key concession in the Basel III talks, which will allow a longer phasing-out period for types of capital commonly used in the country’s institutions. Bank of America will be one of the banks hardest hit by the stricter international rules, according to analysts. The US giant may resort to selling assets including its stake in asset manager BlackRock to fund its cash cushion, and halt dividend payments until the money-raising is complete. There was also speculation last night that Citigroup could withhold dividends until at least the end of 2011 while it saves up for the extra conservation buffer. UBS and Credit Suisse are constrained by Swiss rules obliging them to hold twice the minimum capital, and UBS has already cancelled dividends for the next several years. “It’s a mixed blessing for the banks,” said Robbert van Batenburg, head of equity research at Louis Capital Markets in New York. “I don’t think there are any nasty surprises and there’s…plenty of time to raise capital if needed.” whatsapp KCS-content Historic deal to fuel bank frenzy center_img whatsapp Show Comments ▼ Tags: NULLlast_img read more

BA cuts ground staff deal

first_img British Airways ground staff at Heathrow airport have accepted a settlement in a long-running dispute over pay and staffing levels, the GMB and Unite unions said yesterday. The deal, which covers 2,850 staff, will see the reduction of 500 jobs by March 2011, more flexible working conditions and the introduction of a one-year pay freeze. Share 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 whatsapp whatsapp Show Comments ▼ BA cuts ground staff deal Tags: NULL KCS-content Monday 13 September 2010 8:46 pmlast_img read more

London faces rotten rubbish

first_imgThursday 16 September 2010 9:12 pm London faces rotten rubbish HUNDREDS of thousands of Londoners could face the threat of rotting rubbish this winter after the GMB union threatened to ballot its members over a strike.The proposed industrial action raises raises the prospect of the first national bin strike since the Winter of Discontent in 1978/79, when uncollected sacks of rubbish piled up in streets.The threatened industrial action revolves around Veolia, which collects bins and recycles waste for 16 London boroughs – as well as councils in Birmingham, Liverpool, Sheffield and Cardiff.The GMB said it would ballot thousands of members if it failed to persuade the firm to drop plans for redundancies and changing employment contracts.The union claims Veolia has put its staff on 90 days notice of its plan to make them redundant or re-employ them on inferior terms and conditions.GMB national officer Justin Bowden said Veolia was “holding a gun to the heads” of its members by issuing the letters and notices.Veolia’s other business clients include BAE Systems, BASF, Esso and GlaxoSmithKline and the Olympics site in East London. Tags: NULL Share whatsappcenter_img Show Comments ▼ 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.comPeople-TodayWoman Files For Divorce After Seeing This PhotoPeople-Today KCS-content More From Our Partners Police Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgRussell 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.comKiller drone ‘hunted down a human target’ without being told tonypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgUK teen died on school trip after teachers allegedly refused her pleasnypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comlast_img read more

CITY BOSS FINDS SLICE OF ARCTIC HISTORY

first_img whatsapp CITY BOSS FINDS SLICE OF ARCTIC HISTORY Share 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.comPeople-TodayWoman Files For Divorce After Seeing This PhotoPeople-Today Show Comments ▼ REGULAR readers will remember Tim Levy, the bold chief executive of alternative investment firm Future Capital Partners, who last month set off on a gruelling expedition to the Arctic with one of his best mates, hare-brained TV adventurer Bear Grylls.Levy and Grylls – famed for his creepy crawly-eating escapades on Channel 4’s Born Survivor – headed off to the formerly frozen NorthWest Passage in order to raise awareness of the effects of climate change, completing the mission in a souped-up, oversized rubber dinghy.But I hear that the spirited pair experienced more than they had ever dreamed of when they stumbled upon what could turn out to be a history-altering discovery – human bones, makeshift graves and scraps of clothing on a tiny frozen island.The most likely explanation for the discovery, according to historians, is that it marks evidence of the last moments of famous Arctic explorer John Franklin, who disappeared in the Passage in 1845. The wreckage of his vessels have never been found, though the discovery by Levy and Grylls of the remains of large fires on their miniscule island suggest that Franklin and his crew may have resorted to burning their ship in desperation, in the hope that a search mission would see the smoke.“That particular channel is only about 12 feet deep, so only boats with the flattest hulls can pass through it,” Levy tells me. “That means that the island would have seen virtually no human activity before we came across it in the inflatable boat. It’s a potentially momentous discovery.”It’s quite a break from the old day job, at any rate.TOP TRUMPSWhat’s this, a Hollywood snub for US business mogul Donald Trump?Trump was one of several business luminaries who were asked to film cameo appearances for the second Wall Street movie, “Money Never Sleeps”. But despite the billionaire giving up his precious time in anticipation of stardom, the scene – in which Trump advises the film’s leading man Gordon Gekko (played by actor Michael Douglas) on a hairstyle when the pair end up sitting next to each other in the barber’s – has not made the cut for the final big screen version of the film.“I only cut it because it was distracting,” director Oliver Stone tells the New York Post. “He was at the end of the movie and all of a sudden, ‘Hey, there’s Donald Trump!’ Structurally, I think we put him in too late…”Trump fans needn’t despair, though – the scene is due to be left in when the film is eventually released on DVD.BANK ROLLINGThe good times must be back, if the latest gimmick from American Express is anything to go by. The card firm has been in touch to let The Capitalist know about a putting green it will be installing at Canary Wharf later this month – with the surface lined entirely with almost half a million pounds of banknotes (something to do with cashback when you spend on its Platinum card).So what, I venture, will happen to the banknotes after financial workers have trampled all over them? Apparently, £1,000 goes to the quickest putter on the “green”, with a small cut going to charity and the rest destined to be tipped straight back into the firm’s coffers. Perhaps times still aren’t quite so rosy after all.SYMPATHY CARDA ripple of sympathy yesterday at the City Week financial services forum, as Deutsche Bank’s UK chief executive Colin Grassie bemoaned the downside of working in his profession.“It’s a pleasure to be invited here,” Grassie began. “Frankly, as a banker it’s been a pleasure to be invited anywhere in the last couple of years…”At least his audience understood what he’s been going through.PLUM PUDDINGMost firms ensconced within the older buildings of the City will be aware of the history of their surroundings, though law firm Berwin Leighton Paisner’s headquarters probably have a stranger claim to fame than most.The building – Adelaide House, just next to London Bridge – was once the tallest building in the City (how times have changed), and also bears the dubious distinction of having been the birthplace of George V’s favourite pudding.Apparently, the king had a special Empire plum pudding made for him in 1927, which was mixed in an elaborate ceremony on the firm’s rooftop and subsequently carried amid much pomp and circumstance to the Mansion House to be devoured.ALL FALL DOWNAnother candidate to add to the growing list of trinkets “commemorating the crisis”. It’s a game akin to the ever-popular “Jenga”, but this time each of the 54 blocks represents one of the events or factors which contributed to the global financial meltdown. Different blocks represent former president George Bush, his successor President Obama, Ponzi fraudster Bernie Madoff, failed banks Bear Stearns and Lehman Brothers, and everyone’s favourite crisis demon, collateralised debt obligations (CDOs).“What better way to relive the financial turmoil than to grab some family or friends and try to build your own financial fortress that’s too big to fail,” shouts the website for the game, “Collapse!”.Predictably, the next step is to gently tease out the blocks one by one until the entire structure falls down, though the “reminiscing about the bad old days”, as the game suggests, is optional. Monday 20 September 2010 8:50 pm whatsapp KCS-content Tags: NULLlast_img read more

Aberdeen inflows up on equity sales

first_img whatsapp whatsapp FUND firm Aberdeen Asset Management said yesterday that inflows accelerated over the summer, with clients favouring equity funds despite volatile markets which have made investors cautious.The firm reported a net £621m of new inflows during July and August, above the £337m in the previous three months.The firm’s equity and money markets funds saw net inflows, while its bond funds and alternative portfolios – which include higher-margin funds of hedge funds and multi-asset funds – saw clients exit.The numbers appear to counter the wider sector short-term trend, with flows statistics for July from Lipper FMI showing sustained strength in sales of bond funds while new money invested in equity products slumped.Combined with buoyant markets, the inflows lifted Aberdeen’s assets under management – on which fund firms earn fees – 2.6 per cent to £168.8bn. Almost 70 per cent of that is evenly split between equities and fixed-income products, with alternatives and property at about 17 and 13 per cent respectively.“We remain firmly focussed on organic growth, generating cash and strengthening our balance sheet further,” said chief executive Martin Gilbert 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 ProofCheese Crostini: Delicious Recipes Worth CookingFamily ProofTortilla Mango Cups: Recipes Worth CookingFamily ProofChicken Bao: Delicious Recipes Worth CookingFamily Proof Sharecenter_img Monday 27 September 2010 8:13 pm 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 PastMoneyPailShe Was The Dream Girl In The 90s, This Is Her NowMoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItPeople TodayNewborn’s Strange Behavior Troubles Mom, 40 Years Later She Finds The Reason Behind ItPeople TodayBetterBe20 Stunning Female AthletesBetterBemoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.com Show Comments ▼ Aberdeen inflows up on equity sales Tags: NULLlast_img read more

Swiss Re will repay Buffett loan earlier

first_img whatsapp whatsapp Thursday 4 November 2010 10:49 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 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 FollowAlphaCutethedelite.comNetflix Cancellations And Renewals: The Full List For 2021thedelite.comReporter CenterBrenda Lee: What Is She Doing Now At 76 Years of Age?Reporter CenterMartha Stewart CBDShop Martha Stewart’s CBD Products NowMartha Stewart CBD KCS-content SWISS Re said it would repay a costly loan from US billionaire Warren Buffett early, as it had replenished its capital to comfortable levels since taking a hit during the global credit crisis.The world’s second-biggest reinsurer almost doubled third-quarter profit, comfortably beating analysts’ forecasts.Swiss Re said yesterday it would not be penalised for bringing forward the repayment date on the $3.1bn (£1.9bn) convertible loan from Buffett-owned rival Berskshire Hathaway from early 2011. But it would have to pay full interest due including an adjustment for foreign exchange, leading to a $1bn charge in the fourth quarter.Swiss Re took out the loan, which carries a hefty 12 per cent coupon, with Buffett in February 2009 after taking hits from risky assets during the credit crisis, putting its capital base in jeopardy. The firm also has to pay Buffett a 20 per cent repayment premium, or Sfr600m (£385m).Swiss Re chief financial officer George Quinn said he could not comment on whether Buffett was interested in adding to his three per cent in the company. Buffett raised his stake in Munich Re to above 10 per cent and planned to further expand the holding, Swiss Re’s rival said in October. Third-quarter net profit almost doubled to $618m as property and casualty reinsurance profit margins improved markedly on below average natural catastrophe losses. Sharecenter_img Swiss Re will repay Buffett loan earlier More From Our Partners Police Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comMark Eaton, former NBA All-Star, dead at 64nypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comFeds seized 18 devices from Rudy Giuliani and his employees in April raidnypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.com‘The Love Boat’ captain Gavin MacLeod dies at 90nypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.com Show Comments ▼ Tags: NULLlast_img read more

Former HP boss denies new claim

first_img Tags: NULL Sunday 7 November 2010 9:06 pm Former HP boss denies new claim Show Comments ▼ Share A FORMER Hewlett-Packard (HP) contractor once claimed Mark Hurd divulged details about HP’s plans to acquire Electronic Data Systems before the deal was announced in 2008, said a source familiar with the matter. A spokesman for Hurd denied the allegation.Jodie Fisher, the contractor at the centre of the controversy that led to Hurd’s ousting as chief executive officer of HP on 6 August, made the allegation in the same June 24 letter in which she accused him of sexually harassing her, the source said.But a spokesman for Hurd said on Friday there was “absolutely nothing” to Fisher’s allegation about EDS.The allegation was first reported by the Wall Street Journal, citing people familiar with the situation.When it announced Hurd’s resignation, HP said it found no evidence of sexual harassment. HP accused Hurd of filing inaccurate expense reports to conceal a “close personal relationship”, although Hurd’s representatives have disputed that. But Fisher’s 24 June letter has never been made public, and HP has never made any mention of the EDS allegation.In that letter, Fisher claimed Hurd told her HP planned to buy EDS before the company announced the $13.9bn agreement in May of 2008, the source said.A spokeswoman for HP declined to comment.Gloria Allred, Fisher’s attorney, said she had no comment and said Fisher would also not comment. KCS-content whatsapp More From Our Partners Astounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comPorsha Williams engaged to ex-husband of ‘RHOA’ co-star Falynn Guobadiathegrio.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgFans call out hypocrisy as Tebow returns to NFL while Kaepernick is still outthegrio.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgLA news reporter doesn’t seem to recognize actor Mark Currythegrio.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgFort Bragg soldier accused of killing another servicewoman over exthegrio.com whatsapplast_img read more

New appointments at HSBC

first_img 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 PastMoneyPailShe Was Famous, Now She Works In {State}MoneyPailPeople TodayNewborn’s Strange Behavior Troubles Mom, 40 Years Later She Finds The Reason Behind ItPeople TodaySerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan TimesZen HeraldNASA’s Voyager 2 Has Entered Deep Space – And It Brought Scientists To Their KneesZen HeraldElite HeraldExperts Discover Girl Born From Two Different SpeciesElite HeraldHealthyGem”My 600-lb Life” Star Dropped 420 Pounds, See Her NowHealthyGem Show Comments ▼ Friday 26 November 2010 1:27 pm alison.lock Tags: NULL New appointments at HSBC center_img Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofNew England Patriots’ Cam Newton says no extra motivation from Mac Jones’SportsnautHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily 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 Proof whatsapp whatsapp Share HSBC’s chief executive-designate, Stuart Gulliver, announced changes to the bank’s top management and structure today.The changes are the first indication of his planned strategic direction before he formally steps into the chief executive role in January. Paul Thurston, the current UK and Europe chief executive, has been appointed chief executive of a newly created division combining retail banking and wealth management.Based in Hong Kong, he will lead development of a group-wide retail wealth management business, a sign that the bank is keen to tap the growing personal wealth held in Asian markets. He will relocate from London to take up the post from 1 March 2011 and report directly to Gulliver.The new division is Gulliver’s first strategic change since being announced as the incoming group chief executive in September. “Configuring HSBC to realise its full potential in retail banking was always going to be my first priority,” Gulliver said in a statement today.“With the massive wealth creation we see in emerging markets today, the logic for HSBC to build a world-class global wealth business for our customers is absolutely compelling.”Last year, the number of affluent individuals in the Asia-Pacific region rose by 26 per cent to three million, a Capgemini report published in September found. This puts the region on a par with Europe in number of wealthy citizens.Thurston will also direct HSBC’s global retail banking, personal financial services and insurance businesses.Brian Robertson, currently chief risk officer, will replace Thurston as UK chief executive as of 3 December.Robertson will be succeeded by Marc Moses, while Joe Garner has been appointed UK deputy chief executive. last_img read more

UK recovery confounds City experts

first_img FAR from slowing down, Britain’s recovery is intensifying. Yesterday’s economic data was remarkably good, with the purchasing managers’ index (PMI) suggesting that manufacturing is now growing at its fastest rate since 1994. Manufacturing accounts for under nine per cent of UK employment but remains vital to exports, despite the growth in recent years of financial and business services.The survey once again shocked many “experts” – the consensus was for a drop in the PMI survey yet the actual figure shot up from 54.9 to 58. The details suggest manufacturing output is surging at a quarterly rate of 1.2 per cent, the best performance in ages. Economists have been guilty of excessive pessimism since the recovery began – just as they were guilty of excessive optimism in the dying days of the bubble.Even Mervyn King misjudged the rate at which the economy would recover in 2010. The US embassy cable dated 17 February released by WikiLeaks and which created a fuss yesterday as a result of King’s criticism of David Cameron and George Osborne’s inexperience also contained an intriguing passage on the jobs situation. The private sector has created well over 300,000 extra jobs this year, the majority of which were part-time but a large number full-time, yet this was what the US was briefed: “Businesses will cut jobs faster this year and eliminate many part-time positions, as employers realise that the economic recovery will be a long, drawn-out process, said King.” The truth, of course, was much more upbeat; King was also wrong. The “anemic” nature of global growth, has in fact been extremely strong thanks to emerging markets. What about next year? The Office for Budget Responsibility’s growth forecast of 2.1 per cent is eminently plausible. But it is worth highlighting that its official forecast that growth will average 2.4 per cent per year during 2010-14 is much lower than the 3.4 per cent achieved over 1994-98, according to figures from Henderson, despite fiscal retrenchment on a similar scale. In theory at least, the UK could grow much faster than anybody is expecting. That concerns about credit supply are starting to wane is another plus – many wrongly predicted that weak credit would drag down the previous recovery in the 1990s, following a hit to banks’ capital.Company finances are in better shape. Households have been insulated by low interest rates, resulting in fewer arrears and repossessions. The opportunities for exporters and international firms are greater than ever.The trouble is that the private sector is in other ways in a weaker position than it was in the early 1990s, largely because there is now much more regulation and higher taxes. London is less competitive; institutions are relocating elsewhere. Manufacturing is bouncing back but only for cyclical reasons; competition is continuing to intensify as emerging economies become better at producing valued-added goods and services. The real domestic risk, however, is that interest servicing costs will surge much faster than anybody expects. Each percentage point rise in interest rates and inflation will raise debt interest spending in 2015-16 by £10.7bn, or 0.6 per cent of GDP. Who could cope with mortgages at seven or eight per cent in three years’ time? Strong growth means higher interest rates – and a return to reality guarantees trouble ahead. [email protected] Show Comments ▼ Wednesday 1 December 2010 9:30 pm Tags: NULL whatsapp UK recovery confounds City experts center_img 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 PastUndoMoneyPailShe Was Famous, Now She Works In {State}MoneyPailUndoCuteness56 Animal Puns For a Quick LaughCutenessUndoInvestment GuruRemember Cote De Pablo? Take A Deep Breath Before You See Her NowInvestment GuruUndoSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesUndoTips and TricksWrap your feet in aluminium foil and a few hours later you will have this resultTips and TricksUndoMaternity WeekThis Was Found Hiding In An Oil Painting – Take A Closer LookMaternity WeekUndoMedical MattersThis Picture Shows Who Prince Harry’s Father Really IsMedical MattersUndo More From Our Partners Florida woman allegedly crashes children’s birthday party, rapes teennypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comMark Eaton, former NBA All-Star, dead at 64nypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.org whatsapp Share KCS-content last_img read more

Chief operating officer at News Int steps down

first_img Share More From Our Partners Inside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgWhy people are finding dryer sheets in their mailboxesnypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.com Tags: NULL KCS-content whatsapp NEWS International chief operating officer Clive Milner has been placed on gardening leave after a shake-up led by chief executive Rebekah Brooks.He will formally leave the firm early next year after more than 30 years. City A.M. understands his role became superfluous to requirements when Brooks reshuffled her executive team after her arrival last year.News International says his role will not be replaced but his responsibilities will be taken on by commercial chief Katie Vanneck, general manager Will Lewis, chief information officer Paul Cheesbrough and Chris Longcroft, all of whom have taken on the roles since the arrival of Brooks.Milner, 57, was responsible for production, printing, distribution and consumer-facing sales. He played a key role in the development of News International’s print plants at Broxbourne, Knowsley and Eurocentral. center_img Chief operating officer at News Int steps down whatsapp Wednesday 1 December 2010 8:24 pm Show Comments ▼ 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 PastUndoMoneyPailShe Was The Dream Girl In The 90s, This Is Her NowMoneyPailUndoSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesUndoMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan TimesUndoElite HeraldExperts Discover Girl Born From Two Different SpeciesElite HeraldUndoHealthyGem”My 600-lb Life” Star Dropped 420 Pounds, See Her NowHealthyGemUndoZen HeraldThe Truth About Why ’40s Actor John Wayne Didn’t Serve In WWII Has Come To LightZen HeraldUndomoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comUndolast_img read more