Westfield sees sales boost at its London mall


first_imgWednesday 18 August 2010 7:11 pm Show Comments ▼ 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.com‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.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.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comKiller drone ‘hunted down a human target’ without being told tonypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comMark Eaton, former NBA All-Star, dead at 64nypost.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.com Share whatsappcenter_img Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailUndoNoteabley25 Funny Notes Written By StrangersNoteableyUndoZen HeraldThe Truth About Why ’40s Actor John Wayne Didn’t Serve In WWII Has Come To LightZen HeraldUndoCrowdy FanShe Didn’t Know Why Everyone Was Staring At Her Hilarious T-ShirtCrowdy FanUndoBetterBe20 Stunning Female AthletesBetterBeUndoautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comUndoAtlantic MirrorA Kilimanjaro Discovery Has Proved This About The BibleAtlantic MirrorUndoTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastUndoElite HeraldKate Middleton Dropped An Unexpected Baby BombshellElite HeraldUndo Westfield sees sales boost at its London mall whatsapp MALL owner Westfield Group yesterday said sales at its London mall were up 17 per cent in the first half of the year compared with the same period last year.The mall, at Shepherd’s Bush, is on track to hit its target of £800m in takings this year after being boosted by tourist numbers, the company said. Westfield said occupancy at its US malls was increasing and its main Australian market was also holding up. However, it said it was too soon for major new investments becuse of the uncertain outlook.“The majority of the development work that we have going forward at the moment is concentrated on Australia because there is strong demand from retailers,” Peter Lowy, Westfield’s co-group managing director said.The Sydney-based group, which has 119 malls in the UK, Australia, the US and New Zealand, said that net profit for the six months ended 30 June was A$961m (£554.5m) compared with a net loss of A$708m a year earlier.It was the first time Westfield has posted a profit since the first half of 2008, as retailers inside its malls experienced lower sales due to the recession. Tags: NULLlast_img read more

Losses nearly double at Third Quad after painful restructuring


first_imgTuesday 21 September 2010 8:12 pm Losses nearly double at Third Quad after painful restructuring KCS-content whatsapp Share whatsappcenter_img by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryNoteabley25 Funny Notes Written By StrangersNoteableyMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailThe Sports DropForgotten College Basketball Stars: Where Are They Now?The Sports Dropmoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comElite HeraldExperts Discover Girl Born From Two Different SpeciesElite HeraldFamilyMindedThe Most Common Astrology Questions People AskFamilyMindedOpulent ExpressHer Quadruplets Were Born Without A Hitch. Then Doctors Realized SomethingOpulent ExpressFree HubRare Photos of Princess Diana The Royal Family Never Wanted People To SeeFree Hub THIRD Quad Capital, the latest venture from former Blue Oar Securities boss Andrew Monk, has seen losses almost double over the first half of the year as it completes a “painful but necessary” restructuring.Monk, who was ousted from Blue Oar when it was taken over by Edward Vandyk’s Evolve Capital last year, said the group’s recent acquisitions would enable it to expand in future with “positive cash balances, a strong balance sheet, reduced costs and a determination to grow”.Last month, the business bought loss-making corporate finance and broking house VSA Capital for a nominal sum, as a shell to facilitate Monk’s return to the broking sector. Monk, who previously founded Blue Oar and built Oriel Securities into a £40m business before selling up in 2006, said at the time he aimed to grow VSA rapidly over the year. Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofHiking 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 ProofCheese Crostini: Delicious Recipes Worth CookingFamily Proof Show Comments ▼ Tags: NULLlast_img read more

EDF and US partner end nuclear row


first_img EDF and US partner end nuclear row 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 WrapNewsmax Rejected Matt Gaetz When Congressman ‘Reached Out’ for a JobThe 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 Show Comments ▼ whatsapp Sharecenter_img by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryNoteabley25 Funny Notes Written By StrangersNoteableyThe Sports DropForgotten College Basketball Stars: Where Are They Now?The Sports DropElite HeraldExperts Discover Girl Born From Two Different SpeciesElite HeraldFamilyMindedThe Most Common Astrology Questions People AskFamilyMindedOpulent ExpressHer Quadruplets Were Born Without A Hitch. Then Doctors Realized SomethingOpulent Expressmoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comBeach RaiderLittle Boy Brings $2 Painting To Antiques Road Show, Not Realizing Its WorthBeach Raider Wednesday 27 October 2010 8:30 pm EDF and US partner Constellation Energy have settled a row over a nuclear project that could have cost the French power group up to $2bn.Under the deal, EDF will buy Constellation’s half-share in their UniStar partnership for $140m and will also transfer its 3.5m shares in Constellation back to the company and give up its board seat.In return, Constellation agreed not to exercise an option to sell EDF up to $2bn of non-nuclear assets.The value of the assets was fixed in 2008 under a deal Constellation struck with EDF when the US firm was facing liquidity issues, but the value of gas and coal-fired power assets has fallen badly since 2008.“The deal appears to be balanced. It will prevent EDF from a write-off in the US that could have amounted to some €600m (£523.9m) if Constellation had exercised the option”, a Paris-based analyst said.Under the previous deal, EDF had agreed to buy nearly half of Constellation’s operating nuclear business and gave Constellation the option, which was set to expire at the end of the year.EDF had threatened legal action if Constellation exercised the option.EDF’s previous representative on Constellation’s board, Daniel Camus, who was involved in the original deal, stepped down on 21 October.The two companies had also disagreed over Constellation’s decision earlier this month to unilaterally pull out of the federal loan guarantee process for the companies to build a new nuclear reactor at Constellation’s Calvert Cliffs plant in Maryland. Under the new deal, EDF will be the sole owner of UniStar, which owns the Calvert Cliffs sites. KCS-content Tags: NULLlast_img read more

Consortium becomes third-biggest UK rolling stock leasing company


first_img Share KCS-content Consortium becomes third-biggest UK rolling stock leasing company A CONSORTIUM made up of investment bank Morgan Stanley and private equity houses 3i Infrastructure and Star Capital has bought HSBC’s train rolling stock unit, Eversholt Rail Group, for £2.1bn. The deal took five months of talks before it came to fruition. The new consortium, which is named Eversholt Investment Group, immediately becomes one of the three biggest rolling stock companies in the country, owning about 29 cent of the total current British rail fleet with 19 fleets of rolling stock that are designed and built for the UK rail network. It will lease its fleets to seven train operating companies.HSBC is the last UK high-street bank to dispose of its train-leasing business, after both RBS and Santander off-loaded theirs in 2008.“We are delighted to be acquiring Eversholt,” said Neil King, partner in the infrastructure team at 3i Investments PLC, which manages 3i Infrastructure.“Its strong market share, well-diversified customer base and high quality cash flows from leases contracted over the medium to long term make this an attractive asset with strong infrastructure characteristics.”The three members of the new group will each pay £176m of equity with the remainder of the money being financed with debt. Eversholt Investment Group said that the steady cash stream that the rolling stock will produce will be sufficient to service the interest. More From Our Partners A 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.orgBiden 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.orgInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.org whatsapp Show Comments ▼ whatsapp Tags: NULL Thursday 4 November 2010 10:18 pmlast_img read more

Sanofi extends £12bn offer for Genzyme by six weeks


first_imgMonday 13 December 2010 9:23 pm Tags: NULL Show Comments ▼ whatsapp KCS-content Sharecenter_img by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBetterBe20 Stunning Female AthletesBetterBeMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan TimesElite HeraldExperts Discover Girl Born From Two Different SpeciesElite Heraldmoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comAlphaCute30 Rules That All “Hells Angels” Have To FollowAlphaCute More From Our Partners Killer 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.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.org Sanofi extends £12bn offer for Genzyme by six weeks whatsapp SANOFI-Aventis has extended its snubbed $18.5bn (£12bn) cash bid for US biotech company Genzyme by six weeks, buying the French drugmaker time to persuade its reluctant target to talk.Only 0.9 per cent of shares were tendered by a Friday deadline, Sanofi said yesterday. Genzyme has rejected the $69 a share bid, arguing it should be higher as the company rectifies a manufacturing crisis and awaits results on its experimental Campath drug for multiple sclerosis.Sanofi chief executive Chris Viehbacher has said he would consider a higher offer if Genzyme provided a closer look at its business to justify more money.Genzyme chief executive Henri Termeer said the meagre response to Sanofi’s offer shows shareholders “strongly support the view of the board” that the bid substantially undervalues Genzyme. Genzyme’s top shareholders include activist investors Carl Icahn and Ralph Whitworth.Investors and analysts say an offer price of $75 per share to $80 per share would be more likely to attract shareholders, and the stock has traded above the offer, which Sanofi took hostile in October. Yesterday, Genzyme shares closed up 0.5 per cent to $70.30. last_img read more

Obama woos JP Morgan exec


first_imgTuesday 4 January 2011 7:17 pm whatsapp whatsapp Show Comments ▼ Obama woos JP Morgan exec KCS-content Tags: NULL Share 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 ProofChicken Bao: Delicious Recipes Worth CookingFamily ProofCheese Crostini: Delicious Recipes Worth CookingFamily ProofHomemade Tomato Soup: Delicious Recipes Worth CookingFamily Proof US PRESIDENT Barack Obama is considering tapping JP Morgan Chase executive William Daley for a senior role in the White House, such as chief of staff. Daley, who is Midwest chairman of JP Morgan Chase and head of corporate social responsibility, was also a former commerce secretary. If he were chosen, the move would help satisfy a clamour in the business community to have greater representation for private industry within the administration.Daley would bring with him a breadth of experience in business. He serves on the board of Boeing and has served in the past as director at Merck. He is also a past president of SBC Communications.A source close to the matter cautioned that no decision had been made. Obama, on the last leg of his Hawaiian vacation, has been considering an array of staffing decisions during his break.One of the biggest decisions confronting him when he returned yesterday is a replacement for top economic adviser Larry Summers. Democratic sources say senior Treasury official Gene Sperling has emerged as the leading candidate.Many businesspeople had hoped Obama would fill Summers’ job as director of the National Economic Council with a private sector figure, but Sperling’s career has been heavily focused on public policy.In another staff move, Obama is weighing whether to elevate Ron Bloom to a broader manufacturing post at the White House. The leader of Obama’s automotive task force is currently focused on overseeing the restructuring of GM and Chrysler. last_img read more

CITY VIEWS: DID YOU BRING FORWARD ANY BIG PURCHASES TO BEAT THE RISE IN VAT


first_img whatsapp Tuesday 4 January 2011 7:46 pm whatsapp Share CITY VIEWS: DID YOU BRING FORWARD ANY BIG PURCHASES TO BEAT THE RISE IN VAT TIM BLACK | QBE INSURANCE“No. I think retailers should be made to absorb the rise, so I’m not at allconcerned about higher costs.”EMRE ORAL | FARADAY“Yes. I took advantage of the extra savings and made a spontaneous purchase of a plasma screen television.” BORYS BODNAR | DAIWA CAPITAL MARKETS“Definitely not. I’m not one to subscribe to knee-jerk buying. The VAT rise has turned into an excuse to go shopping.” KCS-content Show Comments ▼ More From Our Partners Astounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.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.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgMan on bail for murder arrested after pet tiger escapes Houston homethegrio.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgPorsha Williams engaged to ex-husband of ‘RHOA’ co-star Falynn Guobadiathegrio.comFans call out hypocrisy as Tebow returns to NFL while Kaepernick is still outthegrio.com Tags: NULLlast_img read more

Goldman Sachs sees 53 per cent profit fall


first_img Goldman Sachs sees 53 per cent profit fall alison.lock whatsapp More From Our Partners Brave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.com‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comBill Gates reportedly hoped Jeffrey Epstein would help him win a Nobelnypost.comMark Eaton, former NBA All-Star, dead at 64nypost.com‘The Love Boat’ captain Gavin MacLeod dies at 90nypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comPuffer fish snaps a selfie with lucky divernypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.com Wednesday 19 January 2011 8:26 am Tags: NULL Goldman Sachs has posted a 53 per cent decline in quarterly profit, in part reflecting lower results in fixed-income trading.Fourth-quarter net income after payment of preferred stock dividends totaled $2.23bn (£1.4bn), or $3.79 per share, compared with $4.79bn, or $8.20 a share, a year earlier.Goldman said net revenue fell ten per cent to $8.64bn, compared with the average analyst forecast of $9bn.Its shares fell 2.7 per cent to $169.90 in premarket trading.Net revenue in fixed income, currency and commodities slid 39 per cent from the third quarter to $1.64bn, reflecting what Goldman called “generally low client activity levels.”Still, Chief Executive Lloyd Blankfein in a statement said the bank is “seeing signs of growth and more economic activity” following “difficult” market and economic conditions for much of 2010.Results at Goldman may signal what investors can expect when Morgan Stanley and Bank of America Corp report their quarterly results later this week.“If Goldman Sachs can’t show a strong performance, then good luck to anyone else trying,” said Simon Maughan, an analyst at MF Global in London.Much of Goldman’s profit will flow to bankers and traders as bonuses.Compensation per employee for 2010 fell 14 per cent from 2009 to about $431,000, and total pay and benefits fell 5 per cent to $15.38bn.Still, the ratio of compensation and benefits to net revenue rose to 39.3 per cent from 35.8 per cent. whatsapp Share Show Comments ▼last_img read more

The economics of perpetual motion


first_img More From Our Partners A ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.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.org WOW. This government has finally cracked it. It has rewritten the laws of economics: there is now such a thing as a free lunch, the elusive El Dorado pursued so assiduously since time immemorial. I’m talking about George Osborne’s special tax on the balance sheets of large banks operating in London, hiked by another £800m to £2.5bn a year yesterday. Please bear with me, dear reader, as I try to recount what passes for common sense at the Treasury. “The banks” are back in the black, so they can afford to pay more – and given that they remain weirdly enamoured with London, they will put up with ever-higher taxes and continue as if nothing had happened. There will (of course) be no adverse effect on lending volumes, interest rates charged, the cost of services (such as advisory or fundraising work), the employment of staff in London, dividends paid to institutional shareholders or anything else that matters. The only changes will be that profit and compensation will be reduced (with no negative effect on the incentives of shareholders or staff, obviously, and no knock-on effects) – and that the government will collect more money. A faultless scheme, the budgetary equivalent of perpetual motion. The Labour party agrees that taxing banks doesn’t have any disadvantages or unintended, perverse consequences: it just thinks the UK should do even more of it, and specifically tax profits and bonuses even harder (the government doesn’t really disagree; it hints it will do that if the Merlin talks collapse). It’s a firmly entrenched new consensus, shared by most of the media and virtually all of the public, who want banks “to pay their fair share” (a moving target, but one which it increasingly seems to mean close to 100 per cent of profits and pay). As Voltaire’s Candide might have put it, it’s all for the best in the best of all possible worlds. Ok, so I’m being just a little sarcastic. But how can it be assumed that such a tax will have no bad effects, without any proper thought or research? One might have expected a detailed cost-benefit analysis to work out who would end up actually paying (academic studies of tax incidence usually reveal that consumers pick up a good chunk, and sometimes even all, of the bill from any new tax). There has evidently been nothing of the sort – rather, the chancellor made up the policy on the hoof ahead of a key clash with his shadow Ed Balls. This near-universal view that financial firms and their staff don’t pay much tax is equally baseless. The top rate of direct tax on earnings above £150,000 will hit 52 per cent from April, including employee national insurance contribution. Employers must also pay a tax on jobs – employers’ national insurance – of 13.8 per cent. So close to 58 per cent of the total cost to firms of bonuses will be directly transferred to HMRC – without this contribution, the tax on the rest of society would be even higher. Financial services firms paid £53.4bn in tax in 2009-10; Goldman Sachs alone paid £2.3bn in UK tax in 2010. The top one per cent of earners pay 26 per cent of all income tax.I am not a banker, have never been one and will never be one. It’s much more interesting to be a newspaper editor. But if I were Bob Diamond or any of the other bank CEOs, I would tear up the Merlin deal and walk away. Why bother? Nothing will ever assuage those baying for their blood. [email protected] me on Twitter: @allisterheath whatsapp Show Comments ▼ by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryPeople TodayNewborn’s Strange Behavior Troubles Mom, 40 Years Later She Finds The Reason Behind ItPeople TodayMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesZen HeraldNASA’s Voyager 2 Has Entered Deep Space – And It Brought Scientists To Their KneesZen HeraldBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBeWanderoamIdentical Twins Marry Identical Twins – But Then The Doctor Says, “STOP”Wanderoam Tuesday 8 February 2011 9:27 pm center_img KCS-content Tags: NULL whatsapp Share The economics of perpetual motion last_img read more

Some good news in a gloomy world


first_img Some good news in a gloomy world whatsapp KCS-content BRITAIN is losing market share in global investment banking, retail banking and private equity – and has been hammered especially badly in hedge funds and energy trading, where firms and people have upped sticks to Switzerland. But it is not all grim for the City. Two areas that are still doing well are foreign exchange trading and legal services, according to research from CityUK. So far at least, these sectors have successfully resisted decline, despite the sweeping increases in tax and regulation, restrictions on non-EU migrants and the general anti-business climate that are slowly throttling large parts of the private sector. Forex trading – loathed by proponents of the destructive Tobin tax – is one of the few bright spots in the City. London increased its share of global forex trading to 37.2 per cent in October 2010, from 36.7 per cent six months earlier. We are up from 31 per cent at the start of the decade. The US is on 17.2 per cent, Japan 6.2 per cent and Singapore 5.9 per cent. The UK’s daily trading averaged $1.821 trillion in October 2010, up 8 per cent on April 2010 and a quarter higher than a year earlier. Twice as many dollars are traded on the foreign exchange market in the UK than in the US; more than twice as many euros are traded in the UK than in the Eurozone. Foreign owned institutions account for around 70 per cent of foreign exchange trading in London, confirming the need to retain global firms and their staff in London. The industry is a great success story, paying tax and employing staff. It would be a total disaster were left-wing activists to get their wish and Britain to slap a transactions tax on currency trading.Law is another successful yet under-appreciated part of the economy. Exports from the UK of  law firms totalled £3.2bn in 2009, up nearly three times over the past decade. Two of the top five global 100 firms, based on gross revenue, are from the UK. Overall, London firms generated an astonishing 14 per cent of the global 100 gross revenue (against 54 per cent for the US and 19 per cent for the whole of Europe ex-UK). The real danger is the growth of Asia (already at 10 per cent) and the fact that some of the business being conducted there could have been done here. So far, there has been no decline in UK market share: in 2009-10, the downturn triggered a 6 per cent reduction in fee revenue of law firms globally to $74.6bn – but UK law firms’ fee revenue outperformed, dropping by 4 per cent to £13.7bn. English law is, like the English language, commonly used in international commerce, international dispute resolution and arbitration: the number of disputes involving international parties resolved in London rose 59 per cent to 5,297 between 2007 and 2009.It is not David Cameron or George Osborne’s job to pick winning economic sectors. It makes no sense for the coalition to pontificate about those areas of the economy it claims to know will do well and create jobs – and promptly humiliate itself when one of the key ones, pharmaceuticals, actually turns out to be in long-term crisis, as demonstrated by Pfizer’s cuts to its R&D division in Kent. But equally the coalition should stop deliberately downplaying and hammering unfashionable industries in which we evidently have a comparative advantage. London still excels in many areas; the private sector should be given the freedom to continue to do what it does best. [email protected] me on twitter: @allisterheath Share whatsappcenter_img Tags: NULL Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryUndoPeople TodayNewborn’s Strange Behavior Troubles Mom, 40 Years Later She Finds The Reason Behind ItPeople TodayUndoMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailUndoTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastUndoSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesUndoBrake For ItThe Most Worthless Cars Ever MadeBrake For ItUndoZen HeraldNASA’s Voyager 2 Has Entered Deep Space – And It Brought Scientists To Their KneesZen HeraldUndoBetterBe20 Stunning Female AthletesBetterBeUndoWanderoamIdentical Twins Marry Identical Twins – But Then The Doctor Says, “STOP”WanderoamUndo Show Comments ▼ More From Our Partners Killer 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.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comWhy people are finding dryer sheets in their mailboxesnypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comBill Gates reportedly hoped Jeffrey Epstein would help him win a Nobelnypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.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.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.com Thursday 10 February 2011 9:13 pmlast_img read more