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US manufacturing index rises

first_imgMonday 16 August 2010 8:14 pm 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 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 ProofTortilla Mango Cups: Recipes Worth CookingFamily ProofWhat to Know About ‘Loki’ Ahead of Disney+ Premier on June 9Family ProofThe Truth About Bottled Water – Get the Facts on Drinking Bottled WaterGayot whatsapp Tags: NULL whatsapp A gauge of regional manufacturing in the US rose in August after plunging the previous month but it fell short of analysts’ forecasts, adding to evidence that the US recovery is losing momentum. The New York Federal Reserve said yesterday that its Empire State general business conditions index increased to 7.10 in August from 5.08 in July. The August reading was below market expectations. Economists had expected a figure around 8.00 this month. center_img KCS-content Share US manufacturing index rises Show Comments ▼ by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailNoteabley25 Funny Notes Written By StrangersNoteableyZen HeraldThe Truth About Why ’40s Actor John Wayne Didn’t Serve In WWII Has Come To LightZen HeraldCrowdy FanShe Didn’t Know Why Everyone Was Staring At Her Hilarious T-ShirtCrowdy FanReporter center[Photos] Meet The Man Katie Couric Is Romantically Involved With In 2021Reporter centerBetterBe20 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 Pastlast_img read more

Halifax shocks bears with rise in house prices

first_imgWednesday 8 September 2010 7:55 pm Halifax shocks bears with rise in house prices Share whatsapp 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.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comFlorida 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.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.org980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.com‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comBill Gates reportedly hoped Jeffrey Epstein would help him win a Nobelnypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comWhy people are finding dryer sheets in their mailboxesnypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comMark Eaton, former NBA All-Star, dead at 64nypost.com whatsappcenter_img Show Comments ▼ KCS-content Tags: NULL HOUSE prices rose for the second month running in August, mortgage lender Halifax said yesterday, confounding expectations for a fall though it still expected house prices to stagnate overall this year.House prices rose 0.2 per cent in August, Halifax said, which, coming after a 0.7 per cent rise in July, had helped to reverse declines recorded between April and June.That left prices 4.6 per cent up in the three months to August compared with a year ago and took the average price of a home to £167,953 — nine per cent above its low in April 2009 but still 16 per cent down from a peak in August 2007.Analysts had expected a fall of 0.5 per cent on the month, for a three-month annual rate of 4.4 per cent after rival mortgage lender Nationwide reported a 0.9 per cent drop in house prices in August.Halifax economist Martin Ellis said that August’s rise still only left prices at a similar level to where they were at the end of 2009, and he expected house prices to remain static in 2010 as a whole. Housing market activity has been muted in recent months, with approvals hovering at less than half the level they reached at the peak of the housing market in 2007. Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastUndoMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailUndoSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesUndoBetterBe20 Stunning Female AthletesBetterBeUndomoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comUndoElite HeraldExperts Discover Girl Born From Two Different SpeciesElite HeraldUndoautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comUndoCrowdy FanShe Didn’t Know Why Everyone Was Staring At Her Hilarious T-ShirtCrowdy FanUndoDrivepedia20 Of The Most Underrated Vintage CarsDrivepediaUndolast_img read more

Safran seals $1.9bn deal for biometric firm

first_img John Dunne whatsapp France’s Safran confirmed a $1.09bn (£696m) deal to buy L-1 Identity Solutions and its core biometric identity business in a move that will also see BAE Systems extend its reach in the United States.Safran, which makes aero engines, military goggles and security equipment, said shareholders would get $12 a share in cash in the deal which will see L-1 assets split between the two European buyers.The shake-up is the latest sign of mid-tier security and defence firms getting snapped up by traditional arms suppliers.As the top contractors face sharp cuts in defence budgets, they are steadily targeting smaller players with niche technologies in cybersecurity, surveillance and intelligence.In a carefully sequenced transaction which nets L-1 shareholders slightly more than the $11 or so per share expected by some analysts, L-1 first agreed to sell its government consulting services business to BAE Systems for $296m.The takeover, which has been backed by the boards of both companies, will see the French state-owned aerospace and defence company buy the whole of L-1 but keep only its core biometrics and identity businesses, which are spread across three units.L-1 said it expected the deals to close in the first quarter of 2011 and that its board had approved both the Safran merger and the BAE transaction.Regulators and L-1 shareholders must approve the deal.L-1 formed in 2006 through a merger of Viisage and Identix.The company placed itself up for sale in February but moved to split the deal into two parts given a distinction between its biometric identification and government consulting businesses.Safran, already a player in biometrics, led the race to buy most of L-1 including the biometrics and identification activities as it boosts its security activities.The French deal was contingent, however, on L-1 first lining up a definitive buyer for the government consulting business.BAE Systems has built up a presence through acquisitions as a leading player in the U.S. defence industry. Show Comments ▼ Safran seals $1.9bn deal for biometric firm whatsapp Sharecenter_img 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 Tags: NULL Monday 20 September 2010 3:45 am 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 PastNoteabley25 Funny Notes Written By StrangersNoteableyThe Sports DropForgotten College Basketball Stars: Where Are They Now?The Sports Dropmoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comFamilyMindedThe Most Common Astrology Questions People AskFamilyMindedOpulent ExpressHer Quadruplets Were Born Without A Hitch. Then Doctors Realized SomethingOpulent Expresslast_img read more

Emerald Isle to keep 12.5pc rate for corporate tax

first_imgSunday 28 November 2010 9:20 pm Emerald Isle to keep 12.5pc rate for corporate tax More From Our Partners Brave 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.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comMark Eaton, former NBA All-Star, dead at 64nypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.org‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comKiller drone ‘hunted down a human target’ without being told tonypost.comWhy people are finding dryer sheets in their mailboxesnypost.com Tags: NULL KCS-content Sharecenter_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 A Star, Now She Works In ScottsdaleMoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesNoteabley25 Funny Notes Written By StrangersNoteableyWanderoamIdentical Twins Marry Identical Twins – But Then The Doctor Says, “STOP”WanderoamHistorical GeniusHe Was The Smartest Man Who Ever Lived – But He Led A Miserable LifeHistorical GeniusMagellan 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 Herald Show Comments ▼ Ireland’s bailout will not require it to raise its corporation tax rate, Prime Minister Brian Cowen said yesterday.Eurozone nations had heaped pressure on Ireland to slash its much-envied 12.5 per cent rate.Austria had led calls for the beleaguered nation to be forced to hike the rate as punishment for its financial failures.The rate has allowed it to compete as a major business hub. Firms including Google and Microsoft have their European domicile there and soon-to-merge Greencore and Northern Foods say they plan to move to Ireland for tax purposes. whatsapp whatsapplast_img read more

City reacts to new FSA remuneration code

first_img FINANCIAL services firms are now subject to the world’s toughest bank bonus curbs after City regulator the Financial Services Authority published its new remuneration code.But the new rules, which will affect 2,700 financial firms in the UK from January, will not be binding for many smaller institutions and more specialist financiers.The new code bans guaranteed bonuses of more than one year, and specifies that up to 60 per cent of variable pay must be deferred when rewarding the most serious risk takers. Senior risk takers face a cash cap on bonuses of 20 per cent and at least half of all non-deferred bonuses must be paid in shares. It also stipulates that an appropriate ratio of variable to fixed pay should be set by firms, but gives no specific guidance on this. But of four tiers of firms outlined in the code, those in tiers three and four – small banks and building societies, and firms that do not put their balance sheets at risk – may be exempt from many of the stricter rules.“The most significant of these are the requirement to have a UK-based remuneration committee, deferral, and the proportion of variable remuneration paid in shares. For other rules, the FSA will apply a discretionary approach that is likely to result in less-onerous requirements,” the FSA said.The move means that many investment managers and businesses operating an agency model will escape the specific requirements to defer remuneration and pay bonuses in shares, said PriceWaterhouseCoopers.But larger banks will be forced to rein in their remuneration substantially from January, just as the 2010 bonus round gets under way.The British Bankers’ Association hit back at the news, saying the financial services sector contributes significant tax revenues and UK banks should not be put at a competitive disadvantage to rivals outside Europe.“Until there is a genuinely global consensus on pay in financial services, the challenge for policymakers will be to ensure the UK continues to attract this valuable business,” it said in a statement.Jon Terry, remuneration partner at PriceWaterhouseCoopers said: “Retaining talent in a sector where financial reward is often the main motivator and workers are internationally mobile will be more challenging than ever. “It remains to be seen how London’s lure as Europe’s dominant financial centre will be affected as the reality of the pay changes begins to bite.”The code aims to align remuneration principles across the EU and reflects the changes set out by its Committee of European Banking Supervisors last week. whatsapp alison.lock Show Comments ▼ Tags: NULL 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 PastMoneyPailShe 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 AthletesBetterBeMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan TimesElite HeraldExperts Discover Girl Born From Two Different SpeciesElite HeraldHealthyGem”My 600-lb Life” Star Dropped 420 Pounds, See Her NowHealthyGem City reacts to new FSA remuneration code Friday 17 December 2010 11:48 am whatsapplast_img read more

Denmark lender fails

first_imgMonday 7 February 2011 8:41 am whatsapp Share Denmark lender fails alison.lock More From Our Partners Matt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgFeds seized 18 devices from Rudy Giuliani and his employees in April raidnypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgcenter_img whatsapp Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryUndoMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailUndoTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastUndoZen HeraldNASA’s Voyager 2 Has Entered Deep Space – And It Brought Scientists To Their KneesZen HeraldUndoSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesUndoBrake For ItThe Most Worthless Cars Ever MadeBrake For ItUndoWanderoamIdentical Twins Marry Identical Twins – But Then The Doctor Says, “STOP”WanderoamUndoBetterBe20 Stunning Female AthletesBetterBeUndoautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comUndo Show Comments ▼ Denmark has been left bearing a £1.72bn bill as Amagerbanken, the country’s eighth-biggest lender, became its tenth bank to be nationalised following the global financial crisis.Amagerbanken said yesterday that it would transfer its assets to Finansiel Stabilitet A/S, the state company that administers failed banks, and administrators would close the bank.Amagerbanken said fourth-quarter writedowns wiped out its equity, attributing a large part to failed property investors.The failure of Amagerbanken was roughly the same size as the mid-2008 collapse of Roskilde Bank, previously the biggest Danish bank failure.The bill to the government for taking over Amagerbanken is 15.2 billion Danish krone (£1.72bn), which is the price that the state administrating company Finansiel Stabilitet will pay for the remaining assets.The Danish banking industry will cover 2.2 billion crowns of that cost through the country’s depositary guarantee scheme, Amagerbanken Chairman Niels Heering told a news conference.If total losses from Amagerbanken rise above 15.2 billion crowns, Danish financial institutions would have to bear a larger burden than 2.2 billion, Heering said.Denmark’s biggest bank Danske Bank, as well as the Nordic region’s biggest bank Nordea and four competitors said they had little or no exposure to Amagerbanken.Denmark has the most fragmented banking industry of any of the Nordic countries, with more than 100 financial institutions.Danske Bank said its total exposure to Amagerbanken was 10 million crowns, and other small Danish banks said they did not have significant exposure to the failed bank.Sweden’s Handelsbanken and Swedbank as well as major Danish banks Jyske Bank and Sydbank also said they were not exposed.Danish mortgage lender Nykredit, which is not listed, said it had exposure to Amagerbanken of almost 300 million crowns. Tags: NULLlast_img read more

Inflation risk turns up heat on Bank rate

first_img Share Show Comments ▼ THE Bank of England could signal an imminent rise in interest rates this week, with the publication of the latest inflation report which forecasts inflation and growth in the UK.“We expect the Bank’s report to show an upward revision to their inflation projection and to signal that the first rate hike is likely to arrive sooner rather than later,” said a BNP Paribas spokesperson.More pressure will be piled on the Bank of England to raise interest rates tomorrow, if January’s consumer price inflation yet again surprises on the upside. In December, CPI inflation jumped to 3.7 per cent, above forecasts of 3.3 per cent.While some analysts still expect rates to stay at their historically low level of 0.5 per cent until the end of the year, the markets anticipate an earlier hike.“Looking at sterling interest rate futures, markets are pricing in an 88 per cent chance of a 0.25 per cent increase by June,” said Hetal Mehta of Daiwa Capital.Markets are 100 per cent confident of rates hitting one per cent by September, and are expecting an additional 0.25 per cent rise by the end of the year, she said.“We still expect rates to rise soon and rise further than markets price in,” added Michael Saunders of Citigroup.Saunders also questioned the Bank’s credibility, after a long period of incorrect inflation forecasts.“The nine inflation reports from August 2008 to August 2010 all projected sub-target inflation two to three years ahead,” Saunders said, “and succeeded in persuading markets that rates will stay low for an extended period.” “However, the November report’s forecasts failed to gain similar traction with the markets,” he said. Even if the Bank forecasts inflation coming down next year, “investors may again be sceptical, doubting the inflation forecasts and hence also doubting their message that rates will rise slower than markets price in,” Saunders said.“In fairness, the recent forecasting record of economists has not been much better,” added Deloitte’s Ian Stewart. More From Our Partners Supermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.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.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgBill Gates reportedly hoped Jeffrey Epstein would help him win a Nobelnypost.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comFeds seized 18 devices from Rudy Giuliani and his employees in April raidnypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comMark Eaton, former NBA All-Star, dead at 64nypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comKamala Harris keeps list of reporters who don’t ‘understand’ her: reportnypost.com Sunday 13 February 2011 11:10 pm whatsapp whatsapp KCS-content Inflation risk turns up heat on Bank rate Tags: NULLlast_img read more

Diageo eyes $2.5bn bid for Turkish Mey

first_imgSunday 20 February 2011 11:31 pm whatsapp Show Comments ▼ DIAGEO is set to announce the acquisition of Turkish spirits firm Mey Içki Sanayi ve Ticaret for a staggering $2.5bn (£1.54bn).Diageo could finalise the deal as soon as this morning, according to the Wall Street Journal.Mey, owned by US firm TPG, is among the largest alcohol producers in Turkey and controls 80 per cent of the market for Turkish national drink raki. Diageo is being advised by UBS. TPG is being advised by JP Morgan and Goldman Sachs. TPG had previously considered an initial public offering for the firm.Diageo last month admitted European sales are weakening and that it is pinning its growth hopes on drinkers in emerging markets such as Turkey. KCS-content Share Read This NextRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapNew England Patriots’ Cam Newton says no extra motivation from Mac Jones’SportsnautCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe Wrap’Sex and the City’ Sequel Series at HBO Max Adds 4 More ReturningThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe Wrap’Black Widow’ First Reactions: ‘This Is Like the MCU’s Bond Movie’The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe Wrap whatsapp Diageo eyes $2.5bn bid for Turkish Mey Tags: NULLlast_img read more

Why Britain must reject a Tobin tax

first_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 PastSenior Living | Search AdsNew Senior Apartments Coming to Scottsdale (Take A Look at The Prices)Senior Living | Search AdsSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesPeople TodayNewborn’s Strange Behavior Troubles Mom, 40 Years Later She Finds The Reason Behind ItPeople TodayBetterBe20 Stunning Female AthletesBetterBeHistorical GeniusHe Was The Smartest Man Who Ever Lived – But He Led A Miserable LifeHistorical Geniusmoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.com Show Comments ▼ Share whatsapp KCS-content IT is amazing how many intelligent people believe in free lunches. The latest instance of this bizarre intellectual affliction can be found in yesterday’s vote by MEPs in Brussels to slap a Tobin tax on financial transactions in the EU. The vote fortunately has no legal power, but European parliamentarians believe their scheme would raise €200bn (£172bn) a year. Weirdly, they don’t think that grabbing such a huge chunk of cash – roughly speaking, it would wipe out all profits at investment banks and wealth managers – would have any effect on jobs, pension fund returns or anything else. Even though there would no longer be any money to be made from trading in the EU, everybody would stay put, continuing to buy and sell as before, albeit for free, and ensuring that all of the tax money were actually raised – such altruistic people, these traders. The MEPs believe the tax would collect £20bn from UK trades, roughly as much as the total global profits of London’s largest banks – though of course it would be paid for by thousands of financial firms and their investors, including pension funds and insurance firms, whose returns from their hedge fund investments would be decimated. But as the Open Europe think-tank points out, the real cost would be even greater. The World Federation of Exchanges puts the total value of financial transactions in the UK at £600 trillion a year. On the economically illiterate assumptions used by the MEPs, a Tobin tax would thus raise between £60bn (at a rate of 0.01 per cent) and £300bn (at 0.05 per cent). Taxing just derivative, equity and bond trades would yield £40bn-£180bn. Compare that to UK corporation tax revenues of £43bn and income tax of £150bn and you realise that MEPs are plotting the biggest tax hike in British history, one that would destroy the economy at the stroke of a pen – and equally astonishingly, would transfer these resources from the UK to Brussels. Unbelievable – literally. Such sums could not possibly be raised in this way. Transactions would cease to be conducted in the EU. Tens of thousands of jobs would be lost overnight and the City of London would be destroyed. The tax would raise a couple of billion at most.Sweden is the only country that has ever imposed a unilateral Tobin tax; the experiment was an unmitigated disaster in the 1980s and was reversed. Instead of raising 1.5bn kroner on bonds alone, as predicted, the tax collected 50m kroner a year. The cost of government borrowing went up, as investors demanded greater compensation to hold a security on which taxes had just been hiked, eroding the miniscule revenues collected. The number of transactions in shares collapsed, eroding capital gains tax receipts (stock prices also fell as a result of the tax, further cutting gains as well as making it harder for firms to raise capital for expansion and jobs). Over half of all equity trading moved to London. During the first week of the Tobin tax on bonds, trading slumped 85 per cent, even though the levy on five-year bonds was only 0.03 per cent. Futures trading collapsed 98 per cent and options trading stopped altogether. Even were it imposed globally, a Tobin tax would still slash transaction volumes, make markets less liquid, increase the cost of raising finance for all firms and punish companies that operate in more than one currency. The British government must stand its ground and block this nonsense. [email protected] me on Twitter: @allisterheath center_img whatsapp Tags: NULL Why Britain must reject a Tobin tax 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.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.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.orgFeds seized 18 devices from Rudy Giuliani and his employees in April raidnypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.org Tuesday 8 March 2011 9:22 pmlast_img read more

Shareholder rights are still being ignored

first_imgWednesday 9 March 2011 8:16 pm Show Comments ▼ DEFENDING shareholder rights remains an “uphill struggle” despite almost 150 asset owners signing up to a series of guidelines for best corporate governance behaviour, a key City regulator will say today. Almost 150 asset owners have signed up to the Stewardship Code launched by the Financial Reporting Council (FRC) last July to push institutional investors to involve themselves in the strategy and governance of the companies they invest in.“If we are to make this code a real success we have to look for evidence as to how far it is actually changing behaviour in a positive way,” FRC chairman Baroness Sarah Hogg will say. Hogg said Europeans remained “sceptical” of the “comply-or-explain concept”, in remarks prepared for a speech to the National Association of Pension Funds in Edinburgh today.Hogg said the FRC had been working with policy-makers including the European Commission, MEPs as well as the OECD?to explain the importance of stewardship.The FRC is to evaluate the code’s effectiveness in its first year through a series of meetings with companies about their relationships with investors, she says. Shareholder rights are still being ignored Share whatsapp whatsapp KCS-content More From Our Partners Native American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.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.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.comUK teen died on school trip after teachers allegedly refused her pleasnypost.com Tags: NULLlast_img read more