Month: September 2021

Balfour Beatty lifted by acquisition

first_img Share John Dunne Balfour Beatty lifted by acquisition whatsapp by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailBetterBe20 Stunning Female AthletesBetterBeTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island Farmmoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.cominvesting.comCanceled TV Shows Announced: Full Updated Listinvesting.comNinjaJournalist25 Cute Baby Animals That Will Melt Your HeartNinjaJournalistSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesDefinitionDesi Arnaz Kept This Hidden Throughout The Filming of ‘I Love Lucy’Definition CONSTRUCTION group Balfour Beatty said half-year pre-tax profit rose by 32 per cent on the acquisition of a US company last year and a strong performance in Britain and Asia.First-half pretax profit rose to 141 million pounds, compared to £107m last year, boosted by earnings at project management business Parsons Brinckerhoff.“Our strategy has been to build Balfour as a global infrastructure business … the results now reflect the acquisition of Parsons Brinckerhoff … it’s performed extremely well in the first half,” chief executive Ian Tyler said.Balfour also said it had closed a £230m street lighting contract for Coventry and signed a £460m contract for the second phase of satellite building for Heathrow Airport’s terminal two.Cuts in British public spending – which represents 20 per cent of Balfour sales – have raised concerns that the construction sector is likely to suffer a losses in earnings in the coming year.“Whilst there are challenges in some markets, overall we still would see in 2010 to 2011 areas where the business will grow,” Tyler said.The firm said its order book stood at £14.6m at June 2010, up from £14.1bn at the end of last year.Tyler said the company was very much focussed on its global growth and future acquisitions in any one of its four core divisions were always a possibility.Last month the coalition government said it would slash the Building Schools for the Future (BSF) programme, a multi-billion pound scheme to rebuild schools across Britain.Balfour, which won contracts with five local authorities and is preferred bidder with three others, has said that the cuts would not impact its order book or outlook as it represents only two per cent of its business.Tyler said that a substantial amount of contracts were funded by industry, rather than the government, another fact which he said meant Balfour center_img whatsapp Wednesday 11 August 2010 3:02 am Show Comments ▼ More From Our Partners Killer drone ‘hunted down a human target’ without being told tonypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.com‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.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.orgNative 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.orgAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.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.comKamala Harris keeps list of reporters who don’t ‘understand’ her: reportnypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.com Tags: NULLlast_img read more

Pay deal averts BAA strike pain

first_img More From Our Partners Native 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.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.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.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.com FEARS of travel chaos over the busy Bank Holiday faded last night after airport operator BAA secured a last-ditch pay deal with unions, who agreed to call off planned strikes.In a dramatic climbdown, Unite said it would urge workers at Heathrow, Stansted, Southampton, Glasgow, Edinburgh and Aberdeen airports to accept a “much improved” pay offer from BAA rather than go ahead with industrial action. The breakthrough came after eight hours of talks between union representatives, led by Unite’s Brian Boyd, and BAA executives led by Terry Morgan.Neither side would confirm details of the salary hike offered to airport staff. But the package will be far in excess of the one per cent rise previously tabled by BAA.Boyd said union members would be informed of the deal today and would vote on it in the next few weeks. Speaking outside the headquarters of conciliation service Acas, he said: “Unite came to these negotiations with a strong mandate for industrial action… [but] we are pleased to announce we are calling off strike action at BAA’s six airports.”BAA said the parties had reached an agreement “that is fair to staff but which also reflects the difficult economic climate”.Unions had planned to strike as early as next Monday to express their anger at a below-inflation pay rise and changes to working conditions. Because many of the unionised workers are firemen and security guards the action would have closed airports, disrupting up to 2,500 flights and troubling 350,000 travellers every day.BAA originally insisted a one per cent salary increase reflected the pressures of the recession and the £36m cost of the Icelandic volcanic ash clouds. But the company’s negotiators softened in the face of further multi-million pound losses.The deal means the potentially devastating impact of a BAA staff strike coinciding with action by British Airways cabin crew will almost certainly be avoided.Peter Harwood, chief conciliator at Acas, said the talks had been “challenging” but said Unite, together with the Prospect and Public and Commercial Services unions, would press its members to accept the olive branch from BAA.“Acas is pleased at this development and hope that the matter will soon be settled,” he added.BAA, owned by Spanish giant Ferrovial, last faced the prospect of industrial action in 2008. In that case, an 11th-hour arrangement on pensions averted a series of strikes. KCS-content Share 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 FanBetterBe20 Stunning Female AthletesBetterBeautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comAtlantic MirrorA Kilimanjaro Discovery Has Proved This About The BibleAtlantic MirrorTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastElite HeraldKate Middleton Dropped An Unexpected Baby BombshellElite Herald Pay deal averts BAA strike pain center_img whatsapp Show Comments ▼ whatsapp Monday 16 August 2010 8:48 pm Tags: NULLlast_img read more

FXPro to announce plans for Aim float

first_img Share KCS-content whatsapp RETAIL broker FXPro will today signal its intention to float on the AIM junior stock market, in a move that could make existing shareholders up to £60m. An announcement to the stock market is expected at 7am today, when the Cyprus-based firm will outline its plan to place 30 per cent of its existing shares with institutional investors through the stock exchange. The foreign exchange and futures broker, which launched in 2006, is set to be valued at around £200m. Founder Denis Sukhotin and managing director Panagiotis Xydas are among the shareholders who will net a total of £60m if the float goes to plan. The firm, which sponsors Premier League football clubs Aston Villa and Fulham, hopes to join the market before October. The firm specialises in giving individual investors access to foreign exchange trading, and also offers a platform to trade metals, indices, futures and contracts for difference, which provide exposure to share prices without owning the underlying stock. The company boasts customers in 150 different countries, and currently employs more than 170 people worldwide. It hired Old Mutual’s former chief executive Jim Sutfliffe as a non-executive director at the end of June. Forex trading has grown in popularity since the financial crisis, with more than $4 trillion changing hands every day, according to a recent survey by the Bank of International Settlements. Industry-wide turnover has grown 20 per cent since 2007, with the UK making up more than a third of global trading volumes. by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailNoteabley25 Funny Notes Written By StrangersNoteableySerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBetterBe20 Stunning Female AthletesBetterBemoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comElite HeraldExperts Discover Girl Born From Two Different SpeciesElite Heraldautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comZen HeraldThe Truth About Why ’40s Actor John Wayne Didn’t Serve In WWII Has Come To LightZen Herald Read This NextNew England Patriots’ Cam Newton says no extra motivation from Mac Jones’Sportsnaut’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 ProofTortilla Mango Cups: Recipes Worth CookingFamily 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 ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofWhat to Know About ‘Loki’ Ahead of Disney+ Premier on June 9Family Proofcenter_img Show Comments ▼ Tags: NULL Sunday 5 September 2010 10:00 pm whatsapp FXPro to announce plans for Aim float last_img read more

The Tories shouldn’t write-off Red Ed

first_img Show Comments ▼ Sunday 26 September 2010 10:41 pm whatsapp KCS-content 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 TimesPeople TodayNewborn’s Strange Behavior Troubles Mom, 40 Years Later She Finds The Reason Behind ItPeople TodayBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBemoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.com POLITICAL EDITORTHERE is undisguised mirth in Tory circles at the election of Ed Miliband as Labour leader. On Saturday night, shortly after the result was announced, staff at Conservative HQ were popping open the champagne. Advisers to David Cameron think the next election is more winnable than ever. Much of this relief is understandable. Ed Miliband’s victory has sounded the death knell for New Labour, that election-winning machine which the party has come to hate. The Tories have always said Tony Blair was unbeatable and feared that David Miliband, his last disciple, would also prove a tough opponent. They will be glad his only shot at leading the opposition has passed. Ed Miliband sees no shame in closing the door on the Blairite past, and everything it stood for. “The era of New Labour has passed, a new generation has taken over,” he said yesterday, in his first major interview since winning the crown. There is nothing “new” about the team that now leads Labour, however. Ken Livingstone is not only the party’s mayoral candidate, but also topped the poll in the race to sit on its National Executive Committee (NEC). Lord Kinnock, flag bearer for the left wing, was one of Ed Miliband’s most vocal supporters. Despite Blair’s attempts to consign them to history, the union barons are once again an important voice in the political debate. It’s not just the same old faces. Gone is the emphasis on social mobility, on reward for hard work and entrepreneurial spirit. It will be replaced by “equality”, essentially old-fashioned redistribution of wealth. Labour no longer wants to grow the pie – it just wants to cut it up more evenly. The banks will be bashed; the rich will be soaked; the private sector will be banished from public services. This is the manifesto on which Labour will fight the next election. And they could well win – despite what the Tories think. For Ed Miliband is not the joke that his opponents are trying to portray him as. No, he is not as good as Blair, few politicians are. But he is still one of the most credible Labour leaders in recent times.He is much better than Neil Kinnock, the “Welsh windbag” that voters simply wouldn’t vote for in 1992 – no matter how much they hated John Major and his completely divided government. As Gordon Brown’s favourite number cruncher, he is clearly economically literate, unlike Harriet Harman, and will be able to twist facts and figures to attack the government as only a Brownite can. He is no pro at TV, but his smile is nowhere near as scary as Brown’s. If he can convince the big trade unions to keep industrial unrest in check, his populist brand of socialism could tap into the banker-bashing zeitgeist. As could his claim that the deficit can be reduced without much pain. Voters might say they back tough cuts right now, but it’s easy to say that before their impact starts to bite. Worst of all for Cameron, Ed Miliband is an unknown – both in politics and public. A fresh face gives him an enormous advantage. whatsapp The Tories shouldn’t write-off Red Ed Tags: NULLlast_img read more

RBS may sell £1bn Spanish property unit

first_img More From Our Partners Killer drone ‘hunted down a human target’ without being told tonypost.comA 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.orgConnecticut man dies after crashing Harley into live bearnypost.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.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.org 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 StrangersNoteableyTotal 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 AthletesBetterBemoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comBeach RaiderMom Belly Keeps Growing, Doctor Sees Scan And Calls CopsBeach Raider Tags: NULL whatsapp Royal Bank of Scotland (RBS) is understood to be considering selling a £1bn Spanish property loan portfolio after hiring Morgan Stanley to advise on its options.The Spanish commercial property loans add to a £3bn portfolio of British real estate loans also on the block. Private equity firms and specialised investors looking to pick up the assets at a discount would be the likely buyers. Part-nationalised RBS is attempting to shrink its “non-core” division and has said it may sell assets.There were £44bn of real estate assets in its non-core division at the end of June, down from £63bn at the end of 2008. At the end of last year 42 per cent of the non-core portfolio assets were in Britain, and a quarter were in Continental Europe.At least three potential bidders – Goldman Sachs, distressed debt fund Lone Star and private equity group Blackstone – were said to be eyeing the £3bn British portfolio in early October, although RBS said at the time it had not decided whether to sell or not.The Spanish portfolio is mainly made up of debt secured on commercial real estate. RBS was a big lender to Spanish developers in the run-up to the financial crisis, and has ended up as a stakeholder in property company Inmobiliaria Colonial after a debt-for-equity swap. The real estate sales are part of RBS’ five-year plan to clear £250bn of non-core assets off its balance sheet, as it capitalises on improving loan prices to sell at a small discount.RBS last week sold €250m worth of European mezzanine debt, a riskier type of loan ranking further down the capital structure and typically used to back leveraged buyouts. That portfolio went to about 25 different buyers, according to one distressed debt fund manager. The bank also disposed of another big chunk of its leveraged loan exposure in August, when it sold a €1.4bn portfolio of senior loans to Intermediate Capital Group. KCS-content center_img RBS may sell £1bn Spanish property unit Share Show Comments ▼ Monday 18 October 2010 7:36 pm whatsapplast_img read more

CITY VIEWS: AFTER THE IRISH BAILOUT DO YOU THINK WE WILL HAVE TO RESCUE ANY MORE EUROPEAN ECONOMIES?

first_img Share whatsapp 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 ProofNew England Patriots’ Cam Newton says no extra motivation from Mac Jones’SportsnautTortilla Mango Cups: Recipes Worth CookingFamily ProofWhat to Know About ‘Loki’ Ahead of Disney+ Premier on June 9Family Proof ANDREW COLEMAN | LLOYDS OF LONDON“I think it is very likely that we will have to bail out another European country on the back of the bailout to Ireland although I don’t think we should. But we will because of the Eurozone. As part of Europe its probably just something we have to do I don’t think we’ve got much choice although I’d prefer it if we did. ”ROBERT WEBB | R K HARRISON INSURANCE BROKERS“We seem to be bailing out everyone at the moment. We bailed out Greece, now Ireland so I think it sets a bad precedent. But its pretty much out of our hands anyway as the European Union decides. So we are going to be footing the bill for the other European countries that have got themselves in trouble instead of sorting out our own problems first. ”ANDREW BITMORE | TALBOT UNDERWRITING“It is a reasonable probability that in the next twelve months we will have to bail out another European country like Spain or Portugal. There will be some contagion from Ireland and the likes of Spain and Portugal are going to suffer more than anyone else. But it will be a big test of our commitment to the EU whether we decide to bail out any other countries.” Show Comments ▼ Tuesday 23 November 2010 9:00 pm whatsapp KCS-content CITY VIEWS: AFTER THE IRISH BAILOUT DO YOU THINK WE WILL HAVE TO RESCUE ANY MORE EUROPEAN ECONOMIES? Tags: NULLlast_img read more

MARKETS REJECT IRELAND BAILOUT

first_img More From Our Partners Native American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.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.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comMark Eaton, former NBA All-Star, dead at 64nypost.comBill Gates reportedly hoped Jeffrey Epstein would help him win a Nobelnypost.comWhy people are finding dryer sheets in their mailboxesnypost.comKiller drone ‘hunted down a human target’ without being told tonypost.comFeds seized 18 devices from Rudy Giuliani and his employees in April raidnypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.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.com MARKETS rejected the €85bn (£71.6bn) bailout of Ireland yesterday, as traders turned their attention to those countries they think could be next: Portugal, Spain and Italy. EU finance ministers had hoped the deal would inspire confidence, but the FTSE closed down two per cent to its lowest level in two months, while the US’ Dow Jones slipped 0.3 per cent to 11,052.49. The Ibex index of Spain’s 35 leading stocks also lost significant ground in Madrid, closing down 2.3 per cent. And the price of insuring Portuguese debt climbed ever higher, with five-year credit default swaps (CDS) closing 45 basis points higher at 545, and Spain’s rising 43 basis points to 350. The bond market gave a muted response to the Ireland rescue, with Portuguese yields falling only marginally to just below seven per cent. Spanish yields continued to creep up, hitting 5.5 per cent – more than double that of Germany. Italy also strayed closer to the danger zone as its bond yields hit 18-month highs of 4.54 per cent following a disappointing auction of government debt.Portugal has strongly resisted the suggestion it may require a bailout but its high debt and slow growth have left it in a precarious position.It yesterday said a tough austerity Budget, backed by EU finance ministers, would be enough to pull it through. But analysts are increasingly sceptical about its ability to meet ambitious growth targets.UniCredit Research said that despite the Ireland deal, the Eurozone may come under “continued pressure to provide a package for Portugal at least”.And Professor of economics at New York University Nouriel Roubini added to Portugal’s plight by saying it should apply for a bailout now before its situation deteriorates even further.“A bailout happened in Greece. It happened in Ireland, and it’s going to happen in Portugal,” said Roubini, who is known as “Dr Doom” for predicting the credit crisis before 2007. He added: “The question is whether it could happen in Spain. The eventual fiscal cost of cleaning up its financial system will be much larger than has so far been estimated by the government.” However, he believes Spain could prove “too big to bail out”.Chancellor George Osborne will hope Portugal and Spain can, in the short term at least, resist a bailout. As part of the Ireland rescue package he won a concession that the UK will not contribute to a new bailout fund, set to replace the European Financial Stability Mechanism (EFSM), in 2013. However, if Portugal or Spain stumbles before then, the UK will be forced to contribute to another rescue package. Share whatsapp whatsapp Monday 29 November 2010 9:03 pmcenter_img KCS-content Show Comments ▼ Tags: NULL MARKETS REJECT IRELAND BAILOUT 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 NowMoneyPailPeople 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 TimesZen HeraldNASA’s Voyager 2 Has Entered Deep Space – And It Brought Scientists To Their KneesZen Heraldmoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comAlphaCute30 Rules That All “Hells Angels” Have To FollowAlphaCuteTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island Farmlast_img read more

Reform needed – but City vital to UK

first_img KCS-content whatsapp Reform needed – but City vital to UK whatsapp AT last, some facts to enlighten a debate mired in hysteria, demagoguery and ignorance. The much-maligned financial services industry contributed an estimated £53.4bn to UK government taxes in the 2009/10 financial year, 11.2 per cent of the total UK tax take, according to a report today from the City of London Corporation. The banks are the biggest taxpayers within the overall finance industry. Without the City, therefore, the UK would be sunk, the budget deficit even larger than it already is and the spending cuts required to tackle years of government over-spending even greater. These refreshing facts follow Wednesday’s report from the National Audit Office, which said that UK taxpayers would likely suffer “no overall loss” from the banking rescue, including the equity stakes in RBS, Lloyds and Northern Rock, various guarantees and the Special Liquidity Scheme. Interest on the gilts issued to fund the help to the banks is being covered by the fees charged. This does not excuse stupid actions during the bubble, and this newspaper has long expressed its outrage at the way some institutions were bailed out, even if taxpayers end up making a profit on their stakes, as is now likely. But it does mean that critics who allege that finance firms are of no benefit to the UK are talking dangerous nonsense – as are those who believe that it is the bailouts that sent the deficit and national debt soaring. The industry’s total tax take fell £8bn last year due to the downturn but it overtook North Sea energy to become the top payer of corporation tax. Finance employed over 1m workers, generating £24.5bn in employment taxes. This would have been even higher had the sector not lost 91,000 employees (7.9 per cent of the total). Average pay in the sector was £71,236 and employment taxes per employee £40,481 (including all national insurance contributions). Those cheering whenever bankers are sacked should understand that one job loss in finance entails close to two job losses in the public sector.It is in the UK’s interest to have a thriving financial industry – just as it is to grow as many other industries as possible. But it is equally imperative that the City doesn’t help promote boom and bust or that all of its liabilities end up being underwritten by taxpayers. That is the key issue. There are many who, following the crisis, claimed that banking needs to be reduced to a small share of GDP to make sure the government would never go bust as a result of having to take on the sector’s huge liabilities. That was only true in one way: banks were far too leveraged; their balance sheets had to be cut, which by definition is reducing their size as a share of GDP. But the remainder of that conclusion was based on the wrong premise, which was that bailouts are always necessary in a recession. Capitalism requires that all bad firms be allowed to go bust, wiping out shareholders, bondholders and staff contracts. Lehman’s disorderly collapse showed that banks are slightly different to other companies because of their inter-connectedness. Special resolution procedures need to be introduced to allow bank failures to take place in a controlled manner, protecting the overall economy. It is a tragedy that such wind-down schemes, now planned by the FSA, were not in place three years ago. For that, regulators, who write bankruptcy law, are entirely to blame. [email protected] 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 TimesUndoBrake For ItThe Most Worthless Cars Ever MadeBrake For ItUndoBetterBe20 Stunning Female AthletesBetterBeUndomoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comUndoDefinitionDesi Arnaz Kept This Hidden Throughout The Filming of ‘I Love Lucy’DefinitionUndoAlphaCute30 Rules That All “Hells Angels” Have To FollowAlphaCuteUndo Tags: NULL Show Comments ▼ Wednesday 15 December 2010 9:06 pm Share last_img read more

CITY MOVES | WHO’S SWITCHING JOBS

first_img Show Comments ▼ KCS-content Share whatsapp Sunday 19 December 2010 10:09 pm Navigant ConsultingHoward Gendler (pictured) has been promoted to managing director of Navigant Consulting. He currently leads the business’ international development efforts, with a primary focus on disputes and investigations. Gendler has over 25 years’ experience directing sales and IT for European and US clients. He joined Navigant from Milnet, a litigation support firm, and has also worked at KPMG. He is originally from upstate New York.FTI ConsultingFTI has made two senior appointments: Edward J. Reilly joins as global chief executive of strategic communications, while Geoffrey Pelham-Lane has been appointed global president of Financial Dynamics, the financial PR consultancy. Reilly will now be in charge of strategic communications and will coordinate the integration of this segment into the broader business. Before his promotion, Reilly was chief executive of operations in the Americas.Pelham-Lane will now be responsible for growing the FD business globally, having been chief executive of UK operations. Both appointees will join FTI’s executive committee and are replacing Charles Watson, recently appointed global chairman. They will take up their new roles in January.AstraZeneca The pharmaceutical giant has appointed Baroness Shriti Vadera as a non-executive director. She will take up the role in January, when she will also joint the firm’s audit committee. Previously, she has held numerous senior ministerial posts and was adviser to the chancellor from 1999 to 2007. The news follows Vadera’s appointment last week as a non-executive director of BHP Billiton.Hunting International energy services group Hunting has appointed David Barr as a non-executive director. Barr is a former executive of Baker Hughes, where he was group president of completion and product. At Hunting, he will now join the audit, remuneration and nomination committees. He is also currently a non-executive chairman of Logan International, a non-executive of Geophysical Corporation, and a director Probe Technologies. whatsapp Tags: NULL CITY MOVES | WHO’S SWITCHING JOBS 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 NowHealthyGemlast_img read more

Adobe turns in a fourth-quarter profit as revenues beat forecasts

first_img More From Our Partners Astounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.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.org980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.com 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 Share Show Comments ▼ whatsapp whatsappcenter_img Tags: NULL Adobe Systems issued an earnings forecast sharply above Wall Street projections yesterday, contrasting sharply from a pessimistic outlook three months ago when it was concerned about the weak economy.The world’s biggest maker of design software marked a sharp contrast to the forecast issued in the last quarter when problems in key markets in Japan and the US educational sector caused Adobe to warn that revenue would fall short of Wall Street expectations. As a result, investors had been anxious about upcoming forecasts. But Adobe turned in a profit, excluding items, of 56 cents per share for the fourth quarter, which ended 3 December. That beat the average forecast of 52 cents. Quarterly revenue of $1bn (£645m) beat the average forecast of $988m. Monday 20 December 2010 9:17 pm KCS-content Adobe turns in a fourth-quarter profit as revenues beat forecasts last_img read more