Will 2017 be one of the best years ever for the United Kingdom?

whatsapp That great decision will be followed by great events. True, there’s still a small band of miserymongers who wish ill on our country to prove their own past moaning right. What an odd outlook to have. What an odd life to lead. Who would wish to be them? Who would wish to live in any other time?In 2017 we begin the process of leaving the EU and playing our role as a fully fledged nation on the global stage. Out and into the world. Rejoice. Rejoice. Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryUndoHealthyGemBaby Has Never Eaten Sugar Or Carbs, Wait Till You See Her TodayHealthyGemUndoZen HeraldEllen Got A Little Too Personal With Blake Shelton, So He Said ThisZen HeraldUndomoneycougar.comDiana’s Butler Reveals Why Harry Really Married Meghanmoneycougar.comUndoMedical MattersThis Picture Shows Who Prince Harry’s Father Really IsMedical MattersUndoAtlantic MirrorA Kilimanjaro Discovery Has Proved This About The BibleAtlantic MirrorUndoGive It LoveThese Twins Were Named “Most Beautiful In The World,” Wait Until You See Them TodayGive It LoveUndoTotal PastThis Woman’s Obituary Was So Harsh, Her Son Was Left ReelingTotal PastUndoFactableTragic Reason She Was Drugged For ‘Wizard Of Oz’FactableUndo Alex Deane and Denis MacShane More From Our Partners Russell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgUK teen died on school trip after teachers allegedly refused her pleasnypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgWhy people are finding dryer sheets in their mailboxesnypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.com‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comFeds seized 18 devices from Rudy Giuliani and his employees in April raidnypost.comKiller drone ‘hunted down a human target’ without being told tonypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comConnecticut man dies after crashing Harley into live bearnypost.comMark Eaton, former NBA All-Star, dead at 64nypost.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.com whatsapp Denis MacShane, the former minister of Europe and author of Brexit: How Britain Left Europe, says No.The omens are not good. Brexit propagandists agree that, if it is to succeed, it will not be for some time. The decision of the Bank of England to cut interest rates, plus the Brexit Keynesianism of the Autumn Statement, has bought some time and softened the immediate impact of Brexit. 2017 will reveal the full truth as Japanese banks confirm their decision to move serious amounts of work from the City, unless the Prime Minister gives assurances on maintaining full access to the Single Market.She cannot do this and simultaneously begin discriminating against EU citizens by introducing Cold War era visas, work or residence permits and by rejecting the role of the European Court of Justice as a commercial court cum administrative tribunal ruling on quarrels over interpreting EU rules.If Mrs May can face down the Ukip wing of her own party, Britain may survive 2017, but telling the world we want to cut full trading links to the world’s biggest market is not encouraging. Tuesday 3 January 2017 4:01 am Will 2017 be one of the best years ever for the United Kingdom? Share Alex Deane, a City of London common councilman, says Yes.We live in a great country – and what’s even better is that our best days lie ahead of us.When historians write the book on 2016, it will be seen as the year in which – despite the doomsaying pronouncements from some who were and are probably wrong about the long term, and others who were already demonstrably wrong about the short term – we expressed self-confidence as a country, asserted the desire to control our own destiny and cast off an odd, timorous national neediness with which we have wrestled for too long. read more

Breaking news: Revenue woes are driving a wave of deals in the print media sector

Read more: Guardian newspaper losses accelerate amid industry’s advertising strugglesIn that time, online advertising spend has grown from £3.4bn to £9.6bn, according to eMarketer. But despite print publishers vastly improving their online offerings in that time, the general picture appears to show that digital revenue growth is not making up for print decline.For example, Mail Online, believed to be the world’s biggest English-language newspaper, grew its revenue by 19 per cent to £93m in the year to 30 September. But this was not enough to make up for the shrinking revenues of the Daily Mail and Mail on Sunday, whose combined turnover was down five per cent to £484m (still five times greater than the online total).Peel Hunt’s DeGroote says the print media’s advertising struggles, and subsequent revenue woes, are a “big factor” in explaining the recent M&A surge in the sector.“Print advertising was probably down, it’s hard to generalise but, getting on for 10 per cent last year,” he says. “The problem is the year before it was probably down 10 per cent as well. So you’ve got this compounding decline in print advertising. Which is quite hard to call the bottom of.”With revenue declines showing little sign of improvement and consolidation increasingly necessary, the print media’s loss is dealmakers’ gain. whatsapp William Turvill Breaking news: Revenue woes are driving a wave of deals in the print media sector whatsapp Monday 23 January 2017 7:00 am It could also be prove to be a busy year for dealmakers working in the media space. Rupert Murdoch’s latest Sky takeover attempt and rumours over an international approach for ITV are likely to hog the headlines.But the broadcast media’s less glamorous cousin, print, is also an area to watch, largely in part thanks to revenue woes in the industry driving the need for consolidation.Read more: Trinity Mirror’s cutting dozens of jobs in a massive restructure2017 dealsA number of deals have been tied up already this year.Radio Times publisher Immediate Media has been acquired by Germany’s Hubert Burda for around £270m. FTSE 250-listed Ascential sold the Health Service Journal to Wilmington last week for £19m and is seeking to sell 12 more magazine titles in the first half of this year. Newspaper publisher Johnston Press is also seeking to offload more titles after completing the sale of its East Anglia stable for £17m last week. 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 ScottsdaleMoneyPailOne-N-Done | 7-Minute Workout7 Minutes a Day To a Flat Stomach By Using This 1 Easy ExerciseOne-N-Done | 7-Minute WorkoutAtlantic MirrorA Kilimanjaro Discovery Has Proved This About The BibleAtlantic MirrorSwift VerdictChrissy Metz, 39, Shows Off Massive Weight Loss In Fierce New PhotoSwift VerdictUnify Health LabsRandy Jackson: This 3 Minute Routine Transformed My HealthUnify Health LabsWarped SpeedCan You Name More State Capitals Than A 5th Grader? Find Out Now!Warped SpeedFinanceChatterViewers Had To Look Away When This Happened On Live TVFinanceChatterMaternity WeekAfter Céline Dion’s Major Weight Loss, She Confirms What We Suspected All AlongMaternity Week According to eMarketer, UK print advertising spend has fallen every year since 2008, when it totalled £5bn, with £3.6bn spent on newspapers and £1.4bn on magazines. In 2016, print adspend total had more than halved to £2.3bn, with £1.6bn going to newspapers and £0.7bn to magazines. Share Pearson, the troubled publisher-turned-education business, last week put its 47 per cent stake in book publisher Penguin Random House up for sale, two years after it sold the Financial Times and its share of the Economist magazine. Daily Mail publisher DMGT, meanwhile, is in the process of selling down its stake in business-to-business company Euromoney.Elsewhere, in a mooted deal that has grabbed some attention, former News of the World editor and media executive David Montgomery is plotting a bid, alongside Trinity Mirror, for Richard Desmond’s newspaper and magazine titles, including the Daily Express, Daily Star and OK! magazine.“I think this is a 12 to 18-month period which will catalyse a wave of consolidation in the UK print publishing sector,” Peel Hunt’s Alex DeGroote tells City A.M. “It’s sort of started already, but I think there’s a lot more to come.”Troubled timesA wave of consolidation does not happen without reason: the print media industry is going through a tough time.One of the first media deals of the year, which saw magazine publisher Future buy titles including Classic Rock and Metal Hammer for £800,000, came about as a result of the sector’s troubles. The magazines’ former publisher, Team Rock, went into administration late last year, leaving 73 employees without a job shortly before Christmas. After the closure of the Independent, the failed launch of Trinity Mirror’s New Day newspaper and plummeting revenues across the industry, 2016 will likely be remembered as a messy year for the print media.Less than a month in, and with rows brewing over press regulation, part two of the Leveson Inquiry and fake news on social media, 2017 is shaping up to be no less dramatic. “I think [the level of M&A in the industry] is definitely a reflection of what’s going on structurally in the marketplace,” Future chief executive Zillah Byng-Thorne tells City A.M.“And I think that when you have a period of structural decline, what happens is there is naturally a re-consolidation.”She adds: “I think there will be more deals this year.”Ian Whittaker, a media analyst at Liberum, adds: “There are revenue pressures which are coming through and driving consolidation pressures.”No signs of respiteRevenue pressures, such as shrinking advertising sales, seem to be constantly intensifying for the print media sector. read more

The UK economy is gaining momentum despite Brexit fears, says the OECD

The UK economy is gaining momentum despite Brexit fears, says the OECD whatsapp Jasper Jolly UK economic growth is gaining momentum despite concerns over Britain’s future EU trade deal, according to the Organisation for Economic Co-operation and Development (OECD).The composite leading indicator rose to 99.5, according to the group of richer nations, continuing a clear upward trend from July 2016, the month after the UK’s referendum on EU membership. Wednesday 8 February 2017 2:43 pm The leading indicator tries to identify turning points in the economy’s momentum above long-term averages before it shows up in growth figures. A reading of above 100 suggests the economy is growing steadily. Share Before the EU referendum the OECD predicted market turmoil if the UK voted to leave the EU. It was vindicated in the short term by market volatility, but in the months since the referendum the only markedly negative economic consequence for the UK has been the devaluation of sterling.The OECD said: “In the United Kingdom, there are tentative signs of growth gaining momentum, but the CLI remains below trend and uncertainty persists about the nature of the agreement the UK will eventually conclude with the EU.”Read more: OECD finds UK growth will be stable but slowThe indicator shows stable growth momentum for the 35 OECD countries. Larger Eurozone countries in particular are showing signs of a pick-up in growth momentum, with France and Germany among the best performers relative to the long-term average of the index.Growth in the US economy is also expected to accelerate in the next year with Donald Trump now confirmed President, along with major emerging economies such as China, Brazil and Russia. However, the OECD expects growth in India to lose momentum. Read more: Another Brexit downgrade for UK GDP growth from OECDThe OECD has predicted growth in the UK will fall steeply over the course of this year as the process of Brexit begins. It forecasts GDP growth of 1.2 per cent in 2017, well below the Bank of England, which now expects two per cent annual growth.The UK economy grew by two per cent in 2016, less than the 2.2 per cent rate recorded in the previous year. whatsapp read more

London Stock Exchange delivers strong results as it boosts holding in clearing house LCH

first_img Share The London Stock Exchange Group (LSE) grew revenue five per cent in the third quarter it said today as it announced a further £384m investment in clearing house LCH Group Holdings. More From Our Partners Police Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgLA news reporter doesn’t seem to recognize actor Mark Currythegrio.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comFort Bragg soldier accused of killing another servicewoman over exthegrio.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgFans call out hypocrisy as Tebow returns to NFL while Kaepernick is still outthegrio.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.org980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comColin Kaepernick to publish book on abolishing the policethegrio.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comPorsha Williams engaged to ex-husband of ‘RHOA’ co-star Falynn Guobadiathegrio.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comKansas coach fired for using N-word toward Black playerthegrio.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comMan on bail for murder arrested after pet tiger escapes Houston homethegrio.comWhy people are finding dryer sheets in their mailboxesnypost.com London Stock Exchange delivers strong results as it boosts holding in clearing house LCH whatsapp whatsapp Chief executive David Schwimmer said: “The third quarter results show continued momentum across the group, reflecting another period of operational execution and investment in the business.”Former Goldman Sachs banker Schwimmer took the top job at LSE on 1 August after the exit of Xavier Rolet following a bruising boardroom battle.Russ Mould of AJ Bell said: “There has been some speculation that the new CEO could chase a bigger acquisition, given he comes from an M&A background. The obvious target is Euroclear which would strengthen London Stock Exchange’s position in Europe. That wouldn’t be an easy deal to pull off given rival ICE owns 10 per cent of the business.“You cannot rule out the possibility of ICE itself trying to have a go at merging with London Stock Exchange, or more plausible is a bid for the London Stock Exchange by US exchange operator CME.“The latter is a bit busy at the moment dealing with Britain’s antitrust watchdog regarding its efforts to buy NEX Group, but longer term there could be merit in a tie-up with the London Stock Exchange.” Schwimmer added: “Since I joined LSEG in August my initial impressions of the group’s strengths have been reinforced as I have spent time with our businesses and met with key stakeholders.“The group has world class assets, a strong financial position and a proven strategic approach. As today’s results show, we have a great platform from which to grow and develop further opportunities as we navigate the evolving economic and regulatory landscape ahead.”Read more: London Stock Exchange executes no deal contingency plans James Booth In the quarter to 30 September LSE’s total revenue grew to £464m while its total income expanded eight per cent compared to the same quarter last year to £522m.Read more: Activist Hohn reduces stake in London Stock Exchange GroupThe group also said it has upped its stake in LCH by acquiring a further 15.1 per cent of its shares from minority shareholders, taking its stake to over 80 per cent.The maximum paid will be €438m (£384m) and the deal will be funded from cash and existing debt facilities.LSE first acquired a majority stake in the business in 2013. After the previously mentioned deal completes, which is expected to be before the end of 2018, there will be 14 remaining minority shareholders. Friday 19 October 2018 8:36 am Tags: Company London Stock Exchange Grouplast_img read more

Gourmet Burger Kitchen sales begin to recover after £4.6bn loss

first_img whatsapp Francesca Ricciardi The restaurant chain’s like-for-like sales fell 9.7 per cent in the first six months of last year, but were later subject to a 1.4 per cent boost in the following six-month period to the end of February.However, sales have since gone up by 8.1 per cent in the first 12 weeks of the new financial year, the South African restaurant chain’s owner, Famous Brands, has now revealed.The boost in sales comes after the closure of 24 of GBK’s UK stores in 2018, following a casual dining crisis that forced several restaurant chains to shut some of their stores.Jamie Oliver’s restaurant business was forced into administration last week, citing similarly challenging trading conditions.Store closures brought the number of GBK restaurants in the UK from 106 to 80 over the period, a loss of 24 UK sites.A more focused and innovated menu design together with growing online sales through a multi-vendor delivery platform are among the factors that have contributed to the recent sales uplift, Famous Brands said. by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikePast Factory4 Sisters Take The Same Picture For 40 Years. Don’t Cry When You See The Last One!Past FactoryFilm OracleThey Drained Niagara Falls – Their Gruesome Find Will Keep You Up All NightFilm Oraclebonvoyaged.comThese Celebs Are Complete Jerks In Real Life.bonvoyaged.comZen HeraldEllen Got A Little Too Personal With Blake Shelton, So He Said ThisZen HeraldDefinitionMost Embarrassing Mistakes Ever Made In HistoryDefinitionUnify Health LabsNeed To Lose A Few Pounds? Here Is What Randy Jackson DoesUnify Health LabsDaily Funny40 Brilliant Life Hacks Nobody Told You AboutDaily FunnyMisterStoryWoman files for divorce after seeing this photoMisterStoryHealthyGem20 Hair Shapes That Make A Man Over 60 Look 40HealthyGem Share Wednesday 29 May 2019 3:27 pm Gourmet Burger Kitchen (GBK) has posted a partial recovery in sales since it suffered a record £4.6bn loss last year, when it got the green light for a string of restaurant closures.Read more: Creditors give green light to Gourmet Burger Kitchen closurescenter_img Famous Brands also noted the importance of a strategic refurbishment investment as well as a high street storefront facelift programme, spiking a growth in the customers’ turnout.The restaurant chain also attributed the sale recovery to the implementation of a functionality known as ‘order and pay-at-a-table’ in all of its restaurants in addition to the already existing at-counter traditional payment system.Read more: Prezzo, Wagamama and GBK bring mobile payments to the high streetThe introduction has contributed to the delivery of encouraging uptake rates, improving customer experience, while even increasing table turns and the amount of money spent per customer. whatsapp Gourmet Burger Kitchen sales begin to recover after £4.6bn loss Tags: Trading Archivelast_img read more

One message resonates across the globe: London is still one-of-a-kind for finance

first_img People make their way home through the drizzle in the City of London on November 28, 2018, a day when economic forecasts for a post-Brexit UK gave little reason for optimism. – Britain will be economically worse off in any scenario outside the EU, the government said Wednesday, as the Bank of England warned that a no-deal Brexit would trigger a financial crisis. The government’s plans for post-Brexit ties with the European Union would still cost the economy around 3.9 percent of gross domestic product over 15 years, a government report found. (Photo by Tolga AKMEN / AFP) (Photo credit should read TOLGA AKMEN/AFP/Getty Images) One message resonates across the globe: London is still one-of-a-kind for finance Share Peter Estlin We’re home to more than a tenth of the world’s fintech industry, with more venture capital investment into the sector than anywhere else in Europe.  Monday 12 August 2019 4:02 am Opinion I have already been fortunate enough in my role as the 691st lord mayor of London to champion the UK’s financial services sector in more than 15 countries.  City A.M.’s opinion pages are a place for thought-provoking views and debate. These views are not necessarily shared by City A.M. That’s not just my view, but also that of our partners looking on around the globe. by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeUnderstand Solar$0 Down Solar in Scottsdale. How Much Can You Save? Try Our Free Solar Calculator Now.Understand SolarLiver Health1 Bite of This Melts Belly And Arm Fat (Take Before Bed)Liver HealthStuff AnsweredBest Mattress Deals for Seniors 2020Stuff AnsweredGraber BlindsWindow Treatments So Sophisticated, It’s Hard to Believe They’re so AffordableGraber BlindsWolf & ShepherdNFL Star Rob Gronkowski Loves These ShoesWolf & ShepherdBest Selling Grills | Search AdsTraeger Blaze & American Grills On SaleBest Selling Grills | Search AdsNational Injury BureauJury Finds Roundup Responsible For Lymphoma | Bayer To Pay $10 BillionNational Injury BureauPost FunRare Photos Show Us Who Meghan Markle Really IsPost FunSenior Cars | Search AdsThe Best SUVs for Seniors (The Price Might Surprise You)Senior Cars | Search Ads Across these diverse markets, it’s been clear that the fundamental strengths of London continue to resonate. From Toronto to Tallinn, Sao Paulo to Singapore, the same themes come up again and again whenever I speak to politicians, regulators, and businesses all over the world. whatsapp My visit to India comes soon after the former Prime Minister Theresa May attended the successful India Day event we hosted with the Department for International Trade at Mansion House.  Brexit uncertainty for businesses and consumers is something we could do without. Nonetheless, London remains unique in the world of finance, and this city is proving all over again that it possesses the pragmatism and entrepreneurial spirit to thrive in the long term.  Main image credit: Getty In Australia, I’ll be joined by a delegation consisting of some of our City’s best fintech startups, while asset management will also likely be high up the agenda.  And in South Africa, I’ll be looking to focus on how the City of London’s expertise can accelerate efforts towards sustainable development, bringing millions of people out of poverty.  After the summer break, I will be visiting Australia, India and South Africa among other countries – three very different markets that can all benefit from partnership with the UK.  They also see us as a hub for innovation and at the centre of the drive towards greening the global financial system – and they’re right.  As people across the City head off on their travels over the summer holidays, there is no better time to reflect on the exciting opportunities for the UK across the globe as our future trading relationship comes into sharp focus.  There are around 1,000 new startups each year in the City, and we could soon overtake even San Francisco as the home to most fintech “unicorn” companies, with the likes of Revolut, TransferWise, and OakNorth leading the way.  Meanwhile, the recently launched Green Finance Institute is already providing leadership in this nascent sector. I have seen for myself how partners from around the world are eager to work with London to progress in the green finance space, whether that be in order to build sustainable energy infrastructure in Colombia or to work with China on building green principles for the Belt and Road Initiative. whatsapp They see London as the city that offers the world a unique combination of time zone, language, legal system, global talent, and financial services ecosystem which makes us truly a gateway to global capital and advice. Indeed, 40 per cent of the City’s workforce were born outside of the UK, and it is essential that we maintain that pipeline to global talent in the years ahead. 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Trump mocks climate activist Thunberg after UN speech

first_img whatsapp “People are suffering, people are dying, entire ecosystems are collapsing. We are in the beginning of a mass extinction and all you can talk about is money and fairytales of eternal economic growth,” she said. NEW YORK, NEW YORK – SEPTEMBER 23: Greta Thunberg speaks at the United Nations (U.N.) where world leaders are holding a summit on climate change on September 23, 2019 in New York City. While the U.S. will not be participating, China and about 70 other countries are expected to make announcements concerning climate change. The summit at the U.N. comes after a worldwide Youth Climate Strike on Friday, which saw millions of young people around the world demanding action to address the climate crisis. (Photo by Spencer Platt/Getty Images) Thunberg, 16, shot to fame after she started striking from school to protest against climate policy in front of Swedish parliament last year. Read more: London climate strikes: Thousands protest by capital’s landmarks She seems like a very happy young girl looking forward to a bright and wonderful future. So nice to see! https://t.co/1tQG6QcVKO— Donald J. Trump (@realDonaldTrump) September 24, 2019 However her vision of the future was one of crisis brought on by climate change. Trump, seemingly sarcastically, tweeted: “She seems like a very happy young girl looking forward to a bright and wonderful future. So nice to see!” Referring to a quote posted by Wired Magazine on Twitter, the President called the future that Thunberg was sketching out “wonderful”. US President Donald Trump this morning mocked climate activist Greta Thunberg after the teenager made an impassioned speech in front of the UN yesterday. August Graham Share US President Donald Trump mocks climate activist Greta Thunberg after UN speech whatsapp Trump’s tweet was not the first time the teenager has been subjected to negative posts on social media by prominent figures. Earlier this year, as she was preparing to travel to New York by yacht, businessman and Brexit donor Aaron Banks joked that “freak yachting accidents do happen in August.” Read more: DEBATE: With Greta Thunberg on a sailing trip to protest climate change, are banks taking the threat seriously? Tuesday 24 September 2019 8:51 am Tags: Climate change Donald Trumplast_img read more

Is Virgin Galactic’s IPO a smart move for Branson?

first_imgFriday 25 October 2019 4:03 am whatsapp Leon Emirali, an entrepreneur and investor, says NO. John Mullins and Leon EmiraliLeon Emirali is an entrepreneur and adviser. Follow him on Twitter @LeonEmirali DEBATE: Virgin Galactic is planning to float on the New York Stock Exchange – is going public a wise move? Share John Mullins, associate professor of management practice at London Business School, says YES. It was exciting to learn that Sir Richard Branson is planning to float his space venture Virgin Galactic on the New York Stock Exchange. Opinion NEW YORK, NY – SEPTEMBER 22: GREY GOOSE and Virgin Galactic celebrate their new pioneering partnership and a shared belief to fly beyond with Sir Richard Branson on September 22, 2014 in New York City. (Photo by Rob Kim/Getty Images for TVC Group) City A.M.’s opinion pages are a place for thought-provoking views and debate. These views are not necessarily shared by City A.M. However, the market simply isn’t ready to invest in this type of business. Bezos is treating Blue Origin predominantly as a philanthropic venture. Musk’s SpaceX barely turns a profit. The reality is that space ventures are expensive and incredibly complex. It will be several decades, perhaps even centuries, until the demand for the services offered by these organisations reaches a commercially viable level. Perhaps Branson’s IPO strategy is following the old adage: “shoot for the moon – even if you miss, you’ll land amongst the stars”. Main image credit: Getty whatsapp Space travel and the technologies that underpin these heretofore-fanciful notions from the era of the “white heat of technology” are finally back centre-stage – not just as an enthralling piece of international theatre, captivating us just as it did in the 1960s, but as an exciting business proposition. Billionaire entrepreneurs such as Elon Musk and Jeff Bezos are breathing life into these industries, supporting the commitment to innovation and drawing on the necessary oxygen: a bold, adventurous spirit of exploration. Branson rightly fits into this community of entrepreneurs. He has the vision, the ability to forge alliances, and – most importantly – the skill to attract investment, from Boeing HorizonX Ventures and also from his customers, having already sold 600 tickets to take passengers into space, at $250,000 each. With such achievements already, why not float? Virgin Galactic is planning to float on the New York Stock Exchange – is going public a wise move? I understand Richard Branson’s logic. He’s rich, but he’s not Elon Musk or Jeff Bezos rich. Going public allows him to raise funds for the astronomic expense associated with undertaking a private space venture and to compete with the likes of SpaceX and Blue Origin. Virgin Galactic should be admired for its ambition to go public, but the timescales for meaningful returns mean that this IPO is unlikely to set the world alight. by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeDaily FunnyFemale Athlete Fails You Can’t Look Away FromDaily FunnyNoteableyJulia Robert’s Daughter Turns 16 And Looks Just Like Her MomNoteableyPast Factory4 Sisters Take The Same Picture For 40 Years. Don’t Cry When You See The Last One!Past FactoryYourDailyLamaHe Used To Be Handsome In 80s Now It’s Hard To Look At HimYourDailyLamaMisterStoryWoman files for divorce after seeing this photoMisterStorybonvoyaged.comThese Celebs Are Complete Jerks In Real Life.bonvoyaged.comzenherald.comDolly Finally Took Off Her Wig, Fans Gaspedzenherald.comNinjaJournalistMichael Jordan’s Divorce Settlement Has Finally Been Revealed.NinjaJournalistPost Fun25 Worst Movies Ever, According To Rotten TomatoesPost Funlast_img read more

EU mulls new anti-money laundering body following scandals

first_imgRead more: Former Estonian regulator: Danish authorities did not take Danske Bank concerns seriously Last year, US authorities uncovered institutionalised money laundering at Latvian bank ABLV – which has since entered voluntary liquidation, while ING was fined €775m (£668m) for errors in its policies to stop financial crime. Share Europe has been rocked by a wave of money laundering-scandals in recent years that have revealed ways in which criminals can exploit the bloc’s banking system. The EU is set to explore the creation of a new central authority to tackle money laundering after a series of high-profile scandals highlighted the bloc’s weakness in preventing dirty cash flowing through its banks. “Criminals and terrorists are taking advantage of loopholes, [undermining] trust in our financial system and our mission to protect our economies and citizens,” French finance minister Bruno Le Maire told the Financial Times. The proposed body would monitor financial institutions’ compliance with EU regulations on customer due diligence, among other safeguards. EU mulls new anti-money laundering body following scandals Finance ministers from EU countries are expected to mandate the European Commission to recommend a new “independent” enforcement body with “direct powers”, according to a draft statement prepared ahead of December meeting, the Financial Times reported. by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeDaily FunnyFemale Athlete Fails You Can’t Look Away FromDaily FunnyNoteableyJulia Robert’s Daughter Turns 16 And Looks Just Like Her MomNoteableyFinanceChatterViewers Had To Look Away When This Happened On Live TVFinanceChatterPast Factory4 Sisters Take The Same Picture For 40 Years. Don’t Cry When You See The Last One!Past FactoryMisterStoryWoman files for divorce after seeing this photoMisterStoryYourDailyLamaHe Used To Be Handsome In 80s Now It’s Hard To Look At HimYourDailyLamabonvoyaged.comThese Celebs Are Complete Jerks In Real Life.bonvoyaged.comJournalistateTeacher Wears Dress Everyday, Mom Sets Up CamJournalistateBetterBe20 Stunning Female AthletesBetterBe whatsapp The existing pan-EU banking regulator, the European Banking Authority (EBA) has been criticised by members of the European Parliament over its failure to act on recent scandals. Read more: EY accused of failing to report drug gang’s gold bar money laundering whatsapp More From Our Partners Astounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comMark Eaton, former NBA All-Star, dead at 64nypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.com‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comPuffer fish snaps a selfie with lucky divernypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comWhy people are finding dryer sheets in their mailboxesnypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comConnecticut man dies after crashing Harley into live bearnypost.com Thursday 31 October 2019 8:52 am Authorities have also identified around €200bn (£178bn) of suspicious payments which flowed through Danske’s Estonian branch between 2007 and 2015, in what is thought to be history’s biggest ever money-laundering scandal. Anna Menin Deutsche Bank is also facing the possibility of legal action over its role in a $20bn Russian money-laundering scheme, and has been fined by UK and US authorities over the scandal. Tags: Deutsche Banklast_img read more

Why the UK productivity crisis is now a threat to capitalism

first_imgSaturday 8 February 2020 8:00 am Brexit has dominated conversations about the UK economy in recent years, just as it has hung over almost everything else. Few people are better-placed than Bean, 66, to talk about the issue. He was a professor at Stanford and the London School of Economics before arriving at the Bank in 2000 and has held roles at the Treasury. He is now the top economist at the UK’s Office for Budget Responsibility (OBR). Sir Charlie Bean, former deputy governor of the Bank of England and one of Britain’s most respected economists, says this attention is overdue. Brexit is “small beer” compared to the UK productivity slowdown, he says, which is the country’s biggest problem and even has the potential to undermine consent for British capitalism. “A lot of people feel left behind,” he says. “They see a few people who’ve done very well at the top end of the income distribution, the billionaires and so forth, and feel they don’t have a stake in capitalism.” Two productivity crises The UK economy can handle Brexit, yet without increased productivity, “you can’t deliver the sort of increased living standards that people want” or deal with an ageing population and climate change. The stakes are high: “That does just challenge the legitimacy of capitalism.” “That’s when the consent for the system starts breaking down. People start looking for alternative ways forward, alternative policies [that] actually turn out to be destructive.” “Economies are becoming dominated by large companies,” he says, “the likes of Google who have less incentive to innovate and a lot of incentive to take over competitors as soon as they come up with a bright new idea.” More From Our Partners Astounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgWhy people are finding dryer sheets in their mailboxesnypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.org Main image: Sir Charlie Bean, former Bank of England deputy governor. Credit: Greg Sigston/City A.M. Sir Charlie Bean is currently on the Office for Budget Responsibility committee Also Read: Sir Charlie Bean: Forget Brexit – the UK productivity crisis is a threat to capitalism So what is to be done? Bean says Britain must “focus on the things that we know we can do something about”, such as boosting skills, raising infrastructure spending and encouraging investment. Share Another driver is the “relatively low level of technical skills in the UK,” Bean says, which prevents the incorporation of the newest, most productive technology. There is also “evidence to suggest that management is not as efficient here”. As the economy has failed to become more productive, Britain has undergone “the longest period of stagnation of real wages since before the Industrial Revolution,” Bean says. But Bean is clear in his warning that economists and policymakers must find some way out. He says the economy has become less entrepreneurial and more about “rent extraction”, while the uncertainty of the post-financial crisis world has also acted as a drag. whatsapp This is exactly what’s happened in Britain over the last decade, Bean says. Unemployment has fallen to record lows, but productivity is now 20 per cent below its pre-crisis trend, having flat-lined since 2008. The BoE says this has severely limited the UK’s growth potential. Productivity has also slowed in the US and Europe, puzzling economists the world over. Of the various proffered explanations, Bean speaks positively of economist Thomas Philippon’s argument about corporate power. So how does Bean explain the UK productivity crisis? Firstly, he says, it must be thought of as two crises, one international and one British. How to slay the slowdown Yet the UK has languished at the bottom of the productivity leagues. Brexit, and the uncertainty it has unleashed on the economy, is part of this story, Bean says. “Business investment just flattened off after the referendum result” and instead of investing, firms have hired workers they can sack later. Without it, long-term growth can only really come about through longer working hours or by dragging more people into the workforce. Rising employment has helped the economy expand, but not through new technology. “I think there’s limits to how far you can go with that,” Bean says. “If we say we want to limit immigration as well, that’s also going to be limiting the extent to which the labour input can grow.” by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeBetterBe20 Stunning Female AthletesBetterBeAtlantic MirrorA Kilimanjaro Discovery Has Proved This About The BibleAtlantic MirrorUnify Health LabsRandy Jackson: This 3 Minute Routine Transformed My HealthUnify Health LabsAll Things Auto | Search AdsNew Acura’s Finally On SaleAll Things Auto | Search AdsRest Wow68 Hollywood Stars Who Look Unrecognizable NowRest WowTaco RelishSuspicious Pics That Are Fishier Than The SeaTaco RelishHealthCentral7 Sneaky Symptoms That Could Be Lung CancerHealthCentralZen HeraldShe Inspired Three Of The Most Popular Songs EverZen HeraldMoneyWise.com15 States Where Americans Don’t Want To Live AnymoreMoneyWise.com Sir Charlie Bean is currently on the Office for Budget Responsibility committee Yet the former BoE deputy warns: “It won’t simply be a case of spending more in the next year or two and suddenly seeing a huge increase in productivity, it’s much more a long slog.” Following the Conservatives’ landslide election victory, chancellor Sajid Javid and Prime Minister Boris Johnson have pledged to do just this. Bean, who has been at the OBR, the UK’s budget watchdog, since 2017, also cautions that changes to accounting standards, slower forecasted growth, and previously announced spending have “greatly reduced the room for manoeuvre” when it comes to the public finances. Sir Charlie Bean was deputy governor for monetary policy at the Bank of England from 2008 to 2014 (Image: Getty) Could the Bank of England help? The former deputy governor argues against the idea of productivity targets. “The responsibility to do those things should rest with the politicians, not with the technocrats at the bank.” Sir Charlie Bean is currently on the Office for Budget Responsibility committee Also Read: Sir Charlie Bean: Forget Brexit – the UK productivity crisis is a threat to capitalism whatsapp Sir Charlie Bean is currently on the Office for Budget Responsibility committee Also Read: Sir Charlie Bean: Forget Brexit – the UK productivity crisis is a threat to capitalism Harry Robertson But why is the slowdown so important? Productivity is commonly defined as the amount produced per hour worked. Increasing productivity effectively means making more stuff in the same amount of time. It makes an economy richer and lets wages rise and prices fall. But over the last week or so, the country’s festering productivity crisis has come to the fore, with the Bank of England downgrading its growth predictions and studies describing the worst decade for productivity expansion since the early 1800s. A threat to capitalism Show Comments ▼ Sir Charlie Bean: Forget Brexit – the UK productivity crisis is a threat to capitalism last_img read more