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first_img JAMES HAMILTON | NUMIS SECURITIES“The movement to a rising interest rate environment will stimulate trade directly in interest rates, bonds and FX – which will positively impact most of Icap’s product lines. This, coupled with anticipated revenue share gains by the higher margin electronic division, is driving our forecasts.”VIVEK RAJA | PANMURE GORDON“The business is definitely going in the right direction in terms of diversity, and it is well positioned for the most likely structural reform outcomes – namely the IT update of the market and an increased focus on risk management, which will boost Icap’s post trade business.”NIC CLARKE | CHARLES STANLEY“The good news is that full-year forecasts for Icap are on target. However, earnings remain volatile, the regulatory environment is uncertain, credit markets have ended the period quieter and Icap’s equity derivatives businesses have been adversely affected by investors’ lower risk appetite.” KCS-content Read This NextRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe Wrap’Sex and the City’ Sequel Series at HBO Max Adds 4 More ReturningThe WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe WrapNewsmax Rejected Matt Gaetz When Congressman ‘Reached Out’ for a JobThe Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The Wrap Tags: NULL whatsapp Share Video Carousel – cityam_native_carousel – 426 00:00/00:50 LIVERead More whatsapp Show Comments ▼ Thursday 30 September 2010 10:39 pm ANALYST VIEWS: HOW DO YOU EXPECT ICAP’S BUSINESS TO FARE IN FUTURE? 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 PastUndoNoteabley25 Funny Notes Written By StrangersNoteableyUndoMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailUndoSerendipity 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.comUndoPeople TodayNewborn’s Strange Behavior Troubles Mom, 40 Years Later She Finds The Reason Behind ItPeople TodayUndolast_img read more

first_imgTuesday 5 October 2010 8:18 pm by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastNoteabley25 Funny Notes Written By StrangersNoteableyMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBemoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan Times SHAREENA RASHID | AVIVA INVESTORS“I don’t disagree with the changes, but I think the flaw in the plan is the limit on individuals rather than households. It’s sending out half a message to families who want to return to work, and works against single parents too.”KAMRAN MIRZA | INTERPRO EUROPE“I disagree with the cuts. We’re about to have our first child, and I think losing this benefit would make it harder for many people. Bills and tax are already going up, and it’ll come as a real shock to people with more than one child.EMMA THOMPSON | BPP LAW SCHOOL“I think the changes are fair; it’s another way of redistributing income as well as reducing the deficit in quite an effective way. But it should be judged on household income, as it seems a much simpler way.” Show Comments ▼ Share KCS-content center_img CITY VIEWS: ARE THE CUTS TO CHILD BENEFIT FAIR? whatsapp whatsapp More From Our Partners A ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgWhy people are finding dryer sheets in their mailboxesnypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.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.com Tags: NULLlast_img read more

first_img whatsapp More From Our Partners A 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.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgMark Eaton, former NBA All-Star, dead at 64nypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.org Share Show Comments ▼ UP TO 200,000 high earners could be hit by the pension tax relief cut – 100,000 more than the coalition has estimated.The government yesterday announced it will slash the annual allowance on pensions tax relief from £255,000 to just £50,000.While experts say this will affect less that one per cent of the overall number of pension contributors, high earners could lose out on thousands of pounds a year.The lifetime allowance for total tax free pensions savings was also cut from the current £1.8m to £1.5m. The Treasury expects 100,000 people – most of whom will be on salaries of £100,000 or more – will be affected, saving the public purse more than £4bn a year. However, analysts at PwC warn that if inflation rises and the limits remain the same the number of people affected could double.The changes will be introduced from April next year, when the government says it will give more details on its plans. Pension savers on the margins of the tax relief threshold who are pushed over it by a substantial pay rise may be protected by a clause allowing them to offset the sum against the previous year, when the full allowance was not used.The reduction was not as bad as some analysts feared, with figures as low as £30,000 or £40,000 a year being suggested.???It also falls short of draconian plans drawn up by the Labour government, which planned to save £4.5bn a year by hammering anyone earning more than £130,000.But those selling a business or property and hoping to save by paying a lump sum into a pension scheme will now lose out.Financial secretary to the Treasury Mark Hoban said: “We have abandoned the previous Government’s complex proposals and developed a solution that will help to tackle the deficit but not hit those on low and moderate incomes. We have taken a tough but fair decision.”He added: “The government believes that our system is fair, will preserve incentives to save and will help UK businesses to attract and retain talent.” Thursday 14 October 2010 9:40 pm whatsappcenter_img Tags: NULL 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.comMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan Times KCS-content Pension tax relief to hit high earners last_img read more

first_img KCS-content 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 TimesMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan TimesElite HeraldExperts Discover Girl Born From Two Different SpeciesElite HeraldZen HeraldThe Truth About Why ’40s Actor John Wayne Didn’t Serve In WWII Has Come To LightZen Heraldmoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStory Shares are back to 2008 level More From Our Partners Connecticut man dies after crashing Harley into live bearnypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.org980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comWhy people are finding dryer sheets in their mailboxesnypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comMark Eaton, former NBA All-Star, dead at 64nypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.com whatsapp Friday 5 November 2010 12:44 am Sharecenter_img GLOBAL stock markets surged yesterday to their highest level since the collapse of Lehman Brothers over two years ago, in reaction to the Federal Reserve’s decision to try and hasten the pace of the recovery by pumping $600bn (£372.69bn) of fresh funds into the US economy.The FTSE 100 index of leading shares closed up 113.82 points or two per cent at 5,862.79 – its highest point since 9 June, 2008, while in Europe Frankfurt’s Dax rose by 1.8 per cent and Paris’s CAC-40 by almost two per cent. Wall Street followed suit with the Dow Jones industrial average jumping by 219.71 points to close at 11,434.84 – its highest level since the Lehman collapse. The Nasdaq, meanwhile, finished at its highest level since January 2008.The rally was broad-based with commodity prices rocketing, propelling gold to a record high of $1,390.76 an ounce and the price of a barrel of Brent crude oil to a six-month high of $87.80.Sterling raced to as much as $1.6299 against the dollar, a level not seen since January as investors bet the Fed’s boost could fuel inflation and devalue the greenback. “The Fed has taken a fairly aggressive stance raising confidence that Bernanke is doing everything he can to keep the US economic recovery on track,” said City Index’s Joshua Raymond. Show Comments ▼ Tags: NULL whatsapplast_img read more

first_img Show Comments ▼ 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 PastPeople 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 Farmthedelite.comNetflix Cancellations And Renewals: The Full List For 2021thedelite.com Gap posted a slight decrease in net profit that met Wall Street estimates, despite tepid sales in advance of the key holiday selling season, but the apparel retailer stood by its 2010 profit outlook. Net profit in Gap’s third quarter fell one per cent to $303m (£189m), from $307m a year earlier. Sales rose two per cent to $3.65bn, above the $3.58bn expected by Wall Street. The firm said it would close about 100 Gap stores in 2010, 10 below its earlier guidance. Read This NextRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe Wrap’Sex and the City’ Sequel Series at HBO Max Adds 4 More ReturningThe WrapNewsmax Rejected Matt Gaetz When Congressman ‘Reached Out’ for a JobThe Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The Wrap KCS-content whatsapp whatsappcenter_img Gap posts weak earnings Thursday 18 November 2010 8:46 pm Tags: NULL Share last_img read more

first_imgWednesday 8 December 2010 9:00 pm by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesPeople TodayNewborn’s Strange Behavior Troubles Mom, 40 Years Later She Finds The Reason Behind ItPeople TodayBetterBe20 Stunning Female AthletesBetterBeMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan TimesElite HeraldExperts Discover Girl Born From Two Different SpeciesElite Heraldmoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.com Tags: NULL whatsapp Share whatsapp Government backs down as limits private pensions cuts center_img KCS-content Show Comments ▼ Read This NextFresh Fruit Sushi: Recipes Worth CookingFamily ProofCreamy Pumpkin Soup: Delicious Recipes Worth CookingFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofChicken Bao: Delicious Recipes Worth CookingFamily ProofWhat to Know About ‘Loki’ Ahead of Disney+ Premier on June 9Family ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily Proof’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofA Once in 17 Years Cicada Event in Princeton, New JerseyFamily Proof NEW rules that would have significantly reduced the pensions of millions of private sector workers were abolished yesterday after the government backed away from plans to reduce the inflation-proofing of retirement benefits.In an abrupt U-turn to plans announced just six months ago that private sector pensions could be tied to the consumer price index, instead of the retail price index, mimicking a change to state pensions, the government yesterday said that it would not go ahead. “Only those schemes that do not have such clear wording but instead refer to measures such as ‘the general rise in prices’ will find that there may be flexibility,” pensions minister Steve Webb said.Laith Khalaf of Hargreaves Lansdown, said ministers had backed down because of the risk of legal action. “Permitting schemes to renege on their explicit promises would amount to a retrospective reduction in the pensions that had been promised. Such a move by the government would almost certainly have been contested in court.”In its consultation paper, the Department for Work and Pensions noted that up to 80 per cent of private occupational schemes had legally binding rules that tied pension increases specifically to the RPI. last_img read more

first_img More From Our Partners A ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.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.orgMark Eaton, former NBA All-Star, dead at 64nypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.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.comKiller drone ‘hunted down a human target’ without being told tonypost.comWhy people are finding dryer sheets in their mailboxesnypost.com‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.com City chairman says the politics of envy is causing an exodus of talent whatsapp Tags: NULL Wednesday 15 December 2010 7:48 pm Show Comments ▼center_img Stuart Fraser’s office at the City of London Corporation features an interesting contrast. Along one wall is a series of large photographic prints of the London skyline, including a shot of the stunning white Guildhall Yard, next to which we are sitting. The opposite wall contains a small shrine to Asia: a scale model of a Chinese bell, a temple carved out of wood and a scroll painted with Chinese characters.The division is telling; the power-struggle between Asia and the West is a recurring theme for the City of London Corporation policy chairman, with new EU legislation on bankers’ bonuses threatening to accelerate an exodus of talent he says has been quietly underway for years.The Committee of European Banking Supervisors (CEBS) announced its labyrinthine new rules earlier this week, which, after cutting away the yards of red tape, will boil down to bankers receiving a fraction of their bonuses up front (around a tenth for those earning upwards of £1m). Add to this the spectre of a unilateral tax on bonuses being thrust onto the agenda by business secretary Vince Cable, and things start to look very uncomfortable indeed for City workers.“What worries me,” says Fraser, “Is that the rest of the world isn’t doing it. We live in a global age with global opportunities and Asia is very keen to take business off us. This is Europe not taking into account the rest of the world and it will drive away talent. It is a very serious concern. More financial services will go to Asia regardless, but if we want to accelerate the trend by driving business away, this is how to do it.”Fraser, 64, is a City stalwart, taking his first stockbroking job in 1963 and working across fields including forex, equities and fund management. He was elected to his current role in 2008 but maintains an interest in the private sector as director of Brewin Dolphin. He is also an adviser to the Shanghai government, presumably in the spirit of knowing your enemy, helping it to develop as a global finance centre. But his loyalty lies with the City, which, as new research commissioned by his department shows, contributes more to the Treasury coffers than any other industry – a staggering £53.4bn. Given its vastly disproportionate contribution to the public purse, Fraser is angry that the financial services sector is still being demonised by populist politicians who want to win over disenfranchised voters.“We are not talking about systemic risk anymore,” he says. “We are not talking about another financial crisis. We are being anti-highly paid people in the financial services industry. It’s as simple as that. “I would call this targeting of the bonus structure the ‘politics of envy’. No government outside of Europe is telling employers what they can pay their employees. “We’re in danger of castigating a whole industry because of the inappropriate actions of a few. Some of this legislation has a vindictive nature and it will drive away the talent.”And Fraser is in no doubt where the talent will go – Asia. His links to the east give him a better idea than most of the threat it can pose to UK financial services. But bears have been predicting migration of talent to new financial hubs like Hong Kong and Shanghai for years – when will it happen?“It’s already here,” he says. “The danger is that you don’t see it. It’s not a mass exodus of 100,000 people. It’s the rainmakers – the most talented fund managers and traders. In terms of numbers, you’re not going to notice less people on the trains. But over time they will bring other businesses over to service them.“Why would you stay, if you could earn at least the same amount of money for a lot less tax? These are young men, and a lot of them, particularly traders, have very short careers. They burn out after about 15 years, much like footballers, so they want to go and earn some money.”Ironically, the biggest loser will be the British taxpayer. The new research shows the average tax paid by financial services workers is £40,000. Even a relatively small migration would cause overall tax receipts to plummet.Fraser is cautious not to heap the blame entirely at the door of politicians (“not only do we have the comprehensive spending review coming in, we have bonus season around the corner too. People are very angry. No wonder politicians are keeping a low profile…”). However, Cable’s antipathy towards the banking sector – and his predilection for a unilateral bonus levy – would be “disastrous”.“I have known Vince for a long time and obviously he has very strong convictions on this, but clearly I have to disagree with him – it would be a big mistake.”But with chancellor George Osborne loathe to resurrect Alistair Darling’s bonus levy, Fraser is more concerned about the often-pernicious grip over the City wielded by Brussels, which he says dominates UK financial policy. “That is why we have to be very active in Europe, to make sure new rules do not destroy London’s place as a global financial centre. It would be a disaster for the UK if we became just another European city.”He hopes that continued lobbying can bring the European rules from their current state into something “workable-with”. He points to the alternative investment directive, which he says was initially “awful” but, after a great deal of tweaking, is no longer such a drain on the industry.Part of the problem with the regulation, he says, is the sheer speed at which the finance industry has changed in the wake of the financial crisis.“It’s like technology – when the change is slow you can keep up. But nowadays I’m struggling with my BlackBerry Torch. That’s not age – it’s the fast pace of change. Regulators are struggling. You need someone who can keep up. “The problem is, if you are a bright young man and someone is offering you half the money to become a regulator, why would you take it? What the regulators need to do is pay more for talent. We need the poachers to become the gamekeepers for a while.”He says the pace of change underway is akin to the Big Bang in 1986, when Thatcher, almost literally overnight, deregulated the banking industry. Wall Street banks clamoured to expand their UK operations and London regained its spot as the world’s foremost financial hub.Now Fraser says the movement is towards Asia: “When you think of the sheer size of the Asian economies – China and India in particular – you have billions of people at the early stages of finance. When they get to our standard they will be the leaders. It is inevitable, although I think it’s several decades away. “What we have to make sure is that when they grow, some of that comes back to London. That’s the key.”Unless the importance of the City is recognised by politicians – at home and in Europe – this seems far from guaranteed.CV | STUART FRASER1963: Entered the City as a trainee stockbroker before moving through a number of investment related disciplines, including foreign exchange, money broking, international equities, investment research and fund management.1980: Became a member of the London Stock Exchange.1993: Became a common councilman of the City of London. 2008: Took up current role as policy chairman of the Corporation of London. Personal life: He has been married to his wife Laura for 41 years They live in Blackheath. In his spare time he enjoys travel, walking, golf and the theatre. 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 PastSerendipity 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.comDefinitionDesi Arnaz Kept This Hidden Throughout The Filming of ‘I Love Lucy’DefinitionAlphaCute30 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

first_img Tags: NULL This could be good news for oil major THAT the US government is suing BP should come as no surprise to even casual observers of President Obama’s administration. Fresh from a bruising defeat in the US mid-terms, Obama was unlikely to miss out on a spot of foreign multinational-bashing. Oddly enough, Halliburton – the US oil major responsible for cementing at the site – isn’t being sued. The Department of Justice says other companies could be targeted in due course, but we can’t help thinking that Halliburton’s American pedigree gives it an advantage over British-born BP. Although the lawsuit wasn’t entirely unexpected, yesterday’s sell-off saw BP lose 1.4 per cent. That reaction was likely overdone. Under the Clean Water Act, the eventual fine for BP would be levied at a rate of between $1,100 and $4,300 a barrel. However, for prosecutors to achieve a fine at the upper limit, they would have to prove that BP had acted with gross negligence. Unless the findings that have emerged from a plethora of enquiries are challenged by the US – something that hasn’t happened so far – gross negligence will be hard to prove. For that reason, we think a fine in the range of $5bn to $6bn is most likely, depending on the number of barrels that have actually been spilled (itself a matter of hot debate). BP is disputing official estimates, which put the number of leaked barrels at 4.9m; it reckons the true total is in fact somewhere between 20 and 50 per cent lower.Counter-intuitively, this could actually be good news for BP. Not only does it remove the uncertainty surrounding the US administration’s intentions, but it also promises to resolve questions of liability. Anadarko and Mitsui, BP’s partners with a third share in the well between them, are also being sued, as is Transocean, the operator. None of these parties have admitted liability but the lawsuit could clarify whether they are culpable or not. That would allow BP to try to recover a significant portion of its costs. More From Our Partners Police Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.org980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgPuffer fish snaps a selfie with lucky divernypost.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.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.com Share Show Comments ▼center_img whatsapp by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal 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 whatsapp KCS-content Thursday 16 December 2010 8:49 pmlast_img read more

first_imgSunday 19 December 2010 11:26 pm Share whatsapp BUSINESS secretary Vince Cable is on the warpath over bankers’ bonuses, announcing yesterday that he doesn’t care if tougher rules cause an exodus of financial firms from the UK.“We’re not going to be bullied,” he said, in relation to companies’ threats to leave the country due to an inability to recruit top talent. He added: “You can’t just give in the whole time.” Cable’s comments come as RBS, which is 84 per cent taxpayer-owned, is said to be trying to strike a deal to award cash bonuses of £50,000 to its investment bankers, as opposed to last year’s limit of zero.Cable says that the current situation is “quite scandalous” and that he wants tougher transparency rules so that financial institutions are forced to publish more information about how they pay their top earners.“I’m committed to having better disclosure,” he told City A.M. Over the weekend he said the government needed to “start shining light on what’s actually going on at the top of the leading banking institutions [because] if you keep people in the dark, you grow poisonous fungus.”If Cable does push for further rules on bankers’ pay, the measures would come on top of recent EU rules that make Britain’s bonus rules the most stringent in the world.British Bankers’ Association chief executive Angela Knight told City A.M.: “It’s a very tough, aggressive regime, which hasn’t always been reflected in political remarks.”The new rules, which come into effect in January, mandate that no more than 20 to 30 per cent of any bonus is paid in cash up front, with at least 50 per cent to be paid in shares and 50 per cent of the whole bonus deferred and paid over several years.Cable and chancellor George Osborne are meeting with banks today to review their remuneration practices, but Whitehall sources say there is a growing rift between Cable and the Treasury, with Osborne not planning any further measures beyond a £2.6bn bank levy.The chancellor had originally talked up the idea that banks should be forced to disclose how many employees are paid over £1m, but rowed back from that position when it became clear that it would be hard to get an international consensus on the issue.Banks such as HSBC, Lloyds and Standard Chartered have indicated that they would be cooperative with further disclosure rules, but it is understood that Cable could face some opposition from Barclays, whose remuneration committee meets tomorrow. More From Our Partners Police Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.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.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.com KCS-content CABLE TO BANKS: I WON’T BE BULLIED Show Comments ▼ whatsapp Tags: NULLlast_img read more

first_img Share Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofChicken Bao: Delicious Recipes Worth CookingFamily ProofCheese Crostini: Delicious Recipes Worth CookingFamily ProofHomemade Tomato Soup: Delicious Recipes Worth CookingFamily Proof whatsapp Tags: NULL PROPERTY and casualty insurer Catlin published its losses linked to the New Zealand earthquake yesterday, which were $10m (£6.5m) more than previously thought. The Lloyd’s of London insurer said the quake in September leaves it exposed to around $45m of claims, net of reinsurance – $10m more than the group’s earlier figures. The firm said it has reviewed all its insurance contracts and collected data from brokers and clients to arrive at the sum. The vast majority of the loss is due to property reinsurance contracts written by underwriting hubs in London and Bermuda, Catlin said. Catlin currently puts the total insured losses resulting from the earthquake at between $5.5bn and $6bn.The magnitude seven earthquake on New Zealand’s South Island demolished shops and homes when it struck in the early hours of 4 September. The quake brought down power lines and bridges, and wrecked roads and building facades but did not result in any deaths.In its November interim management statement, Catlin said claims from the quake were “not material”. Earlier this year the firm’s profits were dented by $180m losses arising from the Chilean earthquake and the Deepwater Horizon explosion. The Lloyd’s market saw its profit cut in half to £628m in the first half of the year thanks to the spate of disasters. The group’s total claims ratio stood at 98.7 per cent of premiums for the period, up from 91.6 per cent a year ago. London-listed shares in Catlin closed down 1.25 per cent at 369.9p yesterday, giving the firm a market cap of £1.34bn. Show Comments ▼ whatsappcenter_img Wednesday 22 December 2010 7:14 pm Catlin reveals losses for New Zealand quake 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 KCS-content last_img read more