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Justice dept to slash £2bn from budget

first_img Justice dept to slash £2bn from budget THE SCALE of the cuts to hit the public sector were exposed yesterday after the Ministry of Justice (MoJ) said it was planning to slash £2bn from its £9bn annual budget, leading to tens of thousands of job cuts and far fewer prison places. Ann Beasley, the MoJ’s director-general of finance, wrote to senior civil servants yesterday morning to announce the savings, warning that the majority of savings would need to be made within the next two years.The letter, which was leaked to the press through the Public and Commercial Services (PCS) union, provides one of the first insights into the wrangling between Whitehall departments and the Treasury, as the government gears up for the fiercest fiscal tightening in Britain’s peacetime history.It confirms that Clarke held a “bilateral” meeting with chief secretary Danny Alexander to thrash out the details of his spending settlement. Beasley’s warning that the savings will likely be made within the next 12 to 24 months proves the government is serious about “front loading” the cuts. Coalition sources say this would repair the public finances more quickly, allowing the government to reduce taxes in the run up to an election planned for May 2015. The letter also suggests justice secretary Ken Clarke has agreed a 25 per cent reduction in departmental spending with the Treasury. Departments were asked to model 25 per cent and 40 per cent savings, but Clarke is said to have refused to prepare for the “doomsday” scenario, insisting that cuts of that magnitude were simply untenable. Over £4bn of the department’s budget is spent on running prisons and paying legal aid, meaning both areas will be severely squeezed. The PCS said it would be impossible to deliver the savings without cutting 15,000 jobs, and closing prisons and courts. Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofTortilla Mango Cups: Recipes Worth CookingFamily ProofWhat to Know About ‘Loki’ Ahead of Disney+ Premier on June 9Family ProofThe Truth About Bottled Water – Get the Facts on Drinking Bottled WaterGayot whatsapp whatsapp Show Comments ▼ Tags: NULL Tuesday 10 August 2010 8:51 pm Share KCS-content last_img read more

ABI struggles to save UK insurers from US rules

first_img Share UK life insurers could be hit with tens of millions of pounds of costs if they are forced to comply with tough regulations on tax evasion being drafted by US authorities.Companies such as Aviva, Old Mutual and Prudential would be forced to report the tax details of their US account holders every year under proposals being drafted in Washington. The life insurance industry is anxious about the potential cost of overhauling information systems if it is caught up in the wave of red tape.The Association of British Insurers (ABI) yesterday went into battle to try to win the exemption of UK life firms from the rules. Peter Vipond, director of taxation at the ABI, said: “UK insurers represent no significant risk to US tax revenues and we are keen to avoid unnecessary and onerous costs on the industry that will ultimately be borne by all policyholders.”The trade body has written to the US Treasury and Internal Revenue Service. It will attend a series of meetings with policymakers over the coming weeks to point out that savings sold by UK life insurers are taxed by HM Revenue & Customs, and US residents make up just 0.1 per cent of UK life policyholders. whatsapp More From Our Partners Brave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgUK teen died on school trip after teachers allegedly refused her pleasnypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.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.orgKiller drone ‘hunted down a human target’ without being told tonypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.org980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comFeds seized 18 devices from Rudy Giuliani and his employees in April raidnypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.com‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comMark Eaton, former NBA All-Star, dead at 64nypost.comSidney Crosby, Alex Ovechkin are graying and frayingnypost.com KCS-content whatsappcenter_img Wednesday 25 August 2010 9:00 pm ABI struggles to save UK insurers from US rules Show Comments ▼ by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailUndoNoteabley25 Funny Notes Written By StrangersNoteableyUndoZen HeraldThe Truth About Why ’40s Actor John Wayne Didn’t Serve In WWII Has Come To LightZen HeraldUndoBetterBe20 Stunning Female AthletesBetterBeUndoautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comUndoAtlantic MirrorA Kilimanjaro Discovery Has Proved This About The BibleAtlantic MirrorUndoTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastUndoElite HeraldKate Middleton Dropped An Unexpected Baby BombshellElite HeraldUndoTrading BlvdThis Picture of Prince Harry & Father at The Same Age Will Shock YouTrading BlvdUndo Tags: NULLlast_img read more

Google keeps top ranking as best employer

first_img Share Monday 27 September 2010 7:55 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 ItPeople TodayNewborn’s Strange Behavior Troubles Mom, 40 Years Later She Finds The Reason Behind ItPeople TodayBetterBe20 Stunning Female AthletesBetterBemoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.com Google keeps top ranking as best employer GOOGLE is the most attractive employer in the world, according to new research, which shows that fewer students and graduates are turning to the financial services industry for work. Up to 130,000 job seekers with either a business or engineering background have voted the internet giant into the top spot in employment consultancy Universum’s annual survey.Google has maintained the leading ranking both as a business and as an engineering employer for the second year in a row. Universum cited Google’s professional training opportunities and its strong brand as some of the reasons why it held on to the top spot.However, the search engine is facing increasingly stiff competition from the world’s largest accounting firms, as KPMG, Ernst & Young, PricewaterhouseCoopers and Deloitte have also climbed up the business table.“We’re witnessing the auditing firms and consumer goods companies re-conquering their talent group after a brief love-affair with the IT industry,” said Universum chief executive Michal Kalinowski. IT companies such as Microsoft, IBM and Sony remain popular choices among students looking to start an engineering degree, according to the survey results. While BMW is still the most powerful employer brand in the automotive sector, according to the survey.But employers within the banking, oil and gas, and management consultancy sectors which were once popular among young jobseekers, are now perceived as responsible for the financial crisis and are therefore less attractive, said Universum. Goldman Sachs, which ranked as the fourth most popular business to work for in 2009 fell to tenth place, while JP Morgan dropped to ninth place. whatsapp center_img whatsapp Show Comments ▼ KCS-content Tags: NULL More From Our Partners Astounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgMark Eaton, former NBA All-Star, dead at 64nypost.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.com‘The Love Boat’ captain Gavin MacLeod dies at 90nypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.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.comKiller drone ‘hunted down a human target’ without being told tonypost.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.comlast_img read more

Brussels pushes for short-selling ban power

first_img Brussels pushes for short-selling ban power 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 NowMoneyPailSerendipity 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.comTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island FarmAlphaCute30 Rules That All “Hells Angels” Have To FollowAlphaCutethedelite.comNetflix Cancellations And Renewals: The Full List For 2021thedelite.com whatsapp THE European Parliament and EU executive are pushing to fast-track powers to ban short-selling of government debt by early 2011.Senior officials in the European Commission, which is scrambling to contain spiralling borrowing costs for countries like Ireland and Portugal, believe the option to ban would prevent speculators from aggravating such problems.Michel Barnier, the commissioner in charge of financial reform, will address banning powers when he meets economy and finance ministers in early December, an EU official said.“If you have a mechanism in place, you would be better placed to act,” said the official, adding that giving a new European watchdog the authority to ban would calm markets. “We are convinced it makes sense to give … this possibility.”Barnier is pushing member countries to keep pace with the European Parliament, which has an equal say in writing the banning powers into law and wants to finalise its version of the legislation in February.Both Barnier and the parliament want to grant the legal firepower to a new European markets policing agency in Paris to stop short-selling in an emergency.But the UK is likely to resist any move amid concerns that it could raise borrowing costs.The European Markets and Securities Authority, which will open its doors in January, could ban short-selling of credit default swaps (CDS).CDS prices for Irish and Spanish banks and state bonds spiked on Friday, but with few actual bonds changing hands – a CDS covers a bond default – this points to growing trading by speculators.The debate over banning such short-selling has opened a rift between the UK and countries such as Germany and France, which favour beefing up powers to rein in traders.London is concerned that plans for bans could rattle markets in a similar way to Germany’s recent drive to make private lenders shoulder some of the cost of a country’s insolvency, a proposal the Irish prime minister blamed for forcing Dublin to seek International Monetary Fund help.Conservative MEP Syed Kamell expressed worries that any bans could drive up the price of servicing debts.“What signal does it send if we suddenly ban short-selling of CDS?,” said Kamell, who will play a role in deciding parliament’s position.“There is definitely a concern that the unintended consequence of this would be to make debt more expensive. I don’t think this is a concern in Britain only.” Tags: NULL Share whatsapp Friday 26 November 2010 11:04 am Show Comments ▼ alison.lock last_img read more

UK trade gap widens

first_imgThursday 9 December 2010 4:52 am UK trade gap widens whatsapp 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 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 PastBetterBe20 Stunning Female AthletesBetterBeSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity Timesmoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comZen HeraldNASA’s Voyager 2 Has Entered Deep Space – And It Brought Scientists To Their KneesZen HeraldDefinitionDesi Arnaz Kept This Hidden Throughout The Filming of ‘I Love Lucy’Definitionthedelite.comNetflix Cancellations And Renewals: The Full List For 2021thedelite.comAlphaCute30 Rules That All “Hells Angels” Have To FollowAlphaCute John Dunne center_img Britain’s goods trade deficit with the rest of the world unexpectedly widened in October after imports rose to their highest on record, raising questions about trade’s contribution to future UK growth.Exports also rose strongly to their highest since May 2006 helped by oil sales, but were outpaced by the rise in imports which the Office for National Statistics said was driven by imports of chemicals from the European Union.The Office for National Statistics (ONS) said that Britain’s goods trade gap with the rest of the world widened to £8.5bn in October from an upwardly revised deficit of £8.3bn in September.Economists had forecast a deficit of 8.05 billion pounds.The goods trade gap with non-EU countries widened to £5bn from an upwardly revised £4.5bn. Analysts had forecast a deficit of £4.5bn.Exports have supported economic growth in the last two quarters of this year, accounting for half of the 0.8 percent growth recorded in the third quarter.The global goods trade deficit excluding oil and erratic goods was its highest since records began in 1992 at £8.2bn. Show Comments ▼ whatsapp Tags: NULLlast_img read more

Britain’s best drafted in to run Whitehall

first_img Share Wednesday 15 December 2010 8:58 pm whatsapp KCS-content THE Cabinet Office yesterday published a list of top business leaders who have been appointed as non-executive directors to sit on Whitehall boards. The appointments are designed to ensure the government operates in a more business like manner and are the brainchild of Cabinet office minister Francis Maude and Lord Browne, the recent author of the report on higher eduction funding and former chief executive of BP.Among the list of appointments are Sara Weller, chief executive of Argos, Jim Leng former chairman of Rio Tinto and deputy chairman of Tata Steel, chief executive of GlaxoSmithKline Andrew Witty and Babara Stocking chief executive of Oxfam.Of the 31 board members announced yesterday, 13, or 42 per cent, are women. The remaining list of board members will be published in the New Year which is also when the first board meetings are expected to take place. The Cabinet Office said the non-executive board members will help steer responsibility for strategic and operational leadership for each government department and for agreeing each department’s three-year rolling business plan.They will also provide advice and support to ministers and civil servants, challenge discussions and discuss any performance issues with Lord Browne and the Prime Minister, the Cabinet Office added. Maude, said: “Today’s names include business heavyweights with huge experience of financial management and improving operational performance and they will play a key role in helping departments rise to the challenge and deliver further savings. Previously, we have paid millions of pounds to consultants for this kind of advice.” He added new efficiency measures put in place by the government had already saved over £1bn. 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 NowHealthyGemcenter_img Britain’s best drafted in to run Whitehall Show Comments ▼ Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofNew England Patriots’ Cam Newton says no extra motivation from Mac Jones’SportsnautChicken Bao: Delicious Recipes Worth CookingFamily ProofCheese Crostini: Delicious Recipes Worth CookingFamily Proof whatsapp Tags: NULLlast_img read more

Bidding war to buy Regal Petroleum

first_img 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 WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The 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 WrapThe Truth About Bottled Water – Get the Facts on Drinking Bottled WaterGayot’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe Wrap’Black Widow’ First Reactions: ‘This Is Like the MCU’s Bond Movie’The Wrap whatsapp KCS-content Show Comments ▼ A BATTLE to purchase British oil explorer Regal Petroleum was last night emerging following a second offer for the firm from a rival bidder.The oil and gas company had agreed to be taken over by Energees Investments, the principal holding company of Ukranian Smart Holding Group, for 24p per share in December.Yet, Cyprus-based financing company Heamoor and private oil explorer Geo-Alliance, the Ukranian oil company owned by oligarch Victor Pinchuk, yesterday entered the running with a joint rival offer of 25p per share in a reverse takeover.The Regal board continues to support the earlier offer, which shareholders must decide on by next Monday, yet is exploring ways to maximise value for investors who had been holding out for an improved offer.Shares in the oil firm had traded at a 2010 high of 85p per share, although have slumped since. The company closed higher than both offers at 31p per share on Monday.Shareholders have until next Monday to back the Energees bid, though could wait for the findings of a Regal due diligence report into the new offer.AIM listed Regal Petroleum suspended trading yesterday on the London Stock Exchange in accordance with takeover regulations. 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 TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBeautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comElite 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 Herald Bidding war to buy Regal Petroleum center_img Tuesday 18 January 2011 7:44 pm whatsapp Share Tags: NULLlast_img read more

Traditional two-storeys boost developer

first_img Show Comments ▼ whatsapp KCS-content by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryPeople TodayNewborn’s Strange Behavior Troubles Mom, 40 Years Later She Finds The Reason Behind ItPeople TodayMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastZen HeraldNASA’s Voyager 2 Has Entered Deep Space – And It Brought Scientists To Their KneesZen HeraldSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItWanderoamIdentical Twins Marry Identical Twins – But Then The Doctor Says, “STOP”WanderoamBetterBe20 Stunning Female AthletesBetterBe Monday 7 February 2011 9:00 pm Traditional two-storeys boost developer Sharecenter_img whatsapp DURING the debt-fuelled property boom, developers built endless blocks of flats. Many of these were located in so-called “regeneration” areas, downtrodden urban wastelands on the edge of Britain’s former industrial cities like Manchester and Sheffield; many now stand empty, a testament to the industry’s collective stupidity. Part of the problem was central government-imposed housing density targets, which encouraged developers to build one-and-two bedroom flats rather than family homes.These targets have since been scrapped by the coalition government, and Bellway yesterday thanked a shift away from apartments to traditional two-storey houses for “encouraging” trading in January. All in all, it was a solid first-half performance, with completions up 3.8 per cent year-on-year. The average selling price was up from £156,000 to £168,000, and operating margins are up 100 basis points year on year. RBS estimates that profit was around 27 per cent higher, against guidance in the December statement for growth in the region of 20 per cent. The outlook also appears to be improving. Bellway is the first in the sector for some time to report a higher order book, with orders up three per cent year-on-year to £402m. Taken together with better first half sales, this suggests the group is being slightly too conservative when it says it expects volumes to be flat this year, although profit growth will largely come from recovering prices and higher margins. With the shares trading on around 0.72 times 2011 net asset value – bang in line with the sector – we would suggest cautious buying going forward. Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily 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 Tags: NULLlast_img read more

HSBC chairman calls for list of banks to face tougher rules

first_img Share AT LEAST 80 banks should be deemed systemically important and subject to greater regulatory scrutiny and potentially higher capital levels to prevent competitive distortions, HSBC’s chairman said yesterday.In a speech on regulatory changes, Douglas Flint also said the quality of supervision needs to improve and dropped a heavy hint his bank would consider leaving the UK if a commission forces banks to separately capitalise their investment banking operations. “As soon as that happens, obviously banks impacted will take decisions to protect their economic activity,” he said.Regulators are considering a package of extra safeguards on systemically important financial institutions (SIFIs) to lessen the need for taxpayer bailouts should one of them get into trouble, which could see top banks hold an extra capital cushion of one to three percentage points.There should be at least 80 SIFIs to avoid smaller banks gaining an advantage from holding less capital and to prevent another unintended consequence that the bigger banks are seen as safer, Flint said.“I suspect the systemically important designated banks, if they are few in number, will see a flow of business to them,” he said. 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 TimesBetterBe20 Stunning Female AthletesBetterBeTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island Farmthedelite.comNetflix Cancellations And Renewals: The Full List For 2021thedelite.comAlphaCute30 Rules That All “Hells Angels” Have To FollowAlphaCuteDefinitionDesi Arnaz Kept This Hidden Throughout The Filming of ‘I Love Lucy’DefinitionZen HeraldNASA’s Voyager 2 Has Entered Deep Space – And It Brought Scientists To Their KneesZen Herald KCS-content whatsapp Tags: NULLcenter_img whatsapp HSBC chairman calls for list of banks to face tougher rules Show Comments ▼ 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.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.org‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.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.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.com Tuesday 29 March 2011 9:07 pmlast_img read more

WHAT THE OTHER PAPERS SAY THIS MORNING

first_img by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastMoneyPailShe Was Famous, Now She Works In {State}MoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBetterBe20 Stunning Female AthletesBetterBeDrivepedia20 Of The Most Underrated Vintage CarsDrivepediaPeople TodayNewborn’s Strange Behavior Troubles Mom, 40 Years Later She Finds The Reason Behind ItPeople TodayZen HeraldThe Truth About Why ’40s Actor John Wayne Didn’t Serve In WWII Has Come To LightZen HeraldElite HeraldExperts Discover Girl Born From Two Different SpeciesElite Herald FINANCIAL TIMESNETWORK RAIL AIMS TO TAKE TRACTION OUT OF BONUS ISSUENetwork Rail will seek to allay long-standing concerns about its executive bonuses by putting a new system to the vote of its 100 members tomorrow. But the scheme, intended to provide a longer term solution to the issue, has been criticised by the TSSA rail union, which predicted David Higgins, the chief executive of the track operator, could be entitled to a £336,000 bonus next year on top of his £560,000 salary.GRANT SHAKE-UP WILL HIT POORER PUPILS, WARNS IFSThe bursary scheme set up by the government as a replacement for the education maintenance allowance will see the poorest students at schools and colleges on average lose £370 of their current £1,170-a-year support money, the Institute for Fiscal Studies has warned.WALSH PUTS BA AND IBERIA GROUP ON RUNWAY FOR SLICE OF JAPAN AIRLINESThe airline group formed by the merger of British Airways and Spain’s Iberia is interested in the idea of investing in Japan Airlines after its emergence from bankruptcy. Willie Walsh, chief executive of International Airlines Group, floated the idea yesterday in Tokyo, where he had meetings with executives at Japan’s formerly state-owned carrier, which has cut staff and fleet since filing for bankruptcy in January.J SAINSBURY HIT HARDEST BY GROCERY SQUEEZESupermarket sales have slowed as cash-strapped shoppers rein in spending on groceries, with J Sainsbury hit particularly hard, according to industry data. Consumers are spending more on promotions, which stand at a record 40 per cent of grocery sales.THE TIMESMERLIN THINKS NOT JUST BIG, BUT BIGGESTMerlin Entertainments may have been forced to put its flotation plans on ice last year, but the boss of the world’s second-biggest theme park operator remains fiercely ambitious: “One day we’d like to catch the Mouse.” Nick Varney, Merlin’s chief executive, said he was “under no illusions” about the challenge of closing the gap on Disney, which is more than twice the size of the Madame Tussauds and Legoland operator.TERMINAL DECLINE: THE VERDICT ON HEATHROWHeathrow airport languishes in 99th place — below Calcutta, Moscow and Johannesburg — in a confidential international table that tells the aviation industry how passengers really feel.The DailygraphBRITISH GAS CUSTOMERS TARGETED IN IDENTITY THEFT SCAMConsumers are being warned of a scam that promises refunds of hundreds of pounds on gas bills if they send copies of documents that could be used to steal their identity. The bogus offer of a refund comes in an email purporting to be from British Gas. One email headed “refund notification” said the recipient was due a refund of £722.80, but would need to fax copies of a passport or driving licence in order to receive it.BERTELSMANN EXPRESSES INTEREST IN EMI AND WARNER MUSICBertelsmann has said it expects EMI to be formally for sale in the next few months and has spoken out on the German media conglomerate’s interest in the British music group and Warner Music. The firm said it was back on the acquisition trail.THE WALL STREET JOURNALPROXY ADVISER SAYS BP’S EX-CEO PAYOUT TOO HIGHBP’s decision to pay “excessive” compensation to top managers who had responsibility during a fatal oil-well explosion in the Gulf of Mexico should be opposed by shareholders at the company’s annual general meeting 14 April, U.K. proxy-voting adviser PIRC said yesterday.AUSTRALIAN EXCHANGE ENTERS COMMODITIES FRAYA new Australian energy-and-commodities exchange is the latest player hoping to lure trade away from venues in Chicago and London toward fast-growing Asian-Pacific economies.But Financial & Energy Exchange’s bet that Australia’s resource bonanza will buoy its newest commodities exchange when it goes live this year is unlikely to change the landscape of energy trading globally. KCS-content whatsapp Show Comments ▼ Tuesday 29 March 2011 9:18 pm whatsapp Tags: NULL WHAT THE OTHER PAPERS SAY THIS MORNING Sharelast_img read more