Japan’s biggest brokerage Nomura doubles its profits in third quarter as fixed income activity rockets

Japan’s biggest brokerage Nomura doubles its profits in third quarter as fixed income activity rockets Hayley Kirton whatsapp Share whatsapp Meanwhile, income before taxes grew to ¥95.9bn, up 86 per cent from ¥51.6bn and the highest it has been for six quarters. Net revenues also inched up to ¥368.6bn, up four per cent year-on-year and up six per cent quarter-on-quarter.Why it’s importantLike the US banks which reported earlier this year, Nomura benefited from a burst of activity in fixed income around the time of the US election. The firm reported income before taxes of ¥47.4bn in its wholesale division, up 21 per cent compared with the last quarter and almost five times what it was this time last year. The firm’s asset management division also performed particularly strong, reporting strong levels of inflows for the quarter. Income before taxes in the arm grew to ¥14bn for the quarter, an increase of 30 per cent year-on-year and 88 per cent quarter-on-quarter.In shortIt’s not just US banks which have been bumped up by the Trump effect on fixed income. Tuesday 31 January 2017 11:36 am Japanese financial giant Nomura today revealed it raked in twice as much profit during the third quarter of its most recent financial year than it did the year before. The figuresNet income at Japan’s biggest brokerage shot up to ¥70.3bn (£496m), a 99 per cent increase compared with ¥35.4bn the year before and an increase of 15 per cent compared with the last quarter’s ¥61.2bn. read more

Karma Group’s founder and chairman John Spence explains how and why he plans to double the size of his business

Save the stint in music, Spence’s entire career has been the hospitality business, focused on timeshares. Aged 24, he started selling property in Tenerife for Global Group. “I was drafted into them in the early 80s. The early 90s were the time – the only time – when I thought ‘I want to be an entrepreneur’. And that was because I could see an opportunity to do a better job.” Spence was speaking at a conference in Goa when he spotted the opportunity: to develop resorts on India’s west coast.Off Piste“The original plan was to sell [fractional ownership] to foreigners, but there’s a huge amount of wealth in India that hadn’t been tapped into.” In 1993, Spence started the Royal Group, selling timeshares to the domestic market. He opened offices in Mumbai, Bangalore and Delhi, then started selling to non-resident Indians working in the likes of Dubai and Kuwait. “It was difficult to physically keep up with demand – it was incredibly popular. People in the industry had assumed all Indians had no money, and that wasn’t the case.”Four years later, and Spence had 70 offices around the world. Now, under The Karma Group, he has 27 luxury resorts and an arsenal of brands, including Royal Resorts, Karma Estates and the soon-to-be-launched Karma Ski. Locations range from Bali to France, from Australia to the Scillies.When I meet Spence, he’s just landed from Singapore via Goa and Munich. Via Monaco and London, he’s off to the States and Australia, before taking a holiday himself with his family in Antigua. Timeshares, says Spence, are increasingly popular – even among younger people. “A lot of what you’re seeing in our market is a change of definition. Timeshare is still the biggest thing to do, but we call it membership. Airbnb – you could say timeshare. It’s just a different spin on the same commodity.”At the helmWhen he’s talking about his company, Spence repeatedly says “we” – “we know it’s increasingly about providing an experiential package”; “we had 33,000 people sign up to our pay-as-you-go package in the first year [2016]”. But he says this is a royal “we”– he just means him. Spence has never borrowed any money, or given away equity, to build Karma – he owns 100 per cent of the business. Granted, he was able to sell $1m luxury properties during the 2000s, but, save mortgaging his flat to get started, this is a firm expanded on its own success. Karma Group’s founder and chairman John Spence explains how and why he plans to double the size of his business I cleaned toilets in Gatwick Airport for a bit, but that’s the only real job I’ve ever had,” says John Spence, founder and chairman of The Karma Group.A university drop-out, the hotelier and resort-owner originally became a tea boy for a music agency. Before long, he was representing bands like Culture Club, Bananarama and the Eurythmics. “Going into the music business was always my plan, but I don’t think I would’ve liked to have stayed. When I was a kid, I was into archaeology. I wanted to be Indiana Jones, brandishing a whip. I’m still passionate about ancient history – I’m just still trying to follow that one up!” whatsapp Harriet Green whatsapp With fellowships at Yale University and UCLA, Spence has honed a way of describing what makes an entrepreneur: “most of the successful entrepreneurs I know are under-educated chancers who have had a passion to make it work. It’s about risk-embracement – everyone will make mistakes but knowing what to do after and doing it quickly is vital. I am the board of my company, so if a decision needs to be made, it will be made now. Taking decisions in a corporate environment is like turning a tanker. In an entrepreneurial company, it’s a speed boat. That sends up a lot of spray, but it can manoeuvre fast.”At Yale, he teaches a course on “anti-entrepreneurship”. “They’re taught that you can learn how to be an entrepreneur, applying it to any industry. That’s bulls***. Entrepreneurs are passionate about something, then they find a way to monetise that passion. Malcolm Gladwell, one of the few businesspeople I respect, says 10,000 hours of practice will make you an expert, and it’s the same with entrepreneurship. People are working on the same thing for 24 hours a day – it’s what you love. You have to love it, then you become good at it.”Spence’s entrepreneurship has always gone further than business, though. “I’ve also always had a passion for CSR, and I find others’ lack appalling. When I first flew to India, Thailand, Bali, I was immersed in the more appalling poverty. I chose ‘Karma’ as a name because I wanted a firm that was morally good.”The Karma Community Care programme funds at-risk children and rising talented sportspeople. Spence built and pays for a school for 900 in India, and has an orphanage in Bali. “The fact we do so much has huge commercial value. The staff love it, our members love it, local communities can see us as different, and that means we have a symbiotic relationship. In life, it is a case of there by the grace of God go I.”Sea changeNow, Spence knows he’s about to take radical decisions for his firm. “Our problem is that we’ve gone from a small company to a huge one. We’ve brought in experts and chief executives… it’s incredibly hard personally. I don’t want to be presiding over some evil empire – a corporate giant. But our five-year plan (we do have one!) is to get to 60 resorts. We’ve always had a very tight policy (i.e. not done it) on borrowing money, entering joint ventures, split equity deals. That means we’ve grown, in the main, at a modest rate of 15-20 per cent a year. A lot of people in the market would’ve gone down a different route, but I’m comfortable with ours.” Monday 6 February 2017 4:11 am Share Be that as it may, Spence is now planning how to accelerate growth via a new route. “I don’t know what the answer it yet, but I am conscious that taking on debt means this business will have to become more corporate.”These might be uncharted waters for Spence, but he comes at them with experience and an open mind. “I want to explore ideas. I’m open to listing, open to a trade sale. I want Karma to be a global business and double the size, and I’ve got five years in which to do it.” by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeStructural Foundation | Search AdsStructural Foundation Repair Cost In Scottsdale May Surprise YouStructural Foundation | Search AdsHealth & Human ResearchWhat Happens If You Sleep on Your Left Side?Health & Human ResearchAmyloidosis | Search AdsAmyloidosis Symptoms You May Not Have KnownAmyloidosis | Search AdsUllaThis Device Is A Must-Have For Anyone With Fitness GoalsUllaBasement Repair | Search AdsLooking For Cheap Foundation Fix? Scottsdale Residents Could Benefit From 2021 PricesBasement Repair | Search AdsEveryday WellnessWhat Happens To Your Body When You Eat Two Bananas A DayEveryday WellnessPaws ZillaTry Not To Cringe At These 40 Awful Ellen EpisodesPaws ZillaHappy Pumpkin10 Delicious Freezer Meal Recipes to Dump into the Slow Cooker – Happy PumpkinHappy PumpkinGraber Blinds2021’s Must-Have Window Treatments for HomeownersGraber Blinds read more

Scrapping 1p and 2p coins would have no significant impact on prices, Bank of England says

“If you buy more than one item at a time, the bias in the probability that your total bill will need to be rounded up rather than down falls.”The economists also said the prevalence of item prices ending in .99 had fallen in recent years and now only accounted for just over 12 per cent of prices, while just three per cent of all payments were made with cash.Read more: Bank of England: AI could create widespread unemployment Share Callum Keown whatsapp Wednesday 22 August 2018 1:09 pm whatsapp But Bank of England economists Marilena Angeli and Jack Meaning, writing on the BoE’s blog, said those arguments were “flawed on a number of levels”.Read more: London keeps its crown as world’s top foreign exchange venueThey said that card payments and the reduction in item prices ending in 99p made the issue redundant.Their research also found that buying multiple items, as few as three, would remove any inflationary bias from items with prices ending in 99p.They said: “Economies that have removed their low denomination coins, or introduced rounding (and there are lots of them) have moved to a system in which rounding is applied to the final bill, not to individual items. Scrapping 1p and 2p coins would have “no significant impact” on prices, Bank of England economists have said.The government had considered scrapping coppers coins earlier this year but subsequently ruled out the move after a public backlash, with many arguing retailers would round up prices to the nearest 5p more often than rounding down. More From Our Partners Kamala Harris keeps list of reporters who don’t ‘understand’ her: reportnypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgI 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.orgMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.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.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comKiller drone ‘hunted down a human target’ without being told tonypost.comMark Eaton, former NBA All-Star, dead at 64nypost.comWhy people are finding dryer sheets in their mailboxesnypost.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.com Scrapping 1p and 2p coins would have no significant impact on prices, Bank of England says read more

Target hits the bull’s-eye with highest same-store sales growth in 13 years

whatsapp Wednesday 22 August 2018 4:47 pm Target hits the bull’s-eye with highest same-store sales growth in 13 years Share Read more: Sports Direct saves House of Fraser Oxford Street from closureMeanwhile, digital sales increased 41 per cent, up from 32 per cent growth a year ago, showing robustness in the face of Amazon’s digital dominance, though its online channels still only accounted for 5.6 per cent of sales.  In July Target held a substantial online sale as direct competition to Amazon’s Prime Day.Online operations have received significant attention in Target’s investments, while the brand expects to spend $3bn on its logistics, expanding delivery services further after acquiring online grocery company Shipt for $550m last year.Read more: Profits tumble to £100,000 at Laura AshleyBrian Cornell, chairman and chief executive officer of Target, said: whatsapp Tim Abington Target has bucked the retail trend to publish strong sales growth today, reporting same-store sales that were higher than any it recorded in the past 13 years.The New York-listed retailer, the second largest in the US, saw same-store sales grow 4.9 per cent year-on-year in the three months ending early August, with the company crediting increasing customer traffic to stores for the boost. Total revenue stood at $17.8bn (£13.8bn), up seven per cent year-on-year, with net earnings at $799m. Shares in morning trading after the announcement rose five per cent to $0.88, contributing to a 34 per cent rise this year.Market conditions have proved challenging for the wider American retail sector, making Target’s success even more pronounced. It is expected that collectively over 105m square feet (sq ft) of retail space will close by the year’s end, according to real estate analysis firm CoStar Group. Meanwhile, collapsed retailers Toys R Us and Bon-Ton have both filed for bankruptcy.  “We are extremely pleased with Target’s second quarter results, which demonstrate our guests’ excitement for the enhanced and differentiated shopping experience we’re building. We laid out a clear strategy at the beginning of 2017, and throughout this year we’ve been accelerating the pace of execution.”We’re on track to deliver a strong back half and we’ve updated our full-year guidance to reflect the strength of our business and the consumer economy. As we look ahead to 2019, we expect to achieve scale across the full slate of our initiatives – creating efficiencies and cost-savings, further strengthening our guest experience and positioning Target to continue gaining market share.” More From Our Partners Brave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comConnecticut man dies after crashing Harley into live bearnypost.comKiller drone ‘hunted down a human target’ without being told tonypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.com‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comWhy people are finding dryer sheets in their mailboxesnypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.com read more

Bank of England: Hold fire until there is Brexit certainty says the shadow MPC

Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryUndomoneycougar.comDiana’s Butler Reveals Why Harry Really Married Meghanmoneycougar.comUndoBeverly Hills MDPlastic Surgeon Explains: “Doing This Every Morning Can Snap Back Sagging Skin” (No Creams Needed)Beverly Hills MDUndoZen HeraldEllen Got A Little Too Personal With Blake Shelton, So He Said ThisZen HeraldUndoWTFactsHe Used To Be Handsome In 81s Now It’s Hard To Look At HimWTFactsUndoOne-N-Done | 7-Minute Workout7 Minutes a Day To a Flat Stomach By Using This 1 Easy ExerciseOne-N-Done | 7-Minute WorkoutUndoBetterBe20 Stunning Female AthletesBetterBeUndoTrading BlvdThis Picture of Prince Harry & Father at The Same Age Will Shock YouTrading BlvdUndoCleverstTattoo Fails : No One Makes It Past No. 6 Without LaughingCleverstUndo Thursday 13 September 2018 12:08 am whatsapp HOLD Although recent wage and spending data has surprised to the upside, it’s sensible to wait until after the Brexit vote before hiking again.Tej Parikh, Institute of DirectorsHOLD Businesses and households will be looking for stability and support as Brexit negotiations go to the wire. Now’s not the time for boat rocking.Jacob Nell, Morgan StanleyHOLD While letting the impact of the August hike sink in and against the backdrop of Brexit endgame uncertainty, keep rates on hold.Ruth Gregory, Capital EconomicsHOLD While the economy regained some momentum at the start of Q3 and earnings growth gathered pace, ongoing Brexit uncertainty provides a good reason to sit tight for the moment.Simon French, Panmure GordonHOLD There is considerable uncertainty whether recent economic momentum held up during August. Inflation expectations also remain well anchored around two per cent. As a result, UK monetary policy can afford to wait and see the outcome of current Brexit negotiations.Mike Bell, JP Morgan AMHOLD There’s no need for another rate hike so soon after the last one. It’s worth keeping an eye on wages though with unemployment at such low levels. City economists are all but certain that the Bank of England will hold interest rates steady today, only six weeks after raising interest rates and with the Brexit endgame fast approaching.The Bank’s rate-setting monetary policy committee (MPC) will announce its latest decision at midday, with all eyes on any tweaks to guidance around the future path of interest rates. The vote will be led by Mark Carney, whose term as governor was extended this week until 2020. Bank of England: Hold fire until there is Brexit certainty says the shadow MPC Data since the MPC last met has for the most part strengthened the Bank’s justification for raising interest rates, with regular pay growth accelerating to the joint fastest annual rate since 2015, at 2.9 per cent. Meanwhile, July growth figures showed a stronger-than-expected expansion in output from the UK economy.Economists will read the MPC’s statement closely for guidance on spare capacity in the economy. Meanwhile, a message that inflation will accelerate further would likely be taken as hawkish by investors.City A.M.’s shadow MPCJeavon Lolay, Lloyds Bank Commercial BankingHOLD Data since the August meeting have been broadly in line with the latest economic projections. In particular, GDP growth has rebounded and consumer price index (CPI) inflation was slightly higher in July. Furthermore, labour market figures suggest the economy has a very limited degree of slack, with average earnings growth noticeably higher in the three months to July. After last month’s increase in bank rate, should the economy continue to develop in line with the Inflation report projections, further increases are likely in the future to return inflation sustainably to the two per cent target.Simon Ward, Janus Henderson InvestorsHOLD GDP growth was boosted temporarily by weather effects. Money trends remain soft and the global economy is slowing. Faster pay growth is likely to squeeze profits rather than boost inflation.Vicky Pryce, CEBRHOLD Activity and wages picked up in the summer but manufacturing in recession, business confidence still weak and growth forecasts continue to be downgraded due to brexit uncertainty.Kallum Pickering, Berenberg whatsapp Jasper Jolly Share read more

Brexit: Theresa May is losing the confidence of colleagues as negotiations stall, says ex-minister

first_imgThursday 18 October 2018 9:14 am Brexit: Theresa May is losing the confidence of colleagues as negotiations stall, says ex-minister Joe Curtis Tags: Brexit People Theresa May One key issue was how to prevent a hard border on the island of Ireland, with Brussels preferring to keep Northern Ireland inside the customs unions while using the Single Market as a so-called ‘backstop’ plan.May has proposed keeping the entire UK in a customs plan with the EU on a temporary basis.“If there is a gap between the end of the implementation period and the point at which the future relationship comes in – we don’t expect a gap to exist, but if there is, we want to ensure there is no hard border between Northern Ireland and Ireland,” the Prime Minister told media yesterday. whatsapp Prime Minister Theresa May is losing Cabinet members’ trust in her ability to reach a Brexit agreement, a former minister claimed today, accusing both the UK and EU of secretly hoping for a no-deal scenario. Meanwhile, May said this morning that she is open to extending the UK’s transition period with the EU until the end of 2021, without actually having to use it.The transition period would see the UK abide by EU rules as it prepares to exit the bloc in order to allow businesses to adapt to the change.“I’m clear that I expect the implementation period to end at the end of December 2020,” May told EU leaders at a summit, according to Reuters. “The point is that this would not have to be used.”It comes after she attempted to convince EU leaders yesterday that a Brexit deal is still possible after talks between negotiators stalled last weekend.Read more: Dominic Raab seeks to scupper MPs’ ‘meaningful vote’ on Brexit by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryBetterBe20 Stunning Female AthletesBetterBeMoneyPailShe 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 WorkoutCleverstTattoo Fails : No One Makes It Past No. 6 Without LaughingCleverstzenherald.comDolly Finally Took Off Her Wig, Fans Gaspedzenherald.comDaily FunnyFemale Athlete Fails You Can’t Look Away FromDaily FunnyNoteableyJulia Robert’s Daughter Turns 16 And Looks Just Like Her MomNoteableymoneycougar.comDiana’s Butler Reveals Why Harry Really Married Meghanmoneycougar.com Share May and her EU counterparts are running down the clock towards a no-deal Brexit, said Tory MP Nick Boles, who served as skills minister between 2014 and 2016.“I’m afraid she is losing the confidence now of colleagues of all shades of opinion – people who’ve been supportive of her throughout this process,” Boles told BBC Radio 4’s Today programme.Read more: Bank of England talks with EU continuing as it urges no-deal Brexit action“They are close to despair at the state of this negotiation because there is a fear that both the government and the European Union are trying to run out the clock. That they’re trying to leave this so late that they can then credibly say there is no alternative but a no-deal Brexit and most people agree that would be chaos.“Now that is not an acceptable way for a leader of a government to behave.” whatsapplast_img read more

Financial stability should not be used as a bargaining tool for Brexit

first_img Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryUndoBetterBe20 Stunning Female AthletesBetterBeUndoMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailUndoJustPerfact USAMan Decides to File for Divorce After Taking a Closer Look at This Photo!   JustPerfact USAUndoOne-N-Done | 7-Minute Workout7 Minutes a Day To a Flat Stomach By Using This 1 Easy ExerciseOne-N-Done | 7-Minute WorkoutUndoDaily FunnyFemale Athlete Fails You Can’t Look Away FromDaily FunnyUndozenherald.comDolly Finally Took Off Her Wig, Fans Gaspedzenherald.comUndoNoteableyJulia Robert’s Daughter Turns 16 And Looks Just Like Her MomNoteableyUndoCrowdy FanCouple Who Waits 9 Years To Open Their Wedding Present Gets A Rude AwakeningCrowdy FanUndo It is not clear, though, whether any withdrawal agreement will be reached.This means that it “is now pressing” – in the Bank of England’s words – for action to be taken that prevents disruption to cross-border financial services in the event of a no-deal Brexit.I visited Frankfurt last week, and concern about cliff-edge issues was echoed in meetings with major German institutions.The potential for significant market disruption was also recognised in recent public statements by the Association for Financial Markets in Europe and the International Swaps and Derivatives Association (Isda), which published a paper backed by six European financial trade associations.There are serious cliff-edge issues that cannot be addressed by the private sector alone in the time remaining, including contract continuity, cross-border data flows, and the operation of clearing houses. Share Last week’s European Union summit in Brussels had long been billed as a crunch moment for answering this key question and determining the future direction of the Brexit negotiations.As the dust settles, however, it remains unclear whether the UK will be able to strike a deal with the EU27, meaning that businesses on both sides of the Channel continue to face acute uncertainty.Read more: UK ready to agree Irish backstop deal to speed Brexit talksThe Prime Minister did indicate last week that the Brexit transition period could be extended by “a matter of months”.We welcome the continuing commitment of both sides to deliver a legally-binding transition period as part of any withdrawal agreement. Tags: Bank of England Brexit Monday 22 October 2018 8:59 am Deal or no deal?center_img whatsapp Catherine McGuinness Financial stability should not be used as a bargaining tool for Brexit It is positive that some EU voices, such as Felix Hufeld of the German regulator BaFin, are now calling for a bilateral political solution to this issue. He is right to do so.This is not to prejudge the future relationship, but just to ensure that UK-EU business can go on without disruption on day one after Brexit.I hope that the working group between the European Central Bank and the Bank of England can make some progress on these technical issues behind the curtain. But ultimately regulators can only act within the remit given to them by politicians.Financial stability should not be used as a bargaining tool in the negotiations. It is fast approaching five months to go until Brexit. We need to be prepared for no deal.Read more: Michel Barnier warns no-deal Brexit remains possible whatsapp Both sides should urgently work together to address these issues in order to protect financial stability and ensure that the industry can continue to service its clients.The Bank of England and Financial Conduct Authority took steps unilaterally last year so that European banks and insurers can continue operating in the UK even if there is no deal.But we now need to see EU regulators, either collectively or bilaterally, take reciprocal action.Failure by the EU authorities to act now could – as Isda points out in the derivatives space – lead to firms being forced to take disruptive, risky, costly, and potentially irreversible steps to seek to mitigate negative effects. And in some cases no such steps are practically available to them.These cliff-edge risks could in turn destabilise markets as well as hitting households and businesses on both sides of the Channel.last_img read more

Let there be light – entrepreneurs are making the world a brighter place

first_img 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. Opinion “Nobody saw the lightbulb coming”, he began, “yet the closer you look at the history of its creation, the more inevitable it seems.”While most people credit Thomas Edison for the lightbulb’s invention, it turns out that there were nearly two dozen inventors, placed all over the world, on the edge of the discovery at the exact same time.What enables the cultivation of ideas to spring into discovery and innovation is the “bottom-up phenomenon that emerges through the minds of ordinary people”. Contrast that to the systems of big government, dominated by rules and centralisation, and it is no surprise that it is often ordinary folk – not politicians – who create the extraordinary.While the UK and EU governments have spent months debating the difference between “the” customs union and “a” customs union, breakthroughs have been made on 3D metal printing, artificial embryos, diabetes treatment, and surgical procedures.Millions of people continue to rise out of poverty thanks to the free interactions enabled by markets, yet political airtime is granted to whether Brits will be able to make a sandwich post-Brexit. Share whatsapp Friday 16 November 2018 8:04 am Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeBetterBe20 Stunning Female AthletesBetterBeUndoMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryUndoZen HeraldEllen Got A Little Too Personal With Blake Shelton, So He Said ThisZen HeraldUndoFinance Wealth PostTom Selleck’s Daughter Is Probably The Prettiest Woman To Ever ExistFinance Wealth PostUndoTotal PastJohn Wick Stuntman Reveals The Truth About Keanu ReevesTotal PastUndoLearn It WiseColleagues Find Woman’s Bikini Photos Inappropriate, Give Her UltimatumLearn It WiseUndoMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailUndoNoteableyFaith Hill’s Daughter Is Probably The Prettiest Woman In The WorldNoteableyUndoCleverstTattoo Fails : No One Makes It Past No. 6 Without LaughingCleverstUndo Let there be light – entrepreneurs are making the world a brighter place Forging a path to leaving the EU is a not an easy or carefree job that can be done overnight. But while politicians have had one task to get on with for several years, ordinary people across the globe have been putting them to shame, developing and improving the world in an infinite number of ways.Politics may have our attention, but it is a sluggish, hindered faction of our society. While Brexit stands still, the rest of the world keeps turning, getting faster, more efficient, and more remarkable by the day. I can only assume that Netflix is bidding for rights to Brexit: The Saga.You might as well download the past 48 hours’ worth of news coverage, upload to the streaming site, and advertise it as how Breaking Bad would have unfolded if set in Westminster instead of New Mexico. The news is pure entertainment. Arguably, that’s a bad thing – yet we can’t tear our eyes away.However, for all the resignations and revelations, this political period is fundamentally characterised by stagnation. Parties are torn in half. No one can agree on a pathway forward. The past two and a half years have not been spent on meaningful negotiations with the EU, but rather bickering among one’s usual allies.Now, progress on Brexit which should have been delivered months ago looks very likely to stall again. This is fundamentally a characteristic of politics – which is why it remains so important that it doesn’t dominate our lives.On Wednesday night, we got a nice reminder that this is not how the rest of life operates. The Institute of Economic Affairs had the pleasure of hosting Viscount Matt Ridley as the keynote at our annual Hayek Lecture.Ridley’s optimism about the future tends to leap off the pages of his books and articles – and his personal delivery of this year’s lecture was no exception. Entitled “How many lightbulbs does it take to change the world”, he argued that humans will always innovate, and those innovations will move us forward, advancing human welfare and prosperity. Kate AndrewsKate Andrews is associate director at the Institute of Economic Affairs. whatsapp Tags: Brexit Netflixlast_img read more

MEPs pick new European parliament president

first_imgGerman defence minister Ursula von der Leyen was nominated as the EU Commission’s next president yesterday, lined up to replace Jean-Claude Juncker. Belgium Prime Minister Charles Michel is also set to replace Donald Tusk as the new president of the European Council. However, she lacks central banking experience and has been criticised for supporting controversial funding measures during the Eurozone financial crisis. Read more: Meet the neighbours: Christine Lagarde set to front new-look EU leadership An IMF watchdog raised fears that the fund’s conduct displayed “issues of accountability and transparency”. The European parliament named an Italian social democrat as its new president today to complete a raft of new appointments to fill the highest-ranking roles in the EU. Lagarde would take over from current ECB boss Mario Draghi. whatsapp In a speech after his victory, Sassoli called Brexit “painful” and said the EU was an “imperfect” union that required reform. Joe Curtis Meanwhile EU leaders also threw their support behind International Monetary Fund (IMF) boss Christine Larage to become the new president of the European Central Bank (ECB). “You can’t continue to kick this down the road. We don’t want citizens asking ‘where’s Europe’ every time an emergency happens.” Sassoli succeeds fellow Italian, former army officer Antonio Tajani, in the position.center_img Read more: Eurozone manufacturing falls to three-month low whatsapp “We need to strengthen our capacity to play a leading role in democracy,” he said, calling for a change in the EU’s system for asylum seekers. MEPs pick Italian as new European parliament president His victory follows EU leaders agreeing nominations for the bloc’s three biggest jobs yesterday, when a woman was picked for the first time as the next leader of the European Commission. Wednesday 3 July 2019 2:34 pm David Sassoli addresses European parliament after winning victory (Photo by FREDERICK FLORIN / AFP) (Photo credit should read FREDERICK FLORIN/AFP/Getty Images) David Sassoli, 63, beat three German, Spanish and Czech candidates to the role, which he will begin immediately. Share Tags: Eurozonelast_img read more

Malaysian authorities say they know where wanted 1MDB financier Jho Low is

first_imgWednesday 25 September 2019 5:59 pm Malaysian police said today that they know the whereabouts of fugitive financier Jho Low and hope to bring him in by the end of the year to assist with the investigation into the fraud scandal at state-run fund 1MDB. Share James Booth More From Our Partners Kamala Harris keeps list of reporters who don’t ‘understand’ her: reportnypost.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.orgMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.org‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.org “Our investigations found that he is free to move around, and able to run his businesses without any restrictions,” Abdul Hamid said. He said the country in question has an extradition treaty with Malaysia. He said he was confident Malaysian authorities would be able to secure Low’s return. Picture credit: Getty -Jho Low pictured on right The fund was founded by former Prime Minister Najib Razak, who was ousted last year and has been charged with 42 criminal offences related to losses at 1MDB and other state entities. whatsapp Abdul Hamid said he thinks Low “has the protection of someone” who provided him a safe haven in an unnamed country.center_img Both Najib and Low have denied wrongdoing. whatsapp Malaysian and US investigators say at least $4.5bn (£3.6bn) was misappropriated from 1MDB by Low and other fund officials and their associates. Malaysian authorities say they know where wanted 1MDB financier Jho Low is Low faces charges in Malaysia and the US about his alleged role in the 1MDB scandal. Investigators have said Low is a key figure in the 1MDB scandal, which Malaysian and US prosecutors allege was used to embezzle hundreds of millions of dollars. LOS ANGELES, CA – JANUARY 26: (L-R) Producer Swizz Beatz, recording artist Alicia Keys and Owner, EMI Music Publishing and Chairman EMI Music Publishing Asia Jho Low attend the 56th GRAMMY Awards at Staples Center on January 26, 2014 in Los Angeles, California. (Photo by Christopher Polk/Getty Images for NARAS) 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 MomNoteableyOne-N-Done | 7-Minute Workout7 Minutes a Day To a Flat Stomach By Using This 1 Easy ExerciseOne-N-Done | 7-Minute WorkoutMisterStoryWoman files for divorce after seeing this photoMisterStoryPast Factory4 Sisters Take The Same Picture For 40 Years. Don’t Cry When You See The Last One!Past FactoryPost Fun25 Worst Movies Ever, According To Rotten TomatoesPost Funbonvoyaged.comThese Celebs Are Complete Jerks In Real Life.bonvoyaged.comCleverstTattoo Fails : No One Makes It Past No. 6 Without LaughingCleverstJournalistateTeacher Wears Dress Everyday, Mom Sets Up CamJournalistate “I will try my best to expedite (the process)… hopefully we can get him back by the end of the year,” police chief Abdul Hamid Bador said.last_img read more