SPREADBETTING BOSS IN A PRODIGIOUS MOVE

first_img whatsapp SPREADBETTING BOSS IN A PRODIGIOUS MOVE Tuesday 14 September 2010 8:52 pm Show Comments ▼ whatsapp KCS-content Sharecenter_img More From Our Partners Brave 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.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.com by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastNoteabley25 Funny Notes Written By StrangersNoteableyMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBetterBe20 Stunning Female AthletesBetterBemoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comElite HeraldExperts Discover Girl Born From Two Different SpeciesElite Heraldautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.com IF THERE’S been a whiff of celebrity recently about the walk of Simon Denham, the ebullient head of spreadbetter Capital Spreads, The Capitalist knows why.For the past year or so, Denham has been in the process of buying his new house – a sprawling country pile in Great Dunmow, Essex – from none other than Prodigy frontman Liam Howlett.And as you’d expect from a hardcore rocker like Howlett, the house itself was somewhat, let’s say, unusual. The gates had a row of skulls lined up along them; the staircase was supported by skeletons, and the swimming pool was tiled entirely in black, the colour of most of the walls in the house. And that’s without even taking into consideration the decorative figures in the garden – a black Dalek from Dr Who and a movie skeleton which once sprang out to attack Jason and the Argonauts when they planted dragon’s teeth in the ground. Tasteful.I hear the revamp is already well underway, with the personal music studio – decorated in black, natch – one of the first rooms to be gutted. “I once tried to play the guitar but couldn’t even tell when I’d tuned it correctly,” Denham chuckles. “So I didn’t think I’d be needing the studio any time soon…”SKIRTING THE ISSUEAn intriguing new take on the age-old “hemline theory” of economic prosperity, courtesy of two boffins from the Econometric Institute, Marjolein van Baardwijk and Philip Hans Franses. The dedicated pair put the hemline index – which states, of course, that skirts become shorter and shorter as the economy improves, while it drops to the floor when times are tough – to an empirical test, collecting monthly data from as early as 1921 (presumably from the back issues of Vogue).Their findings? The phenomenon does hold true, but including a time lag of about three years.“It is not today’s recession that dictates the hemline, but perhaps the boom [beforehand],” they conclude. A valiant attempt to put smiles on faces in hard times, perhaps?SNAP DECISIONA slightly unusual extra-curricular achievement, courtesy of Scott Mead – a founding partner of boutique merchant bank Richmond Park Partners and former partner and chairman of telecom, media and technology investment banking at Goldman Sachs.Tomorrow evening, Mead will be hosting a private view of an exhibition of his own photography at the Hamiltons gallery in Mayfair. Only the photographs in question – which “deploy a distinctive circular aesthetic” – are over three decades old and were recently discovered in Mead’s attic. They were originally taken in the 1970s, when he studied with American photographers William Eggleston and Emmet Gowin before joining the world of finance.Mead is selling prints and an accompanying book to benefit Great Ormond Street Hospital.IN LOVING MEMORYA memorial service will be held tomorrow morning for Alan Ruddock, the much-loved former Scotsman editor, City A.M. columnist and Sunday Times and Irish Independent journalist, who died earlier this year aged just 49.The service, which begins at 11.30am at St Bride’s Church on Fleet Street, will include readings of Ruddock’s work by Sunday Times editor John Witherow and Powerscourt financial PR boss Rory Godson, as well as addresses by journalist Richard Beeston and former Independent deputy editor Ian Birrell, now a speechwriter for Prime Minister David Cameron.OCTOPUS OF CREDITAn eagle-eyed reader has discovered that last year’s famous reference to Goldman Sachs as a “great vampire squid wrapped around the face of humanity” was not the first time a bank has been given the cephalopod treatment.In fact, an earlier version of the phrase was originally coined by HG Wells in 1933, in “The Shape of Things to Come”.“Another big obscure financial force in the war and post-war periods was the complex of great private banking ganglia of which Morgan & Co, with its associated firms, was the most central and most typical,” wrote Wells. “This particular firm carried on its business upon a scale that completely overshadowed many minor governments. The loans it made or refused, confirmed or shattered regimes. Its founder, JP Morgan…was never dishonest and always disingenuous. That was the rule of his game. Opaque pockets he insisted upon, and hidden motives, but also the punctual performance of a bargain. His tradition lived after him. His firm became an octopus of credit…”Prescient indeed. Tags: NULLlast_img read more

CITY VIEWS: SHOULD WE REPLACE TUITION FEES WITH A GRADUATE TAX?

first_img whatsapp Tuesday 21 September 2010 8:26 pm whatsapp KCS-content SOPHIE BOYD | HISCOX“If the aim is to make the system fairer, I think that removing upfront fees might well encourage students from lower income families to go to university. But ultimately they will still bear the costs, albeit at a later date.”MICHAEL GROVES | LLOYDS TSB“A graduate tax might improve social mobility in making university more accessible. However, a badly designed graduate tax could end up meaning people pay a lot more than what universities currently ask for in tuition fees.”JAMES BARTHOLEMEW | MODELZONE“It seems a bit useless to change the system to me – I don’t think itwill make a great deal of improvement so why bother going to all the effort? I don’t see how this is going to plug the higher education funding gap.” Share Show Comments ▼ Tags: NULL More From Our Partners Russell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.org CITY VIEWS: SHOULD WE REPLACE TUITION FEES WITH A GRADUATE TAX? last_img read more

Energy deals buoy best quarter for M&A in two years

first_img Energy deals buoy best quarter for M&A in two years 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 PastNoteabley25 Funny Notes Written By StrangersNoteableyMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailCrafthoughtShe Was A Legendary Actress – Today She Works 9 To 5Crafthoughtmoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comCakeHDThe Most Beautiful Women Of All TimeCakeHDWorld LifestyleBorn Into Billions: Kevin Bacon’s Wife Is One Of The Richest Heiresses In AmericaWorld LifestyleBig Data Courses | Search AdBig Data Online Courses might be cheaper than you thinkBig Data Courses | Search Ad KCS-content whatsapp Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofCheese Crostini: Delicious Recipes Worth CookingFamily ProofTortilla Mango Cups: Recipes Worth CookingFamily ProofChicken Bao: Delicious Recipes Worth CookingFamily Proof THE?VALUE?of global mergers and acquisitions (M&A) has hit $1,678bn (£1.068bn) so far this year, up 21 per cent from the same time last year, Thomson Reuters said in its review for the third quarter of 2010. Third quarter activity is up 6.8 per cent from the previous quarter at $599bn, marking the strongest quarterly growth for worldwide M&A since the third quarter of 2008.Driving the deal flow was the energy and power sector, with $349bn of deals announced in the first nine months of 2010, up 65 per cent on the same period a year earlier.M&A deals by US firms have also seen an encouraging rise in deals over the past nine months, reaching a total of $576bn, up 13.7 per cent from the first nine months of 2009.Third quarter activity this year remained stable, down one per cent from the previous three months at $201bn – yet this represents a 41 per cent rise from the third quarter of 2009. Despite positive global figures, European M&A announced in the third quarter of 2010 was worth a disappointing $144bn, down 15 per cent from the previous quarter. Wall Street investment banking giant Goldman Sachs took the top position in the global M&A advisers’ rankings with 255 deals, up from second last year, ahead of Morgan Stanley and JP Morgan. In Europe, JP Morgan leads the rankings for the first nine months of the year, up from ninth place last year.The most high profile deal of the year, worth an estimated $43bn, is the ongoing takeover attempt of Potash Corp by BHP Billliton. center_img Share whatsapp Tags: NULL Thursday 23 September 2010 7:46 pmlast_img read more

Key BBC exec gets the chop

first_img whatsapp KCS-content whatsapp Key BBC exec gets the chop BBC deputy director general Mark Byford is to be made redundant and will leave the corporation in March 2011 as the broadcaster tries to address criticisms that it has become bloated and pays excessive salaries to its senior executives. Byford is understood to be the first casualty of the review of the corporation’s management structure, after it promised to reduce the number of senior managers by a quarter. BBC director general Mark Thompson said in August that he was committed to reducing the management bill, promising “simpler structures, fewer layers, fewer management boards”. According to the BBC’s own accounts Byford currently receives a salary of £475,000 a year and has a total remuneration package worth £488,000. He is expected to get a payoff of up to £900m. Last year he had his bonuses suspended, along with others on the BBC board. Sharon Baylay, head of marketing and communications, and Lucy Adams, human resources director, are also expected to leave the board, retaining their roles but reporting to Caroline Thomson, the chief operating officer. A third member of the board may follow. The BBC refused to comment Sharecenter_img 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.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgMark Eaton, former NBA All-Star, dead at 64nypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comBiden 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.orgAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comConnecticut man dies after crashing Harley into live bearnypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.com‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comKiller drone ‘hunted down a human target’ without being told tonypost.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.com Show Comments ▼ Monday 11 October 2010 10:02 pm 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 Timeslast_img read more

Morgan Stanley slumps

first_img KCS-content MORGAN Stanley’s chief executive James Gorman yesterday admitted he was “not satisfied” with the bank’s performance in the third quarter, when it swung into the red due to a poor trading environment and a writedown on the planned disposal of casino operator Revel Entertainment.Morgan Stanley posted a net loss of $0.07 per share, compared with net income of $0.38 per share in the third quarter of 2009, after taking a $229m hit on the disposal of Revel.Income from continuing operations fell by two thirds to $313m, while net revenues came in at $6.8bn for the quarter – a fifth below the $8.5bn the bank raked in a year ago.Morgan Stanley said its institutional securities arm had faltered over the period due to a slump in Wall Street activity, with revenues at the division almost halving since last year to $2.89bn. After bringing in $1.34bn of pre-tax income last year, profits at the division were all but wiped out to $240m in the third quarter of 2010.The bank’s staff compensation pot for the quarter fell by a quarter due to the poor performance, falling from $4.9bn in 2009 to just $3.7bn this year. The decline “primarily reflected lower compensation costs in institutional securities”, the bank said.Wealth management revenues remained broadly flat from last year at $3.1bn, while asset management performed better, swinging into the black on revenues that almost doubled to $802m.“Although we continued to make progress across some key businesses, our results in aggregate clearly do not reflect the true potential of Morgan Stanley’s global client franchise and I am not satisfied with our overall performance,” said Gorman, who took over from John Mack in January. Show Comments ▼ whatsapp Wednesday 20 October 2010 8:56 pm Share whatsapp Morgan Stanley slumps More From Our Partners 980-foot skyscraper sways in China, prompting panic and evacuationsnypost.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.comAstounding 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.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.com Tags: NULLlast_img read more

At a glance: George Osborne’s first comprehensive spending review

first_img At a glance: George Osborne’s first comprehensive spending review 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 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 SPENDING FIGURESThis fiscal year current expenditure will be £637.3bn. In 2011-12, current spending will be £651.1bn, followed by £664.5bn in 2012-13, £678.6bn in 2013-14 and then £692.7bn in 2014-15. The government will pay £43.3bn of gross government debt interest this fiscal year followed by £46.5bn in 2011-12, £52.4bn in 2012-13, £57.8bn in 2013-14 and then £63bn in 2014-15. Osborne includes £10bn from lower debt interest payments in the £83bn of spending cuts, partly accounted for by falls of £1bn in 2012, £1.8bn in 2013 and £3bn in 2014.Capital spending will be £59.5bn this year, falling to £50.7bn in 2011-12, followed by £48.5bn in 2012-13, £45.6bn in 2013-14 and then £47.2bn in 2014-15. This is £2bn higher than Osborne set out in the June budget. Total current public expenditure will be £696.8bn this year, £701.8bn in 2011-12, £713bn in 2012-13, £724.2bn in 2013-14 and £739.8bn in 2014-15. In real terms spending will be at its 2008 level. £6bn in Whitehall savings found – rather than the £3bn planned in the budget. Achieved partly by cutting the administrative budgets of every main government department by a third – which will save £5.9bn a year by 2014-15. JOBSThe Office for Budget Responsibility forecasts that 490,000 public sector jobs will be lost over the next four years. Most will be through natural turnover. Around 1.5m private sector jobs will be created. BANKSA permanent levy will be introduced, with the legislation published today. All banks must have implemented the Code of Practice on Taxation by the end of November.WELFARE Measures forecast to save £7bn a year. Universal tax credit to replace all working age benefits and tax credits will be introduced over the next two parliaments at a cost of £2bn over the course of this spending review. Contributory Employment and Support Allowance will be limited to just one year for those in the Work Related Activity Group, saving £2bn in 2014-15. The age threshold for the shared room rate in housing benefit will rise to 35 from 25, saving £215m in 2014-15. Local authorities will have direct control over council tax benefit and will have the flexibility to manage council tax within a budget that will be reduced by 10 per cent from April 2013. The mobility and care elements of the Disability Living Allowance will be aligned to generate savings of £490m by 2014-15. The M25 will be widened at 10 different junctions and there will be increases to the charges on Dartford Crossing. The London congestion charge will rise to £10 from January and the Boris Bike scheme will be extended eastwards. CULTURE, MEDIA AND SPORTBudget reduced to £1.1bn and administrative costs cut by 41 per cent. The BBC licence fee will be frozen for six years. The BBC will also have to fund the BBC World Service and BBC Monitor as well as part-fund S4C, saving the exchequer £340m by 2014-15. devolved nations Scotland’s budget cut by 6.8 per cent in real terms; Wales’ to be cut by 7.5 per cent in real terms over four years; Northern Ireland’s cut by 6.9 per cent in real terms over four years.PENSIONS State pension age for both men and women will rise to 66 by 2020, four years earlier than planned. Public sector pension contributions will be staggered and progressive but no detailed decisions will be taken before the full commission report in the spring. The government will seek an extra £1.8bn of savings per year in the cost of public sector pensions by 2014-15. HMRC The budget of HM Revenue & Customs will have to find resource DEL savings of 15 per cent while capital DEL will fall by 44 per cent. £900m will be spent to target tax evasion and fraud, expected to raise £7bn.MONARCHY A one-year cash freeze in the Civil List. Total royal household spending will fall by 14 per cent in 2012-13 while grants will be frozen in cash terms. An extra £1m will support the Diamond Jubilee costs. After 2012-13, the royal household will get a new sovereign support state grant linked to a share of revenue from the crown estate Share The maximum Savings Credit award in Pension credit will be frozen for four years. The basic and 30-hour tax credits will be frozen for three years. Changes to Working Tax Credit rules means that couples with children must work 24 hours per week between them. The childcare element of the Working Tax Credit will return to its previous 70 per cent level. Child benefit to be removed from families with a higher-rate taxpayer from January 2013, saving the exchequer £2.5bn in 2014-15. The child element of the Child Tax Credit will rise by a further £30 in 2011-12 and £50 in 2013-14 above indexation, at a cost of £1.8bn between 2011 and 2015. Universal benefits kept for pensioners and cold weather payments permanent. Equitable Life victims will receive a total payout of £1.5bn, of which two-thirds will be found in this spending review period.BUSINESS Its departmental expenditure limit (DEL) will be cut by £3bn between 2011-12 and 2014-15 with a cumulative real cut to its departmental programme and administration budgets of 25 per cent. Train to Gain to be abolished. An extra £250m by 2014-15 to be invested in adult apprenticeships. The science budget will be protected at £4.6bn a year, while savings of £324m can be found through efficiency. CABINET OFFICE Public sector current expenditure will rise from £1.8bn in 2010-11 to £2.5bn in 2014-15. Its resource departmental budget will increase by 28 per cent but it will see its capital budget cut by 28 per cent. The cabinet office administration budget will be reduced by £55m by 2014-15.treasury The Treasury will see its overall administration budget cut by 33 per cent. COMMUNITIES AND LOCAL GOVERNMENT Overall savings in funding to local councils of 7.1 per cent a year for four years but total DEL will be cut by £2.1bn to £3.2bn for communities and by £3.2bn to £22.9bn for local government. Ring-fencing of all local government revenue grants will end from April 2011. The local government settlement target includes funding for the council tax freeze. Grant funding for social care increased by an extra £1bn. New social housing tenants will be offered intermediate rents at around 80 per cent of the market rent, close to double the 40 per cent usually charged. 150,000 affordable homes to be built over the next four years. £6bn commitment over four years to the Supporting People programme.DEFENCE The ministry of defence’s budget will be cut to £33.5bn in 2014-15. Resource DEL will rise to £34.2bn by 2014-15 from £33.2bn in 2011-12. Capital DEL and Resource DEL will be cut by a cumulative real 7.5 per cent. The government will provide resources to fund British forces in Afghanistan. EDUCATION Total DEL will rise from £56.1bn in 2011-12 to £57.2bn in 2014-15. Capital DEL will suffer a cumulative real cut of 60 per cent by 2014-15 while resource DEL will only fall by one per cent per year. The schools budget will rise to £39bn from £35bn. Introduction of a £2.5bn pupil premium to support the education of disadvantaged children and a funded increase in school places for 16 to 19 year-olds. Increase in the entitlement of free education to three and four-year-olds to 15 hours a week. There will also be 15 hours of free early education and care to all disadvantaged two-year-olds. SURE START PROTECTED IN REAL TERMS. £15.8bn to be spent on maintaining, rebuilding and refurbishing schools. ENERGY AND CLIMATE CHANGE Total DEL to rise to £3.7bn from £3bn but resource DEL to be cut by 18 per cent in real terms. Capital DEL will rise by a real 40 per cent. £200m to be invested in the development of offshore wind technology and manufacturing at port sites. £1BN FOR A GREEN INVESTMENT BANK. Up to £1bn for one of the world’s first commercial scale carbon capture and storage demonstrations on an electricity generation plant. £1bn put by businesses into the Carbon Reduction Commitment (CRC) energy efficiency scheme will go straight to the government. A large stealth tax hike.FOREIGN AND COMMONWEALTH The departmental budget will be cut by 24 per cent over the four-year period by slashing the number of Whitehall-based diplomats and back office functions. HEALTH The only area which will see a real-terms increase. By 2014-15, £114bn will be spent on healthcare. Aim to save £20bn a year by 2014-15 by raising efficiency and productivity. £1bn will be diverted from the NHS to social care. Creation of a new cancer drug fund while spending on health research will be protected. home officel Overall, savings of an average of six per cent per year will be found. Overall resource spending to be cut by 23 per cent in real terms by 2014-15 and capital spending cut by 49 per cent in real terms. Spending on police will fall by four per cent each year by cutting bureaucracy. £1.3bn to maintain the existing prison estate and fund essential new-build projects but plans for a new 1,500-place prison have been deferred. INTERNATIONAL DEVELOPMENT The departmental budget will rise to £11.5bn over the next four years. It will see a 20 per cent rise in capital DEL and 37 per cent increase in resource DEL. Overseas development assistance will reach 0.4 per cent of GNI in 2013. JUSTICE The budget will reach £7.3bn by the end of the four-year period – an average saving of six per cent per year. £1.3bn to maintain the existing prison estate and fund essential new-build projects but plans for a new 1,500-place prison have been deferred. The law officers department will cut its budget by 24 per cent over the period and the Crown Prosecution Service will reduce its cost base. TRANSPORT The total budget will fall by £1bn between 2011-12 and 2014-15. Capital DEL will fall by 11 per cent and resource DEL by 21 per cent. £30bn to be invested in projects over the next four years, of which £14bn will fund railway maintenance and investment. The cap on regulated rail fares will rise to RPI plus three per cent for three years from 2012. Crossrail and Thameslink will both go ahead and key Tube lines will be upgraded. Show Comments ▼ Wednesday 20 October 2010 9:08 pm whatsapp KCS-content Tags: NULLlast_img read more

ECB to ask for more cash to buy up bonds

first_img KCS-content More From Our Partners Florida woman allegedly crashes children’s birthday party, rapes teennypost.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.orgBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgA 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.comSidney Crosby, Alex Ovechkin are graying and frayingnypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.com‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comMark Eaton, former NBA All-Star, dead at 64nypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.com The European Central Bank (ECB) is to ask for more cash to aid in its battle against the spread of the Eurozone crisis. In its governing council meeting today and tomorrow, the bank will discuss whether to ask for a capital hike. With Germany, now seen as the Eurozone’s paymaster, already indicating that it would back an increase in the bank’s capital, it is likely to have its request granted. The move would be a departure from Germany’s stance on other measures touted as possible solutions to the Eurozone crisis. Chanceller Angela Merkel has blocked other extraordinary measures such as the issuance of Eurozone-wide bonds, which was called for by the Luxembourg finance minister, or an increase in the size of the Eurozone’s €440bn (£373bn) bailout fund. As for what the ECB will do with the extra cash, a German official said: “I imagine the ECB would hope to strengthen its basis in order to show the markets that it was well capitalised, if for example, it wanted to buy additional sovereign bonds.”The ECB was forced to resume its special bond-purchasing programme last month as gilt yields spiked to record highs and threatened to tip the Eurozone into chaos.It bought €2.67bn of bonds on the secondary market last week in an effort to keep government borrowing costs down, but it has been reluctant to relaunch the programme on the same scale as earlier in the year. Tags: NULL Share whatsapp whatsapp Tuesday 14 December 2010 9:31 pm ECB to ask for more cash to buy up bonds Show Comments ▼last_img read more

Hunt under pressure over Murdoch links

first_imgWednesday 22 December 2010 8:56 pm Hunt under pressure over Murdoch links 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 AthletesBetterBeElite HeraldExperts Discover Girl Born From Two Different SpeciesElite HeraldAlphaCute30 Rules That All “Hells Angels” Have To FollowAlphaCuteDefinitionDesi Arnaz Kept This Hidden Throughout The Filming of ‘I Love Lucy’Definition whatsapp CULTURE secretary Jeremy Hunt’s suitability for taking over the media regulation brief was called into question yesterday as cabinet secretary Gus O’Donnell said that he had taken legal advice regarding Hunt’s impartiality. Hunt has found himself thrust into the controversy surrounding business secretary Vince Cable after David Cameron transferred all of Cable’s responsibilities relating to regulation of the media to him.The changeover means that Hunt will be responsible for deciding whether News Corporation’s proposed buyout of Sky is allowed to go ahead. But he was embroiled in a row over his past expression of support for News Corp, in light of Cable’s demotion over his hostility to the firm. Hunt has in the past spoken in favour of Murdoch, saying that he has “probably done more to create variety and choice in British TV than any other single person”. Shadow business secretary John Denham said that Hunt’s praise for Murdoch makes him unsuitable for his new role: “It is very hard to see how any decision Jeremy Hunt makes will enjoy complete confidence,” he said.In a letter addressing Denham’s concerns, O’Donnell said that he had been forced to take into account Hunt’s past comments on News Corp in consultations with lawyers over the transfer of powers. In the remarks Denham cited, Hunt said: “We would be the poorer and wouldn’t be saying that British TV is the envy of the world if it hadn’t been for Murdoch being prepared to take that commercial risk (by investing in Sky).”But O’Donnell said that he was ultimately “satisfied that those statements do not amount to a pre-judgment of the case in question”.It also emerged that Hunt had met privately with News International chief executive James Murdoch upon his appointment as culture secretary.There were reports yesterday that News Corp is now so confident that the buyout will be passed by regulators that it has cancelled a planned advertising campaign aimed at promoting the bid. Show Comments ▼ whatsappcenter_img KCS-content Tags: NULL Share Lord Fowler, the veteran conservative, said that the News Corp bid for Sky should be decided by an independent body.Meanwhile, Cable was under continued pressure to quit in the wake of his remarks that he is “at war with Rupert Murdoch”. He was stripped of his regulatory powers over the media due to the remarks but MPs on both sides of the House have called for him to resign. Backbench Tory MP Christopher Chope told City A.M. that Cable has “discredited his position. The Prime Minister and deputy prime minister recognise that he’s a failure and normally what happens is if you’re a failure then you’d get the boot”.Jeremy Hunt declined to comment yesterday. last_img read more

UK bank “stress tests” could start this week

first_imgWednesday 19 January 2011 8:02 am Tags: NULL alison.lock 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.comAlphaCute30 Rules That All “Hells Angels” Have To FollowAlphaCuteDefinitionDesi Arnaz Kept This Hidden Throughout The Filming of ‘I Love Lucy’Definition Share whatsappcenter_img whatsapp More From Our Partners I blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgKamala Harris keeps list of reporters who don’t ‘understand’ her: reportnypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.org A team from the International Monetary Fund will ask the UK’s biggest banks for detailed information this week as it assesses the health of lenders in five European countries.The IMF is checking UK banks before wider “stress tests” by the European Union, three industry sources told Reuters. A separate source said the team was expected in Sweden next month or early March.The IMF said late yesterday that was conducting what it called “routine” stress tests of financial systems in the UK, Sweden, the Netherlands, Germany and Luxembourg.The EU has come under pressure after finding only a small capital shortfall among banks last year, just before spiralling problems at banks forced an international bail-out of the Irish government.The IMF’s Financial Sector Assessment Programmes, or FSAPs, were made mandatory in September for 25 “systemically important” countries, in a move to forestall a repetition of the global credit crisis.Established in 1999, they are “a comprehensive and in-depth analysis of a country’s financial sector,” according to the IMF website. The test of the UK’s top banks, including HSBC, Barclays and Lloyds Banking Group, is expected to take several weeks, sources said.The tests in all five countries will be conducted in the first quarter of this year, the IMF spokesman said.The European Banking Authority will similarly test its financial sector in a tougher repeat of last year’s health check. Some 90 banks are expected to take part and the results are due to be unveiled around July.The IMF said its tests are supposed to take place every five years. It will be the first test in Sweden in almost a decade, however. Results are expected to be published after discussions by the IMF board in the summer. Show Comments ▼ UK bank “stress tests” could start this week last_img read more

Coalition rejecting its own medicine

first_img whatsapp whatsapp Show Comments ▼ Sunday 23 January 2011 11:18 pm More From Our Partners Police 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.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comKiller drone ‘hunted down a human target’ without being told tonypost.comBill Gates reportedly hoped Jeffrey Epstein would help him win a Nobelnypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comMark Eaton, former NBA All-Star, dead at 64nypost.comFeds seized 18 devices from Rudy Giuliani and his employees in April raidnypost.com THIS week will be critical for the coalition’s economic policies, in terms of perceptions even if not in reality. Despite their tentative nature, Tuesday’s fourth-quarter GDP figures will take centre-stage in Westminster: if they come in as expected, the coalition will celebrate; if they are weak, Labour’s Ed Balls will have a field day trashing the government and demanding a new round of Keynesian pump-priming. Neither argument would be fair – but that is politics.The consensus view is for growth of 0.4 per cent but snow-related disruption in December – an embarrassingly severe problem for a supposedly advanced economy – means that this figure could easier be lower. Frustratingly, this one-off chaos means that this week’s figures will be too distorted for anybody to be able to draw sensible conclusions from them. Detailed predictions of Tuesday’s figures are useless: nobody knows what the ONS will put them at – especially given that these statistics are frequently revised later. But while as recently as two weeks ago, virtually all the data for the UK economy had been positive, denoting decent growth, this is no longer the case. Manufacturing is still booming but services slumped in December. Construction is slowing. The employment figures also suggest that after a strong rebound between February and October, the UK economy has slowed.One reason why it is so hard to understand what is happening is the sloppy reporting of easily verifiable facts. I’m getting sick at the number of times people are claiming that “retailers suffered their worst December on record.” Had that been the case, sales would have collapsed by 99 per cent, dropping back to the level seen in the 1930s when supermarkets didn’t exist and people spent a few shillings a week. What actually happened is that the growth rate for parts of the industry was the worst in years – and there was no overall change in the volume of retail sales compared with December 2009. Volumes fell 0.8 per cent compared with November. Volumes in the three months to December was 0.4 per cent higher than a year ago. There is also an exaggerated view of the public spending cuts to date. Central government current expenditure hit a record £53.8bn in November, up 10.7 per cent year on year, a huge increase. Public sector net debt rose from £846bn in October to £863.1bn in November. Every week, billions more are still being added to the national credit card. The slowdown cannot have been caused by massive spending cuts when spending is still surging. Bizarrely, the coalition is failing to follow its own, OECD-inspired advice: that the best way to reduce a deficit is to ensure that three-quarters of the reduction comes from cuts and only a quarter from tax hikes. So far, all the tightening is coming from tax hikes, including Vat and April’s rise in national insurance. The good news is that the average forecast is now for UK growth of 2 per cent in 2011; some snow affected spending might be transferred to January. The global boom is accelerating. The bad news is that the coalition is continuing to hammer private firms with more red tape and tax – and failing to follow its own policies on spending. The markets won’t panic about growth – but if they start to worry again about the deficit, we will be in real [email protected] me on Twitter: @allisterheath Share Tags: NULL KCS-content Coalition rejecting its own medicine last_img read more