Davos 2017: This is what’s happening at the World Economic Forum today

whatsapp Caitlin Morrison whatsapp The Future of Energy strategic update will feature contributions from the International Energy Agency’s executive director Fatih Birol and Saudi Aramco president and chief exec Amin Nasser.Later this morning, Chinese President Xi Jinping will speak.At midday one of this year’s celebrity guests will appear as actor Matt Damon speaks on the issue of clean water, a topic he has addressed at Davos before. Anglo American boss Mark Cutifani and former Danish Prime Minister Helle Thorning-Schmidt will be discussing sustainable development this afternoon, and elsewhere IBM chief exec Ginni Rometty and Microsoft chief Satya Nadella will appear on a panel discussing artificial intelligence.One of the biggest events on today’s agenda is a Conversation with John Kerry, where the US secretary of state will discuss diplomacy in the era of disruption.The full agenda of today’s events is available here – meanwhile, here’s a look at who’s who at this year’s forum. Share Tuesday 17 January 2017 8:50 am Davos 2017: This is what’s happening at the World Economic Forum today The 2017 World Economic Forum kicked off at Davos today, with a star line up of speakers ready to air their views on subjects ranging from the future of the digital economy to safe water. The first panel discussion on today’s agenda, which began at 7.15am, was the Size Matters talk on the future of big business, featuring the view of Sir Martin Sorrell, Credit Suisse boss Tidjane Thiam and Alphabet’s finance chief, Ruth Porat. 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.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.org980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.com read more

Exclusive: Doubts grow over UK’s preferred post-Brexit model for City

Sunday 3 June 2018 10:30 pm Catherine Neilan It comes as a new proposal, put forward by think tank Open Europe, makes the case for a model that lies “between the so-called Canada and Norway arrangements framing the UK political debate.”On goods, it suggests the UK accept the EU’s aquis of rules over goodsregulation, arguing “this does not necessarily mean full harmonisation with detailed EU rules in all goods sectors, only those that are already highly regulated”.On services, the model proposes an enhanced equivalence regime which would allow for managed divergence – an approach reportedly favoured by the Bank of England.Although relying on an equivalence regime has been rejected by the UK because it grants the EU control over withdrawing access at short notice, the latest thinking is that it could be workable if the notice period were extended to two years. whatsapp One Square Mile source familiar with the negotiations told City A.M. the UK was “getting high off its own supply – they’ve come up with a great idea but not stopped to ask whether EU will actually go for it.”Another said: “There are a lot of people in Westminster heading away from the initial thinking and towards the direction of managed divergence.”Sam Lowe, head of trade and Brexit for think tank the Centre for European Reform, said member states were unhappy about being “lectured to” by government and City representatives.“There’s been a bit of arrogance,” he told City A.M. “They know it’s bad but they’re not willing to risk the legal order of the EU and the integrity of single market, which they see as more valuable.”Read more: Brexit mutual recognition is “eminently achievable” says FCA boss Bailey Uncertainty is growing over the City’s preferred post-Brexit trading model for financial services, amid growing concerns that Brussels is not prepared to compromise.Mutual recognition, the post-Brexit system heavily promoted by the financial services sector as well as Whitehall, has failed to win the support of EU chief negotiator Michel Barnier. The model has the backing of pro-Leave peer Lord Lamont.Open Europe director Henry Newman told City A.M.: “Equivalence isn’t enough – plenty of people on the EU side have acknowledged that – but for the government to hold out on mutual recognition seems fanciful.“The City is hoping for a deep and special relationship but at this point we’ve got to accept that the EU is saying we won’t get anything other than equivalence. There is a danger in pressing for a completely hopeless deal.”However, both City and Cabinet sources said they were sticking to their guns for now and would continue to push for mutual recognition.Mark Hoban, chair of the International Regulatory Strategy Group (IRSG), which has been pushing for mutual recognition, said: “We’ve yet to start negotiations on the future relationship. Mutual recognition is still the government’s preferred option, it is still the industry’s preferred option and it is the preferred option for regulators. “The UK position is robust. It is clear that mutual recognition is the only sensible and well-worked-through proposal that delivers continually high levels of access and continuing benefits to customers.”He acknowledged that the Commission had been “steadfast” in rejecting the framework, but said he was “taking comfort from the fact certain member states continue to back it.”A Cabinet source agreed negotiations were too early to “throw our position away”, telling City A.M. there were significant stumbling blocks with Open Europe’s proposal including the “constant threat of having access withdrawn looming over us”. Exclusive: Doubts grow over UK’s preferred post-Brexit model for City Share whatsapp read more

Commercial real estate might be reliably disinteresting now, but don’t get too cosy

first_imgBrexit uncertainty has dragged on longer than most hoped and expected. If this continues, we could see increased relocations for some financial services.Initial scaremongering of a mass exodus from the UK is likely unfounded, but continued uncertainty or a hard Brexit could change the picture.Brexit uncertainty is also dragging on UK GDP. If it markedly lowers the outlook, total returns from UK commercial real estate are likely to suffer.While we’re not as doom and gloom in our outlook on Brexit as many, it should be factored into investment considerations at the current juncture.These risks are present but should not deter investment altogether.Looking ahead, it is likely that rental income will offer the most potential in returns for investors in commercial real estate.Since the previous capital peak for the sector, prior to the 2007 financial crash, commercial has delivered an average annual total return of nine per cent for investors. This can be crudely broken down into the return derived from the rental income and the growth in capital value of the property itself.In our view, capital growth is unlikely to contribute markedly to the total return for investors in commercial real estate in the foreseeable future. It is the rental income which investors should focus on.For investors in the current environment, then, it would be prudent to focus on quality assets and sound leases when investing in the sector.Commercial real estate continues to offer some opportunity for long-term investors, yet downside risks must be noted.Data may have led to many yawns in recent months, but we should not take the constants for granted. Keeping an eye on risks will help avoid any nasty surprises. Commercial real estate might be reliably disinteresting now, but don’t get too cosy Caroline Simmons whatsapp Factors we’d put on risk watch include the UK interest rate environment, sterling strength, and Brexit negotiations. These macro factors could skew the outlook.Investors should ask themselves the following questions.Are UK interest rates back?Interest rates have always been a key consideration for real estate investors, yet the lack of movement during the past decade has put them at the bottom of the priority list.Real estate is heavily debt-financed, so the cost of debt is an important factor when considering profitability from the sector.In August, we saw interest rates rise above 0.75 per cent for the first time in 10 years. While our base case is that we will see no Bank of England rate hikes in the near future, a change in economic fundamentals could cause the Bank of England to hike. The returns for commercial real estate have remained disappointing relative to recent years, yet there has been some comfort in the lack of surprises from the sector. It’s been reliably disinteresting.UK commercial real estate has delivered capital value appreciation of 1.9 per cent this year, for a six-month total return of 4.5 per cent. For the rest of 2018, we see potential for capital values to modestly increase, though rental income will most likely make up the largest share of return delivered to investors.Looking ahead, we expect slightly weaker performance next year. The Investment Property Forum consensus suggests that capital values will decline 1.4 per cent next year, with London offices down 1.2 per cent.We consider these forecasts reasonable given the slowing economic backdrop in the UK, wavering demand for UK commercial real estate, and a supply increase. The data, then, looks fairly benign.Yet there are a number of downside risks which have been bubbling under the surface – and investors would be wise to keep an eye on these. Tuesday 9 October 2018 10:01 am At a time of political and market turbulence in the UK, there is one area where we’ve seen relative stability. Commercial real estate data in recent months has been fairly constant, with no significant changes to the outlook.center_img whatsapp More From Our Partners Native American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgPuffer fish snaps a selfie with lucky divernypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comMark Eaton, former NBA All-Star, dead at 64nypost.com‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comWhy people are finding dryer sheets in their mailboxesnypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.com Share Further interest rate hikes cannot be ruled out altogether, and if sustained, could jeopardise capital values – particularly if rates rise against a weakening rental outlook.Could sterling’s strength return?Sterling strength is another key consideration. Brexit negotiations in particular can cause spikes and dips in the currency.Michel Barnier’s comments that the European Union wants to keep close ties with the UK proved just this. His words triggered market optimism about the potential for a positive Brexit deal and caused the pound to move higher.The referendum result weakened the pound, which has actually boosted international demand for UK commercial real estate. If the pound strengthens over the longer term, this could curb this demand and pose a risk to the outlook.International investors accounted for over 70 per cent of purchases in the second quarter of 2018, according to Cushman & Wakefield – so this would be a significant loss.Will uncertainty persist? Tags: Bank of England Brexit UK interest rateslast_img read more

EU leaders did not discuss extending Brexit transition period, reveals Donald Tusk

first_imgDespite the lack of progress, Tusk tried to sound upbeat in his press conference – a contrast to his remarks at the close of a summit in Salzburg last month when said May’s plan for a post-Brexit trade deal with the EU would not work.He said on Thursday: “ We are in a much better mood than after Salzburg.”He added that his positive feeling was “more emotional than a rational one.” EU leaders did not discuss extending Brexit transition period, reveals Donald Tusk whatsapp EU leaders did not discuss extending the UK’s post-Brexit transition period last night despite Theresa May floating the offer as a way to jumpstart negotiations. Owen Bennett Sharecenter_img Thursday 18 October 2018 4:00 pm whatsapp The PM made the proposal to her EU counterparts on Wednesday, but European Council president Donald Tusk revealed it was not talked about after she had left the room.German Chancellor Angela Merkel used a post-summit press conference to suggest an extra period of transition would not be needed once a “political solution” to the impasse was found.In his own remarks to the press, Tusk said he did believe EU leaders would agree to the plan if they felt it would end the deadlock in the talks.Speaking in Brussels, Tusk said: “I am sure the leaders would be ready to consider it positively.”EU leaders decided last night not to give the go-ahead for a special Brexit summit to be held in November, as sufficient progress has not been made over the Irish backstop issue. Read This Next20 Stars Who’ve Posted Nude Selfies, From Lizzo to John Legend (Photos)The Wrap’Drake & Josh’ Star Drake Bell Pleads Guilty to Attempted ChildThe WrapIf You’re Losing Hair in This Specific Spot, It Might Be a Thyroid IssueVegamour’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe WrapTop 5 Tips If You’re Losing Your EyebrowsVegamourRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapWhat Causes Hair Loss? Every Trigger ExplainedVegamourSmoking and Hair Loss: Are They Connected?VegamourThis Is How Often You Should Cut Your HairVegamour Tags: Brexit Donald Tusk People Theresa Maylast_img read more

Nicky Morgan says City could take decades to resolve regulatory relationship with EU

first_img “The story of the next 40 years of this country, or it could be longer, in relation to that future relationship with the EU, is going to be whether we converge, stay the same or whether we choose to diverge and go our own way,” Morgan told a conference yesterday.Britain and the EU aim to secure a “standstill” or business as usual transition deal starting after Brexit next March, but the country will need new trading terms with the bloc from the end of 2020.EU officials have said that the EU’s financial market access system known as equivalence, where Brussels grants access to foreign banks and insurers if their home rules converge with the bloc’s, is probably Britain’s best bet.This week the EU Commission confirmed that EU banks and companies will be able to access UK clearing houses for a limited time in the case of a no-deal Brexit, following months of lobbying by the financial sector. It could take decades for the UK to work out its financial services regulatory relationship with the EU after Brexit, treasury select committee chair Nicky Morgan said. Tags: Brexit James Booth Wednesday 31 October 2018 7:10 pm whatsapp Nicky Morgan says City could take decades to resolve regulatory relationship with EU whatsapp More From Our Partners Connecticut man dies after crashing Harley into live bearnypost.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.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.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comWhy people are finding dryer sheets in their mailboxesnypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comKamala Harris keeps list of reporters who don’t ‘understand’ her: reportnypost.comKiller drone ‘hunted down a human target’ without being told tonypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.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.com Sharelast_img read more

The government must resist micro-managing our EU exit

first_imgMonday 10 December 2018 9:06 pm 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. Tags: Brexit People Theresa May A no-deal Brexit would be a near-term negative supply shock, like the disruption caused by sustained adverse weather. Delays naturally drive up shipping prices, in turn raising prices of shipped goods while changing relative prices between them.These rising costs are, of course, not good for the economy. But markets are remarkably adept and self-correcting, helping to alleviate queuing and shortages.Firms which ship goods would have to reassess their willingness to pay. That helps ration space towards producers which judge that they can still profitably reach market.Similar decisions are made at the individual level. A rise in the price of imported Spanish tomatoes, for example, may shift demand and encourage consumers to buy more British carrots.But, dynamically, higher shipping prices also incentivise more ferries or container ships to serve the UK market, using ports where capacity is available. There may be practical difficulties to changing routes, and questions of the suitability of ports (some are designed for load-on, load-off container ships rather than roll-on, roll-off ferries). But one could envisage new trade routes into other ports such as Hull, Liverpool, Ramsgate, Immingham, and Sheerness.In time, producers might also adjust product ingredients so that they are less perishable in the face of some longer journeys. Other sellers might be encouraged, at the margin, to transport goods by air or train, or relocate activity to the UK.Government planning of which goods should get carried on ships distorts these adjustments. It also encourages special pleading.What starts with guarantees on medicines and water chemicals would soon see a plethora of industries lobbying for privileges. Ministries would be under pressure to grant favours to everyone from the car industry to food suppliers.This could harm competition too: large firms would be better positioned to make these demands than their smaller rivals.Already, ministers muse patronisingly about deciding between space for French paté or German gearboxes. But consumers and producers should determine priorities, not ministers. The government wading in is guaranteed to ensure shortages of some highly-demanded products.Ministers must resist their interventionist urges. Yes, adjustment will be disruptive. It requires an active government to prepare. But markets respond quickly in the face of necessity.The government’s focus should not be on planning what trade occurs, but minimising trade barriers faced by all where it can. Ryan Bourne Opinion whatsapp whatsappcenter_img Some at HMRC envisage far less disruption than Downing Street’s apocalyptic tales, and Tim Morris, chief executive at the UK Major Ports Group, has rubbished the idea that “the Dover effect” will occur elsewhere. But it seems reasonable to expect an early impact.The government must therefore be clear on what environment for cross-border trade it envisages – not just on regulations (it has largely said that it will accept all EU goods as before), but on tariffs, and whether it will apply a tariff-free environment to all goods worldwide under WTO law.This move towards unilateral free trade would helpfully offset some of the economic costs of more trade barriers with the EU, mitigating the Brexit trade disruption which politicians and commentators seem to fear so greatly.Sadly, rather than focus on these big structural questions, politicians’ instincts lean towards micro-management. Despite Treasury efforts, ministers are already discussing rationing space on ferries to guarantee that “essentials” are shipped.Such hysterical attempts at central planning are misguided. Unlike many commentators, I believe that a no-deal Brexit still very possible.It is the default as the clock ticks, and parliament must vote for government-backed legislation to change path. The government must resist micro-managing our EU exit Share For all the threats about a second referendum, the Conservatives would implode if they rowed back on delivering Brexit. And as regrettable as a no-deal scenario might be, it seems the only way of achieving a meaningful Brexit.But Brexiteers who consider this option the best path forward should admit that it would come with short-term dislocation, and prepare the country for it.The effect here would not be “uncertainty”. No-deal provides clarity relative to the chaos of Theresa May’s proposed withdrawal agreement or a second referendum.Rather, the impact would be practical disruptions as we shift towards a new trading environment.The visible effect widely discussed is at ports. Critics argue that delays caused by physical customs, administration, and regulatory checks will slow down the rate of vehicle pass-through. This could cause ferry and ship delays, in effect reducing capacity, mainly between Dover and Calais. by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeBetterBe20 Stunning Female AthletesBetterBeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryZen HeraldEllen Got A Little Too Personal With Blake Shelton, So He Said ThisZen HeraldTotal PastJohn Wick Stuntman Reveals The Truth About Keanu ReevesTotal PastMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailNoteableyFaith Hill’s Daughter Is Probably The Prettiest Woman In The WorldNoteableymoneycougar.comDiana’s Butler Reveals Why Harry Really Married Meghanmoneycougar.cominvesting.comThe Military Spent $1 Billion On this New Vehicle, And Here’s The First Lookinvesting.combonvoyaged.comTotal Jerks: These Stars Are Horrible People.bonvoyaged.com last_img read more

Brexit fears see job creation fall to 29-month low

first_img whatsapp Friday 4 January 2019 9:41 am Brexit fears see job creation fall to 29-month low “Even the current slow growth of business activity is only being achieved by firms eating into back orders, suggesting that operating capacity could be reduced in coming months unless new order inflows pick up.”He added that the current low level of PMI – anything above 50 is considered growth – would normally have compelled the Bank of England to slash interest rates, but the Bank believes temporary Brexit uncertainty is to blame.The figures show that services did not receive the Brexit boost that manufacturing enjoyed towards the end of last year, when stockpiling of raw materials pushed the sector to a six-month high.Williamson predicted that GDP would grow just 0.1 per cent in the fourth quarter as a result of the latest data.Howard Archer, chief economic advisor the EY Item Club, added that the fourth quarter PMI figures could mean overall GDP growth could hit 1.4 per cent for 2018, the weakest since 2009. Brexit-related concerns were a key factor, according to the index, as business-to-business spending was subdued as well as lower appetite among consumers hurting companies.Tight labour market conditions were to blame for difficulties hiring skilled staff, the index found, while higher wages were also a factor.Salaries, higher food prices and larger costs on imported goods all pushed up operating expenses for businesses.Chris Williamson, chief business economist at IHS Markit, warned that the figures show the UK economy is close to stalling.“The service sector typically plays a major role in driving economic growth, but is now showing worrying signs of having lost steam amid intensifying Brexit anxiety,” he said. Brexit uncertainty weighed on the UK’s services sector at the end of 2018 as it marked the close of the year with some of its weakest growth in recent times, while job creation fell to a 29-month low.The services sector posted a 51.2 score for December in the closely-followed IHS Markit/CIPS services purchasing managers’ index (PMI), released today, only slightly up from November’s 28-month low of 50.4. “The muted set of December PMI’s reinforce our belief that the Bank of England will remain firmly in ‘wait and see’ mode on monetary policy until after the UK leaves the EU in March 2019 – given the major uncertainties that are occurring in the run-up to the UK’s departure,” Archer added.“Moderating inflation amid weakened oil prices gives the Bank of England increased scope to adopt a cautionary approach on interest rates.”The pound rose against the dollar from 1.262 to 1.267 following the news. Tags: Brexit Share Joe Curtis whatsapp by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeBetterBe20 Stunning Female AthletesBetterBeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryZen HeraldEllen Got A Little Too Personal With Blake Shelton, So He Said ThisZen HeraldFinance Wealth PostTom Selleck’s Daughter Is Probably The Prettiest Woman To Ever ExistFinance Wealth PostTotal PastJohn Wick Stuntman Reveals The Truth About Keanu ReevesTotal PastMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailNoteableyFaith Hill’s Daughter Is Probably The Prettiest Woman In The WorldNoteableymoneycougar.comDiana’s Butler Reveals Why Harry Really Married Meghanmoneycougar.comLearn It WiseColleagues Find Woman’s Bikini Photos Inappropriate, Give Her UltimatumLearn It Wiselast_img read more

High Court to examine allegations of Treasury involvement in scandal-hit RBS GRG unit

first_img whatsapp whatsapp Alexandra Rogers Sunday 10 February 2019 7:25 pm The Treasury’s role in determining the strategy and actions of RBS’s disgraced restructuring unit GRG is to be examined in court for the first time after a High Court judge ruled the issue was relevant to a £100m claim being pursued by a Manchester-based property developer.The court ruling on Friday allows Oliver Morley, who claims the bank placed his business under “economic duress”, to amend his claim to include allegations that an executive branch of the Treasury, the Asset Protection Agency, had significant operational control of the GRG. RBS said it believes Morley’s claims do not have any merit. The allegations that the government may have had a role to play in the GRG scandal, which led to thousands of people losing their businesses and livelihoods, has led to accusations from senior politicians of a potential cover up.Read more: Treasury agency had ‘influence’ over RBS GRG unit, court hearsFormer business secretary Vince Cable told City A.M. that the banking industry regulator, the Financial Conduct Authority (FCA), “simply cannot be trusted to investigate the GRG thoroughly” and accused the watchdog of “frantically covering up uncomfortable truths”.Cable’s accusations come as the FCA prepares to publish a report into why it was unable to enforce action against senior RBS individuals, after an independent investigation by independent financial group Promontory found “widespread inappropriate treatment of customers”.The second stage of the Promontory investigation would have examined the “root causes” of RBS misconduct – including conflicts of interest, the role of external stakeholders and reward and incentives structures for RBS staff – but was halted after the FCA said it would replace it with its own investigation that would be backed by enforcement powers. It caused widespread dismay when it announced last July that it was in fact unable to prosecute those responsible for GRG misconduct. High Court to examine allegations of Treasury involvement in scandal-hit RBS GRG unit The current co-chair of the parliamentary group on fair business banking, Kevin Hollinrake, echoed Cable’s concerns. “We said some time ago that we weren’t happy that the FCA didn’t want to carry on with stage two [of the investigation],” he said. “Promontory clearly did too good a job.”The revolving door is spinning so fast it feels like your nose is bleeding.”Hollinrake warned that if the FCA’s soon-to-be published report was “simply a whitewash” parliament would consider lodging a judicial review of the process.A spokesperson for the Treasury said: “The APS’s objective was to maintain financial stability and protect taxpayers’ interests by ensuring participating banks managed their exposure to high-risk assets responsibly, while at the same time treating their customers fairly.“The FCA skilled persons’ review of RBS GRG made it clear that participation in the APS made no difference to the way in which RBS customers were treated.”center_img Read more: Cable condemns ‘shocking’ link between Treasury targets and RBS payAn FCA spokesperson said: “We are aware of these allegations [on the role of the APA in the GRG]. The FCA conducted an investigation into the individual liability issues and announced the results of that investigation last July. We will be publishing a full report about the findings of the enforcement investigation shortly.”“Charles [Randell] has had no involvement in the investigation into GRG or the decision not to take enforcement action. Charles’s role in the recapitalisation of the banking system ten years ago, including the government’s decision to underwrite troubled bank assets, is a matter of public record but he has not been party to any decisions of the Asset Protection Agency.” Share In light of the recent allegations regarding the Treasury’s involvement in the GRG, MPs are now questioning the FCA’s decision to take ownership of phase two of the investigation.The current FCA chairman, Charles Randell, advised the Treasury on the Asset Protection Scheme, which insured RBS’s toxic loans at the height of the financial crisis, while a partner at law firm Slaughter and May. The magic circle firm was the appointed legal adviser to the Treasury at the time of the recession. Cable said this was a “conflict of interest”.“The more people keep digging, the more people find of the FCA’s unwholesome role in all of this,” Cable told City A.M. “It appears the FCA is covering up information that is crucial to the public.”It is now time for the FCA to come clean. The truth will emerge and it is time the FCA got ahead of this instead of frantically covering up uncomfortable truths.”The Lib Dem leader added that he would be writing to the chair of the Treasury Select Committee Nicky Morgan to demand an investigation into the role of the Treasury in GRG and the FCA’s “failings over this”. by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeBetterBe20 Stunning Female AthletesBetterBeNoteableyJulia Robert’s Daughter Turns 16 And Looks Just Like Her MomNoteableyMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailDaily FunnyFemale Athlete Fails You Can’t Look Away FromDaily Funnybonvoyaged.comTotal Jerks: These Stars Are Horrible People.bonvoyaged.cominvesting.comThe Military Spent $1 Billion On this New Vehicle, And Here’s The First Lookinvesting.comMisterStoryWoman files for divorce after seeing this photoMisterStoryBleacherBreaker4 Sisters Take The Same Picture For 40 Years. Don’t Cry When You See The Last One!BleacherBreakerGadgetheory39 Of The Most Beautiful Women In HistoryGadgetheory Tags: FCAlast_img read more

Barclays boss Jes Staley says Bramson board bid ‘doesn’t make sense’ due to £500m ‘short’ position

first_img Share Callum Keown Barclays boss Jes Staley says Bramson board bid ‘doesn’t make sense’ due to £500m ‘short’ position whatsapp Read more: Activist investor Ed Bramson ramps up pursuit for seat on Barclays boardThe bank’s outgoing chairman John McFarlane has already raised concerns over Bramson’s holding, which he said was hedged by time-limited derivatives limiting its exposure to a share price drop.Barclays has also alerted the Bank of England and the US Federal Reserve should his bid be successful.Senior figures at the bank have become concerned Bramson could use that position on the board to push risky strategies with the safety net of his complex investment structure.Staley said that through the complex shareholding structure, Bramson had “effectively shorted” £500m worth of shares. Barclays boss Jes Staley has said activist investor Ed Bramson’s board bid “just doesn’t make sense” as he effectively holds a £500m short position against the bank.Speaking on CNBC, Staley delivered another comprehensive rejection of the US-based investor’s efforts to win a seat on the board. “There’s no management at Barclays allowed to short Barclays stock, let alone management who would sit on the board.“The alignment of interests is just not there, and having someone who is short of the stock sitting, representing long term shareholders just doesn’t make sense to us.”Earlier this week Bramson, whose investment vehicle Sherborne Investor holds a 5.5 per cent stake in Barclays, issued a plea to shareholders ahead of a crunch vote on his efforts to get onto the board next month.Read more: Barclays warn Bank of England and US Fed over Bramson shareholdingHe reiterated calls for Barclays’ investment banking division to be scaled back and said the current strategy to commit more resources to the division was “untenable in the long run.” Bramson added that following a raft of leadership changes at Barclays, announced at the end last month, his “experience and temperament” would be a “strongly stabilising” influence on the board.center_img by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeBleacherBreaker4 Sisters Take The Same Picture For 40 Years. Don’t Cry When You See The Last One!BleacherBreakerbonvoyaged.comThese Celebs Are Complete Jerks In Real Life.bonvoyaged.comFilm OracleThey Drained Niagara Falls – Their Gruesome Find Will Keep You Up All NightFilm OracleDefinitionMost Embarrassing Mistakes Ever Made In HistoryDefinitionMovie JewelA Coast Guard Spotted Movement On A Remote Island, Then Looked CloserMovie JewelNext RefinanceThey Drained Niagara Falls — They Weren’t Prepared For This Sickening DiscoveryNext RefinanceTotal PastJohn Wick Stuntman Reveals The Truth About Keanu ReevesTotal PastBrake For It20 Of The Most Useless Aircrafts Ever MadeBrake For ItGloriousaOctomom’s Kids Are All Grown Up. Here’s How They Turned OutGloriousa Wednesday 10 April 2019 3:03 pm More From Our Partners ‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.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.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comWhy people are finding dryer sheets in their mailboxesnypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.com‘The Love Boat’ captain Gavin MacLeod dies at 90nypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comMark Eaton, former NBA All-Star, dead at 64nypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.com whatsapp Tags: Trading Archivelast_img read more

Goldman Sachs ramp up no deal Brexit chances after Theresa May resigns

first_img by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikePast Factory4 Sisters Take The Same Picture For 40 Years. Don’t Cry When You See The Last One!Past FactoryFilm OracleThey Drained Niagara Falls – Their Gruesome Find Will Keep You Up All NightFilm Oraclebonvoyaged.comThese Celebs Are Complete Jerks In Real Life.bonvoyaged.comZen HeraldEllen Got A Little Too Personal With Blake Shelton, So He Said ThisZen HeraldDefinitionMost Embarrassing Mistakes Ever Made In HistoryDefinitionDaily Funny40 Brilliant Life Hacks Nobody Told You AboutDaily FunnyMisterStoryWoman files for divorce after seeing this photoMisterStoryHealthyGem20 Hair Shapes That Make A Man Over 60 Look 40HealthyGemPost FunThe Deadliest Snakes Ever Found On The PlanetPost Fun Callum Keown US investment bank Goldman Sachs has ramped up its probability of a no-deal Brexit as leading Conservatives put themselves forward to replace Theresa May as Prime Minister.Goldman Sachs analysts raised the chances of the UK leaving the EU without a deal from 10 per cent to 15 per cent, citing the emergence of hardline Brexiters in the leadership race. Sunday 26 May 2019 9:49 am Goldman Sachs said its view that a Brexit deal would be agreed in the second quarter of 2019 had now changed.Read more: Theresa May’s resignation: Political allies and rivals reactEconomist Adrian Paul said: “We pencil in an orderly EU withdrawal in late 2019 or early 2020, but our conviction is low.”He added: “We revise up our probability of “no deal” not because this Parliament (or indeed the next) is likely to coalesce in favour of its pursuit, but because the recent performance of the Brexit Party and the Eurosceptic credentials of the next Prime Minister may strengthen the case for including “no deal” on the ballot in a second referendum to unlock the impasse.” whatsapp Sharecenter_img Goldman Sachs ramp up no deal Brexit chances after Theresa May resigns whatsapp Read more: Matt Hancock joins the race to become Tory leaderOn Friday May announced that she would resign from the post on 7 June in a tearful speech outside 10 Downing Street today, kicking off a Tory leadership race.Michael Gove is due to become the eighth MP to enter the race, challenging bookies favourite Boris Johnson, former Brexit secretary Dominic Raab and former Commons leader Andrea Leadsom.Four other Cabinet members, Jeremy Hunt, Rory Stewart, Esther McVey and Matt Hancock have also entered the leadership battle.The new Prime Minister will be tasked with delivering Brexit by 31 October after EU leaders granted the UK an extension earlier this year. Tags: Boris Johnson Brexit Goldman Sachs Michael Gove People Theresa Maylast_img read more

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