EU braced for short-selling crackdown

first_img Share KCS-content EUROPEAN Union regulators would be able to ban abusive short selling of shares and naked selling of credit default swaps and sovereign debt for three months or more under a draft EU law seen by sources yesterday.The bloc’s financial services chief, Michel Barnier, has already flagged the measure he is due to publish on 15 September.It follows calls from some member states to crack down on what they saw as speculators – typically politicians’ code for hedge funds – causing mayhem in Greek and other Eurozone sovereign debt markets earlier this year.After the collapse of Lehman Brothers bank in September 2008, several EU states introduced a patchwork of short selling bans on financial shares.In May, Germany introduced a ban on all naked short selling of 10 German stocks, euro government bonds and credit default swaps on euro government bonds, shaking global markets and upsetting its EU partners who refused to follow suit.Short selling is “naked” when sellers have not arranged to borrow the assets.Following these two episodes, Barnier wants a pan-EU law on short-selling to ensure consistent, proportionate actions across the bloc in emergencies. “The regulation aims at addressing the identified risks without unduly detracting from the benefits,” the draft law said.The measure will cover all financial instruments such as shares, sovereign bonds, derivatives relating to sovereign bonds and credit default swaps linked to government bonds.The new European Securities and Markets Authority (ESMA), due to be in place from January, will be given powers to introduce emergency measures, such as bans for up to three months, renewable for a further three months at a time.In addition, if any short or naked selling of financial instruments is sparking significant falls – 10 per cent or more from the previous day –?ESMA could seek to cool markets by imposing a one-day ban on “persons” short-selling a financial instrument.a whatsapp EU braced for short-selling crackdown Show Comments ▼ Wednesday 1 September 2010 8:22 pmcenter_img whatsapp Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeOne-N-Done | 7-Minute WorkoutAdvertisement 7 Minutes a Day To a Flat Stomach By Using This 1 Easy ExerciseOne-N-Done | 7-Minute WorkoutUndoAll Things Auto | Search AdsBuick’s New Lineup Is Truly StunningAll Things Auto | Search AdsUndoNoteabley25 Funny Notes Written By StrangersNoteableyUndoThe No Cost Solar ProgramGet Paid To Install Solar + Tesla Battery For No Cost At Install and Save ThousandsThe No Cost Solar ProgramUndoLuxury SUVs | Search AdsThese Cars Are So Loaded It’s Hard to Believe They’re So CheapLuxury SUVs | Search AdsUndoTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastUndoSmartAnswers.netThis New Volkswagen SUV Is The Car Of Your Dreams.SmartAnswers.netUndoMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailUndoSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesUndo Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofTortilla Mango Cups: Recipes Worth CookingFamily ProofNew England Patriots’ Cam Newton says no extra motivation from Mac Jones’SportsnautBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofWhat to Know About ‘Loki’ Ahead of Disney+ Premier on June 9Family Proof Tags: NULLlast_img read more

Goldman Sachs slapped with £17.5m fine

first_img Britain’s financial watchdog slapped a £17.5m fine on Goldman Sachs inadequate disclosure of a US probe into the Wall Street powerhouse.The fine – one of the biggest ever imposed in Britain – was related to Goldman’s troubled Abacus mortgage-security product, which resulted in the investment bank being investigated by the U.S. Securities & Exchange Commission (SEC).In July, Goldman agreed to pay $550m (£357m) to settle civil fraud charges over how it marketed the Abacus subprime mortgage product, ending months of negotiations that rattled the bank’s clients and investors.The Abacus product was marketed by French banker Fabrice Tourre. Tourre, who had dubbed himself as “Fabulous Fab,” denied allegations that he or the bank had misled investors over the high-risk Abacus product.Britain’s Financial Services Authority said on Thursday that Goldman had not adequately informed it of the American investigation into the Abacus affair.“Goldman Sachs International did not set out to hide anything, but its defective systems and controls meant that the level and quality of its communications with the FSA fell far below what we expect of an authorised firm,” FSA director Margaret Cole said in a statement.In a seven-word response to the FSA fine, a Goldman Sachs spokeswoman said: “We’re pleased the matter is resolved.” whatsapp Goldman Sachs slapped with £17.5m fine Share John Dunne Read This NextNew England Patriots’ Cam Newton says no extra motivation from Mac Jones’Sportsnaut’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofTortilla Mango Cups: Recipes Worth CookingFamily 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 ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofWhat to Know About ‘Loki’ Ahead of Disney+ Premier on June 9Family Proof whatsapp Thursday 9 September 2010 5:45 am Show Comments ▼ Tags: NULLlast_img read more

Carrefour cuts full-year forecast

first_img Carrefour, Europe’s biggest retailer, trimmed its 2010 profit forecast as an increase in one-off charges at its Brazilian business offset a slightly higher-than-expected rise in third-quarter sales. The French group, world number two by sales behind US group Wal-Mart, said yesterday it expected to make an underlying operating profit of around €3bn (£2.6bn) this year, down from about €3.1bn previously. That was due to an increase in the estimate for one-off charges at the group’s Brazilian business, where it is trying to revive flagging hypermarkets sales, to about €180m. Carrefour, which has over 15,500 stores in 35 countries, said third-quarter sales rose 6.7 per cent. Tags: NULL KCS-content 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 Famous, Now She Works In {State}MoneyPailSerendipity 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 Thursday 14 October 2010 8:46 pm Sharecenter_img whatsapp Carrefour cuts full-year forecast Show Comments ▼ whatsapp More From Our Partners Russell 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.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgFlorida 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.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgBill Gates reportedly hoped Jeffrey Epstein would help him win a Nobelnypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.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.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comMark Eaton, former NBA All-Star, dead at 64nypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comKamala Harris keeps list of reporters who don’t ‘understand’ her: reportnypost.comlast_img read more

UKLA endorsed by City as consultation winds up

first_img Share UKLA endorsed by City as consultation winds up whatsapp THE UK Listing Authority (UKLA) received backing from the City yesterday, just as the government consultation on its future closed.The Listing Authority Advisory Committee (LAAC), the body which represents the investment community in its dealings with the UKLA, said overall satisfaction with the authority had risen to 72 per cent compared to 69 per cent in 2007, when the survey was last held.The LAAC added 20 per cent of advisers said there had been an improvement in the UKLA’s effectiveness over the past three years. And the report found the UKLA performed well against all three of its objectives as set out by the Treasury. Andrew Tusa, chairman of LAAC, said the group was pleased the survey had shown the performance of the UKLA in a positive light.But Tusa said he was concerned that the UKLA’s good work could be undermined by government plans to merge it with governance body the Financial Reporting Council (FRC), as part of plans to reform Britain’s tripartite system of financial regulation.Most City bodies have already voiced their opposition to the merger. whatsapp KCS-content Show Comments ▼ More From Our Partners Astounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.org Tags: NULL Monday 18 October 2010 8:29 pmlast_img read more

Plunging sales hit J&J results

first_imgTuesday 19 October 2010 7:39 pm Read This NextThe Truth About Bottled Water – Get the Facts on Drinking Bottled WaterGayotRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe WrapNewsmax Rejected Matt Gaetz When Congressman ‘Reached Out’ for a JobThe Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The Wrap Plunging sales hit J&J results Tags: NULL Johnson & Johnson (J&J) yesterday reported disappointing quarterly revenue as sales of US consumer products plunged 25 per cent following recalls of Tylenol and other consumer brands.Although J&J reported better-than-expected quarterly earnings, analysts said the profit performance was largely due to lower taxes and one-off items. “There was more of a decline in the consumer business than we had expected and not as strong a showing in the medical device business,” Nobel Financial Capital analyst Jan Wald said.The diversified healthcare company earned $3.42bn (£2.18bn), or $1.23 per share, in the third quarter. That compared with $3.35bn (£2.16bn), or $1.20 per share, a year earlier.Global company revenue fell 0.7 per cent to $14.98bn, shy of Wall Street forecasts of $15.19bn.J&J raised its full-year profit forecast to between $4.70 and $4.80 per share, from its prior view of $4.65 to $4.75 per share, citing the weaker dollar – which raises the value of sales in overseas markets.Global sales of consumer products fell 10.6 per cent to $3.57bn. Sales of the consumer brands plunged 25 per cent in the US, where tens of millions of bottles of Tylenol and other consumer medicines have been recalled in the past year due to quality control lapses – including mouldy odours in the products and overly high dosages of active ingredients.The company is facing a US congressional probe of the repeated recalls of Tylenol, painkiller Motrin and allergy treatment Benadryl – including alleged “phantom” recalls which J&J failed to disclose to the public. Share whatsapp KCS-content Show Comments ▼ whatsapplast_img read more

Retail sales down again

first_imgThursday 21 October 2010 4:52 am 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 Tags: NULL whatsapp whatsapp Howard Archer of Global Insight said: “The second successive fall in retail sales in September is surprising and particularly worrying given the importance of consumer spending to the economy. “Indeed, it can only fuel fears that the recovery is faltering markedly and it increases pressure on the Bank of England to revive Quantitative Easing in addition to keeping interest rates down at 0.5 per cent for an extended period. Share Show Comments ▼ Retail sales unexpectedly fell for a second month in a row in September, driven lower by weak clothing and fuel sales, official figures showed. The Office for National Statistics said sales volumes including automotive fuel fell 0.2 per cent last month after a downwardly revised drop of 0.7 per cent in August. Analysts had forecast a rise of 0.4 per cent last month.On the year, sales were 0.5 per cent higher, well below forecasts for a reading of one per cent annual growth.Excluding fuel, retail sales were unchanged on the month and 1.8 per cent higher than in September last year.The figures, which show the longest sustained fall in sales since the turn of the year, are likely to reinforce the view that Britain’s economic recovery has peaked and support broad evidence of weakening consumer activity.Some economists argue that the Bank of England will have to do more to stimulate growth as the government reduces a record budget deficit through large public spending cuts and tax rises, including a hike in VAT sales tax to 20 per cent next year.The ONS said textile, clothing and footwear sales fell 0.8 per cent on the month and predominantly automotive fuel sales were down 2.3 per cent.There were muted rises in food stores and household goods stores sales. John Dunne Read This NextThe Truth About Bottled Water – Get the Facts on Drinking Bottled WaterGayotRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe WrapNewsmax Rejected Matt Gaetz When Congressman ‘Reached Out’ for a JobThe Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The Wrap Retail sales down again last_img read more

A vintage performer relives a year when he made £7m in just one day

first_img Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryUndoMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailUndoTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastUndoSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesUndoElite HeraldExperts Discover Girl Born From Two Different SpeciesElite HeraldUndoZen HeraldThe Truth About Why ’40s Actor John Wayne Didn’t Serve In WWII Has Come To LightZen HeraldUndomoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comUndoAlphaCute30 Rules That All “Hells Angels” Have To FollowAlphaCuteUndoTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island FarmUndo 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.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comKiller drone ‘hunted down a human target’ without being told tonypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.org Tuesday 26 October 2010 7:35 pm whatsapp AS THE wine is poured, Greg Dyke winces slightly: “just a little for me”. That’s nothing to do with the wine, which is one of the world’s best – a 1991 Penfolds Grange – but Dyke, whose stint as Director-General of the BBC ended in controversy in 2004 when he resigned on the publication of the Hutton Report, is now chair of the British Film Institute (BFI) and, caught in the whirl of the London Film Festival, he is out for premieres and drinks every night.Still, that doesn’t dent his enthusiasm: “The film I saw last night, The King’s Speech, was wonderful, an absolute sensation”. At 63, Dyke still gives off a irrepressible and infectious energy, and as he cheerfully approves the abolition of the Film Council – “I don’t mourn their passing – they never funded the BFI properly” – and reaches for his glass, the note of caution is swiftly set aside.We are tasting this very special vintage – with intense licorice and dark berry flavours, it also aids the flow of conversation marvellously – in the sixteenth-century wine cellar of the Stafford Hotel, courtesy of Penfolds. Dyke will be speaking on 2 November at the Hospital club in Covent Garden, and those attending will be able to taste the same wine and hear both from Peter Gago, Penfolds chief winemaker, and from Dyke about why he calls 1991 his own vintage year. whatsapp Show Comments ▼ KCS-content A vintage performer relives a year when he made £7m in just one day Share vintage yearEducated at Hayes Grammar School and the University of York, Dyke’s CV is full of incident, from saving TV-am with Roland Rat to his battles at the BBC, but in 1991 he pulled off a remarkable coup that made his personal fortune and showed his rivals why this amiable businessman should not be treated lightly. At the time, Dyke was managing director of London Weekend Television (LWT).LWT was faced with a preposterously-structured blind auction for ITV franchises, which Dyke says was a classic case of someone coming up with a decent free market idea and parliament amending it into a bizarre, unrecognisable mess. But Dyke rose to the challenge. “A couple of weeks out, I stopped doing my job and turned myself into an investigative journalist. I spoke to everyone, people they’d almost appointed, found out who was properly capitalised, found out what ITN’s bid was going to be. So by the end I knew as much as I could about everyone else’s hand.”Dyke had also read the small print. Puzzling through the detail of the auction structure, he realised that a “quality threshold” allowed him to underbid his rivals and still win. LWT bid £7m and won, the competition bid £30m and lost. Dyke also won against TV-am, the company he had once saved and which later sacked him. “That was one of those cases of revenge being best delivered cold,” he smiles. The best revenge of all may have been the money Dyke made for himself on the deals – the franchise decisions on one day in 1991 eventually netted him £7m. “We had the most amazing party that night – people were still asleep on the floor the next morning.”funding the bbcDyke never had to worry about money again, which perhaps leaves him now more willing than most to speak as he finds. Tony Blair and Alastair Campbell are dismissed as “unpleasant political thugs”, the experience of whose authoritarian instincts in government will keep him from ever voting Labour again. His report on the creative industries for the Conservatives was handed in but never published, probably because of his recommendation that the most sacred of cows, the BBC’s licence fee, should be killed off.“I believe the BBC should be well-funded. If we’re stuck with a model that means it won’t be, that ought to change. The licence fee’s days are numbered; it can’t be sustained when people can just watch on the internet now. I saw my kids at university doing it. Anyway, it’s an unfair tax: the poor pay the same and the rich probably use it more. I’d like to see a hypothecated tax.”He also drily notes that rumours of the BBC’s 16 per cent austerity cut are greatly exaggerated “The BFI would have welcomed that deal. You have to remember household growth of 1 per cent a year will add to the licence fee income, and there’s a big chunk only temporarily assigned to digital switchover until 2012. It’s a good swap for the guarantee that the licence fee will continue for six more years.”Dyke’s views on the future of television deserve attention: he is one of the fathers of Freeview, an idea that he jokes was “too good for the public sector”, that made free digital television simple enough to become mainstream – 11m boxes later, it is hard to recall it even had to be invented.Still, for all Dyke’s evident interest in these questions, he denies any desire to be back in the driving seat. Rumours about his return to Channel 5 were “silly” and while there was talk in March this year of Dyke being considered to take over as editor of the Independent, that “didn’t work out”.Dyke doesn’t seem especially sorry. Living a portfolio life with plenty of holidays – and excellent wine – Dyke is happy to just pass on a little of his advice to the next generation.Greg Dyke will give a Penfolds’ Vintage Years speech for budding entrepreneurs on 2nd November at The Hospital Club, London, followed by a Penfolds wine-tasting. Register for a ticket at [email protected] | GREG DYKEAge: 63Education: Hayes Grammar School and York University Family: Married with four children Career: Dyke began his career as a local newspaper journalist. He worked at LWT before becoming editor-in-chief of TV-am in 1983. Dyke then moved to TVS and LWT, after which he became chief executive at Pearson and also guided the creation of Channel 5. Director-General of the BBC from 2000, Dyke resigned after the Hutton report in 2004. He is Chair of Brentford FC, Chair of the BFI and Chancellor of York UniversityFamous achievements: Put Roland Rat on TV-am; created Freeview; cut administration costs at the BBC from 24 per cent to 15 per cent of total incomeMotto: “Be bold; go for it.” Tags: NULLlast_img read more

Xstrata to face Sphere rival

first_img KCS-content Show Comments ▼ Friday 5 November 2010 12:35 am Share by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastMoneyPailShe Was Famous, Now She Works In {State}MoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesElite HeraldExperts Discover Girl Born From Two Different SpeciesElite Heraldmoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island FarmAlphaCute30 Rules That All “Hells Angels” Have To FollowAlphaCuteBridesBlushThis Is Why The Royal Family Kept Quiet About Prince Harry’s Sister BridesBlush whatsappcenter_img whatsapp Read This NextRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe WrapNewsmax Rejected Matt Gaetz When Congressman ‘Reached Out’ for a JobThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe Wrap’Sex and the City’ Sequel Series at HBO Max Adds 4 More ReturningThe Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The Wrap Xstrata to face Sphere rival A rival bidder has emerged for Australian iron ore prospector Sphere Minerals, which has already agreed a A$514m (£320m) takeover bid by London-listed Xstrata. Sphere’s biggest shareholder, Sin-Tang Development Pte, said yesterday it plans to reveal an alternative bid as soon as today. The group refused to support the takeover efforts of Xstrata, which currently holds an 8.15 stake in the firm and this week raised its offer by 25 per cent to secure an agreement from Sphere. Tags: NULLlast_img read more

Getting to grips with the BRICs: Foreign Office insights for the City

first_img Getting to grips with the BRICs: Foreign Office insights for the City whatsapp Tags: NULL whatsapp Share FOUR former British Ambassadors to Brazil, Russia, India and China gathered recently at the Royal Automobile Club in SW1 to discuss these fast-growing economies, collectively nicknamed the BRICs. The objective was to help an audience of business people better understand how these countries see themselves in the context of their emerging status as world powers; who are their friends and chief rivals, what are the geopolitical challenges that most pre-occupy their governments? The four panellists – Dr Peter Collecott (Brazil, 2004/8), Sir Anthony Brenton (Russia, 2004/8), Sir Michael Arthur (India, 2003/7) and Sir Christopher Hum (China, 2001/5) – were expert, candid and realistic. The discussion was private but they have kindly allowed me to summarise their key points.1. THE CRUCIBLE OF THE PACIFICThe Pacific Ocean has replaced the Atlantic as the crucible of world events. This transition is hardly news, but it is now well underway, accelerated by the economic crisis, and its consequences are so serious and challenging for the West that we shouldn’t miss an opportunity to remind ourselves that we are living in a new world order. For the BRICs this transition creates opportunity, and threats. Indo-Sino-US rivalry in the Pacific will be the defining dynamic of 21st-century geopolitics (more on this later). Russia, which maintains its Pacific Fleet at Vladivostok (and nine time zones to the west, the Black Sea Fleet at Sevastopol), looks on with unease. In 2008 a Sino-Russian agreement resolved long running border disputes between Moscow and Beijing but, warned one of the ambassadors, “Russia is empty, and China is full” – Russia’s porous southern border with China will give Moscow a headache, as well as a business opportunity, for the foreseeable future. Only Brazil has no active interests in the Pacific Basin. 2. A GATHERING STORM IN ASIAOne of the ambassadors compared South East Asia’s geopolitics with those of Europe in the first decade of the 20th century. This does not mean conflict is inevitable, he stressed, but tensions will develop as the Pacific Rim’s emerging powers seek to exert influence in a confined geographic space which the US perceives to be vital to its own interests. China and India are commissioning blue water navies; India’s Ministry of Defence has pledged to spend $100bn (£64bn) modernising its armed forces in the coming decade. Tensions will emerge and these will have to be managed. Brazil is well out of it. 3. FOUR VIEWS ON AMERICAN POWEREach of the BRIC states is obsessed by the US. All of them have a thriving economic relationship with the world’s leading importer, and they see the US as the place to educate their elites and a cultural force that continues to exert a massive influence and pull on their citizens. But each BRIC has a different political perspective on the US:● For Brazil, the US is a regional paterfamilias; someone with whom it wishes to enjoy close relations, but one it also wishes would cease meddling in its backyard, and treat it more like a grown-up.● Obama’s reset has transformed the relationship between Washington and Moscow; witness the recent deal between NATO’s leaders and President Medvedev which brings Russia inside NATO’s once-contentious missile defence programme, and Russia’s discreet help for NATO in Afghanistan. Fear of Islamic terrorism, and China’s growing power, will gradually push Russia westward. ● India’s goodwill towards the US is uncomplicated: most of its best young men and women now go to American universities and Silicon Valley buzzes with Indian expats. The world’s two most important democracies are establishing a strategic partnership – witness their 2008 civil nuclear agreement and a developing defence relationship. Barack Obama made a state visit to New Delhi in November, when he blessed India’s campaign to become a permanent member of the UN’s Security Council and encouraged the Indian Air Force to modernise its fleet of multi-role combat aircraft with Super Hornets and F-16s. The US sees an armed, regionally active India as a useful balance to China. So does New Delhi. ● Obama calls China “our vital partner and competitor”. Of all the BRICs, China is the most committed to rival America as a world power. Analysts predict China could overtake the US economy (in terms of GDP) as early as 2020 and the prospect fills Chinese policy makers with pride, as China re-asserts itself as a world power, and trepidation, as they anticipate the response of the US, and consider how to weight their diplomatic and military programmes to match China’s economic muscle. The Chinese leadership feels vindicated by the economic crisis, and the fault-lines it has revealed in Western capitalism. But the Chinese and the US economies are highly interdependent; and the scale of China’s domestic challenges stops Beijing from feeling too sure of itself. So does the knowledge that China cannot match US military power for the foreseeable future (the US Pacific Fleet consists of around 180 ships, nearly 2,000 aircraft and 125,000 sailors, marines and civilians). China’s two regional priorities are to protect China’s extended shipping lanes and to restore sovereignty over Taiwan. No wonder China is currently building its own aircraft carriers. 4. THE EUROPEAN UNION SIDESHOWNone of the BRICs take the European Union seriously. They are confused by its complex structure and unmoved by its demonstrations of soft power. China welcomes the EU’s commitment to a multi-polar international system, but Beijing prefers to deal directly with what it regards as Europe’s principal powers (Germany, France and the UK, probably in that order). India feels comfortable with Europe, and especially the UK; Britain needs to do more to turn this goodwill into a meaningful partnership (hence the unprecedented scale of David Cameron’s visit to India in July). But like China, India prefers to do its diplomatic business bilaterally. Ditto Brazil. Russia has the deepest relationship with the EU, and this looks set to grow as Chinese power in the Pacific pushes Russia west, and the EU works hard to accommodate it. 5. NEW RIVALS TO OUR KNOWLEDGEThe BRICs all aspire to be knowledge economies, something that too many in the West still regard as a natural monopoly of the old world. Russia sits on a first-class science and engineering base. India is one of the few powers to have developed a nuclear capability without external assistance. Many of India’s software firms are now world leaders. Brazil’s biodiversity and technological base has made it a global centre for agritech and biotech research and development; Embraer, an aviation conglomerate based near Sao Paolo is now the third largest commercial aircraft manufacturer in the world. China knows its growing prosperity is eroding the competitiveness of its low-tech, high-volume manufacturing base; it too is moving up the value chain. In 2008 the government set up a passenger aircraft manufacturer, Commercial Aircraft Corporation of China (COMAC) to reduce the country’s dependency on Boeing and Airbus. 6. SOME THINGS WON’T CHANGEThe discussion closed with a consensus that in 2050 China would be the largest economy in the world, but that the US would still be the world’s pre-eminent power.Alex Hickman, former foreign affairs adviser to David Cameron (2006/7) is managing partner of Chartwell. www.chartwellpartners.co.uk Show Comments ▼ Sunday 5 December 2010 10:47 pm by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastMoneyPailShe Was Famous, Now She Works In {State}MoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBetterBe20 Stunning Female AthletesBetterBeMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan TimesElite HeraldExperts Discover Girl Born From Two Different SpeciesElite Heraldmoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comZen HeraldNASA’s Voyager 2 Has Entered Deep Space – And It Brought Scientists To Their KneesZen Herald KCS-content last_img read more

Reckitt in £460m deal for Paras

first_img Tags: NULL Reckitt in £460m deal for Paras Share Consumer goods firm Reckitt Benckiser has agreed to buy privately-held Indian company Paras Pharmaceuticals for about $726m (£460m), to boost its operations in a fast-growing healthcare market.Big global healthcare firms are fast driving into emerging markets as sales stall in developed countries and as they look to tap into the healthcare needs of billions of new consumers in places such as China, India, Brazil and Russia.Paras, which clocked sales of more than four billion rupees in the financial year ended March, makes several over-the-counter medications, including Moov pain relief ointment, Krack heel care lotion, and D’Cold cold remedy.“The research base of companies and the market potential in India are the main attractions for foreign players in the Indian healthcare sector,” said R.K. Gupta, managing director at Taurus Asset Management Company in New Delhi.“We will see these kind of deals in the future as well as global drug makers step up their efforts to capture a bigger share of the emerging markets.”Private equity firm Actis will sell its 63 per cent stake in Paras to Reckitt Benckiser. Other shareholders including Sequoia Capital and Paras founder Girish Patel and his family will also sell their stakes to the company.“It creates a material healthcare business in India, one of the most promising healthcare markets in the world with the addition of number of strong and leading brands,” Reckitt Chief Executive Bart Becht said in a statement.Reckitt has in its stable a number of household names including cleaner Cillit Bang. whatsapp John Dunne center_img Show Comments ▼ More From Our Partners Killer drone ‘hunted down a human target’ without being told tonypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.org by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeCuteness56 Animal Puns For a Quick LaughCutenessBewadaHusband Divorced His Wife After Looking Closer At This PhotoBewadaadvisor15 Plants that Repel Mosquitoes NaturallyadvisorBuzzDestination7 Types of Men Who Are Not Made For RelationshipsBuzzDestinationcutenova.comTake a Peek at 10 of the Most Expensive Houses in the Worldcutenova.comwomengetfreebies.comGet free samples sent to your home. 100% free. Sign up Nowwomengetfreebies.comCleaning Services | Search AdsHere’s What Cleaning Services In Scottsdale Should Actually CostCleaning Services | Search AdsMike HistoryAt 66, This Is Bruce Willis’ Private CarMike HistoryCrawl Space RepairFoundation Repair Cost In Scottsdale May Surprise YouCrawl Space Repair Monday 13 December 2010 2:43 am whatsapplast_img read more