Leadership candidates Sajid Javid and Jeremy Hunt praised Hancock’s “energetic” campaign after Hancock pulled out of the contest last week. whatsapp Joe Curtis Tory leadership race: Matt Hancock backs Boris Johnson But Hancock today said London’s former mayor is the best chance at ending the Tory party’s internal feud over Brexit. More From Our Partners Brave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.org‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comRussell 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.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.org Square Mile bosses warmed to Johnson during his time as the mayor of London. He has now opted to support the favourite, Johnson, despite ruling out a no-deal Brexit in his own campaign. Read more: ‘A long way to go’ in Tory contest after first round victory, says Boris Johnson has also won the support of former work and pensions secretary Esther McVey, who fell at the first hurdle in the first round of MP voting. Tags: Boris Johnson One City source told City A.M. that Johnson was likely to bring up the threat of a Corbyn government in talks with finance chiefs. Lord Alan Sugar has said he would support Johnson’s Tory leadership race. Johnson has the backing of 114 MPs but is set to meet 25 business leaders this morning. He told City A.M. that “the public like him [and] he did a good job as the mayor of London”. Hancock quit the Conservative leadership contest last week. Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May Likebonvoyaged.comThese Celebs Are Complete Jerks In Real Life.bonvoyaged.comUndoPast Factory4 Sisters Take The Same Picture For 40 Years. Don’t Cry When You See The Last One!Past FactoryUndoZen HeraldEllen Got A Little Too Personal With Blake Shelton, So He Said ThisZen HeraldUndoFilm OracleThey Drained Niagara Falls – Their Gruesome Find Will Keep You Up All NightFilm OracleUndoDefinitionMost Embarrassing Mistakes Ever Made In HistoryDefinitionUndoMisterStoryWoman files for divorce after seeing this photoMisterStoryUndoDaily Funny40 Brilliant Life Hacks Nobody Told You AboutDaily FunnyUndoNext RefinanceThey Drained Niagara Falls — They Weren’t Prepared For This Sickening DiscoveryNext RefinanceUndoElvenarIf You Are Above 30, this Fantasy Game is a Must-Have. No Install.ElvenarUndo “Having considered all the options, I’m backing Boris Johnson as the best candidate to unite the Conservative party, so we can deliver Brexit and then unite the country behind an open, ambitious, forward-looking agenda, delivered with the energy that gets stuff done,” Hancock wrote in the Times. Share Monday 17 June 2019 9:02 am whatsapp They added: “People do like meeting Boris, they like being wooed by him.” But Hancock praised the former foreign secretary, saying he has a “unique” personality. Read more: ‘You’re hired’: Lord Sugar supports Boris PM bid Johnson has said the UK must leave the EU by the 31 October deadline with or without a deal. But they have since cooled on the leadership frontrunner following his hard Brexit rhetoric. Rivals criticised Johnson’s decision not to take part in the Channel 4 debates. The odds-on favourite wants to build new bridges with the City after burning them during the Brexit campaign. “We need that unity in the Conservative party, and then in the country. Let’s move forward,” he added. Boris Johnson is the frontrunner in the Tory leadership race His backing follows Johnson’s failure to appear in a live television debate between the leadership contestants last night. Meanwhile, Johnson is set to launch charm offensive in the City of London this week to make up for his alleged “f*** business” comment during the 2016 EU referendum. Health secretary Matt Hancock today threw his support behind Tory leadership race frontrunner Boris Johnson to become the country’s next Prime Minister.
The London-listed group’s share price fell five per cent to 1,653p in early morning trading, as investors digested the group’s warning that global catastrophes were likely to knock profits. Disasters such as Typhoon Jebi in Japan and Hurricane Michael in Florida, however, caused the group to warn of a “continued deterioration” in the market. Hiscox trumps profit forecasts but warns of profit hit from natural disasters Read more: The Hiscox CEO who has got the City covered Hisxoc said that it has strengthened reserves for prior year claims from Typhoon Jebi, Hurricane Michael and for the risk excess book. Friday 12 July 2019 9:13 am Sebastian McCarthy whatsapp “The scale of deterioration has been significant, with industry loss estimates having increased materially since these events,” the firm said. Share In May the Lloyd’s of London insurer said that gross written premiums in the first three months of the year as rates improved in the London market. A spate of natural disasters battered insurance giant Hiscox over the last year, with the insurer’s share price sliding five per cent this morning as it warned of a deteriorating market. Read more: Hiscox grows premiums as London market rates improve More From Our Partners Russell Wilson, AOC among many voicing support for Naomi Osakacbsnews.com980-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.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.orgI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.org The FTSE 100 insurer said that profits before tax for the first half of 2019 would be between $150m (£120m) and $170m, beating the average analysts’ estimate of $152.6m as per Refinitiv data. Yet despite beingset back by a number of catastrophic typhoons and hurricanes, thefirm issued a better-than-expected earnings forecast this morning. whatsapp
Jason Millett, Mace’s chief operating officer for consultancy, today said: “Mace’s pioneering research kick-started the debate about free ports in the UK and their potential benefits. Our polling shows that they are popular across the political spectrum, with eight in 10 people supporting their creation around the country, and would give a possible economic bonus of £1,500 per person in areas they are created. Share “Policy impact evaluations often suggest that the net benefit of free zones is limited,” it said in a research paper earlier this year. “The US experience is not very illuminating: whilst there are many jobs in the US Foreign-Trade Zones, there is little evidence of how many are net creations.” UK to create up to 10 freeports to boost trade after Brexit Labour’s shadow secretary of state for international trade, Barry Gardiner MP, criticised the plans. “We are exploring freeports as an innovative way to drive growth and support thousands of high-skilled jobs across the UK,” Rishi Sunak, chief secretary to the Treasury, said in a statement. New Prime Minister Boris Johnson, who is committed to taking the UK out of the EU by 31 October, floated the idea during his campaign for the Conservative leadership. The government said ports and airports around the country will be able to bid to become one of the freeports and announced it had created a new freeports advisory panel, including technology and tax specialists, to help them set it up. Consultancy and construction firm Mace last year said creating seven freeports in the north of England could add £9bn a year to Britain’s GDP and create 150,000 jobs. They can also be used to import raw materials and make finished goods for export. The UK is planning to create up to 10 freeports to boost trade after Brexit, it said today. “We will focus on those areas that could benefit the most, as we look to boost investment and opportunity for communities across the country.” Freeports could cut down on unnecessary checks and paperwork as well as having customs and tax benefits for firms, the government said, reducing costs and bureaucracy and encouraging manufacturing businesses to set up. James Booth Friday 2 August 2019 11:04 am “The British people did not vote for this new administration and they certainly did not vote to see their jobs and livelihoods threatened in favour of gifting further tax breaks to big companies and their bosses,” he added. Freeports are areas where imported goods and be processed or held free of customs duties before being exported again. Shipping containers are pictured on the docks at DP World’s London Gateway, container port at Corringham, east of London on April 10, 2017. / AFP PHOTO / Isabel Infantes (Photo credit should read ISABEL INFANTES/AFP/Getty Images) The UK Trade Policy Observatory, run by the University of Sussex and Chatham House think-tank, questioned Mace’s figure, saying much of it would just be redistributing economic activity from elsewhere in the country. Teesport and the Port of Tyne in northeast England, Milford Haven in Wales and London Gateway are among those who have expressed an interest in becoming freeports, the government said. “They already exist in many countries right around the world and it’s great that the UK now has plans to catch up. I look forward to hearing more about the government’s proposals and locations selected over the next few months and hope that they decided to ‘supercharge’ them by combining them with enterprise zones which is the recommendation our report put forward.” “This is not new investment and growth. It is a race to the bottom that will have money launderers and tax dodgers rubbing their hands with glee. Freeports and free enterprise zones risk companies shutting up shop in one part of the country in order to exploit tax breaks elsewhere, and, worst of all, lower employment rights,” he said. whatsapp Read more: Former banker Sajid Javid’s first job as chancellor? To stand up to Boris Johnson Read more: The UK trade team had better up its game – and fast whatsapp
Wednesday 4 September 2019 4:04 am The expulsion of Bury FC from the English Football League last week continues to generate a huge amount of sound and fury. Players with Premier League skills thus are exported to and imported from abroad – what economics describes as a tradeable market. In the lower divisions, however, the players are non-tradeable in this sense. SOUTHAMPTON, ENGLAND – AUGUST 31: Marcus Rashford of Manchester United during the Premier League match between Southampton FC and Manchester United at St Mary’s Stadium on August 31, 2019 in Southampton, United Kingdom. (Photo by Catherine Ivill/Getty Images) A salary cap, no matter how tightly drawn up, is always open to creative abuse. But economics suggests that it is the way forward for teams in divisions below the Premier League. Professional sporting clubs are an unusual sort of beast from the perspective of economic theory. Regardless of the apparently dodgy nature of some of Bury’s transactions, the simple fact is that the club overspent massively in order to gain promotion from League Two last season. whatsapp The behaviour of clubs, however, nicely illustrates another concept in economics. This is the potential conflict between individual and collective rationality. Economic theory can offer a lesson to struggling football clubs Economists agree that companies act to maximise profit. The concept is not completely clear-cut – a pricing policy, for example, which gouges customers and increases profits this year may eventually prove disastrous. But generally sustainable profit is the aim. It is the collective interests of top soccer clubs to scale down the payments to players. The problem for clubs is that if they offered stars laughably small amounts, say a mere £100,000 a week, other top clubs both here and in Europe would entice them away. It is not in the individual interests of the club to allow this to happen. Main image credit: Getty The surge in the costs involved of running a football club has been dramatic. Over the summer, for example, Premier League clubs were involved in transfer deals worth a collective £1.4bn. Marcus Rashford signed a new contract with Manchester United in July worth £250,000 a week, and quite a few players get even more. 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. This works well in American football, for example. As an approximation, all the teams spend the full amount. So unlike soccer, where a handful of clubs dominate, success rotates around. There was, in fact, a maximum wage in force in soccer until 1961. It was only twice average earnings, around £1,200 a week in today’s money, and was ended by the threat of a players’ strike. by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeFinanceChatterViewers Had To Look Away When This Happened On Live TVFinanceChatterDaily FunnyFemale Athlete Fails You Can’t Look Away FromDaily FunnyThe Chef PickElisabeth Shue, 57, Sends Fans Wild As She Flaunts Age-Defying FigureThe Chef PickPost Fun25 Worst Movies Ever, According To Rotten TomatoesPost Funbonvoyaged.comThese Celebs Are Complete Jerks In Real Life.bonvoyaged.comNoteableyJulia Robert’s Daughter Turns 16 And Looks Just Like Her MomNoteableyBetterBe20 Stunning Female AthletesBetterBeAlphaCuteBizarre Hells Angels Rules, #10 Is MandatoryAlphaCuteTheFashionBallAthletes That Are So Beautiful They’re Also ModelsTheFashionBall But sporting clubs do not even attempt to maximise profits. Their principal motivation is to maximise costs. Spending more money means getting better players. And better players mean more success on the field. The correlation between the total amount a team spends on its players and its league position is not perfect, but it is high. It is the principal reason for success. So there is an inherent tendency for clubs to live beyond their means, unlike almost all other businesses. It is performance on the field which matters. Opinion Nowadays, of course, players able to perform in the Premier League are part of a global market. American footballers are not. The game is hardly played anywhere else. whatsapp Share One possible solution is for the regulatory body of a game to impose a binding salary cap, limiting the total amount which can be spent on a team. Paul OrmerodPaul Ormerod is an economist at Volterra Partners LLP, a Visiting Professor in the Department of Computer Science at UCL, and author of Against the Grain: Insights of an Economic Contrarian, published by the IEA in conjunction with City A.M.
Nonetheless, Samuel Tombs, chief UK economist at Pantheon Macroeconomics, said the survey “remains consistent with a deepening downturn in manufacturing output, despite the partial recovery of the total orders balance in November”. whatsapp (Image credit: Getty) The UK manufacturing sector officially contracted in the second quarter and flat-lined in the third, putting it close to recession. Harry Robertson Read more: UK suffers biggest fall in jobs in four years Leach said that on top of this, “ratifying a Brexit deal and moving on to build a vibrant future relationship with our biggest trading partner, based on frictionless trade, will be vital”. SUNDERLAND, ENGLAND – JANUARY 22: A technician works on the engine of the new Nissan Qashqai on the assembly line at the Nissan Sunderland plant on January 22, 2014 in Sunderland, England. The Qashqai is designed, engineered and manufactured in the UK and was unveiled in November 2013. The Tyne and Wear plant has now hit full production, with a car rolling off the line every 61 seconds. (Photo by Christopher Furlong/Getty Images) Yet the survey of 307 manufacturers found that total order books improved compared with October. The CBI survey today painted a mixed picture of the sector. Output volumes fell at a similar pace in October, with output expanding in only five out of 17 sub-sectors. Share UK manufacturing output continued to fall in November, a closely-watched survey has shown, but there were signs that the sector’s fortunes could be improving. Anna Leach, CBI deputy chief economist, said: “While the thick fog of uncertainty from a no-deal Brexit has lifted somewhat, the manufacturing sector remains under pressure from weak global trade and a subdued domestic economy.” whatsapp In the run-up to the UK General Election on 12 December, both main parties have promised significant spending increases on infrastructure that could boost the sector. Tuesday 19 November 2019 11:24 am More manufacturers reported a fall in orders than a rise, taking the balance to minus 26, but the figure was better than economists had predicted. It was also a significant improvement on October’s minus 37 score, which was the worst in almost a decade. The pick-up in orders made manufacturers more optimistic about the coming quarter. They now expect output to be broadly flat over the next three months, whereas in October they predicted a significant fall. She said: “Order books remain below average, and output volumes continue to fall. When taking into account the deteriorating outlook for manufacturing globally, it’s clear that the outlook for the sector remains precarious.” The CBI said the fall in output was driven largely by the motor vehicles, metal products, and metal manufacture sub-sectors. by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeDaily FunnyFemale Athlete Fails You Can’t Look Away FromDaily Funnybonvoyaged.comThese Celebs Are Complete Jerks In Real Life.bonvoyaged.comautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comDefinition24 Of The Most Hilarious Yard Signs Ever WrittenDefinitionBetterBe20 Stunning Female AthletesBetterBezenherald.comDolly Finally Took Off Her Wig, Fans Gaspedzenherald.comNoteableyJulia Robert’s Daughter Turns 16 And Looks Just Like Her MomNoteableyAmoMediaMan Leaves Wife For Her Sister, Her Revenge Is BrilliantAmoMediaPost Fun25 Worst Movies Ever, According To Rotten TomatoesPost Fun “The manufacturing sector is showing no sign yet of pulling out of its recent downturn,” he said. “With the Conservatives’ Brexit vision turning increasingly ‘hard’ under [Prime Minister Boris] Johnson’s stewardship, a renewed long-term structural decline in the UK’s manufacturing sector potentially lies in store.” Britain’s factories have suffered in 2019 as Brexit uncertainty has put off investment and the US-China trade war has dented global demand. UK manufacturing sector continues decline despite some signs of life Read more: UK avoids recession but annual growth slowest in a decade Orders picked up by more than expected from the decade low seen in October. But they stayed well below their historical average, the CBI said in its latest industrial trends survey. 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Read more: Watchdog says accountancy firms failing to challenge management of firms they audit Deloitte and PwC declined to comment and KPMG was contacted for comment. Shadow chancellor John McDonnell today promised to break up the “cartel” of the Big Four accounting firms if Labour wins the upcoming election. Ian Peters, chief executive of the chartered institute of internal auditors, said: “Whilst audit reform must be a key priority for the next government, Mr McDonnell’s proposals leave many questions unanswered and much greater detail would be required in order to determine the benefit of his proposals. Share This would include: “Offshore links, captive insurance companies, political links, audit failures, cooperation with regulators, regulator action, lawsuits, and yes, profits and practices that have been deemed unfair.” “We have written to the leaders of all the main parties urging them to make manifesto commitments to prioritise audit reform in the next parliament.” The Big Four of PwC, Deloitte, KPMG and EY have previously pushed back against proposals made by the Competition and Markets Authority (CMA) to introduce an operational split between their audit and non-audit arms. Labour’s plans would go further, introducing a structural split between the Big Four’s audit and non-audit businesses and a ban on auditors selling any non-audit services. whatsapp McDonnell also detailed plans to introduce a statutory auditor that would examine the books of banks, insurers and other financial institutions. Tuesday 19 November 2019 5:37 pm whatsapp by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeDaily FunnyFemale Athlete Fails You Can’t Look Away FromDaily Funnyzenherald.comDolly Finally Took Off Her Wig, Fans Gaspedzenherald.comNoteableyAirport Security Couldn’t Believe These Jaw-Dropping MomentsNoteableyPast Factory4 Sisters Take The Same Picture For 40 Years. Don’t Cry When You See The Last One!Past Factorybonvoyaged.comThese Celebs Are Complete Jerks In Real Life.bonvoyaged.comautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comJournalistateTeacher Wears Dress Everyday, Mom Sets Up CamJournalistateDefinition24 Of The Most Hilarious Yard Signs Ever WrittenDefinitionMilitary BudThis Picture Shows Who Prince Harry’s Father Really IsMilitary Bud Carum Basra, corporate governance policy adviser at the Institute of Directors, said: “The audit product has suffered significant reputational damage in recent years, and Labour is correct to call for a significant response to begin rebuilding trust. McDonnell said a regulator would examine the sector every five years until it had reached a stage where it could deliver “a high degree of competition and choice, to deliver value for money and high quality audits to protect stakeholders over all”. Read more: As the Big Four firms continue to dominate audit, have government efforts so far to reform the market failed? “Many of our members favour a complete split between audit and non-audit firms – and not merely an operational ring-fencing of audit and non-audit activities within the same firm. He also called for audit tenders to be made publicly available and auditor files accessible to “stakeholder scrutiny”. “Stakeholders want to feel confident that a challenging and sceptical conversation has taken place between the auditor and the company. “Reform of audit is already underway and we want the next government to develop a package of measures to deliver meaningful change in a way that is proportionate and practical given the global environment in which the UK operates.” James Booth Michael Izza, chief executive of the Institute of Chartered Accountants in England and Wales, said: “We agree the audit market needs to change, and so we’ve been engaging in reviews of the sector to call for more competition, stronger regulation, higher ethical standards and, most importantly, improved audit quality. “Under Labour the Big Four companies will not be allowed to continue to act like a cartel,” McDonnell told a Westminster audience during a speech on Labour’s plans for the economy. A spokesperson for EY said: “We remain committed to ensuring the audit profession is able to continue to serve the evolving needs of business, investors and the public interest.” “However, we remain to be convinced that the best approach is the establishment of a new statutory body to conduct audits.” Read more: Audit watchdog could push for clawback of audit partners’ bonuses after poor quality work John McDonnell says Labour will break up Big Four ‘cartel’ McDonnell also said Labour would require audit firms to publish “socially useful information about their operations”. “The auditor will not be dependent on fees from client companies, and as a result, could become, I believe, independent and robust,” he said. Read more: John McDonnell threatens to delist firms that fail to tackle climate issues LIVERPOOL, ENGLAND – NOVEMBER 07: Shadow Chancellor John McDonnell of the Labour Party delivers a major speech on the economy at the Invisible Wind Factory on November 7, 2019 in Liverpool, England. (Photo by Richard Martin-Roberts/Getty Images)
Share Commerzbank said today it was looking to make further cuts to costs after reporting a smaller-than-expected loss for the fourth quarter. Commerzbank also confirmed today that the sale of its Polish arm Mbank had begun. Some prospective bidders have been shying away from bidding on the division, Reuetrs reported, amid concerns over possible interference from the Polish government. Commerzbank shares rose as much as 5.87 per cent following the results. The German lender, which is in the process of restructuring following a failed attempt to merge with Deutsche Bank, posted a €54m (£45m) quarterly loss. Anna Menin More From Our Partners Biden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.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.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.com Commerzbank is in the process of selling its Polish division (Getty Images) Chief executive Martin Zielke said he was growing optimistic about the bank’s prospects despite the loss, which compared to a net profit of €113m a year earlier, but was not as bad as analysts’ forecasts of €99m. whatsapp Show Comments ▼ Bettina Orlopp, Commerzbank’s new finance chief, told analysts that the bank was sticking to its plans to sell its Polish arm but would only do so at the right price. A scarcity of bids for Mbank has also raised concerns about the price Commerzbank will be able to fetch. Commerzbank is in the process of selling its Polish division (Getty Images) Also Read: Commerzbank to continue cost-cutting after quarterly loss whatsapp Thursday 13 February 2020 12:34 pm Commerzbank to continue cost-cutting after quarterly loss “We have already made tangible progress with our strategy,” Zielke said the lender’s overhaul, which includes staff cuts, absorbing its Comdirect online brokerage and closing branches. Commerzbank said it would announce further measures to trim its expenses in the coming days. The state-backed bank posted a net profit of €644m for the entire year, down from €862m in 2018. Annual revenues rose from €8.57bn to €8.64bn. Commerzbank is in the process of selling its Polish division (Getty Images) Also Read: Commerzbank to continue cost-cutting after quarterly loss
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.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.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.comBill Gates reportedly hoped Jeffrey Epstein would help him win a Nobelnypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.org Share “The government will continue to use the markets as its primary source of financing, and its response to covid-19 will be fully funded by additional borrowing through normal debt management operations,” the statement said. Show Comments ▼ The UK has also been selling bonds to raise cash, with plans to raise up to £45bn from investors this month. The Bank of England has agreed to temporarily finance government borrowing during the coronavirus crisis, a measure last used extensively during the financial crisis. The measure announced today gives the government more flexibility in raising cash quickly. Also Read: Bank of England to finance government borrowing during coronavirus crisis Thursday 9 April 2020 9:38 am The government and Bank said any borrowing from the Ways and Means facility – effectively the government’s overdraft with the Bank – would be repaid by the end of the year. The facility currently has borrowing of £400m, and usage previously peaked at £19.9bn in 2008. Also Read: Bank of England to finance government borrowing during coronavirus crisis whatsapp whatsapp The Bank’s governor Andrew Bailey previously said the Bank would not engage in so-called monetary financing – the permanent funding of government spending, linked to hyperinflation in 1920s Germany and more recently in Zimbabwe. James Booth Bank of England to finance government borrowing during coronavirus crisis The UK government normally borrows money via the issues of bonds to the market. Ad Unmute 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!BleacherBreakerUndobonvoyaged.comTotal Jerks: These Stars Are Horrible People.bonvoyaged.comUndoMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryUndozenherald.comMeghan Markle Changed This Major Detail On Archies Birth Certificatezenherald.comUndoDaily Funny40 Brilliant Life Hacks Nobody Told You AboutDaily FunnyUndoPsoriatic Arthritis | Search AdsWhat Is Psoriatic Arthritis? See Signs (Some Symptoms May Surprise)Psoriatic Arthritis | Search AdsUndoDefinition24 Of The Most Hilarious Yard Signs Ever WrittenDefinitionUndoNoteableyJulia Robert’s Daughter Turns 16 And Looks Just Like Her MomNoteableyUndoMaternity WeekAfter Céline Dion’s Major Weight Loss, She Confirms What We Suspected All AlongMaternity WeekUndo “As a temporary measure, this will provide a short-term source of additional liquidity to the government if needed to smooth its cashflows and support the orderly functioning of markets, through the period of disruption from covid-19,” the Bank said in a joint statement with the Treasury.
Major UK retailers such as John Lewis have announced thousands of jobs cuts in the wake of the coronavirus pandemic (AFP via Getty Images) Moody’s: UK to suffer worst crash of any big economy Harry Robertson whatsapp In a note sent out yesterday, Moody’s analysts said they still thought the UK will suffer the biggest drop in GDP in the G20 this year, with the economy shrinking by 10.1 per cent. The UK will suffer the worst economic crash of any major economy this year, credit ratings agency Moody’s has predicted, with Brexit acting as a drag after the coronavirus crisis. The UK economy will see a “gradual subsequent recovery on the back of the easing in lockdown measures,” Moody’s said. It predicted growth of 7.1 per cent in 2021. “Our forecast estimates a sharper peak-to-trough contraction for the UK than for any other G20 economy,” the analysts said. They said this takes account “of our view that lingering uncertainty around Brexit will hold back the recovery in the second half of the year”. Major UK retailers such as John Lewis have announced thousands of jobs cuts in the wake of the coronavirus pandemic (AFP via Getty Images) Also Read: Moody’s: UK to suffer worst crash of any big economy “High-frequency indicators suggest that economic activity has gradually begun to recover after reaching a trough in April.” Friday 10 July 2020 11:27 am Data from June, when Moody’s first made the prediction, predicted France’s GDP will also fall by 10.1 per cent but have a slightly better recovery. Italian GDP is expected to fall 9.7 per cent and the US’s by 5.7 per cent. Share The UK’s debt pile has already risen above 100 per cent of GDP. The government has so far spent around £190bn on tackling coronavirus with more likely in the autumn. Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeNoteableyAirport Security Couldn’t Believe These Jaw-Dropping MomentsNoteableyUndoBeach RaiderMom Belly Keeps Growing, Doctor Sees Scan And Calls CopsBeach RaiderUndoDaily FunnyFemale Athlete Fails You Can’t Look Away FromDaily FunnyUndobonvoyaged.comTotal Jerks: These Stars Are Horrible People.bonvoyaged.comUndoJustPerfact USAMan Decides to File for Divorce After Taking a Closer Look at This Photo! JustPerfact USAUndoOne-N-Done | 7-Minute Workout7 Minutes a Day To a Flat Stomach By Using This 1 Easy ExerciseOne-N-Done | 7-Minute WorkoutUndoFinanceChatterViewers Had To Look Away When This Happened On Live TVFinanceChatterUndoPost FunWoman Refuses To Tip Waiter But Didn’t Realize What She Left At The TablePost FunUndoBleacherBreaker41 Old Toys That Are Worth More Than Your HouseBleacherBreakerUndo Moody’s said the government’s huge fiscal stimulus package will help the economy bounce back but will hit the UK’s public finances hard. “According to our baseline scenario, the public debt ratio will likely rise by 24 percentage points of GDP or more relative to 2019 levels,” it said. Moody’s also said government debt as a share of national income will balloon by 24 percentage points compared to its 2019 level, two days after chancellor Rishi Sunak vowed to pump up to £30bn more into the coronavirus-hit economy. whatsapp Major UK retailers such as John Lewis have announced thousands of jobs cuts in the wake of the coronavirus pandemic (AFP via Getty Images) Also Read: Moody’s: UK to suffer worst crash of any big economy Show Comments ▼
The incentives are indeed clear. Executives who intend to keep their jobs must act in the interests of their employer. While they might claim fealty to an amorphous blob of “stakeholders”, when their biggest shareholder calls they pick up the phone. Share Milton Friedman recipient of the 1976 Nobel Prize for economic science, sits with his wife in 2002. He died four years later. (Getty Images) Also Read: Fifty years on, Friedman was right: businesses answer to shareholders Where these new stakeholder capitalists have warm words, Friedman had a cool head and he is cast aside at our peril. His argument was precise and specific. Eschewing abstraction and grandiosity, he argued that business leaders were ultimately accountable to those who employed them – the shareholders of a company – and we should expect nothing else. whatsapp Yesterday marked fifty years since the publication of one of the most important articles in business history, written by Milton Friedman, the pint-sized American economist, and published in the New York Times. Show Comments ▼ In recent years, however, Friedmanism has fallen from favour. In 2019, the Business Roundtable, a club of America’s top CEOs, turned its back on shareholder primacy. 181 CEOs instead signed a letter declaring “a fundamental commitment to all of our stakeholders.” Friedman’s doctrine, often called ‘shareholder primacy’, proved popular in the boardrooms of corporate America. It absolved businesses of their wider social responsibilities and allowed them to pursue profit at any cost. A straight line links Milton Friedman and Gordon “greed is good” Gekko. Fifty years on, Friedman was right: businesses answer to shareholders Stakeholder capitalism suggests that companies can regulate themselves to be better. But it is Friedman’s philosophy that has the stronger grasp of what really drives a business. Monday 14 September 2020 9:31 am Opinion Profits are easy to measure, but social good is harder. The fast-fashion retailer Boohoo, for instance, was backed by 20 ESG funds and was AA rated for labour standards. Their Leicester factory suggested other priorities. Working conditions were, by the company’s own admission, “woefully short of any standards acceptable in any workplace.” Let Friedman be a reminder to any government who hands that responsibility to a stakeholder capitalist. Often for better and sometimes for worse, their shareholders will come first. The flood of money into so-called ESG funds – those that favour companies with positive environmental, social and governance credentials – further illustrates the challenges of “stakeholder capitalism”. Josh WilliamsJosh Williams is managing director of The Draft by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May Likebonvoyaged.comTotal Jerks: These Stars Are Horrible People.bonvoyaged.comDaily FunnyFemale Athlete Fails You Can’t Look Away FromDaily FunnyNoteableyJulia Robert’s Daughter Turns 16 And Looks Just Like Her MomNoteableyDefinitionThe 20 Worst Draft Picks Ever – Ryan Leaf Doesn’t Even Crack The Top 5DefinitionFinanceChatterViewers Had To Look Away When This Happened On Live TVFinanceChatterOne-N-Done | 7-Minute Workout7 Minutes a Day To a Flat Stomach By Using This 1 Easy ExerciseOne-N-Done | 7-Minute WorkoutBeach RaiderMom Belly Keeps Growing, Doctor Sees Scan And Calls CopsBeach RaiderZen HeraldEllen Got A Little Too Personal With Blake Shelton, So He Said ThisZen HeraldPost Fun25 Worst Movies Ever, According To Rotten TomatoesPost Fun But Friedman was naïve to think that capitalism is an unalloyed good. Some businesses sell products that harm us, fostering addictions and damaging the environment. Some mislead, propagandising against the damage they cause. Many lobby governments to promote their own interests at the expense of others. Friedman thought a business bent on profit was a force for moral good. Capitalism, for Friedman, was freedom, the antithesis to the political and economic repression that had consumed Eastern Europe, from which his parents had earlier fled. The pursuit of profit has indeed achieved extraordinary things. We are healthier and wealthier because of it. Capitalism set free the ingenuity of humanity, lifting billions, across the world, out of poverty. Milton Friedman recipient of the 1976 Nobel Prize for economic science, sits with his wife in 2002. He died four years later. (Getty Images) Examining the reality of stakeholder capitalism, rather than its rhetoric, has indeed cast doubts on the project. Research published last year showed that those who signed the Business Roundtable letter commit more environmental and labour-related violations than their peers and are more active lobbyists. This leads us ultimately to a conclusion that Friedman, who believed the state should be as small as possible, would little have liked. Companies, in the pursuit of profit, can do extraordinary things. But we ought not look to them to regulate themselves. 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. Friedman’s article had a simple argument but one with a profound impact. “There is one and only one social responsibility of business,” he wrote, “to use its resources and engage in activities designed to increase its profits.” whatsapp Milton Friedman recipient of the 1976 Nobel Prize for economic science, sits with his wife in 2002. He died four years later. (Getty Images) Also Read: Fifty years on, Friedman was right: businesses answer to shareholders The Davos-set followed suit, meeting last year under the jargonistic banner, “Stakeholders for a Cohesive and Sustainable World”. 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