Rapid responses December 17, 2012 Banking union [Re: European banking union will be no friend of vibrant financial services, Thursday] If Europe’s banks are going to be regulated under one umbrella, the financial sectors of smaller countries will likely find themselves stifled. The inclination for a European regulator will be to impose the level of regulation that is already in [...]
East India Company: The original City firm judged too big for failure December 16, 2012 FOR an institution that’s been defunct for over 150 years, the East India Company still evokes powerful reactions. This year in India, a move to liberalise the retail sector to allow investment by foreign multinationals was greeted with protests: “this is the return of the East India Company”. Meanwhile in the UK, Sanjiv Mehta has [...]
The government achieved the best deal possible on Eurozone banking union December 16, 2012 POLITICIANS are the first to be blamed when things go wrong, so it is important that they also receive credit when they get something right. Last week’s developments on the European banking union are a case in point. Under the circumstances, the UK government secured the best deal possible at the summit in Brussels. The [...]
Savers musn’t be harmed by rules designed to help December 16, 2012 IN JUST a few weeks, the UK will see sweeping changes to financial services regulation. The retail distribution review (RDR) comes into force under the stewardship of the new Financial Conduct Authority. By requiring financial advisers to disclose transparently the fees savers pay for advice, RDR aims to help rebuild shattered trust in the financial [...]
As more Christmas shoppers choose to buy online, can the British high street survive? December 16, 2012 YES Rob Myers Regardless of how the internet evolves, you can’t try on a pair of the latest shoes or feel the quality of a gift for a loved one. Our research has shown that, far from killing the high street, the internet is lending itself as a valuable tool in the retailer’s armoury. The [...]
Rapid responses December 16, 2012 Interest protection [Re: European banking union will be no friend of vibrant financial services, Thursday] A banking union in the Eurozone makes a lot of sense. The very basic monetary union Europe had before has shown its limits under pressure. As the crisis heated up, European banks were encouraged to restrict cross-border lending and become [...]
Green light for shale: Now Britain will benefit from the dash for gas December 13, 2012 FORGET the Energy Bill; the announcement that exploration for shale gas can now resume is the big energy story of 2012. In Lancashire alone, there is enough shale gas in the ground to meet Britain’s needs for decades. But the big question is what proportion can be developed at a reasonable cost. Yesterday’s decision means [...]
At the end of the day the business cliche just masks woolly mindedness December 13, 2012 LET’S open the kimono. The language of business is a joke. It now seems to be best practice to get your ducks in a row for corporate meetings by memorising phrases like value proposition, point person and core competency. At the end of the day, buzz phrases and bizarre metaphors may take it to the [...]
Charities take the burden as parties harden on welfare December 13, 2012 ONCE upon a time, we had to read the old classics to hear about the two kinds of people in need – the labouring poor and the undeserving poor. Dickensian scenes of the hard-working Bob Cratchit, abused by his employer Scrooge, contrasted with the feckless, drunken Bill Sykes. But is it too far fetched to [...]
Is Eurozone banking union a danger to Canada as a global financial centre? December 13, 2012 YES Philip Booth The rationale for an EU banking union is clear: if Eurozone bank bailout costs are socialised, then bank regulation must be centralised. But this is the wrong approach. Instead, we should focus on ensuring that banks can fail safely, without bailouts. Roland Vaubel explained the dangers of a banking union in yesterday’s [...]