Basel: Cost to growth of new banking rules will be modest

first_imgWednesday 18 August 2010 8:15 pm Tags: NULL whatsapp Basel: Cost to growth of new banking rules will be modest KCS-content Share whatsapp Show Comments ▼ NEW bank rules will cut global output by a small fraction, a “modest” price to pay for greater stability, the Basel Committee on Banking Supervision said yesterday, dismissing lenders’ warnings that they may curb growth severely.The new “Basel III” rules for banks’ capital and liquidity will tighten lending and reduce investment during a transition period, but to a much lower degree than forecast by banks, Basel and the Financial Stability Board (FSB) said yesterday.“Macroeconomic costs of implementing stronger standards are manageable…while the longer-term benefits to financial stability are substantial,” FSB chairman Mario Draghi said.Assuming the rules are phased in over four years and banks’ capital levels rise by two percentage points, output would on average decline by 0.38 per cent compared to a baseline scenario, according to an analysis by the FSB, a body tasked by the G20 to coordinate a string of market reforms including Basel III. This is only an eighth of the 3.1 per cent output loss over five years due to Basel III and other measures which bank lobby group The Institute of International Finance (IIF) has predicted for the United States and the Eurozone. Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily 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 ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofWhat to Know About ‘Loki’ Ahead of Disney+ Premier on June 9Family ProofCheese Crostini: Delicious Recipes Worth CookingFamily Prooflast_img read more

Irresponsible strikes will hit London

first_img KCS-content BARRING a last-minute reprieve, commuters will be subjected to much chaos from 5pm tonight as Underground workers go on strike. Tomorrow will be especially tough.This strike is irresponsible. It is being caused by selfish militants who cannot face losing some of their privileges at a time when everybody else in Britain is being forced to tighten their belts. Oyster cards mean fewer staff are needed to process tickets. The claim that this would endanger passenger safety doesn’t stack up. The strikers responsible for subjecting passengers to chaos should be ashamed of themselves. The Mayor and Transport for London must resist any temptation to surrender; and the government needs urgently to reexamine the rules governing strikes on essential services. FROM WALKMAN TO NANODespite the unrest, we are not entirely returning to the 1970s. As Russell Roberts, an economist based at George Mason University in the US, reminds us, it was in 1979 that Sony launched the Walkman, the first portable music player and a product which transformed the way we listened to music. The original Walkman weighed 14 ounces and cost (in those days) $200. It played cassettes (remember those?) that could hold 90 minutes of music, though the sound quality was far from perfect; the Walkman itself was a little larger than a cassette and quite boxy. Despite these limitations, it was an astonishing success, went on to sell 340m units worldwide in all of its incarnations and helped cement what was then Japan’s domination of the consumer electronics market.Fast-forward 31 years: Apple’s latest Nano weighs under an ounce; the 8GB model retails at $149 in the US (at today’s prices) and £129 in the UK, holds 60 hours of music, includes features such as FM radio and a pedometer, is smaller than a matchbook and is exquisitely designed. As Roberts points out, it is much cheaper (even before adjusting for inflation), weighs 1/14th as much and holds 40 times more music of much higher quality. Several lessons can be drawn from this; here are a few. Capitalism and globalisation has delivered astonishing improvements in terms of quality and price; private firms engaged in competitive rivalry lead the way. Even the poorest households today own numerous products that didn’t exist a few years ago. There have been real improvement in living standards across all income groups, many of which are not picked up in official statistics. As we get richer we care more about the way things look; design and visual characteristics are more important than ever before. Finally, Japan’s dominance in consumer electronics has been smashed; Apple, a US company that was written off 15 years ago, has revolutionized the music and mobile phone markets. So what does this mean for Britain? Countries (and companies) that foster flexibility, incentivise hard work and effort, embrace technological and economic change, nurture an entrepreneurial, can-do culture, promote individual freedom and open societies that value creativity and new thinking, and provide quality education will do well – and those that won’t are condemned to decline. On most counts, Britain is falling behind. The attitude of the militant strikers is the exact opposite of what our great city needs if it is to prosper – but it is merely one of many ways in which we are shooting ourselves in the foot. It is time to get a grip, and [email protected] More From Our Partners A 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.orgKiller drone ‘hunted down a human target’ without being told tonypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.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.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.com‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comMark Eaton, former NBA All-Star, dead at 64nypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comConnecticut man dies after crashing Harley into live bearnypost.com whatsapp Tags: NULL Sharecenter_img Sunday 5 September 2010 10:41 pm Irresponsible strikes will hit London by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailNoteabley25 Funny Notes Written By StrangersNoteableyThe Sports DropForgotten College Basketball Stars: Where Are They Now?The Sports DropBetterBe20 Stunning Female AthletesBetterBemoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan Timesautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comElite HeraldExperts Discover Girl Born From Two Different SpeciesElite HeraldTaco RelishOnly People With An IQ Of 130 Can Name These ItemsTaco Relish whatsapp Show Comments ▼last_img read more

Regulator block NAB’s $12bn bid for Axa Asia

first_img 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 John Dunne Show Comments ▼ Tags: NULL whatsapp Share Regulator block NAB’s $12bn bid for Axa Asia whatsapp Thursday 9 September 2010 3:42 am Australia’s competition regulator blocked National Australia Bank’s $12bn (£7.8bn) bid for AXA Asia Pacific for a second time, dashing NAB’s efforts to cement its dominance in the world’s fourth-largest wealth management market.The decision clears the decks for Australia’s second-biggest fund manager, AMP, to take another tilt at AXA Asia Pacific after its cash and share offer was trumped by NAB in December.The ruling sent AXA Asia Pacific’s shares tumbling by a tenth to levels not seen since it was put in play late last year, as investors bet NAB, Australia’s top lender, would give up its nine-month quest for control of the unit of France’s AXA.“I think it is time for NAB to move away from this bid. It has been nearly a year and they don’t need more distractions,” said Tom Elliot, Managing Director at hedge fund MM&E Capital.Australia’s top four banks, which hold dominant positions in everything from mortgages to life insurance, are looking to increase their sway over the $1 trillion wealth market that is seen growing at over 10 percent annually for the next five years on compulsory pension contributions, compared to loan growth of under five per cent a year. last_img read more

John Lewis to launch its xmas ad campaign with the X Factor

first_imgMonday 8 November 2010 9:12 pm Tags: NULL whatsapp whatsapp 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 TimesMagellan 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.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 FollowAlphaCute JOHN Lewis will launch its Christmas TV advertising campaign on Saturday during an ad break on the X Factor. The new campaign – which will be set to a cover of Elton John’s “Your Song” – was created by advertising agency Adam & Eve.The 60-second advertisement focuses on the care needed to find the perfect gift and features a range of products including kitchen sets and toys and wrapping them attractively.John Lewis marketing manager Craig Inglis said: “Last year we focused on the joy of receiving presents so this year we felt it was important to show the emotions we all experience at Christmas when choosing and giving gifts to others in this campaign.” center_img KCS-content Show Comments ▼ Share 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 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 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 John Lewis to launch its xmas ad campaign with the X Factor last_img read more

US Fed to continue bond buying despite positive economic data

first_img US Fed to continue bond buying despite positive economic data 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 WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe Wrap’Sex and the City’ Sequel Series at HBO Max Adds 4 More ReturningThe Wrap’Black Widow’ First Reactions: ‘This Is Like the MCU’s Bond Movie’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 Wrap STRONGER-than-expected US retail sales in November and rising producer prices have added to evidence that its economic recovery is gathering pace in the fourth quarter.But the Federal Reserve said the improvement was still too slow to bring down unemployment and confirmed it would still buy $600bn (£380bn) in bonds to stimulate growth and create jobs.The US Commerce Department said total retail sales increased 0.8 per cent in November, advancing for a fifth straight month, as consumers shook off unemployment fears to hit the shops at the start of the holiday season.Sales were up 7.7 per cent compared to November last year, and receipts at petrol stations also surged. Separately, producer prices increased 0.8 per cent last month, the Labour Department said, above forecasts for a 0.6 per cent gain. Core wholesale prices, which exclude volatile food and energy prices, rose 0.3 per cent.But the Fed’s latest statement contained little acknowledgment of this uptick in the data and instead focused squarely on high unemployment.It described the economy’s expansion as “continuing,” a modest upgrade from its November description of “slow”.Its steady emphasis on economic weakness surprised some analysts who expected clearer acknowledgment of recent signs the recovery has gained momentum.Excluding autos, sales rose 1.2 per cent in November, the largest gain since March and exceeding economists’ expectations for a 0.6 per cent gain. Sales for October were also revised up, to 1.7 per cent from a previously reported 1.2 per cent gain. whatsapp whatsapp Show Comments ▼ Tuesday 14 December 2010 3:19 pm alison.lock Share Tags: NULLlast_img read more

At last: Some good news for Bob Dudley

first_img THIS isn’t the end, but it is certainly the beginning of the end. Counterintuitively, the spill commission’s report is good news for BP, the best it’s had in some time. It censures BP, that is to be expected. But it also singles out Transocean and Halliburton for blame. The authorities – only too keen to wag a finger from the sidelines – also come in for some uncomfortable criticism. The commission’s conclusions only reinforce our view that it will be almost impossible to prove that BP acted with gross negligence.For that reason, analysts at Evolution think the total impact of the spill will be around $25-$30bn rather than the $40-$50bn being priced in by the market. And that’s before makes claims against Transocean and Halliburton.It’s earlier than we expected, but it could well be time to buy BP again. If not now, then when? Thursday 6 January 2011 7:32 pm At last: Some good news for Bob Dudley whatsapp whatsapp Share KCS-content Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofThe Truth About Bottled Water – Get the Facts on Drinking Bottled WaterGayotBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofChicken Bao: Delicious Recipes Worth CookingFamily ProofCheese Crostini: Delicious Recipes Worth CookingFamily Proof Show Comments ▼ Tags: NULLlast_img read more

Hermes makes gain in LVMH bid defence

first_img by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBeElite HeraldExperts Discover Girl Born From Two Different SpeciesElite HeraldAlphaCute30 Rules That All “Hells Angels” Have To FollowAlphaCuteDefinitionDesi Arnaz Kept This Hidden Throughout The Filming of ‘I Love Lucy’Definition whatsapp Hermes makes gain in LVMH bid defence Tags: NULL More From Our Partners Killer drone ‘hunted down a human target’ without being told tonypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgMark Eaton, former NBA All-Star, dead at 64nypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.com‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comSidney Crosby, Alex Ovechkin are graying and frayingnypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.com Sharecenter_img Show Comments ▼ KCS-content whatsapp HERMES family shareholders won clearance yesterday to pool their stakes without having to buy out other investors, boosting the French luxury group’s defence against rival LVMH.A majority of Hermes family shareholders decided last month to create a holding company to group more than 50 per cent of the company’s equity as a defence against LMVH, which recently lifted its stake to 20 per cent.The holding, approved by French market watchdog AMF, is meant to discourage LVMH from attempting to acquire control of the maker of Birkin and Kelly handbags.But the holding’s creation needed the AMF’s exemption from having to make a tender offer for other minority shareholdings, which would have been costly.“It was already a fortress, this decision means that the walls have been heightened,” said a source.Hermes shares closed down 1.9 per cent at €155.05 (£96.7), valuing the group at €16.33bn.But not all the around 70 family shareholders, descendents of the Puech, Dumas and Guerrand families who in total control around 73 per cent of Hermes’s share capital, are part of the holding.The AMF said it would publish an explanation of its decision soon.Hermes family shareholders said in a statement: “This decision clears the way for our project to reclassify (our shares) which underscores the family’s unanimous will to preserve Hermes’s culture.”The minority shareholders’ association ADAM said it would very likely appeal against the decision.LVMH declined to comment. Thursday 6 January 2011 7:46 pmlast_img read more

London wins as the location of choice for company flotations

first_imgThursday 6 January 2011 8:52 pm Show Comments ▼ Tags: NULL 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 PastSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBeAlphaCute30 Rules That All “Hells Angels” Have To FollowAlphaCuteDefinitionDesi Arnaz Kept This Hidden Throughout The Filming of ‘I Love Lucy’DefinitionTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island Farmthedelite.comNetflix Cancellations And Renewals: The Full List For 2021thedelite.com LONDON was at the centre of a European upsurge in initial public offerings (IPOs) during the final quarter of last year, according to data compiled by PricewaterhouseCoopers.The capital led the number of transactions by volume, securing 49 of the 130 European listings in the fourth quarter.The value of IPOs was also dominated by London, which saw €3bn (£2.5bn) of the money raised for the period. Its most valuable flotation was that of media company Mail.ru Group, which generated €669m.European exchanges attracted just over €10bn of IPOs compared with €2.5bn in the previous quarter.Yet Europe remained behind globally, placing behind the US which raised €30bn and Greater China, which raised €98bn. Sharecenter_img whatsapp whatsapp London wins as the location of choice for company flotations KCS-content More From Our Partners Astounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.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.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.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.comlast_img read more

Russian miner plans LSE float

first_imgWednesday 12 January 2011 8:47 pm Share KCS-content whatsapp Tags: NULL Russian coal and iron ore miner OAO Koks said yesterday it plans to float in London raising £400m to expand its operations.The Siberian based firm, which is controlled by Boris Zubitsky and his family, plans to offer shares and global depositary receipts in the business in Moscow and London.The firm said in 2009 it made a profit of 4.6bn roubles (£96m) on sales of 27bn roubles. It added: “The proposed IPO represents the next logical step in Koks Group’s development. It will enable us to increase the level of self-sufficiency in obtaining key raw materials.” center_img by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBeElite HeraldExperts Discover Girl Born From Two Different SpeciesElite Heraldmoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comZen HeraldThe Truth About Why ’40s Actor John Wayne Didn’t Serve In WWII Has Come To LightZen Herald whatsapp Russian miner plans LSE float Show Comments ▼ More From Our Partners Mark Eaton, former NBA All-Star, dead at 64nypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.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.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.orgBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comSidney Crosby, Alex Ovechkin are graying and frayingnypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comKiller drone ‘hunted down a human target’ without being told tonypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.com‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comlast_img read more

A muted market response

first_img A muted market response Show Comments ▼ KCS-content whatsapp THE Treasury has made a decent start to its austerity measures. The Budget appears well-balanced despite the fact there were hints of give-aways as the government looked to shore up confidence. Marginal improvements in income tax and the changes to petrol duty may help, although we did see a wobble in shorter term growth forecasts. This certainly didn’t support the pound. But the fact that there is confidence the deficit and inflation will be reined in over the mid-term seems to help. If there was one surprise today, it was perhaps the bonus tax facing the energy companies. While this still needs to be refined, it has the scope to raise as much as the banking levy. And with the expectation that crude will remain above $100 a barrel, suggestions from the chancellor that the tax will be withdrawn when oil falls below $75 a barrel seem irrelevant. Needless to say, reaction amongst the UK’s blue chip stocks has been somewhat muted and even the big energy companies’ stock prices closed with little change. The reduction in corporation taxes as the government attempts to make it more attractive to keep companies headquartered in the UK is another step to aiding economic recovery. Shareholders haven’t responded with much fanfare. But earnings from the FTSE 100 are so diversified globally that what happens in the UK alone is unlikely to drive the kind of big market reaction some may have been looking for.David Jones is IG Index chief market strategist Tags: NULL 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 WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe Wrap’Black Widow’ First Reactions: ‘This Is Like the MCU’s Bond Movie’The Wrap’Small Axe’: Behind the Music Everyone Grooved On in Steve McQueen’sThe Wrap whatsapp Share Wednesday 23 March 2011 9:09 pmlast_img read more