Hussey quits De La Rue due to note errors

first_imgThursday 12 August 2010 8:27 pm Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailUndoNoteabley25 Funny Notes Written By StrangersNoteableyUndoZen HeraldThe Truth About Why ’40s Actor John Wayne Didn’t Serve In WWII Has Come To LightZen HeraldUndoBetterBe20 Stunning Female AthletesBetterBeUndoautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comUndoAtlantic MirrorA Kilimanjaro Discovery Has Proved This About The BibleAtlantic MirrorUndoBrake For ItThe Most Worthless Cars Ever MadeBrake For ItUndoTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastUndoElite HeraldKate Middleton Dropped An Unexpected Baby BombshellElite HeraldUndo KCS-content More From Our Partners Biden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.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.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.com Share whatsappcenter_img whatsapp Tags: NULL Hussey quits De La Rue due to note errors Show Comments ▼ THE BOSS of the world’s biggest money printing firm was forced to resign yesterday after quality issues emerged at one of its factories.James Hussey was muscled out despite assurances the problems would not affect any of the 150 world currencies De La Rue is responsible for.However, the firm issued a warning that sales would be hit by the temporary suspension of printing at the plant, sending its shares plummeting 13 per cent to an 18-month low. The FTSE 250 company said last month that its paper factory in Overton ground to a halt after flaws were found with a special type of paper which is then shipped elsewhere to make bank notes.A spokesman said?production at its main plant had failed to meet “certain quality specifications”. He added: “De La Rue is confident that neither the physical security nor the security features incorporated in the paper have been compromised for any customer.” The impact of the paper mill’s problem’s on the company’s finances was unlikely to be announced in the near future, De La Rue said.Nicholas Brookes, non-executive chairman, has been appointed executive chairman, and finance director Colin Child has taken on the additional job of chief operating officer until Hussey’s replacement is named. Revenues at the firm in the year to 27 March were £561.1m, up 12 per cent against last year’s £502.4m, while the operating profit margin, before exceptional items was 19.5 per cent, from 19.2 per cent last year.FAST FACTS | DE LA RUEThe world’s biggest non-governmental money printer supplies currency to 150 countries.The currency division delivers around 75 per cent of De La Rue’s group revenue.De La Rue also sells tills to retailers.JAMES HUSSEYDE LA RUEJames Hussey had worked for De La Rue for 25 years. He said his resignation was to “take responsibility” for problems “of a serious nature”.Hussey, 48, was managing director at De La Rue’s currency division, before being appointed chief executive in January 2009.His basic annual salary last year was £325,000 with a bonus of £126,000, according to a company spokesman.Hussey was made chief executive after his predecessor, Leo Quinn, spun-off the company’s cash systems business, which sold tills to retailers, to focus on making bank notes and products such as cheques, holographic marks and tax stamps. Hussey was seen as an industry insider with strong international contacts, which meant he was well placed to maintain the company’s relationships with clients around the world.Hussey also serves as a non-executive director at lottery operator Camelot. He read history at Trinity College, Oxford.De La Rue finance director Colin Child will move up to chief operating officer to help pick up the slack.Child joined De La Rue from DTZ Holdings, a global property adviser, where he was also finance director. He previously worked as finance director of casino operator Stanley Leisure and has held similar senior finance positions at Fitness First and National Express Group. last_img read more

Kloppers won’t fall into the bid trap

first_img whatsapp BHP chief executive Marius Kloppers was determined yesterday to play down fears that he is about to over-pay for PotashCorp, the Canadian fertiliser group.As Kloppers unveiled healthy annual results, most people’s minds were focused on what he had to say about the group’s pursuit of Potash, for which he has made a $39bn bid.Different times require different tactics, and that applies to mergers and acquisitions as well as anything else.In the heady days of the 1980s, for example, the City loved a deal junkie and flocked to back the likes of Lord Hanson and Williams’ Holding’s Nigel Rudd. Obviously investors were concerned at the kinds of premium being paid to take companies out, but in the main they trusted management to get it right.But the financial crisis we have just been through has changed all that. The careers of men such as Sir Victor Blank and Sir Fred Goodwin took a turn for the worse after they were considered to have made ill-judged acquisitions.Then there is the case of Tidjane Thiam at the Prudential whose $35bn proposed acquisition of AIA had to be aborted due to a lack of support from investors.With markets as nervous as can be and with sentiment clearly against the macho deal-doer, Kloppers could be forgiven for emphasising he won’t overpay for Potash.He was keen to dampen down speculation there would be a host of other bidders for the Saskatchewan-based fertiliser group, something that might lead to the price being ramped up. “This is the only bid on the table,” he said.In the next few days Kloppers will embark on a globe-trotting roadshow where he will canvass shareholders about the bid.He has not had an opportunity between Potash’s rejection last week and yesterday’s results to meet the Saskatchewan-based company’s management.My guess is that he will reassure investors he won’t get into some crazy bidding war but that he might be prepared to up his $130 a share bid a touch in return for an agreed deal. Moving to $140 a share would not break the bank. The bid at current levels, for example, is worth just two and a half years of BHP’s cash-flow.I’m fairly convinced that if there is an auction, Kloppers will walk away if he thinks he has to. And he will be well regarded for doing that. Share 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.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgUK teen died on school trip after teachers allegedly refused her pleasnypost.com‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comWhy people are finding dryer sheets in their mailboxesnypost.comFeds seized 18 devices from Rudy Giuliani and his employees in April raidnypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comConnecticut man dies after crashing Harley into live bearnypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.com Show Comments ▼ whatsappcenter_img Wednesday 25 August 2010 9:08 pm Kloppers won’t fall into the bid trap DOUBLE DIPThere’s been so much conjecture about whether we’re headed for a double dip recession and yet nobody really is any clearer about it now than they were a few weeks ago.Each set of economic data is pored over voraciously by analysts and the media alike in an effort to make sense of where the world economy is going. And yet….Today on page 12, Dan Corry, former economics adviser to Gordon Brown, sets out his thoughts on the circumstances that face the coalition government and concludes that many of the events – most of them outside the UK, such as the outcome of the Eurozone crisis – which will determine success or otherwise for the chancellor George Osborne lie outside his control. Somehow that doesn’t sound too [email protected] Heath is away KCS-content Tags: NULLlast_img read more

CITY MOVES | WHO’S SWITCHING JOBS

first_img KCS-content Sunday 12 September 2010 10:37 pm More From Our Partners A ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.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.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.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.com by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailNoteabley25 Funny Notes Written By StrangersNoteableySerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBetterBe20 Stunning Female AthletesBetterBemoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comElite HeraldExperts Discover Girl Born From Two Different SpeciesElite Heraldautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comZen HeraldThe Truth About Why ’40s Actor John Wayne Didn’t Serve In WWII Has Come To LightZen Herald whatsapp Sharecenter_img Tags: NULL whatsapp CITY MOVES | WHO’S SWITCHING JOBS Bank of New York MellonThe bank has appointed Jas Hayre as a managing director in its financial markets and treasury services team.Hayre will be responsible for tax matters for the sector in the Americas, the EMEA region and Asia-Pacific. His particular area of expertise is product taxation and transfer pricing.He was previously head of tax at both Daiwa Capital Markets and Standard Bank.Berwin Leighton PaisnerThe law firm has appointed Matthew Kellett as managing partner of its finance department and head of the banking and capital markets group.Kellett joined the firm earlier this year to develop the structured finance capability. He most recently headed up the financial structuring group at RBS and has also held the position of partner in the banking group at Linklaters.RecordThe specialist currency manager has appointed James Wood-Collins as its new chief executive, taking over from Neil Record, who has been chairman and chief executive since the company’s IPO in 2007.Wood-Collins joined the group from JP Morgan Cazenove in 2008 and has led the client team since December 2009. Record will remain as executive chairman, continuing to play an active role with clients, investment consultants and other external parties.Russell InvestmentsThe investment firm has hired Stephan Breban as director of private equity, a role based in London.Prior to joining the firm, Breban was founder and managing director of City Capital Partners, a firm providing independent advice to private equity investors, and a partner at Watson Wyatt (now Towers Watson).ExotixGuy Essomé has joined the frontier markets investment banking boutique as head of structuring and origination. Essomé joins from Iroko Securities, where he was a director and specialised in new product development.He has worked in the debt capital markets for over 15 years, including roles at Merrill Lynch in Singapore, New York and London. Show Comments ▼last_img read more

UK balance of payments narrows as GDP grows

first_img The UK’s balance of payments narrowed to £7.38bn between April and June official figures have shown.According to the e Office for National Statistics (ONS) Britain’s deficit with the rest of the world narrowed to £7.383bn from an upwardly revised £11.298bn in the first quarter.Meanwhile Britain’s economy grew at its fastest pace in nine years in the second quarter of 2010 and growth in the first three months of the year was revised slightly higher, by the ONS. It said gross domestic product (GDP) grew 1.2 per cent in the three months to June, confirming an estimate published last month and in line with economists’ forecasts.The annual rate of growth was also unrevised at 1.7 per cent, as expected.Growth in the first three months of the year was edged higher to 0.4 per cent from the previous estimate of 0.3 per cent.Construction output surged 9.5 percent during the second quarter, its fastest rate of expansion since 1963 as it caught up after winter disruption.Manufacturing grew one per cent on the month and services output was up 0.6 per cent. whatsapp whatsapp Share 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 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 ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofCheese Crostini: Delicious Recipes Worth CookingFamily ProofTortilla Mango Cups: Recipes Worth CookingFamily ProofChicken Bao: Delicious Recipes Worth CookingFamily Proof Tuesday 28 September 2010 4:51 am center_img John Dunne UK balance of payments narrows as GDP grows Show Comments ▼ 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 ItPeople TodayNewborn’s Strange Behavior Troubles Mom, 40 Years Later She Finds The Reason Behind ItPeople TodayBetterBe20 Stunning Female AthletesBetterBemoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.com Tags: NULLlast_img read more

Home Retail hit as shoppers cut back

first_imgWednesday 20 October 2010 2:42 am 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 Share Show Comments ▼ whatsapp Tags: NULL Home Retail posted an expected 23 per cent fall in first-half profit as cash-strapped low-income shoppers trimmed their spending.The firm, which owns Argos and DIY business Homebase, said it made an underlying pre-tax profit of £95m in the six months to 28 August.That was in line with company guidance of a 20-25 per cent fall on the £123 million pounds made in the same period last year.Total sales fell thee per cent to £2.72bnSales at Argos stores open over a year fell 6.5 per cent.Like-for-like sales at Homebase fell 0.8 per cent. Home Retail has been particularly hard hit by a fall in consumer confidence because it sells discretionary goods to mostly lower income shoppers, which have not benefited as much from big falls in mortgage rates as those with higher incomes.With the group exposed to the mass market consumer through Argos and the housing market through Homebase, it is seen as vulnerable to the public sector spending cuts the government will announce later on Wednesday.“We are about to enter our busiest trading period, and whilst we are planning cautiously, we do so from a position of operational and financial strength,” said Chief Executive Terry Duddy.Home Retail, which ended the half with net cash of £327m, maintained its interim dividend at 4.7 pence.Last month Home Retail lowered its guidance for year to end-February 2011 underlying pretax profit to £250-275m, down from the £293m made in the previous year.Shares in Home Retail, which last month lost its place in the FTSE 100, have lost a quarter of their value over the last year. John Dunne whatsapp Home Retail hit as shoppers cut back last_img read more

Irish political turmoil feeds market nerves

first_img whatsapp 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 The Dream Girl In The 90s, This Is Her NowMoneyPailPeople TodayNewborn’s Strange Behavior Troubles Mom, 40 Years Later She Finds The Reason Behind ItPeople TodaySerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesNoteabley25 Funny Notes Written By StrangersNoteableyWanderoamIdentical Twins Marry Identical Twins – But Then The Doctor Says, “STOP”WanderoamZen HeraldNASA’s Voyager 2 Has Entered Deep Space – And It Brought Scientists To Their KneesZen HeraldMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan Times Show Comments ▼ whatsapp Irish political turmoil feeds market nerves Share KCS-content Tags: NULL MARKETS remain unconvinced that the Irish government will be able to pass the €15bn (£12.6bn) cuts programme it unveiled yesterday, with Prime Minister Brian Cowen lacking the votes needed to get the measures through parliament.Cowen’s government is already teetering, with the Green Party this week demanding an immediate election once the emergency budget is passed. But the coalition, which had a majority of three, has lost the support of two independent MPs who promised to vote against the 2011 due to be published on 7 December. The cuts programme is unavoidably controversial: it slashes Ireland’s high minimum wage by one euro to €7.65 and promises to cut the public sector payroll by 24,750 back to 2005 levels. The welfare budget is to be docked €2.8bn while university tuition fees are to rise.The president of the Irish congress of trade unions, Jack O’Connor, claimed yesterday that the government is “exploiting this devastating catastrophe to re-engineer our economy and society according to an even crueller blueprint which more effectively reflects their interests”.In addition, the public will have to pay more for most goods thanks to a two per cent VAT rise to be phased in over three years. Income tax bands and tax credits will also be re-jigged to be less generous to the tune of 16.5 per cent, while the carbon tax will double, pension levies will rise and a new local services tax will be introduced. All in all, the plan is to make €7bn of services cuts, €3bn in capital expenditure reductions and €5bn in tax rises. The government aims to front-load the budget adjustment, saying that its emergency budget for 2011 will make €4.5bn of cuts and €1.5bn of tax rises. But economists have voiced scepticism over the government’s growth forecasts:?it predicts an average GDP?expansion of 2.75 per cent 2011-2014, despite the likelihood that Irish economy shrank this year. And the budget cuts are seen as all the more unpalatable because they come on top of €15bn of budget cuts already made.Nomura political analyst Alastair Newton said the programme would “probably” pass because “the Irish are resigned to their circumstances, albeit coupled with enormous resentment of the political classes”.The cost of insuring Irish sovereign debt continued upwards yesterday on political fears, with credit default swaps (CDS) rising by 16 basis points to 595bps (a cost of €595,000 to insure €10m of debt). The cost of state borrowing also rose: Irish 10-year bond yields hit 8.9 per cent yesterday. Wednesday 24 November 2010 9:04 pmlast_img read more

PHILIPSZ WINS TURNER PRIZE

first_img Share GLASGOW-BORN Susan Philipsz became the first sound artist to win Britain’s Turner Prize yesterday, justifying her position as bookmakers’ favourite for the annual award worth £25,000 to the winner. Victory for the 45-year-old, whose work centres around recordings of her voice singing folk songs in public spaces, is likely to rile traditionalists who have criticised the prize for being out of touch with popular tastes. Monday 6 December 2010 8:15 pm KCS-content whatsapp PHILIPSZ WINS TURNER PRIZE whatsapp More From Our Partners Russell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comFlorida 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.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.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.org Tags: NULL Show Comments ▼last_img read more

IG bullish for 2011 despite woes in Japan

first_img IG bullish for 2011 despite woes in Japan Share 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 HeraldHealthyGem”My 600-lb Life” Star Dropped 420 Pounds, See Her NowHealthyGemZen HeraldThe Truth About Why ’40s Actor John Wayne Didn’t Serve In WWII Has Come To LightZen Herald Thursday 9 December 2010 7:21 pm SPREAD betting group IG achieved first-half revenues of £157m, up nine per cent on the previous year despite “subdued” trading and difficulties in its Japanese arm, it said yesterday.The UK, its biggest market, saw sales grow four per cent to £83m in the six months to 30 November, up from £79.9m a year earlier, and slightly weaker than expected.Revenues were held back by a “relatively unusual” period of both subdued trading and low market volatility from about July until November, IG chief executive Tim Howkins said.But the environment improved in November, pulling results up by about 14 per cent on October, he said, adding that IG was gaining market share. IG’s European businesses increased revenue by 24 per cent to £27m from £21.7m a year earlier, led by Germany with 56 per cent growth. IG, which launched the UK’s first spread-betting app for iPhone this year, said Singapore also saw revenues pushed to almost £8m from £5m the previous year.But analysts raised concerns about an impending goodwill writedown on IG’s Japanese operation, which it bought an 87.5 per cent stake in for £122m in 2008. The Japanese business is under pressure as the regulator brings in a series of new regulations restricting leverage levels on foreign exchange and equity trades. Howkins said the business registered a “significant” fall in forex volumes after the first limit came into force in August, and equities also faced a clampdown in January.“Once we’ve got through these restrictions there is no reason to think the business won’t begin to grow again, but clearly it will be growing from a low base,” he said. KCS-content center_img whatsapp 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 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 Show Comments ▼ Tags: NULLlast_img read more

UK unemployment in unexpected rise

first_img Share whatsapp Wednesday 15 December 2010 6:24 am UK unemployment in unexpected rise Unemployment in the UK increased by 35,000 in the three months to October to 2.5m, according to official figures.It is the first time that the jobless measure has risen for six months.The increase pushed the unemployment rate up to 7.9 per cent, the figures from the Office for National Statistics showed.However, the number of people claiming the jobseeker’s allowance in November fell by 1,200 to 1.46m. Across the UK, among the worst-hit areas were Yorkshire, the North East and Northern Ireland, all of which already suffer unemployment rates over nine per cent, and saw big drops in total employment.London, the East and Scotland saw their unemployment rates fall slightly.“The increase in joblessness is a bit of a standout and markets may focus on it as an example of what may happen in 2011,” said Investec analyst Philip Shaw. More From Our Partners Mark Eaton, former NBA All-Star, dead at 64nypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.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.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.org‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comWhy people are finding dryer sheets in their mailboxesnypost.comKiller drone ‘hunted down a human target’ without being told tonypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comcenter_img Tags: NULL Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryUndoTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastUndoMoneyPailShe Was The Dream Girl In The 90s, This Is Her NowMoneyPailUndoSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesUndoBrake For ItThe Most Worthless Cars Ever MadeBrake For ItUndoBetterBe20 Stunning Female AthletesBetterBeUndomoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comUndoDefinitionDesi Arnaz Kept This Hidden Throughout The Filming of ‘I Love Lucy’DefinitionUndoAlphaCute30 Rules That All “Hells Angels” Have To FollowAlphaCuteUndo whatsapp John Dunne Show Comments ▼last_img read more

We are barking up the wrong tree

first_imgTuesday 4 January 2011 9:01 pm KCS-content whatsapp ANOTHER day, another set of strong global economic figures. UK manufacturing is expanding at its fastest rate since 1994, according to a key survey. US factory orders are accelerating and the Fed upped its growth outlook last night. The world is undergoing an emerging-markets led rebound; barring an implosion in the Eurozone or some other geopolitical catastrophe, 2011 ought to be another decent year, including for the UK, as I argued in this space yesterday. I’m more convinced than ever that Britain will expand by around two per cent.But decent should not be good enough. This ought to be a new golden age, just as it is in Asia, Latin America and many other parts of the world. The continued hangover from the unwinding of the bubble is only part of the reason why we are still suffering so much and failing to grasp the opportunities that ought to be in our reach. The biggest problems are more deep-seated in nature: years of blunders on public spending, tax, regulation, education, welfare and infrastructure. Bogged down by the need to sort out the mess left by the previous government, and opposition to cuts from a public which has got used to living beyond its means, the coalition’s welfare and education reform agenda is faltering.Britain’s commentariat and political classes have been barking up the wrong tree for months, obsessing with short-term growth figures that were always going to turn out better than they thought (and over which they have no control) and waging a misguided and destructive war against the City, rekindling the politics of envy. The result is that the real issues facing the country – how to try and cash in better on the emerging markets boom and the technological revolution by tearing up failed 20th century institutions; and how to reform policy to prevent another bubble – have been woefully overlooked. So far, the coalition has semi-successfully undertaken emergency surgery on the UK, preventing it from going the way of Greece, though central government spending was still up an absurd 10.8 per cent in the year to November. But while fiscal policy is on the mend, tax policy is increasingly damaging to enterprise, monetary policy is much too loose and failing to control inflation, and the attack on the City is costing jobs. Part of the problem is that the world remains enthralled to intellectually bankrupt ideologies. The worst is the belief that central banks can and should act to prevent all economic fluctuations or even stock market slumps by cutting interest rates or buying bonds; this has been pushed to a new extreme since the late 1990s and was one of the main drivers of moral hazard and excessive risk-taking during the bubble. America’s renewed QE policy is a perfect example of such extreme monetary activism; as a result, the global bonds market is in a dangerous bubble. Another idiotic belief is that debt holders should never have to bear any losses and that financial institutions should not be allowed to fail; again, this is fuelling moral hazard and threatening to bankrupt weaker governments, who are bailing out the credit markets.So not only are we failing to capture enough of the benefits of the global boom but we are yet again laying the seeds for another bust at some point. Just think how good things could be today if policy-makers didn’t keep getting it wrong. [email protected] Show Comments ▼center_img Share We are barking up the wrong tree whatsapp Tags: NULLlast_img read more