A changing global balance of power

first_img IT should have been cause for some (modest) celebration – yet nobody even noticed as another milestone on the road to recovery was finally passed the other day. The total industrial output of the G7 – the UK, the US and five other top nations – added to that of the seven largest emerging economies – including China, India and Brazil – has now overtaken its pre-recession peak. In other words, while the recession wasted a couple of years of Planet Earth Inc’s economic expansion, total global output hit a new record in July and almost certainly another in August. But the devil is in the detail, as always.Production in these 14 countries – which now account for the bulk of global GDP – collapsed by 14 per cent between February 2008 and February 2009. It took only 17 months to recapture the loss, as an excellent analysis from Henderson’s Simon Ward calculates. It was not quite a V-shaped recovery but stunningly close. The reason why all of this sounds so weird and counter-intuitive to those of us in the West who are still suffering from elevated unemployment and falling confidence is that so much of the global recovery has come from ultra-fast expansion in Asia. The West is growing again but its output level remains substantially lower than at its pre-recessionary peak. It will take a while before this is no longer so. This is certainly the case in the UK, where GDP still remains lower than it was just before the bubble burst.The E7, by contrast, has contributed 9 percentage points of the 16 per cent recovery in combined output from the February 2009 low. E7 output is now 15 per cent above its pre-recession peak; its rate of growth has been entirely unaffected by the global recession. All of which confirms that the shift in power from G7 to emerging nations has accelerated further. It is likely to continue to do so over the next few months: leading indicator surveys in the G7 point to a sharp reduction in growth, though expansion will pick up again soon. Leading indicators in emerging nations have also dipped but nevertheless still suggest decent growth.But the main challenge is structural. Growth in the emerging world is even coming from countries that few realise are worth watching – especially in Africa, where a growing number of nations have started to put in place pro-growth measures. The successful ones invariably rely on pro-market changes, rather than on foreign aid. One interesting case is that of Tunisia: Newsweek ranked it as the best country in Africa, while the World Bank’s Investing Across Borders 2010 report argued that it stands out in the Middle East and the Maghreb for its looser restrictions on foreign investment and other reforms. The World Economic Forum’s global competitiveness report 2010-2011 ranked Tunisia as 32nd out of 139 countries.Rich countries cannot compete exclusively on unit costs. They do need to boost their productivity, which is being held back by poor education, infrastructure and excessive costs. Most importantly of all, they and their citizens need to wake up: complacency and hubris are deep-seated diseases eating away at the developed world’s prosperity. The first thing one notices when travelling to Shanghai, Mumbai or Dubai is the extraordinary energy, the desire to grow, conquer and succeed. Unless we rediscover some of that raw passion, we will condemn ourselves to years of relative decline. The choice is [email protected] A changing global balance of power KCS-content Tags: NULL Show Comments ▼ whatsapp whatsapp Sunday 19 September 2010 10:59 pm 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 PastNoteabley25 Funny Notes Written By StrangersNoteableyMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBemoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comlast_img read more

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Barclays dips as Abu Dhabi investor sells shares

first_img Tags: NULL One of the Middle East investors who pumped billions of pounds into Barclays has effectively sold a chunk of shares in the bank, sending its shares lower.Abu Dhabi’s exercised £131.6m warrants in the bank, equivalent to a 1.1 per cent stake, and simultaneously entered into a complex hedging arrangement with Nomura, it said in a statement after Thursday’s close.Nomura simultaneously executed a market placing of 220m shares, the statement said.By 8:43 a.m. Barclays shares were down 2.4 per cent at 296.75 pence.“Abu Dhabi still have upside exposure in the stock, but they’re taking some money off the table,” said Manoj Ladwa, senior trader at ETX Capital.Abu Dhabi committed to pump up to £4.75bn into Barclays two years ago as part of a controversial fundraising that allowed Barclays to avoid taking taxpayer funds, but was criticised for being too generous to the Middle East investors.It sold instruments equivalent to an 11 per cent stake in the bank in June 2009, making $2.5bn (£1.6bn) from the investment, but still held a stake. Friday 8 October 2010 4:29 am by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastNoteabley25 Funny Notes Written By StrangersNoteableyMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBemoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan Times Read This Next’Kevin Can F**k Himself’: Here’s Why Only Allison and Patty Are SeenThe Wrap20 Stars Who’ve Posted Nude Selfies, From Lizzo to John Legend (Photos)The Wrap’Batwoman’: Wallis Day on Circe’s ‘Deranged’ Warpath and the Key to SavingThe Wrap’Godzilla vs Kong’ Reaches $100 Million in US After Grossing $250,000 inThe WrapJoin a Conversation on ‘Cancel Culture in Comedy’ with Maz Jobrani, SkyeThe WrapAnya Taylor-Joy, Ralph Fiennes Join Searchlight’s Dark Comedy ‘The Menu’The WrapAfter ‘Black Widow,’ Kevin Feige Leaves Open the Possibility of OtherThe Wrap’Pose’ Creator Steven Canals on Life After His Groundbreaking Show: ‘I’mThe Wrap’The Boys’ Star Aya Cash Took Inspiration From YouTube, TikTok and SteveThe Wrap Sharecenter_img Barclays dips as Abu Dhabi investor sells shares whatsapp Show Comments ▼ whatsapp John Dunne last_img read more

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GEKKO IS GOOD FOR BOX OFFICE

first_imgWednesday 13 October 2010 7:51 pm 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.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.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.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.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.com KCS-content whatsapp Cinema-goers have proved high finance is still a firm favourite by sending financial drama “Wall Street: Money Never Sleeps” to the top of the UK box office. The movie, starring Michael Douglas in a reprise of his role as corporate raider Gordon Gekko, took £1.8m, easily beating romantic comedy “Life As We Know It”. GEKKO IS GOOD FOR BOX OFFICE center_img whatsapp Tags: NULL Share Show Comments ▼ by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryNoteabley25 Funny Notes Written By StrangersNoteableyTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBemoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan Timeslast_img read more

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CITY MOVES | WHO’S SWITCHING JOBS

first_img Share CITY MOVES | WHO’S SWITCHING JOBS KCS-content Show Comments ▼ by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryMoneyPailShe 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 HeraldZen HeraldThe Truth About Why ’40s Actor John Wayne Didn’t Serve In WWII Has Come To LightZen Heraldmoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island Farm whatsappcenter_img whatsapp Read This NextRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe WrapNewsmax Rejected Matt Gaetz When Congressman ‘Reached Out’ for a JobThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe Wrap’Sex and the City’ Sequel Series at HBO Max Adds 4 More ReturningThe Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The Wrap Monday 1 November 2010 7:32 pm RBC Capital MarketsThe corporate and investment bank has hired Mark Sartori as head of European trading and sales trading, and Calum MacInnes as head of European sales.Sartori, pictured, was most recently at Macquarie Securities, where he was head of financial institutions. He has also worked at Fox-Pitt Kelton, Cazenove and Credit Suisse.MacInnes also joins from Macquarie, where he was head of pan-European equity sales.Collins StewartThe stockbroker has hired Harold Hutchinson to head up its coverage of the pan-European utilities sector.Hutchinson joins from Macquarie Securities, where he has been head of global utilities for the past two years. Prior to that, he held senior roles at ING and Commerzbank and lectured in economics at Oxford University.WH IrelandThe small-cap stockbroking group has appointed Alan Kershaw as finance and operations director after he joined the group in January this year to help with its restructuring.Kershaw was previously head of technology and operations at JP Morgan Invest.His appointment comes after fund manager Paul Compton joined the firm from Toscafund Asset Management as chief executive.LinklatersThe law firm has appointed Fiona Hobbs as head of client sectors for a four-year term.Hobbs, who also becomes a member of the firm’s executive committee, is a partner in the projects practice. She takes over from Richard Godden, standing down after five years in the role.HermesJames Taylor has joined the fund management group as director of government bonds.He joins from Gulf International, where he was head of fixed income, and has also previously worked for almost nine years as a senior portfolio manager at Morley Fund Management.InvestecInvestec Growth and Acquisition Finance, part of the Investec specialist private bank, has hired Tristan Nagler from KPMG Corporate Finance.Nagler originally joined KPMG in 1998 and rose through the ranks to his most recent position as a director in the corporate finance M&A team. Tags: NULLlast_img read more

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Newly-listed firms beat the FTSE index

first_img Newly-listed firms beat the FTSE index whatsapp COMPANIES that entered the London stock market this year have outperformed the FTSE 100 by more than 16 percentage points, research out yesterday showed. Newly-listed firms have gained an average of 19.5 per cent on their share price in the year to date, compared to a 3.4 per cent rise in the FTSE 100 and a 7.4 per cent rise on the FTSE 250, according to professional services firm Deloitte. Eleven companies listed on the stock exchange this year, excluding cash shells, investment companies and venture capital trusts, and eight of those have outperformed the FTSE 100. An example of this success is Betfair, which completed its initial public offering (IPO) in October with a valuation of £1.4bn. Its shares are now trading more than 10 per cent above the £13 float price.Companies that have fared less well include Ocado, whose initial public offering in June was plagued by criticism of the firm’s business model. The shares, which were reduced from 275p to 180p ahead of the float, are trading at 132.6p, more than 26 below the original pricing.Santander and Flybe are said to be lining up to float on the UK stock market in the next twelve months. John Hammond, capital markets partner at Deloitte, said: “Although there have been winners and losers in the IPO stakes, on average IPOs have done better than putting your money into a tracker fund.”Hammond said trading conditions this year have made it hard for new companies to join the market, with many cutting back their original valuations. “Nevertheless, we expect to see a continuation of IPOs in the final two months of this year and into 2011,” he said. “Investors will continue to be choosey and very aggressive on valuations so companies will have to accept that valuations will be subdued. On the flip side, that may mean further relative gains for investors.” Sunday 14 November 2010 10:20 pm whatsapp More From Our Partners Brave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgLA news reporter doesn’t seem to recognize actor Mark Currythegrio.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgFans call out hypocrisy as Tebow returns to NFL while Kaepernick is still outthegrio.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comColin Kaepernick to publish book on abolishing the policethegrio.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgPorsha Williams engaged to ex-husband of ‘RHOA’ co-star Falynn Guobadiathegrio.comMan on bail for murder arrested after pet tiger escapes Houston homethegrio.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comKansas coach fired for using N-word toward Black playerthegrio.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comFort Bragg soldier accused of killing another servicewoman over exthegrio.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.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comMark Eaton, former NBA All-Star, dead at 64nypost.comcenter_img 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 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 Heraldmoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island Farm KCS-content Show Comments ▼ Share Tags: NULLlast_img read more

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Glencore paves way for £10bn flotation

first_img KCS-content Thursday 18 November 2010 7:48 pm 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 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 A Star, Now She Works In ScottsdaleMoneyPailUndoWanderoamIdentical Twins Marry Identical Twins – But Then The Doctor Says, “STOP”WanderoamUndoSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesUndoNoteabley25 Funny Notes Written By StrangersNoteableyUndoZen HeraldNASA’s Voyager 2 Has Entered Deep Space – And It Brought Scientists To Their KneesZen HeraldUndoHistorical GeniusHe Was The Smartest Man Who Ever Lived – But He Led A Miserable LifeHistorical GeniusUndoMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan TimesUndo whatsapp PRIVATELY held commodities giant Glencore is considering listing in the first half of next year, in an IPO that could raise around £10bn.Glencore, the world’s biggest commodity trader, has been preparing to go public after issuing a $2.2bn (£1.bbn) convertible bond last year.The group, which yesterday posted a strong jump in nine-month profit, is considering an IPO that would likely launch off the back of full-year results in March or April, according to two people familiar with the matter who declined to be named.Switzerland-based Glencore declined to comment.While no final decision has been made on the size of the offering, it could raise around £10bn, one source said, making it one of the biggest London flotations on record.The IPO could to be a dual listing in London and Hong Kong, another source said. Morgan Stanley, Citigroup and Credit Suisse are expected to be involved in the listing.In the credit markets, the cost of insuring Glencore’s debt against default fell, which analysts said was sparked by the news about possible timing of the IPO.Five-year credit default swaps tightened 30 basis points to 215 basis points, the tightest levels since May. “Whilst we wouldn’t expect the proceeds to be put towards debt reduction, we consider the increased transparency and additional funding source should provide comfort to credit investors,” analyst Matthew Robbins at RBS said Another analyst said an IPO of Glencore would likely not take place until it completed a spin-off of its gold assets. In August, Glencore unveiled plans for spinning off or listing its Kazzinc gold assets, which could be worth more than $5bn, next year. Sharecenter_img whatsapp Show Comments ▼ Glencore paves way for £10bn flotation Tags: NULLlast_img read more

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CITY MOVES | WHO’S SWITCHING JOBS

first_imgMonday 22 November 2010 5:12 am KCS-content 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 A Star, Now She Works In ScottsdaleMoneyPailWanderoamIdentical Twins Marry Identical Twins – But Then The Doctor Says, “STOP”WanderoamSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesNoteabley25 Funny Notes Written By StrangersNoteableyZen HeraldNASA’s Voyager 2 Has Entered Deep Space – And It Brought Scientists To Their KneesZen HeraldHistorical GeniusHe Was The Smartest Man Who Ever Lived – But He Led A Miserable LifeHistorical GeniusMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan Times CITY MOVES | WHO’S SWITCHING JOBS Huntsworth GroupGlobal PR firm Huntsworth has added Colin Adams to its board as group finance director, replacing Tymon Broadhead. He has a background in media and joins from Bloomsbury Publishing, where has had been finance director since 1994.He also has three years’ experience on the investment committee of the creative capital fund. He will begin as soon as possible, most likely in April 2011.Fox-Davies CapitalFox-Davies Capital has made a series of senior hires, having been approved a nominated adviser by the London Stock Exchange. Rick Thompson has joined the firm’s board as head of investment banking, having been head of corporate finance at Charles Stanley Securities for the seven years. He has also worked at Teather & Greenwood.Phillip Davies has also joined Fox-Davies as head of corporate finance, also moving from Charles Stanely Securities where he worked with Thompson for seven years, having previously worked at Seymour Pierce.In addition, the company has hired Tim Davis from Charles Stanley Securities, David Porter from WHI Securities, Simon Leathers from Daniel Stewart and Jonathan Evans from Daniel Stewart.Navigant ConsultingThe financial advisory Navigant Consulting has hired David Royle as director of retail banking. He has moved from Capgemini Consulting, where he helped to found the finance services sector team. Previously, he has worked at Ernst & Young, Merrill Lynch and Coopers & Lybrand. HobbyCraftUK arts retailer HobbyCraft has announced the Simon Burke will become chairman of the company from December. Burke has previously worked as chairman and CEO of Hamleys, CEO of Virgin Entertainment Group and MD of Virgin Retail. He has also worked as chairman of Majestic Wine.KPMGKPMG has added to its Russian and eastern European expertise with the appointment of Bob Savic to its private client advisory practice in London. Savic is moving over from Gibraltar, where he joined in February. He has spent two decades working for the “big four” financial advisory firms in Russia, Macedonia and Serbia as well as in Asia and Australia. He speaks Russian, several east European languages, Mandarin, Malay and Filipino. 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.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgWhy people are finding dryer sheets in their mailboxesnypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.org whatsappcenter_img Show Comments ▼ whatsapp Tags: NULL Sharelast_img read more

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Cable demotion cheers Murdoch

first_imgTuesday 21 December 2010 8:59 pm whatsapp Share James Murdoch, the chairman of British Sky Broadcasting, was said to be “cock-a-hoop” last night, after Vince Cable was stripped of his role in deciding whether the satellite broadcaster can be taken over by News Corp. Sources close to Murdoch, who is also chief executive of News Corp in Europe and Asia, said Cable’s demotion was the “best Christmas present he could have wished for”.Cable’s responsibilities for media, broadcasting and telecoms were handed to another cabinet minister, after he claimed to have declared war on media mogul Rupert Murdoch.Referring to his power to block News Corp’s proposed takeover of BSkyB, Cable told undercover reporters: “I have declared war on Mr Murdoch and I think we’re going to win.”As business secretary, Cable was supposed to decide whether News Corp’s proposed buyout of BSkyB would damage media plurality in Britain, although that job will now go to culture secretary Jeremy Hunt. Although there was relief within News Corp at Cable’s demotion yesterday, senior insiders said the firm was considering mounting a legal challenge against his decision to refer the deal to media watchdog Ofcom on the grounds of public interest. Earlier in the day, News Corp said it was “shocked and dismayed” by Cable’s comments.Cable was also recorded saying his departure from government would cause the coalition government to implode. “I have a nuclear option; it’s like fighting a war… If they push me too far then I can walk out and bring the government down and they know that.” In the event, Cable’s claims proved more credible than many thought. Although David Cameron said his comments about News Corp were “unacceptable and inappropriate”, he stopped short of sacking him or moving him to another cabinet job. But John Denham, the shadow business secretary, told City A.M. that Cable was a “complete lame duck”.He added: “He doesn’t have the confidence of the Prime Minister and key decisions have been taken away. “They’re keeping him for political cover, not for anything he brings to the job.“If he were a minister in any other government he would have been sacked.” MORE: P2, P3, P5 Cable demotion cheers Murdoch Show Comments ▼ Tags: NULL More From Our Partners Russell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comI 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.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.org whatsapp KCS-content last_img read more

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Formica repeats his New Star trick

first_img whatsapp Show Comments ▼ Share KCS-content Read This Next’Pose’ Creator Steven Canals on Life After His Groundbreaking Show: ‘I’mThe Wrap’The Boys’ Star Aya Cash Took Inspiration From YouTube, TikTok and SteveThe WrapHow HGTV’s ‘Renovation Island’ Changed Bryan and Sarah Baeumler’sThe Wrap’Bridgerton’ Stars Phoebe Dynevor and Nicola Coughlan on Daphne andThe WrapBest Wine Gifts & Wine Accessories at Every PriceGayot’Hitman’s Bodyguard’s Wife’ Earns $17 Million 5-Day Opening as Box OfficeThe WrapFox News’ Mark Levin Says Capitol Riot Suspects ‘Would Be Treated Better’The WrapEverything We Know, or Think We Know, About the Time-Keepers on ‘Loki’The Wrap’The Crown’: What Went Into Finding Princess Diana and Margaret ThatcherThe Wrap Wednesday 12 January 2011 8:37 pm Formica repeats his New Star trick Tags: NULL AND so Henderson does it again, picking up a once-great rival on the cheap (or so it says). There’s no doubt that this deal will enhance earnings, although we think management’s expectations are somewhat over-optimistic. Whether Andrew Formica has got himself a steal or simply paid fair value depends on whether Gartmore continues to shed assets. It’s true that assets under management (AUM) have held up pretty well considering the devastating blow dealt by the departure of Guillaume Rambourg and then Roger Guy; they stood at £16.5bn at the end of 2010, down from £19.9bn at the end of Gartmore’s first half. That doesn’t mean more AUM won’t be lost, however, even if managers representing 84 per cent of funds are making the move to the combined group. Henderson knows this only too well: following the New Star acquisition, it lost around 20 per cent of that firm’s AUM. Analysts at Numis think the enlarged group will lose 10 per cent of AUM from mutual funds and segregated mandates, and 20 per cent from alternatives. That would take AUM to £14.9bn, says Numis, which is still not a disaster when one considers that City whispers had the figure at £13bn at the tail-end of 2010. Still, it does mean annual management fees will be lower than Henderson is predicting (Numis reckons £28m against management expectations of £43m). That would mean total net operating profit after tax would be in the region of £48m, not the £59m to £70m range being pencilled in currently. Nor does this deal solve the perennial problem of fund firms relying too heavily on star managers, leaving shareholders in the combined firm thinking carefully about eggs and baskets. whatsapplast_img read more

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Britvic says it’s on target for year

first_img Soft-drinks giant Britvic has been hit by a decline in pub sales but this was offset by a strong performance in other areas. The company saw a 20 per cent rise in first-quarter sales to £288m, with Mountain Dew Energy drinks proving popular. The group was helped by the acquisition of French business Fruite Enterprises, now known as Britvic France, for £198m in May. The City was reassured that the company would at least hit profit targets and Britvic shares edged up although it warned that the consumer environment remains “challenging”. Show Comments ▼ KCS-content Britvic says it’s on target for year whatsapp whatsappcenter_img Tags: NULL by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeTotal 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 AthletesBetterBeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryLuxury SUVs | Search AdsThese Cars Are So Loaded It’s Hard to Believe They’re So CheapLuxury SUVs | Search AdsAlphaCute30 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 Farm Thursday 27 January 2011 7:27 pm Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily 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 ProofChicken Bao: Delicious Recipes Worth CookingFamily ProofNew England Patriots’ Cam Newton says no extra motivation from Mac Jones’SportsnautCheese Crostini: Delicious Recipes Worth CookingFamily Proof Sharelast_img read more

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