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Sir Philip Green named in parliament as tycoon at the centre of sexual harassment claims

first_imgThursday 25 October 2018 3:22 pm whatsapp Sir Philip Green was named in parliament today as the business leader at the centre of claims of sexual harassment and racial abuse after the media was barred from reporting the allegations. Five staff who allegedly experienced harassment while working with the figure – only described as a “leading businessman” – were silenced with the use of non-disclosure agreements (NDAs), according to the publication.The newspaper had successfully argued that publishing the news was in the public interest, winning a High Court judgement after the businessman had sought to gain an injunction against the title.However, the businessman won on appeal, preventing the Telegraph from publishing any details of the NDAs.Speaking in the House of Commons yesterday Labour MP Jess Philips said: “It seems that our laws allow rich and powerful men to pretty much do whatever they want as long as they can pay to keep it quiet.”Prime Minister Theresa May did not comment on the claims directly, but yesterday said: “Non-disclosure agreements cannot stop people from whistle blowing, but it is clear that some employers are using them unethically.” whatsapp Sir Philip Green named in parliament as tycoon at the centre of sexual harassment claims center_img Joe Curtis Share The Topshop billionaire was named in the House of Lords by Peter Hain, the former leader of the House of Commons, under parliamentary privilege.Hain told the House of Lords: “Having been contacted by someone intimately involved in the case of a powerful businessman using non-disclosure agreements and substantial payments to conceal the truth about serious and repeated sexual harassment, racist abuse and bullying which is compulsively continuing, I feel it’s my duty under parliamentary privilege to name Philip Green as the individual in question given that the media have been subject to an injunction preventing publication of the full details of this story, which is clearly in the public interest.”Later in the day Green responded: “To the extent that it is suggested that I have been guilty of unlawful sexual or racist behaviour, I categorically and wholly deny these allegations.”He added: “Arcadia employs more than 20,000 people and in common with many large businesses sometimes receives formal complaints from employees. In some cases these are settled with the agreement of all parties and their legal advisers. These settlements are confidential so I cannot comment further on them.”The Telegraph was ready to run an article on its eight-month investigation into claims of sexual harassment, racist abuse and bullying yesterday but was barred from doing so by the Court of Appeal, which granted an injunction preventing media from reporting on the case. More From Our Partners Native American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.org980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comWhy people are finding dryer sheets in their mailboxesnypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.com‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comKamala Harris keeps list of reporters who don’t ‘understand’ her: reportnypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comKiller drone ‘hunted down a human target’ without being told tonypost.com Tags: Sir Philip Greenlast_img read more

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Softbank boss condemns Khashoggi killing but won’t cut ties with Saudi Arabia

first_imgMonday 5 November 2018 8:43 am Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeBetterBe20 Stunning Female AthletesBetterBeUndoMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailUndoMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryUndoLuxury SUVs | Search AdsThese Cars Are So Loaded It’s Hard to Believe They’re So CheapLuxury SUVs | Search AdsUndoBridesBlushWhat The Harry Potter Stars Look Like Out Of CostumeBridesBlushUndoAll Things Auto | Search AdsNew Acura’s Finally On SaleAll Things Auto | Search AdsUndoAtlantic MirrorA Kilimanjaro Discovery Has Proved This About The BibleAtlantic MirrorUndoJustPerfact USAMan Decides to File for Divorce After Taking a Closer Look at This Photo!   JustPerfact USAUndoElite HeraldExperts Discover Girl Born From Two Different SpeciesElite HeraldUndo Share Softbank boss condemns Khashoggi killing but won’t cut ties with Saudi Arabia Tags: Trading Archive The chief executive of Softbank has condemned the killing of journalist Jamal Khashoggi but said the Japanese tech giant would not cut financial ties with Saudi Arabia.Masayoshi Son withdrew from a controversial Saudi investor conference last month after the Washington Post columnist was killed inside the Saudi consulate in Istanbul. With Saudi Arabia providing almost half of the fund, all eyes were on Son as he presented Softbank’s June to September results, in the aftermath of Khashoggi’s death.center_img whatsapp The deal is expected to close later this year, as it is still subject to regulatory approval. The kingdom’s sovereign wealth fund is the largest investor in Softbank’s $93bn (£72bn) Vision Fund after Crown Prince Mohammad bin Salman agreed to plug $45bn into the fund.But Son, speaking at an earnings presentation in Tokyo, said the fund had a responsibility to the people of Saudi Arabia,He said: “We have accepted funds from the people of Saudi Arabia that will be critical to diversifying the economy so that it will not be dependent only on oil.“It is true that a horrible incident happened, but we also have a responsibility that we must uphold for the future of the people in Saudi Arabia.”Softbank’s Vision Fund has made large bets in startups such as messaging service Slack, office space provider WeWork and hotel chain OYO hotels. Callum Keown More From Our Partners Native American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.org‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.org980-foot skyscraper sways in China, prompting panic and evacuationsnypost.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.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.com whatsapplast_img read more

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J. Crew chief executive steps down despite successful relaunch

first_img The chief executive of clothing brand J. Crew is stepping down after just 17 months in the role, the company said yesterday.James Brett, who joined the retailer in July last year, will step down with immediate effect after reaching a mutual agreement with the board of directors. J. Crew chief executive steps down despite successful relaunch James Warrington by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeBetterBe20 Stunning Female AthletesBetterBeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryZen HeraldEllen Got A Little Too Personal With Blake Shelton, So He Said ThisZen HeraldTotal PastJohn Wick Stuntman Reveals The Truth About Keanu ReevesTotal PastMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailNoteableyFaith Hill’s Daughter Is Probably The Prettiest Woman In The WorldNoteableyGive It LoveThese Twins Were Named “Most Beautiful In The World,” Wait Until You See Them TodayGive It LoveBeach RaiderColleagues Find Woman’s Bikini Photos Inappropriate, Give Her UltimatumBeach RaiderCleverstTattoo Fails : No One Makes It Past No. 6 Without LaughingCleverst Sunday 18 November 2018 4:58 pm The office will manage the company’s operations until a permanent management structure can be established, the company said.“Jim’s passion and experience brought new energy to J.Crew and enhanced our ability to relate to a broad range of consumers, and we thank him for his hard work and thoughtful contributions to position our company for long-term success,” the board said in a statement.“Building on Jim’s early progress, the leadership team remains committed to driving performance and results, as well as continuing to strengthen operations, enhance customer loyalty and extend brand reach.” Brett had been at the forefront of a brand relaunch, which saw the company reduce prices, introduce larger sizes and launch new products such as mashine-washable suits.The company reported a one per cent increase in comparable sales in the second quarter this year after it had dropped eight per cent during the same period last year.“Returning J.Crew to its iconic status required reinventing the brand to reflect the America of today with a more expansive, more inclusive fashion concept,” said Brett in a statement.“However, despite the recent brand relaunch already showing positive results, the board and I were unable to bridge our beliefs on how to continue to evolve all aspects of the company.”J. Crew said Brett’s responsibilities will be taken on by an office of the chief executive, comprised of four of the company’s senior executives including president and chief operating officer Michael Nicholson. Share whatsapp whatsapp More From Our Partners Biden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.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.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.org980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comPuffer fish snaps a selfie with lucky divernypost.com‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comConnecticut man dies after crashing Harley into live bearnypost.comKiller drone ‘hunted down a human target’ without being told tonypost.comWhy people are finding dryer sheets in their mailboxesnypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.com Tags: Trading Archivelast_img read more

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Barclays fined $15m by US authorities over whistleblower unmasking scandal

first_img More From Our Partners Native American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.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.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.org by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeBetterBe20 Stunning Female AthletesBetterBeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryZen HeraldEllen Got A Little Too Personal With Blake Shelton, So He Said ThisZen HeraldFinance Wealth PostTom Selleck’s Daughter Is Probably The Prettiest Woman To Ever ExistFinance Wealth PostTotal PastJohn Wick Stuntman Reveals The Truth About Keanu ReevesTotal PastGive It LoveThese Twins Were Named “Most Beautiful In The World,” Wait Until You See Them TodayGive It LoveMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailNoteableyFaith Hill’s Daughter Is Probably The Prettiest Woman In The WorldNoteableyMedical MattersThis Picture Shows Who Prince Harry’s Father Really IsMedical Matters Tuesday 18 December 2018 7:01 pm Barclays fined $15m by US authorities over whistleblower unmasking scandal Alex Daniel In doing this, he created “an atmosphere in which employees might doubt that it was safe to escalate issues of concern to the bank,” said investigator Maria Vullo.NYDFS said the bank had “shortcomings in governance, controls and corporate culture relating to its whistleblowing function”.These shortcomings permitted “a sequence of events that potentially could have had a detrimental impact on the efficacy of Barclays’ whistleblowing program”, it said.The DFS has also told the bank to produce a plan for improving its internal controls and compliance program, designed to ensure whistleblowers are protected.Barclays said it had agreed to the fine and the writing of the plan, and said it would “undertake additional reporting and remediation undertakings in respect of its whistleblowing programme”. The regulator did, however, recognise that Staley had taken “commendable and constructive steps” to accept responsibility for his actions and apologise to employees.The ruling said his motivations for trying to unmask the whistleblower were “to protect a senior executive, who was a friend and colleague, from unwanted and unfair publicity, and to defend his own ability as chief executive to continue recruiting high-level hires of his choosing.”The senior executive was Tim Main, a former colleague at JPMorgan Chase. The whistleblower had accused Staley of trying to cover up problems in Main’s personal life when he was hired by Barclays.Staley has already faced a £642,430 fine from the UK’s Financial Conduct Authority in May, and had his £500,000 bonus docked by the bank for the same matter. whatsapp Tags: Barclays Company Share whatsapp US authorities have slapped Barclays with a $15m (£11.87m) fine over its attempts to unmask a whistleblower two years ago, led by chief executive Jes Stanley.A New York Department of Financial Services (NYDFS) investigation found Staley personally told the bank’s head of security to try to identify the author of two whistleblowing letters in an attempt to protect a colleague from unwanted publicity.last_img read more

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High-earning women ‘won’t be on level par with men for 36 years’

first_imgSunday 24 February 2019 11:58 pm whatsapp According to the report, the proportion of high earners that are women grew by an average of 0.8 per cent annually over the last 5 years, with easyMoney predicting it will take 36 years for the gap to close based on its current rate.Read more: Stereotypes won’t close the gender funding gap”There is still a long way to go – even though there are cracks, the glass ceiling is very much still there. The trends are in the right direction but progress is very slow,” said Andrew de Candole, chief executive of easyMoney.He added: “Due to this pay gap, women are being left with less money to save over the course of their careers compared to their male counterparts. So it is even more important for them that they shop around to get the most attractive interest rates on their investments.” Share The gender pay gap for workers earning over £100,000 a year is not set to close for more than three decades, according to new research released this morning.A study by investment platform easyMoney found men make up four times the number of high earners than women, with 680,000 of the 860,000 workers earnings over £100,000 in 2016 being men. by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeBetterBe20 Stunning Female AthletesBetterBeNoteableyJulia Robert’s Daughter Turns 16 And Looks Just Like Her MomNoteableybonvoyaged.comTotal Jerks: These Stars Are Horrible People.bonvoyaged.comLiver Health1 Bite of This Melts Belly And Arm Fat (Take Before Bed)Liver HealthMisterStoryWoman files for divorce after seeing this photoMisterStoryPost FunRare Photos Show Us Who Meghan Markle Really IsPost FunDaily FunnyFemale Athlete Fails You Can’t Look Away FromDaily FunnyTotal PastJohn Wick Stuntman Reveals The Truth About Keanu ReevesTotal PastParenting FactorLily From The AT&T Ads Is Causing A Stir For One ReasonParenting Factorcenter_img whatsapp High-earning women ‘won’t be on level par with men for 36 years’ Read This NextIf You’re Losing Hair in This Specific Spot, It Might Be a Thyroid IssueVegamour20 Stars Who’ve Posted Nude Selfies, From Lizzo to John Legend (Photos)The WrapJim Cramer Calls for Billionaire Tax: ‘This Society Has to Start AddressingThe Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe Wrap’Drake & Josh’ Star Drake Bell Pleads Guilty to Attempted ChildThe WrapTop 5 Tips If You’re Losing Your EyebrowsVegamourWhat Causes Hair Loss? Every Trigger ExplainedVegamourBest Wine Gifts & Wine Accessories at Every PriceGayotSmoking and Hair Loss: Are They Connected?Vegamour Sebastian McCarthy Tags: Trading Archivelast_img read more

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Tories enraged after Liz Truss gaffe lifts lid on £130,000 dinner between May, cabinet and former Russian politician’s wife

first_img whatsapp Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeFilm OracleThey Drained Niagara Falls – Their Gruesome Find Will Keep You Up All NightFilm OracleUndoBleacherBreaker4 Sisters Take The Same Picture For 40 Years. Don’t Cry When You See The Last One!BleacherBreakerUndobonvoyaged.comThese Celebs Are Complete Jerks In Real Life.bonvoyaged.comUndoDefinitionMost Embarrassing Mistakes Ever Made In HistoryDefinitionUndoPost FunA Coast Guard Spotted Movement On A Remote Island, Then Looked CloserPost FunUndoZen HeraldEllen Got A Little Too Personal With Blake Shelton, So He Said ThisZen HeraldUndoHealthyGem20 Hair Shapes That Make A Man Over 60 Look 40HealthyGemUndoDaily Funny40 Brilliant Life Hacks Nobody Told You AboutDaily FunnyUndoMisterStoryWoman files for divorce after seeing this photoMisterStoryUndo Wednesday 1 May 2019 10:17 am Read more: Backbench Tory MPs continue talks over May leadership challengeShe was also entertained by former prime minister David Cameron and Boris Johnson five years ago, after paying £160,000, while defence secretary Gavin Williamson had dinner with her for £30,000 in the Churchill War Rooms in Whitehall last year, the broadcaster said. Lubov Chernukhin (right of PM Theresa May) poses with female cabinet members including Amber Rudd, Liz Truss and Andrea Leadsom (Source: Instagram / Liz Truss)Chernukhin reportedly then sat down to dinner with the MPs, who included work and pensions secretary Amber Rudd, Northern Ireland secretary Karen Bradley, and leader of the Commons Andrea Leadsom.They were served a three-course meal of asparagus, beef Wellington and Eton mess, reported the Mail. Liz Truss has accidentally revealed that the wife of a former Russian senior politician and ally of Vladimir Putin paid the Tories £135,000 to have dinner with Prime Minister Theresa May and several other cabinet ministers – via an Instagram post.Read more: Truss urges Tories to back May’s deal and says UK should slash red tape Tories enraged after Liz Truss gaffe lifts lid on £130,000 dinner between May, cabinet and former Russian politician’s wife There is no suggestion of wrongdoing, but the image of wining and dining former Russian politicians’ wives for party fundraising has been interpreted as being at odds with Theresa May’s pledge to toughen up on the issue of Russian money and influence in the UK, after last year’s nerve agent attack in Salisbury.The PM said at the time the UK could no longer engage in “business as usual” with Russia and Putin.Politico reported this morning senior government sources could not contain their rage at Truss after the incident.One reportedly texted the news site, to say: “This just shows how desperately poor her judgement is. Already overheard b*tching about colleagues, she’s now dropped them in it for the sake of a few likes on Instagram. One female MP told me tonight that ‘This is why she’ll have three supporters come election time.’”Chernukhin is a British citizen after she and her husband moved to London, but ITV said her donations to the Tories have now topped £1m in the last seven years.center_img Alex Daniel Tags: People Theresa May The chief secretary to the Treasury’s gaffe, made on Instagram last night, showed the female cabinet ministers with Lubov Chernukhin, wife of Vladimir Chernukhin, in a five star Goring hotel in Belgravia.She captioned the image: “And it’s ladies night…#cabinetandfriends #girlpower”. whatsapp Share last_img read more

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US to return $200m to Malaysia as part of 1MDB probe

first_imgTuesday 7 May 2019 10:19 am US to return $200m to Malaysia as part of 1MDB probe Tags: Trading Archive The US government has begun to return around $200m to Malaysia after seizing assets related to the scandal-hit state fund 1MDB, the two countries confirmed today.Since 2016 the US Department of Justice (DoJ) has filed lawsuits to seize around $1.7bn of goods allegedly bought with funds stolen from 1MDB, including a private jet, luxury property, artwork and jewellery. by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikePast Factory4 Sisters Take The Same Picture For 40 Years. Don’t Cry When You See The Last One!Past FactoryFilm OracleThey Drained Niagara Falls – Their Gruesome Find Will Keep You Up All NightFilm Oraclebonvoyaged.comThese Celebs Are Complete Jerks In Real Life.bonvoyaged.comDefinitionMost Embarrassing Mistakes Ever Made In HistoryDefinitionZen HeraldEllen Got A Little Too Personal With Blake Shelton, So He Said ThisZen HeraldDaily Funny40 Brilliant Life Hacks Nobody Told You AboutDaily FunnyHealthyGem20 Hair Shapes That Make A Man Over 60 Look 40HealthyGemMisterStoryWoman files for divorce after seeing this photoMisterStoryPost FunThe Deadliest Snakes Ever Found On The PlanetPost Fun Former Malaysian prime minister Najib Razak, who set up the fund in 2009, is currently on trial on charges of money laundering and corruption. Razak denies any wrongdoing.Deloitte has been fined £400,000 for failing to report irregularities relating to the fund and KPMG and Goldman Sachs are facing investigations into their roles in the scandal. Read more: Malaysia sells 1MDB-linked superyacht for $126mThe US has begun to return the first installment of funds recovered, US ambassador to Malaysia, Kamala Shirin Lahkdhir, said in a statement.“We are extremely pleased that this first tranche of assets from this Justice Department investigation is being transferred back to Malaysia, demonstrating the U.S. commitment to return these assets for the benefit of the people of Malaysia,” she said.At least six countries, including the US, Singapore and Switzerland, are investigating alleged money laundering at 1MDB.Read more: 1MDB: Former Malaysian Prime Minister’s trial postponed whatsapp Jessica Clark More From Our Partners Florida 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.orgBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.org Share whatsapp last_img read more

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The Mifid II reality has been the exact opposite of its noble aims

first_img City A.M.’s opinion pages are a place for thought-provoking views and debate. These views are not necessarily shared by City A.M. Friday 24 May 2019 8:09 am The Mifid II reality has been the exact opposite of its noble aims Catherine McBride On top of all this (as with so many EU directives funneled into Britain from Brussels), our politicians have “gold-plated” these regulations, so that UK financial service providers are actually working to a higher standard than many of our EU competitors.Not only does this discourage new financial service firms, insurance companies, and asset managers from setting up shop here, but it also hamstrings already established UK investment firms, blunting their competitive edge in the international marketplace.Mifid II has come under some heavy criticism with market participants over the past year. The regulations disproportionately affected small and medium sized financial services providers, reducing their profitability as they are forced to employ more staff and capital to cope with compliance.For the UK financial services sector to remain vibrant, it is vital that regulations encourage new market entrants, innovators and scaleup companies. They should not actively discourage them. And looking at the wider picture, a dearth of small-capital listings on the market and less liquid secondary markets will have a knock-on effect on the economy as a whole.This directive needs an urgent rethink. We need innovative companies to challenge established behemoths and give consumers greater choice.At the moment, the regulation is entrenching the dominance of big companies – exactly what we needed to get away from following the crash. Second, there’s the unbundling of research costs from the price of execution intended to provide more transparency for investors in what they are paying for. This has actually reduced the amount of research available on small-capital firms and startups, shattered the profitability of independent research providers, and caused smaller brokers to be dropped altogether from investor dealing lists.Regulation intended to protect retail investors has also made it too expensive for financial services firms to cater to them, and they are instead channeled into fund investments. Again, this shuts out the little guys, who find it more difficult to raise capital from where they naturally would.Meanwhile, investment funds are becoming so large that they are finding it difficult to trade without moving the market price. This pushes them off-market, to less transparent trading platforms – achieving the exact opposite of Mifid II’s transparency objectives.To exacerbate the issue further, Mifid II limits the volume of transactions that can take place on some off-market platforms (so-called “dark-pools”) supposedly to force larger investors to trade on “lit” exchanges, therefore improving transparency.Alas, no such thing has happened. Instead, funds have simply moved their trading to another off-exchange transaction method. Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikePast Factory4 Sisters Take The Same Picture For 40 Years. Don’t Cry When You See The Last One!Past FactoryUndoFilm OracleThey Drained Niagara Falls – Their Gruesome Find Will Keep You Up All NightFilm OracleUndobonvoyaged.comThese Celebs Are Complete Jerks In Real Life.bonvoyaged.comUndoZen HeraldEllen Got A Little Too Personal With Blake Shelton, So He Said ThisZen HeraldUndoPost FunA Coast Guard Spotted Movement On A Remote Island, Then Looked CloserPost FunUndoDefinitionMost Embarrassing Mistakes Ever Made In HistoryDefinitionUndoDaily Funny40 Brilliant Life Hacks Nobody Told You AboutDaily FunnyUndoMisterStoryWoman files for divorce after seeing this photoMisterStoryUndoHealthyGem20 Hair Shapes That Make A Man Over 60 Look 40HealthyGemUndo whatsapp Share Opinion Tags: Trading Archive whatsapp The Markets in Financial Instruments Directive (Mifid) II, which brought in sweeping regulatory reform to financial markets in the EU, was intended to improve competition and transparency.More than a year on from its introduction, it has become clear that it has widely missed the mark. In the wake of the financial crash, improved regulation of financial services was desperately needed, in part to protect investors from unscrupulous agents. But, as is often the case when regulators with little experience take the reins, it went too far. In fact, Mifid II has ended up having the opposite effect to its original aims, as highlighted in today’s new report from the Institute of Economic Affairs.Mifid II has generated a whole host of unintended consequences.First, the cost of complying with its excessive, granular regulation makes it very expensive for smaller financial services companies to comply, therefore rendering them less competitive.If they are pushed out of the market altogether, that leaves space for oligopolies to form, which results in higher costs and less choice for consumers.So much for ditching the “too big to fail” culture.last_img read more

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Chinese industrial profits fall at fastest in eight months

first_img“The deterioration was present across the board, with mining, commodity-related manufacturing, and non-commodity manufacturing all weakening.” whatsapp China’s economic growth slowed to six per cent in third quarter, its slowest in almost 30 years as domestic and international demand suffered under the long-running US-China trade war. Read more: Cranswick’s pork sales to China surge after swine flu outbreak Profit margins came under pressure in the January to October period, contracting 4.9 per cent, the official data showed. This compared with a 3.9 per cent fall in the first nine months of the year. Chinese industrial firms suffered their biggest fall in profits in eight months in October in the latest evidence that the world’s second-biggest economy is slowing. Today’s industrial profits figures indicate that the weakness in external demand has carried on into the final quarter, suggesting China will slow further towards the end of the year. Yearly growth is still expected to be around 6.5 per cent, however. “Profits appear to have shifted decisively down again, after seeming to stabilise in recent months,” said Freya Beamish, chief Asia economist at Consultancy Pantheon Macroeconomics. Industrial profits tumbled 9.9 per cent in October compared to a year earlier, following a 5.3 per cent fall in September, the country’s National Bureau of Statistics said this morning. China’s factories have struggled under the US-China trade war (AFP via Getty Images) Beamish said there were some green shoots but cautioned that they “look exposed in the context of still tight monetary conditions”. Wednesday 27 November 2019 1:30 pm whatsapp Chinese industrial profits fall at fastest in eight months “At the same time, state-owned enterprise profits dropped even more sharply m/m, after a minor uptick in September.” Share by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeDaily FunnyFemale Athlete Fails You Can’t Look Away FromDaily FunnyNoteableyJulia Robert’s Daughter Turns 16 And Looks Just Like Her MomNoteableyzenherald.comDolly Finally Took Off Her Wig, Fans Gaspedzenherald.comMisterStoryWoman files for divorce after seeing this photoMisterStoryPast Factory4 Sisters Take The Same Picture For 40 Years. Don’t Cry When You See The Last One!Past Factorybonvoyaged.comThese Celebs Are Complete Jerks In Real Life.bonvoyaged.comBetterBe20 Stunning Female AthletesBetterBeautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comNews SharperChrissy Metz, 39, Shows Off Massive Weight Loss In Fierce New PhotoNews Sharper Harry Robertson last_img read more

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Heathrow expansion in a ‘deep freeze’ after court decision and coronavirus

first_imgHeathrow Airport believes the court ruling will not stop the project going ahead and that it was an “eminently fixable” situation. Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeBleacherBreaker4 Sisters Take The Same Picture For 40 Years. Don’t Cry When You See The Last One!BleacherBreakerUndoDaily FunnyFemale Athlete Fails You Can’t Look Away FromDaily FunnyUndobonvoyaged.comTotal Jerks: These Stars Are Horrible People.bonvoyaged.comUndoPost FunThe Deadliest Snakes Ever Found On The PlanetPost FunUndoMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryUndoNoteableyAirport Security Couldn’t Believe These Jaw-Dropping MomentsNoteableyUndoNinjaJournalistCareless Workers Caught In Jaw-Dropping MomentsNinjaJournalistUndoArticles StoneTeacher Throws Marine Out, He Gets The Last LaughArticles StoneUndoBeach RaiderMom Belly Keeps Growing, Doctor Sees Scan And Calls CopsBeach RaiderUndo Sunday 15 March 2020 3:49 pm Stefan Boscia However, contractors working on the early stages of the expansion have been told to stop working for the time being. The government needs to revise its policy document on the project, after the UK’s High Court ruled last month it was “unlawful” as it didn’t take into account the country’s commitments from the Paris Climate Agreement. Also Read: Heathrow Airport expansion in a ‘deep freeze’ after court decision and coronavirus Also Read: Heathrow Airport expansion in a ‘deep freeze’ after court decision and coronavirus Heathrow Airport’s planned expansion is now in a “deep freeze”, with the aviation industry expecting the project to fall off the agenda during the coronavirus pandemic. Heathrow Airport expansion in a ‘deep freeze’ after court decision and coronavirus “Given the date for a third runway had already been pushed back to late 2028 or early 2029, then we are now looking at 2030 and beyond should the government proceed.”center_img whatsapp whatsapp Airlines have been told an impending coronavirus recession will likely delay the third runway a further two years to 2030 at the earliest and could require job cuts, according to the Sunday Telegraph. They added: “Failure to fix it rules out airport growth anywhere in the country and casts doubt on other infrastructure projects, including roads and housing pledges made by the Government. The Board of Airline Representatives in the UK (BAR UK), an aviation trade body, is now expecting the fallout from the Covid-19 pandemic will likely delay the government’s actions on rewriting the statement. Share In an email to its members, BAR UK said: “Heathrow expansion is now in the deep freeze until the government comes forward with when, how, or if it intends to revise the [policy documents] required for Heathrow. “Heathrow has already taken a lead in getting the UK aviation sector to commit to a plan to get to Net Zero emissions by 2050, in line with the Paris Agreement and we are ready to work with the Government to help deliver their agenda to level up the country and deliver a Global Britain.” A spokesperson for the airport said the High Court ruling would mean there is a “delay in realising the benefits of Heathrow’s expansion” until the “government remedies an eminently fixable issue”. Show Comments ▼last_img read more

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