Cranes fill London sky as construction soars June 24, 2013 BUILDING activity across London has more than trebled since its low in mid-2010, booming to a four-year peak, data showed yesterday. Office construction has risen eight per cent over the past six months to 9.7m square feet of space under construction, bouncing off lows of 2.7m in the third quarter of 2010. The figures, in [...]
The retail funding myth – why the investment banks aren’t to blame June 24, 2013 BANKS used retail deposits to gamble on the investment banking casino!” That is the common perception of the cause behind the 2007-2008 financial crisis. The popular belief is that retail deposits, instead of being used to fund “safe” traditional retail lending like mortgages, were used to fund high-risk derivatives trading on the international capital markets. [...]
Migrant crackdown runs against all the economic evidence | City A.M. June 23, 2013 THE health secretary Jeremy Hunt said yesterday: “The pull factors are very important if we are to deter people from coming here in the first place.” It is deeply depressing that, with UK GDP well below its 2008 level and no growth last year, the government chose to make proposals designed to put people off [...]
Finance tax set to lose 11 EU states’ revenue June 23, 2013 EUROPE’S planned financial transaction tax will push up governments’ borrowing costs, hurt pension savers and fail to raise the promised amount of revenues, according to a new report out today. The charge on trades of shares, bonds and derivatives across 11 countries is set to cut GDP by up to two per cent, hitting tax [...]
Coalition’s tweaks and gimmicks won’t reboot our economy June 23, 2013 SO was that it, then? When it comes to measures affecting our ailing economy at least, the coalition’s programme unveiled by the Queen yesterday can only be described as yet another damp squib. It contained a list of modest tweaks of the kind that a complacent government in the middle of a frenzied boom might [...]
Battle of the cabs: Hailing competition in London’s transport June 22, 2013 WHEN I lived in Monaco, I had Ferraris. Now, living in London, I have a basic car but barely use it. The hassle of parking and traffic have made me a cab and minicab user, and I’ve recently noticed interesting things going on in their business world. Cabs have had two unique selling points. Unlike [...]
Tank on the streets of London as BrewDog tries to raise £4m from beer drinkers | City A.M. June 20, 2013 There’s a tank in the City today, as BrewDog launches an attempt to raise £4m by selling shares directly to beer drinkers (release). The crowdfunding scheme – Equity for Punks – sees the company attempt to sell 42,000 shares at £95 each. Share owners will be given a lifetime discount on BrewDog’s portfolio of craft [...]
Simplify planning laws and Garden Cities could solve our housing crisis June 19, 2013 BRITAIN’s planning regulations are a lawyers’ banquet. A tangled web of 118 Acts of Parliament govern them and, while the legal profession and a new breed of lobbyists known as “planning consultants” may prosper from this quagmire, the economy suffers. This is the theme of a new policy report on Britain’s antiquated planning regime I [...]
Lord Browne to advise $20bn oil and gas fund June 18, 2013 LORD Browne, the former boss of oil giant BP, has joined forces with Russia’s Alfa Group to advise the company on a new $20bn (£12.7bn) global oil and gas fund. The fund, known as the L1 Energy Fund, will be seeded with the proceeds of Alfa’s sale of its stake of TNK-BP, which netted it [...]
Once again, it’s the old question: who guards the guardians? June 17, 2013 AS ever, the ancient Greeks and Romans got there before us; they couldn’t conceivably have dreamt of the internet, of the cloud or of National Security Agency (NSA) super-computers in Fort Meade, Maryland, in an as yet undiscovered continent, combing through trillions of phone calls, emails and Facebook pages, but they’d already nailed the gist of [...]