New treaty threatens the economic opportunities of a laissez-faire internet November 29, 2012 AT the beginning of this year, in this very column, I outlined the threats to freedom online both in the UK and abroad through the International Telecommunications Union. Sadly, my predictions were correct. We are facing the risk of media regulation at home while an international treaty negotiation abroad threatens to regulate the internet as [...]
Ireland shows why press controls are not the solution November 29, 2012 LORD Justice Leveson met his deadline yesterday, issuing the findings of his eight month inquiry into the “culture, practices, and ethics” of the press. It came as no surprise that he concluded the state has a role to play in overseeing newspapers. Leveson decided that a statutory body, much like Ofcom, should take responsibility for [...]
Should we be worried that zombie firms will worsen the effects of the recession? November 29, 2012 YES Jon Moulton We should be afraid of zombie companies that eat away at good assets and valuable finance. Allowing bad business models to persist spurns one of the very few positive effects of a recession: clearing out the economically unproductive companies to make way for strong, innovative ones. Forbearance is a nice phrase, but [...]
Rapid responses November 29, 2012 The tax debate [Re: Firms call for tax breaks in infrastructure, Monday] I would happily support an overhaul of the tax system to try and bring better balance to, and a fairer sharing of, the burden of paying our country’s bills. However, the vilification of anyone who legally manages their tax affairs is worrying. The [...]
Simpler energy tariffs will lead to higher bills and less competition November 28, 2012 THE Prime Minister has proposed that each energy supplier should put all its customers on the best tariff. The regulator Ofgem has proposed that suppliers should be restricted to four tariffs each. The Department for Energy and Climate Change has proposed putting a mix of these proposals into law. Has no one thought through the [...]
Banker bashing in practice: The suicidal tendency that’s killing finance November 28, 2012 DO YOU care whether London remains the international financial centre? It might be a sacrilegious question to ask City A.M. readers, but it is at the heart of the debate over the future of banking. If someone doesn’t want London to remain a world leader, then concerns about regulatory overreaction damaging our competitiveness and banks [...]
Leveson must not purge the press of its messy freedom November 28, 2012 LORD Justice Leveson’s report into media “culture and ethics” will not turn Britain into Zimbabwe-on-Sea. But it will risk leaving our press even less free and open than it is already. Today, Leveson is widely expected to propose a new press regulator backed by law. Statute-backed regulation is certainly what celebrities and anti-tabloid crusaders are [...]
Could President Hollande’s anti-business stance drive companies away from France? November 28, 2012 YES Bill Witherell The bitter dispute between the French government and the steel company Mittal reflects its contradictory attitude towards business. Francois Hollande’s post-election actions have had an anti-business flavour that appealed to his socialist support base. But in response to the International Monetary Fund (IMF) warning France over its low competitiveness, Hollande introduced new measures [...]
Rapid responses November 28, 2012 Bank multi-tasking [Re: Mark Carney’s Canadian legacy has still not weathered the test of time, yesterday] Mark Carney’s appointment as the new governor of the Bank of England has been welcomed with open arms. Indeed, he appears to be the strongest candidate for the job. Needless to say, expectations are extremely high. The Bank requires [...]
Mark Carney’s Canadian legacy has still not weathered the test of time November 27, 2012 MARK Carney, the Bank of England’s new governor, will leave his current position as governor of the Bank of Canada with a sterling reputation. The widespread acclaim he has attracted is based on his Bank’s deft handling of the beginning of the financial crisis, and his recent appointment as head of the G20’s Financial Stability [...]