I value the City: EU commissioner responds to criticisms by City A.M. April 11, 2012 I WOULD like to respond to Syed Kamall’s article in City A.M. last Tuesday on the European Commission’s draft measures to implement the EU directive on alternative investment fund managers (AIFMD) [The EC is now run by City-sceptics: An insider’s view]. The issue at stake is a European directive on alternative investment funds, adopted by [...]
Republican nominee seeks running mate: Should be loyal and able to swing April 11, 2012 LYNDON Johnson claimed it “was the worst thing that ever happened to me.” John Nance Garner said it wasn’t “worth a bucket of warm spit.” John Adams lamented it to be the “most insignificant office that ever the invention of man contrived or his imagination conceived.” The vice presidency has not always endeared itself to [...]
Have sentences for rioters been proportionate? April 11, 2012 YES Richard Harrington Last summer’s riots were unprecedented in scale, disorder and violence. The cause was mindless, reckless vandalism and the effect must be serious, effective sentencing. Gordon Thompson, sentenced yesterday, committed a crime that destroyed the livelihood of a longstanding company and endangered lives. As a standalone crime this merits a long custodial sentence [...]
RAPID RESPONSES April 11, 2012 Flight risk [Re: The economics of the airline industry are sheer hell, yesterday] I’m surprised David Crow has chosen to lump me in with Vijay Malya (the Indian entrepreneur behind Kingfisher Airlines) in his otherwise well observed critique of the modern airline industry. As the largest shareholder in easyJet I have, since 2008, been vocal [...]
Look behind the headlines for the real story on UK trade diplomacy April 10, 2012 ALMOST two years ago, David Cameron used his first tour of the United States to announce a major change in foreign policy. He outlined plans to refocus British diplomacy on promoting UK businesses abroad – with diplomats told to use “every opportunity” to win orders for domestic firms. Many commentators may view the Prime Minister’s [...]
Maximising tax revenue is good for politicians – but not the rest of us April 10, 2012 HIGH taxes encourage black markets. For example, ever increasing “sin taxes” mean that a large portion of the cigarettes and alcohol consumed in Britain is now bought in the black market, where these taxes need not be paid. The Taxpayers’ Alliance complains that this costs the government £7bn a year in lost tax revenues. Implicit [...]
Bright ideas from the NHS can earn hospitals billions April 10, 2012 MUCH of the debate – and emotion – that surrounded the passage of the Health and Social Care Act focused on the extent to which the private sector should be allowed to compete to provide services to the NHS. It is a good question, and the public will benefit from some elements of additional competition [...]
As Facebook announces its $1bn purchase of Instagram, is it really worth the money? April 10, 2012 YES Steve Dinneen What could be a bigger sign of a bubble than paying $1bn for a company with no revenue model? At all. It’s not even really a company – it’s an app that makes your photos look like Polaroid snaps (Polaroid being a company that has twice filed for bankruptcy). Bonkers, right? But [...]
RAPID RESPONSES April 10, 2012 A taxing dilemma [Re: Why Britain’s income tax is already astonishingly progressive, yesterday] Anthony J Evans is wrong on several counts. Progressive taxation is not where the richest pay a greater percentage of the total tax bill, but where they pay proportionately more compared to their income. The top 1 per cent of taxpayers take [...]
Would YOU do the right thing? A business ethics quiz with a twist April 9, 2012 IMAGINE you return from the Easter break to face the following dilemma. You are a non-executive director of a firm of fund managers. One of your firm’s star managers, Brian Poole, after spells as a fund manager with a number of competitors, has now been with your firm for seven years. Due to his consistent [...]