There is zero virtue in involuntary high taxes October 18, 2011 WARREN Buffett has famously claimed that he is happy to pay a higher rate of income tax. He figures that, given all he has gained from society, it is only right that he give a lot back. President Obama’s proposed new tax on incomes above $1m has even been dubbed the Buffett tax. This week [...]
RAPID RESPONSES October 18, 2011 Innovation first Norman Lewis makes some good points [Steve Jobs was an amazing businessman – but Einstein’s the genius behind the iPod, yesterday] but while pure science is clearly important, many innovations precede the science. We flew long before we knew how, we used electricity long before we understood what it was and we continue [...]
Steve Jobs was an amazing businessman – but Einstein’s the genius behind the iPod October 17, 2011 THE recent death of Steve Jobs is a timely moment to step back and reconsider what innovation is really for. Reading the obituaries and testimonies posted across the internet, you would not be alone in assuming that Saint Jobs had cured the world of cancer and is now in heaven, reconfiguring God’s messaging system from [...]
A few cold facts in the debate on high energy bills October 17, 2011 AT YESTERDAY’S energy price summit, David Cameron pledged that he would do whatever he could to bring down the spiralling cost of energy bills. There is only one problem: the coalition’s own costly green energy policies, which threaten to raise energy prices even further in coming years. David Cameron’s energy advisers recently warned him of [...]
The real central bank target is not inflation October 17, 2011 IT SEEMS like Mervyn King has abandoned the Bank of England’s (BoE) inflation target, with the consumer price index (CPI) apparently stuck well above 2 per cent. But has King privately taken up a different sort of target altogether? A more credible alternative that continues to gain momentum is to set a nominal GDP (NGDP) [...]
RAPID RESPONSES October 17, 2011 Empowered intern I support Rob Killick’s article [Why unpaid internships are a good thing, yesterday]. I began my career as an unpaid intern – hailing from precisely the kind of low income, disadvantaged background that is invoked to argue for closing down these opportunities. I worked a low paid (but flexible) job alongside these placements [...]
Why unpaid internships are a good thing – they help the young get a foot in the door October 16, 2011 MY COMPANY is currently looking for an intern (don’t all apply at once). The reason is simple. We have a job that needs doing that we cannot get our clients to pay us for and, in the current climate, we cannot afford to pay an experienced person to do it. The work we want doing [...]
Private equity is emerging as the friend of Africa October 16, 2011 THE reputation of the private equity industry has been under attack once again. In the UK, troubled private equity backed companies such as Southern Cross care homes have been the subject of high-profile negative press coverage; internationally, music giant EMI has struggled to service its debts. But private equity in emerging markets is a reminder [...]
The City needs to stay the world’s top choice October 16, 2011 BEING the Lord Mayor of the City of London is an all-consuming role; in the past 11 and a half months, I have visited 40 cities in 22 different countries across the globe, delivering around 900 speeches promoting not just the Square Mile, but the whole of the UK-wide financial and professional services industry. I [...]
RAPID RESPONSES October 16, 2011 Heathwick critic Despite Victoria Borwick’s defence of the “Heathwick” scheme on Friday [To keep the economy flying we need more air capacity], the idea is flawed in our view. British Airways already tried the idea of a dual hub a few years ago and it did not work, in part because connection times were uncompetitive [...]