Sun, sea and Arabian Delights November 1, 2009 THERE are many parts of the world about which I am pessimistic but Dubai, despite its recent economic woes, is not one of them. Nobody else in the Middle East has pulled off what Dubai has achieved: a peaceful, capitalist, multi-ethnic state based on commerce, property, finance, entertainment and tourism. While it has been engulfed [...]
Why Britain’s recession is lasting longer than others October 29, 2009 YESTERDAY’S US GDP figures were very good news for the world economy. The US has followed France, Germany, Japan and most other major economies out of recession. Britain now stands out as the laggard. The Prime Minister’s claim that we were “best placed” now lies in tatters, and his recession plan has patently failed. Why [...]
Nomura stays in black over its first half October 28, 2009 JAPANESE bank Nomura yesterday said it had remained in the black for a second successive quarter, boosted by strong trading volumes and robust sales of investment trusts. Though the bank’s investment banking division posted a pre-tax loss of 9.7bn yen (£64.3m), echoing weak performances from rival divisions across the Wall Street banking giants over the [...]
Osborne gets it wrong on cash bonuses October 26, 2009 AS bizarre policies go, the Tories’ latest thinking on bank bonuses takes some beating. For this year only, Britain’s commercial banks will not be allowed to pay more than a trivial bonus in cash – but they will be able to pay as many millions as they want in shares. The rule will only apply [...]
Slump in tax receipts proof of deep crisis October 25, 2009 THE quality of Britain’s official statistics isn’t as bad as it used to be. But I wouldn’t be surprised if the 0.4 per cent decline in GDP reported on Friday is eventually revised upwards – time and again, the Office for National Statistics has rewritten economic history, sometimes radically, with the benefit of hindsight. There [...]
Windfall taxes cannot be the answer October 18, 2009 IF TAX policy were determined by referenda, London’s financial institutions would be in even greater trouble than they already are. I was a guest on James Max’s LBC radio show yesterday and it was soon clear that the overwhelming majority of callers hate banks with a passion. My own position, which is that it would [...]
Cameron’s real agenda is truly radical October 8, 2009 LET us hope that David Cameron truly believes in rolling back the failed culture of big government he so aptly described in his keynote address in Manchester yesterday; if he does, a Tory government could yet turn out to be far more revolutionary than most of us have been predicting. It was a good, though [...]
Cut debt, but not yet: CBI September 27, 2009 THE Confederation of British Industry (CBI) will today call for a faster, more aggressive approach to solving Britain’s public debt crisis as it sets out its business recommendations for a new government ahead of next year’s election. CBI deputy director-general John Cridland said the emphasis should be on balancing the government’s books by 2015/16, two [...]
Why Vince Cable’s tax plans are wrong September 21, 2009 HERE is something that will tell you everything you need to know about Vince Cable’s astonishing popularity. Yesterday, when the BBC was looking for independent commentators to talk about his controversial tax and spending plans, they could only find two non-aligned journalists who were willing to mount a robust critique of his record. I, needless [...]
HOW HURDLES CAN SAVE THE BONUS September 15, 2009 DAVID MARDLEHEAD OF EUROPEAN VENTURE CAPITAL, TAYLOR WESSING THE City’s “bonus culture” has come in for criticism since the onset of the credit crunch. Traditional models of share-based remuneration, while encouraging long-term growth, have lost much of their appeal in an era of shrinking corporate valuations. But skilled people still need to be paid well. [...]