Wednesday, 31 January 2024
Monday, 29 January 2024
How Thatcher Damaged the UK Economy
Fake Investment Platforms Stealing Millions | Crypto: Who Wants to Lose Millions?
Sunday, 28 January 2024
France Tries to Contain Protests by Farmers as Outrage Spreads
THE NEW YORK TIMES: The government announced measures to quell the anger, including the scrapping of a fuel tax increase, as thousands of tractors blocked highways across the country.
Farmers blocking the entrance of a supermarket burn tires in Le Mans, in northwestern France, on Friday. | Guillaume Souvant/Agence France-Presse — Getty Images
Protests by farmers angered by complex regulations, administrative hassles and low wages spread across France on Friday, blocking several highways, snarling traffic for miles and forcing the country’s new prime minister to tear up his schedule and head to a remote farm in the region where the demonstrations began.
Gabriel Attal, the 34-year-old prime minister who took office this month, arrived late in the afternoon in southwestern France to try to ease the tension.
“Without our farmers, we are no longer France,” he declared at a cattle farm in Montastruc-de-Salies, in the Haute-Garonne region. He appeared intent on convincing his rural audience that its angry message had been received, even as some tractor convoys inched closer to Paris.
Mr. Attal said that the government would scrap plans to reduce state subsidies on the diesel fuel used in trucks and other farming machinery, and he promised that it would significantly cut back the time-consuming bureaucratic regulations farmers must follow. For example, 14 different regulations on hedges would be merged into one. » | Roger Cohen and Aurelien Breeden, Reporting from Paris | Friday, January 26, 2024
En direct, colère des agriculteurs : Marc Fesneau promet des « mesures complémentaires » dès mardi : Le ministre de l’agriculture a promis dimanche une « tolérance zéro » en cas de « violences et de dégradations » alors que certains agriculteurs veulent mettre en place lundi « un siège de la capitale pour une durée indéterminée ». LIVE EN COURS »
Protests by farmers angered by complex regulations, administrative hassles and low wages spread across France on Friday, blocking several highways, snarling traffic for miles and forcing the country’s new prime minister to tear up his schedule and head to a remote farm in the region where the demonstrations began.
Gabriel Attal, the 34-year-old prime minister who took office this month, arrived late in the afternoon in southwestern France to try to ease the tension.
“Without our farmers, we are no longer France,” he declared at a cattle farm in Montastruc-de-Salies, in the Haute-Garonne region. He appeared intent on convincing his rural audience that its angry message had been received, even as some tractor convoys inched closer to Paris.
Mr. Attal said that the government would scrap plans to reduce state subsidies on the diesel fuel used in trucks and other farming machinery, and he promised that it would significantly cut back the time-consuming bureaucratic regulations farmers must follow. For example, 14 different regulations on hedges would be merged into one. » | Roger Cohen and Aurelien Breeden, Reporting from Paris | Friday, January 26, 2024
En direct, colère des agriculteurs : Marc Fesneau promet des « mesures complémentaires » dès mardi : Le ministre de l’agriculture a promis dimanche une « tolérance zéro » en cas de « violences et de dégradations » alors que certains agriculteurs veulent mettre en place lundi « un siège de la capitale pour une durée indéterminée ». LIVE EN COURS »
Saturday, 27 January 2024
Sir Michael Marmot on 'Grim Reality' of Poverty in Britain | LBC
Millions in UK Need to Double Income to Escape Poverty | Channel 4 News
Jan 23, 2024 | When the cost of everything is spiralling, from housing to fuel and food, millions of ordinary people are facing an ever greater struggle to get by.
Now a new report by the Joseph Rowntree Foundation says millions of people in the UK would need to double their income to escape poverty. Their damning report reveals the extent of hardship and desperation across the country - describing it as "social failure, at scale".
Now a new report by the Joseph Rowntree Foundation says millions of people in the UK would need to double their income to escape poverty. Their damning report reveals the extent of hardship and desperation across the country - describing it as "social failure, at scale".
Thursday, 25 January 2024
Mail 3 Days a Week? Idea Meets Resistance in Britain.
THE NEW YORK TIMES: Letter volumes have halved since 2011. Without significant changes, the beleaguered Royal Mail services will become “out of date,” according to a report.
A Royal Mail post box in London. | Peter Macdiarmid/Getty Images
Britain’s postal service could consider cutting deliveries to five days a week, or even three, from six, the country’s regulator said on Wednesday, drawing resistance from lawmakers and businesses.
The Royal Mail, like the U.S. Postal Service, has been increasingly plagued by service issues and financial pressures. Given rising costs, the organization risks becoming “financially and operationally unsustainable in the long term,” according to a report by Ofcom, Britain’s communications regulator.
Reducing delivery to just three days a week would save the Royal Mail up to 650 million pounds ($830 million) a year, the report found. Sweden, Norway, Denmark and Belgium have reduced the frequency of delivery or extended delivery times for letters in recent years, Ofcom said.
Lawmakers, however, pushed back on the idea. Prime Minister Rishi Sunak, whose Conservatives hold a majority, said on Wednesday that he remained “absolutely committed” to ensuring that the Royal Mail delivered six days a week. The service, which was privatized in 2013, is required by law to deliver mail six days a week, so any change would require a vote in Parliament. » | Jenny Gross, Reporting from London | Thursday, January 25, 2024
Britain’s postal service could consider cutting deliveries to five days a week, or even three, from six, the country’s regulator said on Wednesday, drawing resistance from lawmakers and businesses.
The Royal Mail, like the U.S. Postal Service, has been increasingly plagued by service issues and financial pressures. Given rising costs, the organization risks becoming “financially and operationally unsustainable in the long term,” according to a report by Ofcom, Britain’s communications regulator.
Reducing delivery to just three days a week would save the Royal Mail up to 650 million pounds ($830 million) a year, the report found. Sweden, Norway, Denmark and Belgium have reduced the frequency of delivery or extended delivery times for letters in recent years, Ofcom said.
Lawmakers, however, pushed back on the idea. Prime Minister Rishi Sunak, whose Conservatives hold a majority, said on Wednesday that he remained “absolutely committed” to ensuring that the Royal Mail delivered six days a week. The service, which was privatized in 2013, is required by law to deliver mail six days a week, so any change would require a vote in Parliament. » | Jenny Gross, Reporting from London | Thursday, January 25, 2024
Wednesday, 24 January 2024
Monday, 22 January 2024
Wall Street Traders Celebrate New Stock Market Record | BBC News
Saturday, 20 January 2024
Firm Linked to Michelle Mone's Husband Should Face 'Fraud Probe' Say Experts | BBC News
Jan 19, 2024 | The husband of ex-Tory peer Michelle Mone, Doug Barrowman, is connected to a company that tax experts say should be investigated for fraud,
BBC Newsnight has found. Doug Barrowman has previously denied involvement in Vanquish Options, a firm that falsely claimed customers could write off money owed to the government.
But BBC News has identified Vanquish bosses with links to Mr Barrowman and seen emails sent by Vanquish from the same IP address as his Isle of Man HQ.
Mr Barrowman has denied any wrongdoing.
BBC Newsnight has found. Doug Barrowman has previously denied involvement in Vanquish Options, a firm that falsely claimed customers could write off money owed to the government.
But BBC News has identified Vanquish bosses with links to Mr Barrowman and seen emails sent by Vanquish from the same IP address as his Isle of Man HQ.
Mr Barrowman has denied any wrongdoing.
Friday, 19 January 2024
JP Morgan Boss Receives Record Payout
THE TELEGRAPH: Jamie Dimon earns $36m as bank announces best profits of Wall Street’s Big Four
Jamie Dimon is the longest serving chief executive among the major investment banks CREDIT: CHRIS RATCLIFFE/POOL/EPA-EFE/Shutterstock
Wall Street giant JP Morgan paid its long-standing chief executive Jamie Dimon a record $36m (£28.4m) last year. The payout was a 4.3pc increase for Mr Dimon and comes after the bank reported $49.6bn (£39.1bn) of profits last Friday, well ahead of its peers. He was paid $34.5m in 2022.
Mr Dimon, 67, who is the longest serving chief executive among Wall Street’s Big Four banks, hailed the results – which come after JP Morgan shares rose 27pc during the year.
The bank’s board said: “The firm is in a fortunate position to be led by such a highly talented and experienced executive who continues to grow the company, maintain market leadership positions, strengthen the firm’s reputation, invest in opportunities for the future, promote diversity and best practices, manage risk and develop great leaders, while also maintaining his focus on the firm’s clients.”
Mr Dimon’s payout will be made up of a $1.5m base salary and a $34.5m bonus, most of which is paid in stock. » | Chris Price | Friday, January 19, 2024
SOME BOSSES AREN'T QUITE SO SHAMELESS:
British Gas boss Chris O'Shea: 'I can't justify my pay of £4.5m': The boss of British Gas owner Centrica has told the BBC his pay last year of £4.5m is "impossible to justify". »
Wall Street giant JP Morgan paid its long-standing chief executive Jamie Dimon a record $36m (£28.4m) last year. The payout was a 4.3pc increase for Mr Dimon and comes after the bank reported $49.6bn (£39.1bn) of profits last Friday, well ahead of its peers. He was paid $34.5m in 2022.
Mr Dimon, 67, who is the longest serving chief executive among Wall Street’s Big Four banks, hailed the results – which come after JP Morgan shares rose 27pc during the year.
The bank’s board said: “The firm is in a fortunate position to be led by such a highly talented and experienced executive who continues to grow the company, maintain market leadership positions, strengthen the firm’s reputation, invest in opportunities for the future, promote diversity and best practices, manage risk and develop great leaders, while also maintaining his focus on the firm’s clients.”
Mr Dimon’s payout will be made up of a $1.5m base salary and a $34.5m bonus, most of which is paid in stock. » | Chris Price | Friday, January 19, 2024
SOME BOSSES AREN'T QUITE SO SHAMELESS:
British Gas boss Chris O'Shea: 'I can't justify my pay of £4.5m': The boss of British Gas owner Centrica has told the BBC his pay last year of £4.5m is "impossible to justify". »
Thursday, 18 January 2024
Germany, Once a Powerhouse, Is at an Economic ‘Standstill’
THE NEW YORK TIMES: The economy shrank last year and is not predicted to grow much in 2024. Farmers are angry, industrial output is falling and the government is bickering.
Germany started the year with Berlin’s streets choked with tractors and farmers blaring horns in furious protest of proposed budget cuts. Then train engineers walked off the job to demand better pay, stranding commuters and carloads of freight and leaving the country angry and gridlocked.
The same could be said for the state of the German economy. Last year it contracted 0.3 percent, official figures showed this week, making it not only the largest economy but also the slowest growing among the 20 countries using the euro. Industrial production has fallen five months in a row.
“The economy is at a standstill in Germany,” said Siegfried Russwurm, the president of the Federation of German Industries. “We don’t see any chance of a rapid recovery in 2024.”
Since it was rebuilt after World War II, Germany has been Europe’s main driver of economic growth, becoming an industrial powerhouse known for vast factories and fine-tuned engineering.
But now its automakers must compete with relatively cheap electric cars from China, and it vies with the United States to attract tech giants. There is a growing realization that Germany has not been successful updating its industry with sufficient flexibility and digital know-how to remain competitive. » | Melissa Eddy, Reporting from Berlin | Thursday, January 18, 2024
Germany started the year with Berlin’s streets choked with tractors and farmers blaring horns in furious protest of proposed budget cuts. Then train engineers walked off the job to demand better pay, stranding commuters and carloads of freight and leaving the country angry and gridlocked.
The same could be said for the state of the German economy. Last year it contracted 0.3 percent, official figures showed this week, making it not only the largest economy but also the slowest growing among the 20 countries using the euro. Industrial production has fallen five months in a row.
“The economy is at a standstill in Germany,” said Siegfried Russwurm, the president of the Federation of German Industries. “We don’t see any chance of a rapid recovery in 2024.”
Since it was rebuilt after World War II, Germany has been Europe’s main driver of economic growth, becoming an industrial powerhouse known for vast factories and fine-tuned engineering.
But now its automakers must compete with relatively cheap electric cars from China, and it vies with the United States to attract tech giants. There is a growing realization that Germany has not been successful updating its industry with sufficient flexibility and digital know-how to remain competitive. » | Melissa Eddy, Reporting from Berlin | Thursday, January 18, 2024
Wednesday, 17 January 2024
Tax Our Wealth, Super-rich Tell Politicians at Davos
THE GUARDIAN: Abigail Disney, Brian Cox and Valerie Rockefeller among signatories of open letter condemning inequality
Left to right: Brian Cox as Logan Roy, Abigail Disney and Valerie Rockefeller Photograph: various
More than 250 billionaires and millionaires are demanding that the political elite meeting for the World Economic Forum in Davos introduce wealth taxes to help pay for better public services around the world.
“Our request is simple: we ask you to tax us, the very richest in society,” the wealthy people said in an open letter to world leaders. “This will not fundamentally alter our standard of living, nor deprive our children, nor harm our nations’ economic growth. But it will turn extreme and unproductive private wealth into an investment for our common democratic future.”
The rich signatories from 17 countries include Disney heir Abigail Disney; Brian Cox who played fictional billionaire Logan Roy in Succession; actor and screenwriter Simon Pegg; and Valerie Rockefeller , an heir to the US dynasty.
“We are also the people who benefit most from the status quo,” they said in a letter titled Proud to Pay, which they will attempt to deliver to world leaders gathered in Davos in Switzerland on Wednesday. “But inequality has reached a tipping point, and its cost to our economic, societal and ecological stability risk is severe – and growing every day. In short, we need action now.” » | Rupert Neate, Wealth correspondent | Wednesday, January 17, 2024
More than 250 billionaires and millionaires are demanding that the political elite meeting for the World Economic Forum in Davos introduce wealth taxes to help pay for better public services around the world.
“Our request is simple: we ask you to tax us, the very richest in society,” the wealthy people said in an open letter to world leaders. “This will not fundamentally alter our standard of living, nor deprive our children, nor harm our nations’ economic growth. But it will turn extreme and unproductive private wealth into an investment for our common democratic future.”
The rich signatories from 17 countries include Disney heir Abigail Disney; Brian Cox who played fictional billionaire Logan Roy in Succession; actor and screenwriter Simon Pegg; and Valerie Rockefeller , an heir to the US dynasty.
“We are also the people who benefit most from the status quo,” they said in a letter titled Proud to Pay, which they will attempt to deliver to world leaders gathered in Davos in Switzerland on Wednesday. “But inequality has reached a tipping point, and its cost to our economic, societal and ecological stability risk is severe – and growing every day. In short, we need action now.” » | Rupert Neate, Wealth correspondent | Wednesday, January 17, 2024
Saturday, 13 January 2024
How Brexit Became Prime Suspect in the Death of the Stock Market
THE TELEGRAPH: Clues point to Britain’s 2016 vote as City suffers brutal losing streak
Just before 8am on Tuesday morning, around a dozen top bankers trudged into Number 11 Downing Street to solve a pressing problem.
The London stock market, a beacon of Britain’s standing in the world, is rapidly losing its status as a global centre for raising new capital.
Companies that once jetted into Heathrow to tap London’s vast pools of money are slowly fleeing to the US or into the arms of private equity buyers. Even those who are already listed here are starting to flee.
The London stock market just endured its quietest year since 2010, according to EY, while investors have continued to remove billions from UK equity funds.
At £2.3 trillion, Apple is now worth more than the entire British stock market.
…
What is behind the slump? Figures in the City point the finger of blame at the Brexit vote and the political instability in Westminster that followed. » | Michael Bow and Adam Mawardi | Saturday, January 13, 2024
What have I been saying all along? Brexit was, is, and will forever remain a disaster for the British economy. Nobody with just an elementary understanding of economics would be for Brexit. There are many reasons why Brexit is a disaster for the economy and for us Brits, but one of the main economic reasons is that the European Union is the largest single market in the world. Known as The Single Market, it is a market of approximately 450million consumers. And we, as a nation, have walked away from it! One needs just a modicum of intelligence and an elementary understanding of econpmics to figure out that such a move makes absolutely no sense whatsoever. The British electorate were lied to and led down the garden path. Brexit will lead to no good place; it will impoverish the nation. Indeed, it is already doing so. It will also lead to lower standards.
This country needs to reverse Brexit as soon as possible. And please allow me to make one more very important suggestion. It is as follows: We need to dump the pound sterling in favour of the euro. Ever since the turn of the last century, the pound has lost in value in relation to other world currencies. In fact, the pound has approximately halved in value each and every decade in the twentieth century! Therefore, we need to adopt the euro. The euro is the currency of the future. We need to be part of it. – © Mark Alexander
Just before 8am on Tuesday morning, around a dozen top bankers trudged into Number 11 Downing Street to solve a pressing problem.
The London stock market, a beacon of Britain’s standing in the world, is rapidly losing its status as a global centre for raising new capital.
Companies that once jetted into Heathrow to tap London’s vast pools of money are slowly fleeing to the US or into the arms of private equity buyers. Even those who are already listed here are starting to flee.
The London stock market just endured its quietest year since 2010, according to EY, while investors have continued to remove billions from UK equity funds.
At £2.3 trillion, Apple is now worth more than the entire British stock market.
…
What is behind the slump? Figures in the City point the finger of blame at the Brexit vote and the political instability in Westminster that followed. » | Michael Bow and Adam Mawardi | Saturday, January 13, 2024
What have I been saying all along? Brexit was, is, and will forever remain a disaster for the British economy. Nobody with just an elementary understanding of economics would be for Brexit. There are many reasons why Brexit is a disaster for the economy and for us Brits, but one of the main economic reasons is that the European Union is the largest single market in the world. Known as The Single Market, it is a market of approximately 450million consumers. And we, as a nation, have walked away from it! One needs just a modicum of intelligence and an elementary understanding of econpmics to figure out that such a move makes absolutely no sense whatsoever. The British electorate were lied to and led down the garden path. Brexit will lead to no good place; it will impoverish the nation. Indeed, it is already doing so. It will also lead to lower standards.
This country needs to reverse Brexit as soon as possible. And please allow me to make one more very important suggestion. It is as follows: We need to dump the pound sterling in favour of the euro. Ever since the turn of the last century, the pound has lost in value in relation to other world currencies. In fact, the pound has approximately halved in value each and every decade in the twentieth century! Therefore, we need to adopt the euro. The euro is the currency of the future. We need to be part of it. – © Mark Alexander
Friday, 12 January 2024
Is the Economy Facing Another Energy Price Shock?
BBC: Both Prime Minister Rishi Sunak and US President Joe Biden cited the global economic impact of Houthi attacks on Red Sea cargo ships in overnight statements as the reasoning behind military action.
The Treasury has modelled scenarios suggesting that disruption in the Red Sea could further shrink the UK economy, risking a recession.
The main fear in the Treasury's analyses is of a rise of at least $10 per barrel in the international price of crude oil and a 25% increase in the price of natural gas.
Rises such as these have not actually materialised, so far, mainly because of the actions of Saudi Arabia - the major oil producing nation - in soothing global energy markets with price cuts.
The US and UK will hope that their overnight strikes on Iran-backed Houthi rebels will help reverse widespread delays and disruption to Red Sea trading routes, by re-establishing safe passage through the Bab-al-Mandeb Strait into the Suez Canal.
But, on the other hand, there is now also a clear pathway of escalation to a wider Middle East conflict. » | Faisal Islam, Economics editor | Friday, January 12, 2024
The Treasury has modelled scenarios suggesting that disruption in the Red Sea could further shrink the UK economy, risking a recession.
The main fear in the Treasury's analyses is of a rise of at least $10 per barrel in the international price of crude oil and a 25% increase in the price of natural gas.
Rises such as these have not actually materialised, so far, mainly because of the actions of Saudi Arabia - the major oil producing nation - in soothing global energy markets with price cuts.
The US and UK will hope that their overnight strikes on Iran-backed Houthi rebels will help reverse widespread delays and disruption to Red Sea trading routes, by re-establishing safe passage through the Bab-al-Mandeb Strait into the Suez Canal.
But, on the other hand, there is now also a clear pathway of escalation to a wider Middle East conflict. » | Faisal Islam, Economics editor | Friday, January 12, 2024
Thursday, 11 January 2024
US to Allow Bitcoin to Be Part of Mainstream Investing Funds | BBC News
Friday, 5 January 2024
China Calls for Global Unity amid Western Exodus | DW Business Special
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