Sep
4

Jupiter gamble paying off for now

first_img Share Jupiter gamble paying off for now whatsapp KCS-content by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeNoteabley25 Funny Notes Written By StrangersNoteableyMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailBetterBe20 Stunning Female AthletesBetterBeCrowdy FanShe Didn’t Know Why Everyone Was Staring At Her Hilarious T-ShirtCrowdy Fanautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comAtlantic MirrorA Kilimanjaro Discovery Has Proved This About The BibleAtlantic MirrorTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastElite HeraldKate Middleton Dropped An Unexpected Baby BombshellElite HeraldTrading BlvdThis Picture of Prince Harry & Father at The Same Age Will Shock YouTrading Blvd whatsapp center_img More From Our Partners Astounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comKiller drone ‘hunted down a human target’ without being told tonypost.com Show Comments ▼ FUND management group Jupiter defied the odds earlier this year when it pressed ahead with a stock market flotation despite concerns that it was an injudicious time to do so.First there were general worries about market volatility and by June more than 30 companies had already shelved plans to float, including London Eye owner Merlin and discount retailer New Look.Then Jupiter faced a second, more specific problem in that rival fund manager Gartmore saw its shares tank after one of its star fund managers became embroiled in a regulatory investigation. Would-be investors worried that Jupiter might be similarly vulnerable to a star fund manager leaving or becoming embroiled in controversy.The background noise surrounding the Gartmore problem persuaded Jupiter to postpone its flotation for a few weeks but in the end – to the surprise of many – the flotation went ahead. Jupiter joined the market at a valuation of £800m rather than the £1bn it previously hoped for, but all the same it made the grade.Yesterday Jupiter released first half figures, showing a healthy swing into profit, with assets under management climbing 1.6 per cent to £19.8bn.Revenue climbed 39 per cent to £131.1m, mainly driven by a £29m gain in management fees and fund inflows, Jupiter said.“The quality of this income is excellent, with 89 per cent being net management fees,” said James Hamilton, an analyst at Numis Securities.Chief executive officer Edward Bonham Carter said that it might have looked distinctly unfashionable to float in such conditions but that the move helped Jupiter to bolster its balance sheet and incentivise its extremely mobile staff with tradeable shares.The shares themselves may have been sold at a knockdown 165p each in June but they are now trading around 23 per cent higher. Better to leave some upside for the aftermarket, it seems. In contrast online retailer Ocado pressed ahead with a valuation the market felt was too toppy and its shares continue to struggle. For the time being, Bonham Carter’s gamble appears to be paying off.TUBE STRIKEJust as we head into the busiest period of the year, London is threatened with a series of 24-hour tube strikes in September.If the strikes go ahead, they will inevitably cost the London economy – £48m a day, according to the London Chamber of Commerce – and they will inconvenience many millions of commuters.Monthly 24-hour strikes are expected to be held, as well as a ban on overtime, unless plans to axe 800 jobs are scrapped by Transport for London and Mayor Boris Johnson. Strikes are expected to begin on September 7. Relations between the main tube union, the RMT, and the Mayor are not good. But all is not lost. There is still time for the dispute to be sorted out. The conciliation service Acas did a fine job recently at reaching a solution in the proposed walk out at BAA’s airports, thereby avoiding traffic chaos over the up coming Bank Holiday weekend. Let’s hope it can sort this one out too. [email protected] Heath is away Tuesday 24 August 2010 8:44 pm Tags: NULLlast_img read more

Sep
4

MOSS SAYS GOODBYE TO TOP SHOP

first_img whatsapp Share MOSS SAYS GOODBYE TO TOP SHOP whatsapp SUPERMODEL Kate Moss has designed her last range for high street giant Top Shop. The catwalk beauty has pulled out of her long-standing relationship with Sir Philip Green’s chain. The final collection, which is set to launch in October, will be Moss’ 14th for the chain, although she may still design individual items occasionally. Monday 30 August 2010 9:05 pm center_img Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailUndoBetterBe20 Stunning Female AthletesBetterBeUndoautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comUndoAtlantic MirrorA Kilimanjaro Discovery Has Proved This About The BibleAtlantic MirrorUndoTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastUndoTrading BlvdThis Picture of Prince Harry & Father at The Same Age Will Shock YouTrading BlvdUndoTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island FarmUndomoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comUndoMoneyWise.com15 States Where Americans Don’t Want To Live AnymoreMoneyWise.comUndo Tags: NULL More From Our Partners Astounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comKamala Harris keeps list of reporters who don’t ‘understand’ her: reportnypost.com‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comMark Eaton, former NBA All-Star, dead at 64nypost.comWhy people are finding dryer sheets in their mailboxesnypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.com Show Comments ▼ KCS-content last_img read more

Sep
4

Candover

first_imgTuesday 31 August 2010 9:13 pm More From Our Partners Mark Eaton, former NBA All-Star, dead at 64nypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.org‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comKamala Harris keeps list of reporters who don’t ‘understand’ her: reportnypost.com‘The Love Boat’ captain Gavin MacLeod dies at 90nypost.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comPuffer fish snaps a selfie with lucky divernypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comKiller drone ‘hunted down a human target’ without being told tonypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.com Share whatsapp Candover Show Comments ▼ whatsapp THAT silence is the sound of Candover bosses having given up. Once a leading light in the private equity industry, the firm will make no further investments and has abandoned plans to find a buyer. Instead it will run its investments off over an unspecified time frame. What started so well has come to a sorry end. All private equity firms have suffered disproportionately in the financial turmoil, as evidenced by their notable absence from the recent spate of M&A action. But Candover’s problems were unique. Its complicated structure — with a listed parent that co-invests alongside an independent but wholly owned fund manager, Candover Partners, over which it has no say — drew heavy criticism and lay at the heart of the firm’s woes. Still, now that the uncertainty over Candover’s future has been put to rest, the shares – which trade at a hefty 34 per cent discount to the net asset value of its investments – are looking rather tasty. If the outfit avoids a fire sale and realises the true value of its assets, then returns for its shareholders will be well in excess of its 611p share price.?As the saying goes, one man’s loss is another man’s [email protected] KCS-content Tags: NULLlast_img read more

Sep
4

Travelex boss to buy The Office in £43.3m deal

first_img KCS-content Travelex boss to buy The Office in £43.3m deal Sunday 5 September 2010 10:08 pm whatsapp Read This NextNew England Patriots’ Cam Newton says no extra motivation from Mac Jones’Sportsnaut’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofTortilla Mango Cups: Recipes Worth CookingFamily ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofWhat to Know About ‘Loki’ Ahead of Disney+ Premier on June 9Family Proof LLOYD DORFMAN, founder of currency exchange Travelex, is to acquire serviced office company The Office Group for £43.3m. Dorfman is acquiring the company from Bridges Ventures, the private equity firm launched by Sir Ronald Cohen and dedicated to urban regeneration.Dorfman will take over a portfolio of six sites in London and one in Bristol, with views to further expand The Office network.“With interests in this sector already I was looking to diversify and it was evident that The Office Group had a very clear, differentiated proposition, an established customer base and a great vision for the future,” said Dorfman.The Office was established in 2003 by Charlie Green and Olly Olsen and provides office design solutions to hundreds of fast-growing and medium sized business in the UK. Management have forecasted that 2010 revenues will reach £7.29m, while the company will post a 95 per cent occupancy rate. center_img Share by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastNoteabley25 Funny Notes Written By StrangersNoteableyMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBetterBe20 Stunning Female AthletesBetterBemoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comSenior Living | Search AdsNew Senior Apartments Coming to Scottsdale (Take A Look at The Prices)Senior Living | Search Adsautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comDrivepedia20 Of The Most Underrated Vintage CarsDrivepedia Show Comments ▼ whatsapp Tags: NULLlast_img read more

Sep
4

Snow+Rock set to expand after management buyout

first_img whatsapp Show Comments ▼ Tuesday 14 September 2010 8:46 pm More From Our Partners I blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.org980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comConnecticut man dies after crashing Harley into live bearnypost.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.com Tags: NULL whatsapp Snow+Rock set to expand after management buyout KCS-content Share OUTDOORS specialist Snow+Rock Sports has been bought by its management, backed by private equity firm LGV capital, for an undisclosed sum.The management, led by managing director Dion Taylor, have put their own money into the retail chain, which has 35 stores and three commercial websites.Taylor said: “Andrew Brownsword and Jeremy Hancock helped us to grow the group to its current marketleading position, but now it is time for the management to become stakeholders in the business and to continue to drive it forward.”As well as Snow+Rock, the brand includes Cycle Surgery and Runners Need.The group’s previous owner Andrew Brownsword will retain a “significant” investment in it. last_img read more

Sep
4

Auditor calls for shake up

first_img GRANT Thornton, the fifth largest audit firm, has urged the government to review the market share held by the big four accounting firms in a bid to reduce threats to the financial markets should one of them fail. In a submission to the House of Lords’ inquiry into auditors, and as reported by the Financial Times, Grant Thornton has said that financial markets would be significantly impacted should either PwC, Deloitte, KPMG or Ernst & Young collapse as they audit the majority of FTSE 100 companies. Grant Thornton, led by chief executive Ed Nusbaum, said in the submission that the collapse of any of the largest accountants was a “tangible rather than a purely academic risk”.The accounting firm has called on the government to establish an oversight body that would implement limits to the number of large UK companies any one firm could audit. It has also said that regulators should suggest to large corporates that they hand more audit work over to the smaller firms. The House of Lords economic affairs select committee is currently investigation the audit profession, including competition concerns over the market dominance held by the big four accounting firms. whatsapp Show Comments ▼ Auditor calls for shake up Tags: NULL More From Our Partners Astounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgWhy people are finding dryer sheets in their mailboxesnypost.comSidney Crosby, Alex Ovechkin are graying and frayingnypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comBill Gates reportedly hoped Jeffrey Epstein would help him win a Nobelnypost.comMark Eaton, former NBA All-Star, dead at 64nypost.com‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comcenter_img Share whatsapp KCS-content Tuesday 28 September 2010 11:35 pm by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastNoteabley25 Funny Notes Written By StrangersNoteableyMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBemoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comlast_img read more

Sep
4

Emirates quadruples profits

first_img Emirates quadruples profits whatsapp EMIRATES Airlines, the Arab world’s largest airline carrier, said it was well placed to expand its business after first half profit quadrupled as a result of significant increases to passenger and cargo volumesThe airline posted net profit for the six months to 30 September of £3.4bn dirhams (£577.5m) up from 752m dirhams for the same period last year.Meanwhile, revenue was 26.4bn dirhams, a 35.5 per cent increase over the 19.5bn dirhams it reported a year earlier. The airline said it carried 15.5m passengers in the first half of the year, filling 81.2 per cent of seats on average, a record for the company.Cargo tonnage also rose 23.7 per cent to 897,000 tonnes.Cash balances grew to 12.5bn dirhams to the end of September, an increase of 18.5 per cent on the previous six months alone.However, operating costs for the first six months of the year rose 22.6 per cent to 23bn dirhams as a result of higher fuel prices, Emirates said. The airline, which is owned by the Dubai government, said it also took delivery of six new aircraft in the first half of the year, five Airbus A380s and one Boeing 777, adding it expected to take delivery of two further aircraft before the end of the financial year.It ordered a further 62 aircraft in the first six months of the year and has launched six new routes since April.“We continue to invest our profits in growing the business and our healthy financial position enables us to successfully meet all of our financial commitments and raise financing for future aircraft deliveries,” Sheikh Ahmed bin Saeed Al-Maktoum, the carrier’s chairman and chief executive, said. More From Our Partners Killer drone ‘hunted down a human target’ without being told tonypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.org whatsapp Tags: NULLcenter_img KCS-content by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryElite HeraldExperts Discover Girl Born From Two Different SpeciesElite HeraldZen HeraldThe Truth About Why ’40s Actor John Wayne Didn’t Serve In WWII Has Come To LightZen HeraldTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island FarmAlphaCute30 Rules That All “Hells Angels” Have To FollowAlphaCuteAtlantic MirrorA Kilimanjaro Discovery Has Proved This About The BibleAtlantic MirrorDirect HealthyKate Silverton’s PartnerDirect Healthy Share Monday 1 November 2010 8:40 pm Show Comments ▼last_img read more

Sep
4

Home repossessions down 5pc

first_imgThursday 11 November 2010 4:47 am Home repossessions down 5pc Tags: NULL Read This NextRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe Wrap’Sex and the City’ Sequel Series at HBO Max Adds 4 More ReturningThe WrapNewsmax Rejected Matt Gaetz When Congressman ‘Reached Out’ for a JobThe Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The Wrap whatsapp Share The number of homes repossessed in the third quarter fell five per cent to 8,900, the Council of Mortgage Lenders has said. John Dunne Show Comments ▼ whatsapp last_img read more

Sep
4

Anti-banker populism is backfiring

first_imgTuesday 16 November 2010 9:32 pm Show Comments ▼ Tags: NULL whatsapp KCS-content Anti-banker populism is backfiring THIS is turning out to be a decent year for the global investment banking industry, despite weaker trading results and even though some firms are doing better than others. True, Wall Street’s total profitability – as defined by the broker-dealer operations of New York Stock Exchange members – will collapse 69 per cent this year to $19bn, from the exceptional and unsustainable $61.4bn collected in 2009. But this would still make 2010 the fourth-most profitable year on record, New York State’s comptroller said yesterday. Thomas DiNapoli also confirmed that a net 31,000 – one-sixth – of all Wall Street jobs have disappeared since the end of 2007. Bonuses totaled $20.3bn in 2009, up 17 per cent from 2008 (they collapsed 47 per cent in 2008). US investment banking bonuses could be up 0-5 per cent this year; but total compensation will slip for the big firms, dragged down by trading.The situation will be different in London, however, where UK and European regulators are obsessed with reducing compensation and especially bonuses. That is the reason for HSBC’s decision to double the basic pay of many of its bankers yesterday, in return for much lower bonuses. The Centre for Economics and Business Research estimates City bonuses this year will be £7bn if market forces are allowed to operate, down from £11.6bn in 2007. Yet there is now discussion that banks (how these are defined remains to be seen) should get together to cut total bonuses to no more than £4bn; it is unclear, however, how much of this is purely spin. Does the £4bn refer to cash – or also to equity? London players may have suffered more than Wall Street and bonuses may be set to fall of their own accord. There are also probably fewer investment bankers employed at the largest banks in London.More likely, the real drivers are the rules forcing a much greater emphasis on basic pay, deferred compensation and reduced cash payouts. All of these will automatically cut cash compensation this year; there will be no need for legally dubious cartels or secret meetings in smoke-filled rooms. If so, the government and the industry could pretend to have successfully pandered to the City’s enemies while not actually doing anything other than implementing the new rules.Even if compensation does fall, the envious and the left-wing commentariat should not rejoice too soon: the largest single gainer from bonuses is the taxman. If bonuses are £7bn, the taxman would get £4.1bn, with the 315,000 City workers keeping just £3.8bn. If bonuses fall to £4bn, the taxman will lose £1.8bn in revenue, since some banks are not yet paying corporation tax because of losses made in previous years. Lower compensation would force greater spending cuts and additional tax hikes on ordinary folk. It would chase away jobs to parts of the world where financiers are welcome, including New York, Singapore and Hong Kong. The anti-bonus rules will also make the industry less flexible: fixed costs will increase hugely, making banks much more vulnerable in the event of a downturn and guaranteeing far more job cuts. Populism and the politics of envy always backfire; it’s a tragedy hardly anybody understands this.ROYAL WEDDINGCongratulations to William and Kate, a lovely couple. Their engagement is wonderful news. We wish them the very best and a life full of happiness. [email protected] center_img whatsapp by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailNoteabley25 Funny Notes Written By StrangersNoteableyBlood Pressure Solution4 Worst Blood Pressure MedsBlood Pressure SolutionSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesWolf & ShepherdNFL Star Rob Gronkowski’s Favorite ShoesWolf & ShepherdBlood Pressure For LifeWhy Doctors May No Longer Prescribe Blood Pressure MedsBlood Pressure For LifeMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan TimesOne-N-Done | 7-Minute Workout7 Minutes a Day To a Flat Stomach By Using This 1 Easy ExerciseOne-N-Done | 7-Minute Workout More From Our Partners Native American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgMark Eaton, former NBA All-Star, dead at 64nypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.com Sharelast_img read more

Sep
4

Draft MiFID reforms could hike market surveillance say lawyers

first_img by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastMoneyPailShe Was The Dream Girl In The 90s, This Is Her NowMoneyPailPeople TodayNewborn’s Strange Behavior Troubles Mom, 40 Years Later She Finds The Reason Behind ItPeople TodayNoteabley25 Funny Notes Written By StrangersNoteableySerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBetterBe20 Stunning Female AthletesBetterBeMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan TimesElite HeraldExperts Discover Girl Born From Two Different SpeciesElite Herald European regulators will gain unprecedented powers to control commodity markets through trade caps and heightened intervention if a draft EU document becomes binding, specialist lawyers said on Friday.Commodities are being integrated into sweeping reforms to the European Union’s markets in financial instruments directive (MiFID), which is due to be released next week.A draft version obtained on Thursday increases surveillance of market activities and allocates new powers to set U.S.-style position limits to restrict speculative trade.“I think there are some risks in this, and the framework of this paper seems to suggest a fairly significant increase in regulatory intervention. Some is foreshadowed at the G20 level and some of it isn’t,” said Chris Bates, a partner at Clifford Chance with a focus on financial services regulation.France, Europe’s largest grain producer and exporter in the EU, has been pushing for more controls for commodity markets as the head of the Group of 20 economic powers.Spikes in wheat and cocoa prices this summer have given fresh impetus to the debate.Bates said that the new Mifid in some ways is more stringent and likely to be more controversial than proposed U.S. regulation under the Dodd-Frank act.“The real concern about the whole European framework is that it’s quite rigid once it’s set … and that is one of the big differences from the United States,” he said.“There are concerns that there are many regulators that don’t have a close feel for these markets, so it is giving them powers to take actions they are not well-equipped to deal with,” he said.“In contrast, the CFTC (U.S. Commodity Futures Trading Commission) is steeped in commodity markets and commodity markets regulation, so while its powers may be extensive at least they are manageable or predictable in some way.”Debate has been heated on the topic of position limits. Under the revised Mifid, traders could be required to reduce their positions in the interests of the market.“They (regulators) will have powers to impose position limits for whatever category of participant, and that’s something the UK has never called for,” said Jonathan Herbst, a partner at law firm Norton Rose.Bates at Clifford Chance, said the draft law would give regulators greater powers to selectively manage a party’s position after it has been taken.“I think that this sort of intervention power is quite a dramatic change. If you imagine that in securities markets that regulators were given powers to ask why you are holding a security and to make you sell it at their whim, that’s quite a big intervention in markets,” he said.He added that the natural consequence of stricter European regulation was a loss of liquidity in the EU as investors shift to the growing commodity trading hubs in Singapore and Switzerland.“There’s very little discretion to adjust the rules later. So what you would expect is a certain amount of this business to move somewhere else. Some of it can’t, like electricity, but oil probably doesn’t need to stay here.” alison.lock Friday 3 December 2010 12:47 pm whatsapp Draft MiFID reforms could hike market surveillance say lawyers Tags: NULL whatsapp Show Comments ▼ Sharelast_img read more