Property fund Pradera, backed by UK private wealth partnership LJ Partnership, buys 25 Ikea retail parks across Europe in €900m deal

The acquisition was made by the Pradera European Retail Parks SCSp fund. Pradera chief executive David Fletcher said: “As the world’s leading home furnishings retailer, Ikea is a strong anchor in these locations.“These parks have been developed and managed by Ikea Centres and are let to major tenants including Media Markt, OBI, Decathlon and Leroy Merlin.“They greatly benefit from the drawing power that Ikea stores brings to these locations.”Read more: Swedish furniture retailer and meatball pusher Ikea’s profits are up 20pcThe deal has been announced at the start of a year when Pradera is looking to expand further, having launched a joint venture with Australian investment bank Macquarie in Asia last year. whatsapp Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeNovelodgeThe 50 Most Beautiful Women in the WorldNovelodgeUndoExcellence Punta CanaBook 7 nights for the Price of 6Excellence Punta CanaUndoJournalistateThe One WD40 Trick Everyone Should Know AboutJournalistateUndoBreast Cancer | Search AdsRed Flag Signs of Metastatic Breast CancerBreast Cancer | Search AdsUndoNowThisRanking the Best Shows and Movies to Watch on NetflixNowThisUndoTips and TricksThis Is Why You Should Put a Clove of Garlic under Your PillowTips and TricksUndoAnyMuscle.comNatural Ways to Reduce Your Risk of Suffering From CancerAnyMuscle.comUndoCleverst25 Songs That Will Go Down As The Best Ever WrittenCleverstUndoArticles StoneThe US Built A New Submarine The World Is Afraid OfArticles StoneUndo A retail property fund and asset manager has agreed a €900m (£780m) deal for 25 Ikea retail parks across Europe.Pradera, which is backed by UK-based private wealth partnership LJ Partnership, is buying centres in eight countries across the continent as part of the deal. The retail parks, situated next to Ikea stores, comprise around 500 units with a land area of around 538,000 square metres.Read more: Big win for Wincanton as it inks four-year deal with IkeaSome 17 of the assets are based across Germany, France and Poland, with the deals expected to complete on 4 April. A further eight parks are in Sweden, Finland, Denmark, the Czech Republic and Switzerland and are due for completion on 31 August.LJ Partnership acquired a “significant minority stake” in Pradera in May last year. The private wealth partnership’s chief executive Andrew Williams said: “We are delighted to have backed the acquisition process through our partnership with Pradera.“LJ Partnership’s strategy of partnering with best in class managers continues to deliver excellent investment opportunities; execution and management capability and returns profiles.” whatsapp William Turvill Property fund Pradera, backed by UK private wealth partnership LJ Partnership, buys 25 Ikea retail parks across Europe in €900m deal Share Pradera chairman Colin Campbell said: “The acquisition of this portfolio and the creation of Pradera European Retail Parks SCSp demonstrates the significant synergies between Pradera and LJ Partnership.“Pradera was able to source and secure the portfolio, enabling clients and associates of LJ Partnership to participate in an investment they otherwise wouldn’t have had access to.”JLL advised Pradera on the deal, while Cushman & Wakefield acted for Ikea Centres. Wednesday 8 March 2017 11:12 am More From Our Partners Police Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgPuffer fish snaps a selfie with lucky divernypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.org980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.org read more

IFS dismisses Budget ‘bonanza’, accusing Hammond of gambling the public finances

first_img IFS dismisses Budget ‘bonanza’, accusing Hammond of gambling the public finances Tuesday 30 October 2018 3:31 pm If that happened Hammond would be unlikely to start austerity up again or push sizeable tax increases through parliament, Johnson claimed, and would most likely allow borrowing to “take the strain”.Day-to-day public spending on the NHS is planned to rise by eight per cent between now and 2023-24.But spending for departments outside of health and defence will remain largely flat, the IFS said.The body’s analysis found that total spending would rise in real terms but fall slightly as a fraction of national income.“This is no bonanza – many public services are going to feel squeezed for some time to come,” Johnson said.“Cuts are not about to be reversed.” Share The IFS said Hammond had chosen to spend his fiscal windfall rather than save it, increasing NHS spending by around £20bn until 2023-24.The think tank’s director, Paul Johnson, said the government could have eliminated its deficit by 2023-24 but chose to spend instead, echoing the comments of the Office for Budget Responsibility (OBR).It warned that Hammond had not taken into account the possibility that public finances could deteriorate if Britain leaves the EU with no deal or a worse than expected deal.“When push comes to shove it’s not tax rises and it’s not the NHS that Hammond is willing to gamble on, its the public finances,” IFS director Paul Johnson said.“Yesterday’s Budget was a bit of a gamble. Suppose the public finance forecasts deteriorate significantly next year. They might – there’s perhaps a one in three chance of that.” More From Our Partners Florida woman allegedly crashes children’s birthday party, rapes teennypost.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.orgUK teen died on school trip after teachers allegedly refused her pleasnypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comKiller drone ‘hunted down a human target’ without being told tonypost.comWhy people are finding dryer sheets in their mailboxesnypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comMark Eaton, former NBA All-Star, dead at 64nypost.com‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comKamala Harris keeps list of reporters who don’t ‘understand’ her: reportnypost.comcenter_img whatsapp Chancellor Philip Hammond gambled the public finances in yesterday’s Budget, the Institute for Fiscal Studies (IFS) said today, claiming public services will still feel the squeeze despite Philip Hammond’s end of austerity claims. whatsapp Callum Keown Tags: People Philip Hammondlast_img read more

The Royal Air Force can teach business how to do digital transformation right

first_img The Royal Air Force can teach business how to do digital transformation right Share Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeBetterBe20 Stunning Female AthletesBetterBeUndoMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryUndoFinancial 10NHL Player’s Wife Is Hands Down The Most Beautiful Woman In The WorldFinancial 10UndoZen HeraldEllen Got A Little Too Personal With Blake Shelton, So He Said ThisZen HeraldUndoFinance Wealth PostTom Selleck’s Daughter Is Probably The Prettiest Woman To Ever ExistFinance Wealth PostUndoTotal PastJohn Wick Stuntman Reveals The Truth About Keanu ReevesTotal PastUndoMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailUndoNoteableyFaith Hill’s Daughter Is Probably The Prettiest Woman In The WorldNoteableyUndomoneycougar.comDiana’s Butler Reveals Why Harry Really Married Meghanmoneycougar.comUndo Tags: Trading Archive Adam Slawson At that point, you need to ask “How might we enable change?”, and come up with some potential solutions. Only then can you test them out and evaluate which ones work.Finally, you get to implementation. For my dad, that meant rolling out his new equipment. For a business attempting to stay relevant, it means continually testing, learning and adapting.Time of changeThe 1960s were the time of the Cold War. Countries were trying to out-innovate each other. Staying the same was not an option – they couldn’t afford to be afraid of change.Today, the same applies.Organisations are being “attacked” (or disrupted) by companies with “test and learn” innovation at their core. Get that kind of culture sorted and, within reason, the rest takes care of itself. whatsappcenter_img More From Our Partners Florida woman allegedly crashes children’s birthday party, rapes teennypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.org If businesses want to succeed, they need to resist the “big plan”. Transformation doesn’t come from an overly detailed strategy; it comes from adapting – experimenting with new ways of working that spread if they are successful.The frontline RAF must respond quickly to challenges and share good ideas. In business, the key is to test, learn, adapt, and transform.The world is changing – but then, it always is, and it always has.Without an innovative culture that motivates people to make change, encourages them to try new things, and that promotes “failure is okay”, businesses simply won’t survive.It worked for my dad in the RAF, and it can work for you in your business today. When my dad asked me, “What do you do?”, I said “digital transformation”. I described it like this: “I work with teams, and we ask ‘why’ a lot. We help companies to shape ideas and gain the confidence to change their direction.”His response surprised me: “I used to do that, or something very similar. So many times I asked ‘why?’ and heard ‘because that’s the way we’ve always done it’. Making real change comes down to the people, son. It did then, and it does now.”Ready for take-off whatsapp Today, digital transformation is about preparing companies to cope and grow in the digital era. But for my dad, squadron leader Peter Slawson, who was in the RAF from 1963 to 1983, it was about preparing his team to cope and grow in the era of telephones and faxes.For example, when a piece of equipment was found to be impractical, his squadron gathered insights, developed ideas, and rolled out solutions. The RAF called it “critical examination”. Using structured stages, my dad’s team spotted problems and developed tools (and cultures) to fix them.And although the terminology has changed in the decades since his time in the RAF, it’s remarkably similar to what we do today. In fact, the more I thought about it, the more I realised that there were some key lessons anyone working to find digital solutions could take from the RAF.Asking the right questionsThe first is to think about which questions to ask. The initial phase of a project is asking: “Why exactly do we need to bring about change?” With the RAF, it was about making the equipment more efficient. For businesses, it is usually about staying relevant and competitive.The next stage is research – known as the “primary question phase” in the RAF, the “discovery phase” in the Government Digital Service, and “insight generation” at my company, Fluxx. The point of this is to gather insights that will help build solutions to the problem. Thursday 15 November 2018 3:22 pmlast_img read more

Alternative finance lender Oakam is trying to help the unbanked

first_img But these products aren’t inherently bad. In fact, they serve a crucial purpose.In certain situations, people need access to a quick injection of cash, such as to pay an unexpected bill.That may not seem like a challenge to most consumers who have savings, a current account with an overdraft, or access to a credit card, but this is not universally the case.Some people have little to no credit history, such as migrant workers, and there are an estimated 1.6m “unbanked” (meaning no access to a bank account) working adults in the UK alone.Both groups would likely be seen as too risky by banks for standard credit products, meaning that millions of people struggle to access the short-term funding they need.Making credit accessible Tags: Biometrics FinTech Payday lenders Wonga Share Luke GrahamLuke is a former City AM features writer, now features editor for Tyto PR “The biggest aggravation our customers have had with banks was if they were delayed making a payment by one day, they were always charged a significant amount,” Nze says. “When you design the incentive the right way, you don’t create aggravation.”Data drivenOakam is the definition of a smartphone-led business. While it has eight stores across the UK, borrowers mostly manage their loans through an app, which helps the company learn more about them.“The smartphone gives us a lot of tools, like biometrics so I know who you are, geolocation so I know where you live, video so I can ask you to record something, and the camera so you can send a picture of your documents,” Nze adds.“We were lucky, as there was no guarantee that smartphones would be so quickly adopted by these lower income and migrant customers in the UK.”This means that Oakam is building up a wealth of data about an underground class of consumer who the traditional banks currently have little to do with nor knowledge about.The endgame of all this is to encourage these unbanked or low-credit-history customers towards mainstream banking.“We try to get financial capabilities into the hands of customers, so they can be more autonomous, they have a cheaper loan, and they graduate to the mainstream.”Then there are the unusual or harder to categorise scenarios that arise from Oakam’s services. Nze describes how a group of people in Leeds all borrowed money from the lender at roughly the same time, all from the same computer.The company suspected that it might be fraud, but instead of defaulting, the loans were being paid back. Oakam’s underwriters investigated and found out that the group had borrowed the cash in order to finance buying a second-hand car for someone newly arrived to the UK, who could then work as a cab driver and earn money.“This is creative, but how do we deal with this? When you’re doing business in a country with strict know-your-customer laws, regulation is tricky. We have to understand how the community operates.”Engineering disruptionSince the financial crash 10 years ago, there has been a huge gap for new companies and fresh business models to come and disrupt the traditional banks.In some cases, that market gap was abused by cowboy payday lenders, while others simply tried to repeat old ideas with modern technology.However, we’re now starting to see new methods of lending, such as the one employed by alternative providers like Oakam, that reach out to underserved communities, and make productive use of the wealth of personal data that technology can capture.It’s just a shame that it has taken 10 years for these kinds of models to finally emerge. That’s the sort of decision that people with limited access to credit face, so comparing Oakam’s loans with mainstream financial products can be misleading. Plus, that interest rate declines the longer a customer borrows for, as Oakam builds up a credit history about their ability to repay, often from scratch.Gamifying financeNze adds that while the interest rate appears high, that’s really aimed at new customers, and borrowers have other ways to bring it down.For instance, when people make payments on time, they accrue cashback that they can release at a later stage, which brings down the overall cost of borrowing. If they repay late, they simply don’t get the cashback.Nze claims that his customers prefer this sort of positive reinforcement for making payments on time, compared to the traditional loan model which might punish a late-paying customer with additional fees.Oakam also uses other such gamification techniques, such as earning points and unlocking achievements, to encourage better budgeting behaviour. whatsapp by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeBetterBe20 Stunning Female AthletesBetterBeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryZen HeraldEllen Got A Little Too Personal With Blake Shelton, So He Said ThisZen HeraldTotal PastJohn Wick Stuntman Reveals The Truth About Keanu ReevesTotal PastLearn It WiseColleagues Find Woman’s Bikini Photos Inappropriate, Give Her UltimatumLearn It WiseMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailNoteableyFaith Hill’s Daughter Is Probably The Prettiest Woman In The WorldNoteableymoneycougar.comDiana’s Butler Reveals Why Harry Really Married Meghanmoneycougar.comCleverstTattoo Fails : No One Makes It Past No. 6 Without LaughingCleverstcenter_img whatsapp Alternative finance lender Oakam is trying to help the unbanked This is where companies like Oakam enter the frame. It’s a short-term lender trying to help these groups gain access to credit. Unlike a payday lender such as Wonga, where someone might borrow a large amount ideally to be repaid in a few week’s time, Oakam is a “microlender”: it lends smaller amounts, which are repaid over several months.“We’re dealing with customers who have lump sum requirements, like a single mum with three kids needing to pay for Christmas or back-to-school equipment,” explains Frederic Nze, chief executive and founder of Oakam, which he started in 2006 with the aim of making short-term loans more accessible and affordable.“They have a regular income and can pay £20 a week, but couldn’t pay £600 in a short time.”Oakam customers can borrow between £200 to £1,750 and pay it back over up to 12 months. The headline interest rate is an eye-watering 1,584.5 per cent, but that’s calculated by compounding on an annual basis, whereas that rate only applies to loans over a three-month period.If you borrow £200 and repay it in three months, the total interest to pay would be £89.71, or less than £30 a month. Compare that to the unarranged overdraft fee charged by Natwest Bank of £8 a day, which caps monthly at £80 – you would be saving £50 a month. Payday loan companies get a bad rap. And it’s easy to see why, considering the predatory businesses practices and extortionate interest rates charged by lenders like Wonga, which collapsed into administration this year.High-interest, short-term loans were back in the news this week, with the announcement that the fintech startup Monzo is considering offering such products. Some decried the move as a “desperate attempt” to drive profits, and lamented that Monzo is meant to be “one of the good guys”. Friday 30 November 2018 10:27 amlast_img read more

Europe has suffered from the stultifying impact of the euro – just ask the Greeks

first_img Tags: Trading Archive Europe has suffered from the stultifying impact of the euro – just ask the Greeks Paul OrmerodPaul Ormerod is an economist at Volterra Partners LLP, a Visiting Professor in the Department of Computer Science at UCL, and author of Against the Grain: Insights of an Economic Contrarian, published by the IEA in conjunction with City A.M. whatsapp One of the entertainments of the holiday period was reading Adults In The Room, the book by Yanis Varoufakis.It describes his time as finance minister of Greece, and his negotiations with the IMF, the European Central Bank, and the European Commission. Varoufakis was only in the job between January and July 2015. He had the unenviable task of trying to renegotiate the massive debts of the Greek government.Reading between the lines, Varoufakis cannot have been an easy person to deal with. Indeed, he was effectively forced out of his position by the far-left Prime Minister Alexis Tsipras.Still, the academic-turned-politician had many bright ideas. But he could get no traction.Some of Jeremy Corbyn’s shadow cabinet will undoubtedly have read the book. The more reflective among them will realise that negotiating with international bodies when you have a large burden of public sector debt is not exactly fun. In the end, exactly like the Greeks, you will be forced to adopt policies of austerity which you have spent your political life criticising.But many of our more ardent Remainers would also benefit from reading the former Greek finance minister’s analysis and descriptions of events. Wednesday 9 January 2019 4:40 amcenter_img Opinion Share City A.M.’s opinion pages are a place for thought-provoking views and debate. These views are not necessarily shared by City A.M. Even leaving Greece out of the calculations, the growth performance of western European economies in the Eurozone has been poor. Their average growth over an entire decade has been just 5.6 per cent.In contrast, average growth in a group made of the US, Canada, Japan, Australia, the UK, and smaller non-Eurozone countries like Norway and Switzerland has been 16.2 per cent. The UK itself is below the average for this set at 11.4 per cent – still, a lot higher than the Eurozone average.Towards the end of last year, much was made of the fact the growth in the Eurozone as a whole had slowed from 0.4 per cent in the second quarter of 2018 to just 0.2 per cent in the third quarter.But Europe’s problems are much deeper-seated. The evidence of an entire decade shows the stultifying impact of the euro. The best decision that Gordon Brown ever made was to keep us out of it. If only Greece had done the same. To them, the EU represents a kind of Garden of Eden, where milk and honey (as well, of course, as sweetness and light) flow in abundance.The harsh reality is that, in their fanaticism for greater European integration and its crowning symbol of the euro, Europe’s elite are quite unable to get to grips with the fundamental problems which the continent faces.The financial crisis of the late 2000s began to take hold of the wider economy during the winter of 2007/08. The year 2007 represented for most countries the peak level of output before the crash.Over the past decade, western European countries in the Eurozone have grown much more slowly than comparable ones which have their own currencies.Greece, of course, has experienced one of the deepest and longest recessions in the entire history of capitalism. Greek output in 2017 was 22 per cent lower than it was in 2007. whatsapplast_img read more

Ex-Interpol chief who vanished in China charged with corruption

first_img James Booth whatsapp China confirmed it had arrested him in October and Interpol said he had resigned from his role.Read more: Ex-Interpol chief expelled from China’s political advisory bodyChina said today it will prosecute Meng after an investigation found he “wantonly and lavishly spent state funds to satisfy his family’s luxurious lifestyle”.The Central Commission for Discipline Inspection said Meng had “refused to enact decisions of the party centre” and used his power to enrich himself.It alleges he used his position to help his wife get a job and took “huge amount of possessions” from others in exchange for help with promotions and job moves. whatsapp Former Interpol chief Meng Hongwei who disappeared in September is being prosecuted by the Chinese government, China’s anti-corruption watchdog said today.Meng was reported missing by his wife in September after travelling to China from Interpol’s base in France. Ex-Interpol chief who vanished in China charged with corruption Wednesday 27 March 2019 12:14 pm Read more: Missing Interpol head resigns as China investigates possible law breachesMeng has been expelled from the party and his case been handed to legal authorities for prosecution, the statement said.Meng, who was also a deputy Chinese public security minister, became president of Interpol in late 2016.Under President Xi Jinping, China has carried out a wide-ranging crackdown on corruption. More From Our Partners 980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.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.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comWhy people are finding dryer sheets in their mailboxesnypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comConnecticut man dies after crashing Harley into live bearnypost.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comPuffer fish snaps a selfie with lucky divernypost.com‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comMark Eaton, former NBA All-Star, dead at 64nypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.com by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May Likebonvoyaged.comThese Celebs Are Complete Jerks In Real Life.bonvoyaged.comBleacherBreaker4 Sisters Take The Same Picture For 40 Years. Don’t Cry When You See The Last One!BleacherBreakerDefinitionMost Embarrassing Mistakes Ever Made In HistoryDefinitionFilm OracleThey Drained Niagara Falls – Their Gruesome Find Will Keep You Up All NightFilm OraclePost FunA Coast Guard Spotted Movement On A Remote Island, Then Looked CloserPost FunZen HeraldEllen Got A Little Too Personal With Blake Shelton, So He Said ThisZen HeraldMisterStoryWoman files for divorce after seeing this photoMisterStoryHealthyGem20 Hair Shapes That Make A Man Over 60 Look 40HealthyGemElvenarIf You Are Above 30, this Fantasy Game is a Must-Have. No Install.Elvenar Share Tags: Trading Archivelast_img read more

Race begins for IMF top job as Christine Lagarde submits resignation

first_img whatsapp Tuesday 16 July 2019 4:28 pm Harry Robertson by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May Likebonvoyaged.comThese Celebs Are Complete Jerks In Real Life.bonvoyaged.comPast Factory4 Sisters Take The Same Picture For 40 Years. Don’t Cry When You See The Last One!Past FactoryFilm OracleThey Drained Niagara Falls – Their Gruesome Find Will Keep You Up All NightFilm OracleUnderstand Solar$0 Down Solar in Scottsdale. How Much Can You Save? Try Our Free Solar Calculator Now.Understand SolarZen HeraldEllen Got A Little Too Personal With Blake Shelton, So He Said ThisZen HeraldPsoriatic Arthritis | Search AdsWhat Is Psoriatic Arthritis? See Signs (Some Symptoms May Surprise)Psoriatic Arthritis | Search AdsDefinitionMost Embarrassing Mistakes Ever Made In HistoryDefinitionLiver Health1 Bite of This Melts Belly And Arm Fat (Take Before Bed)Liver HealthBest Selling Grills | Search AdsTraeger Blaze & American Grills On SaleBest Selling Grills | Search Ads whatsapp Lagarde has been chosen to be the next head of the European Central Bank (ECB), and will take over from Mario Draghi who has spent eight years at the helm. Read more: IMF chief Christine Lagarde among surprise picks for top EU jobs After submitting her resignation, the former French finance minister said she had “made this decision in the best interest of the Fund”. She said it will speed up the selection process for finding her successor. “The executive board will now be taking the necessary steps to move forward with the process for selecting a new managing director,” Lagarde said in her statement. Race begins for IMF top job as Christine Lagarde submits resignation Among those touted for the top job is outgoing Bank of England governor Mark Carney, who will leave his post in January. By tradition the Fund is headed by a European, while its sister institution the World Bank is run by an American. Carney would qualify under these rules as he has Irish and British citizenship, despite being the first Canadian to be governor of the BoE. David Lipton, a former US presidential adviser and managing director at Citi, will continue as acting managing director of the Fund, a powerful global financial institution that acts as a lender of last resort to countries in need.   Share Read more: Mark Carney too busy to think about IMF role Last week Carney refused to be drawn on whether he wanted the job. “There’ll come a time when that process launches and that’s probably the right time to answer that question,” he said. Christine Lagarde will leave her post as managing director of the International Monetary Fund (IMF) on 12 September after she today formally submitted her resignation. International Monetary Fund (IMF) Managing Director Christine Lagarde holds a pins in solidarity whith a Swiss nation-wide women’s strike for wage parity during her speech at the ILO International Labour Conference on June 14, 2019 in Geneva. (Photo by FABRICE COFFRINI / AFP) (Photo credit should read FABRICE COFFRINI/AFP/Getty Images) last_img read more

Government borrowing jumps by a fifth in run up to Brexit

first_imgTuesday 22 October 2019 10:11 am Share whatsapp A change to the way Britain deals with student loans – treating them as debt now rather than later – will also push up borrowing as a percentage of GDP. (Image credit: Getty) Government borrowing jumps by a fifth in run up to Brexit Harry Robertson Read more: Sajid Javid promises to increase national living wage to £10.50 Prime Minister Boris Johnson goes into battle with parliament this week in a bid to pass his new Brexit deal. It would keep the UK and EU’s existing trading arrangements for a year. After that, the relationship would be looser than envisaged in Theresa May’s agreement. Javid may feel his case for higher spending is lent support by the fact that last year, Britain’s public borrowing was the lowest since 2001/02. “Of course, whether this happens depends on whether there is a Brexit deal.” “We already know that the chancellor wants to review the fiscal rules in the Budget on 6 November as there is very little chance of hitting the current ones,” said Thomas Pugh, UK economist at Capital Economics. More From Our Partners Police 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.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgUK teen died on school trip after teachers allegedly refused her pleasnypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.com The UK in a Changing Europe think tank has estimated that weaker ties with the bloc will reduce growth, lowering tax revenues by up to £49bn. The Institute for Fiscal Studies has said a no-deal Brexit could push the yearly deficit to around four per cent of GDP.center_img “We don’t know what the new fiscal rules will be, but they are likely to allow for a substantial loosening of fiscal policy at the Budget, which would support economic growth. Borrowing during the first half of the financial year – April to September – was £40.3bn, 21.6 per cent higher than during the same period last year. The government is on track to break its own spending rules that say the deficit must be below two per cent of GDP in the financial year, even before Brexit. Borrowing totalled 1.9 per cent of GDP in 2018/19, according to the latest figures, but is set to rise. MANCHESTER, ENGLAND – SEPTEMBER 30: Chancellor of the Exchequer, Sajid Javid speaks on day two of the 2019 Conservative Party Conference at Manchester Central on September 30, 2019 in Manchester, England. Despite Parliament voting against a government motion to award a recess, the Conservative Party Conference still goes ahead. Parliament will continue with its business for the duration. (Photo by Jeff J Mitchell/Getty Images) Yet Britain’s public sector net debt amounted to 80.3 per cent of GDP in September, far above the debt-to-GDP ratio of 40 per cent before the financial crisis. UK public borrowing shot up by a fifth in the first six months of the financial year, figures have shown, as promises of extra spending spelled the end of Conservative debt reduction. The UK public sector had to borrow £9.4bn in September to cover its spending. That was £600m more than in the same month in 2018 and the first September year-on-year borrowing increase for five years, the Office for National Statistics said. whatsapp Read more: Hey, big spender: Institute for Fiscal Studies boss Paul Johnson on the end of economic orthodoxy by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeDaily FunnyFemale Athlete Fails You Can’t Look Away FromDaily FunnyFinanceChatterViewers Had To Look Away When This Happened On Live TVFinanceChatterPost FunWoman Refuses To Tip Waiter But Didn’t Realize What She Left At The TablePost FunNoteableyJulia Robert’s Daughter Turns 16 And Looks Just Like Her MomNoteableyPast Factory4 Sisters Take The Same Picture For 40 Years. Don’t Cry When You See The Last One!Past Factorybonvoyaged.comThese Celebs Are Complete Jerks In Real Life.bonvoyaged.comDefinitionThe Funniest Yard Signs EVER WrittenDefinitionMisterStoryWoman files for divorce after seeing this photoMisterStoryzenherald.comMeghan Markle Changed This Major Detail On Archies Birth Certificatezenherald.com The increase in borrowing follows pledges by successive Tory chancellors to better fund public services. Ex-chancellor Philip Hammond boosted spending on the NHS, and his successor Sajid Javid has spent billions on Brexit.last_img read more

Bank of England holds interest rate at 0.75 per cent

first_imgRead more: Why the Bank of England should hold interest rates The Bank’s Monetary Policy Committee (MPC) voted 7-2 in favour of maintaining the rate, as it did at its previous meeting in November. Bank of England holds interest rate at 0.75 per cent It added: “Further ahead, provided these risks do not materialise and the economy recovers broadly in line with the MPC’s latest projections, some modest tightening of policy, at a gradual pace and to a limited extent, may be needed to maintain inflation sustainably at the target.” Edward Thicknesse Minutes from the three-day meeting showed that Jonathan Haskel and Michael Saunders had voted to cut rates by 0.25 per cent. Dr Kerstin Braun, president of Stenn Group, said: “Boris Johnson’s win provides the much-needed solidity the UK has been craving. The European Central Bank also held rates in Christine Lagarde’s first meeting as president, downgrading its 2020 growth forecast in the process. The Bank confirmed what it called a “wholly unacceptable” use of a back-up audio feed by a third-party supplier, and said it had reported the matter to the Financial Conduct Authority (FCA).   The monetary policymakers did point out that both sterling and the FTSE had rallied in the last month, with the pound’s exchange rate appreciating by around two per cent. The MPC said: “If global growth fails to stabilise or if Brexit uncertainties remain entrenched, monetary policy may need to reinforce the expected recovery in UK GDP growth and inflation.” whatsapp Sterling lost roughly half a per cent against the dollar after the announcement. However, the MPC said it was yet unclear whether Boris Johnson’s victory would lift the uncertainty hanging over the UK economy. Analysts said that the Bank’s wait-and-see approach was “perfectly appropriate for some time yet”, due to the reduction in political risks from the result of the General Election. Earlier this month the US Federal Reserve left interest rates on hold, bringing to an end the cutting cycle instigated in July.center_img whatsapp Thursday 19 December 2019 4:08 pm “But a prolonged period of low growth, low inflation, and low interest rates will limit the Bank’s ability to create stimulus when needed.”  There had been speculation that the MPC would commit to a rates cut. In the Bank’s November meeting, two of the nine-member committee voted for a cut. The decision comes after inflation data showed that the Consumer Prices Index stood at 1.5 per cent in November, flat on October and half a per cent below the Bank’s target of two per cent. The Bank of England has decided to hold interest rates at 0.75 per cent in its last meeting of 2019 as it warned there was little chance of significant economic growth this quarter. UK GDP increased by 0.3 per cent in the third quarter and is expected to rise only marginally in the year’s final quarter. Share The two argued: “The economy had been a little softer than expected, and there was a modest but rising amount of spare capacity. The announcement comes after the Bank said it had referred the hacking of its market-sensitive press conferences to the financial watchdog, after it emerged that an audio feed was supplied to high-speed traders before they were officially broadcast. Read more: Bank of England refers hedge fund eavesdropping to regulator Show Comments ▼ “Businesses can begin to see their future and now Brexit is confirmed to go ahead, The Bank of England needs to keep the economy steady as we navigate Britain’s exit from the EU. “Core inflation was subdued. Employment growth was slowing and seemed likely to weaken further given trends in vacancies and firms’ hiring intentions.” Tags: Bank of England UK interest rateslast_img read more

UK, France and Germany trigger dispute mechanism over Iran nuclear deal

first_img UK, France and Germany trigger dispute mechanism over Iran nuclear deal However the E3 statement made clear that the European powers were acting “in good faith with the overarching objective of preserving the JCPoA and in the sincere hope of finding a way forward to resolve the impasse through constructive diplomatic dialogue, while preserving the agreement and remaining within its framework”. Despite being warned that a dispute mechanism would be brought in, Iran “has chosen to further reduce compliance with the JCPoA”, the statement added. As a result, the matter has been referred to the joint commission under the dispute resolution mechanism. People commemorate Iranian Revolutionary Guards top commander Qasem Soleimani and Iraq’s Hashed al-Shaabi military network deputy chief Abu Mahdi al-Muhandis (Ritzau Scanpix/AFP via Getty Images) Speaking to MPs this afternoon, foreign secretary Dominic Raab said the E3 were “holding the door ajar for Iran – but they must walk through it”. He insisted that the UK and its allies wanted to keep the JCPoA alive, saying he did not believe there was a “JCPoA II” on the horizon. Iran has said it is responding to sanctions reinstated by the US when it withdrew from the accord in 2018. But the so-called E3 have said they do not accept Iran’s argument. “Our hope is to bring Iran back into full compliance with its commitments under the JCPoA.” However this morning Prime Minister Boris Johnson suggested the JCPoA was all but done. In a joint statement, the trio said it had worked hard since May 2019, when Iran first started to step back from the deal, to bring it back into compliance with the JCPoA. Catherine Neilan Share whatsapp “France, Germany and the United Kingdom once again express our commitment to the JCPoA and our determination to work with all participants to preserve it. We remain convinced that this landmark multilateral international agreement and its non-proliferation benefits enhance our shared security interests and strengthen the rules-based international order.” “However, in the meantime Iran has continued to break key restrictions set out in the JCPoA. Iran’s actions are inconsistent with the provisions of the nuclear agreement and have increasingly severe and non-reversible proliferation implications. Main image: Getty by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeBetterBe20 Stunning Female AthletesBetterBeDaily FunnyFemale Athlete Fails You Can’t Look Away FromDaily FunnyMisterStoryWoman files for divorce after seeing this photoMisterStoryNoteableyJulia Robert’s Daughter Turns 16 And Looks Just Like Her MomNoteableyzenherald.comDolly Finally Took Off Her Wig, Fans Gaspedzenherald.comPast Factory4 Sisters Take The Same Picture For 40 Years. Don’t Cry When You See The Last One!Past Factorybonvoyaged.comThese Celebs Are Complete Jerks In Real Life.bonvoyaged.comRest Wow68 Hollywood Stars Who Look Unrecognizable NowRest WowDefinition24 Of The Most Hilarious Yard Signs Ever WrittenDefinition “If we are going to get rid of it, let’s replace it and let’s replace it with the Trump deal. That’s what we need to see. I think that would be a great way forward. President Trump is a great deal-maker – by his own account and many others. Let’s work together to replace the JCPOA and get the Trump deal instead.” Tuesday 14 January 2020 11:37 am Show Comments ▼ “The problem with the JCPOA – this is the crucial thing, it’s why there is this tension – the problem with the agreement is that from the American perspective it’s a flawed agreement, it expires, plus it was negotiated by President Obama. From their point of view it has many, many faults,” Johnson said. “We do not accept the argument that Iran is entitled to reduce compliance with the JCPoA. Contrary to its statements, Iran has never triggered the JCPoA Dispute Resolution Mechanism and has no legal grounds to cease implementing the provisions of the agreement.” whatsapp “In doing so, our three countries are not joining a campaign to implement maximum pressure against Iran,” the E3 statement added. The dispute resolution mechanism effectively buys all parties time to find a diplomatic route, in the hope that both Iran and the US can return to the table to thrash out a solution, including potentially creating a new deal under Donald Trump. Allies including France have sought to bring both sides together for many months, including at UNGA. It is hoped that by deploying the dispute resolution mechanism, it will prevent the need to go through the UN Security Council, potentially killing the JCPoA. City A.M. understands that officials are hopeful that China and Russia will now support Iran to return to the terms of the deal. The UK, France and Germany have triggered a dispute mechanism over the nuclear deal with Iran, amid fears that the country is slipping back towards developing weapons. Iran has suspended all limits on its production of enriched uranium, which can be used to make reactor fuel but also nuclear weapons. City A.M. understands that officials have become increasingly concerned that Iran is returning to the point where the country was dangerously close to having the capabilities to create a bomb. last_img read more