Prepare to refight referendum battles: How Brexit will dominate 2017 politics

Tuesday 3 January 2017 4:45 am James Frayne Share Prepare to refight referendum battles: How Brexit will dominate 2017 politics whatsapp To the extent it matters, with Brexit’s dominance, what does 2017 have in store for the other parties? Corbyn is only a few high-profile missteps away from more serious problems. Another formal challenge to his leadership is unlikely, but various Blairites, the most professional politicians within Labour, must be thinking of a breakaway group – even if that is simply an unofficial but named faction within the party itself. We might hear of such plans at some point.Read more: The Brexit vote has revealed Jeremy Corbyn’s irrelevanceThe Lib Dems are betting the farm on a pro-EU position, hoping to suck up as much of the support of the 48 per cent as possible. It gives the irritated Southern middle class somewhere to go, but it will cause them problems in the North of England where they were once competitive. More interesting is whether Ukip manages to execute a left-wing shift under Paul Nuttall to become a truly populist Northern party – one that threatens Labour and wipes the Lib Dems out. Ukip’s endemic incompetence makes a clean shift unlikely but, in a classically messy Ukip way, they might find themselves most of the way there.Perhaps someone or some party will surge in 2017. From the vantage point of early January, however, it looks more a question of who will still be standing by next December. But a major row is still on the cards over access to other key pillars of the Single Market. It looks like the government will try to keep things as close as possible to the status quo. Given this would include some sort of significant concession from Britain’s side – some have floated the idea of paying for Single Market access – Ukip and Vote Leave veterans will likely campaign hard against it.Who will win such a battle? This depends on money. Vote Leave repeatedly smashed Remainers over the head by objecting to Britain’s payments to the EU, arguing they should be redirected to the NHS. We might therefore see a bizarre rerun of a key part of the referendum campaign – with some arguing that any payment is not worth it, and others arguing jobs will be lost without such a deal.Read more: All I want for Christmas is… an ultra-hard BrexitAt the mid-point of 2017, when our initial negotiating position is clear, attention is likely to turn to whether any deal is possible at all. Sir Ivan Rogers – our ambassador to the EU – recently generated controversy by reportedly suggesting a deal with the EU would be hard to achieve and might drag on for a decade. Maybe he was excessively pessimistic but he was guilty of nothing more. As we recently saw with Canada’s negotiations with the EU, it only takes one country to oppose a deal and everything is off. That does not mean Brexit was a mistake, but that the road to exit will be rocky.We are bound to hear senior European politicians and officials cast doubt on a deal. That could be followed by various businesses shifting some of their EU-focused work to Paris, Frankfurt and Amsterdam. The BBC and the Financial Times will not only splash these stories but start to drive a narrative that Britain is adrift. It would be surprising if there was not a mini flurry of such stories by the summer. There will be at least one protracted period of deep concern. whatsapp Brexit will completely dominate 2017. The big short-term question is whether the government’s initial negotiating position will be enough to keep Leave campaigners onside, or whether they will feel a pro-EU Prime Minister and chancellor have betrayed them.This depends on the nature of the proposed deal on free movement. Anything other than a major restriction on immigration – with significant exceptions for high-skilled migrants – will lead to a serious backlash. Theresa May and Brexit secretary David Davis get this, and will surely win out. read more

Better Capital boss Jon Moulton on Brexit, his firm’s exit and why he still hasn’t forgiven Liam Fox

Better Capital boss Jon Moulton on Brexit, his firm’s exit and why he still hasn’t forgiven Liam Fox “We made a very bad decision to go in,” he admits frankly. “It’s a very difficult industry to operate in and we underestimated the magnitude of the task. We did our best, lost £20m and moved on.” Shruti Tripathi In a career spanning over 30 years, Moulton has of course had his share of great deals. Bald, bold and bespectacled, private equity veteran Jon Moulton has had more than his fair share of knocks as well as high points during a long career.He was branded the Christmas Scrooge in December 2014 when City Link collapsed into administration leaving nearly 2,700 jobs at risk. Last month, Better Capital agreed a £38m sale of the Walkabout bar chain to Stonegate Pub Company, the owner of restaurant giant Slug & Lettuce.“Probably more visible would be Parker Pens, the company losing something like £20m when we bought it and made £40m when we sold it.”Defence sector to explode in 2017Ask him about sectors that are set for ascendency in 2017 and he points towards the US President-elect’s tenure at the White House as a key factor. The defence industry could be a big winner.“Trump’s arrival on the world is not to be underestimated,” Moulton says gravely. “We are definitely going to see protectionism but perhaps much more concern. The fundamental safety of the world is less than it was. Cold war-type activities with China and Russia and even Mexico look entirely possible.“Trump has very strong views that Europe should be defending itself. I actually think defence is an area which will be really quite buoyant over the next couple of years as European countries have to get themselves some armies.”Read more: Trump wants to seal a new trade deal with the UK “very quickly”Brexit could boost LondonMoulton has an answer for every question under the sun ­– apart from what Brexit will look like.“I don’t have a clue. I don’t think anyone else has it either. There’s no chance we’re going to end up with anything but quite a hard-ish Brexit. What Mrs May is trying to do at the moment, I don’t know – not sure she does either.”However, he suspects London could emerge as the winner of Brexit.“One thing Europe definitely has done is generate absolutely ludicrous regulation. If London can attract the rest of the world to a more sensible system then that could actually be quite a big upside. Bear in mind, Europe doesn’t look very stable at the moment. London could remain strong with a stronger regulatory environment and suck capital and financial services.”Why Moulton won’t forgive Liam FoxThat brings us to the awkward topic of Brexit-backing international trade secretary Liam Fox. In 2011, Foxresigned from the government following allegations surrounding the then-defence secretary’s former flatmate Adam Werritty.Moulton was dragged into the story when it emerged he had given a £35,000 donation to a charity set up by Werritty. Moulton passed on all the evidence of the communication about the donation to then cabinet secretary Gus O’Donnell, saying at the time he felt he’d been “mugged”.Moulton finds it quite “remarkable” that “no one seems to actually vet the reasons he left the cabinet as having any validity at all now”. He says he hasn’t forgiven Fox.And in Moulton’s eyes, Fox is no great trade secretary either.“I think he is just a loud voice but I’m not sure he’s been a very intellectual voice. I’m not sure how much grasp he’s got of it. His strengths were historically US relationships and he certainly hasn’t got those now.”So what’s Moulton going to do after 2018?“I’m going to try and live for a start,” he says but in the same breath he lists numerous positions he holds including chairman of the Channel Islands Stock Exchange.“I’m 66 and entitled to take a bit of a slower view,” he says. So, what is serial dealmaker Moulton going to buy next? He won’t divulge details but it will be a “medium-sized engineer in the UK” that he will personally buy as he looks to wind up Better Capital, which he set up in 2009, next year.“We prepared to wind down Better Capital since we started it.“It did have finite life. People seem to find this concept rather strange but it was set up to eventually evaporate. The original intention was that the first fund would be dead by about 2018 and it seems likely to achieve that. We are not raising another turnaround fund, there’s little available in the turnaround world anyway.” Moulton blames the heavy discounting witnessed on the high street for the sector’s troubles.“Everyone seems to be offering clothes at minus 70 per cent and that really is a nuisance because it destroys the image of your brand, it is hurting lots of retailers. Even Burberry is not having an easy time.”Read more: Private equity guru Jon Moulton considered buying BHS and Austin ReedBut he still believes in the brand. “We regularly get approached for Jaeger, there’s a lot of interest in the brand,” Moulton declares defiantly when quizzed on whether the iconic British brand has lost its place in the fashion world.“We don’t see it going into administration otherwise we wouldn’t be sitting here. From reducing prices of the clothes to shutting shops, we’ve considered all the options you could imagine.” whatsapp Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryUndoOne-N-Done | 7-Minute Workout7 Minutes a Day To a Flat Stomach By Using This 1 Easy ExerciseOne-N-Done | 7-Minute WorkoutUndoMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailUndoSwift VerdictChrissy Metz, 39, Shows Off Massive Weight Loss In Fierce New PhotoSwift VerdictUndoAtlantic MirrorA Kilimanjaro Discovery Has Proved This About The BibleAtlantic MirrorUndoWarped SpeedCan You Name More State Capitals Than A 5th Grader? Find Out Now!Warped SpeedUndoUnify Health LabsRandy Jackson: This 3 Minute Routine Transformed My HealthUnify Health LabsUndoZen HeraldEllen Got A Little Too Personal With Blake Shelton, So He Said ThisZen HeraldUndoPensAndPatronTori Roloff Confirms Sad Family NewsPensAndPatronUndo Monday 16 January 2017 1:10 am whatsapp More From Our Partners A ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.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.orgBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comBill Gates reportedly hoped Jeffrey Epstein would help him win a Nobelnypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comPuffer fish snaps a selfie with lucky divernypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comConnecticut man dies after crashing Harley into live bearnypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.com‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comFeds seized 18 devices from Rudy Giuliani and his employees in April raidnypost.com Share “I’ve done quite a few deals where £2 has ended up as very large number.” Apart from City Link, the other deal for which Moulton is most known is his failed attempt to buy MG Rover which was snapped up by the “Phoenix Four” and resulted in the company going bust in 2005.The worst deal he ever made, according to him, is actually one that reaped a lot of money while he was at Schroder Ventures from 1985 to 1994.“We funded a company called Newbridge Networks and sold out four years later for something like four times the money it was listed. If I had waited another year, it would’ve been 72 times the money. That’s the most expensive decision I’ve ever made.”Will Jaeger bomb?Womenswear retailer Jaeger has been something of a thorn in his side. In 2012, Better Capital bought a majority stake in the brand for £19.5m.Last year Jaeger closed three stores including its Regent Street flagship. In October, it opened a two-floor, 2,000 square feet store on Marylebone High Street. read more

Don’t go bacon my heart: US says pig shortage claims are mere porkies

But the Ohio Pork Council, which initially pointed out the problem, quickly sought to calm the situation by saying the US is producing “more pigs than ever”.The low reserves have been put down to the fact that fresh supplies were being produced more quickly, and less was being frozen.  Share Bacon is cut from frozen pork belly, so the data showing reserves had hit 8.2m kg in December (down from 22.7m kg the year before) was a particular concern for a country that will not be parted from its bacon, as demonstrated in this thought-provoking documentary: US pork producers have been forced to defend themselves after a ham-fisted online debate led many to believe the nation was short of bacon.Read more: Say cheese: Londoners love burgers more than anyone else Helen Cahill Thursday 2 February 2017 9:17 am Concerns surfaced on Twitter under hashtags #BaconShortage and #BaconReserves after the US Department of Agriculture data showed frozen pork belly reserves were waning.Our generation’s greatest crisis: The #BaconShortage https://t.co/cvSO6gZgtC #BaconReserves @TedRall pic.twitter.com/HGPrKwTjXg— Sputnik (@SputnikInt) February 2, 2017 Don’t go bacon my heart: US says pig shortage claims are mere porkies whatsapp whatsapp read more

Clear off: City of London steps up fight to retain euro clearing after expert warnings against “currency nationalism”

Why is London’s clearing crown at risk? Craig Pirrong, a finance professor at the University of Houston and clearing expert, told City A.M. he agreed with Cunliffe’s comments.He said: “The fragmentation of clearing that would result from a forced repatriation of euro-denominated derivatives clearing from London to the Eurozone would increase systemic risk, and also increase substantially the cost of clearing.”Anthony Belchambers, a director of the Financial Services Negotiation Forum, said the EU was at risk of reviving “fortress Europe” accusations, adding: “It’s in the broader interest of the EU to allow clearing to take place outside of the Eurozone.”A City of London Corporation spokesman said: “The priority should be that clearing houses can continue to function without posing risks to financial stability and for activity to take place where it can do so most efficiently for the benefit of end-users.”Clearing Q&A What is clearing? He also said a forced move out of London could push up transaction costs for clearing house customers.He was speaking at a time when euro-denominated clearing has emerged as a potential battleground in Brexit negotiations.The European Central Bank (ECB) has previously attempted to force euro-clearing activity from London and into the Eurozone. Despite losing a landmark case in 2015, its argument was reignited by last summer’s vote.Read more: Bank of England stands up for London’s euro clearing crown after BrexitHowever, Cunliffe’s warning was echoed by a number of high-profile figures and organisations yesterday. whatsapp Why is euro-denominated clearing important to London? Clearing is the process through which financial transactions are settled, between the pledge of a payment and the payment itself. High-profile regulators, politicians and financial experts have warned that any move by the European Union to force euro clearing out of London could have grave consequences for global economic stability.Sir Jon Cunliffe, the deputy governor of the Bank of England who supervises financial stability, hit out at “currency nationalism” on Wednesday, saying: “Such a policy if applied by all jurisdictions is in the end likely to be a road to the splintering of this global infrastructure – and to further fragmentation of the global capital market – rather than the route to the sound and efficient management of risk.” Writing in City A.M., City of London MP Mark Field said any attempt to force euro clearing from the UK would “risk undermining the euro” and damaging the countries within the Eurozone.“Being able to continue euro-clearing operations is an important component of the future health of the City of London, for sure,” he said. “But it is also vital to the health of the EU itself.”Andrew Tyrie MP, chairman of the Treasury Committee, told City A.M.: “Attempts to force euro contracts to be cleared in the Euro area would be at best futile, and at worst an act of needless self-harm. Miles Celic, chief executive of TheCityUK, said euro clearing is dominated by the City for a reason. “London has the scale, expertise and infrastructure to keep costs as low as possible,” he said.“It is unclear how the EU could legally prevent this business continuing in London without also stopping it in New York and in Asia. It is hard to see the economic benefits of this approach to either the European economy or global stability given that it would increase costs and weaken the euro’s role as a global currency.”Syed Kamall, a Conservative MEP for London, told City A.M.: “In my mind, there is no doubt that there will be another attempt to shift euro clearing into the Eurozone once the UK leaves the EU.”He added: “But I also agree with the fact that the EU should not be cutting off its nose to spite its face… Many people I’ve spoken to in the EU and outside of the EU have said to me that they are worried that this will lead to increased transaction costs in the long-run.”Read more: The EU mustn’t shoot itself in the foot – euro clearing thrives in London Clear off: City of London steps up fight to retain euro clearing after expert warnings against “currency nationalism” William Turvill and Jasper Jolly The European Central Bank (ECB) failed in 2015 in an attempt to require big clearing houses to leave London for the Eurozone. The EU General Court ruled against the ECB after a three-year battle. However, the UK’s Brexit vote last summer immediately reignited the issue, with politicians including French President Francois Hollande calling for it to be moved on to the bloc. A Treasury spokesman said: “Any attempt to force clearing to be done in a place that is sub-optimal would have a cost and that cost would ultimately be borne by consumers.” The EU already allows euro clearing in the United States, thanks to an equivalence decision. If the EU singles out the UK, post-Brexit, by refusing it similar arrangements, business could shift to New York. If it withdraws existing equivalence decisions for clearing and establishes a “fortress Euro”, the benefits of multi-currency netting and compression would be lost, at a cost both to the real economy, and to financial stability. Euro clearing, which covers euro-based transactions, is big business for London and its clearing houses, which dominate an estimated 70 per cent of the market. EY research for the London Stock Exchange has estimated up to 83,000 City jobs could be at risk if it is dragged out of London. Share whatsapp Wednesday 22 February 2017 8:12 pm read more

Sandwich skills shortage? Pret a Manger boss Andrea Wareham is worried about filling jobs after Brexit

Thursday 9 March 2017 9:19 am Share whatsapp Brexit may be putting your avocado habit under threat, after the HR boss of Pret a Manger admitted she will struggle to fill jobs if she is only allowed to hire British applicants.At a House of Lords Economic Affairs Committee hearing yesterday, Andrea Wareham said just one in 50 people applying for jobs at the middle class sandwich chain are British.  by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeForeMediaMake More Money with Your Website Today! Check HowForeMediaHouse Sales | Search AdsYou May Not Believe How Fast You Can Sell Your House For CashHouse Sales | Search AdsKingdom Of MenThe Man’s Best Friend: WD-40Kingdom Of Mentibgez10 Signs & Symptoms of Lewy Body DementiatibgezMoneyPail Iconic Teen Stars From The 90’s & How They Look NowMoneyPail ProperFocusEveryone Over 50 Needs Those Self Adjusting Glasses for Near & Far VisionProperFocusCar NovelsCouple Call Wedding Off After Groom’s Crazy Mother Does Something UnexpectedCar NovelsHealthline: Medical information and health advice15 Evening Habits that are Definitely Bad for Night’s SleepHealthline: Medical information and health adviceDawn Vertrees JewelryRaw Diamond Engagement Ring Set, Raw Diamond Wedding Ring Set, 14k Rose Gold Diamond Engagement Rings, Raw Diamond Ring Set, Engagement RingDawn Vertrees Jewelry While 65 per cent of it non-British workers are European, staff come from 110 different countries, she added. “If I had to fill all our vacancies with British-only people I would not be able to fill them because of the lack of applications.”With a starting salary of £16,000, the committee suggested hiking pay might help. However, Wareham said Pret staff can increase their salary to £45,000 including bonuses “within a few years”. “I actually don’t think increasing pay would do the trick.”We do pay well above the National Living Wage. We have great benefits and we offer fantastic careers,” she said.  whatsapp She added that the company is going on a recruitment drive to hire British workers.“We are entirely accepting that the number of EU nationals will go down over time – we would love to increase the number of British nationals.”Last month Pret a Manger was named among 30 British private companies MPs want more oversight of.Under proposed rules, the companies – which also include John Lewis and Topshop owner Arcadia – will have to set out how they comply with the corporate governance code on matters such as accountability, relations with shareholders and remuneration. In 2015 it was hinted the company may be planning a flotation, but its private equity owner, Bridgepoint, quashed the rumours. “We said at the time of the refinancing in 2013 that we would extend our holding period for Pret. There are therefore no plans to sell Pret and no decision has been taken about the type or timing of exit,” a spokesman told City A.M..  Emma Haslett Sandwich skills shortage? Pret a Manger boss Andrea Wareham is worried about filling jobs after Brexit read more

It’s time to consider an off-the-shelf deal if we’re serious about avoiding a hard Brexit

whatsapp More From Our Partners Brave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comFlorida 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.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgWhy people are finding dryer sheets in their mailboxesnypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.org Catherine Neilan It’s time to consider an off-the-shelf deal if we’re serious about avoiding a hard Brexit Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryUndoZen HeraldEllen Got A Little Too Personal With Blake Shelton, So He Said ThisZen HeraldUndoinvesting.comThe Military Spent $1 Billion On this New Vehicle, And Here’s The First Lookinvesting.comUndomoneycougar.comDiana’s Butler Reveals Why Harry Really Married Meghanmoneycougar.comUndoTotal PastThis Woman’s Obituary Was So Harsh, Her Son Was Left ReelingTotal PastUndoMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailUndoOne-N-Done | 7-Minute Workout7 Minutes a Day To a Flat Stomach By Using This 1 Easy ExerciseOne-N-Done | 7-Minute WorkoutUndoNoteableyFaith Hill’s Daughter Is Probably The Prettiest Woman In The WorldNoteableyUndoAuto InquirerA Letter From The Devil Written By A Possessed Nun In 1676 Has Been TranslatedAuto InquirerUndo Theresa May and her ministers are racking up air miles trying to convince their EU counterparts to back the Chequers deal, even though her own chief adviser Olly Robbins has said it won’t work.Alarmed at the pace of progress, most large firms are finalising their contingency plans – in some cases, like the London Stock Exchange, they’ve even begun to execute them. Smaller firms are behind, suffering from a lack of resource as well as lack of certainty on what to do. Yesterday Michel Barnier made it clear once again that May’s Chequers deal – which is viewed as a mess by pretty much everyone – cannot and will not fly. He has already rejected the UK’s position on goods (a partial Single Market) and customs (collecting tariffs on behalf of each other) and there is no sign of any shift, regardless of whatever conversations are taking place behind closed doors.In fact, on the matter of cherry-picking Barnier has been consistent: only an off-the-shelf deal will do.Read more: Britain could face a £50bn Brexit billBut there is a solution – one which former Brexit secretary David Davis championed before resigning, which has the backing of Brexiters and one which even the Commission has shown support for.Barnier may insist that the only options open to the UK are pre-existing terms, but in reality this is a negotiation and the EU will, when all is said and done, have to show some flexibility. In this context, ministers should revisit the idea of ‘Canada-plus-plus-plus’ (the third plus relating to the addition of financial services to a Canada-EU style trade deal) has been in the wings for months, rejected by May partly because of the Irish border – though advocates argue there is a workable solution under this plan – and partly because of her obsession with landing a bespoke deal. Friday 3 August 2018 10:33 am Share “She doesn’t like labelling anything but if you’re trying to get it through the EU it’s worth labelling things,” says one advocate. “The EU just passed Canada, they know it, they understand it. We just need to accept it.”The deal offered by Tusk in March confirmed zero tariffs on goods – and perhaps even services “to an extent.”Given that we folded on our demand for mutual recognition before talks even got going, perhaps it is time for negotiators to explore the extent to which services could be added to an FTA – and prove everyone wrong by clinching a deal this autumn.Read more: Brexiters seek to revive Canada plus-plus-plus model whatsapp read more

Sterling falls after EU pounds May’s Chequers deal

first_imgFriday 21 September 2018 11:57 am whatsapp Sterling falls after EU pounds May’s Chequers deal Read more: May’s Brexit plan ‘will not work’ says EU in devastating blow to PMLast week Britain’s currency picked up following comments from the EU’s chief negotiator, Michel Barnier, that seemed to offer a breakthrough on Brexit, with Sterling breaking the $1.30 mark for the first time in three weeks.However, the EU’s dismissal of May’s flagship Chequers plan yesterday pushed the pound back down.Later today Dow Jones is set for another record-breaking session, with the futures having the index adding 60 odd points after the bell – a move that would see it open above 26700 for the first time ever.Spreadex analyst Connor Campbell said: “The rather abrupt rejection of the infamous Chequers deal by the EU, alongside a brewing Tory rebellion in the UK, has sterling once again mulling over a potential no-deal Brexit, with the added seasoning of a potential Conservative leadership challenge at some point down the road.” whatsapp Sterling took a further beating this morning after Theresa May’s botched attempts to woo European officials ended in disaster.Following an abrupt rejection of the Prime Minister’s Chequers agreement at Salzburg yesterday, the pound fell 0.6 per cent lower against the dollar and the euro, hitting $1.318 and €1.12 respectively.center_img Share Sebastian McCarthy Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryUndomoneycougar.comDiana’s Butler Reveals Why Harry Really Married Meghanmoneycougar.comUndoOne-N-Done | 7-Minute Workout7 Minutes a Day To a Flat Stomach By Using This 1 Easy ExerciseOne-N-Done | 7-Minute WorkoutUndoBetterBe20 Stunning Female AthletesBetterBeUndoZen HeraldEllen Got A Little Too Personal With Blake Shelton, So He Said ThisZen HeraldUndoMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailUndoCleverstTattoo Fails : No One Makes It Past No. 6 Without LaughingCleverstUndoBridesBlushThis Is Why The Royal Family Kept Quiet About Prince Harry’s Sister BridesBlushUndoTrading BlvdThis Picture of Prince Harry & Father at The Same Age Will Shock YouTrading BlvdUndo last_img read more

Mitie acquires Vision Security in £14m deal

first_imgMonday 8 October 2018 10:08 am Tags: Trading Archive Share Vision provides security systems such as manned guarding, CCTV and key holding services to its clients, employing 6,000 people and serving 1,400 locations. Mitie said the purchase would secure the position of its Total Security Management business and drive further growth in its premium technology enabled and intelligence led security solutions. Last year, Vision brought in revenues of £192.1m, as it made losses of £2.7m before tax, while its assets added up to £42.4m. Phil Bentley, chief executive officer, Mitie, said:  As a core part of Mitie, our security business has delivered a strong performance over the last three years, with sales growing by over 30 per cent. This acquisition gives us the leadership position we seek to maximise value from our technology-led solutions. Mitie acquires Vision Security in £14m deal Outsourcing and energy services firm Mitie today announced it had completed a £14m cash acquisition of Vision Security.  whatsapp whatsapp Josh Mines 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.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.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 Jason Towse, managing director of Mitie TSM,added: “Vision is a well-respected brand in the security market with great clients and great, motivated front-line colleagues and leaders who will complement our own offering. Together, we will create the largest intelligence and technology-enabled security business in the UK.”Mitie is looking to turn around fortunes after its share price fell seven per cent last month despite the firm saying it was on-track to meet full-year expectations. Read more: Mitie sheds pest control business amid efforts to restructure last_img read more

The bonus is on you: Santander’s recent saga highlights the problems with deferred rewards

first_imgUnfortunately for both Orcel and Santander, this particular case has received a lot of attention.While Santander’s executive chairman Ana Botin told the Financial Times that the hire was rushed through, this saga has shone a light on the complex deferred payment system.“It has caused a major embarrassment for two large financial institutions,” says deputy editor of Fintech Finance, Douglas Mackenzie, who points out that Orcel now finds himself in the middle of a row over which bank should pay.This saga shows the pitfalls of the deferred pay system from both the employee and employer perspective.The system allows companies to impose financial penalties on individuals who want to change jobs. For employers, Israel says that there appear to be a number of substantial advantages. Share It not only makes sure that a company’s good performance is maintained over a long period of time, but also acts as a disincentive for people to leave for another job, therefore effectively forcing loyalty. You can see how some banking employees would be reluctant to change jobs if it means putting millions of pounds on the line.“You could say it shows that the system has worked for UBS, because they have prevented an employee going to another company,” says Hildyard.But it could have unintended negative impacts on companies too, because if staff are less inclined to leave, there’s a smaller pool to find new talent, and banks need to pay more to lure newcomers in.Israel explains the dilemma.“In reality, if there is to be movement of individuals, companies should meet the costs, so the effect is circular,” he says. “Consider it akin to football transfer fees – what a company saves in the forfeited bonus when losing an executive is spent in paying bonuses of a replacement who is recruited.”This particular episode could have wider repercussions. Indeed, Mackenzie reckons that the decision to jilt Orcel could ultimately lead to unintended consequences for deferred payments, as well as for the financial industry.“If senior bankers feel that their compensation is vulnerable, it could lead to deferred payments becoming less attractive,” he says.And for bankers who are motivated by large paychecks, the risk of not receiving their bonus later down the line could leave them less inclined to pull out all the stops, meaning that banks’ performance could suffer as a result.Conversely, if deferred payments remain popular, it could lock financial executives into their current institutions for life, says Mackenzie. “Why risk losing your millions over an acrimonious split with your institution?” And fewer bankers moving jobs means fewer high-quality candidates for institutions.“Either way, the system of deferred payments has caused an incredibly awkward moment in the financial industry, and this will lead to several institutions reevaluating their compensation and hiring strategy.”However, Hildyard disagrees the impact will be so dramatic, saying that while recent events might make bankers a bit warier of incentive plans, one high-profile screw-up is unlikely to prompt a change in wider corporate culture.However, that’s not to say he thinks that the system makes good business sense.“If executives can’t act in the long-term interest of the company without vast incentive payments, that raises quite worrying questions about their character,” he says.“And if companies are so dependent on these individuals, it raises equally worrying questions about their reliance on a handful of people and the inadequacy of their training, development, and succession planning processes.”Perhaps the question really centres on why some executives are still being granted million-pound paypackets – regardless of whether the money is deferred.As Hildyard says: “We don’t think there’s any real justification for the size and complexity of executive incentive payments, which if nothing else must take up so much time and energy that the board could redirect to more important matters.” Katherine Denham The bonus is on you: Santander’s recent saga highlights the problems with deferred rewards Star investment banker Andrea Orcel was about to take the top job at Santander. And then he wasn’t.It turns out that the bank hadn’t quite realised how expensive Orcel would be, resulting in an unprecedented U-turn, as the board announced that Santander wouldn’t be hiring him after all. whatsapp While Jose Antonio Alvarez will continue to hold the fort as Santander chief executive, Orcel finds himself at a bit of a loose end. Having spent several months on gardening leave from UBS investment bank, he is now not only jobless, but is without the tens of millions of dollars that he was expecting.Anyone who has ever been employed will probably wonder how this could happen – aren’t paypackets discussed and agreed before you accept a job?The answer, of course, is yes, and Santander’s statement made it clear that Orcel’s salary had been agreed beforehand.Where things got murky, however, is with Orcel’s “deferred benefits”. He earned these rewards from deals he made during his tenure at UBS, but payment was withheld and dependent on him staying at the company for a certain length of time. He effectively forfeited his bonus by moving on.Santander may have offered to cover the loss, but under-estimated the full amount, and it is not obliged to pay him earnings from his previous employer. whatsapp Tags: Company FinTech Saga Santander UBS Monday 4 February 2019 8:15 am According to Santander: “It has now become clear that the cost to Santander of compensating Mr Orcel for the deferred awards he has earned over the past seven years would be a sum significantly above the board’s original expectations at the time of the appointment.”With excessive pay at investment banks under intense scrutiny since the 2008 financial crisis, it’s not unusual for bonuses to be deferred, with a larger proportion now paid in shares.As David Israel, head of employment at law firm Royds Withy King, says, “the City has become adept at the use of deferral mechanisms for remunerating its executives”.It is also not unusual for banks to award incoming dealmakers with benefits that have been left behind from their previous employer. In fact, Luke Hildyard, director of the High Pay Centre, says that these arrangements are actually very common at an executive level.What is uncommon, however, is for this practice to get so much publicity – because bonus arrangements usually happen behind closed doors.last_img read more

A lesson in resigning etiquette from the newly formed Independent Group

first_img Share Martin Talbot Thinking about leaving your job? Research from insurance firm LV suggests that UK workers change employers every five years on average.Whether it’s career progression, a fresh start, or escaping an unpleasant boss, there are many reasons why we decide to call it a day on a job. Friday 1 March 2019 2:30 pm whatsapp Last week, MPs from both sides of the House of Commons decided that it was their time to say “enough is enough”. With 11 MPs walking out to join the Independent Group, and more rumoured to follow suit, this has opened up debate about workplace loyalty, the best time to quit, and the etiquette of resigning.With the UK reaching full employment, it’s a buyer’s market for workers looking to make their next career move. But that doesn’t mean that taking the leap is an easy task.Here is a bit of advice for MPs, or anyone who might be thinking about changing jobs.The right time?Totaljobs research has found that two of the biggest priorities for UK workers are strong relationships with colleagues and superiors, while poor relationships rank among the most common reasons for jumping ship.For employers, there are simple ways to boost team morale and cut your staff turnover, such as focusing on learning and development. For employees of all levels, strike that balance between keeping your eyes on your work and taking the time to build relationships with those around you. It will make you more productive and happier within your team.Don’t burn bridgesLeaving a job can be difficult or awkward for a host of reasons, so try to exit on the best grounds possible. You never know when a sour relationship with a past colleague may come back to haunt you.You just need to take a quick look at the speed at which UK politics is currently developing to know that the newly formed Independent Group may need to call in favours from old colleagues.While your skills may be more in demand as you move up the career ladder, there are naturally fewer roles available. Some of us will have seen colleagues make the move to pastures new, before shortly taking a boomerang-curved route back to their original desk.The key takeaway: leave every door slightly ajar for a possible return. And when you’ve made your all-important decision, make sure your boss is the first to know. It’s part and parcel of any employee-employer relationship to give your boss a fair heads-up before breaking the news to the wider team.But ‘please stay’center_img Tags: Trading Archive A lesson in resigning etiquette from the newly formed Independent Group It is possible that your boss may well try to persuade you to stay, potentially with a counter-offer of higher pay, a step up the career ladder, or a new role. If the offer doesn’t match up to what you may be able to achieve if you left, stick to your guns.Learning from leavingAs your leaving date draws closer, make sure you’ve tied up your loose ends. Many companies offer exit interviews, which are a great opportunity for you to share feedback on your experience.Looking forwards, ensure that you’re also fully prepared for your new position, and that you have a crystal-clear understanding of what your new role will entail.Today’s job market is more exciting than ever. We saw over five million job applications in January on our platform this year alone, demonstrating UK workers’ enthusiasm for change.Yet, while now may be the perfect opportunity to try out a new adventure, make sure to time it well and make every effort to leave on the best note. whatsapp last_img read more