States no longer monopolise citizens

first_img KCS-content In a modern, global and open world, states have to compete for people. Weirdly, that is something that a large number of commentators have failed to recognise; they continue to argue as if Britain remained stuck in a pre-globalised world. They assume implicitly that governments remain quasi-monopolies, as was the case throughout most of human history, with citizens mere subjects forced to put up with poor public services, high taxes, crime, misgovernment and a poor quality of life. Yet the reality is that there is now more competition than ever between governments for human capital, with people – especially the highly skilled and the successful – more footloose and mobile than ever before. This is true both within the EU, where freedom of movement reins, and globally. Even the coalition, which is tightening restrictions on non-EU migrants, has made it easier for companies to move foreign nationals to the UK if they earn £150,000 a year. As long at it remains within a liberal, free-trade framework, competition between governments is as good for individuals as competition between firms is for consumers. It keeps down tax rates, especially on labour and capital, which is good for growth and job creation; states need to produce better services at the cheapest possible cost. And if governments become too irritating or incompetent, it allows an exit strategy. It is strange how pundits who claim to want greater competition in the domestic economy – for example, in banking – are so afraid of competition for people between states, decrying it as a race to the bottom. Yet monopolies are always bad, in every sphere of human endeavour, breeding complacency, curtailing innovation and throttling progress.Contrary to what has repeatedly been claimed by the monopolists, the City is losing out to other jurisdictions in the race for people. Even though there is very little office space, housing or vacancies in schools in Switzerland – the Swiss are reluctant to expand – there has been a relatively large influx of London financiers to that country, especially from hedge funds and energy and commodity trading firms. It is the wealthiest, most senior individuals who are leaving. Figures from the Swiss Federal Migration Office tracked down by Channel Four reveal 383 UK citizens working in banking and financial services moved to Switzerland in 2010, up 28 per cent on the previous year. Taking the overall banking, insurance and consulting sectors, including IT, 1,379 Britons were given permission to work long-term in Switzerland in 2010, up 29 per cent. This compares to a rise of 14 per cent for non-UK citizens, though a chunk of the latter will also have moved from London. The Swiss Funds Association estimates that 20-25 UK hedge funds have set up offices in Switzerland over the past year alone. Switzerland has also witnessed an inflow of Russian oil traders, including Rosneft and Bashneft; several other teams have recently left London for Geneva or Zurich. TNK-BP is opening a trading arm in Geneva; it will be based a short walk away from the third, fourth and fifth largest trading firms in the world. This is a blow for London, which for the first time since the late 1980s is losing its lead in the trading of physical crude and oil products. Globalisation is not just about buying cheap Chinese goods: it also limits the state’s powers to over-tax or over-control its citizens. Britain needs to wake up to this new reality, and [email protected] me on Twitter: @allisterheath whatsapp by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryUndoMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailUndoPeople TodayNewborn’s Strange Behavior Troubles Mom, 40 Years Later She Finds The Reason Behind ItPeople TodayUndoTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastUndoSenior Living | Search AdsNew Senior Apartments Coming to Scottsdale (Take A Look at The Prices)Senior Living | Search AdsUndoSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesUndoBrake For ItThe Most Worthless Cars Ever MadeBrake For ItUndoBetterBe20 Stunning Female AthletesBetterBeUndoWanderoamIdentical Twins Marry Identical Twins – But Then The Doctor Says, “STOP”WanderoamUndo Show Comments ▼ Share center_img whatsapp Thursday 17 February 2011 9:10 pm More From Our Partners Brave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgKansas coach fired for using N-word toward Black playerthegrio.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgFans call out hypocrisy as Tebow returns to NFL while Kaepernick is still outthegrio.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgFort Bragg soldier accused of killing another servicewoman over exthegrio.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgColin Kaepernick to publish book on abolishing the policethegrio.com States no longer monopolise citizens Tags: NULLlast_img read more

See More

Aegon UK chief set to resign

first_img Show Comments ▼ Monday 7 March 2011 8:43 pm 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 WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The Wrap’Black Widow’ First Reactions: ‘This Is Like the MCU’s Bond Movie’The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe WrapKatt Williams Explains Why He Believes There ‘Is No Cancel Culture’ inThe Wrap Otto Thoresen, chief executive of insurer Aegon’s UK operation, is expected to leave the company this week, City A.M. confirmed yesterday. Thoresen, who has been overseeing a programme of cuts to save £80m per year, is expected to be replaced by chief operating officer Adrian Grace. Four other senior executives have also left Aegon this year due to a management restructuring programme that has split the business into two teams covering life and pensions, and its distribution business. Aegon UK chief set to resign whatsapp Share KCS-content Tags: NULL whatsapplast_img read more

See More

French public deficit on the up

first_img 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 WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe Wrap’Black Widow’ First Reactions: ‘This Is Like the MCU’s Bond Movie’The Wrap’Small Axe’: Behind the Music Everyone Grooved On in Steve McQueen’sThe Wrap France’s annual government deficit widened to €13.4bn (£11.5bn) in January, up from a deficit of €9.2bn at the same time last year, official data showed yesterday. However, the deficit for 2011 is still expected to fall to 5.9 per cent of GDP, down from 7.5 per cent of GDP in 2010, according to Laurence Boone of Barclays Capital. whatsapp Wednesday 9 March 2011 7:42 pm French public deficit on the up Share Tags: NULL whatsapp KCS-content Show Comments ▼last_img read more

See More

Legal & General hikes dividend after profit rise

first_img Share whatsapp Tags: NULL John Dunne whatsapp Legal & General hikes dividend after profit rise Legal & General has increased its full-year dividend payment by 24 per cent after reporting strong results for 2010.The insurer said annual pre-tax profits were £1.09bn, up from £1.07bn, on worldwide sales which rose 28 per cent to £1.8bn.The company’s savings division saw operating profit up 130 per cent to £115m and net cash generation up 134 per cent to £68m.L&G said in a statement: “The transformation of the savings business positions us well for the changes to the savings landscape anticipated to take place over the next few years.” 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 WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe Wrap’Black Widow’ First Reactions: ‘This Is Like the MCU’s Bond Movie’The Wrap’Small Axe’: Behind the Music Everyone Grooved On in Steve McQueen’sThe Wrap Thursday 17 March 2011 4:32 am Show Comments ▼last_img read more

See More

US home sales and asking prices dive

first_img alison.lock More From Our Partners Supermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgMark Eaton, former NBA All-Star, dead at 64nypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgFeds seized 18 devices from Rudy Giuliani and his employees in April raidnypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.org Monday 21 March 2011 10:39 am US home sales and asking prices dive Share Tags: NULL whatsappcenter_img Sales of previously owned US homes fell unexpectedly sharply in February and prices touched their lowest level in nearly nine years, implying a housing market recovery is still a long off.The National Association of Realtors has reported that sales fell 9.6 per cent mont-on-month to an annual rate of 4.88 million units, snapping three straight months of gains. The percentage decline was the largest since July 2010.Economists polled by Reuters had expected February sales to fall four per cent to a 5.15 million-unit pace from the previously reported 5.36 million unit rate in January, which was revised slightly up to 5.4 million.The median home price dropped 5.2 per cent in February from a year earlier to $156,100 (£96,100), the lowest since April 2002.“If the price declines persist, even with the job market recovery, that could hamper recovery in the housing market,” said NAR chief economist Lawrence Yun.Compared with February last year, sales were down 2.8 per cent.Oversupply of homes and a relentless wave of foreclosures are pressuring prices, holding back recovery in the sector, whose collapse helped to tip the US economy into its worst recession since the 1930s.Foreclosures and short sales, which typically occur below market value, accounted for 39 per cent of transactions in February, up from 37 per cent the prior month. All-cash purchases made up a record 33 per cent of transactions in February.Sales last month fell across the board, with multifamily dwellings and single-family home units both dropping ten per cent. Show Comments ▼ whatsapp 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 Famous, Now She Works In {State}MoneyPailSenior Living | Search AdsNew Senior Apartments Coming to Scottsdale (Take A Look at The Prices)Senior Living | Search AdsPeople TodayNewborn’s Strange Behavior Troubles Mom, 40 Years Later She Finds The Reason Behind ItPeople TodaySerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesHistorical GeniusHe Was The Smartest Man Who Ever Lived – But He Led A Miserable LifeHistorical GeniusBetterBe20 Stunning Female AthletesBetterBeDrivepedia20 Of The Most Underrated Vintage CarsDrivepedialast_img read more

See More

PM backs the City’s start-up business plans

first_imgMonday 28 March 2011 12:15 am whatsapp Show Comments ▼ Share 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 WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe Wrap’Black Widow’ First Reactions: ‘This Is Like the MCU’s Bond Movie’The Wrap’Small Axe’: Behind the Music Everyone Grooved On in Steve McQueen’sThe Wrap KCS-content PM backs the City’s start-up business plans DAVID Cameron will today back a campaign launched by over 60 City firms to encourage people to become entrepreneurs. Firms including HSBC, Deloitte, Google, KMPG, BlackBerry, AXA, Coutts, Intel and Lloyds TSB are offering a package of £1,500 to every start-up that participates. Cameron will pledge his full support for the scheme and ask the public to consider starting a business themselves. The initiative founded by StartUp Britain is an entirely private sector led campaign to boost economic growth. The government will not be contributing any funds towards the scheme. Cameron is expected to say: “We won’t build the future we want to see in this country if we go back to the bad old days of big government spending, big borrowing and big debt. The recovery we need is a private sector-led recovery.” A spokesperson for the Department of Business said that the government is already supporting entrepreneurs through measures introduced in last week’s Budget. The start-up package being offered by City firms includes: • AXA will offer 10 per cent off business insurance. • BlackBerry will offer 1,000 free start-up guides.• Microsoft will train 5,000 start-ups in how to use technology to drive their business and marketing activities, including free technology resources worth up to £400 per company. • Google will provide a limited amount of free advertising.• O2 will offer one month’s free line rental. • PayPal will offer three months free fees for new accounts when signing up to a Powa.com website. • Fujitsu is offering a 30-day free trial and 10 per cent off the annual costs of its cloud computing services. • McKinsey & Co is launching a scheme to encourage innovative graduates to start up their own business. Campaign supporter and entrepreneur Doug Richard told City A.M. the scheme was important because: “Banks and big businesses must work with the government to inspire young businesses and give them a fighting chance to grow.” whatsapp Tags: NULLlast_img read more

See More

Rising real estate values push Grosvenor to profit

first_img whatsapp Show Comments ▼ KCS-content whatsapp 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 WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The Wrap’Small Axe’: Behind the Music Everyone Grooved On in Steve McQueen’sThe WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe Wrap’Black Widow’ First Reactions: ‘This Is Like the MCU’s Bond Movie’The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe Wrap Share Tuesday 19 April 2011 8:10 pm Rising real estate values push Grosvenor to profit THE DUKE of Westminster’s Grosvenor Properties swung into profit last year, the firm announced yesterday, as an uplift in property valuations propelled its recovery. The firm posted a pre-tax profit of £394.8m for 2010, from a £235.8m loss the previous year. Total assets rose 2.7 per cent to £4.2bn while net assets rose 5.8 per cent to £2.6bn.Gross rents for the firm, which owns swathes of Mayfair and Belgravia, declined 10.6 per cent to £284m. But revenue profit, which Grosvenor views as the best measure of its underlying performance, rose 3.2 per cent to £64.2m.The company said it plans to reinvest in development projects to benefit from the continued rise in property values following two years of losses, as well as beefing up its fund management business. Tags: NULLlast_img read more

See More

Challenges closer to home for GVC

first_img Subscribe to the iGaming newsletter Bingo Topics: Casino & games Finance Sports betting Bingo Challenges closer to home for GVC 13th September 2018 | By Stephen Carter AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwittercenter_img GVC senior execs were understandably bullish on Thursday after issuing a stellar set of H1 digital figures but UK exposure is set to test their mettle in the years ahead Tags: Online Gambling Email Address GVC senior execs were understandably bullish on Thursday after issuing a stellar set of H1 digital figures, but ramped up exposure to a struggling UK retail sector and a lack of clarity over the timing of the FOBT stake cut will test their mettle over the next few years, writes Jake PollardGVC chief financial officer Paul Bowtell and chief executive Kenny Alexander were, unsurprisingly, in very good spirits as they took calls from City analysts on Thursday morning following presentation of the company’s strong figures for the first six months of 2018. The headline numbers showed NGR up 8% to £1.7bn, gross profit up 6% to £1.1bn combined with strong online momentum, good EU retail performance, Ladbrokes Coral’s integration progressing well and £30m in synergies already achieved by the group.Therefore Alexander’s claim that GVC had its sights set on becoming “the world’s leading betting brand and this is achieved through scale and geographic diversity”, did not seem too far-fetched.But looking at the group’s activities and main brands, which include Bwin, PartyPoker, Ladbrokes Coral, Eurobet in Italy or even Betboo in Brazil, the one major cloud on GVC’s horizon is the timing of the UK government’s implementation of the maximum £2 stake for fixed odds betting terminals (FOBTs) and the impact it will have. The group has already factored in the EBITDA hit it will take from the FOBT maximum stake ruling – £160m in the first year and £120m in the second – but a lack of clarity around the timing of the implementation is just as concerning.Bowtell told analysts that with a timeframe that stretches “from April 2019 to April 2020 it is important to get clarity, because that (the uncertainty) impacts planning”.But with Brexit taking up all of the UK government’s energies and March 2019 slated as the date for the UK’s official exit from the EU, it seems unlikely that the maximum stake ruling will be implemented in the first half of next year (at the very least). This means it could drag on into early 2020, with Bowtell adding that of Ladbrokes Coral’s current estate of 3,700 shops there would be “close to 1,000 shops closing over the next two years according to our figures”.With over-the-counter trading down 8%, shop margins flat and machines (FOBT) revenues down 3% in the wake of negative press coverage, the omens for the group’s UK retail activities are not good.   Paul Leyland of Regulus Partners was even more downbeat. “GVC’s performance is in line with what is expected of its parts.“However, the group is now 40% exposed to a moribund UK retail business facing swingeing regulatory intervention and over 55% exposed to the UK overall, for which growth is likely to be increasingly challenging even post £2 implementation (as recognised by the group),” he said in a note ahead of the earnings call.The fact that GVC was diversifying away from Germany, where Bwin has roughly 30% market share, was “a blessing from a regulatory risk management perspective, but it is hard to see Italy (facing its own challenges), Georgia, independent Belgian retail acquisitions, and a slowly emerging US position coming close to filling the gaps”. Finally for all the talk of regulated markets from the industry, operators like GVC have built much of their growth by working in unregulated markets. So it was interesting to see that Ladbrokes.com’s net gaming revenues were up 7% over the period.Clearly diversifying between regulated and dot com business remains a must for all igaming companies. last_img read more

See More

Buenos Aires passes igaming legislation

first_imgLegal & compliance Email Address Buenos Aires passes igaming legislation Argentina’s capital province of Buenos Aires has passed legislation to regulate online gaming for the first time.The measures were passed as part of the province’s 2019 budget, and allow Buenos Aires to develop regulations for online casino games including slots, sports betting, poker and betting on horse racing.A tax rate of 15% of gross gaming revenue has been approved, with licences available to operators provided they establish a physical presence within the province.A further 2% is to be given to the province’s regulatory body, the Instituto Provincial de Lotería y Casinos, which will be responsible for overseeing the sector, as an administrative fee.Licences will be valid for a period of up to 15 years, and while the directive does not set out the number of licences that will be issued, Argentinean media has suggested that around seven will be available.Operators will also be subject to a range of social responsibility controls, requiring them to offer players safeguards such as deposit and time limits, as well as offering the option to self-exclude. Failure to comply with these controls, and any other infractions, can see companies issued with warnings, fines, or have their licence suspended or revoked.Revenue raised through taxation of the sector is to be used to fund social programmes in Buenos Aires, which will be complemented by a new 2% tax on player winnings from slot machines.The budget will come into force from January 1, 2019, though there has been no indication as to when the province will begin the licensing process. Topics: Legal & compliance Budget directive establishes 15% tax rate for operators, as well as 2% tax on players’ slot winnings AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Subscribe to the iGaming newsletter Regions: LATAM Argentina 7th December 2018 | By contenteditor Tags: Online Gamblinglast_img read more

See More

Michigan lawmakers resume igaming push

first_imgAddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Casino & games Michigan lawmakers resume igaming push 8th March 2019 | By contenteditor Subscribe to the iGaming newsletter Regions: US Michigan Topics: Casino & games Legal & compliance Sports betting DFS Lawmakers in the Michigan Senate and House of Representatives have launched new bids to legalise online gaming in the state, following the eleventh-hour veto of legislation by former Governor Rick Snyder in late 2018.Democrat Senator Curtis Hertel has filed SB0189, while Republican Representative Brandt Iden (pictured), whose 2018 bills were vetoed by Snyder, has filed H4311 in the lower chamber.Iden’s bill appears to be almost identical to his 2018 proposal, with tribal and commercial casinos eligible for igaming licences, and the Division of Internet Gaming to be created to regulate the sector. Licences would cover poker, table games and online slots, and the Division would have the option to allow online sports betting.The venues would be charged a $100,000 (£76,500/€89,100) fee for their licence application, then a $200,000 fee for the actual licence. Successful applicants would then be taxed 8% of gross gaming revenue, with commercial casinos to pay an additional 1.25% of GGR to the municipality in which it is based.The city in which the licensee is based will receive 30% of tax revenue, to be used for programmes to improve quality of life for citizens, with 5% invested in the State School Aid Fund. A further 5% would go to the Michigan Transportation Fund, and 5% would also go to the Michigan Agriculture Equine Industry Development Fund.The remaining 55% would go to the Internet Gaming Fund, crated through the bill, with $1m of this total to go to the Michigan Compulsive Gaming Prevention Fund, and the remainder to be used to cover regulatory costs.The original incarnation of the bill was approved by the Michigan House and Senate, only to fall at the final hurdle when Snyder rejected the legislation, citing concerns about the impact of expanded gambling on the state lottery.However the state’s former Senate Majority Leader Mike Kowall suggested in January that new Democrat Governor Gretchen Whitmer may be more amenable to legalising igaming.Hertel’s bill, the Michigan Gaming Control and Revenue Act, amends the state’s existing gambling regulations to reflect the framework set out by Iden. It also amends the statute of limitations for those charged with a gambling-related misdemeanour, in what appears to be a reversal of so-called ‘bad actor clauses’ used to block companies active in the US market from 2006 from entering.Those that have been convicted by a state, or a local ordinance within a state, will still be eligible for a licence, provided the offence took place more than five years before the application is filed.Both bills are “tie-barred” to proposals to regulate fantasy sports in the state, meaning their passage would also result in the passage of fantasy controls. Each bill has been referred to their legislative chamber’s Committees on Regulatory Reform for further scrutiny.Image: Michigan House Republicans Tags: Fantasy Sports Mobile Online Gambling Email Address Lawmakers in the Michigan Senate and House of Representatives have launched new bids to legalise online gaming in the state, following the eleventh-hour veto of legislation by former Governor Rick Snyder in late 2018.last_img read more

See More