Sir John Vickers slams quality of Bank of England stress tests

“I think we need to be more rigorous, more robust and use a wider set of information than rely so heavily on these accounting measures, adjusted as they are for regulatory purposes – they didn’t do very well in 2007-8 let’s not assume they’ll work in future,” Vickers also told ITV News in an interview scheduled to be aired tonight.Read more: It’s official: The government is no longer Lloyds’ largest shareholderThe Bank of England reported its most recent round of stress tests last November. Of the seven lenders being tested, only RBS, which has failed to turn a full-year profit since 2007 and is still around 73 per cent state owned, completely failed and was ordered to strengthen its balance sheet as a result. Standard Chartered and Barclays both failed to meet the mark on elements of the testing. The remarks come as Bank of England governor Mark Carney is due to face off with the Treasury Select Committee in a hearing tomorrow afternoon.  Sir John Vickers slams quality of Bank of England stress tests Hayley Kirton Tuesday 10 January 2017 7:18 pm Read more: Flint warns more clarity on Brexit needed as HSBC mulls moving jobsThe Bank of England declined to comment. This has been far from Vickers only criticism on the state of the sector, as he last year called the Bank of England’s capital holding requirements “questionable”. Meanwhile, City A.M. revealed last month that the Treasury Select Committee was launching an inquiry into the capital requirements of banks, and this is now open for evidence until March.  The man who headed the UK’s critical inquiry into safeguarding the banking sector following 2008’s financial crisis has slammed the Bank of England’s stress tests for falling short.Sir John Vickers, who led the Independent Commission on Banking, called the progress made to bolster the banks so far “really disappointing”. Share whatsapp whatsapp read more

MP committee tells press industry: Toughen up regulator or face feared Section 40

Read This NextBest Wine Gifts & Wine Accessories at Every PriceGayotIf You’re Losing Hair in This Specific Spot, It Might Be a Thyroid IssueVegamour20 Stars Who’ve Posted Nude Selfies, From Lizzo to John Legend (Photos)The WrapTop 5 Tips If You’re Losing Your EyebrowsVegamourMore People Now Use YouTube Than Facebook or Instagram – What Happened?The WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe WrapRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapWhat Causes Hair Loss? Every Trigger ExplainedVegamourSmoking and Hair Loss: Are They Connected?Vegamour Thursday 23 February 2017 1:04 pm whatsapp A group of MPs has called on the press industry to toughen up its regulator or face the much-feared Section 40.Parliament’s Culture, Media and Sport committee today published a report calling for the industry’s preferred regulator, the Independent Press Standards Organisation (Ipso), to make itself compliant with recommendations set out by Lord Justice Leveson after his inquiry into press ethics. Read more: More jobs go in “challenging and upsetting” cost-cutting at Trinity MirrorIf it has not done so within a year, the committee suggested that Section 40 of the Crime and Courts Act should be enacted, meaning that publishers would face paying the legal costs of libel complainants – even if they win their case in court.The newspaper industry does not want Ipso to be Leveson-compliant, fearing this would represent a step towards state regulation, and has warned that Section 40 could cost the publishers £100m a year.The committee said: “If Ipso itself were to fall short of what is expected of it under Leveson, the Committee would support the full commencement of Section 40 in one year’s time.”Read more: Newspapers in fresh attack on government-recognised press regulator whatsapp MP committee tells press industry: Toughen up regulator or face feared Section 40 Share by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeHealthline: Medical information and health advice15 Evening Habits that are Definitely Bad for Night’s SleepHealthline: Medical information and health adviceHealthSincere13 yoga poses to stretch your thigh musclesHealthSincereMovie JewelMorgan Freeman Ruined His Multi-Million Dollar Ranch To Protect The PlanetMovie JewelCell Phones | Search AdsNew Cell Phone Prices May Have Hit Rock BottomCell Phones | Search Adsweniix.comLook The Future of Carsweniix.comGame Of Glam[Photos] This Is How Jennifer Lopez Looks Like Without MakeupGame Of GlamBlood Sugar Formula Famous MD: One Simple Method May Keep Your Blood Sugar Below 100 (Try It At Home) Blood Sugar Formula Dad's NewsThese Are the Richest Heirs and Heiresses Set to Inherit MillionsDad’s NewsBozoba.comAmerica’s Coolest Small Towns by StateBozoba.com In particular, the MPs want Ipso to establish a “low cost arbitration scheme” for complainants, as set out by Leveson.Newspaper industry body the News Media Association said: “Section 40 should be repealed in its entirety immediately. If enacted, the legislation would have a hugely negative impact on a free press and freedom of speech both in the UK and overseas.” William Turvill read more

Budget 2017 UK: Buzzword predictions and Philip Hammond’s speech odds from bookies – Brexit, Trump and the NHS

Share Brace yourself… there’s a Budget coming.Philip Hammond will be making his first speech laying out plans for spending and the telling the nation about the state of the economy in his Spring Budget on Wednesday. Lynsey Barber Tuesday 7 March 2017 4:52 pm And for anyone watching the clock, Hammond’s more likely to keep it under an hour (phew!). What’s in store from the newbie chancellor? And will he be picking up from where his predecessor George Osborne left off with a long term economic plan?  Don’t rule it out completely. Read more: This week’s Spring Budget: Everything we know so farOdds of 4/6 are on offer for the chancellor saying one of the previous administration’s favourite phrases, but unsurprisingly Brexit is even more likely, according to Ladbrokes. It would be a surprise if we were “all in it together” (another prior favourite) though, it’s more about it “working for eveyone”.Phrase of the moment – fake news – is a long shot at 20/1, as is Hammond adopting Trump’s favourite saying, “make Britain great again”. A Trump mentions itself is evens, the bookie says.Ladbrokes has also brought out of retirement odds for Ken Clarke to fall asleep after apparently being stungon that one back in 2011. It’s a bit of a punt at 16/1. whatsapp Read This NextIf You’re Losing Hair in This Specific Spot, It Might Be a Thyroid IssueVegamourTop 5 Tips If You’re Losing Your EyebrowsVegamourWhat Causes Hair Loss? Every Trigger ExplainedVegamourSmoking and Hair Loss: Are They Connected?VegamourThis Is How Often You Should Cut Your HairVegamourWant Thicker Hair? Follow These 12 StepsVegamourHow Often Can You Dye Your Hair?VegamourBest Wine Gifts & Wine Accessories at Every PriceGayotTips & Tricks for Styling Thin HairVegamour Budget 2017 UK: Buzzword predictions and Philip Hammond’s speech odds from bookies – Brexit, Trump and the NHS whatsapp read more

We can’t let financial inclusion become just another buzzword

first_img 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. We can’t let financial inclusion become just another buzzword Friday 18 January 2019 9:13 am whatsapp whatsapp Over the last decade, the world has made significant progress towards universal financial inclusion.Today, traditionally underserved individuals have greater access to financial products than ever before. And with mobile networks reaching more than 90 per cent of the population in developing nations, digital payments – a key on-ramp to financial inclusion – are becoming easier.The next chapter of financial inclusion will require us to focus not just on access, but on usage, and ultimately on financial health and security. We won’t see progress towards those goals achieved if new accounts aren’t used.On usage, we still have distance to travel.Globally, one fifth of bank or mobile money accounts are inactive, without a deposit or withdrawal over the past year. While developing markets like China, India, Kenya, and Thailand have achieved account access upwards of 80 per cent, usage still falls short. Overall, developing markets have been slow to close the usage gap with high-income countries.Without usage, we risk financial inclusion joining the pile of failed solutions and becoming just another buzzword. The first place to look is among the organisations that drive economic activity at the base of the pyramid: telecommunications providers, agribusinesses, consumer goods companies, apparel companies, and energy firms. They sell to, buy from, and employ millions of underserved individuals and small businesses which are still left out of the formal financial system.Not only do these organisations play a critical role today, but they have a vested interest in seeing the digitalisation of their business models going forward. They stand to benefit from the tools – more efficient digital payments – as well as the outcome – greater financial inclusion.The final step is to get the ecosystem working together for mutual benefit. “If you want to go fast – go alone. If you want to go far – go together.” This oft-cited African proverb summarises the need to approach financial inclusion efforts collaboratively.Regardless of an ecosystem’s maturity or composition, the private sector must work with governments and civil society to create enablers for success. There remains a great need to invest in infrastructure that enables acceptance of payments, as well as education and financial literacy to help people on their journey to financial security and health.As a market organiser with decades of experience shaping ecosystems responsibly and fostering productive business environments, we believe in the power of digitalisation to realise social impact. Opinion Share There are therefore three key things we must do to ensure that inclusion delivers on its promise.First, we need to build robust eco-systems that enable scale. To achieve our collective goal of financial inclusion for all, we must deepen our work with stakeholders such as civil society institutions, multilateral organisations, government bodies, and private sector financial institutions.All of these have played and will continue to play a tremendous role in financial inclusion, including by building out the ecosystems necessary for individuals to find it convenient and compelling to use their new access.Next, we need to broaden our aperture and look beyond the traditional stakeholders to a wider cast of actors, reaching deeper into the real economy. There is an opportunity to work more closely with the private enterprises that are present in the lives of people living on less than $2 a day – and to do so in a manner that strengthens the path from financial access to financial health and security. 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 HeraldMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailTotal PastJohn Wick Stuntman Reveals The Truth About Keanu ReevesTotal Pastmoneycougar.comDiana’s Butler Reveals Why Harry Really Married Meghanmoneycougar.comNoteableyFaith Hill’s Daughter Is Probably The Prettiest Woman In The WorldNoteableyPaws ZillaLily From The AT&T Ads Is Causing A Stir For One ReasonPaws Zillabonvoyaged.comTotal Jerks: These Stars Are Horrible People.bonvoyaged.com By working with a broad range of stakeholders – traditional partners like banks, less traditional partners including microfinance institutions, and new partners such as enterprises in the real economy – we can accelerate and expand real financial inclusion. Mike Froman More From Our Partners Police Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.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.orgWhy people are finding dryer sheets in their mailboxesnypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.com Tags: Trading Archivelast_img read more

Philip Hammond to give verdict on future of 1p and 2p coins

first_imgSunday 28 April 2019 5:42 pm whatsapp Philip Hammond to give verdict on future of 1p and 2p coins The Chancellor Philip Hammond is set to decide on the future of 1p and 2p coins this week, after much speculation that they could be axed.Read more: Scrapping 1p and 2p coins would have “no significant impact on prices” Share City A.M. understands that the two copper coins are likely to be saved by a Treasury review, which is expected towards the end of this week, into the use of different types of cash in the economy.The review will also discuss the future of the £50 note as well as the rapid increase in contactless and debit card payments. In February the consumer advice group Which called for the government to protect the interests of cash users who would find a cashless society difficult.Rumours have swirled that the penny and 2p could be taken out of circulation since Hammond called them “obsolete” in his 2018 Spring Statement. The Treasury also suggested that the £50 note could get the chop as it is largely used by criminals.After the Spring Statement Labour MP Wes Streeting labelled Hammond a “penny pincher” and said he should focus on the health of the economy, while a spokesperson for the Prime Minister said: “There are no proposals to scrap one or two pence coins.”Today The Mail on Sunday reported a well-placed source as saying: “We will confirm the penny coin won’t be scrapped. You’ll still be able to spend a penny under this Government.”center_img Many countries, including Canada and Australia, have scrapped their lowest value coins. A treasury consultation which accompanied the 2018 Spring Statement said most 1p and 2p coins were only used once before being discarded or put in a jar.Last year, economists at the Bank of England said removing the two coins from circulation “would have no significant impact on prices” as price rounding would have little effect and cash transactions make up only a low proportion of spending by value.Read more: Hammond kicks off search for new Bank of England governorIn 2016-17 the Royal Mint roughly halved its production of 1p and 2ps to 288m, from around 500m a year earlier. Tags: Bank of England People Philip Hammond whatsapp by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeBleacherBreaker4 Sisters Take The Same Picture For 40 Years. Don’t Cry When You See The Last One!BleacherBreakerFilm OracleThey Drained Niagara Falls – Their Gruesome Find Will Keep You Up All NightFilm Oraclebonvoyaged.comThese Celebs Are Complete Jerks In Real Life.bonvoyaged.comDefinitionMost Embarrassing Mistakes Ever Made In HistoryDefinitionPost 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 HeraldHealthyGem20 Hair Shapes That Make A Man Over 60 Look 40HealthyGemDaily Funny40 Brilliant Life Hacks Nobody Told You AboutDaily FunnyMisterStoryWoman files for divorce after seeing this photoMisterStory Harry Robertson last_img read more

Euronext gives Oslo Bors shareholders more time to back its offer in battle with Nasdaq

first_imgMonday 6 May 2019 8:00 pm Euronext gives Oslo Bors shareholders more time to back its offer in battle with Nasdaq More From Our Partners Russell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgLA news reporter doesn’t seem to recognize actor Mark Currythegrio.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgMan on bail for murder arrested after pet tiger escapes Houston homethegrio.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgPorsha Williams engaged to ex-husband of ‘RHOA’ co-star Falynn Guobadiathegrio.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.org whatsapp Callum Keown Share Tags: Trading Archive The two have been locked in an intense battle over Oslo Bors since the end of last year.Read more: Euronext and Nasdaq win watchdog approval for Oslo BorsLast month both companies revealed that they had been approved as “fit and proper” owners by the Norwegian Financial Supervisory Authority (FSA).Euronext and Nasdaq has both said they remain confident of securing a deal for the Norwegian stock exchange operator.Nasdaq extended its own acceptance period last month and said it could further extend the period if it did not attract the minimum 66.6 per cent by 31 May. Read more: Nasdaq increases Oslo Bors stake as battle with Euronext comes to a headBoth offers of 158 Norwegian kroner per share, value the business at roughly 6.8bn Norwegian kroner (£600m).The Norwegian Ministry of Finance is expected hand final approval to one of the two prospective buyers later this month.Euronext, which operates exchanges in Paris, Brussels, Amsterdam, Lisbon and Dublin, has the backing of shareholders representing 53.2 per cent of Oslo Bors.The US giant has attracted support from 37 per cent of the company and has also been publicly backed by the Oslo Bors board. whatsapp Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeFilm OracleThey Drained Niagara Falls – Their Gruesome Find Will Keep You Up All NightFilm OracleUndoBleacherBreaker4 Sisters Take The Same Picture For 40 Years. Don’t Cry When You See The Last One!BleacherBreakerUndobonvoyaged.comThese Celebs Are Complete Jerks In Real Life.bonvoyaged.comUndoDefinitionMost Embarrassing Mistakes Ever Made In HistoryDefinitionUndoZen HeraldEllen Got A Little Too Personal With Blake Shelton, So He Said ThisZen HeraldUndoPost FunA Coast Guard Spotted Movement On A Remote Island, Then Looked CloserPost FunUndoDaily Funny40 Brilliant Life Hacks Nobody Told You AboutDaily FunnyUndoHealthyGem20 Hair Shapes That Make A Man Over 60 Look 40HealthyGemUndoMisterStoryWoman files for divorce after seeing this photoMisterStoryUndo Euronext has given Oslo Bors shareholders more time to accept its offer as its battle with Nasdaq over the Norwegian stock exchange operator rumbles on.The Pan-European exchange operator has extended its acceptance period to 31 May, the same date as Nasdaq, as the pair fight for support from Oslo Bors shareholders.last_img read more

Esther McVey reveals she will stand in the next Tory leadership contest

first_img Read more: The next Prime Minister? Six MPs who could succeed Theresa MayMay has vowed to stand down as Conservative leader if MPs finally back her Brexit deal, but is under increasing pressure to set out a timetable for departure if parliament rejects the plan for what would be a fourth time.McVey joins international development secretary Rory Stewart and leader of the Commons Andrea Leadsom in publicly declaring their willingness to stand, while a host of other MPs are rumoured to be planning leadership bids.Speaking on Talk Radio, McVey – who resigned from cabinet in November in protest at May’s Brexit deal – said: “I’ve always said quite clearly that if I got enough support from colleagues then, yes, I would, and now people have come forward and I have that support.”McVey’s ambition for the top job was revealed in the run up to the 2015 election, when she told ITV’s Loose Women she wanted to be Prime Minister. whatsapp Tags: Boris Johnson Brexit Company George Osborne ITV Michael Gove Pensions People Sajid Javid Theresa May whatsapp That plan seemed to be thwarted when she lost her seat, but two years later she was selected to succeed George Osborne as the candidate for the Conservative safe seat of Tatton.While McVey, Stewart and Leadsom have all made their intentions public, other MPs are also in contention.Former Brexit secretary Dominic Raab has won the support of a number of MPs, including his predecessor at the Department for Exiting the EU, David Davis and former culture secretary Maria Miller.Read more: Brexit bites: Tories and Labour suffer local election backlashBoris Johnson is also seen to be preparing a bid, as are Michael Gove, Matthew Hancock, Jeremy Hunt, Sajid Javid and Penny Mordaunt. Esther McVey reveals she will stand in the next Tory leadership contest Thursday 9 May 2019 12:54 pm Share Another Conservative MP has joined the race to become the next Prime Minister, with former work and pensions secretary Esther McVey announcing she will stand in the race to succeed Theresa May.McVey, who lost her Wirral West seat in 2015 before being elected as MP for Tatton two years later, revealed this morning that she would stand in a future leadership contest. Owen Bennett last_img read more

Gender agenda: Time for the finance world to up its game

first_img Share Gender agenda: Time for the finance world to up its game whatsapp To set the scene, back in 2015 the government appointed Jayne-Anne Gadhia to lead a review on women in financial services. In response to her findings, it launched the Women in Finance Charter, which required signatories to build a more balanced and fairer financial services industry.More generally, since April 2017, employers with more than 250 staff have been required to publish their gender pay gap, which is the percentage difference between average hourly earnings for men and women.This is the background against which the Treasury Committee launched our inquiry. We heard from Gadhia, recruitment experts, financial services firms, and government ministers.When we published our report last year, we made a series of recommendations to the government and regulators to encourage the progression of women to senior levels and reduce the gender pay gap.One of the conclusions was that the gender pay gap exists in part due to significantly more men than women in higher-earning and more senior positions. To rectify this, firms should set out how they will abolish their gender pay gap and support the progression of women. In financial services firms in particular, the culture remains a deterrent for women, especially in terms of bonuses and working hours. Financial services companies need to focus on changing this if they are to narrow the gap.This will obviously take time and isn’t a quick fix, but the pace of change is still concerning. As a Bloomberg headline stated last month, “second year of UK gender pay gap reporting indicates little has changed so far”.For the finance industry specifically, some of the data makes shocking reading. Barclays, Lloyds and Clydesdale Bank, for instance, reported a median hourly pay gap of at least 38 per cent, putting them in the top 10 worst offenders in the UK for employers with over 5,000 staff.The deadline for firms submitting their gender pay gaps for the latest financial year has just passed.It shows that women in the financial services sector were – on average – paid 81.9p for every pound that men earned in 2018. This is a slight improvement on 81.6p in 2017, but any disparity is still too much. Nicky Morgan Thursday 16 May 2019 8:55 am The time is ripe for maximum transparency on this issue – for the finance industry and beyond. While gender pay gap data is published on the government’s rather clunky website, a clear league table, perhaps similar to the Times Higher Education World University Rankings, is needed.This would provide vital information enabling recruits to compare how companies perform.Furthermore, the table could include firms’ HR policies, such as on maternity, paternity and flexible working, that would offer recruits information about a working environment which they often won’t be aware of until they’ve been hired.The inaccuracy of the data submitted by companies is also a cause for concern. There should be an audit of submission to ensure that the picture we see is indeed the correct one.Nearly a year since the publication of our report, the Committee will not let up on this issue.center_img More From Our Partners Kansas 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.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgFort Bragg soldier accused of killing another servicewoman over exthegrio.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.com Next month will be one year since the Treasury Committee published its report on Women in Finance.But has anything happened over this period to provide a ripple of hope for change? We’re continuing to monitor the evidence, asking witnesses to explain any gender pay gap that the organisation they’re representing may have, and also looking at the lessons to be learned from best practice.Next month, the Committee will hold a “one year on” session on what has changed. And we’re beginning to explore what work we can do around other forms of diversity in finance.The benefits of diversity are clear: better financial performance, reduced groupthink, and more open discussions. The Treasury Committee will do all it can to improve all forms of diversity in finance. Opinion 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. whatsapp Tags: Trading Archivelast_img read more

Love him or hate him, Boris is nicking the Marmite strategy

first_imgI say this as someone who despises Marmite. To quote the singer Amanda Palmer lamenting her partner’s love of this inexplicable condiment, “it tastes like sadness, it tastes like batteries”. Share whatsapp Friday 14 June 2019 6:25 am Thus taste is transformed into an us-versus-them form of tribalism. More crucially, Marmite cannot be criticised. Anyone who dares express their dislike is cordoned off firmly in the “hate” camp, where their views become irrelevant. It’s not meant for us, we wouldn’t understand, so our feelings on it just don’t matter. Opinion Consider the launch of the Boris campaign on Wednesday when, after months of bunker-silence, he finally got quizzed by journalists. 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. whatsapp Love him or hate him, Boris is nicking the Marmite strategy There is nothing intrinsically wrong with that trajectory – it’s as absurd to say someone shouldn’t be Prime Minister because of their privileged background as to argue that they are automatically entitled to it. Boris (currently the only UK politician who can get away with being called by his first name) looks set to become our next Prime Minister, scooping up 114 of the votes – more than the next three candidates combined – in the opening round of the Tory leadership contest. by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May Likebonvoyaged.comThese Celebs Are Complete Jerks In Real Life.bonvoyaged.comUndoPast Factory4 Sisters Take The Same Picture For 40 Years. Don’t Cry When You See The Last One!Past FactoryUndoZen HeraldEllen Got A Little Too Personal With Blake Shelton, So He Said ThisZen HeraldUndoFilm OracleThey Drained Niagara Falls – Their Gruesome Find Will Keep You Up All NightFilm OracleUndoPost FunA Coast Guard Spotted Movement On A Remote Island, Then Looked CloserPost FunUndoDefinitionMost Embarrassing Mistakes Ever Made In HistoryDefinitionUndoMisterStoryWoman files for divorce after seeing this photoMisterStoryUndoDaily Funny40 Brilliant Life Hacks Nobody Told You AboutDaily FunnyUndoElvenarIf You Are Above 30, this Fantasy Game is a Must-Have. No Install.ElvenarUndo And if you’re in the “love” camp, what is there to criticise? There is simply no space for constructive dialogue about the merits and pitfalls of Marmite in any context. But that’s precisely the point: Marmite isn’t aimed at me, as its slogan makes abundantly clear. Rather, it’s aimed at everyone who doesn’t consider the stuff liquid death, whose food preferences suddenly become a matter of identity. Boris may well be the best candidate to unify the fractured Tory party, and perhaps his remarkable appeal to such a wide range of audiences will help the country move forward on Brexit. But he deserves to be challenged, tested, and held to the same rigorous standard as everyone else running. Alas, any such interrogation is as pointless as suggesting that Marmite could do with a little less salt. Boris is Boris, and can therefore get away with feats of laziness, incompetence, or brazen incongruity that would floor any other candidate. Sky News’ Beth Rigby asked an entirely valid question about some past comments in which Boris compared Muslim women wearing the burka to letterboxes. In the context of the party’s growing Islamophobia scandal, the candidate’s propensity to say the most incendiary thing possible to pander to the Tory base should be a major cause for concern. The vitriol that Boris evokes among both the general population and his political colleagues is eyebrow-raising even by Westminster standards. He’s been called a liar, a coward, a narcissist in the vein of everyone’s most despised blond despot, Donald Trump. Rachel Cunliffe It is hard to think of an MP more “old order” than Boris, who has ascended to power with the backing of an exceptionally well-connected family via Eton, Oxford, and a number of cushy journalism jobs. Boris Johnson is the frontrunner in the Tory leadership race If you love him, you will forgive him any fault. If you don’t, you’re an establishment Remoaner out of touch with British society, so nothing you say matters anyway. No other leadership contender merited an entire counter-movement to try to block him, codenamed Operation Arse because (to quote an anonymous senior Tory) “we called it that so we’d all be clear who we were talking about”. If Michael Gove is hauled over the coals for a decades-old brush with cocaine, so should Boris, who has all but admitted to the same thing. Or take the former MP and leading Brexiteer Douglas Carswell (once a Conservative, then a Ukipper, then an independent). Carswell is, unsurprisingly, in the “love Boris” camp. He tweeted earlier this week: “Prepare to see the Establishment media, civil servants and opinion formers throw everything they can at Boris. Like all monstrous oligarchies, they are desperate to preserve the old order”. Rigby was literally jeered at by his supporters in the room, who later took to Twitter to vent their outrage that someone would dare disrespect a candidate so rudely by reminding him of things he said. This psychological masterstroke explains the phenomenon that is Boris Johnson. But Carswell is trying to preemptively neuter any legitimate criticism of his favoured candidate – on his patchy record as foreign secretary, his nebulous plans for Brexit, his habit of alienating colleagues – by branding necessary scrutiny a coordinated establishment attack. He is basically dismissing any attempt to hold a potential future Prime Minister to account. It’s a brilliant way to sell a brand of inedible yeast-spread. But it’s a reckless way to pick a Prime Minister. Is there any brand in the history of advertising that has come up with a slogan as ingenious as Marmite’s “You Either Love It Or Hate It”? If Dominic Raab is pinned down on his ineptitude as a member of Theresa May’s cabinet, so should Boris, who was one of the most disastrous foreign secretaries in modern British history. But with the hatred comes the love. And not just love – a kind of fanatical idolisation that renders all criticism meaningless and all transgressions immaterial. You don’t just like it, the marketing goes, you love it. If Jeremy Hunt is accused of flip-flopping in his attitude towards a no-deal Brexit, Boris should face the same music about the myriad contradictions, half-truths, and U-turns that have come out of his mouth over the past three years. 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.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgBill Gates reportedly hoped Jeffrey Epstein would help him win a Nobelnypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comFeds seized 18 devices from Rudy Giuliani and his employees in April raidnypost.comKamala Harris keeps list of reporters who don’t ‘understand’ her: reportnypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comWhy people are finding dryer sheets in their mailboxesnypost.comConnecticut man dies after crashing Harley into live bearnypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.com‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comlast_img read more

Struggling Deutsche Bank misses estimates as losses exceed €3bn

first_img Share whatsapp Germany’s largest lender is also aiming to shut its loss-making equities business, where revenues over the quarter plummeted 32 per cent, as it calls time on its 20-year attempt to rival Wall Street’s investment banking giants. “Theperformance of the asset management division was a bright spot, whichis encouraging given that’s where management want to focus theirattention going forward as part of the new business plan, but thatwas a silver lining on what was a pretty disappointing set ofnumbers,” saidMichael Hewson, chief market analyst at CMC Markets UK. LONDON, ENGLAND – SEPTEMBER 05: A general view of Deutsche Bank on September 5, 2011 in London, England. Shares at Deutsche Bank fell by nearly 9 per cent today after news emerged that it was one of several banks currently being examined by the Serious Fraud Office, to determine whether financial institutions fraudulently misrepresented asset backed securities deals to clients in the UK. (Photo by Dan Kitwood/Getty Images) Several high-profile financial investigations, botched merger plans with Commerzbank and wider industry headwinds have blighted the group’s performance over the last 12 months, during which the share price has crashed in value by more than a third. Sebastian McCarthy Dented by costs from a major business overhaul, the embattled bank reported quarterly losses of €3.15bn (£2.7bn) over the three month period, missing its own previous estimates of €2.8bn and falling from profits of €401m in the previous year. The scale of troubles at Deutsche Bank were laid bare this morning after the German lender posted worse-than-expected losses over the last quarter. Hewson added: “In summary this update had little to cheer about and this morning’s poor European economic data is unlikely to offer much cheer to Deutsche Bank’s senior management given that it makes a prolonged low and even more negative rate environment that much more likely, thus increasing the revenue pressure on a bank that is more exposed than most.” Struggling Deutsche Bank misses estimates as losses exceed €3bn Netrevenue in the quarter droppedsix per centto €6.2bn,slightly missing analystsestimatesof €6.3bn. 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