BP hit by record US fine

first_img Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofTortilla Mango Cups: Recipes Worth CookingFamily ProofWhat to Know About ‘Loki’ Ahead of Disney+ Premier on June 9Family ProofThe Truth About Bottled Water – Get the Facts on Drinking Bottled WaterGayot Share KCS-content whatsapp Thursday 12 August 2010 8:29 pm by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailBetterBe20 Stunning Female AthletesBetterBeautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comAtlantic MirrorA Kilimanjaro Discovery Has Proved This About The BibleAtlantic MirrorBrake For ItThe Most Worthless Cars Ever MadeBrake For ItTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastTrading BlvdThis Picture of Prince Harry & Father at The Same Age Will Shock YouTrading BlvdTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island Farmmoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comcenter_img whatsapp BP hit by record US fine BP will pay a record $50.6m (£32.5m) fine for continuing safety problems at its Texas City refinery, where an explosion in 2005 killed 15 workers and injured around 180.The energy giant, still reeling from the Gulf oil spill, has settled 270 of the 709 cases brought against it by the US Operational Safety and Health Administration (OSHA) over chronic safety issues. It will also pay up to $500m over the next six years to improve the hazardous conditions at the Texas plant. OSHA is still pursuing a $30.6m fine for more recent safety violations. BP has already paid a $50m fine to settle the criminal charges stemming from the explosion, and spent more than $2.1bn settling hundreds of lawsuits brought by victims. Iain Conn from BP said: “BP has a stated goal to become a leader in process safety and we look forward to working collaboratively with OSHA.” Show Comments ▼ Tags: NULLlast_img read more

Exports bounce back

first_img John Dunne whatsapp Tags: NULL whatsapp Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofTortilla Mango Cups: Recipes Worth CookingFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofWhat to Know About ‘Loki’ Ahead of Disney+ Premier on June 9Family ProofCheese Crostini: Delicious Recipes Worth CookingFamily Proof AN index of British factory orders rose to its highest level in two years in August after overseas demand rebounded from a dip in July, the CBI’s monthly industrial trends survey showed.The CBI survey showed how the total order book balance rose in line with expectations to -14 this month, up from -16 in July.The export order book balance rebounded to -1 from July’s -12, a sharp dip from the -2 recorded in June. This survey’s order book balances are almost always in negative territory, even when other measures show growing orders.“Prospects for the manufacturing sector remain very positive. Demand is steadily improving, helped by the revival of export orders after some weakness last month, and manufacturers expect slightly strong production growth in the three months ahead,” said the CBI’s head of economic analysis, Lai Wah Co.“However, inflationary pressures within the sector have not fully faded, and firms are predicting a faster rise in output prices over the next quarter,” she continued.The domestic prices index jumped to its highest since May at +11 versus +5, while output expectations rose to +10 from +6. center_img Share Exports bounce back Thursday 19 August 2010 7:04 am Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeHealthLibe24What were your first symptoms of ulcerative colitis? – Liberation24HealthLibe24UndoTaonga: The Island FarmAdvertisement The Most Relaxing Farm Game of 2021. No InstallTaonga: The Island FarmUndoForge of Empires – Free Online GameIf You Like to Play, this City-Building Game is a Must-Have. No Install.Forge of Empires – Free Online GameUndoAll Things Auto | Search AdsNew Cadillac’s Finally On SaleAll Things Auto | Search AdsUndoElvenarAdvertisement If You Need to Kill Time on Your Computer, this Fantasy Game is a Must-Have. No Install.ElvenarUndoAll Things Auto | Search AdsNew Acura’s Finally On SaleAll Things Auto | Search AdsUndoAll Things Auto | Search AdsNew Buick’s Finally On SaleAll Things Auto | Search AdsUndoBest Selling Grills | Search AdsTraeger Blaze & American Grills On SaleBest Selling Grills | Search AdsUndoPast Factory4 Sisters Take The Same Picture For 40 Years. Don’t Cry When You See The Last One!Past FactoryUndo Show Comments ▼last_img read more

BoA warns end of Bush tax cuts to cause slump

first_img Share BoA warns end of Bush tax cuts to cause slump by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailNoteabley25 Funny Notes Written By StrangersNoteableyZen HeraldThe Truth About Why ’40s Actor John Wayne Didn’t Serve In WWII Has Come To LightZen HeraldBetterBe20 Stunning Female AthletesBetterBeautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comAtlantic MirrorA Kilimanjaro Discovery Has Proved This About The BibleAtlantic MirrorTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastElite HeraldKate Middleton Dropped An Unexpected Baby BombshellElite HeraldTrading BlvdThis Picture of Prince Harry & Father at The Same Age Will Shock YouTrading Blvd KCS-content THE US economy would see a two per cent annualised hit to household income, or roughly 1.3 per cent of GDP, if the Bush tax cuts were allowed to expire as scheduled at the end of this year, according to a note published by Bank of America Merrill Lynch chief North American economist Ethan Harris yesterday. That hit could trigger a double-dip recession, he said. Democrats and Republicans are fighting over the provision, with the Obama administration wanting to permanently extend lower rates and permanently raise the two upper rates, while Republicans want the tax cuts extended. “We don’t find either view compelling,” Harris said. “The longer this game of chicken goes on, the bigger the risk of an economic accident.”Harris says there’s a 55 per cent probability of a compromise after the mid-term election and a 35 per cent chance of gridlock without any compromise.Bank of America said Congress was failing to heed the lessons of Japan, which raised consumption taxes in 1997 before recovery was strong enough. It suggests that it was because of this tax that Japan ended up in deflation. whatsapp Monday 23 August 2010 7:43 pmcenter_img Tags: NULL whatsapp Show Comments ▼ More From Our Partners I blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comFeds seized 18 devices from Rudy Giuliani and his employees in April raidnypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.com‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comMark Eaton, former NBA All-Star, dead at 64nypost.comBill Gates reportedly hoped Jeffrey Epstein would help him win a Nobelnypost.comWhy people are finding dryer sheets in their mailboxesnypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comlast_img read more

Chinese funds in talks with LS

first_img Show Comments ▼ Chinese funds in talks with LS by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastNoteabley25 Funny Notes Written By StrangersNoteableyMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBetterBe20 Stunning Female AthletesBetterBemoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comCrowdy FanShe Didn’t Know Why Everyone Was Staring At Her Hilarious T-ShirtCrowdy FanDrivepedia20 Of The Most Underrated Vintage CarsDrivepedia whatsapp Share KCS-content More From Our Partners Police Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgcenter_img Tags: NULL Sunday 5 September 2010 9:43 pm A Chinese sovereign wealth fund has approached Land Securities about taking a 25 per cent stake in the Walkie Talkie skyscraper development on Fenchurch Street, according to the Independent on Sunday. The China Investment Corporation already owns a 19 per cent stake in Songbird, the property firm that owns 60 per cent of Canary Wharf. whatsapplast_img read more

Providence Equity mulls £800m Phones 4U sale

first_img whatsapp More From Our Partners Brave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.org KCS-content Show Comments ▼ Sunday 12 September 2010 10:46 pm Share whatsapp Providence Equity mulls £800m Phones 4U sale Tags: NULL PHONES 4 U, the high street mobile phone retailer, could be sold for up to £800m after its private equity owner received a series of approaches from potential buyers.American buyout giant Providence Equity is understood to be reviewing options for the company, which it bought from founder John Caudwell in 2006. Trade rivals keen to expand their presence are thought to be the likeliest interested parties as Phones 4 U operates 476 stores across the UK. Dixons is a possible suitor.A sale would result in a second windfall for Caudwell. He kept a small stake in the business after raking in £1.5bn from selling his empire four years ago, which included other operations such as distributor 20:20.Analysts estimate the business to be currently worth between £700 and £800m.The group began in 1987 when Caudwell bought 26 phones from the US for more than £1,000 each and sold them on in the UK.At the start it took him eight months to sell all of the phones, but by the time he sold Phones4U it was selling 26 mobiles a minute. last_img read more

Winterflood backs LSE on rules change

first_img Show Comments ▼ Share CITY veteran Brian Winterflood has joined London Stock Exchange (LSE) chief executive Xavier Rolet’s call for the Square Mile to oppose the government’s proposed splitting up of the UK’s share listing regulations.According to an audience member at a Quoted Companies Alliance (QCA) dinner last Thursday, Winterflood gave an impassioned speech, calling on all those present to make submissions opposing the government’s proposals. These also include the setting up of a companies’ regulator, before the consultation deadline in October.Insiders said Winterflood, the QCA’s new president, said the City must stay competitive. One told City AM his speech “came across as very impassioned and very supportive of the views held by Xavier Rolet.”The backing of Winterflood will come as a huge boost to Rolet, who called on City firms to back his opposition to the government’s proposals. Winterflood is a popular member of the City establishment, having worked in London over 50 years and helping to found the QCA in 1992. Two weeks ago the LSE made clear its opposition to government plans to merge the UKLA and Financial Reporting Council (FRC) arguing the proposals would mean the City would be under-represented at the European Securities and Markets Authority and could mean the current tri-partite authority would simply be replaced with a new equally complex regulatory structure. “I don’t speak for others but I would say that I would not be surprised if a number of other participants issued similar views to ours,” Rolet told City AM two weeks ago. “I want to encourage them to make their views known. We need a robust response to the consultation.” The proposals are viewed with suspicion in City circles as business secretary Vince Cable would have ultimate control of an expanded FRC. Sunday 26 September 2010 10:16 pm Winterflood backs LSE on rules change KCS-content More From Our Partners Police Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgFeds seized 18 devices from Rudy Giuliani and his employees in April raidnypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgMark Eaton, former NBA All-Star, dead at 64nypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.org whatsapp whatsapp Tags: NULLlast_img read more

CBI hits out at strike laws

first_img whatsapp whatsapp CBI hits out at strike laws Share THE CBI is calling for an overhaul of current strike laws to provide greater protection to the public and companies as the threat of industrial action in the UK continues to rise. The business lobby group said the current laws need to reflect the fact that 85 per cent of private sector employees are not union members. It has outlined a number of changes it said will raise the threshold for industrial action.Strikes should only go ahead if 40 per cent of union members vote in favour of action, according to the CBI, which has also argued that firms should be able to continue trading through a strike period by employing agency staff.Other proposals include, extending the strike notice period to 14 days, giving employees the option of whether they want to be represented by a union and imposing frequent audits of union memberships. Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryUndoTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastUndoNoteabley25 Funny Notes Written By StrangersNoteableyUndoMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailUndoSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesUndoBrake For ItThe Most Worthless Cars Ever MadeBrake For ItUndoBetterBe20 Stunning Female AthletesBetterBeUndomoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comUndoMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan TimesUndo KCS-content center_img Show Comments ▼ Sunday 3 October 2010 11:23 pm More From Our Partners Astounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comKiller drone ‘hunted down a human target’ without being told tonypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.org Tags: NULLlast_img read more

Arbuthnot down after tough third quarter

first_img whatsapp Share Arbuthnot down after tough third quarter 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 PastNoteabley25 Funny Notes Written By StrangersNoteableyMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBemoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan Times Banking group Arbuthnot said investment banking conditions deteriorated during the third quarter, sending its shares down sharply.Arbuthnot, which also runs wealth management and financial planning services, said its investment banking arm had nonetheless managed to remained profitable for the past year.“Investment banking market conditions deteriorated sharply in the third quarter, leading to difficult trading for Arbuthnot Securities. Commission income was also impacted by the general decline in market volumes,” the bank said in a statement.The cost of carrying significant surplus deposits and of restructuring management had also impacted results for the quarter, the bank said.However, it added that it had an encouraging corporate finance pipeline for the fourth quarter and that its private banking arm was trading strongly. More From Our Partners Astounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comKiller drone ‘hunted down a human target’ without being told tonypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgMark Eaton, former NBA All-Star, dead at 64nypost.com‘The Love Boat’ captain Gavin MacLeod dies at 90nypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comFeds seized 18 devices from Rudy Giuliani and his employees in April raidnypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comcenter_img Thursday 21 October 2010 4:19 am John Dunne Show Comments ▼ Tags: NULLlast_img read more

US jobless total falls to three-month low

first_img US jobless total falls to three-month low Thursday 28 October 2010 8:20 pm More From Our Partners Supermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.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 Tags: NULL THE US jobless total fell to a three-month low official figures revealed yesterday.Initial unemployment claims fell by 21,000 to 434,000 in the week ended 23 October the US Labour Department said in its weekly report yesterday. The previous week’s figures were revised up from 452,000 to 455,000. The claim figure is the lowest since the week ending 10 July.The four-week moving average, which aims to smooth volatility in the data, fell by 5,500 to 453,250 from the previous week’s revised average of 458,750.Yesterday’s weekly claim data is the last report before voters go to the polls for the midterm elections next Tuesday. The stubbornly high unemployment rate is seen as a key issue. As polling day approaches, Democrats have fought to defend their economic policies in hopes of maintaining their majority in Congress.Meanwhile, the number of continuing claims – those drawn by workers for more than one week in the week ended 16 October – declined by 122,000 to 4,356,000 from the preceding week’s revised level of 4,478,000. Continuing claims are reported with a one-week lag.The Federal Reserve is also believed to be considering a second round of quantitative easing. The Fed is expected to announce a new US Treasury bond purchase programme at the end of its two-day meeting on 3 November. whatsapp whatsapp Share Show Comments ▼ KCS-content last_img read more

City out with a whimper – not a bang

first_img whatsapp ANOTHER day, another regulatory assault on the City from Brussels. The latest version of the Mifid proposals, if implemented, could chase away trading from Europe. It would be yet another self-inflicted goal, destroying jobs, prosperity and opportunities. No wonder, therefore, that as a report from Policy Exchange reveals this morning, many finance professionals, especially the younger ones, are considering leaving Britain. This is a nuanced, yet grimly realistic piece of work, backed up by YouGov polling. Not everybody is planning to quit. London won’t collapse. But its findings are nevertheless chilling – at least a tenth of the City is directly under threat, and that is not even including the massive missed opportunities as centres around the world build staff and scale that could have been based here. Of financial services professionals polled, 43 per cent have considered or are considering whether to leave the UK. Over a quarter of those (11 per cent of the total) are either definitely departing or are likely to do so soon, a huge proportion. For individuals, the most important reasons are living costs (86 per cent of respondents), poor quality of life (69 per cent), a weak economic outlook in Britain (67 per cent) and tax (63 per cent). So much for London being some kind of paradise of great restaurants, social life, tolerance and vibrancy – young professionals are much more likely to wish to relocate than their elders, who are more tied down by family.There is an even bigger threat: 25 per cent of senior managers polled thought it likely that over the next few years their organisation would move operational teams out of the UK, with just two per cent believing that their firm would boost UK operations. Slightly more reassuringly, only two per cent of firms are planning or likely to relocate entirely, with another eight per cent unsure – but that still means the loss of thousands of jobs minimum. So far, there have been two kinds of departures: the report highlights the 20 or so major firms that have already relocated their global or European headquarters, often for tax reasons; in some cases, they have retained the majority of operations here but not always. The second kind has seen firms move completely, led by an exodus of hedge funds to Switzerland. During 2009 at least 498 directors of UK companies changed their addresses to one of Jersey, Guernsey or the Isle of Man with an additional 91 UK companies moving their registered address there. London’s financial and business services industries are essentially a labour market agglomeration. While the UK’s time zone is useful, as is the English language, other locations share these advantages (and everybody now operates in English in many multinationals, regardless of country). London’s real selling point is the depth of its markets, especially the labour market for financial professionals. There is no obvious reason why this agglomeration should take place in the UK: there used to be other such clusters across Britain (for example, steel-making or ship-building) which subsequently moved to other countries, such as China. History is not actually that important (Silicon Valley isn’t steeped in medieval heritage) and no guide to an economy’s future (or else Canary Wharf would still be full of dockers). Agglomerations are self-reinforcing: success sucks in ever more business, but a loss of momentum can easily turn into a rout. If the City goes out, it will be with a whimper, not a [email protected] Show Comments ▼ City out with a whimper – not a bang KCS-content Share Wednesday 8 December 2010 9:27 pm whatsapp More From Our Partners Kamala Harris keeps list of reporters who don’t ‘understand’ her: reportnypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comKiller drone ‘hunted down a human target’ without being told tonypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comBill Gates reportedly hoped Jeffrey Epstein would help him win a Nobelnypost.comConnecticut man dies after crashing Harley into live bearnypost.com Tags: NULLlast_img read more