Older people must shoulder their share of government spending cuts

Read more: We must demolish political correctness to reach our true economic potentialFirst, the so-called triple lock is no longer defensible. Ensuring that the state pension rises each year by the highest of the consumer price index, average earnings or 2.5 per cent – essentially delinking such spending from the health of the economy and the ability of working age taxpayers to finance it – it is not just a bad idea in principle, but a dangerous one.The Government Actuary’s Department says it is costing £6bn a year and when added to other costly universal pensioner benefits like the £2bn winter fuel payments, you start to see the yawning intergenerational chasm. The thorniest of policy issues right now is how to fund adult social care – given that there will be an estimated funding gap of around £3bn by the end of the Parliament, scrapping the triple lock seems a good first step to deal with it.Read more: Ros Altmann is right: It’s time to scrap the state pension triple-lockSecond, the housing market is skewed towards older generations. Nearly three quarters of pensioners are home owners, but with the average house price now £284,000 (and much higher in London), it is little wonder that young people are struggling to buy. whatsapp John O’ConnellJohn O’Connell is chief executive of the TaxPayers’ Alliance Older people are enjoying the double whammy of higher incomes and more housing wealth. This isn’t the fault of pensioners, of course – the real culprits here are pro-housing crisis groups like the Campaign to Protect Rural England, whose opposition to development is widening the intergenerational gap.It is right to recognise that some pensioners do live in poverty and that is unacceptable. If you ask young people whether they want their parents to live dignified and decent retirements, it would be difficult to find anyone who would say no.But if we flip that question around, and ask pensioners whether they want their children and grandchildren to live more prosperous lives than they did, they too would say yes. That means putting the long-term health of the public finances and broader economy before short-term electoral calculations. whatsapp Older people must shoulder their share of government spending cuts Share Tuesday 14 February 2017 4:15 am Unfortunately, lessons haven’t been learned, and the general trend towards much greater state spending on older people, paid for by the diminishing working age proportion of the population, is only set to accelerate. The Office for Budget Responsibility’s Fiscal Sustainability Report forecasts that, by 2057, the government will spend more than a fifth of GDP on health, long-term care, state pensions and pensioner benefits. Spending on education, meanwhile, is expected to fall from 4.4 per cent of GDP to 3.8 per cent over the same period.Read more: You probably can’t afford to have a midlife crisis. Here’s whyGiven our poor performance in education league tables and the opportunities to improve skills in science and tech, it is hard to avoid the conclusion that governments of all parties are prioritising the interests of older voters over the long-term strategic needs of the country.The size of the liabilities the government is racking up are also much greater than generally appreciated. The official national debt is estimated at around £1.7 trillion, which is frightening enough. But our latest estimate of the real national debt – including substantial liabilities in relation to unfunded public sector pensions, unfunded state pensions and Private Finance Initiatives – stood at £8.6 trillion, or over £320,000 for every single household in Britain. The liabilities for state pensions are £4.4 trillion alone, a burden future generations will have to shoulder.Given an ageing population is an inevitable trend, what can be done? There are two urgent candidates for reform. Given general improvements in technology and prosperity, younger generations should, in theory, always be better off than their parents. But with pensioner households now earning more than their working age equivalents, according to a new report from the Resolution Foundation, this can no longer be taken for granted.It is of course good news that older people are enjoying bigger incomes than they did in the past. But this welcome trend has coincided with government efforts to shield pensioners from the consequences of deficit reduction. Indeed, the last government was warned regularly about the disproportionate impact of fiscal consolidation on younger generations – not least by Alan Milburn in a report for the Social Mobility and Child Poverty Commission. More From Our Partners Russell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comWhy people are finding dryer sheets in their mailboxesnypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.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.org read more

Chancellor Philip Hammond cracks jokes at the expense of the Labour party, Jeremy Corbyn and himself during Budget 2017

“Ten weeks later, he was sacked! So wish me luck!” Share Shruti Tripathi whatsapp Wednesday 8 March 2017 1:45 pm 5. Another dig at Corbyn…   Breaking: Philip Hammond aka ‘Spreadsheet Phil’ has a personality.The chancellor, who has been dubbed as boring accounting type, set the scene for the Budget today making a spring budget joke.1. On Norman Lamont also abolishing the spring Budget And that wasn’t the only joke the chancellor cracked. Sample the digs he took at the Labour party, its leader Jeremy Corbyn and… himself: Acknowledging his reputation for spreadsheets: Chancellor Philip Hammond cracks jokes at the expense of the Labour party, Jeremy Corbyn and himself during Budget 2017 “They don’t call it the last Labour government for nothing” “The one place I am not going to hear the voice of business is the benches opposite” 2. On Labour’s business policies: “He is so far down the black hole that even Stephen Hawking has disowned him” Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeHealth & Human Research7 Drinks To Keep Your Kidneys Clean in United StatesHealth & Human ResearchUndoHealth.recetasgetHeart Attack Early Warning Signs and SymptomsHealth.recetasgetUndoanymuscle.comProstate Cancer and Enlarged Prostate – Causes, Symptoms, Prevention and Treatmentanymuscle.comUndoTop Gadget ReviewerUnited States: New $89 Portable AC Is Going ViralTop Gadget ReviewerUndoElite HeraldA Coast Guard Spotted Movement On A Remote Island, Then Looked CloserElite HeraldUndoweniixTop 5 best grand tourers 2021 – WENIIXweniixUndoStructural FoundationStructural Foundation Repair Cost In Scottsdale May Surprise YouStructural FoundationUndoOnline Degree | Search AdsGetting a Degree Online May Have Never Been EasierOnline Degree | Search AdsUndoCell Phones | Search AdsThe Price of a New Cell Phone Might Surprise You: Great for SeniorsCell Phones | Search AdsUndo “The Party opposite knows something about the technology of driverless vehicles” 4. Getting back at Corbyn for likening the government to “a driverless car heading in the wrong direction” last year whatsapp 3. On past Labour government’s corporation tax read more

London mayor Sadiq Khan welcomes progress made on devolution to London in the Budget

Share Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeScary Symptoms12 Scary Symptoms That Are Usually HarmlessScary SymptomsUndoTopNewsThis Picture Sets The Record Straight Over Who Prince Harry’s Father Really IsTopNewsUndoAmyloidosis | Search AdsRed Flag Signs of AmyloidosisAmyloidosis | Search AdsUndo24/7 SportsIt’s Amazing To See How These NBA Stars Have Changed Since College24/7 SportsUndoExcellence Punta CanaBook from May 5th – May 31stExcellence Punta CanaUndoStudy in Germany | Search AdsYou Will Be Surprised To Know The Cost Of Studying In GermanyStudy in Germany | Search AdsUndoRecetas Get7 Simple Ways To Naturally White Teeth At HomeRecetas GetUndoCookingAmour12 Best Natural Immunity Boosters For Cold And Flu This WinterCookingAmourUndoHealthline: Medical information9 SuperFoods To Prevent Heart Disease And Reduce Heart Attack RiskHealthline: Medical informationUndo Wednesday 8 March 2017 4:20 pm Shruti Tripathi Chancellor Philip Hammond delivered a historic devolution agreement for Londoners today to “protect jobs and investment in the aftermath of Brexit”.The devolution agreement focussed on infrastructure projects to help London mayor Sadiq Khan upgrade the capital’s road, rail and Underground networks and boost its economy. However, the mayor said he is “disappointed” that the government did not announce any pledges on Crossrail 2.”I am disappointed that the government did not use the opportunity to fully fund our police force or pledge their support for Crossrail 2,” he said. whatsapp “I am pleased that the chancellor has recognised that giving London more control is vital if we are to protect jobs and investment in the aftermath of Brexit.“London has a bigger population than Wales and Scotland combined, but we have far less control over how taxes are spent and public services are run.“Giving London the ability to invest more in building crucial new infrastructure and devolving control of business rates will help increase economic growth and improve productivity.”And granting London greater control over health, criminal justice, skills and back to work programmes will allow us to better improve the life chances of thousands of Londoners.”Read more: The capital needs Crossrail 2 for ongoing global success, say London firms More From Our Partners Police Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comMark Eaton, former NBA All-Star, dead at 64nypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comMatt 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.orgBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comConnecticut man dies after crashing Harley into live bearnypost.comKamala Harris keeps list of reporters who don’t ‘understand’ her: reportnypost.comFeds seized 18 devices from Rudy Giuliani and his employees in April raidnypost.comWhy people are finding dryer sheets in their mailboxesnypost.comKiller drone ‘hunted down a human target’ without being told tonypost.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comPuffer fish snaps a selfie with lucky divernypost.com‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.com It also confirmed the devolution of new powers to allow the mayor and Transport for London to reduce congestion.In his Budget, the chancellor also confirmed that an agreement has been reached to devolve a number of healthcare powers in London which will lead to better services that meet the needs of local communities.Other aspects the agreement promised was granting London more powers over the administration of business rates. The chancellor also agreed to finalise a devolution deal on criminal justice services by June. The deal will look at working and co-commissioning of services between the government and the mayor – with the aim of improving services for victims and offenders in London. Read more: These are the winners and losers of the Spring BudgetSadiq Khan said: “Today’s London devolution agreement shows that we get the best deal for Londoners when we put party politics aside and work closely with the government. London mayor Sadiq Khan welcomes progress made on devolution to London in the Budget whatsapp read more

Transocean buys rival Ocean Rig in $2.7bn deal as oil prices continue to rise

Tuesday 4 September 2018 3:38 pm Transocean buys rival Ocean Rig in $2.7bn deal as oil prices continue to rise Drilling rig contractor Transocean has agreed to acquire deepwater rival Ocean Rig in a deal worth $2.7bn (£2.10bn).The cash and stock deal, which includes Ocean Rig’s debt, will result in a combined fleet of 57 floaters, with 31 of the top 100 ultra-deepwater drill ships in the industry. Share Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryUndoZen HeraldEllen Got A Little Too Personal With Blake Shelton, So He Said ThisZen HeraldUndoinvesting.comThe Military Spent $1 Billion On this New Vehicle, And Here’s The First Lookinvesting.comUndomoneycougar.comDiana’s Butler Reveals Why Harry Really Married Meghanmoneycougar.comUndoMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailUndoGive It LoveThese Twins Were Named “Most Beautiful In The World,” Wait Until You See Them TodayGive It LoveUndoOne-N-Done | 7-Minute Workout7 Minutes a Day To a Flat Stomach By Using This 1 Easy ExerciseOne-N-Done | 7-Minute WorkoutUndoBetterBe20 Stunning Female AthletesBetterBeUndoTotal PastThis Woman’s Obituary Was So Harsh, Her Son Was Left ReelingTotal PastUndo The deal comes as oil prices continue to rise towards $80 per barrel.Read more: Hunting share price jumps as oil giant leaps into profitTransocean’s president and chief executive, Jeremy Thigpen, said it was this recovery that led to the acquisition.“The combination of constructive and stable oil prices over the last several quarters, streamlined offshore project costs, and undeniable reserve replacement challenges has driven a material increase in offshore contracting activity,” he said.“As such, adding Ocean Rig’s premium assets to our industry-leading fleet provides us with an increased number of the modern and highly efficient ultra-deepwater drill ships preferred by our customers, and better positions us to capitalise on what, we believe, is an imminent recovery in the ultra-deepwater market.” Oil prices jumped even higher yesterday, with Brent Crude up to $78.8 per barrel, after the evacuation of two Gulf of Mexico oil platforms in preparation for a hurricane expected to hit the Gulf Coast.Read more: Petrofac wins major oil contract as profits jumpOnce the deal is completed Transocean shareholders will own 79 per cent of the combined company, while Ocean Rig shareholders will hold the remaining 21 per cent.Transocean will acquire Ocean Rig’s nine ultra-deepwater drill ships, two harsh environment semi-submersibles and two more ultra-deepwater drill ships currently under construction.Citi was Transocean’s financial adviser, while Credit Suisse Securities advised Ocean Rig. More From Our Partners Why people are finding dryer sheets in their mailboxesnypost.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.comFeds seized 18 devices from Rudy Giuliani and his employees in April raidnypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.org980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comKamala Harris keeps list of reporters who don’t ‘understand’ her: reportnypost.comConnecticut man dies after crashing Harley into live bearnypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.com whatsapp whatsapp Callum Keown read more

Time for a brave new online pension world

first_imgAnd with young people at the heart of this quiet revolution, it’s even more important that we bring pensions into our digital devices.This government’s radical pension reforms are supporting millions more people into saving for a secure retirement.Automatic enrolment has helped to reverse years of decline in pension saving. In 2012, the proportion of eligible employees with a workplace pension was just 55 per cent. In 2017, it was 84 per cent.The pensions revolution has been embraced by a whole new generation of savers, with young people adopting long-term saving. In 2012, only two in 10 had a workplace pension. Now eight in 10 of eligible private sector workers aged 22-29 are enrolled in a workplace pension.And with record female employment, the proportion of eligible women in private sector jobs saving some of their hard-earned pay packets in workplace pensions has doubled from 40 per cent to 80 per cent. Share Guy OppermanGuy Opperman is minister for pensions and financial inclusion. At the same time, financial services have become much more accessible online. Pension providers can now take the next great leap forward in our pensions revolution to help people plan for life after work.Much more can be done to help people, young and old alike, make the most of their pension opportunities. Many will have multiple pots as they move jobs over the course of their working lives.We want to give customers a clear understanding of how much they have in their retirement pots and, ultimately, what they can expect to have to live on in retirement.Pensions dashboards are therefore a great idea. There is broad support for it from consumer groups such as Which? to pension providers and across political parties.The government will facilitate this ambitious project, while the pensions industry will foot the bill. We will do this in a way that ensures that data is secure and safeguarded but accessible to the individual. Consumer protection and safeguarding data will be paramount. whatsapp Opinion Time for a brave new online pension world Imagine a free, user-friendly, online service that offers you information about all of your pension savings at your fingertips, available in your own home and on your mobile.That’s why the government has championed the pensions dashboard, harnessing digital to make planning for retirement easier in the digital age. Wednesday 12 December 2018 12:56 pm Greater online transparency will boost savers’ comprehension, and also consumers’ confidence and understanding of long-term saving.We want Britain to be the best place in the world to grow old, and for people to get all the help they need to get ready for retirement. The pensions dashboard will transform retirement savings forever. 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. Tags: Pensions As we all know, most parts of our daily lives have been transformed by the internet and digital technology.If we can pay the bills and manage our bank accounts at the touch of a screen, why shouldn’t we be able to keep on top of one of the most important investments any of us will ever make online too?The pensions dashboard is an innovation whose time has come. It will bring the pensions industry and its customers’ experience into the twenty-first century and beyond.We are all living and staying healthy for longer, and all of us need to plan long-term for retirement.A transformation is taking place today, as record numbers of people are automatically enrolled into workplace pensions. whatsapplast_img read more

The European Union is on the backfoot, but few seem to notice

first_img Tags: Angela Merkel BBC Brexit Company Eurozone ITV Jean-Claude Juncker Nigel Farage People Sky Theresa May The European Union is on the backfoot, but few seem to notice Opinion Brian MonteithBrian Monteith is a former member of the Scottish and European parliaments 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. by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May Likebonvoyaged.comThese Celebs Are Complete Jerks In Real Life.bonvoyaged.comBleacherBreaker4 Sisters Take The Same Picture For 40 Years. Don’t Cry When You See The Last One!BleacherBreakerFilm OracleThey Drained Niagara Falls – Their Gruesome Find Will Keep You Up All NightFilm OracleDefinitionMost 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 40HealthyGemMisterStoryWoman files for divorce after seeing this photoMisterStoryDaily Funny40 Brilliant Life Hacks Nobody Told You AboutDaily Funny Likewise, price differentials between, say, German Audis or Porches, and British Aston Martin’s, Morgans, or TVRs will benefit our businesses at a cost to the Germans.The last thing the becalmed Eurozone needs right now is an economic shock, and the UK leaving without an extension of tariff-free trade while a Free Trade Agreement is negotiated could tip the Eurozone into recession. The very fact that Chancellor Angela Merkel has suddenly become animated, and Taoiseach Leo Varadkar is visiting Berlin and Paris tells you that they are worried.Woe are they.The Prime Minister might decide, or be instructed by the alternative government of Sir Oliver Letwin, Yvette Cooper, and Nick Boles, to apply for a long extension from the EU.This would mean the UK remaining at least temporarily an EU member and taking part in both the European Parliament Elections and budget processes beyond 2020. Tuesday 2 April 2019 10:52 pm It would be refreshing were there to be even a modicum of interest shown in how much the failure of the House of Commons to back the withdrawal agreement – or propose any alternative this week – has put the EU in real difficulty.The deal between the EU and the Prime Minister is abominable, and should be rejected again if it resurfaces. It cedes sovereignty over key economic decisions, such as trade policy and City regulation, rather than pooling it as we do now.So what catastrophes could Frankie Howerd warn the 27 EU member states about?If the UK leaves without any comprehensive agreement, overnight many EU products will face tariffs pricing them far higher than now.The Irish will especially be hurt, for not only is the UK their largest export market after the US, but the vast majority of Irish exports to the rest of the EU travel through the UK. There is a very bad habit that many of our broadcasters have of focusing on what might befall us.It reminds me of Frankie Howerd in Up Pompeii bemoaning “woe is me, woe is me” – as if he might warn his master against leaving the Empire without a deal. whatsapp Strangely both Varadkar and Jean-Claude Juncker have made it plain in the last week that, in the event of a no-deal, new arrangements can be found to avoid a hard border – in which case, why was the backstop required at all? As Theresa May has failed to ask for it to be omitted, they will have to propose its removal to her at the European Council meeting on 10 April – making the change of heart an even bigger climbdown.Woe are they.It does not look especially clever from the EU’s perspective. And yet, despite having correspondents in Brussels, Strasbourg, Berlin and Paris, the BBC, ITV and Sky are all very poor at reporting the EU’s difficulties.It’s as if the broadcasters don’t want the British public or our MPs to know.Instead, they fixate on the possibility of a General Election and the replacement of the Prime Minister. What they fail to appreciate is that May cannot call an election, but needs parliamentary approval, which Tories, fearsome of losing, will not grant.At the moment, the real power lies not with Remainers like Letwin, but with the DUP MPs like Nigel Dodds. If there is just a whiff of the withdrawal agreement being passed without the backstop being removed, the DUP will bring the government down by dropping their confidence and supply.The Tories will then need to find a new leader, and he or she will have to be approved by the DUP – or it will be pointless.These are the realities that our broadcasters are missing. Woe are they too. The prospect of Nigel Farage and a Pretorian Guard of Brexit Party MEPs adding to the likely disruption that will come from populist parties winning elections in Italy, France and across the EU will send a shiver up the Commission’s back.The potential for parliamentary go-slows and the UK withholding approvals for necessary financial and regulatory agreements is immense. The vandals are at the gates waiting to lay waste.Woe is the Commission.To avoid these two harbingers of doom, the EU could of course withdraw the Irish backstop from the withdrawal agreement – but this would come at a great loss of face.It would be a massive diplomatic climbdown after all the leadership have said, with Varadkar thrown under the Brexit bus in the rush to let it pass. Share More From Our Partners Police Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.org980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.com whatsapp last_img read more

Eurozone construction sector bounces back in February after weak January

first_img Eurozone construction sector bounces back in February after weak January Tuesday 16 April 2019 12:09 pm Growth in Britain’s construction sector slowed to 0.4 per cent in February compared the previous month, after growing 3.5 per cent in January.Whereas the official Eurostat data concerns February, signs are that growth in the European construction slowed in March.Earlier this month an IHS Markit Eurozone construction survey scored 52.2 in March, down from 52.6 in February. A number above 50 shows growth.Read more: UK construction activity declines amid ‘Brexit anxiety’At the time, IHS Markit economist Eliot Kerr said: “Growth [in March] was underpinned by a further rise in new business which saw firms maintain a marked pace of hiring.” whatsapp Share Harry Robertson Total construction in the single currency area grew three per cent in February compared the previous month, after falling 0.8 per cent in January, according to first estimates from Eurostat.The good news for the sector comes during a tough time for the Eurozone economy. Last month, its central bank slashed its growth forecasts for 2019 to 1.1 per cent, 0.7 percentage points lower than its December 2018 prediction.In the 28 countries that make up the European Union, construction sector output grew by 2.3 per cent in February year-on-year, after growth slowed to 0.6 per cent in January.Both the Eurozone and the EU’s construction growth rates for February were significantly above the rates seen over the previous five months.Of the major economies, Germany led the charge, with its construction sector growing 6.8 per cent in February compared to January. The Eurozone’s construction sector bounced back in February from a decline in January, new data from the EU’s statistics body has shown.Read more: Eurozone construction growth slows as bloc faces gloomy economy More From Our Partners Inside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.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.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.org 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!BleacherBreakerbonvoyaged.comThese Celebs Are Complete Jerks In Real Life.bonvoyaged.comFilm OracleThey Drained Niagara Falls – Their Gruesome Find Will Keep You Up All NightFilm OracleDefinitionMost 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 whatsapp Tags: Trading Archivelast_img read more

It’s no mystery who is behind the Gulf of Oman attack, or why

first_imgRather, the Trump administration views the JCPOA as a sucker’s bet, wherein an economically strengthened Iran, now with debilitating sanctions removed, would simply out-wait the rest of the world. Within the course of a generation, and without straying from the terms of the JCPOA, this economically emboldened Tehran would instead simply start up its nuclear programme once the JCPOA’s time limits ran out, and waltz into the nuclear club with few questions asked. It’s no mystery who is behind the Gulf of Oman attack, or why Opinion This is Iran’s defiant response: that, just short of war, it can make itself such a nuisance on the international stage that Europeans would plead with the US to at least halt its unremitting pressure on the already enfeebled Iranian economy. As always in political risk, the key question is: why? Or more exactly: why now? On 8 May 2018, Donald Trump overturned the key foreign policy legacy of the Obama administration, declaring that the US planned to withdraw from the Iran nuclear deal, known as the Joint Comprehensive Plan of Action (JCPOA). Friday 14 June 2019 6:12 am Precisely what munitions were used to knobble the tankers is unclear. Predictably, following the incident, the global price of oil spiked by fully four per cent. So wrote Agatha Christie, beloved author of the Hercule Poirot crime novels. This latter initiative, even if only partially achieved, would drive a stake through the heart of the Iranian body politic. Share No, Poirot does not have to stop growing vegetable marrows to help the international community solve this mystery. Simply put, Tehran had the motive, means, and opportunity to perpetrate the crime. A picture obtained by AFP from Iranian News Agency ISNA on June 13, 2019 reportedly shows fire and smoke billowing from Norwegian owned Front Altair tanker said to have been attacked in the waters of the Gulf of Oman. – Suspected attacks left two tankers in flames in the waters of the Gulf of Oman today, sending world oil prices soaring as Iran helped rescue stricken crew members. The mystery incident, the second involving shipping in the strategic sea lane in only a few weeks, came amid spiralling tensions between Tehran and Washington, which has pointed the finger at Iran over earlier tanker attacks in May. (Photo by – / ISNA / AFP) (Photo credit should read -/AFP/Getty Images) Declaring that the accord was among the worst ever negotiated, the Trump White House made clear that it had no intention of trying to woo Iran in from the cold, using trade and a relaxation of sanctions to entice it behave as a status quo power and to halt its nuclear programme, in the hopes that over the years it would be tamed to the point that it no longer desired one. 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. Determined to avoid this happening, the White House moved to a position of “maximum pressure” on the mullahs, re-imposing US sanctions, threatening European countries (which still hewed to the JCPOA) with loss of access to the vast US market if they continued doing business with Iran, and announcing its intent of sanctioning the whole of the Iranian energy industry, the life-blood of the country. Iran is trying to tap-dance on the line of outright conflict with the US, without falling off of it into actual war. Tehran is illustrating that the price to be paid for its continued ostracism will be an increasingly high one for the global economy, as it can disrupt assured global energy supplies at will, all the while claiming a semi-plausible deniability. John HulsmanDr John C. Hulsman is senior columnist at City A.M., a life member of the Council on Foreign Relations, and president of John C. Hulsman Enterprises. He can be reached for corporate speaking and private briefings at www.chartwellspeakers.com. whatsapp This is brinksmanship of the first order, and amounts to a major global political risk for the foreseeable future. Poirot may not be needed to sort this tangle out; a statesman of vision surely is. 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.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgWhy people are finding dryer sheets in their mailboxesnypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgSidney Crosby, Alex Ovechkin are graying and frayingnypost.com While the foreground remains murky, the background is clearer. Despite their expected denials, there can be little doubt that Iran lies behind the attack, either directly or through the sponsorship of its Houthi rebel allies, fighting Saudi forces for control of Yemen. whatsapp At the time of writing, there is a good deal in the foreground that remains unknown about yesterday’s attack on two tankers in the Gulf of Oman. The Japanese-owned and Norwegian-owned ships remain afloat just south of the Strait of Hormuz, with their 44 crewmen having been rescued by the Iranian navy, after both catching fire. “Crime is terribly revealing. Try and vary your methods as you will, your tastes, your habits, your attitude of mind, and your soul is revealed by your actions.” last_img read more

Swiss private bank Julius Baer sees profit slide

first_imgThe lender, which is Switzerland’s third largest listed bank, said its SFr 100m cost-reduction plan is on track, with savings expected in the second half of this year and in 2020.  Assets under management were SFr 412bn, an increase of eight per cent on the end of 2018, driven by a recovery in global stock markets.  “At the same time, we have made targeted investments in the future of our business. Julius Baer is in excellent shape, thanks to the dedication and relentless work of our staff.” whatsapp Bernhard Hodler, outgoing  chief executive of Julius Baer Group, said: “Profitability has markedly improved compared to the second half of 2018, as we saw client activity and asset valuations recover substantially.” Monday 22 July 2019 8:59 am Share Julius Baer recorded SFr 17m in redundancy costs in the first half of 2019. whatsapp Read more: Julius Baer targets £77m in cuts by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May Likebonvoyaged.comThese Celebs Are Complete Jerks In Real Life.bonvoyaged.comFilm OracleThey Drained Niagara Falls – Their Gruesome Find Will Keep You Up All NightFilm OraclePast Factory4 Sisters Take The Same Picture For 40 Years. Don’t Cry When You See The Last One!Past FactoryUnderstand Solar$0 Down Solar in Scottsdale. How Much Can You Save? Try Our Free Solar Calculator Now.Understand SolarPsoriatic Arthritis | Search AdsWhat Is Psoriatic Arthritis? See Signs (Some Symptoms May Surprise)Psoriatic Arthritis | Search AdsZen HeraldEllen Got A Little Too Personal With Blake Shelton, So He Said ThisZen HeraldLiver Health1 Bite of This Melts Belly And Arm Fat (Take Before Bed)Liver HealthDefinitionMost Embarrassing Mistakes Ever Made In HistoryDefinitionBest Selling Grills | Search AdsTraeger Blaze & American Grills On SaleBest Selling Grills | Search Adscenter_img Read This NextIf 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 EyebrowsVegamourWhat Causes Hair Loss? Every Trigger ExplainedVegamour’Drake & Josh’ Star Drake Bell Pleads Guilty to Attempted ChildThe WrapRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapSmoking and Hair Loss: Are They Connected?VegamourHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe Wrap50,000-Plus People Want Jeff Bezos to Go to Space and Never Come BackThe Wrap Swiss private bank Julius Baer sees profit slide “The cost-reduction programme we initiated earlier this year is on track, and we will see its effects materialise in the coming months and throughout 2020, as targeted.  Hodler is set to be replaced by Philipp Rickenbacher, the bank’s head of intermediaries and global custody. The bank posted a net profit of SFr 391m in the first six months of 2019, a 19 per cent drop year-on-year but an 18 per cent increase compared to the second half of last year.  Read more: Private bank Julius Baer appoints new chief executive Swiss private bank Julius Baer reported a 19 per cent slide in adjusted net profit in the first half of the year as weak trading from wealthy clients continued.  Jessica Clark last_img read more

DEBATE: Are the citizens’ convention on UK democracy proposals a good idea to restore faith in politics?

first_img One solution proposed is a citizens’ convention on UK democracy. This would engage with as large a section of the population as possible, and ask fundamental questions about how our system operates, not about individual policies. Think discussions on campaign finance, not Brexit. 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. Opinion whatsapp And the whole product will then be considered by parliament itself, where most people who are sick of politics feel the original problems rest. Lauren McEvatt, managing director at Morpeth Consulting, says NO. There is no baseline of education required, nor any remedy proposed to make up for the poor civic education throughout the UK in the last 30 years. A £3m budget is proposed, when the government’s last mass mail-out for the EU referendum pamphlet cost over £9m. A two-year timeline is laughable – the last commission on devolution in Wales took over five years. Share We’ve all heard the phrases: “in it for themselves”; “just for the few”. If you believe in democracy as the best form of representative government we can have, it’s a dispiriting landscape. Are the citizens’ convention on UK democracy proposals a good idea to restore faith in politics? Main image credit: Getty Eliot WilsonEliot Wilson is co-founder of Pivot Point and a former House of Commons official. and Lauren McEvattLauren McEvatt is managing director of Morpeth Consulting, and a former government adviser. LONDON, ENGLAND – JUNE 11: EU and Union Jack flags are waved as anti-Brexit demonstrators gather outside the Houses of Parliament on June 11, 2018 in London, England. The EU withdrawal bill returns to the House of Commons tomorrow for the first of two sessions in which MP’s will consider amendments imposed by the Lords, and another set of fresh amendments. (Photo by Dan Kitwood/Getty Images) Eliot Wilson, chief writer at Right Angles and a former House of Commons official, says YES. I don’t know if it will work. Maybe people are so apathetic that they won’t even respond. But,after more than 10 years working in parliament, I’m convinced that something has to be done. Structured, popular change is better than revolution. A change is gonna come, oh yes, it will. whatsapp Wednesday 31 July 2019 4:19 am DEBATE: Are the citizens’ convention on UK democracy proposals a good idea to restore faith in politics? There are a host of problems with these proposals: they are unrepresentative, their costs underestimated, and their security protections to prevent undue foreign influence non-existent. The UK’s constitution is in need of repair, but not this way. “Politics is broken.” That’s been the mantra for years now, at least since the expenses scandal of 2009. There has been a terrible rent opened between elected and electors, and an almost-complete loss of public trust. The use of household data from Royal Mail instead of electoral roll data will inevitably favour men. There are no provisions for weighing representation between the regions, and other constitutional partners such as the Crown Dependencies and Overseas Territories do not feature at all. by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeUnderstand Solar$0 Down Solar in Scottsdale. How Much Can You Save? Try Our Free Solar Calculator Now.Understand SolarLiver Health1 Bite of This Melts Belly And Arm Fat (Take Before Bed)Liver Healthbonvoyaged.comThese Celebs Are Complete Jerks In Real Life.bonvoyaged.comGraber BlindsWindow Treatments So Sophisticated, It’s Hard to Believe They’re so AffordableGraber BlindsBest Selling Grills | Search AdsTraeger Blaze & American Grills On SaleBest Selling Grills | Search AdsPast Factory4 Sisters Take The Same Picture For 40 Years. Don’t Cry When You See The Last One!Past FactoryZen HeraldEllen Got A Little Too Personal With Blake Shelton, So He Said ThisZen HeraldFilm OracleThey Drained Niagara Falls – Their Gruesome Find Will Keep You Up All NightFilm Oracle1MDDoctor: Try This For A Fatty Liver (Watch) 1MDlast_img read more