Still ahead of the curve: Art Laffer rises as Obama hits America’s rich

first_img whatsapp More From Our Partners Russell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.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.org Share whatsapp 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 Famous, Now She Works In {State}MoneyPailSerendipity 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.comSenior Living | Search AdsNew Senior Apartments Coming to Scottsdale (Take A Look at The Prices)Senior Living | Search Adsautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.com KCS-content Tags: NULLcenter_img Sunday 12 September 2010 10:15 pm Show Comments ▼ Still ahead of the curve: Art Laffer rises as Obama hits America’s rich WE SPEAK across the gleaming sweep of a boardroom table. Arthur Laffer has grabbed time for an interview while visiting CQS, a hedge fund. He is 70 this year, and the man who transformed the case for lower taxes with one sketch is in demand on this rare visit from the US. Today Laffer has other things on his mind as well. Of his six children, one daughter lives in London and, before we turn to economics, he explains how wonderful it is to spend time with her and his granddaughter.But this modest family man is also one of the finest, fiercest defenders of the free economy alive, crackling with energy as he tears apart tax policies that ignore real outcomes. He smacks himself on the forehead as he declares, “Can you believe it? These people don’t know Econ 101. All these years I’ve been boring them with this stuff and they still don’t get it!”Laffer is never boring. He sits forward in his chair, determined to make you see his point. He is in the City at the invitation of the Taxpayers’ Alliance, hosts of this year’s European Resource Bank congress for free market advocates. Laffer is a living legend in the policy world, the founding father of supply-side economics – and is therefore loved by some and hated by others in equal measure, depending on worldview. A crowd of over 400 members of the first camp came to the banquet at the Guildhall on Friday to hear him speak. The reception even received a rare public appearance from Lady Thatcher, whom he advised in the 1980s.That advice had lasting consequences. Tax rates on high earners of 50 per cent may be punishing now but as he points out, things used to be far worse. “The world has moved on. You used to have 98 per cent tax on unearned income in 1974. That’s not coming back.”That is because in 1974, at the Hotel Washington, Laffer grew frustrated while explaining his case to Dick Cheney. He pulled over a cocktail napkin and drew a quick graph (see above). The Laffer curve allowed a non-specialist to see how falling tax rates can increase receipts, thanks to greater productivity and compliance. This spring, those leading the successful campaign against a capital gains tax rise to 50 per cent regularly invoked the Laffer curve. At Friday’s banquet, every cocktail napkin sported a Laffer curve design.“Taxation is a lot like beating,” suggests Laffer, his fingertips hitting the tabletop. “When you beat a dog, you know it’ll stay away, but not where it’ll go instead. Tax is the same way, you know people are going to shrink from it, but you can’t tell how. You need the lowest rate, the broadest base. It is incredible how responsive higher-rate taxpayers in the US have proved to tax cuts.” The data agrees: since 1974, America has reduced its highest earned-income tax rate from 50 per cent to 35 per cent, while tax receipts from the top 1 per cent of income earners rose from 1.5 per cent of GDP in 1978 to 3.5 per cent in 2007. The UK’s new 50 per cent tax rate is intended to raise an additional £7.5bn annually, but the Institute of Directors has predicted lower overall tax revenues will result in practice. For Laffer, all this matters and not just for the sake of the rich. He breaks from economic analysis to paint a picture of the devastation unemployment causes in a household, the disappointment, the bitterness and anger it can breed. “The best form of welfare is a good, high-paying job. That’s what we have to encourage.”“Poverty sucks! And being rich is really cool. I’m no Republican, I voted for Clinton twice and he was a great president, if a disgusting human being. Bush was terrible. I go with the supply-sider.”Laffer dismisses the recent suggestion of economics Nobel prize winner Joseph Stiglitz that austerity measures in the UK will be a disaster. “He’s completely wrong. Ireland hasn’t continued the reforms that it needed. Government has no employee called Santa Claus. You know, my granddaughter gets this better than the professors. They just don’t like the answer, they go in trying to find that economics is wrong.”The professors who dominate Barack Obama’s Washington dismay Laffer. Having spent many years as an academic, he knows the nature of the beast. He settles his glasses low on his nose and glowers over them, “In my classroom the right answer is whatever I say it is.” He relaxes again, “You have to listen to professors, but the last thing you ever want is professors running your country.”Instead he thinks two ex-CEOs preparing for elections on 2 November in California are much more promising. Meg Whitman (eBay: 1998-2008) is running for Governor, and Carly Fiorina (Hewlett-Packard: 1999-2005) has the Republican nomination for US Senate. “I know them both. They’re great. Why not get someone who’s had success?”The expiration of tax cuts at the end of this year makes Laffer bearish on the US economy for 2011. In June, he wrote that, “If you thought deficits and unemployment have been bad lately, you ain’t seen nothing yet.” I ask if he has changed his mind after President Obama’s recent statement favouring tax cuts for middle-income families, but not high earners. “He’s made it even worse! Only the rich can change the volume, composition and timing of their income.”Obama’s mis-steps have been Laffer’s opportunity. As one of the last of his cohort still politically active, he finds himself facing an open target. “It’s like being invited to a Mexican piñata party,” he says with delight. “Only they forgot to blindfold me.” He courteously refuses to discuss current UK tax policy. “I’m not here to make myself unwelcome.”Looking ten years younger than his calendar age, Laffer shows little sign of slowing down. He wants to scrap all federal taxes in the US, replacing them with a pair of flat taxes: a net excise tax and a tax on personal gross income. “Can you imagine the stars we could achieve, the jobs we could create?”Armed with a powerful message, and clearly having the time of his life, the man who changed the world might just have a shot at doing so again. He thinks the facts of life are on his side. “We’ll get ‘em. Like Larry Gatlin says, ‘It ain’t rocket surgery!’ We all want to help the poor. The question is how to do it. You can’t love jobs and hate the people who create them.”CV | ARTHUR LAFFERAge: 70Work: Founder and CEO of Laffer Associates. Author and distinguished economist. Served for Ronald Reagan on his Economic Policy Advisory Board: 1981-1989. First to hold the title of chief economist at the Office of Management and Budget. Distinguished university professor of economics: Mercer University.Professor at Chicago: 1974-76; USC: 1976-1984; Pepperdine University: 1984-1987. Education: BA, Yale: 1963; MBA, Stanford: 1965; PhD, Stanford: 1972. Family: Married, with six children. Proudest moment: West Coast father of the year: 1983. last_img read more

Boris in advanced talks with mobile firms over getting signal on the Tube

first_img whatsapp Sunday 19 September 2010 10:11 pm Share whatsapp MAYOR of London Boris Johnson is nearing an agreement with the UK’s biggest mobile phone operators to provide a network signal on the entire Tube network by the time the Olympics come to London in 2012, it emerged at the weekend.Johnson is still in discussions with the companies over the final details of funding for the project, which City Hall reiterated yesterday would need to be borne entirely through mobile operators with no cost to fare or taxpayers.However, the preferred option is thought to be an agreement whereby the UK’s five largest mobile operators – Vodafone, Orange, O2, T-Mobile and 3 – would share the cost of installing the project.While technically possible to install network equipment in the deep-level underground tunnels and stations, project costs have so far proved prohibitively high.The Greater London Authority said yesterday that finding a solution “remains dependent on the market providing a credible proposal that satisfies both technical and commercial considerations”.Johnson’s predecessor Ken Livingstone also held talks with phone operators over installing a Tube network, but the plans never came to fruition. At the time, he said the winning operator would have to pay TfL for the privilege. Show Comments ▼ 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.comautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comcenter_img KCS-content Boris in advanced talks with mobile firms over getting signal on the Tube 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 ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofTortilla Mango Cups: Recipes Worth CookingFamily ProofWhat to Know About ‘Loki’ Ahead of Disney+ Premier on June 9Family ProofCheese Crostini: Delicious Recipes Worth CookingFamily Proof Tags: NULLlast_img read more

Blockbuster set to file for bankruptcy

first_img Show Comments ▼ KCS-content Wednesday 22 September 2010 7:58 pm Blockbuster set to file for bankruptcy whatsapp whatsapp Share BLOCKBUSTER is set to file for Chapter 11 bankruptcy as early as today, but the iconic video chain will live to see another day after cutting a debt-for-equity swap with its creditors. Billionaire investor Carl Icahn and other senior bondholders will swap their debt for all of the company’s stock, while providing a $125m (£80m) loan so the chain can operate during bankruptcy. Under the proposed plan, senior bondholders would convert about $630m of debt into equity of the restructured company. The other bondholders are expected to be wiped out completely. The plan will allow the company to continue operating, although it is expected to close hundreds of stores and invest more in online video rental, putting it in direct competition with Netflix.It is carrying some $900m of debt, according to filings with US regulators.“We continue to explore all of our options and are making good progress in our recapitalisation process,” Blockbuster said in an statement last night. More From Our Partners Biden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgMark Eaton, former NBA All-Star, dead at 64nypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comPolice 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.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.com Tags: NULLlast_img read more

CITY MOVES | WHO’S SWITCHING JOBS

first_imgWednesday 29 September 2010 10:24 pm Tullett PrebonThe inter-dealer broker has re-hired Tory MP Michael Fallon as a non-executive director, just a few months after he resigned to pursue an unsuccessful campaign for the Treasury Select Committee chairmanship.Fallon, who lost out to Andrew Tyrie, rejoins Tullett a week after he replaced Lord Ashcroft as deputy chair of the Conservative party.He had formerly been on the board of Tullett, headed by Terry Smith, for almost six years.OfcomThe media regulator has appointed four new non-executive directors to the board of broadcaster Channel 4, in the form of Alicja Lesniak, Monica Burch, Mark Price and Richard Rivers.Lesniak is currently a non-executive at property group DTZ; Burch is chairman of the board at law firm Addleshaw Goddard; Price is managing director of upmarket supermarket chain Waitrose; and Rivers is a non-executive director at Mothercare and a former chief of staff at consumer giant Unilever.DeloitteThe accountancy firm has poached Heather Devine, an international tax specialist, from rival Ernst & Young.Devine becomes a director in Deloitte’s business model optimisation team, part of the transfer pricing group. She was an international tax partner at EY and has also held roles at Hanson, Barclays and HSBC.State Street Global AdvisorsThe investment management firm, part of State Street bank, has hired Scott Ebner as global head of ETF product development.Ebner joins from NYSE Euronext, where he was most recently global head of exchange traded products.Prior to that, he served as senior vice president of the ETF marketplace at the American Stock Exchange (Amex).Kinsey AllenThe headhunter has appointed Raffaella Boscolo as a consultant in the asset backed securities and credit solutions business. She was formerly at Societe Generale and then moved into monoline bond insurance, working for Radian and Financial Guaranty Insurance.Clifford ChanceRoger Leese, a partner in the law firm’s litigation and dispute resolution practice, has been appointed chairman of Advocates for International Development, a broker between law firms and developing countries. whatsapp Show Comments ▼ 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.comautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.com CITY MOVES | WHO’S SWITCHING JOBS Share Tags: NULL whatsapp KCS-content last_img read more

HP chief may appear in court as Silicon Valley prepares for clash of tech firms

first_img whatsapp Share Monday 1 November 2010 8:38 pm HP chief may appear in court as Silicon Valley prepares for clash of tech firms Read This NextRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe WrapNewsmax Rejected Matt Gaetz When Congressman ‘Reached Out’ for a JobThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe Wrap’Sex and the City’ Sequel Series at HBO Max Adds 4 More ReturningThe Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The Wrap KCS-content Show Comments ▼ Jury selection has kicked off in a Silicon Valley legal drama that could make for some of the best theater the technology industry has seen in years.Larry Ellison, the co-founder and chief executive of software company Oracle, has waited two-and-a-half years to bring arch rival SAP to court on allegations that SAP stole Oracle’s software and resold the technology at bargain-basement prices.The court proceedings got under way in US District Court in Oakland, California yesterday with one of Oracle’s highest-ranking executives in attendance. Safra Catz, Oracle’s president who rarely appears in public, sat quietly in the gallery as jury selection began. SAP co-chief executive Bill McDermott is expected in court today. Oracle has attacked Hewlett-Packard Co for naming SAP’s former chief executive, Leo Apotheker, as its own CEO in late September. Ellison charges that Apotheker played a key role in the case. SAP, Europe’s biggest software maker, and HP have moved quickly to defend Apotheker.HP and Oracle were close partners until three months ago. They became fast enemies following a series of executive shuffles that began in early August: HP fired its CEO, Mark Hurd, who is a close friend of Ellison. Hurd was accused of falsifying expense reports to hide a relationship with a female contractor. Oracle then hired Hurd as its president. HP responded by hiring Apotheker as its chief executive. Tags: NULL whatsapp last_img read more

Ireland plans €6bn budget cuts for 2011

first_img Show Comments ▼ whatsapp KCS-content Ireland plans €6bn budget cuts for 2011 Share IRELAND is planning to push through spending cuts and tax hikes totalling €6bn (£5.2bn) next year, the toughest budget in the country’s history, in a last-ditch effort to convince investors it is not on the verge of financial meltdown.With Irish borrowing costs breaching record highs every day this week, finance minister Brian Lenihan is battling to turn the tide of market opinion and avoid the risk of a Greek-style bailout.He said yesterday he was frontloading next year some 40 per cent of the €15bn in adjustments he is targeting between now and 2014, the deadline he has promised Brussels to get the worst budget deficit in Europe back within EU limits.“I am well aware that such measures will impact on the living standards of everybody,” Lenihan said in a statement. “But our spending and revenue must be more closely aligned. This is the only way to ensure the future economic well-being of our society.”Lenihan got a vote of confidence from European Central Bank president Jean-Claude Trichet, who said Ireland’s plans to cut the deficit by €15bn over the next four years should be sufficient to solve its debt crunch.“The €15bn … are not in our view insufficient but of course you have to be alert permanently and stand ready to do all that is needed,” Trichet said.Ireland’s finance ministry said it expected the measures, which will be fleshed out in a four-year plan later this month, would cut the deficit to 9.25 to 9.5 per cent of GDP next year and to 2.75 to 3 per cent of GDP in 2014. The shortfall is set to blow out to a jaw-dropping 32 per cent of GDP this year due to the one-off inclusion of a mammoth bill for bailing out its banks. Even excluding the bank bill, the deficit will be nearly 12 per cent of GDP this year.Lenihan is hoping his fiscal measures will reassure investors and reduce Irish borrowing costs enabling the country to tap bond markets again in January. If yields do not come down by then, the government may be forced to seek external assistance. The premium investors demand to hold Irish bonds over benchmark German bunds stayed at a fresh peak of 543 points after the budget forecasts were unveiled. Thursday 4 November 2010 10:16 pmcenter_img by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailElite HeraldExperts Discover Girl Born From Two Different SpeciesElite HeraldMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryZen HeraldThe Truth About Why ’40s Actor John Wayne Didn’t Serve In WWII Has Come To LightZen HeraldTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island FarmAlphaCute30 Rules That All “Hells Angels” Have To FollowAlphaCuteAtlantic MirrorA Kilimanjaro Discovery Has Proved This About The BibleAtlantic MirrorDirect HealthyKate Silverton’s PartnerDirect Healthy More From Our Partners Supermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comKiller drone ‘hunted down a human target’ without being told tonypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.org whatsapp Tags: NULLlast_img read more

Aer Lingus on recovery trail

first_img by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity Timesmoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island FarmAlphaCute30 Rules That All “Hells Angels” Have To FollowAlphaCutethedelite.comNetflix Cancellations And Renewals: The Full List For 2021thedelite.comReporter CenterBrenda Lee: What Is She Doing Now At 76 Years of Age?Reporter CenterBeach RaiderSee The Woman Bradley Walsh Is Dating At 61Beach Raider More From Our Partners Native American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.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.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comKamala Harris keeps list of reporters who don’t ‘understand’ her: reportnypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comMark Eaton, former NBA All-Star, dead at 64nypost.com‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comSidney Crosby, Alex Ovechkin are graying and frayingnypost.com whatsapp Aer Lingus on recovery trail Tags: NULL Share whatsappcenter_img Irish airline Aer Lingus reaffirmed its outlook for this year after reporting a 35 per cent increase in third quarter operating profit on but remains cautious about next year given harsh austerity measures at home and abroad.“We remain cautious on the outlook for 2011 given concerns about the durability of the recent aviation sector performance as well as continuing economic uncertainty in our primary markets,” chief executive Christoph Mueller said in a statement.Yield per passenger rose 12.5 per cent in the third quarter from a year ago but yield growth momentum will moderate next year because of the tough comparison with this year, the group said.Mueller reiterated that Aer Lingus expects full-year operating profit before exceptional items in 2011 to be at the top end of market forecasts.But he warned that this forecast was dependent on cost-saving measures and no escalation of current industrial action by staff.Market expectations for Aer Lingus’ full year operating profit range between 25 million and 29 million euros, with the consensus at 27 million euros (23 million pounds), according to a Thomson Reuters I/B/E/S poll of two analyst Friday 5 November 2010 4:38 am Show Comments ▼ John Dunne last_img read more

Statoil confirms North Sea field now on stream

first_img More From Our Partners Kansas coach fired for using N-word toward Black playerthegrio.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgColin Kaepernick to publish book on abolishing the policethegrio.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comFans call out hypocrisy as Tebow returns to NFL while Kaepernick is still outthegrio.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgLA news reporter doesn’t seem to recognize actor Mark Currythegrio.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.org Share The North Sea Gjoea field has come on stream, opening the way for more oil and gas activities in the northern part of the Norwegian North Sea, energy company Statoil said yesterday.The Gjoea field, which holds recoverable reserves of 40bn cubic metres of gas and 82m barrels of oil and condensate, is expected to become a centre to which other smaller, satellite fields could be tied.Oil and gas discoveries off Norway are generally smaller than in past decades, increasing the need for fields to be tied-in to others. The oil output of the world’s fifth-largest exporter peaked in 2001, It exported 2.13m of barrels of oil per day in 2009, down 31 per cent from its peak as many oilfields mature. “We envisage that [the] facilities can make this field a hub for developments in this area,” said Oeystein Michelsen, Statoil’s head of exploration and production in Norway.Gjoea, which is expected to produce oil and gas for at least 15 years, is coming on stream just as gas demand in Europe enters its peak winter period.In October, British energy network operator National Grid increased its UK winter gas supply forecast from Norway because of the approaching start-up of the Gjoea field. Monday 8 November 2010 9:29 pm Statoil confirms North Sea field now on stream KCS-content whatsapp whatsapp Tags: NULL Show Comments ▼last_img read more

Lord Mayor’s show promises pomp, pageantry and a zulu dance troupe

first_img by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastMoneyPailShe Was Famous, Now She Works In {State}MoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan TimesElite HeraldExperts Discover Girl Born From Two Different SpeciesElite HeraldHealthyGem”My 600-lb Life” Star Dropped 420 Pounds, See Her NowHealthyGemmoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island FarmAlphaCute30 Rules That All “Hells Angels” Have To FollowAlphaCute Show Comments ▼ Lord Mayor’s show promises pomp, pageantry and a zulu dance troupe The City of London will host the Lord Mayor’s Show this Saturday, celebrating the 683rd Lord Mayor Michael Bear. The parade, which starts tomorrow at 11am, follows the new Mayor as he swears allegiance to the Queen.The event will be one of the biggest ever, with 6,000 participants, including Hong Kong acrobats, South African Zulu warriors, and hip-hop dancers from East London. The parade also includes the Lord Mayor’s gilded carriage, 20 marching bands, 71 floats, and a mobile post office.The Lord Mayor is the head of the City of London Corporation, the body that runs the City. Each year, representatives from each livery company elect a new Mayor. As the majority of livery companies are in financial services, the Lord Mayor is seen as representing the UK’s financial industry.Bear is an Alderman and Sheriff of the City. A trained civil engineer, Bear is regeneration director at Hammerson, managing director of Balfour Beatty Property and a non-executive director of Arup.The parade will begin when he presents medals to 12 reservist soldiers and one City policy officer at Mansion House. From there he will travel to St Paul’s Cathedral, where the dean blesses the Lord Mayor. The parade then travels down Ludgate Hill and Fleet Street, then takes the Strand to the Royal Courts of Justice. The parade begins its return journey at 1pm, following the Victoria Embankment and Queen Victoria Street. As the Embankment is farthest from the Underground stop, crowds should be thinnest there. Fireworks will be on the Thames at 5pm, between the Blackfriars and Waterloo bridges.GETTING THERETHE best Tube lines are the District (Temple, Mansion House, Monument), Central (St Paul’s and Bank), and Northern Line (Bank ). The Circle, Metropolitan, and Hammersmith & City lines are closed, as are the Victoria and Jubilee lines. Buses will not enter much of the City itself. Buses will go as far as Liverpool Street, Old Street, Kingsway or the South Bank, all of which are near the route.HISTORYTHE position of Lord Mayor is one of the oldest surviving positions in the UK. The post dates from 1189, when Henri Fitz-Ailwyn became the first Lord Mayor. Since 1215, City liverymen have elected the Lord Mayor. This placed the Lord Mayor outside the Crown’s control, which appointed all other local officials. The new Lord Mayor had to go to Westminster to swear his allegiance to the crown. Westminster was considered far outside of London, so the journey could be treacherous. Over time, the Lord Mayor’s entourage grew, until his journey to Westminster was considered a parade. The Lord Mayor is sworn in during a Silent Ceremony, where no words are spoken apart from a short declaration. The ceremony is always held the day before the Lord Mayor Show. KCS-content whatsapp whatsapp Thursday 11 November 2010 7:38 pm Share Tags: NULLlast_img read more

Weir guilty over oil for food

first_imgMonday 13 December 2010 8:14 pm whatsapp Show Comments ▼ Weir guilty over oil for food whatsapp Engineering firm Weir Group announced yesterday it would plead guilty to two charges of breaching UN sanctions over oil-for-food contracts it was awarded by Saddam Hussein between 2000 and 2002.Weir was formally charged with the offences by the Crown Office in Scotland yesterday and it is expected the case will be heard at the High Court in Edinburgh today. The charges relate to contracts, awarded by the Iraqi government between 2000 and 2002 which were inflated by £3.1m. The payments were made via an agent working for one of the company’s subsidiaries. Initial independent inquiries found that Weir paid a total $4.5m (£2.85m) in kick-backs on 16 of the 38 contracts it was awarded by the Iraqi government.The oil-for-food programme was designed to allow Saddam Hussein’s government to buy essential supplies despite the UN sanctions imposed on it. But an independent UK investigation found more than 2,000 companies globally had accepted illegal payments many of which were kicked back to government officials.The engineering firm will be subject to a confiscation order of £13.9m, which has already been agreed. Weir is may also receive a further fine.TIME LINE | WEIR PAYS PRICE FOR OIL-FOR-FOOD KICK-BACKS2000-2002 Weir Group is awarded 38 contracts by Saddam Hussein’s Iraqi government related to the supply of pump equipment and spare parts for clean water supply and oil field water injection and pipelines. July 2004Weir admits an internal investigation has discovered financial irregularities in its work for the UN’s Oil for Food programme. The company initially denied any wrongdoing. July 2004Weir commissions an external investigation of all contracts undertaken under the oil-for-food programme. The external investigation is undertaken by City law firm Herbert Smith. October 2004Weir disciplines staff following the findings of both its internal and external investigations into kick-backs to Iraqi government officials but refuses to say whether any staff have been sacked.October 2005An independent inquiry finds over 2,000 firms involved in the oil-for-food programme made illicit payments to the Iraqi government for contracts.December 2010Weir announces it will plead guilty to two counts of breaching UN sanctions in the Scottish High Court. KCS-content by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailHistorical GeniusHe Was The Smartest Man Who Ever Lived – But He Led A Miserable LifeHistorical GeniusTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastDental Implants | Search AdsNew Dental Implant Prices For Seniors May Surprise YouDental Implants | Search AdsStudent SeaWoman’s Car Gets Vandalised, Then She Finds Out It’s Much More DeadlyStudent SeaLaptop Deals | Search AdsThe Cost Of A New Laptop May Surprise YouLaptop Deals | Search AdsPrivate Jets | Search AdPrivate jet rentals you never thought were affordablePrivate Jets | Search AdSoGoodly20 Historical Photos They Dare Not Show You In SchoolSoGoodly Share Tags: NULLlast_img read more