JJB loses links to the Jones family as Sir David’s son quits

first_img whatsapp JJB loses links to the Jones family as Sir David’s son quits Share Tags: NULL THE JONES family ties with high street retailer JJB Sports have come to an end, as it emerged yesterday Stuart Jones has quit his post as marketing manager. Jones’ father, former JJB chairman Sir David Jones, stepped down from his role as non-executive director on 28 July due to ill health. Stuart is understood to have followed just days later. Insiders suggested yesterday that Jones junior had been sacked, after a management shake-up at the firm in the wake of Sir David’s departure. However, a company spokesman insisted he had resigned. “I’m sure he will have a fruitful career in whatever he does next,” he added. Jones junior has worked for several family businesses including consultancy firm Retail Gateway, where he courted controversy in 2008 after being asked to write a six-month review of JJB’s online business. His father had been appointed as a non-executive director at the sports firm just months earlier, while his mother worked as company secretary for the consultancy. Keith Jones (no relation) was hired by JJB as chief executive in March, to try and stem heavy losses at the high street retailer. 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 by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailNoteabley25 Funny Notes Written By StrangersNoteableyBetterBe20 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 BlvdTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island Farmcenter_img whatsapp Show Comments ▼ Thursday 12 August 2010 8:27 pm KCS-content last_img read more

CFOs call for less rules in financial narrative

first_imgMonday 27 September 2010 8:28 pm CFOs call for less rules in financial narrative whatsapp Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofCheese Crostini: Delicious Recipes Worth CookingFamily ProofTortilla Mango Cups: Recipes Worth CookingFamily ProofChicken Bao: Delicious Recipes Worth CookingFamily Proof Tags: NULL KCS-content Show Comments ▼ whatsapp Share MORE discretion and less regulation is needed when auditors deliver financial commentary at the front of annual reports, according to a raft of chief financial officers (CFOs) at large commercial companies. A new report published by Deloitte and the Association of Chartered Certified Accountants (ACCA) found that over 65 per cent of some 230 CFOs interviewed said they would like a reporting environment with more discretion and less regulation.Almost 60 per cent said there should be an emphasis on forward looking information in narrative reporting found at the front of annual accounts.Meanwhile, meeting legal and regulatory requirements were the most important drivers for narrative disclosures, according to 83 per cent of CFOs, while meeting the needs of shareholders came marginally below this at 82 per cent. Isobel Sharp, Deloitte audit partner, said: “Companies are trying to serve two masters at the same time. They want to inform shareholders of what is happening in the business. They need to satisfy regulators by meeting all the disclosure rules. To achieve both is a major challenge.” last_img read more

BEST OF THE BROKERS

first_img BEST OF THE BROKERS Share STANDARD LIFEJP Morgan Cazenove revisits its investment thesis on Standard Life and increases its rating to “neutral” from “underweight”. The broker can see the potential in what Standard Life is trying to do with its structural changes and says that if the insurer is successful, it should leave the group well positioned in the UK savings market. ROLLS ROYCEMorgan Stanley upgrades Rolls Royce to “overweight” and changes its price target to 720p. The broker thinks civil aerospace margins, which have fallen from a 2007 peak, will recover within the next three years and believes that the market is missing the potential for improved profitability following the recovery in revenues.THOMAS COOKGoldman Sachs believes Thomas Cook’s full year trading highlighted that bookings and prices were stable during the end of the summer season in the UK and trading in other markets are in line with expectations. The broker maintains its “buy” rating on the travel operator, despite the £10m impact from unexpected costs in the UK. KCS-content 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.comautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comcenter_img Tags: NULL 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 Wrap’Sex and the City’ Sequel Series at HBO Max Adds 4 More ReturningThe WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe 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 WrapNewsmax Rejected Matt Gaetz When Congressman ‘Reached Out’ for a JobThe Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The Wrap Show Comments ▼ whatsapp Wednesday 29 September 2010 10:26 pmlast_img read more

Toyota’s Prius sales take a tumble

first_imgWednesday 6 October 2010 7:37 pm Japanese sales of the Toyota Prius have fallen for the first time in almost a year-and-a-half after a government subsidy for buying more eco-friendly cars ended, industry figures suggest. The hybrid motor is Japan’s most popular car, with 27,249 sold in September, according to the Japan Automobile Dealers Association. However, this was 14 per cent lower than the same month a year ago. Share More From Our Partners Brave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comKiller drone ‘hunted down a human target’ without being told tonypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.org‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.org KCS-content Show Comments ▼center_img 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.comUndoHistorical GeniusHe Was The Smartest Man Who Ever Lived – But He Led A Miserable LifeHistorical GeniusUndo Toyota’s Prius sales take a tumble whatsapp whatsapp Tags: NULLlast_img read more

Unicredit hurt as its trading income drops

first_img More From Our Partners Fort Bragg soldier accused of killing another servicewoman over exthegrio.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgLA news reporter doesn’t seem to recognize actor Mark Currythegrio.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgFans call out hypocrisy as Tebow returns to NFL while Kaepernick is still outthegrio.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.orgInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comPorsha Williams engaged to ex-husband of ‘RHOA’ co-star Falynn Guobadiathegrio.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comMan on bail for murder arrested after pet tiger escapes Houston homethegrio.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comColin Kaepernick to publish book on abolishing the policethegrio.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comKansas coach fired for using N-word toward Black playerthegrio.comMark Eaton, former NBA All-Star, dead at 64nypost.com 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 Timesmoneycougar.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 FollowAlphaCuteDirect HealthyKate Silverton’s PartnerDirect HealthyMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStorythedelite.comNetflix Cancellations And Renewals: The Full List For 2021thedelite.com Unicredit hurt as its trading income drops Show Comments ▼ ITALY’S UniCredit SpA will keep investing in high-return eastern Europe and won’t curb its investment bank, new chief executive officer Federico Ghizzoni said after sluggish volumes and high tax dragged profit below forecasts.In his first earnings presentation since taking over on 30 September from Alessandro Profumo, Ghizzoni said he did not plan to reduce the bank’s presence in eastern Europe, nor was he looking to cut investment in its investment bank or in its second-largest market Germany.Third-quarter net profit at UniCredit, whose network extends into Kazakhstan, reached €334m (£288.9m), above the previous quarter but 15 per cent down from a year ago and below an average analyst forecast of €379m.“The main reasons for the negative deviations result from weaker-than-expected top-line trends in net commission income and net interest income, as well as the high tax ratio and an increase in minorities,” said WestLB analyst Christoph Bossmann.“The results are not yet convincing. As long as loan volumes remain subdued and the interest rate environment remains low we forecast the earnings recovery to be delayed,”?he added.UniCredit ruled out a capital increase as it said that “cumulative retained earnings (by 1 January 2013) will be sufficient to offset the full impact of Basel … even assuming no phase-in and conservative assumptions on mitigation.”The bank was forced to tap shareholders and to scrap cash dividends during the credit crisis, angering Italian investors who blamed Profumo’s risk-taking for the bank’s woes. UniCredit said its core Tier 1 ratio, a closely-watched sign of financial strength, had inched up to 8.61 per cent. whatsappcenter_img whatsapp Wednesday 10 November 2010 7:26 pm Share KCS-content Tags: NULLlast_img read more

Japan’s economic growth picks up in third quarter

first_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 ScottsdaleMoneyPailNoteabley25 Funny Notes Written By StrangersNoteableySerendipity 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 NowHealthyGemZen HeraldThe Truth About Why ’40s Actor John Wayne Didn’t Serve In WWII Has Come To LightZen Heraldmoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.com Share KCS-content Monday 15 November 2010 8:24 pm whatsapp Show Comments ▼center_img whatsapp More From Our Partners Russell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.org980-foot skyscraper sways in China, prompting panic and evacuationsnypost.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.orgConnecticut man dies after crashing Harley into live bearnypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comPuffer fish snaps a selfie with lucky divernypost.comMark Eaton, former NBA All-Star, dead at 64nypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.com JAPAN’S economic growth accelerated in the third quarter as expiring government incentives gave consumption a last-minute boost before a long-anticipated slowdown that analysts say is already under way.Indeed, many expect the economy to stall or even contract slightly in the next two quarters as the strong yen’s damage to exports becomes more evident and factory output slumps after incentives for buyers of low-emission cars expired in September.Japan’s GDP grew 0.9 per cent in July to September from the previous quarter, accelerating from a 0.4 per cent rise in the second quarter and beating a median forecast for a 0.6 per cent rise, official data showed on yesterday.While few expect Japan to slip back into recession, policymakers remain alert to risks to the fragile economy.The yen was trading below its 15-year peak yesterday, but its renewed climb toward record highs could prompt the Bank of Japan to ease monetary policy further by spending more on government bonds and other assets to avoid a prolonged downturn. Japan’s economic growth picks up in third quarter Tags: NULLlast_img read more

Candover

first_imgMonday 6 December 2010 8:57 pm KCS-content Show Comments ▼ Candover whatsapp Read This NextFresh Fruit Sushi: Recipes Worth CookingFamily ProofCreamy Pumpkin Soup: Delicious Recipes Worth CookingFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofChicken Bao: Delicious Recipes Worth CookingFamily ProofWhat to Know About ‘Loki’ Ahead of Disney+ Premier on June 9Family ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily Proof’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofA Once in 17 Years Cicada Event in Princeton, New JerseyFamily Proof whatsapp Share CANDOVER Investment’s decision to spin off its private equity arm provides some much-needed clarity for investors, who have long bemoaned the existing set-up. It is not hard to see why. All private equity firms have struggled in the post-financial crisis world, as evidenced by their notable absence from the M&A activity. However, Candover’s complex structure – with a listed parent that co-invests alongside an independent but wholly-owned fund manager, Candover Partners, over which it has no say – perturbed investors. Most couldn’t even explain the arrangement in a single breath, let alone trust it. Now the uncertainty over the firm’s structure has been partially put to rest, the firm has relatively better prospects, despite having essentially given up by going into “realisation” mode and returning cash to clients. However, the firm still has too many eggs in the one basket, with a highly concentrated portfolio (Expro International represents 44 per cent of assets). For those investors wanting to take a punt in the listed private equity space, there are better options, such as SVG Capital and Conversus Capital. Tags: NULLlast_img read more

US industrial data beats expectations

first_img 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 ScottsdaleMoneyPailTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBeautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comElite HeraldExperts Discover Girl Born From Two Different SpeciesElite HeraldSenior Living | Search AdsNew Senior Apartments Coming to Scottsdale (Take A Look at The Prices)Senior Living | Search Ads Show Comments ▼ whatsapp whatsapp US industrial output rose by a stronger-than-expected 0.8 per cent in December as unusually cold weather caused utility output to soar, a Federal Reserve report has shown.The increase was the largest since July and followed a downward revision in November’s output growth to 0.3 per cent from an originally reported 0.4 per cent gain.Utility output in December rose 4.3 per cent over November, while manufacturing and mining output each rose 0.4 per cent.Capacity use, a measure of how fully firms are using their resources, rose to 76 per cent – the highest since July 2008 – from an upwardly revised 75.4 per cent in November.However, capacity use remains well below its long-run average.Further good news on the US’s growing industrial recovery was a slower-than-expected rise in the level of stock US businesses kept in November.Strong sales meant business inventories advanced just 0.2 per cent to a total value of $1.42trn, the Commerce Department said.Inventory accumulation has been expected to slow in the coming quarters as sales power output.Business sales rose by 1.2 per cent in November to $1.13trn, the highest since September 2008, one of the most turbulent periods of the financial crisis. Sales rose 1.5 per cent in October.The sales pace pulled down the inventory-to-sales ratio, which measures how long it would take to clear shelves at the current sales pace, to 1.25 months from 1.27 months in October. US industrial data beats expectations center_img alison.lock 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.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.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.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgUK teen died on school trip after teachers allegedly refused her pleasnypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.org Friday 14 January 2011 11:55 am Share Tags: NULLlast_img read more

The only surprise was the price GE paid

first_img The only surprise was the price GE paid whatsapp 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 ScottsdaleMoneyPailTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBeZen HeraldNASA’s Voyager 2 Has Entered Deep Space – And It Brought Scientists To Their KneesZen Heraldautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comElite HeraldExperts Discover Girl Born From Two Different SpeciesElite Herald whatsapp EVERYONE knew Wood Group was about to sell its well support unit to GE, but few thought it would fetch as much as $2.8bn (£1.75bn). Management have covered themselves in glory with this deal. Whatever multiple you look at – 17.4 times 2010 ebitda or 30 times earnings – it is clear that Wood drove a hard bargain. The firm’s decision to return $1.7bn of the proceeds to shareholders, most likely through a buyback, will be 20 per cent accretive to earnings per share, according to Wood’s advisers. As surprises go, this is a particularly nice one. Investors would be wise to look again at other businesses with similar assets, after GE was willing to pay such a handsome sum for a well support arm. AMEC and Petrofac in particular deserve attention. It wasn’t just the multiples, however. Management rightly believes that the deal will allow them to focus on the firm’s core oil and gas business, as well as its gas turbine arm.We reckon the firm is also a more attractive takeover target, especially for the likes of AMEC. The pair now share a core focus on engineering, and would be a neat fit, although yesterday’s deal will make any valuation more challenging. So what of the rest of the group? Well Support accounted for $166m of group ebitda in 2010, around 41 per cent, but the firm still looks undervalued after yesterday’s jump.The residual Wood Group now trades at around 12 times earnings, against a sector average of around 18 times, suggesting a flurry of upgrades in the pipeline. There will likely be some profit taking in the short term – there always is after a rally of this kind – but long-term investors should sit tight. center_img Read This Next’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe Wrap4 ideal Zion Williamson trade scenarios from the New Orleans PelicansSportsnautRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapRick Leventhal to Exit Fox News Just as His Wife Kelly Leaves ‘RealThe WrapNewsmax Rejected Matt Gaetz When Congressman ‘Reached Out’ for a JobThe Wrap’In the Heights’ Underwhelms at Box Office With $11.4 Million DebutThe WrapJason Whitlock, Former ESPN and Fox Sports Reporter, Resurfaces at BlazeThe WrapFox News’ Mark Levin Says Capitol Riot Suspects ‘Would Be Treated Better’The Wrap’Sex and the City’ Sequel Series at HBO Max Adds 4 More ReturningThe Wrap Share Show Comments ▼ Monday 14 February 2011 9:13 pm Tags: NULLlast_img read more

Arab states must copy Asian tigers

first_img Show Comments ▼ VILE, despicable, inhumane: such words only barely begin to describe Muammar Gaddafi’s savagery as he desperately clings to power, battling a rising tide of popular revulsion. Like all fascists, human life is worthless to him. It is, of course, too soon to tell what will happen in Libya and what sort of regime, liberal or theocratic, will eventually emerge; the same is true of Egypt and Tunisia.But the fundamental reason why there is such desperation in much of the Middle East and North Africa is that the region – unlike emerging Asia – still lacks the capitalist institutions that fuel prosperity. Without dramatic economic reforms, extremists will gain ground. Decades of mismanagement, stupidity, ignorance and corruption have left a legacy of unemployment, poverty and hopelessness; oil money has been skimmed off by a selfish elite that specialises in corporatism and nepotism and benefits from state-chartered monopolies and restraints to trade. Scandalously, the fabled oil wealth of the Arab countries has had little effect on the incomes of ordinary folk (Abu Dhabi and Dubai are exceptions). For nearly two and half decades after 1980, the region witnessed hardly any growth in living standards. Real GDP per capita in the Arab countries grew by 6.4 per cent over the entire 24 year period from 1980 to 2004 (less than 0.5 per cent annually), according to the United Nations. The situation has improved a little since but insufficiently to dent unemployment. After growing by just 3.4 per cent a year between 1992 and 2001, the Middle East and North Africa’s GDP started to accelerate from 2003 to 2007, when it underwent a mini-boom and expanded by between 7.5 and 8.7 per cent a year. But the crisis took its toll in 2007-09 – and though higher oil prices fuelled a strong expansion in 2010 and 2011, only statisticians have noticed.A fifth of Arabs still make under $2 a day. In some places, youth unemployment is over 40 per cent; the UN estimates another 51m jobs are needed by 2020 as a result of demographics. Youthful populations and no jobs: no wonder a spike in food prices has had such an explosive effect on the politics of the region, including in Libya, plagued for so many decades by Gaddafi’s economically illiterate brand of national socialism.Apart from the likes of Dubai, oil remains far too important. Worryingly, industrial production’s share of GDP has remained constant for the past few decades; in countries such as China, by contrast, it has surged. Arab states account for 20 per cent of world fuel and mining exports, but only one per cent of exports of manufactured goods. In some Gulf countries, oil money has been used to buy off large chunks of the public, with the creation of massive middle class welfare and client states; in others, while living standards have improved, progress has come too little, too late. The creation of sovereign wealth funds has ensured oil money is no longer being entirely squandered, as has some infrastructure spending, but this hasn’t been enough.It is not, of course, just about economics. But unless new regimes in Egypt, Libya, Tunisia and elsewhere introduce real market and tax reforms, proper property rights and sound money, and embrace free trade, there is no hope for the region. It must emulate the emerging nations of Asia and Latin America, or remain forever mired in despair and [email protected] me on Twitter: @allisterheath whatsapp Share KCS-content whatsappcenter_img More From Our Partners A ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.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.orgKiller drone ‘hunted down a human target’ without being told tonypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgWhy people are finding dryer sheets in their mailboxesnypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comMark Eaton, former NBA All-Star, dead at 64nypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comBill Gates reportedly hoped Jeffrey Epstein would help him win a Nobelnypost.comConnecticut man dies after crashing Harley into live bearnypost.com 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 ScottsdaleMoneyPailPeople TodayNewborn’s Strange Behavior Troubles Mom, 40 Years Later She Finds The Reason Behind ItPeople TodayTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBeautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comElite HeraldExperts Discover Girl Born From Two Different SpeciesElite Herald Arab states must copy Asian tigers Monday 21 February 2011 9:11 pm Tags: NULLlast_img read more