Word: britain
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...First, there are the tax's tricky practicalities: Which financial transactions and institutions do you target? And who pays, administers and regulates it? But possibly more importantly, every major financial center would need to be on board for the levy to be effective. Investment banks wouldn't likely leave Britain for cheaper foreign currency-trading in Macedonia, but they might well if that opportunity was in Manhattan. Advanced economies imposing the tax unilaterally "would see their financial markets decimated," Howard Wheeldon, senior strategist at BGC Partners in London, wrote in a note to clients on Monday. (See 25 people...
...trading wouldn't have done much to tackle the eye-watering debts and shoddy risk assessment at the oversize banks that got us into the current pickle. That job falls to regulators. Moreover, evidence of the impact of transaction charges on the volatility of assets is mixed: buyers in Britain's housing market - which, like many others around the world, cratered in 2007 - have been required to pay a transaction tax on their purchases for years. (Read "How to Know When the Economy Is Turning...
Karel Lannoo, head of the Center for European Policy Studies in Brussels, hopes that's true, but says a Tory win and an anti-E.U. drive in Britain is "the biggest source of concern and discussion within Europe today." Indeed, Lannoo says that the ambient buzz "may be what [Lellouche] found himself echoing, however undiplomatically." Given the likelihood of a Tory win, however, it may not be the last time Lellouche feels moved to address the issue - and next time, he may not be alone in doing...
...trial in Somalia if an agreement could be reached. Because Spain has no extradition treaty with Somalia, which it considers to be a failed state, the government is said to be considering turning the two men over to a Kenyan court - an option employed in the past by Britain...
...People already feeling, or merely anticipating, the negative impact of recession have taken to stealing ... at the very time retailers also suffering from the downturn have had to cut back on security staff," says Joshua Bamfield, director of the Britain-based Center for Retail Research, which documented the findings in its annual Global Retail Theft Barometer. "In addition to the usual criminals, you have lots of newcomers to stealing who figure they don't run much risk at getting caught, won't pay much of a price if they are and justify their action on the hard times...