Word: cbi
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...almost hear Britain's consumers groan. With household debt in the U.K. more than doubling over the last decade to $2.6 trillion, and Britons' rate of saving at its lowest level since the 1960s, rising interest rates will hit pocketbooks hard. The CBI, a business lobby group, expects consumer spending to grow 2.8% this year. Next year, it says, that figure could slip to 2.1%. Economic growth won't escape unharmed, either. The threat of rising rates triggering a downturn is "greater today than it has been in the 10 years Labour have been in power," says Adrian Cooper, managing...
...London's stock exchanges - more than four times the number of overseas listings in New York, according to consultants PricewaterhouseCoopers. London's smaller domestic business means that "if you're going to flourish, you have to look around," says Richard Lambert, director general of British business lobby group the cbi. Likewise, London is building on an already leading stake in international bank lending and over-the-counter derivatives, and foreign equity trading. Attention-getting statistics like that helped motivate nasdaq to launch a $5.3 billion hostile takeover bid for the lse in November. In a high-drama war that...
...Gouran, head of U.K. Board Services at Korn/Ferry. Translation: nobody wants these gigs anymore, so directors might soon be in short supply. "Public companies are worried in Britain that the gene pool for recruiting directors is becoming shallow," warns Digby Jones, director general of the British employers' group the CBI. For European firms listed in the U.S., compliance with America's Sarbanes-Oxley Act - the 2002 law that introduced tough new rules on how public firms report their numbers - is adding to the burden of compliance. Jones claims at least a quarter of his 72 British members listed...
...Mayawati, who resigned in August as chief minister of India's largest state, Uttar Pradesh, to fight charges that her freewheeling administration threatened to undermine the very foundations of the country's national symbol, the Taj Mahal. According to charges drawn up by the Central Bureau of Investigation (CBI), Mayawati and others in the state government flouted rules on the environment and competitive tendering in their plans for a $60 million tourist mall, positioned uncomfortably close behind the marble mausoleum. The construction required the Yamuna River to be diverted on a course that seemed set to undercut the ground...
...average Indian voter may have learned to live with corruption. But many Indian businessmen, faced with extortion by bureaucrats and competitors using bribery to achieve unfair advantage, have not. Former CBI director turned antigraft campaigner Joginder Singh says his research shows that the typical Indian entrepreneur faces 65 different inspections from various officials before he can open shop. "And these officials are not there to help," says Singh, "but to extort." As a result, many enterprises shut down in their first few weeks or fail to get beyond the drawing board...