Self-employed rescue scheme

The Chancellor Rishi Sunak will today announce a package of support for Britain’s 5m self-employed people to help them through the coronavirus pandemic after Boris Johnson decreed they should have “parity of support” with employed counterparts. The self-employed would submit forms to HM Revenue & Customs, the tax authority, declaring their recent income, if there…

Fragile banks pose a greater threat to society than when they are dishonest

  In the great financial crisis of 2007-2008,  finance came too close to wrecking the global economy. The presence of rogue behaviour in finance, Nesvetallova and Palan turns to the economist Thorstein Veblen  (1857-1929) who observed that businessmen were proficient at making profit by interfering in markets, and wrote “ something in the nature of…

Economist’s influence

The modern liberalism since 1843, The Economist has been the single most devoted and influential champion of liberalism anywhere in the world. Today, neither economic crisis at home nor permanent warfare abroad, has dimmed the Economist’s belief in unfettered markets, limited government and a free hand for the West. The history of liberalism is on…

Saudi Aramco launches IPO to raise $60bn as Kingdom seek $2tn valuation

Saudi Aramco launched its public offering yesterday kicking off Crown Prince Mohammed bin Salman’s ambition to overhaul the kingdom’s oil addicted economy. The IPO, a landmark in Prince Mohammed’s drive on his pledge to modernise the kingdom, was tipped to be the world’s largest, hoping to raise in excess of $60bn with a sale of…

Jim Simons an enigma

Jim Simons who is worth $23bn is the greatest money maker in modern financial history, no other investor neither Warren Buffett, Rau Dalio, Steve Cohen, Peter Lynch, or George Soros can touch his record. Since 1988, Renaissance’s signature Medallion fund has generated average annual returns of 66 per cent and earned profits of over $100…

BlackRock achieves record profit and swells inflows of $84bn

The world’s biggest fund manager BlackRock has achieved a record profit margin, as new clients and lower costs boosted its assets, which attracted $84bn inflows in the third-quarter, with half going to its iShare business, an ideal passive investment vehicle where Exchange-Traded Funds are engineered to meet your investment goals. Its active equity funding attracted…

Rich and diverse civilization

A Tunisian friend of Justin Marozzi told him, “I’m embarrassed to be an Arab these days. Everywhere you look there’s chaos, fighting, bloodshed, dictatorship, corruption, injustice, unemployment. The only thing we’re leading the world in is terrorism”. For centuries the caliphate was both ascendant on the battlefield and triumphant in the battle of ideas, its…

Shanghai Starboard to rival Nasdaq on Wall Street

China’s launch of  a new technology focused stock exchange  to rival Nasdaq on Wall Street has underlined the significance of state funding to the country’s fastest growing tech sector. Of the first 25 companies listed on Shanghai’s Starboard, 14 report state-owned investors  among their top three shareholders . The first 25 listing, which raised $5.3bn,…