George's Feed
Jul 17, 2014
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London real estate at an inflection point

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By George Hay

The author is a Reuters Breakingviews columnist. The opinions expressed are his own.

Most real estate valuers in London think property prices in the UK capital are about to fall. That prediction has been easy to make and easier to get wrong in the last five years. This time, the evidence that global investors’ favourite housing market has peaked is looking credible.

Jun 25, 2014
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English soccer protectionism would be an own goal

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By George Hay

The author is a Reuters Breakingviews columnist. The opinions expressed are his own.

England’s footballers can get better – but not by embracing protectionism. The national team’s failure to progress beyond the group stages of the 2014 World Cup should not have come as a surprise to English soccer’s ruling body, the Football Association: only last month, its chairman published a report advocating radical change. But the FA’s suggested solution could make things worse.

Jun 2, 2014
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Bank of Cyprus is bank of choice for EU über-bulls

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By George Hay

The author is a Reuters Breakingviews columnist. The opinions expressed are his own.

2014 has been a good year so far for incurable euro zone optimists. Even though the euro zone crisis is fresh in the memory, and deflation remains a risk, Greece’s five-year bond yields are below 5 percent. Greek banks have easily attracted foreign capital, helped by global funds flowing back into Europe after the U.S. Federal Reserve started its “tapering” policy. Still, foreign investment into Bank of Cyprus would represent a new bullish peak.

May 29, 2014
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The morning after Scotland votes for independence

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By George Hay

The author is a Reuters Breakingviews columnist. The opinions expressed are his own. 

Friday Sept. 19, 8.00 a.m. Staff at Royal Bank of Scotland’s Princes Street branch in central Edinburgh arrive for work, a tad bleary eyed. Some only had a few hours of sleep after partying until the wee hours, celebrating Scots’ historic vote to secede from the United Kingdom the previous day. Barely any whisky remains in the city’s bars; but RBS employees are about to discover something even worse. With customers starting to withdraw their deposits, barely any money may soon remain in Scottish banks.

May 6, 2014
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Barclays shows why it needs to do a UBS

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By George Hay

The author is a Reuters Breakingviews columnist. The opinions expressed are his own.

Barclays has shown why it needs to “do a UBS”. Both the UK bank and its Swiss peer had a rotten time in their fixed-income trading operations in the first quarter, numbers released on May 6 show. The difference is that Barclays is only just understanding a problem that UBS attacked 18 months ago.

Apr 14, 2014
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How China is stoking London’s housing bubble

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By George Hay

The author is a Reuters Breakingviews columnist. The opinions expressed are his own.

It takes a long trip on the London underground to get to the Aura housing development. From Waterloo Station, 42 minutes tick by until you pull into Edgware, the stop nearest to the half-completed apartment blocks being built on land formerly occupied by a now-bankrupt football club. Attempt the journey at the weekend, when large swathes of the tube are typically shut, and you must make a detour to nearby Canon’s Park station. From there, you face a 15-minute trek taking in a boarded-up pub, a Lidl supermarket and a municipal office block with smashed ground-floor windows. In every sense, you are a long way from what estate agents like to call “prime central London.”

Mar 7, 2014
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Review: Why all you know about money is wrong

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By George Hay

The author is a Reuters Breakingviews columnist. The opinions expressed are his own.

Everyone knows what money is. Whether denominated in paper, coins or something else entirely, transactions get paid for by a physical commodity that enables humans not to waste their time bartering with each other. Felix Martin’s book, published this week in the United States, convincingly argues this view is not only wrong, but dangerous.

Mar 7, 2014
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Review: Why all you know about money is wrong

Photo

By George Hay

The author is a Reuters Breakingviews columnist. The opinions expressed are his own.

Everyone knows what money is. Whether denominated in paper, coins or something else entirely, transactions get paid for by a physical commodity that enables humans not to waste their time bartering with each other. Felix Martin’s book, published this week in the United States, convincingly argues this view is not only wrong, but dangerous.

Mar 3, 2014
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Ukraine crisis dents EU banks’ recovery plans

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By George Hay

The author is a Reuters Breakingviews columnist. The opinions expressed are his own.

Crisis in Ukraine is denting European banks’ recovery strategies. Barring Austria’s Raiffeisen, few Western groups have meaningful exposure to the country. But big lenders such as Societe Generale, Commerzbank, UniCredit and KBC were hoping lucrative, fast-growing markets in central and Eastern Europe would counter humdrum returns at home. With Russia squaring off against the West, the economic, currency, and political risks of this approach are all too apparent.

Mar 3, 2014
via Breakingviews

Ukraine crisis dents EU banks’ recovery plans

Photo

By George Hay

The author is a Reuters Breakingviews columnist. The opinions expressed are his own.

Crisis in Ukraine is denting European banks’ recovery strategies. Barring Austria’s Raiffeisen, few Western groups have meaningful exposure to the country. But big lenders such as Societe Generale, Commerzbank, UniCredit and KBC were hoping lucrative, fast-growing markets in central and Eastern Europe would counter humdrum returns at home. With Russia squaring off against the West, the economic, currency, and political risks of this approach are all too apparent.

    • About George

      "George Hay writes about the banking and property sectors. He joined from Thomson Financial News, where he was a companies correspondent. Before that he worked at United Business Media, where he was news editor of Building Magazine. He has a first in English Literature from Edinburgh University, and was nominated in two categories at the 2009 Business Journalist of the Year Awards."
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