UK News

Insights from the UK and beyond

from Felix Salmon:

Dimon vs Vickers

It's beyond ironic -- closer to moronic, really -- that Jamie Dimon would give an interview to London's very own Financial Times, complaining that international bank-regulation standards are “anti-American,” on the very day that the Vickers Report -- Robert Peston calls it "the most radical reform of British banks in a generation, and possibly ever" -- is released.

It's literally unthinkable that the US Treasury would ever dream of doing to JP Morgan what the UK Treasury, here, seems to want to do to the likes of Barclays and RBS. This is a Volcker Rule on steroids -- all retail banking will be ring-fenced and forced to operate with enormous amounts of capital, much more than Dimon is complaining about. It's essentially a break-up, in all but name, of the big banks with both retail arms and investment-banking operations. And it's designed, quite explicitly, to strengthen the UK's banking system by reducing the amount of risk and bolstering financial stability.

But Dimon doesn't care about what's going on in the UK. He's just looking at Basel, which -- incredibly -- he wants the US to withdraw from.

“I’m very close to thinking the United States shouldn’t be in Basel any more. I would not have agreed to rules that are blatantly anti-American,” he said. “Our regulators should go there and say: ‘If it’s not in the interests of the United States, we’re not doing it’.”

from FaithWorld:

Anglican spiritual head Archbishop Rowan Williams to resign next year – report

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Britain's Archbishop of Canterbury Rowan Williams leads the Easter Day Eucharist service at Canterbury Cathedral in in Canterbury in south east England April 4, 2010/Toby Melville

The spiritual head of the Anglican Communion, Archbishop of Canterbury Rowan Williams, will resign his position next year almost a decade before he is due to retire in order to return to academic life, a newspaper reported on Sunday. Williams, 61, who has worked hard to prevent the worldwide Anglican community from splitting over the ordination of women and gay bishops, may take up a senior post at Cambridge University, the Sunday Telegraph said.

from Photographers' Blog:

Shooting the Rugby World Cup

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In the third installment, Sydney-based photographer Tim Wimborne describes what is necessary to keep the file fresh throughout the tournament and to satisfy different client needs.

In the second of a series of multimedia pieces, Bucharest-based photographer Bogdan Cristel talks about the focus required to cover the Rugby World Cup.

from Breakingviews:

James Murdoch stuck in limbo

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

The challenge to James Murdoch's credibility remains serious.

Two former senior staff have repeated assertions that News Corporation's European boss was made aware, in 2008, of evidence that phone hacking at his UK newspapers involved more than just a single rogue reporter. Murdoch has strongly rejected that claim. The truth of the matter remains unclear.

from Left field:

Strauss’s side still not England’s best

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By John Mehaffey

According to International Cricket Council statistician David Kendix's calculations, three England sides before Andrew Strauss's present team would have topped the test world rankings too if the current format had existed.

In reverse chronological order, they are Mike Brearley's side of 1979-80, Ray Illingworth's 1970-3 team and the 1955-9 squad led first by Len Hutton then Peter May.

from The Great Debate:

America still needs to engage the world

This is a response to Nader Mousavizadeh's latest Reuters column,  "A smaller America could be a stronger America."

By David Miliband
The opinions expressed are his own.

Nader’s statistics pointedly and appropriately speak to a dysfunctional political dynamic of short term promises without long term responsibilities in the U.S.  It is also striking (and worrying) that both sides of American political debate are determined to persuade voters that they won’t be too concerned by the rest of the world.

from Breakingviews:

Man U’s mooted IPO valuation in league of its own

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

LONDON -- Manchester United’s flotation ambitions put it in a league of its own.

from Left field:

Rusedski looks to Cincinnati for US Open form

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The Cincinnati Masters became a very important event before the US Open because a lot of the big names lost early in Montreal and needed to get match play before the Open started.

How would Roger Federer, Rafael Nadal, and Andy Murray perform? Could Novak Djokovic continue his amazing run of only one match lost all season, having just won Montreal a week earlier?

from Reuters Soccer Blog:

Who can Arsenal actually buy?

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With Cesc Fabregas gone and Samir Nasri possibly on the move too, there is a lot of gloom around Arsenal at the moment and Saturday's 2-0 home defeat by Liverpool did nothing to help the mood.

Arsenal fans are for the first time questioning the stewardship of Arsene Wenger and have demanded some top signings to prevent yet another trophyless season.

from Breakingviews:

HSBC supertanker will take time to turn around

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

LONDON -- HSBC is proving a slow ship to turn. In May, chief executive Stuart Gulliver set out a strategy for the giant lender that required it to hit a return on equity target of 12-15 percent. Getting there involves top-line growth and cutting costs. HSBC’s interim results suggest that, for the time being, the emphasis will be on the latter.

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