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Sunday, 4 September 2011
Ancient Aliens romana ? Episode 0 Chariots, Gods And Beyond [part 1 of 6]
Episodul si seria intregi (subtitrate in romana) aici: Full episode and series here: veehd.comVideo Rating: 4 / 5
SSAS loans ? Five conditions for the principal and associated companies
The rules state; The maximum loan is 50% of net assets of the scheme at the time of the loan. The loan is for a maximum period of five years. The interest rate has to be a minimum of 1% … Continue reading
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Summer market comment: Dulwich
Oliver Burgess, Branch Valuer at Winkworth Dulwich Estate Agents, gives an update on the local market. If you would like to discuss the market or how we can help you sell your property please contact Winkworth Dulwich on 020 8299 … Continue reading
Source: http://www.pensionsuk.info/summer-market-comment-dulwich/
Saturday, 3 September 2011
TUC Member Trustee Network annual conference
Taking the long view: Effective pension trusteeship in uncertain times.
The TUC Member Trustee Network annual conference. Friday 27 June 2008, Congress House, London.
Global economic turbulence, increasing regulatory and legal burdens, greater longevity and legislative change: these are uncertain times in the pensions world. The role of member trustees is critical in stewarding pensions, protecting members’ benefits and taking a long-term view in the face of these challenges.
This conference aims to help trustees navigate the current terrain and look to the future on pensions policy, regulatory and investment issues.
Source: http://www.pensionschampions.co.uk/?q=node/58
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Pensions & Divorce
I received a visit last week from a lady who had recently divorced. I say recently, although it was 2 years ago… Source: http://www.lse.co.uk/blogs/expert/resident-ifa-blog/bcd449/ inheritance tax pension calculator nhs pension pension forecast pensions uk Source: http://www.the-pension-service.info/pensions-divorce-5/ pension lump sum pension … Continue reading
Source: http://www.nhspension.info/pensions-divorce/
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Treating Customers Fairly?
My company is termed by the Financial Services Authority (FSA) as a ?Small Business?.
Source: http://www.lse.co.uk/blogs/expert/resident-ifa-blog/bn0fzx/
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Electricity demand ? turning over a new LEAF
Source: http://blogs.birminghampost.net/business/2011/08/electricity-demand—turning-o.html uk state pension pension lump sum pension transfer retirement age uk retirement calculator
Source: http://www.ukstatepension.info/electricity-demand-turning-over-a-new-leaf-4/
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Computer-Driven Trading Slowing Down?
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According to "Traders Exit High-Speed Lane" by Tom Lauricella (Wall Street Journal, May 5, 2011), equity trading has slowed down since last year's market "flash crash." Citing concerns on the part of previously active algorithmic traders and longer-term investors with a stomach for more calm, trading volume has dipped as a result. In turn, volatility has quieted, rendering it difficult for high frequency traders to turn a profit. Lauricella adds that some hedge funds that engage in statistical arbitrage have shut down or entered into fewer transactions if their performance has discouraged investors from sending more money their way. A counter opinion described in the article is that trading volume was artificially high during the credit crisis and that current numbers reflect the norm.
Institutional investors are impacted by the depth and breadth of trading activity in any secondary market in part because risk-takers facilitate liquidity by being the "other side." Having worked on several trading desks and also done research in the area of market microstructure, I know firsthand how aggregate levels themselves can fall short as a guide to what is really going on beneath the surface. Those pension funds and endowments that track short-term dynamics for timing purposes (i.e. market entry or exit) may want to examine the bid-ask spread trends along with price behavior relative to technical indicators in addition to total volume and volatility. For those that have relationships with high frequency trading ("HFT") teams, note that the Financial Industry Regulatory Authority ("FINRA") has publicly declared its intention to scrutinize firms that effect "orders by use of HFT models or trading algorithms" by making sure that "such trading complies with applicable FINRA rules and federal securities laws and regulations, including anti-manipulation provisions." Some assert that high frequency trading litigation may accompany heightened enforcement activity.
Note to Readers: The items listed below may be of interest.
- "Findings Regarding The Market Events of May 6, 2010: Report of the Staffs of the CFTC and SEC to the Joint Advisory Committee on Emerging Regulatory Issues," September 30, 2010
- VIX® - CBOE Volatility Index Frequently Asked Questions
- February 8, 2011 Letter to Compliance Professionals From Susan F. Axelrod (FINRA Executive Vice President - Member Regulation) and J. Bradley Bennett (FINRA Executive Vice President - Enforcement)
- "Man Vs. Machine: Pros and Cons of High-Speed Trading" by Bob Pisani, CNBC, September 13, 2010
Source: http://feeds.lexblog.com/~r/PensionRiskMatters/~3/iwI8kdFKSUw/
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Linkedin Jungleland
It exists because of the same urge I had as a thirteen year old – I just wanted to get out more. Source: http://henrytapper.com/2011/08/27/linkedin-jungleland/ annuity calculator pensions advisory service can i retire pensions calculator ill health retirement
Source: http://www.pensionscalculator.info/linkedin-jungleland/
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Are the Lib Dems all at sea over the Vickers reforms?
For weeks there have been rumbling tensions about the implementation of the Vickers reforms after the FT first revealed that they may not be completed until as late as 2019. We splashed this morning on how there will indeed be … Continue reading
Source: http://www.pensionforecast.info/are-the-lib-dems-all-at-sea-over-the-vickers-reforms/
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Counterparty Credit Risk Guidance From Bank Regulators
On June 29, 2011, the Office of the Comptroller of the Currency, Federal Deposit Insurance Corporation, Board of Governors of the Federal Reserve System and the Office of Thrift Supervision issued its latest thinking on derivatives trading by banks. "Interagency … Continue reading
Source: http://www.pension-calculator.info/counterparty-credit-risk-guidance-from-bank-regulators-5/
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Budget 2011 ? In Britain to stay?
There has been much speculation as to how the special rules for taxing non-doms might change. On Budget Day we found out. Source: http://feeds.lexblog.com/~r/MercerHole/TaxPlusBlog/~3/Zzuz1LtZECI/ stamp duty on commercial property stamp duty commercial property commercial property stamp duty stamp duty for … Continue reading
Source: http://www.pensionscalculator.info/budget-2011-in-britain-to-stay-3/
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Driving with a difference puts Afghan Army to the test 21.07.11
While politicians discuss plans for the drawdown of troops from Afghanistan, in Camp Bastion resources for the Afghan Army are continually being developed. With more than 500 tyres, the mentoring team have built a new driver-training course. This will teach … Continue reading
Source: http://www.pension-calculator.info/driving-with-a-difference-puts-afghan-army-to-the-test-21-07-11/
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When is two years not enough? When it comes to the Pensions Regulator?s powers to issue a financial support direction
Since coming into force in April 2005, the goal posts on the Pensions Regulator’s moral hazard powers have moved a number of times and are set to move again, assuming that the Pensions Bill 2011 is enacted in its present … Continue reading
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Friday, 2 September 2011
Linkedin Jungleland
It exists because of the same urge I had as a thirteen year old - I just wanted to get out more.
Source: http://henrytapper.com/2011/08/27/linkedin-jungleland/
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Top benefits of a COMMON TRUST for SSAS members.
When a SSAS purchases a property on the behalf of its’ members, it does so as a single purchase transaction. It holds the asset in a non-allocated common trust. It is for the benefit of all members, in proportion to their share of the pension fund. The U.K. top rated SSAS provider’s, [...]
Source: http://www.pensionpractitioner.com/blog/common-trust-for-ssas-members-benefits/44/
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Women?s unemployment at 23 year high
Contrary to city economists? optimistic predictions that today?s [...]
Source: http://touchstoneblog.org.uk/2011/08/women%e2%80%99s-unemployment-at-23-year-high/
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Here we go again
The announcement of a consultation on contributions increases for 2012/13 is the first step in the government?s plan to make the NHSPS (NHS Pension Scheme) a far less pleasant place to be. ?Haven?t we been here before?? I hear you ask. Yes, just three years ago in fact – when the last major review of [...]
Source: http://blogs.bma.org.uk/pensions/2011/08/04/here-we-go-again/
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Budget 2011 - Tax Plus Special
Chancellor George Osborne unveiled his Budget on Wednesday 23 March 2011.
Source: http://feeds.lexblog.com/~r/MercerHole/TaxPlusBlog/~3/F9ytPQIYxk4/
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TSSA Pensions Champions network
At the beginning of the year the TSSA trained its first wave of Pension Champions. Stimulated by the report made by the Railway Pension Commission and recommendations to move to a career average scheme*, as well as disregarding TSSA recommendations for an industry wide scheme; reps have been busy recruiting pensions champions. As part of the TSSA strategic response to the commission’s report the TSSA has managed to recruit pension champions from outside the rep pool and directly from the membership. July brings the second wave of training with nearly 40 applicants and many more awaiting dates for future training in the year. It is the aim of the TSSA to recruit pension champions in every region for every company, providing us with a network of reps solely placed to organise around what stands to be one of the biggest issues facing our members in 2008.
Source: http://www.pensionschampions.co.uk/?q=node/56
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Drowning in debt
The Bank of International Settlements has released an interesting new piece of research: The real effects of debt by Cecchetti, Mohanty, and Zampolli. Essentially, the paper shows that once debt rises beyond a certain level, it becomes a drag on economic growth (and increases likelihood and severity of financial crises). If you want to check out their data and economic modelling, you can download the whole paper here.
Their findings apply to household, corporate and public (i.e. government) debt. Government debt becomes a drag on growth at between 80 and 100% of GDP. Corporate debt becomes a drag on growth once it rises above 90% of GDP. Household debt becomes a drag on growth beyond 85% of GDP. The bad news is the UK already exceeds all these debt thresholds: our household debt is 106% of GDP, our corporate debt is 126% of GDP, and our government debt is 89% of GDP.
Here’s how household, corporate and government debt have risen as a percentage of GDP since 1980:
And here’s what has happened to total, combined debt in the UK since 1980 (it now stands at 322% of GDP):
Unfortunately, it gets worse:
A clear implication of these results is that the debt problems facing advanced economies are even worse than we thought. Given the benefits that governments have promised to their populations, ageing will sharply raise public debt to much higher levels in the next few decades. At the same time, ageing may reduce future growth and may also raise interest rates, further undermining debt sustainability. So, as public debt rises and populations age, growth will fall. As growth falls, debt rises even more, reinforcing the downward impact on an already low growth rate. The only possible conclusion is that advanced countries with high debt must act quickly and decisively to address their looming fiscal problems. The longer they wait, the bigger the negative impact will be on growth, and the harder it will be to adjust.
A previous paper (PDF) by the Bank of International Settlements projected the UK’s government debt forward to 2040, assuming current policies are maintained. On the graph below, the red line is the baseline scenario, the green line shows what would happen with a small gradual adjustment (a fiscal consolidation of 1% of GDP each year from 2012), and the blue line shows what would happen with a small gradual adjustment in which age-related spending was held constant (as a percentage of GDP).
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Note that on the baseline scenario, government debt exceeds 500% of GDP. That would mean the government spending more than a quarter of the UK’s GDP servicing its debts. In reality, we would be forced into default long before debt reached such a level.
It all makes for pretty grim reading, doesn’t it? The simple fact is that Britain, like most Western economies, is living on borrowed time. In the medium term, only a genuinely radical re-evaluation of the scope and scale of the state can avert disaster. Look around Westminster, Washington or Brussels right now though, and all you will see is lots of heads buried in the sand.
Source: http://feedproxy.google.com/~r/TheAdamSmithInstituteBlog/~3/O0F3WVKtCAU/
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Alistair Darling found Sir Mervyn King ?stubborn and exasperating?
With Alistair Darling’s book about to be published, people are already getting excited by his revelations about the depth of tensions between the former chancellor and the Brown/Balls axis. He confirms the old story that Brown tried to sack him, …
Source: http://feedproxy.google.com/~r/ft/westminster/~3/nMb4JetFTqg/
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Pension Auto-enrolment is coming...
A big shake-up to Pensions provision is coming in the next 1 to 4 years.
Source: http://www.lse.co.uk/blogs/expert/resident-ifa-blog/83cpk9/
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Thursday, 1 September 2011
The ACA have spoken ? the DWP ought to listen
Let's hope that instead of issuing yet more consultation documents on the policing of the auto enrolment regulations, the Government will , through its key Departments, DWP and the Treasury, start getting us excited about the prospect of this new order. Otherwise this new pension paradigm will degenerate, as its Stakeholder predecessor degenerated, into a fearful, unloved, unadopted and unenforced mess.
Source: http://henrytapper.com/2011/09/01/the-aca-have-spoken-the-dwp-ought-to-listen/
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The future for SSAS.
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The Small Self-Administered Scheme (SSAS) market is old and credible but largely unknown. Too long has this jem been hidden in the shadow of the Self-Invested Personal Pension (SIPP). Many do not truly realise what a SSAS [...]
The Small Self-Administered Scheme (SSAS) market is old and credible but largely unknown. Too long has this jem been hidden in the shadow of the Self-Invested Personal Pension (SIPP). Many do not truly realise what a SSAS [...]
Source: http://www.pensionpractitioner.com/blog/the-future-for-ssas/34/
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Barbados Property ? Weston Resort update
Weston Resort, a development of 45 apartments on the west coast of Barbados, at prices far below anything seen in this location in recent years, is still progressing well and the exterior shell of the building is coming up very quickly. After a small set back due to an unforeseeable amount of rain in the [...]
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Alistair Darling found Sir Mervyn King ?stubborn and exasperating?
With Alistair Darling’s book about to be published, people are already getting excited by his revelations about the depth of tensions between the former chancellor and the Brown/Balls axis. He confirms the old story that Brown tried to sack him, …
Source: http://feedproxy.google.com/~r/ft/westminster/~3/nMb4JetFTqg/
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Borrowing from your SSAS Pension fund to aid your company
In the third of my conversations with Pension Practitioner .com, who are the U. K’s leading SSAS provider. I put to them that in the current economic climate many companies may not have surplus fund to put away into pension funds for the future whilst the present is so uncertain.
This notion is out-dated. [...]
This notion is out-dated. [...]
Source: http://www.pensionpractitioner.com/blog/borrowing-from-ssas-pension-fund/37/
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Defense Secretary Gates visits Marines in Afghanistan
Secretary of Defense Robert Gates visited Marines in Helmand Province, Afghanistan, to observe their progress, and thank them for their sacrifices.Video Rating: 4 / 5 Source: http://www.statepensionforecast.info/defense-secretary-gates-visits-marines-in-afghanistan-2/ pension lump sum pension transfer retirement age uk retirement calculator annuity calculator Source: … Continue reading
Source: http://www.newstakeholderpensions.info/defense-secretary-gates-visits-marines-in-afghanistan-2/
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Another perspective on the global financial woes
I couldn’t help but share this with you… Source: http://www.lse.co.uk/blogs/expert/resident-ifa-blog/v6465y/ iht annuity rates stakeholder pensions uk retirement drawdown
Source: http://www.pensionforecast.info/another-perspective-on-the-global-financial-woes-3/
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An in Depth look at Long Term Care and Bloodline Planning
email: advice@trustsni.com for FREE advice. Videos created by cmorefilms.com
Source: http://www.retirementageuk.info/an-in-depth-look-at-long-term-care-and-bloodline-planning/
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Japan disaster?s effect on those retiring
I was beavering away yesterday; preparing for an interim Client meeting ? to let him know how my financial planning thoughts had progressed re: his impending retirement.
Source: http://www.lse.co.uk/blogs/expert/resident-ifa-blog/4fnaz7/
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Public sector cuts threaten private sector business
“The impact of the public sector cuts on [...] Source: http://touchstoneblog.org.uk/2011/08/public-sector-cuts-threaten-private-sector-business/ what are the stamp duty thresholds stamp duty on real estate stamp duty real estate real estate stamp duty hmrc stamp duty
Source: http://www.retirementcalculatoruk.info/public-sector-cuts-threaten-private-sector-business/
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A New History For U.S. Pension Funds
As many Americans celebrate the Fourth of July with sparklers and picnics, it is notable that public pension plans in the United States are undergoing radical changes. From their original inception as rewards for civil servants and military personnel, retirement plans are often now seen as costly drains on municipal and state coffers.
A few days ago, the Atlanta City Council voted unanimously to reform its pension plan and thereby "generate $22 million to $30 million in savings over the next 10 years and $500 million over the next 30 years."
Jurists in Colorado and Minnesota recently said "no" to public retirees who sued to reinstate reduced benefits on the basis of alleged contractual guarantees.
While Monday is an official day off for many individuals, it's back to work on Tuesday July 5 with continued debates in town halls throughout the nation (and abroad) about employee benefit plans.
Related Links For Readers:
- A History of Public Sector Pensions in the United States by Robert Louis Clark, Lee A. Craig, and Jack W. Wilson, University of Pennsylvania, March 2003;
- "Atlanta City Council Approves Pension Reform," WSBTV.com, June 29, 2011;
- "Gary R. Justus et al v. State of Colorado...," June 29, 2011;
- "Howard Swanson et al vs. State of Minnesota..." March 22, 2011; and
- "Two Rulings Find Cuts in Public Pensions Permissible" by Mary Williams Walsh, New York Times, June 30, 2011.
Source: http://feeds.lexblog.com/~r/PensionRiskMatters/~3/Y_83p5wcK2o/
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Wednesday, 31 August 2011
Medical academics demand recognition
Universities must acknowledge clinical work when assessing their performance, BMA warns
Source: http://feedproxy.google.com/~r/BMADailyFeed/~3/vK1mMFuyHuM/ATHN-8L8KBU
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Pas Mantab : Sabtu 27-03-2010 # 3
Pas Mantab : Parto,Andre,SuleVideo Rating: 5 / 5 Source: http://www.pension-calculator.info/pas-mantab-sabtu-27-03-2010-3/ pension lump sum pension transfer retirement age uk retirement calculator annuity calculator Source: http://www.newstakeholderpensions.info/pas-mantab-sabtu-27-03-2010-3-2/ drawdown state pension forecast uk state pension pension lump sum pension transfer
Source: http://www.illhealthretirement.info/pas-mantab-sabtu-27-03-2010-3/
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No deal for Endemol at ITV's expense
Amy Childs may be a hit on Big Brother, but that doesn't mean that Endemol is worth ITV wasting a penny on
No deal. No way actually. Endemol has been a problem, since the moment banks started going bust. It's not the telly of course - and we'll be back to Darryn Lyons and those abs in a moment - but the debt. Crushed by ?2bn of borrowings, taken on a combination of Goldman Sachs, founder John de Mol and Mediaset, which is owned by Slivio Berlusconi, it hasn't got a chance of keeping its lenders happy. (Note: with this business track record, would you let Berlusconi run a country).
Endemol earned about ?140m last year on the earnings before interest, depreciation, amortisation, taxation measure used by bankers, and it'll make a bit more this year, largely due to the Big Brother, Channel 5 deal. Trouble is that if you were lending to Endemol today, you'd only let it have 3 or 4 times EBITDA, that is up to ?600m. Production companies don't have a great cashflow either, so even that might be a stretch. And it's way less than the ?2bn or so currently on the books. But that's greed for you.
The first problem, then, is to restructure the debt. No sane outside investor would want to get involved before, and even if there was some interest from the likes of ITV, you wouldn't telegraph that now. It would only make the restructuring more complex. Endemol doesn't need capital, although of course the three shareholders could inject money into the business if they wanted to up their stake in the reconstituted company. But with the trio holding about half the debt already (a mixture of dumb banks and sharp hedge funds share the debt) they are just about in control in the corporate remake.
There's also the problem of what Endemol is worth after all this is over. Optimists like to point out that Shine Television went for about 12 times EBITDA. That would make Endemol worth ?1.8bn. But that was Rupert Murdoch buying his daughter's business. Don't forget elsewhere, All3Media, has struggled to get bids in much above 10 times all in, so Endemol is more realistically worth ?1.5bn (including debt) in a takeout situation - ?500m less than the face value of its outstanding loans. It may be transfer deadline day, but with an unimpressive pound-euro exchange rate, for ITV that is a lot of money.
ITV's problem, other than the chronic lack of summer hits, is that it isn't quite as big as you think it is. Endemol, in sterling, might cost �1.3bn - which compares to ITV's market value of �2.4bn. A free to air broadcaster is not the kind of business that can support much debt when advertising turns down, because its costs (TV programmes) are relatively fixed. Try telling Simon Cowell to take a pay cut. ITV may have very little debt, a clear plus, but because of the risk factor attached to even modest borrowing, it has only just had the confidence to pay a dividend.
In theory the British broadcaster might be able to borrow �800m (twice last year's underlying profits) to support a deal and still look public shareholders in the eye. But advertising is heading south again - this Christmas TV advertising could fall 5% - which means a splashy move would be a Red or Black type of a risk. And even with �800m of debt, there's still be another �500m of equity to find. ITV rights issue to buy Endemol? Well, it's an interesting thought, but it's risky, unproven, and more to the point, somebody with real money, Disney, Warner Brothers, News Corp might get there first.
No wonder, then, that ITV hasn't put out a statement confirming recent speculation that it might be looking at Endemol. Amy Childs or no Amy Childs, Endemol hasn't spruced itself up yet, and even once it recovers from its bombed out state, it is already too big for ITV. Come to think of it, on some nights, the ratings on Channel 5 are outperforming ITV...
guardian.co.uk © Guardian News & Media Limited 2011 | Use of this content is subject to our Terms & Conditions | More Feeds
Source: http://www.guardian.co.uk/media/2011/aug/31/itv-endemol
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The Weirdest Hotels On Earth
For all you people out there that like something, just that little bit different for your hotel stays, this is the place to be! Have a look at some of these weird and wacky hotels, before you book your hotel … Continue reading
Source: http://www.pensionsuk.info/the-weirdest-hotels-on-earth/
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Junior ISAs
The Government has now published the draft regulations for its Junior ISAs. A brief summary is: Source: http://feeds.lexblog.com/~r/MercerHole/TaxPlusBlog/~3/ghMjknI7MKs/ ill health retirement the pension service pension release annuity inheritance tax Source: http://www.retirementcalculatoruk.info/junior-isas-3/ stakeholder pensions uk retirement drawdown state pension forecast uk … Continue reading
Source: http://www.pension-release-uk.info/junior-isas/
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A New World check-up
So it’s off to the New World for 2 ½ weeks with a visit to friends and family in Toronto and then on to Arizona and Utah to soak up some of nature’s majesty. Seen through the prism of the Old World’s media, times are just as bad over there as they seem to be over here.
Fundamentally, both worlds are grappling with the same problem – societies that have been living well beyond their means for a generation. Rapidly ageing populations coupled with below-replacement birth rates are leading Europe and the Americas down a trail first blazed by Japan some 20 years ago. The debts for the good times are now due and the coffers are empty.
Even as this process ground on relentlessly, governments everywhere hobbled productivity with unrealistic minimum wages, working-time directives, market-distorting subsidies & taxes, pie-in-the-sky environmental objectives and regulation upon regulation.
An optimistic view would be that a general consensus in most countries of the nature of the problem has taken hold but each country’s response has been different. The first casualty, Iceland, immediately admitted the errors of its ways and just bit the bullet. The EU’s Mediterranean members seemed to be in denial for the longest time in hopes that something will turn up – mostly German money. The EU’s masters – Germany and France – are putting their faith in yet another grand master plan for the European project.
Here in the UK, the consensus on deficit reduction is largely holding with the argument being mostly about speed and depth. The test will come as the modest cuts now in the works actually come into effect over the coming years.
Over in the U.S., the hangover from fighting two wars while spending at home like there’s no tomorrow hasn’t been cured yet. They haven’t even agreed on a course of treatment. In time-honoured American fashion, it’s taken the grass-roots Tea Party movement to grab the politicians by the scruff of the neck to force recognition of the real problem. America usually gets it right in the end but time is running out.
That leaves Canada. From afar, it seems like an oasis of sanity in a tempestuous world. The country went through its fiscal crisis back in the early 1990s and, amazingly, seems to have learned its lesson. The banks are solid and government debt mostly manageable. However, it’s extremely dependent on exports of commodities to America and Asia and, ultimately, its economic fate will be determined in Washington and Beijing.
It’s been a good year for pessimists in the Old World. Let’s see if the New World offers any relief.
Source: http://feedproxy.google.com/~r/TheAdamSmithInstituteBlog/~3/aI7HaNJlxOw/
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Transferring your Pension? 7 key questions
The Financial Services Authority (FSA) are keen to ensure that Pension transfers are wholly justified in terms of being beneficial to the transferor.
Source: http://www.lse.co.uk/blogs/expert/resident-ifa-blog/v2wlmc/
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My favourite album: Tunnel of Love by Bruce Springsteen
Guardian and Observer writers are picking their favourite albums ? with a view that you might do the same. Here, Sarfraz Manzoor shares his love for a Bruce Springsteen masterpiece
It was in the autumn of 1987, after a summer soundtracked by Rick Astley and Los Lobos, that I first heard Bruce Springsteen's Tunnel of Love. I was 16 years old and had started sixth-form college and met an avid Springsteen fan whose evangelical zeal persuaded me to give this Bruce character a chance. I quickly become a disciple but Tunnel of Love was not then my favourite Springsteen album. As a teenager thirsting to escape his hometown and fantasising about meeting the girl of my dreams I much preferred the desperate, urgent optimism of Born to Run and the grainy, gritty realism of Darkness on the Edge of Town. What a difference 24 years make: today it's Tunnel of Love that I consider my favourite Springsteen album, and by natural extension, my all-time favourite album.
Tunnel of Love is not Bruce Springsteen's most successful album. It does not throb with youthful passion like Born to Run; it does not attempt to record the state of the nation like Nebraska, The Ghost of Tom Joad and The Rising and it sold a fraction of its predecessor Born in the USA. It is a quiet, often acoustic country-tinged album that has become more important to me the older I have become. Before Tunnel of Love Bruce Springsteen had mostly eschewed writing love songs; his songs were more likely to deal with losing your job than losing your heart. Love, when it appeared, was largely infatuation and painted in the primary colours of youthful yearning. "We'll live with the sadness and I'll love you with all madness in my soul," he sings on the title track of Born to Run. In his early records Springsteen implied that happiness was a girl, a guy and a car; on Tunnel of Love he began to wonder what if the car was heading in the wrong direction. His musical musings appeared to be inspired from personal experience. Springsteen had married actress/model Julianne Phillips in May 1985 after having met her seven months earlier. In the sleeve notes to the record Springsteen writes "Thanks Julie", but listening to the songs it seemed evident all was not well with their marriage; the couple filed for divorce less than a year after the release of the album.
Listening to Tunnel of Love reminds me of what Bob Dylan said about his 1975 record Blood on the Tracks. "A lot of people tell me they enjoy that album," Dylan said. "It's hard for me to relate to that. You know, people enjoying that type of pain." There is a fair amount of pain in Tunnel of Love ? the dull gnawing pain of seeing life stray from the hoped for script. I love how Springsteen's song-writing refuses to trade in certainties; in Cautious Man he sings about a man who "on his right hand (had) tattooed the word love and on his left hand was the word fear/and in which hand he held his fate was never clear". When I first heard the album I was a chronically inexperienced teenager who knew of love only what I gleaned from�the songs of Lionel Richie and Foreigner; it was through listening to Tunnel of Love that I first learned that boy meets girl was the beginning and not the end of the story.
Rock music can sound hopelessly na�ve as one enters adulthood; songs become vehicles for nostalgic time travel. The genius of Tunnel of Love is that its themes have become more pertinent with time; adulthood is after all a process of accepting the absence of absolute certainty and Tunnel of Love is a record riddled with doubt and the impossibility of truly knowing oneself or those to whom we entrust our love: in the words of Brilliant Disguise:�"God have mercy on the man who doubts what he's sure of." I know of no other album that has better captured the messy three dimensional reality of relationships.
In one of the album's finest songs Walk Like a Man Springsteen describes a man preparing to get married. "Would they ever look so happy again the handsome groom and his bride?" he sings "as they stepped into that long black limousine for their mystery ride." It was listening to that song and those lines that last year persuaded my younger sister to change her mind at the last minute and attend my wedding. I have written in the past about the difficulties my wife and I faced when we announced to my family that we were going to get married. My family were opposed to the wedding and were set on not attending. I credit Tunnel of Love for ensuring that my sister and mother attended my wedding and on the day it was Walk like a Man that was playing in the chamber hall of Islington Town Hall as I waited for my future wife to make her entrance. It was fitting that Tunnel of Love found its way into my wedding day: there are not many things from when I was 16 that remain essential and relevant to me today at 40 but that album is both a reminder of my past and a companion for my future. The road to adulthood can be lonely and frightening but I feel less alone and less fearful whenever I hear Tunnel of Love playing in the inky darkness.
? You can write your own review of this record: once you're signed into the Guardian website, visit the album's dedicated page.
Or you could simply star rate it, or add it to one of your album lists. There are more than 3m new pages for you to explore as well as 600,000-plus artists' pages.
Maybe it's a different Boss album that you think is, well, boss. Or perhaps you prefer a more modern take on all things Bruce. Either way, it's time to find those albums and get to work!
guardian.co.uk © Guardian News & Media Limited 2011 | Use of this content is subject to our Terms & Conditions | More Feeds
Source: http://www.guardian.co.uk/music/musicblog/2011/aug/31/tunnel-love-bruce-springsteen
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Ireland will be 'Celtic Tiger' again - Wilbur Ross
The world's best-known turnaround financier Wilbur Ross says Ireland will be the first of the bailed-out economies to recover
Billionaire investor Wilbur Ross reckons Ireland will the first European nation to recover from the sovereign debt crisis and "will once again become the Celtic Tiger".
His buyout firm, WL Ross and Co, has already staked a claim on Ireland's future fortunes by taking equity in Bank of Ireland along with four other investors, helping it avert full nationalisation.
But his use of the phrase Celtic Tiger may rankle with many who think the moniker symbolises an economy out of control.
Still, he's pretty confident.
"We like Ireland very much because, unlike the Club Med countries, it doesn't need structural reform of the economy," Ross said in an interview with CNBC.
"All it really needs is to get through the financial crisis that was caused when its banks went berserk. But Ireland's fundamentals are still there."
Ireland will once again become the Celtic Tiger."
Ross, 73, said his firm has "great confidence that Ireland's economy; while it's moribund right now, will be the first in Europe to recover because they really hit the bullet".
The "fundamentals" Ross refers to are, he said, its solid communications infrastructure, the low corporate tax and a young, educated workforce.
As an investor in Bank of Ireland, it would be a surprise if Ross thought otherwise ? after all he needs to recoup his investment and more. But he is one of the world's most successful turnaround financiers ? his involvement in the turnaround of over $200bn of distressed assets worldwide has earned him the nickname 'king of bankruptcy'. So his words will be a boost to Ireland's international standing.
In the past few weeks of financial turmoil, Ireland has seen some faith in the international money markets restored, with 10-year bond yields down from 14% in mid-July to around 9%.
Ross also put some clear water between Ireland and the other bailed out countries saying "it may be a little bit too early" to invest in other distressed economies.
"We're actually a good deal more worried about Europe's economy than the US, because it's unclear how the relationship between the European Union, Greece and the other Club Med countries will eventually work out ... There's a lot of turmoil there, and any one of those pieces could produce a severe problem."
Let's hope he is right about Ireland, where the number one public conversation is still personal debt and a growing mortgage arrears crisis.
guardian.co.uk © Guardian News & Media Limited 2011 | Use of this content is subject to our Terms & Conditions | More Feeds
Source: http://www.guardian.co.uk/business/ireland-business-blog-with-lisa-ocarroll/2011/aug/31/ireland
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A little more conversation
Much has been made in recent weeks of public sector strikes in response to government statements on pensions. I was very surprised to be quoted on the front page of The Times last week and to be criticised by Simon … Continue reading
Source: http://www.retirementcalculatoruk.info/a-little-more-conversation-6/
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New Adviser food for thought
My company has just taken on its first new Independent Financial Adviser (IFA)…hurrah! Source: http://www.lse.co.uk/blogs/expert/resident-ifa-blog/acxe84/ iht annuity rates stakeholder pensions uk retirement drawdown
Source: http://www.pension-release-uk.info/new-adviser-food-for-thought-6/
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Tuesday, 30 August 2011
The stagnating labour market
I have a post at Left Foot Forward, [...]
Source: http://touchstoneblog.org.uk/2011/08/the-stagnating-labour-market/
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My new blog on tax and pension advice for healthcare professionals
Last Wednesday, I attended the ICAEW accountancy institute Healthcare Seminar of which I am the chairman.
The seminar was even more passionate than usual due to the recent and forthcoming changes to financial legislation for both healthcare professionals and citizens alike.
Over the next few weeks, I will advise on some of the relevant topics covered during the seminar.
These areas will include:
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?Freeheld? documentary ? Oscar winner!
The documentary film “Freeheld,” chronicling Laurel Hester, an Ocean County Detective’s struggle to transfer her pension to her domestic partner, Stacie Andree, has been nominated for an Oscar. The 38-minute film, is nominated in the documentary short subject category. In … Continue reading
Source: http://www.pension-release-uk.info/freeheld-documentary-oscar-winner/
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Counterparty Credit Risk Guidance From Bank Regulators
On June 29, 2011, the Office of the Comptroller of the Currency, Federal Deposit Insurance Corporation, Board of Governors of the Federal Reserve System and the Office of Thrift Supervision issued its latest thinking on derivatives trading by banks. "Interagency Supervisory Guidance on Counterparty Credit Risk Management" considers the role of senior management, methods to measure risk, ways to manage risk and model validation.
Given the increasing number of institutional investors that deploy derivatives - directly or indirectly via third party organizations - for return enhancement or risk minimization purposes, this twenty-six page document is worth a read. Anything that impacts the costs of major derivatives dealers is likely to have a trickle down impact on pensions, endowments, foundations and family offices.
The list below offers a preview of takeaways from the regulators' perspective.
- Assessment of counterparty credit risk models should reflect their "conceptual soundness," along with "an ongoing monitoring process that includes verification of processes and benchmarking; and an outcomes-analysis process that includes backtesting."
- Develop a comprehensive process surrounding bank monitoring of collateral.
- Discuss how to control "wrong-way risk" which occurs "when the exposure to a particular counterparty is positively correlated with the probability of default of the counterparty itself."
- Banks need to regularly measure the "largest counterparty-level impacts across portfolios, material concentrations within segments of a portfolio (such as industries or regions), and relevant portfolio-and counterparty-specific trends."
Pension fund investment committee members can use the guide to draft or add to an existing questionnaire for interviews they conduct with their asset managers, banks and consultants.
Source: http://feeds.lexblog.com/~r/PensionRiskMatters/~3/zH-0vy3DU5o/
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VP Talks Iraq Drawdown
Even as humanitarian relief efforts continue in Haiti, Vice President Joe Biden says preparations are still underway for drawing down combat troops in Iraq. See more DoD videos at dodvclips.milVideo Rating: 5 / 5 Source: http://www.nhspension.info/vp-talks-iraq-drawdown/ stamp duty on shares … Continue reading
Source: http://www.statepensionforecast.info/vp-talks-iraq-drawdown-2/
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The growing financial advice divide
This time last week, I was conscious of an evening appointment to come, having already visited a gentleman in the morning. Source: http://www.lse.co.uk/blogs/expert/resident-ifa-blog/q7f01q/ state pension forecast uk state pension pension lump sum pension transfer retirement age uk Source: http://www.pensiontransferuk.info/the-growing-financial-advice-divide-3/ stamp … Continue reading
Source: http://www.ukstatepension.info/the-growing-financial-advice-divide-4/
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My new blog on tax and pension advice for healthcare professionals
Last Wednesday, I attended the ICAEW accountancy institute Healthcare Seminar of which I am the chairman.
The seminar was even more passionate than usual due to the recent and forthcoming changes to financial legislation for both healthcare professionals and citizens alike.
Over the next few weeks, I will advise on some of the relevant topics covered during the seminar.
These areas will include:
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Risk Questionnaires are no substitute for intuition
I had an experience on Monday that re-iterated the lack of absolutes in financial planning...and possibly life in general.
Source: http://www.lse.co.uk/blogs/expert/resident-ifa-blog/lw47cr/
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TSSA Pensions Champions network
At the beginning of the year the TSSA trained its first wave of Pension Champions. Stimulated by the report made by the Railway Pension Commission and recommendations to move to a career average scheme*, as well as disregarding TSSA recommendations … Continue reading
Source: http://www.pensionscalculator.info/tssa-pensions-champions-network-10/
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Legend of the Seeker S01E16 ? Part 4
Sorry for the delay everyone!!! Source: http://www.annuitycomparison.info/legend-of-the-seeker-s01e16-part-4/ nhs pension pension forecast pensions uk iht annuity rates Source: http://www.pensionforecast.info/legend-of-the-seeker-s01e16-part-4/ retirement calculator annuity calculator pensions advisory service can i retire pensions calculator
Source: http://www.pensionlumpsum.info/legend-of-the-seeker-s01e16-part-4/
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David Starkey is a master of the past, not the present
His views on race and the riots have drawn fierce criticism, but Starkey's books reveal a Britain remote from today's debates
I have been wondering what to do with my David Starkey books. I own three of his works on Tudor history in paperback, and one in hardback ? oh, and a catalogue of an exhibition he curated. Until I heard his remarks on race, Enoch Powell and the riots, I was happy to think of myself as a fan. The day after, I thought about taking all his books to the charity shop. Instead I have put them behind other books. At least I don't have to finish his incredibly long history of Henry VIII's wives.
A large group of academics have written to the Times Higher Academic Supplement, saying that Starkey has proved himself so well out of order that reports should not even call him a "historian" outside his specialist field of the Tudors. The word gives racist remarks a spurious legitimacy.
Is it a good idea to officially denounce him in this way? Doesn't it give a false aura of martyrdom and importance to views that are, in truth, so wide of the national consensus they seem to have spilled out of a parallel universe where Starkey remains stuck in the 1970s? So remote are his views from today's mainstream that it might be healthier ? though probably impossible ? to laugh them off as silly ramblings.
Anyway, it does not make sense to deny Starkey the title "historian". His books are immensely well-researched. He may know nothing about modern Britain but he knows an awful lot about the privy chamber in the 16th century. One of the things he has made famous is the sense of that word "privy", with the king's ministers doubling as intimate body servants. The texture of Starkey's descriptions of Tudor court life is amazingly rich and similar to what the anthropologist Clifford Geertz called "thick description". Very few living historians would be on safe ground questioning his credentials, so I hope all those letter signatories are truly brilliant at their craft.
If Starkey has suddenly turned himself into a villain in many peoples' eyes, including mine, the historian Marc Bloch was surely a hero. He fought in the French Resistance, and was captured and executed by the Nazis. But if you read his great work Feudal Society, traces of his political beliefs are impossible to find. It is an attempt to imagine the entire society of Europe in the 11th and 12th centuries and it does this without judgment, without false contemporary parallels. For the past is another country, and there is a liberation in imagining a world that is human yet utterly different from our own. As the globalised economy ravages the last pockets of truly pre-industrial culture everywhere on earth, it is increasingly in history ? in the contemplation of other times when people thought in other ways ? that we can free our minds to imagine otherness.
Starkey, in his history books, does that. He reveals a past Britain utterly remote from today's debates. It is going too far, and probably playing into the hands of those who would seek to defend his "freedom of speech", to deny that he deserves respect as a historian. His books remain as good as they were. It is just his views on the present day that should be dumped in the garderobe and dealt with by the Master of the Stools.
guardian.co.uk © Guardian News & Media Limited 2011 | Use of this content is subject to our Terms & Conditions | More Feeds
Source: http://www.guardian.co.uk/artanddesign/jonathanjonesblog/2011/aug/30/david-starkey-race-riots
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Inter Payroll unveil new changes
British payroll providers Inter Payroll have today announced a line-up of changes which they believe will help them maintain their position as one of the leaders in the UK for payroll services. Inter Payroll are well known for the high … Continue reading
Source: http://www.annuitycalculatoruk.info/inter-payroll-unveil-new-changes-2/
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Monday, 29 August 2011
Cheerful and bright apartment in Sao Paulo
How many times have you looked at a residence and said that it had the perfect colour palette for a comfortable and calming effect? Now take a look at the next photos and try to imagine yourself sitting down on … Continue reading
Source: http://www.annuitycomparison.info/cheerful-and-bright-apartment-in-sao-paulo/
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