October 12, 2008
Newspapers have been quoting the survey by the World Economic Forum in which business leaders have been rating the solvency of world banks.
The rankings however were compiled just before the recent £50 billion bail-out by the UK, the nationalisation of the Icelandic banks and the larger US bail-out.
The website has the co-authors interviewed from the 3rd to the 7th of October. The report itself was published on the 8th October.
RANKINGS
1. Canada
2. Sweden
3. Luxembourg
4. Australia
5. Denmark
6. Netherlands
7. Belgium
8. New Zealand
9. Ireland
10. Malta
11. Hong Kong
12. Finland
13. Singapore
14. Norway
15. South Africa
16. Switzerland
17. Namibia
18. Chile
19. France
20. Spain
21. Barbados
22. Bahrain
23. Slovak Republic
24. Brazil
25. Estonia
26. Austria
27. Panama
28. Mauritius
29. Kuwait
30. Qatar
31. United Arab Emirates
32. Trinidad and Tobago
33. Senegal
34. Israel
35. Portugal
36. Iceland
37. Cyprus
38. Botswana
39. Germany
40. United States
41. Lithuania
42. Peru
43. El Salvador
44. United Kingdom
45. Greece
46. Benin
47. Costa Rica
48. Malawi
49. Guyana
50. Malaysia
51. India
52. Puerto Rico
53. The Gambia
54. Montenegro
55. Mexico
56. Croatia
57. Czech Republic
58. Jordan
59. Ghana
60. Suriname
61. Brunei Darussalam
62. Latvia
63. Saudi Arabia
64. Kenya
65. Jamaica
66. Honduras
67. Zambia
68. Burkina Faso
69. Slovenia
70. Sri Lanka
71. Pakistan
72. Philippines
73. Republic of Korea
74. Romania
75. Thailand
76. Madagascar
77. Colombia
78. Cote d’Ivoire
79. Italy
80. Bulgaria
81. Hungary
82. Cameroon
83. Georgia
84. Oman
85. Tunisia
86. Paraguay
87. Nigeria
88. Armenia
89. Morocco
90. Dominican Republic
91. Bolivia
92. Malia
93. Japan
94. Tanzania
95. Moldova
96. Bosnia and Herzegovina
97. Poland
98. Nicaragua
99. Venezuela
100. Uruguay
101. Guatemala
102. FYR Macedonia
103. Syria
104. Albania
105. Nepal
106. Mozambique
107. Russian Federation
108. China
109. Uganda
110. Serbia
111. Egypt
112. Ukraine
113. Vietnam
114. Turkey
115. Bangladesh
116. Azerbaijan
117. Taiwan, China
118. Ecuador
119. Mauritania
120. Mongolia
121. Indonesia
122. Zimbabwe
123. Tajikistan
124. Kazakhstan
125. Cambodia
126. Burundi
127. Chad
128. Ethiopia
129. Argentina
130. East Timor
131. Kyrgyz Republic
132. Lesotho
133. Libya
134. Algeria
Yes. That’s right.
The UK lies behind Peru and El Salvador.
Now given this report was a survey of the world’s economists whose advice our banks were no doubt taking; should we believe it?
Are the UK’s banks really behind Peru, El Salvador and Senegal?
Or is it an accurate representation that is slightly out of date, compiled as it was slightly before the bail-outs?
That must depend on whether you believe the bail-outs will work.
If reports are to be believed the Royal Bank of Scotland is next in line to be nationalised tomorrow. If that happens then there will be further pressure on the remaining UK bank’s to be nationalised too. The banking sector could be picked off one by one by the market and the taxpayer forced to pick up the tab.
On that Iain Dale post there have already been comments about the English taxpayer bailing out the Scottish bank.
It must be a pity, to all those who carp, that Scotland is not already independent.
An independent Scotland with a similar oil fund like our neighbour Norway could be similarly insulated from these turbulent times.
It would also have the economic levers to maintain its economy best, not just for the South-East of England as remains the case today. Remember Eddie George, the former Governor of the Bank of England: Unemployment in the north is a price worth paying for affluence in the South!
Although the credit crunch is global, take a look back at those rankings.
Sweden, Luxembourg, Denmark, Belgium, Netherlands. All small countries lying in the top 10.
Even Ireland, who have recently guaranteed all deposits in their banks, are sitting 9th.
The argument that Scotland is too small to be financially unstable is farcical! I don’t hear anyone saying that Denmark is too small and should be run from Berlin. (Not since the days of Adolf Hitler and the Second World War anyway!)
As countries large and small struggle with the credit credit crunch from the U.S. and Russia down to Iceland with its 300 000 population, this population argument of independence must be seen to be invalid. Iceland, with a population slightly smaller than North Lanarkshire, isn’t exactly Miramont Gardens in Pimlico!
What matters now is that we take the right decisions to get out this mess.
Those decisions may be different for each country. They may even be different for England, Scotland, Wales and Northern Ireland.
That’s why its important key economic levers are devolved away from Westminster.
Otherwise the Eddie George syndrome will hamper ‘the North’ recovering for years.
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Leave a Comment » | Albania, Algeria, Argentina, Armenia, Australia, Austria, Azerbaijan, Bahrain, Bangladesh, Banking, Barbados, Belgium, Benin, Bolivia, Bosnia and Herzegovina, Botswana, Brazil, Brunei, Bulgaria, Burkina Faso, Burundi, Business and industry, Cambodia, Cameroon, Canada, Chad, Chile, China, Colombia, Costa Rica, Croatia, Cyprus, Czech Republic, Denmark, Dominican Republic, East Timor, Ecuador, Egypt, El Salvador, England, Estonia, Ethiopia, Films, Finland, France, Gambia, Georgia, Germany, Ghana, Greece, Guatemala, Guyana, Honduras, Hong Kong, Hungary, Iceland, India, Indonesia, Israel, Italy, Ivory Coast, Jamaica, Japan, Jordan, Kazakhstan, Kenya, Kuwait, Kyrgyzstan, Latvia, Lesotho, Libya, Lithuania, Luxembourg, Macedonia, Madagascar, Malawi, Malaysia, Mali, Malta, Mauritania, Mauritius, Media, Mexico, Moldova, Mongolia, Montenegro, Morocco, Mozambique, Namibia, Nepal, Netherlands, New Zealand, Nicaragua, Nigeria, Northern Ireland, Norway, Oman, Pakistan, Panama, Paraguay, Peru, Philippines, Poland, Politics, Portugal, Puerto Rico, Qatar, Republic of Ireland, Romania, Russia, Saudi Arabia, Scotland, Senegal, Serbia, Singapore, Slovakia, Slovenia, South Africa, South Korea, Spain, Sri Lanka, Surinam, Sweden, Switzerland, Syria, Taiwan, Tajikistan, Tanzania, Thailand, Trinidad and Tobago, Tunisia, Turkey, Uganda, Ukraine, United Arab Emirates, United States, Uruguay, Venezuela, Vietnam, Wales, Zambia, Zimbabwe | Tagged: Bank of England, credit crunch, Eddie George, Passport to Pimlico, Royal Bank of Scotland, World Economic Forum | Permalink
Posted by clinoch
July 31, 2008
What is it with Labour and leadership battles?
David Miliband writes an article in the Guardian proclaiming that Labour needs to change its vision and policies; note he was careful to leave out any mention of Gordon Brown – he didn’t want any journalists to get the wrong idea did he?
Next day he is with the Italian Foreign Minister, Franco Frattini, in a Press Conference, and his body language and pointed refusal to endorse Gordon Brown is obvious for all to see.
Any attempt to cool down speculation over a leadership bid has now backfired badly. Indeed, what David Miliband didn’t say has now provoked more speculation.
Meanwhile back in Scotland, the Scottish Labour MSP leadership hopeful has organised a press conference. Journalists are assembled awaiting her big announcement. Reminders are sent from her campaign team to journalists making sure they turn up.
They turn up.
Cathy Jamieson doesn’t.
She forgot her own press conference.
Nice start to her campaign then. Was there any phone calls to Aberdeen University regarding their new Alzheimer’s drug by her campaign team? I think we should be told.
The very thought of a dementia ridden Cathy Jamieson wandering the halls of the Scottish Parliament is beginning to fill me with dread. Yet the style of repeatedly asking the same question at FMQs might just get better results than the woeful Wendy ‘I have no further questions’ Alexander.
It strikes me having just watched about the last minute of Freaky Friday on BBC3 that Jamieson and Miliband would have done better for the Labour Party by switching press conferences.
So David Miliband talks about changing policy without personality and is free to talk about the (Scottish) leadership contest and Cathy Jamieson has talks with Franco Frattini through an interpreter. (You’re way ahead of me!)
Problem solved!
Now what to do about Gordon Brown?
Leave a Comment » | Italy, Labour, Politics, Scotland | Tagged: Cathy Jamieson, David Miliband, Franco Frattini, Gordon Brown, Leadership bid | Permalink
Posted by clinoch
June 14, 2008
These are the latest World Broadband ratings by ITIF:-
I’m going to concentrate this blog on the first column. That of broadband penetration; what percent of the countries population has access to broadband internet at home.
A recent Ofcom study found the UK’s figures slightly higher than ITIF, sitting at 57%. I hope this is indeed the case. I’ll use the Ofcom figures as accurate for the UK and the ITIF figures as accurate globally. Where the Ofcom figures match in the case of Belgium and the US, I’ll put the UK behind both countries as a low ranking 57%.
Sorting the ITIF list purely on Broadband takeup we get:-
1. South Korea 93
2. Iceland 83
3. Netherlands 77
4. Denmark 76
5. Switzerland 74
6. Norway 68
7. Canada 65
8. Finland 61
9. Australia 59
10. Belgium 57
11. United States 57
12. United Kingdom 57
13. Luxembourg 56
14. Japan 55
15. Sweden 54
16. France 54
17. Spain 49
18. Germany 47
19. Republic of Ireland 46
20. Austria 45
21. Portugal 44
22. New Zealand 42
23. Italy 41
24. Czech Republic 30
25. Hungary 29
26. Poland 23
27. Turkey 23
28. Slovakia 22
29. Mexico 20
30. Greece 18
I think that broadband takeup is the more relevant figure posted by ITIF. Speed and price are market factors, but the takeup figure roughly shows the percentage of people that use the internet and roughly shows your market audience. (Obviously countries with extremely large populations with lower takeup are not on the list e.g. China, India, Russia.)
Now regular readers might suspect that I’ll be analysing the UK figures in detail, and breaking them down to England, Scotland, Wales and Northern Ireland. They would be right!
As this blog already is on the long side though, I’ll refrain from the compare and contrast – till later.
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Leave a Comment » | Australia, Austria, Belgium, Canada, Czech Republic, Denmark, Finland, France, Germany, Greece, Hungary, Italy, Japan, Luxembourg, Media, Mexico, Netherlands, New Zealand, Northern Ireland, Norway, Poland, Portugal, Republic of Ireland, Scotland, Slovakia, South Korea, Spain, Sweden, Switzerland, Turkey, United States, Wales | Tagged: Broadband, Internet, ITIF, Ofcom | Permalink
Posted by clinoch