Andrew Bailey will be next Bank of England governor - CBC.ca | Canada News Media
Connect with us

Business

Andrew Bailey will be next Bank of England governor – CBC.ca

Published

 on


Andrew Bailey, head of Britain’s financial watchdog, will be the next governor of the Bank of England, where his top challenge will be navigating any choppy waters during the country’s departure from the European Union.

Treasury chief Sajid Javid, who announced the appointment Friday, said Bailey was the “clear front-runner” to replace Canadian Mark Carney. By the time Carney leaves on March 15, he will have been at the helm for nearly seven action-packed years.

Bailey, a deputy governor under Carney for three years until 2016, “is the right person to lead the bank as we forge a new future outside the EU and level up opportunity across the country,” Javid said.

Prime Minister Boris Johnson approved Javid’s recommendation and Queen Elizabeth II has given her formal approval.

Bailey will serve an eight-year term. The Bank of England, already an enormously powerful institution within Britain, will play a key role in the country’s first years outside the EU.

Brexit uncertainty remains

Following last week’s big win for Boris Johnson’s Conservative Party in the general election, Britain is due to leave the EU on Jan. 31 and then enter a transition period until the end of 2020. During that time, Britain will be in the EU’s economic arrangements but without a vote as the government seeks to negotiate a new trading relationship with the bloc. As a result, the Brexit uncertainty that marked Carney’s time at the bank will remain for Bailey.

Replacing Carney, the first non-Briton to take the top job at the 325-year-old institution, has been a protracted affair because of Brexit uncertainty and the election. To ensure a smooth transition, Carney has agreed to extend his time at the helm from Jan. 31 for six weeks.

Carney speaks to the media during a press conference on February 7 in London, England. Carney is the first non-Briton to hold the role. (Hannah McKay/WPA/Getty Images)

Bailey left the bank in July 2016 to become chief executive at the Financial Conduct Authority. Bailey’s star was thought to have waned largely because of a few recent financial scandals, notably the collapse of investment funds run by Neil Woodford that raised questions over the FCA’s ability to regulate risky funds.

However, he remains well-respected across government and the financial community, largely because of his work during the global financial crisis a decade ago when he helped resolve a series of problems within the British banking sector. He played a key role in the state bailout of Lloyds Bank and Royal Bank of Scotland.

By far the steadiest under fire in the financial crisis. He won’t make waves unnecessarily. But his all round experience will help to steady economic policy at a challenging time for the U.K.– Nick Macpherson,  Treasury’s former top civil servant 

Nick Macpherson, who was the top civil servant at the Treasury during those bailouts, said in a tweet that Bailey was “the most able and competent” Bank of England official he worked with: “By far the steadiest under fire in the financial crisis. He won’t make waves unnecessarily. But his all round experience will help to steady economic policy at a challenging time for the U.K.”

Bailey, 60, said it was a “tremendous” honor to be chosen as governor “particularly at such a critical time for the nation as we leave the European Union.”

“I will continue the work that Mark Carney has done to ensure that it has the public interest at the heart of everything it does,” Bailey said.

For his part, Carney said Bailey “brings unparalleled experience” and praised him for his role during the financial crisis.

“Andrew is widely and deeply respected for his leadership managing the financial crisis, developing the new regulatory frameworks, and supporting financial innovation to better serve U.K. households and businesses,” he said.

British media reported that other potential candidates for the job included Minouche Shafik, the London School of Economics director; former U.S. Federal Reserve official Kevin Warsh; and Shriti Vadera, chair of Santander Bank’s U.K. division.

But Bailey was, according to Javid, the “standout candidate in a competitive field.”

Let’s block ads! (Why?)



Source link

Business

Netflix’s subscriber growth slows as gains from password-sharing crackdown subside

Published

 on

 

Netflix on Thursday reported that its subscriber growth slowed dramatically during the summer, a sign the huge gains from the video-streaming service’s crackdown on freeloading viewers is tapering off.

The 5.1 million subscribers that Netflix added during the July-September period represented a 42% decline from the total gained during the same time last year. Even so, the company’s revenue and profit rose at a faster pace than analysts had projected, according to FactSet Research.

Netflix ended September with 282.7 million worldwide subscribers — far more than any other streaming service.

The Los Gatos, California, company earned $2.36 billion, or $5.40 per share, a 41% increase from the same time last year. Revenue climbed 15% from a year ago to $9.82 billion. Netflix management predicted the company’s revenue will rise at the same 15% year-over-year pace during the October-December period, slightly than better than analysts have been expecting.

The strong financial performance in the past quarter coupled with the upbeat forecast eclipsed any worries about slowing subscriber growth. Netflix’s stock price surged nearly 4% in extended trading after the numbers came out, building upon a more than 40% increase in the company’s shares so far this year.

The past quarter’s subscriber gains were the lowest posted in any three-month period since the beginning of last year. That drop-off indicates Netflix is shifting to a new phase after reaping the benefits from a ban on the once-rampant practice of sharing account passwords that enabled an estimated 100 million people watch its popular service without paying for it.

The crackdown, triggered by a rare loss of subscribers coming out of the pandemic in 2022, helped Netflix add 57 million subscribers from June 2022 through this June — an average of more than 7 million per quarter, while many of its industry rivals have been struggling as households curbed their discretionary spending.

Netflix’s gains also were propelled by a low-priced version of its service that included commercials for the first time in its history. The company still is only getting a small fraction of its revenue from the 2-year-old advertising push, but Netflix is intensifying its focus on that segment of its business to help boost its profits.

In a letter to shareholder, Netflix reiterated previous cautionary notes about its expansion into advertising, though the low-priced option including commercials has become its fastest growing segment.

“We have much more work to do improving our offering for advertisers, which will be a priority over the next few years,” Netflix management wrote in the letter.

As part of its evolution, Netflix has been increasingly supplementing its lineup of scripted TV series and movies with live programming, such as a Labor Day spectacle featuring renowned glutton Joey Chestnut setting a world record for gorging on hot dogs in a showdown with his longtime nemesis Takeru Kobayashi.

Netflix will be trying to attract more viewer during the current quarter with a Nov. 15 fight pitting former heavyweight champion Mike Tyson against Jake Paul, a YouTube sensation turned boxer, and two National Football League games on Christmas Day.

The Canadian Press. All rights reserved.

Source link

Continue Reading

Business

All Magic Spells (TM) : Top Converting Magic Spell eCommerce Store

Published

 on

Product Name: All Magic Spells (TM) : Top Converting Magic Spell eCommerce Store

Click here to get All Magic Spells (TM) : Top Converting Magic Spell eCommerce Store at discounted price while it’s still available…

All orders are protected by SSL encryption – the highest industry standard for online security from trusted vendors.

All Magic Spells (TM) : Top Converting Magic Spell eCommerce Store is backed with a 60 Day No Questions Asked Money Back Guarantee. If within the first 60 days of receipt you are not satisfied with Wake Up Lean™, you can request a refund by sending an email to the address given inside the product and we will immediately refund your entire purchase price, with no questions asked.

(more…)

Continue Reading

Business

CPC Practice Exam

Published

 on

Product Name: CPC Practice Exam

Click here to get CPC Practice Exam at discounted price while it’s still available…

All orders are protected by SSL encryption – the highest industry standard for online security from trusted vendors.

CPC Practice Exam is backed with a 60 Day No Questions Asked Money Back Guarantee. If within the first 60 days of receipt you are not satisfied with Wake Up Lean™, you can request a refund by sending an email to the address given inside the product and we will immediately refund your entire purchase price, with no questions asked.

(more…)

Continue Reading

Trending

Exit mobile version