July 16, 2018
By Philip Hammond

Last Friday, prime minister Theresa May set out to the cabinet her Brexit plan for Britain: a principled, practical approach that can deliver a good deal for the UK. We must now bring the country together behind this clear vision. This is a unique opportunity to shape our economy’s future as we forge a new relationship with the EU.Britain’s successful service sector — and our world-beating financial services industry in particular — has always been at the heart of our plan. I am resolute that we have to secure a deal that allows the sector to continue to flourish. For goods, our proposal for a free-trade area with the EU ensures...


By James Kynge

When international relations get rough, China is not known for mincing words. The Sino-Soviet split of 1956, for example, was accompanied by the observation from Chairman Mao Zedong that “not all Soviet farts smell sweet”.Decades later, in the aftermath of the 1989 Tiananmen massacre, the then Chinese leader Deng Xiaoping accused Washington of being deeply involved with “counter-revolutionary rebellion” — a grave crime in Beijing’s eyes. And when Nato forces bombed the Chinese embassy in Belgrade in 1999, the authorities allowed thousands of protesters screaming abuse at “American imperialists” to hurl rocks through the US...


By Zeeshan Haider

FOCUS Turning to the International Monetary Fund for a bailout package to avert an imminent balance of payment crisis seems to have become inevitable. As soon as the new government assumes power after July 25 vote, the first thing it has to do is to explore ways to tackle balance of payment crisis.According to experts, Pakistan – which has just a little over $9.5 billion in forex reserves – needs $25 billion alone in the current fiscal year in debt repayment.The country has received $4 billion dollars only in this year from the Chinese bank in an effort to defer the financial crunch in debt repayment but it could no longer...


By Richard Branson

ColumnQ: We’ve been trying to find a way to improve communication with our customers, but neither our website nor our Facebook page is producing results. What would you suggest? — Billy Loaiza Rivera, Medellin, Colombia A: This is a question keeping many chief executives and company founders awake at night as they struggle to keep up with rapid changes in the digital world. The swift rise of new communication channels such as Facebook and Twitter has caused many executives to reassess how they stay in touch with their customers, with employees and, increasingly, with the media itself. Companies’ relationships with their...


By Sirajuddin Aziz

Management If the answer to this interrogative and provocative, title of this piece is, a no then I am surprised. The reader must do an introspection to ask why not? Some individuals, not only shirk responsibility but are scared of assuming one; then there is that class at the far end of the spectrum, that just loves playing the second fiddle – between these two lie the majority, “the reluctant” potential, who is unsure. It is this category of people that this article is addressed to. To those readers, whose answer was a “no”, I ask why are you wasting your time in the organisation you are a part of; seek new...


By Jonathan Spicer

MONETARY Not long ago the Federal Reserve expected to quietly shed nearly half of its $4.5-trillion portfolio by around 2022, leaving little trace of the extraordinary steps it took to face down the financial crisis. But an unexpected market kink could force the Fed to scrap the plan two or three years early and permanently leave it holding $1 trillion more than it wanted.The U.S. central bank is making adjustments on the fly and keeping its options open."I don´t think that´s problematic in any way" to halt the process "somewhat earlier," William Dudley, the former New York Fed president and key architect of the portfolio...


By Mehtab Haider.

MANAGEMENT At a time when economic challenges are multiplying on account of external woes and the case for another bailout package is becoming stronger and stronger, there is a need to float an idea that could help Pakistan avoid this disaster that will only add to its chronic indebtedness. For making Belt and Road Initiative , unveiled by Chinese President XI Jinping, as an ultimate success, China must be convinced for creating a window for availing funding by all those BRI countries that are facing balance of payment of crisis.China has emerged as the second largest economy of the world by working the miracle of expanding its...


By John Kasich

America’s first war, for its independence, began with “the shot heard round the world”. Sadly, the latest one — a trade war supposedly in defence of US economic independence — is beginning with a shot to the foot. We long ago understood that competition without ethics or fairness is counterproductive.So we developed guardrails to protect against the dangers of excess. Similar guardrails manage the sale of goods and services when buyers and sellers are in different countries. For this trade to be mutually beneficial, excesses must be tempered and differences between countries reasonably accommodated.The global trading system has,...


By Web Desk

First Latvia, now Estonia. Reports that Danske Bank, Denmark’s largest lender, may have laundered up to $8.3bn through its Estonian subsidiary — following Latvia’s banking scandals this year — have highlighted anew the Baltic republics’ reputation as conduits for dirty money. They point, too, to a more fundamental issue. Europe is trying to fight an inherently international problem with a patchwork of national authorities.In the Danske case, Danish newspaper Berlingske alleged this week that as much as DKr53bn of suspicious money — more than twice previous estimates — flowed through the bank’s Estonian branch, citing bank...