Treasury Takes on Turner

In March I reported that Lord Adair Turner’s review of regulatory reform was being criticised by the powers that be… Yesterday, 14 May 2009, the Treasury select committee went one step further by casting doubt over the competence of Sir David Walker and his leadership abilities, in particular the ability to lead a review of corporate governance in the banking sector.
The select committee of Members of Parliament concluded that the banking crisis had “exposed serious flaws and shortcomings in remuneration practices in the banking sector and, in particular, within investment banking”.
In addition the MP’s stated that the Turner review had downplayed the role that remuneration played in causing the crisis and called on the FSA to do more to address the issue.
Lord Adair Turner’s allies leapt to his defence; British Bankers’ Association chief executive, Angela Knight mentioned that his review “has been considered internationally one of the best”. – Try telling that to the investors who have lost millions and even billions of pounds and dollars worldwide.
The FSA stated that the organisation was preparing to change its pay policies to make them “consistent with and promote effective risk management”. I would suggest that if they had done this in the first place then they wouldn’t need to come charging to Lord Turner’s rescue!

Profits push Primark upwards

When times are hard it’s only natural that people will be on the lookout for bargains and inexpensive fashion items appear to be the saviour of the day for Primark. Profits were 10% up to a respectable first half of £122m.
With a planned seven new stores to open this year, things couldn’t look better for the discount retailer with an expected 2,300 new jobs being created.
In April, owners Associated British Foods said they would pay shareholders an interim dividend of 6.9p.
It should be noted that ABF also own Kingsmill Bread, Twinings Tea and Silver Spoon Sugar. Following a solid performance from it sugars division coulpled with the retail success, ABF’s group revenue rose to £4.4bn against a net debt of £1.14bn.

In The Beginning…

Before you can start up a business – any business – customers need to be able to find you. On the Internet, your address is your domain name; the part of an Internet address that comes after the www. With the unparalleled growth of the Internet, dot com domain names continue to sell like hotcakes. Currently, there are more than 20 million dot com domains, and over 34 million total domains registered worldwide. Industry experts forecast that more than 500 million domains will be registered in the next ten years. In fact, reliable sources from companies like Intel are predicting that every personal computer in the future will have its own domain name.

In 1998, the dot com craze was beginning to ramp up to unbelievable proportions. So many Internet companies sprouted up in Silicon Valley, and elsewhere, that companies not swept up in the hysteria were thought to be missing out. But, while most people were focused on things like Content, Banner Ads and Bandwidth, Michael Reed and Alan Ezeir, the CEO and President respectively of Global Domains International, Inc. (GDI), recognized another opportunity that was largely ignored; they wondered, “Besides dot com, are there other extensions that businesses could use as a domain name?”

Mike and Alan were aware that in the mid 1990’s, the Internet Assigned Numbers Authority (IANA) assigned each nation a country code. These codes were designed to give each country an address to use for their own Internet needs. For instance, the United States was assigned .us, Australia .au, Ireland .ie. “We knew that a good, easy-to-remember country code could be marketable globally as a viable alternative to .com,” said Alan. “And so,” Mike added, “we ordered some pizza, locked ourselves in a room, and went through the entire list of countries to pinpoint the best possible code.”

They ultimately focused on the domain: