CBA will employ around 50 people in Amsterdam by June, European director Wilco Hendriks told Dutch financial daily FD, while its London office would remain open with a four times bigger staff.
Not exactly disastrous.
Many companies are doing the same thing. Opening a PO Box HQ in Europe and keeping the work done in London.
Except that's not how it will work, many countries will not allow that, they insist any company holding a banking licence must be a well capitalised company in that country. It is why I posted yesterday a link on why several UK banks are pulling their EU consumer operations for that very reason, with resultant job losses in the UK, and damage to UK GDP.
But you can tell you know more about the financial services sector than say me, who shall be very shortly entering his second decade in the sector.
Though that is what CBA have said they're doing (not in such terms), 20% of the jobs to Amsterdam, 80% in London.
Have any banks closed down their London operations?
Yes and a few have pulled their entire UK operations.
What's the net percentage change of UK finance jobs from 2016 to today?
Traditionally people say it died in 1997. I suspect it was a myth anyway.
Not in Scotland it didn't. The Scots were utterly horrified at the scenes of hysteria being beamed north by the BBC. Though it must have been great if you were a florist in London
It died in Scotland too as the scenes at the 2014 referendum of emotionally hysterical Yes voting Nats would have confirmed, the stiff upper lip largely died with the British Empire and the end of the War apart from a few pensioners who remember the war years and a few diehard monarchist Unionists
Oh, the rioting British nationalists were keeping the stiff upper lip were they?
You certainly didn't this level of aggression in 2014 from No campaigners
Traditionally people say it died in 1997. I suspect it was a myth anyway.
Not in Scotland it didn't. The Scots were utterly horrified at the scenes of hysteria being beamed north by the BBC. Though it must have been great if you were a florist in London
It died in Scotland too as the scenes at the 2014 referendum of emotionally hysterical Yes voting Nats would have confirmed, the stiff upper lip largely died with the British Empire and the end of the War apart from a few pensioners who remember the war years and a few diehard monarchist Unionists
Oh, the rioting British nationalists were keeping the stiff upper lip were they?
You certainly didn't this level of aggression in 2014 from No campaigners
CBA will employ around 50 people in Amsterdam by June, European director Wilco Hendriks told Dutch financial daily FD, while its London office would remain open with a four times bigger staff.
Not exactly disastrous.
Many companies are doing the same thing. Opening a PO Box HQ in Europe and keeping the work done in London.
Except that's not how it will work, many countries will not allow that, they insist any company holding a banking licence must be a well capitalised company in that country. It is why I posted yesterday a link on why several UK banks are pulling their EU consumer operations for that very reason, with resultant job losses in the UK, and damage to UK GDP.
But you can tell you know more about the financial services sector than say me, who shall be very shortly entering his second decade in the sector.
Though that is what CBA have said they're doing (not in such terms), 20% of the jobs to Amsterdam, 80% in London.
Have any banks closed down their London operations?
Yes and a few have pulled their entire UK operations.
What's the net percentage change of UK finance jobs from 2016 to today?
If it's downwards Brexit won't be the reason, automation and computerisation will be.
Could. I suggest we have a self imposed limit of only posting the same thing three times in any 24 hour period these constant identical postings and individual spats are ruining the debates.
Hear hear!
What and miss out on a load of tweets from people we have never heard of saying the same thing? Life would just not be the same without that.
As it is 8 December, and there is still some tasty 1.06 -1.08 about re presidential markets, does anyone know what what legal challenges are outstanding which could theoretically change the final ECVs ahead of 14 December?
This site run by a Democrat lawyer might help. Remember though that new cases can be filed, and the Trump team is also asking state Republican politicians to override their elections. Bets are probably risk-free but not certainly risk-free. https://www.democracydocket.com/
Uber’s fraught and deadly pursuit of self-driving cars is over
Uber is selling its autonomous vehicle business to Aurora Innovations, a San Francisco-based startup founded by the former head engineer of Google’s self-driving car project, the two companies announced Monday.
Full self driving cars are still miles away, despite the $10bns spent on the research on them.
So now they’re nothing but a massively loss-making taxi company.
The sell off of the self driving car business, to another company with the same major shareholders, looks to me like the investors putting their hands in their pockets to prop up Uber for another year.
I’ll stick my neck out and say we’ll not see self-driving cars for years, except in very controlled environments.
I’m not sure if it Was it here or elsewhere that I pointed out that self driving cars isn’t a 98/2% problem but a 99.99998% / 0.00002%
Because automation beyond a point removes the needs for the driver to concentrate the actual point at which you can say an automated car is safe is actually far, far later than everyone thought.
Not everyone. Quite a number of us on this site have been pointing out for ages that automated cars are, for exactly this reason, still a long, long way off other than in controlled environments (e.g. motorways, perhaps). What I find it hard to fathom is why the people tasked with working on these projects and their investors seem to take so long to reach the same conclusion.
You have this the wrong way around. What most people have failed to fathom is that an automated car does not have to work on every road in every circumstance to hold a multi trillion valuation and to provide the associated level of customer utility / societal disruption.
Tesla’s current autopilot offering requires you to hold onto the wheel and stay alert and there’s plenty it still doesn’t even attempt to do. And yet an estimated third of new Tesla owners still buy the software at a price of $10k. Just wait until it “only” allows hands off - no observation driving on motorways. Quite a game changer for the value of those vehicles, and for global logistics you will agree.
Personally I think almost everyone has this wrong. I have a long standing bet that we’re going to see driverless vehicles approved somewhere before the 2022 World Cup kicks off. I expect I’ll probably now lose that bet but not by much.
There are other issues too, though, concerned with the commercially-driven overestimation of how far AI has come more broadly. The 1970s and early 1980s saw something quite similar, before expectations settled down into a more realistic pattern.
I don't think there'll be a 'settling down'. People overestimate the short term, and massively underestimate the longer term.
I'm not sure what you mean by longer term, but let's say 50 years for the sake of argument. What do you think we now have that wasn't envisaged 50 years ago? And, conversely, what don't we have that, 50 years ago, people expected we would have?
The problem is different people 50 years ago had different expectation, but I think in 1970 most people expected a much faster developing space programm, so at least regular visits to the moon with a moon base. Travel has been much slower than was expected. We have no passenger supersonic travel. And many people would have expected widespread personal 3d transport such as jet packs or air taxis.
While the computer networking has developed as well as most people could wish for, things like delivery of products is little better for the consumer than it was 50 years ago (I admit that the behind the scenes logistics for the delivery companies have improved massively).
Interesting discussion. Near-universal internet were not that widely-predicted - I was 21 50 years ago and remember individual PCs being non-existent (my university computer filled a room) and little sense of the coming internet. 10 years later, there were still serious commentators predicting that the internet would only be used by scientists and businesses.
But arguably it's sexual values that have changed most in the west. I was warching Industry last night, and reflected that my parents, who were reasonably open-minded, would have been incredulous that two blokes having sex would be shown fairly graphically on a BBC channel. More generally, the idea that virtually everyone likes to have had lots of varied sexual experiences with different people and marriage is something that comes and goes fairly easily were very much fringe theories then.
I remember a guy who was studying computer science when I was at university (2004) and iplayer was rumoured, rubbishing the idea because there would never be sufficient data bandwidth for people to stream video into their homes. Very smart guy, now making big bucks at Google, but he couldn't comprehend, despite having expertise in the area, the massive advances in both bandwidth in residential networks and improvements in video compression. Must tease him about that... iPlayer launched the following year.
I actually thought it probably would be possible, but only because in a physics lecture the year before we'd worked through the bandwidth savings of a digital TV signal compared to analogue and that kind of mind boggling efficiency advance made me realise that huge changes can happen quite quickly. My lack of understanding of the difficulty of the task made me more confident it could happen than someone with much more expertise.
Great story.
People naturally have an element of inertia and its often easier to see reasons why things can't change than reasons why they can.
The reason that many experts doubted the idea of streaming was that they assumed that you would download the entire movie before watching.
The idea of buffering already existed, but I saw tons of people using the size of the whole movie vs domestic download capabilities as proof it couldn't;'t work. Or would take until everyone had gigabit.
The bit that Netflix et al grasped was that all you need is download that is faster (on average) than the data rate of the movie.
The have Ann Seltzer first followed by someone from Monmouth. You have to feel sorry for the Monmouth guy who spends all this time saying maybe polling is basically getting impossible nowadays because it's too hard to get the right likely voter screen, and they play him right after Seltzer completely nailed it going, "I don't know why they do all these fancy likely voter screens and things, I just call people up and ask if they're certain to vote".
As it is 8 December, and there is still some tasty 1.06 -1.08 about re presidential markets, does anyone know what what legal challenges are outstanding which could theoretically change the final ECVs ahead of 14 December?
This site run by a Democrat lawyer might help. Remember though that new cases can be filed, and the Trump team is also asking state Republican politicians to override their elections. Bets are probably risk-free but not certainly risk-free. https://www.democracydocket.com/
Interestingly there has been a slight drift across many markets.
CBA will employ around 50 people in Amsterdam by June, European director Wilco Hendriks told Dutch financial daily FD, while its London office would remain open with a four times bigger staff.
Not exactly disastrous.
Many companies are doing the same thing. Opening a PO Box HQ in Europe and keeping the work done in London.
Except that's not how it will work, many countries will not allow that, they insist any company holding a banking licence must be a well capitalised company in that country. It is why I posted yesterday a link on why several UK banks are pulling their EU consumer operations for that very reason, with resultant job losses in the UK, and damage to UK GDP.
But you can tell you know more about the financial services sector than say me, who shall be very shortly entering his second decade in the sector.
Though that is what CBA have said they're doing (not in such terms), 20% of the jobs to Amsterdam, 80% in London.
Have any banks closed down their London operations?
Yes and a few have pulled their entire UK operations.
What's the net percentage change of UK finance jobs from 2016 to today?
I've not the first figure, but I can ask for that figure to be collated, give me a couple of days.
But here's one stat I do have to hand, as at 31/10/2020, over £1.2 trillion worth of assets has been transferred from the UK to the EU by the sector because of prepping for Brexit because only clearing has been given equivalence.
Could. I suggest we have a self imposed limit of only posting the same thing three times in any 24 hour period these constant identical postings and individual spats are ruining the debates.
Hear hear!
What and miss out on a load of tweets from people we have never heard of saying the same thing? Life would just not be the same without that.
It would be self imposed and only kick in after three times, in 24 hours. Just because these constant identical postings and individual spats are ruining the debates.
Uber’s fraught and deadly pursuit of self-driving cars is over
Uber is selling its autonomous vehicle business to Aurora Innovations, a San Francisco-based startup founded by the former head engineer of Google’s self-driving car project, the two companies announced Monday.
Full self driving cars are still miles away, despite the $10bns spent on the research on them.
So now they’re nothing but a massively loss-making taxi company.
The sell off of the self driving car business, to another company with the same major shareholders, looks to me like the investors putting their hands in their pockets to prop up Uber for another year.
I’ll stick my neck out and say we’ll not see self-driving cars for years, except in very controlled environments.
I’m not sure if it Was it here or elsewhere that I pointed out that self driving cars isn’t a 98/2% problem but a 99.99998% / 0.00002%
Because automation beyond a point removes the needs for the driver to concentrate the actual point at which you can say an automated car is safe is actually far, far later than everyone thought.
Not everyone. Quite a number of us on this site have been pointing out for ages that automated cars are, for exactly this reason, still a long, long way off other than in controlled environments (e.g. motorways, perhaps). What I find it hard to fathom is why the people tasked with working on these projects and their investors seem to take so long to reach the same conclusion.
You are making the mistake of looking at a different market and thinking its the same thing.
Tesla needs a car that makes driving easier for the driver, Uber needs a self driving car that removes driver from the car (to remove said cost of driver) and that isn't possible.
Automating the easier bits is fine - that takes you from the 50% bit (standard cruise control) to 98-99% where the car can do the motorway by itself. The problem is for self-drive to do what Uber needs it to do, it needs to do absolutely perfectly 100% of the time and that just isn't possible if you have random objects (other humans) on the road.
Could. I suggest we have a self imposed limit of only posting the same thing three times in any 24 hour period these constant identical postings and individual spats are ruining the debates.
Hear hear!
What and miss out on a load of tweets from people we have never heard of saying the same thing? Life would just not be the same without that.
It would be self imposed and only kick in after three times, in 24 hours. Just because these constant identical postings and individual spats are ruining the debates.
If it was done automatically with some backdating all of the pro and anti-Brexit posts would disappear for about 6 months! What joy! I'm in!
CBA will employ around 50 people in Amsterdam by June, European director Wilco Hendriks told Dutch financial daily FD, while its London office would remain open with a four times bigger staff.
Not exactly disastrous.
Many companies are doing the same thing. Opening a PO Box HQ in Europe and keeping the work done in London.
Except that's not how it will work, many countries will not allow that, they insist any company holding a banking licence must be a well capitalised company in that country. It is why I posted yesterday a link on why several UK banks are pulling their EU consumer operations for that very reason, with resultant job losses in the UK, and damage to UK GDP.
But you can tell you know more about the financial services sector than say me, who shall be very shortly entering his second decade in the sector.
Though that is what CBA have said they're doing (not in such terms), 20% of the jobs to Amsterdam, 80% in London.
Have any banks closed down their London operations?
Yes and a few have pulled their entire UK operations.
What's the net percentage change of UK finance jobs from 2016 to today?
Are all these banks that have moved entirely bigger or smaller than Unilever?
Traditionally people say it died in 1997. I suspect it was a myth anyway.
Not in Scotland it didn't. The Scots were utterly horrified at the scenes of hysteria being beamed north by the BBC. Though it must have been great if you were a florist in London
It died in Scotland too as the scenes at the 2014 referendum of emotionally hysterical Yes voting Nats would have confirmed, the stiff upper lip largely died with the British Empire and the end of the War apart from a few pensioners who remember the war years and a few diehard monarchist Unionists
Oh, the rioting British nationalists were keeping the stiff upper lip were they?
You certainly didn't this level of aggression in 2014 from No campaigners
Could. I suggest we have a self imposed limit of only posting the same thing three times in any 24 hour period these constant identical postings and individual spats are ruining the debates.
Hear hear!
What and miss out on a load of tweets from people we have never heard of saying the same thing? Life would just not be the same without that.
It would be self imposed and only kick in after three times, in 24 hours. Just because these constant identical postings and individual spats are ruining the debates.
If it was done automatically with some backdating all of the pro and anti-Brexit posts would disappear for about 6 months! What joy! I'm in!
Does anyone read the old threads? I was only supporting the idea of a self imposed limit of only posting the same thing three times in a 24 hour period to avoid constant identical postings and individual spats from ruining the debates.
CBA will employ around 50 people in Amsterdam by June, European director Wilco Hendriks told Dutch financial daily FD, while its London office would remain open with a four times bigger staff.
Not exactly disastrous.
Many companies are doing the same thing. Opening a PO Box HQ in Europe and keeping the work done in London.
Except that's not how it will work, many countries will not allow that, they insist any company holding a banking licence must be a well capitalised company in that country. It is why I posted yesterday a link on why several UK banks are pulling their EU consumer operations for that very reason, with resultant job losses in the UK, and damage to UK GDP.
But you can tell you know more about the financial services sector than say me, who shall be very shortly entering his second decade in the sector.
Though that is what CBA have said they're doing (not in such terms), 20% of the jobs to Amsterdam, 80% in London.
Have any banks closed down their London operations?
Yes and a few have pulled their entire UK operations.
What's the net percentage change of UK finance jobs from 2016 to today?
I've not the first figure, but I can ask for that figure to be collated, give me a couple of days.
But here's one stat I do have to hand, as at 31/10/2020, over £1.2 trillion worth of assets has been transferred from the UK to the EU by the sector because of prepping for Brexit because only clearing has been given equivalence.
Thanks. If you are able to post the figure then I'd be very curious about that.
CBA will employ around 50 people in Amsterdam by June, European director Wilco Hendriks told Dutch financial daily FD, while its London office would remain open with a four times bigger staff.
Not exactly disastrous.
Many companies are doing the same thing. Opening a PO Box HQ in Europe and keeping the work done in London.
Except that's not how it will work, many countries will not allow that, they insist any company holding a banking licence must be a well capitalised company in that country. It is why I posted yesterday a link on why several UK banks are pulling their EU consumer operations for that very reason, with resultant job losses in the UK, and damage to UK GDP.
But you can tell you know more about the financial services sector than say me, who shall be very shortly entering his second decade in the sector.
Though that is what CBA have said they're doing (not in such terms), 20% of the jobs to Amsterdam, 80% in London.
Have any banks closed down their London operations?
Yes and a few have pulled their entire UK operations.
What's the net percentage change of UK finance jobs from 2016 to today?
I've not the first figure, but I can ask for that figure to be collated, give me a couple of days.
But here's one stat I do have to hand, as at 31/10/2020, over £1.2 trillion worth of assets has been transferred from the UK to the EU by the sector because of prepping for Brexit because only clearing has been given equivalence.
But transferred where and in what way? If it is simply to a brass plate in Dublin so that it is nominally being invested in the EU but in fact is still being controlled from London then there will be little practical difference. If traders and fund managers were moving to Frankfurt or Paris that would be more of an issue.
Traditionally people say it died in 1997. I suspect it was a myth anyway.
Not in Scotland it didn't. The Scots were utterly horrified at the scenes of hysteria being beamed north by the BBC. Though it must have been great if you were a florist in London
It died in Scotland too as the scenes at the 2014 referendum of emotionally hysterical Yes voting Nats would have confirmed, the stiff upper lip largely died with the British Empire and the end of the War apart from a few pensioners who remember the war years and a few diehard monarchist Unionists
Oh, the rioting British nationalists were keeping the stiff upper lip were they?
You certainly didn't this level of aggression in 2014 from No campaigners
If that is violence to compare with the rioting Britnats in George Square ...! The egg incident in Leith of which Mr Murphy made so much was indeed by a Labour supporter woken up when trying to sleep on shift work, and when Mr Farage was persuaded into a pub (the horror of it), it was also by a Labour supporter. And when Mr Murphy's press call in the street with that comedian Mr Izzard was disrupted it was by Mr Clerkin who is an equal opportunities chappie (he is opposed to the SNP as well) who had been phoned up that morning, it reportedly emerged, by elements within SLAB - I was never sure if they were Mr Murphy's lot or his opponents).
You have to remember this was a campaign where the Unionists portrayed the placing of a one-inch across Yes sticker on Mr Murray's constituency office (and some marker pen graffiti plainly territorial slogans from the local yobs and irrelevant to politics) as if it was the most horrendous thing since the Phoenix Park murders, with all the pearl-clutching of Morningside dowagers finding a dogging group in Braid Hills Park.
CBA will employ around 50 people in Amsterdam by June, European director Wilco Hendriks told Dutch financial daily FD, while its London office would remain open with a four times bigger staff.
Not exactly disastrous.
Many companies are doing the same thing. Opening a PO Box HQ in Europe and keeping the work done in London.
Except that's not how it will work, many countries will not allow that, they insist any company holding a banking licence must be a well capitalised company in that country. It is why I posted yesterday a link on why several UK banks are pulling their EU consumer operations for that very reason, with resultant job losses in the UK, and damage to UK GDP.
But you can tell you know more about the financial services sector than say me, who shall be very shortly entering his second decade in the sector.
Though that is what CBA have said they're doing (not in such terms), 20% of the jobs to Amsterdam, 80% in London.
Have any banks closed down their London operations?
Yes and a few have pulled their entire UK operations.
What's the net percentage change of UK finance jobs from 2016 to today?
I've not the first figure, but I can ask for that figure to be collated, give me a couple of days.
But here's one stat I do have to hand, as at 31/10/2020, over £1.2 trillion worth of assets has been transferred from the UK to the EU by the sector because of prepping for Brexit because only clearing has been given equivalence.
Thanks. If you are able to post the figure then I'd be very curious about that.
What percentage of assets is that?
About 15% but I'd expect that figure to increase significantly, most firms weren't planning on moving assets until Q4 2020.
According to my father (94), from what he is telling my sister, I am apparently involved in the Brexit negotiations. So any snippets you want to know about how Boris and Macron are doing just ask and I'll make something up.
CBA will employ around 50 people in Amsterdam by June, European director Wilco Hendriks told Dutch financial daily FD, while its London office would remain open with a four times bigger staff.
Not exactly disastrous.
Many companies are doing the same thing. Opening a PO Box HQ in Europe and keeping the work done in London.
Except that's not how it will work, many countries will not allow that, they insist any company holding a banking licence must be a well capitalised company in that country. It is why I posted yesterday a link on why several UK banks are pulling their EU consumer operations for that very reason, with resultant job losses in the UK, and damage to UK GDP.
But you can tell you know more about the financial services sector than say me, who shall be very shortly entering his second decade in the sector.
Though that is what CBA have said they're doing (not in such terms), 20% of the jobs to Amsterdam, 80% in London.
Have any banks closed down their London operations?
Yes and a few have pulled their entire UK operations.
What's the net percentage change of UK finance jobs from 2016 to today?
I've not the first figure, but I can ask for that figure to be collated, give me a couple of days.
But here's one stat I do have to hand, as at 31/10/2020, over £1.2 trillion worth of assets has been transferred from the UK to the EU by the sector because of prepping for Brexit because only clearing has been given equivalence.
Thanks. If you are able to post the figure then I'd be very curious about that.
What percentage of assets is that?
About 15% but I'd expect that figure to increase significantly, most firms weren't planning on moving assets until Q4 2020.
So it could end up in line with the 20% of jobs CBA have moved according to that report then?
According to my father (94), from what he is telling my sister, I am apparently involved in the Brexit negotiations. So any snippets you want to know about how Boris and Macron are doing just ask and I'll make something up.
It'd be more accurate than a Tweet by Peston no doubt.
CBA will employ around 50 people in Amsterdam by June, European director Wilco Hendriks told Dutch financial daily FD, while its London office would remain open with a four times bigger staff.
Not exactly disastrous.
Many companies are doing the same thing. Opening a PO Box HQ in Europe and keeping the work done in London.
Except that's not how it will work, many countries will not allow that, they insist any company holding a banking licence must be a well capitalised company in that country. It is why I posted yesterday a link on why several UK banks are pulling their EU consumer operations for that very reason, with resultant job losses in the UK, and damage to UK GDP.
But you can tell you know more about the financial services sector than say me, who shall be very shortly entering his second decade in the sector.
Though that is what CBA have said they're doing (not in such terms), 20% of the jobs to Amsterdam, 80% in London.
Have any banks closed down their London operations?
Yes and a few have pulled their entire UK operations.
What's the net percentage change of UK finance jobs from 2016 to today?
I've not the first figure, but I can ask for that figure to be collated, give me a couple of days.
But here's one stat I do have to hand, as at 31/10/2020, over £1.2 trillion worth of assets has been transferred from the UK to the EU by the sector because of prepping for Brexit because only clearing has been given equivalence.
But transferred where and in what way? If it is simply to a brass plate in Dublin so that it is nominally being invested in the EU but in fact is still being controlled from London then there will be little practical difference. If traders and fund managers were moving to Frankfurt or Paris that would be more of an issue.
As I've explained many times to Brexiteers, it isn't just a brass plate move.
Most EU countries won't allow paper companies to run/operate banking operations in their country.
They insist on capital adequacy requirements, so you can't set up a for example Lloyds Germany GmbH with a share capital of say €100, you need to a well capitalised base which can be in high hundreds of millions if not billions.
That money is ringfenced in the host country, and since the transaction is no longer taking place in London but in another country, the relevant tax will be paid in that country instead of London.
CBA will employ around 50 people in Amsterdam by June, European director Wilco Hendriks told Dutch financial daily FD, while its London office would remain open with a four times bigger staff.
Not exactly disastrous.
Many companies are doing the same thing. Opening a PO Box HQ in Europe and keeping the work done in London.
Except that's not how it will work, many countries will not allow that, they insist any company holding a banking licence must be a well capitalised company in that country. It is why I posted yesterday a link on why several UK banks are pulling their EU consumer operations for that very reason, with resultant job losses in the UK, and damage to UK GDP.
But you can tell you know more about the financial services sector than say me, who shall be very shortly entering his second decade in the sector.
Though that is what CBA have said they're doing (not in such terms), 20% of the jobs to Amsterdam, 80% in London.
Have any banks closed down their London operations?
Yes and a few have pulled their entire UK operations.
What's the net percentage change of UK finance jobs from 2016 to today?
I've not the first figure, but I can ask for that figure to be collated, give me a couple of days.
But here's one stat I do have to hand, as at 31/10/2020, over £1.2 trillion worth of assets has been transferred from the UK to the EU by the sector because of prepping for Brexit because only clearing has been given equivalence.
Thanks. If you are able to post the figure then I'd be very curious about that.
What percentage of assets is that?
About 15% but I'd expect that figure to increase significantly, most firms weren't planning on moving assets until Q4 2020.
What are the practical consequences of those assets moving abroad?
For example, does it reduce tax take? Does it make the City less competitive?
EDIT: I see you have already answered this above, thanks.
CBA will employ around 50 people in Amsterdam by June, European director Wilco Hendriks told Dutch financial daily FD, while its London office would remain open with a four times bigger staff.
Not exactly disastrous.
Many companies are doing the same thing. Opening a PO Box HQ in Europe and keeping the work done in London.
Except that's not how it will work, many countries will not allow that, they insist any company holding a banking licence must be a well capitalised company in that country. It is why I posted yesterday a link on why several UK banks are pulling their EU consumer operations for that very reason, with resultant job losses in the UK, and damage to UK GDP.
But you can tell you know more about the financial services sector than say me, who shall be very shortly entering his second decade in the sector.
Though that is what CBA have said they're doing (not in such terms), 20% of the jobs to Amsterdam, 80% in London.
Have any banks closed down their London operations?
Yes and a few have pulled their entire UK operations.
What's the net percentage change of UK finance jobs from 2016 to today?
I've not the first figure, but I can ask for that figure to be collated, give me a couple of days.
But here's one stat I do have to hand, as at 31/10/2020, over £1.2 trillion worth of assets has been transferred from the UK to the EU by the sector because of prepping for Brexit because only clearing has been given equivalence.
Thanks. If you are able to post the figure then I'd be very curious about that.
What percentage of assets is that?
About 15% but I'd expect that figure to increase significantly, most firms weren't planning on moving assets until Q4 2020.
So it could end up in line with the 20% of jobs CBA have moved according to that report then?
Uber’s fraught and deadly pursuit of self-driving cars is over
Uber is selling its autonomous vehicle business to Aurora Innovations, a San Francisco-based startup founded by the former head engineer of Google’s self-driving car project, the two companies announced Monday.
Full self driving cars are still miles away, despite the $10bns spent on the research on them.
So now they’re nothing but a massively loss-making taxi company.
The sell off of the self driving car business, to another company with the same major shareholders, looks to me like the investors putting their hands in their pockets to prop up Uber for another year.
I’ll stick my neck out and say we’ll not see self-driving cars for years, except in very controlled environments.
I’m not sure if it Was it here or elsewhere that I pointed out that self driving cars isn’t a 98/2% problem but a 99.99998% / 0.00002%
Because automation beyond a point removes the needs for the driver to concentrate the actual point at which you can say an automated car is safe is actually far, far later than everyone thought.
Not everyone. Quite a number of us on this site have been pointing out for ages that automated cars are, for exactly this reason, still a long, long way off other than in controlled environments (e.g. motorways, perhaps). What I find it hard to fathom is why the people tasked with working on these projects and their investors seem to take so long to reach the same conclusion.
You are making the mistake of looking at a different market and thinking its the same thing.
Tesla needs a car that makes driving easier for the driver, Uber needs a self driving car that removes driver from the car (to remove said cost of driver) and that isn't possible.
Automating the easier bits is fine - that takes you from the 50% bit (standard cruise control) to 98-99% where the car can do the motorway by itself. The problem is for self-drive to do what Uber needs it to do, it needs to do absolutely perfectly 100% of the time and that just isn't possible if you have random objects (other humans) on the road.
I'm not why you think I'm making a mistake, given that the rest of your post seems to be in agreement with me!
\ As I've explained many times to Brexiteers, it isn't just a brass plate move.
Most EU countries won't allow paper companies to run/operate banking operations in their country.
They insist on capital adequacy requirements, so you can't set up a for example Lloyds Germany GmbH with a share capital of say €100, you need to a well capitalised base which can be in high hundreds of millions if not billions.
That money is ringfenced in the host country, and since the transaction is no longer taking place in London but in another country, the relevant tax will be paid in that country instead of London.
As with the core concept behind Brexit that the UK will negotiate full trading access to European markets then undercut their businesses with lower taxes and looser regulations, the key flaw turns out to be that the EU don't in fact have cornflakes for brains.
CBA will employ around 50 people in Amsterdam by June, European director Wilco Hendriks told Dutch financial daily FD, while its London office would remain open with a four times bigger staff.
Not exactly disastrous.
Many companies are doing the same thing. Opening a PO Box HQ in Europe and keeping the work done in London.
Except that's not how it will work, many countries will not allow that, they insist any company holding a banking licence must be a well capitalised company in that country. It is why I posted yesterday a link on why several UK banks are pulling their EU consumer operations for that very reason, with resultant job losses in the UK, and damage to UK GDP.
But you can tell you know more about the financial services sector than say me, who shall be very shortly entering his second decade in the sector.
Though that is what CBA have said they're doing (not in such terms), 20% of the jobs to Amsterdam, 80% in London.
Have any banks closed down their London operations?
Yes and a few have pulled their entire UK operations.
What's the net percentage change of UK finance jobs from 2016 to today?
I've not the first figure, but I can ask for that figure to be collated, give me a couple of days.
But here's one stat I do have to hand, as at 31/10/2020, over £1.2 trillion worth of assets has been transferred from the UK to the EU by the sector because of prepping for Brexit because only clearing has been given equivalence.
Thanks. If you are able to post the figure then I'd be very curious about that.
What percentage of assets is that?
About 15% but I'd expect that figure to increase significantly, most firms weren't planning on moving assets until Q4 2020.
What are the practical consequences of those assets moving abroad?
For example, does it reduce tax take? Does it make the City less competitive?
Yes and Yes.
I'm not doxxing anyone, but there is a prominent Brexiteer who works in this sector who has privately admitted that if you wanted to destroy the City of London you'd design No Deal Brexit for that aim.
As I noted yesterday, as with the IMB, one of the attractions of dealing with London was we had a strong and independent judiciary that has no problems in putting the government back in its box. Now we have a government that wants to castrate the judiciary and is willing to abrogate international treaties.
CBA will employ around 50 people in Amsterdam by June, European director Wilco Hendriks told Dutch financial daily FD, while its London office would remain open with a four times bigger staff.
Not exactly disastrous.
Many companies are doing the same thing. Opening a PO Box HQ in Europe and keeping the work done in London.
Except that's not how it will work, many countries will not allow that, they insist any company holding a banking licence must be a well capitalised company in that country. It is why I posted yesterday a link on why several UK banks are pulling their EU consumer operations for that very reason, with resultant job losses in the UK, and damage to UK GDP.
But you can tell you know more about the financial services sector than say me, who shall be very shortly entering his second decade in the sector.
Though that is what CBA have said they're doing (not in such terms), 20% of the jobs to Amsterdam, 80% in London.
Have any banks closed down their London operations?
Yes and a few have pulled their entire UK operations.
What's the net percentage change of UK finance jobs from 2016 to today?
I've not the first figure, but I can ask for that figure to be collated, give me a couple of days.
But here's one stat I do have to hand, as at 31/10/2020, over £1.2 trillion worth of assets has been transferred from the UK to the EU by the sector because of prepping for Brexit because only clearing has been given equivalence.
Loeffler is barely an incumbent. Also Purdue's debate performance was far stronger than Loefflers.
Yes, I've always wondered how much of incumbency advantages just stems from the fact that winning an election predicts being good at winning elections. Loeffler has never been elected to anything, and you can see why.
CBA will employ around 50 people in Amsterdam by June, European director Wilco Hendriks told Dutch financial daily FD, while its London office would remain open with a four times bigger staff.
Not exactly disastrous.
Many companies are doing the same thing. Opening a PO Box HQ in Europe and keeping the work done in London.
Except that's not how it will work, many countries will not allow that, they insist any company holding a banking licence must be a well capitalised company in that country. It is why I posted yesterday a link on why several UK banks are pulling their EU consumer operations for that very reason, with resultant job losses in the UK, and damage to UK GDP.
But you can tell you know more about the financial services sector than say me, who shall be very shortly entering his second decade in the sector.
Though that is what CBA have said they're doing (not in such terms), 20% of the jobs to Amsterdam, 80% in London.
Have any banks closed down their London operations?
Yes and a few have pulled their entire UK operations.
What's the net percentage change of UK finance jobs from 2016 to today?
I've not the first figure, but I can ask for that figure to be collated, give me a couple of days.
But here's one stat I do have to hand, as at 31/10/2020, over £1.2 trillion worth of assets has been transferred from the UK to the EU by the sector because of prepping for Brexit because only clearing has been given equivalence.
Traditionally people say it died in 1997. I suspect it was a myth anyway.
Not in Scotland it didn't. The Scots were utterly horrified at the scenes of hysteria being beamed north by the BBC. Though it must have been great if you were a florist in London
It died in Scotland too as the scenes at the 2014 referendum of emotionally hysterical Yes voting Nats would have confirmed, the stiff upper lip largely died with the British Empire and the end of the War apart from a few pensioners who remember the war years and a few diehard monarchist Unionists
Oh, the rioting British nationalists were keeping the stiff upper lip were they?
You certainly didn't this level of aggression in 2014 from No campaigners
If that is violence to compare with the rioting Britnats in George Square ...! The egg incident in Leith of which Mr Murphy made so much was indeed by a Labour supporter woken up when trying to sleep on shift work, and when Mr Farage was persuaded into a pub (the horror of it), it was also by a Labour supporter. And when Mr Murphy's press call in the street with that comedian Mr Izzard was disrupted it was by Mr Clerkin who is an equal opportunities chappie (he is opposed to the SNP as well) who had been phoned up that morning, it reportedly emerged, by elements within SLAB - I was never sure if they were Mr Murphy's lot or his opponents).
You have to remember this was a campaign where the Unionists portrayed the placing of a one-inch across Yes sticker on Mr Murray's constituency office (and some marker pen graffiti plainly territorial slogans from the local yobs and irrelevant to politics) as if it was the most horrendous thing since the Phoenix Park murders, with all the pearl-clutching of Morningside dowagers finding a dogging group in Braid Hills Park.
They may well have voted Labour in 2010, they were all ranting Yes and SNP voters by 2014 as can be seen from that video with all those ranting Nats with their Yes placards.
The George's rally was after the referendum and nothing to do with the No campaign
In what must be the most bonkers and desperate constitutional moves ever in US history, TX has sued GA, MI, WI and PA to pass it back to their legislatures.
'They won't give me what I have told everyone only I can get. So now its very very difficult. Either I throw my backers off the cliff and get chucked out quickly or I throw the country off the cliff and get chucked out slowly.'
Uber’s fraught and deadly pursuit of self-driving cars is over
Uber is selling its autonomous vehicle business to Aurora Innovations, a San Francisco-based startup founded by the former head engineer of Google’s self-driving car project, the two companies announced Monday.
Full self driving cars are still miles away, despite the $10bns spent on the research on them.
So now they’re nothing but a massively loss-making taxi company.
The sell off of the self driving car business, to another company with the same major shareholders, looks to me like the investors putting their hands in their pockets to prop up Uber for another year.
I’ll stick my neck out and say we’ll not see self-driving cars for years, except in very controlled environments.
I’m not sure if it Was it here or elsewhere that I pointed out that self driving cars isn’t a 98/2% problem but a 99.99998% / 0.00002%
Because automation beyond a point removes the needs for the driver to concentrate the actual point at which you can say an automated car is safe is actually far, far later than everyone thought.
Not everyone. Quite a number of us on this site have been pointing out for ages that automated cars are, for exactly this reason, still a long, long way off other than in controlled environments (e.g. motorways, perhaps). What I find it hard to fathom is why the people tasked with working on these projects and their investors seem to take so long to reach the same conclusion.
You have this the wrong way around. What most people have failed to fathom is that an automated car does not have to work on every road in every circumstance to hold a multi trillion valuation and to provide the associated level of customer utility / societal disruption.
Tesla’s current autopilot offering requires you to hold onto the wheel and stay alert and there’s plenty it still doesn’t even attempt to do. And yet an estimated third of new Tesla owners still buy the software at a price of $10k. Just wait until it “only” allows hands off - no observation driving on motorways. Quite a game changer for the value of those vehicles, and for global logistics you will agree.
Personally I think almost everyone has this wrong. I have a long standing bet that we’re going to see driverless vehicles approved somewhere before the 2022 World Cup kicks off. I expect I’ll probably now lose that bet but not by much.
There are other issues too, though, concerned with the commercially-driven overestimation of how far AI has come more broadly. The 1970s and early 1980s saw something quite similar, before expectations settled down into a more realistic pattern.
I don't think there'll be a 'settling down'. People overestimate the short term, and massively underestimate the longer term.
I'm not sure what you mean by longer term, but let's say 50 years for the sake of argument. What do you think we now have that wasn't envisaged 50 years ago? And, conversely, what don't we have that, 50 years ago, people expected we would have?
The problem is different people 50 years ago had different expectation, but I think in 1970 most people expected a much faster developing space programm, so at least regular visits to the moon with a moon base. Travel has been much slower than was expected. We have no passenger supersonic travel. And many people would have expected widespread personal 3d transport such as jet packs or air taxis.
While the computer networking has developed as well as most people could wish for, things like delivery of products is little better for the consumer than it was 50 years ago (I admit that the behind the scenes logistics for the delivery companies have improved massively).
Interesting discussion. Near-universal internet were not that widely-predicted - I was 21 50 years ago and remember individual PCs being non-existent (my university computer filled a room) and little sense of the coming internet. 10 years later, there were still serious commentators predicting that the internet would only be used by scientists and businesses.
But arguably it's sexual values that have changed most in the west. I was warching Industry last night, and reflected that my parents, who were reasonably open-minded, would have been incredulous that two blokes having sex would be shown fairly graphically on a BBC channel. More generally, the idea that virtually everyone likes to have had lots of varied sexual experiences with different people and marriage is something that comes and goes fairly easily were very much fringe theories then.
I remember a guy who was studying computer science when I was at university (2004) and iplayer was rumoured, rubbishing the idea because there would never be sufficient data bandwidth for people to stream video into their homes. Very smart guy, now making big bucks at Google, but he couldn't comprehend, despite having expertise in the area, the massive advances in both bandwidth in residential networks and improvements in video compression. Must tease him about that... iPlayer launched the following year.
I actually thought it probably would be possible, but only because in a physics lecture the year before we'd worked through the bandwidth savings of a digital TV signal compared to analogue and that kind of mind boggling efficiency advance made me realise that huge changes can happen quite quickly. My lack of understanding of the difficulty of the task made me more confident it could happen than someone with much more expertise.
I think (and hope) that the electric car and renewables revolution will happen quicker than currently expected.
Maybe, but it is definitely slower than was expected in 1992. And I'm not just talking about the expectations of sci-i writers. The New Scientist and the California government were expecting a significant take up of eectric cars by the end of the 20th Century.
“We have gone from punching above our weight to bragging above our weight,” says a former cabinet minister. “Serious people around the world don’t like braggarts. I get the feeling people are sad for Britain, not angry. They know there are wondrous institutions and people — many want their kids to go to university in the UK — but they view our politicians as lower grade hucksters. Everyone knows Covid has been handled badly; they see Boris Johnson as cut from the Trump cloth but without the power, they think Brexit is being done without a clue. All of them think Britain is in trouble and don’t see where the renewal is coming from.” As for Joe Biden’s incoming White House team, “they all think Johnson behaves like a cad”.
Both "punching above our weight" and "bragging above our weight" are possible at the same time. Any way the UK "bragging above their weight" has been a thing since at least the start of the 20th Century.
Uber’s fraught and deadly pursuit of self-driving cars is over
Uber is selling its autonomous vehicle business to Aurora Innovations, a San Francisco-based startup founded by the former head engineer of Google’s self-driving car project, the two companies announced Monday.
Full self driving cars are still miles away, despite the $10bns spent on the research on them.
So now they’re nothing but a massively loss-making taxi company.
The sell off of the self driving car business, to another company with the same major shareholders, looks to me like the investors putting their hands in their pockets to prop up Uber for another year.
I’ll stick my neck out and say we’ll not see self-driving cars for years, except in very controlled environments.
I’m not sure if it Was it here or elsewhere that I pointed out that self driving cars isn’t a 98/2% problem but a 99.99998% / 0.00002%
Because automation beyond a point removes the needs for the driver to concentrate the actual point at which you can say an automated car is safe is actually far, far later than everyone thought.
Not everyone. Quite a number of us on this site have been pointing out for ages that automated cars are, for exactly this reason, still a long, long way off other than in controlled environments (e.g. motorways, perhaps). What I find it hard to fathom is why the people tasked with working on these projects and their investors seem to take so long to reach the same conclusion.
You are making the mistake of looking at a different market and thinking its the same thing.
Tesla needs a car that makes driving easier for the driver, Uber needs a self driving car that removes driver from the car (to remove said cost of driver) and that isn't possible.
Automating the easier bits is fine - that takes you from the 50% bit (standard cruise control) to 98-99% where the car can do the motorway by itself. The problem is for self-drive to do what Uber needs it to do, it needs to do absolutely perfectly 100% of the time and that just isn't possible if you have random objects (other humans) on the road.
I'm not why you think I'm making a mistake, given that the rest of your post seems to be in agreement with me!
Sorry I meant to reply to moonshine but cut off too much while fixing the post - my mistake.
Traditionally people say it died in 1997. I suspect it was a myth anyway.
Not in Scotland it didn't. The Scots were utterly horrified at the scenes of hysteria being beamed north by the BBC. Though it must have been great if you were a florist in London
It died in Scotland too as the scenes at the 2014 referendum of emotionally hysterical Yes voting Nats would have confirmed, the stiff upper lip largely died with the British Empire and the end of the War apart from a few pensioners who remember the war years and a few diehard monarchist Unionists
Oh, the rioting British nationalists were keeping the stiff upper lip were they?
Carnyx , you would be better talking to a brick wall.
Traditionally people say it died in 1997. I suspect it was a myth anyway.
Not in Scotland it didn't. The Scots were utterly horrified at the scenes of hysteria being beamed north by the BBC. Though it must have been great if you were a florist in London
It died in Scotland too as the scenes at the 2014 referendum of emotionally hysterical Yes voting Nats would have confirmed, the stiff upper lip largely died with the British Empire and the end of the War apart from a few pensioners who remember the war years and a few diehard monarchist Unionists
Oh, the rioting British nationalists were keeping the stiff upper lip were they?
You certainly didn't this level of aggression in 2014 from No campaigners
Traditionally people say it died in 1997. I suspect it was a myth anyway.
Not in Scotland it didn't. The Scots were utterly horrified at the scenes of hysteria being beamed north by the BBC. Though it must have been great if you were a florist in London
It died in Scotland too as the scenes at the 2014 referendum of emotionally hysterical Yes voting Nats would have confirmed, the stiff upper lip largely died with the British Empire and the end of the War apart from a few pensioners who remember the war years and a few diehard monarchist Unionists
Oh, the rioting British nationalists were keeping the stiff upper lip were they?
You certainly didn't this level of aggression in 2014 from No campaigners
Comments
https://www.bbc.co.uk/news/av/uk-scotland-28988181
https://www.democracydocket.com/
The idea of buffering already existed, but I saw tons of people using the size of the whole movie vs domestic download capabilities as proof it couldn't;'t work. Or would take until everyone had gigabit.
The bit that Netflix et al grasped was that all you need is download that is faster (on average) than the data rate of the movie.
On The Exciting Subject Of Earwax And Unsupported Medical Arguments
https://residentcontrarian.substack.com/p/on-the-exciting-subject-of-earwax
https://fivethirtyeight.com/videos/why-polling-has-gotten-so-hard/
The have Ann Seltzer first followed by someone from Monmouth. You have to feel sorry for the Monmouth guy who spends all this time saying maybe polling is basically getting impossible nowadays because it's too hard to get the right likely voter screen, and they play him right after Seltzer completely nailed it going, "I don't know why they do all these fancy likely voter screens and things, I just call people up and ask if they're certain to vote".
Current Betfair prices:-
Biden 1.04
Democrats 1.04
Biden PV 1.02
Biden PV 49-51.9% 1.03
Trump PV 46-48.9% 1.04
Trump ECV 210-239 1.07
Biden ECV 300-329 1.07
Biden ECV Hcap -48.5 1.06
Biden ECV Hcap -63.5 1.07
Trump ECV Hcap +81.5 1.01
AZ Dem 1.05
GA Dem 1.05
MI Dem 1.05
NV Dem 1.04
PA Dem 1.06
WI Dem 1.05
Trump to leave before end of term NO 1.12
Trump exit date 2021 1.08
But here's one stat I do have to hand, as at 31/10/2020, over £1.2 trillion worth of assets has been transferred from the UK to the EU by the sector because of prepping for Brexit because only clearing has been given equivalence.
Tesla needs a car that makes driving easier for the driver, Uber needs a self driving car that removes driver from the car (to remove said cost of driver) and that isn't possible.
Automating the easier bits is fine - that takes you from the 50% bit (standard cruise control) to 98-99% where the car can do the motorway by itself. The problem is for self-drive to do what Uber needs it to do, it needs to do absolutely perfectly 100% of the time and that just isn't possible if you have random objects (other humans) on the road.
Just asking.
https://twitter.com/Annemariealex/status/1336249271717421059?s=20
What percentage of assets is that?
You have to remember this was a campaign where the Unionists portrayed the placing of a one-inch across Yes sticker on Mr Murray's constituency office (and some marker pen graffiti plainly territorial slogans from the local yobs and irrelevant to politics) as if it was the most horrendous thing since the Phoenix Park murders, with all the pearl-clutching of Morningside dowagers finding a dogging group in Braid Hills Park.
https://twitter.com/JamesCrisp6/status/1336251461836136448?s=20
https://twitter.com/TomMcTague/status/1336253808930938887?s=20
Most EU countries won't allow paper companies to run/operate banking operations in their country.
They insist on capital adequacy requirements, so you can't set up a for example Lloyds Germany GmbH with a share capital of say €100, you need to a well capitalised base which can be in high hundreds of millions if not billions.
That money is ringfenced in the host country, and since the transaction is no longer taking place in London but in another country, the relevant tax will be paid in that country instead of London.
For example, does it reduce tax take? Does it make the City less competitive?
EDIT: I see you have already answered this above, thanks.
https://twitter.com/Politics_Polls/status/1336144197028495360?s=20
Jobs does not equal revenue.
I'm not doxxing anyone, but there is a prominent Brexiteer who works in this sector who has privately admitted that if you wanted to destroy the City of London you'd design No Deal Brexit for that aim.
As I noted yesterday, as with the IMB, one of the attractions of dealing with London was we had a strong and independent judiciary that has no problems in putting the government back in its box. Now we have a government that wants to castrate the judiciary and is willing to abrogate international treaties.
The George's rally was after the referendum and nothing to do with the No campaign
Maybe he doesn't know either.
He doesn't know what concessions VDL will offer yet.