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Finance Magazine - August 2008 Issue

Salary cuts in finance
Significant falls in financial services salaries
Salaries in most of the main financial occupations have fallen, some significantly, between 2007 and 2008, according to a survey of job postings in FinanceJobs.ie over the past year – so is it the end of an era, or the beginning of something new?, Geraldine Pollock asks. Job offers in financial services remained firm through the Autumn of 2007, but with the dawning of the new year, the trend, like house prices, has been downward. According to the first annual survey of salary levels computed on the FinanceJobs.ie website, salary offerings in summer 2008 are running down by between 5 p.c.-10 p.c. in the main financial occupations compared with the end of 2007.
Managing a burst financial bubble
Joe Carr says that Ireland’s reasonably robust financial services sector gives it a sound base for moving ahead in the coming years
Credit markets crisis continues
The signs are increasingly showing that credit markets are closed again. This augurs badly for risk markets. Panic in credit markets rarely if ever is a positive for shares and property in general. The result, when combined with the commodity crisis, could and probably will, result in further substantial drops in shares and property values from early August levels. Rallies will occur, writes Tony Keogh of Trinity Financial Services.
Does the IFSC model need changing?
New and radical thinking and ideas are required to continue to develop international financial services in Ireland - but the reward could be global recognition and top ranking as a global financial centre, says Padraig Rushe. Rushe, who is chairman of the Banking & Treasury sub group of the Taoiseach's Clearing House Committee says that a decision has been taken to dedicate the September meeting of the committee to a strategic debate on the IFSC Banking and Treasury sector.
The Global Financial Centres Conference in Dublin
Over half of the world's financial centres were represented and analysed at the inaugural financial services conference organised by Fintel on June 16th and 17th 2008. The conference was addressed by over 40 speakers from financial centres, and global regulatory bodies, including Commissioner McCreevy of the EU, Commissioner Paul Atkins of the United States Securities & Exchange Commission, and Jeffrey Owens, of the OECD. Key sponsors included major accounting firms, PWC and Ernst & Young, and among the banks and financial institutions sponsoring were HSBC, Northern Trust & BNY Mellon.
NY takes a new (credit) hit, as both leading centres eye rising competitors
The GFCI ratings - by its author
The GFCI Index, developed by Prof Michael Mainelli is becoming the benchmark of international financial centres excellence. He spoke about it, and rising centres.
The Netherlands: the financial niche player
The OECD’s agenda on tax competition and tax havens
Europe must embrace tax competition, but to get the full benefits it must be transparent, cooperative and based upon service provided, not secrecy, according to Jeffrey Owens, head of the OECD’s drive in the 2000s on tax havens and tax compeititon
Where tax issues are making a difference
The developing agendas on tax are creating opportunities for financial centres said Pat Wall.
FrankfurtRhineMain - region on the rise
The purpose of financial centres - a key consideration
The cultural aspect of a particular financial centre may not be top of the list in the decision-making process - but it is very important, said Aidan Walsh.
London assessment
Keith Boyfield provides an analysis of London’s strengths and weaknesses, and points the way forward for it to retain its positioning as one of the top financial centres.
The credit crunch and its impact on financial centres
John Coffey analysed the differential impact of the ongoing credit crisis, pulling no punches in a global tour of money and capital markets centres in a paper at the inaugural Fintel Global Financial Centres Conference in the RHK, Dublin, run by the publishers of Finance. He surveys the ongoing impact of the credit crisis on financial markets, and currencies, forecasting, at the conference on June 17th, a bottoming out of the US dollar. He also assessed the reaction of different central banks around the world to the crisis.
Tax in turbulent times - easing corporate pain
Managing a group’s tax affairs can be equally challenging in times of rapid expansion or retrenchment. However different issues take centre stage as economic circumstances change. Brian Daly raises some tax issues which corporates may face in the current environment.
Vodafone 2 - death knell for UK CFC rules?
On 4th July, the UK High Court ruled in the Vodafone 2 case that the UK controlled foreign company (“CFC”) rules were incompatible with EU Law in the light of the Cadbury Schweppes case. Liam Lynch discusses the implications of this ruling.
Tax loss optimisation in a bear market
Mike Gaffney points out that attention to detail may be required to realise value for losses on investments where gains have hitherto automatically been taxed.
Ulster’s capital markets head
In his role as head of capital markets at Ulster Bank Group David MacNeice leads a team which provides interest rates, foreign exchange and commodity hedging solutions to the bank’s customers, as well as capital protected structured investment products. Since starting the role in January 2008, MacNeice has adjusted to an early start time – helped by a shot of coffee in the morning and a blast of Led Zeppellin to round off the day.
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