A tip for regulators: no risk means no gain

first_img Share KCS-content A tip for regulators: no risk means no gain Tags: NULL Sunday 7 November 2010 8:25 pmcenter_img whatsapp This time last year, in my first column for City A.M., I cautioned that efforts to restore public confidence in parts of the financial services industry would be a marathon, not a sprint.Now that I approach the finish line marking the end of my tenure as Lord Mayor, I am glad to see the City has taken major strides towards addressing the lessons of the financial crisis.A keenly contested general election, relatively high unemployment and a patchy global economic recovery have made for a difficult political environment over the past year.The industry has nonetheless worked in close partnership with policymakers on macro-prudential reform to examine how we can serve our clients – and ultimately the nation – better. Our task, together with regulators, is to be the best at managing the risks we take. In this light, it is positive that British banks are already well placed to meet their Basel III capital requirements. Regulation and oversight are part of the solution. What the City needs in this area is certainty, clarity and consistency. That is good for business and the country. It is worth remembering, however, that we are actually capitalists. And this means taking risks, because no risk means no gain. A typical response to previous crises has been to increase the number of regulators and reams of regulations. This approach has not worked in the past and nor will it this time. Law and regulation in themselves cannot drive the actions of financial institutions and their staff. That can only come from the culture of individual organisations.This has been a recurring theme during my time in office. I started this year with an event on ethical investing, took part in an event on corporate governance and ethics in the Square Mile, and then hosted a lecture by Stephen Green.And last month, City leaders came together at Mansion House for a debate on how institutions can promote strong internal cultures and engage with the wider community as part of an industry-wide effort to rebuild trust. We must be sensitive to these issues, and others like bonuses. But the City operates in an increasingly competitive international marketplace and policymakers should look to secure consensus with major G20 rivals rather than act in isolation.My overseas business visits as Lord Mayor – 35 cities, in 21 countries – have shown me that the City continues to be held in high esteem globally. We cannot, however, afford to be complacent. The danger is that rapidly developing markets in Asia and Latin America could edge ahead of us if we get reform wrong.So as I prepare to pass on the baton to the 683rd holder of this great office, Alderman Michael Bear, we must continue sprinting towards the line in order to defend the City’s status as a national and international asset.Nick Anstee is Lord Mayor of the City of London Show Comments ▼ whatsapplast_img read more

Tanzania Portland Cement Company Limited (TWIGA.tz) 2009 Annual Report

first_imgTanzania Portland Cement Company Limited (TWIGA.tz) listed on the Dar es Salaam Stock Exchange under the Building & Associated sector has released it’s 2009 annual report.For more information about Tanzania Portland Cement Company Limited (TWIGA.tz) reports, abridged reports, interim earnings results and earnings presentations, visit the Tanzania Portland Cement Company Limited (TWIGA.tz) company page on AfricanFinancials.Document: Tanzania Portland Cement Company Limited (TWIGA.tz)  2009 annual report.Company ProfileTanzania Portland Cement Company Limited (TPCC) is a leading cement producer in Tanzania. The company produces cement for the local market and for export to countries in Central and East Africa. The company owns, operates and manages cement factories, grinding plants and terminals as well as cement retail and distribution outlets. TPCC markets its cement products under the following brands; Twiga Extra, Twiga Jenja, Twiga Plus and Twiga Ordinary. TPCC was founded in 1959 by Cementia Holdings AG of Switzerland; nationalised in 1973 and privatised in 1998. It is a subsidiary of Scancem International DA, which has been consolidated into Heidelberg Cement Group of the Federal Republic of Germany and is now known as Heidelberg Cement Africa (HC Africa). Heidelberg Cement Africa operates in seven sub-Saharan countries and has its headquarters in Oslo, Norway. Tanzania Portland Cement Company Limited is listed on the Dar es Salaam Stock Exchangelast_img read more