Mr Rubin may even come to be remembered for the timing of his resignation: the market genius
Mr Rubin may even come to be remembered for the timing of his resignation: the market genius who knew when to get out.Let's hope for all our sakes that that is wrong. Let's hope his successor, Larry Summers, will be seen to be carrying on the calm and competent stewardship of Mr Rubin. The markets seem relaxed, which is a sensible response.It is always wrong to attribute too much power to any one person, albeit someone doing the top job in fiscal policy in the world. The US economy goes cantering on and the rest of the world economy appears a bit less fragile than it did even a couple of months ago So everything is all right, isn't it?. FREESERVE, THE free Internet service provider owned by the retailer Dixons, yesterday advanced its plans to launch online trading this summer by lifting its stake in the US firm GlobalNet Financial Inc.
A spokeswoman for Freeserve said the purpose of the $15m (pounds 9.4m) investment was to acquire GlobalNet's expertise in online share trading, already a booming business in the US where many amateur traders manage their own pensions over the Internet. Freeserve exercised options to purchase two million GlobalNet shares, trading yesterday at $4, for $1 and bought a further 6.4m in the market at around $2, to give it a 13 per cent stake. GlobalNet is already a partner in Freeserve's online financial information site, UK-iNvest , which allows browsers to plot share price movements and construct virtual investment portfolios. Freeserve has the option to increase its stake in the $210m company to 19.9 per cent over the next 30 months. Analysts said Freeserve was unlikely to mount a bid for the group.Dixons' shares have come off their April high of 1,594p following the establishment of rival free Internet service providers and America Online Inc's decision to cut subscription charges Yesterday they gained 68p to close at 1,266p. Some analysts calculate that Freeserve accounts for 700p of the share price.Nick Bubb, retail analyst a SG Securities, said: "We have been excited about Freeserve's online trading for some time and this deal puts it in focus. It will give Freeserve another content advantage which will strengthen consumer loyalty.. CURBS ON the import of cut-price cars built outside the European Union are to be abolished, the Government announced yesterday.
The move could allow up to 55,000 "grey imports" into Britain next year from Japan and other parts of the Far East. Motor manufacturers and franchised dealers had been fighting a rearguard action to prevent the immediate lifting of restrictions on grey imports - vehicles which do not comply with EU approval - on the grounds that it could endanger safety. Under a compromise agreement hammered out by Stephen Byers the Secretary of State for Trade and Industry and the Transport minister John Reid, the present limit on grey imports will be progressively lifted but in return they will have to meet tougher environmental, safety and security standards. Mr Byers said: "We expect that many cars will cost thousands of pounds less as a result." The present single vehicle approval scheme limits grey imports to 50 cars per model. From March next year this will be raised to 1,000 and thereafter increased by a further 1,000 each month until January 2001, when the limits will be abolished altogether. Grey imports are, on average, one-third the price of EU-built cars cars but manufacturers have warned that, since the cars are not imported through franchised dealers, buyers could have difficulty getting spare parts and getting them serviced.The Society of Motor Manufacturers and Traders gave the move a cautious welcome butsaid consumers needed to know what they were buying.. SO KINGFISHER is going to bag Asda after all.