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Posts Tagged ‘British Glass-Steagall’

17th June 2011

It recently came to this blogger’s attention that the Chinese President has traveled to the nation of Russia for a State visit. It would appear as though this meeting is intended to facilitate greater cooperation between these two important countries. In order to provide further insight it may be best to quote directly from the People’s Daily Online,

Chinese President Hu Jintao arrived in Moscow on Wednesday for a state visit aimed at deepening pragmatic cooperation between China and Russia. Hu said in a statement released upon his arrival at the airport that his visit intends to inject fresh impetus into the sustained, healthy and stable growth of the China-Russia strategic partnership of cooperation…

The administration of this web log strongly encourages readers to click upon the hyperlinks noted above to learn more.

It is clear that China is becoming an increasingly significant player in the realm of geopolitics, international economics, and finance. Meanwhile, Russia remains a key player in both the European region and also in Northern Asia. Both of these countries have substantial economies. Therefore, the ramifications of Sino-Russian policies could impact the United States of America, the Kingdom of Thailand, and the broader Association of Southeast Asian Nations (ASEAN). At the time of this writing it remains to be seen whether this meeting will culminate in tangible results, but certainly it is important for those interested in Russo-Chinese relations. The reader may be interested to note that there have been recent announcements that a large Chinese Trading Complex is to be erected in Bangkok, Thailand.

The news about the Chinese President’s trip comes at the same time as an announcement in Britain regarding a new financial policy  that some are referring to as a “British Glass-Steagall” (an allusion to an American piece of legislation of the same name).  To shed further light upon this issue it may be best to quote directly from Yahoo Finance at

Finance minister George Osborne announced a major overhaul of Britain’s banks, approving a separation of their retail and investment businesses to help avoid another global financial crisis. In a high-profile address to finance leaders in central London, Osborne also announced that Northern Rock would be privatised three years after it was nationalised to save it from collapse as the global financial crisis hit. Osborne backed the findings of the government-appointed Independent Commission on Banking (ICB) which earlier this year called for a “ring-fencing” of retail businesses. “Today I have told the Commission that the government endorses both these proposals in principle… We will make these changes to banking to protect taxpayers in the future,” he said.

This blogger asks readers to click on the hyperlinks above to read this article in full.

Although geographically small, financial events that transpire in the United Kingdom can have a substantial effect upon the global economy as a whole. This statement is also true in the context of Asia as events (particularly in the financial realm) transpiring in the UK have implications for Asian jurisdictions. Hopefully the newly proposed measures will have a beneficial impact upon the British economy as well as the other economies around the world.

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