Questions over 独立した・無所属 problems

By This Is Money
Updated: 00:00 BST, 13 June 2001

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PERHAPS because 政治家，政治屋s have had something else to 占領する them these past few weeks, there has been no 広大な／多数の／重要な 議会の 利益／興味 in the onrush of problems at 独立した・無所属 保険. How long this will last is anyone's guess, for there is much into which they c ould 沈む their teeth.

First, it is going to be a challenging 仕事 to re-財政／金融 the company. Second, it is hard to understand the 商業の 合理的な／理性的な of the 申し立てられた／疑わしい re-保険 契約s between the company and a 子会社 of GE 資本／首都, 特に if it does turn out that these were 概して self-cancelling. One might 推測する about 独立した・無所属's 動機s in entering into such 契約s and wonder what the GE 資本／首都 offshoot thought they were for.

Third, there is the 役割 of the actuaries, Watson Wyatt. The 会社／堅い changed the 言い回し of its opinion published in the accounts from 述べるing 準備／条項s as 存在 '一貫した with our 発射／推定 of the corresponding 義務／負債s' one year to 'within the 範囲 of reasonable 見積（る）s' the に引き続いて year. It might （人命などを）奪う，主張する that was a （疑いを）晴らす whistleblower's 警告. Others might think it more like rapping on the glass with a 乾燥した，日照りの sponge.

Finally, of course, there is the 財政上の Services 当局, which 相続するd the 責任／義務 of the 財務省 and Department of 貿易（する） and 産業 for the 監督 of 保険 companies. Coming so soon after the rather different Equitable Life debacle, this is something it could have done without.

This last is in many ways the most important. The FSA is moving to a system of 危険-based 規則 which 基本的に 伴う／関わるs 焦点（を合わせる）ing 資源s and 監督 where the 危険s are greatest. This is the 肉親，親類d of 規則 London needs but it does mean there will be mistakes and there will be 失敗s. The hue and cry in 議会 and the マスコミ when these happen must not be 許すd to derail the whole system.

マスコミ 事柄s

WHEN 部隊d 商売／仕事 マスコミ owned 表明する Newspapers and a string of ITV 駅／配置するs and was known as 部隊d News & マスコミ, these 支配するd 投資家s' perception of the 商売／仕事. Four-fifths of turnover and 利益（をあげる）s （機の）カム from other activities and were 大部分は in America but to London's マスコミ groupies it was as if these did not 存在する. 部隊d's 株 rose and f ell depending on what people thought of the UK マスコミ 利益／興味s.

It was much the same with Granada. 収入s from the TV 味方する were dwarfed by catering and hotels but TV somehow always （機の）カム first. So last year when 部隊d sold Meridian and its other ITV bits to a demerged Granada, the market reckoned Granada had got the prize. 部隊d's 株 languished while Granada's 急に上がるd.

But what a difference a year makes. Today advertising 容積／容量s on TV are 落ちるing and 競争 from 衛星 and other マスコミ is 増加するing. The gloss has gone off the Granada story and its 管理／経営 no longer looks so clever. It did a demerger which raised millions from 投資家s that has yet to be spent and sold its hotels to Compass, which has been selling them off ever since - in a way and at prices many say Granada itself should have 達成するd.

In contrast, Lord Hollick at UBM is now seen to have been 極端に smart and to have sold a 円熟した TV 商売／仕事 at the 最高の，を越す of the market, and smart again to use the money together with what he raised from the 表明する sale for one of the biggest 株 buybacks in Britain. A 味方する 影響 has been to 軍隊 投資家s to look at its （警察などへの）密告，告訴（状） 商売／仕事 and understand and 高く評価する／（相場などが）上がる it as a soundly-based マスコミ group in some of the best growth 部門s.

株式市場 fashion is a fickle thing - but seldom can the fortunes and 親族 standing of two such large companies have been so 突然の 逆転するd.