Hedge Funds, the Deutsche Börse Affair and Predatory Anglo-American Capitalism

Boardroom trouble at Deutsche Börse, the company that operates Germany's main stock market, has recently provoked an important debate about competing capitalist models. Werner Seifert, Deutsche Börse's ousted Chief Executive, was eager to portray himself as the innocent victim of aggressive Anglo-American investors who had bought into his company but failed to understand its traditional operating ethos. In this, he was ably supported by key figures within the ruling Social Democratic Party, who, in order to shore up the party's core support, had increasingly come to blame overseas hedge funds for the development of German corporate governance models which prioritised profits over jobs. I review the SPD's structural reading of the Deutsche Börse affair, whilst comparing it to an alternative interest-based reading. The latter allows me to focus more closely on the issue which, more than any other, led to Seifert's downfall: his refusal to bow to the expressed interests of his own shareholders by pressing ahead, against their wishes, with a hostile bid for the London Stock Exchange. Seifert's eventual removal foreclosed the possibility of an integrated London-Frankfurt stock market and, somewhat ironically given the SPD's response to the affair, as a consequence it also prevented the entry of London's highly capitalised institutional investors into the German market for corporate control. The actions of Deutsche Börse's overseas shareholders might still be seen as evidence of a predatory Anglo-American capitalism. However, their successful removal of Werner Seifert may well have been responsible for temporarily keeping other financial predators at bay.     

透过伦敦地铁爆炸的烟雾——伦敦地铁爆炸案给北京奥运安保的启示

"7·7"伦敦地铁爆炸案的发生,会使全世界更多国家重视反恐上的合作,也会对2008年北京奥运会的筹办产生影响,它提醒我们,地铁的安全隐患不容忽视,我们应当借鉴世界各国地铁系统的反恐经验,不断完善和加强包括北京地铁系统在内的各项防恐措施.     

How the City of London lost at Brexit: a historical perspective

The nature of the City of London as an offshore financial centre has long made London dependent on the British state providing protection from external political regulation, even as London’s foreign currency business separated its interests from British governments’ economic policy preoccupations. Since the 2008 crash and the onset of the eurozone crisis, London has faced threats to both its autonomy from external regulatory demands and to its offshore business interests at the same time as the long-standing external statecraft of British governments around EU membership has broken down. The Cameron governments’ efforts to protect the City within the European Union under political conditions that were transformed by the eurozone crisis exposed the limits of Britain’s position as a member of the European Union. When David Cameron then tried to resolve the problem of EU membership through a referendum he made it extremely difficult to defend the City’s broader commercial interests in the Single European Market because freedom of movement issues weighed significantly more in British domestic politics than financial services.     

Sir Ernest Satow and the 1907 Second Hague Peace Conference

Based on Satow's own account of the conference in his diaries, this article examines the role played by Sir Ernest Satow as the second plenipotentiary on the British delegation at the Second Hague Peace Conference in 1907. His previous experience at the post-Boxer conference at Peking in 1900-1901 stood Satow in good stead during the preparations for the conference as well as once the actual negotiations commenced. His main contribution to the proceedings at The Hague, however, was the preparatory work for the London Naval Conference of 1909. Satow's stance towards the negotiations of 1907 marks him out as a predecessor of twentieth-century internationalists.     

Suspect Communities—Targeting Violent Extremism at the Local Level: Policies of Engagement in Amsterdam,Berlin, and London

Throughout Europe, authorities have set up new policy measures and programs to curb homegrown violent extremists. This article describes local policy responses to violent Islamic extremism—and/or the mere threat of it—in the neighborhoods Oost in Amsterdam, Moabit and Soldiner Kiez in Berlin, and Tower Hamlets in London. Based on locally conducted fieldwork, the study compares and contrasts these neighborhoods’ approaches and aims to make a first assessment of their effects. A major finding for all three cities is that authorities target the entire local Muslim community rather than a few select individuals. This can lead to the construction of suspect communities, an approach with possible paradoxical effects on targeting actual violent extremists. Suspect communities subsequently create stigmatization, exclusion, and possibly marginalization, which not only has negative consequences for involved groups, but may well produce a breeding ground for future violence. However, the author did not find that engagement with Islamic organizations or individuals was used to directly change the nature of local Muslim communities. Orthodox and non-violent extremist organizations and individuals in all three cities were potential partners for engagement, which probably lowers the chance of stigmatizing the suspect communities.     

The Commonwealth is Getting its Second Wind

This article looks forward to the Commonwealth Heads of Government Meeting in London, April 2018, in light of reflection on the nature of the Commonwealth (‘club, church or beehive?’) and its legacy. Special attention is paid to the significant anniversaries of 2015—Magna Carta, United Nations, end of the Second World War, London Declaration and 50 years of the Commonwealth Secretariat. The author also considers the agendas for CHOGM and the implications for the Commonwealth of Britain’s exit from the European Union (Brexit).     

传奇的杰克·伦敦与他的成名作

杰克.伦敦是美国20世纪著名小说家,一生极富传奇色彩。1907年夏,他乘着自己的“斯那克号”颠簸在太平洋上,开始了《马丁.伊登》的创作。自传性质是《马丁.伊登》的一大特色,他将自己的亲身经历和全部感受都融注到了主人公身上。在讲述马丁这个天才作家成长及毁灭的同时,作者也回忆了他充满戏剧性的文学创作生涯,对自己所受的挫折和获得的成功在多方面都作了深刻的反省。《马丁.伊登》是杰克.伦敦思想性和艺术性比较成功的作品。     

The Elective and Automatic Theories of Termination in the Common Law of the Contract of Employment: Conundrum Resolved?

If a party to an employment contract commits a repudiatory dismissal or resignation, it has long been unclear whether the other party has the option either to terminate or affirm the contract (the elective theory) or whether the former's breach operates to bring the contract of employment to an end (the automatic theory). The recent decision of the Supreme Court in Société Générale (London Branch) v Geys has finally resolved this question. By a majority, the Supreme Court held that the elective theory also applies in the context of a wrongful repudiation of the employment contract by express dismissal or resignation. This note examines the significance of Geys in the context of the common law of the contract of employment and evaluates whether a number of related issues surrounding the breach and termination of the employment contract have been resolved.     

Third molar development in a London population of White British and Black British or other Black ethnicity

Population differences in dental development between Black and White ethnic groups have been debated but not previously studied in the UK. Using inappropriate data for dental age estimation (DAE) could lead to erroneous results and injustice. Data were collected from dental panoramic radiographs of 5590 subjects aged 6–24 years in a teaching hospital archive. Demirjian stages were determined for left-sided teeth and third molars and data collected regarding hypodontia and third molar agenesis. Third molar development in self-assigned Black British, including other self-assigned Black ethnicity, was compared with that of self-assigned White British subjects. Data were compared for males and females in the two ethnic groups using T-tests for Demirjian Stages A–G of third molar development and Mann-Whitney tests for Stage H once a cut-off age at the maximum age for Stage G had been imposed. Third molar development occurred earlier in subjects of Black ancestry compared to those of White ancestry. While both ethnic groups showed large age ranges for every third molar stage, in female subjects these generally occurred at least 1.5 years earlier, and in males at least one year earlier. Hypodontia and third molar agenesis were more prevalent in White British, but the ethnic difference in third molar development persisted in subjects with complete dentitions. This is a large study that confirms ethnic differences in a London population, emphasises the difficulties of establishing the 18-year-old threshold using DAE, and confirms the risk of overestimating the age of individuals of Black ethnicity using White ethnic reference data.