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Editor’s Note Editor’s Note Hello and welcome to the July 2014 Edition of Finance Monthly
The teeth have been out in recent weeks, quite literally in fact, as the 2014 World Cup has unfolded, dominating the news channels. With England failing to perform from the get-go, the spell was broken fairly quickly here at Finance Monthly HQ, but we’ve remained engaged nonetheless.
As the hype that has fuelled the FIFA World Cup builds to its July 13 climax, a question playing second-fiddle to “who will win?” is crossing the minds of many. While it may not be at the forefront of discussions surrounding the tournament it begs an answer that is ultimately the most important. “What will it mean for Brazil’s economy?”
According to a recent report from Colliers International, FIFA World Cup 2014: Brazilian Goals, the net gains to be made by Brazil from hosting the World Cup will be “substantial”, but aren’t likely to become apparent until after the event.
“Experience shows that during mega-events, such as the World Cup or Olympics, there is unlikely to be any significant economic gain due to additional visitors. For markets with an established tourist base, visitors are ‘crowded out’ during the June and July of a World Cup year. Direct gains are unlikely to be substantial. We would however expect a marked increase in leisure and business visitors in the years following events like the World Cup and the Olympics Games.
New infrastructure and modernisation should support economic development, but this can only be measured in years, not months. Clearly there has been much anger in Brazil over World Cup spending, particularly over the runaway construction costs that may be attributable to corruption. The gain for Brazil is that it brings forward projects and modernisation in a far shorter time period than would have been expected without the World Cup.”
As we await both sets of results, we’re exploring a number of other interesting subjects in this month’s issue.
With plans to toughen rules on financial market abuse in the UK, we’re bringing you a special feature from leading white collar crime and regulatory litigator David Corker, Partner at criminal law firm Corker Binning. Since the LIBOR scandal erupted in mid- 2012 there has been a wave of allegations that many other financial markets have been rigged by banks to the detriment of their customers and the public. With a general election only eleven months away, Chancellor of the Exchequer George Osborne recently announced the formation of a committee to consider what additional measures are needed to ensure that financial markets are “fair and effective”. It’s clear that things in these markets are not going to continue as before but the question is whether changing anything will actually change anything significant.
In addition to this we’re looking at financial sector technology, the introduction of FATCA and anti-money laundering in the US and UK. You can find details of all our exclusive interviews and in depth analyses on the next page.
I hope you enjoy this issue of Finance Monthly magazine. All the best,
Mark Palmer Executive Editor
PUBLISHER Parity Media Limited
EXECUTIVE EDITOR Mark Palmer
PRODUCTION MANAGER Emma Tansey production@finance-monthly.com
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