Bread and Circuses

Recent articles

A couple of recent articles for IFR. How the renminmi has been internationalising:

For many the internationalisation of the renminbi has been one of the most significant developments in the financial markets since the introduction of the euro. It is hard to disagree. Daily trading volumes in the US dollar and offshore renminbi now exceed the equivalent of US$2bn according to Deutsche Bank.

Ever since the first issue of an offshore renminbi bond by China Development Bank five years ago, immediately dubbed Dim Sum bonds by capital market wags, more than 100 other issuers have followed suit. Everyone from the World Bank and HSBC, to McDonald’s and Volkswagen has rushed to take advantage of renminbi liquidity.

Full article here. And why Malaysia is going to continue to dominate global sukuk issuance:

Other debt markets have been bounced around by volatility, but the global sukuk market has seen growth, tightening spreads and is now looking beyond its natural homelands to new markets across the Asia-Pacific region. To put that into perspective, global sukuk issuance totalled US$26.5bn last year. This year it is heading towards US$44bn – with 60% of that from Malaysia, according to HSBC data.

There is no doubt that Asia is where the headlines are. “With the Projek Lebuhraya Usahasama Berhad M$31bn sukuk and the Tanjung Bin Energy Issuer Berhad M$3.29bn sukuk issued in the first quarter alone, we are heading for a record year in 2012,” said Wynce Low, director and head of DCM, global capital financing, HSBC Bank Malaysia.

Full article here.

The First Roman Camp on the Mosel

Another great archaeological discovery in Germany. The site of the first Roman camp on the River Mosel has been found at Bernkastel-Kues. Here is Weltonline, predominantly because its account leads with Ausonius:

In der zweiten Hälfte des 4. Jahrhunderts n. Chr. schrieb der hohe römische Beamte Ausonius einen Hymnus auf Mosella, wie die Römer die Mosel nannten. Darin berichtet er in Versform von einer Reise von Bingium (Bingen) am Rhein bis zur Kaiserresidenz Augusta Treverorum (Trier), deren anmutige Lage er rühmt und die Landgüter, die sich den Strom entlang hinziehen.

Ausonius schildert auch die Befestigung von Bingium, das er als vorgeschobene römische Bastion zum Schutz des Nachschubs an die Rheinfront vorstellt, für die die Mosel von großer Bedeutung war. An ihrem Ufer, bei Bernkastel-Kues, haben Archäologen jetzt eine bemerkenswerte Entdeckung gemacht: die Reste eines römischen Kastells, das womöglich das erste Bauwerk seiner Art in der Provinz Belgica war.

Es handelt sich um eine rechteckige Anlage mit den Maßen 60 mal 30 Meter, die bei der Sanierung der mittelalterlichen Burgruine Landshut ans Licht kam. Die freigelegten Mauern aus Quarzitsteinen sind 1,80 Meter dick, die sechs bis sieben Türme waren sechs mal sechs Meter groß.

The full story is here. Also coverage in Focus Online. The press release is here. The story was flagged up a couple of weeks ago in the Trierischer Volksfreund.

#71 Romulus Augustulus: Emperors of Rome

Emperors of Rome concludes with Romulus Augustulus, the final Roman emperor in the West.

  

Download #71 Romulus Augustulus

Bras not battlefields

The comms team in Historic Scotland are likely to be high fiving themselves this morning. After all Lisa Nicholson and her team of seven have got away with it. News of the resignation of Ruth Parsons, the under-fire chief executive of Historic Scotland, slipped out at the end of last week and has been completely buried by Jubilee celebrations and the four day Bank Holiday.

Historic Scotland did not even need to put up a press release.

Scotland on Sunday wrote a short piece, but the Herald's contribution to the debate was so woeful it is worth citing in its entirety:

The head of Scotland's national heritage agency has quit her post after just two-and-a-half years. Ruth Parsons, chief executive of Historic Scotland, has agreed to early retirement just months after a staff survey revealed claims by employees that they faced harassment at work.

The news cycle has now turned and no one is likely to ask any difficult questions.

Should we care? Yes. A veil of silence seems to hang over Historic Scotland. That in itself should be of concern. Ruth Parsons has given only one interview since she has been in office - she formally steps down in August. And the manner of her resignation over an extended Bank Holiday weekend gives the impresion of secrecy.

According to Historic Scotland's own figures the organisation saw revenues last year of more than GDP75 million, much of it from the taxpayer. To put that into context, Parsons' turnover was almost double that of Graham's, Scotland's largest independent dairy company, and seven and a half times that of Michelle Mone's lingerie brand MJM International. 

The chief executive of a public sector body with that kind of a budget should not be able to slip out of the door without answering some questions.

 UPDATE Historic Scotland press release about Ruth Parsons' departure is here.

#70 Julius Nepos: Emperors of Rome

Emperors of Rome continues with Julius Nepos, who has some claim to being the last ruler of the Roman empire in the West.

  

Download #70 Julius Nepos

Historic Scotland's CEO Ruth Parsons Steps Down

So far only in Scotland on Sunday, but after a difficult 30 months, Historic Scotland chief executive Ruth Parsons has announced that she will step down from August. She will be replaced by the current chief operating officer Ian Walford. Her resignation had been expected internally as her position had become increasingly untenable. Parsons' time in charge has been overshadowed by complaints about her management style, charges of bullying and the gradual politicisation of the agency.

The chief executive of Historic Scotland has resigned following a stormy 30-month period in charge which included allegations from staff of bullying and harassment.

The heritage agency confirmed that Ruth Parsons, 50, had agreed to early retirement and will quit at the end of August.

Appointed chief executive in 2009, Parsons’ time in charge was marred by a staff survey last October, which revealed claims by staff that they faced harassment at work.

Parsons vigorously rebutted allegations that a culture of bullying had set in at the agency during her tenure. She acknowledged, however, that in trying to introduce changes at Historic Scotland, “not everyone is going to agree” with those reforms.

In a statement yesterday, Parsons said: “Historic Scotland has a key role in championing Scotland’s historic environment and our new corporate plan sets a clear direction for working with our partners and the public to achieve this.

“This is the right time for me to move on and try my hand at a new challenge outside government.”

Full story here. Previous stories on Bread & Circuses here, here and here. There is a press release, but I haven't got my hands on it yet. Will post when I do.