Wikinews:Briefs/Business/December 5, 2005

December 5, 2005

These are short blurbs about current events in the business world.

EU too quick to introduce new rules, UK study says
A UK government sponsored report, Routes to Better Regulation - A Guide to Alternatives to Classic Regulation, says the EU is too quick to introduce new rules without considering alternative measures. "All too often the EU looks to introduce prescriptive rules and regulations rather than consider alternative solutions, which can achieve the same goals and help to slash costly red tape," said David Arculus, chairman of the task force that compiled the report. The EU Commission, under president Jose Manuel Barroso has insisted on impact studies before deciding on whether to propose legislation. The Commission announced it will kill off several legislative proposals that have failed to make progress, and is proposing streamlining existing EU rules. The study proposed taking no action instead of introducing new rules. In January, the task force will become an independent commission, which will increase its political strength.

JPMorgan plans to offshore 30% of its back office
JPMorgan is planning to hire 4,500 graduates in India over two years. The plan moves 30% of its back office offshore. The company intends to move the majority of its foreign exchange trades to Mumbai and Bangalore and to move much of the processing of credit derivatives contracts. This is an area where US and UK regulators have expressed concern about backlogs across the industry.