Turner defends permanent printing
Lord Turner, outgoing chairman of the Financial Services Authority, has launched an impassioned defence of financing government spending by printing money, arguing that within limits it “absolutelym definitely [does] not lead to inflation.
Speaking ahead of a valedictory speech in London today, Lord Turner, who applied to be the next Bank of England governor, called for “intellectual clarity” in economic policy, including breaking the taboo that permanently printing money to pay for government is always bad.
Swiss banks end partner liability
Pictet and Lombard Odier, two of Switzerland’s oldest private banks, have broken with more than 200 years of history by calling time on their existence as unlimited liability partnerships.
Amazon launches virtual currency
Amazon is launching a virtual currency through which it will subsidise developers joining its service. Amazon said it would give out “tens of millions of dollars” of Amazon Coins to spend on apps and games. Developers will get 70 per cent of the currency spent to convert to dollars.
University cities “best” for business
University cities led by Cambridge came top in a league table assessing Britain’s best places to do business. Oxford and Edinburgh take the second and third places in Santander’s Town and City Index
Kingfisher Airlines “lost £1m a day”
Kingfisher Airlines lost £1 million a day in the final three months of last year, a period during which none of its aircraft made a commercial flight. The carrier founded in 2005 has never made a profit.
The Daily Telegraph
Compensation to 6,000 dead savers
More than 370,000 policyholders who had their pensions wiped out by the collapse of Equitable Life have been paid partial compensation, but 6,000 payments went to estates of those who died waiting for it.
HMRC charge taxpayers twice
Up to a thousand taxpayers paying online through the BillPay system, managed by Santander Corporate Banking were charged more than once for their tax bill last week due to a system failure at HMRC.
THE WALL STREET JOURNAL
Lego to lay off 380 in Denmark
Lego said it will lay off hundreds of workers in Denmark in order to move its assembly and packaging activities closer to “core markets.” in the Czech Republic, Hungary and Mexico
Pringles boosts Kellogg sales
Kellogg sales jumped 18 per cent in the fourth quarter, helped by its recent acquisitions of Pringles crisps, growth in Latin America and improving results in North America.