Public sector’s turn to face squeeze February 17, 2010 THERE is a simple reason why unemployment in Britain, while tragically elevated, has remained under control despite the recession: private sector workers have been on a pay freeze for well over a year. Many have even agreed to pay cuts, a revolutionary embrace of flexibility which has saved countless jobs and demolished the central Keynesian [...]
WHAT THE OTHER PAPERS SAY THIS MORNING February 17, 2010 FINANCIAL TIMES DISEASE SENDS SALMON PRICES LEAPING Salmon prices are jumping after the collapse of the Chilean industry through fish disease caused a sharp decline in global supply. Wholesale prices for Norwegian-produced Atlantic salmon have risen 20.6 per cent since the start of the year , says Statistics Norway. That has extended a year-long rally [...]
Fed cautious over growth February 17, 2010 THE Federal Reserve is slightly more bullish about the state of the US economy, upgrading its prediction for growth for the year from three to 3.2 per cent. The minutes of its January policy meeting, released yesterday, also reveal unemployment is expected to drop in the last quarter of 2010 but only from 9.7 to [...]
$1.5bn Beijing investment fund February 17, 2010 Beijing’s sovereign wealth fund, China Investment, said yesterday it will invest $1.5bn (£950m) in the private equity secondary market. It will set up custom accounts with three of the biggest specialists in buying second-hand buy-out and venture capital fund interests.
Russia set to ban BP from field February 17, 2010 The Kremlin look set to strip BP’s Russian venture of the right to develop a massive Siberian gas field. The Russian environment watchdog said TNK-BP should not be allowed to develop the Kovykta field. Analysts say the move to block BP could further damage Russia’s standing with investors.
Abbey Road may be saved February 17, 2010 The National Trust may step in to save Abbey Road studios after they were put up for sale by EMI. The National Trust said: “It’s not often that the public spontaneously suggests we acquire a building. Abbey Road studios appear to be very dear to the nation’s heart – to the extent that we will [...]
UK Reader’s Digest hit by pension woes February 17, 2010 TREMORS passed through the corporate landscape as Reader’s Digest collapsed under the weight of its pension deficit yesterday, leading experts to warn of a fresh phase of crisis for retirement schemes. The UK arm of the 87-year-old publisher filed for administration two weeks after the Pensions Regulator rejected a plan to plug the £125m hole [...]
Merkel blasts banks for their role in Greek tragedy February 17, 2010 German chancellor Angela Merkel rounded on investment banks yesterday as Goldman Sachs’ alleged complicity in covering up the size of Greece’s deficit came under scrutiny. She said: “It’s a scandal if it turned out that the same banks that brought us to the brink of the abyss helped fake the statistics.” She failed to name [...]
Shares rise as HP results beat expectations February 17, 2010 Hewlett-Packard shares jumped as it posted expectation-beating results yesterday. The figures were based on strong server and personal computer sales and a resurgence in its printing business. The company has raised its full-year outlook. Shares in the US technology company climbed 1.1 per cent in after-hours trading yesterday. For 2010, HP forecast earnings of $4.37 [...]
ING in the red after state aid payments February 17, 2010 DUTCH bancassurance group ING yesterday blamed hefty state aid repayments enforced by the European Commission for pushing it heavily into the red over the fourth quarter, as it unveiled a wide-ranging pay review for its executive staff. ING, which is required to sell or spin off its insurance business by the end of 2013 under [...]