Northern Ireland has highest government spend per head in UK November 21, 2013 Government spending in the UK was about the same in 2012/13 as it was in 2011/12. Out of just under £560bn spent in 2012-13, England accounted for £456bn, Scotland £54bn, Wales £30bn and Northern Ireland £20bn. When it comes to spend per head, Northern Ireland topped the chart at £10,876 – 124 per cent of [...]
Fed on track to get first female chair as Senate Banking Panel votes 14-8 to approve Yellen November 21, 2013 The Senate Banking Panel has voted 14-8 to approve Janet Yellen as Federal Reserve chief. Now the nomination will head to the full Senate. Yellen would be the Fed's first female chair, as the successor to incumbent Ben Bernanke. Obama's Democrats hold 12 of the 22 seats on the panel.
Serco boss steps down after tagging scandal November 21, 2013 One of security company Serco's chiefs, Jeremy Stafford, has decided to step down as chief executive of UK & Europe as the company "has been working hard to refresh its relationship with central government in the UK". Andrew White, chief operating officer of UK & Europe, will take over the role on an interim basis. [...]
US government to exit GM by end of 2013 November 21, 2013 On Thursday, the US government announced that it expected to sell its last shares in General Motors (GM) by the end of the year. The government will sell its remaining 31.1m shares on a gradual basis on the open market. The government has so far recouped $38.4bn (£23.8bn) through selling 70.2m shares. However, it is [...]
US manufacturing orders highest since March November 21, 2013 Conditions in the US manufacturing sector appear to be picking up. Markit's flash estimate purchasing managers' index for manufacturing in November has come in at 54.3, exceeding the 52.4 consensus estimate and October's 51.8. Readings above 50 imply economic expansion.
Upbeat US jobless claims may not last November 21, 2013 US jobless claims fell last week to 323,000, their lowest in two months and below the expected 335,000, from 344,000 the week before (revised from 339,000). Jobless claims refer to the number of people signing up for unemployment benefit for the first time. Continuing jobless claims were at 2.876m, however – higher than the expected [...]
L’Oreal to create “sixth continent” with travel retail division November 21, 2013 L'Oreal has created a new travel retail division to utilise growing markets in areas such as China and Brazil. The world's largest cosmetics company is hoping to tap into a fast-growing middle class, which is increasingly taking the opportunity to travel and purchase luxury products. Chief executive officer Jean-Paul Agon said the travel retail division [...]
What does the Third Plenum mean for China’s growth? November 21, 2013 Last week, China's much-anticipated Third Plenum published a raft of policy reforms. Most notably, plans to loosen China's one child policy, abolish its notorious labour camps, encourage more private investment in state-owned enterprises, push through more rural land reforms, and advance more financial reform by liberalising interest rates and capital accounts. Although the reform package [...]
There’s something else coming along in 2015 that could make the Night Tube redundant November 21, 2013 London's new Night Tube is certainly an exciting prospect for many (maybe less so if you're renting) – but the overdue amendment to the underground's schedule may be outdated pretty soon after it's launched. While the new service will be launched in 2015 – and initially only on a few lines – a disruptive technology [...]
House building rises at fastest rate since 2008 November 21, 2013 The last three months have seen the fastest rate of house building since 2008, according to the Department for Communities and Local Government (DCLG). 32,230 homes were started between July and September of this year. Over the past 12 months, housing starts rose 16 per cent compared to the previous year, from 101,280 to 117,110. [...]