Scottish pound plan slammed as irresponsible November 26, 2013 ALISTAIR Darling has accused Scottish first minister Alex Salmond of being grossly irresponsible, after Salmond announced that an independent Scotland would keep the pound or refuse to shoulder its share of the UK debt burden. The leader of the Scottish National Party (SNP) launched his vision for independence yesterday, claiming Scotland would remain in the [...]
Portugal passes 2014 budget as protesters rail against austerity November 26, 2013 PORTUGAL’S parliament passed the country’s 2014 budget yesterday, the last under its three-year EU/IMF bailout, but its approval is likely to trigger court challenges that could disrupt the country’s exit from the bailout programme. Several thousand unionists and pensioners converged in front of the building to protest the budget’s public-sector wage and pension cuts, which [...]
Unemployment down in Ireland November 26, 2013 IRISH unemployment shrank at its fastest pace in four years in the third quarter, falling below 13 per cent for the first time since the property bust and boosting the government just as it completes its EU-IMF bailout. The seasonally adjusted unemployment rate, widely seen as one of the most important measures of the economy, [...]
Germany plan for road tax November 26, 2013 GERMAN parties negotiating a coalition deal have overcome one of the most divisive issues in the talks, agreeing to a demand by Chancellor Angela Merkel’s Bavarian allies to introduce a motorway toll for foreign-registered cars. The toll was vigorously opposed by the centre-left Social Democrats (SPD) and Merkel herself ruled out introducing it during a [...]
China slowdown hits luxury firms Boss and Remy November 26, 2013 LUXURY brands revised down their profit forecasts yesterday as growth in key Chinese markets continued to slow, dragging shares lower. Shares in Remy Cointreau dropped 11.6 per cent after the French spirits group warned of a double-digit decline in full-year operating profit because of a slowdown in China, while subdued demand in the country also hit [...]
Barnes & Noble revenue drops as Nook loses e-reader battle November 26, 2013 BARNES & Noble, the largest US bookstore chain, reported an eight per cent drop in quarterly revenue yesterday as sales fell across all its businesses, including its stores and Nook e-readers and e-books. Barnes & Noble shares fell as much as six per cent, with the sliding revenue highlighting again the bookseller’s battle with giant [...]
Tiffany bucks the trend as it raises outlook on high demand November 26, 2013 TIFFANY & Co swam against the tide for luxury firms yesterday as it reported a higher quarterly profit. Stronger-than-expected sales in Asia mitigated continued softness in the US, and the jeweller again raised its full-year earnings forecast. Global sales rose seven per cent to $911.5m (£562.3m) in the third quarter ended 31 October, well above [...]
De La Rue profit is lifted by cost cutting success November 26, 2013 BANK note printer De La Rue increased its profits in the six months to September, the firm reported yesterday, as it successfully slashed costs. Revenues fell five per cent in the year to £234m as print volumes dropped 10 per cent. The currency unit defied the trend, with revenues up four per cent to £145.4m. [...]
Brand Index: Britain needs more than visa changes to woo Chinese November 26, 2013 LAST year Chinese tourists heading to France outnumbered those visiting Britain by more than five-to-one. Many furious business leaders blamed Britain’s “outdated” and overly restrictive visa system for giving our neighbours across the Channel the edge in attracting this increasingly important consumer group. However, new research from YouGov China reveals that, while travel visas may [...]
SEI Investments fined £900,000 for failing to protect client funds November 26, 2013 INVESTMENT manager SEI was fined £900,000 by the Financial Conduct Authority yesterday for failing to protect client money properly. The City watchdog found that from November 2007 to October 2012, SEI repeatedly failed to perform its internal reconciliations, failed on several occasions to ensure any shortfall or excess identified was covered by the end of [...]
