Scotland could face spending crisis after vote September 18, 2013 ANALYSIS of Scotland’s prospects suggests that the country may have difficulties maintaining public spending if it votes for independence. According to the Institute for Fiscal Studies, if oil revenues forecasts are correct, an independent Scotland may need £3.4bn in tax rises or spending cuts. Scottish spending per person on social services is 26 per cent [...]
Portugal faces risk of credit downgrade September 18, 2013 STANDARD & Poor’s put Portugal under warning of a possible credit-rating downgrade yesterday. S&P said further constitutional court challenges to measures intended to cut spending and Portugal’s weak economy prompted it to put the country’s BB sovereign foreign currency credit rating on its CreditWatch negative list, meaning it will make a final decision within about [...]
Oracle’s sales meet muted expectations September 18, 2013 ORACLE last night said quarterly software sales and subscriptions grew in line with tempered forecasts, ending two quarters of misses. Oracle said new software sales and internet-based subscriptions rose four per cent to $1.7bn (£1bn) in its first quarter. Overall revenue rose two per cent to $8.37bn. Net profit rose to $2.19bn, or 47 cents [...]
UK productivity at 18-year low compared to G7 September 18, 2013 WORKERS in the UK are producing a significantly lower output per hour than their peers in similar countries, with official calculations published yesterday revealing the widest gap in productivity since 1994. The situation in the UK worsened between 2011 and 2012, the Office for National Statistics (ONS) revealed, in contrast to the average across the [...]
Frozen salaries thawing in 2013 September 18, 2013 FEWER companies are seeing pay freezes in 2013 than during the previous year, according to figures released by Incomes Data Services. Last year, pay freezes accounted for 12 per cent of awards by the end of July but only account for around eight per cent this year. In 2013 so far, pay awards increased by [...]
US real wages shrink again September 18, 2013 US HOUSEHOLD incomes barely grew last year, climbing up to $51,100 (£31,900) on average, after a below-inflation increase of $83 from 2011. According to official statistics released yesterday, this is the fifth year in which median real wages have dropped. The number of Americans in poverty also climbed to 46.5m in 2012, despite a drop [...]
Pound soars on bullish minutes as Bank sticks September 18, 2013 STERLING’S summer surge continued yesterday after minutes of the Bank of England’s latest policy-setting meeting revealed a bullish outlook on the UK economy, with little prospect for further stimulus. The Bank’s nine-man monetary policy committee (MPC) voted unanimously to hold interest rates at 0.5 per cent for the 55th consecutive month in September, with its [...]
Lenders claim Cyprus progress despite rising jobless numbers September 18, 2013 THE EUROPEAN Commission and the International Monetary Fund (IMF) both released reports on Cyprus’ bailout yesterday, suggesting that the country’s programme is on track. But the IMF expects that unemployment in the struggling island economy will rise, from 17 per cent at the end of this year to 19.5 per cent in 2014. The report [...]
Euro builders see slowdown over summer September 18, 2013 ACTIVITY in the Eurozone’s construction industry slowed down in July, rising by only 0.3 per cent after a stronger second quarter. In April, May and June, production in the sector grew by between 0.8 and one per cent per month, adding to the growth that dragged the currency union out of its recession. Construction production [...]
BlackBerry looks to begin layoffs September 18, 2013 CANADIAN smartphone maker BlackBerry could be looking to cut 40 per cent of its staff by the end of the year according to a report yesterday. Sources quoted by the Wall Street Journal said the phone company is looking to begin laying off waves of staff across the board to drastically reduce its 12,700 employee [...]
