OECD chief: Recession can be averted November 24, 2011 An economic recession can be avoided in Europe but resources are needed to calm financial markets, the chief economist of the Organisation for Economic Cooperation and Development (OECD) said. In an interview in Italy’s La Stampa daily, Pier Carlo Padoan said next Monday’s OECD forecasts will present lower and very weak growth projections based on [...]
Dixons losses increase November 24, 2011 Dixons posted a wider first-half loss as cash-strapped shoppers cut back on purchases of discretionary goods, but said it was taking market share from rivals faring even worse. The group, home to the Currys and PC World chains in Britain, said it made a loss before tax and one-off items of £25.3m in the 24 [...]
Arcadia profits fall by 38pc November 24, 2011 Arcadia, the Topshop-to-Bhs British retail group owned by billionaire Philip Green, added to the bad news coming from the UK high street, posting a 38 per cent fall in year profit and a further deterioration in recent trading as mild weather deterred winter clothing purchases. The group, which also owns the Topman, Burton, Dorothy Perkins, [...]
Even Germany is feeling the pressure November 24, 2011 WHO will bail-out the bail-outers? That is the grim, almost philosophical, question facing the Eurozone this morning. Germany and its long-suffering taxpayers were meant to be the last chance for the Eurozone, the milch cow that would eventually be forced to step in, cheque book in hand, to prevent a calamitous collapse triggered by the [...]
EURO DEBT CRISIS ENGULFS GERMANY November 23, 2011 EURO PANIC spread to Germany as investors shunned a bund issue yesterday, sending a shudder through debt, stock and currency markets. Contagion hit France too, which was warned by credit rating agency Fitch that it might need more fiscal austerity to keep its triple-A rating. Spanish and Italian bond yields soared to near-unsustainable levels again [...]
Costly air passenger tax is losing UK tourism £1bn a year November 23, 2011 THE UK is losing £1bn in tourism revenue every year as a result of air passenger duty, the Tourism Alliance will reveal today. The finding comes a week after competing airlines formed a rare united front to lobby Westminster to scrap the tax. Passengers have to pay between £24 and £170 in the duty, considerably [...]
Output fall in EU and China November 23, 2011 FACTORY activity across both the Eurozone and China declined in November, according to Markit’s purchasing managers’ indices (PMI) published yesterday. Gloomy figures suggest the Eurozone will suffer a recession across the year-end. Manufacturing PMI was reported at 46.4, down from 47.1 last month, and services activity came in at 47.8, a slightly slower rate of [...]
Even Germany is feeling the pressure November 23, 2011 WHO will bail-out the bail-outers? That is the grim, almost philosophical, question facing the Eurozone this morning. Germany and its long-suffering taxpayers were meant to be the last chance for the Eurozone, the milch cow that would eventually be forced to step in, cheque book in hand, to prevent a calamitous collapse triggered by the [...]
50p tax will lose UK cash November 23, 2011 THE TOP rate of tax drives high earners to leave the UK or use innovative accounting techniques, reducing tax revenues over the coming years and damaging the economy’s performance, a new report from the Centre for economics and business studies (Cebr) warned yesterday. The government will gain around £2.5bn from the 50 per cent tax [...]
WHAT THE OTHER PAPERS SAY THIS MORNING November 23, 2011 FINANCIAL TIMES BOSTOCK IN TALKS TO QUIT M&S FOR ASOS Kate Bostock, the head of Marks and Spencer’s clothing and homewares business, is in advanced talks to take up a senior role at Asos. People familiar with the situation said Bostock was talking to the online fashion retailer about becoming its managing director. Losing Bostock, [...]
