Firms: cut red tape to boost jobs October 12, 2011 A CHORUS of business groups and think-tanks yesterday called for a raft of supply side measures to boost the economy and cut unemployment, which rose to 8.1 per cent in August. Youth unemployment in particular shot up to 721,000 — excluding full time students — representing 20 per cent of 16-24 year olds. Regulations under [...]
EU to speed up Basel III rules October 12, 2011 EUROPE’S banks face a race to bring their capital levels up to Basel III standards much sooner than anticipated under a recapitalisation plan laid out by European Commission president José Manuel Barroso yesterday. All of the 90 banks covered by the EU’s stress tests – including the UK’s major lenders – will be included in [...]
When good intentions destroy jobs October 12, 2011 BRITAIN’S unemployment crisis is a national scandal that must urgently be tackled. The two major issues are long-term unemployment (which has been a nightmare for years) and youth unemployment, which has increased substantially. The key problem is that the number of jobs has been falling in recent months while the number of workers keeps on [...]
WHAT THE OTHER PAPERS SAY THIS MORNING October 12, 2011 FINANCIAL TIMES SHAREHOLDER ACTIVISM RISING IN US Activism by prominent shareholders is on the rise in the US, as beaten-down share prices and a renewed focus on streamlining companies give investors an opportunity to push for change at large companies. In the first three quarters of the year, there was a 90 per cent rise [...]
Slovak parties strike deal to pass bailout October 12, 2011 SLOVAKIA’S centre-left opposition party has agreed to back changes to Europe’s bailout fund yesterday in return for early elections, to be held March 2012. The vote on boosting the European Financial Stability Facility (EFSF) will take place today or tomorrow after a debate both on the fund and the early poll. Slovakia, the region’s second poorest [...]
Buffett reveals his $6.9m tax bill October 12, 2011 Billionaire Warren Buffett paid an effective tax rate of 17.4 per cent on his $39.8m income last year, he has disclosed in a letter to a congressman. He was responding to a call to publish his tax return after he wrote last month that the rich are not taxed enough in the US. Tim Huelskamp, [...]
Citi could split EMI for sale October 12, 2011 EMI, the home of Coldplay and Katy Perry, looks increasingly likely to be sold off as two separate businesses – recorded music and song publishing – after final bids came in last week, according to several people familiar with the matter. The music company is reviewing competing offers for EMI Publishing from BMG Music, a [...]
QE3 is still on the table, Fed minutes show October 12, 2011 A CONTROVERSIAL third phase of quantitative easing could still be on the cards in the US, it emerged last night. Two of the Fed’s 10-person committee “said that current conditions and the outlook could justify stronger policy action” than the central bank’s Operation Twist, the minutes to its September meeting revealed. Operation Twist – which [...]
Record sales at Republic despite UK’s retail slump October 12, 2011 REPUBLIC, the private equity owned clothing chain now run by former Asda chief executive Andy Bond, has achieved record sales despite the slump on the high street. The accounts for Republic (Retail) show sales rose 4.5 per cent to £181.19m. Operating profit for the year to 30 January fell 7.3 per cent to £27.27m, however, [...]
Call for taxman to resign over Goldman case October 12, 2011 THE UK’s top tax collector admitted yesterday that he should not have struck a secret deal with Goldman Sachs to forgive a chunk of unpaid tax. David Hartnett was called before a committee of MPs to explain his role in agreeing a deal that saved the bank up to £10m in interest on a tax [...]
