Whisky group says minimum pricing illegal March 18, 2012 WHISKY producers have warned the government that plans to place a minimum price on units of alcohol would be illegal under European trade rules. The Scotch Whisky Association (SWA), whose members include Diageo, the Edrington Group and Chivas Brothers, has written a letter to Downing Street stating that the policy would amount to a domestic [...]
UK tops G20 for internet contribution to its GDP March 18, 2012 THE INTERNET industry contributed more to GDP in the UK than in any other G20 nation, accounting for 8.3 per cent – or £121bn – of its gross domestic product in 2010, compared to a G20 average of 4.1 per cent. And a Boston Consulting Group (BCG) report predicts this will rise by almost half [...]
Nigeria tops oil expat pay table March 18, 2012 A typical oil and gas executive in Nigeria earns nearly half a million dollars a year, chalking up the biggest premium for working abroad over salary levels in Britain, research released today showed. A typical senior oil and gas employee in Nigeria will receive a supplementary country premium worth 45 per cent of base pay, [...]
IMF urges fast reforms March 18, 2012 EUROPE’S economies must seize the moment to push through vital economic reforms, and not wait until a renewed crisis forces them to make changes, IMF boss Christine Lagarde said yesterday. She spoke as Greek socialist party PASOK voted for finance minister Evangelos Venizelos as party leader, as it heads towards a general election with a [...]
Euro jobs at risk if crude hits $150 March 18, 2012 SURGING OIL PRICES have the potential to knock the Eurozone further into recession and cost hundreds of thousands of jobs, according to analysis by Ernst & Young. If the price of crude hits $150 (£95) a barrel this year, the consultancy expects to see contraction of one per cent in the Eurozone’s GDP, compared to [...]
Argentina gets support on Falklands March 18, 2012 SOUTH American nations backed Argentina’s claim to oil near the Falkland Islands at the weekend, arguing that British firms are hunting for fuel in the region “unilaterally”. Argentina said last week it would take civil and criminal action against any companies involved in oil exploration off the islands, known as the Malvinas in South America. [...]
Investors call for improved stewardship March 18, 2012 A GROUP of major asset managers including Aviva and BlackRock are calling today for reforms to improve the stewardship of UK companies. The group’s report argues for the development of a framework for equity investors to identify the level of stewardship they plan to undertake, helping asset owners to make better decisions. It also calls [...]
Monti confident on talks March 18, 2012 ITALIAN prime minister Mario Monti faces an arduous task this week to reconcile the demands of unions and employers and draft a labour reform aimed at boosting Italy’s competitiveness and shielding it from the Eurozone debt crisis. With a self-imposed deadline to get a deal by the end of this week the signs are not [...]
Legal sector set to shrink during 2012 March 18, 2012 THE UK’s legal sector is set to contract this year, with up to 3,000 lawyers leaving the profession as revenues remain flat at most firms. According to research by RBS, a further five per cent of fee-earning lawyers need to be stripped out of the market in order for firms to return to levels of [...]
Why the bulls are building a head of steam March 18, 2012 SO it’s another week and the bull market for stocks remains intact. The S&P 500 has breached the 1,400 level for the first time since June 2008, while in Europe equities are at fresh year highs, with Germany’s Dax up over 21 per cent. The FTSE is an underperformer, but still up an acceptable seven [...]
