Services see third month of expansion March 5, 2012 THE UK is likely to avoid a new recession according to figures published yesterday, which show a third consecutive month of growth in the services sector. Markit’s purchasing managers’ index (PMI) came in at 53.8 for February – slower than the 56 seen in January, but still firmly above the no-change level of 50. The [...]
Clegg hints the government will ease child benefit plans March 5, 2012 PLANS to remove child benefit from higher-rate taxpayers could be changed to avoid distorting the incentive to work, Deputy Prime Minister Nick Clegg (pictured) said yesterday. Under current plans, families with one parent earning above the £42,475 threshold will lose child benefit. That creates a cliff-edge, where a parent just below the threshold will actually lose [...]
Accountants claim they would support a tax-dodgers’ amnesty March 5, 2012 MOST accountants would support a general tax amnesty, allowing tax dodgers to declare income to the government in exchange for a lower penalty, according to a survey published today by audit, tax and advisory firm Crowe Clark Whitehill. Previous amnesties have allowed UK individuals with bank accounts, trusts or companies in Switzerland to preserve their [...]
BANK’S TUCKER LANDS TOP SECURITIES ROLE March 5, 2012 Paul Tucker, a Bank of England deputy governor, was appointed yesterday to head a global rulemaking body for securities clearing, a sector at the heart of post-financial crisis reform. He replaces the Fed’s William Dudley as chairman of the Committee on Payment and Settlement Systems, made up of central bankers from G20 countries. The committee [...]
US politicians urge action over record petrol prices March 5, 2012 AMERICAN politicians have urged the US futures regulator to crack down on excessive speculation in oil markets as fuel prices hit record highs around the world. The price of petrol has hit a fresh record in the UK, edging up 0.1p to 137.55p, while diesel was flat at 144.66p. In the US, prices have jumped [...]
CITY VIEWS: DO YOU THINK THE CHINESE ECONOMY IS IN TROUBLE? March 5, 2012 NICO BAINS | ERNST AND YOUNG “I don’t think there is anything to worry about. The resources China has and the way it has been operating for the past 25 years will always get it back on top.” PAUL FRENCH | GLOBAL SAGE “I work in commodities and there is no way its economy is [...]
Eurozone slips back towards contraction March 5, 2012 ECONOMIC activity fell in the Eurozone in February, paving the way for a renewed recession across the currency area, new data showed yesterday. However, retail sales expanded slightly in January, particularly in eastern European members of the EU. Services activity fell in February, according to purchasing managers’ index (PMI) data from Markit, countering modest manufacturing [...]
Cash stored at ECB hits a new record March 5, 2012 DEPOSITS of cash stored at the European Central Bank (ECB) have hit a new record of €820.82bn (£683bn) following the Bank’s massive injection of liquidity last week. The new record high will stoke fears that the new long-term money being loaned to banks as an emergency measure is simply being hoarded rather than loaned on [...]
US recovery is looking healthy March 5, 2012 SERVICES activity in the US grew at a 12-month high in February according to figures from the Institute for Supply Management (ISM), published yesterday. The index rose to 57.3 from 56.8, led by increasing new orders and business activity, though employment growth slowed slightly. The expansion represents the 26th consecutive month of services growth, and [...]
Europe urged to keep up reforms March 5, 2012 EUROPEAN governments should use the current period of calm on financial markets to further economic reforms, a top European Central Bank (ECB) official said yesterday. Jose Manuel Gonzalez-Paramo told an audience in Spain that the current stability will not last “if it serves as a pretext for national governments to relax their efforts”. They should [...]
