OECD slashes UK’s economic growth outlook September 6, 2012 THE WORSENING euro crisis has put the brakes on worldwide growth, said the OECD in a global economic analysis out yesterday, as it cut forecasts across the board. UK policymakers will be unhappy with the massive hit to projected UK GDP – the economy is now predicted to shrink 0.7 per cent – well under [...]
Amazon announces new Kindle and 2,000 permanent UK jobs September 6, 2012 AMAZON yesterday unveiled larger Kindle Fire tablets with lower prices as it also revealed plans to create more than 2,000 permanent jobs over the next two years in the UK. The new Kindle, revealed to crowds in Santa Monica, California, is set to challenge Apple’s dominant iPad with lower prices and a trove of digital [...]
Osborne warns Scotland could lose the pound September 6, 2012 GEORGE Osborne last night warned that an English government might not support an independent Scotland in keeping the pound. In a provocative speech to business leaders in Glasgow last night, a defiant chancellor said the lesson of the Eurozone crisis was that it was not possible to have currency union without full political union. “In [...]
Pressure on Barclays to reform September 6, 2012 INCOMING Barclays chairman Sir David Walker faces pressure from a committee of MPs and Lords to explain how he will clean up his bank’s damaged brand at a hearing next week, it was announced yesterday. He will be the first person to face the new Parliamentary Commission on Banking Standards (PCBS), set up to investigate [...]
Lloyds boss says banks need changes to repair reputations September 6, 2012 BRITISH banks can only repair their reputations with radical, long-term changes in the way they operate, Lloyds’ boss Antonio Horta-Osorio told a business audience last night, attacking the “complacent” attitude which took hold before the financial crisis. “Scandal-by-scandal the faith and trust in our industry has been eroded. Why? Because I believe that many banks [...]
Lonmin peace offer rejected by miner union September 6, 2012 THE militant South African Association of Mineworkers and Construction Union (AMCU) yesterday rebuked the peace agreement set out by platinum miner Lonmin. Talks dragged on over a week in Rustenberg in South Africa, and resulted in Lonmin, the incumbent National Union of Mineworkers (NUM) and several other labour groups signing the peace treaty. The world’s [...]
Bank holds again but analysts expect MPC to act in November September 6, 2012 THE BANK of England held tight on both QE and interest rates in its meeting yesterday. Analysts said the Bank was continuing its “wait and see” approach, analysing the effects of the £50bn package of asset purchases that will last through October, and the government’s Funding for Lending scheme, before intervening in the market again [...]
Miliband backs training over hand-outs September 6, 2012 LABOUR leader Ed Miliband yesterday announced plans to boost incomes through better training – while revealing that he has exchanged text messages with Lib Dem business secretary Vince Cable. Miliband said his party would reject large state hand-outs in favour of “predistribution”, a policy he defined as emphasising training over tax credits. This would enable the [...]
Morrisons puts faith in roll out of local stores September 6, 2012 MORRISONS yesterday batted off concerns that it is slipping behind rivals, unveiling plans to roll out convenience stores across London and step up its fresh food offer in a bid to stem declining sales. Britain’s fourth largest supermarket said like-for-like sales, excluding VAT and fuel, fell 0.9 per cent in the first half of the [...]
Dixons wins Olympic boost from TV sales September 6, 2012 DIXONS Retail said this summer’s sporting events helped boost trading at its UK and Irish operations, as Europe’s second largest electricals retailer posted a five per cent rise in first quarter like-for-like sales. Chief executive Sebastian James said customers bought five times as many 55 inch TVs and treble the amount of Smart TVs than [...]
