15 million saving nothing for their old age pensions September 13, 2011 ONE THIRD of UK workers do not have a private or company pension, according to data from Prudential out today. The lack of pension plans means they are missing out on £15,000 of tax relief over their working lives, or an average of £334 per year. Forty-one per cent of women do not contribute, while [...]
Posen claims QE needed to avoid lasting damage September 13, 2011 MONETARY policy committee (MPC) arch-dove Adam Posen argued the case for further loosening in a speech to businesses in the south west yesterday. Posen (right) pointed to the Bank of England’s forecasts that inflation is about to peak and that the present danger is weak economic growth. “If we do not undertake the stimulative policy [...]
French CPI above expectations September 13, 2011 French consumer prices increased by 0.5 per cent in August and 2.2 per cent over the last year. That is above expectations, raising the possibility of an upward revision of inflation figure for the whole Eurozone. Meanwhile Spanish inflation came in at 0.1 per cent for August and three per cent annually. Inflation in the [...]
US SMEs facing tougher times September 13, 2011 Confidence has fallen for six consecutive months among small businesses in the US, say new statistics from the National Federation of Independent Businesses. The Small Business Optimism Index fell 1.8 points to 88.1. Companies surveyed cite “poor sales” as the most important problem, as increasing numbers of firms reported lowered expectations of future sales; 34 [...]
Brazilian retail sales soaring September 13, 2011 Retail sales in Brazil rose more than expected in July and sped up sharply from June, prompting worries that interest rate cuts could be premature. Retail sales volumes in Brazil jumped 1.4 per cent in July from June, the government announced yesterday, led by home appliance and food sales. Year-on-year, retail sales have jumped 7.1 [...]
PORTUGUESE BAILOUT ON TRACK September 13, 2011 The fiscal reforms of Portuguese Prime Minister Pedro Passos Coelho (above) appear to be on track. The International Monetary Fund completed its first review of the IMF-EU bailout to the troubled country and handed over the second tranche of €4bn. That brings total disbursements under the scheme to €10.4bn. The entire bailout package should eventually [...]
HP extends its £7.1bn bid for Autonomy September 13, 2011 HEWLETT-PACKARD has extended the deadline for its £7.1bn takeover of British software company Autonomy, with analysts predicting the US firm is on course to succeed. HP has extended the deadline for the offer to 3 October after gaining acceptances from shareholders representing 41.6 per cent of shares. The company requires a further 33.4 per cent [...]
Nintendo slides as markets stay unimpressed by 3DS September 13, 2011 NINTENDO’S attempt to rescue its failed 3DS handheld games gadget yesterday failed to dispel market gloom, triggering a share slide and stoking deep worries for an iconic brand desperate to win back users. President Satoru Iwata yesterday introduced what he said was an unprecedented range of games, aimed at attracting everyone from hardcore gamers to [...]
Tube drivers bag £500 bonus for Olympics work September 13, 2011 LONDON Underground train drivers will pocket an extra £500 for working during next summer’s Olympics as the city attempts to get sports fans to stadiums on time. Organisers are relying on the Underground, already overcrowded and with a history of strikes, to ferry spectators to the Olympic venues in the heart of the city and [...]
Philips to find 60 per cent more savings September 13, 2011 DUTCH consumer electronics group Philips announced more cost cutting yesterday, in an effort to counter sagging consumer demand and weak global markets. Philips, which is the world’s largest lighting maker, one of the three biggest makers of hospital equipment and Europe’s biggest consumer electronics producer, has been hit by rising raw material costs, government budget [...]
