US wholesale prices fall as output falters November 16, 2010 CORE US producer prices recorded their largest fall in more than four years in October and industrial output was flat, underscoring concerns at the Federal Reserve about low inflation amid moderate economic growth. Economists said the data supported the US central bank’s 3 November decision to ease monetary policy further even if the 0.6 per [...]
Investors want clarity on tax and regulation October 17, 2010 AHEAD of this week’s Comprehensive Spending Review, the City of London has published a report looking into the predictability and competitiveness of the UK tax regime and how this impacts upon the financial services industry. The City understands and fully supports the government’s commitment to cutting the fiscal deficit. However, whilst increasing taxes and cutting [...]
Latvia is the Baltic beacon of budget busting November 22, 2010 Ihave spent the past week in Eastern Europe trying to learn something about the right way to impose fiscal austerity. The region throws up some fascinating examples that Dublin could learn from. The most illuminating of my destinations turned out to be Latvia. Much has been written about the Baltic state that delivered the worst [...]
EU says Ireland needs to find consensus on its budget plan October 17, 2010 THE European Union (EU) has warned the Irish government and opposition parties there must be political consensus on budget measures to ensure international markets continue lending to the country next year, according to an Irish newspaper report. An agreement in cross-party talks involving Prime Minister Brian Cowen; the leader of junior coalition partner, the Greens; [...]
EU says Ireland needs to find consensus on its budget plan October 17, 2010 THE European Union (EU) has warned the Irish government and opposition parties there must be political consensus on budget measures to ensure international markets continue lending to the country next year, according to an Irish newspaper report. An agreement in cross-party talks involving Prime Minister Brian Cowen; the leader of junior coalition partner, the Greens; [...]
BEST OF THE BROKERS October 13, 2010 ATKINS Brewin Dolphin has downgraded the design and engineering firm to “reduce” from “hold” with an unchanged target price of 675p, ahead of the government spending review this month. The broker believes that any upside from the firm’s recent acquisition of American peer PBSJ will be offset by spending cuts. Brewin sees scope for a [...]
Osborne’s unlikely pin-up: Mr Brown October 20, 2010 POLITICAL EDITOR GEORGE Osborne has always been a master tactician first and an economist second. Yesterday’s highly political spending review was no different. Chief in his mind was closing down the lines of attacks his opponents might pursue. In that sense, he is not dissimilar to Gordon Brown, his predecessor but one and sworn enemy. [...]
Greece sets a tough Budget October 4, 2010 GREECE will cut its budget deficit to seven per cent of gross domestic product (GDP) and launch a fresh wave of cuts in the public sector it said in its draft budget yesterday. The 2011 budget, aimed at convincing European leaders that it is on track to tackle its deficit crisis, would see the debt [...]
Big businesses hit by a carbon stealth tax October 20, 2010 GREEN energy campaigners were horrified yesterday as the government quietly introduced a shock £1bn stealth tax on firms’ carbon emissions. Amid a spending review which was generally positive for the cleantech industry, the coalition said it would scrap plans to “recycle” contributions to the Carbon Reduction Commitment (CRC) energy efficiency scheme back to the organisations [...]
Germany’s Hypo Real Estate puts €173bn of assets into a bad bank October 3, 2010 GERMANY’S Hypo Real Estate completed its transfer of non-strategic and risky assets to a “bad bank” as the nationalised lender restructures in the wake of the financial crisis. Hypo Real Estate (HRE) transferred loans and securities worth a nominal €173bn (£150.8bn) to a work-out institution called FMS Wertmanagement, HRE said in a statement yesterday, adding [...]