Economy doing worse than suspected?
Helen Fowler
Mar 10th 2010
Filed under: Economy, Financial Crisis, News , Taxes, Banking , Election 2010
Could public finances be in even worse shape than already suspected? We already know the economy is in a bad way. Biggest peace-time deficit, banks on verge of collapse, triple A rating under threat etc. Now an influential report says the government underestimates the scale of difficulties. The report claims that additional tax rises or spending cuts of £20bn a year (over and above what we already know about) will be needed within three years. The government is also too optimistic in its economic growth predictions, suggests report author PricewaterhouseCoopers.
FSA publishes Financial Risk Outlook
David Burrows
Mar 10th 2010
Filed under: Economy, Financial Crisis
The Financial Services Authority (FSA) has published its Financial Risk Outlook (FRO) outlining the main risks and issues present in its operating environment, affecting firms, markets and consumers.This year's FRO is divided into four sections:
Macroeconomic background and outlook looks at how fiscal and monetary policy support has limited the scale and duration of the global recession, and the future impact of its removal;
Card fraud down except in my wallet
Chris Wheal
Mar 10th 2010
Filed under: Credit Cards, Banking
New figures from the UK cards Association show that total fraud losses on UK cards fell by 28% between 2008 and 2009 to £440.3m - a decrease of £170m on the previous year's total. I am personally bucking that trend. I have another new credit card. My bank rang me to list some questionable transactions that had nothing to do with me and the old card was cancelled. One of my two cards - personal and business - gets replaced every year as a result of fraud.
BT says no to Net cut-offs
Guy Clapperton
Mar 10th 2010
Filed under: Technology, Creative industries
British Telecom chief exexutive Ian Livingstone has joined others in writing to the Financial Times in protest at proposals to cut people off the Internet if they infringe copyright.They should be fined instead, says the signatories. In this way you get a fund with which you can pay some owed copyrights rather than disenfranchised citizens.
Playstation 3 - tortoise to the Wii?
Guy Clapperton
Mar 10th 2010
Filed under: Technology
It's pretty much received wisdom in the games industry that the Wii is the best selling games console, with Playstation 3 an embarrassing trailer for Sony. This may change: analysts from US firm Strategic Analytics are saying it's going to have more staying power.They're missing a load of points in the Wii's favour, and assuming that there'll be no PS4 for a while, but their projections are impressive. PS3 sales will reach 127 million against a total of 103 million for Wii, they're saying, because it's going to be around a lot longer.
Output figures dampen recovery hopes
Chris Wheal
Mar 10th 2010
Filed under: Economy, Financial Crisis
Production output in January 2010 was 1.5% lower than in January 2009 but manufacturing output rose overall by 0.2% in January 2010 compared to the same month a year ago, showing the first annual increase since March 2008.The latest figures from the Office of National Statistics (ONS) make for mixed reading. Between December and January total production output fell 0.4% and manufacturing output decreased by 0.9%. But the cold weather won't have helped.
Budget date fires election starting gun
Helen Fowler
Mar 10th 2010
Filed under: Markets, Personal Finance, Financial Crisis, Budget 2010, News , Taxes
The Budget will take place on March 24, in what is expected to be the opening battle in the general election. Today's confirmation of the Budget date suggests the government is planning on May 6 for the election. The imminent election means this year's Budget is likely to be more of a balancing act than ever. The Labour government is on a rock (the need to prove it is serious about cutting record levels of public borrowing). It is also close to a hard place (the need to woo the electorate and win votes). Neither aim is particularly compatible with the other.
AAA downgrade risk increases for UK
Adrian Holliday
Mar 10th 2010
Filed under: Debt, Economy, Banking , Election 2010
The Brown government needs to be clearer about its planned austerity measures. If it can't, then a downgrade of its AAA credit rating looms.That's the view of Fitch Ratings. Fitch says that though plenty of other EU countries are getting their debt priorities in ordier, the UK is lagging.
How Floyd found dark side of the net
Helen Fowler
Mar 10th 2010
Filed under: News , Technology, Retail
They were at the forefront of musical innovation for decades. The band that pioneered psychedelic music in the 1960s. They introduced us to rock music in the 1970s. They redefined album cover art.But the era of on-line music is presenting challenges for Pink Floyd, as for many in the industry. The band has taken EMI, its record label since 1967, to court in a dispute over the calculation of royalties for sales over the internet.
Rock losses narrow but bonuses are back
Adrian Holliday
Mar 10th 2010
Filed under: Debt, Economy, Loans, Mortgages, Banking
When you've made a £257m loss is it right to splash out on bonuses? For some, that would be an easy question to answer.Not for Gary Hoffman though, boss of Northern Rock. He's defending the decision to pay out bonuses because he claims Northern Rock is now £500m ahead of government targets put in place to turn the bank around.
Budget 2010: Housing market forecast
Coutts AIG bond row may end in court
Cadbury set fur thanks to gorilla
