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Cameron Three Years on Yet to Find Growth Recipe: U.K. Credit

Posted by Forexsq 15 days ago (http://www.bloomberg.com)
img Prime Minister David Cameron marks the third anniversary of his coalition government tomorrow and the U.K. economy is only starting to gather momentum.

With two years to go before the next general election, Britain has yet to recover the output lost during the financial crisis, inflation continues to outpace incomes and the government has reduced the budget deficit by less than a third since t

U.K. Industrial Output Rises More Than Forecast on Energy

Posted by Forexsq 16 days ago (http://www.bloomberg.com)
img U.K. industrial production rose more than economists forecast in March as cold weather boosted demand for electricity and gas.

Output increased 0.7 percent from February, when it gained 0.9 percent, the Office for National Statistics said today in London. The median forecast of 31 economists in a Bloomberg News survey was for a gain of 0.2 percent. Electricity and gas surged 2.4 percent, the m

Senators Seek Way to Ease FAA Cuts

Posted by Forexsq 30 days ago (http://online.wsj.com)
img Complaints about air-travel delays in recent days have prompted Democrats in Congress to reconsider their strategy for dealing with across-the-board spending cuts.

This week, the Federal Aviation Administration began furloughing air-traffic controllers to comply with the required cuts, known as the sequester. Airlines and some lawmakers have said the FAA is taking a rigid approach to the cutba

Bird flu eats up Yum profits in China

Posted by Forexsq 31 days ago (http://money.cnn.com)
img The fast-food giant said Wednesday that same-store sales in China dropped 20% in the first quarter, as it continues to grapple with the fallout from a food safety scandal and fears over a new strain of bird flu.

The sharp decrease in sales dragged down net income by 26%, from $458 million in the first quarter of last year to $337 million this year.

The report topped analyst expectations, b

Slow growth hits China factories

Posted by Forexsq 32 days ago (http://money.cnn.com)
img Factory activity in China grew at a slower pace in April, the latest in a series of data points indicating weakness in the world's second largest economy.

Global bank HSBC said its "flash" index of purchasing managers' sentiment fell to 50.5 in April from March's final reading of 51.6. Any reading above 50 signals expansion in the manufacturing sector.

Austerity on Trial With U.S. Versus Europe Amid New Evidence

Posted by Forexsq 33 days ago (http://www.bloomberg.com)
img Global policy makers and economists are staging a retrial of austerity as new evidence arises.

Facing another slowdown in the world economy, the U.S. and International Monetary Fund are pitched against the euro area and U.K. over whether axing budgets and debt is the recipe for recovery or recession. In academia, professors Kenneth Rogoff and Paul Krugman remain at odds.

Tesco Calls End to Space Race as Grocer Banks on Smartphones

Posted by Forexsq 37 days ago (http://www.bloomberg.com)
img Tesco Plc (TSCO) Chief Executive Officer Phil Clarke’s decision to open fewer big supermarkets in the U.K. marks the end of a space race that has defined the country’s largest retailer for the past two decades, leaving online sales as his next frontier for growth.

When Tesco amassed the plots of land to develop stores a decade ago “the smartphone hadn’t been invented and Internet retailing was

Surprise slowdown in China

Posted by Forexsq 40 days ago (http://money.cnn.com)
img China's economy grew at a slower pace to start the year than economists had expected, raising concerns about the speed of recovery in the world's second-biggest economy.

Gross domestic product grew 7.7% over the previous year during the first quarter, the National Bureau of Statistics reported Monday. That's slightly faster than the government's target of 7.5%, but well below the 8% expected b

Obama Aims to Spur New Talks on Budget

Posted by Forexsq 45 days ago (http://online.wsj.com)
img President Barack Obama will attempt to spur new budget negotiations Wednesday, first offering a broad plan he hopes can attract bipartisan interest and later dining with a dozen Republican senators to try and pave the way for talks.

White House officials have said the annual budget proposal would limit tax breaks for wealthier Americans, include targeted spending increases, and restrain the gr

J.C. Penney CEO Ron Johnson to Leave

Posted by Forexsq 46 days ago (http://online.wsj.com)
img J.C. Penney Co. dumped Ron Johnson, the chief executive it poached from Apple Inc. with great fanfare 17 months ago, replacing him midway through a major overhaul of its stores that has produced a disastrous drop in sales.

Penney's board met Monday and agreed to part ways with Mr. Johnson. Sorting out whether to press onward or roll back Mr. Johnson's changes will fall to his predecessor, Myro

Cyprus Bank Bailout Model Has Increasing Numbers of Adherents in EU

Posted by Forexsq 54 days ago (http://www.spiegel.de)
img Should the Cypriot bailout become a model for the future? The mere suggestion sent markets tumbling last week. But increasing numbers of European politicians would like to see bank shareholders and investors bear a greater share of crisis risk. The EU may be changing its strategy. By SPIEGEL Staff Jeroen Dijsselbloem's original game plan was to just keep a low profile. When the 47-year-old Dutch

Cyprus banks to reopen with strict cash limits

Posted by Forexsq 58 days ago (http://money.cnn.com)
img Preparing to open its banks for the first time in nearly two weeks, Cyprus took the unprecedented step Wednesday of setting limits on the movement of cash out of the country to other eurozone states.

For the first time since the euro was launched on Jan 1, 1999, a member country will restrict how much money individuals and companies can take across its borders.

Allianz Buys Turkey’s Yapi Kredi Sigorta for $879 Million

Posted by Forexsq 59 days ago (http://www.bloomberg.com)
img Allianz SE, Europe’s biggest insurer, agreed to buy Yapi Kredi Sigorta AS for 684 million euros ($879 million), expanding its Turkish business to become the nation’s largest non-life insurance provider.

Allianz will purchase 93.9 percent of the firm from Yapi & Kredi Bankasi AS (YKBNK), a Turkish bank part-owned by UniCredit SpA (UCG) of Italy. It will conduct a mandatory share call for the re

How the European Union killed Cyprus in one day

Posted by Forexsq 60 days ago (http://www.marketwatch.com)
img With no other source of aid available and the European Central Bank threatening withdrawal of emergency funding, Cyprus faced default and rapid economic collapse.

After balking at the original, controversial bailout provision that required ordinary depositors to pay a “tax” or “solidarity levy” on Cypriot bank deposits, Cyprus struck an amended deal early Monday with the European Central Bank,

Europe’s Bonus Clampdown Hits Two-Thirds of Fund Managers

Posted by Forexsq 64 days ago (http://www.bloomberg.com)
img The European Parliament’s vote to cap bonuses in the asset-management industry could affect two- thirds of senior fund managers in the U.K., U.S. funds in Europe and hedge funds open to small investors.

Bonuses should not exceed base salaries for managers of mutual funds regulated by the European Union, known as UCITS, European lawmakers in the economic and monetary affairs committee voted yes
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