March 24, 2011 by Kay Murchie Figures today have revealed Ireland’s economy contracted by 1.6% in the October to December period, following a 0.6% growth rate in the previous quarter, according to the Central Statistics Office. The latest figures are a further blow to the former “Celtic Tiger” economy which suffered a prolonged recession and was one of the last euro zone nations to emerge from recession. Ireland’s economy was one of the worst performers in the western world in 2009 and prior to the current downturn, the Irish economy had not experienced a recession since 1983
The hike in dearness allowance of central government employees will be implemented from January this year, the Finance Ministry has said today. “The dearness allowance payable to central government employees shall be enhanced from the existing rate of 45% to 51%with effect from 1 January, 2011,” said a statement issued by the Ministry.
March 24, 2011 by Kay Murchie Statistics New Zealand has today revealed the economy avoided recession after growing by 0.2% in the October to December period.
March 23, 2011 by Elaine Frei Asia-Pacific equities markets were mixed, with more higher than lower, Wednesday, as concerns continued about conditions at the Fukushima Dai-Ichi nuclear power plant in Japan, especially after officials in Tokyo asked parents not to give their infants tap water due to levels of radioactive iodine that could be harmful to small children were found in Tokyo’s water supply. Sentiment was also dented by several aftershocks hit the region, including one at magnitude 6.0. The Nikkei 225 was down 1.65 percent to 9,449.47 in Tokyo, while the Topix index was 0.81 percent lower to 861.1 and the Mothers market dropped 0.84 percent to 450.34
There will be no service tax on cashless health insurance transactions, reports CNBC-TV18 quoting sources from Central Board of Excise and Customs (CBEC). It is learnt that the changes will notified by the board soon. The Finance Minister Pranab Mukherjee in Budget 2011-12 had proposed levying 5% tax on all services provided by private hospitals having at least 25 beds with central air-conditioning facility and also on all diagnostic tests However facing severe criticism, the FM has already exempted healthcare from service tax
March 23, 2011 by Kay Murchie Chancellor George Osborne has delivered his Budget speech today, what he has described as a “Budget for growth”. Firstly, Mr Osborne unveiled a scheme aimed at helping 10,000 first-time buyers purchase new-build flats and houses
March 23, 2011 by Kay Murchie According to Justin Lin, the World Bank’s chief economist, China has the potential to overtake the US and become the world’s largest economy. Mr Lin’s comments come shortly after official data last month revealed China had become the world’s second largest economy – taking over from Japan, which slipped into the third place. At the end of 2010, Japan’s economy was worth $5.474 trillion (£3.414 trillion), while the Chinese economy was worth $5.8 trillion at the end of last year.
March 23, 2011 by Kay Murchie Sainsbury’s, which is the UK’s third largest supermarket chain, toady announced fourth quarter sales missed analysts’ expectations.
March 23, 2011 by Kay Murchie Mexico’s finance minister Ernesto Cordero believes the economy is on target for growth between 4% and 5%.
March 23, 2011 by Kay Murchie The Norwich and Peterborough Building Society (N&P) is to repay £57 million in compensation to customers who were sold its Keydata product. N&P sold Keydata products from 2005 but it was placed into administration in 2009, with 30,000 UK investors facing the loss of £450 million.