Business

21
Dec
Obama says 2014 will be 'breakthrough' for US economy

Citing stronger growth figures, US President Barack Obama says 2014 will be a 'breakthrough year' for the US economy. Economic growth in the US was revised upwards to its fastest pace since late 2011 on Friday. The Commerce Department said GDP grew at an annualised rate of 4.1% between July and September, up from an earlier 3.6% estimate. That gave shares a boost and the Dow and S&P 500 indexes closed at records. In his last press conference... [read news]

19
Dec
EU leaders to approve eurozone banking reform deal

  EU leaders are meeting in Brussels to approve a common set of rules for managing the closure of failing eurozone banks in an orderly way. Under a plan agreed by finance ministers a 55bn-euro ($75bn; £46bn) fund will be set up, financed by the banking industry, over 10 years. The deal is aimed at building an EU banking union that should minimise the need for taxpayer-funded bailouts. It could be the biggest centralisation of EU power... [read news]

18
Dec
US Federal Reserve pulls back on stimulus effort

The US Federal Reserve has announced a slowdown in its effort to boost the US economy. The central bank said it planned to scale back its $85bn (£51.8bn) a month bond buying programme by $10bn a month. Stimulus of this kind is designed to lower interest rates and boost economic activity The Fed's governing committee cited stronger job growth as a reason for the decision to begin winding down its programme of bond buying. The announcement... [read news]

16
Dec
PMI surveys raise fears that France may be back in recession

The eurozone's recovery is continuing, a survey of businesses has suggested, but it has also revealed a widening divergence in economic performance between France and Germany. The latest purchasing managers' index (PMI) from Markit rose to 52.1 in December from 51.7 last month. A figure above 50 indicates expansion. The eurozone as a whole has started to grow again after a long recession. But Markit's Chris Williamson said the recovery was... [read news]

14
Dec
Ireland: Is social media turning former Celtic tiger into Celtic cloud?

Remember the Celtic Tiger? It was billed as a dream for Ireland; emigration slowed as tech giants like Apple, Dell and Intel set up manufacturing plants on the outskirts of Dublin. They were attracted by a young, well-educated English-speaking island in the heart of the euro zone. Other foreign firms set up call centers and back office operations, attracted by a corporate tax rate at 10% (now 12.5%). Dublin buzzed and property prices... [read news]

13
Dec
Ireland's tough economic policies to continue, says finance minister

he Irish Republic's exit from its bailout rescue is a "milestone" but not the end of the road, the country's finance minister has said. Michael Noonan told a press conference marking the exit that Ireland's deficit and debt was still far too high. Ireland has become the first eurozone nation to complete the lending deal put in place by a group of international lenders, known as the troika. The country was rescued with an 85bn euro ($117bn... [read news]

12
Dec
Airline profits to hit record in 2014, IATA predicts

Profits for the global airline industry will reach a record $19.7bn (£12bn) in 2014, the International Air Transport Association (IATA) has said. The prediction is an upgrade on IATA's previous forecast of profits of $16.4bn. The Geneva-based trade body said cost cutting, cheaper fuel and rising demand for travel were behind its upgrade. IATA also upgraded its profit estimate for this year to $12.9bn from an earlier estimate of... [read news]

11
Dec
RBS fined $100m by US for Iran sanctions violations

The Royal Bank of Scotland has been fined $100m (£61m, 73m euros) by US regulators for violating US sanctions against Iran, Sudan, Burma, and Cuba. The settlement follows from a 2010 internal investigation by RBS into its historical US dollar payment processes and controls. The violations took place between 2005-09, the US Treasury said. Meanwhile, RBS said it "acknowledges and deeply regrets these failings", in a statement. RBS found... [read news]

10
Dec
Tui Travel hit by one-off costs and weak French sales

Travel company Tui, which owns Thomson and First Choice, has seen profit slip due to weak French sales and a restructuring in its specialist and activity division. Pre-tax profit for the year was £181m, down 10% on a year earlier, while revenue rose 4% to £15.1bn. However, excluding one-off costs, pre-tax profit rose 21%. Chief executive Peter Long said it had been an "outstanding" year. Tui said long term growth was on track. Tui... [read news]

09
Dec
Technology firms seek government surveillance reform

Leading global technology firms have called for "wide-scale changes" to US government surveillance. Eight firms, Google, Apple, Facebook, Twitter, AOL, Microsoft, LinkedIn, and Yahoo, have formed an alliance called Reform Government Surveillance group. The group has written a letter to the US President and Congress arguing that current surveillance practice "undermines the freedom" of people. It comes after recent leaks detailed the... [read news]


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