All national and regional UK Business News. http://www.allthepress.com/ Wed, 08 Feb 2012 10:18:33 -0700 http://www.guardian.co.uk/commentisfree/2012/feb/08/solution-to-eurozone-crisis-economy-stupid All The Press UK NEWS: Europe can achieve growth and employment with an industrial policy that encourages investment. We are done with bowing to the financial sectorEurope is debilitated by the effects of two years of desperate crisis management. The prescribed treatment resembles the old practice of bloodletting on ailing patients. Growing debts are paid with more loans, and new loans are made dependent on increasingly severe austerity measures. The results are a greater risk of recession, higher interest rates on refinancing loans, and the need for runaway financial aid to the southern eurozone countries. Greece is a dramatic portent of the direction things could take. Record-breaking unemployment of over 22% in Spain and record interest rates on Portuguese bonds show that the crisis fever is far from abating. Portugal, Spain and even Italy have still not managed to extricate themselves from the downward spiral of recession and debt. It is a vicious circle that increases the risk of a split in the eurozone – something that would have been unthinkable in 2009.It has taken two years of futile efforts for governments to finally start talking about growth and employment as European aims again. This change in attitude is prompted by shock. The credit-rating downgrades for France, eight other eurozone countries and the European Financial Stability Facility bailout fund at the start of the year all show that the capital markets are predicting a downward spiral. It was particularly insightful to see how Standard & Poor's justified the downgrades: "We believe that a reform process based on a pillar of fiscal austerity alone risks becoming self-defeating, as domestic demand falls in line with consumers' rising concerns about job security and disposable incomes, eroding national tax revenues."We need to set a new course now and implement a far more consistent and precise strategy. First and most importantly: the current situation requires us to create the right conditions to ensure private capital flows into the real economies of crisis countries. For this to happen, there needs to be a guarantee that these crisis countries and their banks can pay their debts – from a robust European Stability Mechanism, which can provide itself with liquidity from the European Central Bank, and a common debt-reduction pact as suggested by the German Council of Economic Experts. Growth needs private investment, and these investments need security!Secondly, we need to remove any obstacles to investing in Europe and give hope for an upturn in the economy in order to bring back hesitant private investors who have lost confidence. Our most important task is therefore to create a comprehensive European investment programme, which will increase the competitiveness of crisis countries, expand Europe's industrial infrastructure – particularly its energy networks – and promote research and development. In order to ensure that the momentum of change is not lost in excessive red tape, the European Investment Bank must play a central role. A crucial aspect of the project is that it will not be financed by new debts, but by a European financial transaction tax, which could bring in up to €50bn if Europe – or at least the eurozone – is united on the issue. For European solidarity has two meanings and it is time to show we are committed to both.Taxing financial markets, promoting research and development, and mobilising investments: that means learning our lessons from the financial market crisis and changing our focus. "It's the real economy, stupid!" is a call now even heard from Anglo-Saxon nations. For a decade "industrial policy" was one of the most unfashionable terms in politics. But we are now done with bowing to the demands of the financial industry. Germany's strength – the strength that has made us the anchor of Europe – is the result of many years of hard work to maintain and modernise industrial production. It is also the fruit of our refusal to follow the trendy yet mistaken teachings of London and Davos, which accelerated the flywheel of the financial markets by a few rotations each year. We want less subjugation to a system of mere value absorption and more respect for the laborious process of value creation – this demand does not come from Occupy Wall Street, but from the management boards of German industrial companies.We must recognise the larger global challenge that lies beneath the European financial market and debt crisis. China will have overtaken the US in terms of gross domestic product by 2020. Europe's demography is developing towards a smaller working population in an ageing society. Resources are becoming scarcer. If we want to promote new growth, we should focus on the quality of the value we are creating. GDP growth at any cost and quick financial market profits at the price of bad working conditions and a wasted environment is not a solution, as recent news like that of Schlecker's bankruptcy has shown us once again.Europe has the potential to pioneer and supply a sustainable worldwide economy. Achieving this means addressing the major global challenges: keeping healthy well into old age, using energy efficiently and from renewable sources, and ensuring mobility while fossil fuels become scarcer and more expensive. These problems require real solutions. To find them, we need excellent researchers, developers, engineers and specialists. The economy of the future needs an industry of the future. In the global division of labour, Europe's role must be to conceive, develop and provide new products for a sustainable economic model built to ensure the prosperity of almost 9 billion people. That is the current state of the European dream.• The original German version of this column was published by the Frankfurter Allgemeine ZeitungEurozone crisisEuropean UnionEuropean monetary unionEconomicsFinancial crisisFinancial sectorEuroEuropeFrank-Walter Steinmeierguardian.co.uk © 2012 Guardian News and Media Limited or its affiliated companies. All rights reserved. | Use of this content is subject to our Terms & Conditions | More Feeds]]> 8 Feb 2012 | 9:32 am MST http://www.guardian.co.uk/business/nils-pratley-on-finance/2012/feb/08/superdry-rollercoaster-loses-momentum All The Press UK NEWS: It's too early to dismiss SuperGroup as a one-hit wonder – but fashion moves fastThe last three weeks of January, after the sale season mania faded, were a shocker for many high street retailers. Even so, you might have wagered that SuperGroup, after a decent Christmas, would defy the trend.The Superdry brand may soon suffer from overexposure but surely, you might have supposed, there was enough momentum in the business to ride over a few January bumps.It seems not. Like-for-like sales were down about 3% in the final three weeks of last month, a statistic that has ripped an 18% hole in the share price today. Same-store sales were still up 4.4% in the past quarter but the "variable" performance overall means profits for the year are expected to arrive near the bottom of the market's £50m-£54m guess. In other words, it's a mini profits warning to complement last year's warning about warehouse problems.Those punters who had bet it was safe to re-board the Superdry roller-coaster (floated at 500p in March 2010; £18 a year later; 450p last autumn) have had a shock. A good Christmas carried the price back to 700p, but today's reading 580p. Superdry has become a store of surprises.Its founder, Julian Dunkerton, remains cheerful. He points to January discounting by rivals such as Jack Wills and Hollister and says he is more positive about prospects for the next 12 months than he has been for a couple of years. He says an overhaul of the sourcing arrangements will deliver better-quality clothing at higher profit margins and lower prices for shoppers.He may be right, but the real question is whether the Superdry brand, after a couple of sensational years, requires reinvention, rather than a mere freshening-up. It surely does. Even if there were special factors behind January's weak sales, the moment is approaching when Japanese-themed logos lose their power to shift clobber.The world always moves on, as FCUK knows. Burberry, further up the fashion ladder, showed how it can be done – it's hard to spot the checks these days.It's too early to dismiss SuperGroup as a one-hit wonder – it's a more substantial business than that – but fashion moves very fast, and SuperGroup must not be left behind.SuperGroupRetail industryguardian.co.uk © 2012 Guardian News and Media Limited or its affiliated companies. All rights reserved. | Use of this content is subject to our Terms & Conditions | More Feeds]]> 8 Feb 2012 | 9:27 am MST http://uk.news.yahoo.com/tennents-treat-unsigned-bands-162622174.html All The Press UK NEWS: Up and coming Northern Ireland musicians are to get the chance to perform at Tennent's Vital this year.]]> 8 Feb 2012 | 9:26 am MST http://uk.news.yahoo.com/spy-chief-unveils-romanian-government-162124300.html All The Press UK NEWS: Romania's incoming prime minister Mihai Razvan Ungureanu rang the changes at the economy and finance ministries Wednesday when he unveiled his new government.]]> 8 Feb 2012 | 9:21 am MST http://news.google.com/news/url?sa=t&fd=R&usg=AFQjCNETtKKqRkwVK5U-BdacaEHwJy6ZlQ&url=http://www.sharecast.com/cgi-bin/sharecast/story.cgi?story_id%3D19865336 All The Press UK NEWS: The Daily StarMarket overview: Greek meeting underwayShareCastLONDON (SHARECAST) - 1550: Buying has picked up with the meeting between the three Greek party leaders (George Papandreou, Antonis Samaras and George Karatzaferis) now underway. According to the Telegraph, ratings agency Standard & Poor's is to ...FTSE LIVE: Gains dwindle as Greek bailout talks are delayed: Reckitt up on ...This is MoneyBanks boost FTSE as Greek debt deal draws nearReuters UKFTSE 100: Miners drag on blue-chips as traders eye GreeceTelegraph.co.ukBloomberg -Proactive Investors UKall 78 news articles »]]> 8 Feb 2012 | 9:20 am MST http://uk.reuters.com/article/2012/02/08/uk-greece-idUKTRE8120SU20120208?feedType=RSS&feedName=businessNews All The Press UK NEWS: ATHENS (Reuters) - Greek party leaders finally gathered on Wednesday to agree a reform deal in return for a new EU/IMF rescue to avoid a chaotic default, after repeated delays which have prompted warnings that the euro can live without Athens.Related StoriesKBC, Santander near Polish Kredyt Bank deal - sourcesInmarsat has not received bid approaches - sourceHungary faces $3.6 billion airport bill over Malev - governmentBarclays former Russian unit switched to original nameLME says self-clearing arm set for 2014 launch]]> 8 Feb 2012 | 9:16 am MST http://uk.news.yahoo.com/hamas-split-threatens-palestinian-unity-deal-161536956.html All The Press UK NEWS: GAZA (Reuters) - Hamas's Gaza-based leadership challenged on Wednesday a Palestinian reconciliation deal signed by the Islamist group's political chief in exile and President Mahmoud Abbas of the rival Fatah movement. Bringing divisions within Hamas to the surface, the group's "Change and Reform" Gaza parliamentary bloc came out against a key clause in the pact under which Abbas would serve both as president and prime minister of a future Palestinian government. The legislative bloc includes Hamas's top Gaza-based leaders Ismail Haniyeh and Mahmoud al-Zahar. ...]]> 8 Feb 2012 | 9:15 am MST http://www.guardian.co.uk/environment/2012/feb/08/vestas-board-upheaval-chairman All The Press UK NEWS: Vestas Wind Systems chairman and his deputy unveil departure plans just 24 hours after chief financial officer announces exitA massive sweep-out of senior executives at Vestas, the world's biggest maker of wind turbines, was under way on Wednesday, with the chairman and his deputy saying they would not stand for re-election at the forthcoming annual general meeting.The departures of Bent Erik Carlsen and Torsten Erik Rasmussen follow the exit 24 hours earlier of the chief financial officer and deputy chief executive, Henrik Nørremark, which leaves the chief executive, Ditlev Engel, as one of the few board members still standing.The Danish company, which has a research and development base on the Isle of Wight and plans to build a factory at Sheerness in Kent, has record order levels of 9,550MW of turbine capacity, worth almost €10bn (£8.33bn). But it has also just suffered a larger-than-expected net loss in 2011 and warns it may not be profitable in 2012.Vestas has been hit by low-cost competition from China and uncertainty over European subsidy levels but has also continually failed to meet its internal targets with cost overruns and operational failures.Hundreds of jobs have been cut and some factories closed and there have been calls for Engel to resign.The closure of a production plant on the Isle of Wight in 2009 was badly handled, leading to an occupation by British workers and a stream of political criticism.VestasEnergyWind powerRenewable energyGreen jobsGreen economyTerry Macalisterguardian.co.uk © 2012 Guardian News and Media Limited or its affiliated companies. All rights reserved. | Use of this content is subject to our Terms & Conditions | More Feeds]]> 8 Feb 2012 | 9:10 am MST http://uk.reuters.com/article/2012/02/08/uk-markets-britain-stocks-idUKTRE8170D520120208?feedType=RSS&feedName=businessNews All The Press UK NEWS: LONDON (Reuters) - The top shares nosed higher on Wednesday, helped by a boost for banks from bullish analysts and investor optimism that a Greek debt deal was close.Related StoriesKBC, Santander near Polish Kredyt Bank deal - sourcesInmarsat has not received bid approaches - sourceHungary faces $3.6 billion airport bill over Malev - governmentBarclays former Russian unit switched to original nameLME says self-clearing arm set for 2014 launch]]> 8 Feb 2012 | 9:08 am MST http://uk.news.yahoo.com/permanent-jobs-rise-first-time-4-months-014404716.html All The Press UK NEWS: LONDON (Reuters) - British employers expanded their permanent workforce for the first time in four months in January, a survey of recruitment agencies said on Wednesday, adding to signs that the economy may be improving. The Recruitment and Employment Confederation (REC) said their monthly index of permanent staff placements rose to 51.2 from 48.5, the first reading above the 50 line separating growth from contraction since September. "There are glimmers of hope for the UK jobs market," said REC chief executive Kevin Green. ...]]> 8 Feb 2012 | 9:08 am MST http://uk.news.yahoo.com/legal-chief-could-face-assembly-160817304.html All The Press UK NEWS: Attorney General John Larkin could field questions in the Assembly about public prosecutions under proposals being considered by the Executive.]]> 8 Feb 2012 | 9:08 am MST http://uk.news.yahoo.com/killer-bug-found-more-baby-units-160817593.html All The Press UK NEWS: Traces of a deadly infection which killed four babies in hospitals in Northern Ireland have been found in three more neonatal units.]]> 8 Feb 2012 | 9:08 am MST http://news.google.com/news/url?sa=t&fd=R&usg=AFQjCNE0r2s_UaqVodt_Q9KtFyPQHhALnQ&url=http://www.telegraph.co.uk/finance/economics/9069135/Bank-of-England-poised-to-restart-QE-stimulus.html All The Press UK NEWS: Telegraph.co.ukBank of England poised to restart QE stimulusTelegraph.co.ukBank of England policy-makers will attempt to inject life into Britain's ailing economy on Thursday by announcing additional stimulus through quantitative easing, economists predict. Economists expect the Bank of England to raise QE to £325bn and leave ...Money Panel Predicts BoE Cash InjectionSky NewsBank of England expected to boost QE by £50bnLondon Loves BusinessBank set to add £50bn economy boostshropshirestar.comMNI News -Bury Focusall 60 news articles »]]> 8 Feb 2012 | 9:07 am MST http://uk.news.yahoo.com/millions-risk-hunger-south-sudan-u-n-160312400.html All The Press UK NEWS: ROME (Reuters) - Conflict, population displacement and high food prices mean millions of people in South Sudan face hunger this year, two U.N. food agencies said on Wednesday. The number of people with insecure food supplies has risen to 4.7 million in 2012 from 3.3 million in 2011, a report by the Food and Agriculture Organisation (FAO) and World Food Programme (WFP) said. Of those, about one million people are severely food insecure, and that number could double if fighting continues and prices keep rising, the report said. ...]]> 8 Feb 2012 | 9:03 am MST http://news.google.com/news/url?sa=t&fd=R&usg=AFQjCNGB1TP8rVb-6yTHRw9rs9iMu-4NMQ&url=http://www.bbc.co.uk/news/business-16947166 All The Press UK NEWS: Telegraph.co.ukSuperdry scales back profit forecast for the yearBBC NewsThe company behind the Superdry fashion chain has seen its shares fall 17% after it scaled back its profit forecast for the year. Supergroup said that sales in January were disappointing and that profits for the financial year would be at the low end ...FTSE 250 movers: Less than super January for SuperGroupShareCastSuperGroup shares fall as it suffers tough start to 2012This is MoneySuperdry rollercoaster loses some of its momentumThe Guardian (blog)Wall Street Journal -BusinessWeek -Telegraph.co.ukall 29 news articles »]]> 8 Feb 2012 | 9:02 am MST http://feedproxy.google.com/~r/co/SNXo/~3/_ivOhVbY2p0/hire-or-sub-contract-know-difference-and-stay-out-trouble All The Press UK NEWS: There comes a time for many small businesses when a decision has to be made about getting some extra help in.  How you go about doing this is a big decision.  At the very least it’s expensive so you want to get it right. To start on the right foot you need to decide whether you should employ someone or sub-contract the work. A lot of small companies prefer to sub-contract to avoid having someone permanently employed with all the additional expense it involves.  It is also easier to let a sub-contractor go.  So this might be your preferred route and if your sub-contractor is set up as a limited company or invoices you through an umbrella company, then you shouldn’t have any problems.  read more]]> 8 Feb 2012 | 9:01 am MST http://news.google.com/news/url?sa=t&fd=R&usg=AFQjCNF7M1mAklEPwRXIGcsv7Q1CEOaxsg&url=http://www.reuters.com/article/2012/02/08/us-airbus-checks-idUSTRE8171DI20120208 All The Press UK NEWS: The GuardianAirbus A380 wing checks extended to entire fleetReutersBy Tim Hepher and Laurence Frost | KUALA LUMPUR/PARIS (Reuters) - European air safety officials extended checks for Airbus A380 wing cracks to the entire superjumbo fleet on Wednesday and said the widespread defects could pose a safety risk if left ...European agency orders global check on A380 wingsThe Associated PressAirbus A380 Fleet Needs Full Inspection of Wings Amid CracksBusinessWeekQantas Grounds A380 Due to Wing CracksWall Street JournalDaily Mail -BBC News -CNNall 847 news articles »]]> 8 Feb 2012 | 8:50 am MST http://uk.reuters.com/article/2012/02/08/uk-lme-self-clearing-idUKTRE8171D920120208?feedType=RSS&feedName=businessNews All The Press UK NEWS: LONDON (Reuters) - The London Metal Exchange (LME) is on track to launch its own clearing arm by the first quarter of 2014 and will look into financing the project without drawing on members' money, an official at the exchange said on Wednesday.Related StoriesMisys CEO departure cuts chance of rival dealKBC, Santander near Polish Kredyt Bank deal - sourcesInmarsat has not received bid approaches - sourceHungary faces $3.6 billion airport bill over Malev - governmentBarclays former Russian unit switched to original name]]> 8 Feb 2012 | 8:44 am MST http://uk.reuters.com/article/2012/02/08/uk-airbus-checks-idUKTRE8170N420120208?feedType=RSS&feedName=businessNews All The Press UK NEWS: KUALA LUMPUR/PARIS (Reuters) - European air safety officials extended checks for Airbus A380 wing cracks to the entire superjumbo fleet on Wednesday and said the widespread defects could pose a safety risk if left unremedied.Related StoriesKBC, Santander near Polish Kredyt Bank deal - sourcesInmarsat has not received bid approaches - sourceHungary faces $3.6 billion airport bill over Malev - governmentBarclays former Russian unit switched to original nameLME says self-clearing arm set for 2014 launch]]> 8 Feb 2012 | 8:42 am MST http://uk.news.yahoo.com/greece-faces-hour-decision-austerity-rescue-110051453.html All The Press UK NEWS: Greece's coalition leaders on Wednesday arrived at Prime Minister Lucas Papademos' official residence for a final round of talks on radical budget cuts and a debt deal to avert default.]]> 8 Feb 2012 | 8:39 am MST http://uk.news.yahoo.com/thousands-remain-cut-off-deep-freeze-bosnia-153952699.html All The Press UK NEWS: Authorities sent helicopter deliveries of food and medicine to iced-in Bosnian villagers on Wednesday as Europe's 12-day-old killer cold snap tightened its frigid grip on the continent.]]> 8 Feb 2012 | 8:39 am MST http://uk.reuters.com/article/2012/02/08/uk-barclays-expobank-idUKTRE8171CI20120208?feedType=RSS&feedName=businessNews All The Press UK NEWS: MOSCOW (Reuters) - The former Russian retail business of British bank Barclays , which was sold to local banker Igor Kim last year, has switched to its original name of Expobank, the lender said in a statement on Wednesday.Related StoriesMisys CEO departure cuts chance of rival dealKBC, Santander near Polish Kredyt Bank deal - sourcesInmarsat has not received bid approaches - sourceHungary faces $3.6 billion airport bill over Malev - governmentLME says self-clearing arm set for 2014 launch]]> 8 Feb 2012 | 8:34 am MST http://uk.news.yahoo.com/redknapp-not-guilty-tax-evasion-114634498.html All The Press UK NEWS: Harry Redknapp has welcomed an end to his "nightmare" five years after being found not guilty of all charges in his tax evasion trial.]]> 8 Feb 2012 | 8:29 am MST http://uk.news.yahoo.com/hacker-terror-over-extradition-152755851.html All The Press UK NEWS: Computer hacker Gary McKinnon is "unable to control the terror that consumes his every waking moment" as he fights extradition to the US, his mother said.]]> 8 Feb 2012 | 8:27 am MST http://news.google.com/news/url?sa=t&fd=R&usg=AFQjCNGh9viPwpbFWVppxlP6JjwGQX1uAQ&url=http://www.ft.com/cms/s/0/63799340-524c-11e1-a155-00144feabdc0.html All The Press UK NEWS: The GuardianGreek parties edge towards backing bail-out cutsFinancial TimesBy Kerin Hope in Athens and FT reporters Greek political leaders appear to be moving nearer to approving further austerity measures in return for a second €130bn bail-out ahead of a critical meeting on Wednesday with Lucas Papademos, prime minister.Euro Recovers Some GroundWall Street JournalFrustration mounts as Greeks seek elusive bailout dealReutersUS Stocks Advance Amid Greek Debt Negotiations, EarningsBusinessWeekReuters UK -The Associated Press -ABC Newsall 6,345 news articles »]]> 8 Feb 2012 | 8:24 am MST