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Archive for August, 2016

Debt woes ‘weigh heavily’ on young people, survey finds By Chris Johnston

August 30, 2016

More than a third of young people have debts of almost £3,000 and experience significant concerns about money. A survey of 2,042 people aged 18 to 24 conducted for the Money Advice Trust by YouGov found that they borrowed using credit cards, overdrafts and loans from family and friends. Just over half said they regularly […]

TTIP in further doubt as Hollande questions timing

The TTIP trade deal was dealt another blow on Tuesday as the French president cast doubt on when an agreement would be reached. Francois Hollande said it would not be finalised before Barack Obama left office later this year. Meanwhile, Germany’s economy minister, Sigmar Gabriel, said it had no chance of being agreed before the […]

Apple should repay Ireland 13bn euros, European Commission rules

Ireland should recover up to €13bn (£11bn) from Apple in back taxes, the European Commission has ruled. After a three-year investigation, it has concluded that the US firm’s Irish tax benefits are illegal. The Commission said Ireland enabled the company to pay substantially less than other businesses, in effect paying a corporate tax rate of […]

Hinkley Point C nuclear plant not essential – think tank

August 26, 2016

The Hinkley Point C nuclear power plant is “not essential” for the UK to meet its energy and climate change targets, according to a think tank. The Energy and Climate Intelligence Unit (ECIU) also said opting for “established” approaches instead would save bill payers £1bn a year in total. EDF Energy, which has agreed to […]

Bad weather takes toll on French wine production

French wine production is likely to be 10% lower this year than in 2015 because of frosty weather in spring and a heatwave now, officials say. A production of 42.9m hectolitres (hl) (944m gallons) is forecast for 2016, down from last year’s 47.8m hl. The harvest is expected to be down by about a third […]

Low wages and bills ‘thwart 18-35s’ savings ambitions’

The under-35s are not a spendthrift generation, but are struggling to save owing to daily financial pressures and low wages, a trade body has said. Young adults aged 18 to 35 are often described as the Yolo (you only live once) generation. But the Pensions and Lifetime Savings Association said that label was unfair, claiming […]

UK economic growth driven by shoppers in second quarter

Strong growth in spending by consumers helped to drive the UK economy ahead of the Brexit vote, official figures show. Consumer spending in the April to June period grew by 0.9% from the previous quarter, the fastest pace since 2014. A rise in business investment also helped growth, the Office for National Statistics (ONS) figures […]

Japanese inflation sinks to new low

Japan’s consumer prices dropped for the fifth consecutive month in July, adding to pressure on the government to expand its already massive stimulus programme. The data was worse than estimates had suggested and marked the biggest annual drop in more than three years. The consumer price index, which excludes volatile food prices, fell by 0.5% […]

Post-Brexit property sales remain steady

August 23, 2016

Property buyers went through with sales in July irrespective of any uncertainty in the UK housing market following the Brexit vote, figures suggest. Yet the market is not moving at a pace seen a year ago, with 16,000 fewer homes sold in July compared with the same month in 2015. A total of 104,200 properties […]

Neil Woodford scraps bonus pay at his investment firm

One of the UK’s most respected investors has scrapped bonuses at his firm, arguing that they are “largely ineffective” in boosting performance. The move at Neil Woodford’s fund management business runs counter to conventional wisdom in the City that bonuses are needed to motivate staff. His firm’s 35 staff will get a rise in basic […]

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