UK assumes presidency of G8 group

31 December 2012 Last updated at 22:18 ETThe UK is assuming its year-long presidency of the G8 group of nations.The presidency – which rotates through the G8 members – means it will host the annual leaders’ summit and choose the global priorities that are discussed.June’s summit is to be held at Lough Erne, in County Fermanagh, while topics discussed will include tax havens.The G8 is made up countries...

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Egypt’s leader sees currency stabilizing “within days”

CAIRO (Reuters) – Egypt‘s pound fell to a record low on Monday as the president signaled his government would allow it to depreciate slowly for several more days to stop a drain on foreign reserves that has driven the economy into crisis since the fall of Hosni Mubarak.Hit by a new bout of political turmoil in the last month, the pound had weakened to a record low on Sunday at a new dollar auction...

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Death! Sex! How Comic Books Bump Their Sales

In comic book publishing, the decision to kill off a long-running and beloved character may seem, at first glance, like a terribly unwise business move. But when Marvel Comics released its latest issue of Amazing Spider-Man—#700, which ends with Peter Parker, the webbed crusader’s alter ego, getting murdered—the issue began flying off the shelves.“The sales are phenomenal,” says Axel Alonso, the editor...

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Pending home sales hit two-and-half year high in November

WASHINGTON (Reuters) – Contracts to buy previously owned U.S. homes rose in November to their highest level in 2-1/2 years, an industry group said on Friday, further evidence of a strengthening housing market recovery.The National Association of Realtors said its Pending Home Sales Index, based on contracts signed last month, increased 1.7 percent to 106.4 – the highest level since April 2010 when...

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US ‘heading over fiscal cliff’

27 December 2012 Last updated at 11:40 ETPlease turn on JavaScript. Media requires JavaScript to play. “It looks like that’s where we’re headed,” Harry Reid said of the fiscal cliffThe US appears to be heading over the “fiscal cliff”, with prospects dim for a deal to avoid tax rises and spending cuts, the US Senate leader says.Speaking on the Senate floor, Democrat Harry Reid said there did not seem...

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How to Keep New Year’s Resolutions: Make Them in August

Here’s some bad news for those making New Year’s resolutions now: January is the worst month to try to change your life, according to data from StickK, one of several websites designed to help people achieve personal goals. “Everybody wants to make a New Year’s resolution,” says Jordan Goldberg, chief executive of the 18-employee New York company, which see its traffic triple at the start of the year...

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The Jim Cramer of China

When Hu Bin started his blog in early 2008, he was a skinny 22-year-old college dropout with a perpetually skeptical look on his face and little doubt he’d soon be a household name. The previous year the Shanghai Stock Exchange had been flooded by speculators. For a brief period, it was the second-busiest exchange in the world. It was also beginning a dramatic fall ushered in by the global financial...

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Forecasts For 2013 From Around the World

Central Bankers“We face a broader challenge—to defend the market economy amongst so many who suffered during the financial crisis. This was expressed memorably by William McChesney Martin when he spoke to the Economic Club of New York in 1957. He said, ‘Men begin to question whether the merriment was worth the misery, especially when the misery was worse among the millions who had never got in on...

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Alcohol fraud rising, say traders

22 December 2012 Last updated at 20:25 ETBy Emma Forde 5 live InvestigatesUK tax authorities are not doing enough to tackle alcohol duty fraud, claims a leading off-licence chain.Bargain Booze told the BBC that the number of stores telling HM Revenue and Customs that they face illegal competition is rising.Last year HMRC received over 600 reports to its tax hotline relating to alcohol fraud.The Revenue...

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Borrowing grows more than expected

21 December 2012 Last updated at 13:03 ETPlease turn on JavaScript. Media requires JavaScript to play. ONS chief economist Joe Grice: “There are straws in the wind that look promising”The government had to borrow slightly more than expected in November.It borrowed £17.5bn, £1.2bn higher than a year earlier, official figures show. Economists had predicted borrowing would fall slightly to about £16bn.However,...

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Two Reasons Fiscal Cliff Chaos Is Actually Terrific

Immediately after House Speaker John Boehner’s Plan B fell apart Thursday night, Dow futures plummeted and the media freaked out (Huffington Post headline: “END OF THE WORLD“). Boehner and his deputies skulked out of the Capitol, humiliated. His Hail Mary plan to create leverage for Republicans in the fiscal cliff negotiations with Republicans lay in tatters. Soon, his speakership may, too.But Plan...

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Economic impact of Canada retail sales jump seen small

OTTAWA (Reuters) – Canada retail sales in October jumped by a stronger-than-expected 0.7 percent from September to hit a record, but analysts said the figures were less impressive than they seemed and would not do much to boost recent sluggish economic growth.Statistics Canada said on Thursday that retail sales in October reached C$ 39.45 billion ($ 39.85 billion), the third consecutive all-time high....

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Nissan to invest £250m in the UK

19 December 2012 Last updated at 03:43 ETBy Jorn Madslien Business reporter, BBC NewsNissan says it is investing £250m in Sunderland to make a small luxury car, creating “hundreds of jobs” in the UK.“The Sunderland factory is very competitive,” said Nissan’s chief performance officer Colin Dodge.The Infiniti model was penned by Nissan’s design team in London and engineered at its technical centre...

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UK inflation unchanged at 2.7%

18 December 2012 Last updated at 06:17 ETUK consumer prices inflation remained unchanged at 2.7% in November, according to official data.The fastest price rises were seen in the cost of fruit, bread and cereals, as well as in energy bills, the Office for National Statistics (ONS) said.Car fuel and plane ticket prices fell in November from the month before, as did the cost of carpets and beer.Retail...

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£12 bill rise for energy upgrade

17 December 2012 Last updated at 06:49 ETThe energy regulator will permit firms running the UK’s electricity and gas grids to add an average £12 to annual energy bills for the next eight years to pay for upgrades and maintenance.Ofgem said it had cut £7bn from the total cost of work on UK transmission networks planned by energy firms.The biggest of these firms by far – National Grid – said it was...

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Apple’s Stock Falls, Threatens to Break $500

It seems like only yesterday that Apple’s stock was testing the $ 700 mark. Apple (AAPL) broke through that barrier on Sept. 18 and closed a day later at its high for the year of $ 702.10. Since then, it’s been mostly downhill amid worries about growth in China and renewed tablet competition. Apple took a particularly sharp drop on Friday, falling $ 20, or about 4 percent, as of noon on a gloomy report...

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Boeing delivers first new jet to Iraq in decades

BAGHDAD (AP) — The first new Boeing Co. jetliner sold to Iraq in 30 years touched down in Baghdad on Saturday, signaling the country’s determination to rebuild its economy after decades of war and sanctions.Iraq is eager to improve its creaky aviation industry, which lags far behind that of its energy-rich neighbors. Boeing‘s delivery of the twin-aisle 777-200LR plane comes less than two weeks after...

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