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Bal des Conscrits de Besse Em um quarto de casal com vista para o lago, você pode desfrutar de uma vista deslumbrante de um dia, de um sofá-cama, de um sofá-cama e de um simples sofá-cama. ) On yourself retrouve donc le 30 MAI la SALLE POLYVALENTE de BESSE A música sera assur par par Extremusic Disco-mobile and the Buvette sera au rendez-vous videment) On vous annonce que pour une grande partieigni nous on sera en mode dcompression et on sera donc en GRANDE, trs GRANDE FORME. Leia mais 81 marcaram este evento como favorito. Sua jornada começa agora. Recuperar senha. Menu principal O prefeito Bloomberg, de Nova York, está promovendo a cidade para start-ups e usando óculos da Warby Parker A cena nova-iorquina de Nova York está em franca expansão, com o setor criando mais de 10 mil empregos na cidade nos últimos cinco anos . Alguns dizem que o Silicon Alley é um concorrente digno da sua contraparte na costa oeste. Mas o que rapidamente emerge quando se fala com os envolvidos nas start-ups de Nova York é como eles estão focados em resolver problemas cotidianos específicos, em vez de uma abordagem mais ampla de mudança de jogo do Silicon Valley. Tome o nova-iorquino Roger Wu. Ele sabe que nos importamos com as opiniões de nossos amigos. Ele também acredita que nós vamos a diferentes amigos para conselhos diferentes, e que podemos nos beneficiar de integrar isso com as mídias sociais. Ele quer que isso aconteça com o seu ShopMine, que analisa as contas do Pinterest e ajuda os usuários a saberem quais dos seus amigos podem recorrer a recomendações sobre produtos e serviços específicos. Continue lendo a história principal It8217s fácil no Vale para ser pego nesta câmara de eco do que acontece dentro da tecnologia. End Quote David Haber Spark Capital Em 2007, Wu viajou para a área da baía de San Francisco para ver se deveria basear seus sonhos em start-ups lá, mas logo retornou para o leste. Acho que aqui há mais uma mentalidade empresarial, 8221 diz ele, que se opõe à criação de tecnologia por causa dela e então descobre que mercado há.8221 ambições do Silicon Alley Muitos dos novos empresários da Nova York acreditam fortemente que a cidade A diversidade de pessoas e indústrias é um dos seus principais recursos para atrair os melhores talentos e criar novas e bem-sucedidas empresas iniciantes. Em Nova York, há tantas indústrias diferentes que são a indústria 8216it8217, explica 8221 Wu, citando as finanças, moda, publicidade e mídia como alguns exemplos. Ele diz que isso bate com a classe de tecnologia encontrada no Vale do Silício e na área da baía de São Francisco, e significa que as startups da Nova York são mais focadas no consumidor. Wu também acredita que isso significa que o financiamento está mais prontamente disponível para uma gama maior de empreendimentos. Fora do país, meia dúzia de importantes cidades de tecnologia, Nova York foi a única a ver um aumento nos negócios de capital de risco, que aumentaram 32 desde 2007. No futuro, David Haber trabalha na firma de capital de risco Spark Capital. As empresas locais nas quais investiram frequentemente têm um foco específico, como o 1stDibs, um mercado on-line de antiguidades e artigos vintage, e o popular varejista de óculos Warby Parker. A Warby Parker fabrica óculos vintage inspirados na moda, vendendo-os completos com lentes de prescrição para 95 (59), em comparação com os 300 (186) ou superiores, que 8217s frequentemente cobram por um par de óculos. A empresa oferece um serviço em que os consumidores podem escolher cinco copos on-line para serem enviados gratuitamente para casa, antes de escolher um par para comprar. Os clientes também podem carregar suas fotos em seu site e experimentar óculos diferentes dessa maneira. Haber diz que é típico das empresas de Nova York que aproveitam ao máximo as inovações tecnológicas, mas não permitem que elas se tornem seu foco. É fácil para o Vale ficar preso nessa câmara de eco do que está acontecendo dentro da tecnologia, diz ele. Precisando de pessoas para crescer, a New York8217s viu milhares de novas start-ups nos últimos cinco anos. Algumas das start-ups da cidade vêm de uma variedade de experiências não-comerciais ou de negócios e aplicam essas experiências a problemas muito específicos. Jonathan Block passou anos na indústria da música, gerenciando as bandas G Love e o Special Sauce, e os Fun Lovin8217 Criminals. Ele está agora voltando sua atenção para a interrupção do espaço de merchandise de música através de seu empreendimento TheHub. fm. 8220Há um aspecto da indústria da música que nunca mudou ou foi interrompido de maneira útil ou positiva, 8221 Block explica, 8220 Ou seja, especificamente, a venda de mercadorias.8221 O TheHub. fm tem como objetivo tornar a venda e o fornecimento de mercadorias musicais mais eficiente. Block diz que o sistema atual muitas vezes deixa os fãs em longas filas apenas para serem deixados de mãos vazias quando as mercadorias em tamanho e cor acabam. As bandas também perdem dinheiro com essas vendas perdidas. Ele pretende usar a tecnologia móvel para tornar essa transação mais eficiente para ambas as partes. Block está focado em um problema em particular, mas ele acredita que a solução envolve falar com uma ampla gama de potenciais clientes, e o caldeirão da New York8217s oferece a oportunidade perfeita para aprimorar suas idéias. Se você quer crescer nos negócios, precisa estar continuamente encontrando novas pessoas, 8221, diz ele. No entanto, o foco da Nova York em relação a problemas específicos não é adequado a todos. Michael Molesky, nativo de San Francisco Bay Area, passou um ano e meio em Nova York desenvolvendo seu empreendimento Marker, antes de voltar para casa. O serviço online tem como objetivo permitir que os indivíduos compartilhem lugares que eles amam com seus amigos e seguidores. Enquanto ele estava baseado em Nova York, ele viajou para casa com frequência e teve conversas com pessoas em ambos os locais sobre seu projeto. 8220Pessoas em San Francisco realmente viram a visão mais, 8221 ele diz. Os nova-iorquinos tendem a ser muito mais competitivos do que as pessoas do Vale do Silício, eu os considero mais ambiciosos.8221 Ele está cético de que as start-ups estritamente focadas em Nova York possam ter uma profunda influência na sociedade. Em vez disso, diz ele, as mudanças de paradigma exigem a mentalidade do Vale do Silício de pensar grandes pensamentos e atacar grandes problemas, e pessoas que são marginalizadas8221. As empresas que realmente mudaram a maneira como pensamos sobre tecnologia e mídia têm sido consistentemente baseadas aqui na Califórnia, 8221 acrescenta. Líderes da UE se reuniram por dois dias Os líderes da UE concordaram com um roteiro para a integração da zona do euro além do acordo sobre supervisão bancária centralizada, disse a chanceler alemã, Angela Merkel. Datas específicas ainda não foram acordadas para as fases de integração. Mas o presidente da cúpula da União Européia, Herman Van Rompuy, disse que um acordo deve ser alcançado no próximo ano em um esquema de resolução conjunta para liquidação de bancos falidos. O vasto roteiro do senhor deputado Van Rompuy8217 foi o principal tema da cimeira de dois dias em Bruxelas. Falando após as conversações da cúpula, o presidente francês François Hollande disse: "Não há dúvida hoje sobre a integridade da zona do euro. A Europa não pode agora ser surpreendida. Mas, além das reformas bancárias, disse ele, a Europa deve enfrentar os problemas do desemprego e do desemprego". crescimento fraco. O acordo para tornar o Banco Central Europeu (BCE) o principal regulador deve preparar o caminho para a recapitalização direta dos bancos da zona do euro pelo principal fundo de resgate, o Mecanismo Europeu de Estabilidade (MEE) de 500 bilhões de euros (406 bilhões de euros). A Espanha está especialmente ansiosa para conseguir essa ajuda para seus bancos endividados. A recapitalização direta ajudaria a romper o círculo vicioso8221, no qual as dívidas bancárias colocaram um fardo incapacitante nos orçamentos nacionais e levaram a grandes resgates financiados pelo contribuinte. No entanto, a Alemanha insiste que o MEE não deve ser usado para anular as dívidas existentes que oneram a Espanha, a Grécia e a República da Irlanda. Quaisquer empréstimos do MEE serão acompanhados de regras rígidas sobre disciplina orçamental. Prazo de junho Continue lendo a história principal O BCE se encarrega da supervisão bancária até março de 2014.Esquema conjunto para liquidar bancos quebrados, planejado para lançamento em meados de 2014 Sistema de garantia de depósitos conjunta, para evitar corridas bancáriasMain bailout 8211 ESM 8211 ganha poder para recapitalizar bancos, sob condições estritas Mais governança econômica centralizada, incluindo contratos executáveis ​​entre governos e a Comissão da UE Coordenação de metas orçamentárias nacionais Em uma entrevista coletiva de fim de noite, Merkel disse que, se aprovássemos um roteiro para o futuro desenvolvimento da união monetária e conversássemos sobre diferentes aspectos disto que são importantes. 8220 Acima de tudo, era importante definir quando fazemos o quê.8221 Van Rompuy pretende apresentar planos detalhados para uma integração económica mais profunda a tempo da cimeira da UE de junho de 2013. Incluirão contratos celebrados anualmente para competitividade e crescimento entre governos e instituições da UE8221. Está previsto um escrutínio muito mais rigoroso da UE dos orçamentos nacionais, incluindo sanções, se os governos acumularem dívidas insustentáveis. Acordos contratuais sobre coisas como a tributação e a política do mercado de trabalho provavelmente exigirão mudanças nos tratados da UE 8211, de modo que é provável que sejam adiados até depois das eleições europeias em meados de 2014. O Reino Unido, juntamente com a Dinamarca, tem um opt-out formal de aderir ao euro e não fará parte da nova união bancária. Mas a preeminência bancária britânica na Europa significa que ela está tendo um interesse intenso nas negociações. Em uma coletiva de imprensa após a cúpula, o primeiro-ministro do Reino Unido, David Cameron, disse que uma Europa multifacetada, com países indo a velocidades diferentes, não deixou o Reino Unido em uma posição desconfortável. Continue lendo a história principal ECB para atuar como supervisor principal dos bancos da zona do euro e credoresECB para cooperar estreitamente com as autoridades nacionais de supervisãoDevisão direta dos bancos com ativos superiores a 30 bilhões de euros (39 bilhões 24 bilhões) ou com 20 dos supervisores nacionais do PIB nacional para permanecerem responsáveis Outras tarefasNão-países da zona do euro que desejem participar podem fazer acordos de cooperação estreita. Destacou que o Reino Unido estava no coração da tomada de decisões sobre questões importantes como sanções e ampliação da UE, e escreveu as regras do mercado único e se beneficiou de hoje8221. Ele disse que os países da zona do euro estão comprometidos em proteger o euro, mas uma integração mais profunda envolveu grandes questões de soberania. 8220 Pessoalmente, acredito que a Grã-Bretanha nunca se juntou, certamente não enquanto o primeiro-ministro, 8221, disse ele. Referindo-se à resposta de crise da UE8217, ele disse que, na medida em que isso acontece, a União Européia está mudando a 8230, então eu acredito que há oportunidades para outros, como a Grã-Bretanha, fazerem mudanças8221. As novas regras sobre o sistema bancário prudente são consideradas vitais para reforçar o euro, uma vez que as falências bancárias provocaram o crash financeiro. Segundo o acordo que deverá entrar em vigor em março de 2014, os bancos com mais de 30 bilhões de euros (39 bilhões de 24 bilhões) em ativos serão colocados sob a supervisão do BCE. O BCE também seria capaz de intervir com credores e tomadores menores ao primeiro sinal de problema. Falando após a cúpula, Hollande disse que a Europa não estava preparada para a crise financeira, mas que agora tinha uma autoridade de gestão de crise que permitia o retorno da confiança e do crescimento (8221). O acordo sobre um imposto sobre transações financeiras foi, ele disse a repórteres, um bom exemplo de como os países poderiam ser incorporados à integração da zona do euro através de uma cooperação mais estreita, assinando acordos em um estágio posterior. Um país que não faz parte da zona do euro, a Lituânia, aderiu ao grupo adotando um imposto sobre transações financeiras. O aeroporto de Cardiff era de propriedade dos antigos conselhos de Glamorgan por parte de sua história. O governo galês quer comprar o aeroporto de Cardiff de seus atuais proprietários, anunciou o primeiro-ministro Carwyn Jones. Ele disse que um acordo foi alcançado com o proprietário do TBI e vai trabalhar para uma compra nos próximos meses. O aeroporto seria operado comercialmente por um operador independente em nome do governo. Não receberá subsídios e deverá demonstrar um retorno ao contribuinte, 8221, disse Jones. A Plaid Cymru congratulou-se com o anúncio e disse que o aeroporto precisava de ser um 8220shopfront8221 para o País de Gales, mas os liberais democratas estão preocupados com o facto de se tornar um subsídio para fundos públicos. O Sr. Jones disse: 8220 Nos últimos 12 meses, tenho repetidamente enfatizado a importância para o País de Gales de um dinâmico aeroporto de passagem internacional em Cardiff. Continue lendo a história principal Temos que ter certeza de que podemos garantir o futuro do aeroporto internacional de Wales8217. End Quote Primeiro Ministro, Carwyn Jones AM 8220Durante o decorrer do ano, desenvolvemos um relacionamento muito construtivo e positivo com o TCE. Juntos, temos discutido a melhor maneira de desenvolver o aeroporto para posicioná-lo nos desafios futuros. Esse arranjo nos permitiria desenvolver uma abordagem mais coerente ao nosso planejamento nacional de infraestrutura e integrar o aeroporto à nossa estratégia mais ampla de desenvolvimento econômico.8221 Em um comunicado, o aeroporto informou que a opção de vender surgira durante meses de discussões e o governo galês. 8220 podem decidir prosseguir para uma compra8221. Jones disse que o acordo seria cumprido dentro do orçamento do governo galês e não exigiria dinheiro emprestado. Ele se recusou a dizer quanto custaria o acordo, mas fontes do governo de Gales disseram que provavelmente seriam 8220tens de milhões8221. O número de passageiros caiu em mais de 100.000 para 440.000 a partir do primeiro semestre de 2011 para o primeiro semestre de 2012 O primeiro ministro disse que o governo iria definir a direção para o aeroporto8221 depois de tomar posse. Não é nossa função executá-lo fisicamente de um dia para o outro. That8217s algo para um operador comercial, 8221, disse ele. O operador será escolhido por meio de um processo de licitação. Jones disse que o governo trabalharia com a empresa que obtém o contrato para desenvolver e atrair novas rotas. Rotas de longa distância para Dubai e outros lugares no Oriente Médio seriam muito úteis, disse ele, assim como os vôos para a América do Norte. Mas a primeira prioridade era aumentar o fluxo de passageiros usando o aeroporto. 8220 Isso significa mais curto prazo a curto prazo, 8221, disse Jones. Temos que ter certeza de que podemos garantir o futuro do que é o único aeroporto internacional do País de Gales, 8221, disse ele numa entrevista coletiva na sede do governo galês, em Cardiff. Continue lendo a história principal Cardiff precisa ver o desenvolvimento de nosso aeroporto internacional para funcionar corretamente, oferecer uma grande variedade de destinos a preços acessíveis e fazer compras para as pessoas que visitam este país End Quote Leanne Wood AM Leader, Plaid Cymru O primeiro ministro foi fortemente crítico do aeroporto nos últimos meses. Ao fazer isso, ele disse que estava refletindo os muitos e-mails e conversas que tive com membros do público8221. Perguntado se o governo tinha planos semelhantes para outras áreas de transporte, como as ferrovias, Jones disse que o acordo no aeroporto era um 8221. A ministra de Negócios Edwina Hart disse: 8220A mensagem dos líderes empresariais e operadores de turismo em todo o País de Gales é clara, ligações de transporte internacionais são vitais para a nossa prosperidade, e chave para o futuro crescimento econômico.8221 Líder do Plaid Cymru Leanne Wood, que pediu ao governo para tomar uma participação no aeroporto em outubro, disse: 8220Cardiff precisa ver o desenvolvimento do nosso aeroporto internacional para que ele seja executado corretamente, que oferece uma grande variedade de destinos a preços acessíveis e é uma boa shopfront para as pessoas que visitam este país. 8220 O Aeroporto Cardiff, em seu estado atual, não oferece nenhuma dessas coisas.8221 No entanto, ela disse que deve ser dada atenção ao aquecimento global e esperava que os passageiros passassem a usar Cardiff em outros aeroportos, em vez de um aumento geral no número de vôos. O democrata liberal Eluned Parrott questionou se a compra do aeroporto reverteria o declínio no número de passageiros. O tipo de investimento exigido pelo governo galês no último ano não é mais acessível aos contribuintes do que aos negócios privados. Sinto que o aeroporto vai se transformar simplesmente em um poço de dinheiro, sugando fundos públicos em um momento de restrição econômica que não resultará em nenhum retorno óbvio, disse ela. O aeroporto sofreu uma queda no número de passageiros no primeiro semestre do ano, para 440.000 de 558.000 no mesmo período em 2011, o que o aeroporto disse que foi causado principalmente pela decisão da empresa de baixo custo bmibaby para encerrar seus vôos em Cardiff. Em setembro, também registrou uma perda operacional de 319 mil para 2011. O Sr. Jones já havia recorrido ao aeroporto para operar ou melhorar 8221, dizendo que o aeroporto dava uma má impressão do País de Gales e estava ficando atrás de seus rivais. O aeroporto tem uma longa história de propriedade pública. O aeródromo de Rhoose no Vale de Glamorgan foi construído em 1941 e o controle foi transferido do Ministério da Defesa para o antigo conselho do condado de Glamorgan em 1965, e depois para os seus três conselhos sucessores de West, Mid e South Glamorgan nos anos 70. O aeroporto foi privatizado em 1995, com o TBI sendo agora detido principalmente pela empresa espanhola Abertis, com uma participação minoritária detida pela operadora de aeroportos espanhóis AENA. A reputação da Toyota8217 foi prejudicada por uma onda de recalls nos últimos anos. A Toyota foi multada em 17,4m (10.7m) pelo máximo permitido pela lei 8211 dos EUA por levar muito tempo para relatar problemas de segurança às autoridades. É a quarta vez nos últimos três anos que a gigante de automóveis japonesa foi multada nos Estados Unidos, depois de pagar quase 50 milhões no total em 2010 por causa do recall de carros. A última multa é para um recall em junho de cerca de 150.000 veículos. A montadora já recolheu mais de 10 milhões de veículos este ano. No mês passado, a Toyota disse que recuperaria 2,7 milhões de carros em todo o mundo devido a problemas com o volante e o sistema de bombeamento de água. Em 2009 e 2010, a Toyota lembrou cerca de 12 milhões de veículos, prejudicando sua reputação de confiabilidade. 8220828217s crítico para a segurança do público de condução que os fabricantes relatam defeitos de segurança em tempo hábil, 8221 disse David Strickland da National Highway Traffic Safety Administration (NHTSA). O grupo disse que as montadoras foram obrigadas por lei a relatar quaisquer defeitos de segurança dentro de cinco dias depois de descobri-los. Acrescentou que a Toyota concordou em fazer mudanças na garantia de qualidade e rever seus procedimentos de segurança nos EUA como parte do acordo. Ray Tanguay, chefe de qualidade da montadora, disse que a empresa havia concordado em pagar a multa para evitar uma disputa demorada e se concentrar totalmente em nosso compromisso compartilhado com a NHTSA para manter os motoristas seguros. A Toyota espera obter um lucro de quase 10 bilhões para o ano fiscal até o final de março. O hotel Ritz London8217s é de propriedade dos gêmeos Barclay, através de um fundo offshore desde 1995. O hotel Ritz de alta qualidade londrino não pagou qualquer imposto sobre as sociedades nos 17 anos desde que foi tomado pelos gêmeos reclusos de Barclay. O programa BBC8217s Panorama analisou as contas do hotel comprado pelos irmãos em 1995. As contas mostram que o hotel rentável usou uma série de benefícios fiscais para reduzir seu imposto sobre as sociedades a zero. Os irmãos disseram que não administram suas empresas no Reino Unido desde que se aposentaram em Mônaco, há mais de 20 anos. Os esforços do Ritz8217 para reduzir sua conta de impostos são legais, mas levantaram questões em um momento em que outra empresa comprada por Sir David Barclay e Sir Frederick Barclay, Littlewoods, está envolvida em uma batalha legal com o HMRC. Os irmãos também possuem os títulos dos jornais Daily e Sunday Telegraph. A empresa de catálogos Littlewoods, comprada pelos gêmeos em 2002, já ganhou um desconto de IVA mais juros no valor de 472 milhões do HMRC sobre pagamentos que remontam a 1973. Mas a empresa twins8217 foi a tribunal para exigir mais 1 bilhão do governo em juros compostos. . É um caso de teste importante para os contribuintes, porque se a Littlewood ganhar, isso poderia abrir as portas para reclamações no valor de bilhões de libras de outras empresas. Nadine Dorries, parlamentar, disse: 8220. Eles são homens incrivelmente ricos que não pagam impostos britânicos. Eu acho que isso é totalmente aterrador.8221 Os gêmeos disseram que não tiveram nada a ver com o funcionamento das empresas do Reino Unido. 8220Não assistimos a reuniões de escritório, administração ou conselho no Reino Unido desde que saímos do país, 8221, disse Sir David Barclay em um comunicado. Meu irmão e eu não temos poder editorial, político ou econômico no Reino Unido. 8221 Littlewoods, o Ritz e o Telegraph são controlados por trusts offshore. No entanto, os trusts foram criados pelos gêmeos e um dos irmãos participa das reuniões de confiança. Richard Murphy, da Tax Justice Network, disse: 8220Estas reuniões estão ocorrendo em Mônaco, mas não há dúvida de que, sentados bem no meio das reuniões, estão os irmãos Barclay, portanto capazes de exercer o controle dessas empresas.8221 8216Responsável way8217 As empresas britânicas são administradas pelo filho de Sir David8217, Aidan Barclay. Ele disse ao programa que Littlewoods apresentou sua reivindicação de IVA antes que a família assumisse a empresa. 8220Isso representa impostos incorretamente incorridos pelo HMRC e mantidos incorretamente por muitos anos, fatos que HMRC reconhecem e aceitam publicamente, 8221 ele disse. 8220 Os diretores de empresas têm responsabilidades e deveres legais para recuperar e proteger os ativos de suas empresas na perspectiva de cada empresa e de seus diversos stakeholders. Seria um abandono dos seus deveres não prosseguir os reembolsos que são devidamente devidos pelo HMRC.8221 Aidan Barclay disse também que o Ritz não pagou quaisquer dividendos, e os lucros do hotel foram reinvestidos. 8220 Os membros da família Barclay e suas empresas cumprem a lei e pagam os impostos exigidos pela lei do Reino Unido e as leis de outros países relevantes.8221 Em um comunicado, Sir David Barclay disse: 8220 Sempre agimos de maneira responsável em relação à tributação e temos nunca esteve envolvido em nenhum esquema de evasão fiscal. Não somos responsáveis ​​pelos impostos corporativos no Reino Unido e não sabemos qual é o imposto pago no Panorama Ritz.8221: The Tax Haven Twins, BBC One, segunda-feira, 17 de dezembro às 20:30 GMT e depois disponível no Reino Unido através da BBC iPlayer. 17 dezembro 2012 Last updated at 11:49 GMT O programa de investimentos conectará novos geradores eólicos e nucleares à rede e colocarão mais cabos de alta tensão no subsolo, entre outras coisas. O regulador de energia permitirá que empresas que operam as redes de eletricidade e gás da UK8217 adicionem uma média de 12 para contas anuais de energia para os próximos oito anos para pagar por atualizações e manutenção. A Ofgem disse que cortou 7 bilhões do custo total de trabalho nas redes de transmissão do Reino Unido planejadas por empresas de energia. A maior dessas empresas, de longe, 8211 National Grid 8211 disse que estava revendo os planos 8222lm longa e ampla abrangendo 8221. Enquanto isso, um grupo de lobby alertou que mais 300 mil casas enfrentam a pobreza iminente de combustível. Os preços da energia subiram 7 em média este ano, de acordo com o Grupo Consultivo da Pobreza do Combustível, e devem deixar mais famílias pagando mais de 10 de sua renda em aquecimento doméstico, a menos que o governo tome medidas. O anúncio do Ofgem8217 permitirá investimentos totais de 24 bilhões nas redes de energia até 2021. No entanto, um porta-voz da Ofgem disse à BBC que mais da metade do aumento de 12 contas não foi devido a investimento físico na rede, mas foi devido a uma mudança na rede. regras contábeis, o que significaria que as empresas de energia não poderiam mais cobrar impostos sobre o custo de substituição de partes da rede. O anúncio do regulador8217 representa um ligeiro aumento da verba de investimento de 22 bilhões que Ofgem inicialmente propôs em julho de 8211, acrescentando uma média de 11 às contas 8211, que foi atacada pela National Grid por ser insuficiente. Na análise das propostas, encontramos inúmeros erros e julgamentos questionáveis ​​que abordamos em detalhes em nossa resposta, 8221 que a empresa havia dito sobre os planos iniciais em uma carta aberta à Ofgem. Sob a proposta revisada de Ofgem8217s, o aumento médio nas contas anuais entre 2013 e 2021 será igual a 12, começando perto de 8 no início do período, e subindo para 15,10 até o final. Se a National Grid decidir contestar a nova decisão de Ofgem 8217, ela tem até março para encaminhar a questão à Comissão de Concorrência. A National Grid e as empresas de distribuição não cobram diretamente as famílias pelo custo de manutenção da rede, mas o custo é repassado pelos fornecedores de eletricidade e gás. O custo total de transmissão e distribuição compreende cerca de 21 das contas de gás e 10 das contas de eletricidade. Ofgem disse que o aumento nas permissões em comparação com a proposta de julho foi porque o órgão regulador concordou em permitir que as empresas de rede de gás cobrassem mais pelo custo de substituição das redes de gás. Secretário de Energia Ed Davey: 8220Os grandes impulsionadores das contas de energia são os custos de atacado e de rede8221 A National Grid opera as redes nacionais de eletricidade e gás da UK8217, bem como quatro das oito redes regionais de distribuição de gás do país. A rede de eletricidade na Escócia é de propriedade de duas outras empresas 8211 Scottish and Southern e SP Energy Networks. A Ofgem já havia chegado a um acordo com as empresas escocesas em março sobre seus planos de investimento, cujo custo contribuirá com 3,70 do aumento médio de 12 contas, a ser suportado igualmente em todas as residências do Reino Unido. O investimento planejado em todo o Reino Unido está dividido entre 15,5 bilhões de dólares em transmissão e distribuição de eletricidade e 8,7 bilhões em gás. Os investimentos incluirão, entre outras coisas, novos parques eólicos e usinas nucleares na rede de eletricidade para substituir usinas elétricas a carvão tradicionais, e permitirão que mais gás natural liquefeito importado do Catar e de outros lugares seja adicionado à rede de gás como o Norte. Suprimento de gás do mar diminui. Outras melhorias incluirão o funcionamento de novos e alguns cabos de alta tensão existentes no subsolo, particularmente onde afetam áreas de grande beleza natural, e a construção de um novo elo submarino que liga a Escócia à Inglaterra e País de Gales. Os gastos com a rede de gás também financiarão os gastos das empresas de energia na conscientização pública sobre o risco de envenenamento por monóxido de carbono. Nos dois primeiros meses, apenas 4,4 bilhões foram emprestados pelo esquema FLS. Um esquema que visa aumentar os empréstimos para empresas e compradores de imóveis está começando a funcionar, disse o Banco da Inglaterra. O Banco lançou o seu esquema de Financiamento para Empréstimos (FLS) no início de agosto para canalizar até 60 bilhões de dinheiro barato para bancos e sociedades de construção. O objetivo é que esse dinheiro seja emprestado a indivíduos e empresas para ajudar a estimular a economia. O Banco alertou que uma imagem clara não surgirá até o próximo ano, mas disse que as primeiras indicações eram boas. O 8220FLS deve levar a um crédito maior e mais barato na economia real do que o contrário, 8221 disse o Banco em seu último boletim trimestral. Os sinais iniciais têm sido encorajadores: os custos de financiamento do mercado para os bancos do Reino Unido caíram acentuadamente e muitas taxas de empréstimo caíram. Mas, dadas as defasagens habituais do crédito oferecido aos empréstimos que estão sendo feitos, é improvável que a FLS afete materialmente os volumes de empréstimos até 20138221. No início deste mês, o Banco Mundial relatou que, nos primeiros dois meses do esquema, apenas 4,4 bilhões desse dinheiro extra foram absorvidos e apenas seis credores. Analistas dizem que um efeito colateral da FLS tem sido reduzir as taxas de juros oferecidas aos poupadores em suas contas de poupança, para níveis ainda mais baixos do que antes, já que os bancos e as empresas construtoras estão agora sob menor pressão para levantar fundos do público. A FLS é apenas uma das várias iniciativas que o Banco e o governo têm supervisionado em uma série de repetidas tentativas de impulsionar o crescimento da economia desde o início da crise financeira internacional em 2007. A taxa básica do Banco8217 tem, por quase quatro anos, foi mantido em um nível baixo recorde de apenas 0,5. E o Banco tentou bombear 375 bilhões de dinheiro extra para o sistema bancário por meio de sua política de flexibilização quantitativa (QE). 8220 Apesar disso, a produção de 8230 tem sido bastante reduzida nos últimos dois anos, informou o boletim Bank8217s. Enquanto isso, as pequenas empresas estão exibindo um otimismo cauteloso8221 em direção a 2013, de acordo com uma pesquisa da Federação de Pequenas Empresas (FSB, na sigla em inglês). Seu último Índice de Pequenas Empresas, que mede a confiança no setor, registrou uma pontuação de -5,6 para o quarto trimestre de outubro a dezembro. Enquanto isso significa que uma pequena maioria das empresas continua pessimista, é muito melhor leitura do que a pontuação de -24,5 para o mesmo período do ano passado. Mike Cherry, do FSB, disse à BBC que o esquema de empréstimos do Bank8217 estava começando a surtir efeito. 8220O custo do empréstimo está começando a cair ligeiramente, então há algum sinal de que a FLS está tendo um impacto, 8221 disse ele. 8220 Houve um aumento no número de empréstimos que foram aprovados imediatamente, 8221 A Apple e a Samsung estiveram envolvidas em batalhas judiciais em vários países Um juiz dos EUA rejeitou o apelo da Apple8217 para proibir as vendas de smartphones Samsung8217s que violam suas patentes . A Apple havia solicitado a proibição depois que um júri decidiu no começo do ano que alguns produtos da Samsung haviam infringido as patentes da Apple8217. A Samsung também foi condenada a pagar 1,05 bilhão de dólares por danos, decisão que a empresa sul-coreana desafiou desde então. No entanto, o juiz disse que não há provas suficientes de que as patentes infringidas prejudicaram as vendas da Apple nos EUA. Os telefones em questão neste caso contêm uma ampla gama de recursos, dos quais apenas uma pequena fração é coberta pelas patentes da Apple8217, disse a juíza distrital 8221, Lucy Koh. Embora a Apple tenha algum interesse em reter certos recursos como exclusivos da Apple, não se segue que produtos inteiros devem ser banidos para sempre do mercado porque incorporam, entre suas inúmeras características, algumas funções protegidas limitadas.8221 Desde que ganhou 1,05 bilhão de danos Em agosto deste ano, a Apple sofreu reveses em seus vários confrontos legais com rivais. Continue lendo a história principal O impulso que a Apple ganhou na esteira do grande julgamento de bilhões de dólares parece estar perdendo o fôlego No mês passado, a Apple foi convidada a divulgar os detalhes de seu acordo de compartilhamento de patentes. com HTC para Samsung. Também perdeu um recurso contra uma decisão do Reino Unido de que a Samsung não havia violado seus direitos de design. A empresa de tecnologia norte-americana também foi convidada pela Suprema Corte do Reino Unido a publicar uma declaração em seu site admitindo que a Samsung não havia violado seus projetos. Enquanto isso, as proibições de vendas procuradas pela Apple contra o Samsung Galaxy Nexus e o Samsung Galaxy Tab 10.1 nos Estados Unidos também foram levantadas em outubro. Em novembro, um juiz dos EUA negou provimento ao processo movido pela Apple, alegando que a unidade Motorola, do Google8217, estava buscando pagamentos excessivos de royalties por patentes. O impulso que a Apple ganhou na esteira do julgamento do grande bilhão de dólares parece estar perdendo a força, disse Manoj Menon, diretor-gerente da empresa de consultoria Frost amp Sullivan, à BBC. Parece que a Apple achará cada vez mais difícil convencer os tribunais de todo o mundo de que ela foi prejudicada por alegadas violações de patentes.8221 O mercado de smartphones teve um enorme crescimento nos últimos anos e a Apple e a Samsung surgiram como dois dos maiores players. no setor. The success of Apple8217s iPhone has been a key driver of its growth, while Samsung has reported record quarterly profits helped by the popularity of its Galaxy range of smartphones. However, as their market share has increased, so has the intensity of their legal battles with each other. The two firms have filed legal cases against each other in more than 10 countries, each accusing the other of violating its patents. However, analysts said that it was time the two companies sat down together and agreed on an amicable solution to their tussles 8211 a move that has also been suggested previously by a judge in the US. Mr Menon of Frost amp Sullivan said that as manufacturers look to develop even more advanced phones, they will eventually need to use technologies, the patents for which may not belong to them. 8220What we are seeing is a convergence of different technologies into one device,8221 he said. He explained that for innovation to continue in the sector it was key that various companies agreed to licensing terms for their patents. Last month, Apple agreed such a deal with Taiwanese phone-maker HTC as it signed a 10-year licence agreement that ended their legal battle over patents. Business Reporter, BBC News Shinzo Abe has pledged to help revive growth in the Japanese economy The Japanese like to remind each other that a hasty commitment or promise should not be trusted. It is a message that Shinzo Abe, the man set to become the country8217s next prime minister, would do well to remember as he goes about trying to fix Japan8217s fragile economy. Not least because his party won a landslide victory in Sunday8217s election on a platform of promises that voters seem to have taken to heart. After decades of stagnating growth during which time Japan was overtaken by China as Asia8217s biggest economy and the world8217s second largest, Mr Abe8217s vow to spend whatever was needed to get the country going again proved decisive. But even before he is sworn in later this month, questions are being asked about whether he will be able to meet some of the targets he has set. One of the those targets is an inflation rate as high as 3. Continue reading the main story He Mr Abe is not fully aware of what he has said and what the implications could be End Quote Yuuki Sakurai Fukoku Capital Management Although this may sound reasonable to many nations in the region, which are facing much higher rates of consumer price growth, it is a very different picture in Japan. The country has been battling deflation, or falling prices, for the best part of a decade. It has been a key brake on Japan8217s efforts to spur domestic demand as consumers tend to put off purchases in hope of getting a cheaper and better deal later on. For its part, the Bank of Japan (BOJ) has set previously a target of a 1 rate of inflation, but it has said it may only be able to achieve that in the 2014-15 financial year. Mr Abe has suggested that the central bank should print an 8220unlimited8221 amount of yen as a measure to help fight falling prices. The idea is that with more money sloshing about the system, everyone should more have cash in their pocket and be happier to spend. However, analysts say that while Japan needs consumer price growth and such a move by the central bank may help achieve it, a sudden jump in inflation may hurt the country. 8220If you have 3 inflation rate, businesses will have to keep pace in terms of wage growth,8221 said Yuuki Sakurai, chief executive of Fukoku Capital Management. He added that if businesses, especially manufacturers, had to increase wages it could hurt their competitiveness at a time when they have already been losing ground to regional competitors. Mr Abe 8220is not fully aware of what he has said and what the implications could be8221, Mr Sakurai added. Mr Abe has also promised to implement policies to weaken the yen 8211 an issue that has been at the heart of Japan8217s economic problems in recent times and something his plan for spending could also help tackle. Between April 2011 and November 2012, the yen rose by 6 against the US dollar. It has proved a headache for policymakers who have tried to weaken it. This is because a strong yen makes Japanese exports more expensive for foreign buyers, and also cuts the value of exporters8217 foreign profits. However, since Mr Abe promised to stimulate the economy by spending, the yen has fallen almost 6 since November. It hit a 20-month low after the exit polls indicated a win for Mr Abe. Continue reading the main story While a weak yen is good news for the country8217s exporters, a drastic drop in its value may also bring problems 8211 not least because of the recent jump in imports of energy sources such as oil and natural gas. Japan has been forced to increase energy imports after it shut down all of its nuclear reactors after last year8217s earthquake and tsunami. Though two of the country8217s 50 reactors have since been restarted, it is highly unlikely that any more will be up and running in the near future. Nuclear power accounted for almost one-third of Japan8217s energy supply before the reactors were shut. Japan is now having to meet that shortfall by producing electricity from more traditional fuels such as crude oil and natural gas. A significantly weaker yen would mean power companies having to pay more for imports, and these costs are likely to be passed on to businesses and consumers, which may end up hurting their ability to spend. Analysts said that Mr Abe may find it tricky to manage policies aimed at weakening the yen given that most nuclear reactors in Japan may remain shut for a long time. 8220It will take anywhere between five to 10 years before we seen any change there and the energy costs are likely to keep going up,8221 said Junko Nishioka, chief economist at RBS Securities in Tokyo. BOJ control Continue reading the main story A large amount of Japan8217s debt is indirectly held by Japanese households through the country8217s banks and pension funds and any devaluation in government debt would eventually mean a devaluation in their assets End Quote Martin Schulz Fujitsu Research Institute Another of Mr Abe8217s proposals has been to get the Bank of Japan to take more measures to help revive the economy, including buying government bonds. Mr Abe wants to boost government spending on public-works and infrastructure in an attempt to spur growth, and he had said he wanted the central bank to buy government bonds to help finance the increased spending. However, analysts said it was unlikely that the central bank would buy bonds directly from the government, something which Mr Abe had initially suggested 8211 before toning down his rhetoric. They said that if the central bank started to buy bonds directly it would mean the government could spend as much as it wants. 8220If that happens, Japan8217s public debt will start to get devalued,8221 said Martin Schulz of Fujitsu Research Institute. 8220That would open up a whole new set of problems, including a sharp rise in borrowing costs for the government,8221 he added. Mr Schulz explained that a rise in borrowing costs would mean that Japan would have to issue even more bonds to service the interest on its existing debt and that would create further problems for the government. A devaluation of Japan8217s debt may not also go down well with the public. 8220A large amount of Japan8217s debt is indirectly held by Japanese households through the country8217s banks and pension funds and any devaluation in government debt would eventually mean a devaluation in their assets,8221 said Mr Schulz. If that were to happen, the biggest losers would be the ones who will decide Mr Abe8217s political future in the coming years 8211 the voters. Kuwait is trying to diversify its economy to reduce dependency on oil revenue The security and stability of the six-member states of the Gulf Co-operation Council (GCC) rests on a basic assumption. Their governments, run by royal families, have a social contract with the people that in its simplest terms effectively says: 8220In return for your acquiescence we will provide health, education, water, energy and other services virtually free.8221 But what happens if the governments are no longer able to fulfil their side of the contract What happens if the cost of subsidising all those services becomes too high to be sustainable That question has caught the attention of Jim Krane, a Gulf analyst at the Judge Business School of the University of Cambridge. He was drawn to an astonishing figure about the price of electricity in Kuwait. 8220In 1966, Kuwait dropped its electricity tariff from 27 fils per kWh to 2 fils and it has remained the same ever since. That is about 1 US cent,8221 he told the BBC. In the UK, electricity costs about 12p (0.19) per kWh. In the nearly 50 years since the 2 fils rate was set Kuwait, like the other GCC states, has gone from an impoverished, underdeveloped desert backwater to a high-tech country with sprawling malls, high-rise towers, large homes, fast cars and huge industries built around extracting and refining hydrocarbons. Kuwaitis enjoy one of the highest standards of living in the world. They have excellent health and education facilities. In the midst of a desert, they have an abundance of very cheap water. They live in a constantly air conditioned environment. Continue reading the main story Kuwait has the dubious distinction of having the highest rate of subsidised fossil fuels anywhere in the world End Quote Mark Lewis Deutsche Bank And underpinning this comfortable lifestyle are hugely subsidised energy rates. The GCC states 8211 Saudi Arabia, Kuwait, Bahrain, Oman, Qatar and the United Arab Emirates 8211 have some of the fastest growing populations in the world. An Economist Intelligence Unit (EIU) report says that by 2020 the total population of the Arab Gulf states, including Yemen, is forecast to increase by a third, to 53 million people. The vast majority will be under 25 years of age. Those resident in the GCC will have huge and rising expectations that their governments will struggle to meet. Expectations about jobs and subsidised housing, about free or virtually free services continuing for them and for their children. And in order to meet those expectations, the governments will continue to do what energy analysts say they have been doing for the past several years: cutting back on hydrocarbon exports sold on the global market. A Deutsche Bank report published in February of this year analysed the links between subsidies and domestic demand worldwide noting 8220subsidies have been instrumental in driving a very material increase in domestic demand8221. Increasingly, the royal families are faced with using some of the oil and gas intended for export to fuel the power stations generating the subsidised electricity that helps to underpin the social contract. With prices set so artificially low, consumption has grown by leaps and bounds. There is very little of a conservation mentality in the Gulf states. Kuwait8217s electricity rates are so negligible that people often do not even bother to pay. And there are no repercussions. The state simply picks up the tab. Mark Lewis, the managing director of commodities research at Deutsche Bank, says that all fits a pattern. 8220Where subsidies are high, there is a rapid increase in domestic consumption and Kuwait has the dubious distinction of having the highest rate of subsidised fossil fuels anywhere in the world,8221 he told the BBC. Mr Lewis, co-author of the Deutsche Bank report, calls it a 8220vicious circle8221, where ever-rising domestic energy demand driven by huge subsidies means less oil and gas will get to foreign markets. That means less revenue for Gulf governments who have significantly increased social spending to fulfil their end of the social contract. It also means that the cost of balancing Gulf budgets keeps edging closer to the global price for a barrel of oil. Currently, it is estimated that to meet their social contracts GCC countries need to take 80 (49) out of the 110 (68) they are paid for each barrel. Jim Krane has analysed energy policy in the GCC countries. Oil revenues, he notes, are the 8220bedrock8221 of these states. He says the royal families are in a bind. Politically, they do not want to antagonise their people, he adds, so one of their responses to unrest during the Arab Spring was to open the bank vaults and dramatically increase public spending. Salaries, benefits and the number of government jobs rose exponentially. Oman, for example, increased subsidies, salaries and benefits and created 50,000 jobs 8211 most of them in the public sector 8211 at an estimated cost of 2.6bn (1.6bn). But according to Mr Krane this approach is further proof that the Gulf states are 8220cannibalising their economic base and undermining their political structures8221. 8220It is a trap of their own making,8221 he says. Most economists in the Gulf, even those who work for the royal families, do not disagree with such an analysis. Despite that, efforts to curb domestic consumption by reducing subsidies have been patchy at best. Dubai has a split tariff for example, charging expatriates a higher rate than their own citizens. But that is an exception to the rule. Elsewhere efforts to bring tariffs somewhat closer to economic reality have fallen flat. As one Kuwaiti government official told the BBC: 8220Every opportunity so far has been missed. Painful political courage is needed and so far we are not seeing it.8221 Kuwait, of all the Gulf states, has advanced furthest down the road toward democracy. But a fractious and unruly parliament with a strong populist element is unlikely to agree to the downgrading of subsidies, even if the country8217s rulers were to push for it. So what options do the royal families have to meet an energy challenge that is already putting severe stress on the social contract Alternative energy sources, such as solar, are one way forward. But unless new and existing housing and commercial stock are brought to the highest energy-efficiency standards, the GCC states will continue down the unsustainability road. Mike Wood is a consultant with the Kuwait8217s ministry of electricity and water. He says that decades of subsidy, now amounting to over 90 of cost of production have destroyed all consumer incentives to construct and operate buildings efficiently. He told the BBC that more than 10 of Kuwait8217s national oil production was now being directed to domestic use and that figure was predicted to rise to more than 20 by 2030. 8220There is an urgent need, not yet sufficiently supported by organisation and financing mechanisms, to construct new and to retrofit existing stock to be as efficient as possible,8221 he says. The potential savings are more than 50 on new buildings and 25 on existing ones. Alternative supply-side energy measures are less significant, but Kuwait is now pursuing renewable energy sources, particularly solar, with the aim of generating 15 of the country8217s needs by 2030. But time is at a premium. Mr Wood says that increased government spending on benefits to citizens and ongoing development plans are driving the oil price needed to balance the budget ever closer to present market price. He calls the situation 8220worrying and unsustainable.8221 Nuclear power is the other option. Saudi Arabia is actively pursuing it and the UAE will have a nuclear plant coming on stream in 2017. But in Kuwait well-advanced plans for nuclear plants were abruptly shelved after last year8217s disaster in Japan. According to a Kuwaiti source, the government 8220panicked8221. Planners and economists in the Gulf are well aware of the need to come to grips with the subsidy dilemma. But governments are unlikely to move on that front as long as global oil prices remain high, especially as most of them still have huge fiscal reserves they can draw on. Kuwait is in the midst of an intensifying political crisis, with the opposition calling mass protests Ironically, by cutting back on hydrocarbons available for sale on the global market, the Gulf states are helping to ensure that prices stay high. That means crucial decisions can be postponed. At some point though there will be a reckoning. The IMF has said that Kuwait will have exhausted all its savings by 2017, if it keeps on spending money at the current rate. And if oil prices do suffer a sustained drop, then every GCC country with the exception of gas-rich Qatar will find itself either forced to drastically cut subsidies and public spending, or deplete cash reserves to meet its social commitments. Deutsche Bank8217s Mark Lewis says sustained low oil prices 8220could really hurt8221, but that it will probably not happen. Others, Mike Wood among them, argue that a global oil surplus and increases in supply, mainly from Iraq and the US, make a fall in price probable. At least for now high oil prices allow the royal families to play a short game. However, as one analyst put it: 8220They are not looking down the track far enough. The time to talk about sustainability and subsidies is now.8221 And the concern is that if they do not soon start taking a long view, the royal families could soon face uprisings which they have so far largely avoided. The pace of negotiations between John Boehner and Barack Obama has picked up in recent days US President Barack Obama and House of Representatives Speaker John Boehner have met at the White House as talks on avoiding the 8220fiscal cliff8221 gather pace Mr Boehner has signalled he would agree to raising tax rates for those earning more than 1m (620,000) per year. The 45-minute meeting follows face-to-face discussions on Thursday and a phone call between the two on Friday. A deal must be reached by 1 January, or a combination of steep tax rises and sharp spending cuts will take effect. Mr Boehner has reportedly also said he would accept as much as 1tn in new tax revenue over 10 years and would raise the debt ceiling to ensure the government is funded for a year. In exchange, it is reported that he would like the White House to agree to 1tn of spending cuts. 8220Our position has not changed. Any debt limit increase would require cuts and reforms of a greater amount,8221 Boehner spokesman Brendan Buck told the Associated Press. Neither side has released details from Monday8217s meeting. White House Press Secretary Jay Carney acknowledged on Monday that there had been a 8220change in tone, and in some cases, a change in position from different Republicans8221 on the issue of tax increases. Continue reading the main story Under a deal reached last year between President Obama and the Republican-controlled Congress, existing stimulus measures 8211 mostly tax cuts 8211 will expire on 1 January 2013Cuts to defence, education and other government spending will then automatically come into force 8211 the 8220fiscal cliff8221 8211 unless Congress actsThe economy does not have the momentum to absorb the shock from going over the fiscal cliff without going into recessionBut he added: 8220Thus far the president8217s proposal is the only proposal that we have seen that achieves the balance that8217s so necessary.8221 The president8217s proposal to avoid the fiscal cliff had called for 1.6tn in new tax revenue over 10 years. Mr Obama has previously insisted that he will not sign a deal that does not raise tax rates on earnings over 250,000. More recently, the White House has suggested it would agree to a deal that generates less new tax revenue. Many Republicans are philosophically opposed to raising taxes. As the parameters of a possible deal begin to take shape, correspondents say there may now be renewed focus on whether Democrats agree to changes to popular entitlement programmes. Harry Reid, the top Democrat in the Senate, has indicated that it is likely lawmakers will need to return to Washington between Christmas and New Year to vote on a deal to avert the fiscal cliff. 8220We will see if anything changes, but it appears that we8217re going to be coming back the day after Christmas to complete work on the fiscal cliff,8221 Mr Reid said on Monday. Details of a deal Correspondents say about 450bn from Mr Boehner8217s offer of 1tn in new tax revenue would be generated by increasing the tax rate to 39.6 from 35 for income over 1m. The remainder would come from closing loopholes and limiting tax deductions, and by slowing inflation adjustments to tax brackets. IMF chief Christine Lagarde said the fiscal cliff could affect the rest of the world The 1tn in spending cuts that Mr Boehner is said to have asked for are expected to come primarily from healthcare programmes for the elderly, they say. But some Democrats have indicated they are not prepared to consider such changes to major government provisions. Economists have warned that the 8220fiscal cliff8221 would suck about 600bn out of the economy, possibly sending the US, which is experiencing a tepid economic recovery, back into recession. The measures were partly put in place within a 2011 deal to curb the yawning US budget deficit. Along with the tax rises and spending cuts due to take effect on 1 January, extended benefits for the long-term unemployed and a temporary cut to payroll taxes are also scheduled to expire at the end of the year. Business leaders and Ben Bernanke, chairman of the US Federal Reserve, have warned that uncertainty over the fiscal cliff is already having a negative effect on the economy. International observers, including Christine Lagarde, head of the International Monetary Fund, have warned that effects of going over the fiscal cliff would ripple out to the rest of the world. The US government spent billions of dollars to rescue AIG after the 2008 financial crisis The US insurance giant American International Group (AIG), has sold all of its remaining stake in Asian insurer AIA ending a decades long association. The firm sold its remaining 13.7 stake at 30.50 Hong Kong dollars per share, raising HK50bn (6.5bn 4bn). AIG sold most of its stake in AIA after it was rescued by the US government post the 2008 financial crisis. It has sold various other assets as well in an attempt to raise cash to repay the government. The US government spent a total of 182bn rescuing AIG. AIG provides insurance protection to individuals, small firms, municipalities, personal pension plans and major US listed companies. It got into difficulties during the financial crisis as it also insured financial institutions against complex deals going wrong through derivative contracts such as credit default swaps. Credit default swaps are an insurance against companies not paying their debts. By Christine Jeavans BBC News The first snow has fallen and bookmakers have shortened their odds for a white Christmas. So far, so seasonal 8211 but distinctly unusual weather conditions earlier in the year have raised the price of a traditional Christmas dinner. It has been a Goldilocks year for British farmers, with the weather so wet at home that vegetable yields have been crippled, yet so dry in other parts of the world that imported animal feeds have jumped in price. Now the effect is starting to be seen on British supermarket shelves. The latest official inflation figures reveal food prices are rising at 3.9, faster than overall goods and services. So will this year8217s Christmas meal gobble up your seasonal budget For many, this is the highlight of the Christmas table and it is also the single most expensive item. In the run up to Christmas 2011, Britain spent 113.5m on eight million birds, according to retail analysts Kantar Worldpanel. British turkeys are fed on wheat and soya, both of which jumped in price in the middle of 2012, due to the worst droughts for decades in the USA, South America, Russia and Black Sea states. Meanwhile, UK-grown wheat has suffered badly in the wettest summer for 100 years. 8220It8217s tough this year for farmers,8221 observes the National Farmers Union8217s Chris Dickinson, who says feed accounts for 60 of the cost of producing a bird. 8220They can8217t cut back on feed because you don8217t want to compromise quality or bird welfare.8221 With Christmas such an important time for food farmers and retailers, it seems increased production costs are not being fully passed on to the consumer, at least where turkey is concerned. Official inflation figures show that the price of turkey steaks has risen 11 in a year, and research carried out for the BBC by price monitors Mintec found the wholesale price of turkey had gone up by 4. But the supermarket price of whole birds appears to be largely static across the major retailers, with Tesco saying it had set its prices earlier in the year. 8220The fierce competition to secure Christmas spending should shield customers from the full impact of rising costs,8221 says Stephen Robertson, director general of the British Retail Consortium. So much for the turkey, what about the trimmings The nation8217s children may cheer to find their parents scrimping on Brussels sprouts this year. Although the Office for National Statistics does not track the diminutive brassica8217s price throughout the year, research carried out for trade magazine The Grocer found that the price for loose sprouts had jumped from 1.69 per kg last year to 2.10 now 8211 an increase of 24. The wet weather has led to falling yields, according to Matthew Rawson of the Brassica Growers Association, himself a sprout producer. 8220Getting these little green gems of joy onto your plate is going to be a lot harder this year,8221 Mr Rawson says. Sprout farmer Martin Tate on the pressure of the Christmas rush 8220We8217ve had horrible weather to contend with, sprouts were not planted into ideal conditions, and then with waterlogged soil in July and August they didn8217t get the root development. 8220This meant smaller leaves and we had less photosynthesis 8211 they have been growing with the handbrake on.8221 Nevertheless, Mr Rawson insists that despite the low yield, growers will be working around the clock to satisfy the Christmas demand, which makes up a third of annual sprout sales. Supermarkets, meanwhile, have widened the acceptable size range of the vegetable in order to 8220maximize every sprout8221. The price of old potatoes, essential for those fluffy roasties, has shot up by 43 in the last year to 86p per kg, according to official November inflation statistics. Farmers of the humble spud have had a difficult year. An early drought followed by the wettest summer since 1912 have led to poor growing conditions and a tricky harvest. The Potato Council says it is the worst harvest since 1976 with yield down 15, but rising costs as waterlogged ground has made for slow picking. The small harvest has raised the trade price on the open market by 176 when compared with last year, a spokeswoman says, adding that consumers will find smaller potatoes than usual. Lovers of other root vegetables will also have to dig deeper into their pockets this year, with the price of carrots up by 44 since last November. 8220Pigs in blankets8221, sausage-meat stuffing, and maybe a gammon joint on Christmas Eve 8211 pork products have high billing on the Yuletide menu. As with turkeys, the price of pig feed has risen as a result of drought abroad and high rainfall at home. These and other factors have led the National Pig Association to warn of a 8220worldwide bacon shortage8221 in 2013. The UK imports 29,000 tonnes of pork a month and the European Union price has been pushed up to a three-year high as farmers cut their herds ahead of new welfare regulations in January. But so far this year, sausage prices have only risen 2 while back bacon prices have stayed level according to official figures. Richard Longthorp, chairman of the National Pig Association, says rising costs would force some producers out of business, but the knock-on effect would take 10 months to emerge. 8220I wish it wasn8217t the case for the consumer8217s sake, but I think there will be a greater increase in pork price in Christmas 2013 as the shortages feed through,8221 he says. It is one of the little extras that makes Christmas dinner special, but the price of a key ingredient of bread sauce 8211 a white sliced loaf 8211 has already jumped 12 this year and is likely to keep on rising. This year8217s British wheat crop was the poorest since 1977 and the UK is forecast to become a net importer of the grain in 2012-13, the Home-Grown Cereals Authority says. Bakers are already warning that they are facing a 13 increase in the price of flour, some of which will be passed on to the consumer. 8220We have taken a flour increase of 50 a tonne. At the end of the day, the manufacturer can8217t sustain that kind of increase,8221 says the National Association of Master Bakers8217 chairman, Mike Holling. 8220What we are seeing at the moment, even in the supermarkets, is a 400g loaf having to go up by 5p and an 800g can go up by 10p.8221 If all this makes you reach for the booze (up 1.4) then take some cheer: the dried fruit in your Christmas pudding is almost exactly the same price as it was a year ago, tangerine prices are steady and butter has softened in price. Sadly, the price of chocolate coins is not tracked. London Poison Pen, Immortal Technique and Swave Sevah say hip-hop should stay true to its roots, rather than sell out to corporate interests The intimate basement of Juno bar in Shoreditch is dimly lit. Poison Pen is visibly tired and distracted by the camera flashes. Immortal Technique lightens the mood by playing a trumpet fanfare on his smartphone, while pouring Swave Sevah a cup of tea. As far as press conferences go, it is a highly unusual affair. The three hip-hop stars are joined by Mike Banat, director of operations at Viper Records, but he does not intervene in any way. There are no demands, no question is off limits, and there is no clock watching. In a time when hip-hop has become an integral part of the sort of big budget 8220urban marketing8221 campaigns that promote anything from booze to ballots, their approach seems alien. But these guys are independent underground hip-hoppers, not mainstream artists. And so, they play by different rules. 8220I never really relied on radio or any of these other outlets that had a monopoly on the media to dictate to me how successful I was gonna be,8221 says Immortal Technique. 8220I decided, 8216You know what, I8217m going to hit a hard guerrilla marketing grassroots campaign, and we gonna do it the old fashioned rock8217nroll way. Tour. Tour. Tour. Tour. And we not gonna come home. We gonna leave and we not gonna come home for months later. Exhausted. Tired. But able to feed our families and support them from the music we make.82178221 Harlem and Bronx In the US it was developed in the 1970s by the lower classes of society as their response to being excluded from the American Dream. It existed in a way which gave people inspiration that their hopes and dreams would be realised too. Broadly speaking, hip-hop is made up of five elements graffiti, DJ, breaking, MC, and knowledge. Each of these has developed over time, often in response to socio-economic and political trends in society. 8220To me, hip-hop is the expression of the soul,8221 says Immortal Technique. 8220Hip-hop comes from sacrifice. It comes from pain. It comes from the influences of jazz and the blues. And what are jazz and the blues Suffering. Sacrifice. The soul of the people.8221 But hip-hop can also be sanitised, commercialised and made very lucrative. 8220When you take the soul out of the music, then you have whatever pop 8216commercialness8217 people want to throw out,8221 says Immortal Technique. 8220Hip-hop is saying the real stuff. When it is not real, it is pop rap. It is happy slappy stuff.8221 Hip-hop has come along way since its inception by artists such as KRS One, Cool Herc, Run DMC and Afrika Bambaataa. White rappers, most notably Eminem, came on the scene during the 1990s, allowing Middle America to integrate fully with elements of the culture. But there are still some important distinctions made by those who proclaim to be serious about hip-hop and its roots. Rap, they say, is something you do. By contrast, hip-hop is a way of life. But try telling that to the money men who enjoy a great deal of influence and make billions in the music industry. 8220Hip-hop has become so embedded into the fabric of everything, to the point that almost all genres have an element of hip-hop in it,8221 according to Grouchy Greg, owner of the website allhiphop. Indeed, hip-hop8217s influence goes well beyond just music. 8220Brands like Nike, Sprite and McDonald8217s have enjoyed a long-standing, authentic connection with hip-hop culture,8221 says Erin Patton, brand management expert and author of a book on hip-hop and brands, sports and pop culture. 8220Hip-hop8217s Midas Touch has touched virtually every industry in the US, from automotive and technology to food, spirits and apparel. 8220And as 8216hip-hopreneurs8217 have gained marketing and business savvy, they have flexed their entrepreneurial muscle to partner with brands to create signature products such as Beats by Dre, which provide them with an equity stake in the brand.8221 Thad Baron knows this only too well, as he hypes up artists to DJ Ace in the reception of 1Xtra8217s recording studios. Among other things, Mr Baron has been employed as a 8220tastemaker8221 for many major record labels. As such, it is his job to get the artists to the record labels and to make sure their music gets played on the radio. 8220The only reason big record companies have always won over independent labels is that they have more financial economical support and power,8221 Mr Baron says. It is not just about the music any more. That is a truth with serious modifications, according to Immortal Technique. He says it is absolutely about the love of music, and not really about the money at all. So he makes his music available for download for free, and much of the money he does make is channelled towards good causes, such as an orphanage in Afghanistan or to help those who were hit by the floods during Superstorm Sandy. And he stays in touch with his fans. 8220Harlem,8221 he tweets to almost 150,000 followers. 8220Even though you got a facelift, even though people have pimped you out, and you were recently flooded. I still miss you.8221 Strength in numbers Santa has his elves 8211 but big retailers looking to compete are adopting innovative robotic technology 8220When I came to this business in 2003, the day I arrived we had 60 orders that day and the girls in the packing room were in tears 8211 how were they going to get 60 orders out in one day Now we are getting thousands and thousands out in a day8221 For Net-A-Porter chief executive Mark Sebba this is the busiest time of the year. The company sells high-end fashion online. At the heart of all e-commerce operations lies the warehouse, and the process of picking products to fill customer orders. 8220The most important person in the whole chain is the customer,8221 says Mr Sebba. 8220If we don8217t focus on the customer, then we8217re lost. So what does the customer want The customer wants an absolutely impeccable service and she or he wants the product really as soon as she or he can possibly get it.8221 When your company is selling to the world from distribution centres based in London and New York (and soon Hong Kong) 8211 and you don8217t have the benefit of a non-union 24/7 elf workforce 8211 what8217s the answer For Net-A-Porter it was automating the process with vast banks of robot pickers. Hidden away in an industrial estate, bordering a slightly down-at-heel area of south London, is a collection of non-descript industrial units surrounding a small cul-de-sac. The only clue as to what lies inside is a huddle of small, black vans with the words 8216Net-A-Porter8217 picked out in white. Once inside you realise this is a fashion retailer, with white walls and minimalist fittings, and a meeting room complete with chandelier looking out towards the robot pickers. In the clean and surprisingly warm warehouse, vast towers of black boxes are stacked side by side. In between the robots swish up and down, packing new products away or selecting boxes 8211 or totes 8211 and delivering them to a conveyor belt. On the conveyor belt: From the pickers the goods 8211 in plastic boxes called totes 8211 are sent to be sorted into orders 8220As the business grows and volumes increase and capacity becomes paramount, it lends itself to introduce automation into a facility,8221 says Bill Duffy, global director of operations. 8220And particularly in a building such as this where you have very high ceilings, it8217s very important to us to take advantage of the full cube of the facility, the height, as well as the depth and width for the storage of the product.8221 The robots themselves are the brainchild of logistics specialists TGW, whose engineers are on site 24/7 to make sure nothing slows the process down. They can move at speeds of up to 30mph, picking and packing simultaneously. Bow to the inevitable This is about as far from the uncanny valley as it8217s possible to be 8211 and it is this type of robotic technology that is becoming ubiquitous in industry, rather than the replicants of Blade Runner. The pickers are integrated into Net a Porters own stock tracking and distribution system, which was developed in-house. Orders are taken on the website, and the information relayed via the stock system to the robot pickers. Goods are picked and delivered to people to on the floor above. The system directs how the orders need to be put together using a simple light and switch system, and then the goods proceed for packing, with every item being tracked via barcode. According to Mr Duffy, the whole process 8211 or pick rate 8211 is over 500 faster. The system currently deals only with flat goods 8211 items that don8217t require hanging. But that is set to change, with a semi-automated system to deal with goods on hangers (GOH) about to start construction. This type of automation was inevitable, says Mark Sebba. 8220The growth of the business would not have been possible without the automation, but I didn8217t see the automation leading the growth of the business. 8220I see the automation fulfilling the growth requirements.8221 Manual picking is a labour intensive 8211 and sometimes controversial 8211 business. But investing in robotic systems is expensive, and can set you back millions rather than thousands of pounds. Amazon solved their automation problems by going out and buying their own manufacturer 8211 Kiva Systems 8211 for the slightly heftier price tag of 775m. While isn8217t something to think about while operating your eBay shop front from your garage, you don8217t have to be a multinational giant. Autostore is a system designed to grow incrementally. Instead of banks of boxes, stock is held in a vertical grid system, with robots running across the top on rails. The system works out what is most in demand, and holds that at the top of the stack, with the least sought after at the bottom. The robots at the top of the grid look ahead and work out the best way to access stock, digging down and arranging boxes as efficiently as possible. Grid lines: Autostore8217s robots run around on top of a giant metal grid, pulling products up from inside Swisslog8217s James Sharples says the system should result in a 40-50 reduction in floor space needed for storage, as well as other benefits. 8220There is a productivity benefit in terms of the pick rates that people would achieve within a manual warehouse,8221 he says. 8220Normally that involves a lot of walking. You are having to go from one location to the next location to the next location. 8220And the productivity rate you achieve, the number of items somebody would pick per hour can be limited because really half the time they are walking.8221 Companies using the system include retailers Asda and Ocado, and Swiss paper and packaging material distributor Antalis. Meanwhile research continues apace. In Germany, the Fraunhofer Institute is working on a project to develop autonomous warehouse vehicles using the movement of ants. This 8220swarm intelligence8221 means the robots themselves will decide how to move around the space to best efficiency. For those looking at embracing the rise of the robotic warehouse, Net-A-Porter8217s Bill Duffy has some advice. 8220Do your homework. Because there are different degrees of expertise. And that partner you choose, is a very costly investment, and you plan it 8211 you8217re getting married to that partner,8221 he says. 8220That technology you8217ve invested in is for the long-term and when things need to be adjusted, enhanced, expanded, you got to go back to the same guy. It8217s very hard to integrate a new player into existing technology.8221 Cycling, triathlon and netball have been given increased grassroots funding, but tennis, cricket and rugby have seen their money cut. Sport England has also given tennis, as well as swimming and basketball, just one-year guaranteed finance with the rest dependent on results. The body will give 493m to grassroots sports between 2013-17, up 54.7m. Out of 46 sports, 32 have seen rises in funding, with 11 receiving less money and three getting the same amount. Cycling: Up by 7.3m to 32m Netball: 6.6m to 25.3m Football: 4.4m to 30m Triathlon: 2.8m to 7.5m Equestrian: 1.9m to 6m Rugby League: Down by 10.1m to 17.5m Rugby Union: 8.8m to 20m Cricket: 7.7m to 27.5m Tennis: 7.1m to 17.4m Judo: 3.8m to 6.1m Big winners were cycling, triathlon and netball, whose funds will increase by more than 30 after they impressed with future plans. Boxing has also benefited, seeing a 26 rise to 5.8m. Richard Caborn, chairman of the Amateur Boxing Association of England, said: 8220Boxing is one of the few sports that has continually delivered increases in grassroots participation over the last four years and it is great to see that this achievement has been recognised in the new funding announcement.8221 But the Lawn Tennis Association8217s four-year plan for increasing the numbers of people playing the sport was described as 8220not strong enough8221 and 10.3m of its 17.4m total has been put on hold. In addition its overall funding is being cut by 7.1m compared to the last period. Sport England chief executive Jennie Price said: 8220Tennis has not performed well in terms of participation. 8220Their plan simply wasn8217t strong enough to justify the four-year investment. They have only a one-year award for participation and they have to improve their plan for growing participation.8221 The LTA said it was on the right track but admitted there was still work to be done. Swimming and basketball will have funding withheld as well, while Sport England assesses whether new participation plans are working. David Sparkes, chief executive of the Amateur Swimming Association, said: 8220While we are disappointed with the one-year investment for participation, we are encouraged by the confidence Sport England has shown in our plans to increase swimming participation levels over the next four years.8221 Sport England said officials from cricket, rugby union and rugby league were 8220comfortable8221 with their funding cuts. It said the reductions were largely due to the end of spending on 8220large capital projects8221 between 2009 and 2013. RFL chief executive Nigel Wood said: 8220We will now be looking carefully at the award details of our new Whole Sport plan to see how we take our important community and talent development work forward with the support of Sport England, and naturally we are disappointed that rugby league has not been able to maintain the previous level of funding.8221 Overall, the bulk of the funding is aimed at 14-25 year-olds, with 83m to help talented athletes get access to better facilities and coaching. Key figures include: Cycling up by 7.3m from 24.7 to 32m after their Sky Ride initiative saw a huge increase in cycling numbers. Netball up to 25.3m from 18.7m after they 8220showed an understanding what women want from sport8221 to increase their participation numbers. Triathlon up by 2.8m from 4.7m to 7.5m after a dramatic increase in participants. Handball, which has seen a huge participation increase since London 2012, has seen their investment doubled from 0.6m to 1.2m. Cricket investment is down by 15.2m to 20m, although there will be a further 7.5m investment in the Cricket Foundation Both rugby league and rugby union have had their funding cut by 10.1m and 8.8m respectively. Figures released earlier this month showed 15.5 million people aged 16 and over were playing sport at least once a week 8211 750,000 more than a year ago and 1.57 million more than when London won the Olympic and Paralympic bid in 2005. 8220The conditions being attached to continued funding for swimming and tennis, plus the cuts to grants for cricket and both codes of rugby, are a reflection of the demand from government to get a return on its investments. Sports like cycling, triathlon and netball 8211 who have strongly targeted participation with creative schemes 8211 are seeing their efforts rewarded. It8217s a classic case of carrot and stick8221 However the figures also showed the number of 16- to 19-year-olds participating in sport three times a week had dropped from 930,400 to 825,900. Sport England8217s chief executive, Jennie Price, said: 8220We8217ve learned a lot over the last four years and, with a record 15.5 million people already playing sport once a week, we are on track to deliver. We have worked very hard with the governing bodies of sport to make these decisions.8221 In total 46 sports will receive investment through each sport8217s governing body following a 8220robust and challenging process8221 to assess the quality of their plans and their ability to deliver for community sport and talent development. Each sport will be subject to 8220tough performance management8221 through a 8220payment for results8221 approach that will see Sport England rewarding success and penalising failure. Sport England8217s funding is separate to that of UK Sport, which will announce how it will disperse its money for elite Olympic athletes on Tuesday. Shares of Facebook have been trading below their listing price amid growth concerns Morgan Stanley has been fined 5m (3m) by the Massachusetts securities regulator for 8220improperly influencing8221 analysts before Facebook8217s share sale. According to the regulator, there was a conflict of interest when a senior banker coached a Facebook official on what to say to analysts. It also claimed that the two firms failed to tell all investors that revenues may be lower than forecast. Many investors criticised Facebook as its shares fell following the listing. The sale, which was over-subscribed and took place in May 2012, was one of the most hotly anticipated stock floatations in recent history and valued the eight-year-old firm at 104bn. Facebook sold close to 421 million shares, at 38 a share, raising 16bn. However, the hype surrounding the listing waned shortly after trading started on the New York stock exchange as shares fell below their listing price on concerns about the pace of future profit growth. Facebook8217s shares have dipped almost 30 since its listing in May. Morgan Stanley did not confirm or deny the allegations by the regulator. However, it said in statement that it was pleased to have reached a settlement and to have put the matter behind it. 8220Morgan Stanley is committed to robust compliance with both the letter and the spirit of all applicable regulations and laws,8221 it added. The regulator8217s case focused on events tied to Facebook and its road show, which promoted the share sale to investors. It alleged that during this period, Facebook informed Morgan Stanley that it expected revenue for the second-quarter of the year to be at the lower end of its forecast of between 1.1bn and 1.2bn. Analysts had initially forecast that it would either be at the higher end of that range, or above it. At the same time, Facebook also said that annual revenues for 2012 may miss its initial forecast of 5bn by as much as 3.5. The problem affecting Facebook was that an increasing number of people were visiting its website via mobile devices, such as phones or tablet computers. Facebook warned that because it did not display advertising on the mobile versions of its website, then there may be a decline in revenue from ad sales, its biggest source of income. According to the Massachusetts investigation, Facebook first filed an amendment to its listing documents on 3 May, in which it warned that revenue growth may be 8220negatively affected8221 by this shift from personal computers to mobile devices. This was followed by a second amendment on 9 May in which it highlighted the weaker revenue trend for the second quarter of the year, running from the start of April to the end of June. The Massachusetts investigation claims that Facebook told a senior Morgan Stanley investment banker on 8 May about the problem. The banker then helped orchestrate calls between the company and analysts. In his order, William Galvin, the Secretary of the Commonwealth of Massachusetts, said that the bank helped Facebook give out this information 8220without creating the appearance of not providing the underlying trend information to all investors8221. In this way, Facebook said it would be able to brief analysts covering its stock about the problems, 8220without someone claiming we are providing any selective disclosure to big accounts only8221. London Underground drivers are to strike on Boxing Day, and 18 and 25 January London Underground drivers are to strike on Boxing Day, and 18 and 25 January in a row over bank holiday pay, the Aslef union has said. A stoppage is likely to affect Tube services across the capital, causing disruption for shoppers and tourists. An Aslef spokesman said: 8220The ballot result shows the strength of feeling that remains on this issue.8221 London Underground8217s Howard Collins said: 8220Further industrial action will not achieve anything.8221 It will be the third successive Boxing Day walkout by Tube drivers, in a dispute over Bank Holiday pay which dates back to an agreement in 1992. The move was announced after Aslef members voted by 9-1 in favour of strikes in a long-running row over extra pay for working on bank holidays. 8220London Underground has a long-standing agreement with all trade unions which covers working arrangements on bank holidays, including Boxing Day,8221 Mr Collins added. Westminster City Council said parking in the borough would be free on Boxing Day. Conservative Councillor Daniel Astaire said: 8220We want to ensure that shoppers know they can still come into London to snap up those apres-Christmas bargains as well.8221 Santander has more than 14,000 branches in 12 countries Banco Santander is to absorb two Spanish banks, Banesto and Banif, closing 700 branches in the process. It owns 90 of Banesto and will buy out the minority shareholders with Santander shares at a 25 premium. It already owns all of Banif. The three banks have 4,664 branches in Spain between them. All the remaining branches will be branded as Santander. Santander predicted that the merger would save it 520m euros (684m 422m) a year in three years8217 time. It said that the merger was part of the restructuring of the Spanish financial system. Santander did not say how many jobs would go, but said job cuts would be implemented gradually through transfers around the group, natural turnover and voluntary redundancy. It added that the proportion of Spanish bank branches owned by the group would increase by 2015 despite the closures, because other banks were also cutting back their networks. Santander said the total number of bank branches in Spain was expected to fall to 30,000 by the end of 2015, down from 46,000 in 2008. Wonga has been criticised for sponsoring football clubs and websites Online loans company Wonga has begun offering 8220buy now, pay later8221 services directly on retailers8217 websites. Until now, loans from Wonga, which have been highly criticised due to an annual interest rate of 4,214, have been available only through its own site. The company has partnered with furniture firm Cotswold Company to launch its Paylater service. A spokesman for Wonga said it intended to roll out the service to other retailers soon. 8220Essentially, Paylater is providing an alternative to credit cards,8221 he said. 8220It takes the cost of your purchase, you pay an upfront fee of 7, then there are three payments over subsequent months that cover the outstanding costs.8221 It means for an item that costs 100, a buyer will pay an initial fee of 7, followed by three monthly payments of 33.33. 8216Legal loan shark8217 The interest rates on Paylater are considerably lower than on its core business 8211 short-term 8220pay-day8221 loans. This side of Wonga8217s business has been highly criticised, with one MP calling the company a 8220legal loan shark8221. Stella Creasy, Labour MP for Walthamstow, also led a campaign to have the firm8217s advertisements taken off the websites of teams in the Football League. Continue reading the main story Consumers should familiarise themselves with exactly how much they may have to pay back in charges End Quote StepChange Debt advice charity In May, Wonga was criticised by the Office of Fair Trading (OFT) for using aggressive and misleading debt collection methods. Speaking on Wonga8217s latest offering, debt advice charity StepChange told the BBC: 8220As with any form of credit, StepChange debt charity would urge people to carefully consider whether they absolutely need to use it. 8220Crucially, consumers should familiarise themselves with exactly how much they may have to pay back in charges, interest and fees, and whether they can afford to make those repayments.8221 Wonga8217s move will see it come into direct competition with the likes of Visa, Mastercard and other credit card companies that have taken their services online. The planned expansion comes ahead of speculation that Wonga has its sights set on breaking into the US market as soon as possible. A report in the Times newspaper earlier this month suggested Wonga had made a swoop to buy On Deck Capital, a US specialist online retailer. But a Wonga spokesman dismissed the report as 8220rumours and speculation8221. In 2011, Wonga chief executive Errol Damelin signalled his intent to expand the loan service worldwide. 8220We built a platform that is definitely extendable and over time we will definitely be expanding the reach of the business to bring the service to customers around the world,8221 he said during an interview with financial news service Bloomberg. 8220The US has very particular regulatory constraints which make it an awkward market at the moment. We continue to look at the space and we will try and find a way to be able to bring the service to US consumers whenever we can.8221 Not Pele: President Rousseff shows off her football skills Brazil has inaugurated the first of 12 stadiums being built or extensively renovated to host the 2014 World Cup. President Dilma Rousseff kicked a ball during the ceremony at the Castelao Arena in Fortaleza. Football8217s world governing body, Fifa, had repeatedly expressed concern over World Cup delays, including at Rio de Janeiro8217s Maracana stadium. Castelao and the Maracana are among six venues that must be ready to host Fifa8217s Confederations Cup next June. The Castelao Arena, with a capacity of some 65,000, was renovated at a cost of 250m (155m). 8220This is a very special day for us at Fifa because it marks the two great events that will take place in Brazil in the coming years, the Confederations Cup and the World Cup,8221 Fifa President Sepp Blatter said in a recorded message. Continue reading the main story Belo Horizonte (CC 2013)Brasilia (CC 2013)CuiabaCuritibaFortaleza (CC 2013)ManausNatalPorto AlegreRecife (CC 2013)Rio de Janeiro (CC 2013)Salvador (CC 2013)Sao Paulo Note: CC 2013 denotes that the venue will also be used for the Confederations Cup Ms Rousseff said the inauguration of Castelao and the success of Sao Paulo football team Corinthians in the Club World Cup final showed Brazil was able to perform off and on the pitch. Next week, the Minerao Stadium in Belo Horizonte is due to be opened, after a complete refurbishment. Fifa has extended the December 2012 deadline, giving local organisers until mid-April to have the six stadiums, including the Maracana, ready for the two-week Confederations Cup. In recent years, Fifa officials have criticised Brazilian preparations with General Secretary Jerome Valcke at one point saying Brazil needed 8220a kick up the backside.8221 But in recent weeks, Fifa officials have sounded more upbeat, saying that they expect all 12 stadiums to be ready on time. Mr Valcke said in November that the six grounds hosting the Confederations Cup 8211 a tournament seen as a dress rehearsal for the World Cup 8211 would meet the deadline. 8220We Fifa and Brazil have found a way to work together,8221 said Mr Valcke. Thousands of workers are busy at the Maracana and other stadiums. Of wider concern is the upgrade of the general infrastructure, including renovation of Brazil8217s airports, building new public transport, and ensuring there are sufficient hotel rooms. Fruit prices rose 6.5 in November from a month earlier UK 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 prices index (RPI) inflation, which includes housing costs, fell to 3 last month, from 3.2 in October. The consumer prices index (CPI) rate, which is targeted by the Bank of England, had jumped from a three-year low of 2.2 to 2.7 in October, a much bigger rise than had been expected and which came as a nasty shock in the City. Separate data released by the ONS also showed that the annual rate of increase in producer prices 8211 charged by manufacturers for their products 8211 also held steady in November, at 1.4, excluding the more volatile prices of food and fuel. CPI inflation is now expected by many investors and economists to creep up further next year as further increases in electricity and gas prices take effect. 8220UK inflation paused for breath in November before it resumes its assault on the 3 mark over the next few months,8221 said Rob Wood, economist at Berenberg Bank. 8220The figures included the first of this winter8217s gas and electricity price rises, from Scottish and Southern Energy,8221 he added, saying that the other companies8217 bill rises would push the inflation rate higher. A further rise in supermarket food prices is also widely anticipated, after droughts in the US and Russia, and light monsoons in India, pushed up worldwide prices for grain and other foodstuffs. CPI inflation has been above the Bank8217s 2 target for more than three years and until May this year had exceeded 3 for 29 consecutive months, prompting the governor Sir Mervyn King to write regular letters to the government explaining the Bank8217s failure. The Bank has tolerated the elevated inflation rate because of the depressed state of the economy, which has led the Bank to consistently overestimate how quickly CPI would fall back to its target. The Bank now expects inflation to fall back to its target only in the autumn of 2014. Mark Carney, the Canadian central bank head who is due to take over from Sir Mervyn as governor from June, has hinted at the possibility of scrapping inflation targeting. Economist Chris Williamson: 8220The Bank of England will tolerate inflation to get the economy growing8221 That has led to speculation that the Bank may switch to an alternative target 8211 with nominal gross domestic product (NGDP) seen as the most likely candidate. NGDP measures the economy8217s total economic output, but without adjusting for rising prices. Targeting NGDP instead of CPI inflation would enable the Bank to tolerate higher inflation during the current period of depressed economic growth, and would also oblige the Bank to seek an even faster rise in prices if it had fallen short of its target in previous months. Some economists think that the resulting bias towards higher inflation 8211 at least while the economy remains depressed 8211 would help to make debts more manageable by eroding their value, and would encourage people to spend more for fear that their savings would also be eroded by rising prices. Opinion is divided among analysts as to whether the Bank of England is likely to push ahead in its next monetary policy meeting with more monetary stimulus 8211 likely to come in the form of further purchases of government debt with newly created money, or Quantitative Easing. 8220Higher inflation makes it harder for them to restart QE,8221 said Alan Clarke, economist at Scotiabank. 8220I don8217t think it makes any difference to the Bank of England. They know these things are outside of their control. Gas bills, droughts, they can8217t control that.8221 Some Monetary Policy Committee members have resisted increasing QE in recent meetings, according to minutes released by the Bank, with one member, Paul Fisher, publicly saying that he would wait for inflation to start falling before he would personally endorse more money creation. Speculation of increased stimulus measures have seen Japanese shares rise in past few weeks Japanese shares rose and the yen dipped after the Liberal Democratic Party, led by Shinzo Abe, won Japan8217s general elections. The Nikkei 225 index rose 1 and the Japanese currency fell to a 20-month low of 84.48 yen against the US dollar. Mr Abe has said he will implement measures to help revive the world8217s third-largest economy, which has been battling years of sluggish growth. He has also promised to take steps to weaken the yen and fight deflation. 8220The Liberal Democratic Party8217s (LDP) big victory is in line with market expectations and it will help to keep the yen weak and share prices high, at least for now,8221 said Kyohei Morita, chief economist at Barclays Securities Japan. Japan8217s economy has been hurt by a variety of factors over the past few years, not least the strength of its currency, the yen. A strong yen makes Japanese goods more expensive to foreign buyers and also hurts profits at the country8217s exporters, which rely heavily on foreign sales for growth. The Japanese currency has been volatile in recent times and rose almost 6 against the US dollar between April 2011 and November 2012, despite efforts by the policymakers to try to weaken it. Continue reading the main story The strength of the currency has led to concerns that some Japanese manufacturers may shift a part of their operations abroad in an attempt to maintain their competitiveness, a move that would further hurt the country8217s economy. Japan has also been fighting deflation or falling prices for many years, which has affected domestic demand as consumers tend to put off their purchases in hopes of getting a better deal later on. Before the elections, Mr Abe had said that he would implement measures directed at weakening the yen and fighting deflation. He said that he would set an inflation target as high as 3 and even suggested that Japan8217s central bank, the Bank of Japan (BOJ), should print 8220unlimited yen8221 to help counter falling prices. Analysts said that given the indications of a convincing win, Mr Abe should be able to introduce his policies, which they said might weaken the yen further. Neil Gilbert a market strategist at GFT Forex said that the term of current governor of the Bank of Japan (BOJ) was scheduled to end in April neat year and Mr Abe 8220could get a BOJ governor who thinks along the same lines8221. 8220Therefore, I see the yen continuing to weaken based on Abe8217s policy, and the future policy of his hand-picked governor,8221 Mr Gilbert added. Long term issues Continue reading the main story The fact that Abe points to changes in the BOJ law or forex levels, or aggressive easing as solutions to Japan8217s problems is, if anything, worrying End Quote Yuuki Sakurai Fukoku Capital Management During the election campaign, Mr Abe had also suggested that he would look at changing the law that governs the central bank, in an attempt to have more control over it to ensure that the BOJ helps the government8217s efforts to boost growth. However, there are fears that such a move may hurt the central bank8217s independence in the long run. At the same time, some analysts said that the measures being suggested by Mr Abe were short-term solutions and that policymakers needed to address various key issues to ensure sustained economic growth. 8220The fact that Abe points to changes in the BOJ law or forex levels, or aggressive easing as solutions to Japan8217s problems is, if anything, worrying,8221 said Yuuki Sakurai, chief executive of Fukoku Capital Management. 8220They should be treated as tools to buy time to implement structural reforms, but we8217re not hearing anything about deep reforms that the LDP wants to carry out.8221 Analysts say the new government will have to try to reduce Japan8217s debt, the highest among industrialised nations, while keeping its spending at a level that can support growth. At the same time, Mr Abe will have to tackle the nuclear energy policy, which has become a key political issue after last year8217s earthquake and tsunami caused a radiation leaks at the Fukushima Daiichi nuclear plant. Japan, which relied on nuclear power for almost one-third of its energy supplies before the incident, shut all its 50 nuclear reactors after the leaks. The move has resulted in higher energy costs, and many big businesses want Japan to return to using nuclear power. The shutdown of the nuclear reactors has also seen a rise in Japan8217s imports of energy sources such as oil and natural gas, resulting in its trade deficit widening. While Japan restarted two reactors earlier this year, support for nuclear energy has dwindled and there have been various protests against it. 8220He Mr Abe will try to renegotiate plans to restart some more nuclear reactors, but given the antinuclear sentiment with the public that will be extremely tough,8221 Martin Schulz of Fujitsu Research Institute. Rank and Gala are two of the three largest casino operators in the UK Rank Group may have to sell some casinos in order to win approval for a takeover of Gala Casinos, the Competition Commission has said. In a provisional ruling, the commission said a merger could damage competition in six areas of the UK. As a result, Rank may have to sell, or be prevented from buying, casinos in these areas for the deal to go through. Under the deal announced in May, Rank planned to buy Gala8217s 23 casinos and licences to operate three more. However, the takeover was referred by the Office of Fair Trading (OFT) to the Competition Commission in August, with the OFT citing 8220concerns the merger will substantially reduce competition in the casino sector8221. Although the takeover offer lapsed in September, Rank said at the time that the two firms were continuing discussions over a tie-up. The Competition Commission noted that Rank and Gala were two of the three largest casino operators in the UK. If the merger goes through, there will be just two national casino chains 8211 Rank and Genting. The commission said there were five areas where there were worries that competition could be hit by Rank8217s takeover of Gala 8211 Aberdeen, Liverpool/New Brighton, Stockton-on-Tees, Bristol and Cardiff. In addition, there was also concern over the impact in Edinburgh, where Rank holds a licence to develop a new casino. Professor Martin Cave, chairman of the Rank/Gala Inquiry Group and Competition Commission deputy chairman, said: 8220Our concern is that with two of the national players merging, this will leave a number of areas with much reduced competition where casino customers could consequently lose out through a poorer casino offer. 8220We are now going to look at the most effective way to preserve competition in these areas and whether this can be achieved in a way that allows an amended version of the deal to go ahead.8221 The property market has been subdued this year Average house prices across the UK have been rising, according to the Office for National Statistics (ONS). Its latest monthly survey shows that prices rose by 0.2 on October, to leave them 1.5 higher than a year ago. That left the average home in the UK costing 231,000. The ONS figures contradict recent surveys by the Halifax and Nationwide, which have both said that house prices have fallen slightly during the past year. On the ONS measurement, annual house price inflation has been fastest in London. But even if London and the South East are removed from the figures, prices across the rest of the UK are still higher than a year ago. 8220House prices continue to remain relatively stable across most of the UK, although prices in London are increasing and prices in Northern Ireland are falling,8221 the ONS said. 8220The year-on-year increase reflected growth of 1.8 in England and 2.8 in Wales, which were offset by a decline of 2.2 in Scotland and 11.7 in Northern Ireland.8221 Despite the year-on-year increase in prices, the figures do not suggest any sort of general revival in house prices. Average prices have slipped back from a recent peak of 234,000 in July and August. Mark Harris, of mortgage broker SPF Private Clients, said: 8220The mortgage market is still constrained but is showing signs of easing, which will have a positive effect on the housing market. 8220The Funding for Lending scheme continues to progress but it is a slow burner and no overnight solution for the woes of the market.8221 AIG had to be rescued by the US government in 2008 Shares in Asian insurer AIA have been suspended with US insurance giant AIG set to sell all or most of its remaining stake in the Asian firm. AIG was forced to sell most of AIA after it was rescued by the US government in 2008. It is now selling a 8220significant proportion8221 of its remaining 13.69 stake, according to AIA. AIA shares closed on Friday at 31.65 Hong Kong dollars, valuing AIG8217s stake in the firm at about 6.8bn (4.2bn). However, AIG is reported to be planning to offer shares at about a 6 discount to Friday8217s closing price. 8220If the placing proceeds, AIG expects the pricing of the placing to occur on 17 or 18 December 2012,8221 AIA said in a statement. AIA, which is the third largest insurer in Asia, had a 20.5bn initial public offering in 2010, and shares in the firm have risen by about 61 since then. Two other blocks of AIA shares held by AIG have been sold the flotation, raising about another 8bn. AIG provides insurance protection to individuals, small firms, municipalities, personal pension plans and major US listed companies. It got into difficulties in the financial crisis because it also insured financial institutions against complex deals going wrong through derivative contracts such as credit default swaps. Credit default swaps are an insurance against companies not paying their debts. The US government spent a total of 182bn rescuing AIG. Aggreko has estimated that revenue will be about 100m less in 2013 Shares fell at temporary power firm, Aggreko, after it warned of lower sales on the back of military spending cuts in Afghanistan. The company said a lack of major events during 2013 and uncertainty over some Japanese contracts could also hit its performance in 2013. Aggreko which rents out temporary power generators said its performance for the current year would be as expected. The company8217s share price fell by 17 after the warning on its outlook. This is the second warning the company has issued this year. In October it said bad debts and a currency hit would impact full-year profits by 2.5. Aggreko had previously announced that it had benefited by 59m from its contract to supply power for the London 2012 Olympic Games. In a trading update the group said 8220after a year of strong growth in 2012, the economic environment we will be facing in 2013 is particularly uncertain in many of our markets and it is difficult at this stage to provide a definitive view of the likely pattern of trading in 20138243. The company said it expected revenue to be 8220around 100m lower in 2013 than in 20128243. However it said taking a number of steps to respond to weakening demand. The HBF wants to see more homes built Planning permission was granted for 33,881 homes across England in July to September, according to figures from the Home Builders Federation (HBF). It said this was a 36 rise on the 24,872 approvals in the second quarter, and 17 higher than a year earlier. However, the HBF said the latest figure was still less than the 60,000 approvals it says are needed each quarter to meet demand. In April, planning law in England was changed to give councils more powers. Under the National Planning Policy Framework, local authorities are required to work out future housing needs in their area, and then allocate sufficient land to meet it. The aim of the government is to remove obstacles to the building of new houses, and to speed up planning decisions. Stewart Baseley, executive chairman of the HBF, said: 8220The increase is good news and hopefully a reflection of the positive planning principles of the new system. It is just one quarterly increase and we are still well short of the number needed but we hope it starts a trend that will continue in 2013. 8220The new system must provide enough viable land to build the number of homes the country needs. Continuing the current low level of house-building is storing up huge social and economic problems for the years ahead and the shortfall must be addressed.8221 The HBF is the representative body of the home building industry in England and Wales. In October Ford announced it was making 500 people redundant by closing its factory in Southampton The 90-day consultation period before large-scale redundancies can take place is to be cut to 45 days, ministers say. Employment Relations Minister Jo Swinson said the move, along with other changes, was aimed at helping workers and businesses. But Labour said the changes would not boost economic growth and the TUC said: 8220Making it easier to sack people is the last thing we need.8221 The change, which affects the whole of the UK, is being introduced in April. Shadow business secretary Chuka Umunna described the announcement as a 8220watering down8221 of employee rights and criticised the Business Secretary Vince Cable, who in May described plans to make it easier to sack workers as 8220the wrong approach8221. 8216Strike a balance8217 Ms Swinson said a consultation process had produced strong support for the changes and added: 8220The process is usually completed well within the existing 90-day minimum period, which can cause unnecessary delays for restructuring, and make it difficult for those affected to get new jobs quickly. Continue reading the main story The last thing we need is for the government to make it easier to sack people8230These measures will not create a single extra job. End Quote Brendan Barber TUC 8220Our reforms will strike an appropriate balance between making sure employees are engaged in decisions about their future and allowing employers greater certainty and flexibility to take necessary steps to restructure.8221 The Department for Business, Innovation and Skills said the change from 90 to 45 days would still allow 8220full employee engagement8221 and offer employee representatives a statutory right to contribute to the process. But Mr Umunna tweeted: 8220Ministers think watering down people8217s rights at work is the big bazooka to get growth going and yet there is no evidence to support this.8221 The TUC8217s General Secretary Brendan Barber said: 8220The last thing we need is for the government to make it easier to sack people. 8220Unemployment has not gone as high as many feared because employers have worked with unions to save jobs, even if it has meant sharing round fewer hours and less work. 8220These measures will not create a single extra job. The idea that an employer will change their mind about taking someone on because the statutory redundancy consultation period has been reduced from 90 to 45 days is close to absurd.8221 But Alexander Ehmann, of the Institute of Directors, welcomed the decision: 8220Companies facing problems have to be able to restructure swiftly, and a 45-day consultation period brings the UK closer to a number of EU competitors. 8220We would have preferred a move to a 30-day consultation period 8211 the same as for smaller-scale redundancies 8211 which would have made the law less complex,8221 he added. Ms Swinson also announced plans to exclude fixed-term contracts from collective redundancy agreements when they reach the end of their 8220natural life8221. Adrian Beecroft, a venture capitalist and Conservative Party donor, submitted a report earlier this year on cutting red tape Tim Thomas, head of employment and skills at the manufacturers8217 organisation EEF, said: 8220Today8217s announcement will send a strong signal to industry that the government is committed to creating the flexible labour market that it needs. 8220By reducing the consultation period from 90 to 45 days, the government has taken a further step to creating a modern consultation system based on the quality, not the length of, the process.8221 The announcement came on the last day of trading for electrical store chain Comet, which has gone into administration. Earlier this year the prime minister commissioned venture capitalist and Conservative Party donor Adrian Beecroft to write a report about how employment law could be reformed to cut red tape and boost UK businesses. He reported in May but some of his recommendations were condemned by Business Secretary Vince Cable, a Liberal Democrat. Later in the summer the coalition decided that, rather than introduce the recommendations in the Beecroft Report, they would consult with businesses about what changes they would like to see introduced and that consultation has led to Wednesday8217s announcement. The head of the TUC8217s equality and employment rights department, Sarah Veale, told BBC Radio Five Live the announcement was 8220rubbing salt into the wound8221 for many workers who were about to lose their jobs. She suggested the government was 8220trying to build antagonism8221 into a process which worked well, and she said the extra time for negotiation often led to more jobs being saved. Ms Veale pointed out that under the current system employers did not have to take the full 90 days to consult, if the unions were content, and she said this was the case in the majority of cases. The spectrum being sold by the MoD is being cleared of military users The Ministry of Defence says it will auction some of the radio frequency it owns in a move that will increase the capacity for 4G mobile services. The spectrum being sold is below the 15GHz frequency, which is seen as the most useful type because it can be used for a wide range of communications. Mobile phone and broadband suppliers are seeking access to more spectrum. Demand for this is mounting, fuelled by rising use of data-hungry devices such as smartphones and tablets. The sale will give private operators the chance to buy more spectrum to support the introduction of fourth-generation (4G) mobile services to people in cities, towns and villages across the UK. Alternatively, the spectrum could be used by fixed-line operators to provide wireless access to broadband services. This move has been anticipated for several years, with the government8217s spending review in 2010 recommending that some of the most valuable public sector spectrum should be released by 2020. The MoD, which controls around three-quarters of that, was the first government department to act on the review. But any hopes that the MoD may be able to keep some of the up-to-1bn that analysts say the sale could raise are in vain, even though the MoD budget is facing further cuts in the coming years, as made clear in the chancellor8217s recent Autumn Statement. The money raised by the auction will go to the Treasury. The Ministry of Defence (MoD) says it owns a lot of spectrum 8211 around 75 of that which is publicly held. It says it does not need all that and that the part up for sale is being cleared of military users. It is used for a broad range of services including defence, emergency services, transport and science. The minister for defence equipment, support and technology, Philip Dunne, said: 8220We welcome this opportunity to free up much-needed spectrum. 8220We hope that the sale will help drive the roll-out of new generation networks and universal access to broadband, both of which are vital to the UK8217s prosperity.8221 The government has been planning to take this action for some time. It said in its 2010 spending review that at least 500MHz of public spectrum below 5GHz would be released by 2020 for new mobile communications uses. The auction is planned to be completed by the summer of 2014. The last 49 Comet stores will close forever on Tuesday Comet stores are to close their doors for the last time on Tuesday, bringing the failed electrical retailer8217s 79-year history to an end. Of the 236 stores the firm presided over when it went into administration last month, only 49 are still open. On Monday, administrators Deloitte said unsecured creditors would get back less than 1 of the money owed to them. The chain8217s collapse will also cost the government 49.4m in redundancy payments and foregone tax revenues. The redundancy money owed to thousands of former Comet workers totals 23.2m and will be paid by the government8217s Redundancy Payments Service (RPS). Meanwhile, 26.2m is owed in taxes to HM Revenue amp Customs (HMRC), which is one of dozens of unsecured creditors of the retailer who are owed a total of 233m, none of which will be repaid. Other unsecured lenders reportedly include landlords owed 135m in rents and other claims, manufacturers unable to reclaim goods delivered to Comet on credit worth 6m, and various other claimants owed 66m, such as ITV and Google, which had reportedly not been paid for advertising. The total hole in Comet8217s balance sheet by the time it was wound up had reached 311m, according to Deloitte8217s estimations. Comet8217s secured lenders will also be stung by the firm8217s failure, receiving only 50m of the 145m they are owed, as the assets on which their debts were secured could not be sold off at a high enough price. The company8217s main secured lender is Hailey, the company set up by private equity firm OpCapita in order to buy up Comet from Anglo-French retail group Kesa last year for a nominal 1 payment. Continue reading the main story Founded in 1933 as a business charging radio batteries Opened its first store in Hull in 1968 Bought by Woolworths and BampQ owner Kingfisher in 1984, which expanded Comet into one of the UK8217s best-known retail brands In 2003 Comet became part of Kesa Electricals, after Kesa was demerged from Kingfisher It was announced in November 2011 that Comet would be sold to private equity group OpCapita for just 1 OpCapita was also given 50m by Kesa as part of the deal However, OpCapita failed to turn around Comet8217s fortunes, as the company continued to suffer from the fall in UK consumer spending during the recession and the big growth in online rivals. Deloitte also revealed on Monday that Comet8217s losses in the year to April totalled 95m, while its revenues slumped by 200m. In the subsequent five months, Comet lost a further 31m. Towards the end, insurers refused to guarantee suppliers, who in turn refused to extend credit on sales to Comet in the run-up to the crucial Christmas sales period. Comet8217s demise is one of the biggest High Street casualties of recent years. The 236-store business, which at the time employed about 7,000 people, was founded in Hull in 1933 and began life selling batteries and radios. The closure of the final Comet stores comes after Deloitte failed to find a buyer for the company. It is unclear what will become of the Comet brand, with one possibility being a sale to an online retailer, similar to the fate of Woolworths. Kesa Electricals was renamed Darty in July this year. Despite having its headquarters in London, it focuses on the continental market 8211 especially France, where it has more than 200 stores under the Darty name. The Harris and Barra fields are estimated to contain more than 45 million barrels. Aberdeen-based oil firm Dana Petroleum has been given the green light to develop two oil fields in UK waters. The 1.6bn (1bn) development is for nine wells in the already discovered Harris and Barra fields, about 100 miles East of Shetland. It is estimated they contain recoverable oil reserves of more than 45 million barrels. Dr Marcus Richards, Dana8217s chief executive, said project was 8220at the heart of our growth strategy.8221 He added: 8220Unlocking the potential of these new fields is a significant milestone as we aim to double our production to 100,000 barrels a day by 2016.8221 The company said the development was made possible by announcements from the Treasury this year 8220to support oil and gas companies operating in the North Sea8221. Daily production from the fields is expected to start in 2015. The Economic Secretary to the UK Treasury, Sajid Javid said: 8220The North Sea is a vital national asset, with oil and gas production supporting a third of a million jobs. 8220That is why this government has announced a range of tax measures expected to generate billions of new investment and create jobs. Dana8217s announcement today is a further endorsement of that strategy.8221 The industry body Oil and Gas UK welcomed the development 8211 but chief executive Malcolm Webb had a warning. He said: 8220Government recognition of the importance of our oil and gas production for the economy and Britain8217s energy security and close engagement with the Treasury has resulted in a raft of new projects being announced on the UK continental shelf. 8220However, exploration is still worryingly low and we need to do more to reverse the production decline.8221 Scottish Energy Minister Fergus Ewing said: 8220Scotland is a world leader in oil and gas and has been for five decades. Today8217s announcement that Dana Petroleum can take forward their 1bn North Sea development demonstrates the continuing growth of Scotland8217s energy sector.8221 8220With 24 billion barrels of oil still to be recovered with a value of 1.5 trillion pounds, North Sea oil and gas is attracting record investment levels with capital investment of 8.5bn in 2011 and an expected 11.5bn in 2012. 8220This announcement will ensure that Dana Petroleum can invest further in Scotland and capitalise on the economic potential of these reserves, which will remain an enormous economic resource for decades to come.8221 BSA director general Adrian Coles: 8220Housing affordability is very slightly improving8221 One in four prospective first-time buyers believe it will take them at least 10 years to have a deposit in place, a survey has suggested. The report from the Building Societies Association (BSA) said that pessimism in the market remained. This was despite a 34 rise in lending in the mutual sector, the BSA said. The findings contrast with the view of the Council of Mortgage Lenders, who last week predicted a more 8220positive8221 year in the housing market. The quarterly property tracker conducted by the BSA found one in five first-time buyers believed they would still be renting or living with family in 2022. It said that before the financial crisis of 2008 hit, 88 of first-time buyers were able to raise a deposit in five years of less, but at the end of 2012 just 62 felt they would be able to save for a deposit in five years. However, while it said raising a deposit was still the biggest barrier for all UK home buyers, the survey also pointed towards a small improvement in sentiment. Around 59 of respondents said saving for a deposit was a barrier to buying a property in December, down from 62 in September and 64 in December 2011. Details have been released of Glasgow8217s plans to host the 2018 Youth Olympics. The bid document, which has been submitted to the International Olympic Committee (IOC), proposes holding athletics events at Scotstoun Stadium. Diving and swimming would be staged at Tollcross International Aquatics Centre with a purpose-built Athletes8217 Village at Sighthill, in the north of the city. The IOC will announce the host city in July 2013, following a shortlisting process in February next year. Glasgow8217s bid builds on its status as host city for the 2014 Commonwealth Games. Details of the bid were announced at the Tollcross venue on Monday, in an event attended by Sport Minister Shona Robison and young athletes from the City of Glasgow Swim Team. Ms Robison said: 8220Warmth and hospitality alongside an excellent reputation for hosting world-class sport events makes Glasgow, and Scotland, the perfect stage for the Youth Olympic Games in 2018. 8220Young athletes competing at the top of their field rightly expect the very best facilities and support services. 8220Building on the legacy of the London 2012 Olympics and the forthcoming 2014 Commonwealth Games, Scotland stands ready to be an exciting, dynamic host of the Youth Olympic Games.8221 It was revealed that a total of 15 out of 17 sites proposed for use in the 2018 bid will be completed before the end of 2013. The vast majority of these venues are no more than 20 minutes travel from the Youth Olympic Village in Sighthill. Glasgow8217s bid is being supported by Lord (Sebastian) Coe, chairman of the British Olympic Association and the London 2012 Organising Committee. He said: 8220The Youth Olympic Games is a fresh, exciting, young product. 8220By entrusting it to Glasgow 2018, the Olympic family will have a historic opportunity to draw on the unprecedented pool of sophisticated event-hosting expertise and global youth engagement programmes in the UK right now. 8220We delivered our promises and we achieved our goals at London 2012, and we8217re ready to continue that partnership with the Olympic family in Glasgow in 2018, another sports city in our sporting nation.8221 In the last five years, the UK has hosted more than 120 world and European status events, and Glasgow is now ranked ninth in the SportBusiness Ultimate Sports City table. Glasgow City Council leader Gordon Matheson said considerable investment in sports facilities could have a massive impact on young people and local communities. 8220We have invested in the sporting and cultural infrastructure over recent years in order to be capable of hosting world-class events,8221 he said. 8220These not only put Glasgow on the world map but create jobs and opportunities for Glaswegians, and crucially encourage our young people to lead healthier and more active lifestyles.8221 Glasgow8217s 20188242s bid team comprises the Scottish Government, Glasgow City Council and the British Olympic Association. Instagram was bought by Facebook in April 2012 Facebook8217s photo-sharing site Instagram has updated its privacy policy giving it the right to sell users8217 photos to advertisers without notification. Unless users delete their Instagram accounts by a deadline of 16 January, they cannot opt out. The changes also mean Instagram can share information about its users with Facebook, its parent company, as well as other affiliates and advertisers. The move riled social media users, with one likening it to a 8220suicide note8221. The new policies follow Facebook8217s record 1bn (616m 758 euro) acquisition of Instagram in April. Facebook8217s vice-president of global marketing solutions Carolyn Everson earlier this month had said: 8220Eventually we8217ll figure out a way to monetise Instagram.8221 A notice updating the privacy policy on the Instagram site said: 8220We may share your information as well as information from tools like cookies, log files, and device identifiers and location data with organisations that help us provide the service to you8230 (and) third-party advertising partners.8221 8220To help us deliver interesting paid or sponsored content or promotions, you agree that a business may pay us to display your username, likeness, photos, in connection with paid or sponsored content or promotions, without any compensation to you,8221 it added. But Instagram said that its aim was to make it easier to work with Facebook. 8220This means we can do things like fight spam more effectively, detect system and reliability problems more quickly, and build better features for everyone by understanding how Instagram is used,8221 it said in a statement. However, the updated policy will not change how it handles photo ownership or who is able to see a user8217s pictures, it added. But the new policy has triggered a backlash among social media users, with some threatening to quit. One user tweeted: 8220Good bye instagram. Your new terms of service are totally stupid and nonsense. Good luck playing with the big boys.8221 New York-based photographer Clayton Cubbit wrote on his account that the new policy was 8220Instagram8217s suicide note8221. Analysts said that the new policies could deal a blow to Facebook8217s reputation and alienate some users. Richard Holway, chairman of TechMarketView, said: 8220Every time Facebook has altered their privacy policy it has led to a backlash and they8217ve been forced to retreat. They tamper with people8217s privacy at a cost. People are very upset.8221 Alan Pelz-Sharpe, research director at 451 Research, added: 8220It8217s a barefaced tactic that Facebook and Instagram have taken, and one that will likely meet with many challenges, legally and ethically. 8220The fact is that Facebook has critical mass, and is quite confident that such moves may cause uproar, but not a flight of business. 8220Larger firms like Facebook are essentially trailblazing before specific regulations can catch up with them, and as we have seen with Google in the past, regulations and laws have limited real impact on their business operations 8211 so they tend to move forward regardless of opposition.8221 NEW DELHI: Indian telecommunications tower operator Bharti Infratel Ltd priced its initial public offering near the lower end of an indicative price range, raising about 764 million in the country8217s biggest IPO in two years. Bharti Infratel, a unit of top Indian mobile phone carrier Bharti Airtel Ltd, said it fixed a price of 220 rupees a share for funds and wealthy investors and 210 rupees a share for retail investors. The company had set an indicative price range of 210-240 rupees for the IPO. The IPO, which closed on Friday, was subscribed 1.3 times. In a pre-IPO sale, Bharti Infratel had agreed to allot shares to cornerstone investors at 230 rupees a share. According to Reuters calculations, the share sale should have raised about 41.8 billion rupees (764 million) and values Bharti Infratel at about 7.6 billion. Bharti Infratel was selling more than three quarters of the total 188.9 million shares on offer, while four of its private equity investors, including arms of Temasek and Goldman Sachs, were selling the remainder. Parent Bharti Airtel, which owned 86 percent of the tower operator before the IPO, was not selling any share. Bharti Infratel plans to build new towers and upgrade existing towers with the IPO funds. The shares should be listed on the Bombay Stock Exchange and National Stock Exchange towards the end of the month, said a person with direct knowledge of the matter, although the listing date is yet to be finalised. Shares of Bharti Airtel, owned nearly a third by Singapore Telecommunications, were down 3.6 percent on Monday afternoon in a Mumbai market that was down 0.4 percent. Copyright Reuters, 2012 LONDON: Deutsche Bank has named Richard Lambert, a former member of the Bank of England8217s Monetary Policy Committee, as an adviser to its UK chief executive, helping the bank to adapt to regulatory changes. Lambert will provide guidance on developments and themes in financial markets that have an impact on clients. The bank said that he will work with UK Chief Executive Colin Grassie on 8220industry challenges that will help Deutsche Bank adapt to a new regulatory environment8221. A former journalist and editor at the Financial Times, Lambert was head of the Confederation of British Industry from 2006 until 2011. Copyright Reuters, 2012 MADRID: Spanish banks8217 bad loans rose to 11.2 percent of their outstanding portfolios in October, reaching a fresh record high, Bank of Spain data showed on Tuesday. Loans that fell into arrears increased by 7.4 billion euros (9.7 billion) from September, reaching 189.6 billion euros in October. The rate was up from 10.7 percent in September. Non-performing loans on the books of the country8217s crippled banks have risen steadily since a decade-long property boom ended four years ago, with the country now in its second recession since 2009 and one in four Spaniards out of work. Copyright Reuters, 2012 OSLO: Norwegian group Marine Harvest is to buy 48.5 percent of fish processor Morpol for 938 million Norwegian crowns (166 million) to gain a key position in Germany8217s smoked salmon market. Marine Harvest, the world8217s biggest Atlantic salmon producer, said on Monday it will buy the stake from Morpol founder and chief executive Jerzy Malek in a cash and share deal, and plans to bid for the remaining shares. It is to pay 11.50 crowns per Morpol share, a 39 percent premium to Friday8217s close. Some 513 million crowns of the price will be paid in cash and the rest in Marine Harvest shares. To raise the cash needed for the deal, Marine Harvest said it will issue 425 million crowns of new shares to a firm controlled by its biggest shareholder, shipping tycoon John Fredriksen. Morpol, which specialises in smoked and marinated salmon with a focus on Germany, is present in 39 countries, operates processing or distribution facilities in Britain, France, Germany and Poland, and has sales offices as far as Japan and the United States. Copyright Reuters, 2012 SANYA: China faces no big risk of an inflation rebound in 2013, nor any major pressure to ease monetary policy aggressively next year, the head of research at the central bank said on Monday. Meanwhile, central bank chief Zhou Xiaochuan and one of his former deputies sounded a cautious note on the country8217s long-term liberalisation of its currency and interest rates. 8220I feel that there is no evident pressure for the central bank to take aggressive easing policy,8221 Jin Zhongxia, head of the financial research institute of the People8217s Bank of China, told Reuters on the sidelines of a forum in Sanya on the southern island of Hainan. 8220I think we will not see a big inflation rebound in 2013,8221 he said. On Sunday, Chinese leaders promised to maintain a 8220prudent8221 monetary policy and pro-active fiscal policy in 2013, leaving room for manoeuvre in the face of global economic risks while deepening reforms to support long-term growth. The central bank cut interest rates in June and July and has lowered bank reserve requirement ratios (RRR) three times since late 2011 to free an estimated 1.2 trillion yuan (190 billion) for lending as part of a year-long programme of policy fine-tuning. It has since held off on more aggressive easing, opting instead to pump short-term cash into money markets to ease credit strains, a move analysts say reflects Beijing8217s concerns about a flare-up in property prices and consumer inflation. Annual economic growth dipped to 7.4 percent in the third quarter, the weakest pace since the depths of the global financial crisis in early 2009, but growth has been picking up steadily since October thanks to a raft of pro-growth policies. Annual inflation quickened to 2.1 percent in November from a 33-month low of 1.7 percent in October, which analysts said dimmed the chance for more monetary policy easing as the economy recovers steadily. SOME CONTROLS STILL NEEDED Central bank chief Zhou Xiaochuan told the Sanya forum on Monday that China is on course to gradually make the yuan fully convertible over time, but he warned that the authorities may have to resume capital controls if a financial crisis erupts. 8220We are not saying we will have 100 percent convertibility or no supervision from the regulator but instead we will reserve the right to monitor and restrict capital flows in some sensitive areas,8221 Zhou said. That included the fight against money laundering, tax evasion and short-term speculative money flows, he said. 8220That is to say, we reserve the right to implement special measures to tackle problems under some special situations, such as in a financial crisis,8221 Zhou added. The central bank wants to achieve 8220basic8221 yuan convertibility by 2015. It says China has already made the yuan virtually or partially convertible on capital account transactions, but analysts say it still controls key areas, such as portfolio investment and borrowings. Meanwhile, Wu Xiaoling 8211 a former vice central bank chief and now senior lawmaker 8211 told the same forum on Monday that there was scope to further liberalise bank lending rates in 2013 by lowering the floor for borrowing costs. Such a move, following on from an initial liberalisation in the summer, could stimulate borrowing and bolster the economy. But Wu cautioned about moving too quickly on a further liberalisation of deposit rates. 8220As for deposit rate, we should keep the ceiling control in place for a while. Of course we should allow a wider upfloating range for deposit rates, but we cannot do that very quickly, because we have to avoid excessive competition among financial institutions.8221 The PBOC liberalised the interest rate environment with its June and July cuts to give commercial banks more room to set both lending and deposit rates competitively. The new rules allow deposit rates to be set as high as 110 percent of the benchmark rate, while the rate on new loans can be as low as 70 percent of the official borrowing cost. A rush to allow fully competitive, differentiated rates to attract depositors could lead to a price war for capital among China8217s banks. The rise of wealth management products in recent years, that pay higher rates of interest than regular deposits and allow banks to use the funds for lending, has created fierce competition in the sector and raised concerns among some analysts and ratings agencies about the risks they might create. Many economists say the reduction in the officially guaranteed spread between lending and deposit rates hurts bank profitability. Copyright Reuters, 2012 STOCKHOLM: Sweden8217s central bank cut interest rates by a quarter point on Tuesday to the lowest for more than two years to offset the impact of the euro zone8217s troubles on a previously robust economy. With one eye on rising household debts, however, the bank stopped short of signalling further rate cuts, contrary to some economists8217 expectations of another easing early next year. 8220The weak developments in the euro area are having a clear effect on the Swedish economy,8221 the bank said in a statement after cutting the repo rate to its lowest since October 2010. It kept a forecast for growth this year of 0.9 percent but cut the 2013 outlook to 1.2 percent from 1.8 percent. 8220The risks entailed in households8217 high level of indebtedness remain, but given the weaker economic activity and lower inflation, the Executive Board of the Riksbank assesses that it is appropriate to cut the repo rate,8221 it added. The cut to 1.0 percent was in line with forecasts in a Reuters poll of analysts, where opinion was divided as to whether a new rate cut to 0.75 percent would come early next year.. The bank said its repo rate was expected to remain at 1 percent for the coming year and its forecasts implied higher rates from late 2013. The economy held up well in the first half of the year but falling demand from the euro zone, i ts m ain e xport market, rapidly reduced growth in the second half of 2012. Economists expect gross domestic product to fall in the fourth quarter. Despite the slower economy, Sweden is still performing well compared to the euro zone, w hich t he Nordic r egion8217s largest ec onomy o pted out of joining almost a decade ago. Ratings agency Moody8217s on Friday kept its AAA rating on Sweden8217s debt, r eflecting a more successful balance of a strong welfare state with support for the private sector and growth. The ESV official budget watchdog on Monday forecast that the country8217s public sector deficit would be 0.6 percent of gross domestic product this year, falling to 0.3 percent in 2013. In contrast, the European Commission has forecast an overall budget deficit for the euro zone of 3.3 percent of GDP this year and 2.6 percent of GDP in 2013. Copyright Reuters, 2012 FRANKFURT: Air Berlin Chief Executive Hartmut Mehdorn said at a news conference on Tuesday he would provide details of the loss-making German carrier8217s new savings programme in early 2013. The company last said it would publish details of the programme, dubbed Turbine 2013, by the end of this year. AMSTERDAM: Dutch bank and insurance group ING said on Tuesday it is still trying to find a buyer for its South Korean life insurance operations, as part of the wider sale of its Asian insurance and investment management operations. ING has to split its insurance and bank operations in return for European Commission approval of Dutch state aid received in 2008 and 2009. FRANKFURT: German steel production will return to modest growth next year as companies rebuild stocks and demand from the automotive and engineering sectors picks up, a trade group forecast on Tuesday. Europe8217s steel industry has been hit by a slowdown in demand for cars, appliances and new buildings as an austerity drive aimed at reducing budget deficits has hampered economic growth. Germany, Europe8217s biggest economy, has been one of the strongest performers, but is also struggling. Its steel association sees German crude steel output edging up by 1 percent to 43.0 million tonnes in 2013, after a 4 percent decline this year, on the back of rising production of cars and factory equipment. The automotive, engineering and construction industries account for almost 80 percent of steel consumption in Germany. 8220But in the current general economic situation no drastic recovery of the steel sector is to be expected next year,8221 the association8217s President Hans Juergen Kerkhoff said. His comments echo gloomy forecasts by German steel companies such as ThyssenKrupp and Salzgitter. ThyssenKrupp axed half of its management board this month, including the head of its steel business, as it posted a steep loss due to an ill-advised foray into the Americas and saw profits at its European steel business slide. Salzgitter, Germany8217s second-biggest steel company, meanwhile has plans for what its Chief Executive Heinz Joerg Fuhrmann has called a 8220far-reaching8221 shakeup to reverse losses at its steel business. The German steel association sees global crude steel output growing by almost 4 percent to about 1.6 billion tonnes in 2013. 8220But overall, the economic environment remains difficult in 2013,8221 it said, adding it sees production of rolled steel products in Europe stabilising at a low level as the market in debt-laden southern European countries continues to shrink. Credit rating agency Moody8217s warned this month that declining demand and weak prices would hurt profitability in Europe8217s steel sector next year. Copyright Reuters, 2012 MUMBAI: Shares of India8217s Jet Airways rose as much as 4.7 percent on Monday to a near two-year high, and were headed for a fifth straight session of gains, on growing expectations that Abu Dhabi8217s Etihad Airways will buy a stake in the carrier. India8217s Mint newspaper reported on Monday, Etihad may decide as early as this week whether it will invest in Jet Airways or Kingfisher Airlines, citing two people familiar with the development who requested anonymity. Jet declined to comment. Jet was up 4.3 percent as of 0557 GMT, after earlier hitting its highest since January 2011. Shares have surged 18 percent over the prior four sessions. Copyright Reuters, 2012 MUMBAI: India8217s central bank left its key interest rates unchanged as expected on Tuesday but said policy focus was shifting towards growth, reiterating its October guidance of further easing in the first quarter of 2013 as inflation was seen cooling. The Reserve Bank of India held the policy repo rate at 8 percent, and subsequently, the reverse repo rate was left unchanged at 7.00 percent. The RBI also kept the cash reserve ratio, the share of deposits banks must keep with the central bank in cash, steady at 4.25 percent. It left the minimum requirement for banks8217 government bond holdings at 23 percent of deposits. Copyright Reuters, 2012 TOKYO: Shares in Fukushima operator TEPCO soared for a second straight day Tuesday after Shinzo Abe8217s election win fuelled speculation that plans to ditch atomic power in disaster-scarred Japan will be shelved. The utility giant8217s stock ended up 17.32 percent at 237 yen after spiking nearly 28 percent in morning trade on the Tokyo Stock Exchange. The rally came after Tokyo Electric Power (TEPCO) 8212 whose Fukushima Daiichi plant was at the centre of last year8217s tsunami-sparked atomic crisis 8212 rocketed 32.89 percent to 202 yen on Monday. However, the firm8217s stock is still a fraction of its pre-disaster price above 2,100 yen. 8220TEPCO has been too cheap to not buy, from a risk-trade valuation perspective,8221 an equity strategist at a foreign brokerage told Dow Jones Newswires. But the strategist added there were still many uncertainties including clean-up costs for the crippled Fukushima plant and future legal liabilities. Also Monday, nuclear energy firm Chubu Electric Power jumped 9.59 percent and Kansai Electric was up 17.64 percent by the close. Both finished lower on Tuesday, however, with Chubu off 3.45 percent at 1,147 yen and Kansai 4.45 percent lower at 879 yen. The utilities8217 rise was attributed to rumours that the landslide win for Japan8217s conservative Liberal Democratic Party (LDP) in weekend elections signalled that any short-term plan to ditch nuclear power was off the table. Anti-nuclear sentiment has run high in Japan since last year8217s crisis, with opinion polls showing a majority of voters wanted to phase out atomic power, which once supplied about one-third of the resource-poor country8217s energy. All but two of Japan8217s 50 reactors remain switched off after the worst atomic accident in a generation. However, the anti-nuclear mood failed to translate into wider support for the ousted Democratic Party of Japan, which had pledged to work toward a zero-nuclear country, or a group of small anti-atomic parties who had little impact at the polling booth. Premier-in-waiting Abe, the LDP8217s hawkish head, has derided the zero-nuclear goal as unrealistic and 8220irresponsible8221 8212 and hinted at keeping atomic power. The LDP, whose electoral victory was cheered by investors and Japan8217s business community, has said it would decide on reactor restarts in three years and the nation8217s 8220best energy mix8221 within a decade. Japan8217s private sector had bemoaned the nation8217s energy bills as already too high with less nuclear meaning more challenges for Japan Inc. which was wrestling with a strong yen and weakening overseas demand. To plug the energy gap, Japan turned to pricey fossil fuel alternatives that sent energy costs soaring. Abe8217s opponents, however, say the LDP8217s cosy attitude to regulation was a big factor in the lax supervision that worsened the disaster at Fukushima, which saw a quake-sparked tsunami slam into the plant, swamping its cooling systems and sending reactors into meltdown. Copyright AFP (Agence France-Presse), 2012 FRANKFURT: Gulf carrier Etihad is buying a 70 percent stake in Air Berlin8217s frequent-flyer programme, injecting cash into the loss-making German airline as it struggles to return to profit. Germany8217s No.2 airline after Lufthansa said on Tuesday it expected cash proceeds of 184.4 million euros (242.7 million) from the sale of the 8216topbonus8217 programme 8211 more than the whole company8217s market value. The move comes a year after Abu Dhabi-based Etihad bought about 29 percent of Air Berlin and agreed to grant the carrier up to 255 million in loans. Middle Eastern carriers are building alliances and investing in new routes and new aircraft to divert a thriving traffic flow between Europe and Asia to their hubs and lure passengers with lower prices as well as better food and inflight service. Emirates, the biggest Gulf carrier in terms of fleet and number of routes, has formed an alliance with Australian carrier Qantas, and Qatar Airways is joining the oneworld alliance, which includes British Airways. Under Tuesday8217s deal, Air Berlin will keep 30 percent of the 8216topbonus8217 programme, which has 3.1 million members, and will have the right to repurchase 10 percent from Etihad next year. The deal, which gives the programme an enterprise value of 200 million euros, is to be completed by the end of the month. 8220Good news for Air Berlin shareholders because the amount 8230 is quite substantial and at the upper end of market expectations,8221 DZ Bank analyst Robert Czerwensky said. Shares in Air Berlin were up 5.8 percent at 1.60 euros by 1025 GMT. The stock has lost almost 40 percent of its value this year, giving Air Berlin a market value of 177 million euros. The airline, which has not made an operating profit since 2007, is struggling to recover after racking up debt in a few years of rapid expansion and said on Tuesday it would announce details of its new savings programme early next year. At the end of September, its net debt stood at 853 million euros, about four-and-a-half times shareholder equity, though the sale of the 8216topbonus8217 programme will almost double equity. Airlines use frequent flyer programmes both to retain customers by offering them rewards for repeat bookings and to generate revenue. For instance, hotels, restaurants and credit card companies may buy frequent flyer miles from airlines to offer to their customers as an incentive to spend money. Air Berlin said the sale of the programme will have a positive effect on earnings after five years and increase the value of the stake it retains. Copyright Reuters, 2012 KUALA LUMPUR: Malaysian Airlines System Bhd (MAS), the country8217s national carrier, said on Tuesday it signed a memorandum of understanding with French-Italian aircraft maker ATR to buy 36 turboprop airplanes for 3 billion ringgit (981 million). The agreement to purchase the ATR 72-600 aircraft comes just days after AirAsia Bhd announced a 9.4 billion order for 100 Airbus jets to expand its fleet size before the Southeast Asian open-sky policy comes into effect in 2015. MAS has been struggling to remain competitive due to an ageing fleet, rising fuel costs and competition from low-cost carriers such as AirAsia, Asia8217s biggest budget airline. Of the 36 planes, MAS said its wholly owned carrier Firefly will take 20, while MASwings, a MAS unit that flies rural routes in Sabah and Sarawak states, will take the rest. Firefly currently operates 12 ATR 72-500s, and MASwings operates 10 similar aircraft. The new ATR 72-600s are expected to arrive starting the end of the second half of 2013, according to Firefly in a press statement. Copyright Reuters, 2012 Newsbeat entertainment reporter The number of complaints about online ticket fraud has increased. According to Action Fraud, the UK8217s national fraud and internet crime reporting centre, the number of people complaining about being online ticket fraud has increased. But the police unit which has been combating the problem for the last two years is set to close. Music industry executives have told Newsbeat they are worried fans will continue to be ripped off. The unit, known as Operation Podium, was set up to combat fraudsters for the Olympics. Music executives, like Chris Edmonds from Ticketmaster, say its closure is a 8220disappointment8221. In 2010, Action Fraud received more than 600 complaints, that number jumped up to 7000 last year. They say that rise was mainly down to one dodgy website. This year more than 3000 complaints have been made so far. Steve Profit is from Action Fraud and said criminals are preying on fans8217 8220desperation8221. 8220Concert tickets are very very popular, people are desperate to see their favourite bands. People get desperate to see them and take risks on other websites. 8220I think that people are now prepared to come forward to Action Fraud. 8220We need to know how many people are victims to this so that police can take action against these websites.8221 Ross Manning, 26, from Salisbury, bought tickets to try and see Ed Sheeran in October but his tickets never turned up. 8220I8217d heard of ticket scams before I just didn8217t think it would be me.8221 Ross didn8217t know he could make a complaint to Action Fraud and he eventually got his money back. 8220I was obviously disappointed that I didn8217t go as I was looking forward to it. To be honest, I8217d just had enough and just really wanted my money back.8221 Nick Downing is in charge of Operation Podium in the Metropolitan Police and says 8220there is serious criminality attached to ticketing crime8221. He hopes the lessons learnt on the operation won8217t go to waste. 8220I do believe we8217ve got a level of expertise now and a lot of hard work went into developing that expertise and we will share it.8221 Follow BBCNewsbeat on Twitter Posted December 11, 2012 10:19:07 The Department of Mines has released figures showing it takes an average of just over two years for a new mining project in Western Australia to reach final approval. The average was reached after assessing about 1,100 mining proposals over the past four years. The figure has been released to counter industry criticism that approval timelines have blown out to five years, making WA a less competitive place to develop projects. The Chamber of Minerals and Energy welcomes the progress that has been made. The Wilderness Society8217s Peter Robertson says approval times have been reduced by cutting corners. 8220The recent furore over fracking for example demonstrates that the Department of Mines and the Minister for Mines are in a huge rush to approve all kinds of mining projects, both onshore and offshore, in all parts of WA without adequate safeguards, without adequate assessments,8221 he said. He says more should be done to protect the environment. 8220WA should uphold the strictest standards because our environment is already under enormous pressure,8221 he said. 8220We shouldn8217t be cutting corners and we shouldn8217t be fast-tracking approvals because we8217ve already done so much damage and we8217ve learnt very little from it.8221 Topics: mining-industry, broome-6725, karratha-6714, perth-6000, kalgoorlie-6430, geraldton-6530, albany-6330 Updated December 11, 2012 14:13:59 Premier Campbell Newman says the Queensland Government is past the halfway point in its public service redundancy program. He says about 7,800 jobs have been cut from a reduction target of 14,000. Mr Newman says redundancy payouts have been generous. 8220People who8217ve served for a period of time can actually get very significant payouts,8221 he said. 8220And they are bona fide redundancy payouts, so they8217re taxed concessionally as well. 8220That8217s cold comfort if you8217ve lost your job, I acknowledge that. 8220But they are generous and they8217re designed to be generous so that people can get a new position. The Together Union says it will be a dismal Christmas for public servants facing the axe in Queensland Union spokeswoman Julie Bignell says people would rather have a job. 8220It8217s going to be a rotten Christmas for all those public sector workers who still don8217t know whether they8217re going,8221 she said. 8220Obviously the target for the Government is 14,000 workers 8211 4,000 of those in the health service. 8220It8217s a miserable Christmas for them and it8217s a miserable Christmas and new year for those people who rely on those services in the community.8221 Topics: public-sector, business-economics-and-finance, brisbane-4000 First posted December 11, 2012 11:28:45 Posted December 11, 2012 12:10:10 An intelligence report forecasts that China will overtake the United States as the world8217s largest economy in the 2020s. The National Intelligence Council, in its first assessment in four years aimed at shaping US strategic thinking, predicts that the US will still be the world8217s most influential country in 2030. 8220The US most likely will remain 8216first among equals8217 among the other great powers in 2030 because of its pre-eminence across a range of power dimensions and legacies of its leadership role,8221 it said. 8220Nevertheless, with the rapid rise of other countries, the 8216unipolar moment8217 is over and Pax Americana 8211 the era of American ascendancy in international politics that began in 1945 8211 is fast winding down,8221 it said. The study predicted that Asia8217s economy, military spending and technological investment would surpass those of North America and Europe combined by 2030, but warned of major uncertainty over an emerging China. 8220If Beijing fails to transition to a more sustainable, innovation-based economic model, it will remain a top-tier player in Asia, but the influence surrounding what has been a remarkable ascendance will dissipate,8221 it said. China8217s global power is likely to keep rising but at a slower rate 8211 a phenomenon of easing growth that, according to historical precedent, makes countries 8220likely to become fearful and more assertive,8221 the study said. Europe, Japan and Russia are expected to maintain slow economic declines through 2030, while a number of middle-tier countries could rise, such as Colombia, Egypt, Indonesia, Iran, Mexico, South Africa and Turkey, it said. he study expected major benefits from technology by 2030, but warned that climate change threatened to pose serious challenges. With a growing population and rising incomes, the planet8217s demand for water, food and energy will grow by 35, 40 and 50 percent respectively by 2030, it said. A wealthier China and India would likely need to rely more on food imports, driving up international prices. Families in low-income nations would feel the pinch hardest on food, likely fuelling social discontent. The National Intelligence Council estimated that the world will have nearly 8.3 billion people in 2030, up from 7.1 billion now, but that the average age will be older, with potentially giant consequences. The study said that 80 per cent of armed and ethnic conflicts occurred in nations with youthful populations. The number of youthful states will fall significantly by 2030, with the bulk of the remaining ones in Africa. Other areas that will still have youthful populations, and the fuel for potential conflict, include Afghanistan, western and tribal areas of Pakistan and India8217s poorer northern states of Bihar and Uttar Pradesh, it said. By contrast, the study found that the Middle East 8220will be a very different place8221 in 2030 with the gradual ageing of the youth bulge that took to the streets in the Arab Spring protests that brought down autocratic leaders. But the report predicted instability in nations with rooted sectarian or other tensions such as Bahrain, Iraq, Libya and Syria along with Yemen, which the study predicted could break up for the second time. The study doubted that Al-Qaeda would pose a threat in 2030, saying that terrorism by its nature alienates initial supporters. Iran was a question mark. The study expected 8220far-reaching instability8221 if Iran developed a nuclear weapon, but also said that a more pro-Western Iran could emerge due to public pressure and infighting within the clerical regime. The study said a potential resolution to the Israeli-Palestinian conflict would have 8220dramatic consequences,8221 but suggested that a more likely scenario consisted of unofficial actions that lead toward a Palestinian state with key issues such as the status of Jerusalem remaining unresolved in 2030. Topics: world-politics, business-economics-and-finance, united-states, china, asia Posted December 11, 2012 15:49:54 The latest chief executive of Tasmania8217s embattled Chamber of Commerce and Industry is confident he is going into a viable job. The former head of the Launceston Chamber, Michael Bailey, will take up the new role next month after Neil MacKinnon was sacked last week. The state chamber has had seven chief executives since 2009 and posted an 800,000 loss earlier this year. Mr Bailey says he is confident the group has turned its finances around. 8220A lot of that work has already been taking place, again the board and the current staff are working very hard in that space,8221 he said. 8220Obviously my role as the chief executive officer is to ensure that we8217re a financially sustainable organisation. 8220I8217m very confident that that8217s certainly the case and to continue to rebuild the Tasmanian Chamber and again to be a strong voice for the businesses of the state.8221 Topics: activism-and-lobbying, business-economics-and-finance, hobart-7000 Updated December 11, 2012 16:36:01 An American intelligence report predicts China will overtake the US as the world8217s biggest economy within the next two decades, as demand for food and water rises and the global balance of power shifts to Asia. The 140-page Global Trends 2030 report says Asia will become more powerful than North America and Europe combined, as technology, resources and population growth alter the global balance of power. The report has been prepared by the National Intelligence Council, the analytical arm of the Office of the Director of National Intelligence. It combines the thoughts of the 16 intelligence agencies in the US along with foreign and private experts. Although it is not supposed to predict the future, it is supposed to help US politicians plan for the best and worst scenarios. 8220I think the US has to do a lot more thinking about the future, and incorporating that in the decision-making process,8221 principal author Dr Matthew Burrows said. 8220If you go from crisis to crisis you increase your risk of going off the rails.8221 The report says China will surpass the US as the largest economy in the 2020s and that by 2030 India could be the rising economic powerhouse that China is seen to be today. But the authors also warn of major uncertainty about an emerging China. The United States has the advantage of having no complicated neighbours. China does not have that luxury. Everywhere it turns, it has a neighbour who has an interest in constraining them or has some sort of tension with them. Bruce Jones, the Managing Global Order project 8220Our worry would actually be not that you would have a strong China, a strong Asia, but more of a weak China, and what that means if it can8217t make that transition into an advanced economy,8221 he said. 8220If that doesn8217t go well, what does that mean for its behaviour with its neighbours8221 Bruce Jones is a senior fellow and the director of the Managing Global Order project at the Brookings Institution in Washington. He says there is a 8220significant possibility8221 that slower growth in China could lead to 8220considerable internal difficulties and tensions8221. 8220I think we8217re also seeing a region which is very complicated for China,8221 he said. 8220The US has the advantage of having no complicated neighbours. China does not have that luxury. Everywhere it turns, it has a neighbour who has an interest in constraining them or has some sort of tension with them.8221 The report says an international economy remains prone to potential 8220black swans8221, such as the collapse of the euro and the European Union, a Chinese economic collapse or even a pandemic or a nuclear war. The report says Asia will overtake North America and Europe combined in global power as its GDP, population, military spending and technological investment surpasses the West8217s, but that the US will remain what it calls 8220first among equals8221. And it warns that a 8220cyber arms race8221 is likely to occur as countries try to defend their infrastructure. By 2030, the report says, 60 per cent of the world8217s population will live in cities. The demand for food will have risen by 35 per cent and demand for water will outstrip current sustainable supplies, making water a likely cause of regional conflicts, particularly in South Asia and the Middle East. The president of The Atlantic Council, Frederick Kempe, believes the report has a clear message for US president Barack Obama. 8220The margin of error is much smaller than it was after World War II and during the Cold War,8221 he said, citing as factors 8220the shift of economic political influence, the certainty of relative economic decline of the United States and Europe8221. Former US ambassador to the United Nations John Bolton is one of the report8217s critics. 8220That8217s not something that8217s inevitable or written in tablets of stone,8221 he said. 8220These are decisions we make and that our elected leaders make. That8217s one reason why projecting what US strength will look like in 2030 is such a complete waste of time.8221 Mr Jones also points out that the report does not prioritise which issues should be tackled first. 8220It8217s pretty difficult for a policymaker to read this report and figure out what to do,8221 he said. 8220I think it8217s going to be difficult for the policy community to absorb.8221 Topics: globalisation8212economy, world-politics, foreign-affairs, china, united-states First posted December 11, 2012 14:45:20 Updated December 11, 2012 14:48:17 There are calls for bottle shop prices to be increased after a study found young people are fuelling up on alcohol before heading out so they can save money. A tenth of people surveyed in the Deakin University study said they drank more than 11 standard drinks before reaching a venue, and some said they had as many as 25. The study found that people who drank more than six drinks before leaving home had double the chance of being involved in a violent incident once they were out. Lead author Peter Miller says many people told the researchers that they drank heavily before heading out in order to avoid high prices at pubs and clubs. He says one possible solution is to make the practice less affordable by charging bottle shops a levy and increasing their prices. 8220Currently all the very cheap liquor being sold from the very large packaged liquor outlets contributes to harm,8221 he said. 8220But it doesn8217t actually contribute to any of the measures that ameliorate that harm, such as the security, police out at night, people in emergency departments. 8220And on the other side, when you raise the price of alcohol, you reduce consumption, particularly amongst people who are dependent and young people who have limited budgets.8221 The chairman of the National Drug Law Enforcement Research Fund, Detective Inspector Tony Cooke, says the fund has commissioned more research into the impact of bottle shop sales. 8220What is very concerning is the preloading 8211 the drinking of alcohol before they get there,8221 he said. Associate Professor Miller says a floor price would not achieve what a tax or levy on packaged liquor outlets could achieve. 8220I think it8217s very much about packaged liquor outlets paying up their fair share of the costs that they incur on society,8221 he said. 8220I think it8217s really important for people in the community to think about when they8217re paying for alcohol, that8217s not the only time they actually pay for alcohol. 8220We pay for alcohol through our taxes, every time we have to wait for the police to turn up on a Saturday night or have to wait in an emergency department on a Saturday or Friday night. 8220So we need the packaged liquor outlets to start contributing to the costs of the liquor they sell.8221 The data was collected as part of Australia8217s largest study into alcohol-related night-time crime, which compared approaches to licensing in Newcastle and Geelong. Newcastle pubs are required to limit trading hours, cannot sell shots after 10pm and must limit the number of drinks being served at one time. In Geelong the measures are voluntary, and include ID scanners, improved communication between venues and police, and an education campaign. Associate Professor Miller says it is clear which one works better. 8220You always get rogue traders and the bottom line always competes with responsible service of alcohol,8221 he said. 8220We did over 130 venue observations in the 18-month period, and in the end the mandatory conditions worked and the voluntary ones just didn8217t.8221 Topics: alcohol, drug-use, health, regulation, business-economics-and-finance, hospitality, industry, retail, geelong-3220, nsw, vic, nt, australia First posted December 11, 2012 12:54:51 Posted December 11, 2012 16:47:45 The Australian Competition and Consumer Commission has caught a Northern Territory art dealer trying to sell an Aboriginal painting with a false authenticity certificate. Angela Delgiacco from Alice Sundown Aboriginal Art admitted she misrepresented the date and title of a painting she was selling on the internet. The artwork was said to have been painted by celebrated Western Desert artist Makinti Napanangka, who died last year. ACCC regional director Derek Farrell says the dealer has been warned not to do it again. 8220Artists play a very important economic role in communities,8221 he said. 8220It is very important that that work isn8217t devalued in any sense. 8220Marketing of that work accurately and with absolute truth is very important.8221 Mr Farrell says the dealer has been warned not to repeat her actions. 8220That art dealer has now given an undertaking not to repeat this behaviour, not to make these sorts of misrepresentations again, and that undertaking is a court enforceable undertaking,8221 he said. Topics: indigenous-aboriginal-and-torres-strait-islander, visual-art, consumer-protection, darwin-0800, nt Posted December 11, 2012 16:07:49 The Northern Territory Government says its decision to raise interest rates for nearly 300 North Credit home loan clients aims to make the housing market fairer. The Housing Department has advised people who have the subsidised loans that their interest rates will increase from 4.9 per cent to 6.6 per cent from January next year. Housing Minister Peter Chandler says 57 of the people who have the loans are renting their properties out to others. 8220The loans were set up to help low and middle income people get into their homes,8221 he said. 8220Today, people are using them as rental properties. 8220I think it8217s the right thing to do to provide a little bit of a driving mechanism to revisit their current financial packages. 8220The reality is, like any government scheme, there has got to be a time when government reviews the market and backs out,8221 he said. 8220In this case 8230 for many people it may be better for them to actually get into the open market rather then the government scheme that they are in at the moment.8221 The changes apply to 293 people who had North Credit loans approved between 2004 and 2009. The credit contracts are currently based on the Reserve Bank of Australia cash rate but from next year the rates will change to the Commonwealth Bank of Australia standard variable rate. Topics: government-and-politics, banking, housing, nt, darwin-0800 Updated December 11, 2012 22:05:44 The Federal Environment Minister8217s pledged a further 102 million in State and Federal funding to implement the forest peace deal. The State is providing about 40 per cent of the money, an extra 39.5 million, with 62.5 million from the Commonwealth. The Minister, Tony Burke, travelled to Hobart from Brisbane today to make the announcement. The money will be used to compensate forest workers affected by the industry restructure and help fund payments for the owners of country sawmills to leave the native timber industry. The funding doesn8217t include compensation for veneer producer Ta Ann for reductions in its wood supply contracts. The Commonwealth will cover that cost, after negotiations The announcement came shortly before the Upper House introduced the legislation to halve the native timber industry and protect an extra 500,000 hectares of forest from logging. The Commonwealth has already promised 276 million to implement the deal, negotiated by industry and green groups. About half has already been spent. MLCs received a briefing from the Minister before the announcement. The Upper House asked for the extra funding details before it debates the bill. Tony Burke says the extra 102 million is enough to make the peace deal hold. 8220It8217s a level of assistance that we have not been willing to give the forestry industry in any other part of the country and with it you can very easily see a path for investment, see a path for employment,8221 the Minister said. 39.5 million 8220to assist industry to transition and8230.secure durability of the peace agreement8221 28 million to support the industry restructure, including support for workers and contractors. 25 million to support regional structural adjustment, sustainable residue solutions and encourage innovation in the use of plantation timber. 6 million over the next three years to manage additional reserves created under the peace deal. 3.5 million to create a special council to oversee the implementation of the forest agreement and gain forest industry certification. Meanwhile, the Legislative Council debated the peace deal for two hours last night before rising about 8pm. During that time, two MLCs declared their support for the bill, while another opposed it. Topics: timber, federal8212state-issues, state-parliament, states-and-territories, forestry, tas, hobart-7000, launceston-7250 First posted December 11, 2012 15:00:09 Updated December 11, 2012 09:55:45 Billionaire businessman Clive Palmer says negotiations are continuing with PGA Australia to keep next year8217s golf championship on Queensland8217s Sunshine Coast. The 2012 Australian PGA Championship starts on Thursday at Palmer Coolum Resort. PGA Australia says it will not be announcing the venue for next year8217s championship until early next year. PGA chief executive Brian Thorburn has confirmed it is 8220extremely likely8221 this year8217s event will be the last on the Coast, after disputes over signage and commercial interests with Mr Palmer. Mr Palmer says it is not the end of the world if the tournament changes venue. 8220Golf is an important aspect of our economy, but it8217s only about 5 per cent of the Australian or the South-East Asian tourist industry,8221 he said. 8220We8217ll do what we can do to keep golf, but we8217ve got to get better attractions and that8217s why we8217re moving ahead with the dinosaur park. 8220We don8217t live just for the PGA. 8220There8217s a lot more to happen and I think the PGA8217s here because it8217s a good place to be. 8220It8217s a wonderful destination and there8217s a bigger world out there.8221 Sunshine Coast businesses are appealing to Mr Palmer to do all he can to keep the PGA championship at his Coolum resort. The president of the Coolum Business and Tourism Association, Neil Mooney, says losing the tournament would be devastating for the local economy. 8220Clive 8211 let8217s keep it here,8221 he said. 8220He owns the resort and he might have his reasons why he8217s doing it but I tell you he isn8217t doing any favours for anyone in the town of the Sunshine Coast. 8220We don8217t want to lose it 8211 too much money has gone into it 8230 taxpayers8217 money and also ratepayers8217 money over the years to bring this event here.8221 Topics: rural-tourism, golf, tourism, mount-coolum-4573 First posted December 11, 2012 09:50:58 Updated December 11, 2012 14:58:52 Business confidence fell to its weakest level in three-and-a-half years last month as the economy softened. The closely watched NAB monthly business survey showed confidence fell in November, down especially in manufacturing. Business conditions also remained at multi-year lows with a deterioration in profitability, rising wage and purchasing costs. Most troubling was a sharp slide in forward orders, which dropped from minus six to minus 11 in the month. NAB head of economics Rob Brooker said there was no one reason for the deterioration. 8220Business conditions haven8217t been positive for eight consecutive months,8221 he said. 8220The economy is going through a soft patch and I think businesses are experiencing tough times at the moment.8221 Mr Brooker said companies were concerned that forward orders, or future business, was on the slide. 8220Particularly in the group where conditions remain very soft 8211 manufacturing, retail, construction and wholesale 8211 have been suffering from very poor business conditions for quite some time,8221 he said. 8220I think in any signal like weakening orders are quite likely to weigh on sentiment for those particular industries.8221 He said the results were not good news for job seekers. 8220In that sort of environment, I think we are likely to see a little bit more upward pressure on unemployment over the next little while, and I think some softness in labour demand persisting into early next year.8221 Mr Brooker said he expected economic growth to contract from 3.1 per cent to around 2.75 per cent this quarter. Topics: economic-trends, australia First posted December 11, 2012 14:21:08 Posted December 11, 2012 10:40:03 Facebook has closed the polls on 8220an experiment with democracy8221 that let members of the social network vote on proposed policy changes. A referendum to strip Facebook users of the power to endorse or reject policy changes through popular vote was opposed by 87 per cent of the 668,125 members who cast ballots. But not enough people voted to make the results binding. Since fewer than 30 per cent of Facebook8217s 1 billion users voted, the California-based firm exercised its option to go forward with a plan to eliminate the voting structure and integrate Instagram data for ad purposes. The changes will also make it easier for advertisers and others to send messages on Facebook, limiting users8217 control, according to privacy rights groups. Activists have raised a ruckus, saying the new policies, if implemented, could violate some laws or Facebook8217s agreement with US regulators earlier this year after complaints from privacy groups. The Electronic Privacy Information Centre urged Facebook users to vote 8220no8221, saying the changes 8220would end user voting, remove spam blocking, and combine personal information from Facebook with data from photo-blogging site Instagram8221. Facebook said in a message to users last month that the vote system 8211 implemented in 2009 8211 8220resulted in a system that incentivised the quantity of comments over their quality8221. Topics: social-media, internet-culture, information-and-communication, business-economics-and-finance, company-news, united-states By Indonesia correspondent George RobertsPosted December 11, 2012 19:33:46 Australia8217s Federal Transport Minister has signed a safety agreement with Indonesia, but key elements on asylum seeker boat rescues are yet to be finalised. Anthony Albanese, who is in Jakarta, signed off on elements of the transport cooperation plan which was announced in September. The agreement covers air, sea, rail and road transport. Some elements of ocean rescue cooperation, such as ship tracking and an exchange program between the Australian Maritime Safety Authority and Indonesia8217s equivalent group, BASARNAS, have been included. But proposals to allow Australian ships and planes to have so-called rapid clearance to enter Indonesian territory and refuel have not been completed. The plans are aimed at speeding up asylum seeker boat rescues. Details of how the arrangement would work are yet to be finalised, but Mr Albanese said there had been three cases of rapid clearance granted. 8220That is occurring already and we look forward to it being put into practice,8221 he said. Indonesia8217s transport minister, EE Mangindaan, said procedures for it should be signed in February. Topics: air-transport, sea-transport, rail-transport, road-transport, transport, foreign-affairs, government-and-politics, indonesia, australia Updated December 11, 2012 15:40:12 Business SA said it was working with unions to achieve changes to South Australia8217s new part-day public holidays. Employers have complained high penalty rates will force many to close rather than risk losing money. A raft of changes to retail hours in SA included the introduction of the new public holidays, which apply from 7:00pm to midnight on Christmas Eve and New Year8217s Eve. Business SA CEO Nigel McBride said his organisation was keen to change the new arrangements rather than see them scrapped. 8220There8217s clearly been some unintended consequences and we want to work sensibly with the unions to get an outcome for employers that8217s fair and appropriate,8221 he said. 8220We need to fix it now. 8220We8217re not going to lobby to overturn it, we believe there8217s another way through.8221 Industrial Relations Minister Russell Wortley said he had asked Fair Work Australia to take submissions from business groups and unions about how the new part-day public holidays might affect various awards. Commissioner Peter Hampton will hold a hearing in Adelaide on Wednesday. Mr Wortley said his action was in response to a few employer groups saying the changes would hurt businesses. 8220I8217m concerned that the employers didn8217t do this six or seven months ago. If they were that concerned about it they would have applied to the Fair Work Australia themselves, which they had every right to do, and they would have been in the Commission six or seven months ago,8221 he said. 8220The Government has always been open to discuss this legislation with employer groups but some chose instead to oppose it outright.8221 Topics: states-and-territories, unions, government-and-politics, small-business, retail, hospitality, industry, business-economics-and-finance, sa, adelaide-5000, australia First posted December 11, 2012 13:04:47 Updated December 11, 2012 19:40:40 Malaysia has ordered the Australian miner Lynas Corp. to ship out all the waste from its new rare earths plant, because of environmental and health concerns. Lynas began processing rare earths at the 800 million dollar plant in Malaysia8217s eastern Pahang state last month. However, residents and environmental groups are worried about radioactive residue from the factory. Four Malaysian cabinet MPs (responsible for trade, science, natural resources and health) have now released a joint statement, saying the temporary licence granted to Lynas requires it to remove 8220all the residue8221 from the plant out of the country. They said Lynas must ship out all residue, including products made from it. 8220The obligation imposed on Lynas in this matter is very clear. The Government will not compromise the health and safety of the people and the environment in dealing with the issue of Lynas,8221 they said. They also warned that if Lynas does not comply, the Government can suspend or revoke the licence and order it 8220to immediately cease operation8221. This came after local media reports that quoted a top Lynas official in Malaysia as saying it would not remove the waste as it needed to abide by international conventions, which prohibit the export of hazardous wastes. The Malaysian MPs said those reports were inaccurate. AFP reports that Lynas officials did not immediately return request for comment. Court challenge In November, Lynas cleared a final hurdle when a court gave the go-ahead for the company to begin operating, after being delayed by more than a year because of environmental and health fears. However, activists are challenging that court decision, with a hearing scheduled for next week. The Lynas Advanced Materials Plant (LAMP) is set to become one of few sites outside China to process rare earths. The metals, imported from Australia, are used in high-tech equipment, ranging from mobile phones to missiles. Residents, activists and opposition leaders have staged numerous protests against the plant, saying it would release radioactive gases and solid waste such as radium and lead, and small amounts of uranium, into the environment. Lynas has insisted that any radioactive waste would be low-level and not harmful and that it will safely dispose of it. Topics: industry, environmental-impact, environmental-policy, mining-environmental-issues, asia, malaysia, australia First posted December 11, 2012 18:00:42 Updated December 11, 2012 09:35:22 Business is backing the Tasmanian Premier8217s decision to increase the state8217s debt burden in a bid to create jobs. The Government is spending about 25 million on business grants, help for first home builders, funding small infrastructure projects and introducing a payroll tax rebate. The package aims to create more than 3,000 jobs. It is part of 76 million in new spending which has helped push up the deficit by 44 million. The chamber has argued a budget surplus is necessary for business confidence, but its chief economist Phil Bayley says the package is timely. 8220It8217s never ideal for Government8217s to be going deeper into debt but sometimes it is unavoidable and reflects external circumstances,8221 he said. 8220In this case that appears to be largely the case although we will need to work through it in coming days. 8220It is appropriate for the Government to undertake small, timely, temporary and targetted spending initiatives if they can boost the economy without feeding into ongoing spending growth.8221 Master Builders Tasmania says new money for housing construction will tide the industry over until the state economy improves. The Government is offering 8,000 to people who build a new home under its new job creation package. Builders8217 spokesman Michael Kerschbaum says home construction is at a nine-year low and the support is welcome. 8220So this won8217t benefit investors, it won8217t benefit second, third, fourth homeowners.8221 8220It will only benefit those people who are considering entering into the market. 8220So what we do expect is those other groups who won8217t get the benefit will probably come on board after the boost and when we expect probably a more broader economic recovery over the course of 2014.8221 It has been revealed several government departments are struggling to work within their budgets. The forecast deficit increase of 44 million to 327 million is contained in a revised estimates report. Falling state revenues, mineral royalties, fines and fees and increased government spending have been partly offset by a 55 million boost in GST receipts. The forecast for economic growth has been revised down to 1 per cent this financial year, but it is expected to grow to 2 per cent by 2014-15. Unemployment is expected to hover around 7 per cent The budget update says Treasury is working with several agencies to help them overcome a range of so-called 8220budget risks8221 due to rising costs and demand for services. The report says it is too early to say how these pressures will affect the budget. Estimates of the financial gains from the electricity sector overhaul are also yet to be calculated. The planned changes include the sale of Aurora Energy8217s retail arm. Tasmania8217s Children8217s Commissioner says extra funding for child services acknowledges the system is under pressure. The Revised Estimates Report allocates an extra 36 million over four years for out-of-home care and child protection services. Commissioner Aileen Ashford says the extra 7.7 million this financial year will not go far. 8220What it does tell us is that we have got an increase in demand in that system,8221 she said. The Community and Public Sector Union8217s Tom Lynch says child protection workers have been under pressure for years. 8220It would be particularly good to be able to put in some professional senior staff to make sure that case loads are manageable.8221 A spokesman for the Children8217s Minister Michelle O8217Byrne says the total child protection budget is now 417 million over four years. Corrective Services will get an extra 10 million. The Corrections Minister, Nick McKim, says the money will fund community corrections programs being offered as an alternative to imprisonment. Mr McKim says demand for the service has doubled. 8220It is a credit to the service we provide and evidence that judges and particulalry magistrates have a very high level of confidence in the programs that we provide in community corrections.8221 8220Keeping someone in prison cost around about 300 a day, managing someone through the community corrections system costs about 12 a day.8221 Topics: states-and-territories, economic-trends, programs-and-initiatives, building-and-construction, tas, hobart-7000, launceston-7250 First posted December 11, 2012 08:43:20 Updated December 11, 2012 14:00:46 A Perth-based psychology researcher says mine workers in central Queensland often feel their employers do not care about their wellbeing. Murdoch University researcher Libby Price says of the 223 fly-in, fly-out (FIFO) miners surveyed for the study, most felt detached from their employer and less then half were aware of their employee assistance entitlements. But she says support is available. 8220Whether or not they8217re aware of the support that8217s available 8211 EAP employee assistance program is an easy one 8211 people found that their friends and family were the strongest supports anyway, so I think it8217s just a case of educating people and letting them know,8221 she said. She says there are several ways to improve the situation. 8220I think education is one of the easiest things that an organisation can do,8221 she said. 8220Having said that, I know some people who work really, really hard to educate people about the availability of an EAP and some people just don8217t want to go. 8220One of the biggest things that8217s come out of this is that communication could so easily improve the situation with regards to that feeling of support.8221 Topics: coal, medical-research, mining-rural, mining-industry, work, mental-health, moranbah-4744, gladstone-4680, rockhampton-4700 First posted December 11, 2012 10:58:43 By Washington correspondent Kim Landers and wiresUpdated December 11, 2012 10:40:03 British bank Standard Chartered has been ordered to pay the United States almost US330 million to settle charges it violated US sanctions against Iran, Burma, Libya and Sudan. Standard Chartered has been fined US100 million by the US federal reserve and the department of justice has seized assets worth more than US220 million. US authorities say the bank stripped messages on financial transfers that would have shown the beneficiaries were businesses and entities covered by American sanctions. It is the second time Standard Chartered has been fined. In August, Standard Chartered made a separate payment of US340 million to New York8217s state banking regulator over violating Iranian sanctions. Superintendent Benjamin Lawsky said then that Standard Chartered was a 8220rogue institution8221 that had shown 8220obvious contempt8221 for banking regulations, leaving the US vulnerable to terrorists, weapons dealers and corrupt regimes. Taken together, the two penalties could almost wipe out the bank8217s profit growth this year. Nevertheless, its shares nudged higher after Monday8217s announcement, which was in line with guidance by the bank last week. As part of the agreement announced on Monday, the justice department and New York8217s district attorney both agreed to defer charges against the bank, and drop the charges if the bank improves its sanctions compliance and forfeits US227 million. Standard Chartered said in a statement that the settlement followed nearly three years of 8220intensive cooperation with regulators and prosecutors8221. In the statement, the bank noted that the US treasury found only about US24 million of transactions on behalf of Iranian parties and US109 million on behalf of parties in Burma, Sudan and Libya appeared to violate US sanctions laws. In similar settlements over sanctions violations, Lloyds TSB has forfeited US350 million, Credit Suisse US536 million, Barclays US298 million and ING US619 million. 8220These cases give teeth to sanctions enforcement, send a strong message about the need for transparency in international banking, and ultimately contribute to the fight against money laundering and terror financing,8221 Manhattan district attorney Cyrus Vance said. Topics: banking, industry, business-economics-and-finance, united-states, united-kingdom, burma, sudan, libyan-arab-jamahiriya, iran-islamic-republic-of First posted December 11, 2012 09:42:43 10 December 2012 Last updated at 12:11 GMT Insurers say gifts should not be left under a Christmas tree Insurers have urged householders to keep Christmas gifts secure after dealing with claims totalling 35m in the UK last December. The Association of British Insurers (ABI) said that insurers received 23,000 burglary claims during the month in 2011. Cars with gifts on view and homes left unattended during the holiday season are common targets for thieves. Crowded shopping centres were also a prime spot for thieves, the ABI said. It has urged people to lock their property securely, even when only leaving the house for a few minutes. Gifts should not be left under a Christmas tree if this meant they were on full view from outside. Other tips included putting out empty boxes from Christmas presents on recycling collection day, not before, after binding them together as flat as possible. 8220Thieves love Christmas. They know that there are plenty of easy pickings to be had this time of year,8221 said Malcolm Tarling, from the ABI. 8220Being vigilant and taking a few common sense precautions can ensure that you do not remember this Christmas for the wrong reasons.8221 Dubai: Pure Gold Jewellers now has a presence in eight markets after its recent entry into Saudi Arabia and Sri Lanka. In the latter, deals have been signed for five store locations which will be operational in the next few months. Sri Lanka is the first step towards the companys long-term plan to establish a strong presence in tourist destinations such as Maldives, Seychelles and Mauritius. Article continues below Image Credit: Supplied pictureThe new Cayman is after the 911 Carrera and Boxster the third sportscar model line from Porsche to feature innovative lightweight body design. Image 1 of 3123 Were busy having shouting matches almost every day at the wheels office lately. It happens every year around about this time, the name calling, the blackmailing, the spitball ambushing And its all because wheels Car of the Year 2012 is right around the corner, and your wheels team together with our regular gang of contributors cant stop arguing about whats awesome and whats rubbish. Well, actually, the extreme ends of the spectrum we can agree on its the stuff in the middle that necessitates closer scrutiny, or in our case, Yo Mama jokes. Even in this time of office warfare, the wheels team is mature enough to call a momentary ceasefire and agree on some undisputed facts such as, the Porsche Boxster is darn awesome. And that fact makes us extremely excited about our sportscar-driving prospects for 2013, because Porsche has just announced a tin-top Boxster, which you may know as the Cayman. This third-generation coup sportscar was just launched at the Los Angeles auto show last week, promising less weight coupled with a stiffer chassis, more efficiency from its flat-six engine range, a buy-it-now price and, most importantly, good looks. Article continues below Lets get to the best bit first, which is that the base Cayman will start from Dh200K in the GCC, while the Cayman S kicks off from Dh227,500 you can order yours today, rubbing your hands with glee until the April 2013 delivery date. As a completely re-developed coup, the latest Cayman is both lower and longer than before, but crucially also up to 30kg lighter with a 40 per cent stiffer body. The wheelbase is additionally also longer, and coupled to a wider track and bigger wheels, it should easily scare plenty of 911s on the winding road. A longer wheelbase, wider track and larger wheels enhance the performance of the mid-engine sports car to an unparalleled level in its competitive class. The new Cayman is after the 911 Carrera and Boxster the third sportscar model line from Porsche to feature innovative lightweight body design. The new generation is up to 30kg lighter, depending on the specific model and equipment, and consumes up to 15 per cent less fuel per 100km than the previous model despite higher engine and driving performance. Porsche is also quick to point out the Caymans economical virtues, with 15 per cent less fuel usage despite higher performance from the base 2.7-litre 275bhp engine, and the Cayman S 3.4-litre 325bhp flat-six. The former sprints from 0-100kph in 5.4 seconds and reaches a top speed of 266kph, while the latter does the acceleration run in 4.7 seconds and tops out at 283kph. If you spec your Cayman S with Porsches double-clutch PDK instead of a six-speed manual, and lets face it, you will, then youll also see economy figures of around 8.0 litres-per-100km dont laugh, we actually experienced that in the Boxster S. Of course, those affordable starting prices hide some nasty surprises, mainly that the cars come in bare-bones trim. Porsche, however, has added more optional equipment to make your decisions easier (and costlier), so the Cayman is now available with adaptive cruise control for the first time, a specially developed Burmester sound system, and a keyless Entry amp Drive system. All this sounds to us like were possibly in for fewer shouting matches in the wheels office, come the 2013 awards for the best sports coup. From their control tower, surrounded by 16 screens monitoring every part of the 2.2m sq ft of warehouse space below, staff at John Lewiss 58m distribution hub in Milton Keynes were braced for what they hoped would be the busiest online shopping day of the year. So-called Cyber Monday had already had a sprinting start with 6,000 orders arriving before 6am. By 1pm the sales figures screen jumped as the lunchtime rush kicked in. Now the tally was more than 37,000 orders. Nearly 55,000 online sales were expected by dinner time, but staff were hoping it would be higher and beat last weeks all-time record of 61,000. Meanwhile in Burton-on-Trent, around 40 Christmas pickers at Argoss largest warehouse started packing boxes with gifts ranging from Barbie dolls to tablet computers. Argos was expecting 300,000 Christmas gifts to be processed and dispatched to its regional distribution centres on Monday by the end of the day staff learned the total hit 360,000. Article continues below From regional centres boxes would be shipped to the 764 stores across the British Isles. Over Christmas, bosses expect around 55m items to pass through its 13 distribution centres. Kindles are flying off the shelves and there is huge demand for Apples iPads and the Samsung Galaxy, said general manager Neil Brooks. It was the year of the tablet, he said, with 1m gadgets sold this year thanks to the Christmas boost. Other popular lines include the Google Nexus, Argoss own brand tablet, the CnM, the new Wii U console and the relaunched Furby. Across the UK, Visa estimated 10,000 was spent online every second yesterday, an increase of 30 on last year, while research firm Experian said it expected 115m visits to online retailers. Marks Spencer had recruited an extra 800 workers at its distribution centres and doubled the number of employees in its ecommerce call centre. Dom McBrien, multichannel trading director at MS, said: During the lunch hour window we saw a record number of orders per minute and a threefold increase in traffic compared to Sunday. At Asda Direct, bosses expected to sell 50 more products than on an average Monday. Back at John Lewis, a serious glitch the depot had run out of iPad minis in the early hours. The tablets are expected to be one of the biggest selling items. Terry Murphy, head of national distribution, walked among the pallets of click and collect deliveries due to be shipped out to stores nationwide. It was not lunchtime yet but he was convinced it would be his busiest day. He said: By 10am we have a rough idea of what kind of day were going to have and whether we need to bring in extra staff or offer overtime. Today is definitely one of those days. By 2pm as the morning shift left for the day to be replaced by the afternoon workers, a sense of calm came over the warehouse, as the nearly nine miles of conveyor belts winding through a space as big as 31 football pitches ground to a halt. Boxes of shirts, candles, Lego and cameras stopped whizzing past. Its the eye of the storm right now. Everythings going to go crazy soon, said Murphy. In a tribute to the efficiency of the 1,000 staff the operation ran smoothly, and they hit their target of 600 items an hour to be sorted for shipment to stores. Even the iPad Mini disaster was overcome when at 3pm a fresh delivery of the Apple bestsellers pulled into the warehouse and the race was on to get them up online in time for the evening rush. With next-day deliveries now accounting for 54 of all online orders, it was then all hands on deck at the 44 dispatch terminals. The average customer will order around three items, with a basket worth around 140, although Murphy revealed the average was 250 on the Friday before last coinciding with so called Black Friday in the US, when shops lure in customers with bargains immediately after the Thanksgiving holiday. He said: Black Friday really took us by surprise. We werent expecting such a huge rush because we dont promote it. But because others were, we had to match them on price and the sales flooded in. Online sales have become big business for John Lewis, especially its click and collect service, where customers can pick up their items in store the following day. In the warehouse, pallets set for Oxford Street in London, Cambridge, Manchesters Trafford Centre and Cribbs Causeway, near Bristol, were filling up nicely, ready to be picked up and shipped to the stores overnight for collection. James Leeson, head of online commercial at John Lewis, explained that multi-channel shoppers spend more than those who only go to shops and he emphasised just how important Cyber Monday has become. He said: Monday is always our busiest online trading day. People go to the stores over the weekend to do their research into exactly what they want to buy, then they use Monday to place their order. Cyber Monday is so important because it starts three-to-four weeks of really busy online shopping people have just been paid, theyve seen the Christmas ads on TV and the new month gets people excited. However, not everyone is convinced by Cyber Monday, seeing it as another American import dreamed up by marketing people to compete with Black Friday. Mothercare chief executive, Simon Calver, who overhauled the companys website and brought in 24 hour click and collect services said his customers will wait longer than ever before buying their Christmas presents. He said: I dont think Monday will be our busiest online day. I think its becoming a bit of a Mexican standoff with shoppers, to see who will blink first. Will the retailers reduce their prices early or not Over at Currys and PC World, chief executive of parent company, Dixons Retail, Sebastian James agreed. He said: I dont think Cyber Monday has the same power it may have had. It dates back to a time when you had to wait two weeks for a delivery, but now we do 24 hour delivery and will offer reserve and collect up until Christmas eve. Guardian News and Media 2012 PrintEmail a friend More from Technology Deep divide in Dubai at UN talks on Internet We want artists to be able to create music Cyber Monday starts online shopping season Its a good time to be an app developer The Australian Manufacturing Workers Union says the LNG giant, Woodside, has a moral obligation to its local workforce as a number of people face losing their jobs at the Karratha Gas Plant. The union says up to 70 Transfield employees are facing unemployment as the result of a recent change in contractors, despite many working on site for more than ten years. Monadelphous has signed a 150 million contract with Woodside to conduct maintenance work at the plant from early next year. The union8217s WA president Tony Hall says it appears Monadelphous will now bring in its own workforce for the project. 8220The commitment we had from Monadelphous is 8216yeah, yeah, we will pick up a good portion of the current employees8217 so everyone was happy with that response,8221 he said. 8220None of the current employees have actually been picked up. 8220There should be a moral obligation upon a contractor and upon Woodside as well, to actually pick up people that live in this town.8221 Mr Hall says it calls into question Woodside8217s commitment to the local community. 8220These are people that have lived and worked in Karratha for up to ten years or more,8221 he said. 8220Their families are here, their kids are here, their lives are here. Not one of these people, who8217ve got the required skills to do the work at that gas plant, have been picked up at this stage.8221 In a statement to the ABC, Woodside did not confirm or deny the sackings. It says it remains committed to its workforce in Karratha. However, a company spokeswoman says the number of employees required on site fluctuates as projects start and finish. Monadelphous has been contacted for comment. Topics: unions, oil-and-gas, karratha-6714 First posted December 10, 2012 10:15:25 10 December 2012 Last updated at 12:26 GMT All of the major energy companies have announced price rises for domestic customers Energy firm E. On will raise prices for dual fuel customers by 8.7 on 18 January, the company has said. All of the major energy providers have now announced price rises this winter for UK domestic customers. However, price changes might differ depending on where residents live in the country. E. On had pledged that it would not change prices before the end of 2012, which prevented any announcement before the start of December. Those who have just electricity supplied by E. On will see a price rise of 7.7, but gas-only customers will see prices go up by an average of 9.4. 8220We have held back from increasing our prices for as long as we possibly could and at the same time have worked hard to reduce our own costs as a business so that our customers can get the best price possible,8221 said Tony Cocker, E. On chief executive. E. On dual fuel customers will see their bill rise by just over 100 a year on average as a result of the imminent price rise. Continue reading the main story SSE . 15 October, gas and electricity up 9 British Gas . 16 November, gas and electricity up 6 Npower . 26 November, gas up 8.8, electricity up 9.1 Scottish Power . 3 December, gas and electricity up 7 EDF: 7 December, gas and electricity up 10.8 E. On: 18 January, gas up 9.4, electricity up 7.7The announcement follows price rises of between 6 and 10.8 introduced by the 8220big six8221 energy companies over the last few months. Consumer groups and commentators have reacted with disappointment, but little surprise, that E. On has joined the list. 8220This set of industry wide price rises could not have come at a worse time, with the UK economy still faltering and a very cold winter forecast,8221 said Mark Todd, of price comparison website Energyhelpline. 8220Households will have to contend with the double whammy of bigger bills and lower temperatures, pushing heating bills higher and putting further pressure on austerity-hit households.8221 E. On blamed rising wholesale prices that it paid, the cost of transporting energy to homes, and the increasing cost of government social schemes for the price rise. Continue reading the main story Most industries will pass on rises in costs, but given the low levels of confidence consumers need to be reassured End Quote Audrey Gallacher Consumer Focus It also suggested that the cost of creating more renewable sources of energy was a key factor in the costs it faced. 8220I understand the reasons behind these increases as Britain seeks to reduce energy waste, and invest in both new lower carbon electricity sources and in new or improved gas and electricity networks,8221 said Mr Cocker. 8220However, at a time when family finances are being squeezed hard and energy bills become a bigger part of the weekly spending, it is vital that everyone who takes a share of energy bills explains what that money is for and justifies those rising costs to customers.8221 He added that he believed the company8217s profit margins were 8220fair8221. He said that the margin it made on the residential business was less than 2 last year, and this year8217s level would be declared when its annual results were published. E. On customers were hit by an 18 gas price rise and an 11 electricity price rise in late 2011, although there was also a price cut for the latter of 6 early in 2012. Customers would be sent a letter, Mr Cocker said, explaining the reasons for the latest price increases. Audrey Gallacher, of watchdog Consumer Focus, said: 8220Most industries will pass on rises in costs, but given the low levels of confidence consumers need to be reassured that retail bills, wholesale costs and company profits are in balance. 8220It is a complex picture, but billpayers need to know that wholesale prices and other costs have increased enough to justify these rises. As it stands, the pressures on price are just too opaque and contested to provide confidence.8221 Shares in iron ore miner Fortescue Metals have soared after its joint-venture partner BC Iron agreed to buy half of Fortescue8217s stake in a Pilbara project. BC Iron is paying Fortescue 190 million for an extra 25 per cent of Nullagine, which will take its total interest in the project to 75 per cent. That will leave Fortescue with a quarter share in the joint-venture. As a result BC Iron8217s annual production will increase by 80 per cent to 4.5 million tonnes, which the miner says will improve earnings, cash flow and value per share. Fortescue says it will use the proceeds of the sale to manage its debt load and also to potentially help fund its planned, but recently delayed, Kings mine. BC8217s shares remain in a trading halt, Fortescue8217s share were up 7.5 per cent to 4.075. Fortescue8217s share price has also been helped by Chinese trade data that showed a 16.6 per cent surge in iron ore imports last month. Topics: business-economics-and-finance, company-news, iron-ore, australia, wa Image Credit: REUTERSSudanese fashions on display in a swanky shop in Khartoum. Ambitious plans backed by Gulf Arab investors were drawn up when the Sudanese economy started to accelerate, driven by petro-dollars. Khartoum: Shop assistants display expensive Italian baby clothes in a vast showroom, waiters in white shirts serve latte in trendy cafes and an army of cleaners mops the floors Khartoums new Al Waha mall is a world away from the rest of Sudan. Owners of the mall, with its shiny elevators and air-conditioning, promise a shopping revolution in a city where battered cars and donkey carts make their way down bumpy roads lined with street vendors. Theres just one problem: the place is almost empty. I havent had a single customer in the past 10 days, said Kamal Al Din, the manager of a Chinese furniture shop on the lower ground floor. Five more months like this and we will be closing, he told Reuters in his large glass office, tallying losses on a calculator. Article continues below Sudan has never been an obvious place to do business. But ambitious plans backed by Gulf investors were drawn up when the economy started to accelerate, driven by petro-dollars, after the government signed a peace deal with southern rebels in 2005. New hotels such as the Saudi-built Rotana and expensive stores such as German sports retailers Adidas and Puma set up shop in Khartoum. Al Wahas majority owner, the Bank of Khartoum, a lender funded mainly by Gulf investors like Dubai Islamic Bank, hoped to copy the success of glistening shopping-cum-business-centres in Dubai and Cairo. But the occupancy rate at the 17,000 square metre building which opened in July is just around 35 per cent, the Bank of Khartoum said. Coming soon banners are everywhere in the shops. A tower reserved for a luxury hotel sitting on top of the mall is still vacant, as is the business tower, although the owners insist the first leases have been signed. At a lease cost of 15 (Dh55) per square metre, prices at the few open shops, mostly foreign fashion retailers, include a hefty premium that is way beyond the means of most Sudanese. The Bank of Khartoum hopes the economy will stabilise after Khartoum and Juba agreed in September to resume oil exports within months. Its Gulf shareholders have just decided to triple the banks capital to expand even more in Sudan. The bank, Sudans oldest, owns 60 per cent in the mall, and the rest is held by the government, according to mall operator Mourjan. Construction costs were around 200 million. Al Wahas general manager, Khalil Mohsin, a Palestinian who has worked for many years in the Gulf and Jordan developing shopping centres, says he also remains optimistic. He said the mall has 7,000 customers a day, though the few people inside seem to be mainly students or teenagers. The underground park for 600 cars is almost deserted. When we opened, purchasing power was at its lowest, he said, adding that lease contracts for 60 per cent of the malls space had been signed so far. But we are within our plan. The occupancy rate will reach 80 per cent by the end of next year. Mohsin said the challenges were not just economic the concept of a mall with fixed prices for quality goods is new territory for many Sudanese who are used to haggling with vendors in an economy flooded with cheap Asian products. He had to persuade the retailers to open on Fridays, a day when families have time to shop but Khartoum is shut down. We need to educate customers and tenants, present them with new ideas, he said. The Northern Territory Government hopes a decision will be made this week on a plan to help save a Rio Tinto alumina refinery on the Gove peninsula in remote north-east Arnhem Land. The Territory8217s Chief Minister says any closure of the refinery could devastate the nearby mining town of Nhulunbuy, which has also become a service hub for Indigenous people in the area. The Territory and Federal Governments are discussing a plan to pipe gas to the Gove peninsula in a bid to convince the company to keep the plant running. The Rio Tinto-owned Pacific Aluminium is reviewing its alumina refinery and bauxite mine on the Gove Peninsula. Dave Suter from the local Chamber of Commerce says businesses are already feeling the pinch as the company cuts costs. 8220Talking to shopkeepers in the town, you get the idea that possibly their figures are around the 25 per cent downturn in business at the moment,8221 he said. Mr Suter says local businesses are starting to brace for an even bigger downturn if the refinery closes. 8220Everyone is, whilst they8217re not really worried about it, they are concerned,8221 he said. 8220This probably is a good time for people to look at how they actually run their businesses, the costs associated with their businesses. We call it planning for the worst but hoping for the best.8221 One option on the table is suspending the operation of the alumina refinery but continuing to run the mine with an increase in bauxite exports. However, the majority of the 1,400 jobs at Gove are linked to the refinery. Klaus Helms is the chairman of Nhulunbuy8217s futures alliance, which was formed to prepare for all possibilities, including a drop in Nhulunbuy8217s current population of 4,000. 8220You know, you8217re talking in numbers of, if this closure were to happen, a loss of around 2,500-odd people, which would be a major impact on the service delivery of this region,8221 he said. Since he arrived in Nhulunbuy in the late 1960s, Klaus Helms has watched the town grow into a service hub for the region. 8220If you looked at all the services that exist at the moment, a huge proportion of that service is just for the mine. But the offset of that is that it also gives the region a better selection of services,8221 he added. One reason the Gove operation has been losing money is the high cost of the heavy fuel oil it uses to power the operation. The company also supplies power to the town of Nhulunbuy and several Indigenous communities. Klaus Helms is keeping an eye on renewed talks about piping gas from Katherine to Gove. 8220We8217re all working hard to get gas to Gove to make this region survive, because it8217s pretty bleak if you look at the alternatives,8221 he said. The Northern Territory Chief Minister, Terry Mills, says talks with the Federal Minister for Resources, Martin Ferguson, have been positive. 8220I think we are at the closing stages of being able to identify how we can have an aggregated quantity of gas that would allow a pipeline to be constructed and gas to be delivered to Nhulunbuy,8221 he said. The Territory Government is considering selling some of its gas and the Commonwealth has been assessing the risk of underwriting the pipeline construction and gas conversion, estimated to cost 750 million. The Commonwealth says it is considering what it might to do to help alumina refining at Gove continue. Terry Mills wants Wednesday to be the deadline for the talks. Topics: business-economics-and-finance, economic-trends, bauxite, manufacturing, australia, nt, nhulunbuy-0880 The Tasmanian Government is going a further 44 million into the red to stimulate the economy. It has unveiled a 76 million package of stimulus measures and new spending, just six months after the state budget. The Government8217s new 25 million jobs package includes funding for more infrastructure projects and a payroll tax rebate to encourage employment. The Premier, Lara Giddings, says it is expected to generate private investment worth 375 million and more than 3,000 jobs Ms Giddings says the time is right for the stimulus package. 8220We8217ve seen a pick up in GST which has helped,8221 she said. 8220We also had some drop in our state revenues and what we can do by stimulating jobs is actually help our state revenues as well. 8220The return is very worthwhile.8221 The Government has also announced a 36 million increase in spending on child protection services and 10 million for corrective services. Ms Giddings says the unemployment rate of 6.8 per cent is too high. She says it is a Government plan, not a Labor election platform. 8220What the jobs package is today is a modest push in the right direction, it8217s not just an all-out free spend-for-all,8221 she said. The Revised Estimates Report puts the deficit at 327 million, 44 million more than the May budget. But the Finance Minister Scott Bacon says the Government is still on track to return to surplus and be out of net debt by 2014-15. 8220Jobs are our number one priority,8221 he said. The housing industry has welcomed a plan to match a 7,000 federal grant with an 8,000 first home builders grant. The Housing Industry Association8217s Stuart Clues says housing construction needs a boost, after falling by about 30 per cent so far this year. Mr Clues is confident the grant will not lead to gouging by construction companies. 8220Our industry is not in a position at the moment to be just jumping up prices.8221 8220They8217re all actively competing for work and this will simply be a welcome salvation. 8220It won8217t be an opportunity to ratchet up prices. You8217ll see people actively competing for every home that8217s being offered.8221 Topics: building-and-construction, housing-industry, states-and-territories, tas, hobart-7000, launceston-7250 First posted December 10, 2012 09:22:31 Posts navigation Categories worldTravel Recent Posts Recent CommentsASP World Tour Surfer Owen Wright Aims Up For OzForex SurfAid Cup Owen Wright is set to explode at the OzForex SurfAid Cup, Queenscliff, Sydney on Friday 31 October. Photo: Morissette/Rip Curl Article provided by SurfAid Brilliant ASP World Championship Tour surfer Owen Wright is returning from the European leg of the tour to compete in the OzForex SurfAid Cup at Queenscliff Beach, Sydney, on Friday 31 October. Wright, 24, from Culburra on the NSW South Coast, is currently ranked 12th on the WCT and training hard for a world title campaign. After debuting at seventh in his first year on tour in 2010, he finished third the following year. Sixteen corporate teams, aiming to raise at least 5,000 each, have entered this years event. The top fundraisers get to pick a pro surfer/legend to join their team of four surfers. Last year the teams raised a record 180,000 for SurfAids mother and child health program. As surfers we travel the world a lot and I think its important if we leave a mark, its a good one, Wright said. Im stoked to be a part of a great day to raise awareness for people in need. Other pro surfers/legends who have indicated they will be competing include former ASP world champions Tom Carroll and Barton Lynch, Rob Bain, Matt Hoy, Richie Lovett, Craig Anderson, Toby Martin, Mark Mathews, Matt Bemrose, Jarrad Howse, former top NRL footballer Mark Gasnier, Channel 7s Denham Hitchcock, lifeguard Ryan Whippet Clark, Rod Kerr and Ben Hamilton. Companies that have registered to compete include OzForex, BlackRock, Boston Consulting Group, Bennelong Boardriders, Perpetual, NRMAtes, Allan Hall, Ikon Communications, Aquabumps, ToyBell, The Paddlers, Surfing Lawyers (the defending champions), The Heavyweights, Team Nosecraft, DucknDivers and Chrofi. The CEO of event sponsor OzForex, Neil Helm, said they were honoured to be involved in this years SurfAid Cup. Besides being the major sponsor again this year, OzForex won the Fundraising Trophy last year by raising 32,100. We are stoked to be able to support this incredibly important cause for another year, Helm said. SurfAid plays such an important role in improving the health and wellbeing of people living in remote areas so we are excited about sponsoring the SurfAid Cup at Queenscliff Beach, Sydney. Last year was a such a great event and we hope this year will be as equally rewarding for those who are participating, surfing legend or weekend warrior, and more importantly for those who benefit most from the funds that are raised, he said. As well as the tag team surfing event, the OzForex SurfAid Cup will also feature a Fitness Challenge this year for teams knocked out in the first round. It is being run by former tour surfer Christian Cook, of Fit2Surf, and involves a paddle around a buoy, a wave scored out of 10, and bonus points for teams making it back to the beach gates. Defending surf champions are the Surfing Lawyers team of Matt Warburton (Hudson), James Walker-Powell (Director, more4life financial services), and Trent March and Guy Foster (Allens). BlackRocks Andrew Landman, Head of Institutional Asia, and Jason Collins, Head of Institutional Australia, will also be competing again this year. Collins is on the Australian board of SurfAid. Other company executives who will pull on the coloured singlet include Stuart Dunn (Perpetual), Jamie Schallek (Boston Consulting Group), Scott Somerville (Allan Hall Business Advisors), James Sawyer (Ikon Communications), Michael Vidler (Bennelong Funds Management), John Brunckhorst (NRMA) and James Arnold (Citi). The OzForex SurfAid Cup will run from 9am - 5pm at Queenscliff Beach, Manly, on Friday 31 October (entry is free for spectators).