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Chase Bank Limits Cash Withdrawals, Bans International... Before you read this report, remember to sign up to http://pennystockpaycheck.com for 100% free stock alerts Chase Bank has moved to limit cash withdrawals while banning business customers from sending...

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Richemont chairman Johann Rupert to take 'grey gap... Billionaire 62-year-old to take 12 months off from Cartier and Montblanc luxury goods groupRichemont's chairman and founder Johann Rupert is to take a year off from September, leaving management of the...

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Cambodia: aftermath of fatal shoe factory collapse... Workers clear rubble following the collapse of a shoe factory in Kampong Speu, Cambodia, on Thursday

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Spate of recent shock departures by 50-something CEOs While the rising financial rewards of running a modern multinational have been well publicised, executive recruiters say the pressures of the job have also been ratcheted upOn approaching his 60th birthday...

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UK Uncut loses legal challenge over Goldman Sachs tax... While judge agreed the deal was 'not a glorious episode in the history of the Revenue', he ruled it was not unlawfulCampaign group UK Uncut Legal Action has lost its high court challenge over the legality...

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Emergency chief: Detroit ‘insolvent’

Category : Business

The US city of Detroit is “clearly insolvent”, emergency manager Kevyn Orr says in his first review of the city’s finances.

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Greece making ‘progress’ on economy

Category : Business

Debt-laden Greece makes progress to improve its finances, but must do more to fight the “notorious” tax evasion, the International Monetary Fund says.

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Qatar fund buys into India’s Bharti

Category : Business, World News

India’s largest mobile phone operator, Bharti Airtel, agrees to sell a 5% stake to Qatar Foundation Endowment as it looks to strengthen its finances.

Link: Qatar fund buys into India’s Bharti

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Ireland overhauls insolvency rules

Category : Business, World News

New plans to deal with personal debt announced by the Irish government could see state-appointed officials taking over the finances of those struggling with mortgages.

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How Thatcher changed your finances

Category : World News

How Margaret Thatcher revolutionised our finances

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Portugal shares fall on cuts news

Category : Business, World News

Portugal’s PSI 20 share index falls after a court ruling that spending cuts aimed at balancing the country’s finances are unconstitutional.

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Pensioners warned on income drawdown

Category : World News

Pensioners are being warned not to take full advantage of new rules on pension drawdown in case they erode their long term finances.

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UK finances boosted by 4G sales

Category : Business, World News

The UK’s public finances are boosted in February by proceeds from the 4G mobile licences auction and another payment from the central bank.

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Christmas ’causes missed rent’

Category : Business

Rent arrears hit their highest level for nearly a year in December as Christmas took its toll on tenants’ finances, a survey suggests.

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Households gloomy over 2013 economic prospects, survey shows

Category : Business

43% of households believe their finances will worsen in 2013, compared with 24% who expect it to improve

Consumers are braced for another year of austerity after the chancellor’s autumn statement failed to lift the gloom that has descended on the UK economy.

According to a survey this month of attitudes to family finances, 43% of households believe their finances will worsen in 2013, compared with 24% who expect their income to improve.

George Osborne was forced to admit in his autumn statement that growth would be lower than expected, but said he planned to boost investment and the long-term prospects for the economy.

However the survey by Markit, the financial data provider, found that “the underlying situation is that household finances are under severe strain from lower incomes and higher living costs”.

More households were fearful of losing their jobs than in the previous month, and most expected wage rises to remain below inflation, according to the report.

On balance all five income bands in the Markit household index were pessimistic about the coming year. Regional data showed that households in Wales were the most pessimistic, those in the south-west the least downbeat.

Days after official figures showed growth in the economy was slower than initially thought in the third quarter, news that households are braced for a bleak 2013 will dismay the Treasury, which has based much of its economic strategy on a resurgence in consumer spending.

Without a strong rise in consumer demand, a promised return to growth in the latter part of 2013 could fail to materialise. Firms have held back investments on new plant and machinery until recently and could mothball plans if they see consumers closing their purses and wallets.

Begbies Traynor, the insolvency firm, said about 140 high street shop chains were vulnerable to going bankrupt this year if an expected upturn in spending failed to materialise. It said the shops, which are heavily indebted after a borrowing binge in the boom years, faced significant financial distress if austerity-hit shoppers continued to bargain-hunt and switch to online shopping.

Tim Moore, senior economist at Markit, said: “Households are bracing themselves for yet another year of squeezed personal finances in 2013. The vast majority of households anticipate that their financial wellbeing will either worsen or stagnate next year.

“With three-quarters of all households not expecting any improvement in their finances, the latest survey suggests that domestic consumer demand will remain under pressure in the near term, especially since inflation perceptions remain elevated and job insecurities are prevalent.”

Concerns of a growing north/south were borne out by a house price survey by Hometrack, which showed prices rising in most districts across the capital and much of the south-west while the Midlands and the north experienced declines.

Hometrack said the movement in prices was small but were part of a longer-term trend. It said the picture for 2013 would be much the same as 2012, with prices across the country edging down 1% as the London market shows signs of cooling. Hometrack predicts that a reluctance by struggling families to take on more debt will continue to act as a drag on the housing market next year and prices will be more volatile, with continued low sales.

One in five postcodes in England and Wales recorded price increases over the past year but prices have fallen across two-thirds of the country. London has had strong demand from wealthy overseas buyers and consistently outperforms other regions, seeing prices rise in seven out of 10 postcodes this year. Property prices are now 10% higher than at the peak of the market in 2007.

But price growth in London is predicted to slow over the next year, with a 2% annual increase pencilled in. Hometrack said about 912,000 sales should take place next year, well below the Council of Mortgage Lenders forecast that transactions will pick up to around 950,000.