Ofgem to probe energy firms

first_img Ofgem has told affected customers to phone its helpline number if they feel they have been mis-sold energy. “While many doorstep sales people will do a good job, the pay and rewards system continues to encourage mis-selling, despite years of regulation and voluntary initiatives,” it said.SSE said it believed it was complying with the new rules. “As a responsible company we take seriously all our customers’ issues and would ask any prospective or existing customer to contact us if they are concerned, and we will work with them to resolve the situation,” the company said in a statement. Ofgem fined Npower £1.8m in 2008 for mis-selling, and London Electric (now part of EDF Energy) £2m. Ofgem to probe energy firms ENERGY regulator Ofgem is launching an investigation into whether four major gas and power suppliers are mis-selling products to customers.Ofgem’s probe will determine if EDF Energy, RWE Npower, Scottish and Southern Energy (SSE), and Scottish Power are complying with obligations brought in last October that aimed to stop miss-selling of energy contracts.“Suppliers have existing obligations to detect and prevent mis-selling and new licence conditions were brought in following our probe to further increase protection for customers,” Andrew Wright, Ofgem’s senior partner of markets, said.Consumer protection groups welcomed the investigation and said current practices still encouraged utilities to mis-sell products.“Some customers are still being given misleading quotes and information, which leaves them worse off when they switch provider,” Audrey Gallacher, head of energy at Consumer Focus, said. whatsapp Share More From Our Partners Native American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comcenter_img KCS-content whatsapp Thursday 2 September 2010 7:42 pm Tags: NULL Show Comments ▼last_img read more

Greggs in slim sales rise thanks to bacon rolls

first_img whatsapp Greggs in slim sales rise thanks to bacon rolls KCS-content Tags: NULL Read This Next’Kevin Can F**k Himself’: Here’s Why Only Allison and Patty Are SeenThe Wrap20 Stars Who’ve Posted Nude Selfies, From Lizzo to John Legend (Photos)The Wrap’Batwoman’: Wallis Day on Circe’s ‘Deranged’ Warpath and the Key to SavingThe Wrap’Godzilla vs Kong’ Reaches $100 Million in US After Grossing $250,000 inThe WrapJoin a Conversation on ‘Cancel Culture in Comedy’ with Maz Jobrani, SkyeThe WrapAnya Taylor-Joy, Ralph Fiennes Join Searchlight’s Dark Comedy ‘The Menu’The WrapAfter ‘Black Widow,’ Kevin Feige Leaves Open the Possibility of OtherThe Wrap’Pose’ Creator Steven Canals on Life After His Groundbreaking Show: ‘I’mThe Wrap’The Boys’ Star Aya Cash Took Inspiration From YouTube, TikTok and SteveThe Wrap Sharecenter_img HIGH street bakery chain Greggs yesterday reported a narrow rise in third-quarter sales thanks to its breakfast range.The group, which has 1,451 stores and serves six million customers every week, said like-for-like sales increased 0.2 per cent for the 13 weeks to 2 October.Greggs said its bacon roll was the group’s best-selling sandwich line. It is now extending its breakfast range with new products such as croissants, pain au chocolate and porridge.Chief executive Ken McMeikan said the company was proving resilient.: “As we expected, the trading environment has been tough and is likely to remain so, with consumer spending continuing to be constrained and inflationary pressures building for next year,” he said. Video Carousel – cityam_native_carousel – 426 00:00/00:50 LIVERead More Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryUndoTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastUndoNoteabley25 Funny Notes Written By StrangersNoteableyUndoMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailUndoSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesUndoBrake For ItThe Most Worthless Cars Ever MadeBrake For ItUndoBetterBe20 Stunning Female AthletesBetterBeUndomoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comUndoMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan TimesUndo Wednesday 6 October 2010 7:56 pm whatsapp Show Comments ▼last_img read more

Royal Mail asks to hike prices

first_img whatsapp Royal Mail asks to hike prices Show Comments ▼ by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBemoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island FarmDefinitionDesi Arnaz Kept This Hidden Throughout The Filming of ‘I Love Lucy’Definitionthedelite.comNetflix Cancellations And Renewals: The Full List For 2021thedelite.com Royal Mail has asked the postal regulator for permission to hike prices on business mail products for one year only, in order to generate extra revenue of up to £100m. Royal Mail chief executive Moya Greene said the firm was asking for the chance “to charge a fair price to other companies who use our network to carry mail and to end what is, in effect, the very substantial built-in subsidy which our rivals have enjoyed for years”. The firm made a £157m operating loss last year on “access mail”, collected by rivals but delivered by Royal Mail, amounting to an average loss of 2.5p per item. KCS-content Sharecenter_img Read This NextThe Truth About Bottled Water – Get the Facts on Drinking Bottled WaterGayotRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe WrapNewsmax Rejected Matt Gaetz When Congressman ‘Reached Out’ for a JobThe Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The Wrap whatsapp Monday 18 October 2010 7:39 pm Tags: NULLlast_img read more

Oracle snaps up Art Tech in a $1bn deal

first_img by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastNoteabley25 Funny Notes Written By StrangersNoteableyMoneyPailShe Was Famous, Now She Works In {State}MoneyPailMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStorySerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan TimesElite HeraldExperts Discover Girl Born From Two Different SpeciesElite HeraldZen HeraldThe Truth About Why ’40s Actor John Wayne Didn’t Serve In WWII Has Come To LightZen Heraldmoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.com whatsapp Read This NextRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe WrapNewsmax Rejected Matt Gaetz When Congressman ‘Reached Out’ for a JobThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe Wrap’Sex and the City’ Sequel Series at HBO Max Adds 4 More ReturningThe Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The Wrap Show Comments ▼ KCS-content Oracle snaps up Art Tech in a $1bn deal center_img Share Tuesday 2 November 2010 7:33 pm whatsapp ORACLE plans to buy e-commerce software company Art Technology Group for $1bn in cash to compete with other large technology vendors like IBM which have been expanding their software lineups.Oracle’s $6-per-share bid, announced yesterday, represents a 46 per cent premium over ATG’s close of $4.10 on Nasdaq. Analysts said the acquisition, due to close early next year, was a good move for Oracle as it boosted its competitive position against Salesforce.com, as well as International Business Machine (IBM).“It’s a nice, safe acquisition for Oracle,” said Avian Securities analyst Jeff Gaggin, adding that the deal will expand Oracle’s retail software portfolio, which includes Retek, a retail software company it acquired in 2005.Large technology companies like Oracle, IBM, and Hewlett-Packard have recently been stepping up acquisitions of niche technology companies to diversify their product portfolios, aiming to become one-stop shops for storage, security and a wide range of software.Dell, the world’s second-largest PC maker, yesterday announced it was buying a private cloud-computing company called Boomi. In September, Dell lost out to HP in a bidding war for data storage company 3PAR.Oracle’s latest move may also help the company expand sales to retailers trying to launch e-commerce services. More than 1,000 companies use ATG software to help with online customer transactions on mobile devices and in stores.ATG’s customers include Best Buy Co, AT&T and Vodafone Group. It competes with Amazon.com and GSI Commerce.Oracle’s vast sales force would also likely help boost ATG’s market reach. ATG, which is based in Cambridge Massachusetts, had sales of $50.3m in the third quarter, up 16 per cent from $43.4m a year earlier. The offer values ATG at around four times expected sales for 2011. Tags: NULLlast_img read more

Small shops to gain as sales tax hits big retailers

first_img More From Our Partners Brave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgKansas coach fired for using N-word toward Black playerthegrio.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgPorsha Williams engaged to ex-husband of ‘RHOA’ co-star Falynn Guobadiathegrio.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgColin Kaepernick to publish book on abolishing the policethegrio.comFans call out hypocrisy as Tebow returns to NFL while Kaepernick is still outthegrio.comLA news reporter doesn’t seem to recognize actor Mark Currythegrio.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comFort Bragg soldier accused of killing another servicewoman over exthegrio.comKiller drone ‘hunted down a human target’ without being told tonypost.comMan on bail for murder arrested after pet tiger escapes Houston homethegrio.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.com Small shops to gain as sales tax hits big retailers Tuesday 4 January 2011 7:47 pm whatsapp whatsapp Show Comments ▼ NOT all retailers face a painful squeeze from the VAT rise to 20 per cent. Smaller companies such as independent retailers, corner shops and convenience stores that fall below the threshold at which VAT is paid will not have to accommodate the change.Retailers that generate turnover of £70,000 or less per year do not have to register for VAT, so won’t need to put up prices, said Lorraine Parkin, head of VAT at accountant Grant Thornton. “That might make independent retailers a little more competitive.”Small businesses or sole traders with gross turnover of less than £150,000 are also eligible for HMRC’s flat rate scheme, which allows them to calculate VAT at a lower level. The scheme reduces VAT on items such as cosmetics to eight per cent, or vehicles to six per cent. “Many business turning over less than £150,000 can avail themselves of the flat rate scheme so they will be paying lower percentages of VAT than the other retailers. It is medium to large businesses that will have to take the hit for the increase,” she said.Other items such as food and children’s clothing are exempt from VAT. KCS-content Tags: NULL Sharelast_img read more

Credit Suisse restricts bankers’ benefit packages

first_imgMonday 10 January 2011 10:36 am SWISS investment bank Credit Suisse is to subject more of its bankers to deferred compensation programmes and cut cash payouts, following growing demands from politicians that banks limit bonus payments.Switzerland’s second-largest bank said on Monday it will apply the changes to its 2010 pay round, in a move that follows stricter bonuses rules imposed across the rest of Europe.Toughened pay regulation has yet to quash intense public scrutiny over year-end payouts, however, and governments are struggling to ward off a backlash against excessive rewards as details of top bankers’ pay packages begin to emerge.Credit Suisse said the changes were made against a backdrop of emerging regulation and market practices and in dialogue with regulators and shareholders. It will see a lower portion of bonuses paid in cash, and shares granted under the 2010 bonus scheme delivered annually between 2012 and 2015.The upside and downside potential of the awards would be based on the share price performance and there would no longer be “leverage features” that could potentially boost the number of shares awarded based on future performance, the bank said.The measures also include bonus clawback clauses similar to the ones drawn up in guidelines for European Union members at the end of December, with Credit Suisse able to cancel deferred bonuses if bankers engaged in activities that caused material financial or reputational harm to the bank.Switzerland’s top bankers have come under fire after Credit Suisse last year awarded CEO Brady Dougan shares worth around 71 million Swiss francs (£47m) under a five-year bonus plan.The Swiss government began a legal process to tighten regulation of its top banks, including the right to force banks that are bailed out by the state to make changes to bonuses and even cancelling payouts.After bringing in a new pay structure last year, Credit Suisse’s revamped rules will see it lower the threshold for deferred bonus restrictions to 50,000 Swiss francs from 125,000 francs, leaving more employees subject to the measures. More From Our Partners A ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comConnecticut man dies after crashing Harley into live bearnypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comPuffer fish snaps a selfie with lucky divernypost.comSidney Crosby, Alex Ovechkin are graying and frayingnypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comMark Eaton, former NBA All-Star, dead at 64nypost.comKiller drone ‘hunted down a human target’ without being told tonypost.com whatsapp whatsapp Show Comments ▼ Share alison.lock Credit Suisse restricts bankers’ benefit packages Tags: NULLlast_img read more

Premier offloads grocery unit for £182m

first_img More From Our Partners A ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.org980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comFeds seized 18 devices from Rudy Giuliani and his employees in April raidnypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comMark Eaton, former NBA All-Star, dead at 64nypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.com‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.com Tuesday 8 February 2011 3:16 am Premier offloads grocery unit for £182m Britain’s largest food producer Premier Foods has agreed to sell its canned grocery operations to Princes for £182m, further cutting the group’s debt.As a predominantly non-branded business the canned grocery operations had not been an area of focus for the firm.“Combined with the proposed disposal of our meat-free business, we will have delivered total gross proceeds of £387m, significantly accelerating the delivery of our financial strategy,” said chief executive Robert Schofield.Premier said the effect of the sale would be to reduce its average debt/EBITDA ratios by around 0.2 times, making a further contribution towards reaching the target leverage ratio of below 3.25 times.As at end-June 2010 the firm’s net debt was £1.37bn and average debt/EBITDA stood at 4.54 times.It added that the deal is expected to complete in late March. Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryUndoMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailUndoTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastUndoZen HeraldNASA’s Voyager 2 Has Entered Deep Space – And It Brought Scientists To Their KneesZen HeraldUndoSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesUndoBrake For ItThe Most Worthless Cars Ever MadeBrake For ItUndoWanderoamIdentical Twins Marry Identical Twins – But Then The Doctor Says, “STOP”WanderoamUndoBetterBe20 Stunning Female AthletesBetterBeUndoAlphaCute30 Rules That All “Hells Angels” Have To FollowAlphaCuteUndo John Dunne center_img whatsapp whatsapp Show Comments ▼ Share Tags: NULLlast_img read more

Fund managers sweep for bugs

first_img Fund managers sweep for bugs whatsapp Share KCS-content by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailPeople TodayNewborn’s Strange Behavior Troubles Mom, 40 Years Later She Finds The Reason Behind ItPeople TodayTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBemoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.com whatsappcenter_img Tags: NULL Monday 21 February 2011 8:55 pm More From Our Partners Russell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.com HEDGE fund managers have turned to private security firms to shore up their offices and homes amid fears bugs could have revealed insider-trading practices, according to reports.The development comes after federal prosecutors in New York filed criminal charges against more than 40 traders over alleged shared information about company information.Many firms have sought peace of mind by having their offices swept for listening devices as the government cracks down. The government is focusing on insider trading allegedly done using ‘expert networks’. Show Comments ▼last_img read more

BarCap set to gain broking mandate at 3i

first_img Show Comments ▼ BarCap set to gain broking mandate at 3i KCS-content whatsapp Tuesday 8 March 2011 8:59 pm whatsappcenter_img BARCLAYS Bank’s fast growing equities business BarCap was last night said to be close to winning an important new broking appointment at the international private equity group 3i. 3i has been conducting a regular review of its brokers, which are currently Bank of America Merrill Lynch and JP?Morgan.The group, whose chief executive is Michael Queen, said it would not formalise an appointment until a board meeting at the end of the month. “We are reviewing our brokers at the moment,” a spokesman said.But City A.M. has been told that BarCap, whose UK equities capital markets team is led by Jim Renwick, is in pole position to win one of the broking positions from JP Morgan.If BarCap succeeds in winning the account it will be a further boost for the unit, whose recent accounts wins have included IAG, the airline group comprised of Iberia and British Airways, Resolution and BHP. It is also broker to National Grid.Earlier this year BarCap overtook Nomura to break into the top ten of brokers in terms of FTSE 100 clients.Bank of America Merrill Lynch is expected to hang on to the joint brokerage which it nearly lost in 2009 when its relationship broker Mike Findlay left the firm shortly after its takeover by Bank of America.Meanwhile Swiss banking group UBS yesterday enjoyed a welcome success as it won a prestige broking account with the global drinks group Diageo. The UBS appointment and the reappointment of an existing broker led to speculation that Diageo might drop Goldman Sachs but as of yesterday a spokesman for the group said: “As of today we have three corporate brokers.” The other adviser is Swiss group Credit Suisse.The appointment of UBS will be a major boost since the firm has lost a number of clients recently, including Standard Life and Legal & General.It would be particularly sweet for UBS if its appointment knocked Goldman off the mandate since last September it lost one of its star brokers Philip Shelley to its rival.Key to the Diageo decision-making process is believed to be the powerful investor relations director Catherine James. Share Tags: NULLlast_img read more

Japan counts cost of devastating tragedy

first_img ■ NIKKEI 225 FALLS 5.8 PER CENT IN EARLY TRADING■ BOJ PUMPS £53BN INTO MONEY MARKETS Share Show Comments ▼ whatsapp JAPANESE markets were hammered this morning as traders scrabbled to offload exposure to the devastating Japanese earthquake.The Nikkei was down a staggering 5.8 per cent in early trading to 9,656.71, with stocks in firms including Nissan, Honda, Sony and energy giant Tepco – the owner of one of Japan’s damaged nuclear plants – all untraded due to heavy sell orders. The market could fall further when the backlog of sell orders are processed throughout the day, traders said.The Bank of Japan (BoJ) this morning injected seven trillion yen (£53bn) into the economy via its market operations in an attempt to shield its fragile recovery and ensure there is no disruption to the banking system. It is thought the central bank has invested in assets ranging from government bonds to private debt.It will today announce an emergency “quake budget”, although its monetary options are limited by the fact interest rates are already at virtually zero. The yen touched a four-month high against the dollar, with traders selling off foreign assets to increase their stock of yen on the expectation of high demand from insurers and companies working on rebuilding the country’s infrastructure. Prime Minister Naoto Kan said he would take firm action against speculative currency trading.The cost to the insurance industry is likely to run into tens of billions, with the Japanese government taking the lion’s share of the hit due to a scheme providing state insurance to re-insurers for earthquakes.Toyota, the world’s biggest carmaker, and Nissan have both halted production in all of their Japanese plants. Sony has also suspended production at eight factories.The death toll yesterday was thought to be at least 10,000, with aid workers working into the night recovering more bodies. In the port of Minami Sanriku in Miyagi prefecture around 9,500 people were missing out of a population of 17,000.At least 590,000 were living in temporary shelters last night, with 210,000 evacuated from the area surrounding the Fukushima nuclear power station.Fears of a full-scale meltdown persist, despite an ongoing operation to pump seawater into troubled nuclear reactors to prevent them overheating.The UN said the situation is no longer a serious threat but Kan stressed the administration is still closely monitoring it.At least 1.4m people are without running water. Aid agencies are now worried waterborne diseases could quickly spread as the sea of sludge contaminates reservoirs. A further 2.6m people are without electricity and the government has introduced rolling blackouts in Tokyo and the surrounding areas in a bid to ration energy. Sunday 13 March 2011 11:18 pm whatsappcenter_img Tags: NULL by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBetterBe20 Stunning Female AthletesBetterBemoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comElite HeraldExperts Discover Girl Born From Two Different SpeciesElite HeraldDrivepedia20 Of The Most Underrated Vintage CarsDrivepedia KCS-content Japan counts cost of devastating tragedy last_img read more