Labour's Iain Gray in policy move over minimum wage

Scottish Labour leader Iain Gray has announced plans to boost public sector workers' pay to more than £7 an hour. Despite tough spending cuts on the horizon, he told his party's UK conference that the lowest paid workers must be protected. Mr Gray said he would also restrict high salaries in the public sector. All the Scottish parties are on an election footing in the run up to next May's Holyrood election. Mr Gray told delegates in Manchester of his manifesto commitment to establish a "Scottish living wage", which the private sector will also be encouraged to take up. The policy is similar to the one announced last year by the then leader of Glasgow City Council, Steven Purcell. The national minimum wage currently sits at £5.80 an hour for those above the age of 22.

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).

Japan 'ready' for more yen action

The governor of Japan's central bank has not ruled out further interventions in the currency markets in its fight to control the rising value of the yen. Speaking at a conference in Kobe, Masaaki Shirakawa said the Bank of Japan (BOJ) was "ready to implement appropriate action" if required. The BOJ intervened in the currency markets for the first time in six years earlier this month. Its decision to sell large amounts of yen helped drive down the currency. Previously the yen had reached a 15-year high against the dollar - a concern for Japan's exporters who are seeing their profits squeezed by the poor exchange rate. The comments came two days after the central bank was suspected of intervening in the markets for a second time, leading to a sharp fall of more than 1% in the value of the yen against the dollar.

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).

Gold price touches $1,300 record high

The price of gold has risen above $1,300 an ounce for the first time. The price of the precious metal reached $1,300.07 during trading at the London bullion market, before dipping back. The latest rise has been spurred by caution over the global economy, as well as weakness in the US dollar - the currency used to value gold - which fell 1% against the euro. The gold price has increased five-fold in the last 10 years, up from a low of $258 in 2000. One of the factors spurring investors is gold's traditional role as a so-called "safe-haven" investment at times of economic uncertainty. Another driver is more technical - gold is priced in dollars, and any fall in the dollar makes it cheaper to buyers using other currencies. The World Gold Council's last report on the gold market predicted that continuing strong demand from jewellery buyers in the two fast-developing markets of India and China would help to keep the price high.

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).

Air traffic growth slips to single digit in Aug

Domestic air traffic growth slipped to single-digit in August mainly due to lean season. Domestic carriers such as Air India, Jet Airways and IndiGo together flew 40.38 lakh passengers during this period, registering a growth of 9.8% over the corresponding month last year, the Directorate General of Civil Aviation (DGCA) data released on Thursday showed. The traffic grew 19% to 284.24 lakh in January-August period with most of the airlines reporting increased flight occupancy on the back of strong economy and market sentiment.

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).

India trade deficit seen at all-time high

With imports rising at a scorching over 33 per cent but exports losing steam in April-August, India seems to be heading for an all-time high trade gap of USD 135 billion this fiscal. India's trade deficit--difference between imports and exports--in April-August of 2010-11 is USD 56.6 billion. (This) comes to roughly a trade deficit of USD 11.2 billion per month and that comes to USD 135 billion (for the fiscal). Now that will be very very large, Commerce Secretary Rahul Khullar told reporters here. The estimated trade gap in 2009-10 was USD 102 billion and for 2008-09 at USD 118 billion.

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).

New EU finance watchdogs ratified

The European Parliament has ratified a law creating new financial oversight institutions, designed to help prevent future banking crises. New watchdogs for the banking, financial markets, insurance and pensions sectors will be set up, in addition to a European board to oversee the health of Europe's economy. They will become active at the beginning of next year. European Union member states had already backed the plan. The new framework for financial supervision was drawn up by EU finance ministers and the European Parliament earlier this month.

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).

Federal Reserve hints may act on US economy

The US central bank has decided to not take further action to rejuvenate the country's economy for now - but hinted it may do more later if needed. The Federal Reserve kept interest rates steady and made no change to monetary policy after its one-day meeting. But it expressed greater concern than previously about the sluggish pace of economic growth and low inflation. The economy - with unemployment close to 10% - is set to dominate November's mid-term elections. The US recession ended in June 2009, but recovery has lost momentum this year with growth at an annualised rate of 1.6% in the second three months of 2010.

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).

National Audit Office to get access to BBC books

Spending watchdog the National Audit Office will be able to fully examine the BBC's finances for the first time. It will have access to "BBC management information and confidential BBC contracts with third parties", but will not include "commercially sensitive" details in its reports. A spokesman for the NAO said it was "a step towards full accountability". The BBC said the move did "not threaten the BBC's independence from government or Parliament". The NAO scrutinises the finances of government departments and other public sector bodies to ensure good governance has being carried out and value for money has been achieved.

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).

Oil body concern at non-EU migration cap

The UK offshore energy industry has joined criticism of a cap on non-EU migrant workers. Oil & Gas UK warned of its "extreme concern" that the limit could harm investment, employment and the nation's energy security. Firms must be allowed to move and hire skilled workers when needed, it added. Last week Downing Street denied claims by Business Secretary Vince Cable that an interim immigration cap was doing "huge damage" to business. The cap on non-EU immigration was a Conservative Party manifesto commitment but was opposed by the Liberal Democrats before the coalition government was formed.

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).

Bank of England member votes again for rate rise

A member of the Bank of England's Monetary Policy Committee (MPC) has voted again for a rise in interest rates. Minutes from the MPC's August meeting show Andrew Sentance voted to raise the Bank rate to 0.75% from the record low of 0.5%, citing high inflation. It is the third month in a row that Mr Sentance has called for a rate rise. The other MPC members at the meeting all voted for rates to be held at 0.5% for the 17th month in a row.

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).

UK inflation rate slows again in July

UK inflation eased to 3.1% in July from 3.2% in June, the third month in a row that prices have risen more slowly. However, the Consumer Prices Index (CPI) is still well above the Bank of England's 2% target rate. The Retail Prices Index (RPI) slowed to 4.8% from 5% in June, the Office for National Statistics (ONS) said. The governor of the Bank of England has written to the chancellor of the exchequer explaining why inflation is still above target. In his letter, Mervyn King said that although the Bank's Monetary Policy Committee (MPC) had been "surprised" by the recent strength of inflation, this was largely due to "temporary" factors. These included the return of VAT in January to 17.5% following the reduction to 15% during the recession, past rises in oil prices and higher import prices as a result of the depreciation in the pound since the middle of 2007.

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).

Pakistan floods: World Bank to lend $900m for recovery

The World Bank is to loan $900m (£574m) to Pakistan to help it recover from its worst ever flooding. The devastating floods have affected up to 20 million people and left some 2,000 dead, say officials. But the UN says international aid has been slow and that it has raised only a third of the $460m (£294m) needed for emergency relief. Pakistan's High Commissioner to Britain said it could take five years and $15bn (£9.6bn) for the country to recover. The World Bank funds will come through the reprogramming of planned projects and the reallocation of money, a World Bank spokesman said. We are reprioritising to make the funds immediately available," he told Reuters news agency.

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).

Japan GDP figures show sharp slowing of economic growth

Japan relies on exports for growth but the strong yen is making that more difficult Economic growth in Japan weakened significantly in the last financial quarter, official figures show. Between April and June this year gross domestic product - the sum of the nation's goods and services - grew by 0.1%, much lower than expected. Analysts say the country's export-led recovery appears to be faltering as the value of the yen appreciates. Japan's close rivals, Germany and the US, recently reported far superior GDP figures for the same period. Germany registered a 2.2% rise, while the US economy grew at an annualised rate of 2.4%. The BBC's Roland Buerk in Tokyo says Japan remains one of the wealthiest and most prosperous countries in the world, but the trajectory of its economy has been clear for years. World Bank figures show that in the first eight years of this century Japan's economy expanded by just 5% while China's grew by 261%.

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).

France urged to repay Haiti's huge 'independence debt'

A group of intellectuals and politicians has called on France to repay 17bn euros (£14bn) "extorted" from Haiti in the 19th Century. The money, they say, would help impoverished Haiti rebuild after January's devastating earthquake, which killed more than 250,000 people. In 1825 France demanded 150m gold francs in compensation after Haiti gained independence in a slave revolt. Campaigners say that demand was illegitimate and illegal. The 'independence debt', which is today valued at over 17bn euros illegitimately forced a people who had won their independence in a successful slave revolt, to pay again for the freedom," said the appeal to President Nicolas Sarkozy, published in the French newspaper Liberation. The signatories included American linguist Noam Chomsky, French philosopher Etienne Balibar, and the Euro MPs Daniel Cohn-Bendit and Eva Joly.

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).

NTPC preparing to meet rise in coal, gas demand

State-run NTPC, on a massive capacity addition programme, says it would need 270-280 million tonnes (mt) of coal annually by the end of the 12th Plan (2017). It used 150 mt last year. Around 70 per cent would be met from domestic sources, another 20 per cent through its mines and the remaining 10 per cent through imports. It would rely on domestic sources, long-term and fallback arrangements for regassified liquefied natural gas (RLNG) and spot RLNG. NTPC requires around 17.35 million metric standard cubic metres per day (mscmd) of gas for running plants of 3,650 Mw capacity at a load factor of 90 per cent. It has tied up for supply of 15 mscmd and was meeting the gap through spot RLNG.

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).

FinMin examines FDI loopholes in case of Japan Tobacco

In what is becoming a key issue for the government’s foreign direct investment (FDI) policy, the finance ministry has asked the Reserve Bank of India (RBI) to again look into the details of the controversial infusion of Rs 293 crore by Japan Tobacco Inc (JT) in its Indian joint venture, which it did without increasing its equity stake and bypassing the Foreign Investment Promotion Board, or FIPB

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).

UK industrial production hit by oil work

A big fall in oil and gas extraction contributed to a surprise fall in UK industrial output in June. The decline in oil and gas extraction was due to maintenance work being carried out in June, rather than in August when it is normally done. Industrial production fell 0.5% from May, the Office for National Statistics said, but was up 1.3% on the year. Manufacturing output, which excludes mining, oil, gas and utilities, rose 0.3% on the month and 4.1% on the year. George Buckley, chief UK economist at Deutsche Bank, said the monthly figures were volatile. I don't think this will have much market-moving impact... because it looks pretty bad relative to consensus, but look at manufacturing production - the underlying message is still that things are expanding, and they are very volatile these figures.

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).

German exports rise again in June

Germany's exports rose faster than expected in June, a further sign of recovery in Europe's biggest economy. Exports were up 3.8% compared with a month earlier, and up 29% on the year, according to Germany's federal statistics office. Investors hope the strong figures mean Germany's economy grew faster in the second quarter of the year. Exporters' profits have been boosted recently by strong demand from Asia and other emerging economies. Exports to countries outside the eurozone grew by 37% compared with a year ago, the figures showed, while exports to the eurozone were up 22%. The growth has widened Germany's trade surplus, with the value of exports now 12.3bn euros ($16.3bn; £10.2bn) greater than the value of imports. Imports also rose in June, by 1.9% compared with May.

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).

India car sales rise 38%

Car sales in India have risen 38% over the past year, figures from Society of Indian Automobile Manufacturers have shown. Sales for July were 158,764, the trade body said. Commercial vehicle sales were also up 37% compared with the same month last year, with 51,481 vehicles sold. Analysts said relatively low vehicle sales this time last year, plus India's continued economic growth, have helped the car industry. Orders for vehicles are expected to surge later this year - especially when India's festive season peaks in early November. There are concerns this could lead to bottle necks as suppliers struggle to meet demand. Higher interest rates and the availability of finance could hold also back growth in the sector, some analysts have warned.

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).

New car sales see first drop for a year

New car sales fell in July, the first drop in a year, the Society of Motor Manufacturers and Traders has said. New car registrations were 136,446 last month, down 13.2% from a year ago, the trade body said, with the end of the car scrappage scheme and the fragility in the economy blamed. However, so far this year, new car sales remain 15% higher on the same period last year. The SMMT said it expected more than two million new cars to be sold in 2010. Paul Everitt, the SMMT's chief executive, said July's fall was not a surprise.

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).