Thursday 19 January 2017

'Robin Hood' levy to combat poverty

TAX

Published 11/02/2010 | 05:00

A 'Robin Hood' tax on transactions between banks could raise billions of pounds to fight global poverty, according to 48 British non-profit organisations, including Oxfam and the Trades Union Congress.

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The campaign asks governments to levy an average 0.05pc tax on financial transactions. It follows British Prime Minister Gordon Brown's call for a transaction tax to fund future bank bailouts.

NTR appoints ex-ESB director

UTILITIES

Diversifed utility group NTR has appointed a former director of ESB International, Michael McNicholas, as chief operating officer. He will take up his new position in April and will also be a member of the NTR board.

Support 'needed' to sustain upturn

MONETARY POLICY

Federal Reserve chairman Ben Bernanke said yesterday that "accommodative" monetary policies are still needed to sustain an economic recovery, but that the US central bank can exit from its stimulus "at the appropriate time". Mr Bernanke, in remarks prepared for a congressional hearing, also said the Fed was considering a new benchmark target based on the rate paid on commercial bank deposits at the Fed, which might better reflect lending conditions.

5.3pc decrease in manufacturing

Economy

Official figures show that manufacturing production in December last year was 5.3pc lower than in the same month in 2008. The figure for the final quarter of 2009 also showed a big drop, down 8.7pc compared with the third quarter. For December, production in the modern sector -- which includes the technology and chemical industries -- fell at an annual rate of 4.1pc. The fall in the traditional manufacturing sector was 7.7pc.

Taskforce warns of oil-price risks

CRUDE

PEAK oil prices are an imminent risk to the stability of the economy and the standard of living of its most vulnerable members, a British industry taskforce warned yesterday. Despite the extra two years' grace thanks to the recession, the rising cost of oil would affect every aspect of British lives within five years, warned the UK Industry Task Force on Peak Oil and Energy Security.

Irish Independent

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