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Canadian banker to head up BoE

Canadian central bank chief Mark Carney was named as the next governor of the Bank of England yesterday, springing the surprise choice of a foreigner to help steer the world's sixth-largest economy out of stagnation.

A former Goldman Sachs investment banker who as central bank head guided the Canadian economy through the global economic crisis, Mr Carney will succeed Mervyn King who retires next July.

North to get 100 software jobs

NORTHERN Ireland Enterprise Minister Arlene Foster yesterday announced that Concentrix Technologies plans to create 100 high quality software development jobs in Belfast.

Invest Northern Ireland has offered Concentrix Technologies £749,000 (€925,000) of support to secure the 100-job project. Ms Foster said: "I am pleased that this project has come to fruition so quickly and that such high quality jobs have been secured for local people."

Don't raise taxes, retailers urge

Retail Ireland has urged the Government to introduce new initiatives to get the domestic economy going again.

The group said retailers were concerned that harsh measures would keep shoppers away during the all-important Christmas season, which many retailers depend on to make up for losses in slower months. The focus of the Budget must be on cutting expenditure, not raising taxes, it said.

UBS fined £30m over rogue trader

UBS was fined £30m (€37m) by Britain's financial watchdog and put under extra scrutiny by its Swiss counterpart over failings that allowed a rogue trader to lose $2.3bn.

Kweku Adoboli, a UBS trader in London, was jailed for seven years last week after admitting to the biggest fraud in British history.

Argentina in new default concern

ARGENTINA will make a last-ditch attempt to stall a US court ruling that has shaken the country's strategy to put a 2002 debt crisis behind it and fuelled fears of a fresh default.

Ten years since it staged the biggest sovereign default in history, Argentina faces a stark choice. The decision is between depositing $1.3bn before December 15 to pay "hold-out" creditors who rejected two debt revamps, or jeopardising payments to all its bondholders.

Irish Independent