Thursday 23 November 2017

Fuel pumps top list of NSAI warnings

TRADING STANDARDS

THE National Standards Authority of Ireland (NSAI) says most of the 2,000 warnings it issued to traders last year were linked to fuel pumps. The NSAI's annual report said last year it tested more than 17,000 measuring instruments used to calculate charges or costs, including supermarket weighing scales, taxi meters and petrol pumps. As a result, the agency issued more than 2,000 warnings to traders, asking that they adjust or recalibrate their instruments. Some 1,400 of these were for fuel pumps.

Doubts over pay for Saab workers again

MOTORING

CASH-strapped Swedish carmaker Saab has said it may not have the funds to pay its employees' wages on time in August. If so, this will be the third consecutive month that at least some of Saab's 3,700 employees will have seen their salaries delayed. Saab was bought last year by Swedish Automobile, formerly known as Spyker. The new owner has been trying to find other sources of funding since April, when production was halted as unpaid suppliers stopped deliveries.

Spain sets agreed limit on borrowing

SOVEREIGN DEBT

SPAIN'S government and opposition have agreed to pass a constitutional limit on public sector borrowing. Last week, the French and German leaders called for all eurozone governments to introduce such a limit to help contain the euro debt crisis. The move came as the Spanish parliament discussed further austerity designed to cut the deficit to 6pc of economic output this year, from 9.2pc in 2010.

'Bank of America has enough capital'

BANKS

BANK of America, the US lender that lost half its market value this year, has sufficient capital to weather mounting costs tied to souring loans, said Richard Bove, an analyst at Rochdale Securities. "There is no reason for the bank to have to go out and raise capital whatsoever," Mr Bove said yesterday. The firm fell as much as 6.4pc in New York trading and the cost to protect its debt from default surged to a record. But Henry Blodget, the former internet stock analyst turned blogger, said on 'Business Insider' that writedowns and loan costs may force the bank to raise as much as $200bn (€140bn).

Irish Independent

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