In Brief: Central Bank warning
THE CENTRAL Bank has warned that 30pc of Irish companies have yet to prepare for the introduction of new direct debit and credit transfer rules, less than three months before the deadline.
The rules in question concern the Single European Payments Area, which standardises payment methods. The deadline for compliance is February 1 2014, but the Central Bank said yesterday that many companies had yet to schedule a changeover date with their bank.
FED QUELLS FEARS
JANET Yellen, the nominee for chairman of the US Federal Reserve, said she will ensure monetary stimulus isn't removed too soon.
"I consider it imperative that we do what we can to promote a very strong recovery," she said in Washington. "It's important not to remove support, especially when the recovery is fragile." Ms Yellen's testimony comes at a critical moment for monetary policy. The Federal Reserve is considering whether to begin slowing its $85bn (€63bn) monthly bond-purchase programme.
BLOW FOR BURBERRY
BURBERRY, the UK's largest luxury goods maker, said earnings at its beauty business will be less than half its original forecast this fiscal year as it steps up marketing spending.
The division, which Burberry has controlled directly since April, will earn about £10m (€11.9m), the London-based trenchcoat maker said yesterday, down from an earlier projection of about £25m. Switching the beauty unit to direct control from a licensing agreement has more than doubled the group's marketing spending, which plans to introduce a new women's fragrance in February.
VW WALKING TIGHTROPE
VOLKSWAGEN is facing a large global vehicle recall, even as Europe's biggest carmaker steps up efforts to surpass Toyota and General Motors in the quest for the top sales spot.
Germany-based VW is recalling almost 1.7 million cars, sport-utility vehicles and pick-up trucks worldwide, about half of which are in China. At the heart of VW's global aspirations is a strategy to expand modular production to boost the proportion of parts that can be shared among models and brands, allowing the firm to build cars more rapidly and at lower costs. But analysts warned the strategy could expose VW to the threat of massive recalls if a single part, used in millions of cars, fails.