(LONDON) Employment & Inflation Report: Job vacancies in the U.K. hit a record high last month and wages soared by 7.4% between April & June, adding to fears of a prolonged period of rising prices as companies pass on higher costs to consumers #AceNewsDesk report

#AceNewsReport – Aug.18: There were a record 953,000 vacancies in the United Kingdom on average over the three months to July — 168,000 more than the first quarter of 2020 before coronavirus restrictions were introduced…

#AceDailyNews says that one million vacancies and soaring wages fuel UK inflation fears and the strong recovery in the labor market was highlighted in data published Tuesday by the Office for National Statistics and it could further fuel inflationary pressures in the UK economy. That could prompt the central bank to hike interest rates as early as May 2022, according to some economists.

For July alone, vacancies may have exceeded one million for the first time based on early survey figures, according to Jonathan Athow, ONS deputy national statistician for economic statistics.Vacancies in all industries increased, with arts, entertainment and recreation posting the fastest rate of growth following the lifting of all remaining social distancing restrictions in England on July 19.

Worker shortage is forcing UK businesses to close as Covid cases spike

“The world of work continues to rebound robustly from the effects of the pandemic,” Athow said in a statement.

The unemployment rate fell 0.2 percentage points to 4.7%, according to the ONS. Athow said that there were no signs of redundancies starting to pick up ahead of the end of the government’s furlough program, which supports wages, at the end of next month.

Worker shortages could place a drag on the recovery, however. Some pubs and grocery stores had to close last month because of the number of employees required to quarantine after coming into contact with someone who had tested positive for Covid-19. 

The UK government has since scrapped this rule for people who are fully vaccinated, but the impact of the pandemic and Brexit has meant fewer EU citizens to fill jobs in industries such as retail, farming and logistics.

“Although the changes to self-isolation rules will help, with many firms facing a more deep-rooted squeeze on labor supply from the impact of Covid and Brexit, staff shortages may persistently weigh on economic activity,” head of economics at the British Chambers of Commerce, Suren Thiru said in a statement on Tuesday.

Rising inflation concerns

There are already signs that a shortage of workers is placing upward pressure on wages. According to the ONS, growth in average total pay excluding bonuses was 7.4% in the three months to June compared with the same period in 2020. 

Even after stripping out factors such as the fall in the number of lower-paid jobs, the ONS data suggest that annual wage inflation was running between 3.5% and 4.9% in June, according to Berenberg senior economist Kallum Pickering.

“It remains well above the mere 2% average rate from 2009-2019,” Pickering wrote in a research note. “With unemployment falling from an already low level and labor demand surging to well past previous record highs, the risks to the wage growth outlook look skewed to the upside,” he added.

Rising wage pressures come as businesses are already contending with higher costs in their supply chains from raw materials shortages and soaring shipping rates. 

“Together, these factors point to further inflation pressures ahead as firms try to pass on cost rises to consumers,” Pickering said. 

The Bank of England said earlier this month that it expects inflation to rise even further above its 2% target in the coming months and that it will set interest rates to ensure inflation returns to that level.

“We continue to look for the first rate hike in August 2022. But the strengthening inflation dynamic and strong recovery in domestic demand suggest the risks are tilted towards a hike even sooner that — perhaps as early as May 2022,” Pickering added.

#AceNewsDesk report ……Published: Aug.18: 2021:

Editor says …Sterling Publishing & Media Service Agency is not responsible for the content of external site or from any reports, posts or links, and can also be found here on Telegram: https://t.me/acenewsdaily all of our posts fromTwitter can be found here: https://acetwitternews.wordpress.com/ and all wordpress and live posts and links here: https://acenewsroom.wordpress.com/and thanks for following as always appreciate every like, reblog or retweet and free help and guidance tips on your PC software or need help & guidance from our experts AcePCHelp.WordPress.Com

Editor says …Sterling Publishing & Media Service Agency is not responsible for the content of external site or from any reports, posts or links, and can also be found here on Telegram: https://t.me/acenewsdaily all of our posts fromTwitter can be found here: https://acetwitternews.wordpress.com/ and all wordpress and live posts and links here: https://acenewsroom.wordpress.com/and thanks for following as always appreciate every like, reblog or retweet and free help and guidance tips on your PC software or need help & guidance from our experts AcePCHelp.WordPress.Com

#economy, #employment, #inflation, #london, #ons, #u-k-labour, #wages

(LONDON) Parliament Report: Urgent question raised by Ian Duncan-Smith on boycott on ‘Winter Olympics’ and restrictions on China over their ‘Human Rights Abuses’ as MPs on all opposition sides ready to stop trading but at what cost to U.K. economy #AceNewsDesk report

#AceNewsReport – July.21: The prominence of China in the global economy has changed markedly over the last 20 years. China’s GDP (Gross Domestic Product) has been growing by around 10% a year between 1993 and 2013, compared with the global average of 2.8%. The GDP of China has increased from $0.44 trillion to $9.24 trillion in 2013.

#AceFinanceDesk reports from ONS on how important is China to the UK economy, employment and global trading on import & export ..and the figures below are staggering and coming out of a pandemic would stopping trading with one of the U.K.’s second largest economy be the right move …as much as abuse of peoples is so wrong …..

China has become the world’s second largest economy as a proportion of global GDP

Its share of global GDP rose from 1.7% to 12.2% between 1993 and 2013. The US is still the world’s largest economy but its share of the global economy has fallen, along with Europe’s. Over this period of growth, it’s important to consider how key is China as a trading partner to the UK today?

Proportion of world GDP by selected parts of the world, 2004 to 2013

Source: World Bank

Download the data

China is the UK’s second largest non-EU import partner, just behind America

The importance of China to the UK economy as a trading partner has increased consistently since 2004, with both imports and exports increasing. China has become the UK’s second largest non-EU import partner behind America, accounting for 7% of UK imports in 2014 compared with 3.3% in 2004. Trade in goods dominates UK trade with China, which has accounted for over 95% of all UK trade imports from China per year since 2004.

Imports from China up £26.3 billion in the past decade

Goods and services exports and imports with China, 2004 to 2014

Source: UK Economic Accounts ONS

Download the data

Imports of goods and services from China have grown from £11.3 billion in 2004 to £37.7 billion in 2014. Exports have grown at a slower rate, from £4.0 billion to £18.2 billion, but still accounted for 3.6% of UK exports. Due to imports growing at faster rate than exports, the UK’s trade deficit with China has also grown. Our trade deficit stood at £19.5 billion in 2014, the second highest behind Germany.

China is now the UK’s 6th biggest destination for UK goods exports

Percentage of UK total goods exports by selected country, 2004 to 2014

Source: The Pink Book, Chapter 9, Part 3: Geographical Breakdown, ONS Download the data

China’s economy has had a notable impact on UK exports and imports over the past 20 years. Our trade is typically heavily dominated by the US and a range of European countries, where the UK has always had strong political and geographical links. However, in the past 20 years China has to become our 6th biggest destination for UK goods exports.

2.8% of UK business abroad operated in China

In 2012, there were 654 UK owned businesses operating in China. These UK owned businesses employed 148,822 people and had a turnover of £13.4 billion. Of this, £6.0 billion came from manufacturing and £6.7 billion from services, of which £3.9 billion was financial and insurance activities. These businesses account for 2.8% of UK owned enterprises abroad, 1.1% of the turnover, and 3.0% of the employment.

UK citizens invested £6 billion in China in 2013

UK citizens invested £6.0 billion in China in 2013, up from £1.9 billion in 2004. In comparison, Chinese citizens invested significantly less in the UK, £950 million in 2014, up from £119 million in 2004. However, China only account for a small amount on inward (0.1%) and outward (0.6%) investment, compared with Europe and the US. The US and Europe account for 74.4% of the UK’s outward investment and 83.1% of the UK’s inward investment.

#AceNewsDesk report …………Published: July.21: 2021:

Editor says …Sterling Publishing & Media Service Agency is not responsible for the content of external site or from any reports, posts or links, and can also be found here on Telegram: https://t.me/acenewsdaily all of our posts fromTwitter can be found here: https://acetwitternews.wordpress.com/ and all wordpress and live posts and links here: https://acenewsroom.wordpress.com/and thanks for following as always appreciate every like, reblog or retweet and free help and guidance tips on your PC software or need help & guidance from our experts AcePCHelp.WordPress.Com

#business, #china, #economy, #employment, #finance, #london, #trade

(TEHRAN) JUST IN: Iran presidential candidate: ‘We’ll take 1,000 Americans hostage. This is how we can solve our economic problems #AceNewsDesk report

#AceNewsReport – June.14: Mohsen Rezaei, a conservative candidate for the Iranian Presidency, said in a recent interview that his plan to boost the country’s ailing economy was to kidnap 1,000 Americans and demand several million dollars in ransom per hostage:

Iranian presidential candidate: Fix economy by taking 1,000 Americans hostage,” by Dan Verbin, Arutz Sheva, June 11, 2021: Iranian journalist and activist Masih Alinejad posted a video of Rezaei’s statement to Twitter.

“This is surreal. Mohsen Rezaei candidate for Iran presidential elections said he’d take 1000 more American hostages to boost iran’s economy. For every hostage he’d ask several (million dollars) as a solution to Iran’s failing economy,” she tweeted along with the hashtags #IraniansBoycottElections and #NotVotingForIR.

In the video, an anchor said in Farsi, “So he’d take hostages to extort money.”

The video cuts to a clip Rezaei who said, “We’ll take 1,000 Americans hostage. America will have to pay several billions to get every single one freed.”

“This is how we can solve our economic problems,” he added.

Rezaei was described by Saeid Jafari writing for the Atlantic Council as a “perpetual candidate” for the presidency.

He first ran for president in 2005. He also ran in 2009 and 2013.

Reza [sic] was the Iranian Republican Guard Corps commander-in-chief for 17 years….

#AceNewsDesk report ……Published: Jun.14: 2021:

Editor says #AceNewsDesk reports by https://t.me/acenewsdaily and all our posts, also links can be found at here for Twitter and Live Feeds https://acenewsroom.wordpress.com/ and thanks for following as always appreciate every like, reblog or retweet and free help and guidance tips on your PC software or need help & guidance from our experts AcePCHelp.WordPress.Com

#economy, #iran, #journalist, #tehran, #twitter

(LONDON) BOE REPORT: The UK economy will enjoy its strongest growth in more than 70 years in 2021 as #COVID19 restrictions are lifted, according to the Bank of England #AceNewsDesk report

#AceNewsReport – May.07: This would be the strongest growth since official records began in 1949: However, it comes after the economy shrank almost 10% last year in the sharpest drop in 300 years:

LONDON: ‘UK economy set to grow at fastest rate in more than 70 years: According to BOE its expected to expand by 7.25% this year, with extra government cash for workers and businesses helping to limit job losses’ after Chancellor Rishi Sunak announced in the March Budget that the furlough scheme, which subsidises employees’ wages, would be extended until the end of September.

By Szu Ping Chan
Business reporter, BBC News

People eating outdoors
Bank of England

Bank policymakers also held interest rates at a record low of 0.1%.

The Bank expects the recovery to gather pace as the reopening of high streets paves the way for a mini-spending boom.

The UK’s rapid vaccine rollout is expected to support consumer confidence, with the economy expected to get back to its pre-pandemic size before the end of the year.

Andrew Bailey, the governor of the Bank of England, compared the rapid expansion to the growth seen during the Industrial Revolution two centuries ago, when factories started using new manufacturing processes.

“I don’t think we’ve had a bounce-back quite of this nature, certainly in modern times,” he said.

While Mr Bailey cautioned that the surge in output would only return the UK economy back its 2019 size, he added: “Given what the economy has been through, it is good news.”

Fewer job losses 

Mr Bailey said the extension would help to limit the rise in unemployment “significantly”.

The Bank now expects the unemployment rate to peak at 5.5% later this year. This is far below the 7.75% it predicted in February.

It expects “most employees” to return to work as the economy starts to reopen.

The number of people on furlough is expected to fall to 2.75 million in the three months to June, from just under five million at the start of this year.

“Given the expected near‑term recovery in activity, unemployment is projected to increase only slightly,” policymakers said in the Bank’s latest Monetary Policy Report.

The Bank of England is trying to play down the idea that there is a post pandemic boom, but nonetheless these are very significant increases to the forecast for economic growth this year, and a substantial cut to predicted peak unemployment.

Much of this is “rebound” – the natural and obvious result of large swathes of the economy reopening. But the changes indicate the underpinning of a more sustained recovery too.

The peak in unemployment has been sharply downgraded, from close to 8% to 5.5%, thanks to the furlough scheme extension, a stronger recovery, and an assumption that the long-term damage from the pandemic will be smaller than previously expected. 

That means about 700,000 expected job losses not materialising. If this does come to pass, it will far exceed even the most optimistic assumptions from the start of the pandemic crisis.

The Bank also assumes that vaccinated Britons feel safer, more confident and are now spending more of the savings arising from a year of lockdowns. 

There are clear uncertainties, relating to virus variants. But the Bank is at least pointing to a summer recovery, with the economic damage from the pandemic repaired by the end of this year.

Spend or save?

Households have squirrelled away more than £150bn in extra savings over the past year as more people have worked from home, particularly higher earners.

The Bank expects them to spend about 10% of this extra cash as the economy returns to normal.

However, more than half of those surveyed by the Bank said they would keep the money in savings, suggesting that many households remain cautious about the economic outlook.

Policymakers stressed that the outlook “remains uncertain” and “continues to depend on the evolution of the pandemic”.

Non-essential shops, pubs and restaurants started reopening last month as part of a phased easing of restrictions across the UK.

The Bank’s survey of businesses showed that “footfall increased rapidly in the first few days of trading”, with hairdressers, pubs and restaurants all reporting a surge in bookings.

Anecdotal evidence suggested that many people were also opting to take holidays in the UK instead of overseas, with demand “much higher” than pre-Covid levels.

#AceNewsDesk report ……….Published: May.07: 2021:

Editor says #AceNewsDesk reports by https://t.me/acenewsdaily and all our posts, also links can be found at here for Twitter and Live Feeds https://acenewsroom.wordpress.com/ and thanks for following as always appreciate every like, reblog or retweet and free help and guidance tips on your PC software or need help & guidance from our experts AcePCHelp.WordPress.Com

#boe, #budget, #covid19, #economy, #london

(WASHINGTON) Press Release Statement Report” from U.S. Treasury Department on Sudan Bridge Financing Reforms: That will help restore economic stability, advance the country’s efforts to secure debt relief, and ultimately improve the economic prospects of its citizens #AceFinanceDesk report

#AceFinanceReport – Mar.27: In recognition of the progress Sudan has made, yesterday Treasury provided same-day bridge financing of approximately $1.15 billion to help Sudan clear its arrears at the World Bank, at no cost to U.S. taxpayers.


Contact:                      Alexandra LaManna; Press@Treasury.gov

Statement from U.S. Treasury Department on Sudan Bridge Financing

This is an important step in normalizing Sudan’s relationship with the international community and will catalyze efforts to advance debt relief under the Heavily Indebted Poor Country Initiative, laying the groundwork for sustainable, long-term economic growth for the benefit of the Sudanese people.

“Sudan’s Civilian-Led Transitional Government deserves credit for making challenging but necessary reforms to restore its social contract with the Sudanese people,” said Treasury Secretary Janet L. Yellen, “The United States is pleased to support these efforts today by helping Sudan clear its arrears to the World Bank.  It’s an action that will move Sudan one step closer to securing much needed-debt relief and help the nation reintegrate into the international financial community.”

The CLTG has implemented a robust economic reform program that underpins Sudan’s transition to democratic rule. In cooperation with the International Monetary Fund and the World Bank, Sudanese authorities have worked to strengthen governance, bolster central bank independence, improve the business climate, accelerate social support to struggling households, and put Sudan’s finances on a more sustainable footing. Treasury will continue to work with international partners to support Sudan’s reform agenda and efforts to secure debt relief in 2021.

#AceFinanceDesk report …….Published: Mar.26: 2021:

Editor says #AceNewsDesk reports by https://t.me/acenewsdaily and all our posts, also links can be found at here for Twitter and Live Feeds https://acenewsroom.wordpress.com/ and thanks for following as always appreciate every like, reblog or retweet and free help and guidance tips on your PC software or need help & guidance from our experts AcePCHelp.WordPress.Com

#debt-relief, #economy, #sudan, #washington

(LONDON) Parliament Budget Statement Report: Chancellor Rishi Sunak Announced on Wednesday in the ‘House of Commons’ the following: #AceFinanceDesk report

#AceFinanceReport: Mar.05: Earlier on Wednesday l presented the Budget to the House of Commons: And I’m speaking to you now, directly, to explain what this Budget means for our economy and for you at home.

Full Budget 2021: ‘ What you need to know: Measures announced by Chancellor Rishi Sunak in the Budget on March 03:2021 in the House of Commons and what you need to know’

1. Covid-19

  • An extra £1.65 billion cash injection to ensure the Covid-19 vaccination roll-out in England continues to be a success.
  • £28 million to increase the UK’s capacity for vaccine testing, support for clinical trials and improve the UK’s ability to rapidly acquire samples of new variants of COVID-19.
  • £22 million for a world-leading study to test the effectiveness of combinations of different Covid-19 vaccines. This will also fund the world’s first study assessing the effectiveness of a third dose of vaccine to improve the response against current and future variants of COVID-19.
  • A further £5 million on top of a previous £9 million investment in clinical-scale mRNA manufacturing, to create a ‘library’ of vaccines that will work against Covid-19 variants for possible rapid response deployment.
  • Extending £500 Test and Trace support payments in England until the summer.

2. Protecting jobs and livelihoods

  • An extension of the Coronavirus Job Support Scheme to September 2021 across the UK.
  • An extension of the UK-wide Self Employment Income Support scheme to September 2021, with 600,000 more people who filed a tax return in 2019-20 now able to claim for the first time.
  • An extension to the temporary cut in Stamp Duty Land Tax in England and Northern Ireland until September will support the housing market and protect and create jobs.
  • A new mortgage guarantee scheme will enable all UK homebuyers secure a mortgage up to £600,000 with a 5% deposit.
  • £5 billion for new Restart Grants – a one off cash grant of up to £18,000 for hospitality, accommodation, leisure, personal care and gym businesses in England.
  • A new UK-wide Recovery Loan Scheme to make available loans between £25,001 and £10 million, and asset and invoice finance between £1,000 and £10 million, to help businesses of all sizes through the next stage of recovery.
  • Extension of the Film & TV Production Restart scheme in the UK, with an additional £300 million to support theatres, museums and other cultural organisations in England through the Culture Recovery Fund.
  • Six-month extension of the £20 per week Universal Credit uplift in Great Britain, with the Northern Ireland Executive receiving additional funding to match the increase. A one-off payment of £500 to eligible Working Tax Credit claimants across the UK.
  • Extension to the VAT cut to 5% for hospitality, accommodation and attractions across the UK until the end of September, followed by a 12.5% rate for a further six months until 31 March 2022.
  • 750,000 eligible businesses in the retail, hospitality and leisure sectors in England will benefit from business rates relief.
  • Extension of the apprenticeship hiring incentive in England to September 2021 and an increase of payment to £3,000.
  • £7 million for a new “flexi-job” apprenticeship programme in England, that will enable apprentices to work with a number of employers in one sector.
  • Additional £126 million for 40,000 more traineeships in England, funding high quality work placements and training for 16-24 year olds in 2021/22 academic year.
  • More than doubling the legal limit for single contactless payments, from £45 to £100
  • £10 million to support veterans with mental health needs across the UK.
  • £19 million to tackle domestic abuse in England and Wales, with funding for a network of ‘Respite Rooms’ to support homeless women and a programme to prevent reoffending.
  • £90 million funding to support our government-sponsored national museums in England due to the financial impact of Covid-19.
  • £300 million for major spectator sports, supporting clubs and governing bodies in England as fans begin to return to stadia.
  • Small and medium-sized employers in the UK will continue to be able to reclaim up to two weeks of eligible Statutory Sick Pay (SSP) costs per employee from the Government.
  • To further support the cashflow of businesses, the government is extending the loss carry back rules worth up to £760,000 per company.
  • £100 million for a new Taxpayer Protection Taskforce to crack-down on COVID fraudsters who have exploited UK Government support schemes.

3. Strengthening the public finances

  • Maintaining the income tax Personal Allowance and higher rate threshold from April 2022 until April 2026.
  • To balance the need to raise revenue with the objective of having an internationally competitive tax system, the rate of Corporation Tax will increase to 25%, which will remain the lowest rate in the G7. In order to support the recovery, the increase will not take effect until 2023. Businesses with profits of £50,000 or less, around 70% of actively trading companies, will continue to be taxed at 19% and a taper above £50,000 will be introduced so that only businesses with profits greater than £250,000 will be taxed at the full 25% rate.
  • Maintaining inheritance tax thresholds at their current levels until April 2026.
  • Fuel duty will be frozen for the 11th consecutive year.
  • Alcohol duties will be frozen across the board for the second year running saving drinkers £1.7 billion.
  • Capping the amount of SME payable R&D tax credit that a business can receive in any one year at £20,000 (plus three times the company’s total PAYE and NICs liability).
  • Maintaining the Lifetime Allowance at its current level of £1,073,100 until April 2026.
  • The adult ISA annual subscription limit for 2021-22 will remain unchanged at £20,000.

4. An investment-led recovery

  • Beginning April 2021, the new super-deduction will cut companies’ tax bill by 25p for every pound they invest in new equipment. This is worth around £25 billion to UK companies over the two-year period the super-deduction will be in full effect.
  • Eight new English Freeports will be based in East Midlands Airport, Felixstowe & Harwich, Humber, Liverpool City Region, Plymouth, Solent, Thames and Teesside.
  • The £375 million UK-wide ‘Future Fund: Breakthrough’ will invest in highly innovative companies such as those working in life sciences, quantum computing, or clean tech, that are aiming to raise at least £20 million of funding.
  • Reforms to the immigration system will help ambitious UK businesses attract the brightest and best international talent.
  • A new Help to Grow scheme to offer up to 130,000 companies across the UK a digital and management boost.
  • £2.8 million to support a UK and Ireland bid to host the 2030 World Cup and £25 million investment in UK grassroots sports, enough for around 700 new pitches.
  • Launching a review of Research & Development tax reliefs to make sure the UK remains a competitive location for cutting-edge research.
  • £20 million to fund a UK-wide competition to develop floating offshore wind demonstrators and help support the government’s aim to generate enough electricity from offshore wind to power every home by 2030.
  • £68 million to fund a UK-wide competition to deliver first-of-a-kind long-duration energy storage prototypes that will reduce the cost of net zero by storing excess low carbon energy over longer periods.
  • £4 million for a biomass feedstocks programme in the UK to identify ways to increase the production of green energy crops and forest products that can be used for energy.
  • Publication of the the government’s ‘Build Back Better: our plan for growth’.
  • Over £1 billion funding for a further 45 towns in England through the Towns Fund, supporting their long-term economic and social regeneration as well as their immediate recovery from the impacts of COVID-19.
  • £135 million to progress A66 Trans-Pennine upgrade.
  • £28 million to fund the Queen’s Platinum Jubilee celebrations in 2022, delivering a major celebration for the UK.
  • Plans for at least £15 billion of green gilt issuance in the coming financial year, to help finance critical projects to tackle climate change and other environmental challenges, fund important infrastructure investment, and create green jobs across the UK.
  • £150 million Community Ownership Fund will allow communities across the UK to invest to protect the assets that matter most to them such as pubs, theatres, shops, or local sports clubs.
  • £18.8 million to transform local cultural projects in Hartlepool, Carlisle, Wakefield and Yeovil.
  • Publication of the prospectus for the £4.8 billion UK-wide Levelling Up Fund, providing guidance for local areas on how to submit bids for the first round of funding starting in 21-22.

5. Scotland, Wales and Northern Ireland

  • Individuals and businesses in Scotland, Wales and Northern Ireland continue to be supported by the UK Government through the Coronavirus Job Retention Scheme, self-employment grants, loan schemes and VAT cuts. Devolved administrations have received Barnett funding to provide support in areas of devolved responsibility.
  • The Budget confirms an additional £2.4 billion for the devolved administrations for 2021-22 through the Barnett formula. This is an additional £1.2 billion for the Scottish Government, £740 million for the Welsh Government, £410 million for the Northern Ireland Executive.
  • The devolved administrations will also receive £1.4 billion of funding in 2021-22 outside the Barnett formula.
  • £27 million in the Aberdeen Energy Transition Zone and £5 million in the Global Underwater Hub in Scotland, the first stage in delivering the North Sea Transition Deal.
  • Three Growth Deals in Scotland – Ayrshire, Argyll & Bute, and Falkirk – will receive funding more quickly.
  • £4.8 million to support the development of a demonstration hydrogen hub in Holyhead, Anglesey.
  • Up to £30 million for the Global Centre for Rail Excellence in Wales.
  • Three City and Growth Deals – in North-Wales, Mid-Wales and Swansea Bay – will receive funding more quickly.
  • Northern Ireland will benefit from the Corporation Tax exemption for the Northern Ireland Housing Executive, Northern Ireland’s biggest landlord.
  • Almost half of the £400 million New Deal for Northern Ireland funding has been allocated, subject to business cases, to: new systems for supermarkets and small traders to manage new trading arrangements; building greater resilience in medicine supply chains; promoting Northern Ireland’s goods and services overseas; and supporting skills development.
  • £5 million to extend the Tackling Paramilitary Programme in 2021-22.

#budget2021, #economy, #parliament

#Brittius says as President Ronald Reagan said, “A hand up, and not a hand out”, may, possibly, give thought to exploring independence for Puerto Rico  

#BrittiusReport – Dec.16: This is a featured post and a follow up to my post the other day on the state of this countries financial decline …

This report by my friend and colleague is featured here:

Brittius Comment & Opinion 

Puerto Rico is a territory of the United States, their people are US citizens by birth. Being a territory, their government has considerable leeway on spending issues, and was a consideration when statehood ballot was proposed. Now they are in dire straits financially. The US Congress should deny their request and resubmit statehood consideration. It would bring financial relief though loss of a quasi-independence.A friend in high school, was the grandson of Roberto Campos, who sought independence for Puerto Rico. The ideals were, as explained, necessary but leaning towards communism at the time.

Perhaps the time, now, favours Puerto Rico’s independence if they could get a workable government, but that would end much financial assistance from the US. Their economy would need to be revamped to include much more manufacturing rather that tourism and the US Navy involvement with training operations of ordnance deployed, which is unfavourable to the environment of the ocean waters. Loss of revenue if America left.

Puerto Rico has some tough decisions to make, and it will not be an easy or luxurious road to travel, as the majority of its citizens live a very modest lifestyle that can be vastly improved economically in time to come. As President Ronald Reagan said, “A hand up, and not a hand out”, may, possibly, give thought to exploring independence for Puerto Rico.

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#economy, #puerto-rico, #territory


#AceWorldNews – AUSTRALIA:Dec.21 – Australian Prime Minister Tony Abbott wants more focus on the economy and job creation after he introduced a Cabinet reshuffle after 14 months in charge of the country.

He promoted Scott Morrison to the position of Social Services Minister, Reuters reports.

Morrison, who was the former Immigration minister, had been behind the controversial program of turning back boats carrying thousands of asylum seekers looking to enter Australia.

Meanwhile, Defence Minister David Johnston lost his job following a series of public gaffes.

Abbott also appointed a second woman to his cabinet. Susan Ley was promoted to minister for health and minister for sport.

The other woman in the Cabinet is Foreign Minister Julie Bishop.


#cabinet-reshuffle, #economy, #job-creation


#AceBreakingNews – RUSSIA:Dec.10 –  In a couple of years Russia will be able to substitute 100 percent of “unnecessary” food imports, Russia’s Prime Minister Dmitry Medvedev said during his live TV interview Wednesday.


“We are able to fully replace needless imports in the mid-term,” said Medvedev.

Medvedev said the shift won’t be immediate, but the good thing is that shelves in the stores throughout Russia have already become full of domestically made produce.

READ MORE: Russia bans agricultural products from EU, USA, Australia, Norway, Canada

“We are serious people and we’ve never said that we’d get all Russian agricultural items the next day after introducing response measures [to Western sanctions – Ed.],” he said adding that the goal of filling shelves with domestic production is gradually being achieved.

His comment comes at a time when the Russian economy is struggling to withstand oil prices that have plunged more than 40 percent from a peak of $115 per barrel in the summer.

The Russian currency has gone into free fall, touching new lows every day. The ruble was trading at 54.3 against the US dollar and at 67.3 against the euro at 1200 MSK Wednesday on the Moscow Exchange.



#currency, #dollar, #economy, #euro, #food


#AceNewsServices – RUSSIA – On December 4 Russian President Vladimir Putin delivered his annual state of the nation address to the Federal Assembly, the both chambers of Russia’s parliament. The state of the nation address is a basic document, which outlines the president’s positions on major directions of the Russian policies not only for the coming year, but also for future.

Position on the Ukrainian crisis and Crimea’s unification with Russia

Russia has the right to pursue its sole line of development, the president said. “This applies to Ukraine as well,” Putin said. He called hypocritical the use of human’s rights issue to cover for the state coup in Ukraine.

The president recalled the Crimean referendum and the reunification of the republic with Russia. The reunification, he said, is a major historic event. Crimea has significance for Russia, he said, and Russians will handle it that way forever.

On US influence: 

The United States always influences Russia’s relations with neighbouring states directly or behind-the-scenes, Russian President Vladimir Putin said.

Getting back to the way Russia’s dialogue with Europe and the US on Ukraine was developing, the president said “It is not by chance that I have mentioned our American friends, as they have always been influencing our relations with neighbours directly or behind-the-scenes”.

“If some European countries have forgotten about their national pride long ago and are considering sovereignty to be a great luxury, real state sovereignty is an absolutely essential condition for Russia’s existence,” Putin said.

On sanctions:

“Of course, sanctions are harmful, but they are harmful for everyone, including for those who initiate them,” Putin stressed. The Russian president however said sanctions and restrictions motivate to reach the set aims. Putin said he’s sure that the sanctions are not just a “nervous reaction of the United States and its allies” to Russia’s behaviour in connection with events in Ukraine and not due to “the Crimean spring.”

“The policy of containment was not invented yesterday. It has been carried out against this country for many and many years — always, if one can say. For decades if not centuries,” Putin said.

“Each time when someone believes that Russia has become too strong, independent, these tools are used immediately,” the Russian leader said.

Russia isn’t going to stop relations with Europe or America. Besides, Putin said, Russia has many strategic friends and partners in the world. The country will be open for the world and for attracting investments from abroad for joint projects, the president said. He sets a task of increasing the investment in the Russian economy to 25% of the GDP by 2018.

On import substitution:

Reasonable import substitution is Russia’s strategic goal in the near future, Vladimir Putin said in his address. Russia should get rid of dependency on foreign equipment, including for oil drilling in the Arctic, the president said. According to him, when foreign companies buy equipment abroad, it doesn’t do any good for Russia. They should use local products, Putin said. If Rusia buys anything abroad, the products have to be unique. Putin set the task to create conditions fot the SME to take part in the government procurement programs.

Who loves Russia should wish freedom for it On support of terrorism in Russia from abroad and disbalance in the world

Since 2002, when the US abandoned the Anti-Ballistic Missile treaty, there’s been a threat of strategic disbalance in the world, and it’s bad even for the US itself, Vladimir Putin said. “I think this is harmful for the United States as well, because it creates the dangerous illusion of invincibility,” Putin said.

He noted Russia isn’t going to get involved in the arms race though it will do its best to provide its security. The president added that Russia has nonstandard solutions.

It’s useless to try talking to Russia from position of strength. “We remember the countries that supported the terrorists in Russia …and those people make trouble today in Chechnya,” Putin said. The terrorists, according to the president, still receive support from abroad. “Those countries want the Yugoslavian scenario to happen in Russia, he said. Putin noted they will fail just as Hitler failed with his misanthropic idea.

On government spending:

According to the president, Defense Ministry should create a new system for control of budget spending. Improper spending in the sphere of defense can be considered as a threat to national security, he says.

Vladimir Putin says all budget corporations should have a common treasury, and all companies with large state share should reduce their costs several per cent each year.

On industry modernization:

Putin says Russia is capable of modernizing its economy and being leader in the world in certain industries. To achieve that, Russia has to use internal resources, like the Academy of Sciences, and attract Russian nationals from abroad. By 2020 half of Russian colleges should have training cources for 50 most popular professions, says the president.

On demography and care for the disabled:

Russian demography programs have proven efficient and the programs will be extended for Crimea, says the president.

“The country’s population is almost 144 million people, it’s 8 million over the UN outlook,” says Putin. Russia has life a expectancy of over 71 years and has all chances to increase it to 74, he says.

Putin thanks the Russian athletes for their participation in the Sochi Paralympic Games. He says Russia should increase support for the disabled. This, according to the president, includes professional training, production of specific goods, among other things.


#crimea, #economy, #health, #ukraine

` Obama to sign an `Executive Order ‘ Prohibiting Federal Contractors ‘ Retaliating against Employees discussing Pay ‘

#AceWorldNews – WASHINGTON – April 06 – (AP) – Lacking congressional backing to raise wages or end gender pay disparities, President Barack Obama is imposing his policies directly on federal contractors, following a long-established tradition of presidents exerting their powers on a fraction of the economy directly under their control.

This week, the president will sign an executive order that would prohibit federal contractors from retaliating against employees who discuss their pay with each other.

The prohibition on the wage “gag rules” is similar to language in a Senate bill aimed at closing a pay gap between men and women.

That legislation is scheduled for a vote this week, though it is not likely to pass.


#contractors, #economy, #federal, #president-barack-obama

#Iran :” Ayatollah Ali Khamenei Orders Creation of `Economy of Resistance’ to counter Western Sanctions”

#AceWorldNews says Iran’s Khamenei orders creation of ‘economy of resistance’ Iran’s supreme leader has ordered the government to create an “economy of resistance” to counter Western sanctions. In comments posted on his website on Wednesday,

Ayatollah Ali Khamenei called the sanctions “a full-fledged economic war,” adding that Iran is determined to force the West to retreat.

The program requires the government to diversify Iran’s exports, reduce dependence on sales of raw materials and promote high-tech industries.

#ayatollah-ali-khamenei, #economy, #exports, #high-tech, #iran, #irans, #raw-materials, #resistance, #sanctions, #war

#World : ” State of anxiety as `Global Leaders’ wait to see just how the `US Decides What to Do’ about its `Ongoing Economic Crisis’ before its to Late”


#acefinancenews, #economy, #global, #leaders, #world

#UK : “Cameron warns `Scotland Breakaway’ would Imperil UK Stability”

#AceWorldNews says Prime Minister David Cameron said on Friday that Britain’s stability and foreign direct investment would be at risk if Scotland votes to leave the UK in a referendum later this year, Reuters reported.

“We are quite simply stronger as a bigger entity as an open economy of 63 million people with the oldest and most successful single market in the world,” Cameron said. He was speaking in London in a speech urging Scotland to remain part of the UK.
“Last year, we were the top destination for foreign direct investment in Europe,” he said. “That is a stamp of approval on our stability.”

#david-cameron, #economy, #europe, #london, #prime-minister-david-cameron, #referendum, #reuters, #scotland, #uk

#NSA Says It Foiled Plot To Destroy US Economy – By Bricking Every Computer”

#AceSecurityNews says the "National Security Agency" described for the first time a cataclysimic cyber threat it claims to have stopped in Sunday’s "60 Minutes."

Called a BIOS attack, the exploit would have ruined or "bricked" computers across the country, causing untold damage to the national and even global economy.

Even more shocking, CBS goes as far as to point a finger directly at China for the plot — "While the NSA would not name the country behind it, cyber security experts briefed on the operation told us it was China."

The #NSA says it closed this vulnerability by working with computer manufacturers.

But the BIOS attack sounds staggering. From the 60 Minutes broadcast (emphasis ours):

(Director of Cyber Defense for the NSA) Debora Plunkett: One of our analysts actually saw that the nation state had the intention to develop and to deliver, to actually use this capability — to destroy computers.

John Miller: To destroy computers.

Debora Plunkett: To destroy computers. So the BIOS is a basic input, output system. It’s, like, the foundational component firmware of a computer. You start your computer up. The BIOS kicks in. It activates hardware. It activates the operating system. It turns on the computer.

This is the BIOS system which starts most computers. The attack would have been disguised as a request for a software update. If the user agreed, the virus would’ve infected the computer.

John Miller: So, this basically would have gone into the system that starts up the computer, runs the systems, tells it what to do.

Debora Plunkett: That’s right.

John Miller: — and basically turned it into a cinderblock.

Debora Plunkett: A brick.

John Miller: And after that, there wouldn’t be much you could do with that computer.

Debora Plunkett: That’s right. Think about the impact of that across the entire globe. It could literally take down the U.S. economy.

Debora Plunkett: No, not– not to this extent. This is the first time. The NSA working with computer manufacturers was able to close this vulnerability, but they say there are other attacks occurring daily.

It’s long been known that cyber attacks on critical infrastructure could level much of America’s economy. The difference here is the target.

Previous defense estimates focus on critical infrastructure — water, electricity, nuclear power — whereas this BIOS attack is solely focused on destroying computers.

A similar attack occurred last year, when a militant group called "The Cutting Sword of Justice"launched an attack on a Saudi oil company Aramco which destroyed the hard drives of 30,000 computers, destroying all stored data.

Though CBS reports that the BIOS plot came from a "nation-state" (allegedly China), experts and analysts largely don’t expect massive cyber attacks from the world’s largest nations due to the interconnectivity of the global economy.

It’s groups like "The Cutting Sword" — whose attacks occur because of perceived inequality of that economy — that have the world’s most powerful governments scrambling to patch up the holes in their cyber security.

SEE ALSO: ’60 Minutes’ Is Getting Shredded For Its ‘Embarrassing

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#acesecuritynews, #bricking, #destroy, #economy, #foiled, #plot, #us

“Cost of Running US Economy Next Year A Mere $143 Billion”

#AceWorldNews says upcoming regulations from the Obama administration in 2014 would cost the private sector $143.3 billion, according to a new report.

The American Action Forum (AAF) examined the “unified agenda,” which lays out “regulatory priorities” for the next year, and was released shortly before Thanksgiving.

The report documents regulations for 2014 from Obamacare, the EPA, Department of Energy, and others, revealing a regulatory system on “autopilot” that covers everything from calorie postings in vending machines to efficiency standards for portable air conditioners.

The agenda includes 15 new “major” rules, which will cost at least $100 million per rule. Some of the more wide-ranging regulations, such as the Volker Rule, a banking regulation under Dodd-Frank financial reform, are not even included in the cost estimate.

The agenda outlines regulations that the administration is currently working on and hopes to finalize in the next year. Although it is likely some will be delayed, Sam Batkins, director of regulatory policy at American Action Forum, said the cost to the economy will depend on how quickly, or how slowly, agencies actually finalize regulations.

“Regulations, more or less, operate like hidden taxes,” Batkins told the Washington Free Beacon. “Last year the administration admitted that we had about $30 billion in new regulatory burdens, and that’s just from cabinet agencies. Our estimate from all agencies was a little bit higher.”

“But that’s $30 billion, that’s roughly the same amount that taxes increased this year, with higher income and capital gains taxes, and higher Medicare taxes, as well,” he said.

Affordable Care Act regulations for the next year, if enacted, will cost $1.9 billion, including the calorie labeling provision, a rule that requires all food items in grocery stores to be marked. The Department of Health and Human Services plans to finalize the regulation in February, which will cost the industry an estimated $421.3 million, and take 10 million hours to comply. #Debt

Courtesy of: Elizabeth Harrington

READ MORE: http://freebeacon.com/report-obama-regulatory-agenda-will-cost-143-billion-to-economy-next-year/

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#acenewsservices, #economy, #us

#Iran's Deal with the West Could Provide the West with 50% More Oil on the World Market#Nuclear

#AceNewsServices says WASHINGTON — Iran’s nuclear deal with the West could allow more Iranian oil on the world market in the coming months, but it remains to be seen whether sanctions will be lifted enough to allow the pariah nation to return to its former position as an energy power.

The deal lasts for six months, during which time the two sides will seek a permanent settlement. The consequences for global energy will be huge if the negotiations eventually lead to an end of international sanctions, including the European Union’s ban on purchases of Iranian oil.

“If Iran really gets back to producing its oil and expanding capacity, the potential is almost as big as the shale gas revolution in the United States,” said Phil Flynn, senior energy analyst for the Price Futures Group.

Iran holds the world’s fourth-largest proven oil reserves and second-largest natural gas reserves, according to the International Energy Agency. Iranian oil exports have plummeted by 60 percent in the past two years as a result of the international sanctions. The sanctions have crippled Iran’s economy, which relies on crude oil sales for 80 percent of its export earnings.



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#crude-oil, #economy, #energy, #export, #iea, #iran, #nuclear, #us, #washington