Monday, April 6, 2009

Some great news

The United Kingdom’s public finances have deteriorated so much since November that the basic rate of income tax would need to rise by the equivalent of 8 percentage points to bring government borrowing back on track by 2015-16, the Institute for Fiscal Studies said on Monday. FT

Car sales in Britain have fallen by more than 200,000 in the first three months of the year, triggering fresh calls from the industry for a car scrappage scheme in this month's budget.

Somali pirates have seized a British-owned cargo ship and a Taiwanese ship, maritime officials say, after capturing three other vessels over the weekend.

Japan is to implement another fiscal stimulus plan of more than 10tn yen ($99bn; £66bn) to fight the recession. It comes on top of 12tn yen of stimulus spending that has already been agreed. The new sum amounts to more than 2% of the annual output of Japan's economy.

MUMBAI: India's iron ore exports in the just-ended 2008/09 year may have fallen 8 per cent and could fall a further 15-20 per cent in 2009/10, a senior official at Essel Mining & Industries Ltd said on Monday.

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