A government scheme that gives households in England £400 off the cost of a new boiler has been launched.The boiler scrappage scheme was announced in the pre-Budget report last month. According to the government it will help households cut their energy bills, reduce CO2 emissions and support thousands of jobs. Up to 125,000 households in England could benefit from the scheme, which is costing the government £50m. People who own their homes or landlords who rent homes are eligible, but social landlords, housing associations and boiler installers are not. There are about 3.5 million homes in England with the least efficient types of boilers.
A government scheme that gives households in England £400 off the cost of a new boiler has been launched.
The boiler scrappage scheme was announced in the pre-Budget report last month.
According to the government it will help households cut their energy bills, reduce CO2 emissions and support thousands of jobs.
Up to 125,000 households in England could benefit from the scheme, which is costing the government £50m.
People who own their homes or landlords who rent homes are eligible, but social landlords, housing associations and boiler installers are not.
There are about 3.5 million homes in England with the least efficient types of boilers.
Cambridge University is considering issuing bonds of up to £300m for the first time in its 800-year history.The university said funds raised would be used for building projects. A trend for issuing bonds has already been set in the United States, where Ivy League universities use the money markets to raise cash. A bond is a certificate of debt where issuers guarantee to pay the lender the sum back, plus interest, by a specific date in the future. The proposal to raise money from bonds follows warnings of a tough financial climate for universities.
Cambridge University is considering issuing bonds of up to £300m for the first time in its 800-year history.
The university said funds raised would be used for building projects.
A trend for issuing bonds has already been set in the United States, where Ivy League universities use the money markets to raise cash.
A bond is a certificate of debt where issuers guarantee to pay the lender the sum back, plus interest, by a specific date in the future.
The proposal to raise money from bonds follows warnings of a tough financial climate for universities.
Workers at two Chilean mines owned by Codelco, the state-controlled copper mining giant, have gone on strike demanding higher wages and better work benefits. The strike, which helped send copper prices to a 17-month high, is expected to be short-lived as workers are due to vote on a revised offer from the company on Tuesday and most appear to favour a deal. "Spirits have calmed and I think that tomorrow it is very probable the offer will be approved," said Hector Milla, a union leader. About a third of the unionised workers at the Chuquicamata and Mina Sur mines refused to turn up for work on Monday
Workers at two Chilean mines owned by Codelco, the state-controlled copper mining giant, have gone on strike demanding higher wages and better work benefits.
The strike, which helped send copper prices to a 17-month high, is expected to be short-lived as workers are due to vote on a revised offer from the company on Tuesday and most appear to favour a deal.
"Spirits have calmed and I think that tomorrow it is very probable the offer will be approved," said Hector Milla, a union leader.
About a third of the unionised workers at the Chuquicamata and Mina Sur mines refused to turn up for work on Monday
Spain is groaning under a glut of ham after Christmas sales of one its most celebrated products plummeted with a crash in demand for traditional gift hampers. The nation's top hams - the world-renowned jamon Iberico - were traditionally given away in corporate gift hampers to employees and favoured clients but the practice greatly diminished this season as companies struggle to survive the recession.The industry estimate sales of the traditional cured leg of Iberian pig could be down as much as 20 per cent during the festive season, a period which usually accounts for more than 60 per cent of annual revenue for ham producers.
The nation's top hams - the world-renowned jamon Iberico - were traditionally given away in corporate gift hampers to employees and favoured clients but the practice greatly diminished this season as companies struggle to survive the recession.
The industry estimate sales of the traditional cured leg of Iberian pig could be down as much as 20 per cent during the festive season, a period which usually accounts for more than 60 per cent of annual revenue for ham producers.
BARANCHINSKY, Russia -- For a few weeks this winter, this town wobbled on the edge of nonexistence. Workers were showing up every morning at Baranchinsky's lone factory, even though many had received their tiny salaries only once in the last 16 months. But then the local utilities cut off the factory's electricity and heat over unpaid debts. Temperatures were dropping to 15 degrees below zero, and exterior pipes began to burst. A few more days and the factory would be damaged beyond repair.The workers responded by putting on sweaters and showing up for work. Shop managers told them to go home -- there were barely any orders to fill, anyway. But many refused, said Svetlana I. Yelpanova, president of the factory's trade union.
Workers were showing up every morning at Baranchinsky's lone factory, even though many had received their tiny salaries only once in the last 16 months. But then the local utilities cut off the factory's electricity and heat over unpaid debts. Temperatures were dropping to 15 degrees below zero, and exterior pipes began to burst. A few more days and the factory would be damaged beyond repair.
The workers responded by putting on sweaters and showing up for work. Shop managers told them to go home -- there were barely any orders to fill, anyway. But many refused, said Svetlana I. Yelpanova, president of the factory's trade union.
Overall, personal bankruptcy filings hit 1.41 million last year, up 32% from 2008, according to the National Bankruptcy Research Center ...
The most remarkable statement I heard at the American Economics Association meeting over the past few days came from an astute observer - not an economist, but someone whose job involves talking daily to leading economists, politicians, and financial industry professionals. He claims "all serious economists agree" that Too Big To Fail banks are a huge problem that must be addressed with some urgency. He also emphasized that politicians are completely unwilling to take on this issue. On this point, I agree - but is there really such unanimity among economists? I ran his statement by a number of top academics over the past day and - so far - it holds up. But this may just reflect the kinds of people I meet. Still, it is an interesting claim that stands until refuted - send or post details of serious people (in economics or elsewhere) who currently think Too Big To Fail Is Just Fine (other than people in government or big banks, of course).
He claims "all serious economists agree" that Too Big To Fail banks are a huge problem that must be addressed with some urgency.
He also emphasized that politicians are completely unwilling to take on this issue. On this point, I agree - but is there really such unanimity among economists?
I ran his statement by a number of top academics over the past day and - so far - it holds up. But this may just reflect the kinds of people I meet.
Still, it is an interesting claim that stands until refuted - send or post details of serious people (in economics or elsewhere) who currently think Too Big To Fail Is Just Fine (other than people in government or big banks, of course).
This morning at the American Economic Association (AEA) meeting in Atlanta, I was on a panel, "Global Financial Crises: Past, Present, and Future," with Allen Sinai (the organizer), Mike Intriligator, and Joe Stiglitz. The Wall Street Journal's RealTime ran a summary of my main points: growth in 2010 may be faster or slower - depending on how lucky we get- but, either way, the most serious problem we face is that 6 banks in the U.S. are now undeniably (in their own minds) Too Big To Fail. Reckless and mismanaged risk-taking is the sure outcome. But don't take my word for it - read Larry Summers's 2000 Ely Lecture to the AEA. The best line is on p.13, "[I]t is certain that a healthy financial system cannot be built on the expectation of bailouts" (American Economic Review, vol. 90, no. 2; access through your library). A number of participants asked for a copy of my slides - please use this version (in addition there was some other material that will appear shortly in 13 Bankers, so we're not putting it on the web yet).
The Wall Street Journal's RealTime ran a summary of my main points: growth in 2010 may be faster or slower - depending on how lucky we get- but, either way, the most serious problem we face is that 6 banks in the U.S. are now undeniably (in their own minds) Too Big To Fail.
Reckless and mismanaged risk-taking is the sure outcome. But don't take my word for it - read Larry Summers's 2000 Ely Lecture to the AEA. The best line is on p.13, "[I]t is certain that a healthy financial system cannot be built on the expectation of bailouts" (American Economic Review, vol. 90, no. 2; access through your library).
A number of participants asked for a copy of my slides - please use this version (in addition there was some other material that will appear shortly in 13 Bankers, so we're not putting it on the web yet).
