Tuesday, 25th May 2010 | by Ray Martin
Singapore, Hong Kong and the USA come out on top!
For the first time in decades, Singapore (1) and Hong Kong (2) have topped the USA (3) in IMD’s World Competitiveness Yearbook rankings. They are so close, however, that it would be better to define them as the leading “trio”. In the first 10 places: Australia (5), Taiwan (8) and Malaysia (10) also benefit from strong demand in Asia. Switzerland (4) maintains an excellent position characterized by strong economic fundamentals (very low deficit, debt, inflation and unemployment) and a well-defended position on export markets. Sweden (6) and Norway (9) shine for the Nordic model, although Denmark (13) surprisingly loses ground, in particular due to the pessimistic mood expressed in the survey.
Not surprisingly Germany (16) leads the larger “traditional” economies such as the UK (22), France (24), Japan (27) and Italy (40). Despite a significant budget deficit and growing debt, Germany’s performance is driven by strong trade (second largest exporter of manufactured goods), excellent infrastructure, and a sound financial reputation. It was also to be expected that China (18) would lead the other BRIC nations, followed by India (31), Brazil (38) and Russia (51). And of course the credit-worthiness storm that affects Southern Europe acts as a drag on the performance of Spain (36), Portugal (37) and Greece (46).
JUST RELEASED! IMD WORLD COMPETITIVENESS YEARBOOK 2010
(Pioneers in competitiveness since 1989)
Monday, 24th May 2010 | by Ray Martin
Retailer set to unveil 5 per cent rise in profits
Publication date: 24 May 2010
Marks and Spencer is poised to award staff generous bonuses for the past year as it prepares to reveal its annual results this week.
More than 72,000 staff are expected to share a bonus pot of £80 million, as a reward for raising the retailer’s profits by 5 per cent. It is expected that M&S’s annual profits will be £630 million after the bonuses have been paid out.
If confirmed, the payout would amount to £1,100 per worker on average.
M&S did not pay a bonus last year, but is increasingly positive about its economic outlook after achieving significant cost savings during the recession. New chief executive Marc Bolland took over from Sir Stuart Rose this month, while the group is also seeking a new chairman in time for its main shareholder meeting in July.
Monday, 17th May 2010 | by Ray Martin
Chancellor George Osborne has confirmed that an emergency Budget will be held on Tuesday 22 June.
He has also announced the creation of a new Office for Budget Responsibility, headed by respected fiscal and macroeconomic expert Sir Alan Budd, to assess the state of the nation’s finances.
Speaking to journalists at the Treasury’s offices in London, Mr Osborne said he wanted an emergency Budget that would “show that Britain can live within its means and…provide the solid foundation for a private sector recovery.”
He added that the Chief Secretary, David Laws, would meet Cabinet colleagues this week to agree £6 billion of cuts in this year’s spending.
The Treasury has undertaken work on how these cuts should best be implemented. It expects savings to be made:
- in discretionary areas like consultancy and travel costs:
- through doubling the current delivery plans for savings in IT spending:
- from immediate negotiations to achieve savings from the 70 major suppliers to government:
- from reductions in property costs:
- from restraining recruitment:
- by cancelling wasteful projects like ID cards:
- from cutting other lower value spending
The final detailed announcement on each Departments’ contribution will be made next Monday.
Finally, it is critical that we look for savings and root out wasteful spending wherever we can.
