Cable says houses are unfordable to middle earners

Cable says houses are unfordable to middle earnersVince Cable, UK's Business Secretary has warned that the housing prices are high in the UK and houses are unaffordable for the middle earners in the country.

Cable has said that ordinary families will not be able to buy the houses in the country as the market faces risk of a housing market 'bubble'.

Osborne dismisses allegations of pressure in Lloyds deal

Osborne dismisses allegations of pressure in Lloyds dealUK's Chancellor George Osborne has dismissed suggestions that there was undue pressure in the Lloyds deal and said that the UK government did not put "undue pressure" on the Co-op to buy the branches.

FCA to probe 30 million insurance policies

FCA to probe 30 million insurance policiesFinancial Conduct Authority (FCA) has indicated that it is planning to launch an investigation into some 30 million policies that were sold by insurance companies from the 1970's to the year 2000.

The shares of insurance companies fell significantly after the report were released prompting the FCA to issue a clarification into the investigation. Some experts had accused the FCA of breaching its own rules by releasing information that is sensitive to the market.

McIlwee to step down as Tesco finance director

McIlwee to step down as Tesco finance directorLaurie McIlwee has indicated that he is planning to step down as the finance director UK's retail giant, Tesco just days before the company is expected to announce a fall in profits.

Investors had expressed concerns over a fall in the company's profits at its central European unit without prior warnings form McIlwee. Media reports said that McIlwee had disagreements with Chief Executive Philip Clarke and the two had clashed over certain issues. Clarke and McIlwee had different views on the company's new strategy.

Emerging markets’ business output slips for fourth consecutive month in March: HSBC

Emerging markets’ business output slips for fourth consecutive month in March: HSBCSluggish demand and political uncertainty continues to keep business activity across emerging markets under pressure, HSBC's composite emerging markets index (EMI) revealed.

HSBC's composite EMI of manufacturing & services purchasing managers' survey tumbled from 51.1 in February to 50.3 in March. It was the fourth monthly decline in business activity across emerging markets in a row.

ONGC wants govt. to increase deep-sea gas price to nearly $13 a unit

ONGC wants govt. to increase deep-sea gas price to nearly $13 a unitOil & Natural Gas Corporation (ONGC) has told the government that it might have to put its deep-sea gas production plans on hold till gas prices are increased to nearly $13 per unit.

The state-run oil & gas giant said production from some of its deep-sea fields would not be viable at prices lower than $13 a unit. The company has asked for prices of $10.72 to $12.63 for gas to be produced from two blocks in the Mahanadi basin.

Airlines continue to launch aggressive discount schemes

Airlines continue to launch aggressive discount schemesCivil aviation regulator DGCA might have ordered SpiceJet to withdraw its special Re 1 scheme, but that failed to discourage rivals from announcing discount schemes of their own.

GoAir and IndiGo have announced special schemes that offer discounts of up to 30 per cent to 40 per cent on advance purchases of tickets for travel between July and March 2015.

Air India too has launched its Monsoon Bonanza scheme, for the travel before September 2014. To avail the discounts, tickets must be booked during April 3 to April 5.

Rupee’s fall being linked to RBI’s dollar buying spree

Rupee’s fall being linked to RBI’s dollar buying spreeThe ongoing depreciation in the value of rupee is being linked to suspected dollar buying by the Reserve bank of India (RBI).

The partly-convertible Indian rupee traded at 60.30 per U. S. dollar in morning session on Friday, at a weaker level than its previous close of 60.1650/1750 per dollar.

While demand for dollar by importers is surely a factor behind decline of the local currency against the U. S. dollar, many analysts are of the view that the central bank is also buying dollars in to increase its foreign exchange (forex) reserves.

Increase transparency to deal with crony capitalism: CII

CIIIndian can deal with crony capitalism by introducing transparency and reducing discretionary power, new CII President Ajay Shriram suggested.

Expressing his views about crony capitalism in a just published interview, Mr. Shriram admitted that India too, like other countries, has 'black sheeps'.

Speaking about the issue, he said, "We have to accept that there are humans all over the world. We have had black sheeps. It's not only in India; it's in America, in Europe, every country. We should have a balanced approach and look at what to do with rules and regulations."

Mobile device makers to get Microsoft’s updated Windows Phone software for free

MobileIn a bid to catch up with Apple and Google in the mobile devices space, Microsoft has come up with updated Windows Phone software, which will be offered to smartphones and tablet makers free of charge.

The Redmond-based software giant unveiled the updated version of Windows Phone software during a recently held event at its Build developers' conference in San Francisco; and announced that it would be available free for manufacturers of smartphones and tablets with screens of less than nine inches.

Previoulsy, the company charged smartphones and tablet manufacturers a licensing fee of $5-15 per device.

T-Mobile offers BlackBerry subscribers $100 credit towards new devices

T-MobileT-Mobile CEO John Legere has announced a $100 credit for BlackBerry subscribers if they switch to any other device available on the airwaves of the network provider.

The $100 credit provides BlackBerry subscribers with a rare chance to give a try to other smartphones or platforms. The can also utilize the money to obtain a Q10 or a Z10 handset. But, those who want to upgrade to a new BlackBerry handset will have to decide soon as BlackBerry is going to end its business ties with T-Mobile.

Government urged to ban fruit import from risky areas

Government urged to ban fruit import from risky areasThe labour is urging the UK government to ban the importation of fruit from high risk areas following the discovery of second Queensland fruit fly in Whangarei.

The fly was discovered in a Ministry for Primary Industriesroutine surveillance on 1 April. The fly was identified yesterday. The fly was trapped in the Parihaka area of Whangarei, which is only 400m from where a Queensland fruit fly was found during the month of January. The Ministry for Primary Industries has set up a 1.5 kilometre controlled area around Parihaka after the fruit fly was found/

Britain still has one of the highest qualities of life

Britain still has one of the highest qualities of lifeAccording to a new report, the UK now has one of the highest qualities of life among the advanced countries of the world.

The UK was ahead of Japan, the US, France and Italy and bit lower than Germany on the "Social Progress Index". The new Social Progress Index is an international measure that has been designed to determine the economic standards of nations. The index also showed that the UK is among the fattest countries in the world.

NAB head Clyneto retire on 31 July

NAB head Clyneto retire on 31 JulyCameron Clyne, the head of the Australia Bank has announced his decision to leave the bank and retire from executive life on July 31.

Clyne is leaving the multi-million dollar job at the bank in order to be with his family. The senior banker, which is now 46 year's old, has surprised the market with the announcement of his retirement. Mr Clyne has worked as the chief executive for a period of more than five and a half years.

Yamana Gold to bid for Osisko Mining

YamanaGold to bid for Osisko MiningYamana Gold Inc has said that it might be planning to bid for Osisko Mining Corp after rival Goldcorp Inc launched a C$2.76 billion or $2.5 billion hostile offer for Osisko Mining.

Boeing to cut 1000 jobs at Port Melbourne

Boeing to cut 1000 jobs at Port MelbourneUS aircraft maker, Boeing Aerostructures has said that it is planning to reduce itsat workforce Port Melbourne.

The Australian unit of the company said that it is panning cut jobs to 300 contract positions from a workforce of about 1,300 at its Port Melbourne within this year. The workers were employed on fixed-term contracts during the phase of the production of 787 and 777 composite structures. However, the company said that they will no longer require such workforce as the production of composite components for its commercial aircraft falls.

A Raja’s declared assets not even decimal fraction of 2G scam’s Rs 1.76 lakh crore figure

A Raja’s declared assets not even decimal fraction of 2G scam’s Rs 1.76 lakh crore figureA Raja, former union telecom minister who allegedly played the key role in the Rs 1.76 lakh crore 2G scam, claims to have a family asset value of just Rs 3.61 crore.

Filing his nomination on Wednesday, Raja declared along with other members of his family had inherited property under the Hindu Undivided Family worth only Rs 3,61,29,915. DMK has once again fielded Raja from the Nilgiris Parliamentary constituency.

Toyota Kirloskar workers demand govt. to intervene

Toyota KirloskarWorkers of Toyota Kirloskar Motor (TKM) went on an indefinite hunger strike outside the premises of the Bidadi-based manufacturing facilities on Wednesday and demanded the Karnataka government to take action against the company.

A group of workers led by Toyota Kirloskar Workers Union (TKWU) President Prasanna Kumar went on hunger strike yesterday after the company's management declined to unconditionally reinstate suspended workers.

SBI extends special home loan scheme for indefinite period

State Bank of IndiaState Bank of India (SBI), the country's largest lender, has extended the date of special home loan scheme, which offers special discounts, beyond 31st of March for an indefinite period.

The special home loan scheme was launched in December last year, when the lender slashed its home loan rates by up to 0.4 per cent for new customers. For women borrowers, it offered an additional concession of 0.05 per cent. The scheme was originally scheduled to end on March 31.

Tata-SIA JV gets NOC from aviation ministry

Singapore AirlinesCivil aviation ministry on Wednesday issued no objection certificate (NOC) to the Tata-Singapore Airlines (SIA) joint venture (JV), clearing the final hurdle for the proposed airline's take off.

Ajit Singh civil aviation ministry gave NOC to the Tata-SIA JV in less than a week after the Union home ministry gave its approved security clearances to the JV's three board members. Of the three directors, one will be a foreigner and two will be Indians.

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