Warning on Police Cuts
According to a study of the expected influence of austerity measures, the police chiefs will at best be able to reduce spending by 12% before having to start making deep cuts to frontline officer numbers.
Arts Told to Adopt US-Style Funding
Coalition ministers have told Britain’s leading arts figures to embrace US-style fundraising techniques to make up for a sharp reduction in public subsidy, as they intensify their search for spending uts of up to 40%.
The government wants ministers in all unprotected departments to come up with radical plans to cut costs by the middle of July.
Smart Meters in 2m Homes Plan
In a move to cut the bills by £1 billion over ten years, British Gas is to put smart meters into two million homes. The roll-out over the next 18 months will create about 2600 jobs and spell the end of estimated readings, saving customers significant acounts.
Smart meters will encourage people to cut their power use by showing householders how much energy they are using in real time. They will also give details of carbon emissions and price. Power companies are able to take readings remotely, thus spelling the end of estimated billing.
Cash Windfall for Promethean Staff
Staff at newly-listed education group Promethean have made a £10 million cash windfall from the company’s flotation.
More than employees at the company, which is based in Lancashire, have received bonuses of up to £30000 with management being gifted share options of between 400 to 4400 shares. The company raised £186 million to get a £400 million valuation. It was formally listed on March 17th.
Greek Move Bolsters Eurofirst
After the announcement of further austerity measures for Greece lent support to Eurozone indices, European shares rallied to six-week highs.
The Greek prime minister—George Papandreous, announced an additional $5.6bn of deficit cuts, hoping to convince European allies and investors that he can tame the country’s deficit and avert a wider crisis.
The FTSE Eurofirst 300 closed 0.8% to 3842.52, while the Xetra Dax in Frankfurt edged 0.7% higher to 5817.88, all reaching six-week highs.
Revalued Land Returns Persimmon to Profit
Housebulder Persimmon will start work on 90 new sites after a dramatic swing back into profit was largeloy aided by a revaluation of the land holdings.
UK’s thrid-biggest housebuilder reported 2009 pre-tax profits of £77.8 million, boosted by a £74.8 million writeback in the value of its land assets. It suffered losses of £780 million in the year of 2008.
Drop in Toyota Sales
Toyota’s sales in the US fell to 86240 vehicles in February, down by 11% on the same month in 2009. analysts had expected sales to fall by 26% after several vehicles recalls in recent weeks.
Last month, Ford edged ahead of GM for the very first time ever since 1998 to become the top-selling auto maker in the US . its sales rose up by 43% from the same period last year.
GM posted an 11.5% increase in sales on last year.
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