Rebuke Spurs EU Rethink on Trade Duties
The European Union has been rebuked by the WTO for the way it imposes extra duties on imports it deems unfairly priced, with potential implications for a wide collection of products ranging from shoes to glazed tiles.
In a notable victory for China, a WTO panel found in an interim report that the EU’s practice of imposing a single national blanket duty on imports covered by so-called “anti-dumping” measures breaks global trade rules.
The case became another example of a trend in international trade diplomacy—WTO members seeking to circumscribe their trading partners’ use of anti-dumping and other emergency blocks on imports by litigation at the WTO.
European Central Bank Extended Emergency Support Facilities
In the last week, the European central Bank extended its emergency support facilities for eurozone banks into the new year, as it tries to keep a lid on the tension in the market.
However, according to the BIS, it is reported that euro-zone government bond markets had stabilized during the second quarter of the year.
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.
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