Economy

Left-wing think tank: Wages should be capped by ‘High Pay Commission’

Recently, establishment of a "high pay commission" was called for by 100 politicians, academics and campaigners with the aim of dealing with the gap between rich and poor workers.

A list of public figures has been made by left-wing think tank Compass. The list includes names of those who agree the financial crisis was "significantly caused by greed" and support a review of salaries of top executives.

They compared it to the Low Pay Commission, which was set up in 1997 to advice on the minimum wage.

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‘Scrappage’ scheme demanded by retailers for domestic appliances

As per the media reports, a 'scrappage' project is being sought by the retailers for domestic appliances like fridges.

It was forwarded by the British Retail Consortium (BRC) that a plan same as the "cash for bangers" scheme for the car trade would protect jobs, which will aid Britain to hit carbon emission targets by motivating people to switch to more energy-efficient white goods. Furthermore, it is also mulling for tax relief on energy efficient items.

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RBS acquisition of ABN being reviewed by FSA

It has appeared that Royal Bank of Scotland's (RBS) acquisition of ABN Amro and its £12bn rights issue is being investigated by the Financial Services Authority. The mention of the inquiry was typed in a footnote in RBS's interim results.

The note by RBS read: "In April 2009 the FSA notified the group that it was commencing a supervisory review of the acquisition of ABN AMRO in 2007 and the 2008 capital raisings. The group and its subsidiaries are co-operating fully with this review."

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Michael Page reports 49% plunge in H1 profits

Britain's second-largest recruitment consultancy Michael Page International has reported a monstrous 49 percent plunge in profits for the first half of the year, indicating that a devastating year for the company is far from over!

Citing poor market conditions during the six months to June 30, Michael Page said that its profits for the 2009 first half fell to £43.2 million, as against the 2008 first-half profit figures of £84.1 million. In the UK alone, profits fell dramatically - to £6.1 million from £28.4 million!

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